# EDGAR Filing Document

**Accession Number:** 0000927971
**File Stem:** 0001214659-23-001372
**Filing Date:** 2023-2
**Character Count:** 69881
**Document Hash:** 00bd86d68929f97257eb6a6521e4b705
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-23-001372.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001214659-23-001372

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF MONTREAL /CAN/
- **CENTRAL INDEX KEY:** 0000927971
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-264388
- **FILM NUMBER:** 23575087

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
- **BUSINESS PHONE:** 4168677191

**MAIL ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1

Registration Statement No.333-264388

Filed Pursuant to Rule 424(b)(2)

Pricing Supplement dated January 30, 2023 to the Prospectus dated May 26, 2022,

the Prospectus Supplement dated May 26, 2022 and the Product Supplement dated July 22, 2022

![](bmologosm.jpg)

**US$500,000** 

 **Senior Medium-Term Notes, Series I**

 **Autocallable Barrier Notes with Contingent Coupons due February 02, 2028**

 **Linked to the shares of Ark Innovation ETF** 

· The notes are designed for investors who are seeking monthly contingent periodic interest payments (as
described in more detail below), as well as a return of principal if the closing level of the shares of Ark Innovation ETF (the "Reference
Asset") on any quarterly Call Observation Date beginning in January 2024 is greater than 100% of its Initial Level (the "Call
Level"). Investors should be willing to have their notes automatically redeemed prior to maturity, be willing to forego any potential
to participate in the appreciation of the shares of the Reference Asset and be willing to lose some or all of their principal at maturity.

· The notes will pay a Contingent Coupon on each Contingent Coupon Payment Date at the Contingent Interest
Rate of 1.098% per month (approximately 13.17% per annum) if the closing level of the Reference Asset on the applicable monthly Coupon
Observation Date is greater than or equal to its Coupon Barrier Level. However, if the closing level of the Reference Asset is less than
its Coupon Barrier Level on a Coupon Observation Date, the notes will not pay the Contingent Coupon for that Coupon Observation Date.

· Beginning on January 30, 2024, if on any Call Observation Date, the closing level of the Reference Asset
is greater than its Call Level, the notes will be automatically redeemed. On the following Contingent Coupon Payment Date (the "Call
Settlement Date"), investors will receive their principal amount plus the Contingent Coupon otherwise due. After the notes are redeemed,
investors will not receive any additional payments in respect of the notes.

· The notes do not guarantee any return of principal at maturity. Instead, if the notes are not automatically
redeemed, the payment at maturity will be based on the Final Level of the Reference Asset and whether the Final Level of that Reference
Asset has declined from its Initial Level to below its Trigger Level on the Valuation Date (a "Trigger Event"), as described
below.

· If the notes are not automatically redeemed and a Trigger Event has occurred, investors will lose 1%
of the principal amount for each 1% decrease in the level of the Reference Asset from its Initial Level to its Final Level. In such a
case, you will receive a cash amount at maturity that is less than the principal amount, together with the final Contingent Coupon, if
payable.

· Investing in the notes is not equivalent to a direct investment in the Reference Asset.

· The notes will not be listed on any securities exchange.

· All payments on the notes are subject to the credit risk of Bank of Montreal.

· The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.

· Our subsidiary, BMO Capital Markets Corp. ("BMOCM"), is the agent for this offering. See
"Supplemental Plan of Distribution (Conflicts of Interest)" below.

· The notes will not be subject to conversion into our common shares or the common shares of any of our
affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the "CDIC Act").

**Terms of the Notes:**

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| | | | |
|:---|:---|:---|:---|
| **Pricing Date:** | January 30, 2023 | **Valuation Date:** | January 28, 2028 |
| **Settlement Date:** | February 02, 2023 | **Maturity Date:** | February 02, 2028 |

---

**Specific Terms of the Notes:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Autocallable <br> Number** | **Reference <br> Asset** | **Ticker <br> Symbol** | **Initial <br> Level** | **Contingent <br> Interest Rate** | **Coupon <br> Barrier <br> Level\*** | **Trigger <br> Level\*** | **CUSIP** | **Principal <br> Amount** | **Price to <br> Public**<sup>1</sup> | **Agent's <br> Commission**<sup>1</sup> | **Proceeds to <br> Bank of <br> Montreal**<sup>1</sup> |
| 2748 | The shares of Ark Innovation ETF | ARKK | $38.51 | 1.098% per month (approximately 13.17% per annum) | $19.25, 50.00% of its Initial Level | $19.25, 50.00% of its Initial Level | 06374VLQ7 | $500000.00 | 100% | 0.625%<br> $3,125.00 | 99.375%<br> $496,875.00 |

---

<sup>1</sup> The total "Agent's Commission" and "Proceeds to Bank of Montreal" specified above reflect the aggregate amounts at the time Bank of Montreal established its hedge positions on or prior to the Pricing Date, which may have been variable and fluctuated depending on market conditions at such times. Certain dealers who purchased the notes for sale to certain fee-based advisory accounts may have foregone some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts was between $993.75 and $1,000 per $1,000 in principal amount. We or one of our affiliates will also pay a referral fee to certain dealers of up to 0.50% of the principal amount in connection with the distribution of the notes.

\* Rounded to two decimal places.

***Investing in the notes involves risks, including those described in the "Selected Risk Considerations" section beginning on page P-5 hereof, the "Additional Risk Factors Relating to the Notes" section beginning on page PS-6 of the product supplement, and the "Risk Factors" section beginning on page S-1 of the prospectus supplement and on page 8 of the prospectus.***

*Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or passed upon the accuracy of this document, the product supplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense. The notes will be our unsecured obligations and will not be savings accounts or deposits that are insured by the United States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency or instrumentality or other entity.*

On the date hereof, based on the terms set forth above, the estimated initial value of the notes is $933.46 per $1,000 in principal amount. However, as discussed in more detail below, the actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy.

