MicroSectors FANG+ Index Inverse ETN (GNAF)

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The investment seeks to reflect 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 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.