[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_96":97},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","vpb7l6aeyk4xwtq6tx4j90xz3","revision",2,"title","Bank of Montreal 修订 BRZL 3倍杠杆巴西股票 ETN 定价补充文件","originalTitle","BANK OF MONTREAL /CAN/ (0000927971) (Filer)","summary","Bank of Montreal 于2026年10月26日修订 BRZL 定价补充文件，涉及最多1,000,000份、每份本金25美元的 MicroSectors™ 3× Long Brazil ETNs。","reason","source",{"_11":86,"_87":88,"_89":90,"_91":57,"_92":93,"_94":95},"links",{"_83":84,"_63":85},"publishedAt","2026-10-27T18:40:26.000Z","discoveredAt","2026-10-27T19:01:54.038Z","timelineAt","category","ai-products","tags",[81,82],"stockSymbols",[80],"score",25,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fL577dQ3Cw3o",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","3e424d90-4d4b-4564-afae-fac0374d432c","BMO修订BRZL定价补充文件",{"_72":73,"_15":74},"zh","\n \n \n \n

Amendment No. 1* dated October 26, 2026 to the
\nPricing Supplement dated August 19, 2026
\nto the Prospectus Supplement dated March 25, 2025 and the Prospectus dated March 25, 2025

Registration Statement\n No. 333-285508

Filed Pursuant to Rule\n 424(b)(2)

$\"\"$

Issued by Bank of Montreal

1,000,000 ETNs MicroSectors™ 3× Long Brazil ETNs due\nJuly 31, 2046

This pricing supplement relates to the MicroSectors^™ 3×\nLong Brazil Exchange Traded Notes due July 31, 2046 (the “ETNs”) that Bank of Montreal may issue from time to time.\nThe ETNs seek to provide three times leveraged participation in the VettaFi Brazil Equity Fund-Tracking Index (the “Index”)\nfrom one leverage reset day to the next, before taking into account fees and charges. Because the leveraged return of the Index is compounded\ndaily with each leverage reset, the performance of the ETNs over a period longer than from one leverage reset day to the next will differ,\nperhaps significantly, from a three times leveraged point-to-point return of the Index over the same period. The Index is a total return\nindex that tracks the performance of the iShares^® MSCI Brazil ETF and is designed to provide exposure to the large- and\nmid-capitalization segments of the equity market in Brazil through a single fund-tracking vehicle.

On October 26, 2026, the closing price of the ETNs on the Cboe BZX Exchange, Inc. (“Cboe BZX”)\nwas $17.42 per note, and the Closing Indicative Value per ETN was $17.5038.

The ETNs do not guarantee any return of principal at maturity, call\nor upon early redemption, and do not pay any interest. Instead, you will receive a cash payment in U.S. dollars at maturity, upon a call\nat our option or upon early redemption at your option, based on a daily resetting three times leveraged participation in the performance\nof the Index, less the Daily Financing Charge, the Daily Investor Fee and, upon early redemption, the Redemption Fee Amount (each as described\nbelow and referred to herein collectively as the “fees and charges”). The fees and charges will reduce any payment\nat maturity, call or upon early redemption, or if you sell your ETNs in the secondary market. Because of these fees and charges, the level\nof the Index will need to have increased over the period you hold the ETNs by an amount that is sufficient, after giving effect to the\ndecay effect caused by the daily resetting of the leverage, to offset the Daily Financing Charge, the Daily Investor Fee and, in the case\nof an Early Redemption, the Redemption Fee Amount in order for you to receive at least the principal amount of your investment. You may\nlose your entire investment in the ETNs. Please see “Terms of the ETNs” below for important information relating to the terms\nand conditions of the ETNs. Any payment on the ETNs is subject to the credit risk of Bank of Montreal.

The ETNs are not intended to be “buy and hold” investments,\nand are not intended to be held to maturity. Instead, the ETNs are intended to be daily trading tools for sophisticated investors to manage\ndaily trading risks as part of an overall diversified portfolio. The ETNs are designed to reflect a 3× leveraged long exposure to\nthe performance of the Index on a daily basis, before taking into account the negative effect of the Daily Financing Charge, the Daily\nInvestor Fee and the Redemption Fee Amount, if applicable. However, due to the daily resetting leverage, the returns on the ETNs over\ndifferent periods of time can, and most likely will, differ significantly from three times the return on a direct long investment in the\nIndex. The ETNs are designed to achieve their stated investment objectives on a daily basis. The performance of the ETNs over different\nperiods of time can differ significantly from their stated daily objectives. The ETNs are considerably riskier than securities that have\nintermediate- or long-term investment objectives, and are not suitable for investors who plan to hold them for a period of more than one\nday or who have a “buy and hold” strategy. Investors should actively and continuously monitor their investments in the ETNs\non an intraday basis, and any decision to hold the ETNs for more than one day should be made with great care and only as the result of\na series of daily (or more frequent) investment decisions to remain invested in the ETNs for the next one-day period. The ETNs are very\nsensitive to changes in the level of the Index, and returns on the ETNs may be negatively impacted in complex ways by the volatility of\nthe Index on a daily or intraday basis. It is possible that you will suffer significant losses in the ETNs even if the long-term performance\nof the Index is positive. Accordingly, the ETNs should be purchased only by sophisticated investors who understand and can bear the potential\nrisks and consequences of the ETNs 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 ETNs are unsecured and unsubordinated obligations of Bank of Montreal.\nEach ETN has a principal amount of $25. The Daily Financing Charge (which is based on the Federal Reserve Bank Prime Loan Rate plus a\nSpread that will initially be 4.00% per annum, but which may be increased to up to 10.00% per annum) and the Daily Investor Fee (based\non a rate of 0.95% per annum) are deducted from the Closing Indicative Value on a daily basis. If you elect for us to redeem your ETNs,\nyour payment will be subject to the Redemption Fee Amount of 0.125% (unless waived by us, as explained below).

The ETNs are listed on the Cboe BZX, under the ticker symbol “BRZL.”\nTo the extent that an active secondary market in the ETNs exists, we expect that investors will purchase and sell the ETNs primarily in\nthis secondary market. We have no obligation to maintain any listing on Cboe BZX or any other exchange. Under certain circumstances, the\nETNs may be subject to delisting by Cboe BZX. We have not and do not intend to list the ETNs on any other exchange. There can be no assurance\nthat an active secondary market will exist at any time.

Neither the Securities and Exchange Commission nor any state securities\ncommission has approved or disapproved of the ETNs or passed upon the accuracy or the adequacy of this pricing supplement, the accompanying\nprospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

Investing in the ETNs involves significant risks. See “Risk\nFactors” beginning on page PS-23 of this pricing supplement, page S-2 of the prospectus supplement and page 9 of the prospectus.

The ETNs are our unsecured obligations and will not be savings accounts\nor deposits that are insured by the United States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit\nInsurance Corporation or any other governmental agency or instrumentality or other entity.

BMO CAPITAL MARKETS

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The resetting of the leverage on each day is likely to cause each\nETN to experience a “decay” effect, which is likely to worsen over time and will be greater the more volatile the level of\nthe Index. The “decay” effect refers to the tendency of the ETNs to lose value over time. See “Risk Factors” and\n“Hypothetical Examples—Illustrations of the “Decay” Effect on the ETNs” herein. As explained in “Risk\nFactors” in this pricing supplement, because of the nature of daily compounding leveraged instruments such as the ETNs, the amount\npayable at maturity, call or upon early redemption is likely to be significantly less than the stated principal amount of the ETNs. In\nalmost any potential scenario, the long-term performance of the ETNs is likely to be negative, regardless of the performance of the Index,\nand we do not intend or expect any investor to hold the ETNs from inception to maturity. It is possible that the ETNs will incur significant\nlosses even if the long-term performance of the Index is positive.

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

* The purpose of this Amendment No. 1 to the pricing supplement dated\nAugust 19, 2026 (as amended, the “pricing supplement”) is to offer additional ETNs with an aggregate principal amount\nof $20,000,000, which we refer to as the “additional ETNs.” $5,000,000 aggregate principal amount of ETNs, which we\nrefer to as the “original ETNs,” were issued prior to the date of this Amendment No. 1. The additional ETNs constitute\na further issuance of, and are consolidated with and form a single tranche with, the original ETNs. The additional ETNs have the same\nCUSIP as the original ETNs and will trade interchangeably with the original ETNs. References to the “ETNs” in this pricing\nsupplement collectively refer to such additional ETNs and the original ETNs. The additional ETNs are expected to settle on or about October\n27, 2026. Upon the issuance of such additional ETNs, the aggregate principal amount of the outstanding ETNs of this tranche will be $25,000,000.

After the date of this document, we may sell from time to time a portion\nof the ETNs at prices that are based on the Closing Indicative Value at the time of sale, at prices related to market prices or at negotiated\nprices. We will receive proceeds equal to 100% of the price at which the ETNs are sold to the public, less any commissions paid to BMOCM.\nBMOCM may charge normal commissions in connection with any purchase or sale of the ETNs. In addition, in exchange for providing certain\nservices relating to the distribution of the ETNs, BMOCM, a member of the Financial Industry Regulatory Authority (“FINRA”),\nmay receive a portion of the profits generated by the Daily Financing Charge and the Daily Investor Fee. BMOCM and its affiliates may\nalso profit from expected hedging activity related to these offerings, even if the value of the ETNs decline. Please see “Supplemental\nPlan of Distribution (Conflicts of Interest)” for more information.

If there is a substantial demand for the ETNs, we may issue and sell\nadditional ETNs to BMOCM, and BMOCM may sell those ETNs to investors and dealers, potentially frequently. However, we and BMOCM are under\nno obligation to issue or sell additional ETNs at any time, and if we and BMOCM do issue and sell additional ETNs, we or BMOCM may limit\nor restrict such sales, and we may stop and subsequently resume selling additional ETNs at any time.

Any limitation or suspension on the issuance or sale of the ETNs\nby us or BMOCM may materially and adversely affect the price and liquidity of the ETNs in the secondary market. Alternatively, the decrease\nin supply may cause an imbalance in the market supply and demand, which may cause the ETNs to trade at a premium over the indicative value\nof the ETNs. Any premium may be reduced or eliminated at any time. Paying a premium purchase price over the indicative value of the ETNs\ncould lead to significant losses in the event the investor sells such ETNs at a time when such premium is no longer present in the marketplace\nor such ETNs are redeemed early, including at our option, which we have the discretion to do at any time. Investors should consult their\nfinancial advisers before purchasing or selling the ETNs, especially ETNs trading at a premium over their indicative value.

Although the title of the ETNs includes the words “exchange-traded\nnotes”, we are not obligated to maintain the listing of the ETNs on Cboe BZX or any other exchange. The ETNs may cease to be listed\non Cboe BZX or any other exchange because they cease to meet the listing requirements of the exchange or because we elect in our sole\ndiscretion to discontinue the listing of the ETNs on any exchange. We may elect to discontinue the listing of the ETNs at any time and\nfor any reason, including in connection with a decision to discontinue further issuances and sales of the ETNs. If the ETNs cease to be\nlisted on Cboe BZX or any other exchange, the liquidity of the ETNs is likely to be significantly adversely affected and the ETNs may\ntrade at a significant discount to their indicative value. If the ETNs ceased to be listed on an exchange, the words “exchange-traded\nnotes” will nevertheless continue to be included in their title.

Any limitation or suspension on the issuance of the ETNs and any delisting\nof the ETNs will not affect the early redemption right of holders as described herein. However, an investor will not be able to exercise\nthat right unless the investor submits for redemption at least the minimum number of ETNs specified below.

TABLE OF CONTENTS

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

	Page
Pricing Supplement

ADDITIONAL INFORMATION ABOUT THE ISSUER AND THE ETNS	PS-1
TERMS OF THE ETNS	PS-2
SUMMARY	PS-14
RISK FACTORS	PS-23
HYPOTHETICAL EXAMPLES	PS-46
INTRADAY VALUE OF THE INDEX AND THE ETNS	PS-65
ADDITIONAL TERMS OF THE ETNS	PS-68
USE OF PROCEEDS AND HEDGING	PS-74
THE INDEX	PS-76
SUPPLEMENTAL TAX CONSIDERATIONS	PS-90
BENEFIT PLAN INVESTOR CONSIDERATIONS	PS-99
SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)	PS-102
VALIDITY OF THE ETNS	PS-106
NOTICE OF EARLY REDEMPTION	A-1
BROKER’S CONFIRMATION OF REDEMPTION	B-1

ADDITIONAL INFORMATION\nABOUT THE ISSUER AND THE ETNS

You should read this pricing supplement together\nwith the prospectus supplement dated March 25, 2025 and the prospectus dated March 25, 2025. This pricing supplement, together with\nthe documents listed below, contains the terms of the ETNs and supersedes all other prior or contemporaneous oral statements as well as\nany other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation,\nsample structures, fact sheets, brochures or other educational materials of ours or the agent. We urge you to consult your investment,\nlegal, tax, accounting and other advisers before you invest in the ETNs. The contents of any website referred to in this pricing supplement\nare not incorporated by reference in this pricing supplement, the accompanying prospectus supplement or prospectus.

You may access these documents on the SEC website\nat www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

Prospectus Supplement and Prospectus dated March 25, 2025: https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm

Our Central Index Key, or CIK, on the SEC website\nis 927971. As used in this pricing supplement, “we,” “us” or “our” refers to Bank of Montreal.

The ETNs described in this pricing supplement\nare not appropriate for all investors, and involve important legal and tax consequences and investment risks, which should be discussed\nwith your professional advisers. You should be aware that the regulations of the Financial Industry Regulatory Authority, Inc., or FINRA,\nand the laws of certain jurisdictions (including regulations and laws that require brokers to ensure that investments are suitable for\ntheir customers) may limit the availability of the ETNs. This pricing supplement and the accompanying prospectus supplement and prospectus\ndo not constitute an offer to sell or a solicitation of an offer to buy the ETNs in any circumstances in which such offer or solicitation\nis unlawful.

PS-1

TERMS OF THE ETNS

The terms of the ETNs are set forth below and\nin the section in this pricing supplement entitled “Additional Terms of the ETNs.” The ETNs are part of a series of debt securities\nentitled “Senior Medium-Term Notes, Series K” that we may issue from time to time under the indenture more particularly described\nin the accompanying prospectus supplement. Terms that apply generally to all Senior Medium-Term Notes, Series K are described in “Description\nof the Notes We May Offer” in the accompanying prospectus supplement and “Description of Debt Securities” in the accompanying\nprospectus. To the extent that disclosure in this pricing supplement is inconsistent with the disclosure in the prospectus supplement\nor prospectus, the disclosure in this pricing supplement will control.

References to “holders” herein mean\nthose who own the ETNs registered in their own names, on the books that we or the trustee maintains for this purpose, and not those who\nown beneficial interests in the ETNs registered in street name or in the ETNs issued in book-entry form through The Depository Trust Company\n(“DTC”) or another depositary. Owners of beneficial interests in the ETNs should read the section entitled “Description\nof Debt Securities—Legal Ownership and Book-Entry Issuance” in the accompanying prospectus.

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

Key Terms
Issuer:		Bank of Montreal

Principal Amount:		$25 per ETN

Aggregate Principal \nAmount:		1,000,000 ETNs are expected to be outstanding as of October 27, 2026, representing an aggregate principal amount\nof $25,000,000.

Initial Trade Date:		August 19, 2026

Initial Issue Date:		August 21, 2026

Term:		Approximately 20 years, subject to your right to require us to redeem your ETNs on any Redemption Date, our call right or our right to extend the Maturity Date, each as described below.

Maturity Date:		\n July 31, 2046, which is scheduled to be the fifth Business Day following\n the last Index Business Day in the Final Measurement Period. \n \n The Maturity Date may occur earlier, as set forth under “—Final\n Measurement Period” below. The Maturity Date may be extended at our option for up to two additional five-year periods. We may only\n extend a scheduled Maturity Date for five years at a time. If we exercise our option to extend the maturity, we will notify DTC and the\n trustee at least 45 but not more than 60 calendar days prior to the then scheduled Maturity Date, including the new Calculation Date determined\n by the Calculation Agent. We will provide that notice to DTC and the trustee in respect of each five-year extension of the scheduled Maturity\n Date. The Maturity Date is also subject to adjustment as described under “Additional Terms of the ETNs—Postponement of a Payment\n Date” in this pricing supplement. \n

PS-2

\n \n \n \n \n

Listing:

The ETNs are listed on Cboe BZX under the ticker symbol listed below.\nThe CUSIP and ISIN numbers, and the Intraday Indicative Value ticker symbol, for the ETNs are:

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

	Ticker \nSymbol	CUSIP \nNumber	ISIN Number	Intraday \nIndicative \nValue Symbol
	BRZL	06367V741	US06367V7414	BRZLIV

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

		If an active secondary market develops, we expect that investors will purchase and sell the ETNs primarily in this secondary market.

Index:		\n The VettaFi Brazil Equity Fund-Tracking Index (the “Index”).\n The Index is designed to track the performance of the iShares^® MSCI Brazil ETF (the “Reference Fund”).\n The ticker symbol of the Index is “BRAZIL.” The Index is a total return index, in which dividends paid on the Reference Fund\n are included in the level of the Index. VettaFi LLC (“VettaFi” or the “Index Sponsor”) publishes\n the level of the Index. \n \n The Reference Fund is an exchange-traded fund that seeks investment\n results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Brazil 25/50 Index (the “Target\n Index”). The Target Index is designed to measure the performance of the large- and mid-cap segments of the Brazilian equity\n market and is derived from the free float-adjusted market capitalization-weighted MSCI Brazil Index, its parent index, by applying weighting\n constraints that limit the concentration of any single issuer and of issuers with significant weights. \n \n See “The Index” herein for more information about\nthe Index, the Reference Fund and the Target Index.

Leveraged Exposure \nResets:		The leveraged exposure provided by the ETNs is reset at the close on each Index Business Day that is not a Disrupted Day (each, a “Leverage Reset Day”).

Interest Payments:		None.

Payment at \nMaturity/Cash \nSettlement Amount:		\n For each ETN, unless earlier called or redeemed, you will receive at\n maturity a cash payment equal to the arithmetic mean of the Closing Indicative Values on each Index Business Day in the Final Measurement\n Period. We refer to this cash payment as the “Cash Settlement Amount.” This amount will not be less than $0. \n

Final Measurement \nPeriod:		\n The Final Measurement Period will be a period of five consecutive\nIndex Business Days from and including the Calculation Date, except as provided below, subject to adjustment as described under “Additional\nTerms of the ETNs—Consequences of a Market Disruption Event; Postponement of an Averaging Date” in this pricing supplement. \n

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

		If the Calculation Agent determines that the “aggregate\nmarket value” of the outstanding ETNs is less than or equal to $65,000,000 at the close of trading on the Index Business Day immediately\npreceding the Calculation Date, the Final Measurement Period will consist solely of the Calculation Date, and will not extend for five\nIndex Business Days. In such a case, the scheduled Maturity Date shall be accelerated to the fifth Business Day following the Calculation\nDate. \n \n The Calculation Agent will determine the aggregate market value for purposes of this section by multiplying the Closing Indicative Value on the applicable date by the number of units of the ETNs that are outstanding on that date.

Calculation Date:		July 18, 2046. If the scheduled Calculation Date is not an Index Business Day, the Calculation Date will be the next Index Business Day, subject to adjustments.

Terms Relating to the Closing Indicative Value
Closing Indicative \nValue:		\n On the Initial Trade Date, the Closing Indicative Value was equal to\nthe Principal Amount. As of any subsequent date of determination, the Closing Indicative Value is equal to: \n \n · the\n Long Index Amount as of that date, minus \n \n · the\n Financing Amount as of that date, minus \n \n · the\n Daily Financing Charge as of that date, minus \n \n · the\n Daily Investor Fee as of that date. \n \n provided that, the Closing Indicative Value will not be less\n than $0. \n \n If the Closing Indicative Value is $0 on any Exchange Business\nDay, or the Intraday Indicative Value at any time on any Exchange Business Day is less than or equal to $0, then the Closing Indicative\nValue on all future days during the term of the ETNs will be $0. If the Closing Indicative Value is $0, the Cash Settlement Amount will\nbe $0 (a total loss of value).

Long Index Amount:		\n As of any date of determination, the Long Index Amount is equal to: \n \n · the\n Closing Indicative Value as of the immediately preceding Leverage Reset Day, times \n \n · the\n Daily Leverage Factor, times \n \n · the\nIndex Performance Factor as of that date.

Daily Leverage \nFactor:		3

Index Performance \nFactor:		\n As of any date of determination, the Index Performance Factor is equal\n to: \n \n · the\n Closing Index Level on that date, divided by \n \n · the\nClosing Index Level on the immediately preceding Leverage Reset Day.

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

Daily Financing \nCharge:		\n As of any date of determination, the Daily Financing Charge is equal\n to: \n \n · the\n Financing Amount as of that date, times \n \n · the\n Financing Rate on that date plus the Spread on that date, times \n \n · the\nday count fraction equal to (i) the number of calendar days during the relevant Financing Period divided by (ii) 365.

Financing Amount:		\n As of any date of determination, the Financing Amount is equal to: \n \n · the\n Closing Indicative Value as of the immediately preceding Leverage Reset Day, times \n \n · the\nDaily Financing Factor.

Daily Financing \nFactor:		2

Financing Rate:		\n The Financing Rate is, on any date of determination, the bank prime\n loan rate as that rate appears on its Designated Page as of approximately 4:00 p.m. (New York City time) on that date, as determined by\n the Calculation Agent (the “Federal Reserve Bank Prime Loan Rate”). \n \n Unless the Calculation Agent determines that the Financing Rate has\n been discontinued or that rate has ceased to be published permanently or indefinitely as provided below, if (i) the Calculation Agent\n determines that the Financing Rate is not reported on its Designated Page on any date of determination, or (ii) the Calculation Agent\n determines that any published rate as of any date of determination is manifestly incorrect, then the Calculation Agent shall determine\n the Financing Rate for that date of determination in its sole discretion, taking into account all available information that it considers\n relevant. \n \n If the Calculation Agent determines, on any date of determination,\n that the Financing Rate has been discontinued or that rate has ceased to be published permanently or indefinitely, then the Calculation\n Agent will use a substitute or successor rate that it has determined in its sole discretion to be a commercially reasonable alternative\n replacement rate. If the Calculation Agent has determined a substitute or successor rate in accordance with the foregoing, the Calculation\n Agent in its sole discretion may make any applicable adjustments to the methodology for calculating such substitute or successor rate,\n including any adjustment factor, spread and/or formula it determines is needed to make such substitute or successor rate comparable to\n the original Financing Rate or any other adjustments as it reasonably determines to be appropriate under the circumstances. \n \n If the Calculation Agent determines that the Financing Rate has\nbeen discontinued or that rate has ceased to be published permanently or indefinitely but no successor rate is chosen as described above,\nthen the Calculation Agent shall determine the Financing Rate for any date of determination in its sole discretion, taking into account\nall available information that it considers relevant.

PS-5

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

		\n “Designated Page” means the Bloomberg page “FCPR\n Index,” or any successor site or publication (or in another recognized electronic source used for purposes of displaying such rate\n determined by the Calculation Agent, in its sole discretion). \n \n Corrections. If a Financing Rate that is initially published\n and used for any date of determination that is an Index Business Day during the Final Measurement Period, Call Measurement Period or Redemption\n Measurement Period, as applicable, and such published rate is subsequently corrected, such corrected rate will be used for purposes of\n determining the Cash Settlement Amount, Redemption Amount or Call Settlement Amount, as applicable if, but only if, such corrected rate\n is published on or before the Business Day immediately preceding the related Maturity Date, Redemption Date, or Call Settlement Date,\n as applicable. \n \n The Federal Reserve Bank Prime Loan Rate is released by the Board\nof Governors of the Federal Reserve System on each Business Day at approximately 4:15 p.m. (New York City time) for the prior Business\nDay. The Federal Reserve Bank Prime Loan Rate is based on the prime rates posted by large insured U.S.-chartered commercial banks. Increases\nin the Federal Reserve Bank Prime Loan Rate will increase the Financing Rate, and, all other things remaining equal, will reduce the\nreturn on the ETNs.

Spread:		\n As of the Initial Trade Date, 4.00% per annum. The Spread may be adjusted\n from time to time by the Calculation Agent in its sole discretion, including, without limitation, to reflect changes in BMO’s costs\n of financing, hedging or maintaining the leveraged exposure to the Index, changes in market conditions or other factors that the Calculation\n Agent determines are relevant; provided that the Spread will not be greater than 10.00% per annum. \n \n If the Calculation Agent elects to adjust the Spread, we will\nnotify the trustee for the ETNs, and issue a press release that we will publish on our website at least five Business Days prior to the\neffective date (a “Fee Effective Date”) of the applicable change. We refer to the date on which we publish such a\npress release as a “Fee Notice Date.” Notwithstanding the foregoing, the Fee Effective Date for any reduction to the Spread\nmay be any date after the Fee Notice Date that is designated in the applicable press release.

Financing Period:		On any date of determination, the Financing Period is equal to the number of calendar days from, but excluding, the “settlement date” for the immediately preceding Leverage Reset Day to, and including, the settlement date for that date. The “settlement date” for any date of determination refers to the business day on which a sale of an equity security agreed on such date is typically required to settle under Rule 15c6-1(a) under the Exchange Act. This business day is currently the first business day after the date of an agreement to buy or sell a security. The Calculation Agent may adjust a settlement date if it deems reasonably appropriate to reflect any disruptions or extraordinary events that impact the securities settlement or other systems in the applicable markets.

PS-6

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

Daily Investor Fee:		\n As of any date of determination, the Daily Investor Fee is equal to: \n \n · the\n Closing Indicative Value as of the immediately preceding Leverage Reset Day, times \n \n · the\n Fee Rate, times \n \n · the\nday count fraction equal to (i) the number of calendar days during the relevant Financing Period divided by (ii) 365.

Fee Rate:		0.95% per annum.

Terms Relating to Issuer Call Right
Issuer Call Right:		\n On any Business Day after the Initial Issue Date, we may, in our sole\n discretion, redeem the ETNs, in whole or in part. The ETNs will be issued in book-entry form and represented by a global security deposited\n with, and registered in the name of, DTC or its nominee. Accordingly, if we exercise our call right to redeem all or a portion of the\n ETNs, we will cause a notice of redemption (a “Call Notice”) to be delivered to DTC, as the sole registered holder\n of the ETNs, not less than 14 calendar days prior to the Call Settlement Date specified in the Call Notice. \n \n If fewer than all of the outstanding ETNs are to be redeemed, we will\n specify in the Call Notice the principal amount of ETNs to be redeemed, and the trustee will select the ETNs to be redeemed pro rata,\n by lot or in such manner as it deems appropriate and fair. We may elect to call a portion of the ETNs on more than one occasion during\n the term of the ETNs. \n \n Because DTC is the only registered holder of the ETNs, the Call\nNotice will be delivered solely to DTC in accordance with its applicable policies and procedures. Beneficial owners of the ETNs will\nnot receive the Call Notice directly from us. Beneficial owners should contact their broker, bank, or other intermediary through which\nthey hold ETNs to obtain information about any notices and related procedures. We are not responsible for, and have no control over,\nthe manner in which any intermediary provides notices to beneficial owners.

Call Settlement \nAmount:		If we exercise our call right, for each ETN that is called, you will receive on the Call Settlement Date a cash payment equal to the arithmetic mean of the Closing Indicative Values on each Index Business Day in the Call Measurement Period. The Call Settlement Amount will not be less than $0.

PS-7

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

Call Measurement
\nPeriod:

The Call Measurement Period will be a period of five consecutive Index\n Business Days from and including the applicable Call Calculation Date, except as provided below, subject to adjustment as described under\n “Additional Terms of the ETNs—Consequences of a Market Disruption Event; Postponement of an Averaging Date” in this\n pricing supplement.

\n \n

If we issue a Call Notice, the “Call Calculation Date”\n will be an Index Business Day specified in such Call Notice. The “Call Settlement Date” will be the fifth Business\n Day following the last Index Business Day in the Call Measurement Period.

\n \n

If the Calculation Agent determines that the “aggregate market\n value” of the ETNs to be called in whole or in part is less than or equal to $65,000,000 at the close of trading on the Index Business\n Day immediately preceding the Call Calculation Date, then the Call Measurement Period will consist solely of the Call Calculation Date,\n and will not extend for five consecutive Index Business Days.

\n \n

The Calculation Agent will determine the aggregate market value for\n purposes of this section by multiplying the Closing Indicative Value on the applicable date by the number of units of the ETNs to be called\n on that date.

Terms Relating to Early Redemption at Option of Holder

Early Redemption:

Subject to your compliance with the procedures described below, you\nmay submit a request on any Business Day commencing on the First Redemption Date and ending on the Final Redemption Date to require us\nto redeem all or a portion of your ETNs (subject to a Minimum Redemption Amount set forth below). In order to redeem your ETNs, you must\ncomply with the redemption procedures described under “—Redemption Procedures” below. The “Minimum Redemption\nAmount” is 25,000 ETNs. Notwithstanding the foregoing, we will not accept a Redemption Notice submitted to us on any day after\nthe Final Redemption Date.

\n \n

For any applicable redemption request, the “Redemption Notice\n Date” will be the date that the applicable Redemption Notice and Redemption Confirmation (each as defined below) are delivered.\n If such Redemption Notice or Redemption Confirmation is delivered on a day that is not an Index Business Day, then the Redemption Notice\n Date will be the next Index Business Day.

\n \n

To satisfy the Minimum Redemption Amount, your broker or other\nfinancial intermediary may bundle your ETNs for redemption with those of other investors to reach the Minimum Redemption Amount; however,\nthere can be no assurance that they can or will do so. We may from time to time in our sole discretion reduce the Minimum Redemption\nAmount in whole or in part. Any such reduction will be applied on a consistent basis for all holders of the ETNs at the time the reduction\nbecomes effective. The Minimum Redemption Amount will not be applicable for any redemption validly elected on any Fee Notice Date or\nthe following five Business Days if the Spread increased.

PS-8

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

		\n If you elect to have your ETNs redeemed and you have complied with\n the redemption procedures and satisfied the Minimum Redemption Amount, for each ETN that is redeemed, you will receive the Redemption\n Amount on the applicable Redemption Date. \n \n The “First Redemption Date” will be the sixth Index\n Business Day immediately following the Initial Issue Date and the “Final Redemption Date” will be the last scheduled\n Index Business Day prior to the Calculation Date or Call Calculation Date, as applicable. \n \n The early redemption feature is meant to induce arbitrageurs to\ncounteract any trading of the ETNs at a discount to their indicative value. However, there can be no assurance that arbitrageurs will\nemploy the redemption feature in this manner as to any of the ETNs.

Redemption Amount:		\n The Redemption Amount will be a cash payment payable on the applicable\n Redemption Date equal to (a) the arithmetic mean of the Closing Indicative Values on each Index Business Day in the Redemption Measurement\n Period minus (b) the Redemption Fee Amount. The Redemption Amount will not be less than $0. \n \n We will inform you of such Redemption Amount on the first Business\nDay following the last Index Business Day in the Redemption Measurement Period.