**BMO CAPITAL MARKETS**

**Key Terms of the Notes:**

---

| | |
|:---|:---|
| Reference Asset: | The shares of Ark Innovation ETF (ticker symbol "ARKK") . See "The Reference Asset" below for additional information. |
| Contingent Coupons: | If the closing level of the Reference Asset on a Coupon Observation Date is greater than or equal to its Coupon Barrier Level, a Contingent Coupon will be paid on the corresponding Contingent Coupon Payment Date at the Contingent Interest Rate, subject to the automatic redemption feature. |
| Contingent Interest Rate: | 1.098% per month (approximately 13.17% per annum), if payable. Accordingly, each Contingent Coupon, if payable, will equal $10.98 for each $1,000 in principal amount. |
| Coupon Observation Dates:<sup>1</sup> | Three trading days prior to each scheduled Contingent Coupon Payment Date. |
| Contingent Coupon Payment <br> Dates:<sup>1</sup> | Interest, if payable, will be paid on the 2nd day of each month (or, if such day is not a business day, the next following business day), beginning on March 02, 2023 and ending on the Maturity Date, subject to the automatic redemption feature. |
| Automatic Redemption: | If, on any Call Observation Date, the closing level of the Reference Asset is greater than its Call Level, the notes will be automatically redeemed. No further amounts will be owed to you under the Notes. |
| Payment upon Automatic <br> Redemption: | If the notes are automatically redeemed, then, on the Call Settlement Date, investors will receive their principal amount plus the Contingent Coupon otherwise due. |
| Call Observation Dates:<sup>1</sup> | Beginning on January 30, 2024, each Coupon Observation Date corresponding to a Coupon Payment Date scheduled to occur in February, May, August, and November |
| Call Settlement Date:<sup>1</sup> | If the notes are automatically redeemed, the Contingent Coupon Payment Date immediately following the relevant Call Observation Date. |
| Payment at Maturity: | If the notes are not automatically redeemed, the payment at maturity for the notes is based on the performance of the Reference Asset.<br>You will receive $1,000 for each $1,000 in principal amount of the note, unless a Trigger Event has occurred.<br>If a Trigger Event has occurred, you will receive at maturity, for each $1,000 in principal amount of your notes, a cash amount equal to:<br>$1,000 + [$1,000 x Percentage Change]<br>**This amount will be less than the principal amount of your note, and may be zero.**<br>You will also receive the final Contingent Coupon, if payable. |
| Trigger Event:<sup>2</sup> | A Trigger Event will be deemed to occur if the Final Level of the Reference Asset is less than its Trigger Level on the Valuation Date. |
| Percentage Change: | The quotient, expressed as a percentage, of the following formula:<br><u>(Final Level - Initial Level)</u><br> Initial Level |
| Initial Level:<sup>2</sup> | As set forth on the cover hereof. |
| Coupon Barrier Level:<sup>2</sup> | $19.25 with respect to ARKK, which is 50.00% of the Initial Level (rounded to two decimal places). |
| Trigger Level:<sup>2</sup> | $19.25 with respect to ARKK, which is 50.00% of the Initial Level (rounded to two decimal places). |
| Call Level:<sup>2</sup> | 100% of the Initial Level. |
| Final Level: | The closing level of the Reference Asset on the Valuation Date. |
| Pricing Date: | January 30, 2023 |
| Settlement Date: | February 02, 2023 |
| Valuation Date:<sup>1</sup> | January 28, 2028 |
| Maturity Date:<sup>1</sup> | February 02, 2028 |

---

---

| | |
|:---|:---|
| Physical Delivery Amount: | We will only pay cash on the Maturity Date, and you will have no right to receive any shares of the Reference Asset. |
| Calculation Agent: | BMOCM |
| Selling Agent: | BMOCM |

---

<sup>1</sup> Subject to the occurrence of a market disruption event, as described in the accompanying product supplement.

<sup>2</sup>As determined by the calculation agent and subject to adjustment in certain circumstances. See "General Terms of the Notes — Anti-dilution Adjustments to a Reference Asset that Is an Equity Security (Including Any ETF)" and "— Adjustments to a Reference Asset that Is an ETF" in the product supplement for additional information.

**Additional Terms of the Notes**

You should read this document together with the product supplement dated July 22, 2022, the prospectus supplement dated May 26, 2022 and the prospectus dated May 26, 2022. **This document, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours or the agent.** You should carefully consider, among other things, the matters set forth in Additional Risk Factors Relating to the Notes in the product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

Product supplement dated July 22, 2022:

[https://www.sec.gov/Archives/edgar/data/927971/000121465922009102/r712220424b2.htm](https://www.sec.gov/Archives/edgar/data/927971/000121465922009102/r712220424b2.htm)

Prospectus supplement dated May 26, 2022 and prospectus dated May 26, 2022:

[https://www.sec.gov/Archives/edgar/data/0000927971/000119312522160519/d269549d424b5.htm](https://www.sec.gov/Archives/edgar/data/0000927971/000119312522160519/d269549d424b5.htm)

Our Central Index Key, or CIK, on the SEC website is 927971. As used in this document, "we", "us" or "our" refers to Bank of Montreal.

**Selected Risk Considerations**

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Reference Asset. These risks are explained in more detail in the "Additional Risk Factors Relating to the Notes" section of the product supplement.

**Risks Related to the Structure or Features of the Notes**

· **Your investment in the notes may result in a loss.** — The notes do not guarantee any return of principal. If the notes
are not automatically redeemed, the payment at maturity will be based on the Final Level and whether a Trigger Event has occurred. If
the Final Level is less than its Trigger Level, a Trigger Event will occur, and you will lose 1% of the principal amount for each 1% that
the Final Level is less than the Initial Level. In such a case, you will receive at maturity a cash payment that is less than the principal
amount of the notes and may be zero. **Accordingly, you could lose your entire investment in the notes.** 

· **You may not receive any Contingent Coupons with respect to your notes.** — We will not necessarily make periodic interest
payments on the notes. If the closing level of the Reference Asset on a Coupon Observation Date is less than its Coupon Barrier Level,
we will not pay you the Contingent Coupon applicable to that Coupon Observation Date. If the closing level of the Reference Asset is less
than its Coupon Barrier Level on each of the Coupon Observation Dates, we will not pay you any Contingent Coupons during the term of the
notes, and you will not receive a positive return on the notes. Generally, this non-payment of any Contingent Coupons will coincide with
a greater risk of principal loss on your notes.

· **Your notes are subject to automatic early redemption.** — We will redeem the notes if the closing level of the Reference
Asset on any Call Observation Date is greater than its Call Level. Following an automatic redemption, you will not receive any additional
Contingent Coupons and may not be able to reinvest your proceeds in an investment with returns that are comparable to the notes. Furthermore,
to the extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur
transaction costs such as dealer discounts and hedging costs built into the price of the new notes.

