MicroSectors 3x Long Consumer Staples (XLP) ETNs (XLPU)

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

The sector consists of companies that make or sell everyday essentials, including food and beverage producers, household and personal products manufacturers, and food and drug retailers. Leverage is reset daily, so returns over longer periods can deviate meaningfully from three times the sector's return.

Because they are notes rather than a fund, XLPU represents unsecured debt of Bank of Montreal, and holders bear the issuer's credit risk.