At a glance
Over the past year it returned −16.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +20.1% a year.
The short version
MAX Airlines 3X Leveraged ETNs (JETU) are exchange-traded notes from BMO Financial Group that aim to deliver three times the daily return of an airline-stock index, before fees. They are built for traders making short, magnified bets on airline stocks, not for long holding periods. Unlike a fund, they are unsecured BMO debt that owns no shares, and the daily reset can pull multi-day results far from three times the index.
Price history
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JETU -16.4% 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 | |
|---|---|---|---|---|---|---|
| JETU price data to Oct 27, 2026 | -30.4% | -16.4% | +20.1% | — | — | -5.4% |
- Over the year to Oct 27, 2026, JETU returned -16.4%.
- Its worst full calendar year was 2025 (+3.9%); its best was 2024 (+38.0%).
- The deepest fall in its price history was 68.6% (Jan 21, 2025 to Apr 8, 2025), recovered by Jan 6, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -30.4% |
| 2025 | +3.9% |
| 2024 | +38.0% |
| 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
JETU is an exchange-traded note (ETN), not a fund. Holding it means lending money to BMO Financial Group, which promises to pay a return linked to three times the daily performance of an index of airline stocks, minus fees. The notes own no airline shares or other assets on investors' behalf, so there is no portfolio to list and no fund prospectus or holdings report. How the index picks, weights and rebalances its stocks is set out in BMO's offering documents for the notes.
The three-times target resets every day. Each day's move is magnified, and the next day starts from the new value, so gains and losses compound. Over any period longer than a day, the result can differ sharply from three times the index's return. In choppy markets, where airline stocks swing up and down without getting far, the gap usually works against holders. In a steady trend it can work in their favor.
Because the notes are unsecured debt, backed by no collateral, they pay only as long as BMO can pay. If the bank ran into financial trouble, holders could lose money even if airline stocks rose. BMO can also redeem the notes early, which could end a position at a time the holder did not choose.
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
Its three-times exposure resets daily, it is unsecured BMO debt rather than a fund, and it lost 68.6% from peak to low in early 2025.
JETU launched in June 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its two full calendar years look tame on paper: up 38% in 2024 and 3.9% in 2025, its worst full year. But 2025's small gain hid a 68.6% plunge between January 21 and April 8, 2025. The notes did not regain that peak until January 6, 2026, about nine months after the low. They were down 30.4% year to date as of October 27, 2026. Someone forced to raise cash near a low like April 2025's would have locked in a steep loss. The notes have paid no income, and their fees, described in BMO's offering documents, reduce returns further.
Past results don't predict future returns, and retirement planning looks at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a magnified, short-term bet on airline stocks who can check the position every day.
- Experienced traders who understand daily resets and can tolerate swings like the 68.6% plunge between January and April 2025.
- Traders comfortable relying on BMO Financial Group's ability to pay, since the notes are unsecured debt with no underlying holdings.
Look elsewhere if
- Retirees and long-term savers: the three-times exposure resets daily, so results over months or years can stray far from three times the index.
- Income seekers: the notes have paid no distributions, and their price fell 30.4% year to date as of October 27, 2026.
- Investors who want a fund that owns actual airline shares; these notes hold nothing and pay only while BMO can pay.
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
What is JETU and what does it track?
JETU, the MAX Airlines 3X Leveraged ETNs, is an exchange-traded note from BMO Financial Group. It aims to pay three times the daily return of an index of airline stocks, minus fees. It launched on June 20, 2023. As a note, it is the bank's promise to pay, not a basket of shares, so it holds no airline stocks. How the index is built is described in BMO's offering documents for the notes.
How is JETU different from a regular airline ETF?
JETU aims to triple an airline index's daily moves and is bank debt, while a typical unleveraged airline ETF simply owns airline shares. JETU's exposure resets every day, so results over weeks or months can stray far from three times the index, usually for the worse in choppy markets. It owns no shares and pays only as long as BMO Financial Group can pay, and BMO can redeem the notes early. A regular ETF holds its stocks in a fund on investors' behalf.
Is JETU good for long-term investing?
JETU is built for short-term trading, not for holding over years. Because its three-times exposure resets daily, long-run results depend heavily on the path airline stocks take. As of October 27, 2026, the notes were up 73% over three years, yet holders since the June 2023 launch were still showing a loss. Between January 21 and April 8, 2025, they fell 68.6%, and it took about nine months from that low to recover.
How volatile is JETU?
Extremely volatile. As of October 27, 2026, its one-year volatility, a measure of how widely the price swings, was 73.2%. Its beta, which gauges how much it moves relative to the overall stock market, was 3.66. Over the year to that date it fell as much as 54.7% from a high and had a price return of -16.4%. In the three months to October 27, 2026, alone, it dropped 43.9%.
Does JETU pay dividends?
No. JETU has recorded no distributions. As an exchange-traded note, it owns no airline shares, so there are no dividends to pass along. Any gain or loss comes only from changes in the note's price, which follows three times the index's daily moves minus fees. Retirees looking for regular income would get none here and would have to cash out notes to raise money, at whatever the market price is at the time.