MicroSectors 3x Long High Yield Corporate Bond (HYG) ETNs
HYGU
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- MicroSectors™ 3× Long High Yield Corporate Bond (HYG) ETNs, traded on Cboe BZX under the ticker HYGU, are senior unsecured debt securities issued by Bank of Montreal that provide sophisticated investors with daily-resetting, three-times leveraged long exposure to the VettaFi High Yield Corporate Bond Fund-Tracking Index. The index is a total-return benchmark 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. HYGU’s principal offering is leveraged long participation in the daily performance of HYG through an exchange-traded note structure; the notes target 3x the underlying index’s return for a single trading day before applicable fees and expenses; offer intraday exchange trading and indicative-value monitoring under ticker HYGUIV; and mature on July 31, 2046. The notes do not own the underlying ETF or its bond holdings and are subject to Bank of Montreal’s credit risk, as repayment depends on the issuer’s creditworthiness. HYGU is designed as a short-term trading instrument rather than a buy-and-hold investment, as daily compounding and leverage reset effects can cause returns over periods longer than one day to differ materially from three times the cumulative return of the underlying index. The product serves active institutional, professional and sophisticated retail market participants seeking tactical leveraged exposure to U.S. high-yield credit markets. Bank of Montreal, founded in 1817 and headquartered in Toronto, Ontario, Canada, issues the notes; BMO Capital Markets Corp., an affiliate of the issuer, acts as underwriter. HYGU was launched on August 12, 2026 as part of a strategic collaboration between BMO and REX Shares, LLC that expanded the MicroSectors lineup with four corporate-bond ETNs: HYGU and HYGD, providing 3x long and -3x short daily exposure to HYG, respectively; and LQDU and LQDD, providing corresponding leveraged long and short daily exposure to the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). The launch represented the first U.S.-listed exchange-traded products designed to provide 3x long and -3x short daily exposure to both high-yield and investment-grade corporate-bond ETF benchmarks.