Bank of Montreal - MicroSectors 3x Long Japan ETNs due July 31, 2046
JPNU
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- MicroSectors™ 3× Long Japan ETNs, traded under the ticker JPNU, are exchange-traded notes issued by Bank of Montreal that provide sophisticated investors with three-times leveraged long daily exposure to the performance of the VettaFi Japan Equity Fund-Tracking Index, an index designed to track the iShares MSCI Japan ETF. The ETNs are part of the MicroSectors product platform, which is brought to market by REX Shares, LLC and offers targeted, leveraged, inverse and beta exchange-traded products for sector-, industry-, commodity-, fixed-income-, technology- and country-specific investment themes. JPNU’s underlying exposure is concentrated in the iShares MSCI Japan ETF and is intended for investors seeking short-term, amplified exposure to Japanese equities rather than conventional long-term buy-and-hold investment exposure. Products across the MicroSectors platform include leveraged and inverse ETNs linked to Japan, Brazil, Taiwan, semiconductors, artificial intelligence, FANG and innovation, energy, oil and gas exploration and production, gold, gold miners, large banks, large oil companies, travel, high-yield bonds and investment-grade bonds, as well as MANGOS+ and FANG+ equity baskets. Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, Canada, issues the notes; BMO Capital Markets Corp., an affiliate of the issuer, acts as underwriter for MicroSectors ETN offerings. The JPNU ETNs were launched by BMO and REX Shares on August 19, 2026, alongside new 3× long and -3× short ETNs providing exposure to Brazil, Japan and Taiwan; JPNU began trading on Cboe BZX on August 20, 2026, was issued on August 21, 2026, and is scheduled to mature on July 31, 2046. The launch represents a recent geographic expansion of the MicroSectors leveraged ETN suite into single-country equity exposure, complementing the simultaneous introduction of JPND, BRZL, BRZD, TAWN and TPEI.