MAX Auto Industry -3x Inverse Leveraged ETN

Frequently Asked Questions About CARD

What does CARD invest in?

This benchmark provides a comprehensive measure of the U.S. automotive sector's performance. It diligently follows the equity values of companies primarily listed in the United States. These businesses are active across the entire automobile industry spectrum, encompassing vehicle manufacturing, the production and sale of automotive components, and the operation of dealerships for both brand-new and pre-owned cars.

What is the expense ratio of CARD?

MAX Auto Industry -3x Inverse Leveraged ETN (CARD) charges an expense ratio of 0.95%. This is the annual fee deducted from fund assets to cover management and operations.

Is CARD a good long-term hold?

CARD is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple, typically with negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does CARD's daily reset work?

CARD rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level, so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is CARD?

MAX Auto Industry -3x Inverse Leveraged ETN (CARD) manages $1.7M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is CARD actively managed or an index fund?

CARD's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.