Redemption \nMeasurement Period:		\n The Redemption Measurement Period will be a period of five consecutive\n Index Business Days from and including the applicable Redemption Calculation Date, except as provided below, subject to adjustment as\n described under “Additional Terms of the ETNs—Consequences of a Market Disruption Event; Postponement of an Averaging Date”\n in this pricing supplement. The “Redemption Calculation Date” will be the first Index Business Day immediately following\n the applicable Redemption Notice Date. \n \n If the Calculation Agent determines that the “aggregate market\n value” of the ETNs to be redeemed is less than or equal to $65,000,000 at the close of trading on the Redemption Notice Date, then\n the Redemption Measurement Period will consist solely of the Redemption Calculation Date, and will not extend for five Index Business\n Days. \n \n The Calculation Agent will determine the aggregate market value for\n purposes of this section by multiplying the Closing Indicative Value on the applicable date by the number of units of the ETNs to be redeemed. \n \n The Redemption Amount will be paid on the applicable Redemption\nDate. The “Redemption Date” will be the fifth Business Day following the last Index Business Day in the applicable\nRedemption Measurement Period.

PS-9

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

Redemption Fee
\nAmount:

As of any Redemption Date, an amount per ETN in cash equal to the product of (a) 0.125% and (b) the arithmetic mean of the Closing Indicative Values on each Index Business Day in the Redemption Measurement Period. We reserve the right from time to time to reduce or waive the Redemption Fee Amount in our sole discretion on a case-by-case basis. In exercising your right to have us redeem your ETNs, you should not assume you will be entitled to the benefit of any such waiver.

Redemption
\nProcedures:

To redeem your ETNs, you must instruct your broker or other person\n through whom you hold your ETNs to take the following steps through normal clearing system channels:

\n \n

· deliver\n a notice of redemption, which we refer to as a “Redemption Notice,” which is attached to this pricing supplement as\n Annex A, to Bank of Montreal or its agent via email no later than 2:00 p.m. (New York City time) on the Index Business Day preceding the\n applicable Redemption Calculation Date. If we receive your Redemption Notice by the time specified in the preceding sentence, we (or our\n agent) will respond by sending you a form of confirmation of redemption, in the form set forth in Annex B to this pricing supplement,\n for your execution;

\n \n

· deliver\n the signed confirmation of redemption, which we refer to as the “Redemption Confirmation,” to us via e-mail in the\n specified form by 5:00 p.m. (New York City time) on the same day. We or our affiliate must acknowledge receipt in order for your Redemption\n Confirmation to be effective;

\n \n

· instruct\n your DTC custodian to book a delivery vs. payment trade with respect to your ETNs on the applicable Redemption Calculation Date at a price\n equal to the Redemption Amount; and

\n \n

· cause\n your DTC custodian to deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m. (New York City time) on the applicable\n Redemption Date.

\n \n

Notwithstanding the foregoing, we will not accept a Redemption Notice\n submitted to us on any day after the Final Redemption Date.

\n \n

Different brokerage firms may have different deadlines for accepting\ninstructions from their customers. Accordingly, as a beneficial owner of the ETNs, you should consult the brokerage firm through which\nyou own your interest for the relevant deadline. If your broker delivers your notice of redemption after 2:00 p.m. (New York City time),\nor your confirmation of redemption after 5:00 p.m. (New York City time), on the Index Business Day prior to the applicable Redemption\nCalculation Date, your notice will not be effective, you will not be able to redeem your ETNs until the following Redemption Date and\nyour broker will need to complete all the required steps if you wish to redeem your ETNs on any subsequent Redemption Date. In addition,\nBank of Montreal may request a medallion signature guarantee or such assurances of delivery as it may deem necessary in its sole discretion.\nAll instructions given to participants from beneficial owners of ETNs relating to the right to redeem their ETNs will be irrevocable.\nIf the ETNs undergo a split or reverse split, the minimum number of ETNs needed to exercise your right to redeem will remain the same.

PS-10

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

Additional Terms
Closing Index Level:		On any date of determination, the official closing level of that Index reported by the Index Sponsor on that day, as obtained by the Calculation Agent on that day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date. Currently, the Calculation Agent obtains market data from Bloomberg Finance L.P. (“Bloomberg”), but the Calculation Agent may change its market data vendor at any time without notice. The foregoing provisions of this definition of “Closing Index Level” are subject to the provisions set forth below under “Additional Terms of the ETNs —Market Disruption Events,” “—Index Substitution Events,” “—Adjustments to the Index” and “—Consequences of a Market Disruption Event; Postponement of an Averaging Date” in this pricing supplement.

Intraday Indicative \nValue:		\n The Intraday Indicative Value is calculated and published by ICE Data\n Indices, LLC (“ICE Data”) or a successor every 15 seconds during Cboe BZX’s “regular trading hours,”\n which are currently from 9:30 a.m. to 4:00 p.m., Eastern time, on each Index Business Day and is meant to approximate the intrinsic value\n of the ETNs at that time. Accordingly, the Intraday Indicative Value is calculated using the same formula as the Closing Indicative Value,\n except that the Index Performance Factor is calculated using the most recent intraday level of the Index at the particular time instead\n of using the Closing Index Level on the date of determination. \n \n If the Intraday Indicative Value of the ETNs is equal to or less\nthan $0 at any time on any Exchange Business Day, then both the Intraday Indicative Value and the Closing Indicative Value of the ETNs\non that day, and for the remainder of the term of the ETNs, will be $0 (a total loss of value).

Business Day:		Each Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day on which banking institutions are authorized or obligated by law or executive order to close in New York City.

Exchange Business \nDay:		Any day on which the primary exchange or market for trading of the ETNs is scheduled to be open for trading.

Leverage Reset Day:		Each Index Business Day that is not a Disrupted Day.

PS-11

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

Index Business Day:		Any day on which the Primary Exchange and each Related Exchange are scheduled to be open for trading.

Primary Exchange:		The primary exchange or market of trading for the shares of the Reference Fund.

Related Exchange:		Each exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Reference Fund.

Disrupted Day:		A day on which a market disruption event has occurred or is continuing, and, the occurrence of which is determined by the Calculation Agent to have a material effect on the level of the Index.

Market Disruption \nEvents:		Please see “Additional Terms of the ETNs—Market Disruption Events” in this pricing supplement for additional information about Market Disruption Events.

Calculation Agent:		BMO Capital Markets Corp.

No Conversion into \nCommon Shares:		The ETNs will not be subject to conversion into our common shares or the common shares of any of our affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”).

Additional Terms of \nthe ETNs:		The ETNs are subject to the additional terms set forth under “Additional Terms of the ETNs” in this pricing supplement, including provisions relating to the Calculation Agent, Market Disruption Events, Index Substitution Events, adjustments to the Index, postponement of Averaging Dates and Payment Dates, events of default, and splits and reverse splits of the ETNs. The Calculation Agent will make determinations under these provisions, and because the Calculation Agent is our affiliate, those determinations may involve conflicts of interest and may adversely affect the value of the ETNs and any payments on the ETNs. See “Additional Terms of the ETNs” and “Risk Factors—The Calculation Agent is our affiliate and may have economic interests that are adverse to those of the holders of the ETNs.”

PS-12

PS-13

SUMMARY

The following is a summary of terms of the ETNs, as well\nas a discussion of factors you should consider before purchasing the ETNs. The information in this section is qualified in its entirety\nby the more detailed explanations set forth elsewhere in this pricing supplement, in the accompanying prospectus supplement and accompanying\nprospectus. See “Terms of the ETNs” and “Additional Terms of the ETNs” herein for a description of the terms\nof the ETNs, and “Risk Factors” herein for a description of the risks related to an investment in the ETNs.

What are the ETNs?

The ETNs are senior unsecured medium-term notes\nissued by Bank of Montreal with a return linked to a three times leveraged participation in the performance of the Index, compounded daily,\nless a Daily Financing Charge, the Daily Investor Fee and, if applicable, the Redemption Fee Amount. Unlike ordinary debt securities,\nthe ETNs will not guarantee any return of principal at maturity or call, or upon early redemption. The ETNs will not pay any interest.\nYou may lose your entire investment in the ETNs.

Because the ETNs represent a “long”\nleveraged exposure to the performance of the Index on a daily basis, depreciation of the Index will reduce your payment at maturity, call\nor upon early redemption, and you could lose your entire investment.

The ETNs are not intended to be “buy\nand hold” investments, and are not intended to be held to maturity. Instead, the ETNs are intended to be daily trading tools for\nsophisticated investors to manage daily trading risks as part of an overall diversified portfolio. The ETNs are designed to reflect a\n3× leveraged long exposure to the performance of the Index on a daily basis, before taking into account the negative effect of the\nDaily Financing Charge, the Daily Investor Fee and the Redemption Fee Amount, if applicable. However, due to the daily resetting leverage,\nthe returns on the ETNs over different periods of time can, and most likely will, differ significantly from three times the return on\na direct long investment in the Index. The ETNs are designed to achieve their stated investment objectives on a daily basis. The performance\nof the ETNs over different periods of time can differ significantly from their stated daily objectives. The ETNs are considerably riskier\nthan securities that have intermediate- or long-term investment objectives, and are not suitable for investors who plan to hold them for\na period of more than one day or who have a “buy and hold” strategy. Investors should actively and continuously monitor their\ninvestments in the ETNs on an intraday basis, and any decision to hold the ETNs for more than one day should be made with great care and\nonly as the result of a series of daily (or more frequent) investment decisions to remain invested in the ETNs for the next one-day period.\nThe ETNs are very sensitive to changes in the level of the Index, and returns on the ETNs may be negatively impacted in complex ways by\nthe volatility of the Index on a daily or intraday basis. It is possible that you will suffer significant losses in the ETNs even if the\nlong-term performance of the Index is positive. Accordingly, the ETNs should be purchased only by sophisticated investors who understand\nand can bear the potential risks and consequences of the ETNs that are designed to provide exposure to the leveraged performance of the\nIndex on a daily basis and that will be highly volatile and may experience significant losses, up to the entire amount invested, in a\nshort period of time.

PS-14

The resetting of the leverage on each day is\nlikely to cause each ETN to experience a “decay” effect, which is likely to worsen over time and will be greater the more\nvolatile the level of the Index. The “decay” effect refers to the tendency of the ETNs to lose value over time. See “Risk\nFactors” and “Hypothetical Examples—Illustrations of the “Decay” Effect on the ETNs” herein. As explained\nin “Risk Factors” in this pricing supplement, because of the nature of daily compounding leveraged instruments such as the\nETNs, the amount payable at maturity, call or upon early redemption is likely to be significantly less than the stated principal amount\nof the ETNs. In almost any potential scenario, the long-term performance of the ETNs is likely to be negative, regardless of the performance\nof the Index, and we do not intend or expect any investor to hold the ETNs from inception to maturity. It is possible that the ETNs will\nincur significant losses even if the long-term performance of the Index is positive.

The ETNs seek to approximate the returns that\nmight be available to investors through a leveraged “long” investment in the Index (for example, through a leveraged position\nin the Reference Fund). A leveraged “long” investment strategy involves the practice of borrowing money from a third-party\nlender at an agreed-upon rate of interest and using the borrowed money together with investor capital to purchase assets. A leveraged\nlong investment strategy terminates with the sale of the underlying assets and repayment of the third-party lender, provided that the\nproceeds of the sale of underlying assets are sufficient to repay the loan. By implementing a leveraged strategy, the leveraged investor\nseeks to benefit from an anticipated increase in the value of the assets between the purchase and sale of such assets, and assumes that\nthe increase in value of the underlying assets will exceed the cumulative interest due to the third-party lender over the term of the\nloan. A leveraged investor will incur a loss if the value of the assets does not increase sufficiently to cover the payment of the interest\ncharges and will incur a loss at an accelerated rate if the value of the assets decrease.

In order to seek to replicate a leveraged “long”\ninvestment strategy in the Index, the terms of the ETNs provide that, on each day, an amount equal to the Closing Indicative Value on\nthe immediately preceding day (“$x”) is leveraged through a notional loan of an amount equal to “$y”. Investors\nare thus considered to have notionally borrowed $y, which, together with the initial $x investment, represents a notional investment of\n$x + $y (represented by the Long Index Amount) in the Index on the relevant day. During the term of the ETNs, the leveraged portion of\nthe notional investment, $y (represented by the Financing Amount), accrues a Daily Financing Charge for the benefit of the Issuer, the\ncumulative effect of which is reflected, together with the applicable Daily Investor Fee, in the Closing Indicative Value of the ETNs.\nThe Daily Financing Charge seeks to represent the amount of interest, calculated by reference to the Financing Rate plus the Spread,\nthat leveraged investors might incur if they sought to borrow funds at a similar rate from a third-party lender. Upon maturity, call or\nearly redemption, the investment in the Index is notionally sold at the then current value of the Index, and the investor then notionally\nrepays the Issuer an amount equal to the principal of the notional loan plus accrued interest and investor fees. The payment at maturity,\ncall or early redemption under the ETNs, therefore, generally represents the profit or loss that the investor would receive by applying\na leveraged “long” investment strategy, after taking into account, and making assumptions for, the accrued financing charges\nthat are commonly present in such leveraged “long” investment strategies, as well as applicable investor fees. Because the\nleveraged return of the Index is compounded daily with each leverage reset, the performance of the ETNs over a period longer than from\none leverage reset day to the next will differ, perhaps significantly, from a three times leveraged point-to-point return of the Index\nover the same period.

For a description of how the payment at maturity,\nupon a call or upon early redemption is calculated, see “Terms of the ETNs” above.

PS-15

How are payments on the ETNs determined, and what\nfees are incurred by investors in the ETNs?

At maturity or upon a call by us or early redemption\nby you, the ETNs provide for a cash payment based on the Closing Indicative Value over a five-day measurement period minus, in the case\nof an early redemption by you, a Redemption Fee Amount. For a complete description of how the payment at maturity, upon a call or upon\nearly redemption is calculated, see “Terms of the ETNs” above.

Daily Financing Charge. As of any date\nof determination, the Daily Financing Charge is equal to:

the Financing Amount as of that date, times

the Financing Rate on that date plus the Spread on that date, times

the day count fraction equal to (i) the number of calendar days during the relevant Financing Period divided by (ii) 365.

where, “Financing Amount” means, on\nany date of determination, the Closing Indicative Value as of the immediately preceding Leverage Reset Day times the Daily Financing\nFactor of 2.

The Daily Financing Charge represents the amount\nsynthetically borrowed in order to provide leveraged exposure to the Index. Because the Daily Financing Charge is calculated based on\nthe Financing Amount, which takes into account the Daily Financing Factor of 2, the Daily Financing Charge will reduce the Closing Indicative\nValue of the ETNs by a rate equal to 2× the sum of the Financing Rate plus the Spread. The Daily Financing Charge\nis subtracted from the Closing Indicative Value on a daily basis and, thus, the net effect of the Daily Financing Charge accumulates over\ntime.

The Calculation Agent may, in its sole discretion,\nincrease the Spread to the maximum amount specified under “Terms of the ETNs—Terms Relating to the Closing Indicative Value,”\nwhich would increase the Daily Financing Charge. See “Risk Factors—The Calculation Agent may increase the Spread, which would\nincrease the Daily Financing Charge and adversely affect the value of, and your return on, the ETNs.”

Daily Investor Fee. As of any date of determination,\nthe Daily Investor Fee is equal to:

the Closing Indicative Value as of the immediately preceding Leverage Reset Day, times

the Fee Rate, times

the day count fraction equal to (i) the number of calendar days during the relevant Financing Period divided by (ii) 365.

The Daily Investor Fee is subtracted from the\nClosing Indicative Value on a daily basis at a rate per annum equal to the Fee Rate and, thus, the net effect of the Daily Investor Fee\naccumulates over time. Because the net effect of the Daily Investor Fee is a fixed percentage of the value of the ETNs, the aggregate\neffect of the Daily Investor Fee will increase or decrease in a manner directly proportional to the value of the ETNs and the amount of\nETNs that are held.

PS-16

Redemption Fee Amount: As of any Redemption\nMeasurement Period, the Redemption Fee Amount will be the product of (a) 0.125% and (b) the arithmetic mean of the Closing Indicative\nValues on each Index Business Day in the Redemption Measurement Period. We reserve the right from time to time to reduce or waive the\nRedemption Fee Amount in our sole discretion on a case-by-case basis. In exercising your right to have us redeem your ETNs, you should\nnot assume you will be entitled to the benefit of any such waiver.

The Closing Indicative Value will reflect the\ndaily deduction of the Daily Financing Charge and the Daily Investor Fee. If the level of the Index decreases or does not increase sufficiently,\nafter giving effect to the decay effect caused by the daily resetting of the leverage, to offset the Daily Financing Charge and the Daily\nInvestor Fee and, in the case of an Early Redemption, the Redemption Fee Amount over the period you hold the ETNs, the value of the ETNs\nwill decline and you will lose some or all of your investment.

Path Dependence and Daily Leverage Reset

The returns on the ETNs are path dependent. The\nETNs are designed to reflect a leveraged exposure to the performance of the Index on a daily basis. Because the leveraged return of the\nIndex is reset daily, the performance of the ETNs over a period longer than from one leverage reset day to the next will differ, perhaps\nsignificantly, from a three times leveraged point-to-point return of the Index over the same period. The ETNs are very sensitive to changes\nin the level of the Index, and returns on the ETNs may be negatively affected in complex ways by the volatility of the Index on a daily\nor intraday basis.

Because the leverage of the ETNs is reset once\ndaily, at the close on each Leverage Reset Day, due to intraday changes in the level of the Index, the leverage at any point during an\nIndex Business Day will be higher or lower than the target leverage of 3.0.

The performance of the ETNs is path-dependent.\nThis means that the value of the ETNs will depend not only upon the level of the Index at maturity, call or early redemption, but also\non the performance of the Index over each day that you hold your ETNs. In other words, the value of the ETNs will be affected by not only\nthe increase or decrease in the level of the Index over a given time period but also the volatility of the level of the Index over such\ntime period. For example, a sharp spike or sharp decline in the level of the Index at the end of a particular time period will not result\nin the same return as a gradual uptick or gradual decline in the Index over the same time period, even if the level of the Index at the\nend of the applicable time period is the same in each scenario. Accordingly, the return on the ETNs may not correlate with the return\non the Index over periods longer than one day.

As a general matter, it is expected that the ETNs\nwill have better returns if the Index trends from one level to another over multiple Index Business Days, rather than experiencing significant\nchanges in opposite directions over multiple Index Business Days. Consequently, volatility of the level of the Index will have a significant\nnegative effect on the value of the ETNs.

In addition, the performance of the ETNs is path\ndependent, insofar as their value at any time depends not only on the level of the Index at such time, but also on the Index’s level\nat any prior time. As a result, the value of your investment in the ETNs will diverge significantly from the value of a three times leveraged\ninvestment linked to the Index where the leverage is not reset on daily basis. See “Hypothetical Examples” herein.

PS-17

Understanding the Value of the ETNs

The initial offering price of the ETNs\nwas determined at the inception of the ETNs. The initial offering price and the Intraday Indicative Value are not the same as the trading\nprice, which is the price at which you may be able to sell your ETNs in the secondary market, or the Redemption Amount, which is the amount\nthat you will receive from us in the event that you choose to have your ETNs repurchased by us. An explanation of each type of valuation\nis set forth below.

Initial Offering Price to the Public.\nThe initial offering price to the public was equal to the principal\namount of the ETNs. The initial offering price reflected the value of the ETNs only on the Initial Trade Date.

Closing Indicative Value. The Closing Indicative Value for the ETNs is calculated and published\non each Exchange Business Day and is meant to reflect the end-of-day intrinsic value for the ETNs. On the Initial Trade Date, the Closing\nIndicative Value was equal to the Principal Amount. As of any subsequent date of determination, the Closing Indicative Value is equal\nto:

the Long Index Amount as of that date, minus

the Financing Amount as of that date, minus

the Daily Financing Charge as of that date, minus

the Daily Investor Fee as of that date.

If the Closing Indicative Value is\n$0 on any Exchange Business Day, or the Intraday Indicative Value at any time on any Exchange Business Day is less than or equal to $0,\nthen the Closing Indicative Value on all future days during the term of the ETNs will be $0. If the Closing Indicative Value is $0, the\nCash Settlement Amount will be $0 (a total loss of value).

The Closing Indicative Value is\nnot the market price of the ETNs in any secondary market and is not intended as a price or quotation, or as an offer or solicitation for\nthe purchase or sale of your ETNs or as a recommendation to transact in the ETNs at the stated price. The market price of the ETNs at\nany time may vary significantly from the Closing Indicative Value due to, among other things, imbalances of supply and demand for the\nETNs (including as a result of any decision of ours to issue, stop issuing or resume issuing additional ETNs), lack of liquidity, transaction\ncosts, credit considerations and bid-offer spreads.

Intraday Indicative Value. The\nIntraday Indicative Value of the ETNs is calculated and published by ICE Data or a successor every 15 seconds during Cboe BZX’s\nregular trading hours, which are currently from 9:30 a.m. to 4:00 p.m., Eastern time, on each Index Business Day and is meant to approximate\nthe intrinsic value of the ETNs at that time. Accordingly, the Intraday Indicative Value is calculated using the same formula as the Closing\nIndicative Value, except that the Index Performance Factor is calculated using the most recent intraday level of the Index at the particular\ntime instead of using the Closing Index Level on the date of determination. If the Intraday Indicative Value is equal to or less than\n$0 at any time on any Exchange Business Day, then both the Intraday Indicative Value and the Closing Indicative Value on that Exchange\nBusiness Day, and on all future Exchange Business Days, will be $0.

PS-18

The Intraday Indicative Value is not\nthe same as, and may differ from, the amount payable upon an early redemption, call or at maturity and the trading price of the ETNs in\nthe secondary market. Because the Intraday Indicative Value uses an intraday level of the Index for its calculation, a variation in the\nintraday level of the Index from the previous Index Business Day’s Closing Index Level may cause a significant variation between\nthe Closing Indicative Value and the Intraday Indicative Value on any date of determination. The Intraday Indicative Value may vary significantly\nfrom the previous or next Index Business Day’s Closing Indicative Value or the price of the ETNs purchased intraday. The Intraday\nIndicative Value for the ETNs will be published every 15 seconds to the Consolidated Tape and ICE Data Global Index Feed, and will be\navailable on Bloomberg under the ticker symbol indicated herein.

See “Intraday Value Of The Index\nAnd The ETNs—Intraday Indicative Values” in this pricing supplement for more information.

Trading Price. The market value\nof the ETNs at any given time, which we refer to as the trading price, is the price at which you may be able to buy or sell your ETNs\nin the secondary market, if one exists. The trading price may vary significantly from the Intraday Indicative Value, because the market\nvalue reflects investor supply and demand for the ETNs. In the absence of an active secondary market for the ETNs, the last reported trading\nprice may not reflect the actual price at which you may be able to sell your ETNs at a particular time.

The trading\nprice of the ETNs at any time is the price that you may be able to sell your ETNs in the secondary market at such time, if one exists.\nThe trading price of each ETN in the secondary market is not the same as the Intraday Indicative Value or the Closing Indicative Value\nof the ETNs at any time, even if a concurrent trading price in the secondary market were available at such time. The trading price of\nthe ETNs at any time may vary significantly from the Intraday Indicative Value or the Closing Indicative Value of such ETNs at such time\nbecause the market value reflects investor supply and demand for the ETNs. Furthermore, any premium in the trading price of the ETNs over\nthe Intraday Indicative Value or the Closing Indicative Value may be reduced or eliminated at any time. Paying a premium purchase price\nover the Intraday Indicative Value or the Closing Indicative Value of the ETNs could lead to significant losses in the event the investor\nsells such ETNs at a time when such premium is no longer present in the marketplace. Investors should consult their financial advisers\nbefore purchasing or selling the ETNs, especially for ETNs trading at a premium over or at a discount to, as applicable, their Intraday\nIndicative Value or the Closing Indicative Value.

The leveraged exposure provided by the ETNs\nis reset at the close on each Leverage Reset Day. Therefore, if you purchase the ETNs in the secondary market at a price other than the\nClosing Indicative Value, the actual leverage you experience until the next Leverage Reset Day can, and most likely will, differ, potentially\nsignificantly, from the targeted leverage of 3.0.

Redemption Amount. The Redemption\nAmount is the price per ETN that we will pay you to redeem the ETNs upon your request. The Redemption Amount is calculated according to\nthe formula set forth above. The Redemption Amount may vary significantly from the Intraday Indicative Value and the trading price of\nthe ETNs.

PS-19

Because the Redemption Amount is based on the Closing Indicative Values\non the Index Business Days during the Redemption Measurement Period, you will not know the Redemption Amount you will receive at the time\nyou elect to request that we redeem your ETNs.

Ticker Symbols

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

Trading price:	BRZL

Intraday Indicative Value:	BRZLIV

Intraday Index Level:	\n BRAZIL<Index> \n

How do you sell your ETNs

We have listed the ETNs on Cboe BZX\nunder the exchange ticker symbol set forth above. To the extent that an active secondary market in the ETNs exist, we expect that investors\nwill purchase and sell the ETNs primarily in this secondary market. We are not obligated to maintain the listing of the ETNs on Cboe BZX\nor any other exchange for the term of the ETNs. There can be no assurance that an active secondary market will exist at any time.

Investors also have a right to require\nus to redeem the ETNs, as described and subject to the procedures and limitations set forth herein.

If there is a substantial demand for the ETNs,\nwe may issue and sell additional ETNs to BMOCM, and BMOCM may sell those ETNs to investors and dealers, potentially frequently. However,\nwe and BMOCM are under no obligation to issue or sell additional ETNs at any time, and if we and BMOCM do issue and sell additional ETNs,\nwe or BMOCM may limit or restrict such sales, and we may stop and subsequently resume selling additional ETNs at any time.

Any limitation or suspension on the issuance\nor sale of the ETNs by us or BMOCM may materially and adversely affect the price and liquidity of the ETNs in the secondary market. Alternatively,\nthe decrease in supply may cause an imbalance in the market supply and demand, which may cause the ETNs to trade at a premium over the\nindicative value of the ETNs. Any premium may be reduced or eliminated at any time. Paying a premium purchase price over the indicative\nvalue of the ETNs could lead to significant losses in the event the investor sells such ETNs at a time when such premium is no longer\npresent in the marketplace or such ETNs are redeemed early, including at our option, which we have the discretion to do at any time. Investors\nshould consult their financial advisers before purchasing or selling the ETNs, especially ETNs trading at a premium over their indicative\nvalue.

PS-20

Investor Considerations

The ETNs are not appropriate for all investors. The\nETNs may be an appropriate investment for investors who:

seek a short-term investment with a return linked to a three times leveraged participation in the performance\nof the Index, compounded daily, and are willing to accept the risk of fluctuations in the level of the Index.

understand (i) leverage risk, including the risks inherent in maintaining a constant three times daily\nresetting leverage, and (ii) the risks of seeking leveraged investment results generally.

are sophisticated investors, understand path dependence of investment returns and seek a short-term\ninvestment in order to manage daily trading risks.

understand that the ETNs are designed to achieve their stated investment objective on a daily basis,\nbut their performance over different periods of time can differ significantly from their stated daily objective.

believe the level of the Index will increase during your investment horizon for the ETNs by an amount,\nafter giving effect to the daily resetting leverage and the compounding effect thereof, sufficient to offset the Daily Financing Charge,\nthe Daily Investor Fee and the Redemption Fee Amount, if applicable.

are willing to accept the risk that you may lose some or all of your investment.

are willing to hold ETNs that may be redeemed early by us under our call right.

are willing to forgo dividends or other distributions paid to holders of the Reference Fund, except\nas reflected in the level of the Index.

understand that the trading price of the ETNs at any time may vary significantly from the Intraday Indicative\nValue of the ETNs at such time and that paying a premium purchase price over the Intraday Indicative Value of the ETNs could lead to significant\nlosses in the event you sell the ETNs at a time when that premium is no longer present in the marketplace or the ETNs are called.

are willing to actively and frequently monitor your investment in the ETNs.

are willing to accept the risk that the price at which you are able to sell the ETNs may be significantly\nless than the amount you invested.

do not seek a pre-determined amount of current income from your investment.

are not seeking an investment for which there will be an active secondary market.

are comfortable with the creditworthiness of Bank of Montreal, as issuer of the ETNs.

PS-21

The ETNs may not be an appropriate investment for\ninvestors who:

do not seek a short-term investment with a return linked to a three times leveraged participation in\nthe performance of the Index, compounded daily, or are not willing to accept the risk of fluctuations in the level of the Index.

do not understand (i) leverage risk, including the risks inherent in maintaining a constant three times\ndaily resetting leverage, or (ii) the risks of seeking leveraged investment results generally.

are not sophisticated investors, do not understand path dependence of investment returns or seek an\ninvestment for purposes other than managing daily trading risks.

do not understand why performance of the ETNs over different periods of time can differ significantly\nfrom their stated daily objective on a daily basis.

believe that the level of the Index will decrease during your investment horizon for the ETNs or the\nlevel of the Index will not increase by an amount, after giving effect to the daily resetting leverage and the compounding effect thereof,\nsufficient to offset the Daily Financing Charge, the Daily Investor Fee and the Redemption Fee Amount, if applicable.

are not willing to accept the risk that you may lose some or all of your investment.

are not willing to hold ETNs that may be redeemed early by us under our call right.

are not willing to forgo dividends or other distributions paid to holders of the Reference Fund, except\nas reflected in the level of the Index.

do not understand that the trading price of the ETNs at any time may vary significantly from the Intraday\nIndicative Value of the ETNs at such time and that paying a premium purchase price over the Intraday Indicative Value of the ETNs could\nlead to significant losses in the event you sell the ETNs at a time when that premium is no longer present in the marketplace or the ETNs\nare called.

are not willing to actively and frequently monitor your investment in the ETNs.

are not willing to accept the risk that the price at which you are able to sell the ETNs may be significantly\nless than the amount you invested.

seek a pre-determined amount of current income from your investment.

seek an investment for which there will be an active secondary market.

are not comfortable with the creditworthiness of Bank of Montreal as issuer of the ETNs.

prefer lower risk and are willing to accept potentially lower returns of fixed-income investments with\ncomparable maturities and credit ratings.

The considerations identified above are not\nexhaustive. Whether or not the ETNs are an appropriate investment for you will depend on your individual circumstances, and you should\nreach an investment decision only after you and your investment, legal, tax, accounting and other advisers have carefully considered the\nappropriateness of an investment in the ETNs in light of your particular circumstances. You should also review carefully the “Risk\nFactors” section herein and in the accompanying prospectus supplement and prospectus for risks related to an investment in the ETNs.\n

PS-22

RISK FACTORS

An investment in the ETNs is significantly\nriskier than an investment in conventional debt securities. The ETNs are not secured debt and do not guarantee any return of principal\nat, or prior to, maturity, call or upon early redemption. As described in more detail below, the trading price of the ETNs may vary considerably\nbefore the Maturity Date. Investing in the ETNs is not equivalent to investing directly in the Reference Fund or any securities held by\nthe Reference Fund. In addition, your investment in the ETNs entails other risks not associated with an investment in conventional debt\nsecurities. In addition to the “Risk Factors” sections of the prospectus supplement and the prospectus, you should consider\ncarefully the following discussion of risks before investing in the ETNs.

