News

Bank of Montreal Announces the Reverse Split of Two Series of ETNs

NEW YORK, November 21, 2022– Bank of Montreal (TSX:BMO) (NYSE:BMO) today announced that it will implement a reverse split of the ETNs listed in the table below, expected to be effective as of December 2, 2022.

The table below indicates the ETNs that will be subject to the reverse split, their respective trading symbols, the applicable reverse split ratio, their current CUSIP numbers, and the CUSIP numbers that they will receive after giving effect to the reverse split:

The reverse splits will be effective at the open of trading on December 2, 2022. Each ETN will begin trading on the NYSE Arca on a reverse split-adjusted basis on that date. Holders of an ETN who purchased that ETN prior to December 2, 2022 will receive one reverse split-adjusted ETN for every 10 pre-reverse split ETNs.

In addition, investors that hold a number of ETNs that are not evenly divisible by the applicable number will receive a cash payment for any fractional ETNs remaining (the "partials"). The cash amount due on any partials will be determined on December 12, 2022 and will equal, for each remaining ETN, its closing indicative value on that date. Bank of Montreal will pay these amounts on or about December 15, 2022.

The closing indicative value of each ETN on December 1, 2022 will be multiplied by 10 to determine the reverse split-adjusted closing indicative value. Following the reverse split, each ETN will have a new CUSIP, as set forth above, but will continue to trade under their current respective ticker symbols.

The reverse splits will affect the trading denominations of each of the ETNs, but they will not affect the aggregate principal amount of the ETNs, except that the aggregate principal amount will be reduced by the corresponding aggregate amount of any cash payments for the "partials."

Illustrations of a Reverse Split
The following table shows the effect of the 1-for-10 reverse split on the hypothetical closing indicative value of the ETNs. The closing indicative value of an ETN is not the same as its principal amount or the trading price of that ETN.

None of the other exchange traded notes issued by Bank of Montreal are affected by this announcement.

The ETNs are senior, unsecured obligations of Bank of Montreal.

Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own financial advisors as to these matters.

The leveraged ETNs discussed in this press release are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The returns on the ETNs over longer periods of time can, and most likely will, differ significantly from the return
on a direct short investment in the index underlying those ETNs.

Bank of Montreal, the issuer of the ETNs, has filed a registration statement (including a pricing supplement, prospectus supplement and prospectus) with the SEC regarding the ETNs discussed in this press release. Please read those documents and the other documents relating to the ETNs that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and the ETNs. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, and any agent or dealer that participated in the offerings of the ETNs, will arrange to send the applicable pricing supplement, product supplement (if applicable), prospectus supplement and the prospectus if so
requested by calling toll-free at 1-877-369-5412.

About REX Shares
Founded in 2015, REX Shares (“REX”) is an independent provider of ETPs based in Miami, Florida. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of structuring and building inventive exchange-traded product solutions.

For more information, please visit www.rexshares.com or www.microsectors.com.
Twitter: @REXShares and @MSectors

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.07 trillion as of July 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

BMO Media Contact:
Kelly Hechler, Kelly.Hechler@bmo.com, (416) 867-3996
Bank of Montreal ETNs
US.ETN@bmo.com, +1-877-369-5412
Internet: www.bmo.com


News

Bank of Montreal Announces the Reverse Split of Three Series of ETNs

NEW YORK, October 21, 2022– Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that it will implement a reverse split of the ETNs listed in the table below, expected to be effective as of October 31, 2022.

The table below indicates the ETNs that will be subject to the reverse split, their respective trading symbols, the applicable reverse split ratio, their current CUSIP numbers, and the CUSIP numbers that they will receive after giving effect to the reverse split:

The reverse splits will be effective at the open of trading on October 31, 2022. Each ETN will begin trading on the NYSE Arca on a reverse split-adjusted basis on that date. Holders of an ETN who purchased that ETN prior to October 31, 2022 will receive one reverse split-adjusted ETN for every 10 pre-reverse split ETNs.

In addition, investors that hold a number of ETNs that are not evenly divisible by the applicable number will receive a cash payment for any fractional ETNs remaining (the "partials"). The cash amount due on any partials will be determined on November 15, 2022 and will equal, for each remaining ETN, its closing indicative value on that date. Bank of Montreal will pay these amounts on or about November 18, 2022.

The closing indicative value of each ETN on October 28, 2022 will be multiplied by 10 to determine the reverse split-adjusted closing indicative value. Following the reverse split, each ETNs will have a new CUSIP, as set forth above, but will continue to trade under their current respective ticker symbols.

