MicroSectors U.S. Big Banks Index Inverse ETNs
KNAB
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Address
- IPO Date
- Apr 2, 2019
- Similar Companies
- Business
- MicroSectors U.S. Big Banks Index Inverse ETNs (KNAB) is an exchange traded note issued by Bank of Montreal that provides inverse (-1x) daily exposure to the performance of the Solactive MicroSectors U.S. Big Banks Index, compounded daily and minus applicable fees; the underlying index is an equal-dollar weighted benchmark tracking the 10 largest U.S. stocks by market capitalization in the banking and financial services sectors, including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc., Morgan Stanley, PNC Financial Services Group Inc., U.S. Bancorp, Bank of New York Mellon Corp., and Charles Schwab Corp. The ETN trades on the NYSE Arca exchange under the ticker KNAB (CUSIP 63679765), with an issue date of April 5, 2019, and a scheduled maturity date of March 25, 2039; it targets sophisticated investors seeking short exposure to the U.S. big banks microsector, amid a lineup of related MicroSectors products offering +3x leveraged, -3x inverse leveraged, +2x leveraged, and -2x inverse leveraged variants on the same index (tickers BNKU, BNKD, BNKO, BNKZ). Headquartered in Toronto, Canada, Bank of Montreal, founded in 1817, serves as the issuer for the MicroSectors ETN suite through its U.S. capital markets affiliate, with operations spanning North America and select global markets; the KNAB ETN has 500,000 units outstanding and focuses on the U.S. equity markets without direct geographic diversification beyond its benchmark constituents. In recent developments, Bank of Montreal and REX Shares expanded the MicroSectors U.S. Big Banks product lineup in February 2025 with the launch of new +3x leveraged (BNKU series extension) and -3x inverse leveraged ETNs (BNKD), linked to the gross total return version of the Solactive MicroSectors U.S. Big Banks Index, enhancing trading options for leveraged and inverse strategies in the banking sector. No specific acquisitions, partnerships, funding rounds, or operational changes directly affecting KNAB were reported in the last 1-2 years, though BMO has undertaken related ETN adjustments across its MicroSectors portfolio, such as reverse splits and financing spread increases on other products like gold miners ETNs in 2025, reflecting ongoing management of leveraged note liquidity and costs. The ETN remains active with steady market data availability as of late 2025, underscoring its role in BMO's broader structured products offerings for targeted sector exposure.