Risks Relating to the Terms of the ETNs

The ETNs do not pay interest and do not guarantee the return of\nany of your initial investment. You may lose all or a substantial portion of your investment in the ETNs.

The terms of the ETNs differ from those of ordinary\ndebt securities in that the ETNs do not guarantee any return of principal at maturity, call or upon early redemption, and do not pay interest.\nInstead, you will receive a cash payment in U.S. dollars at maturity, call or upon early redemption based on the leveraged performance\nof the Index, compounded daily, less the Daily Financing Charge, the Daily Investor Fee and, in the case of an early redemption, the Redemption\nFee Amount. As a result, you may lose all or a substantial portion of your investment in the ETNs if the level of the Index decreases\nor does not increase by an amount sufficient to offset those fees (after giving effect to the decay effect caused by the daily resetting\nof the leverage). Furthermore, even if the level of the Index increases, your return on the ETNs may not be enough to compensate you for\nany loss in value due to inflation and other factors relating to the value of money over time.

The ETNs are designed to be short-term trading tools and are not\ndesigned to meet any investment objectives over any period longer than one day.

The ETNs seek to provide a leveraged long return\nbased on the performance of the Index (as adjusted for costs and fees) over a period of a single day. The ETNs do not attempt to, and\nshould not be expected to, provide returns that reflect leverage on the return of the Index for periods longer than a single day.

The ETNs are not intended to be “buy and\nhold” investments. The ETNs are intended to be daily trading tools for sophisticated investors, and are not intended to be held\nto maturity. The ETNs are designed to achieve their stated investment objective on each day, but their performance over different periods\nof time can differ significantly from their stated daily objective because the relationship between the level of the Index and the Closing\nIndicative Value will begin to break down as the length of an investor’s holding period increases. The ETNs are not intermediate-\nor long-term substitutes for long positions in the Reference Fund. Investors should carefully consider whether the ETNs are appropriate\nfor their investment portfolio.

PS-23

Investors should actively and continuously\nmonitor their investments in the ETNs on an intraday basis, and any decision to hold the ETNs for more than one day should be made with\ngreat care and only as the result of a series of daily (or more frequent) investment decisions to remain invested in the ETNs for the\nnext one-day period. Because the ETNs are meant to provide leveraged long exposure to changes in the level of the Index on a daily\nbasis, the performance of the ETNs over periods longer than one day can differ significantly from the performance of the Index during\nthe same period of time. Therefore, it is possible that you will suffer significant losses in the ETNs even if the long-term performance\nof the Index is positive. It is possible for the level of the Index to increase over time while the market value of the ETNs declines\nover time. Accordingly, the ETNs should be purchased only by sophisticated investors who understand and can bear the potential risks\nand consequences of the ETNs that are designed to provide exposure to the leveraged performance of the Index on a daily basis and that\nwill be highly volatile and may experience significant losses, up to the entire amount invested, in a short period of time. Investors\nshould actively and frequently monitor their investments in the ETNs, even intraday. You should proceed with extreme caution in\nconsidering an investment in the ETNs.

The ETNs are likely to experience significant “decay”\nover time. As a result, the ETNs are not suitable for investors with intermediate- or long-term investment objectives and are not intended\nto be held to maturity.

The daily resetting leverage is expected to cause\nthe ETNs to experience a “decay” effect, which will impair the performance of the ETNs if the Index experiences volatility\nfrom day to day, and such performance will be dependent on the path of daily returns during the holder’s holding period. The “decay”\neffect refers to the tendency of the ETNs to lose value over time. At higher ranges of volatility, there is a significant chance of a\ncomplete loss of the value of the ETNs even if the performance of the Index is flat (before taking into account the negative effect of\nthe Daily Financing Charge, the Daily Investor Fee and the Redemption Fee Amount, if applicable). Although the decay effect is more likely\nto manifest itself the longer the ETNs are held, the decay effect can have a significant impact on the performance of the ETNs even over\na period as short as two days. The ETNs should be purchased only by sophisticated investors seeking a short-term investment who understand\nleverage risk, including the risks inherent in maintaining a constant three times daily resetting leverage as described in this pricing\nsupplement, and who understand the risks inherent in path dependence of investment returns. The ETNs are not appropriate for investors\nwho intend to hold positions in an attempt to generate returns over periods longer than one day.

See “Hypothetical Examples—Illustrations\nof the “Decay” Effect on the ETNs” below for an illustration of the important points about the decay effect.

Even if held for only one day, the ETNs are highly vulnerable to\nsudden large changes in the level of the Index.

Because the ETNs reflect leveraged exposure to\nthe change in the level of the Index from one day to the next, the ETNs will experience magnified losses if the Index sharply declines\nover that one-day period. For example, given the Daily Leverage Factor of 3, a 5% decline in the level of the Index over a given one-day\nperiod will result in a 15% loss on the ETNs for that one-day period, a 10% decline in the level of the Index over a given one-day period\nwill result in a 30% loss on the ETNs for that one-day period and an approximately 33.33% decline in the level of the Index over a given\none-day period will result in a 100% loss on the ETNs for that one-day period, in each case leaving aside the effects of the applicable\nfees.

PS-24

Leverage increases the sensitivity of your ETNs to changes in the\nlevel of the Index.

Because your investment in the ETNs is three times\nleveraged, compounded daily, changes in the level of the Index will have a greater impact on the payout on your ETNs than on a payout\non securities that are not leveraged. In particular, any decrease in the level of the Index will result in a significantly greater decrease\nin your payment at maturity, call or upon early redemption, and you will suffer losses on your investment in the ETNs substantially greater\nthan you would if the terms of your ETNs did not contain leverage. Accordingly, as a result of this daily resetting leverage component\nand without taking into account the cumulative negative effect of the Daily Financing Charge and the Daily Investor Fee, if the level\nof the Index decreases over the period you hold the ETNs, the daily resetting leverage will magnify any losses at maturity, call or upon\nearly redemption.

The Closing Indicative Value of the ETNs and any payments on the\nETNs will reflect the deduction of fees and charges.

On each date of determination, the Closing Indicative\nValue will reflect the deduction of the Daily Financing Charge and the Daily Investor Fee. In addition, if you elect for us to redeem\nyour ETNs, your payment upon redemption will be subject to the Redemption Fee Amount (unless waived by us). As a result, the Closing Indicative\nValue of the ETNs will trail the value of a hypothetical identical security from which no such deductions are made and will reduce any\npayment at maturity, call or upon early redemption, or if you sell your ETNs in the secondary market.

Because of these fees and charges, the level of\nthe Index will need to have increased over the period you hold the ETNs by an amount that is sufficient, after giving effect to the decay\neffect caused by the daily resetting of the leverage, to offset the Daily Financing Charge and the Daily Investor Fee and, in the case\nof an Early Redemption, the Redemption Fee Amount. If the level of the Index decreases or does not increase sufficiently, after giving\neffect to the decay effect caused by the daily resetting of the leverage, to offset the cumulative negative effect of the Daily Financing\nCharge, the Daily Investor Fee and, in the case of an Early Redemption, the Redemption Fee Amount over the period you hold the ETNs, you\nwill lose some or all of your investment. This loss may occur even if the level of the Index remains the same or increases over the period\nyou hold your ETNs.

The Calculation Agent may increase the Spread, which would increase\nthe Daily Financing Charge and adversely affect the value of, and your return on, the ETNs.

The Daily Financing Charge is calculated by reference\nto the Financing Amount and the sum of the Financing Rate plus the Spread. As described under “Terms of the ETNs—Terms Relating\nto the Closing Indicative Value” above, the Calculation Agent may, in its sole discretion, increase the Spread to the maximum amount\nspecified in such section. The Calculation Agent may increase the Spread for reasons including, without limitation, changes in BMO’s\ncosts of financing, hedging or maintaining the leveraged exposure to the Index, changes in market conditions or other factors that the\nCalculation Agent determines are relevant. If the Calculation Agent elects to increase the Spread, the Daily Financing Charge will increase,\nand the Closing Indicative Value of, and your return on, the ETNs will be adversely affected.

PS-25

If the Spread were increased to the maximum, the\nDaily Financing Charge would be significantly higher than it would be based on the initial Spread. The level of the Index will need to\nhave increased over the period you hold the ETNs by an amount that is sufficient, after giving effect to the decay effect caused by the\ndaily resetting of the leverage, to offset the increased Daily Financing Charge and the other fees and charges. If the level of the Index\ndoes not increase sufficiently to offset these fees and charges, you will lose some or all of your investment, even if the Index increases\nover the period you hold the ETNs.

In determining whether to increase the Spread,\nthe Calculation Agent may have economic interests that are adverse to your interests as an investor in the ETNs, including because the\nCalculation Agent is our affiliate and any increase in the Spread may increase amounts retained by BMO or its affiliates in connection\nwith the ETNs. Any such determination by the Calculation Agent may adversely affect the Closing Indicative Value of, and your return on,\nthe ETNs.

If the Intraday Indicative Value for the ETNs is equal to or less\nthan $0 at any time on any Exchange Business Day, or the Closing Indicative Value is equal to $0 on any Exchange Business Day, you will\nlose all of your investment in the ETNs.

If the Closing Indicative Value is equal to $0\non any Exchange Business Day or the Intraday Indicative Value of the ETNs is equal to or less than $0 at any time on any Exchange Business\nDay, then the ETNs will be permanently worth $0 (a total loss of value) and you will lose all of your investment in the ETNs and the Cash\nSettlement Amount will be $0. We would be likely to call the ETNs in full under these circumstances, and you will not receive any payments\non the ETNs.

The ETNs are subject to our credit risk.

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

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

PS-26

Due to the effect of compounding, if the Closing Indicative Value\nincreases, any subsequent decrease of the level of the Index will result in a larger dollar reduction from the Closing Indicative Value\nthan if the Closing Indicative Value remained constant.

If the Closing Indicative Value increases, the\ndollar amount that you can lose on any date of determination from a decrease of the level of the Index will increase correspondingly.\nThis is because the Index Performance Factor will be applied to a larger Closing Indicative Value and, consequently, a larger Long Index\nAmount in calculating any subsequent Closing Indicative Value. As such, the dollar amount that you can lose from any decrease will be\ngreater than if the Closing Indicative Value were maintained at a constant level. This means that if the Closing Indicative Value increases,\nyou could subsequently lose more than 3% of your initial investment for each 1% daily decrease of the level of the Index.

Due to the effect of compounding, if the Closing Indicative Value\ndecreases, any subsequent increase of the level of the Index will result in a smaller dollar increase on the Closing Indicative Value\nthan if the Closing Indicative Value remained constant.

If the Closing Indicative Value decreases, the\ndollar amount that you can gain on any date of determination from an increase of the level of the Index will decrease correspondingly.\nThis is because the Index Performance Factor will be applied to a smaller Closing Indicative Value and, consequently, a smaller Long Index\nAmount in calculating any subsequent Closing Indicative Value. As such, the dollar amount that you can gain from any increase of the level\nof the Index will be less than if the Closing Indicative Value were maintained at a constant level. This means that if the Closing Indicative\nValue decreases on an Index Business Day, the daily increase of the level of the Index on the following Index Business Day will have to\nexceed the prior decrease to restore the value of your investment (before taking into account the negative effect of the Daily Financing\nCharge, the Daily Investor Fee and the Redemption Fee Amount, if applicable). Further, if the Closing Indicative Value is less than your\ninitial investment, each 1% daily increase in the level of the Index will result in an increase in the Closing Indicative Value that is\nless than 3% of your initial investment.

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

The leverage of the ETNs is reset at the close\non each Leverage Reset Day. Resetting the Closing Indicative Value has the effect of resetting the then-current leverage to approximately\n3.0. During any given day, the effective leverage of the ETNs will depend on intraday changes in the level of the Index and any change\nin the level of the Index on any day may cause the effective leverage to be greater than or less than 3.0. If the level of the Index on\nany day has increased from the Closing Index Level on the preceding day, the effective leverage of the ETNs will be less than the Daily\nLeverage Factor; conversely, if the level of the Index on any day has decreased from the Closing Index Level on the preceding day, the\neffective leverage of the ETNs will be greater than the Daily Leverage Factor. Thus, the effective leverage of the ETNs at the time that\nyou purchase them may be greater or less than the target leverage of 3.0, depending on the performance of the Index since the leverage\nwas reset. See “—The ETNs are subject to intraday purchase risk” below.

PS-27

The ETNs 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 ETNs,\nin whole or in part, on any Business Day after the Initial Issue Date. If we exercise this call right, the term of the affected ETNs will\nbe reduced. Upon redemption, you will receive, for each ETN called, a cash payment on the Call Settlement Date equal to the Call Settlement\nAmount, which will be equal to the arithmetic mean of the Closing Indicative Values on each Index Business Day in the Call Measurement\nPeriod. The Call Settlement Amount may be less than the price you paid for the ETNs, and you may lose some, or all, of your initial investment.

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

If we exercise our call right, the averaging feature used to determine\nthe Call Settlement Amount may limit your participation in positive performance of the Index during the Call Measurement Period, and you\nwill not participate in any positive performance of the Index after the Call Measurement Period.

If we exercise our call right, the Call Measurement\nPeriod will consist of five consecutive Index Business Days. The Call Settlement Amount will be based on the arithmetic mean of the Closing\nIndicative Values on each Index Business Day in the Call Measurement Period, rather than the Closing Indicative Value on any single day.\nIf the level of the Index decreases on one or more Index Business Days in the Call Measurement Period, the Call Settlement Amount will\nbe adversely affected, and any such decrease could offset increases in the level of the Index on other Index Business Days in the Call\nMeasurement Period.

In addition, because the Call Settlement Amount\nis based on an arithmetic mean, it may be less favorable to you than an amount determined by reference to the Closing Indicative Value\non the final Index Business Day in the Call Measurement Period. For example, if the Closing Indicative Value increases during the Call\nMeasurement Period, the Call Settlement Amount may be significantly less than the Closing Indicative Value on the final Index Business\nDay in the Call Measurement Period, because the earlier, lower Closing Indicative Values will be included in the average. As a result,\nyou may not fully participate in positive performance of the Index or the Closing Indicative Value during the Call Measurement Period.

Further, the Call Settlement Date will be the\nfifth Business Day following the last Index Business Day in the Call Measurement Period. Once the Call Measurement Period concludes, the\nCall Settlement Amount will be determined and you will no longer have the ability to participate in the future performance of the Index.\nTherefore, if the level of the Index increases between the last Index Business Day in the Call Measurement Period and the Call Settlement\nDate, you will not participate in any such increase and may lose out on substantial gains.

PS-28

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

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

Investors who purchase the ETNs in the secondary\nmarket at a price greater than the Call Settlement Amount will incur a loss if the ETNs are called. Similarly, investors who sell the\nETNs in the secondary market at a price below the Call Settlement Amount that they would have received had they held the ETNs 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 ETNs 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 ETNs.

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 Value at the time we give notice.

The Call Settlement Amount will be based on the\naverage of the Closing Indicative Values during the Call Measurement Period, which will commence after the date we deliver the Call Notice.\nThe level of the Index and Closing Indicative Value may fluctuate significantly between the date we deliver the Call Notice and the Call\nMeasurement Period—including as a result of trading activity by us or our affiliates—potentially resulting in a Call Settlement\nAmount 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\ndelivered solely 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 ETNs 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 ETNs, and beneficial owners will not receive notices directly from us.

Beneficial owners should contact their broker,\nbank, or other intermediary through which they hold ETNs 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.

You will not have any ownership rights in the Reference Fund.

You will not have any ownership rights in the\nReference Fund, nor will you have any right to receive dividends or other distributions paid to holders of the Reference Fund, except\nto the extent that dividend payments are reflected in the level of the Index. The Cash Settlement Amount, the Call Settlement Amount,\nor Redemption Amount, if any, will be paid in U.S. dollars, and you will have no right to receive delivery of any shares of the Reference\nFund.

PS-29

The Closing Index Levels used to calculate the payment at maturity,\ncall or upon a redemption may be less than those levels on the Maturity Date, Call Settlement Date, Redemption Date or at other times\nduring the term of the ETNs.

The Closing Index Level on the Maturity Date,\nCall Settlement Date, Redemption Date or at other times during the term of the ETNs, including dates near the Final Measurement Period,\nCall Measurement Period or Redemption Measurement Period, as applicable, could be greater than any of the Closing Index Levels during\nthe Final Measurement Period, Call Measurement Period or Redemption Measurement Period, as applicable. This difference could be particularly\nlarge if there is a significant increase in the Closing Index Level after the Final Measurement Period, Call Measurement Period or Redemption\nMeasurement Period, as applicable, or if there is a significant decrease in the Closing Index Level around the Final Measurement Period,\nCall Measurement Period or Redemption Measurement Period, as applicable, or if there is significant volatility in the Closing Index Level\nduring the term of the ETNs.

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

If you elect to require us to redeem your ETNs,\nexcept under the circumstances set forth above, you must request that we redeem at least 25,000 ETNs on any Business Day through and including\nthe Final Redemption Date. If you own fewer than 25,000 ETNs, you generally will not be able to elect to require us to redeem your ETNs.\nYour request that we redeem your ETNs is only valid if we receive your Redemption Notice by email no later than 2:00 p.m., New York City\ntime, on the applicable Redemption Notice Date and a completed and signed Redemption Confirmation by 5:00 p.m., New York City time, that\nsame day. If we do not receive such notice and confirmation, your redemption request will not be effective and we will not redeem your\nETNs on the corresponding Redemption Date. In addition, we will not accept a Redemption Notice submitted to us on any day after the Business\nDay immediately preceding the start of the Call Measurement Period, if applicable.

The daily redemption feature is intended to induce\narbitrageurs to counteract any trading of the ETNs 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 ETNs is irrevocable, this will subject you to loss if the level of the Index decreases\nafter we receive your request. Furthermore, our obligation to redeem the ETNs prior to maturity may be postponed upon the occurrence of\na Market Disruption Event.

If you want to sell your ETNs but are unable to\nsatisfy the minimum redemption requirements, you may attempt to sell your ETNs into the secondary market at any time, subject to the risks\ndescribed below. A trading market for the ETNs may not develop. Also, the price you may receive for the ETNs in the secondary market may\ndiffer from, and may be significantly less than, the Redemption Amount.

PS-30

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

You will not know the Redemption Amount you will receive at the time\nyou elect to request that we redeem your ETNs. Your notice to us to redeem your ETNs is irrevocable and must be received by us no later\nthan 2:00 p.m., New York City time, on the applicable Redemption Notice Date and a completed and signed confirmation of such redemption\nmust be received by us no later than 5:00 p.m., New York City time, on the same day. The Redemption Measurement Period will commence on\nthe Redemption Calculation Date. You will not know the Redemption Amount until after the last Index Business Day in the Redemption Measurement\nPeriod. As a result, you will be exposed to market risk in the event the level of the Index fluctuates after we confirm the validity of\nyour notice of election to exercise your right to have us redeem your ETNs, and prior to the relevant Redemption Date.

Market disruptions may adversely affect your return.

The Calculation Agent may, in its sole discretion,\ndetermine that the markets have been affected in a manner that prevents the Calculation Agent from determining the Closing Indicative\nValues during the Final Measurement Period, Call Measurement Period or Redemption Measurement Period, and prevents the Calculation Agent\nfrom calculating the amount that we are required to pay you, if any. These events may include disruptions or suspensions of trading in\nthe markets as a whole. If the Calculation Agent, in its sole discretion, determines that any of these events prevents us or any of our\naffiliates from properly hedging our obligations under the ETNs, it is possible that the determination of the Closing Index Level will\nbe postponed and your return will be adversely affected. Moreover, if the final Averaging Date (as defined under “Additional Terms\nof the ETNs—Market Disruption Events”) is postponed to the last possible day and the Closing Index Level is not available\non that day if such day is not an Index Business Day, the Calculation Agent or one of its affiliates will determine the Closing Index\nLevel on such last possible day. See “Additional Terms of the ETNs—Market Disruption Events” for more information. In\nmaking these determinations, BMOCM may be required to make discretionary judgments that may adversely affect any payments on the ETNs.\nIn making these discretionary judgments, the fact that BMOCM is our affiliate may cause it to have economic interests that are adverse\nto your interests as an investor in the ETNs, and BMOCM’s determinations as Calculation Agent may adversely affect your return on\nthe ETNs.

Significant aspects of the tax treatment of the ETNs are uncertain.\n

The tax treatment of the ETNs is uncertain. We\ndo not plan to request a ruling from the Internal Revenue Service or from any Canadian tax authorities regarding the tax treatment of\nthe ETNs, and the Internal Revenue Service, Canada Revenue Agency or a court may not agree with the tax treatment described in this pricing\nsupplement.

An ETN could be treated as\na “constructive ownership transaction” within the meaning of Section 1260 of the Code. If applicable, the constructive ownership\nrules would recharacterize any gain recognized in respect of the ETN that would otherwise be long-term capital gain and that is in excess\nof the “net underlying long-term capital gain” (as defined in Code Section 1260) as ordinary income and impose a notional\ninterest charge as if that income had accrued for tax purposes at a constant yield over a U.S. holder’s holding period for the ETN.

PS-31

The Internal Revenue Service\nhas issued a notice indicating that it and the Treasury Department are considering whether, among other issues, an investor in prepaid\nforward contracts or other similar instruments should be required to accrue income over the term of an instrument such as the ETNs even\nthough that investor will not receive any payments with respect to the ETNs until maturity (or early redemption) and whether all or part\nof the gain an investor may recognize upon sale or maturity of an instrument such as the ETNs could be treated as ordinary income. The\noutcome of this process is uncertain and could apply on a retroactive basis.

With respect to Canadian withholding tax on interest\npaid or credited or deemed to be paid or credited on an ETN (including amounts on account or in lieu of payment of, or in satisfaction\nof, interest), the administrative policy of the Canada Revenue Agency is that interest paid on a debt obligation is not subject to withholding\ntax unless, in general, it is reasonable to consider that there is a material connection between the index or formula to which any amount\npayable under the debt obligation is calculated and the profits of the issuer or the debt obligation can be considered to be a substitute\nfor a direct investment in the underlying securities in an index where dividends or gains on those underlying securities would be subject\nto tax in Canada if held directly by the Holder. Where there is such a material connection or the ETNs can be considered to be such a\nsubstitute, amounts paid or credited or deemed to be paid or credited as, on account of or in lieu of or in satisfaction of interest,\non the ETNs may be subject to Canadian withholding tax, subject to any relief that may be available under an applicable income tax treaty\nor convention.

Please read carefully the section entitled “Supplemental Tax\nConsiderations” in this pricing supplement. You should consult your tax adviser about your own tax situation.

Risks Relating to Liquidity and the Secondary Market

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

The Intraday Indicative Value is calculated by\nICE Data. The Intraday Indicative Value of the ETNs is designed to approximate the economic value of such ETNs at a given time. It is\ncalculated using the same formula as the Closing Indicative Value, except that instead of using the Closing Index Level of the Index,\nthe calculation is based on the most recent intraday level of such Index at the particular time. Because the Intraday Indicative Value\nuses an intraday level of the Index for its calculation, a variation in the intraday level of the Index from the previous Index Business\nDay’s Closing Index Level may cause a significant variation between the Closing Indicative Value and the Intraday Indicative Value\non any date of determination. The Intraday Indicative Value also does not reflect intraday changes in the leverage; it is based on the\nconstant Daily Leverage Factor of 3. Consequently, the Intraday Indicative Value may vary significantly from the previous or next Index\nBusiness Day’s Closing Indicative Value or the price of the ETNs purchased intraday.

PS-32

The trading price of the ETNs at any time is the\nprice at which you may be able to sell your ETNs in the secondary market at such time, if one exists. The trading price of the ETNs at\nany time may vary significantly from the Intraday Indicative Value of the ETNs at such time due to, among other things, imbalances of\nsupply and demand, lack of liquidity, transaction costs, credit considerations and bid-offer spreads, and any corresponding premium in\nthe trading price may be reduced or eliminated at any time. Paying a premium purchase price over the Intraday Indicative Value of the\nETNs could lead to significant losses in the event the investor sells such ETNs at a time when that premium is no longer present in the\nmarketplace or the ETNs are called, in which case investors will receive a cash payment based on the Closing Indicative Value of the ETNs\nduring the Call Measurement Period. See “—There is no assurance that your ETNs will continue to be listed on a securities\nexchange, and they may not have an active trading market” below. We may, without providing you notice or obtaining your consent,\ncreate and issue ETNs in addition to those offered by this pricing supplement having the same terms and conditions as the ETNs. However,\nwe are under no obligation to sell additional ETNs at any time, and we may suspend issuance of new ETNs at any time and for any reason\nwithout providing you notice or obtaining your consent. If we limit, restrict or stop sales of additional ETNs, or if we subsequently\nresume sales of such additional ETNs, the price and liquidity of the ETNs could be materially and adversely affected, including an increase\nor decline in the premium purchase price of the ETNs over the Intraday Indicative Value of the ETNs. Before trading in the secondary market,\nyou should compare the Intraday Indicative Value with the then-prevailing trading price of the ETNs.

Publication of the Intraday Indicative Value may\nbe delayed, particularly if the publication of the intraday level of the Index is delayed. See “Intraday Value of the Index and\nthe ETNs—Intraday Indicative Values.”

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

The ETNs have been listed on Cboe BZX under the ticker symbol “BRZL.”\nHowever, no assurance can be given as to the continued listing of the ETNs for their term or of the liquidity or trading market for the\nETNs. There can be no assurance that a secondary market for the ETNs will be maintained.

Although the title of the ETNs includes the words\n“exchange-traded notes”, we are not obligated to maintain the listing of the ETNs on Cboe BZX or any other exchange. The ETNs\nmay cease to be listed on Cboe BZX or any other exchange because we elect in our sole discretion to discontinue the listing of the ETNs\non any exchange. We may elect to discontinue the listing of the ETNs at any time and for any reason, including in connection with a decision\nto discontinue further issuances and sales of the ETNs. In addition, the ETNs may cease to be listed on Cboe BZX or any other exchange\nbecause they cease to meet the listing requirements of the exchange.

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

PS-33

Cboe BZX may halt trading in the ETNs or may limit the extent to\nwhich trading prices may change within specified time periods, which in either case would adversely impact your ability to sell the ETNs.

Trading in the ETNs may be halted due to market\nconditions or, in light of Cboe BZX’s rules and procedures, for reasons that, in the view of Cboe BZX, make trading in the ETNs\ninadvisable. General exchange trading is subject to trading halts caused by extraordinary market volatility pursuant to “circuit\nbreaker” rules based on a specified decline in a market index (e.g., the S&P 500^®\nIndex). In addition, the ETNs may be subject to “limit up” and “limit down” rules or trading pause requirements\nthat are triggered by a significant change in the trading price of the ETNs within a specified period of time. These “limit up”\nand “limit down” and trading pause rules, if triggered, could prevent investors from transacting at the then prevailing Intraday\nIndicative Value or at all. If the value of the ETNs declines precipitously during the trading day, triggering a “limit down”\nmechanism or trading pause, you may be unable to sell your ETNs for some period of time, either because no trading at all is permitted\nor because the price that any purchaser would be willing to pay for them at the time may be significantly below the lowest price that\na purchaser would be permitted to pay for them on Cboe BZX. In that circumstance, by the time you are finally able to sell your ETNs,\nyou may have incurred significantly greater losses than you would have incurred had you been able to sell them when you initially wanted\nto. Additionally, the ability to short sell ETNs may be restricted when there is a 10% or greater change from the previous day’s\nofficial closing price. The Cboe’s rules relating to these matters are subject to change from time to time.

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

As stated on the cover of this pricing supplement,\nwe sold a portion of the ETNs on the Initial Trade Date, and the remainder of the ETNs 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 ETNs, and we or BMOCM may purchase ETNs from holders in amounts and at prices that may be agreed from time\nto time, although none of us are required to do so. Also, the number of ETNs outstanding or held by persons other than our affiliates\ncould be reduced at any time due to early redemptions of the ETNs or due to our or our affiliates’ purchases of ETNs in the secondary\nmarket. Accordingly, the liquidity of the market for the ETNs could vary materially over the period you hold the ETNs. There may not be\nsufficient liquidity to enable you to sell your ETNs readily and you may suffer substantial losses and/or sell your ETNs at prices substantially\nless than their Intraday Indicative Value or Closing Indicative Value, including being unable to sell them at all or only for a minimal\nprice in the secondary market. You may elect to require us to redeem your ETNs, but such redemption is subject to the restrictive conditions\nand procedures described in this pricing supplement, including the condition that, except to the extent set forth above, you must request\nthat we redeem a minimum of 25,000 ETNs on any Redemption Date.

PS-34

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

In our sole discretion, we may decide to issue\nand sell additional ETNs from time to time at a price that is higher or lower than the stated principal amount, based on the Closing Indicative\nValue at that time. The price of the ETNs in any subsequent sale may be substantially higher or lower than the issue price paid in connection\nwith any other issuance of such ETNs. Additionally, any ETNs held by us or an affiliate in inventory may be resold at prevailing market\nprices. However, we are under no obligation to issue or sell additional ETNs at any time, and if we do sell additional ETNs, we may limit\nor restrict such sales, and we may stop selling additional ETNs at any time. If we start selling additional ETNs, we may stop selling\nadditional ETNs for any reason, which could materially and adversely affect the price and liquidity of such ETNs in the secondary market.

Any limitation or suspension on the issuance or\nsale of the ETNs by us or BMOCM may materially and adversely affect the price and liquidity of the ETNs in the secondary market. Alternatively,\nthe decrease in supply may cause an imbalance in the market supply and demand, which may cause the ETNs to trade at a premium over the\nindicative value of the ETNs. Any premium may be reduced or eliminated at any time. Paying a premium purchase price over the Closing Indicative\nValue could lead to significant losses if you sell those ETNs at a time when that premium is no longer present in the marketplace or if\nthe ETNs are called at our option. If we call the ETNs prior to maturity, investors will receive a cash payment in an amount equal to\nthe Call Settlement Amount, which will not include any premium. Investors should consult their financial advisers before purchasing or\nselling the ETNs, especially if they are trading at a premium.

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

The market value of your ETNs 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 ETNs in the\nsecondary market. Several factors, many of which are beyond our control, will influence the market value of the ETNs. We expect that,\ngenerally, the level of the Index on any day will affect the value of the ETNs more than any other single factor. The value of the ETNs\nmay be affected by a number of other factors that may either offset or magnify each other, including:

the expected volatility of the Index and the price of the Reference Fund;

the time to maturity of the ETNs;

the market price and expected dividends or distributions on the Reference Fund;

interest and yield rates in the market generally;

supply and demand for the ETNs, including, but not limited to, inventory positions with BMOCM or any market maker or other person\nor entity who is trading the ETNs (supply and demand for the ETNs will be affected by the total issuance of ETNs, and we are under no\nobligation to issue additional ETNs to increase the supply);

the amount of the Daily Financing Charge and the Daily Investor Fee on the relevant date of determination;

the Reference Fund and changes to the Reference Fund over time;

whether the ETNs have been delisted from Cboe BZX;

PS-35

economic, financial, political, regulatory, judicial, military and other events that affect the Reference Fund or that affect markets\ngenerally and which may affect the Closing Index Level; and

our actual or perceived creditworthiness.

