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It aims to track a multiple of the daily price movement of an underlying index that reflects the performance of gold mining companies. Unlike a typical fund structure, it operates as an Exchange-Traded Note (ETN), backed by the credit of the issuer, Bank of Montreal.

It is well suited for experienced traders who anticipate short-term, sharp rallies in the gold mining sector and are willing to take on elevated risk in pursuit of aggressive returns.

This ETF was launched in 2020 by Bank of Montreal and follows a passive (index-tracking) investment approach.

By combining the performance of large-cap and small-/mid-cap gold miners ETFs that make up the underlying index, it provides daily exposure equal to a set leverage multiple. Because of its daily reset mechanism, performance can diverge from the index over longer holding periods due to compounding effects and volatility drag.

• High-leverage exposure to the gold mining sector
• An underlying index that blends large-cap and small-/mid-cap gold miners

Assets under management (AUM) stand at $767.0M, with a total expense ratio of 0.95% per year.

Given its leveraged nature, fees are higher than those of a typical ETF, and because it is structured as an ETN, investors should also weigh the credit risk of the issuer, Bank of Montreal.

During gold price uptrends, it has delivered outsized gains versus the underlying index, surging sharply. However, in down or sideways markets, volatility drag can amplify the risk of capital loss.

When volatility in the precious metals market picks up, capital flows in quickly to capture short-term profits, and the product is used more as a tool for aggressive directional bets than as a hedge.

While it offers attractive return potential during gold mining sector rallies, the costs from daily resets and high volatility make it unsuitable for long-term holding, classifying it as a high-risk product.

The TQQQ and SOXL shown in the table are leveraged products tracking different sectors, while SPXL tracks the S&P 500 Index. For set-multiple exposure to gold miners, NUGT can be considered, and for unleveraged broad exposure to gold miners, GDX is an option. To bet on physical gold prices rather than gold mining stocks, GLD or IAU serve as alternatives, while those expecting a decline in gold miners may look to the inverse product GDXD.

Below are the key checkpoints to review before investing in GDXU. Please note that this is a high-risk leveraged product and is fundamentally different from a straightforward physical gold investment, so it should be approached with caution.

Due to the combination of daily resets and leverage, there is a risk that asset values could decline substantially over time, independent of the underlying index's returns. It is not recommended for investors who cannot monitor the market in real time.

This is a tool designed for sophisticated investors looking to maximize upside momentum in the gold mining sector over short horizons. It should be used selectively, and only by those who fully understand the elevated risk and adhere to strict investment discipline.