MicroSectors -3x Short Brazil ETNs (BRZD)

The MicroSectors -3x Short Brazil ETNs (BRZD) are exchange-traded notes designed to deliver negative three times (-3x) the daily performance of an index of Brazilian equities. The notes gain value on days when the index falls and lose value when it rises.

The exposure resets daily, so returns over longer periods can differ substantially from -3x the index's return. As exchange-traded notes, they are unsecured debt obligations of the issuing bank, Bank of Montreal, rather than funds holding underlying stocks. They are part of the MicroSectors product line from REX Shares and trade on the Cboe BZX exchange.