· **Your return on the notes is limited to the Contingent Coupons, if any, regardless of any appreciation in the value of the Reference Asset.** — You will not receive a payment at maturity with a value greater than your principal amount plus the final Contingent
Coupon, if payable. In addition, if the notes are automatically redeemed, you will not receive a payment greater than the principal amount
plus the applicable Contingent Coupon, even if the Final Level exceeds the Call Level by a substantial amount. Accordingly, your maximum
return on the applicable notes is limited to the potential return represented by the Contingent Coupons.

· **Your return on the notes may be lower than the return on a conventional debt security of comparable maturity.** — The
return that you will receive on your notes, which could be negative, may be less than the return you could earn on other investments.
The notes do not provide for fixed interest payments and you may not receive any Contingent Coupons over the term of the notes. Even if
you do receive one or more Contingent Coupons and your return on the notes is positive, your return may be less than the return you would
earn if you bought a conventional senior interest bearing debt security of ours with the same maturity or if you invested directly in
the Reference Asset. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the
time value of money.

· **A higher Contingent Interest Rate or lower Trigger Level or Coupon Barrier Level may reflect greater expected volatility of the Reference Asset, and greater expected volatility generally indicates an increased risk of loss at maturity.** — The economic
terms for the notes, including the Contingent Interest Rate, Coupon Barrier Level and Trigger Level, are based, in part, on the expected
volatility of the Reference Asset at the time the terms of the notes are set. "Volatility" refers to the frequency and magnitude
of changes in the level of the Reference Asset. The greater the expected volatility of the Reference Asset as of the Pricing Date, the
greater the expectation is as of that date that the closing level of the Reference Asset could be less than its Coupon Barrier Level on
any Coupon Observation Date and that a Trigger Event could occur and, as a consequence, indicates an increased risk of not receiving a
Contingent Coupon and an increased risk of loss, respectively. All things being equal, this greater expected volatility will generally
be reflected in a higher Contingent Interest Rate than the yield payable on our conventional debt securities with a similar maturity or
on otherwise comparable securities, and/or lower Trigger Level and/or Coupon Barrier Level than those terms on otherwise comparable securities.
Therefore, a relatively higher Contingent Interest Rate may indicate an increased risk of loss. Further, a relatively lower Trigger Level
and/or Coupon Barrier may not necessarily indicate that the notes have a greater likelihood of a return of principal at maturity and/or
paying Contingent Coupons. You should be willing to accept the downside market risk of the Reference Asset and the potential to lose a
significant portion or all of your initial investment.

**Risks Related to the Reference Asset**

· **Owning the notes is not the same as owning shares of the Reference Asset or a security directly linked to the Reference Asset.** — The return on your notes will not reflect the return you would realize if you actually owned shares of the Reference Asset or
a security directly linked to the performance of the Reference Asset and held that investment for a similar period. Your notes may trade
quite differently from the Reference Asset. Changes in the level of the Reference Asset may not result in comparable changes in the market
value of your notes. Even if the level of the Reference Asset increases during the term of the notes, the market value of the notes prior
to maturity may not increase to the same extent. It is also possible for the market value of the notes to decrease while the level of
the Reference Asset increases. In addition, any dividends or other distributions paid on the Reference Asset will not be reflected in
the amount payable on the notes.

· **You will not have any shareholder rights and will have no right to receive any shares of the Reference Asset (or any company included in the Reference Asset) at maturity.** — Investing in your notes will not make you a holder of any shares of the Reference Asset
or any securities held by the Reference Asset. Neither you nor any other holder or owner of the notes will have any voting rights, any
right to receive dividends or other distributions, or any other rights with respect to the Reference Asset or such underlying securities.

· **No delivery of shares of the Reference Asset.** — The notes will be payable only in cash. You should not invest in the
notes if you seek to have the shares of the Reference Asset delivered to you at maturity.

· **Adjustments to the Reference Asset could adversely affect the notes.** — The sponsor and advisor of the Reference Asset
is responsible for calculating and maintaining the Reference Asset. The sponsor and advisor of the Reference Asset can add, delete or
substitute the stocks comprising the Reference Asset or make other methodological changes that could change the share price of the Reference
Asset at any time. If one or more of these events occurs, the calculation of the amount payable at maturity may be adjusted to reflect
such event or events. Consequently, any of these actions could adversely affect the amount payable at maturity and/or the market value
of the notes.

· **We and our affiliates do not have any affiliation with the applicable investment advisor or the Reference Asset Issuer and are not responsible for their public disclosure of information.** — The investment advisor of the Reference Asset advises the issuer
of the Reference Asset (the "Reference Asset Issuer") on various matters, including matters relating to the policies, maintenance
and calculation of the Reference Asset. We and our affiliates are not affiliated with the applicable investment advisor or the Reference
Asset Issuer in any way and have no ability to control or predict its actions, including any errors in or discontinuance of disclosure
regarding the methods or policies relating to the Reference Asset. Neither the applicable investment advisor nor the Reference Asset Issuer
is involved in the offerings of the notes in any way and has no obligation to consider your interests as an owner of the notes in taking
any actions relating to the Reference Asset that might affect the value of the notes. Neither we nor any of our affiliates has independently
verified the adequacy or accuracy of the information about the applicable investment advisor or the Reference Asset contained in any public
disclosure of information. You, as an investor in the notes, should make your own investigation into the Reference Asset Issuer.

· **An investment in the notes is subject to risks associated with actively managed funds**. — The Reference Asset is actively
managed. Unlike a passively managed fund, an actively managed fund does not attempt to track an index or other benchmark, and the investment
decisions for an actively managed fund are instead made by its investment adviser. The investment adviser of an actively managed fund
may adopt a strategy or strategies that are significantly higher risk than the indexing strategy that would have been employed by a passively
managed fund.

· **You must rely on your own evaluation of the merits of an investment linked to the Reference Asset.** — In the ordinary
course of their businesses, our affiliates from time to time may express views on expected movements in the prices of the Reference Asset
or the prices of the securities held by the Reference Asset. One or more of our affiliates have published, and in the future may publish,
research reports that express views on the Reference Asset or these securities. However, these views are subject to change from time to
time. Moreover, other professionals who deal in the markets relating to the Reference Asset at any time may have significantly different
views from those of our affiliates. You are encouraged to derive information concerning the Reference Asset from multiple sources, and
you should not rely on the views expressed by our affiliates. Neither the offering of the notes nor any views which our affiliates from time to time may express in the ordinary course of their businesses
constitutes a recommendation as to the merits of an investment in the notes.

