Share-split context: A reverse split was recorded on Feb 24, 2026 with coefficient 0.02. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

ETF Education Report: DULL (Bank of Montreal)

What this ETF is trying to do

DULL is an ETF listed on the NYSE. Based on its top holdings, this fund is focused on gold through a single primary asset: SPDR® Gold Shares (GLD), which makes up 100% of the portfolio.

What the numbers show

The data shows significant share-price declines over various timeframes. Because this ETF has a history of splits, we use split-adjusted returns to understand its performance.

• Year-to-Date (YTD) Price Return: Approximately -20.07%

• One-Year Price Return: Approximately -41.61%

• Three-Year Price Return: Approximately -94.77%

In this case, the YTD, one-year, and three-year total returns match the price returns exactly. This is because no distributions were detected.

It is important to note that this ETF has a history of reverse splits. The most recent event occurred on February 24, 2026, with a coefficient of 0.02. In a reverse split, multiple old shares are combined into fewer new shares. This causes the quoted per-share price to rise mechanically, but it does not restore lost investment value.

Income and distribution explanation

There is currently no income being generated by this ETF. The distribution yield is 0%, and there have been no distributions detected over the last 12 months.

NAV erosion explanation

This ETF has a severe erosion-risk flag. The StockValueFinder erosion score is 10, which is labeled as "Severe price erosion." This indicates that the share price has experienced substantial deterioration.

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. While the market price has fallen significantly, we cannot use this price-based evidence to prove whether the Net Asset Value (NAV) itself has declined.

Pros

• The fund provides direct exposure to a single major holding (GLD).

Cons

• Significant Price Decline: The ETF has shown a very large decline in share price over the last three years.

• Severe Erosion Risk: The fund has triggered a severe erosion-risk flag due to its price trends.

• No Income: There are no distributions or dividends being paid out to investors.

Beginner takeaway

When researching an ETF like DULL, it is important to look beyond just the current share price. This fund has experienced a major share-price decline and carries a severe erosion-risk flag. Additionally, because it has undergone a reverse split, the price movements must be viewed through the lens of split-adjusted returns to see the true historical performance. Always remember that a high distribution yield (if one existed) is not the same as total return, and a falling share price is a sign of price deterioration.