MicroSectors -3x Short Taiwan ETNs
TPEI
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ROIC.AI
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- MicroSectors™ -3× Short Taiwan ETNs, trading under the ticker symbol TPEI, are exchange-traded notes issued by Bank of Montreal that provide sophisticated investors with leveraged inverse exposure to the daily performance of the VettaFi Taiwan Equity Fund-Tracking Index. The notes are designed to deliver three times the inverse, or -3×, daily return of the index, before fees, charges and the effects of daily leverage resetting; the index tracks the performance of the iShares MSCI Taiwan ETF and provides fund-based exposure to Taiwan’s large- and mid-capitalization equity market. TPEI is an unsecured debt obligation of Bank of Montreal rather than an equity fund, does not hold underlying portfolio assets, and subjects investors to Bank of Montreal’s credit risk. The notes trade on Cboe BZX under TPEI, use TPEIIV as their intraday indicative value ticker and are linked to the underlying index ticker TAIWAN; they are scheduled to mature on July 31, 2046. TPEI principally serves active, sophisticated and risk-tolerant investors seeking short-term tactical bearish positioning, hedging exposure or leveraged trading access to Taiwanese equities. The product is marketed through the MicroSectors platform and is supported by BMO Capital Markets and REX Shares, LLC. The notes were issued on August 21, 2026, following BMO and REX Shares’ August 2026 launch of six MicroSectors 3× long and -3× short ETNs offering Brazil, Japan and Taiwan market exposure, including the paired MicroSectors 3× Long Taiwan ETNs under ticker TAWN. Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, Canada, is the issuer and repayment obligor for the notes.