At a glance
Over the past year it returned −7.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned −57.2% a year.
The short version
MAX Auto Industry -3x Inverse Leveraged ETN (CARD) is an exchange-traded note issued by BMO Financial Group that aims to deliver three times the opposite of an auto-industry stock index's daily return. It is unsecured bank debt, not a fund, and because it resets every day, longer-term results can drift far from -3x the index. It's a short-term trading tool that lost 92% over three years to October 27, 2026, and has made no distributions.
Price history
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CARD -7.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CARD price data to Oct 27, 2026 | +1.5% | -7.3% | -57.2% | — | — | -47.4% |
- Over the year to Oct 27, 2026, CARD returned -7.3%.
- Its worst full calendar year was 2025 (-60.2%); its best was 2024 (-58.2%).
- The deepest fall in its price history was 93.7% (Oct 30, 2023 to Jul 29, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.5% |
| 2025 | -60.2% |
| 2024 | -58.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
How it works
CARD is an exchange-traded note (ETN), not a fund. Investors who own it are, in effect, lending money to BMO Financial Group. In return, BMO promises a return linked to an auto-industry stock index, run in reverse and multiplied by three, minus fees. The note owns no stocks or other assets on holders' behalf. So there is no portfolio to pick, weight or rebalance, and no fund prospectus or holdings report showing what's inside. Its value rests on the index's daily moves and on BMO's ability to pay.
The -3x target applies one day at a time. If the index falls on a given day, the note aims to rise by three times that percentage. If the index rises, the note aims to fall by three times as much. The exposure then resets for the next day. Over periods longer than a day, that compounding means returns can differ sharply from -3x the index, usually for the worse in choppy markets that swing up and down.
Two other mechanics matter. Because the note is unsecured debt, BMO's credit stands behind every payment. If the bank couldn't pay, holders could lose money no matter what auto stocks did. BMO can also redeem the notes early, ending holders' positions on the issuer's schedule rather than their own.
What it really costs
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
This note resets its -3x bet against auto-industry stocks every day and lost 92% over the three years to October 27, 2026, so it is built for short-term trading, not long-term holding.
CARD launched on June 27, 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own record is harsh. It lost 58.2% in 2024 and 60.2% in 2025, its worst calendar year. It fell 93.7% from a peak on October 30, 2023, to a low on July 29, 2026, and had not recovered as of October 27, 2026. Because it bets against auto stocks, its bad stretches can come when those stocks rise. A holder who needed cash after a drop that deep would have little left. It has made no distributions, its fee level could not be confirmed, and as an ETN it depends on BMO's ability to pay. Past results don't predict the future, and a retirement plan needs to look at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a one-day bet against auto-industry stocks, magnified three times, who can watch their position every trading day.
- Traders wanting a brief hedge on an auto-stock position who accept that the daily reset makes multi-week hedges unreliable.
- Experienced investors who accept BMO credit risk, early-redemption risk and swings like its 72.3% volatility over the year to October 27, 2026.
Look elsewhere if
- Long-term and retirement investors: it lost 92% over three years to October 27, 2026, and its 93.7% drop had not recovered.
- Anyone seeking income, since the note has made no distributions since launching on June 27, 2023.
- Investors who want a fund that holds assets for them; this ETN is unsecured BMO debt that owns nothing on holders' behalf.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is CARD a good long-term investment?
It isn't designed to be one. CARD resets its -3x inverse exposure every day. Over longer periods, compounding means its returns can differ sharply from -3x the index, usually for the worse in choppy markets. It lost 58.19% in 2024 and 60.21% in 2025. Over the three years to October 27, 2026, it lost 92% in total, or 57.2% a year annualized. Its 93.7% peak-to-low drop had not recovered by that date.
Is CARD an ETF or an ETN?
CARD is an ETN, or exchange-traded note. It trades on an exchange like an ETF, but it is unsecured debt of BMO Financial Group rather than a fund. It owns no assets on investors' behalf. It pays the index return minus fees only as long as BMO can pay, so the bank's credit matters. BMO can also redeem the notes early. An ETF, by contrast, holds a pool of assets for its shareholders.
Does CARD pay dividends?
No. CARD has made no distributions since it launched on June 27, 2023. Any return comes only from changes in the note's price. That price aims to move three times opposite to an auto-industry stock index each day, minus fees. It has fallen sharply over time: the note lost 7.3% over the year to October 27, 2026, and 92% over three years. It offers nothing to investors who want regular income.
Can CARD be used to hedge auto stocks?
Only for very short periods. CARD aims for -3x the daily return of an auto-industry stock index, so on a single day it aims to rise when that index falls. But it resets every day, and over longer stretches compounding can pull results far from -3x the index, usually worse in choppy markets. Its swings are also extreme. Annualized volatility, a measure of how widely returns vary, was 72.3% over the year to October 27, 2026, and 81% over three years.
What is CARD's expense ratio?
We could not confirm a figure. CARD is an exchange-traded note, not a fund, so there is no fund prospectus with the standard fee table. Holders receive the index's -3x daily return minus fees set by the issuer, BMO Financial Group. The notes' own offering documents hold those terms, along with the issuer's right to redeem the notes early. Any fee adds to the drag that daily compounding can create over longer holding periods.