MicroSectors™ -3× Short Taiwan ETNs

Base Data
Daily Market Data
Description
Key Risks
Disclaimer
Documents

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Base Data
Daily Market Data
Description
Key Risks
Disclaimer
Documents

Product Details
Primary Exchange	Cboe BZX
ETN Ticker	TPEI
Intraday Indicative Value Ticker	TPEIIV
Underlying Ticker	TAIWAN
CUSIP	06367V774
Issue Date	August 21, 2026
Maturity Date	July 31, 2046

Daily Market Data	(as of )
ETNs Outstanding	100,000

Description
The MicroSectors™ -3× Short Taiwan ETNs (-3× ETNs) are linked to the performance of the VettaFi Taiwan Equity Fund-Tracking Index (the “Index”). The -3× ETNs offer sophisticated investors three times leveraged short participation in the performance of the Index, compounded daily, before taking into account fees, charges and the decay effect caused by the daily resetting of the leverage. The Index is a total return index designed to track the performance of iShares® MSCI Taiwan ETF, which seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of an index designed to measure the performance of the large- and mid-cap segments of the Taiwanese equity market. The -3× ETNs seek a return on the underlying index for a single day. The -3× ETNs are not “buy and hold” investments and should not be expected to provide its respective return of the underlying index’s cumulative return for periods greater than a day.

Description

The MicroSectors™ -3× Short Taiwan ETNs (-3× ETNs) are linked to the performance of the VettaFi Taiwan Equity Fund-Tracking Index (the “Index”). The -3× ETNs offer sophisticated investors three times leveraged short participation in the performance of the Index, compounded daily, before taking into account fees, charges and the decay effect caused by the daily resetting of the leverage. The Index is a total return index designed to track the performance of iShares® MSCI Taiwan ETF, which seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of an index designed to measure the performance of the large- and mid-cap segments of the Taiwanese equity market.

The -3× ETNs seek a return on the underlying index for a single day. The -3× ETNs are not “buy and hold” investments and should not be expected to provide its respective return of the underlying index’s cumulative return for periods greater than a day.

