ETF Evaluator:
Max Auto Industry 3X Leveraged ETN (CARU)
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(as of Sep 01)
Best Performing in Trading--Leveraged Equity Over the Last Year
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ETF Details
Max Auto Industry 3X Leveraged ETN Overview
Max Auto Industry 3X Leveraged ETN (CARU) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). Bank of Montreal launched the ETF in 2023.
The investment seeks return on the notes is linked to a three times leveraged participation in the daily performance of the Prime Auto Industry Index.
The index is a net total return index that tracks the stock prices of U.S.-listed companies that have operations relating to the automobile industry, including automobile manufacturing, parts and retail, and new and used car dealers.
About Max Auto Industry 3X Leveraged ETN (CARU)
There are 1 members of the management team with an average tenure of 3.10 years: No Manager (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Prime Auto Industry NR USD index with a weighting of 300%. Max Auto Industry 3X Leveraged ETN has 24 securities in its portfolio. The top 10 holdings constitute 75.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Max Auto Industry 3X Leveraged ETN is part of the Other global asset class and is within the Miscellaneous ETF group. Max Auto Industry 3X Leveraged ETN has 5.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.1% There is 5.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Max Auto Industry 3X Leveraged ETN has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $251 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CARU Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Max Auto Industry 3X Leveraged ETN expense ratio is high compared to funds in the Trading--Leveraged Equity category. Max Auto Industry 3X Leveraged ETN has an expense ratio of 0.95%, which is the same as its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Max Auto Industry 3X Leveraged ETN has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 396% for the Trading--Leveraged Equity category.
Recently, in the month of July 2026, Max Auto Industry 3X Leveraged ETN returned -6.9%, which earned it a grade of C, as the Trading--Leveraged Equity category had an average return of -18.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Max Auto Industry 3X Leveraged ETN has a trailing yield of 0.00%, which is below the 5.84% category average.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Max Auto Industry 3X Leveraged ETN Grades
Year to date, the ETF has returned -27.0%, 30.8 percentage points worse than the category, which translates into a grade of D. The fund has returned -19.1% over the past year (grade of D) and -13.4% over the past three years (grade of F).
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CARU Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CARU Return (NAV) | -6.9% | -8.8% | -19.1% | -13.4% | na | na |
| CARU Return (Price) | -7.3% | -9.5% | -18.9% | -13.4% | na | na |
| NAV +/- Price Return | 0.367% | 0.700% | -0.204% | 0.038% | na | na |
| Trading--Leveraged Equity Avg | -18.2% | -10.8% | 47.2% | 18.3% | 6.2% | 9.2% |
| CARU Grade (NAV) | C | C | D | F | na | na |
| +/- Category (NAV) | 11.3% | 2.1% | -66.3% | -31.7% | na | na |
| CARU Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
CARU Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CARU Return (NAV) | -27.0% | 6.9% | 23.3% | na | na | na | na | na | na | na | na |
| CARU Return (Price) | -31.5% | 10.0% | 27.5% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.167% | 0.452% | 0.181% | na | na | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | 3.8% | 41.3% | 29.5% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| CARU Grade (NAV) | D | D | C | na | na | na | na | na | na | na | na |
| +/- Category | -30.8% | -34.4% | -6.2% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 3.43 |
| R-Squared: | 46% |
| Standard Deviation: | 66.0% |
| Category Risk Index: | 1.24 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 5.38 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 4 Mil |
| Share Class Assets: | $ 4 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | Prime Auto Industry NR USD |
| Index Weighting: | 300% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Manager No (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 24 |
| % in Top 10 Holdings: | 75.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.9% |
Portfolio Allocation |
|
| Domestic Stock: | 94.1% |
| Foreign Stock: | 5.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | Bank of Montreal |
| Phone Number: | 800-263-2263 |
| Website: | |
| Inception Date: | June 27, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
