JETU +3x MAX Airlines 3x Leveraged ETN
JETU
ETN +3x BULL extremeMAX Airlines 3x Leveraged ETN
Implied AUM
—
Last Close
$33.54
20260720
30d Avg Vol
5,114
Options
—
Realized return vs theoretical +3x Airlines
Pair counterpart found:
JETD
(-3x bear, MAX Airlines -3x Inverse Leveraged ETN)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Airlines
| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d Vol | Options |
|---|---|---|---|---|---|---|---|
| JETD | -3x | BEAR | MAX | MAX Airlines -3x Inverse Leveraged ETN | — | 137,917 |
How JETU works
JETU targets +3x the daily return of Airlines — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.
Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +3x product on an underlying with 25% annualized vol, expected annual drag is around 18.8%. Add expense ratio and the realized number is typically worse.
- Short-term tactical: daily and intraday holds are where these products were designed to live.
- Premium selling: options on JETU carry very rich IV — see the quote page for IV rank and straddle pricing.
- Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.