YORK, June 28, 2023 /PRNewswire/ - BMO today
announced the launch of two new MAX™ Exchange Traded Notes
("ETNs"). MAX™ offers sophisticated investors efficient, tactical
leveraged exposure to stocks in specific market sectors to manage
risk and potentially enhance returns.
The two new MAX ETNs are linked to the performance of the Prime
Auto Industry Index. The MAX™ Auto Industry 3x Leveraged ETNs
(ticker: CARU) and MAX™ Auto Industry -3x Inverse Leveraged ETNs
(ticker: CARD) will start trading today on NYSE Arca.
"We are excited to launch a pair of leveraged and inverse
leveraged exchange-traded notes as new MAX ETNs linked to an index
that includes stocks of U.S.-listed companies that have operations
relating to the automobile industry. That includes automobile
manufacturing, parts and retail, and new and used car dealers,"
said Laurence Kaplan, Managing
Director, BMO Capital Markets. "We are pleased to offer
sophisticated investors the option to trade auto industry stocks
with +/- 3X leverage exposure with CARU and CARD ETNs."
Launched in 2023, MAX™ is BMO's leveraged and inverse leveraged
exchange traded notes brand. MAX™ ETNs offer sophisticated
investors efficient, tactical leveraged exposure to market sectors
to manage risk and potentially enhance returns.
For more information, please visit www.maxetns.com.
About BMO Financial
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of
$1.25 trillion as of April 30, 2023. Serving customers for 200 years
and counting, BMO is a diverse team of highly engaged employees
providing a broad range of personal and commercial banking, wealth
management, global markets and investment banking products and
services to over 13 million customers across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life, BMO
is committed to driving positive change in the world, and making
progress for a thriving economy, sustainable future, and inclusive
The ETNs are senior, unsecured obligations of BMO, and are
subject to BMO's credit risk.
Investment suitability must be determined individually for each
investor, and the ETNs may not be suitable for all investors. This
information is not intended to provide and should not be relied
upon as providing accounting, legal, regulatory or tax
advice. Investors should consult with their own financial
advisors as to these matters.
The ETNs are not suitable for investors with longer-term
investment objectives. In particular, the ETNs should be purchased
only by sophisticated investors who do not intend to hold the ETNs
as a buy and hold investment, who are willing to actively and
continuously monitor their investment and who understand the
consequences of investing in and of seeking daily resetting
investment results, which are leveraged. The ETNs are intended to
be daily trading tools for sophisticated investors to manage daily
trading risks as part of an overall diversified portfolio. They are
designed to achieve their stated investment objectives on a daily
basis. The returns on the ETNs over longer periods of time can, and
most likely will, differ significantly from the return on a direct
long or short investment in the index.
Prime Indexes and the Index referenced herein are trademarks of
Level ETF Ventures LLC (Licensor) and have been licensed for use by
Bank of Montreal (Licensee).
Licensee's financial products that are based on the Index are not
sponsored, endorsed, sold or promoted by Licensor, and Licensor
makes no representation regarding the advisability of trading in
BMO, the issuer of the ETNs, has filed a registration statement
(including a pricing supplement, a product supplement, a prospectus
supplement and a prospectus) with the Securities and Exchange
Commission (the "SEC") about each of the offerings to which this
press release relates. Please read those documents and the other
documents relating to these offerings BMO has filed with the SEC
for more complete information about BMO and these offerings. These
documents may be obtained without cost by visiting EDGAR on the SEC
website at www.sec.gov. Alternatively, Bank of Montreal, any agent or any dealer
participating in these offerings will arrange to send the
applicable pricing supplement, the applicable product supplement,
prospectus supplement and prospectus if you so request by calling
toll-free at 1-877-369-5412.
SOURCE BMO Financial Group