Some or all of these factors will influence the\nprice you will receive if you choose to sell your ETNs prior to maturity. The impact of any of the factors set forth above may enhance\nor offset some or all of any change resulting from another factor or factors. If you sell the ETNs, you may receive significantly less\nthan the amount that you paid for them.

The ETNs are subject to intraday purchase risk.

The ETNs may be purchased in the secondary market\nat prices other than the Closing Indicative Value, which will have an effect on the effective leverage amount of the ETNs. Because the\nleveraged exposure is fixed after the close of each Leverage Reset Day and does not change intraday as the level of the Index increases\nor decreases, the effective leverage amount of the ETNs decreases when the level of the Index increases and the effective leverage amount\nof the ETNs increases when the level of the Index decreases. The table below presents the hypothetical exposure an investor has (ignoring\nall costs, fees and other factors) when purchasing an ETN intraday given the movement of the level of the Index since the Closing Index\nLevel on the prior Leverage Reset Day. The resulting effective exposure amount will then be constant for that purchaser until the earlier\nof (i) a sale or (ii) the end of the relevant day. The table below assumes the Closing Indicative Value for the ETNs was $25 on the prior\nLeverage Reset Day and the Closing Index Level on the prior Leverage Reset Day was 100.00.

A	B	C	D	E
Level of the \nIndex	% Change \nin Level of the \nIndex	Hypothetical Price for 3× ETNs \nC=$25(1+3B)	Hypothetical Notional \nExposure for 3× ETNs \nD=$25(1+B)3	Effective Leverage \nAmount of 3× ETNs \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

PS-36

The table above shows that if the level of the\nIndex increases during the day on which you purchase the ETNs, your effective exposure decreases from three times leveraged long. For\nexample, if the level of the Index increases by 20%, your effective exposure decreases from 3.00× to 2.25×.

The table above also shows that if the level of\nthe Index decreases during the day on which you purchase your ETNs, your effective exposure increases from three times leveraged long.\nFor example, if the level of the Index decreases by 20%, your effective exposure increases from 3.00× to 6.00×.

Risks Relating to Conflicts of Interest and Hedging

Our offering of the ETNs does not constitute an expression of our\nview about, or a recommendation of, the Index, the Reference Fund or any securities held by the Reference Fund.

You should not take our offering of the ETNs as\nan expression of our views about how the Index, the Reference Fund or any of the securities held by the Reference Fund will perform in\nthe future or as a recommendation to invest (directly or indirectly, by taking a long or short position) in the Index, the Reference Fund\nor any securities held by the Reference Fund, including through an investment in the ETNs. As a global financial institution, we and our\naffiliates may, and often do, have positions (long, short or both) in the Index, the Reference Fund or any securities held by the Reference\nFund that conflict with an investment in the ETNs. See “—We or our affiliates may have economic interests that are adverse\nto those of the holders of the ETNs as a result of our hedging and other trading activities” below and “Use of Proceeds and\nHedging” in this pricing supplement for some examples of potential conflicting positions we may have. You should undertake an independent\ndetermination of whether an investment in the ETNs is suitable for you in light of your specific investment objectives, risk tolerance\nand financial resources.

We are not affiliated with the Index Sponsor,\nthe Reference Fund Sponsor or any of the companies whose securities are held by the Reference Fund. However, we or our affiliates may\ncurrently or from time to time in the future engage in business with those entities. Nevertheless, neither we nor any of our affiliates\nindependently verified the accuracy or the completeness of any information about the Index Sponsor, the Reference Fund Sponsor or any\nof the companies whose securities are held by the Reference Fund.

We or our affiliates may have economic interests that are adverse\nto those of the holders of the ETNs as a result of our hedging and other trading activities.

In anticipation of the sale of each of the ETNs,\nwe expect to hedge our obligations under the ETNs through certain affiliates or unaffiliated counterparties by taking positions in instruments\nthe value of which is derived from the Index, the Reference Fund or one or more of the securities held by the Reference Fund. We may also\nadjust our hedge by, among other things, purchasing or selling instruments the value of which is derived from the Index, the Reference\nFund or one or more securities held by the Reference Fund at any time and from time to time, and close out or unwind our hedge by selling\nany of the foregoing at any time and from time to time. We cannot give you any assurances that our hedging will not negatively affect\nthe level of the Index and, therefore, negatively affect the performance of the ETNs. See “Use of Proceeds and Hedging” below\nfor additional information about our hedging activities.

PS-37

These hedging activities may present a conflict\nof interest between your interest as a holder of the ETNs and the interests our affiliates have in executing, maintaining and adjusting\nhedge transactions. These hedging activities could also affect the price at which BMOCM is willing to purchase your ETNs in the secondary\nmarket.

Our hedging counterparties expect to make a profit.\nBecause hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit\nthat is more or less than expected, or it may result in a loss.

It is possible that these hedging or trading activities\ncould result in substantial returns for us or our affiliates while the value of the ETNs declines.

Bank of Montreal or its affiliates may also engage\nin trading in the Reference Fund, the securities held by the Reference Fund and other investments relating to those securities or the\nIndex on a regular basis as part of our general broker-dealer and other businesses, for proprietary accounts, for other accounts under\nmanagement or to facilitate transactions for customers, including block transactions. Any of these activities could negatively affect\nthe market price of the Reference Fund and the level of the Index and therefore negatively affect the market value of the ETNs. Bank of\nMontreal or its affiliates may also issue or underwrite other securities or financial or derivative instruments with returns linked or\nrelated to changes in the performance of the Index, the Reference Fund or any securities held by the Reference Fund. By introducing competing\nproducts into the marketplace in this manner, Bank of Montreal or its affiliates could adversely affect the market value of the ETNs.

We or our affiliates may have economic interests that are adverse\nto those of the holders of the ETNs as a result of our business activities.

We or our affiliates may currently or from time\nto time engage in business with the companies whose securities are held by the Reference Fund, including extending loans to, or making\nequity investments in, or providing advisory services to them, including merger and acquisition advisory services. In the course of this\nbusiness, we or our affiliates may acquire non-public information about the companies whose securities are held by the Reference Fund,\nand we will not disclose any such information to you. Any prospective purchaser of ETNs should undertake an independent investigation\nof each constituent issuer as in its judgment is appropriate to make an informed decision with respect to an investment in the ETNs.

Additionally, we or one of our affiliates may\nserve as issuer, agent or underwriter for additional issuances of other securities or financial instruments with returns linked or related\nto changes in the value of the Index, the Reference Fund or the securities held by the Reference Fund. To the extent that we or one of\nour affiliates serves as issuer, agent or underwriter for such securities or financial instruments, our or their interests with respect\nto such products may be adverse to those of the holders of the ETNs. By introducing competing products into the marketplace in this manner,\nwe or one or more of our affiliates could adversely affect the value of the ETNs.

PS-38

BMOCM and its affiliates may have published research, expressed\nopinions or provided recommendations that are inconsistent with investing in or holding the ETNs, and may do so in the future. Any such\nresearch, opinions or recommendations could affect the value of the Index, the Reference Fund or the securities held by the Reference\nFund, and therefore the market value of the ETNs.

BMOCM and its affiliates publish research from\ntime to time on financial markets and other matters that may influence the value of the ETNs, or express opinions or provide recommendations\nthat are inconsistent with purchasing or holding those ETNs. BMOCM and its affiliates may have published or may publish research or other\nopinions that call into question the investment view implicit in an investment in the ETNs. Any research, opinions or recommendations\nexpressed by BMOCM or its affiliates may not be consistent with each other and may be modified from time to time without notice. Investors\nshould make their own independent investigation of the merits of investing in the ETNs, the Index, the Reference Fund and the securities\nheld by the Reference Fund.

The Calculation Agent is our affiliate and may have economic interests\nthat are adverse to those of the holders of the ETNs.

BMOCM, one of our affiliates, will act as the\nCalculation Agent. The Calculation Agent will make all determinations relating to the ETNs, including the Closing Index Level, the Closing\nIndicative Value, the Long Index Amount, the Index Performance Factor, the Financing Amount, the Daily Financing Charge, the Daily Investor\nFee, the Redemption Fee Amount, the Cash Settlement Amount, if any, that we will pay you at maturity, and the Redemption Amount, if any,\nthat we will pay you upon early redemption, if applicable. The Calculation Agent will also be responsible for determining whether a Market\nDisruption Event has occurred, whether an Index Substitution Event has occurred and whether there has been a material change to the Index.\nAs described in more detail below, the Calculation Agent may also make determinations that result in a replacement of the Index for the\nETNs or adjustments to the Index. See “Additional Terms of the ETNs—Index Substitution Events” and “—Adjustments\nto the Index.” In addition, the Calculation Agent may, in its sole discretion, increase the Spread to the maximum amount specified\nabove.

In making these determinations, BMOCM may be required\nto make discretionary judgments that may adversely affect any payments on the ETNs. In making these discretionary judgments, the\nfact that BMOCM is our affiliate may cause it to have economic interests that are adverse to your interests as an investor in the ETNs,\nand BMOCM’s determinations as Calculation Agent may adversely affect your return on the ETNs. See also “—The Calculation\nAgent may replace the Index with a successor or substitute index or use an alternative computation methodology” and “—The\nCalculation Agent may increase the Spread, which would increase the Daily Financing Charge and adversely affect the value of, and your\nreturn on, the ETNs.”

PS-39

Risks Relating to the Index

An investment in the ETNs linked to the performance of the Index\nis different from an investment linked directly to the Reference Fund or the Target Index.

Because the Index is designed to track the performance\nof the Reference Fund, the performance of the Index (and, accordingly, the ETNs) will be subject to the tracking error of the Reference\nFund relative to the Target Index. The performance of the shares of the Reference Fund may not exactly replicate the performance of the\nTarget Index because the Reference Fund may not invest in all of the securities included in the Target Index and because the Reference\nFund will reflect transaction costs and fees that are not included in the calculation of the related Target Index. The Reference Fund\nmay also hold securities or derivative financial instruments not included in the Target Index. It is also possible that the Reference\nFund may not fully replicate the performance of the Target Index due to the temporary unavailability of certain securities in the secondary\nmarket or due to other extraordinary circumstances. In addition, because the shares of the Reference Fund are traded on a securities exchange\nand are subject to market supply and investor demand, the value of a share of the Reference Fund may differ from the net asset value per\nshare of the Reference Fund. Because the Index tracks the market price of the Reference Fund and the ETNs apply a 3× leverage factor\nto the Index, any premium or discount to the net asset value of the Reference Fund will be magnified in the performance of the ETNs.

As a result, the performance of the Reference\nFund (and therefore the Index) may not correlate perfectly with the performance of the Target Index, and the return on the ETNs based\non the performance of the Index will not be the same as the return on a hypothetical investment based directly on the performance of the\nTarget Index.

An investment in the ETNs is subject to risks associated with investing\nin Brazilian equities.

The Index tracks the Reference Fund. All or substantially\nall of the equity securities composing the Reference Fund are Brazilian equities. Therefore, an investment in the ETNs exposes investors\nto legal, regulatory, political, currency, security, and economic risks that are specific to Brazil. Agricultural and mining exports are\nimportant to the Brazilian economy, which thus is susceptible to fluctuations in the commodity markets. The Brazilian economy has experienced\nhigh inflation and high government debt levels, which could constrain economic growth. Brazil may face heightened risks of political instability,\nwhich could exacerbate structural economic risks.

The value of the ETNs may be subject to greater\nvolatility and be more adversely affected by a single economic, political or regulatory occurrence affecting Brazil than a different investment\nlinked to a more broadly diversified group of underlying stocks.

The ETNs are subject to risks relating to non-U.S. securities markets.

The Index tracks the Reference Fund, which holds\nequity securities issued by non-U.S. companies and traded in non-U.S. securities markets. Therefore, an investment in the ETNs involves\nrisks associated with the securities markets in the home countries of the issuers of those non-U.S. equity securities, including risks\nof 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. Any of these factors may adversely affect the\nvalue of the Reference Fund, the level of the Index and the value of the ETNs.

PS-40

The ETNs are subject to risks relating to emerging markets.

The Index tracks the Reference Fund, which holds\nequity securities issued by companies in Brazil, which is an emerging market country. Therefore, an investment in the ETNs is subject\nto risks associated with emerging markets. Emerging markets pose further risks in addition to the risks associated with investing in foreign\nequity markets generally. Countries with emerging markets may have relatively unstable financial markets and governments; may present\nthe risks of nationalization of businesses; may impose restrictions on currency conversion, exports or foreign ownership and prohibitions\non the repatriation of assets; may pose a greater likelihood of regulation by the national, provincial and local governments of the emerging\nmarket countries, including the imposition of currency exchange laws and taxes; and may have less protection of property rights, less\naccess to legal recourse and less comprehensive financial reporting and auditing requirements than more developed countries. The economies\nof countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade\nconditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number\nof securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings\ndifficult or impossible at times. Moreover, the economies in such countries may differ unfavorably from the economy in the United States\nin such respects as growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance\nof payment positions. The currencies of emerging markets may also be less liquid and more volatile than those of developed markets and\nmay be affected by political and economic developments in different ways than developed markets. The foregoing factors may adversely affect\nthe value of the securities held by the Reference Fund, the value of the Reference Fund, the level of the Index and the value of the ETNs.

The ETNs are subject to currency exchange rate risk.

The Index tracks the Reference Fund, which holds\nBrazilian equity securities denominated in Brazilian reais. The prices of those securities are converted into U.S. dollars for purposes\nof calculating the value of the Reference Fund. Therefore, investors in the ETNs will be exposed to currency exchange rate risk with respect\nto the Brazilian real. An investor’s net exposure will depend on the extent to which the Brazilian real strengthens or weakens against\nthe U.S. dollar and the relative weights of the equity securities held by the Reference Fund. If, taking into account that weighting,\nthe U.S. dollar strengthens against the Brazilian real, the value of the Reference Fund will be adversely affected, which may adversely\naffect the level of the Index and the value of the ETNs.

BMOCM coordinated with the Index Sponsor in the development of the\nIndex.

Our affiliate, BMOCM, coordinated with the Index Sponsor in the development\nof the Index. BMOCM had no obligation to consider your interests as an investor in the ETNs in connection with that role. The selection\nof the Reference Fund as the sole constituent of the Index is not an investment recommendation by us of the Reference Fund or the Target\nIndex, and is not indicative of any view we have regarding the Reference Fund or the Target Index. The Index Sponsor will be compensated\nfor its role in creating and maintaining the Index specifically for the ETNs.

PS-41

Changes that affect the Index may adversely affect the value of\nthe ETNs and any payments on the ETNs.

The policies of the Index Sponsor concerning the\ncalculation of the Index and the manner in which the Index Sponsor takes account of certain changes affecting the Reference Fund may affect\nthe value of the Index and, therefore, may affect the value of the ETNs and any payments on the ETNs. The Index Sponsor may discontinue\nor suspend calculation or dissemination of the Index or materially alter the methodology by which it calculates the Index. Any such actions\ncould adversely affect the value of the ETNs.

Changes that affect the Reference Fund or the Target Index may adversely\naffect the value of the ETNs and any payments on the ETNs.

The policies of the Reference Fund Sponsor concerning\nthe calculation of the Reference Fund’s net asset value, additions, deletions or substitutions of securities in the Reference Fund\nand the manner in which changes in the Target Index are reflected in the Reference Fund, and changes in those policies, could affect the\nprice of the shares of the Reference Fund and, therefore, may affect the value of the ETNs and any payments on the ETNs. Similarly, the\npolicies of the Target Index Sponsor concerning the calculation of the Target Index and the addition, deletion or substitution of securities\ncomprising the Target Index and the manner in which the Target Index Sponsor takes account of certain changes affecting such securities\nmay affect the level of the Target Index and the price of the shares of the Reference Fund and, therefore, may affect the value of the\nETNs and any payments on the ETNs. The Reference Fund may also experience “corporate actions,” such as share splits or changes\nto its fee structure, that require adjustments to the Index. Any such adjustments may not perfectly offset the impact of these actions\nor may occur with a delay, and, because the ETNs are 3× leveraged, the resulting discrepancies will be magnified in the value of\nthe ETNs.

The Target Index Sponsor may also discontinue\nor suspend calculation or dissemination of the Target Index or materially alter the methodology by which it calculates the Target Index.\nAny such actions could adversely affect the value of the ETNs.

There are risks associated with the Reference Fund that may affect\nthe level of the Index.

Although the shares of the Reference Fund are\nlisted for trading on a United States securities exchange and a number of similar products have been traded on such securities exchanges\nfor varying periods of time, there is no assurance that an active trading market will continue for the shares of the Reference Fund or\nthat there will be liquidity in the trading market. Because the Index is designed to track the performance of the Reference Fund, any\nlack of liquidity or market disruption affecting the Reference Fund will be reflected in the level of the Index and, consequently, will\nbe magnified in the value of the ETNs.

In addition, the Reference Fund will be subject\nto management risk, which is the risk that the Reference Fund Sponsor’s investment strategy, the implementation of which is subject\nto a number of constraints, may not produce the intended results. For example, the Reference Fund Sponsor may elect to invest certain\nof its assets in shares of equity securities that are not included in the Target Index. The Reference Fund will also not be actively managed\nand may be affected by a general decline in market segments relating to the Target Index. Further, the Reference Fund Sponsor may invest\nin securities included in, or representative of, the Target Index regardless of their investment merits, and the Reference Fund Sponsor\nwill not attempt to take defensive positions in declining markets.

PS-42

Further, under continuous listing standards adopted\nby the relevant securities exchange, the Reference Fund will be required to confirm on an ongoing basis that the securities included in\nthe Target Index satisfy the applicable listing requirements. In the event that the Target Index does not comply with the applicable listing\nrequirements, the Reference Fund would be required to rectify such non-compliance by requesting that the Target Index Sponsor modify the\nTarget Index, transitioning to a new Target Index or obtaining relief from the SEC. There can be no assurance that the Target Index Sponsor\nwould modify the Target Index or that relief would be obtained from the SEC and, therefore, non-compliance with the continuous listing\nstandards may result in the Reference Fund being delisted. If the Reference Fund were delisted, the Index Sponsor may replace the Reference\nFund within the Index, discontinue the Index or make other changes to the Index methodology, or the Calculation Agent may select a successor\nindex or, if no successor index is available, determine the closing level of the Index on any date of determination.

Any of these risks may adversely affect the price\nof the shares of the Reference Fund and, consequently, the level of the Index and the value of the ETNs. Because the ETNs are 3×\nleveraged, any negative impact on the Index resulting from these risks will be significantly magnified in the value of the ETNs.

We cannot control actions by any of the unaffiliated companies\nwhose securities are included in the Reference Fund or the Target Index.

Actions by any company whose securities are included\nin the Reference Fund or the Target Index may have an adverse effect on the price of its security, the Closing Index Level on any date\nand the value of the ETNs. We are not affiliated with any of the companies whose securities are included in the Reference Fund or the\nTarget Index. These unaffiliated companies will not be involved in the offering of the ETNs and will have no obligations with respect\nto the ETNs, including any obligation to take our or your interests into consideration for any reason. These companies will not receive\nany of the proceeds of the offering of the ETNs and will not be responsible for, and will not have participated in, the determination\nof the timing of, prices for, or quantities of, the ETNs to be issued. These companies will not be involved with the administration, marketing\nor trading of the ETNs and will have no obligations with respect to any amounts to be paid to you on the ETNs.

The Calculation Agent may replace the Index with a successor or\nsubstitute index or use an alternative computation methodology.

If the Calculation Agent determines that an Index\nSubstitution Event (as defined below) has occurred, the Calculation Agent may, but is not required to, select a successor or substitute\nindex to replace the Index. An Index Substitution Event may include, among other things, the discontinuance of the Index, our inability\nto obtain or maintain a license to use the Index in connection with the ETNs, a material change to the Index, a change to the Index that\ncauses, or is reasonably expected to cause, the ETNs to fail to satisfy applicable exchange listing requirements, an incorrect calculation\nof the Index or a determination by the Calculation Agent that the trading of the ETNs or our hedging activities relating to the ETNs may\nhave a significant impact on the market prices or liquidity of one or more securities included in the Index.

PS-43

If the Calculation Agent selects a successor or\nsubstitute index, the ETNs will be linked to that successor or substitute index for all purposes, and the Calculation Agent may make adjustments\nto the terms of the ETNs that it determines are appropriate. If the Calculation Agent does not select a successor or substitute index,\nthe Calculation Agent may determine the level of the Index using a computation methodology that it determines to be appropriate under\nthe circumstances.

Any successor or substitute index may not have\nthe same constituents, methodology, risk profile or performance characteristics as the original Index, and any replacement of the Index,\nadjustment to the terms of the ETNs or use of an alternative computation methodology may adversely affect the value of the ETNs and any\npayments on the ETNs.

Because the Calculation Agent is our affiliate,\nits determinations with respect to any Index Substitution Event will involve conflicts of interest. These determinations may include whether\nan Index Substitution Event has occurred, whether to select a successor or substitute index, which successor or substitute index to select,\nwhat adjustments to make to the terms of the ETNs and what alternative computation methodology to use if the Calculation Agent does not\nselect a successor or substitute index. In making these determinations, the Calculation Agent may have economic interests that are adverse\nto your interests as an investor in the ETNs, and any such determinations may adversely affect the value of the ETNs and any payments\non the ETNs.

We and our affiliates have no affiliation with the Index Sponsor,\nthe Reference Fund Sponsor or the Target Index Sponsor and have not independently verified its public disclosure of information.

We and our affiliates are not affiliated in any\nway with the Index Sponsor, the Reference Fund Sponsor or the Target Index Sponsor (collectively, the “sponsors”) and\nhave no ability to control or predict their actions, including any errors in or discontinuation of disclosure regarding their methods\nor policies relating to the management or calculation of the Index, the Reference Fund or the Target Index. However, the Index was developed\nby the Index Sponsor in connection with the issuance of the ETNs, and the Index Sponsor will be compensated for its role in creating and\nmaintaining a benchmark specifically for these ETNs.

We have derived the information about the Index,\nthe Reference Fund, the Target Index and the sponsors contained in this pricing supplement from publicly available information, without\nindependent verification. You, as an investor in the ETNs, should make your own investigation into the Index, the Reference Fund, the\nTarget Index and the sponsors. The sponsors are not involved in the offering of the ETNs made hereby in any way and will not have any\nobligation to consider your interests as an owner of the ETNs in taking any actions that might affect the value of the ETNs.

The Index relies on the timely and accurate publication of the market\nprice of the Reference Fund.

The Index is designed to track the performance\nof the Reference Fund based on its trading price on a national securities exchange. As a result, any delay, disruption or error in the\ndissemination of that price, including errors in third-party market data feeds, could adversely affect the level of the Index.

PS-44

Because the ETNs provide 3× leveraged exposure\nto the daily performance of the Index, any such delay, disruption or error will be magnified. In particular, an erroneous or delayed price\nused in the determination of the level of the Index at or near the close of the trading day could result in an incorrect calculation of\nthe Closing Indicative Value. Any such miscalculation could result in losses in the ETNs that are not subsequently corrected and may not\nreflect the intraday or closing performance of the Reference Fund or the Target Index.

Neither we nor the Index Sponsor have control\nover the sources of third-party price data used in calculating the Index, and neither we nor the Index Sponsor will be liable for errors,\ndelays or interruptions in such data.

The Index has an extremely limited operating history and may perform\nin unanticipated ways.

The Index was launched on July 13, 2026 and, therefore,\nhas extremely limited actual performance history and does not have sufficient data upon which to evaluate performance over various economic\ncycles. Because the Index is new and significant historical performance data does not yet exist, your investment in the ETNs may involve\na greater risk than investing in alternate products linked to one or more indices with an established record of performance. A longer\nhistory of actual performance would be helpful in providing more reliable information on which to assess the validity of the proprietary\nmethodologies employed by the Index.

Hypothetical back-tested Index performance information is subject\nto significant limitations.

This pricing supplement includes hypothetical\nback-tested Index performance information prepared by the Index Sponsor, which we have not independently verified. All information regarding\nthe performance of the Index prior to July 13, 2026 is hypothetical and back-tested, as the Index did not exist prior to that time. It\nis important to understand that hypothetical back-tested Index performance information is subject to significant limitations, in addition\nto the fact that past performance is never a guarantee of future performance. In particular:

The rules of the Index were developed with the benefit of hindsight—that is, with the benefit of being able to evaluate how\nthe Index rules would have caused the Index to perform had it existed during the hypothetical back-tested period.

The hypothetical back-tested performance of the Index might look different if it covered a different historical period. The market\nconditions that existed during the historical period covered by the hypothetical back-tested Index performance information in this pricing\nsupplement are not necessarily representative of the market conditions that will exist in the future.

It is impossible to predict whether the Index\nwill rise or fall. The actual future performance of the Index may bear little relation to the historical or hypothetical back-tested levels\nof the Index.

PS-45

HYPOTHETICAL EXAMPLES

Hypothetical Payment at Maturity

The following examples and tables illustrate\nhow the ETNs would perform at maturity in hypothetical circumstances. They are intended to highlight how the return on the ETNs is affected\nby the daily performance of the Index, fees, leverage, compounding and path dependency. These hypothetical\nexamples are provided for illustrative purposes only. Past performance of the Index and the hypothetical performance of the ETNs are\nnot indicative of the future results of the Index or the ETNs. The actual performance of the Index and the ETNs will vary, perhaps significantly,\nfrom the examples illustrated below.

For ease of review, the following examples cover\na 22-day period. However, the ETNs are not intended to be “buy and hold” investments, and are not intended to be held to\nmaturity. Instead, the ETNs are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of\nan overall diversified portfolio. The ETNs are designed to reflect a 3× leveraged long exposure to the performance of the Index\non a daily basis, before taking into account the negative effect of the Daily Financing Charge, the Daily Investor Fee and the Redemption\nFee Amount, if applicable. However, due to the daily resetting leverage, the returns on the ETNs over different periods of time can, and\nmost likely will, differ significantly from three times the return on a direct long investment in the Index. The ETNs are designed to\nachieve their stated investment objectives on a daily basis. The performance of the ETNs over different periods of time can differ significantly\nfrom their stated daily objectives. The ETNs are considerably riskier than securities that have intermediate- or long-term investment\nobjectives, and are not suitable for investors who plan to hold them for a period of more than one day or who have a “buy and hold”\nstrategy. Investors should actively and continuously monitor their investments in the ETNs on an intraday basis, and any decision to hold\nthe ETNs for more than one day should be made with great care and only as the result of a series of daily (or more frequent) investment\ndecisions to remain invested in the ETNs for the next one-day period. The ETNs are very sensitive to changes in the level of the Index,\nand returns on the ETNs may be negatively impacted in complex ways by the volatility of the Index on a daily or intraday basis. It is\npossible that you will suffer significant losses in the ETNs even if the long-term performance of the Index is positive. Accordingly,\nthe ETNs should be purchased only by sophisticated investors who understand and can bear the potential risks and consequences of the ETNs\nthat are designed to provide exposure to the leveraged performance of the Index on a daily basis and that will be highly volatile and\nmay 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\nto cause each ETN to experience a “decay” effect, which is likely to worsen over time and will be greater the more volatile\nthe level of the Index. The “decay” effect refers to the tendency of the ETNs to lose value over time. Accordingly,\nthe ETNs are not suitable for intermediate- or long-term investment, as any intermediate- or long-term investment is very likely to sustain\nsignificant losses, even if the Index appreciates over the relevant time period. Although the decay effect is more likely to impact\nthe return on the ETNs the longer the ETNs are held, the decay effect can have a significant impact on the ETN performance even over a\nperiod as short as two days. The ETNs are suitable only for sophisticated investors. If you invest in the ETNs, you should continuously\nmonitor your holdings of the ETNs and make investment decisions at least daily. Please see the section “—Illustrations of\nthe “Decay” Effect on the ETNs” below.

PS-46

We have shown two sets of examples: 1 to 4 and 5 to 8. Examples 1 to\n4 are based upon the Spread of 4.00%. Examples 5 to 8 show the impact if we elect to increase this amount to the maximum extent described\nabove, to a Spread of 10.00%. All of these examples assume a hypothetical Federal Reserve Bank Prime Loan Rate of 6.75%, and that such\nrate remains constant during the relevant period. The hypothetical Federal Reserve Bank Prime Loan Rate is not a prediction or indication\nof the actual Federal Reserve Bank Prime Loan Rate throughout the term of the ETNs. The actual Federal Reserve Bank Prime Loan Rate will\nfluctuate over time and we cannot predict the actual Federal Reserve Bank Prime Loan Rate on any day.

We have included examples in which the level of\nthe Index alternatively increases and decreases at a constant rate of 3.00% per day, with the level of the Index decreasing by 0.99 points\nby day 22 (Examples 1 and 5), with a Total ETN Return of -9.80% (Example 1) and -10.45% (Example 5); we have also included examples in\nwhich the level of the Index decreases at a constant rate of 3.00% per day, decreasing -48.83 points by day 22 (Examples 2 and 6), with\na Total ETN Return of -87.63% (Example 2) and -87.73% (Example 6).

Examples 3 and 4, and examples 7 and 8, highlight\nthe effect of volatility of the Index. In Example 3 and 7, the level of the Index increases by a constant 1.00% per day, with an increase\nof 24.47 points by day 22 and a Total ETN Return of 89.11% (Example 3) and 87.78% (Example 7). In contrast, in Examples 4 and 8, at day\n22, the level of the Index has increased 24.87 points; however, due to the volatility of the Index on a daily basis, the Total ETN Return\nis -20.34% (in Example 4) and -20.95% (in Example 8), resulting in significant differences from the Total ETN Returns in Example 3 and\n7.

For ease of analysis and presentation, the examples\nbelow assume a hypothetical 22-day period in which the ETNs are purchased on day 0 at a Closing Indicative Value equal to the initial\nPrincipal Amount of $25.00 and disposed of on day 22. The examples further assume that the Closing Index Level on day 0 is 100.00 and\nthat each calendar day is a Leverage Reset Day. In addition, each of the examples assumes that the Financing Period with respect to the\nDaily Investor Fee and the Daily Financing Charge is one day (i.e., that there are no weekends or holidays). The examples do not contemplate\na call or early redemption during the relevant period. In each of the examples below, the “Total ETN Return” is the number,\nexpressed as a percentage, that results from comparing the Closing Indicative Value on day 22 to the Closing Indicative Value on day 0.

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

PS-47

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

These hypothetical examples\nare provided for illustrative purposes only. Past performance of the Index and the hypothetical performance of the ETNs are not indicative\nof the future results of the Index or the ETNs. The actual performance of the Index and the ETNs will vary, perhaps significantly, from\nthe examples illustrated below.

PS-48

Examples 1-4: Assumes a Spread of 4.00% per annum.