The reverse splits will affect the trading denominations of each of the ETNs, but it will not have any effect on the aggregate principal amount of the ETNs, except that the aggregate principal amount will be reduced by the corresponding aggregate amount of any cash payments for the "partials."

Illustrations of a Reverse Split

The following table shows the effect of the 1-for-10 reverse split on the hypothetical closing indicative value of the ETNs. The closing indicative value of an ETN is not the same as its principal amount or the trading price of that ETN.

None of the other exchange traded notes issued by Bank of Montreal are affected by this announcement.

The ETNs are senior, unsecured obligations of Bank of Montreal.

Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own financial advisors as to these matters.

The leveraged ETNs discussed in this press release are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The returns on the ETNs over longer periods of time can, and most likely will, differ significantly from the return on a direct short investment in the index underlying those ETNs.

Bank of Montreal, the issuer of the ETNs, has filed a registration statement (including a pricing supplement, prospectus supplement and prospectus) with the SEC regarding the ETNs discussed in this press release. Please read those documents and the other documents relating to the ETNs that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and the ETNs. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, and any agent or dealer that participated in the offerings of the ETNs, will arrange to send the applicable pricing supplement, product supplement (if applicable), prospectus supplement and the prospectus if so requested by calling toll-free at 1-877-369-5412.

About REX Shares

Founded in 2015, REX Shares ("REX") is an independent provider of ETPs based in Miami, Florida. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of structuring and building inventive exchange-traded product solutions.

For more information, please visit www.rexshares.com or www.microsectors.com.
Twitter: @REXShares and @MSectors

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.07 trillion as of July 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group


MicroSectors Launches U.S. Travel Long & Short Exchange Traded Notes on NYSE Arca

June 22, 2022 – REX Shares, LLC (“REX”) is pleased to announce the launch of two new MicroSectors Exchange Traded Notes (“ETNs”) issued by Bank of Montreal (“BMO”) linked to the MerQube MicroSectors U.S. Travel Index (ticker: MQUSTRAV). MicroSectors Travel 3x Leveraged ETNs (ticker: FLYU) and MicroSectors Travel -3x Inverse Leveraged ETNs (ticker: FLYD) will start trading today on NYSE Arca.

 

The MerQube MicroSectors U.S. Travel Index, launched in November 2021, tracks the performance of large U.S. domiciled and listed companies operating in specified segments of the travel and tourism industry. As of the date of this release, Walt Disney Company, Uber Technologies, Inc., Airbnb, Inc., Booking Holdings Inc., and Carnival Corporation were the five largest common stocks in the Index.

 

REX, a provider of alternative investment products, continues to see strong demand for hedging and trading tools based on specific segments of the market, such as equity securities of companies in the travel industry.

 

“We are excited to partner with BMO and MerQube on the launch of the travel equity-focused exchange-traded notes,” said Scott Acheychek, President of REX. “The MerQube MicroSectors U.S. Travel Index offers sophisticated investors access to many of the largest companies operating in travel and tourism, which has become a popular industry to trade due COVID-19 and the volatility in travel and tourism stocks,” Acheychek added. “Since our founding, MicroSectors has focused on innovating the ETP landscape by providing unique exposures to popular investable market segments. We are pleased to build on this objective by adding U.S. Travel to our product lineup.”

 

About REX Shares

Founded in 2015, REX Shares (“REX”) is an independent provider of ETPs based in Miami, Florida. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of structuring and building inventive exchange-traded product solutions.

 

For more information, please visit www.rexshares.com or www.microsectors.com.

Twitter: @REXShares and @MSectors

 

The ETNs are senior, unsecured obligations of BMO.

 

Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice.  Investors should consult with their own financial advisors as to these matters.

 

The ETNs are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The returns on the ETNs over longer periods of time can, and most likely will, differ significantly from the return on a direct long or short investment in the index.

 

BMO, the issuer of the ETNs, has filed a registration statement (including a pricing supplement, a product supplement, a prospectus supplement and a prospectus) with the Securities and Exchange Commission (the “SEC”) about each of the offerings to which this press release relates. Please read those documents and the other documents relating to these offerings BMO has filed with the SEC for more complete information about BMO and these offerings. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, any agent or any dealer participating in these offerings will arrange to send the applicable pricing supplement, product supplement, prospectus supplement and prospectus if you so request by calling toll-free at 1-877-369-5412.

