MAX Auto Industry -3x Inverse Leveraged ETN

MAX Auto Industry -3x Inverse Leveraged ETN is an exchange-traded note designed to provide three times the inverse daily performance of the Prime Auto Industry Index. The note is linked to U.S.-listed companies involved in the automobile ecosystem, including vehicle manufacturers, parts suppliers, retailers, and new and used car dealers. It is structured for short-term directional exposure to the auto industry through a daily reset mechanism, making its returns dependent on daily index moves rather than longer-term trends. Issued by Bank of Montreal, MAX Auto Industry -3x Inverse Leveraged ETN is used by market participants seeking targeted inverse exposure to a specific equity sector within the broader consumer discretionary market.