MicroSectors Travel -3x Inverse Leveraged ETN
FLYD
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ROIC.AI
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- MicroSectors Travel -3X Inverse Leveraged ETNs (NYSE Arca: FLYD) is an exchange-traded note that provides three times the inverse daily performance of the MerQube MicroSectors U.S. Travel Index, compounded daily and minus fees; the Index is a total return, liquidity-weighted benchmark tracking U.S.-listed companies materially engaged in travel industry segments including airlines, hotels and resorts, cruise lines, casinos, travel agencies, tour operators, passenger car rentals, amusement parks, and vacation ownership operators. Top Index components include Uber Technologies Inc., Booking Holdings Inc., The Walt Disney Co., American Airlines Group Inc., Airbnb Inc., United Airlines Holdings Inc., Royal Caribbean Cruises Ltd., Delta Air Lines Inc., Carnival Corp., and Hilton Worldwide Holdings Inc., with the Index rebalancing monthly and reconstituting quarterly under single-stock capping rules for diversification. Launched on June 24, 2022, with maturity on May 29, 2042, FLYD is issued by Bank of Montreal, headquartered in Toronto, Canada, and operates primarily in U.S. financial markets through NYSE Arca listing, targeting sophisticated investors seeking short-term inverse leveraged exposure to the U.S. travel sector without direct investment in underlying securities via swaps and derivatives. As of November 2025, approximately 180,000 ETNs remain outstanding with a market capitalization of around $1.3 million and a net expense ratio of 0.95%. Recent operational adjustments include a reverse split announced by BMO in March 2024 as part of restructuring three MicroSectors ETN series, alongside ongoing updates to indicative values and index compositions reflecting quarterly reconstitutions into late 2025.