**Risks Related to the ARK Innovation ETF**

· **The notes are subject to risks associated with disruptive innovation companies.** — The Reference Asset's investment
strategy involves exposure to companies that the investment adviser believes are capitalizing on disruptive innovation and developing
technologies to displace older technologies or create new markets ("disruptive innovation companies"). However, the companies
selected by the investment adviser may not in fact do so. Companies that initially develop a novel technology may not be able to capitalize
on the technology, and companies that develop disruptive technologies may face political or legal attacks from competitors, industry groups
or local and national governments. These companies may also be exposed to risks applicable to sectors other than the disruptive innovation
theme for which they are chosen, and the securities issued by these companies may underperform the securities of other companies that
are primarily focused on a particular theme. The Reference Asset may invest in companies that do not currently derive any revenue from
disruptive innovations or technologies, and there is no assurance that any company will derive any revenue from disruptive innovations
or technologies in the future. A disruptive innovation or technology may constitute a small portion of any company's overall business.
As a result, the success of a disruptive innovation or technology may not affect the value of the equity securities issued by that company.

· **The notes are subject to risks associated with concentrated investments. –T** he equity securities held by the ARK Innovation
ETF are concentrated in a small number of companies, and, in turn, certain industries. The ARK Innovation ETF may rise or fall sharply
due to factors specific to these companies or industries, and, as a result of this concentration, the notes may have increased volatility.
An investment in the notes may be riskier than an investment linked to a more diversified ETF or index or to multiple reference assets.

· **The notes are subject to risks relating to cryptocurrencies and related investments**. — The Reference Asset may have exposure
to cryptocurrencies, such as bitcoin, indirectly through investment funds, including through an investment in the Grayscale Bitcoin Trust
("GBTC"), a privately offered, open-end investment vehicle. Cryptocurrencies are digital assets designed to act as a medium
of exchange and do not represent legal tender. Cryptocurrency generally operates without central authority or banks and is not backed
by any government. Cryptocurrencies are susceptible to theft, loss, destruction and fraud. Cryptocurrency is an emerging asset class,
and regulation in the United States is still developing, including with respect to market integrity, anti-fraud, anti-manipulation, cybersecurity,
surveillance and anti-money laundering. Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrencies.
The market prices of bitcoin and other cryptocurrencies have been subject to extreme fluctuations. Even when held indirectly, investment
vehicles like GBTC may be affected by the high volatility associated with cryptocurrency exposure. Holding a privately offered investment
vehicle in its portfolio may cause the Reference Asset to trade at a discount to its net asset value. If cryptocurrency markets continue
to be subject to sharp fluctuations, the Reference Asset and the notes may be adversely affected. In addition, the share prices of GBTC
and other similar investment vehicles that are not listed on a national securities exchange may be more volatile than listed securities
because there is generally less liquidity in these securities and there may be less publicly available information about them or their
issuers. Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely
unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and
other currencies. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers or malware,
which may also affect the prices of cryptocurrencies. Events that negatively affect cryptocurrencies may negatively affect the performance
of the Reference Asset and the notes.

· **An investment in the notes is subject to risks associated with mid-size, small and micro-capitalization stocks.** — Some
of the equity securities held by the Reference Asset have been issued by companies with mid-capitalization, small-capitalization or micro-capitalization.
These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies
and therefore the Reference Asset may be more volatile than a fund in which a greater percentage of the underlying securites are issued
by large-capitalization companies. Stock prices of mid-capitalization, small-capitalization and micro-capitalization companies are also
more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of mid-capitalization,
small-capitalization and micro-capitalization companies may be thinly traded. In addition, small-capitalization and micro-capitalization
companies are typically less well-established and less stable financially than large-capitalization companies and may depend on a small
number of key personnel, making them more vulnerable to loss of personnel. Such companies tend to have smaller revenues, less diverse
product lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization
companies and are more susceptible to adverse developments related to their products.

· **An investment in the notes is subject to risks associated with foreign securities markets.** — The ARK Innovation ETF
tracks the value of certain foreign equity securities. You should be aware that investments in securities linked to the value of foreign
equity securities involve particular risks. The foreign securities markets comprising the ARK Innovation ETF may have less liquidity and
may be more volatile than U.S. or other securities markets and market developments may affect foreign markets differently from U.S. or
other securities markets. Direct or indirect government intervention to stabilize these foreign securities markets, as well as cross-shareholdings
in foreign companies, may affect trading prices and volumes in these markets. Also, there is generally less publicly available information
about foreign companies than about those U.S. companies that are subject to the reporting requirements of the U.S. Securities and Exchange
Commission, and foreign companies are subject to accounting, auditing and financial reporting standards and requirements that differ from
those applicable to U.S. reporting companies. Prices of securities in foreign countries are subject to political, economic, financial and social factors that apply in those geographical
regions. These factors, which could negatively affect those securities markets, include the possibility of recent or future changes in
a foreign government's economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other
laws or restrictions applicable to foreign companies or investments in foreign equity securities and the possibility of fluctuations in
the rate of exchange between currencies, the possibility of outbreaks of hostility and political instability and the possibility of natural
disaster or adverse public health developments in the region. Moreover, foreign economies may differ favorably or unfavorably from the
U.S. economy in important respects such as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.

· **The ARK Innovation ETF, and therefore an investment in the notes, is subject to risks associated with emerging markets.** —
The ARK Innovation ETF consists of stocks issued by companies in countries with emerging markets. Countries with emerging markets may
have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions
on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries
with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions (due
to economic dependence upon commodity prices and international trade), and may suffer from extreme and volatile debt burdens, currency
devaluations or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively
to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. The shares tracked by the ARK Innovation ETF may be listed on a foreign stock exchange. A foreign stock exchange may impose trading limitations
intended to prevent extreme fluctuations in individual security prices and may suspend trading in certain circumstances. These actions
could limit variations in the levels of the of the ARK Innovation ETF, which could, in turn, adversely affect the value of, and amount
payable on, the notes.