Example 1: The Closing Index Level alternatively increases then\ndecreases 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

Assumptions
Fee Rate:	0.95% per annum
Daily Leverage Factor:	3
Daily Financing Factor:	2
Financing Rate:	6.75% per annum
Spread:	4.00% per annum
Principal Amount:	$25.00

Day	Closing \nIndex \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Long Index \nAmount	Financing \nAmount	Daily Financing \nCharge	Daily Investor Fee	Closing \nIndicative \nValue	Daily ETN \nReturn
A	B	C	D	E	F	G	H	I	J
			Current \nClosing Index \nLevel / \n \n Previous \nClosing\n Index \nLevel \n	Previous \nClosing \nIndicative \nValue * \nDaily \nLeverage \nFactor * D	Previous \nClosing \nIndicative \nValue * \nDaily \nFinancing \nFactor	F * (Financing \nRate + Spread) * \n(number\n of \ncalendar days in \nFinancing \nPeriod/365)	\n \n Previous Closing \nIndicative Value * \nFee Rate * (number \nof calendar days in \nFinancing \nPeriod/365)	E – F – G - \nH	(Current \nClosing \nIndicative \nValue - \nPrevious \nClosing \nIndicative \nValue)/ \nPrevious \nClosing \nIndicative \nValue
0	100.00							$25.00
1	103.00	3.0%	1.03	$77.25000	$50.00000	$0.01473	$0.00065	$27.23462	8.94%
2	99.91	-3.0%	0.97	$79.25275	$54.46925	$0.01604	$0.00071	$24.76676	-9.06%
3	102.91	3.0%	1.03	$76.52928	$49.53351	$0.01459	$0.00064	$26.98053	8.94%
4	99.82	-3.0%	0.97	$78.51334	$53.96106	$0.01589	$0.00070	$24.53569	-9.06%
5	102.81	3.0%	1.03	$75.81528	$49.07138	$0.01445	$0.00064	$26.72881	8.94%
6	99.73	-3.0%	0.97	$77.78083	$53.45762	$0.01574	$0.00070	$24.30678	-9.06%
7	102.72	3.0%	1.03	$75.10794	$48.61355	$0.01432	$0.00063	$26.47944	8.94%
8	99.64	-3.0%	0.97	$77.05516	$52.95887	$0.01560	$0.00069	$24.08000	-9.06%
9	102.63	3.0%	1.03	$74.40720	$48.16000	$0.01418	$0.00063	$26.23239	8.94%
10	99.55	-3.0%	0.97	$76.33625	$52.46478	$0.01545	$0.00068	$23.85534	-9.06%
11	102.54	3.0%	1.03	$73.71300	$47.71068	$0.01405	$0.00062	$25.98765	8.94%
12	99.46	-3.0%	0.97	$75.62405	$51.97529	$0.01531	$0.00068	$23.63277	-9.06%
13	102.45	3.0%	1.03	$73.02527	$47.26555	$0.01392	$0.00062	$25.74519	8.94%
14	99.37	-3.0%	0.97	$74.91850	$51.49038	$0.01516	$0.00067	$23.41229	-9.06%
15	102.35	3.0%	1.03	$72.34397	$46.82457	$0.01379	$0.00061	$25.50499	8.94%
16	99.28	-3.0%	0.97	$74.21953	$51.00998	$0.01502	$0.00066	$23.19386	-9.06%
17	102.26	3.0%	1.03	$71.66901	$46.38771	$0.01366	$0.00060	$25.26704	8.94%
18	99.19	-3.0%	0.97	$73.52708	$50.53407	$0.01488	$0.00066	$22.97746	-9.06%
19	102.17	3.0%	1.03	$71.00036	$45.95492	$0.01353	$0.00060	$25.03130	8.94%
20	99.10	-3.0%	0.97	$72.84109	$50.06260	$0.01474	$0.00065	$22.76309	-9.06%
21	102.08	3.0%	1.03	$70.33794	$45.52618	$0.01341	$0.00059	$24.79777	8.94%
22	99.01	-3.0%	0.97	$72.16150	$49.59553	$0.01461	$0.00065	$22.55071	-9.06%

Total Index Return:	-0.99%
Total ETN Return:	-9.80%

PS-49

Example 2: The Closing Index Level decreases by a constant 3.00%\nper day.

\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
Financing Rate:	6.75% per annum
Spread:	4.00% per annum
Principal Amount:	$25.00

Day	Closing \nIndex \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Long Index \nAmount	Financing \nAmount	Daily Financing \nCharge	Daily Investor Fee	Closing \nIndicative \nValue	Daily ETN \nReturn
A	B	C	D	E	F	G	H	I	J
			Current \nClosing Index \nLevel / \n \n Previous \nClosing\n Index \nLevel \n	Previous \nClosing \nIndicative \nValue * \nDaily \nLeverage \nFactor * D	Previous \nClosing \nIndicative \nValue * \nDaily \nFinancing \nFactor	F * (Financing \nRate + Spread) * \n(number\n of \ncalendar days in \nFinancing \nPeriod/365)	\n \n Previous Closing \nIndicative Value * \nFee Rate * (number \nof calendar days in \nFinancing \nPeriod/365)	E – F – G - \nH	(Current \nClosing \nIndicative \nValue - \nPrevious \nClosing \nIndicative \nValue)/ \nPrevious \nClosing \nIndicative \nValue
0	100.00							$25.00
1	97.00	-3.0%	0.97	$72.75000	$50.00000	$0.01473	$0.00065	$22.73462	-9.06%
2	94.09	-3.0%	0.97	$66.15775	$45.46925	$0.01339	$0.00059	$20.67452	-9.06%
3	91.27	-3.0%	0.97	$60.16286	$41.34905	$0.01218	$0.00054	$18.80110	-9.06%
4	88.53	-3.0%	0.97	$54.71120	$37.60220	$0.01107	$0.00049	$17.09744	-9.06%
5	85.87	-3.0%	0.97	$49.75354	$34.19487	$0.01007	$0.00045	$15.54815	-9.06%
6	83.30	-3.0%	0.97	$45.24512	$31.09630	$0.00916	$0.00040	$14.13926	-9.06%
7	80.80	-3.0%	0.97	$41.14523	$28.27851	$0.00833	$0.00037	$12.85803	-9.06%
8	78.37	-3.0%	0.97	$37.41685	$25.71605	$0.00757	$0.00033	$11.69289	-9.06%
9	76.02	-3.0%	0.97	$34.02632	$23.38579	$0.00689	$0.00030	$10.63334	-9.06%
10	73.74	-3.0%	0.97	$30.94303	$21.26668	$0.00626	$0.00028	$9.66980	-9.06%
11	71.53	-3.0%	0.97	$28.13912	$19.33960	$0.00570	$0.00025	$8.79357	-9.06%
12	69.38	-3.0%	0.97	$25.58929	$17.58714	$0.00518	$0.00023	$7.99674	-9.06%
13	67.30	-3.0%	0.97	$23.27052	$15.99348	$0.00471	$0.00021	$7.27212	-9.06%
14	65.28	-3.0%	0.97	$21.16186	$14.54423	$0.00428	$0.00019	$6.61315	-9.06%
15	63.33	-3.0%	0.97	$19.24427	$13.22631	$0.00390	$0.00017	$6.01390	-9.06%
16	61.43	-3.0%	0.97	$17.50045	$12.02780	$0.00354	$0.00016	$5.46895	-9.06%
17	59.58	-3.0%	0.97	$15.91465	$10.93790	$0.00322	$0.00014	$4.97338	-9.06%
18	57.80	-3.0%	0.97	$14.47254	$9.94676	$0.00293	$0.00013	$4.52272	-9.06%
19	56.06	-3.0%	0.97	$13.16111	$9.04544	$0.00266	$0.00012	$4.11289	-9.06%
20	54.38	-3.0%	0.97	$11.96852	$8.22578	$0.00242	$0.00011	$3.74020	-9.06%
21	52.75	-3.0%	0.97	$10.88399	$7.48040	$0.00220	$0.00010	$3.40128	-9.06%
22	51.17	-3.0%	0.97	$9.89774	$6.80257	$0.00200	$0.00009	$3.09308	-9.06%

Total Index Return:	-48.83%
Total ETN Return:	-87.63%

PS-50

Example 3: The Closing Index Level increases by a constant 1.00%\nper day.

\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
Financing Rate:	6.75% per annum
Spread:	4.00% per annum
Principal Amount:	$25.00

Day	Closing \nIndex \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Long Index \nAmount	Financing \nAmount	Daily Financing \nCharge	Daily Investor Fee	Closing \nIndicative \nValue	Daily ETN \nReturn
A	B	C	D	E	F	G	H	I	J
			Current \nClosing Index \nLevel / \n \n Previous \nClosing\n Index \nLevel \n	Previous \nClosing \nIndicative \nValue * \nDaily \nLeverage \nFactor * D	Previous \nClosing \nIndicative \nValue * \nDaily \nFinancing \nFactor	F * (Financing \nRate + Spread) * \n(number\n of \ncalendar days in \nFinancing \nPeriod/365)	\n \n Previous Closing \nIndicative Value * \nFee Rate * (number \nof calendar days in \nFinancing \nPeriod/365)	E – F – G - \nH	(Current \nClosing \nIndicative \nValue - \nPrevious \nClosing \nIndicative \nValue)/ \nPrevious \nClosing \nIndicative \nValue
0	100.00							$25.00
1	101.00	1.0%	1.01	$75.75000	$50.00000	$0.01473	$0.00065	$25.73462	2.94%
2	102.01	1.0%	1.01	$77.97591	$51.46925	$0.01516	$0.00067	$26.49083	2.94%
3	103.03	1.0%	1.01	$80.26723	$52.98167	$0.01560	$0.00069	$27.26926	2.94%
4	104.06	1.0%	1.01	$82.62587	$54.53853	$0.01606	$0.00071	$28.07057	2.94%
5	105.10	1.0%	1.01	$85.05383	$56.14114	$0.01653	$0.00073	$28.89542	2.94%
6	106.15	1.0%	1.01	$87.55313	$57.79084	$0.01702	$0.00075	$29.74451	2.94%
7	107.21	1.0%	1.01	$90.12587	$59.48902	$0.01752	$0.00077	$30.61855	2.94%
8	108.29	1.0%	1.01	$92.77421	$61.23710	$0.01804	$0.00080	$31.51828	2.94%
9	109.37	1.0%	1.01	$95.50038	$63.03655	$0.01857	$0.00082	$32.44444	2.94%
10	110.46	1.0%	1.01	$98.30665	$64.88888	$0.01911	$0.00084	$33.39782	2.94%
11	111.57	1.0%	1.01	$101.19538	$66.79563	$0.01967	$0.00087	$34.37921	2.94%
12	112.68	1.0%	1.01	$104.16900	$68.75842	$0.02025	$0.00089	$35.38944	2.94%
13	113.81	1.0%	1.01	$107.23000	$70.77888	$0.02085	$0.00092	$36.42936	2.94%
14	114.95	1.0%	1.01	$110.38095	$72.85871	$0.02146	$0.00095	$37.49983	2.94%
15	116.10	1.0%	1.01	$113.62449	$74.99966	$0.02209	$0.00098	$38.60176	2.94%
16	117.26	1.0%	1.01	$116.96333	$77.20352	$0.02274	$0.00100	$39.73607	2.94%
17	118.43	1.0%	1.01	$120.40029	$79.47214	$0.02341	$0.00103	$40.90371	2.94%
18	119.61	1.0%	1.01	$123.93825	$81.80742	$0.02409	$0.00106	$42.10566	2.94%
19	120.81	1.0%	1.01	$127.58016	$84.21133	$0.02480	$0.00110	$43.34294	2.94%
20	122.02	1.0%	1.01	$131.32910	$86.68587	$0.02553	$0.00113	$44.61657	2.94%
21	123.24	1.0%	1.01	$135.18819	$89.23313	$0.02628	$0.00116	$45.92762	2.94%
22	124.47	1.0%	1.01	$139.16069	$91.85524	$0.02705	$0.00120	$47.27720	2.94%

Total Index Return:	24.47%
Total ETN Return:	89.11%

PS-51

Example 4: The Closing 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

Assumptions
Fee Rate:	0.95% per annum
Daily Leverage Factor:	3
Daily Financing Factor:	2
Financing Rate:	6.75% per annum
Spread:	4.00% per annum
Principal Amount:	$25.00

Day	Closing \nIndex \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Long Index \nAmount	Financing \nAmount	Daily Financing \nCharge	Daily Investor Fee	Closing \nIndicative \nValue	Daily ETN \nReturn
A	B	C	D	E	F	G	H	I	J
			Current \nClosing Index \nLevel / \n \n Previous \nClosing\n Index \nLevel \n	Previous \nClosing \nIndicative \nValue * \nDaily \nLeverage \nFactor * D	Previous \nClosing \nIndicative \nValue * \nDaily \nFinancing \nFactor	F * (Financing \nRate + Spread) * \n(number\n of \ncalendar days in \nFinancing \nPeriod/365)	\n \n Previous Closing \nIndicative Value * \nFee Rate * (number \nof calendar days in \nFinancing \nPeriod/365)	E – F – G - \nH	(Current \nClosing \nIndicative \nValue - \nPrevious \nClosing \nIndicative \nValue)/ \nPrevious \nClosing \nIndicative \nValue
0	100.00							$25.00
1	110.00	10.0%	1.10	$82.50000	$50.00000	$0.01473	$0.00065	$32.48462	29.94%
2	112.20	2.0%	1.02	$99.40295	$64.96925	$0.01913	$0.00085	$34.41372	5.94%
3	108.83	-3.0%	0.97	$100.14393	$68.82744	$0.02027	$0.00090	$31.29532	-9.06%
4	97.95	-10.0%	0.90	$84.49736	$62.59064	$0.01843	$0.00081	$21.88747	-30.06%
5	93.05	-5.0%	0.95	$62.37930	$43.77495	$0.01289	$0.00057	$18.59089	-15.06%
6	81.89	-12.0%	0.88	$49.07995	$37.18178	$0.01095	$0.00048	$11.88674	-36.06%
7	78.61	-4.0%	0.96	$34.23380	$23.77347	$0.00700	$0.00031	$10.45302	-12.06%
8	74.68	-5.0%	0.95	$29.79110	$20.90603	$0.00616	$0.00027	$8.87863	-15.06%
9	60.49	-19.0%	0.81	$21.57508	$17.75727	$0.00523	$0.00023	$3.81235	-57.06%
10	71.38	18.0%	1.18	$13.49573	$7.62470	$0.00225	$0.00010	$5.86868	53.94%
11	74.95	5.0%	1.05	$18.48633	$11.73735	$0.00346	$0.00015	$6.74537	14.94%
12	69.70	-7.0%	0.93	$18.81958	$13.49074	$0.00397	$0.00018	$5.32469	-21.06%
13	58.55	-16.0%	0.84	$13.41823	$10.64939	$0.00314	$0.00014	$2.76557	-48.06%
14	53.87	-8.0%	0.92	$7.63296	$5.53113	$0.00163	$0.00007	$2.10013	-24.06%
15	56.02	4.0%	1.04	$6.55240	$4.20026	$0.00124	$0.00005	$2.35085	11.94%
16	70.03	25.0%	1.25	$8.81570	$4.70170	$0.00138	$0.00006	$4.11255	74.94%
17	78.43	12.0%	1.12	$13.81815	$8.22509	$0.00242	$0.00011	$5.59053	35.94%
18	86.27	10.0%	1.10	$18.44876	$11.18106	$0.00329	$0.00015	$7.26425	29.94%
19	96.62	12.0%	1.12	$24.40789	$14.52851	$0.00428	$0.00019	$9.87492	35.94%
20	100.49	4.0%	1.04	$30.80974	$19.74983	$0.00582	$0.00026	$11.05383	11.94%
21	109.53	9.0%	1.09	$36.14603	$22.10766	$0.00651	$0.00029	$14.03157	26.94%
22	124.87	14.0%	1.14	$47.98796	$28.06314	$0.00827	$0.00037	$19.91620	41.94%

Total Index Return:	24.87%
Total ETN Return:	-20.34%

PS-52

Examples 5-8: Assume a Spread of 10.00% per annum.

Example 5: The Closing Index Level alternatively increases then\ndecreases 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

Assumptions
Fee Rate:	0.95% per annum
Daily Leverage Factor:	3
Daily Financing Factor:	2
Financing Rate:	6.75% per annum
Spread:	10.00% per annum
Principal Amount:	$25.00

Day	Closing \nIndex \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Long Index \nAmount	Financing \nAmount	Daily Financing \nCharge	Daily Investor Fee	Closing \nIndicative \nValue	Daily ETN \nReturn
A	B	C	D	E	F	G	H	I	J
			Current \nClosing Index \nLevel / \n \n Previous \nClosing\n Index \nLevel \n	Previous \nClosing \nIndicative \nValue * \nDaily \nLeverage \nFactor * D	Previous \nClosing \nIndicative \nValue * \nDaily \nFinancing \nFactor	F * (Financing \nRate + Spread) * \n(number\n of \ncalendar days in \nFinancing \nPeriod/365)	\n \n Previous Closing \nIndicative Value * \nFee Rate * (number \nof calendar days in \nFinancing \nPeriod/365)	E – F – G - \nH	(Current \nClosing \nIndicative \nValue - \nPrevious \nClosing \nIndicative \nValue)/ \nPrevious \nClosing \nIndicative \nValue
0	100.00							$25.00
1	103.00	3.0%	1.03	$77.25000	$50.00000	$0.02295	$0.00065	$27.22640	8.91%
2	99.91	-3.0%	0.97	$79.22884	$54.45281	$0.02499	$0.00071	$24.75033	-9.09%
3	102.91	3.0%	1.03	$76.47852	$49.50066	$0.02272	$0.00064	$26.95450	8.91%
4	99.82	-3.0%	0.97	$78.43759	$53.90900	$0.02474	$0.00070	$24.50315	-9.09%
5	102.81	3.0%	1.03	$75.71475	$49.00631	$0.02249	$0.00064	$26.68531	8.91%
6	99.73	-3.0%	0.97	$77.65426	$53.37062	$0.02449	$0.00069	$24.25845	-9.09%
7	102.72	3.0%	1.03	$74.95860	$48.51689	$0.02226	$0.00063	$26.41881	8.91%
8	99.64	-3.0%	0.97	$76.87874	$52.83762	$0.02425	$0.00069	$24.01618	-9.09%
9	102.63	3.0%	1.03	$74.21001	$48.03237	$0.02204	$0.00063	$26.15497	8.91%
10	99.55	-3.0%	0.97	$76.11097	$52.30994	$0.02401	$0.00068	$23.77634	-9.09%
11	102.54	3.0%	1.03	$73.46889	$47.55268	$0.02182	$0.00062	$25.89377	8.91%
12	99.46	-3.0%	0.97	$75.35087	$51.78754	$0.02377	$0.00067	$23.53889	-9.09%
13	102.45	3.0%	1.03	$72.73517	$47.07778	$0.02160	$0.00061	$25.63517	8.91%
14	99.37	-3.0%	0.97	$74.59835	$51.27035	$0.02353	$0.00067	$23.30381	-9.09%
15	102.35	3.0%	1.03	$72.00878	$46.60762	$0.02139	$0.00061	$25.37916	8.91%
16	99.28	-3.0%	0.97	$73.85336	$50.75832	$0.02329	$0.00066	$23.07108	-9.09%
17	102.26	3.0%	1.03	$71.28964	$46.14216	$0.02117	$0.00060	$25.12570	8.91%
18	99.19	-3.0%	0.97	$73.11580	$50.25141	$0.02306	$0.00065	$22.84068	-9.09%
19	102.17	3.0%	1.03	$70.57769	$45.68135	$0.02096	$0.00059	$24.87478	8.91%
20	99.10	-3.0%	0.97	$72.38561	$49.74956	$0.02283	$0.00065	$22.61257	-9.09%
21	102.08	3.0%	1.03	$69.87284	$45.22514	$0.02075	$0.00059	$24.62636	8.91%
22	99.01	-3.0%	0.97	$71.66271	$49.25272	$0.02260	$0.00064	$22.38674	-9.09%

Total Index Return:	-0.99%
Total ETN Return:	-10.45%

PS-53

Example 6: The Closing Index Level decreases by a constant 3.00%\nper day.

\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
Financing Rate:	6.75% per annum
Spread:	10.00% per annum
Principal Amount:	$25.00

Day	Closing \nIndex \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Long Index \nAmount	Financing \nAmount	Daily Financing \nCharge	Daily Investor Fee	Closing \nIndicative \nValue	Daily ETN \nReturn
A	B	C	D	E	F	G	H	I	J
			Current \nClosing Index \nLevel / \n \n Previous \nClosing\n Index \nLevel \n	Previous \nClosing \nIndicative \nValue * \nDaily \nLeverage \nFactor * D	Previous \nClosing \nIndicative \nValue * \nDaily \nFinancing \nFactor	F * (Financing \nRate + Spread) * \n(number\n of \ncalendar days in \nFinancing \nPeriod/365)	\n \n Previous Closing \nIndicative Value * \nFee Rate * (number \nof calendar days in \nFinancing \nPeriod/365)	E – F – G - \nH	(Current \nClosing \nIndicative \nValue - \nPrevious \nClosing \nIndicative \nValue)/ \nPrevious \nClosing \nIndicative \nValue
0	100.00							$25.00
1	97.00	-3.0%	0.97	$72.75000	$50.00000	$0.02295	$0.00065	$22.72640	-9.09%
2	94.09	-3.0%	0.97	$66.13384	$45.45281	$0.02086	$0.00059	$20.65958	-9.09%
3	91.27	-3.0%	0.97	$60.11937	$41.31916	$0.01896	$0.00054	$18.78072	-9.09%
4	88.53	-3.0%	0.97	$54.65189	$37.56143	$0.01724	$0.00049	$17.07273	-9.09%
5	85.87	-3.0%	0.97	$49.68163	$34.14545	$0.01567	$0.00044	$15.52007	-9.09%
6	83.30	-3.0%	0.97	$45.16339	$31.04013	$0.01424	$0.00040	$14.10861	-9.09%
7	80.80	-3.0%	0.97	$41.05606	$28.21723	$0.01295	$0.00037	$12.82552	-9.09%
8	78.37	-3.0%	0.97	$37.32227	$25.65104	$0.01177	$0.00033	$11.65912	-9.09%
9	76.02	-3.0%	0.97	$33.92804	$23.31824	$0.01070	$0.00030	$10.59879	-9.09%
10	73.74	-3.0%	0.97	$30.84249	$21.19759	$0.00973	$0.00028	$9.63490	-9.09%
11	71.53	-3.0%	0.97	$28.03756	$19.26980	$0.00884	$0.00025	$8.75866	-9.09%
12	69.38	-3.0%	0.97	$25.48771	$17.51733	$0.00804	$0.00023	$7.96212	-9.09%
13	67.30	-3.0%	0.97	$23.16976	$15.92424	$0.00731	$0.00021	$7.23801	-9.09%
14	65.28	-3.0%	0.97	$21.06262	$14.47602	$0.00664	$0.00019	$6.57976	-9.09%
15	63.33	-3.0%	0.97	$19.14710	$13.15952	$0.00604	$0.00017	$5.98137	-9.09%
16	61.43	-3.0%	0.97	$17.40579	$11.96274	$0.00549	$0.00016	$5.43740	-9.09%
17	59.58	-3.0%	0.97	$15.82284	$10.87480	$0.00499	$0.00014	$4.94290	-9.09%
18	57.80	-3.0%	0.97	$14.38385	$9.88581	$0.00454	$0.00013	$4.49338	-9.09%
19	56.06	-3.0%	0.97	$13.07573	$8.98675	$0.00412	$0.00012	$4.08473	-9.09%
20	54.38	-3.0%	0.97	$11.88657	$8.16946	$0.00375	$0.00011	$3.71325	-9.09%
21	52.75	-3.0%	0.97	$10.80556	$7.42650	$0.00341	$0.00010	$3.37555	-9.09%
22	51.17	-3.0%	0.97	$9.82286	$6.75111	$0.00310	$0.00009	$3.06857	-9.09%

Total Index Return:	-48.83%
Total ETN Return:	-87.73%

PS-54

Example 7: The Closing Index Level increases by a constant 1.00%\nper day.

\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
Financing Rate:	6.75% per annum
Spread:	10.00% per annum
Principal Amount:	$25.00

Day	Closing \nIndex \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Long Index \nAmount	Financing \nAmount	Daily Financing \nCharge	Daily Investor Fee	Closing \nIndicative \nValue	Daily ETN \nReturn
A	B	C	D	E	F	G	H	I	J
			Current \nClosing Index \nLevel / \n \n Previous \nClosing\n Index \nLevel \n	Previous \nClosing \nIndicative \nValue * \nDaily \nLeverage \nFactor * D	Previous \nClosing \nIndicative \nValue * \nDaily \nFinancing \nFactor	F * (Financing \nRate + Spread) * \n(number\n of \ncalendar days in \nFinancing \nPeriod/365)	\n \n Previous Closing \nIndicative Value * \nFee Rate * (number \nof calendar days in \nFinancing \nPeriod/365)	E – F – G - \nH	(Current \nClosing \nIndicative \nValue - \nPrevious \nClosing \nIndicative \nValue)/ \nPrevious \nClosing \nIndicative \nValue
0	100.00							$25.00
1	101.00	1.0%	1.01	$75.75000	$50.00000	$0.02295	$0.00065	$25.72640	2.91%
2	102.01	1.0%	1.01	$77.95100	$51.45281	$0.02361	$0.00067	$26.47391	2.91%
3	103.03	1.0%	1.01	$80.21596	$52.94783	$0.02430	$0.00069	$27.24315	2.91%
4	104.06	1.0%	1.01	$82.54673	$54.48629	$0.02500	$0.00071	$28.03473	2.91%
5	105.10	1.0%	1.01	$84.94522	$56.06945	$0.02573	$0.00073	$28.84931	2.91%
6	106.15	1.0%	1.01	$87.41340	$57.69862	$0.02648	$0.00075	$29.68756	2.91%
7	107.21	1.0%	1.01	$89.95330	$59.37512	$0.02725	$0.00077	$30.55016	2.91%
8	108.29	1.0%	1.01	$92.56700	$61.10033	$0.02804	$0.00080	$31.43784	2.91%
9	109.37	1.0%	1.01	$95.25664	$62.87567	$0.02885	$0.00082	$32.35130	2.91%
10	110.46	1.0%	1.01	$98.02443	$64.70260	$0.02969	$0.00084	$33.29130	2.91%
11	111.57	1.0%	1.01	$100.87265	$66.58261	$0.03056	$0.00087	$34.25862	2.91%
12	112.68	1.0%	1.01	$103.80362	$68.51724	$0.03144	$0.00089	$35.25404	2.91%
13	113.81	1.0%	1.01	$106.81976	$70.50809	$0.03236	$0.00092	$36.27839	2.91%
14	114.95	1.0%	1.01	$109.92353	$72.55678	$0.03330	$0.00094	$37.33250	2.91%
15	116.10	1.0%	1.01	$113.11748	$74.66501	$0.03426	$0.00097	$38.41724	2.91%
16	117.26	1.0%	1.01	$116.40424	$76.83448	$0.03526	$0.00100	$39.53350	2.91%
17	118.43	1.0%	1.01	$119.78651	$79.06700	$0.03628	$0.00103	$40.68219	2.91%
18	119.61	1.0%	1.01	$123.26704	$81.36438	$0.03734	$0.00106	$41.86426	2.91%
19	120.81	1.0%	1.01	$126.84871	$83.72852	$0.03842	$0.00109	$43.08068	2.91%
20	122.02	1.0%	1.01	$130.53445	$86.16135	$0.03954	$0.00112	$44.33243	2.91%
21	123.24	1.0%	1.01	$134.32728	$88.66487	$0.04069	$0.00115	$45.62056	2.91%
22	124.47	1.0%	1.01	$138.23031	$91.24113	$0.04187	$0.00119	$46.94612	2.91%

Total Index Return:	24.47%
Total ETN Return:	87.78%

PS-55

Example 8: The Closing 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

Assumptions
Fee Rate:	0.95% per annum
Daily Leverage Factor:	3
Daily Financing Factor:	2
Financing Rate:	6.75% per annum
Spread:	10.00% per annum
Principal Amount:	$25.00

Day	Closing \nIndex \nLevel	Daily Index \nPerformance	Index \nPerformance \nFactor	Long Index \nAmount	Financing \nAmount	Daily Financing \nCharge	Daily Investor Fee	Closing \nIndicative \nValue	Daily ETN \nReturn
A	B	C	D	E	F	G	H	I	J
			Current \nClosing Index \nLevel / \n \n Previous \nClosing\n Index \nLevel \n	Previous \nClosing \nIndicative \nValue * \nDaily \nLeverage \nFactor * D	Previous \nClosing \nIndicative \nValue * \nDaily \nFinancing \nFactor	F * (Financing \nRate + Spread) * \n(number\n of \ncalendar days in \nFinancing \nPeriod/365)	\n \n Previous Closing \nIndicative Value * \nFee Rate * (number \nof calendar days in \nFinancing \nPeriod/365)	E – F – G - \nH	(Current \nClosing \nIndicative \nValue - \nPrevious \nClosing \nIndicative \nValue)/ \nPrevious \nClosing \nIndicative \nValue
0	100.00							$25.00
1	110.00	10.0%	1.10	$82.50000	$50.00000	$0.02295	$0.00065	$32.47640	29.91%
2	112.20	2.0%	1.02	$99.37780	$64.95281	$0.02981	$0.00085	$34.39434	5.91%
3	108.83	-3.0%	0.97	$100.08752	$68.78867	$0.03157	$0.00090	$31.26638	-9.09%
4	97.95	-10.0%	0.90	$84.41923	$62.53277	$0.02870	$0.00081	$21.85696	-30.09%
5	93.05	-5.0%	0.95	$62.29233	$43.71392	$0.02006	$0.00057	$18.55778	-15.09%
6	81.89	-12.0%	0.88	$48.99255	$37.11557	$0.01703	$0.00048	$11.85947	-36.09%
7	78.61	-4.0%	0.96	$34.15526	$23.71893	$0.01088	$0.00031	$10.42514	-12.09%
8	74.68	-5.0%	0.95	$29.71164	$20.85027	$0.00957	$0.00027	$8.85153	-15.09%
9	60.49	-19.0%	0.81	$21.50921	$17.70305	$0.00812	$0.00023	$3.79780	-57.09%
10	71.38	18.0%	1.18	$13.44422	$7.59560	$0.00349	$0.00010	$5.84503	53.91%
11	74.95	5.0%	1.05	$18.41185	$11.69006	$0.00536	$0.00015	$6.71627	14.91%
12	69.70	-7.0%	0.93	$18.73839	$13.43254	$0.00616	$0.00017	$5.29951	-21.09%
13	58.55	-16.0%	0.84	$13.35477	$10.59903	$0.00486	$0.00014	$2.75075	-48.09%
14	53.87	-8.0%	0.92	$7.59206	$5.50149	$0.00252	$0.00007	$2.08797	-24.09%
15	56.02	4.0%	1.04	$6.51447	$4.17594	$0.00192	$0.00005	$2.33656	11.91%
16	70.03	25.0%	1.25	$8.76208	$4.67311	$0.00214	$0.00006	$4.08677	74.91%
17	78.43	12.0%	1.12	$13.73154	$8.17353	$0.00375	$0.00011	$5.55415	35.91%
18	86.27	10.0%	1.10	$18.32868	$11.10829	$0.00510	$0.00014	$7.21515	29.91%
19	96.62	12.0%	1.12	$24.24290	$14.43030	$0.00662	$0.00019	$9.80579	35.91%
20	100.49	4.0%	1.04	$30.59407	$19.61158	$0.00900	$0.00026	$10.97323	11.91%
21	109.53	9.0%	1.09	$35.88247	$21.94646	$0.01007	$0.00029	$13.92565	26.91%
22	124.87	14.0%	1.14	$47.62571	$27.85129	$0.01278	$0.00036	$19.76127	41.91%

Total Index Return:	24.87%
Total ETN Return	-20.95%

PS-56

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

Table 1 illustrates the effect of two factors\nthat affect the ETNs’ 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 ETN 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, a Financing Rate and Spread of 0% and that the volatility of the\nIndex remains constant over time. If these assumptions were different, the ETNs’ performance would be different than that shown.\nIf the effect of the Daily Investor Fee and the Financing Rate were included, the ETNs’ performance would be different than shown.

