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注册声明编号 333-285508

根据规则 424(b)(2) 提交

第 29 次修正*，日期为 2026 年 10 月 12 日，针对 2020 年 12 月 2 日的定价补充文件，以及 2020 年 12 月 2 日的产品补充文件、2025 年 3 月 25 日的招股说明书补充文件和 2025 年 3 月 25 日的招股说明书

$\"\"$

由加拿大丰业银行发行

10,000,000 张票据

MicroSectors^TM 黄金矿商 3X 杠杆 ETNs，到期日为 2040 年 6 月 29 日

本定价补充文件涉及加拿大丰业银行可能不时发行的 MicroSectors^TM 黄金矿商 3X 杠杆交易所交易票据（“票据”），到期日为 2040 年 6 月 29 日。票据的回报与 S-Network MicroSectors^TM 黄金矿商指数（“指数”）每日表现的三倍杠杆参与挂钩，该指数在本定价补充文件中有详细描述。该指数是一个总回报指数，跟踪两只交易所交易基金的表现，即 VanEck^® 黄金矿商 ETF（“GDX”）和 VanEck^® 初级黄金矿商 ETF（“GDXJ”）。\n

2026 年 10 月 12 日，票据在纽约证券交易所 Arca，Inc.（“NYSE”）的收盘价为每张票据 105.51 美元，每张票据的收盘指示性票据价值为 105.6182 美元。

票据不保证到期、提前赎回或赎回时的本金回报。相反，您将在到期、我们提前赎回或您选择赎回时，根据每日重新设定的三倍杠杆参与指数表现，扣除每日投资者费用、每日融资费用以及提前赎回时的赎回费用金额（如下所述），以美元现金形式获得支付。我们将在下面更详细地讨论票据的支付如何计算。由于这些各种费用可能会大幅减少您在到期、提前赎回或出售票据时的投资金额，因此指数的水平必须显著上升，您才能在到期、提前赎回或出售票据时至少获得投资本金金额。您可能会损失部分或全部本金。请参阅下面的“摘要”部分，了解有关票据条款和条件的重要信息。票据的任何支付均受加拿大丰业银行的信用风险影响。

这些备注并非旨在作为“买入并持有”的投资，也并非旨在持有至到期。相反，这些备注旨在作为熟练投资者的日常交易工具，以作为整体多样化投资组合的一部分，管理日常交易风险。这些备注设计为在每日基础上反映指数表现的3倍杠杆多头头寸，但在考虑每日投资者费用、每日融资费用和赎回费用金额（如适用）之前。然而，由于每日重新设定杠杆，这些备注在不同时间段的收益可能且很可能与直接投资于指数的三倍收益显著不同。这些备注旨在每日实现其声明的投资目标。这些备注在不同时间段的表现可能与它们声明的每日目标显著不同。这些备注比具有中期或长期投资目标的证券要危险得多，不适合计划持有超过一天或采用“买入并持有”策略的投资者。投资者应积极且持续地在盘中监控其在这些备注中的投资，并且任何决定持有这些备注超过一天的决定都应谨慎做出，并且仅作为一系列每日（或更频繁）投资决策的结果，以继续在这些备注中持有下一个一天期。这些备注对指数水平的变化非常敏感，这些备注的收益可能因指数在每日或盘中基础上的波动而以复杂的方式受到负面影响。即使指数的长期表现是积极的，您可能仍会在这些备注中遭受重大损失。因此，这些备注只能由了解并能够承担这些备注潜在风险和后果的熟练投资者购买，这些备注旨在提供每日杠杆表现的暴露，并且将高度波动，可能在短时间内经历重大损失，甚至可能损失全部投资金额。

这些备注是加拿大蒙特利尔银行的无担保和无优先权的债务。每张备注在考虑2022年10月31日发生的反向拆股后，本金金额为250.00美元。这些备注不产生利息。这些备注在纽约证券交易所上市，股票代码为“GDXU”。这些备注最初于2020年12月7日结算。每日投资者费用（基于年化率0.95%）和每日融资费用（基于联邦储备银行优惠贷款利率加上年化5.00%的金额）会从每日收盘指示价值中扣除。如果您选择让我们赎回您的备注，您的付款可能会受到0.125%的赎回费用金额的影响。

证券交易委员会或任何州证券委员会均未批准或否决这些备注，也未对本定价补充文件、随附的产品补充文件、招股说明书补充文件和招股说明书的准确性或充分性进行审查。与此相反的任何陈述均属刑事犯罪。

投资这些票据涉及重大风险。请参阅本定价补充文件第 PS-10 页的“风险因素”，产品补充文件第 PS-7 页，招股说明书补充文件第 S-2 页以及招股说明书第 9 页。

这些票据是我们无担保的债务，不会是美国联邦存款保险公司、存款保险基金、加拿大存款保险公司或任何其他政府机构或附属机构或其他实体的储蓄账户或存款。

BMO CAPITAL MARKETS

\n\n \n \n\n \n\n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

	页码
定价补充文件

概要	PS-1
风险因素	PS-10
假设性示例	PS-23
指数和票据的日内价值	PS-36
指数	PS-39
ETFs	PS-46
补充税务考虑	PS-54
退休计划投资者考虑	PS-60
补充发行计划（利益冲突）	PS-62
票据的有效性	PS-65
\n 提前赎回通知	A-1
赎回经纪人确认书	B-1

您应将本定价补充文件与产品补充文件 ETN 2x-3x（2020 年 12 月 2 日）以及招股说明书补充文件（2025 年 3 月 25 日）和招股说明书（2025 年 3 月 25 日）一起阅读。本定价补充文件以及下列文件列明了票据的条款，并取代所有先前或同时期的口头陈述以及任何其他书面材料，包括初步或指示性定价条款、通信、交易想法、实施方案结构、示例结构、事实资料、宣传册或其他教育材料，无论来自我们还是代理方。我们敦促您在投资票据之前咨询您的投资、法律、税务、会计和其他顾问。本定价补充文件中提到的任何网站内容均未通过引用纳入本定价补充文件、随附的产品补充文件、招股说明书补充文件或招股说明书中。

您可以通过 SEC 网站访问这些文件：

产品补充文件 ETN 2x-3x，2020 年 12 月 2 日：

https://www.sec.gov/Archives/edgar/data/927971/000121465920010109/r1125204424b5.htm

招股说明书补充文件和招股说明书，2025 年 3 月 25 日：
\nhttps://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm

自票据最初发行以来，我们已准备了一份新的“基础”招股说明书和招股说明书补充文件，日期均为2025年3月25日。这些票据是名为“高级中期票据，系列F”的一系列债务证券的一部分。当您阅读附带的招股说明书补充文件时，请注意所有对“系列K”的引用应视为指“系列F”。此外，附带的招股说明书补充文件中使用的“契约”一词应指2010年1月25日签署的高级契约，该契约已通过2018年9月23日签署的第一次补充契约进行了修订和补充，该契约由银行与Computershare Trust Company, N.A.签署，作为Wells Fargo Bank, National Association的继任受托人。当您阅读附带的产品补充文件时，请注意所有对2020年4月20日签署的招股说明书补充文件或对2020年4月20日签署的招股说明书或其中任何部分的引用，应视为指附带的2025年3月25日签署的招股说明书补充文件和附带的2025年3月25日签署的招股说明书，或根据情况指该招股说明书补充文件或招股说明书中的相应部分。

我们在美国证券交易委员会（SEC）网站上的中央索引键（CIK）是927971。在本定价补充文件中使用的“我们”、“我们”或“我们的”指加拿大蒙特利尔银行。

本定价补充文件中描述的票据并不适合所有投资者，涉及重要的法律和税务后果及投资风险，这些应与您的专业顾问讨论。您应了解，金融行业监管局（FINRA）的规章以及某些司法管辖区的法律（包括要求经纪人确保投资适合其客户的规章和法律）可能会限制票据的可获得性。本定价补充文件以及附带的产品补充文件、招股说明书补充文件和招股说明书在任何情况下均不构成出售票据或征求购买票据要约的要约或邀请，如果此类要约或邀请是非法的，则不构成。

摘要

本“摘要”部分的信息受本定价补充文件、产品招股说明书补充文件、招股说明书补充文件和招股说明书中的更详细信息的约束。在做出投资决策之前，请完整阅读这些文件，包括“风险因素”部分的信息。

一般信息

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

发行人：		加拿大蒙特利尔银行

本金金额：		每张票据250美元

总本金 \n金额：		预计到2026年10月13日，将有10,000,000张票据流通，代表总本金金额为2,500,000,000美元。

初始交易日期：		2020年12月2日

初始发行日期：		2020年12月7日

期限：		大约19.5年，根据您要求我们于任何赎回日赎回您的票据的权利、我们的赎回权或我们延长到期日的权利，如以下所述，可能会有所调整。

到期日：		2040年6月29日，该日期计划为最终测量期最后的指数交易日后的第三个营业日。根据产品补充文件中的描述，我们可以选择将票据的到期日延长最多两个额外的5年期。到期日也可能会根据本文所述以及产品补充文件中“票据的具体条款——市场中断事件”部分的描述进行调整。

上市：		这些票据在纽约证券交易所（NYSE）以以下的交易代码进行交易。\n这些票据的CUSIP和ISIN编号，以及盘中指示价值的交易代码如下：

\n\n \n \n \n \n \n \n\n \n \n \n \n \n \n

	交易代码 \n符号	CUSIP \n编号	ISIN 编号	盘中 \n指示价值 \n符号
	GDXU	063679542	US0636795421	GDXUIV

\n\n \n \n \n\n \n \n \n\n \n \n \n

如果出现活跃的二级市场，我们预计投资者将主要在该二级市场买卖这些票据。

指数：

这些票据的回报与三倍杠杆参与\nS-Network MicroSectors^TM 黄金矿商指数的表现相关，如本文档所述每日复利，减去\n适用费用。该指数是一个按市值加权的指数，跟踪两只交易所交易基金（ETF）的表现，即\nVanEck^® 黄金矿商ETF（“GDX”）和 VanEck^® 初级黄金矿商ETF（“GDXJ”）。\n我们将 GDX 和 GDXJ 称为“ETF”。该指数是一个总回报指数。有关该指数及其计算方法的更多信息，请参见下面的“指数”部分。

\n\n\n

该指数的交易代码为“MINERS”。VettaFi LLC\n（“指数赞助商”）将在每个指数交易日发布基于 ETF 在其主要交易所收盘价的指数收盘值。Cboe Global Indices 将在每个指数交易日发布指数的盘中值。

\n \n

除了上述描述的指数收盘值外，\n 指数赞助商将在每个指数交易日发布一个单独的收盘值，该值基于 ETF 在交易最后 15 分钟的成交量加权平均价格。我们将该值称为“VWAP 收盘值”。\n VWAP 收盘值可在以下交易代码下找到：MINERSV。

\n \n

这些票据的付款最初与指数的收盘值相关，\n 如在“MINERS”符号下发布的。然而，如下面更详细地讨论的那样，在其期限内，这些票据的付款可能会与 VWAP 收盘值相关。参见下面的“—指数表现因素和 VWAP 收盘值”。

PS-1

ETF：		\n GDX 在扣除费用和开支前力求复制\nMarketVector^TM 全球黄金矿商指数的价格和收益率表现（对于 GDX，称为“底层指数”）。MarketVector^TM\n全球黄金矿商指数是一个调整流通量的修改市值加权指数，旨在跟踪全球\n黄金和白银采矿板块的表现。 \n\n\n\n GDXJ 在扣除费用和开支前力求复制\nMVIS^® 全球初级黄金矿商指数的价格和收益率表现（对于 GDXJ，称为“底层指数”）。\nMVIS^® 全球初级黄金矿商指数旨在跟踪全球黄金和白银采矿小型股板块的表现。 \n\n\n 我们在下面的章节中提供了更多有关 ETF 的信息，\n “ETF”。

交易所交易日：		“交易所交易日”是指票据的主要交易所或市场安排交易的任何一天。

指数交易日：		“指数交易日”是指指数赞助商发布指数收盘值（包括 VWAP 收盘值）的任何一天。

票据的付款

利息支付：		无。

到期时的付款/现金 \n结算金额：		If you hold your notes to maturity, you will receive a cash payment in U.S. dollars at maturity in an amount equal to the arithmetic mean of the closing Indicative Note Values on each Index Business Day in the Final Measurement Period. This amount will not be less than $0.

Final Measurement Period:		\n\n\n The 10 consecutive Index Business Days from and including the Calculation\nDate, subject to adjustment as described under “Additional Terms of the Notes – Market Disruption Events” in the product\nsupplement. \n\n\n If the Calculation Agent determines that the “aggregate\n market value” of the outstanding notes is less than or equal to $25,000,000 at the close of trading on the Index Business\n Day immediately preceding the Calculation Date, the Final Measurement Period will consist solely of the Calculation Date. \n \n The Calculation Agent will determine the aggregate market value\n for purposes of this section by multiplying the closing Indicative Note Value on the applicable date by the number of units of\n the notes that are outstanding on that date.

Calculation Date:		June 13, 2040

Indicative Note Value

Indicative Note Value:		\n\n\n On the Initial Trade Date, the Indicative Note Value of each note was\nequal to the initial Principal Amount of $25. On any subsequent Exchange Business Day until maturity, call or redemption of the notes,\nthe closing Indicative Note Value will equal (a) the Long Index Amount on that Exchange Business Day minus (b) the Financing Level\non that Exchange Business Day; provided that if that calculation results in a value less than or equal to $0, the closing Indicative Note\nValue will be $0. If the closing Indicative Note Value is $0 on any Exchange Business Day, or the Intraday Indicative Value at any time\nduring the Core Trading Session (as defined below) on an Exchange Business Day, is less than or equal to $0, then the Indicative Note\nValue on all future days during the term of the notes will be $0. *If the Indicative Note Value is $0, the Cash Settlement Amount\nwill be $0.* \n\n

PS-2

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

		The NYSE currently defines the “Core Trading Session”\n as 9:30AM to 4:00PM, New York time. This definition may change during the term of the notes. \n \n On October 31, 2022, we effected a 1-for-10 reverse split of the notes.\nThe closing Indicative Note Value on October 28, 2022 was multiplied by 10 to determine the reverse split-adjusted Indicative Note Value.

Long Index Amount:		On the Initial Trade Date, the Long Index Amount was equal to the Daily\nLeverage Factor times the principal amount, which was equal to $75. On any subsequent Exchange Business Day until maturity, call or redemption\nof the notes, the Long Index Amount will equal the product of (a) the closing Indicative Note Value on the immediately preceding Exchange\nBusiness Day times (b) the Daily Leverage Factor times (c) the Index Performance Factor on that Exchange Business Day.

Daily Leverage Factor:		3

Market Disruption Events:		\n 如果在任何适用的指数交易日发生或持续发生市场中断事件，且该日需要确定指数表现系数，则计算代理将根据该适用指数交易日的适当收盘水平（或VWAP收盘水平）确定该日的指数表现系数，同时考虑此类市场中断事件的性质和持续时间。此外，如果在任何指数交易日（或在前一个指数交易日）发生并持续发生与该等票据相关的市场中断事件，指数表现系数的计算将进行调整，使得适用的杠杆敞口在没有与该等票据相关的市场中断事件持续的首个指数交易日之前不会重置。 \n \n 请参见产品补充文件中的“附加条款—市场中断事件”部分，以获取有关市场中断事件的更多信息。

融资水平的计算

融资水平：		在初始交易日，融资水平等于长期指数金额减去初始交易日的本金金额，该金额等于50美元。在到期、赎回或赎回之前，任何后续的交易所交易日，融资水平将等于（a）前一个交易所交易日的收盘指示性票据价值乘以每日融资因子，加上（b）该交易所交易日的每日融资费用，再加上（c）该交易所交易日的每日投资者费用。

每日融资因子：		2

指数表现系数和VWAP 收盘水平

指数表现系数：		\n 在初始交易日，指数表现系数被设定为1。在到期、赎回或赎回之前的任何后续交易所交易日，指数表现系数将等于（a）该交易所交易日的指数收盘水平（或如果适用，VWAP收盘水平）除以（b）前一个指数交易日的指数收盘水平（或VWAP收盘水平），由计算代理确定。 \n \n 指数表现系数的计算可能会根据“—使用VWAP收盘水平”下的描述进行更改。

PS-3

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

使用VWAP收盘水平：		计算代理有权自行决定根据适用指数交易日的VWAP收盘水平计算指数表现系数。为避免疑义，在首次使用VWAP收盘水平的交易所交易日，为计算指数表现系数的目的，指数表现系数将等于（a）该交易所交易日的VWAP收盘水平除以（b）前一个指数交易日的指数收盘水平。此后，（b）将基于前一个指数交易日的VWAP收盘水平。

		如果计算代理机构选择参照本节所述的VWAP收盘水平，我们将通知票据受托人，并将发布一份新闻稿，该新闻稿将在适用变更生效日期前至少五个交易所营业日发布在我们的网站上。 \n\nOnce the VWAP Closing Level is used to calculate the Index Performance Factor, the Calculation Agent may elect to resubstitute the closing level of the Index as published under the symbol MINERS in lieu of the VWAP Closing Level by following the same procedures set forth in this section. For the avoidance of doubt, on the first Exchange Business Day where the Index Closing Level is used again, for purposes calculating the Index Performance Factor, the Index Performance Factor will equal (a) the Index Closing Level on that Exchange Business Day divided by (b) the VWAP Closing Level on the immediately preceding Index Business Day. Thereafter, “(b)” will be based on the Index Closing Level on the preceding Index Business Day.

每日融资费用

每日融资费用：		\n 在初始交易日，每日融资费用为$0。在初始交易日之后的任何交易所营业日，直到票据到期、赎回或提前赎回，每日融资费用将等于（a）前一个交易所营业日的收盘指示性票据价值乘以（b）每日融资因子乘以（c）每日融资利率除以（d）365再乘以（e）自上一个交易所营业日以来的日历天数。 \n\n 由于每日融资费用是按日计算并添加到融资水平上的，因此每日融资费用的净影响会随时间累积。

每日融资利率：		\n 每日融资利率等于（a）美联储理事会（“美联储”）发布的最新银行优惠贷款利率（“美联储优惠贷款利率”）；加上（b）融资利差。该利率基于大型受保险的美国特许商业银行发布的优惠利率。银行优惠贷款利率将为彭博页面“FCPR Index”上的利率，或计算代理机构合理确定的任何其他后续适用来源。美联储优惠贷款利率的上升将导致每日融资利率上升，并且在其他条件不变的情况下，会降低票据的收益。 \n \n 如果计算代理机构确定该利率不再发布或可用，计算代理机构可以合理确定在该情况下适当的替代利率，并作出任何适用的调整。

融资利差：		年化5.00%。融资利差可能由计算代理机构不时调整；但融资利差不会超过年化5.00%。参见下文“—调整融资利差的程序”。

每日投资者费用

每日投资者费用：		\n 在初始交易日，每日投资者费用为$0。在初始交易日之后的任何交易所营业日，直到票据到期、赎回或提前赎回，每日投资者费用将等于（a）前一个交易所营业日收盘时的指示性票据价值乘以（b）费用率除以（c）365再乘以（d）自上一个交易所营业日以来的日历天数。

PS-4

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

		由于每日投资者费用是作为融资水平的一部分计算的，并通过该水平在每天从收盘指示性票据价值中扣除，因此每日投资者费用的净影响会随时间累积，并以每年等于下文规定的费用率的速率扣除。由于每日投资者费用的净影响是票据价值的固定百分比，因此每日投资者费用的总影响将与票据的价值和所持票据的数量成正比地增加或减少。

费用率：		年化0.95%

费用调整

调整 \n融资利差的程序：		计算代理可能调整融资利差，但须受本文件中规定的限制。如果选择这样做，我们将通知票据受托人，并发布一份新闻稿，该新闻稿将在生效日期（“费用生效日期”）前至少五个营业日发布在我们的网站上。我们将发布该新闻稿的日期称为“费用通知日期”。尽管有上述规定，任何融资利差的减少的费用生效日期可以是费用通知日期之后，并在相关新闻稿中指定的任何日期。

赎回权

赎回权：		\n 在初始交易日后任何指数营业日，我们可能发出通知，表示我们将赎回已发行和流通的全部或部分票据。为了行使我们的赎回权，我们必须在下文所述的赎回结算日之前，并在产品补充文件中规定的时间内，向持有人发出通知。通知将说明我们将赎回的票据金额。如果我们行使赎回权，您将收到一笔现金支付，金额等于赎回结算金额，该金额将在赎回结算日支付。 \n \n 如果赎回结算金额小于或等于0美元，行使赎回权时的支付金额将为0美元。 \n \n 赎回结算日将是赎回测量期最后一天指数营业日后第五个营业日。我们可以在票据期限内多次选择赎回部分票据。 \n \n 赎回测量期将是从适用的赎回计算日期开始并包括该日期的连续10个指数营业日的期间，除非如下所述，并根据产品补充文件中“票据的附加条款——市场中断事件”所述进行调整。 \n \n 如果计算代理确定在赎回计算日期前一天交易结束时，全部或部分赎回的票据的“总市值”小于或等于2500万美元，则赎回测量期将仅包括赎回计算日期，而不会延长为10个指数营业日。 \n \n 为了本节的目的，计算代理将通过将适用日期的收盘指示性票据价值乘以该日期流通的票据单位数量来确定总市值。 \n \n 由于托管信托公司（“DTC”）是票据的唯一注册持有人，赎回通知将根据其适用的政策和程序仅发送给DTC。票据的受益所有人将不会直接从我们处收到赎回通知。受益所有人应通过其持有票据的经纪人、银行或其他中介联系以获取有关任何通知和相关程序的信息。我们不对任何中介向受益所有人提供通知的方式负责，也无权控制该方式。

PS-5

赎回结算金额：		如果我们行使赎回权，对于每张被赎回的票据，您将在赎回结算日收到一笔现金支付，金额等于赎回测量期内每个指数营业日的收盘指示性票据价值的算术平均值。 \n \n 如果发出赎回通知，\"赎回计算日\"将是适用的赎回通知发出后的下一个指数交易日。赎回结算日将是赎回测量期最后一个指数交易日后的第五个交易日。

持有人选择的提前赎回

提前赎回：		\n 在您遵守产品补充文件中“附注条款——持有人选择的提前赎回”所描述的程序的前提下，提前赎回时，您将按每份票据在相关赎回日获得现金支付，金额等于（a）赎回测量日的指示票据价值减去（b）赎回费用金额。我们将此现金支付称为“赎回金额”。

最终赎回日：		最终赎回日将是计算日或赎回计算日（以适用者为准）之前的最后一个预定指数交易日。

赎回费用金额：		在任何赎回日，每份票据的现金金额等于（a）0.125% 与（b）指示票据价值的乘积。我们保留随时根据具体情况自行决定减少或豁免赎回费用金额的权利。在行使要求我们赎回票据的权利时，您不应假定您将有权享受任何此类豁免的好处。

最低赎回 \n金额：		\n 至少25,000份票据。为满足最低赎回金额，您的经纪人或其他金融机构可能会将您的票据与其他投资者的票据合并以达到此最低金额；但是，不能保证他们能够或将会这样做。我们可能会随时自行决定全部或部分减少此最低要求。任何此类减少将在减少生效时所有票据持有人之间一致适用。 \n \n 如果在任何费用通知日或其后五个交易日内有效选择赎回，最低赎回金额将不适用，前提是融资利差已增加。

赎回测量 \n日：		适用的“赎回测量日”是指适用的赎回通知日后的第一个指数交易日，根据“— 市场中断事件”中所述进行调整。我们保留随时自行决定将赎回测量日加速至赎回通知日的权利。

表现 \n信息

初始指数水平：		1,566.56，这是初始交易日的指数收盘水平。

指数收盘水平：		在任何指数交易日，根据上述适用的符号在彭博社上报告的指数收盘水平，根据产品补充文件中“附注条款——市场中断事件”所述进行调整。

盘中指示价值：		在交易所交易日的任何时间，票据的盘中指示价值等于（a）盘中长期指数金额减去（b）融资水平；但若该计算结果小于或等于0美元，则盘中指示价值为0美元。如果在任何交易所交易日的任何时间盘中指示价值小于或等于0美元，则当天的盘中指示价值和收盘指示票据价值，以及票据期限剩余期间的指示价值均为0美元。

PS-6

\n \n \n \n\n \n \n \n\n \n \n \n

盘中多头指数 \n金额：		盘中多头指数金额将等于（a）前一交易日的指示性票据价值收盘价乘以（b）每日杠杆因子乘以（c）盘中指数表现因子。

盘中指数 \n表现因子：		盘中指数表现因子将等于（a）最近发布的指数水平（基于代码“MINERS”）除以（b）前一交易日的指数收盘水平。

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

附加信息

计算代理：		BMO Capital Markets Corp。

不转换为 \n普通股份：		根据《加拿大存款保险公司法》（“CDIC法”）第39.2(2.3)款，这些票据不会转换为我们的普通股份或我们任何附属公司的普通股份。

这些票据并非旨在作为“买入并持有”投资，也不旨在持有至到期。相反，这些票据旨在作为熟练投资者的每日交易工具，作为整体多样化投资组合的一部分，以管理每日交易风险。这些票据旨在反映每日对指数表现的3倍杠杆多头头寸，但在考虑每日投资者费用、每日融资费用和赎回费用金额（如适用）之前。然而，由于每日重新设定杠杆，这些票据在不同时间段的收益可能与直接在指数上的长期投资收益相差很大。这些票据旨在每日实现其声明的投资目标。这些票据在不同时间段的表现可能与它们声明的每日目标显著不同。这些票据比具有中期或长期投资目标的证券风险要大得多，不适合计划持有超过一天或采用“买入并持有”策略的投资者。投资者应积极并持续地在盘中监控其在这些票据上的投资，任何决定持有超过一天的决策都应谨慎作出，并且仅在一系列每日（或更频繁）的投资决策之后，决定继续持有这些票据以应对下一个一天期。这些票据对指数水平的变化非常敏感，指数在每日或盘中基础上的波动可能会以复杂的方式对这些票据的收益产生负面影响。即使指数的长期表现是积极的，您仍可能在这些票据中遭受重大损失。因此，这些票据只能由了解并能够承担这些票据潜在风险和后果的熟练投资者购买，这些票据旨在提供每日杠杆指数表现的敞口，且将高度波动，并可能在短时间内出现重大损失，甚至全部投资金额。

