By accessing this website and any pages hereof ( this "Website"), you acknowledge that you have read, understood, and agree to be bound by the legal notices (the "Legal Notices") set out below. If you don’t accept any of the terms of the Legal Notices, please discontinue use of this Website.

A. BMO Asset Management Inc.
BMO Asset Management Inc.. ("BMOAM") is the trustee, manager, promoter and valuation agent of the BMO ETFs and is responsible for the administration of the BMO ETFs. BMO Asset Management Inc. is an investment counsel firm. Its clients include pensions, endowments, trusts, insurance company reserves, corporations and mutual funds. BMOAM is an indirect, wholly-owned, subsidiary of Bank of Montreal.

The BMO Financial Group ("BMO") includes the Bank of Montreal and its subsidiaries and affiliates who provide deposit, investment, loan, securities trust, insurance and other products or services. Subsidiaries and affiliates include BMO Investments Inc., BMO InvestorLine Inc., BMO Nesbitt Burns Inc., BMO Nesbitt Burns Ltee/Ltd., and BMO Harris Investment Management Inc. (formerly "Jones Heward Investment Management Inc.").

B. Available Only Where Permitted By Law
The products and services described on this Website are available only in jurisdictions where they may be lawfully offered for sale. The information on this Website is not an offer or solicitation by anyone in any jurisdiction in which an offer or solicitation cannot lawfully be made, or to any person to whom it is unlawful to make a solicitation.

If you choose to access this Website from outside Canada, you do so on your own initiative and are responsible for compliance with applicable local, national or international laws and regulations. You may not use or export or re-export any of the information contained on this Website or copy any adaptation in violation of any applicable laws or regulations, including export laws and regulations of Canada in force from time to time.

C. Information
This information has been provided on a voluntary basis by BMO and is for information purposes only. It is not intended to constitute legal, accounting, financial or tax advice and should not be relied upon in that regard. Many factors relating to your particular circumstances that are unknown to us may affect the applicability of the information provided. You should consult directly with BMO or your professional advisers before acting on any information on this Website. BMO takes reasonable steps to provide up to date, accurate and reliable information, and believes the information to be so when posted. The information on this Website may be changed at any time without prior notice. As a user, you agree to review the Legal Notices regularly, and your continued access or use of this Website will mean that you agree to any changes.

D. Use of Website
BMO is not responsible in any manner and will not be liable to you or anyone else for any damages whatsoever (including direct, indirect, incidental, special, consequential, exemplary or punitive damages, and without limitation, lost revenues or profits or loss of prospective economic advantage) arising out of your use or inability to make use of this Website or the information therein, and/or any web browser, including any damages you may suffer if you transmit confidential or sensitive information to us or if we communicate such information to you at your request over the Internet. Furthermore, we are not liable for any action or decision made by you in reliance on this Website or the information contained therein, or any unauthorized use or reproduction of the Website or the information, even if BMO has been advised of the possibility of damages. The Legal Notices are to be read by you together with any terms, conditions or disclaimers provided in the pages of this Website (the "Page Disclaimers"). In the event of any conflict between the Legal Notices and Page Disclaimers, the Page Disclaimers will govern.

E. Applicable Agreements
All products and services of BMO are subject to the terms of each and every applicable agreement governing their use, in addition to the Legal Notices and Page Disclaimers. In the event that the Legal Notices or Page Disclaimers are inconsistent with the terms of any agreement, the terms of the agreement will govern.

F. Links Are Not Endorsements
Links from this Website to other websites or references on this Website to products, services or publications other than those of BMO do not imply BMO’s express or implied endorsement or approval of such websites, products, services or publications.

Links from or to websites outside of this Website are intended for convenience only. BMO does not review, approve, endorse or control, and is not responsible for any sites linked from or to this Website, the content of those sites, the third parties named therein, or their products and services. Linking to any other site is at your own risk, and BMO will not be responsible or liable for any damages in connection with linking. Links to downloadable software sites are for convenience only and BMO is not responsible or liable for any difficulties associated with downloading the software. While every effort is made to ensure that all software provided at this Website, or at a link from this Website, is suitable for use on a wide variety of computer systems, you should take reasonable and appropriate precautions to scan for computer viruses and ensure compatibility of the software with your specific computer system. Use of any downloaded software is governed by the terms of any licence agreement, which accompanies or is provided with the software.

G. Confidentiality (Internet and E-mail)
Confidentiality and security of information over the Internet is not possible at this time. BMO cannot ensure the privacy and authenticity of any information or instructions you send to us or that we send to you over the Internet. BMO will not be responsible for any damages you may incur if you communicate confidential information to us over the Internet or if we communicate such information to you at your request.

H. Trade-Marks and Copyrights
Certain names, words, titles, phrases, logos, icons, graphics or designs or other content in this Website may constitute trade names, registered or unregistered trade-marks or service-marks ( "Trade-marks") of the members of BMO, including BMO Asset Management Inc. or of third parties and are used under licence by BMO. However, the display of trade-marks on the pages of this Website does not imply that a licence of any kind has been granted to any third party. Trade-marks may be registered in Canada and in other countries.

All information on this Website is protected under the copyright laws of Canada and other countries. Users of this Website shall be entitled to copy any information for their own personal use but may not republish or reproduce any such information in any manner, including electronic reproduction by "uploading" or "downloading", without the prior written consent of BMO. Otherwise, no one has permission to copy, redistribute, reproduce or republish, store in any medium, re-transmit, modify or make public or commercial use of, in any form, any information found in the pages of this Website.