· **The notes are subject to currency exchange risk.** — Because the prices of the non-U.S. equity securities held by the Reference
Asset are converted into U.S. dollars for purposes of calculating the net asset value of the Reference Asset, holders of the notes will
be exposed to currency exchange rate risk with respect to each of the currencies in which the non-U.S. equity securities held by the Reference
Asset trade. Your net exposure will depend on the extent to which those currencies strengthen or weaken against the U.S. dollar and the
relative weight of equity securities held by the Reference Asset denominated in each of those currencies. If, taking into account the
relevant weighting, the U.S. dollar strengthens against those currencies, the price of the Reference Asset will be adversely affected
and any payment on the notes may be reduced.

**General Risk Factors**

· **Your investment is subject to the credit risk of Bank of Montreal.** — Our credit ratings and credit spreads may adversely
affect the market value of the notes. Investors are dependent on our ability to pay any amounts due on the notes, and therefore investors
are subject to our credit risk and to changes in the market's view of our creditworthiness. Any decline in our credit ratings or
increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the notes.

· **Potential conflicts.** — We and our affiliates play a variety of roles in connection with the issuance of the notes, including
acting as calculation agent. In performing these duties, the economic interests of the calculation agent and other affiliates of ours
are potentially adverse to your interests as an investor in the notes. We or one or more of our affiliates may also engage in trading
of shares of the Reference Asset or the securities held by the Reference Asset on a regular basis as part of our general broker-dealer
and other businesses, for proprietary accounts, for other accounts under management or to facilitate transactions for our customers. Any
of these activities could adversely affect the level of the Reference Asset and, therefore, the market value of, and the payments on,
the notes. We or one or more of our affiliates may also issue or underwrite other securities or financial or derivative instruments with
returns linked or related to changes in the performance of the Reference Asset. By introducing competing products into the marketplace
in this manner, we or one or more of our affiliates could adversely affect the market value of the notes.

· **Our initial estimated value of the notes is lower than the price to public.** — Our initial estimated value of the notes
is only an estimate, and is based on a number of factors. The price to public of the notes exceeds our initial estimated value, because
costs associated with offering, structuring and hedging the notes are included in the price to public, but are not included in the estimated
value. These costs include any underwriting discount and selling concessions, the profits that we and our affiliates expect to realize
for assuming the risks in hedging our obligations under the notes and the estimated cost of hedging these obligations.

· **Our initial estimated value does not represent any future value of the notes, and may also differ from the estimated value of any other party.** — Our initial estimated value of the notes as of the date hereof is derived using our internal pricing models.
This value is based on market conditions and other relevant factors, which include volatility of the Reference Asset, dividend rates and
interest rates. Different pricing models and assumptions could provide values for the notes that are greater than or less than our initial
estimated value. In addition, market conditions and other relevant factors after the Pricing Date are expected to change, possibly rapidly,
and our assumptions may prove to be incorrect. After the Pricing Date, the value of the notes could change dramatically due to changes
in market conditions, our creditworthiness, and the other factors set forth herein and in the product supplement. These changes are likely
to impact the price, if any, at which we or BMOCM would be willing to purchase the notes from you in any secondary market transactions.
Our initial estimated value does not represent a minimum price at which we or our affiliates would be willing to buy your notes in any
secondary market at any time.

· **The terms of the notes were not determined by reference to the credit spreads for our conventional fixed-rate debt.** —
To determine the terms of the notes, we used an internal funding rate that represents a discount from the credit spreads for our conventional
fixed-rate debt. As a result, the terms of the notes are less favorable to you than if we had used a higher funding rate.

· **Certain costs are likely to adversely affect the value of the notes.** — Absent any changes in market conditions, any secondary
market prices of the notes will likely be lower than the price to public. This is because any secondary market prices will likely take
into account our then-current market credit spreads, and because any secondary market prices are likely to exclude all or a portion of
any underwriting discount and selling concessions, and the hedging profits and estimated hedging costs that are included in the price
to public of the notes and that may be reflected on your account statements. In addition, any such price is also likely to reflect a discount
to account for costs associated with establishing or unwinding any related hedge transaction, such as dealer discounts, mark-ups and other
transaction costs. As a result, the price, if any, at which BMOCM or any other party may be willing to purchase the notes from you in
secondary market transactions, if at all, will likely be lower than the price to public. Any sale that you make prior to the Maturity
Date could result in a substantial loss to you.

· **Lack of liquidity.** — The notes will not be listed on any securities exchange. BMOCM may offer to purchase the notes in
the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow
you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which
you may be able to trade the notes is likely to depend on the price, if any, at which BMOCM is willing to buy the notes.

· **Hedging and trading activities.** — We or any of our affiliates have carried out or may carry out hedging activities related
to the notes, including purchasing or selling shares of the Reference Asset or securities held by the Reference Asset, futures or options
relating to the Reference Asset or securities held by the Reference Asset or other derivative instruments with return liked or related
to changes in the performance on the Reference Asset or securities held by the Reference Asset. We or our affiliates may also trade in
the Reference Asset, such securities, or instruments related to the Reference Asset or such securities from time to time. Any of these
hedging or trading activities on or prior to the Pricing Date and during the term of the notes could adversely affect the payments on
the notes.

· **Many economic and market factors will influence the value of the notes.** — In addition to the level of the Reference Asset
and interest rates on any trading day, the value of the notes will be affected by a number of economic and market factors that may either
offset or magnify each other, and which are described in more detail in the product supplement.

· **Significant aspects of the tax treatment of the notes are uncertain.** — The tax treatment of the notes is uncertain. We
do not plan to request a ruling from the Internal Revenue Service or from any Canadian authorities regarding the tax treatment of the
notes, and the Internal Revenue Service or a court may not agree with the tax treatment described herein. The Internal Revenue Service has released a notice that may affect the taxation of holders of "prepaid forward contracts"
and similar instruments. According to the notice, the Internal Revenue Service and the U.S. Treasury are actively considering whether
the holder of such instruments should be required to accrue ordinary income on a current basis. While it is not clear whether the notes
would be viewed as similar to such instruments, it is possible that any future guidance could materially and adversely affect the tax
consequences of an investment in the notes, possibly with retroactive effect. Please read carefully the section entitled "U.S. Federal Tax Information" herein, the section entitled "Supplemental Tax
Considerations–Supplemental U.S. Federal Income Tax Considerations" in the accompanying product supplement, the section entitled
"United States Federal Income Taxation" in the accompanying prospectus and the section entitled "Certain Income Tax Consequences"
in the accompanying prospectus supplement. You should consult your tax advisor about your own tax situation.

**Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in the Notes** 

The following table illustrates the hypothetical payments on a note at maturity, assuming that the notes are not automatically redeemed. The hypothetical payments are based on a $1,000 investment in the note, a hypothetical Initial Level of $100.00, a hypothetical Trigger Level of $50.00 (50.00% of the hypothetical Initial Level), a hypothetical Call Level of $100.00 (100.00% of the hypothetical Initial Level), a range of hypothetical Final Levels and the effect on the payment at maturity .

The hypothetical examples shown below are intended to help you understand the terms of the notes. If the notes are not automatically redeemed, the actual cash amount that you will receive at maturity will depend upon the Final Level of the Reference Asset. If the notes are automatically redeemed prior to maturity, the hypothetical examples below will not be relevant, and you will receive on the applicable Call Settlement Date, for each $1,000 principal amount, the principal amount plus the applicable Contingent Coupon.

As discussed in more detail above, your total return on the notes will also depend on the number of Contingent Coupon Dates on which the Contingent Coupon is payable. It is possible that the only payments on your notes will be the payment, if any, due at maturity. The payment at maturity will not exceed the principal amount, and may be significantly less.

---

| | | |
|:---|:---|:---|
| **Hypothetical Final Level** | **Hypothetical Final Level Expressed <br> as a Percentage of the Initial Level** | **Payment at Maturity (Excluding <br> Coupons)** |
| $200.00 | 200.00% | $1000.00 |
| $180.00 | 180.00% | $1000.00 |
| $160.00 | 160.00% | $1000.00 |
| $140.00 | 140.00% | $1000.00 |
| $120.00 | 120.00% | $1000.00 |
| $100.00 | 100.00% | $1000.00 |
| $90.00 | 90.00% | $1000.00 |
| $80.00 | 80.00% | $1000.00 |
| $70.00 | 70.00% | $1000.00 |
| $60.00 | 60.00% | $1000.00 |
| $50.00 | 50.00% | $1000.00 |
| $49.99 | 49.99% | $499.90 |
| $40.00 | 40.00% | $400.00 |
| $20.00 | 20.00% | $200.00 |
| $0.00 | 0.00% | $0.00 |

---

**U.S. Federal Tax Information**

By purchasing the notes, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat each note as a pre-paid contingent income-bearing derivative contract for U.S. federal income tax purposes. In the opinion of our counsel, Mayer Brown LLP, it would generally be reasonable to treat the notes as pre-paid contingent income-bearing derivative contracts in respect of the Reference Asset for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the notes are uncertain and the Internal Revenue Service could assert that the notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the discussion in the accompanying product supplement under "Supplemental Tax Considerations—Supplemental U.S. Federal Income Tax Considerations—Notes Treated as an Investment Unit Consisting of a Debt Portion and a Put Option, as a Pre-Paid Contingent Income-Bearing Derivative Contract, or as a Pre-Paid Derivative Contract—Notes Treated as a Pre-Paid Contingent Income-Bearing Derivative Contract," which applies to the notes, except the following disclosure which supplements, and to the extent inconsistent supersedes, the discussion in the product supplement.

Under current Internal Revenue Service guidance, withholding on "dividend equivalent" payments (as discussed in the product supplement), if any, will not apply to notes that are issued as of the date of this pricing supplement unless such notes are "delta-one" instruments. Based on our determination that the notes are not delta-one instruments, non-United States holders (as defined in the product supplement) should not generally be subject to withholding on dividend equivalent payments, if any, under the notes.

**Supplemental Plan of Distribution (Conflicts of Interest)**

BMOCM will purchase the notes from us at a purchase price reflecting the commission set forth on the cover hereof. BMOCM has informed us that, as part of its distribution of the notes, it will reoffer the notes to other dealers who will sell them. Each such dealer, or each additional dealer engaged by a dealer to whom BMOCM reoffers the notes, will receive a commission from BMOCM, which will not exceed the commission set forth on the cover page. We or one of our affiliates will also pay a referral fee to certain dealers of up to 0.50% of the principal amount in connection with the distribution of the notes.

Certain dealers who purchase the notes for sale to certain fee-based advisory accounts may forego some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts may be less than 100% of the principal amount, as set forth on the cover page of this document. Investors that hold their notes in these accounts may be charged fees by the investment advisor or manager of that account based on the amount of assets held in those accounts, including the notes.

We will deliver the notes on a date that is greater than two business days following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than two business days prior to the issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

We own, directly or indirectly, all of the outstanding equity securities of BMOCM, the agent for this offering. In accordance with FINRA Rule 5121, BMOCM may not make sales in this offering to any of its discretionary accounts without the prior written approval of the customer.

You should not construe the offering of the notes as a recommendation of the merits of acquiring an investment linked to the Reference Asset or as to the suitability of an investment in the notes.

BMOCM may, but is not obligated to, make a market in the notes. BMOCM will determine any secondary market prices that it is prepared to offer in its sole discretion.

We may use this pricing supplement in the initial sale of the notes. In addition, BMOCM or another of our affiliates may use this pricing supplement in market-making transactions in any notes after their initial sale. Unless BMOCM or we inform you otherwise in the confirmation of sale, this pricing supplement is being used by BMOCM in a market-making transaction.

For a period of approximately three months following issuance of the notes, the price, if any, at which we or our affiliates would be willing to buy the notes from investors, and the value that BMOCM may also publish for the notes through one or more financial information vendors and which could be indicated for the notes on any brokerage account statements, will reflect a temporary upward adjustment from our estimated value of the notes that would otherwise be determined and applicable at that time. This temporary upward adjustment represents a portion of (a) the hedging profit that we or our affiliates expect to realize over the term of the notes and (b) any underwriting discount and the selling concessions paid in connection with this offering. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month period.

The notes and the related offer to purchase notes and sale of notes under the terms and conditions provided herein do not constitute a public offering in any non-U.S. jurisdiction, and are being made available only to individually identified investors pursuant to a private offering as permitted in the relevant jurisdiction. The notes are not, and will not be, registered with any securities exchange or registry located outside of the United States and have not been registered with any non-U.S. securities or banking regulatory authority. The contents of this document have not been reviewed or approved by any non-U.S. securities or banking regulatory authority. Any person who wishes to acquire the notes from outside the United States should seek the advice or legal counsel as to the relevant requirements to acquire these notes.