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

This table highlights the impact of leverage and\ncompounding on the payment at maturity under different circumstances. Many other factors will affect the value of the ETNs, and these\nfigures are provided for illustration only. This table should not be taken as an indication or a prediction of future Index performance\nor investment results and are intended to illustrate a few of the possible returns on the ETNs. Because the Closing Indicative Value takes\ninto account the net effect of the Daily Investor Fee, which is a fixed percentage of the value of the ETNs, and the performance of the\nIndex, the Closing Indicative Value is dependent on the path taken by the level of the Index to arrive at its ending level. The figures\nin this table have been rounded for convenience.

PS-57

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

Index Volatility
One Year \n Index \n Performance	Three Times \n (3×) \n One Year \n Index \n Performance	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 ETNs are expected to perform negatively. Shaded areas represent those scenarios where the ETNs will outperform (i.e.,\nreturn more than) the Index performance times the Daily Leverage Factor; conversely, areas not shaded represent those scenarios where\nthe ETNs will underperform (i.e., return less than) the Index performance times the Daily Leverage Factor. Please note that the table\nabove is not a representation as to the actual return on the ETNs, which may be materially different than the scenarios shown above,\nas a result of a variety of factors, including the decay effects described above, as well as the Daily Financing Charge and the Daily\nInvestor Fee.

PS-58

Illustrations of the “Decay” Effect on the ETNs

The daily resetting of the ETNs’ leveraged\nexposure to the Index is expected to cause the ETNs to experience a “decay” effect, which worsens over time and increases\nas the volatility of the Index increases. The decay effect refers to the tendency of the ETNs to lose value over time, regardless of the\nperformance of the Index. The decay effect occurs any time the Index moves in a direction on one day that is different from the direction\nit moved on the prior day. If the Index increases one day and decreases the next, the resetting of the leveraged exposure based on the\nhigher Index value after the first day means that a greater amount of ETN value is exposed to the decrease on the next day than if the\nleveraged exposure had not been reset; and if the Index decreases one day and increases the next, the resetting of the leveraged exposure\nbased on the lower Index value after the first day means that a smaller amount of ETN value is exposed to the increase on the next day.\nOne consequence of this daily resetting of leverage is that, if the Index moves in one direction from Day 0 to Day 1 and then returns\nto its Day 0 level on Day 2, the Closing Indicative Value of the ETNs will be lower on Day 2 than it was on Day 0, even though the Closing\nIndex Level is the same on Day 2 as it was on Day 0. As a result of this decay effect, it is extremely likely that the value of the ETNs\nwill decline to near zero (absent reverse splits) by the Maturity Date, and likely significantly sooner. Accordingly, the ETNs 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 increases over the relevant time period. Although the decay effect is more likely to manifest itself the longer\nthe ETNs are held, the decay effect can have a significant impact on the performance of the ETNs, even over a period as short as two days.\nThe ETNs are not intended to be “buy and hold” investments. Investors should actively and frequently monitor their investments\nin the ETNs on a daily or intraday basis, and any decision to hold the ETNs 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 ETNs for the next one-day period.

The examples below are designed to illustrate\nthe decay effect on the Closing Indicative Value of the ETNs over a short period of time. To isolate the decay effect, the examples below\ndisregard the effects of the Daily Financing Charge and the Daily Investor Fee. If the Daily Financing Charge and the Daily Investor\nFee were also taken into account, then the hypothetical Closing Indicative Values below would be even lower.

Each of the examples below illustrates hypothetical\ndaily fluctuations in the Closing Index Level over a period of 10 days. By showing changes over 10 days, we are not suggesting that 10\ndays is an appropriate period of time to hold the ETNs. Rather, we are showing changes over 10 days to illustrate how the decay effect\nincreases over a number of days, and to illustrate the risks of holding the ETNs for more than one day. As described elsewhere in this\npricing supplement, the ETNs are intended to be daily trading tools for sophisticated investors to manage daily trading risks.

PS-59

In each of the examples below, the Closing Index\nLevel is the same at the end of the hypothetical 10 day period as it was at the beginning of the period. We are showing examples on this\nbasis to illustrate how the decay effect has an impact on the Closing Indicative Value of the ETNs that is independent from the directional\nperformance of the Index. If the Index were to move in an adverse direction (i.e., lower in the case of the ETNs) over the relevant\ntime period, the Closing Indicative Values would be lower than in the examples illustrated below.

The examples below are based on a hypothetical\nClosing Index Level of 100 and a hypothetical Closing Indicative Value of $100 at the beginning of the hypothetical 10 day period. The\nexamples assume that each calendar day is a Leverage Reset Day.

PS-60

Example 1. The Closing Index Level 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 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	Closing Index \nLevel	% Change of \nIndex Level \nfrom Day 0	Closing \nIndicative Value \n($)	% Change of \nClosing \nIndicative Value \nfrom Day 0
0	100.00		100.00
1	101.00	1.00%	103.00	3.00%
2	100.00	0.00%	99.94	-0.06%
3	99.00	-1.00%	96.94	-3.06%
4	100.00	0.00%	99.88	-0.12%
5	101.00	1.00%	102.88	2.88%
6	100.00	0.00%	99.82	-0.18%
7	99.00	-1.00%	96.83	-3.17%
8	100.00	0.00%	99.76	-0.24%
9	101.00	1.00%	102.75	2.75%
10	100.00	0.00%	99.70	-0.30%

In this example, although the Closing Index Level\nfluctuated within a narrow range around the initial level and concluded the hypothetical 10 day period at the same level at which it started,\nthe Closing Indicative Value of the ETNs experienced a decay of -0.30% (before giving effect to the Daily Financing Charge and the Daily\nInvestor Fee).

PS-61

Example 2. The Closing Index Level fluctuates by 5% per day.

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

Day	Closing Index \nLevel	% Change of \nIndex Level from \nDay 0	Closing \nIndicative Value \n($)	% Change of \nClosing \nIndicative Value \nfrom Day 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 Index Level\nfluctuated around the initial level and concluded the hypothetical 10 day period at the same level at which it started, the Closing Indicative\nValue of the ETNs experienced a decay of -7.23% (before giving effect to the Daily Financing Charge and the Daily Investor Fee).

PS-62

Example 3. The Closing Index Level fluctuates by 12% per day.

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

Day	Closing Index \nLevel	% Change of \nIndex Level from \nDay 0	Closing \nIndicative Value \n($)	% Change of \nClosing \nIndicative Value \nfrom Day 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 Index Level\nfluctuated around the initial level and concluded the hypothetical 10 day period at the same level at which it started, the Closing Indicative\nValue of the ETNs experienced a decay of -36.08% (before giving effect to the Daily Financing Charge and the Daily Investor Fee).

In this example, the greater magnitude of the\ndaily changes in the Closing Index Level as compared to both of the prior examples results in significantly greater decay, with a decay\nof -36.08%. The Closing Indicative Value experienced this significant decay even though the Closing Index Level concluded the hypothetical\n10 day period at the same level at which it started. As this example illustrates, the greater the daily fluctuations in the Closing Index\nLevel (i.e., the greater the volatility), the greater the decay.

* * *

In each example, there is no change in the Closing\nIndex Level from Day 0 to Day 10, in order to isolate the decay effect from other factors that affect the Closing Indicative Value. If\nthe level of the Index decreases over the same time period, that adverse Index movement would have caused the Closing Indicative Value\nto 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 the Closing\nIndicative 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 of the Index from\nDay 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:

PS-63

The decay effect worsens over time. In\neach of the examples above, the Closing Index Level returns to the original level of 100 on multiple days during the 10 day period. Each\ntime the level returns to 100, the Closing Indicative Value is lower than it was on any earlier date on which the Closing Index Level\nwas 100. The same is true for each of the other Closing Index Levels shown in the examples above.

Although the decay effect worsens over time,\nit can have a meaningful effect even over a period as short as two days. In Example 3 above, the Closing Index Level falls from 100\nto 88 from Day 2 to Day 3 and then returns to 100 on Day 4. Although the Closing Index Level is the same on Day 4 as it was on Day 2,\nthe Closing Indicative Value of the ETNs 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 Index Level over any period of time. The daily fluctuations\nin Example 2 are significantly larger than they are in Example 1, and the daily fluctuations in Example 3 are significantly larger than\nthey are in Example 2. As a result, the decline in the Closing Indicative Value in Example 2 is significantly greater than it is in Example\n1, and the decline in the Closing Indicative Value in Example 3 is significantly greater than it is in Example 2.

The daily compounding of returns will adversely\naffect the Closing Indicative Value of the ETNs any time the Closing Index Level moves in a different direction on one day than it did\non the prior day. If the Closing Index Level increases from Day 0 to Day 1 and then decreases by the same amount from Day 1 to Day 2,\nor if the Closing Index Level decreases from Day 0 to Day 1 and then increases by the same amount from Day 1 to Day 2, the Closing Indicative\nValue on Day 2 will be lower than it was on Day 0, even though the Closing Index Level on Day 2 is the same as it 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 Value from Day 0 to Day 7\nwas approximately 4.24 times greater than the 12% decline in the Closing Index Level over the same period.

In fact, the Closing Indicative Value of the ETNs\nmay decline significantly over any given time period even if the Closing Index Level from the beginning to the end of that time period\nincreases. For example, in Example 3 above, the Closing Index Level has increased by 12% from Day 0 to Day 9, but the Closing Indicative\nValue was 5.80% lower on Day 9 than it was on Day 0.

PS-64

INTRADAY VALUE\nOF THE INDEX AND THE ETNS

Intraday Index Values

Each Index Business Day, the Index Sponsor publishes\nthe intraday Index value during normal trading hours on Bloomberg under the ticker symbol “BRAZIL<Index>.”

The Index Sponsor and its affiliates do not guarantee\nthe correctness or completeness of the intraday Index value or other information furnished in connection with the ETNs or the calculation\nof the Index. The Index Sponsor makes no warranty, express or implied, as to results to be obtained by Bank of Montreal, holders of the\nETNs, or any other person or entity from the use of the intraday Index value or any data included therein. The Index Sponsor makes no\nexpress or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect\nto the intraday Index value or any data included therein. The Index Sponsor, its employees, subcontractors, agents, third-party suppliers\nand vendors shall have no liability or responsibility, contingent or otherwise, for any injury or damages, whether caused by the negligence\nof the Index Sponsor, its employees, subcontractors, agents, suppliers or vendors or otherwise, arising in connection with the intraday\nIndex value or the ETNs, and shall not be liable for any lost profits, losses, punitive, incidental or consequential damages. The Index\nSponsor shall not be responsible for or have any liability for any injuries or damages caused by errors, inaccuracies, omissions or any\nother failure in, or delays or interruptions of, the intraday Index value from whatever cause. The Index Sponsor is not responsible for\nthe use of the Index or the ETNs, the accuracy and adequacy of the Index or information used by any user of the Index or the ETNs and\nthe resultant output thereof.

The intraday calculation of the level of the Index\nis published by the Index Sponsor for reference purposes only. Published calculations of the level of the Index from the Index Sponsor\nmay occasionally be subject to delay or postponement. Any such delays or postponements will affect the current level of the Index and\ntherefore the value of the ETNs in the secondary market. The intraday level of the Index published every 15 seconds will be based on the\nintraday prices of the Reference Fund.

Intraday Indicative Values

The Intraday Indicative Value of the ETNs is calculated\nand published by ICE Data Indices, LLC or a successor every 15 seconds during Cboe BZX’s regular trading hours, which are currently\nfrom 9:30 a.m. to 4:00 p.m., Eastern time, on each Index Business Day and is meant to approximate the intrinsic value of the ETNs at that\ntime. Accordingly, the Intraday Indicative Value is calculated using the same formula as the Closing Indicative Value, except that the\nIndex Performance Factor is calculated using the most recent intraday level of the Index at the particular time instead of using the Closing\nIndex Level on the date of determination. The Intraday Indicative Value for the ETNs will be published every 15 seconds to the Consolidated\nTape and ICE Data Global Index Feed, and will be available on Bloomberg under the ticker symbol indicated herein. The actual trading\nprice of the ETNs may vary significantly from their Intraday Indicative Value.

PS-65

The ETNs are not sponsored, endorsed, sold or\nmarketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) or their respective Third Party Suppliers. ICE DATA\nOR ITS THIRD PARTY SUPPLIERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR\nFITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INTRADAY INDICATIVE VALUES, ETNS OR ANY ETN DATA INCLUDED THEREIN. IN NO EVENT SHALL\nICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED\nOF THE POSSIBILITY OF SUCH DAMAGES.

If the Intraday Indicative Value is equal to or less than $0 at any\ntime on any Exchange Business Day, then both the Intraday Indicative Value and the Closing Indicative Value on that Exchange Business\nDay, and on all future Exchange Business Days, will be $0 (a total loss of value).

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 Index Business Day’s\nClosing Index Level may cause a significant variation between the Closing Indicative Value and the Intraday Indicative Value on any date\nof determination. The Intraday Indicative Value also does not reflect intraday changes in the leverage; it is based on the constant Daily\nLeverage Factor of 3. Consequently, the Intraday Indicative Value may vary significantly from the previous or next Index Business Day’s\nClosing Indicative Value or the price of the ETNs purchased intraday. See “Risk Factors—The ETNs are subject to intraday purchase\nrisk” and “—The leverage of the ETNs is reset daily, and the effective leverage of the ETNs during any given day may\nbe greater than or less than 3.0.” The Intraday Indicative Value may be useful as an approximation of what price an investor in\nthe ETNs would receive if the ETNs were to be redeemed or if they matured, each at the time of measurement. The Intraday Indicative Value\nmay be helpful to an investor in the ETNs when comparing it against the ETNs’ trading price on Cboe BZX and the most recently published\nlevel of the Index.

The Intraday Indicative Value calculation will\nbe provided for reference purposes only. It is not intended as a price or quotation, or as an offer to solicitation for the purpose, sale,\nor termination of your ETNs, nor will it reflect hedging or other transactional costs, credit considerations, market liquidity or bid-offer\nspreads. The levels of the Index provided by the Index Sponsor will not necessarily reflect the depth and liquidity of the Reference Fund.\nFor this reason and others, the actual trading price of the ETNs may be different from their indicative value. For additional information,\nplease see “Risk Factors—The Intraday Indicative Value and the Closing Indicative Value are not the same as the closing price\nor any other trading price of the ETNs in the secondary market” in this pricing supplement.

The calculation of the Intraday Indicative Value\nshall not constitute a recommendation or solicitation to conclude a transaction at the level stated, and should not be treated as giving\ninvestment advice.

The publication of the Intraday Indicative Value\nof the ETNs by ICE Data may occasionally be subject to delay or postponement. If the intraday Index value is delayed, then the Intraday\nIndicative Value of the ETNs will also be delayed. The actual trading price of the ETNs may be different from their Intraday Indicative\nValue.

PS-66

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

If you want to sell your ETNs but are unable to\nsatisfy the Minimum Redemption Amount, you may attempt to sell your ETNs into the secondary market at any time, subject to the risks described\nunder “Risk Factors—Risks Relating to Liquidity and the Secondary Market—There is no assurance that your ETNs will continue\nto be listed on a securities exchange, and they may not have an active trading market” and “—The value of the ETNs in\nthe secondary market may be influenced by many unpredictable factors.” Also, the price you may receive for the ETNs in the secondary\nmarket may differ from, and may be significantly less than, the Redemption Amount.

Neither the Index Sponsor nor any of its affiliates\nare affiliated with Bank of Montreal or BMOCM and do not approve, endorse, review or recommend Bank of Montreal, BMOCM or the ETNs.

ICE DATA AND ITS AFFILIATES AND SUPPLIERS DO\nNOT GUARANTEE THE CORRECTNESS OR COMPLETENESS OF THE ETNS, THEIR VALUES OR OTHER INFORMATION FURNISHED IN CONNECTION WITH THE ETNS. ICE\nDATA AND ITS AFFILIATES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY BMOCM, BANK OF MONTREAL, THE HOLDERS OF\nTHE ETNS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE ETNS, OR ANY DATE OR VALUES INCLUDED THEREIN OR IN CONNECTION THEREWITH. ICE\nDATA AND ITS AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR\nA PARTICULAR PURPOSE WITH RESPECT TO THE ETNS, OR ANY DATA OR VALUES INCLUDED THEREIN OR IN CONNECTION THEREWITH.

PS-67

ADDITIONAL TERMS\nOF THE ETNS

Calculation Agent

BMOCM will act as the Calculation Agent for each\nof the ETNs. The Calculation Agent will make all determinations relating to the ETNs, including the Index Performance Factor, the Closing\nIndex Level on any date of determination on which such Closing Index Level is to be determined during the term of the ETNs, the Intraday\nIndicative Value, the Closing Indicative Value, the Long Index Amount, the Financing Amount, the Daily Financing Charge, the Daily Investor\nFee, the Redemption Fee Amount, the Cash Settlement Amount, if any, that we will pay you at maturity, the Redemption Amount, if any, that\nwe will pay you upon early redemption, if applicable, and the Call Settlement Amount, if any, that we will pay you in the event that we\ncall the ETNs. The Calculation Agent will also be responsible for determining whether a Market Disruption Event or an Index Substitution\nEvent has occurred, whether any adjustment to the Index is appropriate and whether to increase the Spread. In making these determinations,\nBMOCM may be required to make discretionary judgments that may adversely affect any payments on the ETNs. In making these discretionary\njudgments, the fact that BMOCM is our affiliate may cause it to have economic interests that are adverse to your interests as an investor\nin the ETNs, and BMOCM’s determinations as Calculation Agent may adversely affect your return on the ETNs.

All determinations made by the Calculation Agent\nwill be at the sole discretion of the Calculation Agent and will, in the absence of manifest error, be conclusive for all purposes and\nbinding on you and on us. The holder of the ETNs will not be entitled to any compensation from us for any loss suffered as a result of\nany determinations or calculations made by the Calculation Agent. We may appoint a different Calculation Agent from time to time after\nthe date of this pricing supplement without your consent and without notifying you.

The Calculation Agent will provide written notice\nto the trustee at its New York office, on which notice the trustee may conclusively rely, of the amount to be paid at maturity or call,\nor upon early redemption, on or prior to 12:00 p.m., New York City time, on the Business Day immediately preceding the Maturity Date,\nany Redemption Date or any Call Settlement Date, as applicable.

All dollar amounts related to determination of\nthe applicable Closing Indicative Value, the Long Index Amount, the Financing Amount, the Daily Financing Charge, the Daily Investor Fee,\nthe Redemption Amount and Redemption Fee Amount, if any, per ETN, the Call Settlement Amount, if any, per ETN, and the Cash Settlement\nAmount, if any, per ETN, may be rounded as the Calculation Agent deems appropriate; and all dollar amounts paid on the aggregate principal\namount of the ETNs per holder will be rounded to the nearest cent, with one-half cent rounded upward.

PS-68

Market Disruption Events

A “Market Disruption Event”\nwith respect to the Index means the occurrence of any of the following events, in each case as determined by the Calculation Agent in\nits sole discretion:

(a)

a suspension, absence or limitation of trading in the shares of the Reference Fund for more than two hours or during the one hour\nbefore the close of trading on the Primary Exchange;

(b)

a suspension, absence or material limitation of trading in option or futures contracts relating to the Reference Fund on any Related\nExchange for more than two hours of trading or during the one hour before the close of trading in that market;

(c)

the closure on any Index Business Day of the Primary Exchange or any Related Exchange prior to its scheduled closing time unless the\nearlier closing time is announced by the Primary Exchange or such Related Exchange, as applicable, at least one hour prior to the earlier\nof (1) the actual closing time for the regular trading session on the Primary Exchange or such Related Exchange, as applicable, and (2)\nthe submission deadline for orders to be entered into the Primary Exchange or such Related Exchange, as applicable, system for execution\nat such actual closing time on that day;

(d)

the Index Sponsor fails to publish the official closing level of the Index on an Index Business Day, or the Calculation Agent reasonably\ndetermines that the published level of the Index on such Index Business Day is or may be inaccurate; or

(e)

any other event, if the Calculation Agent determines in its sole discretion that the event materially interferes with our ability\nor the ability of any of our affiliates to establish, adjust or unwind any portion of a hedge with respect to the ETNs that we or our\naffiliates have effected or may effect as described in the section entitled “Use of Proceeds and Hedging.”

For this purpose, an “absence of trading”\nin the shares of the Reference Fund on the Primary Exchange or in option or futures contracts relating to the Reference Fund on any Related\nExchange will not include any time when the Primary Exchange or such Related Exchange, as applicable, is itself closed for trading under\nordinary circumstances.

Notwithstanding the foregoing, the occurrence\nof an event set forth above will not constitute a Market Disruption Event if the Calculation Agent determines in its sole discretion that\nsuch event does not interfere with our ability or the ability of any of our affiliates to establish, adjust or unwind any portion of a\nhedge with respect to the ETNs that we or our affiliates have effected or may effect as described under “Use of Proceeds and Hedging”\nbelow.

Index Substitution Events

If the Calculation Agent determines that an Index\nSubstitution Event has occurred, the Calculation Agent may, but is not required to, in its sole discretion, select a successor or substitute\nindex that the Calculation Agent determines to be comparable to the Index (a “successor index”).

An “Index Substitution Event”\nmeans the Calculation Agent determines, in its sole discretion, that any of the following events has occurred and that such event warrants\nthe selection of a successor index or the use of an alternative computation methodology:

\n\n

(i)

the Index Sponsor discontinues publication of the Index;

PS-69

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

	(ii)		we are unable to obtain or maintain a license to use the Index in connection with the ETNs;

	(iii)		the Index Sponsor has made a material change to the Index that renders it inappropriate or undesirable to link the ETNs to the Index\n(including, but not limited to, a change to the Reference Fund tracked by the Index or the methodology of the Index);

	(iv)		the Index Sponsor has made a change to the Index that causes, or is reasonably expected to cause, the ETNs to fail to satisfy applicable\nexchange listing requirements;

	(v)		the Index Sponsor or other applicable entity calculates the level of the Index incorrectly;

	(vi)		the Reference Fund is liquidated, discontinued, delisted, terminated, or otherwise ceases to exist;

	(vii)		the Reference Fund Sponsor has made a material change to the Reference Fund that renders it inappropriate or undesirable for the Index\nto track the Reference Fund or for the ETNs to provide exposure to the Index, including, but not limited to, a material change to the\ninvestment objective, strategy, underlying index, holdings or policies of the Reference Fund;

	(viii)		whether due to the principal amount of the ETNs outstanding, the liquidity of the shares of the Reference Fund and/or any other relevant\nfactors, the trading of the ETNs or our hedging activities relating to the ETNs may have a significant impact on the market price and/or\nliquidity of the shares of the Reference Fund.

If the Calculation Agent determines that an Index\nSubstitution Event has occurred and selects a successor index, that successor index will be used as a substitute for the Index for all\npurposes, and the Calculation Agent may in its sole discretion adjust any variable described in this pricing supplement, including but\nnot limited to, any level (including but not limited to the intraday level of the Index, Closing Index Level, any level derived from the\nintraday level of the Index or Closing Index Level or any other relevant level on any date of determination) or any combination thereof\nor any other variable described in this pricing supplement. The Calculation Agent will make any such adjustment with a view to offsetting,\nto the extent practical, any difference in the relative levels of the original Index and the successor index at the time the original\nIndex is replaced by the successor index.

If the Calculation Agent determines that an Index\nSubstitution Event has occurred and does not select a successor index, the Calculation Agent may determine the level of the Index and\nthus the Closing Indicative Value, the Intraday Indicative Value, the Cash Settlement Amount, Redemption Amount or Call Settlement Amount,\nas applicable, by a computation methodology that the Calculation Agent determines to be appropriate under the circumstances, including,\nif practicable, a methodology that will as closely as reasonably possible replicate the Index.

PS-70

Notwithstanding these alternative arrangements,\nan Index Substitution Event may adversely affect the value of the ETNs.

Adjustments to the Index

If the Calculation Agent determines that the Index,\nthe Reference Fund or the method of calculating the Index is changed at any time in any respect, including whether the change is made\nby the Index Sponsor under its existing policies or following a modification of those policies, is due to the publication of a successor\nindex, is due to events affecting the Reference Fund or is due to any other reason and is not otherwise reflected in the level of the\nIndex by the Index Sponsor pursuant to the applicable methodology, then the Calculation Agent will be permitted (but not required) to\nmake such adjustments to the Index or the method of its calculation as it believes are appropriate to ensure that the Closing Index Level\nused to determine the Closing Indicative Value, the Intraday Indicative Value, the Cash Settlement Amount, Redemption Amount or Call Settlement\nAmount, as applicable, is equitable.

Consequences of a Market Disruption Event; Postponement of an Averaging\nDate

To the extent a Market Disruption Event has occurred\nor is continuing on an Averaging Date (as defined below), the Closing Indicative Value for such Averaging Date will be determined by the\nCalculation Agent or one of its affiliates on the first succeeding Index Business Day on which a Market Disruption Event does not occur\nor is not continuing (the “Deferred Averaging Date”) irrespective of whether, pursuant to such determination, the Deferred\nAveraging Date would fall on a date originally scheduled to be an Averaging Date. If the postponement described in the preceding sentence\nresults in the Closing Indicative Value being calculated on a day originally scheduled to be an Averaging Date, for purposes of determining\nthe Closing Indicative Values on the Index Business Days during the Final Measurement Period, Call Measurement Period or Redemption Measurement\nPeriod, as applicable, the Calculation Agent or one of its affiliates, as the case may be, will apply the Closing Indicative Value for\nsuch Deferred Averaging Date (i) on the date(s) of the original Market Disruption Event and (ii) such Averaging Date. For example, if\nthe Final Measurement Period, Call Measurement Period or Redemption Measurement Period, as applicable, for purposes of calculating the\nCash Settlement Amount, Call Settlement Amount or Redemption Amount, respectively, is based on the arithmetic mean of the Closing Indicative\nValues on June 23, June 24, June 25, June 26 and June 27, and there is a Market Disruption Event on June 23, but no other Market Disruption\nEvent during the Final Measurement Period, Call Measurement Period or Redemption Measurement Period, as applicable, then the Closing Indicative\nValue on June 24, will be used twice to calculate the Cash Settlement Amount or Call Settlement Amount, respectively, and such Cash Settlement\nAmount or Call Settlement Amount, as applicable, will be determined based on the arithmetic mean of the Closing Indicative Values on June\n24, June 24, June 25, June 26 and June 27.

In no event, however, will any postponement under\nthe two immediately preceding paragraphs result in the final Averaging Date occurring more than eight scheduled Index Business Days following\nthe day originally scheduled to be such final Averaging Date. If the eighth scheduled Index Business Day following the day originally\nscheduled to be the final Averaging Date is not an Index Business Day or a Market Disruption Event has occurred or is continuing on such\neighth scheduled Index Business Day, the Calculation Agent or one of its affiliates will determine the Closing Index Level to be used\nin the calculation of the Closing Indicative Value based on its good faith estimate of the Closing Index Level that would have prevailed\non such eighth scheduled Index Business Day but for such Market Disruption Event.

PS-71

An “Averaging Date” means each\nIndex Business Day during the Final Measurement Period, Call Measurement Period or Redemption Measurement Period, as applicable, subject\nto adjustment as described in this pricing supplement.

Postponement of a Payment Date

If any scheduled Payment Date (as defined below)\nis not a Business Day, the payment (if any) required to be made on the ETNs on such Payment Date will be made on the next succeeding Business\nDay. If the final Averaging Date during the Final Measurement Period, Call Measurement Period or Redemption Measurement Period, as applicable,\nis postponed, the relevant Payment Date will be the Business Day that follows such final Averaging Date by a number of Business Days equal\nto the number of Business Days between the originally scheduled final Averaging Date and the originally scheduled Payment Date.

If any Payment Date is postponed due to\na non-Business Day, a Market Disruption Event on the related final Averaging Date, or otherwise, the payment, if any, due on that Payment\nDate will be made on that Payment Date as so postponed with the same force and effect as if it had been made on the originally scheduled\nPayment Date, that is, with no additional amount accruing or payable as a result of the postponement.

For purposes of this section, a “Payment\nDate” means the Maturity Date, any Redemption Date, and any Call Settlement Date.

Events of Default and Acceleration

Under the heading “Description of Debt Securities—Modification\nand Waiver of the Debt Securities—Events of Default” in the accompanying prospectus is a description of events of default\nrelating to debt securities including the ETNs.

Payment upon an Event of Default

In case an event of default with respect to any\nof the ETNs shall have occurred and be continuing, the amount declared due and payable per ETN upon any acceleration of the ETNs will\nbe determined by the Calculation Agent and will be an amount in cash equal to the Cash Settlement Amount, calculated as if the date of\nacceleration were the Calculation Date.

If the maturity of the ETNs is accelerated because\nof an event of default as described above, we will, or will cause the Calculation Agent to, provide written notice to the trustee at its\nNew York office, on which notice the trustee may conclusively rely, and to DTC of the cash amount due with respect to the ETNs as promptly\nas possible and in no event later than two Business Days after the date of acceleration.

PS-72

Defeasance

The provisions described in the accompanying prospectus\nunder the heading “Description of Debt Securities—Modification and Waiver of the Debt Securities—Defeasance” are\nnot applicable to the ETNs.

Manner of Payment and Delivery

Any payment on or delivery of the ETNs at maturity\nor call, or upon early redemption, will be made to accounts designated by you in writing and approved by us, or at the corporate trust\noffice of the trustee in New York City, but only when the ETNs are surrendered to the trustee at that office. We also may make any payment\nor delivery in accordance with the applicable procedures of the depositary.

Clearance and Settlement

The DTC participants that hold the ETNs through\nDTC on behalf of investors will follow the settlement practices applicable to equity securities in DTC’s settlement system with\nrespect to the primary distribution of the ETNs and secondary market trading between DTC participants.

Split or Reverse Split of the ETNs

We or the Calculation Agent may initiate a split\nor reverse split of any issuance of the ETNs on any Index Business Day. If we or the Calculation Agent decides to initiate a split or\nreverse split, we will issue a notice to holders of the ETNs and a press release announcing the split or reverse split, specifying the\neffective date of the split or reverse split. The Calculation Agent will determine the ratio of such split or reverse split, as the case\nmay be, using relevant market indicia, and will adjust the terms of the ETNs accordingly. Any adjustment of the closing value will be\nrounded to 8 decimal places.

