Bank of Montreal - MicroSectors -3x Short High Yield Corporate Bond (HYG) ETNs
HYGD
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 11, 2026
- CIK
- 0000927971
- Similar Companies
- Business
- Bank of Montreal – MicroSectors™ -3× Short High Yield Corporate Bond (HYG) Exchange Traded Notes due July 31, 2046, trading under the ticker HYGD, are senior unsecured exchange-traded debt securities issued by Bank of Montreal. The notes provide sophisticated investors with -3x leveraged short exposure, compounded daily and before fees and charges, to the VettaFi High Yield Corporate Bond Fund-Tracking Index (VHYGF), a total-return index designed to track the performance of the iShares iBoxx $ High Yield Corporate Bond ETF (HYG), which provides exposure to U.S. dollar-denominated high-yield corporate debt. HYGD’s principal services consist of an exchange-listed, leveraged inverse fixed-income trading instrument; intraday indicative-value reporting under ticker HYGDIV; secondary-market trading on Cboe BZX; and issuer redemption and call features subject to the terms of the applicable offering documents. The notes are intended for short-term, actively monitored trading and risk-management applications rather than buy-and-hold investing, as daily leverage resetting and compounding can cause performance over periods longer than one day to differ materially from -3x the cumulative performance of the underlying index. HYGD does not pay interest, carries Bank of Montreal credit risk, and may result in the loss of all or a substantial portion of an investor’s capital. The product was issued on August 12, 2026, and is scheduled to mature on July 31, 2046. HYGD represents a recent expansion of Bank of Montreal’s U.S.-listed MicroSectors ETN platform: in August 2026, BMO launched the product in partnership with REX Shares alongside the MicroSectors 3× Long High Yield Corporate Bond ETNs (HYGU), 3× Long Investment Grade Corporate Bond ETNs (LQDU), and -3× Short Investment Grade Corporate Bond ETNs (LQDD). The launch introduced U.S.-listed products designed to deliver 3x long and -3x short daily exposure to the HYG and LQD corporate-bond ETF benchmarks. BMO Capital Markets Corp., an affiliate of Bank of Montreal, acts as underwriter for the offerings; REX licenses the MicroSectors and REX trademarks; and VettaFi LLC creates, sponsors and maintains the underlying index. Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, Canada, is the issuer and parent banking organization, providing personal and commercial banking, wealth management, capital markets and investment-banking services across Canada, the United States and selected international markets.