*British Virgin Islands.* The notes have not been, and will not be, registered under the laws and regulations of the British Virgin Islands, nor has any regulatory authority in the British Virgin Islands passed comment upon or approved the accuracy or adequacy of this document. This pricing supplement and the related documents shall not constitute an offer, invitation or solicitation to any member of the public in the British Virgin Islands for the purposes of the Securities and Investment Business Act, 2010, of the British Virgin Islands.

*Cayman Islands.* Pursuant to the Companies Law (as amended) of the Cayman Islands, no invitation may be made to the public in the Cayman Islands to subscribe for the notes by or on behalf of the issuer unless at the time of such invitation the issuer is listed on the Cayman Islands Stock Exchange. The issuer is not presently listed on the Cayman Islands Stock Exchange and, accordingly, no invitation to the public in the Cayman Islands is to be made by the issuer (or by any dealer on its behalf). No such invitation is made to the public in the Cayman Islands hereby.

*Dominican Republic.* Nothing in this pricing supplement constitutes an offer of securities for sale in the Dominican Republic. The notes have not been, and will not be, registered with the Superintendence of Securities Market of the Dominican Republic (Superintendencia del Mercado de Valores), under Dominican Securities Market Law No. 249-17 ("Securities Law 249-17"), and the notes may not be offered or sold within the Dominican Republic or to, or for the account or benefit of, Dominican persons (as defined under Securities Law 249-17 and its regulations). Failure to comply with these directives may result in a violation of Securities Law 249-17 and its regulations.

*Israel.* This pricing supplement is intended solely for investors listed in the First Supplement of the Israeli Securities Law of 1968, as amended. A prospectus has not been prepared or filed, and will not be prepared or filed, in Israel relating to the notes offered hereunder. The notes cannot be resold in Israel other than to investors listed in the First Supplement of the Israeli Securities Law of 1968, as amended.

No action will be taken in Israel that would permit an offering of the notes or the distribution of any offering document or any other material to the public in Israel. In particular, no offering document or other material has been reviewed or approved by the Israel Securities Authority. Any material provided to an offeree in Israel may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been provided directly by us or the selling agents.

Nothing in this pricing supplement or any other offering material relating to the notes, should be considered as the rendering of a recommendation or advice, including investment advice or investment marketing under the Law For Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management, 1995, to purchase any note. The purchase of any note will be based on an investor's own understanding, for the investor's own benefit and for the investor's own account and not with the aim or intention of distributing or offering to other parties. In purchasing the notes, each investor declares that it has the knowledge, expertise and experience in financial and business matters so as to be capable of evaluating the risks and merits of an investment in the notes, without relying on any of the materials provided.

*Mexico.* The notes have not been registered with the National Registry of Securities maintained by the Mexican National Banking and Securities Commission and may not be offered or sold publicly in Mexico. This pricing supplement and the related documents may not be publicly distributed in Mexico. The notes may only be offered in a private offering pursuant to Article 8 of the Securities Market Law.

*Switzerland.* The notes may not be distributed to retail investors in Switzerland. This pricing supplement shall not be dispatched, copied to or otherwise made available to any person in Switzerland, and the notes may not be offered for sale to any person in Switzerland, except in accordance with Swiss law.

The notes are not offered, sold or advertised, directly or indirectly, in, into or from Switzerland on the basis of a public offering and will not be listed on the SIX Swiss Exchange or any other offering or regulated trading facility in Switzerland. Accordingly, neither this pricing supplement or any other marketing material constitute a prospectus as defined in article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus as defined in article 32 of the Listing Rules of the SIX Swiss Exchange or any other regulated trading facility in Switzerland. Any sales or resales of the notes may only be undertaken on a private basis to selected individual investors in compliance with Swiss law. By accepting this pricing supplement or by purchasing the notes, investors are deemed to have acknowledged and agreed to abide by these restrictions.

The notes may also be sold in the following jurisdictions, provided, in each case, any sales are made in accordance with all applicable laws in such jurisdiction:

· Barbados

· Bermuda

**Additional Information Relating to the Estimated Initial Value of the Notes**

Our estimated initial value of the notes on the date hereof that is set forth on the cover hereof, equals the sum of the values of the following hypothetical components:

· a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate for structured notes; and

· one or more derivative transactions relating to the economic terms of the notes.

The internal funding rate used in the determination of the initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The value of these derivative transactions is derived from our internal pricing models. These models are based on factors such as the traded market prices of comparable derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors. As a result, the estimated initial value of the notes on the Pricing Date was determined based on the market conditions on the Pricing Date.

**The Reference Asset**

We have derived the following information from publicly available documents. We have not independently verified the accuracy or completeness of the following information. We are not affiliated with the Reference Asset Issuer and the Reference Asset Issuer will have no obligations with respect to the notes. This document relates only to the notes and does not relate to the shares of the Reference Asset or any securities included in the Reference Asset. Neither we nor any of our affiliates participates in the preparation of the publicly available documents described below. Neither we nor any of our affiliates has made any due diligence inquiry with respect to the Reference Asset in connection with the offering of the notes. There can be no assurance that all events occurring prior to the date hereof, including events that would affect the accuracy or completeness of the publicly available documents described below and that would affect the trading price of the shares of the Reference Asset, have been or will be publicly disclosed. Subsequent disclosure of any events or the disclosure of or failure to disclose material future events concerning the Reference Asset could affect the price of the shares of the Reference Asset on each Coupon Observation Date, each Call Observation Date and on the Valuation Date, and therefore could affect the payments on the notes.

The selection of the Reference Asset is not a recommendation to buy or sell the shares of the Reference Asset. Neither we nor any of our affiliates make any representation to you as to the performance of the shares of the Reference Asset. Information provided to or filed with the SEC under the Exchange Act and the Investment Company Act of 1940 relating to the Reference Asset may be obtained through the SEC's website at http://www.sec.gov.

We encourage you to review recent levels of the Reference Asset prior to making an investment decision with respect to the notes.