 

MerQube does not sponsor, endorse, sell, promote or manage any securities that are offered by third parties and that seek to provide an investment return based on the performance of the Index. MerQube makes no assurance that the notes or any other investment products based on the Index will accurately track index performance or provide positive investment returns. MerQube is not an investment advisor, and MerQube makes no representation regarding the advisability of investing in any such securities.

 

MerQube and its third-party data providers and licensors (collectively the "MerQube Parties") do not-guarantee the accuracy, completeness, timeliness or availability of the any data relating to the Index (the "Content").  The MerQube Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON AN "AS IS" BASIS, AND THE MERQUBE PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, OR THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED. In no event shall the MerQube Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content, even if advised of the possibility of such damages.

MicroSectors™ and REX™ are registered trademarks of REX. The trademarks have been licensed for use for certain purposes by Bank of Montreal. The ETNs are not sponsored, endorsed, sold or promoted by REX or any of its affiliates or third-party licensors (collectively, "REX Index Parties"). REX Index Parties make no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the Index to track general market performance. REX Index Parties' only relationship to Bank of Montreal with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of REX Index Parties. REX Index Parties are not responsible for and have not participated in the determination of the prices, and amount of the ETNs or the timing of the issuance or sale of the ETNs or in the determination or calculation of the equation by which the ETNs are to be converted into cash. REX Index Parties have no obligation or liability in connection with the administration, marketing or trading of the ETNs. Inclusion of a security within an index is not a recommendation by REX Index Parties to buy, sell, or hold such security, nor is it considered to be investment advice.


News

Bank of Montreal Announces the Reverse Split of NRGD ETNs

NEW YORK, April 1, 2022 – Bank of Montreal (TSX:BMO)(NYSE:BMO) announced today that it will implement a 1-for-50 reverse split of its outstanding MicroSectors™ U.S. Big Oil Index -3X Inverse Leveraged ETNs due March 25, 2039 (the “ETNs”), expected to be effective as of April 11, 2022.

The table below indicates the ETNs that will be subject to the reverse split, their trading symbol, their current CUSIP number, and the CUSIP number that they will receive after giving effect to the reverse split:

The reverse split will be effective at the open of trading on April 11, 2022. Each ETN will begin trading on the NYSE Arca on a reverse split-adjusted basis on that date. Holders of an ETN who purchased that ETN prior to April 11, 2022 will receive one reverse split-adjusted ETN for every 50 pre-reverse split ETNs.

In addition, investors that hold a number of ETNs that are not evenly divisible by 50 will receive a cash payment for any fractional ETNs remaining (the "partials"). The cash amount due on any partials will be determined on April 8, 2022 and will equal, for each remaining ETN, its closing indicative value on that date. Bank of Montreal will pay these amounts on or about April 20, 2022.

The closing indicative value of each ETN on April 8, 2022 will be multiplied by 50 to determine the reverse split-adjusted closing indicative value. Following the reverse split, the ETNs will have a new CUSIP, as set forth above, but will continue to trade under their current ticker symbol.

The reverse split will affect the trading denominations of the ETNs, but it will not have any effect on the aggregate principal amount of the ETNs, except that the aggregate principal amount will be reduced by the corresponding aggregate amount of any cash payments for the "partials."

Illustration of a Reverse Split

The following table shows the effect of the 1-for-50 reverse split on the hypothetical closing indicative value of the ETNs. The closing indicative value of an ETN is not the same as its principal amount (currently, $500) or the trading price of that ETN.

None of the other exchange traded notes issued by Bank of Montreal are affected by this announcement.

The ETNs are senior, unsecured obligations of Bank of Montreal.

Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own financial advisors as to these matters.

The leveraged ETNs discussed in this press release are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The returns on the ETNs over longer periods of time can, and most likely will, differ significantly from the return on a direct short investment in the index underlying those ETNs.

Bank of Montreal, the issuer of the ETNs, has filed a registration statement (including a pricing supplement, prospectus supplement and prospectus) with the SEC regarding the ETNs discussed in this press release. Please read those documents and the other documents relating to the ETNs that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and the ETNs. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, and any agent or dealer that participated in the offerings of the ETNs, will arrange to send the applicable pricing supplement, the prospectus supplement and the prospectus if so requested by calling toll-free at 1-877-369-5412.

 

About REX Shares

Founded in 2015, REX Shares (“REX”) is an independent provider of exchange traded products based in Miami, Florida. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of structuring and building inventive exchange-traded product solutions.

For more information, please visit www.rexshares.com or www.microsectors.com

Follow REX (@REXShares) and MicroSectors (@msectors) on Twitter.