In the case of a reverse split, we reserve the\nright to address odd numbers of ETNs (commonly referred to as “partials”) in a manner determined by the Calculation\nAgent in its sole discretion, acting in good faith. For example, if the ETNs undergo a 1-for-4 reverse split, holders who own a number\nof the ETNs on the relevant record date that is not evenly divisible by 4 will receive the same treatment as all other holders for the\nmaximum number of ETNs they hold that is evenly divisible by 4, and we will have the right to compensate holders for their remaining or\n“partial” ETNs in a manner determined by the Calculation Agent in its sole discretion. Our current intention is to provide\nholders with a cash payment for their partials in an amount equal to the appropriate percentage of the Closing Indicative Value of the\nETNs on a specified Index Business Day following the announcement date.

A split or reverse split of the ETNs will not\naffect the aggregate stated principal amount of the ETNs held by an investor, other than to the extent of any “partial” ETNs,\nbut it will affect the number of ETNs an investor holds, the denominations used for trading purposes on the exchange and the trading price,\nand may affect the liquidity, of the ETNs on the exchange.

PS-73

USE OF PROCEEDS\nAND HEDGING

The net proceeds we receive from the sale of each\nof the ETNs will be used for general corporate purposes and, in part, by us or by one or more of our affiliates in connection with hedging\nour obligations under those ETNs.

We expect to enter into transactions to hedge\nour obligations under the ETNs. Such transactions may involve purchases or sales of the Reference Fund, the securities held by the Reference\nFund or financial instruments linked to the Index, the Reference Fund and/or the securities held by the Reference Fund prior to or on\nthe applicable Initial Issue Date. In addition, from time to time after we issue any ETNs, we may enter into additional hedging transactions\nor unwind those hedging transactions previously entered into. In this regard, we may:

acquire or dispose of or otherwise repurchase long or short positions in the Reference Fund or some or all of the securities held\nby the Reference Fund;

acquire or dispose of long or short positions in listed or over-the-counter options, futures, or other instruments linked to the Reference\nFund or some or all of the securities held by the Reference Fund;

acquire or dispose of long or short positions in listed or over-the-counter options, futures, or other instruments linked to the level\nof the Index or other similar market indices; or

engage in any combination of the above activities.

We or our affiliates may acquire a long or short\nposition in securities similar to the ETNs from time to time and may, in our sole discretion, hold or resell those securities.

We may close out our hedge positions on or before\nthe last Index Business Day in the applicable Final Measurement Period or Call Measurement Period. That step may involve sales or purchases\nof the Reference Fund, the securities held by the Reference Fund, listed or over-the-counter options or futures on the Reference Fund\nor the securities held by the Reference Fund or listed or over-the-counter options, futures, or other instruments linked to the level\nof the Index, as well as other instruments designed to track the performance of that Index.

PS-74

While we cannot predict an outcome, any of these hedging activities\nor other trading activities of ours could potentially decrease the level of the Index, which could adversely affect your payment at maturity,\ncall or upon early redemption. It is possible that these hedging or trading activities could result in substantial returns for us or our\naffiliates while the value of the ETNs declines. See “Risk Factors—Risks Relating to Conflicts of Interest and Hedging—We\nor our affiliates may have economic interests that are adverse to those of the holders of the ETNs as a result of our hedging and other\ntrading activities” above.

We have no obligation to engage in any manner\nof hedging activity and will do so solely at our discretion and for our own account. We may hedge our exposure on the ETNs directly or\nwe may aggregate this exposure with other positions taken by us and our affiliates with respect to our exposure to the Index, the Reference\nFund or one or more of the securities held by the Reference Fund. No noteholder will have any rights or interest in our hedging activity\nor any positions that we or any unaffiliated counterparties may take in connection with our hedging activity.

PS-75

THE INDEX

We obtained all information contained in this\npricing supplement regarding the Index, including, without limitation, its composition, method of calculation, and maintenance, from publicly\navailable information. That information reflects the policies of, and is subject to change by, VettaFi, the Index Sponsor. The Index Sponsor\nhas no obligation to continue to publish, and may discontinue publication of, the Index at any time. Neither we nor any agent has independently\nverified the accuracy or completeness of any information with respect to the Index in connection with the offer and sale of the ETNs.

In addition, information about the Index may be\nobtained from other sources including, but not limited to, the Index Sponsor’s website. We are not incorporating by reference into\nthis pricing supplement the website or any material it includes. Neither we nor any agent makes any representation that such publicly\navailable information regarding the Index is accurate or complete.

The Index is calculated and published by VettaFi\nand is reported by Bloomberg under the ticker symbol “BRAZIL.”

General

The Index is a total return index that tracks\nthe performance of the iShares^® MSCI Brazil ETF (the “Reference Fund”). The Index is designed to provide\nexposure to the performance of the large- and mid-capitalization segments of the equity market in Brazil through a single fund-tracking\nvehicle.

The Reference Fund is an exchange-traded fund\nthat seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Brazil\n25/50 Index (the “Target Index”), an equity index that is designed to measure the performance of the large- and mid-capitalization\nsegments of the equity market in Brazil. For more information about the Reference Fund and the Target Index, see “—The Reference\nFund” and “—The Target Index” below.

The Index was launched on July 13, 2026 with a base index value of\n1,000 as of September 29, 2000. The Index has extremely limited actual performance history and does not have sufficient data upon which\nto evaluate performance over various economic cycles. See “Risk Factors—Risks Relating to the Index—The Index has an\nextremely limited operating history and may perform in unanticipated ways.”

Index Construction and Universe

The Index universe consists of the iShares^®\nMSCI Brazil ETF. Until further modification by the Index Committee, the iShares^® MSCI Brazil ETF is the sole constituent\nof the Index.

Rebalancing and Reconstitution

The Index is rebalanced and reconstituted quarterly,\nat the close of trading on the third Friday of each calendar quarter, or, if such third Friday is a market holiday, at the close of trading\non the preceding trading day. The Index consists of a single constituent with a target weight of 100%, which remains fixed between quarterly\nrebalance and reconstitution dates.

PS-76

Index Calculation and Dividend Treatment

The Index is calculated using a Laspeyres formula\nand is based on the official closing price of the Reference Fund on its primary exchange. As a total return index, the Index level reflects\nthe reinvestment of all ordinary cash dividends and distributions paid by the Reference Fund. In accordance with the Index Sponsor’s\nmethodology, these dividend payments are recognized on the day after the stated ex-dividend date and are reinvested in the Index on a\nproportional basis.

Index Maintenance and Corporate Actions \t

In addition to the quarterly review, the Index\nis reviewed by the Index Sponsor on an ongoing basis. Changes in index composition and related weight adjustments may be necessary whenever\nthere are extraordinary events such as liquidations, conversions, delistings, bankruptcies, mergers or takeovers involving the Reference\nFund. In these cases, each event will be addressed on its effective date. Whenever possible, these changes will be announced at least\ntwo business days prior to their implementation date.

For corporate actions affecting the Reference\nFund, including, but not limited to, stock splits and reverse stock splits, the Index Sponsor will apply its Index Maintenance Policy.\nThis may involve adjustments to the Index divisor or the constituent share count to ensure the continuity of the Index level and to prevent\nartificial price changes from affecting the Index’s performance.

Governance and Expert Judgment

The Index is governed by a VettaFi Index Committee\n(the “Index Committee”) for the purpose of meeting the goals of the Index. The Index Committee has the authority to\nmake determinations regarding the Index’s composition and calculation. In accordance with the Index Sponsor’s policies, the\nIndex Committee may exercise expert judgment—including decisions not otherwise found in the Index methodology—during periods\nof market stress, data unavailability, or unexpected exchange closures, provided such actions are taken in the best interest of the Index.

Further information about the maintenance and\ngovernance of the Index may be obtained from other sources including, but not limited to, the Index sponsor’s website. We are not\nincorporating by reference into this pricing supplement the website or any material it includes. Neither we nor any agent makes any representation\nthat such publicly available information regarding the Index is accurate or complete.

License Agreement

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

PS-77

MicroSectors^TM is a registered trademark\nof REX Shares, LLC. The VettaFi Brazil Equity Fund-Tracking Index is a service mark of VettaFi LLC (“VettaFi”). We\nhave entered into a sub-license agreement with REX Shares, LLC (“REX” or the “Structuring Agent”),\nin exchange for a fee, which licenses the Index from VettaFi. The license agreement with the Structuring Agent also provides for the use\nof certain trade names, trademarks and service marks. We have also entered into a services agreement with REX to provide certain services\nrelated to product design, content generation and document dissemination, in exchange for a periodic fee.

The ETNs 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 ETNs or any member of the public regarding the advisability of investing in securities generally\nor in the ETNs particularly or in the ability of the ETNs 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 ETNs to be issued\nor in the determination or calculation of the equation by which the ETNs will be converted into cash. VettaFi has no obligation or liability\nin connection with the administration, marketing or trading of the ETNs.

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.

Hypothetical Back-Tested and Historical Index Information
\n
\n

This section contains historical\nand hypothetical back-tested information about the performance of the Index. The Index was launched on July 13, 2026. Because the Index\ndid not exist prior to that date, all information included below about the performance of the Index prior to July 13, 2026 is hypothetical\nand back-tested. The hypothetical back-tested data for the Index was prepared by the Index Sponsor, and we obtained such data from\nBloomberg, without independent verification. You should understand that hypothetical back-tested Index performance information is subject\nto significant limitations, in addition to the fact that past performance is never a guarantee of future performance.

The hypothetical back-tested\nvalues have not been verified by an independent third party. Back-tested, hypothetical results have inherent limitations. These back-tested\nresults are achieved by means of a retroactive application of a back-tested model designed with the benefit of hindsight. No representation\nis made that an investment linked to the Index will or is likely to achieve returns similar to those shown. Alternative modelling techniques\nor assumptions would produce different hypothetical back-tested information that might prove to be more appropriate and that might differ\nsignificantly from the hypothetical back-tested information herein. Actual results will vary, perhaps materially, from the analysis implied\nin the hypothetical back-tested information that forms part of the information. See “Risk Factors—Risks Relating to the Index—Hypothetical\nback-tested Index performance information is subject to significant limitations.”

PS-78

The graph below sets forth the back-tested hypothetical daily Closing\nIndex Levels from January 4, 2021 to July 13, 2026 and the actual historical daily Closing Index Levels from July 13, 2026 to October\n26, 2026. The Closing Index Level on October 26, 2026 was 4,909.72. The hypothetical back-tested and historical performance of the\nIndex should not be taken as an indication of the future performance of the Index.

$\"\"$

HISTORICAL RESULTS ARE NOT INDICATIVE OF FUTURE\nRESULTS.

PS-79

The Reference Fund

The iShares^® MSCI Brazil ETF (the “Reference\nFund”) is issued by iShares^® Inc., a registered investment company. The Reference Fund seeks investment results\nthat correspond generally to the price and yield performance, before expenses, of the MSCI Brazil 25/50 Index (the “Target Index”),\nan equity index that is designed to measure the performance of the large- and mid-capitalization segments of the equity market in Brazil.\nThe Reference Fund tracks the U.S. dollar net return version of the MSCI Brazil 25/50 Index. BlackRock Fund Advisors serves as the investment\nadviser to the Reference Fund. We refer to BlackRock Fund Advisors as the “Reference Fund Sponsor.”

The Reference Fund Sponsor is required to file\ninformation specified by the Securities and Exchange Commission (the “SEC”) periodically. Information provided to or\nfiled with the SEC under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, can be\nlocated by reference to SEC file numbers 033-97598 and 811-09102 and can be inspected through the SEC’s website at www.sec.gov.\nIn addition, information may be obtained from other sources including, but not limited to, press releases, newspaper articles and other\npublicly disseminated documents. None of such publicly available information is incorporated by reference into this pricing supplement.\nThe Reference Fund is listed on the NYSE Arca, Inc. under the ticker symbol “EWZ.” For more information about the Target Index,\nsee “—The Target Index” below.

The ETNs are not sponsored, endorsed, sold\nor promoted by the Reference Fund, the Reference Fund Sponsor or iShares^® Inc. The Reference Fund, the Reference Fund Sponsor\nand iShares^® Inc. do not make any representations or warranties to the holders of the ETNs or any member of the public\nregarding the advisability of investing in the ETNs. The Reference Fund, the Reference Fund Sponsor and iShares^® Inc. will\nhave no obligation or liability in connection with the registration, operation, marketing, trading or sale of the ETNs or in connection\nwith BMO’s use of information about the Reference Fund.

PS-80

The Target Index

We obtained all information contained in this\npricing supplement regarding the Target Index and the MSCI Brazil Index, including, without limitation, their make-up, method of calculation\nand changes in their components, from publicly available information. That information reflects the policies of, and is subject to change\nby, MSCI Inc. (the “Target Index Sponsor” or “MSCI”). The Target Index Sponsor has no obligation\nto continue to publish, and may discontinue publication of, the Target Index and/or the MSCI Brazil Index at any time. Neither we nor\nany agent has independently verified the accuracy or completeness of any information with respect to the Target Index or the MSCI Brazil\nIndex in connection with the offer and sale of the ETNs.

In addition, information about the Target Index\nand the MSCI Brazil Index may be obtained from other sources including, but not limited to, the Target Index Sponsor’s website.\nWe are 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 Target Index is accurate or complete.

The Target Index is calculated and published by\nMSCI.

General

The Target Index is designed to measure the performance\nof the large- and mid-cap segments of the Brazilian equity market. It applies certain investment limits that are imposed on regulated\ninvestment companies (“RICs”) under the current U.S. Internal Revenue Code. The Target Index covers approximately 85%\nof the free float-adjusted market capitalization in Brazil. The Target Index is an index created by applying the weight constraints described\nbelow to the MSCI Brazil Index, its parent index.

The MSCI Brazil Index is one of the country indices\nthat are part of the MSCI Global Investable Market Indices, the methodology of which is discussed below under “The MSCI Brazil Index.”

Objectives and Guiding Principles Underlying the Target Index

Under current regulations, a fund needs to satisfy\ncertain tests, such as those relating to asset diversification and sources of income, for qualification as a RIC. More specifically, one\nrequirement of a RIC is that, at the end of each quarter of a RIC’s tax year, no more than 25% of the value of the RIC’s assets\nmay be invested in a single issuer and the sum of the weights of all issuers representing more than 5% of the fund should not exceed 50%\nof the fund’s total assets. The Target Index takes into account these investment limits, aiming to offer a benchmarking alternative\nfor RIC-compliant funds.

The following principles have guided MSCI in designing\na methodology for constructing the Target Index from underlying non-constrained indices.

Reflecting the 25% and 50% concentration constraints. Reflecting\nthe 25% and 50% concentration constraints is the primary consideration in terms of both index construction and index maintenance. Ensuring\ntimely and on-going reflection of the constraints requires the Target Index to be rebalanced periodically. The Target Index is rebalanced\nin February, May, August and November.

PS-81

Minimizing tracking error to the parent index. Minimizing\nthe tracking error between the Target Index and its parent index, while keeping the index turnover to a reasonable level, is another important\nobjective. MSCI seeks to achieve this by rebalancing the Target Index using an optimization process that aims to minimize the constituent\nweight differences between the Target Index and its parent index.

Constructing and Rebalancing the Target Index

The Target Index methodology follows a portfolio\noptimization framework. The “Barra Optimizer” is utilized to perform the optimization function, which is aimed at minimizing\nindex turnover, tracking error and extreme deviation from its parent index. The Barra Optimizer is an algorithm designed to facilitate\nthe portfolio construction process.

Constraint targets. The Target Index\nis subject to the following constraints:

no issuer may exceed 25% of index weight; and

all issuers with weight above 5% may not exceed 50% of the index weight.

Minimizing tracking error from the parent index. The\nMSCI 25/50 Indices methodology aims at minimizing the tracking error from the relevant pro forma parent index. The tracking error of the\nTarget Index versus its parent index is measured as the sum of the squared weight differences between the constituent weights of the Target\nIndex and its parent index.

Minimizing transaction cost. A transaction\ncost is applied as a proxy for index turnover on rebalancing from the current Target Index to the pro forma Target Index.

Minimum weight of constituents. The\nminimum weight of any Target Index constituent is equal to the weight of the smallest constituent in the relevant pro forma parent index.

Maximum weight of constituents. In\norder to avoid excess weight allocation to the smaller securities relative to their market cap weight, the maximum weight of any Target\nIndex constituent is capped at four times its weight in the relevant pro forma parent index. The constraint is relaxed in steps of one\nin case of infeasibilities. For certain narrow parent indices, the standard maximum weight constraint parameters might lead to an infeasible\nsolution. In such cases, MSCI may apply relaxed constraints relative to the standard set of constraints.

Buffer Rules

A buffer of 10% of the value of each constraint\nis used in order to reduce the risk of non-compliance due to short-term market movements between two quarterly rebalancings. As a result,\nat the point of constructing or rebalancing the Target Index, the weight of any single issuer cannot exceed 22.5% of the index weight\nand all issuers with weight above 4.5% cannot exceed 45% of the index weight.

PS-82

Maintenance Rules

Quarterly index reviews. The Target Index\nis rebalanced quarterly and the changes resulting from the rebalancing are made as of the close of the last business day of each February,\nMay, August and November, to coincide with the quarterly index reviews of their parent indices.

The Target Index is in general rebalanced nine\nbusiness days before the effective date. The changes resulting from the rebalancing are announced on the same day.

In case the pro forma Target Index violates the\n25/50 constraints between the announcement date and the effective date, the previously announced results will be discarded and a newly\nrebalanced Target Index will be announced.

There is no index rebalancing due to non-compliance\nbetween quarterly index reviews.

At each rebalancing, a constraint factor is calculated\nfor each constituent of the Target Index. The constraint factor is defined as the weight in the Target Index at the time of the rebalancing\ndivided by the weight in its parent index. The constraint factor as well as the constituents of the Target Index remain constant between\nindex reviews except in case of corporate events.

Ongoing Event Related Changes. The\naddition of a newly eligible security in a parent index—for example, an early inclusion of a large initial public offering, or a\nsecurity migrating to that parent index from another size segment—will result in the inclusion of that security in the Target Index\nand consequently trigger the full rebalancing of the Target Index.

In the event of a merger or an acquisition where\nan index constituent acquires another index constituent or merges with another index constituent, the remaining company is maintained\nin the Target Index with a constraint factor calculated as the weighted average of the constraint factors before the corporate event.

If a spun-off security of an index constituent\nis added to a parent index, it will be added to the Target Index with the same constraint factor as the parent security.

The deletion of a constituent from a parent index\nfollowing a corporate event triggers its deletion from the Target Index without rebalancing of the Target Index.

Issuer Concentration Issues

A minimum of 15 issuers in the parent index is\nrequired at any point in time for the Target Index to be rebalanced as described above. In the event the number of issuers drops below\n15 but remains above 11 following a corporate event or a regular index review, MSCI will apply the following adjustments:

Number of issuers drops to 14: the buffer mentioned above will be reduced from 10% to 9%. Thus, the weight of any single issuer cannot\nexceed 22.75% of the index weight and all issuers with weight above 4.55% cannot exceed 45.5% of the index weight.

PS-83

Number of issuers drops to 13: the buffer mentioned above will be reduced from 10% to 4%. Thus, the weight of any single issuer cannot\nexceed 24% of the index weight and all issuers with weight above 4.8% cannot exceed 48% of the index weight.

Number of issuers drops to 12: the buffer mentioned above will be reduced from 10% to 0%. Thus, the weight of any single issuer cannot\nexceed 25% of the index weight and all issuers with weight above 5% cannot exceed 50% of the index weight.

The Target Index will need to be discontinued\nif the number of issuers drops below 12 as mathematically no solution can satisfy the 25% and 50% constraints. MSCI will however temporarily\nmaintain the Target Index for a minimum of two months before discontinuation by adding the necessary number of securities to the Target\nIndex. The index discontinuation will coincide with one of the subsequent regular index reviews. The securities to be added will be chosen\nin the following order of priority:

Securities deleted from the Target Index, provided they exhibit required liquidity and were not deleted due to financial\ndifficulties, etc.

Eligible securities of relevant size not included in the parent index (e.g., largest small cap size-segment securities).

In the event that no securities are eligible for\ntemporary addition to the Target Index, MSCI will provide an index, as close as possible to the 25/50 constraints, for a minimum of two\nmonths before discontinuation. The index discontinuation will coincide with one of the subsequent regular index reviews.

The MSCI Brazil Index

The MSCI Brazil Index is\na free float-adjusted market capitalization index compiled by MSCI that is designed to measure equity market performance in Brazil. The\nMSCI Brazil Index is calculated in U.S. dollars, is an MSCI International Index and is part of the MSCI Global Investable Market Indices,\nthe methodology of which is discussed below. For purposes of the below methodology, the MSCI Brazil Index is classified as an emerging\nmarket index. In addition, the MSCI Brazil Index is considered a “standard” index, which means it consists of eligible large-\nand mid-capitalization stocks, as determined by MSCI.

Constructing the MSCI Indices

The MSCI Indices are constructed\nand maintained at an individual market level. MSCI undertakes an index construction process, which involves: (i) defining the equity universe\nfor each market; (ii) determining the market investable equity universe for each market; (iii) determining market capitalization size\nsegments for each market; (iv) applying index continuity rules for the Standard Index; and (v) classifying securities under the Global\nIndustry Classification Standard (the “GICS^®”).

Defining the Equity Universe

(i)

Identifying Eligible Equity Securities: All listed equity securities, including real estate investment\ntrusts (“REITs”) and certain income trusts in Canada, are eligible for inclusion in the equity universe. Preferred\nshares that exhibit characteristics of equity securities and stapled securities each of the underlying components of which exhibit characteristics\nof equity securities are also eligible for inclusion in the equity universe. Limited partnerships, limited liability companies and business\ntrusts, which are listed in the United States and are not structured to be taxed as limited partnerships, are likewise eligible for inclusion\nin the equity universe. Conversely, mutual funds, exchange-traded funds (“ETFs”), equity derivatives and most investment\ntrusts are not eligible for inclusion in the equity universe.

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(ii)

Country Classification of Eligible Securities: The equity universe initially looks at securities listed\nin any of the countries in the MSCI Global Index Series, which will be classified into market categories, including Developed Markets\n(“DM”) and Emerging Markets (“EM”). Each company and its securities (i.e., share classes) are classified\nin one and only one country, which allows for a distinctive sorting of each company by its respective country.

Determining the Market\nInvestable Equity Universes

A market investable equity\nuniverse for a market is derived by (i) identifying eligible listings for each security in the equity universe; and (ii) applying investability\nscreens to individual companies and securities in the equity universe that are classified in that market. A market is equivalent to a\nsingle country, except in DM Europe, where all DM countries in Europe are aggregated into a single market for index construction purposes.\nSubsequently, individual DM Europe country indices within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index\nunder the global investable market indices methodology.

The global investable equity\nuniverse is the aggregation of all market investable equity universes.

(i)

Identifying Eligible Listings: A security may have a listing that trades in the country where it is classified\n(a “local listing”) and/or a listing that trades in a different country (a “foreign listing”). A\nsecurity may be represented by either a local listing or a foreign listing (including a depositary receipt) in the global investable equity\nuniverse as determined by MSCI. A security may be represented by a foreign listing only if the security is classified in a country that\nmeets certain foreign listing materiality requirements, and the security’s foreign listing is traded on an eligible stock exchange\nof a DM country if the security is classified in a DM country or, if the security is classified in an EM country, an eligible stock exchange\nof a DM country or an EM country.

(ii)

Applying Investability Screens: Some of the investability requirements are applied at the individual security\nlevel and some at the overall company level, represented by the aggregation of individual securities of the company. As such, the inclusion\nor exclusion of one security does not imply the automatic inclusion or exclusion of other securities of the same company.

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The investability screens\nused to determine the investable equity universe in each market are as follows:

(a)

Equity Universe Minimum Size Requirement: This investability screen is applied at the company level. In\norder to be included in a market investable equity universe, a company must have the required minimum full market capitalization. A company\nwill meet this requirement if its cumulative free float-adjusted market capitalization is within the top 99% of the equity universe sorted\nin descending order by full market capitalization.

(b)

Equity Universe Minimum Free Float-Adjusted Market Capitalization Requirement: This investability screen\nis applied at the individual security level. To be eligible for inclusion in a market investable equity universe, a security must have\na free float-adjusted market capitalization equal to or higher than 50% of the equity universe minimum size requirement.

(c)

DM and EM Minimum Liquidity Requirement: This investability screen is applied at the individual security\nlevel. To be eligible for inclusion in a market investable equity universe, a security must have adequate liquidity as measured by the\nannualized traded value ratio (“ATVR”) and the frequency of trading. In addition to the ATVR and frequency of trading\nrequirements, securities in the MSCI China equity universe will not be eligible for inclusion in the market investable equity universe\nif the securities are suspended on the price cutoff date of the index review or have been suspended for 50 consecutive business days or\nmore in the past 12 months.

Only one listing per security may be\nincluded in the market investable equity universe. In instances when a security has two or more eligible listings that meet the above\nliquidity requirements, then the following priority rules are used to determine which listing will be used for potential inclusion of\nthe security in the market investable equity universe: (i) local listing; (ii) foreign listing in the same geographical region; and (iii)\nforeign listing in a different geographical region.

Due to liquidity concerns relating\nto securities trading at very high stock prices, a security with a stock price above $10,000 will fail the liquidity screening and will\nnot be included in any market investable equity universe. This limitation applies only for securities that are not currently constituents\nof the MSCI Global Investable Market Indices. Current constituents of the MSCI Global Investable Market Indices will remain in their respective\nindices even if their stock price passes $10,000.

(d)

Global Minimum Foreign Inclusion Factor Requirement: This investability screen is applied at the individual\nsecurity level. To be eligible for inclusion in a market investable equity universe, a security’s foreign inclusion factor (“FIF”)\nmust reach a certain threshold. The FIF of a security is defined as the proportion of shares outstanding that is available for purchase\nin the public equity markets by international investors. This proportion accounts for the available free float of and/or the foreign ownership\nlimits applicable to a specific security (or company). In general, a security must have an FIF equal to or larger than 0.15 to be eligible\nfor inclusion in a market investable equity universe. Exceptions to this general rule are made only in the limited cases where the exclusion\nof securities of a very large company would compromise the Standard Index’s ability to fully and fairly represent the characteristics\nof the underlying market.

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(e)

Minimum Length of Trading Requirement: This investability screen is applied at the individual security\nlevel. For an initial public offering (“IPO”) to be eligible for inclusion in a market investable equity universe,\nthe new issue must have started trading at least three months before the implementation of a semi-annual index review. This requirement\nis applicable to small new issues in all markets. Large IPOs and large primary / secondary offerings of non-index constituents are not\nsubject to the minimum length of trading requirement and may be included in a market investable equity universe and the Standard Index\noutside of a quarterly or semi-annual index review.

(f)

Minimum Foreign Room Requirement: This investability screen is applied at the individual security level.\nFor a security that is subject to a foreign ownership limit to be eligible for inclusion in a market investable equity universe, the proportion\nof shares still available to foreign investors relative to the maximum allowed must be at least 15%.

(g)

Financial Reporting Requirement: This investability screen is applied at the company level. Companies\nclassified to the United States must file a Form 10-K/10-Q to be eligible for inclusion in the United States investable equity universe.

Defining Market Capitalization\nSize Segments for Each Market

Once a market investable\nequity universe is defined, it is segmented into the following size–based indices (the “Size Segment Indices”),\nwith the following free float-adjusted market capitalization market coverage target ranges:

Investable Market Index (Large + Mid + Small): 99% +1% or -0.5%

Standard Index (Large + Mid): 85% ± 5%

Large Cap Index: 70% ± 5%

Mid Cap Index: The Mid Cap Index market coverage in each market is derived as the difference between the\nmarket coverage of the Standard Index and the Large Cap Index in that market.

Small Cap Index: The Small Cap Index market coverage in each market is derived as the difference between\nthe free float-adjusted market capitalization coverage of the Investable Market Index and the Standard Index in that market.

Creating the Size Segment\nIndices in each market involves the following steps: (i) defining the market coverage target range for each size segment; (ii) determining\nthe global minimum size range for each size segment; (iii) determining the market size segment cutoffs and associated segment number\nof companies; (iv) assigning companies to the size segments; and (v) applying final size-segment investability requirements\n(which includes minimum free-float market capitalization requirements, minimum foreign room requirements, and exclusions for securities\nthat exhibit extreme price increases).

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Index Continuity Rules\nfor the Standard Indices

In order to achieve index\ncontinuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction\nrules, a minimum number of five constituents will be maintained for a DM Standard Index and a minimum number of three constituents will\nbe maintained for an EM Standard Index.

If after the application\nof the index construction methodology a Standard Index contains fewer than five securities in a DM or three securities in an EM, then\nthe largest securities by free float-adjusted market capitalization among the securities included in the market investable equity universe\nare added to the Standard Index in order to reach five constituents in that DM or three in that EM. At subsequent index reviews, if the\nminimum number of securities described above is not met, then after the market investable equity universe is identified, the securities\nare ranked by free float-adjusted market capitalization, however, in order to increase stability the free float-adjusted market capitalization\nof the existing index constituents (prior to review) is multiplied by 1.5, and securities are added until the desired minimum number of\nsecurities is reached.

Classifying Securities\nunder the Global Industry Classification Standard

All securities in the global\ninvestable equity universe are assigned to the industry that best describes their business activities. To this end, MSCI has designed,\nin conjunction with S&P Dow Jones Indices, the GICS^®. The GICS^® entails four levels of classification:\n(i) sector; (ii) industry groups; (iii) industries; and (iv) sub–industries. Under the GICS^®, each company is assigned\nuniquely to one sub–industry according to its principal business activity. Therefore, a company can belong to only one industry\ngrouping at each of the four levels of the GICS^®. The GICS^® classification of each security is used by MSCI\nto construct additional indices.

Constructing and Calculating\nthe Individual Indices

After companies are allocated\nto their respective size segments and securities are reviewed for complying with the final size segment requirements, the final list of\nconstituents for each Market Size Segment Index is determined. The MSCI Investable Market Indices are composed of the MSCI Standard Indices\nand the MSCI Small Cap Indices. The MSCI Standard Indices are further subdivided into the MSCI Large Cap and the MSCI Mid Cap Indices.\nTwo or more Market Indices can be combined to form Composite Indices. Market Indices can be grouped either on the basis of market classification\ndefinition, geographical regions, economic regions or other criteria.

Calculation of the MSCI Indices

The MSCI Indices are calculated\nusing the Laspeyres’ concept of a weighted arithmetic average together with the concept of chain-linking. As a general principle,\ntoday’s index level is obtained by applying the change in the market performance to the previous period index levels.

Maintenance of the MSCI Indices

In order to maintain the\nrepresentativeness of the MSCI Indices, MSCI may make structural changes to the MSCI Indices as a whole by adding or deleting component\ncountry indices. In particular, MSCI may add additional component country indices to the MSCI Indices or subtract one or more of its current\ncomponent country indices prior to the maturity of the securities. Currently, such changes in the MSCI Indices may generally only be made\non four dates throughout the year: after the close of the last business day of each February, May, August and November.

