MicroSectors 3x Long Brazil ETNs (BRZL)

The MicroSectors 3x Long Brazil ETNs (BRZL) are exchange-traded notes designed to deliver three times (3x) the daily performance of an index of Brazilian equities.

The leveraged exposure resets daily, so returns over multiple days can differ meaningfully from three times the index's return. As exchange-traded notes, they are unsecured debt obligations of Bank of Montreal and do not hold the underlying stocks. They are part of the MicroSectors product line from REX Shares and trade on the Cboe BZX exchange.