At a glance
Over the past year it returned −36.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +18.7% a year.
The short version
MicroSectors Travel 3x Leveraged ETN (FLYU) is a BMO Financial Group exchange-traded note tracking three times the daily return of a travel-and-leisure stock index. It is unsecured bank debt, not a fund: it holds no stocks for investors, resets its leverage daily and has made no distributions. That makes it a short-term trading tool; its one-year volatility, a gauge of price swings, was about 75% as of October 27, 2026.
Price history
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FLYU -36.4% 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 | |
|---|---|---|---|---|---|---|
| FLYU price data to Oct 27, 2026 | -37.0% | -36.4% | +18.7% | — | — | +8.9% |
- Over the year to Oct 27, 2026, FLYU returned -36.4%.
- Its worst full calendar year was 2025 (-2.3%); its best was 2023 (+111.2%).
- The deepest fall in its price history was 69% (Feb 19, 2025 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.0% |
| 2025 | -2.3% |
| 2024 | +33.0% |
| 2023 | +111.2% |
| 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
FLYU is not a fund. It is an exchange-traded note, or ETN: an IOU from BMO Financial Group, backed by no collateral, that trades like a stock. The note's value is designed to move three times the daily return of a travel-and-leisure stock index, minus fees. The note owns no assets on holders' behalf, so there is no portfolio to list, and ETNs file no fund prospectus or holdings reports. The index's members and weighting rules appear in the issuer's offering documents.
The 3x exposure resets every day. On a single day, the note aims to move about three times as much as the index. Over longer stretches those daily results compound, so returns can differ sharply from three times the index's return, usually for the worse when the index zigzags. If the index rises one day and falls by the same percentage the next, it ends slightly below where it started, and the note ends further below. That is why FLYU is built for short-term trading.
Because FLYU is debt, it pays only as long as BMO can pay. If the bank ran into trouble, holders could lose money regardless of how travel stocks performed. BMO can also redeem the notes early, which could close out a position at an awkward time.
What it really costs
Structure and tax notes
- Resets its 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
FLYU is a daily-reset 3x leveraged note backed only by BMO's promise to pay, with no income and one-year volatility near 75%.
FLYU launched in June 2022, too late for the 2008 and 2020 crashes and after the 2022 bear market had begun, so it has no full record from those episodes. Its own history shows the risk. It fell 69% between February 19 and April 8, 2025, and had not regained that peak as of October 27, 2026. Its worst full calendar year, 2025, shows only a 2.3% loss, which hides that plunge. It gained 111% in 2023 and 33% in 2024, then fell 37% in 2026 through October 27. Anyone needing cash in a slump could lock in steep losses.
FLYU has made no distributions, so it provides no income, and fees come out of the return it pays. Holders also depend on BMO's ability to pay. Past results don't predict future returns, and a retirement plan should weigh the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking short-term, magnified bets on travel and leisure stocks who can stomach one-year volatility of about 75%.
- Experienced traders who understand that daily leverage resets can make multi-day returns stray far from three times the index.
- Traders comfortable relying on BMO Financial Group's credit, since an ETN is unsecured bank debt the issuer can redeem early.
Look elsewhere if
- Retirees or savers wanting a long-term holding: FLYU fell 69% from February to April 2025 and hadn't recovered by October 27, 2026.
- Income seekers: FLYU has made no distributions, so returns come only from price moves in a note that lost 37% in 2026 through October 27.
- Anyone wanting to see what they own: as an ETN, FLYU owns no stocks for holders and files no holdings reports.
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 FLYU a good long-term investment?
It isn't built for that. FLYU is designed for short-term trading, not long holding periods. It resets its 3x leverage daily, so over weeks or months its return can stray far from three times the index, usually for the worse in choppy markets. As of October 27, 2026, it had lost 36.4% over one year, though it returned 18.7% a year over three years. It also hadn't recovered from a 69% drop between February and April 2025.
Does FLYU pay dividends?
No. FLYU has made no distributions. As an exchange-traded note, it owns none of the travel stocks it tracks, so holders receive only the change in the note's value, which follows three times the index's daily return minus fees. Any gain or loss comes from price moves alone, and those have been large: the note fell 37% in 2026 through October 27 after rising 111% in 2023.
What's the difference between an ETN and an ETF?
An ETF is a fund that owns assets for its shareholders; an ETN such as FLYU is unsecured debt of the issuing bank, here BMO Financial Group. FLYU owns nothing on holders' behalf. It pays its index-linked return, minus fees, only as long as BMO can pay, so the bank's credit matters. The issuer can also redeem the notes early, and ETNs file no fund prospectus or holdings reports.
Why doesn't FLYU return 3x the travel index over time?
Because it resets its leverage every day. FLYU targets three times the index's return for a single day only. Over longer periods, daily gains and losses compound, so the result can differ sharply from three times the index's return, and it usually comes in worse when the index swings up and down. Bigger swings widen that gap, and FLYU has been very volatile: its one-year volatility was about 75% as of October 27, 2026.
How risky is FLYU?
Very risky. In the year to October 27, 2026, its volatility, a gauge of price swings, was 75.3%, and it fell as much as 50.9% from a high. Its deepest drop since launch was 69%, from February 19 to April 8, 2025, and it had not regained that peak by October 27, 2026. Beyond price swings, holders take on BMO Financial Group's credit risk and the chance the notes are redeemed early.