MicroSectors™ 3× Long MANGOS+ ex Private Companies ETNs

Base Data
Daily Market Data
Description
Key Risks
Disclaimer
Documents

Home

Base Data
Daily Market Data
Description
Key Risks
Disclaimer
Documents

Product Details
Primary Exchange	NYSE Arca
ETN Ticker	MNGU
Intraday Indicative Value Ticker	MNGUIV
Underlying Ticker	MANGOSN
CUSIP	06367V691
Issue Date	August 28, 2026
Maturity Date	July 31, 2046

Daily Market Data	(as of )
ETNs Outstanding	1,000,000

Description
The MicroSectors™ 3× Long MANGOS+ ex Private Companies ETNs (3× ETNs) are linked to the performance of the NYSE® MaNGoS+ Index (the “Index”). The 3× ETNs offer sophisticated investors three times leveraged long participation in the performance of the Index, compounded daily, before taking into account fees, charges and the decay effect caused by the daily resetting of the leverage. The 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 (“Anthropic”), NVIDIA Corporation, Alphabet Inc. (Google), OpenAI Group PBC (“OpenAI”) 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. Although the title of the ETNs includes “MANGOS+” and the name of the Index includes “MaNGoS+,” Anthropic and OpenAI, two of the six MaNGoS companies, are private companies whose securities are not publicly traded and therefore are not initially eligible for inclusion in the Index. Accordingly, the Index does not initially include Anthropic or OpenAI, and the ETNs do not initially provide exposure to either company. Anthropic or OpenAI may never be included in the Index if it does not become publicly listed or, if and when public, does not then otherwise satisfy the other applicable Index eligibility requirements. The 3× ETNs seek a return on the underlying index for a single day. The 3× ETNs are not “buy and hold” investments and should not be expected to provide its respective return of the underlying index’s cumulative return for periods greater than a day.

Description

The MicroSectors™ 3× Long MANGOS+ ex Private Companies ETNs (3× ETNs) are linked to the performance of the NYSE® MaNGoS+ Index (the “Index”). The 3× ETNs offer sophisticated investors three times leveraged long participation in the performance of the Index, compounded daily, before taking into account fees, charges and the decay effect caused by the daily resetting of the leverage. The 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 (“Anthropic”), NVIDIA Corporation, Alphabet Inc. (Google), OpenAI Group PBC (“OpenAI”) 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.

Although the title of the ETNs includes “MANGOS+” and the name of the Index includes “MaNGoS+,” Anthropic and OpenAI, two of the six MaNGoS companies, are private companies whose securities are not publicly traded and therefore are not initially eligible for inclusion in the Index. Accordingly, the Index does not initially include Anthropic or OpenAI, and the ETNs do not initially provide exposure to either company. Anthropic or OpenAI may never be included in the Index if it does not become publicly listed or, if and when public, does not then otherwise satisfy the other applicable Index eligibility requirements.

The 3× ETNs seek a return on the underlying index for a single day. The 3× ETNs are not “buy and hold” investments and should not be expected to provide its respective return of the underlying index’s cumulative return for periods greater than a day.

Additional Information

Important Notice

You are now exiting a Bank of Montreal website, and your browser will open a page of a website maintained by a third party. Please note that, except as indicated on the relevant webpages, the information on that website has not been prepared or approved by Bank of Montreal or its affiliates, is not part of a Bank of Montreal website, and Bank of Montreal and its affiliates do not take responsibility for the information on that website.

In addition, please note that the security and privacy policies on third party websites may be different than Bank of Montreal’s policies, so please read third party privacy and security policies closely.

Do you agree?

