ETF Evaluator:
MAX Airlines -3X Inverse Leveraged ETN ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Equity Over the Last Year
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ETF Details
MAX Airlines -3X Inverse Leveraged ETN Overview
MAX Airlines -3X Inverse Leveraged ETN (JETD) is a passively managed Miscellaneous Trading--Inverse 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 inverse performance of the Prime Airlines 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 airline industry, including airlines and aircraft and aircraft parts manufacturers, and companies engaged in the businesses of air freight and logistics, aircraft leasing and airline and airport operations.
About MAX Airlines -3X Inverse Leveraged ETN (JETD)
There are 1 members of the management team with an average tenure of 3.12 years: No Manager (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Prime Airlines NR USD index with a weighting of -300%. MAX Airlines -3X Inverse Leveraged ETN has 20 securities in its portfolio. The top 10 holdings constitute 84.5% 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 Airlines -3X Inverse Leveraged ETN is part of the Other global asset class and is within the Miscellaneous ETF group. MAX Airlines -3X Inverse Leveraged ETN has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.6% There is 1.4% 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 Airlines -3X Inverse 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 $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.
JETD 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 Airlines -3X Inverse Leveraged ETN expense ratio is high compared to funds in the Trading--Inverse Equity category. MAX Airlines -3X Inverse Leveraged ETN 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. MAX Airlines -3X Inverse 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 1085% for the Trading--Inverse Equity category.
Recently, in the month of July 2026, MAX Airlines -3X Inverse Leveraged ETN returned 7.0%, which earned it a grade of B, 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.
MAX Airlines -3X Inverse Leveraged ETN has a trailing yield of 0.00%, which is below the 5.32% 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 Airlines -3X Inverse Leveraged ETN Grades
Year to date, the ETF has returned -50.6%, 24.8 percentage points worse than the category, which translates into a grade of F. The fund has returned -70.5% over the past year (grade of F) and -52.1% over the past three years (grade of F).
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JETD 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 |
|
| JETD Return (NAV) | 7.0% | -44.0% | -70.5% | -52.1% | na | na |
| JETD Return (Price) | 7.1% | -43.6% | -70.4% | -52.1% | na | na |
| NAV +/- Price Return | -0.077% | -0.483% | -0.116% | 0.001% | na | na |
| Trading--Inverse Equity Avg | 7.3% | -12.0% | -29.4% | -28.2% | -22.9% | -29.6% |
| JETD Grade (NAV) | B | F | F | F | na | na |
| +/- Category (NAV) | -0.3% | -32.1% | -41.1% | -24.0% | na | na |
| JETD Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
JETD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JETD Return (NAV) | -50.6% | -59.7% | -51.7% | na | na | na | na | na | na | na | na |
| JETD Return (Price) | -50.1% | -59.9% | -51.7% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.010% | 0.004% | 0.000% | na | 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% |
| JETD Grade (NAV) | F | D | D | na | na | na | na | na | na | na | na |
| +/- Category | -24.8% | -24.4% | -25.3% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | -3.34 |
| R-Squared: | 49% |
| Standard Deviation: | 62.4% |
| Category Risk Index: | 1.62 |
| Category Risk Rating: | High |
| Total Risk Index: | 5.09 |
| 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 Airlines 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: | 20 |
| % in Top 10 Holdings: | 84.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 98.6% |
| Foreign Stock: | 1.4% |
| 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 20, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 1.15% |
