CARUMax Auto Industry 3X Leveraged ETN
The return on the MAX Auto Industry 3X Leveraged ETNs is linked to a 3X times leveraged participation in the daily performance of the Prime Auto Industry Index.
By Bank of Montreal · Launched 2023
0.95%
#4,684 of 5,562 · expensive
$4M
#5,144 of 5,562 · small
-6.6%
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
- The return on the MAX Auto Industry 3X Leveraged ETNs is linked to a 3X times leveraged participation in the daily performance of the Prime Auto Industry Index.
- Strategy
- Offers investors a return based on changes in the Prime Auto Industry Index on a daily compounded basis. The ETNs are not 'buy and hold' investments and should not be expected to provide cumulative returns for periods greater than a day.
- 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=leveraged + leveraged_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
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Data updated on 2026-06-19