MicroSectors 3x Long Taiwan ETNs (TAWN)

The MicroSectors 3x Long Taiwan ETNs are exchange-traded notes that seek to deliver three times the daily performance of an index of Taiwanese equities. As notes rather than funds, they are senior unsecured debt obligations of the issuing bank, Bank of Montreal, and are part of the MicroSectors lineup marketed with REX Shares.

The index tracks companies listed in Taiwan, a market heavily weighted toward semiconductors and electronics manufacturing. The notes reset their leverage daily, so the 3x objective applies only to single-day returns, and results over longer periods can differ sharply from three times the index return. Holders are also exposed to the credit risk of the issuer. The notes trade on Cboe BZX.