MicroSectors -3× Short Japan Etns
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- MicroSectors™ -3× Short Japan ETNs (Cboe BZX: JPND) is a series of exchange-traded notes issued by Bank of Montreal that provides sophisticated investors with daily inverse leveraged exposure to Japanese equities. The notes seek to deliver, before applicable fees and expenses, -3.0 times the daily share-price performance of the iShares MSCI Japan ETF (EWJ), a U.S.-listed fund that tracks the MSCI Japan Index and provides exposure to large- and mid-capitalization Japanese companies across industrials, consumer, technology and financial-services sectors. JPND is an unsecured senior debt obligation of Bank of Montreal, does not own EWJ or other underlying assets, and exposes holders to the issuer’s credit risk; its returns reflect the daily movement of EWJ’s market price, including any EWJ premium or discount to net asset value, fees and tracking differences. The notes are designed as short-term, daily-reset trading instruments rather than long-term investments, as compounding may cause multi-day returns to differ materially from -3.0 times EWJ’s cumulative return. The product is listed on Cboe BZX under ticker JPND, has intraday indicative value ticker JPNDIV and CUSIP 06367V758, and has a stated maturity date of July 31, 2046. JPND was issued on August 21, 2026, representing a recent strategic expansion of the MicroSectors leveraged ETN platform by Bank of Montreal and REX Shares through the concurrent launch of 3× long and -3× short exchange-traded notes providing targeted exposure to Brazil, Japan and Taiwan. BMO Capital Markets Corp., an affiliate of the issuer, acts as underwriter for the offering; the MicroSectors platform is operated in association with REX Shares. Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, Canada, provides the notes to U.S. exchange-traded-product investors and may issue additional notes, limit or halt issuances, or exercise an issuer call right in accordance with the applicable offering documents.