REX Media Contacts: media@rexshares.com

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.02 trillion as of January 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

BMO Media Contact: Kelly Hechler, Kelly.Hechler@bmo.com, (416) 867-3996

Bank of Montreal ETNs: US.ETN@bmo.com, +1-877-369-5412

Internet: www.bmo.com


News

BMO Announces Redemption of Four ETNs

NEW YORK, December 1, 2021 – Bank of Montreal (TSX:BMO)(NYSE:BMO) today announced that it intends to redeem all of the outstanding securities in each of the series set forth in the following table (collectively, the "Affected Securities"):

*The table above provides, for each of the Affected Securities, which are identified by their names, a hyperlink to the relevant prospectus addendum and pricing supplement. Hyperlinks to the applicable base prospectus and prospectus supplement are contained in such prospectus addendum and pricing supplements.

Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the relevant pricing supplement for the Affected Securities.

With respect to each series of Affected Securities, the Call Settlement Amount payable on the Call Settlement Date will be calculated as specified in the relevant pricing supplement, as applicable, for the Affected Securities. BMO will pay the applicable Call Settlement Amount to investors holding Affected Securities on the applicable Call Settlement Date.

BMO intends to send a notice of redemption to holders of the Affected Securities on December 3, 2021. For each series of Affected Securities, the Call Settlement Amount will equal the arithmetic mean of the closing Indicative Note Values on each Index Business Day in the related Call Measurement Period. The Call Measurement Period is expected to consist of:

  • for FNGZ and GNAF, the following five trading days: December 6, 2021, December 7, 2021, December 8, 2021, December 9, 2021 and December 10, 2021; and
  • for MJJ and MJO, the following ten trading days: December 6, 2021, December 7, 2021, December 8, 2021, December 9, 2021, December 10, 2021, December 13, 2021, December 14, 2021, December 15, 2021, December 16, 2021 and December 17, 2021

Each series of Affected Securities will be delisted from the NYSE Arca exchange prior to the open of trading on the Call Settlement Date.

Holders of the Affected Securities may choose to continue to hold their securities until the Call Settlement Date, or may choose to sell or redeem their Affected Securities prior to the applicable Call Settlement Date, in accordance with the terms of the Affected Securities. BMO has announced the waiver of the minimum early redemption size for each of the Affected Securities. Prior to the waiver, holders of the Affected Securities were required to redeem at least 25,000 ETNs at one time in order to exercise their right to redeem them.

None of the other ETNs that BMO has previously issued are affected by this announcement.

BMO does not intend to issue or register any additional Affected Securities on or after the date of this press release. BMO and its affiliates also intend to suspend any further sales from inventory of the Affected Securities on December 3, 2021. The market value of these securities may be influenced by, among other things, supply and demand for the Affected Securities. It is possible that the suspension of any further sales of the Affected Securities by BMO may influence the market value of the Affected Securities and the liquidity of the market for the Affected Securities, potentially leading to insufficient supply, and causing the Affected Securities to trade at a premium above their closing or intraday indicative value. Any such premium may subsequently decrease at any time and for any reason without warning, resulting in financial loss to investors who paid this premium when they acquired their Affected Securities.

Investors who purchase the Affected Securities at any time prior to the Call Settlement Date for an amount that is greater than the applicable Call Settlement Amount that they will receive on the Call Settlement Date will suffer a loss on their investment. Furthermore, investors who sell the Affected Securities at any time prior to delisting for an amount that is less than the applicable Call Settlement Amount they would have received on the Call Settlement Date will also suffer a loss. In either case, such losses could be significant. Investors will not receive any other compensation or amount for the loss of the investment opportunity of holding the Affected Securities.

BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider- the 8th largest bank, by assets, in North America. With total assets of $971 billion as of July 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

BMO Media Contact: Kelly Bechler, Kelly.Hechler@bmo.com, (416) 867-3996
Bank of Montreal ETNs: US.ETN@bmo.com, + 1-877-369-5412
Internet: www.bmo.com

Bank of Montreal, the issuer of the Affected Securities, has filed a registration statement (including a pricing supplement, prospectus supplement and prospectus) with the SEC regarding each of the Affected Securities. Please read those documents and the other documents relating to the Affected Securities that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and the applicable Affected Securities. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, and any agent or dealer that participated in the offering of the Affected Securities, will arrange to send the applicable pricing supplement, the prospectus supplement and the prospectus if so requested by calling toll-free at 1-877-369-5412.