每日重新设定杠杆可能会导致每张票据经历“衰减”效应，这种效应可能会随时间推移而加剧，并且指数波动性越大，衰减效应越明显。所谓的“衰减”效应指的是票据随时间推移而贬值的倾向。详见“风险因素”和“假设性示例—票据“衰减”效应的说明”。正如本定价补充文件中的“风险因素”所解释的，由于每日复利杠杆工具（如票据）的性质，到期、赎回或提前赎回时的支付金额很可能显著低于票据的面值金额。在几乎所有可能的情景中，票据的长期表现很可能是负面的，无论指数的表现如何，我们并不打算或期望任何投资者从票据发行开始持有至到期。即使指数的长期表现是积极的，票据也可能会遭受重大损失。

收盘时的指示性票据价值将反映每日扣除的每日投资者费用和每日融资费用。如果指数水平下降或没有足够上涨，在考虑了由于每日重新设定杠杆导致的衰减效应后，无法抵消每日投资者费用和每日融资费用，并且在提前赎回的情况下，无法抵消您持有票据期间的赎回费用金额，那么票据的价值将下降，您将损失部分或全部投资。

PS-7

本文件发布日期之后，我们可能会根据销售时的收盘指示性票据价值、与市场价格相关的价格或协商价格，不时以这些价格出售部分票据。我们获得的收益将等于票据向公众出售价格的100%，减去支付给BMO Capital Markets Corp.（“BMOCM”）的任何佣金。BMOCM可能在票据的任何买卖交易中收取正常佣金。此外，BMOCM可能获得每日投资者费用的一部分。有关更多信息，请参见“补充分销计划（利益冲突）”部分。

如果对票据有大量需求，我们可能会向BMOCM发行并出售额外的票据，BMOCM可能将这些票据出售给投资者和交易商，可能经常如此。然而，我们和BMOCM在任何时候都没有义务发行或出售额外的票据，如果我们和BMOCM确实发行并出售额外的票据，我们或BMOCM可能会限制或限制此类销售，我们可能随时停止并随后重新开始出售额外的票据。

我们或BMOCM对票据的发行或销售的任何限制或暂停可能会对票据在二级市场的价格和流动性产生重大不利影响。或者，供应量的减少可能导致市场供需失衡，这可能导致票据以高于票据指示价值的溢价交易。任何溢价可能随时减少或消除。在票据的指示价值之上支付溢价购买价格可能导致投资者在出售此类票据时出现重大损失，此时该溢价可能已不在市场中，或此类票据被提前赎回，包括我们有权随时选择提前赎回。投资者在购买或出售票据前应咨询其财务顾问，特别是购买或出售高于其指示价值交易的票据时。

尽管票据的名称中包含“交易所交易票据”一词，但我们并无义务将票据在纽约证券交易所或其他任何交易所上市。由于票据不再符合交易所的上市要求，或由于我们自行决定决定停止在任何交易所上市票据，票据可能不再在纽约证券交易所或其他交易所上市。我们可能随时且出于任何原因决定停止票据的上市，包括在决定停止进一步发行和销售票据的情况下。如果票据不再在纽约证券交易所或其他交易所上市，票据的流动性可能会受到严重影响，票据可能以显著低于其指示价值的折扣交易。如果票据不再在交易所上市，“交易所交易票据”一词仍将包含在其名称中。

我们可能在票据的首次销售中使用此定价补充文件。此外，BMOCM或我们其他关联公司可能在票据首次销售后使用此定价补充文件进行做市交易。除非我们或我们的代理人在此销售确认中或在与销售确认同时送达的通知中另有说明，此定价补充文件正在用于做市交易。

* 本修订案第29号是针对2020年12月2日的定价补充文件（经修订，称为“定价补充文件”）的修订，目的是发行总额为2.5亿美元的额外票据，我们将其称为“额外票据”。在本修订案第29号日期之前，总额为22.5亿美元的票据（我们将其称为“原始票据”）已发行。额外票据是进一步发行的票据，与原始票据合并并形成单一档次。额外票据与原始票据具有相同的CUSIP，并可互换交易。本定价补充文件中对“票据”的引用，是指此类额外票据和原始票据的总称。额外票据预计将于2026年10月13日左右结算。在发行此类额外票据后，该档次下已发行票据的总额将为25亿美元。

理解票据的价值

票据的初始发行价格在票据发行时确定。初始发行价格和盘中参考价值并不相同，后者不是您可以在二级市场出售票据的价格，也不是您选择要求我们回购票据时您将收到的赎回金额。以下是对每种估值类型的解释。

PS-8

对公众的初始发行价格。\n对公众的初始发行价格等于票据的原始总面值。初始发行价格仅反映了票据在初始交易日的价值。

盘中参考价值。在交易所交易日的任何时间，票据的盘中参考价值将等于（a）盘中多头指数金额减去（b）融资水平；但若该计算结果如上所述等于或低于0美元，则盘中参考价值将为0美元。如果在任何交易所交易日的任何时间，盘中参考价值如上所述等于或低于0美元，则该交易所交易日以及所有未来交易所交易日的盘中参考价值和收盘参考票据价值都将为0美元。盘中多头指数金额将等于（a）前一交易所交易日的收盘参考票据价值乘以（b）每日杠杆因子再乘以（c）盘中指数表现因子。\n盘中指数表现因子将等于（a）最近发布的指数水平除以（b）前一指数交易日的指数收盘水平。

盘中参考价值与\n提前赎回、赎回或到期时应付的金额以及票据在二级市场的交易价格不同，可能也存在差异。由于盘中参考价值使用的是指数的盘中水平进行计算，指数盘中水平与前一指数交易日的指数收盘水平之间的变化可能导致在任何确定日期的收盘参考票据价值和盘中参考价值之间出现显著差异。盘中参考价值可能与前一或下一指数交易日的收盘参考票据价值或盘中购买的票据价格存在显著差异。票据的盘中参考价值将每15秒在彭博社上发布一次，其交易代码如本文所示。

交易价格。在任何给定时间，票据的市场价格，我们称之为交易价格，是您可能在二级市场（如果存在的话）购买或出售票据的价格。交易价格可能与盘中参考价值存在显著差异，因为市场价格反映了投资者对票据的供需情况。

赎回金额。赎回金额是我们在您要求赎回票据时向您支付的每张票据的价格。赎回金额根据上述公式计算。赎回金额可能与盘中参考价值和票据的交易价格存在显著差异。

由于赎回金额是根据在收到赎回通知后的下一个指数交易日结束时的指数收盘水平（或加权平均价格收盘水平）确定的，因此在您选择要求我们赎回您的票据时，您将无法知道您将获得的赎回金额。

交易代码

\n\n \n \n\n \n \n\n \n \n

交易价格：	GDXU
盘中指示价值：	GDXUIV
盘中指数价值：	MINERS<Index>

PS-9

风险因素

投资这些票据的风险显著高于投资传统债务证券的风险。这些票据不是担保债务，也不保证在到期、赎回或提前赎回时返还本金。如下面更详细地描述的那样，这些票据的交易价格在到期日之前可能会有很大波动。投资这些票据并不等同于直接投资于指数成分或任何成分发行人证券。此外，投资这些票据还涉及一些与传统债务证券投资无关的其他风险。除了产品补充文件、招股说明书补充文件和招股说明书中的“风险因素”部分外，在投资这些票据之前，您应仔细考虑以下风险讨论。

与票据条款相关的风险

这些票据不支付利息，也不保证返还您初始投资的任何部分。您可能会损失全部或大部分的票据投资。

这些票据的条款与普通债务证券不同，因为这些票据不保证在到期、赎回或提前赎回时返还本金，也不支付利息。相反，您将在到期、赎回或提前赎回时根据指数的杠杆表现（每日复利）减去每日投资者费用、每日融资费用以及在提前赎回的情况下减去赎回费用金额，以美元现金获得支付。因此，如果指数水平（或适用时的加权平均价格收盘水平）下降或没有增加到足以抵消这些费用的金额（考虑到每日重新设定杠杆造成的衰减效应），您可能会损失全部或大部分的票据投资。此外，即使指数水平（或适用时的加权平均价格收盘水平）上涨，您的票据回报可能不足以补偿由于通货膨胀和其他与货币价值随时间变化相关的因素导致的价值损失。

这些票据是短期交易工具，不设计用于满足任何超过一天的投资目标。

这些票据旨在根据指数（考虑成本和费用后的表现）在单日内的表现提供杠杆多头回报。这些票据并不试图，也不应期望提供反映指数在超过一天的时间段内的杠杆回报。

这些票据不旨在作为“买入并持有”的投资。这些票据旨在作为熟练投资者的每日交易工具，不旨在持有至到期。这些票据旨在每天实现其声明的投资目标，但由于投资者持有期越长，指数（或适用时的VWAP收盘价）水平与收盘指示票据价值之间的关系将开始失效，因此它们在不同时间段的表现可能与声明的每日目标显著不同。这些票据不是指数成分股的中期或长期替代品。投资者应仔细考虑这些票据是否适合其投资组合。

投资者应主动并持续地在盘中监控其在票据中的投资，并且任何决定持有票据超过一天的决定都应非常谨慎地做出，并且只能作为一系列每日（或更频繁）投资决策的结果，以决定在下一个交易日继续持有票据。因为这些票据旨在每日提供对指数（或适用时的VWAP收盘价）水平变动的杠杆多头敞口，因此这些票据在超过一天的时间段内的表现可能与同一时间段内指数的表现显著不同。 因此，即使指数的长期表现是积极的，您也可能在票据中遭受重大损失。指数水平可能随时间上涨，而票据的市场价值却可能随时间下降。 因此，只有了解并能够承担这些票据潜在风险和后果的熟练投资者才应购买这些票据，这些票据旨在提供每日杠杆化指数表现的敞口，且可能在短时间内高度波动，并可能遭受重大损失，甚至全部投资金额。投资者应主动且频繁地监控其在票据中的投资，甚至在盘中。 在考虑投资这些票据时，您应极其谨慎地行事。

PS-10

这些票据可能会随时间经历显著的“衰减”。因此，这些票据不适合具有中期或长期投资目标的投资者，也不旨在持有至到期。

每日重新设定的杠杆预计会导致这些票据出现“衰减”效应，如果指数在每日之间出现波动，这将损害票据的表现，且这种表现将取决于持有期内每日收益的路径。所谓的“衰减”效应指的是票据随时间推移而贬值的倾向。在较高波动范围内，即使指数表现平稳（在考虑每日投资者费用、每日融资费用和赎回费用金额（如适用）的负面影响之前），票据价值完全损失的可能性也很大。尽管衰减效应在票据持有时间越长时越有可能显现，但即使在短短两天的时间内，衰减效应也可能对票据的表现产生重大影响。这些票据仅应由寻求短期投资的成熟投资者购买，这些投资者了解杠杆风险，包括如本定价补充文件中所述维持恒定三倍每日重新设定杠杆的固有风险，以及投资回报路径依赖性的固有风险。这些票据不适合打算持有头寸以期在超过一天的时间段内产生回报的投资者。

有关衰减效应的重要要点的说明，请参见下面的“假设性示例—票据上‘衰减’效应的说明”。

即使仅持有1天，这些票据也极易受到指数水平突然大幅变动的影响。

由于这些票据反映了对指数水平从一天到下一天变化的杠杆敞口，如果指数在一天内大幅下跌，这些票据将经历放大的损失。例如，考虑到每日杠杆因子为3，如果指数在某一天内下跌5%，将导致票据在该一天内损失15%；如果指数在某一天内下跌10%，将导致票据在该一天内损失30%；如果指数在某一天内下跌约33.33%，将导致票据在该一天内损失100%，在此情况下不考虑适用费用的影响。

杠杆会增加您的票据对指数水平变化的敏感性。

由于您的票据投资是三倍杠杆，每日复利，指数水平（或适用时的VWAP收盘水平）的变化将对您的票据支付产生比非杠杆证券更大的影响。特别是，指数水平（或适用时的VWAP收盘水平）的任何下降都将导致您在到期、赎回或提前赎回时的支付显著减少，您在票据上的投资损失将比您的票据条款中不包含杠杆时的损失大得多。因此，由于这一每日重新设定的杠杆组成部分，且不考虑每日投资者费用和每日融资费用的累积负面影响，如果您在持有票据期间指数水平（或适用时的VWAP收盘水平）下降，每日重新设定的杠杆将放大到期、赎回或提前赎回时的任何损失。

票据的收盘指示性票据价值以及票据上的任何付款都将反映费用和费用的扣除。

在每个确定日，收盘指示性票据价值将反映每日投资者费用和每日融资费用的扣除。此外，如果您选择我们赎回您的票据，您的赎回付款将受赎回费用金额的约束（除非我们予以豁免）。因此，票据的收盘指示性票据价值将落后于没有此类扣除的假设相同证券的价值，并将减少到期、赎回或提前赎回时的付款，或者如果您在二级市场出售您的票据。

由于这些费用和费用，您持有票据期间指数的水平需要增加到足以抵消每日杠杆重置引起的衰减效应的金额，以抵消每日投资者费用和每日融资费用，并且在提前赎回的情况下，抵消赎回费用金额。如果指数水平在考虑了每日杠杆重置引起的衰减效应后下降或增加不足，以抵消您持有票据期间每日投资者费用、每日融资费用以及在提前赎回情况下赎回费用金额的累积负面影响，您将损失部分或全部投资。即使指数水平在您持有票据期间保持不变或下降，也可能发生这种损失。

PS-11

每日融资费用代表为了提供指数杠杆敞口而合成借入的金额。由于每日融资费用应用于考虑了每日融资因子2的融资水平，因此每日融资费用将按等于2×融资利率加上融资溢价的总和的比率减少票据的收盘指示性票据价值。

如果在交易所交易日的核心交易时段内，票据的盘中指示性价值等于或低于0美元，或者收盘指示性票据价值等于或低于0美元，您将损失在票据中的全部投资。

如果票据的收盘指示性票据价值或盘中指示性价值如上所述等于或低于0美元，那么票据将永久值0美元（价值完全损失），您将损失在票据中的全部投资，现金结算金额将为0美元。在这种情况下，我们很可能会全额赎回票据，您将不会收到票据上的任何付款。

如果我们使用VWAP收盘水平来确定票据的付款，您的票据回报可能会减少。

我们有权使用VWAP收盘价来确定指数表现因子，并据此确定票据的支付金额。VWAP收盘价是基于适用指数交易日最后15分钟内ETF的成交量加权平均价格。因此，在某些指数交易日，VWAP收盘价可能会低于指数收盘价，特别是如果某一天其中一个或两个ETF的最终交易价格高于适用的成交量加权平均价格时。因此，我们使用VWAP收盘价可能导致票据的支付金额低于如果在该指数交易日使用指数收盘价时的金额。

该票据受我们的信用风险影响。

The notes are subject to our credit risk, and our\ncredit ratings and credit spreads may adversely affect the market value of the notes. The notes are senior unsecured debt obligations\nof the issuer, Bank of Montreal, and are not, either directly or indirectly, an obligation of any third party. Investors are dependent\non our ability to pay all amounts due on the notes at maturity, call or upon early redemption or on any other relevant payment dates,\nand therefore investors are subject to our credit risk and to changes in the market’s view of our creditworthiness. If we were to\ndefault on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.

Our credit ratings are an assessment of our ability\nto pay our obligations, including those on the notes. Consequently, actual or anticipated changes in our credit ratings may affect the\nmarket value of the notes. However, because the return on the notes is dependent upon certain factors in addition to our ability to pay\nour obligations on the notes, an improvement in our credit ratings will not reduce the other investment risks related to the notes. Therefore,\nan improvement in our credit ratings may or may not have a positive effect on the market value of the notes.

Due to the effect of compounding, if the Indicative Note Value increases,\nany subsequent decrease of the level of the Index (or the VWAP Closing Level) will result in a larger dollar reduction from the Indicative\nNote Value than if the Indicative Note Value remained constant.

If the Indicative Note Value increases, the dollar\namount that you can lose in any single Index Business Day from a decrease of the level of the Index (or the VWAP Closing Level) will increase\ncorrespondingly. This is because the Index Performance Factor will be applied to a larger Indicative Note Value and, consequently, a larger\nLong Index Amount in calculating any subsequent Indicative Note Value. As such, the dollar amount that you can lose from any decrease\nwill be greater than if the Indicative Note Value were maintained at a constant level. This means that if the Indicative Note Value increases,\nyou could subsequently lose more than 3% of your initial investment for each 1% daily decrease of the level of the Index (or the VWAP\nClosing Level).

PS-12

Due to the effect of compounding, if the Indicative Note Value decreases,\nany subsequent increase of the level of the Index (or the VWAP Closing Level) will result in a smaller dollar increase on the Indicative\nNote Value than if the Indicative Note Value remained constant.

If the Indicative Note Value decreases, the dollar\namount that you can gain in any single Index Business Day from an increase of the level of the Index (or the VWAP Closing Level) will\ndecrease correspondingly. This is because the Index Performance Factor will be applied to a smaller Indicative Note Value and, consequently,\na smaller Long Index Amount in calculating any subsequent Indicative Note Value. As such, the dollar amount that you can gain from any\nincrease of the level of the Index (or the VWAP Closing Level) will be less than if the Indicative Note Value were maintained at a constant\nlevel. This means that if the Indicative Note Value decreases, it will take larger daily increases of the level of the Index (or the VWAP\nClosing Level) to restore the value of your investment back to the amount of your initial investment than would have been the case if\nthe Indicative Note Value were maintained at a constant level. Further, if you invest in the notes, you could gain less than 3% of your\ninitial investment for each 1% daily increase of the level of the Index (or the VWAP Closing Level).

The leverage of the notes is reset daily, and the leverage of the\nnotes during any given day may be greater than or less than 3.0.

The leverage of the notes is reset daily (subject\nto the occurrence of a Market Disruption Event). Resetting the Indicative Note Value has the effect of resetting the then-current leverage\nto approximately 3.0. During any given day, the leverage of the notes will depend on intraday changes in the level of the Index (or the\nVWAP Closing Level) and any change in the level of the Index (or the VWAP Closing Level) on any day may be greater or less than 3.0. If\nthe level of the Index (or the VWAP Closing Level) on any day has increased from the Index Closing Level (or the VWAP Closing Level) on\nthe preceding day, the leverage of the notes will be less than 3.0 (e.g. 2.0, 1.0, 0.5); conversely, if the level of the Index\n(or the VWAP Closing Level) on any day has decreased from the Index Closing Level (or the VWAP Closing Level) on the preceding day, the\nleverage of the notes will be greater than 3.0 (e.g., 3.3, 4.0, 6.0). Thus, the leverage of the notes at the time that you purchase\nthem may be greater or less than the target leverage of 3.0, depending on the performance of the Index since the leverage was reset. See\n“—The notes are subject to intraday purchase risk” below.

The notes are subject to our call right, which may result in a forced\nearly redemption and a potential loss on your investment.

We may, in our sole discretion, redeem the notes,\nin whole or in part, on any Index Business Day after the Initial Trade Date. If we exercise this call right, the term of the affected\nnotes will be reduced. Upon redemption, you will receive, for each note called, a cash payment on the Call Settlement Date equal to the\nCall Settlement Amount, which will be equal to the arithmetic mean of the closing Indicative Note Values on each Index Business Day in\nthe Call Measurement Period. The Call Settlement Amount may be less than the price you paid for the notes, and you may lose some, or all,\nof your initial investment.

On the Call Settlement Date, BMO will redeem the\nnotes and, in exchange, will pay investors holding the notes an amount in cash equal to the Call Settlement Amount. Once redeemed, the\nnotes will cease to be outstanding on the Call Settlement Date and investors will have no further rights under the notes after the Call\nSettlement Date. There is no guarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable\nreturn for a similar level of risk in the event the notes are called prior to maturity.

If we exercise our call right, the Call Settlement Amount will be\ndetermined over a ten-day Call Measurement Period, and you will not participate in any future performance of the Index after such Call\nMeasurement Period.

If we exercise our call right, the Call Measurement\nPeriod will consist of ten consecutive Index Business Days. If the level of the Index decreases on one or more Index Business Days in\nthe Call Measurement Period, the Call Settlement Amount will be adversely affected, and any such decrease could offset increases on other\nIndex Business Days in the Call Measurement Period.

In addition, the Call Settlement Date will be\nthe fifth Business Day following the last Index Business Day in the Call Measurement Period. Once the Call Measurement Period concludes,\nthe Call Settlement Amount will be determined and you will no longer have the ability to participate in the future performance of the\nIndex. Therefore, if the level of the Index increases between the last Index Business Day in the Call Measurement Period and the Call\nSettlement Date, you will not participate in any such increase and may lose out on substantial gains.

PS-13

The exercise of our call right may adversely affect the value of,\nor your ability to sell, your notes in the secondary market.

Our election to exercise our call right may adversely\naffect your ability to sell your notes, and/or the price at which you may be able to sell your notes in the secondary market prior to\nthe Call Settlement Date.

Investors who purchase the notes in the secondary\nmarket at a price greater than the Call Settlement Amount will incur a loss if the notes are called. Similarly, investors who sell the\nnotes in the secondary market at a price below the Call Settlement Amount that they would have received had they held the notes through\nthe Call Settlement Date will forgo the opportunity to receive a higher amount and will experience a lower return than if they had held\nthe notes until the Call Settlement Date. In either case, investors may suffer losses, which could be significant. No additional compensation\nwill be paid for the loss of the potential investment opportunity of holding the notes.

We will exercise our call right without taking\nyour interests into account. Consequently, a potential conflict between our interests and those of the noteholders exists with respect\nto our call right.

If we exercise our call right, the Call Settlement Amount may be\nless than the closing Indicative Note Value at the time we give notice.

The Call Settlement Amount will be based on the\naverage of the closing Indicative Note Values during the Call Measurement Period, which will commence after the date we deliver the call\nnotice. The level of the Index and closing Indicative Note Value may fluctuate significantly between the date we deliver the call notice\nand the Call Measurement Period—including as a result of trading activity by us or our affiliates—potentially resulting in\na Call Settlement Amount that is lower than both your purchase price and the indicative value at the time of the call notice.

If we exercise our call right, we will cause a call notice to be delivered\nsolely to DTC.

If we exercise our call right, we will cause a\ncall notice to be delivered solely to DTC, in accordance with its applicable policies and procedures. The notes will be issued in book-entry\nform and represented by a global security deposited with, and registered in the name of, DTC or its nominee. Accordingly, DTC will be\nthe sole registered holder of the notes, and beneficial owners will not receive notices directly from us.

Beneficial owners should contact their broker,\nbank, or other intermediary through which they hold notes to obtain information about any notices and related procedures. We are not responsible\nfor, and have no control over, the manner in which any intermediary provides notices to beneficial owners.

The notes do not pay any interest, and you will not have any ownership\nrights in the Index constituents.

The notes do not pay any interest, and you should\nnot invest in the notes if you are seeking an interest-bearing investment. You will not have any ownership rights in the Index constituents,\nnor will you have any right to receive dividends or other distributions paid to holders of the Index constituents, except as reflected\nin the level of the Index. The Cash Settlement Amount, the Call Settlement Amount, or Redemption Amount, if any, will be paid in U.S.\ndollars, and you will have no right to receive delivery of any shares of the Index constituents.

The Index Closing Levels or VWAP Closing Levels used to calculate\nthe payment at maturity, call or upon a redemption may be less than those levels on the Maturity Date, Call Settlement Date or at other\ntimes during the term of the notes.

The Index Closing Level or VWAP Closing Level\non the Maturity Date, Call Settlement Date or at other times during the term of the notes, including dates near the Final Measurement\nPeriod or the Call Measurement Period, as applicable, could be greater than any of the Index Closing Levels or VWAP Closing Levels, as\napplicable, during the Final Measurement Period or Call Measurement Period, as applicable. This difference could be particularly large\nif there is a significant increase in the Index Closing Level or VWAP Closing Level after the Final Measurement Period or the Call Measurement\nPeriod, as applicable, or if there is a significant decrease in the Index Closing Level or VWAP Closing Level around the Final Measurement\nPeriod or the Call Measurement Period, as applicable, or if there is significant volatility in the Index Closing Level or VWAP Closing\nLevels, as applicable, during the term of the notes.

PS-14

There are restrictions on the minimum number of notes you may request\nthat we redeem and the dates on which you may exercise your right to have us redeem your notes.

If you elect to require us to redeem your notes,\nexcept under the circumstances set forth above, you must request that we redeem at least 25,000 notes on any Business Day, through and\nincluding the Final Redemption Date. If you own fewer than 25,000 notes, you generally will not be able to elect to require us to redeem\nyour notes. Your request that we redeem your notes is only valid if we receive your Redemption Notice by email no later than 2:00 p.m.,\nNew York City time, on the applicable Redemption Notice Date and a completed and signed Redemption Confirmation by 5:00 p.m., New York\nCity time, that same day. If we do not receive such notice and confirmation, your redemption request will not be effective and we will\nnot redeem your notes on the corresponding Redemption Date.

The daily redemption feature is intended to induce\narbitrageurs to counteract any trading of the notes at a premium or discount to their indicative value. There can be no assurance that\narbitrageurs will employ the redemption feature in this manner.

Because of the timing requirements of the Redemption\nNotice and the Redemption Confirmation, settlement of the redemption will be prolonged when compared to a sale and settlement in the secondary\nmarket. Because your request that we redeem your notes is irrevocable, this will subject you to loss if the level of the Index (or the\nVWAP Closing Level) decreases after we receive your request. Furthermore, our obligation to redeem the notes prior to maturity may be\npostponed upon the occurrence of a Market Disruption Event.

If you want to sell your notes but are unable\nto satisfy the minimum redemption requirements, you may attempt to sell your notes into the secondary market at any time, subject to the\nrisks described below. A trading market for the notes may not develop. Also, the price you may receive for the notes in the secondary\nmarket may differ from, and may be significantly less than, the Redemption Amount.

You will not know the Redemption Amount at the time you elect to\nrequest that we redeem your notes.

