What are MicroSectors™ 3x Leveraged & Inverse Gold ETNs?

EXCHANGE TRADED NOTES

The MicroSectors™ Gold lineup of exchange traded notes provide +3x leveraged exposure and -3x inverse leveraged exposure to the performance of the SPDR® Gold Shares ETF, which is an exchange traded fund that invests in gold bullion. LEARN MORE ABOUT BMO ETNs

Symbol

SHNY

DESCRIPTION

3X Leveraged Exposure

DOCUMENTS

Fact Sheet

Prospectus

Symbol

DULL

DESCRIPTION

-3X Inverse Leveraged Exposure

DOCUMENTS

Fact Sheet

Prospectus

WHAT IS THE SOLACTIVE MICROSECTORS™ ENERGY INDEX?

The Solactive MicroSectors™ Energy Index measures the performance of 12 highly liquid companies that are domiciled and listed in the U.S., and active in the energy sector. The Index’s underlying composition is liquidity weighted.

LEARN MORE ABOUT THE SOLACTIVE MICROSECTORS™ ENERGY INDEX

Benchmark for the MicroSectors™ Gold ETNs

100.00% SPDR GOLD SHARES

*Components as of SOD 08/05/2026

Performance

Source: Bloomberg L.P. Past historical benchmark data is not a guarantee of future results.

Frequently Asked Questions

1 What are MicroSectors Gold ETNs?

The MicroSectors™ Gold ETNs are exchange traded notes that provide either +3x leveraged or -3x inverse leveraged exposure. They track the performance of the SPDR® Gold Shares ETF, which invests in gold bullion. These ETNs are senior, unsecured debt obligations of Bank of Montreal.

2 What specific MicroSectors Gold ETNs are available?

The lineup includes SHNY, which offers 3x leveraged exposure to gold, and DULL, which provides -3x inverse leveraged exposure. Detailed information, including Fact Sheets and Prospectuses, is available for both products on the page.

3 What is the benchmark for the MicroSectors Gold ETNs?

The MicroSectors™ Gold ETNs are benchmarked 100% to the performance of the SPDR® Gold Shares ETF. This underlying ETF is an exchange traded fund that directly invests in gold bullion.

4 Who are these leveraged and inverse ETNs designed for?

These leveraged and inverse ETNs are specifically intended as daily trading tools for sophisticated investors. They are designed to help manage daily trading risks, suggesting they are not suitable for long-term investment strategies.