Bank of Montreal - MicroSectors 3x Long Japan ETNs due July 31, 2046

JPNU attempts to achieve the 3x leveraged returns of the VettaFi Japan Equity Fund Tracking Index. This index tracks the performance of the iShares MSCI Japan ETF (NYSE Arca: EWJ). EWJ provides broad exposure to the Japanese equity market. As a leveraged product, JPNU is not a buy-and-hold investment and should not be expected to provide index return of greater than a one-day period. Over longer periods, compounding effects can lead to profound differences in expected returns relative to the index. As an actively managed fund, the portfolio managers can deviate from underlying holdings of the reference index. The managers may analyze market and financial data to make buy, sell, and hold decisions at their discretion.