You will not know the Redemption Amount you will\nreceive at the time you elect to request that we redeem your notes. Your notice to us to redeem your notes is irrevocable and must be\nreceived by us no later than 2:00 p.m., New York City time, on the applicable Redemption Notice Date and a completed and signed confirmation\nof such redemption must be received by us no later than 5:00 p.m., New York City time, on the same day. The Redemption Measurement Date\nis the Index Business Day following the applicable Redemption Notice Date, unless we elect to move that date to the Redemption Notice\nDate. You will not know the Redemption Amount until after the Redemption Measurement Date, and we will pay you the Redemption Amount,\nif any, on the Redemption Date, which is the third Business Day following the applicable Redemption Measurement Date. As a result, you\nwill be exposed to market risk in the event the level of the Index (or the VWAP Closing Level) fluctuates after we confirm the validity\nof your notice of election to exercise your right to have us redeem your notes, and prior to the relevant Redemption Date.

Significant aspects of the tax treatment of the notes are uncertain\nand certain aspects (including withholding) may make the notes less suitable for certain non-U.S. investors.

The tax treatment of the notes is uncertain. We do not plan to request a ruling from the Internal Revenue Service\nor from any Canadian authorities regarding the tax treatment of the notes, and the Internal Revenue Service or a court may not agree with\nthe tax treatment described in this pricing supplement.

Because we take the position that the notes are\ndelta one instruments for purposes of Section 871(m) of the U.S. Internal Revenue Code (“Section 871(m)”), the notes will\nbe subject to withholding under Section 871(m), as discussed in “Supplemental Tax Considerations— U.S. Federal Income Tax\nConsiderations” below.

The Internal Revenue Service has issued a notice indicating that it\nand the Treasury Department are considering whether, among other issues, an investor in prepaid forward contracts or other similar instruments\nshould be required to accrue income over the term of an instrument such as the notes even though that investor will not receive any payments\nwith respect to the notes until maturity (or early redemption) and whether all or part of the gain an investor may recognize upon sale\nor maturity of an instrument such as the notes could be treated as ordinary income. The outcome of this process is uncertain and could\napply on a retroactive basis.

PS-15

Moreover, certain investors that are not “United\nStates persons” for U.S. income tax purposes may incur U.S. tax obligations as a result of an investment in the notes.

Please read carefully the section entitled “Supplemental\nTax Considerations” in the product supplement and in this pricing supplement. You should consult your tax adviser about your own\ntax situation.

Risks Relating to Liquidity and the Secondary Market

The Intraday Indicative Value and the Indicative Note Value are\nnot the same as the closing price or any other trading price of the notes in the secondary market.

The Intraday Indicative Value at any point in\ntime during the Core Trading Session of an Exchange Business Day will equal (a) the Intraday Long Index Amount minus (b) the Financing\nLevel; provided that if such calculation results in a value equal to or less than $0, the Intraday Indicative Value will be $0. Because\nthe Intraday Indicative Value uses an intraday level of the Index for its calculation, a variation in the intraday level of the Index\nfrom the previous Index Business Day’s Index Closing Level (or VWAP Closing Level) may cause a significant variation between the\nclosing Indicative Note Value and the Intraday Indicative Value on any date of determination. The Intraday Indicative Value also does\nnot reflect intraday changes in the leverage; it is based on the constant Daily Leverage Factor of 3. Consequently, the Intraday Indicative\nValue may vary significantly from the previous or next Index Business Day’s closing Indicative Note Value or the price of the notes\npurchased intraday.

The trading price of the notes at any time is\nthe price at which you may be able to sell your notes in the secondary market at such time, if one exists. The trading price of the notes\nat any time may vary significantly from the Intraday Indicative Value of the notes at such time due to, among other things, imbalances\nof supply and demand, lack of liquidity, transaction costs, credit considerations and bid-offer spreads, and any corresponding premium\nin the trading price may be reduced or eliminated at any time. Paying a premium purchase price over the Intraday Indicative Value of the\nnotes could lead to significant losses in the event the investor sells such notes at a time when that premium is no longer present in\nthe marketplace or the notes are called, in which case investors will receive a cash payment based on the closing Indicative Note Value\nof the notes during the Call Measurement Period. See “— There is no assurance that your notes will continue to be listed on\na securities exchange, and they may not have an active trading market” below. We may, without providing you notice or obtaining\nyour consent, create and issue notes in addition to those offered by this pricing supplement having the same terms and conditions as the\nnotes. However, we are under no obligation to sell additional notes at any time, and we may suspend issuance of new notes at any time\nand for any reason without providing you notice or obtaining your consent. If we limit, restrict or stop sales of additional notes, or\nif we subsequently resume sales of such additional notes, the price and liquidity of the notes could be materially and adversely affected,\nincluding an increase or decline in the premium purchase price of the notes over the Intraday Indicative Value of the notes. Before trading\nin the secondary market, you should compare the Intraday Indicative Value with the then-prevailing trading price of the notes.

Publication of the Intraday Indicative Value may\nbe delayed, particularly if the publication of the intraday Index value is delayed. See “Intraday Value of the Index and the Notes—Intraday\nIndicative Note Values.”

There is no assurance that your notes will continue to be listed\non a securities exchange, and they may not have an active trading market.

The notes are listed on the NYSE under the ticker symbol “GDXU.”\nHowever, no assurance can be given as to the continued listing of the notes for their term or of the liquidity or trading market for the\nnotes. There can be no assurance that a secondary market for the notes will be maintained.

Although the title of the notes includes the words\n“exchange-traded notes”, we are not obligated to maintain the listing of the notes on the NYSE or any other exchange. The\nnotes may cease to be listed on the NYSE or any other exchange because we elect in our sole discretion to discontinue the listing of the\nnotes on any exchange. We may elect to discontinue the listing of the notes at any time and for any reason, including in connection with\na decision to discontinue further issuances and sales of the notes. In addition, the notes may cease to be listed on the NYSE or any other\nexchange because they cease to meet the listing requirements of the exchange. For example, in the event that there is a material change\nin the Index that causes the Index to no longer meet the exchange’s listing requirements.

PS-16

If the notes cease to be listed on the NYSE or\nany other exchange, the liquidity of the notes is likely to be significantly adversely affected and the notes may trade at a significant\ndiscount to their indicative value. If the notes ceased to be listed on an exchange, the words “exchange-traded notes” will\nnevertheless continue to be included in their title. If the notes are delisted, they will no longer trade on a national securities exchange\nand the liquidity of the notes is likely to be significantly adversely affected. Trading in delisted notes, if any, would be on an over-the-counter\nbasis. If the notes are removed from their primary source of liquidity, it is possible that holders may not be able to trade their notes\nat all. We cannot predict with certainty what effect, if any, a delisting would have on the trading price of the notes; however, the notes\nmay trade at a significant discount to their indicative value. If a holder had paid a premium over the Intraday Indicative Value of the\nnotes and wanted to sell the notes at a time when that premium has declined or is no longer present, the investor may suffer significant\nlosses and may be unable to sell the notes in the secondary market.

The liquidity of the market for the notes may vary materially over\ntime, and may be limited if you do not hold at least 25,000 notes.

As stated on the cover of this pricing supplement,\nwe sold a portion of the notes on the Initial Trade Date, and the remainder of the notes may be offered and sold from time to time, through\nBMOCM, our affiliate, as agent, to investors and dealers acting as principals. Certain affiliates of BMOCM may engage in limited purchase\nand resale transactions in the notes, and we or BMOCM may purchase notes from holders in amounts and at prices that may be agreed from\ntime to time, although none of us are required to do so. Also, the number of notes outstanding or held by persons other than our affiliates\ncould be reduced at any time due to early redemptions of the notes or due to our or our affiliates’ purchases of notes in the secondary\nmarket. Accordingly, the liquidity of the market for the notes could vary materially over the period you hold your notes. There may not\nbe sufficient liquidity to enable you to sell your notes readily and you may suffer substantial losses and/or sell your notes at prices\nsubstantially less than their Intraday Indicative Value or Indicative Note Value, including being unable to sell them at all or only for\na minimal price in the secondary market. You may elect to require us to redeem your notes, but such redemption is subject to the restrictive\nconditions and procedures described in this pricing supplement, including the condition that, except to the extent set forth above, you\nmust request that we redeem a minimum of 25,000 notes on any Redemption Date.

We may sell additional notes at different prices, but we are under\nno obligation to issue or sell additional notes at any time, and if we do sell additional notes, we may limit or restrict such sales,\nand we may stop selling additional notes at any time.

In our sole discretion, we may decide to issue\nand sell additional notes from time to time at a price that is higher or lower than the stated principal amount, based on the Indicative\nNote Value at that time. The price of the notes in any subsequent sale may differ substantially (higher or lower) from the issue price\npaid in connection with any other issuance of such notes. Additionally, any notes held by us or an affiliate in inventory may be resold\nat prevailing market prices. However, we are under no obligation to issue or sell additional notes at any time, and if we do sell additional\nnotes, we may limit or restrict such sales, and we may stop selling additional notes at any time. If we start selling additional notes,\nwe may stop selling additional notes for any reason, which could materially and adversely affect the price and liquidity of such notes\nin the secondary market.

Any limitation or suspension on the issuance or\nsale of the notes by us or BMOCM may materially and adversely affect the price and liquidity of the notes in the secondary market. Alternatively,\nthe decrease in supply may cause an imbalance in the market supply and demand, which may cause the notes to trade at a premium over the\nindicative value of the notes. Any premium may be reduced or eliminated at any time. Paying a premium purchase price over the Indicative\nNote Value could lead to significant losses if you sell those notes at a time when that premium is no longer present in the marketplace\nor if the notes are called at our option. If we call the notes prior to maturity, investors will receive a cash payment in an amount equal\nto the Call Settlement Amount, which will not include any premium. Investors should consult their financial advisers before purchasing\nor selling the notes, especially if they are trading at a premium.

The value of the notes in the secondary market may be influenced\nby many unpredictable factors.

The market value of your notes may fluctuate between\nthe date you purchase them and the relevant date of determination. You may also sustain a significant loss if you sell your notes in the\nsecondary market. Several factors, many of which are beyond our control, will influence the market value of the notes. We expect that,\ngenerally, the level of the Index (or VWAP Closing Level) on any day will affect the value of the notes more than any other single factor.\nThe value of the notes may be affected by a number of other factors that may either offset or magnify each other.

PS-17

The notes are subject to intraday purchase risk.

The notes may be purchased in the secondary market\nat prices other than the closing Indicative Note Value, which will have an effect on the effective leverage amount of the notes. Because\nthe exposure is fixed after the close of each trading day (subject to the occurrence of a Market Disruption Event) and does not change\nintraday as the level of the Index moves in favor of the notes (i.e., the level of the Index increases), the actual exposure in the notes\ndecreases. The reverse is also true. The table below presents the hypothetical exposure an investor has (ignoring all costs, fees and\nother factors) when purchasing a note intraday given the movement of the level of the Index since the closing level of the Index (or VWAP\nClosing Level) on the prior Index Business Day. The resulting effective exposure amount will then be constant for that purchaser until\nthe earlier of (i) a sale or (ii) the end of the relevant day. The table below assumes the closing Indicative Note Value for the notes\nwas $25 on the prior Index Business Day and the closing level of the Index (or VWAP Closing Level) on the prior Index Business Day was\n100.00.

A	B	C	D	E
Index Level \nor VWAP \nClosing \nLevel	% Change \nin Index Level \nor VWAP \nClosing Level	Hypothetical Price for 3x Notes \nC=$25(1+3B)	Hypothetical Notional \nExposure for 3x Notes \nD=$25(1+B)3	Effective Leverage \nAmount of 3x Notes \nE=D/C
120.00	20%	$40.00	$90.00	2.25
115.00	15%	$36.25	$86.25	2.38
110.00	10%	$32.50	$82.50	2.54
105.00	5%	$28.75	$78.75	2.74
104.00	4%	$28.00	$78.00	2.79
103.00	3%	$27.25	$77.25	2.83
102.00	2%	$26.50	$76.50	2.89
101.00	1%	$25.75	$75.75	2.94
100.00	0%	$25.00	$75.00	3.00
99.00	-1%	$24.25	$74.25	3.06
98.00	-2%	$23.50	$73.50	3.13
97.00	-3%	$22.75	$72.75	3.20
96.00	-4%	$22.00	$72.00	3.27
95.00	-5%	$21.25	$71.25	3.35
85.00	-15%	$13.75	$63.75	4.64
80.00	-20%	$10.00	$60.00	6.00

The table above shows that if the level of the\nIndex increases during the Index Business Day, your effective exposure decreases from three times leveraged long. For example, if the\nlevel of the Index increases by 20%, your effective exposure decreases from 3.00x to 2.25x.

The table above also shows that if the level of the Index decreases\nduring the Index Business Day, your effective exposure increases from three times leveraged long. For example, if the level of the Index\ndecreases by 20%, your effective exposure increases from 3.00x to 6.00x.

Risks Relating to Conflicts of Interest and Hedging

Please see the discussion in the product\nsupplement under the caption “Risk Factors—Risks Relating to Conflicts of Interest and Hedging” for important\ninformation relating to the different roles that we and our affiliates will play in connection with the offering of the notes,\nand the variety of conflicts of interest that may arise.

In addition to the conflicts of interest noted\nin that section, please note that we will have the rights set forth in the “Summary” section above, including the right to\nsubstitute the VWAP Closing Level for the closing level of the Index in order to determine the payments on the notes.

PS-18

Risks Relating to the Index

The holdings of the ETFs are concentrated in the gold and\nsilver mining industries.

All or substantially all of the equity securities\nheld by the ETFs are issued by gold or silver mining companies. An investment in the notes will be exposed to risks in the gold\nand silver mining industries. As a result of being linked to a single industry or sector, the notes may have increased volatility\nas the share prices of the ETFs, and therefore, the level of the Index (or the VWAP Closing Level), may be more susceptible to\nadverse factors that affect that industry or sector. Competitive pressures may have a significant effect on the financial condition\nof companies in these industries.

In addition, these companies are highly\ndependent on the price of gold or silver, as applicable. These prices fluctuate widely and may be affected by numerous factors.\nFactors affecting gold prices include economic factors, including, among other things, the structure of and confidence in the global\nmonetary system, expectations of the future rate of inflation, the relative strength of, and confidence in, the U.S. dollar (the\ncurrency in which the price of gold is generally quoted), interest rates and gold borrowing and lending rates, and global or regional\neconomic, financial, political, regulatory, judicial or other events. Gold prices may also be affected by industry factors such\nas industrial and jewelry demand, lending, sales and purchases of gold by the official sector, including central banks and other\ngovernmental agencies and multilateral institutions which hold gold, levels of gold production and production costs, and short-term\nchanges in supply and demand because of trading activities in the gold market. Factors affecting silver prices include general\neconomic trends, technical developments, substitution issues and regulation, as well as specific factors including industrial and\njewelry demand, expectations with respect to the rate of inflation, the relative strength of the U.S. dollar (the currency in which\nthe price of silver is generally quoted) and other currencies, interest rates, central bank sales, forward sales by producers,\nglobal or regional political or economic events, and production costs and disruptions in major silver producing countries such\nas Mexico and Peru. The supply of silver consists of a combination of new mine production and existing stocks of bullion and fabricated\nsilver held by governments, public and private financial institutions, industrial organizations and private individuals. In addition,\nthe price of silver has on occasion been subject to very rapid short-term changes due to speculative activities. From time to time,\nabove-ground inventories of silver may also influence the market.

The level of the Index and the prices of its components are\nnot necessarily related to the price of gold and silver bullion.

The ETFs invest in shares of gold and silver\nmining companies, but not in gold bullion or silver bullion. The level of the Index and the prices of the index components may\nunder- or over-perform gold bullion and/or silver bullion over the term of the notes.

A significant amount of the companies in\nthe MVIS^® Global Junior Gold Miners Index may be early-stage mining companies that are in the exploration stage\nonly or that hold properties that might not ultimately produce gold or silver.

A decrease in the price of gold and/or silver\nbullion could particularly adversely affect the profitability of small- and medium-capitalization mining companies and their ability\nto secure financing. Furthermore, companies that are only in the exploration stage are typically unable to adopt specific strategies\nfor controlling the impact of the price of gold.

The exploration and development of mineral deposits involve significant\nfinancial risks over a significant period of time which even a combination of careful evaluation, experience and knowledge may not eliminate.\nFew properties which are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves\nby drilling and to construct mining and processing facilities at a site. In addition, many early-stage miners operate at a loss and are\ndependent on securing equity and/or debt financing, which might be more difficult to secure for an early stage mining company than for\na more established counterpart.

Historical values of the Index should not be taken as an indication\nof the future performance of the Index during the term of the notes.

It is impossible to predict whether the value\nof the Index will fall or rise. The value of the Index will be influenced by complex and interrelated political, economic, financial and\nother factors that can affect the Index. Accordingly, any historical values of the Index do not provide an indication of the future performance\nof the Index.

PS-19

The Index Sponsor may adjust the Index in a way that may affect\nits level, and the Index Sponsor and the Intraday Index Calculation Agent have no obligation to consider your interests.

The Index Sponsor is responsible for maintaining the Index. The Index\nSponsor can add, delete or substitute an Index constituent or make other methodological changes that could change the level of the Index\n(or the VWAP Closing Level). The Index Sponsor will determine, for example, which exchange traded funds have an appropriate business for\ninclusion in the Index. Changes to the Index constituents may affect the Index (or the VWAP Closing Level), as a newly added equity security\nmay perform significantly better or worse than the Index constituent or constituents it replaces. Additionally, the Index Sponsor or the\nIntraday Index Calculation Agent may alter, discontinue or suspend calculation or dissemination of the Index. Any of these actions could\nadversely affect the value of the notes. The Index Sponsor and the Intraday Index Calculation Agent have no obligation to consider your\ninterests in calculating or revising the Index, and you will not have any rights against any of these parties if they take any such action.\nSee “The Index.”

We and our affiliates have no affiliation with the Index Sponsor,\nand are not responsible for any of its public disclosure of information.

We and our affiliates are not affiliated with\nthe Index Sponsor (except for licensing arrangements discussed under “The Index — License Agreement”) and have no ability\nto control or predict its actions, including any errors in or discontinuation of public disclosure regarding methods or policies relating\nto the calculation of the Index. If the Index Sponsor discontinues or suspends the calculation of the Index, it may become difficult to\ndetermine the market value of the notes and the payment at maturity, call or upon early redemption. The Calculation Agent may designate\na successor index in its sole discretion. If the Calculation Agent determines in its sole discretion that no successor index comparable\nto the Index exists, the payment you receive at maturity, call or upon early redemption will be determined by the Calculation Agent in\nits sole discretion. See the section in the product supplement, “Additional Terms of the Notes — Discontinuance or Modification\nof an Index.”

The Index Sponsor is not involved in the offering\nof the notes in any way and does not have any obligation of any sort with respect to your notes. We are not affiliated with the Index\nSponsor, and the Index Sponsor does not have any obligation to take your interests into consideration for any reason, including when taking\nany actions that might affect the value of the notes.

We have derived the information about the Index\nSponsor and the Index from publicly available information, without independent verification. Neither we nor any of our affiliates have\nundertaken any independent review of the publicly available information about the Index Sponsor or the Index contained in this pricing\nsupplement. You, as an investor in the notes, should make your own independent investigation into the Index Sponsor and the Index.

The Intraday Index Calculation Agent and/or the Index Sponsor may,\nin its sole discretion, discontinue the public disclosure of the intraday Index value and the end-of-day closing value of the Index.

The Intraday Index Calculation Agent and the Index\nSponsor are under no obligation to holders of the notes to continue to calculate the intraday Index value and end-of-day official closing\nvalue of the Index (as applicable), or to calculate similar values for any successor index. If either party discontinues such public disclosure,\nwe may not be able to provide the Intraday Indicative Values related to the Index or the Intraday Indicative Value of the notes.

An Index constituent may be replaced upon the occurrence of certain\nadverse events.

An exchange may delist an Index constituent. Procedures\nhave been established by the Index Sponsor to address such an event. There can be no assurance that the replacement or delisting of the\nIndex constituents, or any other force majeure event, will not have an effect on the level of the Index (or the VWAP Closing Level) that\nis adverse to the holders of the notes or the manner in which the Index is calculated and, therefore, may have any adverse impact on the\nvalue of the notes. An Index constituent may also be removed from the Index, as described under “The Index.”

PS-20

An investment in the notes is subject to risks associated with foreign\nsecurities markets.

Some of the securities composing the ETFs are\nissued by non-U.S. companies in non-U.S. securities markets. Investments in securities linked to the value of such non-U.S. equity securities\ninvolve risks associated with the securities markets in the home countries of the issuers of those non-U.S. equity securities, including\nrisks of volatility in those markets, governmental intervention in those markets and cross shareholdings in companies in certain countries.\nAlso, there is generally less publicly available information about companies in some of these jurisdictions than there is about U.S. companies\nthat are subject to the reporting requirements of the SEC, and generally non-U.S. companies are subject to accounting, auditing and financial\nreporting standards and requirements and securities trading rules different from those applicable to U.S. reporting companies. The prices\nof securities in non-U.S. markets may be affected by political, economic, financial and social factors in those countries, or global regions,\nincluding changes in government, economic and fiscal policies and currency exchange laws.

The level of the Index (and the VWAP Closing Level)\nwill only be calculated on trading days on which the U.S. markets are open for trading. Accordingly, there may be significant changes\nin the value of one or more of the Canadian securities that are included in the Index, but which will not be reflected in the Index (or\nthe VWAP Closing Level) until the U.S. markets are open for trading. Accordingly, you may not be able to determine the value of the notes\nat times when there are significant changes in the value of one or more Index constituents.

Exchange Rate Movements May Impact The Value Of The Notes.

The notes will be denominated in U.S. dollars.\nSince the value of some of the securities included in the ETFs is quoted in a currency other than U.S. dollars and, as per the ETFs, is\nconverted into U.S. dollars, any amounts payable on the notes will depend in part on the relevant exchange rates.

Additional Risk Factors Relating to the ETFs and their Underlying\nIndices

Changes that affect the Underlying Indices will affect the market\nvalue of the notes and the amount you will receive at maturity.

The policies of the index sponsor of each Underlying\nIndex, concerning the calculation of the Underlying Index, additions, deletions or substitutions of the components of the Underlying Index\nand the manner in which changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected in the\nUnderlying Index and, therefore, could affect the share price of the ETFs, the level of the Index (and the VWAP Closing Level), the amounts\npayable on the notes, and the market value of the notes prior to maturity. The amounts payable on the notes and their market value could\nalso be affected if the index sponsor changes these policies, for example, by changing the manner in which it calculates the Underlying\nIndex, or if the index sponsor discontinues or suspends the calculation or publication of the Underlying Index.

We have no affiliation with the index sponsors of the Underlying\nIndices and will not be responsible for their actions.

The sponsors of the Underlying Indices are not our affiliates, and will\nnot be involved in the offering of the notes in any way. Consequently, we have no control over the actions of these index sponsors, including\nany actions of the type that would require the Calculation Agent to adjust the payment to you at maturity. The index sponsors have no\nobligation of any sort with respect to the notes. Thus, the index sponsors have no obligation to take your interests into consideration\nfor any reason, including in taking any actions that might affect the value of the notes. None of our proceeds from the issuance of the\nnotes will be delivered to the index sponsors.

Adjustments to the ETFs could adversely affect the notes.

The sponsor and adviser of each ETF is responsible\nfor calculating and maintaining that ETF. The sponsor and adviser of each ETF can add, delete or substitute the stocks comprising an ETF\nor make other methodological changes that could change the share price of the ETFs at any time. If one or more of these events occurs,\nthe calculation of the amount payable at maturity may be adjusted to reflect such event or events. Consequently, any of these actions\ncould adversely affect the amounts payable on the notes and/or the market value of the notes.

The GDX has recently transitioned to tracking a new underlying index,\nwhich differs from the prior underlying index in important ways.

Prior to September 19, 2025, the GDX sought to\nreplicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. After\nmarket close on September 19, 2025, the GDX’s benchmark index became the MarketVector^TM Global Gold Miners Index. The\nMarketVector^TM Global Gold Miners Index differs from the NYSE Arca Gold Miners Index in important ways, including use of different\nmarket capitalization criteria for inclusion in the index and different weighting schemes, and the composition of the underlier has changed\nas a result of this transition.

PS-21

When evaluating the historical performance of\nthe GDX, you should bear in mind that the index tracked by the GDX during the historical period shown in this pricing supplement before\nmarket close on September 19, 2025 is different from the index that the GDX tracks currently. The historical performance of the GDX might\nhave been meaningfully different had the underlier tracked the MarketVector^TM Global Gold Miners Index before market close\non September 19, 2025.

We cannot predict what effect these changes may\nhave on the performance of the GDX. It is possible that these changes could adversely affect the performance of the GDX and, in turn,\nyour return on the notes.

We and our affiliates do not have any affiliation with the investment\nadviser of either ETF and are not responsible for its public disclosure of information.

The investment adviser of each ETF advised each\nETF on various matters, including matters relating to the policies, maintenance and calculation of that ETF. We and our affiliates are\nnot affiliated with that investment adviser or the ETFs in any way and have no ability to control or predict their actions, including\nany errors in or discontinuance of disclosure regarding the methods or policies relating to the ETFs. Neither the investment advisers\nnor the ETFs are involved in the offering of the notes in any way or have any obligation to consider your interests as an owner of the\nnotes in taking any actions relating to the ETFs that might affect the value of the notes. Neither we nor any of our affiliates has independently\nverified the adequacy or accuracy of the information about the investment adviser or the ETFs contained in any public disclosure of information.\nYou, as an investor in the notes, should make your own investigation into the ETFs.

The correlation between the performance of the ETFs and the performance\nof the Underlying Indices may be imperfect.

The performance of an ETF is linked principally\nto the performance of the applicable Underlying Index. However, an ETF generally invests in a representative sample of the stocks included\nin its Underlying Index, and generally does not hold all or substantially all of the stocks included in such ETF’s Underlying Index.\nFinally, the performance of an ETF and of its Underlying Index will generally vary due to transaction costs, certain corporate actions\nand timing variances.

Imperfect correlation between the stocks held by\nan ETF and the stocks included in its Underlying Index; rounding of prices; changes to an ETF’s Underlying Index; and changes to\nregulatory policies, may cause the performance of an ETF to differ from the performance of the ETF’s Underlying Index, especially\nduring periods of market volatility when the liquidity and the market price of shares of the ETF and/or securities held by the ETF may\nbe adversely affected, sometimes materially. In addition, because shares of ETFs are traded on exchanges and are subject to market supply\nand investor demand, the market value of one share of an ETF may differ from its net asset value per share and the shares of an ETF may\ntrade at, above or below their net asset value per share.

