Bank of Montreal - MicroSectors -3x Short Brazil ETNs due July 31, 2046
BRZD
Chicago Board Options Exchange- -
USD
- -
- -
Capital Structure
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- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 320 S. Canal Street (US HQ; parent bank HQ Montreal/Toronto, Canada) Chicago IL United States of America 60606
- IPO Date
- Aug 20, 2026
- CIK
- 0000927971
- Website
- microsectors.com
- Similar Companies
- Business
- MicroSectors™ -3× Short Brazil ETNs, trading under the ticker symbol BRZD, are exchange-traded notes issued by Bank of Montreal that provide sophisticated investors with daily compounded three-times inverse exposure to the VettaFi Brazil Equity Fund-Tracking Index. The index is a total-return, fund-tracking index sponsored and maintained by VettaFi LLC and is designed to reflect the performance of the iShares MSCI Brazil ETF, providing exposure to Brazil’s large- and mid-capitalization equity markets. BRZD is an unsecured and unsubordinated debt obligation of Bank of Montreal rather than an investment fund; it does not hold underlying securities or other assets, and repayment is subject to the creditworthiness of the issuer. The notes are designed primarily as tactical trading instruments for investors seeking leveraged short exposure to the Brazilian equity market, with performance reset daily and therefore subject to leverage-reset and compounding effects over holding periods longer than one day. The notes have an initial principal amount of US$50, trade on the Cboe BZX Exchange under the BRZD symbol, carry intraday indicative value symbol BRZDIV, and mature on July 31, 2046. BMO Capital Markets Corp., an affiliate of Bank of Montreal, acts as underwriter for the offering. BRZD forms part of the MicroSectors product platform, which is brought to market by REX Shares LLC and offers targeted exchange-traded products with long, inverse, leveraged and beta exposure across equity sectors, country markets, fixed income, commodities and thematic categories, including Brazil, Japan, Taiwan, semiconductors, artificial intelligence, energy, gold, banks, travel and FANG-related equities. Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, Canada, launched BRZD with REX Shares on August 19, 2026, alongside the 3× Long Brazil ETNs (BRZL) and corresponding 3× long and -3× short Japan and Taiwan ETNs; BRZD initially settled on August 21, 2026. The launch represents an expansion of the MicroSectors suite into leveraged and inverse single-country equity exposure, supplementing its existing sector-specific, thematic and fixed-income ETN offerings.