Any unauthorized downloading, re-transmission, or other copying or modification of trade-marks or other contents of this Website may be a violation of statutory or common law rights, which could subject the violator to legal action.

Notwithstanding the above, nothing contained in this section shall be construed as conferring any right under or licence of any copyright of BMO or any other person who owns the copyright in the content provided on this Website

® "BMO (M-Roundel)" and "BMO" are registered trade-marks of Bank of Montreal, used under licence.

I. No Warranties
BMO and its officers, directors, employees or agents provide the Website on an "as is, where is" basis and do not make any express or implied warranties, representations, endorsements or conditions with respect to the Website or the information contained therein, including without limitation, warranties as to merchantability, operation, non-infringement, usefulness, completeness, accuracy, timeliness, reliability or fitness for a particular purpose. Further, BMO does not represent or warrant that the Website will be available or meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors (including typographical) or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have the sole responsibility for adequate protection and backup of data and/or equipment and to take reasonable and appropriate precautions to scan for viruses or other destructive properties. Some jurisdictions do not allow for the exclusion of implied warranties, so some of the above may not apply to you.

J. Jurisdiction
This Website is administered by BMO. This Website will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein, without giving effect to any principles of conflicts of laws. All disputes, controversies or claims arising out of or in connection with this Website shall be submitted to and be subject to the jurisdiction of the Courts of the Province of Ontario. As a user, you submit and attorn to the exclusive jurisdiction of the courts of the Province of Ontario to finally adjudicate or determine any suit, action, or proceeding arising out of or in connection with this Website.

K. ETF Disclosure
Commissions, management fees and expenses may be associated with investments in exchange-traded funds.   Please read the prospectus before investing. The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. They are not guaranteed, their values change frequently and past performance may not be repeated. They are not guaranteed or covered by the Canada Deposit Insurance Corporation, the Régie de l’assurance-dépôts du Québec or by any other government deposit insurer.

BMO ETFs are managed and administered by BMOAM, an investment counsel firm and a separate legal entity from Bank of Montreal.

L. Borrowing Money to Buy Securities (Leveraging)
Risks of Borrowing for Purchasing Investments

Exchange traded funds units and other securities may be purchased using available cash or a combination of cash and borrowed money. If cash is used to pay for the purchase in full, the percentage gain or loss will equal the percentage increase or decrease in the value of the securities. The purchase of securities using borrowed money magnifies the gain or loss on the cash invested. This effect is called leveraging.

For example, if $100,000 of exchange-traded fund units are purchased and paid for with $25,000 from available cash and $75,000 from borrowings, and the value of the fund units declines by 10% to $90,000, your equity interest (the difference between the value of the securities and the amount borrowed) has declined by 40%, i.e., from $25,000 to $15,000.

It is important that an investor proposing to borrow for the purchase of securities be aware that a purchase with borrowed monies involves greater risk than a purchase using cash resources only.

To what extent a purchase involves undue risk is a determination to be made by each purchaser and will vary depending on the circumstances of the purchaser and the securities purchased.

Financial Resources Required for Investments Purchased with Borrowed Funds

It is also important that the investor be aware of the terms of a loan secured by securities. The lender may require that the amount outstanding on the loan not rise above an agreed percentage of the market value of the securities. Should this occur, the borrower must pay down the loan or sell the securities so as to return the loan to the agreed percentage relationship. In our example above, the lender may require that the loan not exceed 75% of the market value of the exchange-traded fund units. On a decline in value of the units to $90,000 the borrower must reduce the loan to $67,500 (75% of $90,000). If the borrower does not have cash available, the borrower must sell units at a loss to provide money to reduce the loan.

Money is, of course, also required to pay interest on the loan. Under these circumstances, investors who use borrowed funds to purchase their investment are advised to have adequate financial resources available both to pay interest, and also to reduce the loan if borrowing arrangements require such a payment. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.

M. Use of Intellectual Property Rights
BMOAM either owns the intellectual property rights in the underlying HTML, text, images, audio clips, video clips, software and other content that is made available to you on this Website, or has obtained the permission of the owner of the intellectual property in such content to use the content on this Website.

BMOAM grants you its limited permission to display on your computer, print, download and use the underlying HTML, text, images, audio clips, video clips, software and other content that is made available to you on this Website, for non-commercial, personal or educational purposes only, provided that:

  1. you do not modify any such content; and
  2. you include with and display on each copy of such content the associated copyright notice and this intellectual property notice.

No other use is permitted. Without limiting the foregoing, you may not:

  1. make any commercial use of such content;
  2. include such content in or with any product that you create or distribute; or
  3. copy such content onto your or any other person’s web page.

Notwithstanding the above, nothing contained in this Section shall be construed as conferring any right or licence under any copyright of BMOAM or any other person who owns the copyright in the content provided on this Website.

N. Notice on Securities Lending Transactions
Securities lending is the loan of securities owned by a fund through an authorized agent to a credit-worthy borrower for a negotiated fee. The borrower of the securities provides the fund with collateral - usually cash or qualified securities. Securities lending is permitted for mutual funds and BMO ETFs may engage in these transactions.

What are the risks and how will they be addressed?

There is a risk that the other party may not live up to its obligation under the transaction. In this case a fund could suffer a loss if the collateral held is worth less than the securities loaned or sold to the third party. The BMO ETFs will only deal with reputable and well-established institutions that are subject to a stringent credit evaluation. The value of the collateral will always be higher (at least 2% higher) than the value of the securities loaned or sold. The collateral is monitored and reset daily.