The ETFs are subject to management risks.

The ETFs are subject to management risk, which\nis the risk that the investment adviser’s investment strategy, the implementation of which is subject to a number of constraints,\nmay not produce the intended results. For example, an investment adviser may invest a portion of the applicable ETF’s assets in\nsecurities not included in the relevant industry or sector but which the investment adviser believes will help the ETF track the relevant\nindustry or sector.

PS-22

HYPOTHETICAL\nEXAMPLES

Hypothetical Payment at Maturity

The following\nexamples and tables illustrate how the notes would perform at maturity in hypothetical circumstances. They are intended to highlight how\nthe return on the notes is affected by the daily performance of the Index, fees, leverage, compounding and path dependency. These\nhypothetical examples are provided for illustrative purposes only. Past performance of the Index and the hypothetical performance of the\nnotes are not indicative of the future results of the Index or the notes. The actual performance of the Index and the notes will vary,\nperhaps significantly, from the examples illustrated below.

For ease of review, the following examples cover\na 22-day period. However, the notes are not intended to be “buy and hold” investments,\nand are not intended to be held to maturity. Instead, the notes are intended to be daily trading tools for sophisticated investors to\nmanage daily trading risks as part of an overall diversified portfolio. The notes are designed to reflect a 3x leveraged long exposure\nto the performance of the Index on a daily basis, before taking into account the negative effect of the Daily Investor Fee, the Daily\nFinancing Charge and the Redemption Fee Amount, if applicable. However, due to the daily resetting leverage, the returns on the notes\nover different periods of time can, and most likely will, differ significantly from three times the return on a direct long investment\nin the Index. The notes are designed to achieve their stated investment objectives on a daily basis. The performance of the notes over\ndifferent periods of time can differ significantly from their stated daily objectives. The notes are considerably riskier than securities\nthat have intermediate- or long-term investment objectives, and are not suitable for investors who plan to hold them for a period of more\nthan one day or who have a “buy and hold” strategy. Investors should actively and continuously monitor their investments in\nthe notes on an intraday basis, and any decision to hold the notes for more than one day should be made with great care and only as the\nresult of a series of daily (or more frequent) investment decisions to remain invested in the notes for the next one-day period. The notes\nare very sensitive to changes in the level of the Index, and returns on the notes may be negatively impacted in complex ways by the volatility\nof the Index on a daily or intraday basis. It is possible that you will suffer significant losses in the notes even if the long-term performance\nof the Index is positive. Accordingly, the notes should be purchased only by sophisticated investors who understand and can bear the potential\nrisks and consequences of the notes that are designed to provide exposure to the leveraged performance of the Index on a daily basis and\nthat will be highly volatile and may experience significant losses, up to the entire amount invested, in a short period of time.

The resetting of the leverage on each day is likely to cause each note\nto experience a “decay” effect, which is likely to worsen over time and will be greater the more volatile the level of the\nIndex. The “decay” effect refers to the likely tendency of the notes to lose value over time. Accordingly, the notes are not\nsuitable for intermediate- or long-term investment, as any intermediate- or long-term investment is very likely to sustain significant\nlosses, even if the Index appreciates over the relevant time period. Although the decay effect is more likely to impact the return on\nthe notes the longer the notes are held, the decay effect can have a significant impact on the notes’ performance even over a period\nas short as two days. The notes are suitable only for sophisticated investors. If you invest in the notes, you should continuously monitor\nyour holdings of the notes and make investment decisions at least on each trading day. Please see the section “—Illustrations\nof the “Decay” Effect on the Notes” below.

The closing Indicative Note Value will reflect\nthe daily deduction of the Daily Investor Fee and the Daily Financing Charge. If the level of the Index decreases or does not increase\nsufficiently, after giving effect to the decay effect caused by the daily resetting of the leverage, to offset the Daily Investor Fee\nand the Daily Financing Charge and, in the case of an Early Redemption, the Redemption Fee Amount over the period you hold the notes,\nthe value of the notes will decline and you will lose some or all of your investment.

The examples are\nbased upon a Financing Spread of 5.00% per annum and assume that the Federal Reserve Bank Prime Loan Rate remains constant at 7.00% during\nthe relevant period. The assumed Federal Reserve Bank Prime Loan Rate is not a prediction or indication of that rate throughout the term\nof the notes. The Federal Reserve Bank Prime Loan Rate will fluctuate over time and we cannot predict the actual Federal Reserve Bank\nPrime Loan Rate on any day.

We have included an example in which the level of the Index alternatively\nincreases and decreases at a constant rate of 3.00% per day, with the level of the Index decreasing by 0.99 points by day 22 (Example\n1), with a Note Return of -9.93%; we have also included an example in which the level of the Index decreases at a constant rate of 3.00%\nper day, decreasing -48.83 points by day 22 (Example 2), with a Note Return of –87.65%.

PS-23

Examples 3 and 4 highlight the effect of volatility in the Index. In\nExample 3, the level of the Index increases by a constant 1.00% per day, with an increase of 24.47 points by day 22 and a Note Return\nof 88.83%. In contrast, in Example 4, at day 22, the level of the Index has increased 24.87 points; however, due to the volatility of\nthe Index on a daily basis, the Note Return is –20.46%, resulting in significant differences from the Note Return in Example 3.\nFor ease of analysis and presentation, the examples assume that the notes were purchased on the Initial Trade Date at the closing Indicative\nNote Value and disposed of on the Maturity Date, no Market Disruption Events occurred and that the term of the notes is 22 days. With\nregard to the Daily Investor Fee and the Daily Financing Charge, the examples assume that there are no weekends or holidays. The examples\nassume that every calendar day is an Exchange Business Day. The examples do not contemplate a call or early redemption during the relevant\nperiod.

These examples highlight the impact of the Daily\nInvestor Fee, leverage and compounding on the payment at maturity under different circumstances. Many other factors will affect the value\nof the notes, and these figures are provided for illustration only. These hypothetical examples should not be taken as an indication or\na prediction of future Index performance or investment results and are intended to illustrate a few of the possible returns on the notes.\nBecause the Indicative Note Value takes into account the net effect of the Daily Investor Fee, which is a fixed percentage of the value\nof the notes, and the performance of the Index, the Indicative Note Value is dependent on the path taken by the level of the Index to\narrive at its ending level. The figures in these examples have been rounded for convenience.

We cannot predict the actual level of the Index\nat any time during the term of the notes or the market value of the notes, nor can we predict the relationship between the level of the\nIndex and the market value of your notes at any time prior to the Maturity Date. The actual amount that a holder of the notes will receive\nat maturity or call, or upon early redemption, as the case may be, and the rate of return on the notes will depend on the actual Index\nClosing Levels during the term of the notes and during the Final Measurement Period or Call Measurement Period, or on a Redemption Measurement\nDate, the Daily Investor Fee, Daily Financing Charge, Index volatility and the Redemption Fee Amount, if applicable. Moreover, the assumptions\non which the hypothetical returns are based are purely for illustrative purposes. Consequently, the amount to be paid in respect of your\nnotes, if any, on the Maturity Date, Call Settlement Date or the relevant Redemption Date, as applicable, may be very different from the\ninformation reflected in this section.

These hypothetical examples are provided\nfor illustrative purposes only. Past performance of the Index and the hypothetical performance of the notes are not indicative of the\nfuture results of the Index or the notes. The actual performance of the Index and the notes will vary, perhaps significantly, from the\nexamples illustrated below.

PS-24

Example 1: The Index level alternatively increases then decreases\nby a constant 3.00% per day.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Assumptions
Fee Rate	0.95% per annum
Daily Leverage Factor	3
Daily Financing Factor	2
Daily Financing Rate	12.00%
Principal Amount	$25.00
Initial Index Level	100
Note Return	-9.93%
Cumulative Index Return	-0.99%

Day	Index \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Daily \nInvestor \nFee	Fee \nAccrual	Daily \nFinancing \nCharge	Long Index \nAmount	Financing \nLevel	Indicative \nNote Value	Note Return
A	B	C	D	E	F	G	H	I	J	K
			\n Current Index \n Level / \n Previous \n Index Level	\n \n Previous \n Indicative \n Note Value \n * Fee \n Rate/365	Total of E	\n Previous \n Indicative \n Note Value * \n Daily \n Financing \n Factor * \n Daily \n Financing \n Rate/365	\n Previous \n Indicative Note \n Value * Daily \n Leverage Factor \n * D	\n Previous \n Indicative \n Note Value \n * \n Daily \n Financing \n Factor + \n E + G	H – I	\n (Current \n Indicative \n Note Value - \n Previous \n Indicative \n Note Value)/ \n Previous \n Indicative \n Note Value
0	100.00								$25.00
1	103.00	3.0%	1.03	$0.00065	$0.00065	$0.01644	$77.25000	$50.01709	$27.23291	8.93%
2	99.91	-3.0%	0.97	$0.00071	$0.00136	$0.01791	$79.24777	$54.48444	$24.76333	-9.07%
3	102.91	3.0%	1.03	$0.00064	$0.00200	$0.01628	$76.51870	$49.54359	$26.97511	8.93%
4	99.82	-3.0%	0.97	$0.00070	$0.00271	$0.01774	$78.49756	$53.96865	$24.52891	-9.07%
5	102.81	3.0%	1.03	$0.00064	$0.00334	$0.01613	$75.79432	$49.07458	$26.71974	8.93%
6	99.73	-3.0%	0.97	$0.00070	$0.00404	$0.01757	$77.75445	$53.45775	$24.29670	-9.07%
7	102.72	3.0%	1.03	$0.00063	$0.00467	$0.01598	$75.07681	$48.61001	$26.46680	8.93%
8	99.64	-3.0%	0.97	$0.00069	$0.00536	$0.01740	$77.01838	$52.95168	$24.06669	-9.07%
9	102.63	3.0%	1.03	$0.00063	$0.00599	$0.01582	$74.36608	$48.14984	$26.21624	8.93%
10	99.55	-3.0%	0.97	$0.00068	$0.00667	$0.01724	$76.28927	$52.45041	$23.83886	-9.07%
11	102.54	3.0%	1.03	$0.00062	$0.00729	$0.01567	$73.66208	$47.69402	$25.96806	8.93%
12	99.46	-3.0%	0.97	$0.00068	$0.00797	$0.01707	$75.56706	$51.95388	$23.61319	-9.07%
13	102.45	3.0%	1.03	$0.00061	$0.00858	$0.01553	$72.96475	$47.24252	$25.72223	8.93%
14	99.37	-3.0%	0.97	$0.00067	$0.00925	$0.01691	$74.85170	$51.46205	$23.38965	-9.07%
15	102.35	3.0%	1.03	$0.00061	$0.00986	$0.01538	$72.27402	$46.79529	$25.47873	8.93%
16	99.28	-3.0%	0.97	$0.00066	$0.01052	$0.01675	$74.14310	$50.97487	$23.16823	-9.07%
17	102.26	3.0%	1.03	$0.00060	$0.01113	$0.01523	$71.58982	$46.35229	$25.23753	8.93%
18	99.19	-3.0%	0.97	$0.00066	$0.01178	$0.01659	$73.44121	$50.49231	$22.94890	-9.07%
19	102.17	3.0%	1.03	$0.00060	$0.01238	$0.01509	$70.91211	$45.91349	$24.99862	8.93%
20	99.10	-3.0%	0.97	$0.00065	$0.01303	$0.01644	$72.74597	$50.01432	$22.73165	-9.07%
21	102.08	3.0%	1.03	$0.00059	$0.01362	$0.01495	$70.24081	$45.47884	$24.76196	8.93%
22	99.01	-3.0%	0.97	$0.00064	$0.01427	$0.01628	$72.05731	$49.54085	$22.51646	-9.07%

PS-25

Example 2: The Index level decreases by a constant 3.00% per day.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Assumptions
Fee Rate	0.95% per annum
Daily Leverage Factor	3
Daily Financing Factor	2
Daily Financing Rate	12.00%
Principal Amount	$25.00
Initial Index Level	100
Note Return	-87.65%
Cumulative Index Return	-48.83%

Day	Index \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Daily \nInvestor \nFee	Fee \nAccrual	Daily \nFinancing \nCharge	Long Index \nAmount	Financing \n Level	Indicative \nNote Value	Note Return
A	B	C	D	E	F	G	H	I	J	K
			\n Current Index \n Level / \n Previous \n Index Level	\n \n Previous \n Indicative \n Note Value \n * Fee \n Rate/365	Total of E	\n Previous \n Indicative \n Note Value * \n Daily \n Financing \n Factor * \n Daily \n Financing \n Rate/365	\n Previous \n Indicative Note \n Value * Daily \n Leverage Factor \n * D	\n Previous \n Indicative \n Note Value \n * \n Daily \n Financing \n Factor + \n E + G	H – I	\n (Current \n Indicative \n Note Value - \n Previous \n Indicative \n Note Value)/ \n Previous \n Indicative \n Note Value
0	100.00								$25.00
1	97.00	-3.0%	0.97	$0.00065	$0.00065	$0.01644	$72.75000	$50.01709	$22.73291	-9.07%
2	94.09	-3.0%	0.97	$0.00059	$0.00124	$0.01495	$66.15277	$45.48136	$20.67141	-9.07%
3	91.27	-3.0%	0.97	$0.00054	$0.00178	$0.01359	$60.15380	$41.35695	$18.79685	-9.07%
4	88.53	-3.0%	0.97	$0.00049	$0.00227	$0.01236	$54.69884	$37.60655	$17.09229	-9.07%
5	85.87	-3.0%	0.97	$0.00044	$0.00271	$0.01124	$49.73856	$34.19626	$15.54230	-9.07%
6	83.30	-3.0%	0.97	$0.00040	$0.00312	$0.01022	$45.22809	$31.09522	$14.13287	-9.07%
7	80.80	-3.0%	0.97	$0.00037	$0.00349	$0.00929	$41.12664	$28.27539	$12.85125	-9.07%
8	78.37	-3.0%	0.97	$0.00033	$0.00382	$0.00845	$37.39713	$25.71128	$11.68585	-9.07%
9	76.02	-3.0%	0.97	$0.00030	$0.00413	$0.00768	$34.00583	$23.37969	$10.62614	-9.07%
10	73.74	-3.0%	0.97	$0.00028	$0.00440	$0.00699	$30.92206	$21.25954	$9.66252	-9.07%
11	71.53	-3.0%	0.97	$0.00025	$0.00465	$0.00635	$28.11793	$19.33165	$8.78629	-9.07%
12	69.38	-3.0%	0.97	$0.00023	$0.00488	$0.00578	$25.56810	$17.57858	$7.98952	-9.07%
13	67.30	-3.0%	0.97	$0.00021	$0.00509	$0.00525	$23.24949	$15.98449	$7.26500	-9.07%
14	65.28	-3.0%	0.97	$0.00019	$0.00528	$0.00478	$21.14115	$14.53496	$6.60618	-9.07%
15	63.33	-3.0%	0.97	$0.00017	$0.00545	$0.00434	$19.22399	$13.21688	$6.00711	-9.07%
16	61.43	-3.0%	0.97	$0.00016	$0.00561	$0.00395	$17.48069	$12.01833	$5.46236	-9.07%
17	59.58	-3.0%	0.97	$0.00014	$0.00575	$0.00359	$15.89548	$10.92846	$4.96702	-9.07%
18	57.80	-3.0%	0.97	$0.00013	$0.00588	$0.00327	$14.45402	$9.93743	$4.51659	-9.07%
19	56.06	-3.0%	0.97	$0.00012	$0.00600	$0.00297	$13.14328	$9.03627	$4.10701	-9.07%
20	54.38	-3.0%	0.97	$0.00011	$0.00610	$0.00270	$11.95140	$8.21683	$3.73457	-9.07%
21	52.75	-3.0%	0.97	$0.00010	$0.00620	$0.00246	$10.86760	$7.47170	$3.39591	-9.07%
22	51.17	-3.0%	0.97	$0.00009	$0.00629	$0.00223	$9.88209	$6.79414	$3.08795	-9.07%

PS-26

Example 3: The Index level increases by a constant 1.00% per day.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Assumptions
Fee Rate	0.95% per annum
Daily Leverage Factor	3
Daily Financing Factor	2
Daily Financing Rate	12.00%
Principal Amount	$25.00
Initial Index Level	100
Note Return	88.83%
Cumulative Index Return	24.47%

Day	Index \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Daily \nInvestor \nFee	Fee \nAccrual	Daily \nFinancing \nCharge	Long Index \nAmount	Financing \n Level	Indicative \nNote Value	Note Return
A	B	C	D	E	F	G	H	I	J	K
			\n Current Index \n Level / \n Previous \n Index Level	\n \n Previous \n Indicative \n Note Value \n * Fee \n Rate/365	Total of E	\n Previous \n Indicative \n Note Value * \n Daily \n Financing \n Factor * \n Daily \n Financing \n Rate/365	\n Previous \n Indicative Note \n Value * Daily \n Leverage Factor \n * D	\n Previous \n Indicative \n Note Value \n * \n Daily \n Financing \n Factor + \n E + G	H – I	\n (Current \n Indicative \n Note Value - \n Previous \n Indicative \n Note Value)/ \n Previous \n Indicative \n Note Value
0	100.00								$25.00
1	101.00	1.0%	1.01	$0.00065	$0.00065	$0.01644	$75.75000	$50.01709	$25.73291	2.93%
2	102.01	1.0%	1.01	$0.00067	$0.00132	$0.01692	$77.97072	$51.48341	$26.48731	2.93%
3	103.03	1.0%	1.01	$0.00069	$0.00201	$0.01742	$80.25654	$52.99272	$27.26382	2.93%
4	104.06	1.0%	1.01	$0.00071	$0.00272	$0.01793	$82.60938	$54.54628	$28.06310	2.93%
5	105.10	1.0%	1.01	$0.00073	$0.00345	$0.01845	$85.03119	$56.14538	$28.88581	2.93%
6	106.15	1.0%	1.01	$0.00075	$0.00420	$0.01899	$87.52400	$57.79137	$29.73264	2.93%
7	107.21	1.0%	1.01	$0.00077	$0.00498	$0.01955	$90.08990	$59.48560	$30.60429	2.93%
8	108.29	1.0%	1.01	$0.00080	$0.00577	$0.02012	$92.73101	$61.22951	$31.50150	2.93%
9	109.37	1.0%	1.01	$0.00082	$0.00659	$0.02071	$95.44955	$63.02454	$32.42502	2.93%
10	110.46	1.0%	1.01	$0.00084	$0.00744	$0.02132	$98.24780	$64.87219	$33.37560	2.93%
11	111.57	1.0%	1.01	$0.00087	$0.00830	$0.02195	$101.12807	$66.77402	$34.35405	2.93%
12	112.68	1.0%	1.01	$0.00089	$0.00920	$0.02259	$104.09279	$68.73159	$35.36119	2.93%
13	113.81	1.0%	1.01	$0.00092	$0.01012	$0.02325	$107.14442	$70.74656	$36.39786	2.93%
14	114.95	1.0%	1.01	$0.00095	$0.01107	$0.02393	$110.28551	$72.82060	$37.46491	2.93%
15	116.10	1.0%	1.01	$0.00098	$0.01204	$0.02463	$113.51869	$74.95544	$38.56325	2.93%
16	117.26	1.0%	1.01	$0.00100	$0.01305	$0.02536	$116.84665	$77.15286	$39.69379	2.93%
17	118.43	1.0%	1.01	$0.00103	$0.01408	$0.02610	$120.27218	$79.41471	$40.85747	2.93%
18	119.61	1.0%	1.01	$0.00106	$0.01514	$0.02687	$123.79813	$81.74287	$42.05526	2.93%
19	120.81	1.0%	1.01	$0.00109	$0.01624	$0.02765	$127.42745	$84.13928	$43.28817	2.93%
20	122.02	1.0%	1.01	$0.00113	$0.01736	$0.02846	$131.16317	$86.60594	$44.55723	2.93%
21	123.24	1.0%	1.01	$0.00116	$0.01852	$0.02930	$135.00841	$89.14492	$45.86349	2.93%
22	124.47	1.0%	1.01	$0.00119	$0.01972	$0.03016	$138.96637	$91.75833	$47.20804	2.93%

PS-27

Example 4: The Index level increases in a volatile manner.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Assumptions
Fee Rate	0.95% per annum
Daily Leverage Factor	3
Daily Financing Factor	2
Daily Financing Rate	12.00%
Principal Amount	$25.00
Initial Index Level	100
Note Return	-20.46%
Cumulative Index Return	24.87%

Day	Index \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Daily \nInvestor \nFee	Fee \nAccrual	Daily \nFinancing \nCharge	Long Index \nAmount	Financing \n Level	Indicative \nNote Value	Note Return
A	B	C	D	E	F	G	H	I	J	K
			\n Current Index \n Level / \n Previous \n Index Level	\n \n Previous \n Indicative \n Note Value \n * Fee \n Rate/365	Total of E	\n Previous \n Indicative \n Note Value * \n Daily \n Financing \n Factor * \n Daily \n Financing \n Rate/365	\n Previous \n Indicative Note \n Value * Daily \n Leverage Factor \n * D	\n Previous \n Indicative \n Note Value \n * \n Daily \n Financing \n Factor + \n E + G	H – I	\n (Current \n Indicative \n Note Value - \n Previous \n Indicative \n Note Value)/ \n Previous \n Indicative \n Note Value
0	100.00								$25.00
1	110.00	10.0%	1.10	$0.00065	$0.00065	$0.01644	$82.50000	$50.01709	$32.48291	29.93%
2	112.20	2.0%	1.02	$0.00085	$0.00150	$0.02136	$99.39771	$64.98803	$34.40968	5.93%
3	108.83	-3.0%	0.97	$0.00090	$0.00239	$0.02263	$100.13217	$68.84288	$31.28929	-9.07%
4	97.95	-10.0%	0.90	$0.00081	$0.00321	$0.02057	$84.48108	$62.59997	$21.88111	-30.07%
5	93.05	-5.0%	0.95	$0.00057	$0.00378	$0.01439	$62.36118	$43.77719	$18.58399	-15.07%
6	81.89	-12.0%	0.88	$0.00048	$0.00426	$0.01222	$49.06173	$37.18068	$11.88105	-36.07%
7	78.61	-4.0%	0.96	$0.00031	$0.00457	$0.00781	$34.21742	$23.77022	$10.44720	-12.07%
8	74.68	-5.0%	0.95	$0.00027	$0.00484	$0.00687	$29.77453	$20.90155	$8.87298	-15.07%
9	60.49	-19.0%	0.81	$0.00023	$0.00507	$0.00583	$21.56134	$17.75203	$3.80932	-57.07%
10	71.38	18.0%	1.18	$0.00010	$0.00517	$0.00250	$13.48498	$7.62124	$5.86374	53.93%
11	74.95	5.0%	1.05	$0.00015	$0.00532	$0.00386	$18.47079	$11.73150	$6.73930	14.93%
12	69.70	-7.0%	0.93	$0.00018	$0.00550	$0.00443	$18.80264	$13.48320	$5.31944	-21.07%
13	58.55	-16.0%	0.84	$0.00014	$0.00564	$0.00350	$13.40498	$10.64251	$2.76247	-48.07%
14	53.87	-8.0%	0.92	$0.00007	$0.00571	$0.00182	$7.62442	$5.52683	$2.09759	-24.07%
15	56.02	4.0%	1.04	$0.00005	$0.00576	$0.00138	$6.54448	$4.19661	$2.34787	11.93%
16	70.03	25.0%	1.25	$0.00006	$0.00582	$0.00154	$8.80450	$4.69734	$4.10716	74.93%
17	78.43	12.0%	1.12	$0.00011	$0.00593	$0.00270	$13.80007	$8.21713	$5.58293	35.93%
18	86.27	10.0%	1.10	$0.00015	$0.00608	$0.00367	$18.42368	$11.16968	$7.25400	29.93%
19	96.62	12.0%	1.12	$0.00019	$0.00627	$0.00477	$24.37343	$14.51295	$9.86048	35.93%
20	100.49	4.0%	1.04	$0.00026	$0.00652	$0.00648	$30.76469	$19.72770	$11.03699	11.93%
21	109.53	9.0%	1.09	$0.00029	$0.00681	$0.00726	$36.09097	$22.08153	$14.00944	26.93%
22	124.87	14.0%	1.14	$0.00036	$0.00717	$0.00921	$47.91228	$28.02845	$19.88383	41.93%

PS-28

Table 1: Expected return on the notes over one year of Index performance,\nwithout giving effect to the Daily Investor Fee and the Daily Financing Charge, and assuming a constant daily leverage and volatility\nover time.

Table 1 illustrates the effect of two factors\nthat affect the notes’ performance: Index volatility and Index return. Index volatility is a statistical measure of the magnitude\nof fluctuations in the returns of the Index and is calculated as the standard deviation of the natural logarithms of the Index Performance\nFactor (calculated daily), multiplied by the square root of the number of Index Business Days per year (assumed to be 252). Table 1 shows\nestimated note returns for a number of combinations of Index volatility and Index return over a one-year period. To isolate the impact\nof daily leveraged exposure, the table assumes no Daily Investor Fees and a Daily Financing Rate of 0% and that the volatility of the\nIndex remains constant over time. If these assumptions were different, the notes’ performance would be different than that shown.\nIf the effect of the Daily Investor Fee and the Daily Financing Rate were included, the notes’ performance would be different than\nshown.

Because\nthe return on the notes is linked to a three times leveraged participation in the performance of the Index, compounded daily, the notes\nmight be incorrectly expected to achieve a 30% return on a yearly basis if the Index return was 10%, absent the effects of compounding.\nHowever, as Table 1 shows, with an Index return of 10% and an Index volatility of 40%, and given the assumptions listed above, the notes\nwould return -17.64%. In Table 1, shaded areas represent those scenarios where the notes will outperform (i.e., return more than) the\nIndex performance times 3.0 leverage; conversely, areas not shaded represent those scenarios where the notes will underperform (i.e.,\nreturn less than) the Index performance times 3.0 leverage.