Additional Information

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Key Risks
An investment in the ETNs involves significant risks. The following list identifies the risks described in the applicable pricing supplement but does not include the complete discussion of those risks. You should carefully read the “Risk Factors” section of the applicable pricing supplement before investing in the ETNs. Capitalized terms used but not defined below have the meanings set forth in the applicable pricing supplement. Risks Relating to the Terms of the ETNs - The ETNs are linked to the inverse performance of the Index. - The ETNs do not pay interest and do not guarantee the return of any of your initial investment. You may lose all or a substantial portion of your investment in the ETNs. - The ETNs are designed to be short-term trading tools and are not designed to meet any investment objectives over any period longer than one day. - The ETNs are likely to experience significant “decay” over time. As a result, the ETNs are not suitable for investors with intermediate- or long-term investment objectives and are not intended to be held to maturity. - Even if held for only one day, the ETNs are highly vulnerable to sudden large changes in the level of the Index. - Leverage increases the sensitivity of your ETNs to changes in the level of the Index. - The Closing Indicative Value of the ETNs and any payments on the ETNs will reflect the deduction of fees and charges. - If the Federal Funds Effective Rate minus the Spread on any day is negative, the Daily Interest will be negative and will reduce the Closing Indicative Value. - The Calculation Agent may increase the Spread, which would decrease the Daily Interest or cause the Daily Interest to become negative and adversely affect the value of, and your return on, the ETNs. - If the Intraday Indicative Value for the ETNs is equal to or less than $0 at any time on any Exchange Business Day, or the Closing Indicative Value is equal to $0 on any Exchange Business Day, you will lose all of your investment in the ETNs. - The ETNs are subject to our credit risk. - Due to the effect of compounding, if the Closing Indicative Value increases, any subsequent increase of the level of the Index will result in a larger dollar reduction from the Closing Indicative Value than if the Closing Indicative Value remained constant. - Due to the effect of compounding, if the Closing Indicative Value decreases, any subsequent decrease of the level of the Index will result in a smaller dollar increase on the Closing Indicative Value than if the Closing Indicative Value remained constant. - The leverage of the ETNs is reset daily, and the effective leverage of the ETNs during any given day may be greater than or less than -3.0. - The ETNs are subject to our call right, which may result in a forced early redemption and a potential loss on your investment. - If we exercise our call right, the averaging feature used to determine the Call Settlement Amount may limit your participation in decreases in the level of the Index during the Call Measurement Period, and you will not participate in any decreases in the level of the Index after the Call Measurement Period. - The exercise of our call right may adversely affect the value of, or your ability to sell, your ETNs in the secondary market. - If we exercise our call right, the Call Settlement Amount may be less than the Closing Indicative Value at the time we give notice. - If we exercise our call right, we will cause a Call Notice to be delivered solely to DTC. - You will not have any ownership rights in the Reference Fund. - The Closing Index Levels used to calculate the payment at maturity, call or upon a redemption may be greater than those levels on the Maturity Date, Call Settlement Date, Redemption Date or at other times during the term of the ETNs. - There are restrictions on the minimum number of ETNs you may request that we redeem and the dates on which you may exercise your right to have us redeem your ETNs. - You will not know the Redemption Amount at the time you elect to request that we redeem your ETNs. - Market disruptions may adversely affect your return. - Significant aspects of the tax treatment of the ETNs are uncertain. Risks Relating to Liquidity and the Secondary Market - The Intraday Indicative Value and the Closing Indicative Value are not the same as the closing price or any other trading price of the ETNs in the secondary market. - There is no assurance that your ETNs will continue to be listed on a securities exchange, and they may not have an active trading market. - Cboe BZX may halt trading in the ETNs or may limit the extent to which trading prices may change within specified time periods, which in either case would adversely impact your ability to sell the ETNs. - The liquidity of the market for the ETNs may vary materially over time, and may be limited if you do not hold at least 25,000 ETNs. - We may sell additional ETNs at different prices, but we are under no obligation to issue or sell additional ETNs at any time, and if we do sell additional ETNs, we may limit or restrict such sales, and we may stop selling additional ETNs at any time. - The value of the ETNs in the secondary market may be influenced by many unpredictable factors. - The ETNs are subject to intraday purchase risk. Risks Relating to Conflicts of Interest and Hedging - Our offering of the ETNs does not constitute an expression of our view about, or a recommendation of, the Index, the Reference Fund or any securities held by the Reference Fund. - We or our affiliates may have economic interests that are adverse to those of the holders of the ETNs as a result of our hedging and other trading activities. - We or our affiliates may have economic interests that are adverse to those of the holders of the ETNs as a result of our business activities. - BMOCM and its affiliates may have published research, expressed opinions or provided recommendations that are inconsistent with investing in or holding the ETNs, and may do so in the future. Any such research, opinions or recommendations could affect the value of the Index, the Reference Fund or the securities held by the Reference Fund, and therefore the market value of the ETNs. - The Calculation Agent is our affiliate and may have economic interests that are adverse to those of the holders of the ETNs. Risks Relating to the Index - An investment in the ETNs linked to the performance of the Index is different from an investment linked directly to the Reference Fund or the Target Index. - An investment in the ETNs is subject to risks associated with investing in Taiwanese equities. - The ETNs are subject to risks relating to non-U.S. securities markets. - The ETNs are subject to risks relating to emerging markets. - The ETNs are subject to currency exchange rate risk. - BMOCM coordinated with the Index Sponsor in the development of the Index. - Changes that affect the Index may adversely affect the value of the ETNs and any payments on the ETNs. - Changes that affect the Reference Fund or the Target Index may adversely affect the value of the ETNs and any payments on the ETNs. - There are risks associated with the Reference Fund that may affect the level of the Index. - We cannot control actions by any of the unaffiliated companies whose securities are included in the Reference Fund or the Target Index. - The Calculation Agent may replace the Index with a successor or substitute index or use an alternative computation methodology. - We and our affiliates have no affiliation with the Index Sponsor, the Reference Fund Sponsor or the Target Index Sponsor and have not independently verified its public disclosure of information. - The Index relies on the timely and accurate publication of the market price of the Reference Fund. - The Index has an extremely limited operating history and may perform in unanticipated ways. - Hypothetical back-tested Index performance information is subject to significant limitations.

Key Risks

An investment in the ETNs involves significant risks. The following list identifies the risks described in the applicable pricing supplement but does not include the complete discussion of those risks. You should carefully read the “Risk Factors” section of the applicable pricing supplement before investing in the ETNs. Capitalized terms used but not defined below have the meanings set forth in the applicable pricing supplement.