Yes

Key Risks
An investment in the ETNs involves significant risks. The following list identifies the risks described in the applicable pricing supplement but does not include the complete discussion of those risks. You should carefully read the “Risk Factors” section of the applicable pricing supplement before investing in the ETNs. Capitalized terms used but not defined below have the meanings set forth in the applicable pricing supplement. Risks Relating to the Terms of the ETNs - The ETNs do not pay interest and do not guarantee the return of any of your initial investment. You may lose all or a substantial portion of your investment in the ETNs. - The ETNs are designed to be short-term trading tools and are not designed to meet any investment objectives over any period longer than one day. - The ETNs are likely to experience significant “decay” over time. As a result, the ETNs are not suitable for investors with intermediate- or long-term investment objectives and are not intended to be held to maturity. - Even if held for only one day, the ETNs are highly vulnerable to sudden large changes in the level of the Index. - Leverage increases the sensitivity of your ETNs to changes in the level of the Index. - The Closing Indicative Value of the ETNs and any payments on the ETNs will reflect the deduction of fees and charges. - The Calculation Agent may increase the Spread, which would increase the Daily Financing Charge and adversely affect the value of, and your return on, the ETNs. - If the Intraday Indicative Value for the ETNs is equal to or less than $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 lose all of your investment in the ETNs. - The ETNs are subject to our credit risk. - Due to the effect of compounding, if the Closing Indicative Value increases, any subsequent decrease of the level of the Index will result in a larger dollar reduction from the Closing Indicative Value than if the Closing Indicative Value remained constant. - Due to the effect of compounding, if the Closing Indicative Value decreases, any subsequent increase of the level of the Index will result in a smaller dollar increase on the Closing Indicative Value than if the Closing Indicative Value remained constant. - The leverage of the ETNs is reset daily, and the effective leverage of the ETNs during any given day may be greater than or less than 3.0. - The ETNs are subject to our call right, which may result in a forced early redemption and a potential loss on your investment. - If we exercise our call right, the averaging feature used to determine the Call Settlement Amount may limit your participation in positive performance of the Index during the Call Measurement Period, and you will not participate in any positive performance of the Index after the Call Measurement Period. - The exercise of our call right may adversely affect the value of, or your ability to sell, your ETNs in the secondary market. - If we exercise our call right, the Call Settlement Amount may be less than the Closing Indicative Value at the time we give notice. - If we exercise our call right, we will cause a Call Notice to be delivered solely to DTC. - You will not have any ownership rights in the Index Constituents. - The Closing Index Levels used to calculate the payment at maturity, call or upon a redemption may be less than those levels on the Maturity Date, Call Settlement Date, Redemption Date or at other times during the term of the ETNs. - There are restrictions on the minimum number of ETNs you may request that we redeem and the dates on which you may exercise your right to have us redeem your ETNs. - You will not know the Redemption Amount at the time you elect to request that we redeem your ETNs. - Market disruptions may adversely affect your return. - Significant aspects of the tax treatment of the ETNs are uncertain, and certain aspects (including withholding) may make the ETNs less suitable for certain non-U.S. investors. Risks Relating to Liquidity and the Secondary Market - The Intraday Indicative Value and the Closing Indicative Value are not the same as the closing price or any other trading price of the ETNs in the secondary market. - There is no assurance that your ETNs will continue to be listed on a securities exchange, and they may not have an active trading market. - The NYSE may halt trading in the ETNs or may limit the extent to which trading prices may change within specified time periods, which in either case would adversely impact your ability to sell the ETNs. - The liquidity of the market for the ETNs may vary materially over time, and may be limited if you do not hold at least 25,000 ETNs. - We may sell additional ETNs at different prices, but we are under no 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 we may stop selling additional ETNs at any time. - The value of the ETNs in the secondary market may be influenced by many unpredictable factors. - The ETNs are subject to intraday purchase risk. Risks Relating to Conflicts of Interest and Hedging - Our offering of the ETNs does not constitute an expression of our view about, or a recommendation of, the Index or any of the Index Constituents. - We or 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 trading activities. - We or our affiliates may have economic interests that are adverse to those of the holders of the ETNs as a result of our business activities. - BMOCM and its affiliates may have published research, expressed opinions or provided recommendations that are inconsistent with investing in or holding the ETNs, and may do so in the future. Any such research, opinions or recommendations could affect the level of the Index and of each of the Index Constituents, and therefore the market value of the ETNs. - The Calculation Agent is our affiliate and may have economic interests that are adverse to those of the holders of the ETNs. Risks Relating to the Index - Although the title of the ETNs includes “MANGOS+” and the name of the Index includes “MaNGoS+,” Anthropic and OpenAI are not initially included in the Index and may never be included. - The Index includes companies whose businesses and stock prices may be significantly affected by factors unrelated to artificial intelligence. - An investment in the ETNs is subject to risks associated with investing in technology and AI-related companies. - The Index may be disproportionately affected by the performance of a small number of stocks. - BMOCM coordinated with the Index Sponsor in the development of the Index. - The ETNs are linked to the net total return version of the Index. - Changes that affect the Index may adversely affect the value of the ETNs and any payments on the ETNs. - We cannot control actions by any of the unaffiliated companies whose securities are included in the Index. - The Calculation Agent may replace the Index with a successor or substitute index or use an alternative computation methodology. - We and our affiliates have no affiliation with the Index Sponsor and have not independently verified its public disclosure of information. - The ETNs rely on the timely and accurate publication of the level of the Index. - The Index has an extremely limited operating history and may perform in unanticipated ways. - Hypothetical back-tested Index performance information is subject to significant limitations.

