MicroSectors Gold 3X Leveraged ETNs

MicroSectors Gold 3X Leveraged ETNs is a leveraged exchange-traded note issued by Bank of Montreal that seeks to provide three times the daily performance of the SPDR Gold Shares ETF (GLD), before fees and financing costs. The ETN provides leveraged exposure to gold bullion prices through daily compounded returns linked to GLD. Its leverage is reset daily, making its performance over periods longer than one trading day subject to compounding effects and potentially significant deviations from three times the cumulative return of gold. The notes are senior unsecured debt obligations of Bank of Montreal and are listed on NYSE Arca.