MicroSectors™ U.S. Big Banks -3x Inverse Leveraged ETNs (MicroSectors U.S. Big Banks -3 ) ETF

The ETNs are senior unsecured medium-term notes issued by Bank of Montreal with a return linked to a three times leveraged inverse participation in the performance of the index, compounded daily, less a Daily Financing Charge, the Daily Investor Fee and, if applicable, the Redemption Fee Amount.