Key Risks

An investment in the ETNs involves significant risks. The following list identifies the risks described in the applicable pricing supplement but does not include the complete discussion of those risks. You should carefully read the “Risk Factors” section of the applicable pricing supplement before investing in the ETNs. Capitalized terms used but not defined below have the meanings set forth in the applicable pricing supplement.

Risks Relating to the Terms of the ETNs - The ETNs do not pay interest and do not guarantee the return of any of your initial investment. You may lose all or a substantial portion of your investment in the ETNs.
- The ETNs are designed to be short-term trading tools and are not designed to meet any investment objectives over any period longer than one day.
- The ETNs are likely to experience significant “decay” over time. As a result, the ETNs are not suitable for investors with intermediate- or long-term investment objectives and are not intended to be held to maturity.
- Even if held for only one day, the ETNs are highly vulnerable to sudden large changes in the level of the Index.
- Leverage increases the sensitivity of your ETNs to changes in the level of the Index.
- The Closing Indicative Value of the ETNs and any payments on the ETNs will reflect the deduction of fees and charges.
- The Calculation Agent may increase the Spread, which would increase the Daily Financing Charge and adversely affect the value of, and your return on, the ETNs.
- If the Intraday Indicative Value for the ETNs is equal to or less than $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 lose all of your investment in the ETNs.
- The ETNs are subject to our credit risk.
- Due to the effect of compounding, if the Closing Indicative Value increases, any subsequent decrease of the level of the Index will result in a larger dollar reduction from the Closing Indicative Value than if the Closing Indicative Value remained constant.
- Due to the effect of compounding, if the Closing Indicative Value decreases, any subsequent increase of the level of the Index will result in a smaller dollar increase on the Closing Indicative Value than if the Closing Indicative Value remained constant.
- The leverage of the ETNs is reset daily, and the effective leverage of the ETNs during any given day may be greater than or less than 3.0.
- The ETNs are subject to our call right, which may result in a forced early redemption and a potential loss on your investment.
- If we exercise our call right, the averaging feature used to determine the Call Settlement Amount may limit your participation in positive performance of the Index during the Call Measurement Period, and you will not participate in any positive performance of the Index after the Call Measurement Period.
- The exercise of our call right may adversely affect the value of, or your ability to sell, your ETNs in the secondary market.
- If we exercise our call right, the Call Settlement Amount may be less than the Closing Indicative Value at the time we give notice.
- If we exercise our call right, we will cause a Call Notice to be delivered solely to DTC.
- You will not have any ownership rights in the Index Constituents.
- The Closing Index Levels used to calculate the payment at maturity, call or upon a redemption may be less than those levels on the Maturity Date, Call Settlement Date, Redemption Date or at other times during the term of the ETNs.
- There are restrictions on the minimum number of ETNs you may request that we redeem and the dates on which you may exercise your right to have us redeem your ETNs.
- You will not know the Redemption Amount at the time you elect to request that we redeem your ETNs.
- Market disruptions may adversely affect your return.
- Significant aspects of the tax treatment of the ETNs are uncertain, and certain aspects (including withholding) may make the ETNs less suitable for certain non-U.S. investors.