This table highlights the impact of leverage and compounding on the\npayment at maturity under different circumstances. Many other factors will affect the value of the notes, and these figures are provided\nfor illustration only. This table should not be taken as an indication or a prediction of future Index performance or investment results\nand is intended to illustrate a few of the possible returns on the notes. Because the Indicative Note Value takes into account the net\neffect of the Daily Investor Fee, which is a fixed percentage of the value of the notes, and the performance of the Index, the Indicative\nNote Value is dependent on the path taken by the level of the Index to arrive at its ending level. The figures in this table have been\nrounded for convenience.

PS-29

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

One-Year Index Volatility
One Year \nIndex \nPerformance	Three Times \n(3×) \nOne Year \nIndex \nPerformance	5%	10%	15%	20%	25%	30%	35%	40%	45%	50%	55%	60%	65%	70%
-75%	-225%	-98.45%	-98.48%	-98.54%	-98.61%	-98.70%	-98.81%	-98.92%	-99.03%	-99.15%	-99.26%	-99.37%	-99.47%	-99.56%	-99.64%
-70%	-210%	-97.32%	-97.38%	-97.48%	-97.61%	-97.76%	-97.94%	-98.13%	-98.33%	-98.53%	-98.72%	-98.91%	-99.08%	-99.24%	-99.38%
-65%	-195%	-95.74%	-95.84%	-95.99%	-96.20%	-96.45%	-96.73%	-97.03%	-97.35%	-97.66%	-97.97%	-98.27%	-98.54%	-98.79%	-99.01%
-60%	-180%	-93.65%	-93.79%	-94.02%	-94.32%	-94.69%	-95.11%	-95.57%	-96.04%	-96.51%	-96.98%	-97.42%	-97.83%	-98.20%	-98.53%
-55%	-165%	-90.96%	-91.16%	-91.48%	-91.92%	-92.45%	-93.04%	-93.69%	-94.36%	-95.04%	-95.70%	-96.32%	-96.91%	-97.43%	-97.90%
-50%	-150%	-87.59%	-87.87%	-88.32%	-88.91%	-89.64%	-90.46%	-91.34%	-92.27%	-93.19%	-94.10%	-94.96%	-95.76%	-96.48%	-97.13%
-45%	-135%	-83.49%	-83.85%	-84.45%	-85.24%	-86.21%	-87.30%	-88.48%	-89.70%	-90.94%	-92.14%	-93.29%	-94.35%	-95.32%	-96.17%
-40%	-120%	-78.56%	-79.04%	-79.81%	-80.84%	-82.09%	-83.51%	-85.04%	-86.63%	-88.23%	-89.80%	-91.28%	-92.66%	-93.92%	-95.03%
-35%	-105%	-72.74%	-73.35%	-74.33%	-75.64%	-77.23%	-79.04%	-80.98%	-83.01%	-85.04%	-87.03%	-88.92%	-90.67%	-92.27%	-93.69%
-30%	-90%	-65.96%	-66.71%	-67.94%	-69.58%	-71.56%	-73.82%	-76.25%	-78.78%	-81.32%	-83.80%	-86.16%	-88.35%	-90.34%	-92.11%
-25%	-75%	-58.13%	-59.06%	-60.57%	-62.58%	-65.03%	-67.79%	-70.79%	-73.90%	-77.02%	-80.07%	-82.98%	-85.67%	-88.12%	-90.30%
-20%	-60%	-49.18%	-50.31%	-52.14%	-54.59%	-57.55%	-60.91%	-64.55%	-68.32%	-72.11%	-75.81%	-79.34%	-82.61%	-85.59%	-88.23%
-15%	-45%	-39.05%	-40.40%	-42.60%	-45.53%	-49.09%	-53.12%	-57.47%	-62.00%	-66.55%	-70.99%	-75.22%	-79.14%	-82.71%	-85.88%
-10%	-30%	-27.64%	-29.25%	-31.86%	-35.34%	-39.56%	-44.35%	-49.52%	-54.89%	-60.29%	-65.56%	-70.58%	-75.24%	-79.48%	-83.24%
-5%	-15%	-14.90%	-16.80%	-19.86%	-23.96%	-28.92%	-34.55%	-40.63%	-46.95%	-53.30%	-59.50%	-65.40%	-70.88%	-75.86%	-80.29%
0%	0%	-0.75%	-2.96%	-6.53%	-11.31%	-17.10%	-23.66%	-30.75%	-38.12%	-45.53%	-52.76%	-59.65%	-66.04%	-71.85%	-77.01%
5%	15%	14.90%	12.34%	8.21%	2.67%	-4.03%	-11.63%	-19.84%	-28.37%	-36.94%	-45.32%	-53.29%	-60.69%	-67.41%	-73.38%
10%	30%	32.11%	29.17%	24.41%	18.05%	10.34%	1.61%	-7.83%	-17.64%	-27.50%	-37.13%	-46.29%	-54.80%	-62.53%	-69.40%
15%	45%	50.95%	47.59%	42.16%	34.89%	26.08%	16.10%	5.32%	-5.89%	-17.16%	-28.16%	-38.63%	-48.35%	-57.18%	-65.03%
20%	60%	71.51%	67.69%	61.52%	53.26%	43.26%	31.91%	19.66%	6.93%	-5.87%	-18.38%	-30.27%	-41.32%	-51.35%	-60.27%
25%	75%	93.85%	89.54%	82.56%	73.23%	61.92%	49.10%	35.25%	20.86%	6.39%	-7.74%	-21.19%	-33.67%	-45.01%	-55.09%
30%	90%	118.06%	113.21%	105.36%	94.86%	82.14%	67.71%	52.13%	35.95%	19.67%	3.78%	-11.34%	-25.39%	-38.15%	-49.49%
35%	105%	144.20%	138.77%	129.98%	118.22%	103.97%	87.82%	70.37%	52.24%	34.02%	16.22%	-0.72%	-16.45%	-30.73%	-43.43%
40%	120%	172.35%	166.29%	156.49%	143.37%	127.49%	109.47%	90.01%	69.79%	49.47%	29.62%	10.73%	-6.81%	-22.75%	-36.91%
45%	135%	202.58%	195.85%	184.96%	170.39%	152.74%	132.73%	111.11%	88.64%	66.06%	44.01%	23.02%	3.53%	-14.17%	-29.90%
50%	150%	234.98%	227.53%	215.47%	199.34%	179.80%	157.64%	133.71%	108.84%	83.84%	59.42%	36.19%	14.61%	-4.98%	-22.40%
55%	165%	269.61%	261.38%	248.08%	230.28%	208.72%	184.27%	157.86%	130.43%	102.84%	75.90%	50.27%	26.46%	4.84%	-14.38%
60%	180%	306.54%	297.49%	282.86%	263.28%	239.57%	212.68%	183.63%	153.45%	123.11%	93.48%	65.29%	39.10%	15.32%	-5.82%
65%	195%	345.86%	335.94%	319.89%	298.42%	272.41%	242.92%	211.06%	177.97%	144.69%	112.19%	81.27%	52.55%	26.47%	3.29%
70%	210%	387.63%	376.78%	359.23%	335.74%	307.30%	275.05%	240.21%	204.01%	167.62%	132.07%	98.26%	66.84%	38.32%	12.96%
75%	225%	431.93%	420.10%	400.96%	375.33%	344.31%	309.12%	271.12%	231.63%	191.93%	153.16%	116.27%	82.00%	50.88%	23.23%

Numbers in red font highlight\nscenarios where the notes are expected to perform negatively. Shaded areas represent those scenarios where the notes will outperform\n(i.e., return more than) the Index performance times the Daily Leverage Factor; conversely, areas not shaded represent those scenarios\nwhere the notes will underperform (i.e., return less than) the Index performance times the Daily Leverage Factor. Please note\nthat the table above is not a representation as to the actual return on the notes, which may be materially different than the scenarios\nshown above, as a result of a variety of factors, including the decay effects described above, as well as the Daily Investor Fee and\nthe Daily Financing Charge.

PS-30

Illustrations of the “Decay” Effect on the Notes

The\ndaily resetting of the notes’ leveraged exposure to the performance of the Index is expected to cause the notes to experience a\n“decay” effect, which worsens over time and increases with the volatility of the Index. The decay effect refers to the tendency\nof the notes to lose value over time, regardless of the performance of the Index. The decay effect occurs any time the Index moves in\na direction on one day that is different from the direction it moved on the prior day. If the Index increases one day and decreases the\nnext, the resetting of the leveraged exposure based on the higher Index value after the first day means that a higher Indicative Note\nValue is exposed to the decrease of the level of the Index on the next day than if the leveraged exposure had not been reset; and if\nthe Index decreases one day and increases the next, the resetting of the leveraged exposure based on the lower Index value after the\nfirst day means that a lower Indicative Note Value is exposed to the decrease on the next day. One consequence of this daily resetting\nof leverage is that, if the Index moves in one direction from Day 0 to Day 1 and then returns to its Day 0 level on Day 2, the closing\nIndicative Note Value of the notes will be lower on Day 2 than it was on Day 0, even though the closing level of the Index is the same\non Day 2 as it was on Day 0. As a result of this decay effect, it is extremely likely that the value of the notes will decline to near\nzero (absent reverse splits) by the Maturity Date, and likely significantly sooner. Accordingly, the notes are not suitable for intermediate-\nor long-term investment, as any intermediate-or long-term investment is very likely to sustain significant losses, even if the Index\nincreases over the relevant time period. Although the decay effect is more likely to manifest itself the longer the notes are held, the\ndecay effect can have a significant impact on the performance of the notes, even over a period as short as two days. The notes are\nnot intended to be “buy and hold” investments. Investors should actively and frequently monitor their investments in the\nnotes on a daily or intraday basis, and any decision to hold the notes for more than one day should be made with great care and only\nas the result of a series of daily (or more frequent) investment decisions to remain invested in the notes for the next one-day period.

The examples below are designed to illustrate the\ndecay effect on the closing Indicative Note Value of the notes over a short period of time. To isolate the decay effect, the examples\nbelow disregard the effects of the Daily Investor Fee and the Daily Financing Charge. If the Daily Investor Fee and the Daily Financing\nCharge were also taken into account, then the hypothetical closing Indicative Note Values below would be even lower.

Each of the examples below illustrates hypothetical\ndaily fluctuations in the closing level of the Index over a period of 10 Index Business Days. By showing changes over 10 Index Business\nDays, we are not suggesting that 10 Index Business Days is an appropriate period of time to hold the notes. Rather, we are showing changes\nover 10 Index Business Days to illustrate how the decay effect increases over a number of days, and to illustrate the risks of holding\nthe notes for more than one Index Business Day. As described elsewhere in this pricing supplement, the notes are intended to be daily\ntrading tools for sophisticated investors to manage daily trading risks.

In each of the examples below, the closing level\nof the Index is the same at the end of the hypothetical 10 Index Business Day period as it was at the beginning of the period. We are\nshowing examples on this basis to illustrate how the decay effect has an impact on the closing Indicative Note Value of the notes that\nis independent from the directional performance of the Index. If the Index were to move in an adverse direction (i.e., lower in\nthe case of the notes) over the relevant time period, the closing Indicative Note Values would be lower than in the examples illustrated\nbelow.

The examples below are based on a hypothetical\nclosing level of the Index of 100 and a hypothetical closing Indicative Note Value of $100 at the beginning of the hypothetical 10 Index\nBusiness Day period.

PS-31

Example 1. The closing level of the Index fluctuates by 1% per day.

In this example, the Index fluctuates by 1% per\nday (as a percentage of the initial level) over a 10 Index Business Day period.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Day	Index Level	% Change of Index \nLevel from Day 0	Closing Indicative \nNote Value ($)	% Change of \nClosing Indicative \nNote Value from \nDay 0
0	100.00		100.00
1	101.00	1.0%	103.00	3.00%
2	100.00	0.0%	99.94	-0.06%
3	99.00	-1.0%	96.94	-3.06%
4	100.00	0.0%	99.88	-0.12%
5	101.00	1.0%	102.88	2.88%
6	100.00	0.0%	99.82	-0.18%
7	99.00	-1.0%	96.83	-3.17%
8	100.00	0.0%	99.76	-0.24%
9	101.00	1.0%	102.75	2.75%
10	100.00	0.0%	99.70	-0.30%

In this example, although the closing level of\nthe Index fluctuated within a narrow range around the initial level and concluded the hypothetical 10 Index Business Day period at the\nsame level at which it started, the Closing Indicative Note Value of the notes experienced a decay of -0.30% (before giving effect to\nthe Daily Investor Fee and the Daily Financing Charge).

PS-32

Example 2. The closing level of the Index fluctuates by 5% per day.\n

In this example, the Index fluctuates by 5% per\nday (as a percentage of the initial level) over a 10 Index Business Day period.

Day	Index Level	% Change of Index \nLevel from Day 0	Closing Indicative \nNote Value ($)	% Change of \nClosing Indicative \nNote Value from \nDay 0
0	100.00		100.00
1	105.00	5.00%	115.00	15.00%
2	100.00	0.00%	98.57	-1.43%
3	95.00	-5.00%	83.79	-16.21%
4	100.00	0.00%	97.02	-2.98%
5	105.00	5.00%	111.57	11.57%
6	100.00	0.00%	95.63	-4.37%
7	95.00	-5.00%	81.28	-18.72%
8	100.00	0.00%	94.12	-5.88%
9	105.00	5.00%	108.24	8.24%
10	100.00	0.00%	92.77	-7.23%

In this example, although the closing level of\nthe Index fluctuated around the initial level and concluded the hypothetical 10 Index Business Day period at the same level at which it\nstarted, the closing Indicative Note Value of the notes experienced a decay of -7.23% (before giving effect to the Daily Investor Fee\nand the Daily Financing Charge).

PS-33

Example 3. The closing level of the Index fluctuates by 12% per\nday.

In this example, the Index fluctuates by 12% per\nday (as a percentage of the initial level) over a 10 Index Business Day period.

Day	Index Level	% Change of Index \nLevel from Day 0	Closing Indicative \nNote Value ($)	% Change of \nClosing Indicative \nNote Value from \nDay 0
0	100.00		100.00
1	112.00	12.00%	136.00	36.00%
2	100.00	0.00%	92.29	-7.71%
3	88.00	-12.00%	59.06	-40.94%
4	100.00	0.00%	83.22	-16.78%
5	112.00	12.00%	113.19	13.19%
6	100.00	0.00%	76.80	-23.20%
7	88.00	-12.00%	49.16	-50.84%
8	100.00	0.00%	69.26	-30.74%
9	112.00	12.00%	94.20	-5.80%
10	100.00	0.00%	63.92	-36.08%

In this example, although the closing level of\nthe Index fluctuated around the initial level and concluded the hypothetical 10 Index Business Day period at the same level at which it\nstarted, the closing Indicative Note Value of the notes experienced a decay of -36.08% (before giving effect to the Daily Investor Fee\nand the Daily Financing Charge).

In this example, the greater magnitude of the daily\nchanges in the closing level of the Index as compared to both of the prior examples results in significantly greater decay, with a decay\nof -36.08%. The closing Indicative Note Value experienced this significant decay even though the closing level of the Index concluded\nthe hypothetical 10 Index Business Day period at the same level at which it started. As this example illustrates, the greater the daily\nfluctuations in the closing level of the Index (i.e., the greater the volatility), the greater the decay.

* * *

In each example, there is no change in the closing\nlevel of the Index from Day 0 to Day 10, in order to isolate the decay effect from other factors that affect the closing Indicative Note\nValue. If the level of the Index decreases over the same time period, that adverse Index movement would have caused the closing Indicative\nNote Value to be even lower. For example, on Day 7 of Example 3 above, the level of the Index was 12% lower than it was on Day 0, and\nthe closing Indicative Note Value was 50.84% lower on that day than it was on Day 0, for a loss that is greater than 3 times the decline\nof the Index from Day 0 to Day 7.

The above examples illustrate the following important\npoints about the decay effect over any holding period of more than one day:

The decay effect worsens over time. In each\nof the examples above, the closing level of the Index returns to the original level of 100 on multiple days during the 10 Index Business\nDay period. Each time the level returns to 100, the closing Indicative Note Value is lower than it was on any earlier date on which the\nclosing level was 100. The same is true for each of the other closing levels shown in the examples above.

PS-34

Although the decay effect worsens over time, it can have a meaningful\neffect even over a period as short as two days. In Example 3 above, the closing level of the Index falls from 100 to 88 from Day 2\nto Day 3 and then returns to 100 on Day 4. Although the closing level of the Index is the same on Day 4 as it was on Day 2, the closing\nIndicative Note Value of the notes on Day 4 was lower, and in the case of Example 3, significantly lower, than it was on Day 2.

The decay effect worsens as volatility increases.\nVolatility refers to the average magnitude of daily fluctuations in the closing level of the Index over any period of time. The daily\nfluctuations in Example 2 are significantly larger than they are in Example 1, and the daily fluctuations in Example 3 are significantly\nlarger than they are in Example 2. As a result, the decline in the closing Indicative Note Value in Example 2 is significantly greater\nthan it is in Example 1, and the decline in the closing Indicative Note Value in Example 3 is significantly greater than it is in Example\n2.

The daily compounding of returns will adversely\naffect the closing Indicative Note Value of the notes any time the closing level of the Index moves in a different direction on one day\nthan it did on the prior day. If the closing level of the Index increases from Day 0 to Day 1 and then decreases by the same amount from\nDay 1 to Day 2, or if the closing level decreases from Day 0 to Day 1 and then increases by the same amount from Day 1 to Day 2, the closing\nIndicative Note Value on Day 2 will be lower than it was on Day 0, even though the closing level of the Index on Day 2 is the same as\nit was on Day 0.

The 3-to-1 leverage ratio does not hold for\nany period longer than one day. In Example 3 above, the 50.84% loss reflected in the closing Indicative Note Value from Day 0 to Day\n7 was approximately 4.24 times greater than the 12% decline in the closing level of the Index over the same period.

In fact, the closing Indicative Note Value of the notes may decline significantly over any\ngiven time period even if the closing level of the Index from the beginning to the end of that time period increases. For example, in\nExample 3 above, the closing level of the Index has increased by 12% from Day 0 to Day 9, but the closing Indicative Note Value was 5.80%\nlower on Day 9 than it was on Day 0.

PS-35

INTRADAY\nVALUE OF THE INDEX AND THE NOTES

Intraday Index Values

Each Index Business Day, the Intraday Index\nCalculation Agent will calculate and publish the intraday Index value every 15 seconds during normal trading hours on Bloomberg\nunder the ticker symbol “MINERS<Index>.”

The Intraday Index Calculation Agent is\nnot affiliated with Bank of Montreal and does not approve, endorse, review or recommend the Index or the notes. The information\nused in the calculation of the intraday Index value will be derived from sources the Intraday Index Calculation Agent deems reliable,\nbut the Intraday Index Calculation Agent and its affiliates do not guarantee the correctness or completeness of the intraday Index\nvalue or other information furnished in connection with the notes or the calculation of the Index. The Intraday Index Calculation\nAgent makes no warranty, express or implied, as to results to be obtained by Bank of Montreal, holders of the notes, or any other\nperson or entity from the use of the intraday Index value or any data included therein. The Intraday Index Calculation Agent makes\nno express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose\nwith respect to the intraday Index value or any data included therein. The Intraday Index Calculation Agent, its employees, subcontractors,\nagents, suppliers and vendors shall have no liability or responsibility, contingent or otherwise, for any injury or damages, whether\ncaused by the negligence of the Intraday Index Calculation Agent, its employees, subcontractors, agents, suppliers or vendors or\notherwise, arising in connection with the intraday Index value or the notes, and shall not be liable for any lost profits, losses,\npunitive, incidental or consequential damages. The Intraday Index Calculation Agent shall not be responsible for or have any liability\nfor any injuries or damages caused by errors, inaccuracies, omissions or any other failure in, or delays or interruptions of, the\nintraday Index value from whatever cause. The Intraday Index Calculation Agent is not responsible for the selection of or use of\nthe Index or the notes, the accuracy and adequacy of the Index or information used by Bank of Montreal and the resultant output\nthereof.

The intraday calculation of the level of\nthe Index will be provided for reference purposes only. Published calculations of the level of the Index from the Intraday Index\nCalculation Agent may occasionally be subject to delay or postponement. Any such delays or postponements will affect the current\nlevel of the Index and therefore the value of the notes in the secondary market. The intraday Index value published every 15 seconds\nwill be based on the intraday prices of the Index constituents.

Intraday Indicative Note Values

An Intraday Indicative Value, which is an approximation\nof the value of the notes, will be calculated and published by Solactive AG (based in part on information provided by the Intraday Index\nCalculation Agent) or a successor on Bloomberg under the ticker symbol “GDXUIV” every 15 seconds during normal trading hours.\nThe actual trading price of the notes may vary significantly from their Intraday Indicative Value. In connection with the notes,\nwe use the term “indicative value” to refer to the value at a given time equal to (a) the Intraday Long Index\nAmount minus (b) the Financing Level; provided that if such calculation results in a value equal to or less than $0, then\nboth the Intraday Indicative Value and the closing Indicative Note Value will be $0. The Intraday Long Index Amount will equal the product\nof (a) the closing Indicative Note Value on the immediately preceding Exchange Business Day times (b) the Daily Leverage\nFactor times (c) the Intraday Index Performance Factor. The Intraday Index Performance Factor equals (a) the most recently\npublished level of the Index divided by (b) the Index Closing Level on the preceding Index Business Day.

For the avoidance of doubt, for purposes\nof calculating the Intraday Indicative Value, the level of the Index based on the ticker “MINERS” will be used, even\nif the Calculation Agent has determined to use the VWAP Closing Level to determine the payments due on the notes.

If the Intraday Indicative Value of the\nnotes is equal to or less than $0 at any time on any Exchange Business Day, then both the Intraday Indicative Value and the closing\nIndicative Note Value of the notes on that day, and for the remainder of the term of the notes, will be $0 (a total loss of value).

PS-36

The Intraday Indicative Value is meant to approximate the value of\nthe notes at a particular time. There are three elements of the formula: the Intraday Long Index Amount, the Financing Level and the Intraday\nIndex Performance Factor (using, instead of the Index Closing Level for the date of determination, the intraday level of the Index at\nthe time of determination), as described immediately above. Because the intraday level of the Index and the Intraday Long Index Amount\nare variable, the Intraday Indicative Value translates the change in the level of the Index from the previous Exchange Business Day, as\nmeasured at the time of measurement, into an approximation of the expected value of the notes. The Intraday Indicative Value uses an intraday\nlevel of the Index for its calculation; therefore, a variation in the intraday level of the Index from the previous Exchange Business\nDay’s Index Closing Level may cause a significant variation between the closing Indicative Note Value and the Intraday Indicative\nValue on any date of determination. The Intraday Indicative Value also does not reflect intraday changes in the leverage; it is based\non the constant Daily Leverage Factor of 3. Consequently, the Intraday Indicative Value may vary significantly from the previous or next\nExchange Business Day’s closing Indicative Note Value or the price of the notes purchased intraday. See “Risk Factors —\nThe notes are subject to intraday purchase risk” and “—The leverage of the notes is reset daily, and the leverage of\nthe notes during any given day may be greater than or less than 3.0.” The Intraday Indicative Value may be useful as an approximation\nof what price an investor in the notes would receive if the notes were to be redeemed or if they matured, each at the time of measurement.\nThe Intraday Indicative Value may be helpful to an investor in the notes when comparing it against the notes’ trading price on the\nNYSE and the most recently published level of the Index.

The Intraday Indicative Value calculation\nwill be provided for reference purposes only. It is not intended as a price or quotation, or as an offer to solicitation for the\npurpose, sale, or termination of your notes, nor will it reflect hedging or other transactional costs, credit considerations, market\nliquidity or bid-offer spreads. The levels of the Index provided by the Intraday Index Calculation Agent will not necessarily reflect\nthe depth and liquidity of the Index constituents. For this reason and others, the actual trading price of the notes may be different\nfrom their indicative value. For additional information, please see “Risk Factors — The Intraday Indicative Value and\nthe Indicative Note Value are not the same as the closing price or any other trading price of the notes in the secondary market”\nin this pricing supplement.

The calculation of the Intraday Indicative\nValue shall not constitute a recommendation or solicitation to conclude a transaction at the level stated, and should not be treated\nas giving investment advice.

The publication of the Intraday Indicative\nValue of the notes by Solactive AG may occasionally be subject to delay or postponement. If the intraday Index value is delayed,\nthen the Intraday Indicative Value of the notes will also be delayed. The actual trading price of the notes may be different from\ntheir Intraday Indicative Value. The Intraday Indicative Value of the notes published at least every 15 seconds from 9:30 a.m.\nto 6:00 p.m., New York City time, will be based on the intraday values of the Index, and may not be equal to the payment at maturity,\ncall or redemption.

The indicative value calculations will have\nbeen prepared as of a particular date and time and will therefore not reflect subsequent changes in market values or prices or\nin any other factors relevant to their determination.

If you want to sell your notes but are unable\nto meet the minimum redemption requirements, you may sell your notes into the secondary market at any time, subject to the risks\ndescribed under “Risk Factors — Risks Relating to Liquidity and the Secondary Market — There is no assurance\nthat your notes will continue to be listed on a securities exchange, and they may not have an active trading market” and\n“— The value of the notes in the secondary market may be influenced by many unpredictable factors.” Also, the\nprice you may receive for the notes in the secondary market may differ from, and may be significantly less than, the Redemption\nAmount.

None of the Index Sponsor, the Intraday\nIndex Calculation Agent or their respective affiliates are affiliated with Bank of Montreal or BMOCM and do not approve, endorse,\nreview or recommend Bank of Montreal, BMOCM or the notes.

PS-37

The Intraday Indicative Values of the notes calculated by Solactive\nAG are derived from sources deemed reliable, but Solactive AG and its affiliates and suppliers do not guarantee the correctness or completeness\nof the notes, their values or other information furnished in connection with the notes. Solactive AG and its affiliates make no warranty,\nexpress or implied, as to results to be obtained by BMOCM, Bank of Montreal, the holders of the notes, or any other person or entity from\nthe use of the notes, or any date or values included therein or in connection therewith. Solactive AG and its affiliates make no express\nor implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose with respect to the\nnotes, or any data or values included therein or in connection therewith.