News

Bank of Montreal Announces the Reverse Split of FNGD ETNs

NEW YORK, November 26, 2021 – Bank of Montreal (TSX:BMO)(NYSE:BMO) announced today that it will implement a 1-for-20 reverse split of its outstanding MicroSectors™ FANG+™ Index -3X Inverse Leveraged ETNs due January 8, 2038 (the “ETNs”), expected to be effective as of December 6, 2021.

The table below indicates the ETNs that will be subject to the reverse split, their trading symbol, their current CUSIP number, and the CUSIP number that they will receive after giving effect to the reverse split:

The reverse split will be effective at the open of trading on December 6, 2021. Each ETN will begin trading on the NYSE Arca on a reverse split-adjusted basis on that date. Holders of an ETN who purchased that ETN prior to December 6, 2021 will receive one reverse split-adjusted ETN for every 20 pre-reverse split ETNs.

In addition, investors that hold a number of ETNs that are not evenly divisible by 20 will receive a cash payment for any fractional ETNs remaining (the "partials"). The cash amount due on any partials will be determined on December 13, 2021 and will equal, for each remaining ETN, its closing indicative value on that date. Bank of Montreal will pay these amounts on or about December 16, 2021.

The closing indicative value of each ETN on December 3, 2021 will be multiplied by 20 to determine the reverse split-adjusted closing indicative value. Following the reverse split, the ETNs will have a new CUSIP, as set forth above, but will continue to trade under their current ticker symbol.

The reverse split will affect the trading denominations of the ETNs, but it will not have any effect on the aggregate principal amount of the ETNs, except that the aggregate principal amount will be reduced by the corresponding aggregate amount of any cash payments for the "partials."

Illustration of a Reverse Split
The following table shows the effect of the 1-for-20 reverse split on the hypothetical closing indicative value of the ETNs. The closing indicative value of an ETN is not the same as its principal amount (currently, $500) or the trading price of that ETN.

None of the other exchange traded notes issued by Bank of Montreal are affected by this announcement.

The ETNs are senior, unsecured obligations of Bank of Montreal.

Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own financial advisors as to these matters.

The leveraged ETNs discussed in this press release are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The returns on the ETNs over longer periods of time can, and most likely will, differ significantly from the return on a direct short investment in the index underlying those ETNs.

Bank of Montreal, the issuer of the ETNs, has filed a registration statement (including a pricing supplement, prospectus supplement and prospectus) with the SEC regarding the ETNs discussed in this press release. Please read those documents and the other documents relating to the ETNs that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and the ETNs. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, and any agent or dealer that participated in the offerings of the ETNs, will arrange to send the applicable pricing supplement, the prospectus supplement and the prospectus if so requested by calling toll-free at 1-877-369-5412.

About REX Shares
Founded in 2015, REX Shares (“REX”) is an independent provider of exchange traded products based in Fairfield, Connecticut. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of structuring and building inventive exchange-traded product solutions.

For more information, please visit www.MicroSectors.com
Follow REX on Twitter @MSectors
REX Media Contacts: media@rexshares.com

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $971 billion as of July 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

BMO Media Contact: Kelly Hechler, Kelly.Hechler@bmo.com, (416) 867-3996
Bank of Montreal ETNs: US.ETN@bmo.com, +1-877-369-5412
Internet: www.bmo.com


General Insights

MicroSectors™ FANG & Innovation 3X Leveraged ETNs Upsized to $187.5M in Aggregate Principal Amount

October 4, 2021 – REX Shares, LLC (REX) is proud to announce that Bank of Montreal (BMO) has increased the aggregate principal amount and total notes outstanding of the MicroSectors™ FANG & Innovation 3X Leveraged ETNs (the “ETNs” or “BULZ”) by $125 million, to a new total of $187.5 million and 7.5 million notes, respectively.

BULZ is a 3X leveraged exchange traded product linked to the Solactive FANG Innovation Index. The Solactive FANG Innovation Index includes 15 highly liquid stocks focused on building tomorrow’s technology today. These large, tech-enabled equity securities are all listed and domiciled in the U.S. The index’s underlying composition is equally weighted across all stocks. The Index was launched on June 8, 2021.

Exchange Traded Notes linked to the Solactive FANG Innovation Index:

 


*As of 9/20/2021. Index weightings and constituents are subject to change.

Please reach out to us with any questions.
Regards,

Vince DiLullo
Managing Director, REX Shares

Adam Stempel
Director, BMO Capital Markets

The ETNs are senior, unsecured obligations of Bank of Montreal.

Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own financial advisors as to these matters.

The exchange traded notes are subject to the credit risk of Bank of Montreal, the issuer of the ETNs. The ETNs are also subject to the issuer’s credit ratings, and the issuer’s credit spreads may adversely affect the market value of the notes.

Please note that leveraged, inverse and inverse leveraged ETNs seek a return on the underlying index for a single day. Those investments are not “buy and hold” investments, and should not be expected to provide the respective return of the underlying index’s cumulative return for periods greater than a day. The investments are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives only on a daily basis. Leveraged investments include risk and are not suitable for all investors. For each ETN, please read the disclosure documents, including the relevant pricing supplements, for additional information, including the relevant risk factors.

Bank of Montreal, the issuer of the ETNs, has filed a registration statement (including a pricing supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (the "SEC") about the offerings to which this press release relates. Please read those documents and the other documents relating to these offerings that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and these offerings. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, any agent or any dealer participating in these offerings will arrange to send the applicable pricing supplement, prospectus supplement and prospectus if so requested by calling toll-free at 1-877-369-5412.

About REX
REX Shares is an independent provider of exchange-traded products (ETPs). As ETP architects, the REX team specializes in creating investment vehicles that solve specific access or efficiency challenges in investor portfolios. The firm is rooted with decades of structuring and building innovative exchange-traded product solutions.

For more information, please visit www.rexshares.com or www.MicroSectors.com.
Follow us on Twitter: @REXShares and @MSectors

Media Contact
Gregory FCA for REX Shares
Chandler Kuck, 239-302-7464
rexshares@gregoryfca.com

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $950 billion as of April 30, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

Related Links
www.bmo.com

Solactive AG (“Solactive”) is the licensor of the Index. The notes are not sponsored, endorsed, promoted or sold by Solactive in any way, and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the notes; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive does not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto. Notwithstanding Solactive’s obligations to its licensees, Solactive reserves the right to change the methods of calculation or publication of the Index, and Solactive shall not be liable for any miscalculation of or any incorrect, delayed or interrupted publication with respect to the Index. Solactive shall not be liable for any damages, including, without limitation, any loss of profits or business, or any special, incidental, punitive, indirect or consequential damages suffered or incurred as a result of the use (or inability to use) of the Index.


REX Shares & Bank of Montreal Named Winners In ETF Express Award Show For Third Straight Year

ETN lineup reaches pivotal $2 billion market value milestone. REX Shares appoints Managing Director Vince DiLullo to fuel continued product expansion.

FAIRFIELD, Conn. — September 30, 2021 — REX Shares (REX), an independent provider of exchange-traded products (ETPs), was recognized as the Best Leveraged & Inverse ETF Issuer (Including ETNs) with partner Bank of Montreal (BMO) for the second year in a row at the ETF Express U.S. Awards 2021. REX and BMO won Best Alternative ETF Provider (Including ETNs) in 2019. The ETN lineup also surpassed $2 billion in market value during 2021 — a 100% increase from 2020 — and REX recently appointed Vince DiLullo as Managing Director.

DiLullo, who brings 25 years of capital markets, wealth management and financial industry experience, will take charge of business development for REX. In his most recent role with UBS Investment Bank, DiLullo led the development, origination and distribution of structured investment and ETP solutions to financial institutions and private clients in the U.S. His presence at the firm will provide additional tools and investment opportunities, furthering REX’s continued path of growth.

“This year, we’ve experienced robust growth as investors seek differentiated exposure to market segments that heavily influence their portfolio, such as technology, banking, oil and gold,” said Greg King, Founder and CEO of REX. “This latest recognition from ETF Express is further evidence that the innovative ETNs continue to resonate with sophisticated sector traders. With Vince on board, we look forward to expanding and enhancing our product offerings even more.”

The annual ETF Express U.S. awards acknowledge superiority among ETF issuers across a range of asset classes and serve as a mark of achievement from industry peers. REX was included on a pre-selected shortlist based on data provided by Bloomberg and narrowed down as the winner following an exhaustive online poll of the entire ETF Express readership.

With a focus on unique investment and trading products, REX offers the MicroSectors™ suite of ETNs that offer investors enhanced exposure to tailored market sectors.

About REX Shares
Founded in 2015, REX Shares (REX) is an independent provider of exchange-traded products (ETPs) based in Fairfield, Connecticut. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of structuring and building inventive exchange-traded product solutions. For more information, please visit www.rexshares.com.

