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BMO and REX Shares Update Ticker Symbol

Bank of Montreal (BMO) and REX Shares, LLC (REX) have jointly announced a significant change regarding their MicroSectors™ Gold 3× Leveraged Exchange-Traded Notes (ETNs). The current ticker symbol "SHNY" will transition to "GLLD" effective from the market opening on November 12, 2026. This move aims to enhance the connection to the underlying SPDR® Gold Shares (Ticker GLD), making it clearer for investors navigating the investment landscape.

Understanding the Change

The MicroSectors™ Gold 3× Leveraged ETNs, identified by the CUSIP number 063679526, are the only U.S.-listed exchange-traded products specifically designed to provide a daily three times leveraged exposure to the performance of the SPDR® Gold Shares, prior to fees and charges. As the financial landscape constantly evolves, maintaining transparency and clarity in ticker symbols is essential for sophisticated investors.

Scott Acheychek, Chief Operating Officer at REX, emphasized the continuity in investment despite the name change. “GLLD is the only U.S.-listed daily 3× leveraged ETP linked to SPDR® Gold Shares,” he remarked, assuring investors that the ticker change does not affect the product’s characteristics, including daily leverage resets.

Benefits of the Ticker Change

Saurabh Kushwaha, Director at BMO Capital Markets, explained that moving from SHNY to GLLD is designed to reinforce the product's association with the underlying SPDR® Gold Shares (GLD). This change not only aids in brand recognition but also enhances clarity about what investors are engaging with. Importantly, the switch does not alter the ETNs’ CUSIP, NYSE Arca listing, or any other associated terms and conditions. The performance of the ETNs will still aim for a three times leveraged daily reflection of the SPDR® Gold Shares.

Product Overview

The MicroSectors™ suite includes various exchange-traded notes that span a broad range of equity markets, equity sectors, themes, as well as gold. They are designed specifically for sophisticated investors looking to manage short-term market views. These notes are senior, unsecured obligations of BMO and payments on all of them are subject to BMO's credit risk. Investors should be aware that the ETNs are intended for daily trading and are not a buy-and-hold investment.

Investment Suitability and Risks

It is essential to understand that the ETNs, which offer a three times leveraged long exposure, must be monitored actively. Due to the daily resetting nature, returns over different timeframes could vary greatly from simple expectations. Investors are encouraged to approach these instruments with a clear understanding of their risk profile. The ETNs can be significantly affected by the performance of the SPDR® Gold Shares, and investors may face substantial losses even if the long-term outlook for gold remains positive.

Investors interested in these ETNs should consider their financial sophistication and the potential volatility involved. Hence, they are advised to consult with financial advisors to assess their suitability thoroughly.

For full information about this ticker change and product offerings, interested parties should review the documents available on the official websites, including the recently updated prospectus outlining all details related to the ETNs.

Conclusion

The ticker change from SHNY to GLLD marks an important move for BMO and its investors as they strive to improve market communication and investment clarity. The partnership with REX Shares continues to enhance their product offerings focusing on investor needs and market dynamics. As the sector evolves, such changes play a pivotal role in shaping investor experiences.