This Exchange Traded Note (ETN), issued as a senior, unsecured medium-term note by Bank of Montreal, is designed to deliver daily investment results that correspond to two times the inverse performance of the NYSE Fang+™ Index. The ETN's value is structured to move inversely to the index's performance each day, at double the rate, with returns compounded daily. This return is net of a Daily Investor Fee, any negative Daily Interest, and a potential Redemption Fee Amount. The underlying NYSE Fang+™ Index is an equally-weighted benchmark composed of highly liquid growth stocks from technology and tech-enabled companies within the technology and consumer discretionary sectors.