MicroSectors Travel -3x Inverse Leveraged ETN (FLYD)

MicroSectors Travel -3X Inverse Leveraged ETN (FLYD) is an exchange-traded note issued by Bank of Montreal (BMO) that seeks to provide daily investment results that correspond to three times the inverse (-3x) of the daily performance of the U.S. Travel & Leisure Select Industry Index.

As an inverse leveraged ETN, FLYD is designed to magnify the opposite performance of its underlying index. This means that if the underlying index drops by 1%, FLYD should increase by 3% on the same day, although it may not achieve this exact multiple over longer periods of time. It is important to note that FLYD is intended to be used as a short-term trading tool and may not be suitable for buy-and-hold investors.