CARDMax Auto Industry -3X Inverse Leveraged ETN
Seeks daily investment results equal to -3x the daily performance of the Prime Auto Industry Index, less a Daily Investor Fee.
By Bank of Montreal · Launched 2023
0.95%
#4,684 of 5,562 · expensive
$1M
#5,406 of 5,562 · small
-43.2%
2 years
#3,056 of 5,562 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
Classification
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 10 holdings = 78.8% of fundconcentrated
Asset allocation
By sector
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Where to buy
Listing
- Exchange
- NYSE Arca
Full fund details
- Objective
- Seeks daily investment results equal to -3x the daily performance of the Prime Auto Industry Index, less a Daily Investor Fee.
- Strategy
- Daily-reset 3x inverse leveraged exposure to U.S.-listed automobile industry companies (manufacturing, parts and retail, new and used car dealers) via the Prime Auto Industry Index. Designed for short-term trading; daily compounding causes returns over periods longer than one day to diverge significantly from -3x the underlying index return.
- Inception date
- June 27, 2023
- Fund family
- Bank of Montreal
Similar ETFs
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Leveraged ETF — not a long-term hold
This fund uses leverage to amplify daily returns (e.g. 2x or 3x of an index). Daily rebalancing creates volatility decay — over weeks and months, the fund's return drifts from the stated multiple. In trending markets with low realised volatility, leveraged index ETFs can outperform their nominal multiple; in sideways or volatile markets they bleed. Designed for short-term tactical use, not buy-and-hold.
Source: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)
Why we flagged this: strategy=inverse + leveraged_name_or_strategy
Inverse ETF — daily tool only
Delivers the inverse of the benchmark's daily return. The compounding path makes multi-day holding unpredictable even when the benchmark's total move goes your way. Legitimate as a one-day hedge; dangerous as a view.
Source: Cheng & Madhavan (2009)
Why we flagged this: strategy=inverse + inverse_name_or_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
What's next?
You've reviewed CARD. Save it to your watchlist to track it alongside the other funds you're weighing.
Data updated on 2026-06-19