Risks Relating to the Terms of the ETNs - The ETNs are linked to the inverse performance of the Index.
- The ETNs do not pay interest and do not guarantee the return of any of your initial investment. You may lose all or a substantial portion of your investment in the ETNs.
- The ETNs are designed to be short-term trading tools and are not designed to meet any investment objectives over any period longer than one day.
- The ETNs are likely to experience significant “decay” over time. As a result, the ETNs are not suitable for investors with intermediate- or long-term investment objectives and are not intended to be held to maturity.
- Even if held for only one day, the ETNs are highly vulnerable to sudden large changes in the level of the Index.
- Leverage increases the sensitivity of your ETNs to changes in the level of the Index.
- The Closing Indicative Value of the ETNs and any payments on the ETNs will reflect the deduction of fees and charges.
- If the Federal Funds Effective Rate minus the Spread on any day is negative, the Daily Interest will be negative and will reduce the Closing Indicative Value.
- The Calculation Agent may increase the Spread, which would decrease the Daily Interest or cause the Daily Interest to become negative and adversely affect the value of, and your return on, the ETNs.
- If the Intraday Indicative Value for the ETNs is equal to or less than $0 at any time on any Exchange Business Day, or the Closing Indicative Value is equal to $0 on any Exchange Business Day, you will lose all of your investment in the ETNs.
- The ETNs are subject to our credit risk.
- Due to the effect of compounding, if the Closing Indicative Value increases, any subsequent increase of the level of the Index will result in a larger dollar reduction from the Closing Indicative Value than if the Closing Indicative Value remained constant.
- Due to the effect of compounding, if the Closing Indicative Value decreases, any subsequent decrease of the level of the Index will result in a smaller dollar increase on the Closing Indicative Value than if the Closing Indicative Value remained constant.
- The leverage of the ETNs is reset daily, and the effective leverage of the ETNs during any given day may be greater than or less than -3.0.
- The ETNs are subject to our call right, which may result in a forced early redemption and a potential loss on your investment.
- If we exercise our call right, the averaging feature used to determine the Call Settlement Amount may limit your participation in decreases in the level of the Index during the Call Measurement Period, and you will not participate in any decreases in the level of the Index after the Call Measurement Period.
- The exercise of our call right may adversely affect the value of, or your ability to sell, your ETNs in the secondary market.
- If we exercise our call right, the Call Settlement Amount may be less than the Closing Indicative Value at the time we give notice.
- If we exercise our call right, we will cause a Call Notice to be delivered solely to DTC.
- You will not have any ownership rights in the Reference Fund.
- The Closing Index Levels used to calculate the payment at maturity, call or upon a redemption may be greater than those levels on the Maturity Date, Call Settlement Date, Redemption Date or at other times during the term of the ETNs.
- There are restrictions on the minimum number of ETNs you may request that we redeem and the dates on which you may exercise your right to have us redeem your ETNs.
- You will not know the Redemption Amount at the time you elect to request that we redeem your ETNs.
- Market disruptions may adversely affect your return.
- Significant aspects of the tax treatment of the ETNs are uncertain.

Risks Relating to Liquidity and the Secondary Market - The Intraday Indicative Value and the Closing Indicative Value are not the same as the closing price or any other trading price of the ETNs in the secondary market.
- There is no assurance that your ETNs will continue to be listed on a securities exchange, and they may not have an active trading market.
- Cboe BZX may halt trading in the ETNs or may limit the extent to which trading prices may change within specified time periods, which in either case would adversely impact your ability to sell the ETNs.
- The liquidity of the market for the ETNs may vary materially over time, and may be limited if you do not hold at least 25,000 ETNs.
- We may sell additional ETNs at different prices, but we are under no obligation to issue or sell additional ETNs at any time, and if we do sell additional ETNs, we may limit or restrict such sales, and we may stop selling additional ETNs at any time.
- The value of the ETNs in the secondary market may be influenced by many unpredictable factors.
- The ETNs are subject to intraday purchase risk.

Risks Relating to Conflicts of Interest and Hedging - Our offering of the ETNs does not constitute an expression of our view about, or a recommendation of, the Index, the Reference Fund or any securities held by the Reference Fund.
- We or our affiliates may have economic interests that are adverse to those of the holders of the ETNs as a result of our hedging and other trading activities.
- We or our affiliates may have economic interests that are adverse to those of the holders of the ETNs as a result of our business activities.
- BMOCM and its affiliates may have published research, expressed opinions or provided recommendations that are inconsistent with investing in or holding the ETNs, and may do so in the future. Any such research, opinions or recommendations could affect the value of the Index, the Reference Fund or the securities held by the Reference Fund, and therefore the market value of the ETNs.
- The Calculation Agent is our affiliate and may have economic interests that are adverse to those of the holders of the ETNs.

Risks Relating to the Index - An investment in the ETNs linked to the performance of the Index is different from an investment linked directly to the Reference Fund or the Target Index.
- An investment in the ETNs is subject to risks associated with investing in Taiwanese equities.
- The ETNs are subject to risks relating to non-U.S. securities markets.
- The ETNs are subject to risks relating to emerging markets.
- The ETNs are subject to currency exchange rate risk.
- BMOCM coordinated with the Index Sponsor in the development of the Index.
- Changes that affect the Index may adversely affect the value of the ETNs and any payments on the ETNs.
- Changes that affect the Reference Fund or the Target Index may adversely affect the value of the ETNs and any payments on the ETNs.
- There are risks associated with the Reference Fund that may affect the level of the Index.
- We cannot control actions by any of the unaffiliated companies whose securities are included in the Reference Fund or the Target Index.
- The Calculation Agent may replace the Index with a successor or substitute index or use an alternative computation methodology.
- We and our affiliates have no affiliation with the Index Sponsor, the Reference Fund Sponsor or the Target Index Sponsor and have not independently verified its public disclosure of information.
- The Index relies on the timely and accurate publication of the market price of the Reference Fund.
- The Index has an extremely limited operating history and may perform in unanticipated ways.
- Hypothetical back-tested Index performance information is subject to significant limitations.

Disclaimer

Disclaimer

MicroSectors™ and REX™ are trademarks of REX. The trademarks have been licensed to BMO for use for certain purposes by REX. The VettaFi Taiwan Equity Fund-Tracking Index is a service mark of VettaFi and has been licensed for use by REX and BMO. 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 stock market performance.

Documents
Pricing Supplement

MicroSectors™ -3× Short Taiwan ETNs