We advised Bank of Montreal on the launch of a new series of ETNs

Davis Polk advised Bank of Montreal (BMO) in connection with the launch of the MicroSectors 3× Long MANGOS+ ex Private Companies ETNs (ETNs). The ETNs are intended to offer sophisticated investors three times leveraged participation in the daily performance of the NYSE® MaNGoS+ Index, before taking into account fees, charges and the decay effect caused by the daily resetting of the leverage. The ETNs are listed on the NYSE Arca.

The NYSE MaNGoS+ Index is an equally-weighted equity index designed to track the performance of 10 U.S.-listed companies central to the artificial intelligence (“AI”) economy. Under the index methodology, “MaNGoS” refers to six named anchor companies: Meta Platforms, Inc., Anthropic PBC, NVIDIA Corporation, Alphabet Inc. (Google), OpenAI Group PBC and Space Exploration Technologies Corp. (SpaceX). The index includes all publicly listed MaNGoS securities that satisfy the applicable index eligibility requirements, with the remaining index constituent positions filled by qualifying non-MaNGoS securities identified as having a disclosed supply-chain relationship with at least one of the six MaNGoS companies. As of the index launch date, Anthropic and OpenAI are private companies whose securities are not publicly traded and therefore are not eligible for inclusion in the index.

BMO Financial Group is the eighth-largest bank in North America by assets, with total assets of $1.5 trillion as of July 31, 2026. Serving clients for more than 200 years, BMO provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services across Canada, the United States and select markets globally.

The Davis Polk capital markets team included partner Christopher S. Schell, counsel Michael J. Russo and associates Christian Mueller and John Foster. The tax team included partner Aliza Slansky, counsel David S. Fisher and associate Nicholas Wong. Members of the Davis Polk team are based in the New York and Northern California offices.

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