MICROSECTORS GOLD 3X LEVERAGED ETNS DUE JANUARY 29, 2043 (USD) GLLD.US

MicroSectors Gold 3X Leveraged ETNs due January 29, 2043 are senior, unsecured notes issued by Bank of Montreal whose return is linked to three times the daily performance of the SPDR® Gold Shares ETF (ticker GLD), which itself invests in physical gold bullion.

The notes compound the leverage daily, meaning performance over periods longer than a single day may diverge significantly from three-times the cumulative return of GLD. These instruments are part of the commodity-linked securities category and are exposed to the gold asset class, through the underlying GLD ETF. Holders are indirectly exposed to movements in the price of physical gold, magnified by the leverage factor, before fees and financing costs.

The notes are not intended as buy-and-hold products for long periods due to compounding effects inherent in daily re-leveraged exposure. The issuer is Bank of Montreal, and the ETNs are offered under the MicroSectors line by REX Shares.

The product has a scheduled maturity date of January 29, 2043, subject to extension per issuer terms, and there is a prospectus supplement outlining a daily investor fee and a financing spread.