These Exchange Traded Notes (ETNs) are designed to provide daily returns that are the inverse of the Solactive MicroSectorsTM U.S. Big Oil Index. Issued by Bank of Montreal as senior unsecured medium-term debt instruments, their value is linked to the inverse performance of the index, compounded on a daily basis. This return is calculated after deducting a Daily Investor Fee, any negative Daily Interest, and a Redemption Fee, if applicable. The underlying index itself is an equally dollar-weighted benchmark, tracking the ten largest U.S.-listed companies by market capitalization within the energy and oil sector.