ETF Evaluator:
MicroSectors™ Travel -3X Inv Lvgd ETNs ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Equity Over the Last Year
| 204.3% | T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) |
| 169.7% | Defiance Daily Target 2X Short MSTR ETF (SMST) |
| 53.1% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 39.2% | -1x Short VIX Futures ETF (SVIX) |
| 39.1% | GraniteShares 2x Short COIN Daily ETF (CONI) |
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ETF Details
MicroSectors™ Travel -3X Inv Lvgd ETNs Overview
MicroSectors™ Travel -3X Inv Lvgd ETNs (FLYD) is a passively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). BMO Capital Markets launched the ETF in 2022.
The investment seeks to reflect a 3x leveraged inverse exposure to the inverse performance of the MerQube MicroSectorsTM U.S. Travel Index on a daily basis, before taking into account the negative effect of the Daily Investor Fee, any negative Daily Interest, and theRedemption Fee 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 Inv Lvgd ETNs (FLYD)
There are 1 members of the management team with an average tenure of 4.11 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 Inv Lvgd ETNs has 33 securities in its portfolio. The top 10 holdings constitute 64.3% 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 Inv Lvgd ETNs is part of the Other global asset class and is within the Miscellaneous ETF group. MicroSectors™ Travel -3X Inv Lvgd 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 Inv Lvgd ETNs has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $75 million average for the Trading--Inverse 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.
FLYD 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 Inv Lvgd ETNs expense ratio is high compared to funds in the Trading--Inverse Equity category. MicroSectors™ Travel -3X Inv Lvgd ETNs has an expense ratio of 0.95%, which is 17% lower than its category average, making the fund expense ratio grade a A. 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 Inv Lvgd 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 1085% for the Trading--Inverse Equity category.
Recently, in the month of July 2026, MicroSectors™ Travel -3X Inv Lvgd ETNs returned 3.2%, which earned it a grade of C, as the Trading--Inverse Equity category had an average return of 7.3%. 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 Inv Lvgd ETNs has a trailing yield of 0.00%, which is below the 5.32% 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 Inv Lvgd ETNs Grades
Year to date, the ETF has returned -29.1%, 3.2 percentage points worse than the category, which translates into a grade of C. The fund has returned -45.1% over the past year (grade of D) and -51.0% over the past three years (grade of F).
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FLYD 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 |
|
| FLYD Return (NAV) | 3.2% | -31.1% | -45.1% | -51.0% | na | na |
| FLYD Return (Price) | 7.9% | -31.0% | -45.4% | -51.1% | na | na |
| NAV +/- Price Return | -4.708% | -0.072% | 0.241% | 0.091% | na | na |
| Trading--Inverse Equity Avg | 7.3% | -12.0% | -29.4% | -28.2% | -22.9% | -29.6% |
| FLYD Grade (NAV) | C | F | D | F | na | na |
| +/- Category (NAV) | -4.1% | -19.1% | -15.8% | -22.8% | na | na |
| FLYD Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
FLYD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FLYD Return (NAV) | -29.1% | -60.3% | -54.2% | -75.1% | na | na | na | na | na | na | na |
| FLYD Return (Price) | -29.1% | -60.0% | -54.6% | -75.1% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.000% | -0.006% | 0.009% | 0.000% | na | na | na | na | na | na | na |
| Trading--Inverse Equity Avg | -25.8% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| FLYD Grade (NAV) | C | F | F | F | na | na | na | na | na | na | na |
| +/- Category | -3.2% | -25.1% | -27.7% | -48.9% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | -3.85 |
| R-Squared: | 54% |
| Standard Deviation: | 68.6% |
| Category Risk Index: | 1.78 |
| Category Risk Rating: | High |
| Total Risk Index: | 5.59 |
| 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: | 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: 4.1 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Manager No (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 33 |
| % in Top 10 Holdings: | 64.3% |
| 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 (%): | 1.15% |
