Davis Polk advised Bank of Montreal (BMO) in connection with its intention to redeem all of the outstanding securities of its MicroSectors FANG+ Index 3× Leveraged Exchange-Traded Notes due 8 January 2038; and the launch of a new ETN, the MicroSectors FANG+ 3× Leveraged ETNs due 17 February 2045.
BMO intends to redeem all of the original exchange-traded notes (ETNs) on May 15, 2025. In anticipation of this redemption, BMO also changed the ticker symbol for the original ETNs. The new ETNs are linked to the gross total return version of the NYSE FANG+ Index The new ETNs are linked to the gross total return version of the NYSE FANG+ Index, which is the same index that the original ETNs are linked to and is an equally weighted equity index that tracks the performance of 10 highly traded