MicroSectors -3? Short Artificial Intelligence (AI) ETNs (AIQD)

The MicroSectors -3x Short Artificial Intelligence (AI) ETNs (AIQD) are exchange-traded notes issued by the Bank of Montreal under the MicroSectors brand, which is marketed in partnership with REX Shares. The notes are designed to deliver three times the inverse (-300%) of the daily performance of an index of companies tied to artificial intelligence.

As ETNs, the securities are senior unsecured debt obligations of the Bank of Montreal rather than funds holding a portfolio of stocks, so their value also depends on the issuer's ability to pay. Because the -3x objective resets daily, the notes target daily returns only, and returns over longer periods can differ greatly from three times the inverse of the index return, especially in volatile markets.

They are intended for short-term trading and are listed on NYSE Arca.