Risks Relating to Liquidity and the Secondary Market - The Intraday Indicative Value and the Closing Indicative Value are not the same as the closing price or any other trading price of the ETNs in the secondary market.
- There is no assurance that your ETNs will continue to be listed on a securities exchange, and they may not have an active trading market.
- The NYSE may halt trading in the ETNs or may limit the extent to which trading prices may change within specified time periods, which in either case would adversely impact your ability to sell the ETNs.
- The liquidity of the market for the ETNs may vary materially over time, and may be limited if you do not hold at least 25,000 ETNs.
- We may sell additional ETNs at different prices, but we are under no 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 we may stop selling additional ETNs at any time.
- The value of the ETNs in the secondary market may be influenced by many unpredictable factors.
- The ETNs are subject to intraday purchase risk.

Risks Relating to Conflicts of Interest and Hedging - Our offering of the ETNs does not constitute an expression of our view about, or a recommendation of, the Index or any of the Index Constituents.
- We or 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 trading activities.
- We or our affiliates may have economic interests that are adverse to those of the holders of the ETNs as a result of our business activities.
- BMOCM and its affiliates may have published research, expressed opinions or provided recommendations that are inconsistent with investing in or holding the ETNs, and may do so in the future. Any such research, opinions or recommendations could affect the level of the Index and of each of the Index Constituents, and therefore the market value of the ETNs.
- The Calculation Agent is our affiliate and may have economic interests that are adverse to those of the holders of the ETNs.

Risks Relating to the Index - Although the title of the ETNs includes “MANGOS+” and the name of the Index includes “MaNGoS+,” Anthropic and OpenAI are not initially included in the Index and may never be included.
- The Index includes companies whose businesses and stock prices may be significantly affected by factors unrelated to artificial intelligence.
- An investment in the ETNs is subject to risks associated with investing in technology and AI-related companies.
- The Index may be disproportionately affected by the performance of a small number of stocks.
- BMOCM coordinated with the Index Sponsor in the development of the Index.
- The ETNs are linked to the net total return version of the Index.
- Changes that affect the Index may adversely affect the value of the ETNs and any payments on the ETNs.
- We cannot control actions by any of the unaffiliated companies whose securities are included in the Index.
- The Calculation Agent may replace the Index with a successor or substitute index or use an alternative computation methodology.
- We and our affiliates have no affiliation with the Index Sponsor and have not independently verified its public disclosure of information.
- The ETNs rely on the timely and accurate publication of the level of the Index.
- The Index has an extremely limited operating history and may perform in unanticipated ways.
- Hypothetical back-tested Index performance information is subject to significant limitations.

Disclaimer

Disclaimer

NYSE® MaNGoS+ Index (“Index”) is used with permission. “NYSE®” is a trademark of ICE Data Indices, LLC (“ICE Data”) or its affiliates. The trademark has been licensed, along with the Index for use by REX Shares, LLC in connection with MicroSectors™ 3× Long MANGOS+ ex Private Companies ETNs (the “Product”). Neither REX Shares, LLC (the “Licensee”) nor the Product, as applicable, are sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Licensee or the ability of the Index to track general market performance. Past performance of an index is not an indicator of or a guarantee of future results.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDEX, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX OR THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.

Documents
Pricing Supplement

MicroSectors™ 3× Long MANGOS+ ex Private Companies ETNs