MicroSectors 3x Long Japan ETNs (JPNU)

The MicroSectors 3x Long Japan ETNs (JPNU) are exchange-traded notes that seek to return three times the daily performance of an underlying index tied to Japanese equities. The leverage is reset each day, so the product targets daily returns only, and its results over periods longer than one day can diverge meaningfully from three times the index's cumulative return.

As ETNs, these securities are unsecured debt obligations of the issuer rather than shares in a fund that owns a basket of stocks. The MicroSectors notes are issued by Bank of Montreal, and their value depends both on the index and on the issuer's credit.

The notes are intended as a short-term trading instrument for gaining amplified bullish exposure to the Japanese stock market.