MAX Auto Industry -3x Inverse Leveraged ETN
CARD
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Address
- 1361 Calle Avanzado San Clemente CA United States of America 92673
- IPO Date
- Jun 28, 2023
- CIK
- 0000927971
- Website
- maxetns.com
- Similar Companies
- Business
- Bank of Montreal (BMO) issues the MAX Auto Industry -3X Inverse Leveraged ETN (ticker: CARD), a senior unsecured debt obligation that provides three times inverse leveraged daily exposure to the performance of the Prime Auto Industry Index (ticker: PCARSNTR), minus fees; the ETN matures on May 28, 2043. The Prime Auto Industry Index tracks a net total return, modified liquidity-weighted basket of 23 U.S.-listed equities focused on automobile manufacturing, parts and retail, new and used car dealers; top constituents include Tesla Inc. (12.76%), Carvana Co. (12.50%), Ford Motor Co. (10.15%), Rivian Automotive Inc. (7.79%), and General Motors Co. (7.32%), with monthly rebalancing. BMO launched CARD on June 30, 2023, alongside its paired 3X leveraged counterpart (CARU), listed on NYSE Arca, targeting sophisticated investors seeking tactical short exposure to the auto sector amid volatility in electric vehicles, manufacturing, and retail; the ETN carries daily investor fees, potential negative daily interest, path dependency, and full principal loss risk if the indicative value hits zero. As of late 2025, assets under management remain modest at approximately $1.4 million with 450,000 ETNs outstanding, reflecting no major funding rounds, acquisitions, or strategic shifts specific to CARD, though BMO continues expanding its MAX ETN suite with new sector products like U.S. Big Banks and S&P 500 4X leveraged offerings. Headquartered in Montreal, Canada, BMO operates globally in investment banking and structured products through affiliates like BMO Capital Markets, with CARD traded primarily in the U.S. market.