Bank of MontrealInverse EquityCARD · NYSE Arca

MAX Auto Industry - 3x Inverse Leveraged ETN (CARD)

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Price: $2.47; —12 Nov 2026
Assets: $1.6M; Total net assets
Expense ratio: 0.95%; Category 0.00%
Yield: 0.00%; Trailing distributions

1Y return: -16.7%+12.3%; Category -29.0%
3Y CAGR: —; Category -35.8%
5Y CAGR: —; Category -23.7%

$2.47—12 Nov 2026

Fund

Assets: $1.6M
Expense: 0.95%
Categ. exp: 0.00%
Yield: 0.00%

ReturnFundCateg.

1Y-16.7%-29.0%

3Y—-35.8%

5Y—-23.7%

Launch-45.7%—

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MAX Auto Industry - 3x Inverse Leveraged ETN

Calendar-year returns

Fund only: no comparison series covers this fund's history.

Risk statistics

Five years of daily closes. Risk-free rate 4% a year.

Standard deviation: —
Maximum drawdown: —
Sharpe ratio: —
Sortino ratio: —
Beta: —
Alpha: —
R²: —
Information ratio: —
Upside capture: —
Downside capture: —
Tracking error: —

Trailing returns compared with benchmark
Period	1M	3M	6M	YTD	1Y	3YCAGR	5YCAGR	10YCAGR	LaunchCAGR
ETF	-17.3%	+9.4%	-11.5%	-8.2%	-16.7%	—	—	—	-45.7%
Inverse Equity average	11.5%	8.2%	-9.1%	-31.0%	-29.0%	-35.8%	-23.7%	-29.3%	-37.1%
Difference	-28.7%	+1.2%	-2.4%	+22.8%	+12.3%	—	—	—	-8.5%

Holdings

The 10 largest positions make up 78.5% of the fund.

Top holdings

Largest holdings by weight
Ticker	Holding	Weight
AZO	AutoZone Inc	12.50%
TSLA	Tesla Inc	12.28%
F	Ford Motor Co	8.56%
CVNA	Carvana Co Class A	8.41%
ORLY	O'Reilly Automotive Inc	8.33%
RIVN	Rivian Automotive Inc Class A	8.19%
GM	General Motors Co	8.03%
GPC	Genuine Parts Co	4.44%
RACE.MI	Ferrari NV	4.14%
KMX	CarMax Inc	3.64%

Portfolio valuation

Weighted averages of what the fund holds.

P/E: 23.2
P/B: 1.6
P/S: 0.6
P/CF: 8.3

Sector allocation

Share of the equity the fund holds.

Consumer discretionary97.8%
Industrials1.4%
Communication services0.8%

Asset mix

Stocks100.0%

ETF details

Issuer: Bank of Montreal
Category: Equity · Inverse Equity
Ticker: CARD
Exchange: NYSE Arca
Inception: 27 Jun 2023 (3.4 years)
Structure: Exchange Traded Fund
Expense ratio: 0.95% (category 0.00%)
Holdings turnover: 0%
Distribution yield: 0.00%
Beta, 3 years: -2.94
Total net assets: $1.6M

Prices and returns as of 12 Nov 2026; total return with distributions reinvested, before brokerage and taxes. Not investment advice.

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