PS-38

THE\nINDEX

We\nhave derived all information contained in this pricing supplement regarding the Index, including, without limitation, its make-up, performance,\nmethod of calculation and changes in its constituents, from publicly available sources. Such information reflects the policies of and\nis subject to change by the Index Sponsor. We have not undertaken any independent review or due diligence of such information. The Index\nSponsor has no obligation to continue to publish, and may discontinue the publication of, the Index. The description of the Index is\nsummarized from its governing methodology, which is available at https://www.vettafi.com/indexing/index/miners. Neither the methodology\nnor any other information included on any website maintained by the Index Sponsor is included or incorporated by reference into this\npricing supplement.

Introduction

The Index is a market capitalization-weighted index that tracks the\nperformance of two exchange traded funds, the VanEck^®Gold Miners ETF (the “GDX”) and the VanEck^®\nJunior Gold Miners ETF (the “GDXJ”). We refer to each of the GDX and the GDXJ as an “ETF.” The Index is a total\nreturn index, in which dividends paid on the ETFs are reflected in the level of the Index.

The\nticker symbol of the Index is “MINERS”. The Index Sponsor publishes a closing level for the Index on each Index Business\nDay; this closing level is based on the closing prices of the ETFs on their primary exchanges. Cboe Global Indices (the “Intraday\nIndex Calculation Agent”) publishes intraday levels of the Index at least every 15 seconds on each Index Business Day.

In addition to the closing\nlevel of the Index described above, the Index Sponsor publishes on each Index Business Day a separate closing level of the Index\nthat is based on the volume weighted average prices of the ETFs during the final 15 minutes of trading. The ticker symbol for this\nlevel is “MINERSV”.

The MINERS Index value\nwas set to 1,000 as of March 17, 2017.

Index Constituents, Selection and Weighting

To date, the only constituents of the Index\nhave been the GDX and the GDXJ. The universe of potential Index constituents is reviewed for potential additions or deletions each\nquarter as part of the reconstitution process.

All members of the Index’s universe\nof ETFs with a market capitalization greater than US$1 billion and average daily trading values in excess of US$1 million may be\nselected for inclusion in the Index.

The Index constituents are weighted according to\ntheir total market capitalizations via “Index Shares,” which are reflected upon each reconstitution’s “Effective\nDate” and set as described below.

The Index Sponsor determines a proposed\nupdate to the list of Index constituents based on the Index rules, together with data available as of the market close on the last\ntrading day of the second month of each calendar quarter (the “Snapshot Date”).

The Index Committee\n(as defined below) will approve or reject any changes, and notify the Index Sponsor of its decisions no later than the Thursday\nfollowing the first Friday of the third month of each calendar quarter (the “Rebalancing Month”).

No later than the Thursday following the\nfirst Friday of the Rebalancing Month, the Index Committee or its designee will issue a press release announcing any additions\nto and/or deletions from the Index, and post that press release to the Index Sponsor’s website.

The Index Sponsor will provide new Index Shares\nto the Committee or its designee based on closing prices as of the second Friday of the Rebalancing Month (the “Weight Date”).\nEach constituent’s Index Market Capitalization will equal its Index Shares multiplied by its share price. The Index Shares are the\nnumbers of shares for each constituent set for the stock positions in a hypothetical portfolio created to calculate the level of the Index.\nThe Index Shares may include fractional shares, because the shares are set to meet the target Index Market Capitalizations. The target\nIndex Market Capitalizations are set to reflect the relative market capitalization sizes of the Index constituents in accordance with\nthe Index’s market capitalization-weighting methodology.

PS-39

The Index Sponsor will distribute the new Index\nMarket Capitalizations to relevant parties via email and/or File Transfer Protocol (FTP) after the Weight Date.

The reconstitution or rebalancing will be effective\nat the close of trading on the third Friday of the Rebalancing Month (the “Effective Date”). However, the rebalancing weights\nwill remain fixed from the second Friday until their implementation on the Effective Date. The Index Sponsor will post all final rebalancing\ndata and information on its FTP server before the market open on the trading day following the Effective Date.

Index Maintenance

In addition to the scheduled quarterly reviews,\nthe Index is reviewed on an ongoing basis. Changes in index composition and related weight adjustments are necessary whenever there\nare extraordinary events such as delistings, mergers or takeovers involving one or more index components. In these cases, each\nevent will be taken into account as soon as it is effective. Whenever possible, the changes in the Index’s components will\nbe announced at least two business days prior to their implementation date. Changes in shares outstanding are reflected at each\nrebalancing, as well as between rebalancings for certain corporate actions such as share splits or consolidations.

Additions may be made to the Index at the\nclose of trading on the quarterly rebalancing dates in the case of the creation or a listing of new ETFs that has occurred more\nthan 22 trading days prior to the rebalancing date.

Deletions may be made to remove ETFs that\nfail to meet the inclusion criteria as of the Snapshot Date for a reconstitution or rebalancing, or in the event a constituent\nis delisted, is acquired or merges with another entity. If an Index component no longer meets the eligibility requirements, it\nmay be removed from the Index.

If two index constituents merge, their component\npositions will be replaced by the surviving entity immediately. If an index constituent merges with a non-component entity, it\nwill be removed from the Index, and its weight will be redistributed to all the remaining constituents on a proportional basis.

If an index component is taken over by another\nindex component, the former will be removed from the Index immediately upon completion of the takeover. If an index component is\ntaken over by a non-component entity, it will be removed from the Index and its weight will be redistributed to all the remaining\nconstituents on a proportional basis.

Index Calculation and Adjustments

Calculation Agents. The Index is\ncalculated on an end-of-day basis by the Index Sponsor, and on an intraday basis by Cboe Global Indices (the “Intraday Index\nCalculation Agent”).

Input Data Sources. Closing share\nprices for the end-of-day index calculation, and last-traded share prices for intraday index calculations are provided by Refinitiv.\nIf the current trading price of an issue is unavailable, the previous trading session’s closing price is used. However, if\nthe index component is affected by any corporate action that requires an adjustment, then the adjusted price is used.

Volume-weighted average share prices (VWAPs)\nfor the Index’s VWAP-variant calculation are provided by Cboe Market Data Services based on composite data for trades that\noccurred during the last 15 minutes of trading (usually between 15:45 ET and 16:00 ET). If no trades occurred for a constituent\nduring that time period, the constituent’s closing price is used instead of its VWAP.

The number of outstanding shares is determined\nseparately for each class of securities. This information is obtained from regulatory filings and a variety of data vendors. The data\nalso may be sourced from the companies themselves.

PS-40

Corporate actions affecting an index constituent\nare sourced from public news services, regulatory filings and data vendors. The companies themselves may be used as an additional\nsource.

Float data are obtained from a variety of\nsources, including data vendors, exchanges, regulators and the index components themselves.

Calculation of Index Shares

As of each Effective Date, the Index Shares for\nan index constituent are calculated as follows:

$\"\"$

Where:

S_i is the number of Index Shares for Constituent i

C_i is the closing price (in USD) for Constituent i on the Effective Date

T_i is the Target Weight for Constituent i determined by the Index rules

A is the (reset) Aggregate Index Market Capitalization (the sum of all the Constituents’ Index Market Capitalizations,\nin this case set for rebalancing purposes)

Once made effective, the Index Shares then\nremain constant until the next rebalancing, except when adjusted intraquarter for an event such as those whose resulting adjustments\nare described below.

Calculation of the Index Divisor

For a given Index Business Day, the Index\nDivisor is calculated as follows:

$\"\"$

Where:

D_t is today’s Index Divisor

V_y is the previous trading day’s Total Return variant level

S_ti is today’s number of Index Shares for Constituent i

O_ti is today’s opening price (in USD and based on the previous closing price with a possible adjustment) for\nConstituent i

n is the number of Constituents in the Index

Therefore, in the absence of a change in\nthe aggregate Index Market Capitalization from the market close on one trading day to the market open on the next trading day,\nthe Index Divisor remains constant over that time frame.

Calculation of the Index Level

On a given Index Business Day, the Index’s\nvalue is calculated as follows:

$\"\"$

Where:

V_t is today’s Index variant level

S_ti is today’s number of Index Shares for Constituent i

Cti is today’s closing price (in USD) for Constituent i

D_t is today’s Index Divisor

n is the number of Constituents in the Index

PS-41

The level of the Index reflects the reinvestment\nof any dividend gone ex into its originating Constituent by adjusting that Constituent’s Index Shares and Index Price for the market\nopen on the dividend’s ex-date as described below.

Calculation of the VWAP Closing Level of the Index

On a given trade date, the VWAP closing level of the\nIndex is calculated as follows:

$\"\"$

Where:

V_t is today’s VWAP variant level

S_ti is today’s number of Index Shares for Constituent i

W_ti is today’s volume-weighted average price (in USD) for Constituent i

Dt is today’s Index Divisor

n is the number of Constituents in the Index

The VWAP variant reflects the reinvestment\nof any dividend gone ex into its originating Constituent by adjusting that Constituent’s Index Shares for the dividend’s\nex-date as described below.

Adjustments for Corporate Actions

An index divisor may decrease (▼)\nor increase (▲) or keep constant (■) when corporate actions occur for a component security. Index Shares may also be\nadjusted; if incorporating an adjustment to a constituent’s share price, the calculation of the new Index Shares shall use\nthe closing price or an adjusted price derived therefrom as opposed to the volume-weighted average price (VWAP) or an adjusted\nVWAP derived therefrom. Assuming shareholders receive “B” new shares and “A” shares are originally held\nfor the following corporate actions:

■ A) CASH DIVIDEND (REGULAR OR SPECIAL)

adjusted price = closing price - dividend announced\nby the company

adjusted shares = closing index market capitalization\n/ adjusted price per share

■ B) SPLIT OR REVERSE SPLIT

adjusted price = closing price * A / B

new number of shares = old number of shares * B /\nA

■ C) SHARE DIVIDEND

adjusted price = closing price * A / (A + B)

new number of shares = old number of shares * (A\n+ B) / A

▼D) IN-KIND DIVIDEND OF A DIFFERENT COMPANY\nSECURITY

adjusted price = (closing price * A - price of the\ndifferent company security * B) / A

▼E) RETURN OF CAPITAL AND SHARE CONSOLIDATION

adjusted price = (closing price - dividend announced\nby company) * A / B

new number of shares = old number of shares * B /\nA

▲ F) COMBINATION SHARE DISTRIBUTION (DIVIDEND\nOR SPLIT) [AND RIGHTS OFFERING]

Shareholders receive B new shares from the distribution\nand C new shares from the rights offering for every A shares held:

* If rights are applicable after the distribution\n(one action applicable to other).

adjusted price = [closing price * A + subscription\nprice * C * (1 + B / A)] / [ (A + B) * (1 + C / A) ]

new number of shares = old number of shares * [(A\n+ B) * (1 + C / A)] / A

PS-42

* If the distribution is applicable after rights\n(one action applicable to other).

adjusted price = [closing price * A + subscription\nprice * C] / [(A + C) * (1 + B / A)]

new number of shares = old number of shares * [ (\nA + C ) * ( 1 + B / A) ]

▲ G) IN-KIND DISTRIBUTION AND RIGHTS (NEITHER\nACTION IS APPLICABLE TO THE OTHER)

adjusted price = [closing price * A + subscription\nprice * C] / [A + B + C]

new number of shares = old number of shares * [A\n+ B + C]

Calculation of Intraday Index Values

The Intraday Index Calculation Agent calculates intraday index values\nfor the Index using price data on each reported trade it receives on each component security. The Intraday Index Calculation Agent distributes\nindex values to vendors at set 15-second intervals, provided the level of the Index has changed from the previously distributed value.

The index calculations will start each US\ntrading day at 9:30 ET. At that time, the Index will begin changing as new prices or exchange rates are processed.

Index calculation will cease each US trading\nday at 16:00 ET (unless earlier due to an early closing of the relevant markets) and official summaries are disseminated between\n17:00 ET and 19:00 ET.

If, during periods when the Index is calculated,\none or more relevant securities exchanges are closed, the index calculation will continue using the last closing price for those\nstocks that trade on the closed exchange(s).

Data Correction Policy

To maintain a high standard of data integrity,\na series of procedures have been implemented to ensure accuracy, timeliness and consistency of Index information. Input prices\nare monitored using a variety of computerized range-check warning systems. Fault tolerant methods are employed in the collection\nof market and corporate action data. Various verification and audit tasks are performed to ensure the quality of the data feeds\nand related market data. While every effort is taken to ensure the accuracy of the information used for the index calculation,\nan index error may occur due to incorrect or missing data, including trading prices, shares outstanding and corporate actions,\ndue to operational errors or other reasons.

Intraday Corrections

Reasonable efforts are employed to prevent\nerroneous data from affecting the indexes. Corrections will be made for erroneous prices and incorrect or missing corporate actions\nas soon as possible after detection. Since the Index is calculated on an intraday basis, an incorrect index value tick will not\nbe corrected retroactively. Incorrect daily high/low index values will be corrected as soon as practicable.

Index-Related Data and Divisor Corrections

Incorrect pricing and corporate action data\nfor individual issues in the database will be corrected upon detection. In addition, an incorrect divisor, if discovered within\nfive days of its occurrence, will be fixed on the day it is discovered to prevent an error from being carried forward.

If a divisor error is discovered more than\nfive days after occurrence, the adjustment will depend upon how significant the error is, how far back the error occurred and the\nfeasibility of performing the adjustment.

PS-43

Index Committee

The Index is administered by the S-Network Gold\nMiners Index Committee (the “Index Committee”), which consists of at least three members. The Index Committee is responsible\nfor maintaining the universe from which ETFs shall be selected for inclusion in the Index. The composition of the Index Committee may\nfrom time to time be changed to reflect changes in market conditions. The Index Committee will review the ETFs to be included in the\nIndex, and may reject any ETF that it believes does not meet its overall standards for risk and sound business practice.

The Index Committee will meet at least four\ntimes per year, either in person or via teleconference, to discuss index issues, and organize the quarterly or special reconstitution\nor quarterly rebalancing.

The Index Committee has the responsibility of setting\nthe rules of the Index to accurately depict market conditions and reflect market, legal and other developments, and may, when necessary,\nmake adjustments to the ruleset.

Historical Index Information

We obtained the closing levels of the Index in the graph below from\nBloomberg Finance L.P., without independent verification. The following graph sets forth daily Index Closing Levels of the Index for the\nperiod from January 4, 2021 to October 12, 2026. The Index Closing Level on October 12, 2026 was 4,040.79. The historical performance\nof the Index should not be taken as an indication of the future performance of the Index.

$\"\"$

HISTORICAL RESULTS ARE NOT INDICATIVE OF FUTURE\nRESULTS.

PS-44

License Agreement

Under the terms of a license agreement with the\nIndex Sponsor, the following disclosure is required to be included in this section:

MicroSectors^TM is a registered trademark\nof REX Shares, LLC. We have entered into a sub-license agreement with REX Shares, LLC (“REX” or the “Structuring Agent”),\nwhich licenses the Index from VettaFi LLC (“VettaFi”). The license agreement with the Structuring Agent also provides for\nthe use of certain trade names, trademarks and service marks. We have also entered into a services agreement with REX to provide certain\nservices related to product design, content generation and document dissemination.

The notes are not sponsored, endorsed, sold or\npromoted by VettaFi, or its third-party licensors. Neither VettaFi nor its third-party licensors make any representation or warranty,\nexpress or implied, to the owners of the notes or any member of the public regarding the advisability of investing in securities generally\nor in the notes particularly or in the ability of the notes to track the performance of the Index. VettaFi and its third-party licensors\nare not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the notes to be issued\nor in the determination or calculation of the equation by which the notes will be converted into cash. VettaFi has no obligation or liability\nin connection with the administration, marketing or trading of the notes.

Neither VettaFi nor its affiliates or third party\nlicensors guarantee the adequacy, accuracy timeliness and/or the completeness of the Index or any data included therein or any communications,\nincluding but not limited to, oral or written communications (including electronic communications) with respect thereto. VettaFi, its\naffiliates and their third-party licensors shall not be subject to any damages or liability for any errors, omissions, or interruptions\ntherein. VettaFi makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular\npurpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event whatsoever shall\nVettaFi, its affiliates or their third-party licensors have any liability for any indirect, special, incidental punitive or consequential\ndamages, including but not limited to loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility\nof such damages, whether in contract, tort, strict liability or otherwise.

PS-45

THE\nETFs

Included below is a brief description\nof the ETFs that are included in the Index. This information has been obtained from publicly available sources, without independent verification.

The sponsor of each ETF is required\nto file information specified by the SEC periodically. Information provided to or filed with the SEC under the Securities Act of 1933,\nas amended (the “Securities Act”), and the Investment Company Act of 1940, as amended (the “Investment Company Act”)\ncan be located by reference to the applicable ETF’s SEC file numbers (as set forth below) and can be inspected through the SEC’s\nwebsite at www.sec.gov. In addition, information may be obtained from other sources including, but not limited to, press releases, newspaper\narticles and other publicly disseminated documents. None of such publicly available information is incorporated by reference into this\npricing supplement.

This pricing supplement relates only to the notes offered thereby and\ndoes not relate to any ETF. We have derived all disclosures contained in this pricing supplement regarding the ETFs from the publicly\navailable documents described in the preceding paragraph. In connection with the offering of the notes, neither we nor any agent has participated\nin the preparation of such documents or made any due diligence inquiry with respect to any ETF. Neither we nor any agent has independently\nverified the accuracy or completeness of any information with respect to any ETF in connection with the offer and sale of notes. Furthermore,\nwe cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described in the preceding paragraph) that would affect the trading price of an ETF have been publicly\ndisclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning an ETF\ncould affect any payments on the notes and therefore the trading prices of such notes.

We and/or our affiliates may presently\nor from time to time engage in business with an ETF. In the course of such business, we and/or our affiliates may acquire non-public information\nwith respect to such ETF, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one\nor more of our affiliates may publish research reports with respect to an ETF. The statements in the preceding two sentences are not intended\nto affect the rights of investors in the notes under the securities laws.

VanEck^® Gold\nMiners ETF

The VanEck^® Gold Miners ETF is\nissued by the VanEck^® ETF Trust, a registered open-end management company.

The VanEck^® Gold Miners ETF seeks to replicate, before\nfees and expenses, the price and yield performance of the MarketVector^TM\nGlobal Gold Miners Index. The MarketVector^TM\nGlobal Gold Miners Index is a float-adjusted modified market capitalization-weighted index designed to track the performance of the global\ngold and silver mining segment. Before market close on September 19, 2025, the VanEck^® Gold Miners ETF’s underlying\nindex was the NYSE Arca Gold Miners Index. The VanEck^® Gold Miners ETF’s SEC file numbers are 333-123257 and 811-10325.\nThe VanEck^® Gold Miners ETF is listed on the NYSE under the ticker symbol “GDX.”

The notes are not sponsored, endorsed,\nsold or promoted by VanEck. VanEck makes no representations or warranties to the owners of the notes or any member of the public regarding\nthe advisability of investing in the notes. VanEck has no obligation or liability in connection with the operation, marketing, trading\nor sale of the notes. For additional information about the VanEck^® Gold Miners ETF, see the VanEck’s website, https://www.vaneck.com.\nInformation on that website is not included or incorporated by reference in this pricing supplement.

The MarketVector^TM Global\nGold Miners Index

We obtained all information contained in this\npricing supplement regarding the MarketVector^TM Global Gold Miners Index (referred to in this section as the “Global\nGold Miners Index”), including, without limitation, its make-up, method of calculation, and changes in its components, from publicly\navailable information. That information reflects the policies of, and is subject to change by, MarketVector Indexes GmbH (“MVIS”),\nthe index sponsor of the Global Gold Miners Index. The Global Gold Miners Index was developed by MVIS and is maintained and published\nby MVIS. The Global Gold Miners Index is calculated by Solactive AG. MVIS has no obligation to continue to publish, and may discontinue\npublication of, the Global Gold Miners Index at any time. Neither we nor any agent has independently verified the accuracy or completeness\nof any information with respect to the Global Gold Miners Index in connection with the offer and sale of the notes.

PS-46

In addition, information about the Global Gold\nMiners Index may be obtained from other sources including, but not limited to, the Global Gold Miners Index sponsor’s website. We\nare not incorporating by reference into this pricing supplement the website or any material it includes. Neither we nor any agent makes\nany representation that such publicly available information regarding the Global Gold Miners Index is accurate or complete.

The Global Gold Miners Index is designed to track\nthe performance of the global gold and silver mining segment, which includes companies that derive at least 50% (25% for current components)\nof their revenues from gold mining/royalties/streaming and/or silver mining/royalties/streaming or with mining projects that have the\npotential to generate at least 50% (25% for current components) of their revenues from gold and/or silver when developed. The Global Gold\nMiners Index was launched on June 3, 2025, with a base index value of 1,000 as of April 30, 2006.

The Global Gold Miners Index is reported by Bloomberg\nL.P. under the ticker symbol “MVGDX.”

Index Composition and Maintenance

Index Universe

The index universe includes only common securities\nand securities with similar characteristics from financial markets that are freely investable for foreign investors and that provide real-time\nand historical component and currency pricing. Limited partnerships are excluded. Companies from financial markets that are not freely\ninvestable for foreign investors or that do not provide real-time and historical component and currency pricing may still be eligible\nif they have a listing on an eligible exchange and if they meet all the size and liquidity requirements on that exchange. Securities listed\non (1) exchanges in Bahrain, China (domestic market), India, Kuwait, Luxembourg, Oman, Qatar, Russia, Saudi Arabia, United Arab Emirates\nand Vietnam or (2) Paris Euronext Auction, Hamburger Boerse, Boerse Berlin, Oslo Euronext Growth or London Stock Exchange are excluded.

Investable Index Universe

Only companies with a free float (or shares available\nto foreign investors) of 5% or more for existing index components or 10% or more for new components are eligible for inclusion the Global\nGold Miners Index. In addition, stocks that are currently not in the Global Gold Miners Index must meet the following size and liquidity\nrequirements:

a full market capitalization exceeding $ 150 million;

a three-month average-daily-trading volume of at least US $1 million at the current review and also at the previous two reviews; and

at least 250,000 shares traded per month over the last six months at the current review and also at the previous two reviews.

For stocks already in the Global Gold Miners Index\nthe following applies:

a full market capitalization exceeding $ 75 million;

a three-month average-daily-trading volume of at least $ 0.2 million at the current review and also at the previous two reviews; and

a three-month average-daily-trading volume of at least $0.6 million at current review or at one of the previous two reviews; or at\nleast 200,000 shares traded per month over the last six months at the current review or at one of the previous two reviews.

In case the number of investable stocks drops\nbelow the minimum component number, additional companies are flagged eligible by MVIS’s decision until the number of eligible stocks\nequals the minimum component count.

PS-47

Only one share line of each company is eligible.\nIn case more than one share line fulfills the above size and liquidity rules, only the largest share line by free float market capitalization\nis eligible. MVIS can, in exceptional cases (e.g., significantly higher liquidity), decide for a different share line.

In case the free float market capitalization of\na non-component share line:

exceeds the free float market capitalization of a share line of the same company which is an index component by at least 25%; and

fulfills all size and liquidity eligibility criteria for non-components,

the current component share line will be replaced by the larger one.\nMVIS can, in exceptional cases (e.g., significantly higher liquidity), decide to keep the current share line instead.

Index Constituent Selection

The Global Gold Miners Index is reviewed and rebalanced\non a quarterly basis in March, June, September and December. The target coverage of the Global Gold Miners Index is 90% of the free float\nmarket capitalization of the investable universe with at least 25 companies. The constituents of the Global Gold Miners Index are selected\nusing the following procedure:

All securities in the eligible universe are sorted in terms of free-float market capitalization in descending order.

Securities covering the top 85% of the free-float market capitalization of the eligible universe qualify for selection.

Current components between 85% and 98% of the free-float market capitalization of the eligible universe also qualify for selection.

If the coverage is still below 90% of the free-float market capitalization of the eligible universe or the number of components in\nthe Global Gold Miners Index is still below 25, the largest remaining securities will be selected until both the target coverage and minimum\nnumber of components are reached.

In case the number of eligible securities is below the minimum of 25, additional securities are added by MVIS’s decision until\nthe number of securities selected for inclusion in the Global Gold Miners Index reaches the minimum of 25 securities.

In addition to the periodic reviews, the Global\nGold Miners Index is continually reviewed for corporate events (e.g., mergers, takeovers, spin-offs, delistings and bankruptcies) that\naffect the index components.

Index Calculation

The value of the Global Gold Miners Index is calculated\nusing the Laspeyres’ formula, with stock prices converted to U.S. dollars:

$\"\"$

where (for all stocks (i) in the relevant MVIS\nIndex):

p_i = stock price (rounded to four decimal\nplaces);

q_i = number of shares;

ff_i = free float factor (rounded to\ntwo decimal places);

PS-48

fx_i = exchange rate (local currency\nto U.S. Dollar) (rounded to 12 decimal places);

cf_i = sector-weighting cap factor (if\napplicable, otherwise set to 1) (rounded to 16 decimal places);

M = free float market capitalization of the relevant\nMVIS Index; and

D = divisor (rounded to six decimal places).

Free Float

The Global Gold Miners Index is free float-adjusted\n— that is, the number of shares outstanding is reduced to exclude closely held shares (amount larger than 5% of the company’s\nfull market capitalization) from the index calculation. At times, other adjustments are made to the share count to reflect foreign ownership\nlimits or sanctions. These are combined with the block-ownership adjustments into a single factor. To avoid unwanted double counting,\neither the block-ownership adjustment or the restricted stocks adjustment is applied, whichever produces the higher result. Free float\nfactors are reviewed quarterly.

Index Company-Weighting Cap Factors

Companies in the Global Gold Miners Index are\nranked according to their free float market capitalization, as modified by the company-weighting cap factors. The Global Gold Miners Index\nuses the company-weighting cap factors to ensure diversification to avoid overweighting. The company-weighting cap factors are reviewed\nquarterly and applied, if necessary. The following weighting scheme applies to the Global Gold Miners Index:

All index components are weighted by their free-float market capitalization.

All index components exceeding 4.5%, but at least the largest five and no more than the largest 10 constituents, are grouped together\n(the “Large-Weights”). All other index constituents are also grouped together (the “Small-Weights”).

The aggregated weighting of the Large-Weights is capped at 45%:

If the aggregated weight of all Large-Weights exceeds 45%, a capping factor is calculated and applied to bring the weight down to\n45% and at the same time, a second capping factor is calculated and applied to increase the aggregated weight of the Small-Weights to\n55%.

