At a glance
Over the past year it returned −41.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned −56.9% a year.
The short version
MAX Airlines -3X Inverse Leveraged ETNs (JETD) is an exchange-traded note from BMO Financial Group that aims to return three times the opposite of an airline stock index's daily move, letting traders bet on a short-term drop in airline shares. Unlike a fund, it is unsecured bank debt, and its daily reset can make multi-day results drift far from -3x. It lost 92% over the three years to October 27, 2026.
Price history
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JETD -41.4% 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 | |
|---|---|---|---|---|---|---|
| JETD price data to Oct 27, 2026 | -23.0% | -41.4% | -56.9% | — | — | -43.4% |
- Over the year to Oct 27, 2026, JETD returned -41.4%.
- Its worst full calendar year was 2025 (-59.9%); its best was 2024 (-51.7%).
- The deepest fall in its price history was 95.6% (Oct 27, 2023 to Aug 5, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -23.0% |
| 2025 | -59.9% |
| 2024 | -51.7% |
| 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
JETD is an exchange-traded note (ETN), not a fund. An ETN is unsecured debt of a bank, here BMO Financial Group, meaning no assets are set aside to back it. JETD owns no airline shares on investors' behalf. Instead, the bank promises a return linked to an index of airline stocks, multiplied by -3, minus fees. We could not confirm the exact index, its member companies or their weights, and as an ETN it files no fund prospectus or holdings reports.
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, and the reverse when the index rises. The exposure then resets. Over longer periods, compounding means results can differ sharply from -3x the index's move, usually for the worse when prices swing up and down. It is built for short-term trading, not buy-and-hold.
Because the payout depends on the bank, BMO's credit matters: if it could not pay, holders could lose money no matter what airline stocks did. The bank can also redeem the notes early, ending a holder's position on its timetable rather than theirs.
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
It is a daily-reset, -3x inverse bank note built for short-term trading, and it lost 92% over the three years to October 27, 2026.
An inverse product can look like protection against a falling market, but JETD's record shows the risk of holding one for long. It launched in June 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. It fell 51.7% in 2024, its least-bad calendar year, and 59.9% in 2025, its worst. From a peak on October 27, 2023, it dropped 95.6% to a low on August 5, 2026, and had not recovered as of October 27, 2026.
Anyone who needed cash from it in a slump could face steep losses, and its one-year volatility, a measure of price swings, was 75.3%. It paid no distributions, its annual fee could not be confirmed, and its payout depends on BMO's ability to pay. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who check positions daily and want a short-term bet that airline stocks will fall, at -3x the index's daily move.
- Traders briefly hedging airline shares they already own, who accept that the -3x target resets every day and results can drift over time.
- Traders comfortable relying on BMO Financial Group's credit, since the note is unsecured bank debt that holds no airline stocks.
Look elsewhere if
- Long-term and retirement investors: the note fell 51.7% in 2024 and 59.9% in 2025, losing 92% over three years to October 27, 2026.
- Anyone seeking income or steady value: it paid no distributions, and its one-year volatility was 75.3% as of October 27, 2026.
- Investors who want a fund that owns its holdings: as an ETN, JETD owns nothing, publishes no holdings reports and can be redeemed early.
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 JETD a good long-term investment?
JETD is not designed for long-term holding. Its -3x inverse exposure resets every day, so over longer periods compounding can push returns far from -3x the index, usually for the worse in choppy markets. Its record reflects the risk: it lost 51.7% in 2024, 59.9% in 2025 and about 23% in 2026 through October 27. Over the three years to that date it lost 92%, and its deepest drop was 95.6%.
Why doesn't JETD return exactly -3x airline stocks over a month or a year?
Because it targets -3x the index's move for a single day, then resets. Each day's gain or loss compounds on the last, so over weeks or months the total can differ sharply from -3x the index's change over the same period. The gap usually works against holders when prices swing up and down. That is why the note is built for short-term trading, not buy-and-hold.
What's the difference between an ETN like JETD and an inverse ETF?
The main difference is what holders own. An ETF is a fund that holds assets, such as stocks or swap contracts (deals with banks to exchange returns), for its shareholders. JETD is an exchange-traded note: unsecured debt of BMO Financial Group that owns no assets on investors' behalf. It pays the index return minus fees only as long as the bank can pay, so BMO's credit matters. The bank can also redeem the notes early, and as an ETN it publishes no fund prospectus or holdings reports.
Does JETD pay dividends?
No. JETD recorded no distributions. As an exchange-traded note, it is a bank's debt rather than a fund holding stocks, so it has no dividends from holdings to pass along. Any return comes only from changes in the note's price, which swung sharply: its one-year volatility, a measure of how much the price moves around, was 75.3% as of October 27, 2026.
What is JETD's expense ratio?
We could not confirm a published expense ratio for JETD. Because it is an exchange-traded note, a type of bank debt, it does not issue a fund prospectus with the standard fee table that ETFs provide. Its terms, including fees, are set by the issuer, BMO Financial Group, and the note pays the index return minus those fees, so they reduce what holders receive. The issuer's offering documents spell out the exact charges and early-redemption terms.