**The ARK Innovation ETF**

The ARK Innovation ETF (the "ARKK") is an actively-managed exchange-traded fund managed by ARK Investment Management LLC ("ARK LLC"), the investment adviser to the ARKK. The shares of the ARKK are listed and trade on NYSE Arca, Inc. under the ticker symbol "ARKK."

Information filed by the ARKK with the SEC pursuant to the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended can be located by reference to the SEC file numbers 333-191019 and 811-22883, respectively on the SEC's website at http://www.sec.gov.

**Investment Objective and Strategy**

The investment objective of the ARKK is long-term growth of capital. As an actively-managed fund, the ARKK is subject to management risk. In managing the ARKK, ARK LLC applies investment strategies, techniques and analyses in making investment decisions for the ARKK, but there can be no guarantee that these actions will produce the intended results. The returns of the ARKK may be affected by certain management fees and other expenses, which are detailed in its prospectus.

The ARKK will invest under normal circumstances primarily (at least 65% of its assets) in equity securities of U.S. and non-U.S. companies that are relevant to the ARKK's investment theme of disruptive innovation. ARK LLC defines "disruptive innovation" as the introduction of a technologically enabled new product or service that potentially changes the way the world works. ARK LLC believes that companies relevant to this theme are those that rely on or benefit from the development of new products or services, technological improvements and advancements in scientific research relating to the areas of genomics; innovation in automation and manufacturing, transportation, energy, artificial intelligence and materials; the increased use of shared technology, infrastructure and services; and technologies that make financial services more efficient. ARK LLC defines "genomics" as the study of genes and their functions, and related techniques (e.g., genomic sequencing).

**Top Holdings**

The following tables display the top holdings of ARKK as of December 31, 2022. We obtained the information in the tables below from the ETF website without independent verification.

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| | |
|:---|:---|
| **Company** | **Weight** |
| Zoom Video Communications Inc. | 9.6% |
| Exact Sciences Corporation | 8.6% |
| Tesla, Inc. | 7.0% |
| Roku, Inc. | 6.2% |
| Block, Inc | 6.2% |
| UiPath, Inc. | 5.6% |
| Shopify Inc. | 4.8% |
| Teladoc Health, Inc. | 4.4% |
| Twilio Inc. | 4.1% |
| Beam Therapeutics Inc. | 4.0% |

---

*<u>Holdings with Weights Equal to or in Excess of 5% of the ARKK as of December 31, 2022</u>*

We have derived the following information from publicly available documents. We have not independently verified the accuracy or completeness of the following information. Neither we nor any of our affiliates has made any due diligence inquiry with respect to the companies listed below in connection with the offering of the notes. There can be no assurance that all events occurring prior to the date hereof, including events that would affect the accuracy or completeness of the publicly available documents described below and that would affect the trading price of the shares of the companies described below, have been or will be publicly disclosed. Additional information provided to or filed with the SEC under the Exchange Act and the Investment Company Act of 1940 relating to the below companies may be obtained through the SEC's website at http://www.sec.gov.

Zoom Video Communications Inc. is a video communications company. Information filed by the company with the SEC can be located by reference to its SEC file number: 001-38865, or its CIK Code: 0001585521. Its common Class A stock is listed on the Nasdaq Global Select Market under the ticker symbol "ZM".

Exact Sciences Corporation is a cancer diagnostics company, Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-35092, or its CIK Code: 0001124140. Its common stock is listed on the Nasdaq Global Select Market under the ticker symbol "EXAS".

Tesla, Inc. designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems and offers related services. Information filed by the company with the SEC can be located by reference to its SEC file number: 001-34756, or its CIK Code: 0001318605. Its common stock is listed on the Nasdaq Global Select Market under the ticker symbol "TSLA".

Roku, Inc. is a TV streaming platform. Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-38211, or its CIK Code: 0001393818. Its Class A common stock is listed on the Nasdaq Global Select Market under the ticker symbol "ROKU".

Block, Inc. provides financial products and services to businesses and individuals. Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-37622, or its CIK Code: 0001512673. Its Class A common stock is listed on the New York Stock Exchange under the ticker symbol "SQ".

UiPath, Inc. is an automation platform. Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-40348, or its CIK Code: 0001734722. Its Class A common stock is listed on the New York Stock Exchange under the ticker symbol "PATH".

**Validity of the Notes**

In the opinion of Osler, Hoskin & Harcourt LLP, the issue and sale of the notes has been duly authorized by all necessary corporate action of the Bank in conformity with the Senior Indenture, and when this pricing supplement has been attached to, and duly notated on, the master note that represents the notes, the notes will have been validly executed and issued and, to the extent validity of the notes is a matter governed by the laws of the Province of Ontario, or the laws of Canada applicable therein, and will be valid obligations of the Bank, subject to the following limitations (i) the enforceability of the Senior Indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws affecting the enforcement of creditors' rights generally; (ii) the enforceability of the Senior Indenture may be limited by equitable principles, including the principle that equitable remedies such as specific performance and injunction may only be granted in the discretion of a court of competent jurisdiction; (iii) pursuant to the Currency Act (Canada) a judgment by a Canadian court must be awarded in Canadian currency and that such judgment may be based on a rate of exchange in existence on a day other than the day of payment; and (iv) the enforceability of the Senior Indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the Senior Debt Indenture to be unenforceable as an attempt to vary or exclude a limitation period under that Act. This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and the federal laws of Canada applicable thereto. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the Indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated May 26, 2022, which has been filed as Exhibit 5.3 to Bank of Montreal's Form 6-K filed with the SEC and dated May 26, 2022.

In the opinion of Mayer Brown LLP, when this pricing supplement has been attached to, and duly notated on, the master note that represents the notes, and the notes have been issued and sold as contemplated herein, the notes will be valid, binding and enforceable obligations of Bank of Montreal, entitled to the benefits of the Senior Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by the laws of the Province of Ontario, or the laws of Canada applicable therein, Mayer Brown LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by Osler, Hoskin & Harcourt LLP, Canadian legal counsel for the issuer, in its opinion expressed above. This opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the Senior Indenture and the genuineness of signatures and to such counsel's reliance on the Bank of Montreal and other sources as to certain factual matters, all as stated in the legal opinion of Mayer Brown LLP dated May 26, 2022, which has been filed with the SEC as an exhibit to a report on Form 6-K by the Bank of Montreal on May 26, 2022.

## Ex-Filing

**Exhibit 107.1**

The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price of that offering is $500,000.