At a glance
Over the past year it returned −24.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned −59.2% a year.
The short version
MicroSectors Travel -3x Inverse Leveraged ETN (FLYD) is an exchange-traded note, which is unsecured debt of BMO Financial Group. It is designed to pay three times the opposite of a travel and leisure stock index's daily return, minus fees. Traders may use it to bet against travel stocks for a day or a few days. Its exposure resets daily, so it is built for short-term trading. As of October 27, 2026, it had lost about 93% over three years.
Price history
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FLYD -24.7% 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 | |
|---|---|---|---|---|---|---|
| FLYD price data to Oct 27, 2026 | -15.3% | -24.7% | -59.2% | — | — | -59.3% |
- Over the year to Oct 27, 2026, FLYD returned -24.7%.
- Its worst full calendar year was 2023 (-75.1%); its best was 2024 (-54.1%).
- The deepest fall in its price history was 98.6% (Jun 30, 2022 to Aug 7, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.3% |
| 2025 | -60.4% |
| 2024 | -54.1% |
| 2023 | -75.1% |
| 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
FLYD is an exchange-traded note (ETN), not a fund. An ETN is a bank's unsecured debt, meaning no collateral backs it, and it trades like a stock. Here the issuer is BMO Financial Group. FLYD owns nothing on investors' behalf, so there are no holdings to list or rebalance. Instead, BMO promises a return linked to a travel and leisure stock index, minus fees. That promise is only as good as BMO's ability to pay. BMO can also redeem (repay) the notes early.
Its return is inverse and leveraged. Inverse means it is designed to rise when the index falls. Leveraged at -3x means it targets three times the opposite of the index's daily move, before fees. If travel stocks fall on a given day, the note is designed to gain about three times as much in percentage terms. If they rise, it loses about three times as much.
The exposure resets every day. Over longer stretches, daily compounding means results can differ sharply from -3 times the index's return. They are usually worse when prices swing up and down. For example, if the index drops one day and climbs back the next, a daily-reset -3x product ends lower than where it began. That is why FLYD is built for short-term trading, not long-term holding.
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
FLYD's -3x inverse exposure resets daily, its payments depend on BMO's ability to pay, and it lost about 93% over the three years to October 27, 2026.
FLYD launched on June 21, 2022, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the full 2022 bear market. Every full calendar year was a deep loss: 75.1% in 2023 (its worst), 54.1% in 2024 and 60.4% in 2025. Its deepest peak-to-trough fall was 98.6%, from June 30, 2022 to August 7, 2026. It had not recovered as of October 27, 2026. Anyone drawing cash from it during that stretch would have locked in heavy losses. It pays no income, and its fees come out of the note's value.
A bet against travel stocks might look like a crisis hedge. But the daily reset is built for holding periods of days, not years, and returns depend on BMO's ability to pay. Past results don't predict the future, and a retirement plan needs to weigh the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified bet against travel and leisure stocks over a day or a few days, and who can watch the position daily.
- Traders hedging short-term travel exposure who accept that daily resets can push multi-day returns far from -3 times the index.
- Those comfortable with issuer risk: FLYD is unsecured BMO Financial Group debt, holds no assets for investors and can be redeemed early.
Look elsewhere if
- Long-term or retirement investors: FLYD lost about 93% over the three years to October 27, 2026, and every full calendar year was a loss.
- Income seekers: FLYD has recorded no distributions, so any return comes only from price changes.
- Anyone wanting steadier holdings: price swings (volatility) ran about 79% annualized in the year to October 27, 2026, and its deepest drop was 98.6%.
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 FLYD a good long-term investment?
FLYD isn't designed for long-term holding. Its -3x inverse exposure resets every day. Over longer periods, compounding can make returns differ sharply from -3 times the index, usually for the worse in choppy markets. Its record has been poor. As of October 27, 2026, FLYD had lost about 93% over three years, or about 59% a year. Each full calendar year from 2023 through 2025 was a loss of between 54% and 75%.
Does FLYD pay dividends?
No. FLYD has recorded no distributions. As an exchange-traded note, it is debt issued by BMO Financial Group, not a fund that owns stocks, so there are no dividends from holdings to pass along. Any gain or loss comes from changes in the note's price. The note is designed to move -3 times the daily return of a travel and leisure stock index, minus fees.
What's the difference between an ETN and an ETF?
An ETF is a fund that owns assets on investors' behalf. An ETN like FLYD is unsecured debt of the issuing bank, here BMO Financial Group. FLYD owns no stocks and publishes no holdings. It pays its index-linked return, minus fees, only as long as BMO can pay, so the bank's credit matters. BMO can also redeem the notes early, which could end a position at an inconvenient time.
How does FLYD's daily reset work?
FLYD resets its -3x inverse exposure every day, so it targets three times the opposite of the index's return for one day at a time. Over longer periods, those daily results compound. The total can differ sharply from -3 times the index's return, usually for the worse when prices swing up and down. If the index falls one day and climbs back to its starting level the next, a -3x daily-reset product ends lower than it began, even before fees.
Can you lose all your money in FLYD?
Yes, losses can come close to the full amount invested. FLYD fell 98.6% from its June 30, 2022 peak to its August 7, 2026 low and had not recovered as of October 27, 2026. A -3x inverse product can lose heavily if travel stocks jump sharply, even within a single day. FLYD is unsecured BMO Financial Group debt, so investors also depend on the bank's ability to pay, and BMO can redeem the notes early.