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About Bank Of Montreal MAX Auto Industry -3x Inverse Leveraged ETN
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Inception date
Jun 27, 2023
Structure
Exchange-Traded Note
Distribution tax treatment
No distributions
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
CARD makes a big and bearish one-day bet against the US auto industry. The fund provides 3x daily inverse exposure to a modified liquidity-weighted index that includes firms engaged in automobile manufacturing, automobile parts and retail, and car dealing. The index defines the industries based on the North American Industry Classification System (NAICS) and selects US-listed equities, excluding ETPs. The fund gains its international exposure through the use of ADRs, but will specifically exclude issuers organized in Canada or China. As a geared product, CARD is designed as a short-term trading tool and not a long-term investment vehicle. Long-term returns could materially differ from those of the index due to daily compounding. Since the fund uses an ETN structure, investors assume the credit risk of the issuer.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
CARD assets under management is 1.27 M USD. It's risen 3.40% over the last month.
CARD fund flows account for 1.20 M USD (1 year). Many traders use this metric to get insight into investors' sentiment and evaluate whether it's time to buy or sell the fund.
No, CARD doesn't pay dividends to its holders.
CARD shares are issued by Bank of Montreal under the brand Max. The ETF was launched on Jun 27, 2023, and its management style is Passive.
CARD expense ratio is 0.95% meaning you'd have to pay 0.95% of your investment to help manage the fund.
CARD follows the Prime Auto Industry Index - Benchmark TR Net. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
CARD price has risen by 5.88% over the last month, and its yearly performance shows a −68.64% decrease. See more dynamics on CARD price chart.
NAV returns, another gauge of an ETF dynamics, have fallen by −0.39% over the last month, showed a −49.26% decrease in three-month performance and has decreased by −68.60% in a year.
NAV returns, another gauge of an ETF dynamics, have fallen by −0.39% over the last month, showed a −49.26% decrease in three-month performance and has decreased by −68.60% in a year.
CARD trades at a premium (0.24%) meaning the ETF is trading at a higher price than the calculated NAV.