MicroSectors™ St FANG&Inn 3X Inv Ld ETNs SEC Filings

Bank of Montreal updates and restates key terms for its Gold Miners 3X Leveraged ETNs due June 29, 2040, listed on NYSE as GDXU. These unsecured notes target three times the daily performance of the S-Network Gold Miners Index, tracking the VanEck Gold Miners and Junior Gold Miners ETFs.

The ETNs charge a 0.95% annual investor fee and a daily financing charge based on the Federal Reserve Bank Prime Loan Rate plus a financing spread that rises to 5.00% per annum beginning February 6, 2026, subject to a 5.00% cap. Fees, daily compounding, and path‑dependent leverage create a strong “decay” effect, making long holding periods highly risky.

The notes do not pay interest or guarantee principal, can be called by the issuer, and allow large holders to request early redemption subject to a minimum size and a 0.125% redemption fee. The document stresses that these ETNs are short‑term trading tools for sophisticated investors and that it is possible to lose the entire investment even if the underlying index rises over time.

Bank of Montreal is offering Accelerated Return Notes linked to the Russell 2000 Index, with a $10 principal amount per unit and a term of about 14 months, maturing in April 2027. These are unsecured senior debt securities, not insured or principal-protected, and subject to BMO’s credit risk.

The notes provide 300% leveraged upside to index gains, but returns are capped at a Capped Value expected between $11.55 and $11.95 per unit. If the index is flat at maturity, investors receive $10 per unit; if it falls, losses match the index decline on a 1‑for‑1 basis, up to total loss of principal. The initial estimated value is expected between $9.10 and $9.52 per unit, below the $10 public offering price, reflecting dealer discounts, hedging costs, and BMO’s internal funding rate.

Bank of Montreal is offering $1,096,000 of senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes linked to the S&P 500 Index, due January 2, 2029.

The notes pay no interest and are unsecured obligations, subject to Bank of Montreal’s credit risk, issued in $1,000 minimum denominations. On March 30, 2027, if the S&P 500 closes above 100% of its initial level, the notes are automatically redeemed for principal plus a fixed call amount of $117.50 per $1,000, implying about 11.75% per annum, and investors forgo further upside.

If not called, at maturity investors receive leveraged upside of 120% of any index gain, full principal back if the index finishes between 80% and 100% of its initial level, and 1:1 downside below 80%, with up to 100% loss of principal. The estimated initial value is $975.30 per $1,000, reflecting offering, structuring and hedging costs. The public price is 100% of principal, with a 1.20% agent’s commission and 98.80% of proceeds, or $1,082,848, to Bank of Montreal.

Bank of Montreal is issuing US$381,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due January 2, 2029, linked to the S&P 500 Index. The notes offer 120% participation in any index gains if they are not called and finish at or above the initial level.

The notes may be automatically redeemed on March 30, 2027 if the S&P 500 closes above 100% of its 6,978.03 initial level, paying principal plus an $87.50 call amount per $1,000 (about 8.75% per year). They do not pay interest and are unsecured obligations subject to Bank of Montreal credit risk.

If not called and the index closes below the 80% barrier level of 5,582.42 at maturity, investors lose 1% of principal for each 1% index decline, up to total loss. The price to public is 100% of principal, with a 2.95% agent commission and an estimated initial value of $955.88 per $1,000.

Bank of Montreal is issuing US$456,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due April 2, 2027, linked to the S&P 500 and Russell 2000. These structured notes offer a potential 9.00% digital return if the least performing index finishes at or above 67.70% of its initial level on the valuation date.

If the least performing index falls more than 32.30% from its initial level, investors lose 1% of principal for each 1% decline, up to a total loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, with a 0.50% selling commission; the estimated initial value is $985.65 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$369,000 of senior Medium-Term Notes, Series K, called Digital Return Barrier Notes, maturing on April 2, 2027 and linked to the worst performer of the S&P 500® and Russell 2000® Indexes. The notes offer a fixed 7.72% digital return per $1,000 of principal if the final level of the least performing index is at least 70% of its initial level.

If that least performing index finishes below 70% of its initial level, repayment is reduced on a 1-for-1 basis with index losses, so investors can lose some or all principal. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, and had an estimated initial value of $969.86 per $1,000 at pricing.

Bank of Montreal is issuing US$5,322,000 of Senior Medium-Term Notes, Series K, autocallable contingent risk absolute return barrier notes due January 31, 2029, linked to the worst performer of Snowflake Inc. and Oracle Corporation common stock.

The notes pay no interest, are unsecured obligations subject to Bank of Montreal credit risk, and will not be listed on any exchange. On February 2, 2027, if each stock closes at or above 100% of its initial level, the notes are automatically redeemed at par plus a US$415 call amount per US$1,000 principal (about 41.50% per annum), with no further upside.

If not called, investors receive at maturity a leveraged 200.00% upside on any positive performance of the worst-performing stock. If that stock finishes below its initial level but at or above its 50.00% barrier, investors earn a positive absolute return up to US$1,500 per US$1,000. If a barrier event occurs, investors lose 1% of principal for each 1% decline and can lose their entire investment. The estimated initial value is US$941.72 per US$1,000 principal, below the public offering price.

Bank of Montreal is offering US$1,865,000 of Senior Medium-Term Notes, Series K capped buffer notes due August 2, 2027, linked to the S&P 500® Futures Excess Return Index. These notes provide 1-to-1 upside exposure to index gains, capped at a Maximum Redemption Amount of $1,175 per $1,000 principal, a 17.5% maximum return.

The notes include a 24.70% downside buffer; if the index falls more than this, principal is reduced 1% for each additional 1% decline, with up to 75.30% of principal potentially lost. They pay no interest, are unsecured obligations of Bank of Montreal, and are not FDIC- or CDIC-insured. The estimated initial value is $983.57 per $1,000, below the issue price, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$1,394,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due February 3, 2031, linked to the S&P 500 Futures Excess Return Index. The notes offer a fixed positive return of 70.89% if the index rises but by less than that level, and full one-to-one upside above a 70.89% gain.

If the index finishes below its initial level but at or above 70% of that level, investors simply receive their principal back. If it falls more than 30% from the initial level, repayment is reduced 1% for each 1% decline, leading to potential total loss of principal.

The notes pay no interest, are unsecured and unsubordinated obligations of Bank of Montreal, and are not insured by U.S. or Canadian deposit insurers. The bank receives 99.375% of principal in proceeds, with a 0.625% selling commission, and the estimated initial value is $975.21 per $1,000.