Media Contact
Gregory FCA for REX Shares
Chandler Kuck, 239-302-7464
rexshares@gregoryfca.com

Investor Inquiries
REX Shares
203-557-6201
info@rexshares.com


Fang & Innovation

MicroSectors Launches FANG & Innovation Exchange Traded Notes On NYSE Arca

NEW YORK, August 18, 2021 – REX Shares, LLC (REX) has announced the launch of two new MicroSectors Exchange Traded Notes (ETNs) issued by Bank of Montreal (“BMO”) linked to the Solactive FANG Innovation Index (symbol: SOLFANGT). MicroSectors Solactive FANG & Innovation 3x Leveraged ETN (BULZ) and MicroSectors Solactive FANG & Innovation -3x Inverse Leveraged ETN (BERZ) will start trading today on NYSE Arca.

The Solactive FANG Innovation Index, launched in June 2021, tracks large, U.S.-listed tech and internet/media companies and is designed to represent stocks building tomorrow’s technology today. The index includes eight core- components: Apple Inc. (AAPL), Amazon.com, Inc. (AMZN), Facebook, Inc. (FB), Alphabet Inc. (GOOGL), Microsoft Corporation (MSFT), Netflix Inc. (NFLX), NVIDIA Corporation (NVDA) and Tesla Inc. (TSLA). Additionally, it includes the seven stocks with the largest market capitalization and 12-month average daily value traded taken from the technology sector, including Advanced Micro Devices, Inc. (AMD), Intel Corporation (INTC), Micron Technology, Inc. (MU), PayPal Holdings, Inc. (PYPL), salesforce.com, inc. (CRM), Square, Inc. (SQ), and Zoom Video Communications, Inc. (ZM).

“Technology and innovation are megatrends that are expected to continue to play a central role in the markets in the years to come,” said Kevin Gopaul, President of Exchange Traded Funds, BMO Global Asset Management. “For sophisticated investors, the addition of the Solactive FANG & Innovation ETNs to our leveraged ETN line-up will provide greater choice when investing in these key sectors. We’re pleased to expand our relationship with REX and to continue offering innovative investment solutions to meet evolving investor needs.”

“We are thrilled to partner with BMO and Solactive on another pair of leveraged and inverse leveraged exchange traded notes. We believe the FANG Innovation Index will provide sophisticated investors access to a pure-play U.S. big tech basket,” said Scott Acheychek, President of REX. “MicroSectors focuses on innovating the ETP landscape with the goal of providing access to targeted investment trading vehicles across popular market segments like U.S. energy, U.S. large cap banks, and now U.S. big tech.”

About REX Shares
Founded in 2015, REX Shares (REX) is an independent provider of exchange- traded products (ETPs) based in Fairfield, Connecticut. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of structuring and building inventive exchange-traded product solutions.

For more information, please visit www.rexshares.com or www.microsectors.com
Twitter: @REXShares and @MSectors

Press Contact
Gregory FCA for REX Shares
Jill Fritz, 484-832-7034
rexshares@gregoryfca.com

The ETNs are senior, unsecured obligations of BMO.

BMO and REX have collaborated on the development and issuance of ETNs since 2017, and currently provide over 14 ETN offerings.

For additional information on BMO ETNs, please visit: https://www.bmoetns.com/

Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own financial advisors as to these matters.

The ETNs are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The returns on the ETNs over longer periods of time can, and most likely will, differ significantly from the return on a direct long or short investment in the index.

BMO, the issuer of the ETNs, has filed a registration statement (including a pricing supplement, a product supplement, a prospectus supplement and a prospectus) with the Securities and Exchange Commission (the “SEC”) about each of the offerings to which this free writing prospectus relates. Please read those documents and the other documents relating to these offerings BMO has filed with the SEC for more complete information about BMO and these offerings. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, any agent or any dealer participating in these offerings will arrange to send the applicable pricing supplement, product supplement, prospectus supplement and prospectus if you so request by calling toll-free at 1-877-369-5412.

Solactive AG (“Solactive”) is the licensor of the Index. The notes are not sponsored, endorsed, promoted or sold by Solactive in any way, and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the notes; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive does not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto. Notwithstanding Solactive’s obligations to its licensees, Solactive reserves the right to change the methods of calculation or publication of the Index, and Solactive shall not be liable for any miscalculation of or any incorrect, delayed or interrupted publication with respect to the Index. Solactive shall not be liable for any damages, including, without limitation, any loss of profits or business, or any special, incidental, punitive, indirect or consequential damages suffered or incurred as a result of the use (or inability to use) of the Index.