PS-88

Each component country index\nis maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking\nto achieve index continuity, continuous investability of constituents and replicability of such index, and index stability and low index\nturnover. The maintenance of the component country indices is reflected in the MSCI Indices.

In particular, index maintenance\ninvolves quarterly index reviews in February, May, August and November, which include: updating the indices on the basis of a fully refreshed\nequity universe; taking buffer rules into consideration for migration of securities across size and style segments; and updating FIFs\nand number of shares (“NOS”).

Corporate Events

In addition, ongoing event-related\nchanges to the MSCI Indices are made as the result of mergers, acquisitions, spin-offs, suspensions, delistings, bankruptcies, reorganizations\nand other similar corporate events. They can also result from capital reorganizations in the form of rights issues, bonus issues, public\nplacements and other similar corporate actions that take place on a continuing basis. Changes resulting from corporate events involve\nmany aspects, including additions, deletions, changes in NOS, changes in industry classification and changes in foreign inclusion factors\nand/or domestic inclusion factors as a result of updated free float estimates. These changes generally are reflected in the MSCI Indices\nat the time of the event. In addition, changes in NOS are consistently coordinated with changes in foreign inclusion factors and/or domestic\ninclusion factors to attempt to accurately reflect the investability of the underlying securities. Changes resulting from corporate events\nthat could not be implemented on or near the effective dates and where no price adjustment factor is necessary, such as private placements\nand secondary offerings, are implemented at the following regularly scheduled index review. IPOs that are significant in size and meet\nthe MSCI inclusion criteria may be considered for early inclusion in the Standard Index. If the decision is made to include an IPO early,\nthe inclusion is effective after the close of the security’s tenth day of trading.

Further information about\nthe MSCI corporate events methodology may be obtained from other sources including, but not limited to, the MSCI Indices sponsor’s\nwebsite. We are not incorporating by reference into this pricing supplement the website or any material it includes. Neither we nor any\nagent makes any representation that such publicly available information regarding the MSCI Indices is accurate or complete.

PS-89

SUPPLEMENTAL TAX\nCONSIDERATIONS

The following is a general description of certain\ntax considerations relating to the ETNs. It does not purport to be a complete analysis of all tax considerations relating to the ETNs.\nProspective purchasers of the ETNs should consult their tax advisers as to the consequences under the tax laws of the country of which\nthey are resident for tax purposes and the tax laws of Canada and the U.S. of acquiring, holding and disposing of the ETNs and receiving\npayments under the ETNs. This summary is based upon the law as in effect on the date of this pricing supplement and is subject to any\nchange 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 ETNs offered by this pricing supplement, and who, at all relevant times, for\npurposes of the Income Tax Act (Canada) and the Income Tax Regulations (collectively, the “Tax Act”), (1) is not, and\nis not deemed to be, resident in Canada; (2) deals at arm’s length with us and with any transferee resident (or deemed to be resident)\nin Canada to whom the purchaser disposes of ETNs, (3) is not affiliated with us, (4) does not receive any payment of interest on an ETN\nin respect of 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\nor hold ETNs in a business carried on in Canada and (6) is not a “specified shareholder” of ours as defined in the Tax Act\nfor this purpose or a non-resident person not dealing at arm’s length with such “specified shareholder” (a “Holder”).\nSpecial rules, which are not discussed in this summary, may apply to a non-Canadian holder that is an insurer that carries on an insurance\nbusiness in Canada and elsewhere.

This summary does not address the possible application\nof the “hybrid mismatch arrangement” rules contained in the Tax Act (the “Hybrid Mismatch Rules”) to a\nHolder (i) that disposes of an ETN to a person or entity with which it does not deal at arm’s length or to an entity that is a “specified\nentity” with respect to the Holder or in respect of which the Holder is a “specified entity,” (ii) that disposes of\nan ETN under, or in connection with, a “structured arrangement”, or (iii) in respect of which we are a “specified entity”\n(as such 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\nof the Tax Act and on counsel’s understanding of the current administrative policies and assessing practices of the Canada Revenue\nAgency published in writing prior to the date hereof. This summary takes into account all specific proposals to amend the Tax Act publicly\nannounced by or on behalf of the Minister of Finance (Canada) prior to the date of this pricing supplement other than the proposed amendments\nto the Hybrid Mismatch Rules released for consultation on July 23, 2026 (the “Proposed Amendments”) and assumes that\nall Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be\nenacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy\nor assessing practice whether by legislative, administrative or judicial action nor does it take into account tax legislation or considerations\nof any province, territory or foreign jurisdiction, which may differ from those discussed herein.

PS-90

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

Interest paid or credited or deemed for purposes\nof the Tax Act to be paid or credited on an ETN (including amounts on account of, or in lieu of payment of, or in satisfaction of interest,\nany amount paid at maturity in excess of the principal amount and interest deemed to be paid on an ETN in certain cases where a note is\nredeemed in whole or in part, cancelled, repurchased or purchased by us or any other person resident or deemed to be resident in Canada\nfrom a Holder or is otherwise assigned or transferred by a Holder to us or any other resident or deemed resident of Canada, other than\na note which is an “excluded obligation”, as defined in the Tax Act for this purposes) to a Holder generally will not\nbe subject to Canadian non-resident withholding tax, unless any portion of such interest (other than on a “prescribed obligation,”\nas defined in the Tax Act for this purpose) is contingent or dependent on the use of or production from property in Canada or is computed\nby reference to revenue, profit, cash flow, commodity price or any other similar criterion or by reference to dividends paid or payable\nto shareholders of any class or series of shares of the capital stock of a corporation (“participating debt interest”).\nThe administrative policy of the Canada Revenue Agency is that interest paid on a debt obligation is generally not participating debt\ninterest unless, in general, it is reasonable to consider that there is a material connection between the index or formula to which any\namount payable under the debt obligation is calculated and the profits of the issuer. With respect to any interest or deemed interest\non an ETN, including any portion of the principal amount of an ETN in excess of the issue price, such interest or deemed interest, as\nthe case may be, paid or credited to a Holder should not be subject to Canadian non-resident withholding tax.

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

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

PS-91

Generally, there are no other taxes on income\n(including taxable capital gains) payable by a Holder on interest, discount, or premium in respect of an ETN or on the proceeds received\nby a Holder on the disposition of an ETN (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 ETNs. It does not purport to be a complete analysis of all U.S. federal\nincome tax considerations relating to the ETNs. Prospective purchasers of the ETNs 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 ETNs and receiving payments under the ETNs. This summary is based upon the law as in effect on the date of this pricing\nsupplement 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 and prospectus supplement in its entirety. This section is based on the\nInternal 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 ETNs 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 ETNs, banks, financial\ninstitutions, insurance companies, tax-exempt organizations, regulated investment companies, real estate investment trusts, persons that\nhold ETNs 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 minimum tax or Medicare\ncontribution tax considerations.

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

We will not attempt to ascertain whether the issuer\nof any security held by the Reference Fund would be treated as a “passive foreign investment company” within the meaning of\nSection 1297 of the Code or as a “United States real property holding corporation” within the meaning of Section 897 of the\nCode. If the issuer of one or more of such stocks were so treated, certain adverse U.S. federal income tax consequences could possibly\napply to 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\nproperty holding corporation). Investors should refer to any available information filed with the SEC by the companies whose securities\nare held by the Reference Fund and consult their tax advisers regarding the possible consequences to them in this regard.

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NO STATUTORY, JUDICIAL OR ADMINISTRATIVE AUTHORITY\nDIRECTLY DISCUSSES HOW THE ETNS 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 ETNS 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 ETNS, 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 an ETN 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 ETNs. 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 ETNs.

Intended Tax Treatment\nof the ETNs. In the opinion of our special U.S. tax counsel, Davis Polk & Wardwell LLP, it is reasonable to treat an ETN with\nthe terms described in this pricing supplement as a pre-paid cash-settled forward contract in respect of the Index for U.S. federal income\ntax purposes, and by purchasing the ETNs, each U.S. holder agrees (in the absence of a change in law or Internal Revenue Service (“IRS”)\nguidance) to treat the ETNs accordingly. If the ETNs are so treated, a U.S. holder should generally recognize capital gain or loss upon\nthe sale, exchange, redemption or settlement of the ETNs in an amount equal to the difference between the amount a U.S. holder receives\nat such time and the U.S. holder’s tax basis in the ETNs. In general, a U.S. holder’s tax basis in the ETNs will be equal\nto the price the U.S. holder paid for the ETNs. Subject to the discussion below concerning the potential application of the “constructive\nownership” rules of Code Section 1260, capital gain recognized by a non-corporate U.S. holder is generally taxed at preferential\nrates where the property is held for more than one year. The deductibility of capital losses is subject to limitations.

The ETNs could constitute “constructive\nownership transactions” within the meaning of Code Section 1260. If an ETN were treated as a “constructive ownership transaction,”\nany gain recognized that would otherwise be long-term capital gain and that is in excess of the “net underlying long-term capital\ngain” (as defined in Code Section 1260) would be treated as ordinary income, and a notional interest charge would apply as if that\nincome had accrued for tax purposes at a constant yield over the ETN’s term. If an ETN were treated as a constructive ownership\ntransaction, there would be a presumption that all long-term capital gain is subject to recharacterization as ordinary income unless the\ncontrary is demonstrated by clear and convincing evidence. Due to the lack of governing authority and the fact-sensitive nature of the\nanalysis under Code Section 1260, no opinion has been rendered as to whether and how these rules would apply to an ETN.

PS-93

Alternative Treatments. Due to the absence\nof authorities that directly address the treatment of the ETNs, alternative tax treatments of the ETNs 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 ETNs 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 ETNs are so treated, a U.S. holder would generally be required to accrue interest currently at a “comparable\nyield” over the term of the ETNs even though that U.S. holder will not receive any payments from us prior to maturity or early redemption.\nAny such interest income is expected to be U.S.-source. In addition, any gain a U.S. holder might recognize upon the sale, exchange, redemption\nor settlement of the ETNs would be ordinary income and any loss recognized by a U.S. holder at such time would be ordinary loss to the\nextent of interest that same U.S. holder included in income in the current or previous taxable years in respect of the ETNs, and thereafter,\nwould be capital loss. Moreover, under such characterization a given ETN may not be “fungible” with ETNs with different issue\ndates for U.S. federal income tax purposes.

It is also possible that the IRS could seek to\ntax the ETNs as giving rise to a U.S. holder’s deemed ownership of the Reference Fund. In such case, a U.S. holder could be required\nto recognize amounts of income, gain or loss as if such holder had actually owned interests in the Reference Fund. Under this alternative\ntreatment, a U.S. holder could also be required to currently recognize gain or loss, some of which could be short-term capital gain (and\npossibly loss), each time the Index rebalances.

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 ETNs.

It is possible that a deemed taxable exchange\ncould occur upon a rebalancing or reconstitution of the Index or upon an extraordinary adjustment to the Index, a replacement of the Index,\nor any extension by us of the Maturity Date. Additionally, it is possible that the ETNs could be treated as a series of derivative contracts,\neach of which matures on the next date on which a rebalancing or reconstitution of the Index occurs. If a deemed taxable exchange occurred\nor if the ETNs were properly characterized as a series of derivative contracts, a U.S. holder would be treated as disposing of the ETNs\nat the time of the relevant rebalancing, reconstitution, extraordinary adjustment, replacement, or extension, as the case may be, in return\nfor new ETNs that mature on the next date on which a rebalancing or reconstitution of the Index occurs, on the Maturity Date, or on the\nextended Maturity Date, as the case may be, and subject to the application of the wash sale rules, the U.S. holder accordingly could recognize\ncapital gain or loss on each date on which a rebalancing, reconstitution, extraordinary adjustment, replacement, or extension, as the\ncase may be, occurs equal to the difference between the U.S. holder’s tax basis in the ETNs (which would be adjusted to take into\naccount any prior recognition of gain or loss) and the fair market value of the ETNs on such date.

PS-94

Because of the absence of authority regarding\nthe appropriate tax characterization of the ETNs, it is also possible that the IRS could seek to characterize the ETNs 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 ETNs should be treated as ordinary income\nor loss.

The IRS has released a notice that may affect\nthe taxation of U.S. holders of the ETNs. According to the notice, the IRS and the Treasury Department are considering whether the holder\nof instruments such as the ETNs 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 ETNs 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\nETNs, including the timing and character of income and gain on the ETNs. U.S. holders should consult their tax adviser as to the tax consequences\nof possible alternative characterizations of the ETNs for U.S. federal income tax purposes and proposals to change the taxation of certain\nderivative 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 ETNs, or non-U.S. financial\naccounts through which the ETNs are held, may be treated as “specified foreign financial assets.” U.S. holders are urged to\nconsult their tax advisers regarding the application of this reporting requirement to their ownership of the ETNs.

Non-U.S. Holders

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

PS-95

Under Section 871(m) of the\nCode (“Section 871(m)”), a “dividend equivalent” payment is treated as a dividend from sources within the\nUnited States. Such payments generally would be subject to a 30% U.S. withholding tax if paid to a non-U.S. holder. Under U.S. Treasury\nDepartment regulations, payments (including deemed payments) with respect to equity-linked instruments (“ELIs”) that\nare “specified ELIs” may be treated as dividend equivalents if such specified ELIs reference, directly or indirectly, equities\nthat could pay U.S.-source dividends for U.S. federal income tax purposes (each an “underlying security”). Section\n871(m) generally applies to securities that substantially replicate the economic performance of one or more underlying securities, as\ndetermined based on tests set forth in the applicable Treasury regulations. However, the applicable Treasury regulations provide that\nsecurities that reference a “qualified index” (including securities that reference an exchange-traded fund that tracks a qualified\nindex) generally are not subject to withholding under Section 871(m). In general, a qualified index is a diverse, passive, and widely\nused index that satisfies, as of the applicable determination date, the requirements prescribed by the applicable Treasury regulations.\nThe determination as to whether an instrument references a qualified index is based on whether the index is a qualified index on the first\nbusiness day of the calendar year in which the security is issued. If an index is a qualified index as of such day, then, subject to the\ndiscussion below, securities that reference such qualified index and that are issued during the calendar year will be treated as referencing\na qualified index during their term. Based on the requirements of the applicable Treasury regulations, we intend to take the position\nthat the Target Index should be treated as a qualified index for 2026. Accordingly, we do not expect that payments on the ETNs that are\nissued during 2026 will be subject to withholding under Section 871(m). An ETN will not be treated as referencing a qualified index if,\nin connection with the ETN, a holder or a related party holds a related short position in one or more of the component securities in the\nqualified index (other than a short position in the entire index, or a “de minimis” short position with respect to\nindex components that have a value of 5% or less of the value of the long positions in the qualified index). A holder may be required,\nincluding by custodians and other withholding agents, to make representations regarding the nature of any other positions entered into\nby the holder and related parties with respect to components of the Target Index. A holder that enters, or has entered, into other transactions\nin respect to components of the Target Index should consult its own tax adviser regarding the application of Section 871(m) to the ETNs\nand such other transactions. If we determine that withholding under Section 871(m) is applicable, we will not pay any additional amounts\nwith respect to this tax.

In addition, it is possible\nthat the Target Index will not be a qualified index in a future year of determination. An ETN that is issued, or deemed issued for tax\npurposes, in such future year may be subject to Section 871(m) withholding tax. An ETN could be deemed to be reissued for tax purposes\nif we or an affiliate acquire and then sell ETNs in the secondary market. Moreover, ETNs that are not subject to Section 871(m) withholding\ntax are expected to have the same CUSIP or ISIN number as any such ETNs that are subject to Section 871(m) withholding tax, and accordingly\nwithholding agents may not be able to distinguish among ETNs that are subject to withholding and those that are not. As a result, if we\nissue (or are deemed to issue) ETNs in the future that are subject to Section 871(m), withholding agents may withhold on all ETNs, regardless\nof whether particular ETNs are not subject to Section 871(m) withholding tax.

As discussed above, alternative\ncharacterizations of the ETNs for U.S. federal income tax purposes are possible. Should we conclude that an alternative characterization\napplies by reason of change or clarification of the law, administrative guidance or otherwise and consequently conclude that we are required\nto withhold on payments on the ETNs, we will withhold tax at the applicable statutory rate. The IRS has also indicated that it is considering\nwhether income in respect of instruments such as the ETNs should be subject to withholding tax. Prospective investors should consult their\nown tax advisers in this regard.

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Except as discussed above,\na non-U.S. holder will generally not be subject to U.S. federal income or withholding tax for amounts paid in respect of the ETNs, provided\nthat (i) the non-U.S. holder complies with any applicable certification requirements, (ii) the payment is not effectively connected with\nthe conduct by the non-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\nnon-U.S. holder is not present in the U.S. for 183 days or more during the taxable year of the sale, exchange, redemption or settlement\nof the ETNs and is not a former citizen or resident of the United States. In the case of (ii) above, the non-U.S. holder generally would\nbe subject to U.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\nand, in the case 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\n30% (or such lower rate provided by an applicable U.S. income tax treaty) of a portion of its earnings and profits for the taxable year\nthat are effectively connected with its conduct of a trade or business in the U.S., subject to certain adjustments. If the ETNs are recharacterized\nas debt for U.S. federal income tax purposes, amounts paid in respect of the ETNs to a non-U.S. holder will not be subject to U.S. federal\nwithholding tax, provided that the non-U.S. holder (i) does not own, directly or by attribution, ten percent or more of the total combined\nvoting power of all classes of Bank of Montreal stock entitled to vote, (ii) is not a “controlled foreign corporation” related,\ndirectly or indirectly, to Bank of Montreal, (iii) is not a bank receiving interest under Section 881(c)(3)(A) of the Code and (iv) provides\nto the 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.

Backup Withholding and Information Reporting

Payments on the ETNs or of proceeds from a sale\nor other disposition of the ETNs 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.

PS-97

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\nof a holder), 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 ETNs\nor non-U.S. financial institutions through which the ETNs 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\nUnited States 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 ETNs, 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 ETNs.

PS-98

BENEFIT PLAN INVESTOR\nCONSIDERATIONS

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\nwhose underlying 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 ETNs. 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\nPlan. A violation of these prohibited transaction rules may result in civil penalties or other liabilities under ERISA and/or an excise\ntax under 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 ETNs 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 ETNs 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 ETNs. These exemptions are:\t\n\t

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

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

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

PS-99

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 ETNs will not constitute a prohibited transaction under ERISA or Section 4975 of the Code, provided that neither the issuer\nof the ETNs nor any of its affiliates have or exercise any discretionary authority or control or render any investment advice with respect\nto the assets of any Plan involved in the transaction, and provided further that the Plan pays no more and receives no less than “adequate\nconsideration” in connection with the transaction (the so-called “service provider exemption”). There can be\nno assurance that any of these statutory or class exemptions will be available with respect to transactions involving the ETNs.

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\nnot subject to the requirements of ERISA or Section 4975 of the Code but may be subject to similar provisions under applicable federal,\nstate, local, non-U.S. or other laws, regulations or rules (“Similar Laws”). Fiduciaries of Non-ERISA Arrangements\nshould consider the foregoing issues in general terms as well as any further issues arising under any applicable Similar Laws before purchasing\nthe ETNs.

Any purchaser or holder of the ETNs 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 ETNs that either\n(i) it is not a Plan or Non-ERISA Arrangement and is not purchasing the ETNs on behalf of or with the assets of any Plan or Non-ERISA\nArrangement or (ii) the purchase, holding and subsequent disposition of the ETNs 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 ETNs 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 ETNs are contractual financial instruments.\nThe financial exposure provided by the ETNs 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 ETNs. The ETNs have not been designed and will not be\nadministered in a manner intended to reflect the individualized needs and objectives of any purchaser or holder of the ETNs.

PS-100

Each purchaser or holder of any ETNs 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 ETNs, (ii) the purchaser or holder’s investment in the ETNs, (iii) the\nholding of the ETNs 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 ETNs;

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

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 ETNs has exclusive\nresponsibility for ensuring that its purchase and holding of the ETNs does not violate the fiduciary or prohibited transaction rules of\nERISA or Section 4975 of the Code or provisions of any Similar Laws. The sale of any ETNs to any Plan or Non-ERISA Arrangement is in no\nrespect a representation by us or any of our affiliates or representatives that such an investment is appropriate for, and meets all relevant\nlegal requirements with respect to investments by Plans or Non-ERISA Arrangements generally or any particular Plan or Non-ERISA Arrangement.\nNeither this discussion nor anything provided in this prospectus is or is intended to be investment advice directed at any potential Plan\nor Non-ERISA Arrangement purchasers.

PS-101

SUPPLEMENTAL PLAN\nOF DISTRIBUTION (CONFLICTS OF INTEREST)

The terms and conditions set forth in a Distribution\nAgreement between Bank of Montreal and the Agents party thereto, including BMOCM, govern the sale and purchase of the ETNs.

BMOCM, an affiliate of ours, is the agent for this offering. On the\nInitial Trade Date, we sold an aggregate of $5,000,000 principal amount of the ETNs through BMOCM and through one or more dealers purchasing\nas principal through BMOCM for $25 per ETN. After giving effect to the $20,000,000 in principal amount of the ETNs that we will issue\non October 27, 2026, an aggregate of $25,000,000 in principal amount of the ETNs will be outstanding. We will receive proceeds equal to\n100% of the offering price of any remaining or additional ETNs that are sold after the date of this document.

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

We are not obligated to issue and sell additional\nETNs at any time to BMOCM, and BMOCM is not obligated to sell additional ETNs to investors or dealers at any time. If we discontinue issuances\nand sales of the ETNs, or if BMOCM discontinues sales of the ETNs of any series, the price and liquidity of those ETNs may be subject\nto significant distortions. See “Risk Factors—We may sell additional ETNs at different prices, but we are under no obligation\nto issue or sell additional ETNs at any time, and if we do sell additional ETNs, we may limit or restrict such sales, and we may stop\nselling additional ETNs at any time.”

We will receive proceeds equal to 100% of the\nprice that the ETNs are sold to the public, less any commissions paid to BMOCM or any other dealer. BMOCM and any other agent and dealer\nin the initial and any subsequent distribution are expected to charge normal commissions for the purchase of the ETNs. In addition, in\nexchange for providing certain services relating to the distribution of the ETNs, BMOCM, a member of FINRA, may receive a portion of the\nprofits generated by the Daily Financing Charge and the Daily Investor Fee. BMOCM and its affiliates may also profit from expected hedging\nactivity related to these offerings, even if the value of the ETNs decline. We may not sell the full amount of ETNs offered by this pricing\nsupplement, and may discontinue sales of the ETNs at any time.

We or our affiliates may, at any time and from\ntime to time, purchase outstanding ETNs in the open market, by private agreement or in other transactions.

We may use this pricing supplement in the initial\nsale of the ETNs. In addition, BMOCM or another of our affiliates may use this pricing supplement in market-making transactions in the\nETNs 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.

PS-102

Broker-dealers, including BMOCM, may make a market\nin the ETNs, 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 prospectus supplement and prospectus) may be used by such dealers and\nour affiliates in connection with market-making transactions. In these transactions, dealers may resell an ETN covered by this prospectus\nthat they acquire from us, BMOCM or other holders after the original offering and sale of the ETNs, or they may sell any ETNs covered\nby this prospectus in short sale transactions. This prospectus will be deemed to cover any short sales of ETNs by market participants\nwho cover their short positions with ETNs borrowed or acquired from us or our affiliates in the manner described above. This pricing supplement\n(including the accompanying prospectus supplement and prospectus) will be deemed to cover any short sales of the ETNs by market participants\nwho borrow ETNs from us or our affiliates or who cover their short positions with ETNs acquired from us or our affiliates.

Broker-dealers and other market participants are\ncautioned that some of their activities, including covering short sales with ETNs borrowed from us or one of our affiliates, may result\nin their being deemed participants in the distribution of the ETNs 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.

BMOCM or another FINRA member will provide certain services relating\nto the distribution of the ETNs and may receive a portion of the profits generated by the Daily Financing Charge and 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 ETNs. Although BMOCM will not receive any discounts\nin connection with such sales, BMOCM is expected to charge normal commissions for the purchase of any such ETNs.

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

We may deliver ETNs against payment therefor on\na date that is greater than one business day following the date of sale of any ETNs. Under Rule 15c6-1 of the Securities Exchange Act\nof 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 ETNs 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.

PS-103

The ETNs are not intended for purchase by any\ninvestor that is not a United States person, as that term is defined for U.S. federal income tax purposes, and no dealer may make offers\nof the ETNs to any such investor.

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

Each of BMOCM and any other broker-dealer offering\nthe ETNs have not offered, sold, distributed or otherwise made available and will not offer, sell, distribute or otherwise make available\nany of the ETNs to, any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is either one\nor both of the following (i) not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms\npart of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”); or (ii) not a qualified investor\nas defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no disclosure document\nrequired by the FCA Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the ETNs or otherwise\nmaking them available to retail investors in the United Kingdom has been prepared and therefore offering, selling or distributing the\nETNs or otherwise making them available to any retail investor in the United Kingdom may be unlawful under DISC and the Consumer Composite\nInvestments (Designated Activities) Regulations 2024.

Reissuances or Reopened Issues

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

These further issuances, if any, will be consolidated\nto form a single class with the originally issued ETNs and will have the same CUSIP number and will trade interchangeably with the ETNs\nimmediately upon settlement. Any additional issuances will increase the aggregate principal amount of the outstanding ETNs of the class,\nplus the aggregate principal amount of any ETNs bearing the same CUSIP number that are issued pursuant to any future issuances of ETNs\nbearing the same CUSIP number. The price of any additional offering will be determined at the time of pricing of that offering.

PS-104

Conflicts of Interest

BMOCM is an affiliate of Bank of Montreal and,\nas such, has a “conflict of interest” in the offerings contemplated hereby, within the meaning of FINRA Rule 5121. Consequently,\neach offering of the ETNs will be conducted in compliance with the provisions of Rule 5121. BMOCM is not permitted to sell ETNs in any\noffering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

PS-105

VALIDITY OF THE\nETNS

In the opinion of Osler, Hoskin & Harcourt LLP, the issue and sale\nof the ETNs has been duly authorized by all necessary corporate action of the Bank of Montreal in conformity with the indenture, and when\nthe ETNs have been duly completed in accordance with the indenture, the ETNs will have been validly executed, authenticated, issued and\ndelivered, to the extent that validity of the ETNs is a matter governed by the laws of the Province of Ontario and the federal laws of\nCanada applicable therein and will be valid obligations of the Bank of Montreal, subject to the following limitations (i) the enforceability\nof the indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada)\nand bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws affecting the\nenforcement of creditors’ rights generally; (ii) the enforceability of the indenture may be limited by equitable principles, including\nthe principle that equitable remedies such as specific performance and injunction may only be granted in the discretion of a court of\ncompetent jurisdiction; (iii) pursuant to the Currency Act (Canada) a judgment by a Canadian court must be awarded in Canadian currency\nand 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.

PS-106

In the opinion of Davis Polk & Wardwell LLP, as special United\nStates products counsel to the Bank of Montreal, when the ETNs offered by this pricing supplement have been issued by the Bank of Montreal\npursuant to the indenture, the trustee has made the appropriate entries or notations to the master global note that represents such ETNs\n(the “master note”), and such ETNs have been delivered against payment as contemplated herein, such ETNs will be valid\nand binding obligations of the Bank of Montreal, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency\nand similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability\n(including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions\nor applications giving effect to governmental actions or foreign laws affecting creditors’ rights, provided that such counsel\nexpresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law; or (ii) the effect of fraudulent\nconveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of\nthe date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves matters governed by the\nlaws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand that you are relying\nupon, the opinion of Osler, Hoskin & Harcourt LLP, Canadian counsel for the Bank of Montreal, set forth above. In addition, this opinion\nis subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the authentication\nof the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in\nthe opinion of Davis Polk & Wardwell LLP dated March 25, 2025, which has been filed as an exhibit to Bank of Montreal’s report\non Form 6-K filed with the SEC on March 25, 2025.

PS-107

ANNEX A

NOTICE\nOF EARLY REDEMPTION

To: [ ].com

Subject: Notice of Early Redemption, CUSIP No.: 06367V741

[BODY OF EMAIL]

Name of broker: [ ]

Name of beneficial holder: [ ]

Number of ETNs to be redeemed: [ ]

Applicable Redemption Calculation Date: [ ],\n20[ ]^*

Broker Contact Name: [ ]

Broker Telephone #: [ ]

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

The undersigned acknowledges that in addition to any other requirements\nspecified in the pricing supplement relating to the ETNs being satisfied, the ETNs will not be redeemed unless (i) this notice of redemption\nis delivered to BMO Capital Markets Corp. (“BMO Capital Markets”) by 2:00 p.m. (New York City time) on the Index Business\nDay prior to the applicable Redemption Calculation Date; (ii) the confirmation, as completed and signed by the undersigned is delivered\nto BMO Capital Markets by 5:00 p.m. (New York City time) on the same day the notice of redemption is delivered; (iii) the undersigned\nhas booked a delivery vs. payment (“DVP”) trade on the applicable Redemption Calculation Date, facing BMO Capital Markets\nDTC 5257 and (iv) the undersigned instructs DTC to deliver the DVP trade to BMO Capital Markets as booked for settlement via DTC at or\nprior to 10:00 a.m. (New York City time) on the applicable Redemption Date.

The undersigned further acknowledges that the undersigned has read\nthe section “Risk Factors—You will not know the Redemption Amount at the time you elect to request that we redeem your ETNs”\nin the pricing supplement relating to the ETNs and the undersigned understands that it will be exposed to market risk during the Redemption\nMeasurement Period.

_______________________

^*\nSubject to adjustment as described in the pricing supplement relating to the ETNs.

A-1

ANNEX B

BROKER’S\nCONFIRMATION OF REDEMPTION

[TO BE COMPLETED BY BROKER]

Dated:

BMO Capital Markets Corp.

BMO Capital Markets, as Calculation Agent

e-mail: [ ]

To Whom It May Concern:

The holder of $[ ] MicroSectors^™ 3× Long Brazil ETNs due\nJuly 31, 2046, CUSIP No. 06367V741 (the “ETNs”) hereby irrevocably elects to receive a cash payment on the Redemption\nDate^* of [holder to specify] with respect to\nthe number of ETNs indicated below, as of the date hereof, the redemption right as described in the pricing supplement relating to the\nETNs (the “Prospectus”). Terms not defined herein have the meanings given to such terms in the Prospectus.

The undersigned certifies to you that it will (i) book a DVP trade\non the applicable Redemption Calculation Date with respect to the number of ETNs specified below at a price per ETN equal to the Redemption\nAmount, facing BMO Capital Markets DTC 5257 and (ii) deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m. (New\nYork City time) on the applicable Redemption Date.

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

	Very truly yours,
	[NAME OF DTC PARTICIPANT HOLDER]



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

_______________________

^*\nSubject to adjustment as described in the pricing supplement relating to the ETNs.

B-1

ANNEX B

Number of ETNs surrendered for redemption:\n________

DTC # (and any relevant sub-account): ________

Contact Name: ________

Telephone: ________

Fax: ________

E-mail: ________

(At least 25,000 ETNs must be redeemed at\none time (except as specified in the pricing supplement) to receive a cash payment on any Redemption Date).

B-2

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