MicroSectors -3x Short Consumer Staples (XLP) ETNs (XLPD)

The MicroSectors -3x Short Consumer Staples (XLP) ETNs are exchange-traded notes issued by Bank of Montreal and listed on Cboe BZX under the ticker XLPD. They are designed to provide three times the inverse of the daily performance of an index linked to the consumer staples sector, as represented by the Consumer Staples Select Sector SPDR Fund (XLP).

The consumer staples sector includes producers and retailers of everyday necessities such as food, beverages, household products and personal care items. The notes target daily returns only, so over longer periods their results can differ substantially from three times the inverse of the sector's return.

As exchange-traded notes, they are unsecured debt obligations of Bank of Montreal, and their value depends on the issuer's credit standing as well as the underlying index.