Large-Weights: The maximum weight for any single security is 20% and the minimum weight is 5%. If a security is above the maximum\nor below the minimum weight, then the weight will be reduced to the maximum weight or increased to the minimum weight and the excess weight\nwill be redistributed proportionally across all other Large-Weights.

Small-Weights: The maximum weight for any single security is 4.5%. If a security is above the maximum weight, then the weight will\nbe reduced to the maximum weight and the excess weight shall be redistributed proportionally across all other Small-Weights.

In case the aggregated weight of all index components with less than\n50% of their revenue derived from the activities described above exceeds 20%, a weighting cap factor will be applied to ensure the aggregated\nweight of such index components does not exceed 20%. The excess weight shall be proportionally redistributed among the uncapped index\ncomponents with more than 50% exposure to such activities within the Small-Weights.

VanEck^® Junior Gold Miners ETF

The VanEck^® Junior Gold Miners\nETF is issued by the VanEck^® ETF Trust, a registered open-end management company. The VanEck^® Junior Gold\nMiners ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS^®\nGlobal Junior Gold Miners Index (referred to in this section as the “Junior Gold Miners Index”). The VanEck^®\nJunior Gold Miners ETF’s SEC file numbers are 333-123257 and 811-10325. The VanEck^® Junior Gold Miners ETF is listed\non the NYSE under the ticker symbol “GDXJ.”

PS-49

The notes are not sponsored, endorsed,\nsold or promoted by VanEck. VanEck makes no representations or warranties to the owners of the notes or any member of the public regarding\nthe advisability of investing in the notes. VanEck has no obligation or liability in connection with the operation, marketing, trading\nor sale of the notes. For additional information the VanEck^® Junior Gold Miners ETF, see the VanEck’s website, https://www.vaneck.com.\nInformation on that website is not included or incorporated by reference in this pricing supplement.

The MVIS^® Global Junior\nGold Miners Index

All information contained in this pricing supplement regarding the\nJunior Gold Miners Index, including, without limitation, its make-up, method of calculation and changes in its components, has been derived\nfrom publicly available information, without independent verification. This information reflects the policies of, and is subject to change\nby, MarketVector Indexes GmbH (“MVIS”). The Junior Gold Miners Index was developed by MVIS and is maintained and published\nby MVIS. The Junior Gold Miners Index is calculated by Solactive AG. MVIS has no obligation to continue to publish, and may discontinue\npublication of, the Junior Gold Miners Index.

The Junior Gold Miners Index is designed to track\nthe performance of the global gold and silver mining small-cap segment, which includes companies that derive at least 50% (25% for current\ncomponents) of their revenues from gold mining/royalties/streaming and/or silver mining/royalties/streaming or with mining projects that\nhave the potential to generate at least 50% of their revenues from gold and/or silver when developed. The Junior Gold Miners Index was\nlaunched on August 31, 2009, with a base index value of 1,000 as of December 31, 2003. The Junior Gold Miners Index is reported by Bloomberg\nL.P. under the ticker symbol “MVGDXJ.”

Index Composition and Maintenance

Index Universe

The index universe includes only common\nstocks and stocks with similar characteristics from financial markets that are freely investable for foreign investors and that provide\nreal-time and historical component and currency pricing. Limited partnerships are excluded. Companies from financial markets that are\nnot freely investable for foreign investors or that do not provide real-time and historical component and currency pricing may still be\neligible if they have a listing on an eligible exchange and if they meet all the size and liquidity requirements on that exchange. Only\nstocks that have a full market capitalization exceeding $50 million are eligible for the index universe. Securities listed on exchanges\nin Bahrain, China (domestic market), India, Kuwait, Oman, Qatar, Russia, Saudi Arabia, United Arab Emirates and Vietnam are excluded.

Only companies with a free float (or shares available to foreign investors)\nof 5% or more for existing index components or 10% or more for new components are eligible for inclusion in the Junior Gold Miners Index.\nIn addition, stocks that are currently not in the Junior Gold Miners Index must meet the following size and liquidity requirements:

a full market capitalization exceeding $ 150 million;

a three-month average-daily-trading volume of at least US $1 million at the current review and also at the previous two reviews; and

at least 250,000 shares traded per month over the last six months at the current review and also at the previous two reviews.

For stocks already in the Junior Gold Miners Index\nthe following applies:

a full market capitalization exceeding $ 75 million;

a three-month average-daily-trading volume of at least $ 0.2 million at the current review and also at the previous two reviews; and

PS-50

In case the free float market capitalization of\na non-component share line:

exceeds the free float market capitalization of a share line of the same company which is an index component by at least 25%; and

fulfills all size and liquidity eligibility criteria for non-components,

the current component share line will\nbe replaced by the larger one. MVIS can, in exceptional cases (e.g., significantly higher liquidity), decide to keep the current share\nline instead.

Index Constituent Selection

The Junior Gold Miners Index is reviewed on a\nsemi-annual basis in March and September. The target coverage of the Junior Gold Miners Index is 100% of the free float market capitalization\nof the investable small-cap universe with at least 25 companies. The constituents of the Junior Gold Miners Index are selected using the\nfollowing procedure:

Companies are valued by full market capitalization (all secondary lines are grouped). All companies (and not securities) are sorted\nby full market capitalization in descending order, using the most liquid listing.

Companies covering the top 60% of the full market capitalization are excluded. Only companies ranking between 60% and 98% qualify\nfor the selection. However, existing components ranking between 55% and 60% or 98% and 99% also qualify for the selection.

All companies which qualified in step 2 are now viewed as securities (companies with secondary lines are ungrouped and treated separately).\nOnly securities that meet all requirements of the investable index universe are added to the Junior Gold Miners Index.

In case the number of eligible companies is below 25, additional companies are added by MVIS’s decision until the number of\nstocks equals 25.

In addition to the periodic reviews, the Junior\nGold Miners Index is continually reviewed for corporate events (e.g., mergers, takeovers, spin-offs, delistings and bankruptcies) that\naffect the index components.

Index Calculation

The value of the Junior Gold Miners\nIndex is calculated using the Laspeyres’ formula, with stock prices converted to U.S. dollars:

$\"\"$

where (for all stocks (i) in the relevant MVIS\nIndex):

p_i = stock price (rounded to four decimal\nplaces);

q_i = number of shares;

ff_i = free float factor (rounded to\ntwo decimal places);

fx_i = exchange rate (local currency\nto U.S. Dollar) (rounded to 12 decimal places);

cf_i = sector-weighting cap factor (if\napplicable, otherwise set to 1) (rounded to 16 decimal places);

PS-51

M = free float market capitalization of the relevant\nMVIS Index; and

D = divisor (rounded to six decimal places).

Free Float

The Junior Gold Miners Index is free\nfloat-adjusted — that is, the number of shares outstanding is reduced to exclude closely held shares (amount larger than 5% of the\ncompany’s full market capitalization) from the index calculation. At times, other adjustments are made to the share count to reflect\nforeign ownership limits or sanctions. These are combined with the block-ownership adjustments into a single factor. To avoid unwanted\ndouble counting, either the block-ownership adjustment or the restricted stocks adjustment is applied, whichever produces the higher result.\nFree float factors are reviewed quarterly.

Index Company-Weighting Cap Factors

Companies in the Junior Gold Miners\nIndex are ranked according to their free float market capitalization, as modified by the company-weighting cap factors. The Junior Gold\nMiners Index uses the company-weighting cap factors to ensure diversification to avoid overweighting. The company-weighting cap factors\nare reviewed quarterly and applied, if necessary. The following weighting scheme applies to the Junior Gold Miners Index:

All companies are ranked by their free-float market capitalization. The top five stocks get the following weights:

The largest stock’s weight will be fixed to 7%.

The 2nd largest stock’s weight will be fixed to 6.5%.

The 3rd largest stock’s weight will be fixed to 6%.

The 4th largest stock’s weight will be fixed to 5.5%.

The 5th largest stock’s weight will be fixed to 5%.

The aggregate weight of the remaining stocks is 70%. The maximum weight allowed for the remaining stocks is 4.5%. If a stock exceeds\nthe maximum weight, the weight will be reduced to the maximum weight and the excess weight shall be redistributed proportionally across\nthe index constituents out of the top 5 stocks. This process is repeated until no stocks have weights exceeding the maximum weight.

The maximum weight for silver stocks is 4.5% and the weight of silver stocks in total must not constitute more than 20% of the index.\nIn this case a sector-weighting cap factor will be applied which is calculated to ensure that the aggregate weight of all gold stocks\nwill not be less than 80% and the aggregate weighting of all silver stocks will not be greater than 20%.

The following scheme is applied in\nthe quarters in which the index rebalanced:

The top five stocks from the previous index review receive the same weights as of the previous review. The rest of companies are ranked\nby their free-float market capitalization.

In case one of the top five components of the previous index review does not exist anymore in the current rebalance, the subsequent\ncompany in the rank will move up in rank until there is a fixed list of top five components.

PS-52

\n\n\n

PS-53

SUPPLEMENTAL\nTAX CONSIDERATIONS

The\nfollowing is a general description of certain tax considerations relating to the notes. It does not purport to be a complete analysis\nof all tax considerations relating to the notes. Prospective purchasers of the notes should consult their tax advisers as to the consequences\nunder the tax laws of the country of which they are resident for tax purposes and the tax laws of Canada and the U.S. of acquiring, holding\nand disposing of the notes and receiving payments under the notes. This summary is based upon the law as in effect on the date of this\npricing supplement and is subject to any change in law that may take effect after such date.

Supplemental Canadian Tax Considerations

In the opinion of Torys LLP, our Canadian federal\nincome tax counsel, the following summary describes the principal Canadian federal income tax considerations generally applicable to a\npurchaser who acquires from us as the beneficial owner the notes offered by this document, and who, at all relevant times, for purposes\nof the Income Tax Act (Canada) and the Income Tax Regulations (collectively, the “Tax Act”), (1) is not, and is not deemed\nto be, resident in Canada; (2) deals at arm’s length with us and with any transferee resident (or deemed to be resident) in Canada\nto whom the purchaser disposes of notes, (3) is not affiliated with us, (4) does not receive any payment of interest on a note in respect\nof a debt or other obligation to pay an amount to a person with whom we do not deal at arm’s length, (5) does not use or hold notes\nin a business carried on in Canada and (6) is not a “specified shareholder” of ours as defined in the Tax Act for this purpose\nor a non-resident person not dealing at arm’s length with such “specified shareholder” (a “Holder”). Special\nrules, which are not discussed in this summary, may apply to a non-Canadian holder that is an insurer that carries on an insurance business\nin Canada and elsewhere.

This summary does not address the possible application of the “hybrid\nmismatch arrangement” rules contained in the Tax Act (the “Hybrid Mismatch Rules”) to a Holder (i) that disposes of\na note to a person or entity with which it does not deal at arm’s length or to an entity that is a “specified entity”\nwith respect to the Holder or in respect of which the Holder is a “specified entity”, (ii) that disposes of a note under,\nor in connection with, a “structured arrangement”, or (iii) in respect of which we are a “specified entity” (as\nsuch terms are defined in subsection 18.4(1) of the Tax Act). Such Holders should consult their own tax advisers.

This summary is based on the current provisions of the Tax Act and\non counsel’s understanding of the current administrative policies and assessing practices of the Canada Revenue Agency published\nin writing prior to the date hereof. This summary takes into account all specific proposals to amend the Tax Act publicly announced by\nor on behalf of the Minister of Finance (Canada) prior to the date of this document other than the proposed amendments to the Hybrid Mismatch\nRules released for consultation on July 23, 2026 (the “Proposed Amendments”) and assumes that all Proposed Amendments will\nbe enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all.\nThis summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether\nby legislative, administrative or judicial action nor does it take into account tax legislation or considerations of any province, territory\nor foreign jurisdiction, which may differ from those discussed herein.

This summary is of a general nature only and is not, and is not intended\nto be, legal or tax advice to any particular holder. This summary is not exhaustive of all Canadian federal income tax considerations.\nAccordingly, prospective purchasers of the notes should consult their own tax advisers having regard to their own particular circumstances.

Interest paid or credited or deemed for purposes of the Tax Act to be\npaid or credited on a note (including amounts on account of, or in lieu of payment of, or in satisfaction of interest, any amount paid\nat maturity in excess of the principal amount and interest deemed to be paid on a note in certain cases where a note is redeemed in whole\nor in part, cancelled, repurchased or purchased by us or any other person resident or deemed to be resident in Canada from a Holder or\nis otherwise assigned or transferred by a Holder to us or any other resident or deemed resident of Canada, other than a note which is\nan “excluded obligation,” as defined in the Tax Act for this purpose) to a Holder generally will not be subject to Canadian\nnon-resident withholding tax, unless any portion of such interest (other than on a “prescribed obligation,” as defined in\nthe Tax Act for this purpose) is contingent or dependent on the use of or production from property in Canada or is computed by reference\nto revenue, profit, cash flow, commodity price or any other similar criterion or by reference to dividends paid or payable to shareholders\nof any class or series of shares of the capital stock of a corporation (“participating debt interest”). The administrative\npolicy of the Canada Revenue Agency is that interest paid on a debt obligation is generally not participating debt interest unless, in\ngeneral, it is reasonable to consider that there is a material connection between the index or formula to which any amount payable under\nthe debt obligation is calculated and the profits of the issuer. With respect to any interest or deemed interest on a note, including\nany portion of the principal amount of a note in excess of the issue price, such interest or deemed interest, as the case may be, paid\nor credited to a Holder should not be subject to Canadian non-resident withholding tax.

PS-54

If an amount of interest paid by us on a note were to be non-deductible\nby us in computing our income as a result of the application of subsection 18.4(4) of the Tax Act, such amount of interest would be deemed\nto have been paid by us as a dividend, and not to have been paid by us as interest, and be subject to Canadian non-resident withholding\ntax. Subsection 18.4(4) would apply only if a payment of interest by us on a note constituted the deduction component of a “hybrid\nmismatch arrangement” under which the payment arises within the meaning of paragraph 18.4(3)(b) of the Tax Act.

No payment of interest by us on a note should be considered to arise\nunder a “hybrid mismatch arrangement” as no such payment should be considered to arise under or in connection with a “structured\narrangement”, both as defined in subsection 18.4(1) of the Tax Act, on the basis that (i) based on pricing data and analysis provided\nto Torys LLP by us in relation to these notes, it should not be reasonable to consider that any economic benefit arising from any “deduction/non-inclusion\nmismatch” as defined in subsection 18.4(6) of the Tax Act is reflected in the pricing of the notes, and (ii) it should also not\nbe reasonable to consider that the notes were designed to, directly or indirectly, give rise to any “deduction/non-inclusion mismatch”.

Generally, there are no other taxes on income (including taxable capital\ngains) payable by a Holder on interest, discount, or premium in respect of a note or on the proceeds received by a Holder on the disposition\nof a note (including redemption, cancellation, purchase or repurchase).

U.S. Federal Income Tax Considerations

The following is a general description of certain\nmaterial U.S. federal income tax considerations relating to the notes. It does not purport to be a complete analysis of all U.S. federal\nincome tax considerations relating to the notes. Prospective purchasers of the notes should consult their tax advisers as to the consequences\nunder the tax laws of the country of which they are resident for tax purposes and the tax laws of Canada and the U.S. of acquiring, holding\nand disposing of the notes and receiving payments under the notes. This summary is based upon the law as in effect on the date of this\npricing supplement and is subject to any change in law that may take effect after such date.

The following section supersedes the discussion\nof U.S. federal income taxation in the accompanying prospectus, prospectus supplement and product supplement in its entirety. This section\nis based on the Internal Revenue Code of 1986, as amended (the “Code”), its legislative history, existing and proposed regulations\nunder the Code, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive\nbasis.

This summary applies only to investors who are\ninitial investors and hold their notes as “capital assets” for U.S. federal income tax purposes. This section is general in\nnature and does not address specific considerations that may be relevant to classes of investors subject to special rules, such as entities\ntreated as partnerships, subchapter S corporations, other pass-through entities, governments (or instrumentalities or agencies thereof),\ndealers in securities, traders in securities that elect to use a mark-to-market method of tax accounting for their notes, banks, financial\ninstitutions, insurance companies, tax-exempt organizations, regulated investment companies, real estate investment trusts, persons that\nhold notes as part of a straddle or a hedging or conversion transaction, persons subject to Section 451(b) of the Code, U.S. expatriates\nor persons whose functional currency for tax purposes is not the U.S. dollar. This discussion does not address any alternative minimum\ntax or Medicare contribution tax considerations.

If an entity treated as a partnership holds the\nnotes, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of\nthe partnership. Partnerships holding the notes and their partners should consult their tax advisers with regard to the U.S. federal income\ntax treatment of an investment in the notes.

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We will not attempt to ascertain whether the issuer\nof any of the Index constituents would be treated as a “passive foreign investment company” within the meaning of Section\n1297 of the Code or as a “United States real property holding corporation” within the meaning of Section 897 of the Code.\nIf the issuer of one or more of such stocks were so treated, certain adverse U.S. federal income tax consequences could possibly apply\nto U.S. investors (in the case of a passive foreign investment company) or non-U.S. investors (in the case of a United States real property\nholding corporation). Investors should refer to any available information filed with the SEC by the issuers of the Index constituents\nand consult their tax advisers regarding the possible consequences to them in this regard.

NO STATUTORY, JUDICIAL OR ADMINISTRATIVE AUTHORITY\nDIRECTLY DISCUSSES HOW THE NOTES SHOULD BE TREATED FOR U.S. FEDERAL INCOME TAX PURPOSES. AS A RESULT, THE U.S. FEDERAL INCOME TAX CONSEQUENCES\nOF AN INVESTMENT IN THE NOTES ARE UNCERTAIN. BECAUSE OF THE UNCERTAINTY, INVESTORS SHOULD CONSULT THEIR TAX ADVISERS IN DETERMINING THE\nU.S. FEDERAL INCOME TAX AND OTHER TAX CONSEQUENCES OF THEIR INVESTMENT IN THE NOTES, INCLUDING THE APPLICATION OF STATE, LOCAL OR OTHER\nTAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. FEDERAL OR OTHER TAX LAWS.

U.S. Holders

For purposes of this discussion, a U.S. holder\nis a person that, for U.S. federal income tax purposes, is a beneficial owner of a note and (i) a citizen or individual resident of the\nUnited States, (ii) a domestic corporation, or (iii) an estate or trust the income of which is subject to U.S. federal income taxation\nregardless of its source.

This discussion assumes that no Canadian withholding\nor other taxes will be imposed with respect to the notes. U.S. holders should consult their tax advisers regarding the tax consequences\nto them of any Canadian or other non-U.S. tax imposed with respect to the notes.

Intended Tax Treatment of the Notes. In\nthe opinion of our special U.S. tax counsel, Davis Polk & Wardwell LLP, it is reasonable to treat a note with the terms described\nin this pricing supplement as a pre-paid cash-settled forward contract in respect of the Index for U.S. federal income tax purposes and\nby purchasing the notes, each U.S. holder agrees (in the absence of a change in law or Internal Revenue Service (“IRS”) guidance)\nto treat the notes accordingly. If the notes are so treated, a U.S. holder should generally recognize capital gain or loss upon the sale,\nexchange, redemption or settlement of the notes in an amount equal to the difference between the amount a U.S. holder receives at such\ntime and the U.S. holder’s tax basis in the notes. In general, a U.S. holder’s tax basis in the notes will be equal to the\nprice the U.S. holder paid for the notes. Capital gain recognized by a non-corporate U.S. holder is generally taxed at preferential rates\nwhere the property is held for more than one year. The deductibility of capital losses is subject to limitations.

Alternative Treatments. Due to the absence\nof authorities that directly address the treatment of the notes, alternative tax treatments of the notes are also possible and the IRS\nmight assert that a treatment other than that described above is more appropriate. For example, the IRS might assert that the notes should\nbe treated as a single debt instrument. Such a debt instrument would generally be subject to the special tax rules governing contingent\npayment debt instruments. If the notes are so treated, a U.S. holder would generally be required to accrue interest currently at a “comparable\nyield” over the term of the notes even though that U.S. holder will not receive any payments from us prior to maturity or early\nredemption. Any such interest income is expected to be U.S.-source. In addition, any gain a U.S. holder might recognize upon the sale,\nexchange, redemption or settlement of the notes would be ordinary income and any loss recognized by a U.S. holder at such time would be\nordinary loss to the extent of interest that same U.S. holder included in income in the current or previous taxable years in respect of\nthe notes, and thereafter, would be capital loss. Moreover, under such characterization a given note may not be “fungible”\nwith notes with different issue dates for U.S. federal income tax purposes.

It is also possible that the IRS could seek to\ntax the notes as giving rise to a U.S. holder’s deemed ownership of the Index constituents. In such case, a U.S. holder could be\nrequired to recognize amounts of income, gain or loss as if such holder had actually owned interests in the Index constituents. Under\nthis alternative treatment, a U.S. holder could also be required to currently recognize gain or loss, some of which could be short-term\ncapital gain (and possibly loss), each time the Index rebalances.

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The IRS could also assert that a U.S. holder should\nbe required to treat any amounts attributable to the Daily Investor Fee, the Daily Financing Charge and any Redemption Fee Amount as separate\ninvestment expenses. The deduction of any such deemed expenses would not generally be permitted to a U.S. holder who is an individual,\ntrust or estate. Such limitation would correspondingly increase the amount of gain and income or decrease the amount of loss recognized\nby a U.S. holder with respect to an investment in the notes.

It is possible that a deemed taxable exchange could\noccur on one or more of the Effective Dates or upon any extension by us of the Maturity Date. Additionally, it is possible that the notes\ncould be treated as a series of derivative contracts, each of which matures on the next Effective Date. If a deemed taxable exchange occurred\nor if the notes were properly characterized as a series of derivative contracts, a U.S. holder would be treated as disposing of the notes\non each Effective Date or extension, as the case may be, in return for new notes that mature on the next Effective Date, on the Maturity\nDate, or on the extended Maturity Date, as the case may be, and subject to the application of the wash sale rules, the U.S. holder accordingly\ncould recognize capital gain or loss on each Effective Date or extension, as the case may be, equal to the difference between the U.S.\nholder’s tax basis in the notes (which would be adjusted to take into account any prior recognition of gain or loss) and the fair\nmarket value of the notes on such date.

Because of the absence of authority regarding\nthe appropriate tax characterization of the notes, it is also possible that the IRS could seek to characterize the notes in a manner that\nresults in other tax consequences that are different from those described above. For example, the IRS could possibly assert that any gain\nor loss that a U.S. holder may recognize upon the sale, exchange, redemption or settlement of the notes should be treated as ordinary\nincome or loss.

The IRS has released a notice that may affect\nthe taxation of U.S. holders of the notes. According to the notice, the IRS and the Treasury Department are considering whether the holder\nof instruments such as the notes should be required to accrue ordinary income on a current basis. It is not possible to determine what\nguidance will ultimately be issued, if any. It is possible, however, that under such guidance, U.S. holders of the notes will ultimately\nbe required to accrue income currently and this could be applied on a retroactive basis. The IRS and the Treasury Department are also\nconsidering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital\nand whether the special “constructive ownership rules” of Section 1260 of the Code might be applied to such instruments. Further,\nfuture legislation, including legislation based on bills previously introduced in Congress, may tax all derivative instruments on a mark-to-market\nbasis, requiring U.S. holders of such derivative instruments to take into account annually gains and losses on such instruments as ordinary\nincome. The adoption of such legislation or similar proposals may significantly impact the tax consequences from an investment in the\nnotes, including the timing and character of income and gain on the notes. U.S. holders should consult their tax adviser as to the tax\nconsequences of possible alternative characterizations of the notes for U.S. federal income tax purposes and proposals to change the taxation\nof certain derivative instruments.

Information With Respect to Foreign Financial\nAssets. An individual U.S. holder who, during any taxable year, holds any interest in “specified foreign financial assets”\nwith an aggregate value in excess of $50,000 (and in some circumstances, a higher threshold) may be required to file an information report\nwith respect to such assets with his or her tax returns. “Specified foreign financial assets” may include financial accounts\nmaintained by foreign financial institutions, as well as any of the following, but only if they are not held in accounts maintained by\nfinancial institutions: (i) stocks and securities issued by non-U.S. persons, (ii) financial instruments and contracts held for investment\nthat have non-U.S. issuers or counterparties, and (iii) interests in foreign entities. Under these rules the notes, or non-U.S. financial\naccounts through which the notes are held, may be treated as “specified foreign financial assets.” U.S. holders are urged\nto consult their tax advisers regarding the application of this reporting requirement to their ownership of the notes.

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Non-U.S. Holders

The following discussion applies to non-U.S. holders\nof the notes. A non-U.S. holder is a person that, for U.S. federal income tax purposes, is a beneficial owner of a note and (i) a non-resident\nalien individual, (ii) a foreign corporation, or (iii) a foreign estate or trust.

Under Section 871(m) of the Code (“Section 871(m)”), a\n“dividend equivalent” payment is treated as a dividend from sources within the United States. Such payments generally would\nbe subject to a 30% U.S. withholding tax if paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments (including\ndeemed payments) with respect to equity-linked instruments (“ELIs”) that are “specified ELIs” may be treated as\ndividend equivalents if such specified ELIs reference, directly or indirectly, equities that could pay U.S.-source dividends for U.S.\nfederal income tax purposes (each an “underlying security”). Withholding under Section 871(m) is subject to certain exceptions,\nfor example for instruments linked to certain broad-based indices that meet standards set forth in the regulations, as well as certain\nsecurities that track these indices. In addition, any tax under Section 871(m) may be reduced or eliminated under an applicable income\ntax treaty, or if the income is effectively connected with a non-U.S. holder’s U.S. trade or business and certain other conditions\nare met, in either case if appropriate certifications are provided to the relevant withholding agent. The dividend equivalent amount will\ninclude the amount of any actual or, under certain circumstances, estimated dividend. Any withholding pursuant to Section 871(m) will,\ndepending on the applicable withholding agent’s circumstances, generally be required either (i) on the underlying dividend payment\ndate or (ii) when cash payments are made at maturity or upon a disposition of the notes by the non-U.S. holder. The dividend equivalent\namount (if any) will be determined on the earlier of (a) the record date of the dividend and (b) the day prior to the ex-dividend date\nfor the relevant underlying U.S. equity instrument. Pursuant to an IRS notice, Section 871(m) will not apply to securities issued before\nJanuary 1, 2029 that do not have a delta of one with respect to any underlying U.S. equity. Based on our determination that the notes\nare delta-one instruments, non-U.S. holders will be subject to withholding on dividend equivalent payments, if any. We will not pay additional\namounts in respect of any withholding. Although, as discussed above, withholding under Section 871(m) may be subject to certain exceptions\nthat may depend on a non-U.S. holder’s particular circumstances, we and other withholding agents may treat the full amount a dividend\nequivalent (if any) as subject to withholding under Section 871(m) and will not attempt to determine whether any exception applies.