MicroSectors™ and REX™ are registered trademarks of REX. The trademarks have been licensed for use for certain purposes by Bank of Montreal. The ETNs are not sponsored, endorsed, sold or promoted by REX or any of its affiliates or third-party licensors (collectively, "REX Index Parties"). REX Index Parties make no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the Index to track general market performance. REX Index Parties' only relationship to Bank of Montreal with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of REX Index Parties. REX Index Parties are not responsible for and have not participated in the determination of the prices, and amount of the ETNs or the timing of the issuance or sale of the ETNs or in the determination or calculation of the equation by which the ETNs are to be converted into cash. REX Index Parties have no obligation or liability in connection with the administration, marketing or trading of the ETNs. Inclusion of a security within an index is not a recommendation by REX Index Parties to buy, sell, or hold such security, nor is it considered to be investment advice.


News

Bank of Montreal Announces the Reverse Split of Two Series of ETNs

NEW YORK, March 19, 2021 – Bank of Montreal (TSX:BMO)(NYSE:BMO) today announced that it will implement a 1-for-10 reverse split of two series of its outstanding exchange traded notes (the “ETNs”), expected to be effective as of March 29, 2021.

The table below indicates the ETNs that will be subject to the reverse split, their trading symbol, their current CUSIP numbers, and the CUSIP numbers that they will receive after giving effect to the reverse split:

 

 

The reverse split will be effective at the open of trading on March 29, 2021. Each ETN will begin trading on the NYSE Arca on a reverse split-adjusted basis on that day. Holders of an ETN who purchased that ETN prior to March 29, 2021 will receive one reverse split-adjusted ETN for every 10 pre-reverse split ETNs.

In addition, investors that hold a number of ETNs that are not evenly divisible by 10 will receive a cash payment for any fractional ETNs remaining (the "partials"). The cash amount due on any partials will be determined on April 5, 2021 and will equal, for each remaining ETN, its closing indicative value on that date. Bank of Montreal will pay these amounts on or about April 8, 2021.

The closing indicative value of each ETN on March 26, 2021 will be multiplied by 10 to determine the reverse split-adjusted closing indicative value. Following the reverse split, each ETN will have a new CUSIP, as set forth above, but will continue to trade under its current ticker symbol.

The reverse split will affect the trading denominations of each series of the ETNs, but it will not have any effect on the aggregate principal amount of the ETNs, except that the aggregate principal amount will be reduced by the corresponding aggregate amount of any cash payments for the "partials."

Illustration of a Reverse Split
The following table shows the effect of a 1-for-10 reverse split on the hypothetical closing indicative value of the ETNs. The closing indicative value of an ETN is not the same as its principal amount (currently, $50) or the trading price of that ETN.

 

 

None of the other exchange traded notes issued by Bank of Montreal are affected by this announcement.

The ETNs are senior, unsecured obligations of Bank of Montreal.

Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice.

Investors should consult with their own financial advisors as to these matters. In addition, please see the pricing supplement relating to the applicable ETNs for important information about Solactive AG, the licensor of the indices to which the ETNs are linked.

The leveraged ETNs discussed in this press release are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The returns on the ETNs over longer periods of time can, and most likely will, differ significantly from the return on a direct short investment in the index underlying those ETNs.

Bank of Montreal, the issuer of the ETNs, has filed a registration statement (including a pricing

supplement, prospectus supplement and prospectus) with the SEC regarding each of the ETNs discussed in this press release. Please read those documents and the other documents relating to the ETNs that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and the ETNs. These documents may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Bank of Montreal, and any agent or dealer that participated in the offerings of the ETNs, will arrange to send the applicable pricing supplement, the prospectus supplement and the prospectus if so requested by calling toll-free at 1-877-369-5412.

About REX
REX Shares is an independent provider of exchange-traded products (ETPs). As ETP architects, the REX team specializes in creating investment vehicles that solve specific access or efficiency challenges in investor portfolios. The firm is rooted with decades of structuring and building innovative exchangetraded product solutions.

For more information, please visit www.MicroSectors.com
Follow REX on Twitter @MSectors
REX Media Contacts: rexshares@gregoryfca.com

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

BMO Media Contact:
Kelly Hechler, Kelly.Hechler@bmo.com, (416) 867-3996

Bank of Montreal ETNs
US.ETN@bmo.com, +1-877-369-5412
Internet: www.bmo.com