ETF Evaluator:
MicroSectors™ Travel 3X Leveraged ETNs (FLYU)
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(as of Sep 04)
Best Performing in Trading--Leveraged Equity Over the Last Year
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ETF Details
MicroSectors™ Travel 3X Leveraged ETNs Overview
MicroSectors™ Travel 3X Leveraged ETNs (FLYU) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). BMO Capital Markets launched the ETF in 2022.
The investment seeks to reflect a 3x leveraged long exposure to the performance of the MerQube MicroSectorsTM U.S. Travel Index on a daily basisbefore taking into account the negative effect of the Daily Investor Fee, the Daily Financing Charge and the RedemptionFee Amount, if applicable.
The index is a net total return index that tracks the stock prices of U.S. listed securities thatare materially engaged in specified segments of the travel industry.
About MicroSectors™ Travel 3X Leveraged ETNs (FLYU)
There are 1 members of the management team with an average tenure of 4.19 years: No Manager (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: MerQube MicroSectors US Travel NR USD index with a weighting of 300%. MicroSectors™ Travel 3X Leveraged ETNs has 33 securities in its portfolio. The top 10 holdings constitute 64.7% 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.
MicroSectors™ Travel 3X Leveraged ETNs is part of the Other global asset class and is within the Miscellaneous ETF group. MicroSectors™ Travel 3X Leveraged ETNs has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0% There is 0.0% 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). MicroSectors™ Travel 3X Leveraged ETNs has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $270 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.
FLYU 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 MicroSectors™ Travel 3X Leveraged ETNs expense ratio is high compared to funds in the Trading--Leveraged Equity category. MicroSectors™ Travel 3X Leveraged ETNs has an expense ratio of 0.95%, which is 1% lower than its category average, making the fund expense ratio grade a B. 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. MicroSectors™ Travel 3X Leveraged ETNs 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 1539% for the Trading--Leveraged Equity category.
Recently, in the month of August 2026, MicroSectors™ Travel 3X Leveraged ETNs returned -8.5%, which earned it a grade of D, as the Trading--Leveraged Equity category had an average return of 10.8%. 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.
MicroSectors™ Travel 3X Leveraged ETNs has a trailing yield of 0.00%, which is below the 5.59% category average.
The fund normally distributes its income annually and its capital gains annually.
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.
MicroSectors™ Travel 3X Leveraged ETNs Grades
Year to date, the ETF has returned -21.7%, 31.4 percentage points worse than the category, which translates into a grade of C. The fund has returned -30.5% over the past year (grade of D) and 4.5% over the past three years (grade of F).
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FLYU Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FLYU Return (NAV) | -8.5% | -4.4% | -30.5% | 4.5% | na | na |
| FLYU Return (Price) | -8.7% | -4.3% | -30.3% | 4.5% | na | na |
| NAV +/- Price Return | 0.185% | -0.133% | -0.220% | -0.022% | na | na |
| Trading--Leveraged Equity Avg | 10.8% | -18.7% | 49.1% | 23.8% | 6.5% | 9.9% |
| FLYU Grade (NAV) | D | B | D | F | na | na |
| +/- Category (NAV) | -19.3% | 14.3% | -79.5% | -19.3% | na | na |
| FLYU Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
FLYU Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FLYU Return (NAV) | -21.7% | -2.5% | 32.5% | 111.8% | na | na | na | na | na | na | na |
| FLYU Return (Price) | -23.2% | -0.4% | 33.0% | 111.2% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.073% | -0.831% | 0.014% | -0.006% | na | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | 9.8% | 41.3% | 30.0% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| FLYU Grade (NAV) | C | D | B | B | na | na | na | na | na | na | na |
| +/- Category | -31.4% | -43.8% | 2.6% | 49.6% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 4.01 |
| R-Squared: | 56% |
| Standard Deviation: | 69.2% |
| Category Risk Index: | 1.29 |
| Category Risk Rating: | High |
| Total Risk Index: | 5.69 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 7 Mil |
| Share Class Assets: | $ 7 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | MerQube MicroSectors US Travel NR USD |
| Index Weighting: | 300% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 4.2 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): Manager No (2022) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 33 |
| % in Top 10 Holdings: | 64.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 100.0% |
| Foreign Stock: | 0.0% |
| 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: | BMO Capital Markets |
| Phone Number: | 877-369-5412 |
| Website: | |
| Inception Date: | June 22, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.96% |
