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FLYDMicroSectors Travel -3X Inverse Leveraged ETNs

Take a bet4y track recordRanked #828 of 949 in this goal

Seeks daily investment results that correspond to -3X the daily performance of the MerQube MicroSectors? U.S. Travel Index.

By BMO Capital Markets · Launched 2022

Annual Cost

0.95%

#4,882 of 5,861 · expensive

Fund Size

$4M

#5,286 of 5,861 · small

Return (1Y)Goal

-43.1%

Track Record

4 years

#2,643 of 5,861 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$5,461-45.4%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Equity

Region

North america

Strategy

Inverse

Index tracked

MerQube MicroSectors US Travel Index

What it actually holds

By weight

Concentration

synthetic exposure — holdings shown are derivatives collateral, not the fund's positions

Uber Technologies IncUBER
12.1%
Booking Holdings IncBKNG
10.6%
The Walt Disney CoDIS
7.4%
American Airlines Group IncAAL
6.7%
Royal Caribbean GroupRCL
5.3%
United Airlines Holdings IncUAL
5.2%
Delta Air Lines IncDAL
4.7%
Carnival Corporation LtdCCL
4.6%
Airbnb Inc Ordinary Shares - Class AABNB
4.4%
Expedia Group IncEXPE
3.7%

Asset allocation

Stocks
100.0%

By sector

Consumer Cyclical
50.0%
Industrials
25.5%
Technology
17.1%
Communication
7.4%
Real Estate
0.1%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
77.0%High

Year-on-year price swings

Max drawdown
-98.5%Severe

Worst peak-to-trough loss

Sharpe (3Y)
-0.59Below average
Sortino (3Y)
-0.78Moderate downside risk

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks daily investment results that correspond to -3X the daily performance of the MerQube MicroSectors? U.S. Travel Index.
Strategy
Invests in ETNs linked to the MerQube MicroSectors? U.S. Travel Index, targeting -3X daily inverse returns. Focuses on U.S. companies in travel and tourism sectors.
Inception date
June 22, 2022
Fund family
BMO Capital Markets

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Leveraged
Warning

Your return drifts the longer you hold

Leverage amplifies the index's daily move, by 2x or 3x. The fund resets every day, so over weeks and months your real return drifts from that multiple. It can run ahead in a smooth climb and bleed in a choppy one. Hold one for months and you own a different bet than the label suggests.

Inverse
Warning

You can be right and still lose

This fund returns the opposite of its benchmark's daily move, then resets. Hold it longer and the daily compounding takes over: the market can move your way over a week and you still finish down. It works as a one-day hedge and nothing beyond that.

Sources: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)

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 2026-08-04