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Welcome to BMO Exchange Traded Notes

BMO Exchange Traded Notes (ETNs) are designed to provide investors with access to the returns of an index or strategy, less any investor fees and expenses. For information regarding selected risks associated with the ETNs, please see "Selected Risk Considerations" below.


Selected Risk Considerations

An investment in the ETNs involves risks, including possible loss of principal, and may not be suitable for all investors. Selected risks are summarized here and selected product specific risk factors are summarized under "Key Risks" on the relevant product pages. These are summaries only and we urge you to read the more detailed explanation of risks described under "Risk Factors" in Bank of Montreal's pricing supplement, prospectus supplement and the applicable offering.

Uncertain Principal Repayment - You may receive less than the principal amount of your ETNs at maturity, call or upon redemption. If the level of the underlying index decreases, or is insufficient to offset the negative effect of the applicable fees, including any redemption fee, you will receive less, and possibly significantly less, than your original investment in the ETNs. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.

Credit Risk of Bank of Montreal - The ETNs are unsecured debt obligations of the issuer, Bank of Montreal, and are not, either directly or indirectly, an obligation of or guaranteed by any third party. Any payments you are entitled to receive on your ETNs, including any payment at maturity, call or redemption, are subject to our ability to pay our obligations as they come due. As a result, the actual and perceived creditworthiness of Bank of Montreal will affect the market value, if any, of the ETNs prior to maturity, call or redemption. In addition, in the event that Bank of Montreal was to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.

No Fixed Interest Payments - You will not receive any fixed periodic interest payments on the ETNs.

A Trading Market for the ETNs May Not Continue Over the Term of the ETNs - Although the ETNs are listed on a national securities exchange, a trading market for your ETNs may not continue for the term of the ETNs. We are not required to maintain any listing of the ETNs on any exchange or quotation system. If the ETNs are delisted, the trading market for the ETNs may become illiquid and have a negative effect on their trading price.

Call Feature - Your ETNs may be repurchased by us on or after a date specified in the applicable pricing supplement at our option and without your consent. In the event that we call any ETNs, the call settlement amount may be significantly less than the stated principal amount of the ETNs or the price at which you purchased your ETNs.

Restrictions on Repurchases by Us - You must offer the applicable minimum redemption amount of ETNs to us for your offer for redemption to be considered. You must also follow the redemption procedures in the applicable pricing supplement for us to accept your redemption request.

Tax Treatment - Significant aspects of the tax treatment of the ETNs are uncertain. You should consult with your own tax advisor about your own tax situation.

Bank of Montreal and its affiliates do not provide tax advice, and nothing contained herein should be construed as tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including any attachments): (i) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax-related penalties, and (ii) was written to support the promotion of marketing of the transactions or other matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from your independent tax advisor.


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Bank of Montreal, the issuer of the ETNs, has filed a registration statement (including a pricing supplement, prospectus supplement and prospectus) with the SEC about the offerings to which this website 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 Alternatively, Bank of Montreal, any agent or any dealer participating in these offerings will arrange to send the pricing supplement, the prospectus supplement and the prospectus if so requested by calling toll-free at 1-877-369-5412.

BMO Capital Markets Corp., an affiliate of the issuer, acts as the underwriter for the offerings of the ETNs.