Bank Of Montreal MAX Airlines -3X Inverse Leveraged ETNs(AMEX:JETD)

JETD is a leveraged take on the US airport transportation industry. Specifically, the fund provides daily 3x inverse exposure to the index, which includes firms involved in airlines, aircraft and aircraft parts manufacturers, airfreight and logistics, aircraft leasing, and airline and airport operations. The index defines the industries based on the North American Industry Classification System (NAICS) and selects US-listed equities, excluding any ETPs and MLPs. The index also excludes issuers organized in Canada or China. For industry screens, Aircraft and Parts Manufacturing industry only include the five largest companies by market cap. Airfreight and Logistics companies must disclose in their recent annual report that they own aircraft to execute their core business activity. The index is a modified liquidity-weighted index, which ranks the constituents, based on highest average daily value traded. As a geared product, JETD is designed as a short-term trading tool and not a long-term investment vehicle. Long-term returns could materially differ from those of the index due to daily compounding.