MICROSECTORS FANG INDEX -2X INVERSE LEVERAGED ETNS DUE JANUARY 8, 2038

The investment seeks to reflect a leveraged inverse exposure to the performance of the NYSE Fang+™ Index (the index) on a daily basis. The notes are senior unsecured medium-term notes issued by Bank of Montreal with a return linked to a two times leveraged participation in the inverse performance of the index, compounded daily, less a Daily Investor Fee, any negative Daily Interest and, if applicable, the Redemption Fee Amount. The index is an equal-dollar weighted index designed to represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks of technology and tech-enabled companies.