Our determinations (including with respect to\nthe amounts of dividend equivalents) are generally binding on you, but are not binding on the IRS, and the IRS may disagree with our determinations.\nSection 871(m) is complex and its application may depend on your particular circumstances. You should consult your tax adviser regarding\nthe application of Section 871(m) to the notes including whether there is potential to claim a refund from the IRS of amounts withheld\nin respect of particular distributions if an exception to Section 871(m) were established to apply.

As discussed above, alternative characterizations\nof the notes for U.S. federal income tax purposes are possible. Should we conclude that an alternative characterization applies by reason\nof change or clarification of the law, administrative guidance or otherwise and consequently conclude that we are required to withhold\non payments on the notes, we will withhold tax at the applicable statutory rate. The IRS has also indicated that it is considering whether\nincome in respect of instruments such as the notes should be subject to withholding tax (which may apply in addition to withholding under\nSection 871(m)). Prospective investors should consult their own tax advisers in this regard.

Except as discussed above, a non-U.S. holder will\ngenerally not be subject to U.S. federal income or withholding tax for amounts paid in respect of the notes, provided that (i) the non-U.S.\nholder complies with any applicable certification requirements, (ii) the payment is not effectively connected with the conduct by the\nnon-U.S. holder of a U.S. trade or business, and (iii) if the non-U.S. holder is a non-resident alien individual, such non-U.S. holder\nis not present in the U.S. for 183 days or more during the taxable year of the sale, exchange, redemption or settlement of the notes and\nis not a former citizen or resident of the United States. In the case of (ii) above, the non-U.S. holder generally would be subject to\nU.S. federal income tax with respect to any income or gain in the same manner as if the non-U.S. holder were a U.S. holder and, in the\ncase of a non-U.S. holder that is a corporation, the non-U.S. holder may also be subject to a branch profits tax equal to 30% (or such\nlower rate provided by an applicable U.S. income tax treaty) of a portion of its earnings and profits for the taxable year that are effectively\nconnected with its conduct of a trade or business in the U.S., subject to certain adjustments. If the notes are recharacterized as debt\nfor U.S. federal income tax purposes, amounts paid in respect of the notes to a non-U.S. holder will not be subject to U.S. federal withholding\ntax, provided that the non-U.S. holder (i) does not own, directly or by attribution, ten percent or more of the total combined voting\npower of all classes of Bank of Montreal stock entitled to vote, (ii) is not a “controlled foreign corporation” related, directly\nor indirectly, to Bank of Montreal, (iii) is not a bank receiving interest under Section 881(c)(3)(A) of the Code and (iv) provides to\nthe relevant withholding agent a properly completed IRS Form W-8, appropriate to the non-U.S. holder’s particular circumstances,\nthat certifies under penalties of perjury that such person is not a U.S. person.

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Backup Withholding and Information Reporting

Payments on the notes or of proceeds from a sale\nor other disposition of the notes may be subject to information reporting. U.S. holders may also be subject to backup withholding on these\npayments unless they provide proof of an applicable exemption or a correct taxpayer identification number and otherwise comply with applicable\nrequirements of the backup withholding rules. Non-U.S. holders will not be subject to backup withholding if they provide a properly completed\nForm W-8 appropriate to their circumstances. Amounts withheld under the backup withholding rules are not additional taxes and may be refunded\nor credited against U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

FATCA

Legislation commonly referred to as “FATCA”\nimposes a 30% U.S. withholding tax on certain U.S. source payments, including U.S.-source interest (and original issue discount), dividends,\ndividend-equivalent payments (as described above) and other fixed or determinable annual or periodical gain, profits, and income (“Withholdable\nPayments”), if paid to a foreign financial institution (including amounts paid to a foreign financial institution on behalf of a\nholder), unless such institution enters into an agreement with the Treasury Department to collect and provide to the Treasury Department\nsubstantial information regarding U.S. account holders, including certain account holders that are foreign entities with U.S. owners,\nwith such institution. Account holders subject to information reporting requirements pursuant to FATCA may include holders of the notes\nor non-U.S. financial institutions through which the notes may be held. FATCA also generally imposes a withholding tax of 30% on Withholdable\nPayments made to a non-financial foreign entity unless such entity provides the withholding agent with a certification that it does not\nhave any substantial U.S. owners or a certification identifying the direct and indirect substantial U.S. owners of the entity. Foreign\nfinancial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the United\nStates governing FATCA may be subject to different rules.

The U.S. Treasury Department has proposed regulations\nthat eliminate the requirement of FATCA withholding on payments of gross proceeds upon the sale or disposition of financial instruments.\nThe U.S. Treasury Department has indicated that taxpayers may rely on these proposed regulations pending their finalization. If we (or\nthe applicable withholding agent) determine withholding is appropriate with respect to the notes, tax will be withheld at the applicable\nstatutory rate, and we will not pay any additional amounts in respect of such withholding. Investors are urged to consult with their own\ntax advisers regarding the possible implications of FATCA on their investment in the notes.

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BENEFIT\nPLAN INVESTOR CONSIDERATIONS

The following section supersedes the sections\nentitled “Employee Retirement Income Security Act” in the accompanying prospectus and product supplement in its entirety.

A fiduciary of a pension, profit-sharing or other\nemployee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or an entity whose\nunderlying assets include “plan assets” by reason of such plan’s investment in the entity (collectively, “Plans”)\nshould consider the fiduciary standards of ERISA in the context of the Plan’s particular circumstances before authorizing an investment\nin the notes. Accordingly, among other factors, the fiduciary should consider whether the investment would satisfy the prudence and diversification\nrequirements of ERISA and would be consistent with the documents and instruments governing the Plan, and whether the investment would\ninvolve a prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”).

Section 406 of ERISA and Section 4975 of the Code\nprohibit Plans, as well as individual retirement accounts, Keogh plans and other arrangements subject to Section 4975 of the Code and\nentities whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement (also “Plans”),\nfrom engaging in certain transactions involving “plan assets” with persons who are “parties in interest” under\nERISA or “disqualified persons” under the Code (collectively, “parties in interest”) with respect to the Plan.\nA violation of these prohibited transaction rules may result in civil penalties or other liabilities under ERISA and/or an excise tax\nunder Section 4975 of the Code for those parties in interest that engage in a prohibited transaction, unless relief is available under\nan applicable statutory, regulatory or administrative exemption. In addition, fiduciaries of the Plan that engaged in such non-exempt\nprohibited transaction may be subject to penalties and liabilities under ERISA and the Code as well.

Because of our business, we and our current and\nfuture affiliates may be parties in interest with respect to many Plans. The acquisition, holding or disposition of the notes by a Plan\nwith respect to which we or certain of our affiliates is or becomes a party in interest may constitute or result in a prohibited transaction\nunder ERISA or Section 4975 of the Code, unless the notes are acquired pursuant to and in accordance with an applicable exemption. The\nU.S. Department of Labor has issued five prohibited transaction class exemptions, or “PTCEs,” that may provide exemptive relief\nif required for direct or indirect prohibited transactions that may arise from the purchase or holding of the notes. These exemptions\nare:

PTCE 84-14, an exemption for certain transactions determined or effected by independent qualified professional asset managers;

PTCE 90-1, an exemption for certain transactions involving insurance company pooled separate accounts;

PTCE 91-38, an exemption for certain transactions involving bank collective investment funds;

PTCE 95-60, an exemption for transactions involving certain insurance company general accounts; and

PTCE 96-23, an exemption for plan asset transactions managed by in-house asset managers.

In addition, ERISA Section 408(b)(17) and Section\n4975(d)(20) of the Code provide statutory exemptive relief for certain arm’s-length transactions with a person that is a party in\ninterest solely by reason of providing services to Plans or being an affiliate of such a service provider. Under this exemption, the purchase\nand sale of the notes will not constitute a prohibited transaction under ERISA or Section 4975 of the Code, provided that neither the\nissuer of the notes nor any of its affiliates have or exercise any discretionary authority or control or render any investment advice\nwith respect to the assets of any Plan involved in the transaction, and provided further that the Plan pays no more and receives no less\nthan “adequate consideration” in connection with the transaction (the so-called “service provider exemption”).\nThere can be no assurance that any of these statutory or class exemptions will be available with respect to transactions involving the\nnotes.

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Certain employee benefit plans and arrangements,\nincluding those that are governmental plans (as defined in section 3(32) of ERISA), certain church plans (as defined in Section 3(33)\nof ERISA) and non-U.S. plans (as described in Section 4(b)(4) of ERISA (collectively, “Non-ERISA Arrangements”) are not subject\nto the requirements of ERISA or Section 4975 of the Code but may be subject to similar provisions under applicable federal, state, local,\nnon-U.S. or other laws, regulations or rules (“Similar Laws”). Fiduciaries of Non-ERISA Arrangements should consider the foregoing\nissues in general terms as well as any further issues arising under any applicable Similar Laws before purchasing the notes.

Any purchaser or holder of the notes or any interest\ntherein will be deemed to have represented (both on behalf of itself and any Plan) by its purchase and holding of the notes that either\n(i) it is not a Plan or Non-ERISA Arrangement and is not purchasing the notes on behalf of or with the assets of any Plan or Non-ERISA\nArrangement or (ii) the purchase, holding and subsequent disposition of the notes will not constitute or result in a non-exempt prohibited\ntransaction under ERISA or Section 4975 of the Code or a violation of any Similar Law.

Due to the complexity of these rules and the penalties\nthat may be imposed upon persons involved in non-exempt prohibited transactions, it is important that fiduciaries or other persons considering\npurchasing the notes on behalf of or with the assets of any Plan or Non-ERISA Arrangement consult with their counsel regarding the potential\nconsequences of any purchase, holding or disposition under ERISA, Section 4975 of the Code and/or Similar Laws, as applicable, and the\navailability of any exemptive relief.

The notes are contractual financial instruments.\nThe financial exposure provided by the notes is not a substitute or proxy for, and is not intended as a substitute or proxy for, individualized\ninvestment management or advice for the benefit of any purchaser or holder of the notes. The notes have not been designed and will not\nbe administered in a manner intended to reflect the individualized needs and objectives of any purchaser or holder of the notes.

Each purchaser or holder of any notes acknowledges\nand agrees that:

the purchaser or holder or its fiduciary has made and shall make all investment decisions for the purchaser or holder and the purchaser\nor holder has not relied and shall not rely in any way upon us or any of our affiliates to act as a fiduciary or adviser of the purchaser\nor holder with respect to (i) the design and terms of the notes, (ii) the purchaser or holder’s investment in the notes, (iii) the\nholding of the notes or (iv) the exercise of or failure to exercise any rights we or any of our affiliates, or the purchaser or holder,\nhas under or with respect to the notes;

we and our affiliates have acted and will act solely for our own account in connection with (i) all transactions relating to the notes\nand (ii) all hedging transactions in connection with our or our affiliates’ obligations under the notes;

any and all assets and positions relating to hedging transactions by us or any of our affiliates are assets and positions of those\nentities and are not assets and positions held for the benefit of the purchaser or holder;

our interests and the interests of our affiliates are adverse to the interests of the purchaser or holder; and

neither we nor any of our affiliates is a fiduciary or adviser of the purchaser or holder in connection with any such assets, positions\nor transactions, and any information that we or any of our affiliates may provide is not intended to be impartial investment advice.

Each purchaser and holder of the notes has exclusive responsibility\nfor ensuring that its purchase and holding of the notes does not violate the fiduciary or prohibited transaction rules of ERISA or Section\n4975 of the Code or provisions of any Similar Laws. The sale of any notes to any Plan or Non-ERISA Arrangement is in no respect a representation\nby us or any of our affiliates or representatives that such an investment is appropriate for, and meets all relevant legal requirements\nwith respect to investments by Plans or Non-ERISA Arrangements generally or any particular Plan or Non-ERISA Arrangement. Neither this\ndiscussion nor anything provided in this prospectus is or is intended to be investment advice directed at any potential Plan or Non-ERISA\nArrangement purchasers.

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SUPPLEMENTAL\nPLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

The\nterms and conditions set forth in a Distribution Agreement between Bank of Montreal and the Agents party thereto, including BMOCM, govern\nthe sale and purchase of the notes.

BMOCM, an affiliate of ours, is the agent for this offering. On the\nInitial Trade Date, we sold an aggregate of $4,000,000 principal amount of the notes through BMOCM and through one or more dealers purchasing\nas principal through BMOCM for the initial Principal Amount of $25 per note. After giving effect to the $250,000,000 in principal amount\nof the notes that we will issue on October 13, 2026, an aggregate of $2,500,000,000 in principal amount of the notes will be outstanding.\nWe will receive proceeds equal to 100% of the offering price of any remaining or additional notes that are sold after the date of this\ndocument.

Additional notes may be offered and sold from time\nto time through BMOCM and one or more dealers at a price that is higher or lower than the stated principal amount, based on the Indicative\nNote Value at that time. Sales of the notes after the date of this document will be made at market prices prevailing at the time of sale,\nat prices related to market prices or at negotiated prices. BMOCM may lend the notes to broker-dealers and other market participants who\nmay have made short sales of such notes and who may cover such short positions by purchasing such notes from BMOCM.

We are not obligated to issue and sell additional\nnotes at any time to BMOCM, and BMOCM is not obligated to sell additional notes to investors or dealers at any time. If we discontinue\nissuances and sales of the notes, or if BMOCM discontinues sales of the notes of any series, the price and liquidity of those notes may\nbe subject to significant distortions. See “Risk Factors—We may sell additional notes at different prices, but we are under\nno obligation to issue or sell additional notes at any time, and if we do sell additional notes, we may limit or restrict such sales,\nand we may stop selling additional notes at any time.”

We will receive proceeds equal to 100% of the price\nthat the notes are sold to the public, less any commissions paid to BMOCM or any other dealer. BMOCM and its affiliates may also profit\nfrom expected hedging activity related to these offerings, even if the value of the notes declines. We may not sell the full amount of\nnotes offered by this pricing supplement, and may discontinue sales of the notes at any time.

BMOCM and any other agent and dealer in the initial\nand any subsequent distribution are expected to charge normal commissions for the purchase of the notes.

We may use this pricing supplement\nin the initial sale of the notes. In addition, BMOCM or another of our affiliates may use this pricing supplement in market-making transactions\nin the notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale or in a notice delivered\nat the same time as the confirmation of sale, this pricing supplement is being used in a market-making transaction.

Broker-dealers, including BMOCM, may make a market\nin the notes, although none of them are obligated to do so and any of them may stop doing so at any time without notice. This prospectus\n(such term includes this pricing supplement and the accompanying product supplement, prospectus supplement and prospectus) may be used\nby such dealers and our affiliates in connection with market-making transactions. In these transactions, dealers may resell a note covered\nby this prospectus that they acquire from us, BMOCM or other holders after the original offering and sale of the notes, or they may sell\nany notes covered by this prospectus in short sale transactions. This prospectus will be deemed to cover any short sales of notes by market\nparticipants who cover their short positions with notes borrowed or acquired from us or our affiliates in the manner described above.\nThis pricing supplement (including the accompanying prospectus supplement, product supplement and prospectus) will be deemed to cover\nany short sales of the notes by market participants who borrow notes from us or our affiliates or who cover their short positions with\nnotes acquired from us or our affiliates.

Broker-dealers and other market participants are\ncautioned that some of their activities, including covering short sales with notes borrowed from us or one of our affiliates, may result\nin their being deemed participants in the distribution of the notes in a manner that would render them statutory underwriters and subject\nthem to the prospectus delivery and liability provisions of the Securities Act of 1933 (the “Securities Act”). A determination\nof whether a particular market participant is an underwriter must take into account all the facts and circumstances pertaining to the\nactivities of the participant in the particular case, and the example mentioned above should not be considered a complete description\nof all the activities that would lead to designation as an underwriter and subject a market participant to the prospectus delivery and\nliability provisions of the Securities Act.

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BMOCM or another FINRA member will provide certain\nservices relating to the distribution of the notes and may be paid a fee for its services equal to all, or a portion of, the Daily Investor\nFee. BMOCM may also pay fees to other dealers pursuant to one or more separate agreements. Any portion of the Daily Investor Fee paid\nto BMOCM or such other FINRA member will be paid on a periodic basis over the term of the notes. Although BMOCM will not receive any\ndiscounts in connection with such sales, BMOCM is expected to charge normal commissions for the purchase of any such notes.

BMOCM\nwill act as our agent in connection with any redemptions at the investor’s option, and the Redemption Fee Amount applicable to\nany such redemptions will be paid to us. Additionally, it is possible that BMOCM and its affiliates may also profit from expected hedging\nactivities related to this offering, even if the value of the notes declines.

We may deliver notes against payment therefor\non a date that is greater than one business day following the date of sale of any notes. Under Rule 15c6-1 of the Securities Exchange\nAct of 1934, trades in the secondary market generally are required to settle in one business day, unless parties to any such trade expressly\nagree otherwise. Accordingly, purchasers who wish to transact in notes that are to be issued more than one business day after the related\ntrade date will be required to specify alternative settlement arrangements to prevent a failed settlement.

Each of BMOCM and any other broker-dealer offering the notes have not\noffered, sold or otherwise made available and will not offer, sell or otherwise make available any of the notes to, any retail investor\nin the European Economic Area (“EEA”). For these purposes, a “retail investor” means a person who is one (or more)\nof: (a) a retail client, as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (b)\na customer, within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as\ndefined in point (10) of Article 4(1) of MiFID II; or (c) not a qualified investor as defined in Regulation (EU) (2017/1129) (the “EU\nProspectus Regulation”). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “EU\nPRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the EEA has been\nprepared, and therefore, offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful\nunder the EU PRIIPs Regulation.

Each of BMOCM and any other broker-dealer offering the notes have not\noffered, sold, distributed or otherwise made available and will not offer, sell, distribute or otherwise make available any of the notes\nto, any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is either one or both of the following\n(i) not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law\nby virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”); or (ii) not a qualified investor as defined in paragraph\n15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no disclosure document required by the\nFCA Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the notes or otherwise making them available\nto retail investors in the United Kingdom has been prepared and therefore offering, selling or distributing the notes or otherwise making\nthem available to any retail investor in the United Kingdom may be unlawful under DISC and the Consumer Composite Investments (Designated\nActivities) Regulations 2024.

Reissuances or Reopened Issues

We\nmay, at our sole discretion, “reopen” or reissue the notes. We may issue additional notes at any time, without your consent\nand without notifying you. The notes do not limit our ability to incur other indebtedness or to issue other securities. Also, we are\nnot subject to financial or similar restrictions by the terms of the notes. For more information, please refer to “Description\nof the Notes We May Offer—General” in the accompanying prospectus supplement and “Description of Debt Securities—General”\nin the accompanying prospectus.

PS-63

These further issuances, if any, will be\nconsolidated to form a single class with the originally issued notes and will have the same CUSIP number and will trade interchangeably\nwith the notes immediately upon settlement. Any additional issuances will increase the aggregate principal amount of the outstanding\nnotes of the class, plus the aggregate principal amount of any notes bearing the same CUSIP number that are issued pursuant to\nany future issuances of notes bearing the same CUSIP number. The price of any additional offering will be determined at the time\nof pricing of that offering.

PS-64

VALIDITY\nOF THE NOTES

In the opinion of Osler, Hoskin & Harcourt\nLLP, the issue and sale of the notes has been duly authorized by all necessary corporate action of the Bank of Montreal in conformity\nwith the indenture, and when the notes have been duly completed in accordance with the indenture, the notes will have been validly executed,\nauthenticated, issued and delivered, to the extent that validity of the notes is a matter governed by the laws of the Province of Ontario\nand the federal laws of Canada applicable therein and will be valid obligations of the Bank of Montreal, subject to the following limitations\n(i) the enforceability of the indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring\nAct (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws\naffecting the enforcement of creditors’ rights generally; (ii) the enforceability of the indenture may be limited by equitable principles,\nincluding the principle that equitable remedies such as specific performance and injunction may only be granted in the discretion of a\ncourt of competent jurisdiction; (iii) pursuant to the Currency Act (Canada) a judgment by a Canadian court must be awarded in Canadian\ncurrency and that such judgment may be based on a rate of exchange in existence on a day other than the day of payment; and (iv) the enforceability\nof the indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion\nas to whether a court may find any provision of the indenture to be unenforceable as an attempt to vary or exclude a limitation period\nunder that Act. This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and the federal laws\nof Canada applicable therein. In addition, this opinion is subject to certain assumptions about (i) the trustee’s authorization,\nexecution and delivery of the indenture, (ii) the genuineness of signatures and (iii) certain other matters, all as stated in the letter\nof such counsel dated March 25, 2025, which has been filed as Exhibit 5.3 to Bank of Montreal’s Form 6-K filed with the SEC and\ndated March 25, 2025.

In the opinion of Davis Polk & Wardwell LLP,\nas special United States products counsel to the Bank of Montreal, when the notes offered by this pricing supplement have been issued\nby the Bank of Montreal pursuant to the indenture, the trustee has made the appropriate entries or notations to the master global note\nthat represents such notes (the “master note”), and such notes have been delivered against payment as contemplated herein,\nsuch notes will be valid and binding obligations of the Bank of Montreal, enforceable in accordance with their terms, subject to applicable\nbankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles\nof general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible\njudicial or regulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors’ rights,\nprovided that such counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law; or (ii)\nthe effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This\nopinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves\nmatters governed by the laws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand\nthat you are relying upon, the opinion of Osler, Hoskin & Harcourt LLP, Canadian counsel for the Bank of Montreal, set forth above.\nIn addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture\nand the authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee,\nall as stated in the opinion of Davis Polk & Wardwell LLP dated March 25, 2025, which has been filed as an exhibit to Bank of Montreal’s\nreport on Form 6-K filed with the SEC on March 25, 2025.

PS-65

ANNEX A

NOTICE OF EARLY REDEMPTION

To: [ ].com

Subject: Notice of Early\nRedemption, CUSIP No.: 063679542

[BODY OF EMAIL]

Name of broker: [ ]

Name of beneficial holder:\n[ ]

Number of Notes to be\nredeemed: [ ]

Applicable Redemption\nMeasurement Date: [ ], 20[ ]^*

Broker Contact Name:\n[ ]

Broker Telephone #: [\n]

Broker DTC # (and any\nrelevant sub-account): [ ]

The undersigned acknowledges\nthat in addition to any other requirements specified in the pricing supplement relating to the notes being satisfied, the notes\nwill not be redeemed unless (i) this notice of redemption is delivered to BMO Capital Markets Corp. (“BMO Capital Markets”)\nby 2:00 p.m. (New York City time) on the Index Business Day prior to the applicable Redemption Measurement Date; (ii) the confirmation,\nas completed and signed by the undersigned is delivered to BMO Capital Markets by 5:00 p.m. (New York City time) on the same day\nthe notice of redemption is delivered; (iii) the undersigned has booked a delivery vs. payment (“DVP”) trade on the\napplicable Redemption Measurement Date, facing BMO Capital Markets DTC 5257 and (iv) the undersigned instructs DTC to deliver the\nDVP trade to BMO Capital Markets as booked for settlement via DTC at or prior to 10:00 a.m. (New York City time) on the applicable\nRedemption Date.

The undersigned further\nacknowledges that the undersigned has read the section “Risk Factors — You will not know the Redemption Amount at the\ntime you elect to request that we redeem your notes” in the pricing supplement relating to the notes and the undersigned\nunderstands that it will be exposed to market risk on the Redemption Measurement Date.

^*Subject\nto adjustment as described in the pricing supplement relating to the notes.

A-1

ANNEX B

BROKER’S CONFIRMATION\nOF REDEMPTION

[TO BE COMPLETED BY BROKER]

Dated:

BMO Capital Markets Corp.

BMO Capital Markets,\nas Calculation Agent

e-mail: [ ]

To Whom It May Concern:

The holder of $[ ] MicroSectors^TM Gold Miners 3X\nLeveraged Exchange Traded Notes due June 29, 2040, CUSIP No. 063679542 (the “notes”) hereby irrevocably elects to receive\na cash payment on the Redemption Date*of [holder to specify] with respect to the number of notes indicated below, as of the date hereof, the redemption right as described\nin the pricing supplement relating to the notes (the “Prospectus”). Terms not defined herein have the meanings given\nto such terms in the Prospectus.

The undersigned certifies\nto you that it will (i) book a DVP trade on the applicable Redemption Measurement Date with respect to the number of notes specified\nbelow at a price per note equal to the Redemption Amount, facing BMO Capital Markets DTC 5257 and (ii) deliver the trade as booked\nfor settlement via DTC at or prior to 10:00 a.m. (New York City time) on the applicable Redemption Date.

The undersigned acknowledges\nthat in addition to any other requirements specified in the Prospectus being satisfied, the notes will not be redeemed unless (i)\nthis confirmation is delivered to BMO Capital Markets by 5:00 p.m. (New York City time) on the same day the notice of redemption\nis delivered; (ii) the undersigned has booked a DVP trade on the applicable Redemption Measurement Date, facing BMO Capital Markets\nDTC 5257; and (iii) the undersigned will deliver the DVP trade to BMO Capital Markets as booked for settlement via DTC at or prior\nto 10:00 a.m. (New York City time) on the applicable Redemption Date.

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

	Very truly yours,
	[NAME OF DTC PARTICIPANT HOLDER]


	Name:
	Title:
	Telephone:
	Fax:
	E-mail:

Number of notes surrendered\nfor redemption: ________

DTC # (and any relevant\nsub-account): ________

Contact Name: ________

Telephone: ________

Fax: ________

E-mail: ________

(At least 25,000 notes must be redeemed\nat one time (except as specified in the pricing supplement) to receive a cash payment on any Redemption Date.)

^* Subject to adjustment as described in the pricing supplement\nrelating to the notes.

B-1

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