[Form 3] DTE Energy Company Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Bank of Montreal (BMO) is offering US$999,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due June 30 2028. The notes are linked to the worst performer between Delta Air Lines, Inc. (DAL) and lululemon athletica inc. (LULU).

• Contingent Coupon: 1.6375% monthly (≈19.65% p.a.) paid only if both stocks close on or above their Coupon Barrier (70% of initial level) on each monthly Observation Date.
• Automatic Redemption: From Sep 25 2025, if both stocks close above their Call Level (85% of initial level) on any Observation Date, the notes are redeemed early at par plus the applicable coupon.
• Principal Risk: If not called and any stock closes below its Trigger Level (70% of initial) on the Valuation Date (Jun 27 2028), investors lose 1% of principal for every 1% decline in the worst-performing stock; loss can reach 100%.
• Unsecured & Unlisted: Payments depend on BMO’s credit; the notes will not trade on an exchange, limiting liquidity.
• Issue Economics: Estimated initial value is $961.01 per $1,000 (≈3.9% discount to par); agent’s commission 2.75%.
• Denominations: $1,000 and multiples thereof; settlement Jun 30 2025; maturity Jun 30 2028.

These structured notes suit investors seeking high contingent income and willing to assume equity downside, early-call reinvestment, credit, and liquidity risks.

Insights

Structured Products Analyst

TL;DR Attractive 19.65% coupon but full principal at risk below 70% barrier; neutral overall.

The note’s high contingent yield reflects material embedded downside. At 70% barriers, historical volatility shows DAL and LULU have breached similar levels within three-year windows, meaning coupons could lapse and trigger loss. Automatic call at 85% reduces duration but also caps income. The 3.9% underwriting discount plus 2.75% commission illustrates notable investor give-up. Because payoff is binary to the worst performer, diversification benefit is limited. Credit exposure to BMO (A+/Aa2) is secondary but relevant in stressed markets.

Risk Analyst

TL;DR Principal protection absent; dual-reference structure amplifies downside probability—risk skew is negative.

Failure of either stock to meet monthly barriers halts coupons; a single 30% drawdown at maturity causes proportional capital loss. Using historical drawdowns (COVID-19 period), DAL fell >60% while LULU >35%, which would have generated maximum loss. Notes are illiquid and unlisted, complicating exit. Effective yield depends on frequent early call; if market weakens initially, coupons stop yet call unlikely, locking investors into low-value exposure. Overall risk-reward adequacy hinges on bullish short-term equity view.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Antishin Diane M.

(Last) (First) (Middle)

ONE ENERGY PLAZA

1610 WCB LEGAL DEPT.

(Street)

DETROIT MI 48226

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/19/2025

3. Issuer Name and Ticker or Trading Symbol
DTE ENERGY CO [ DTE ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr VP-HR & Chief D&I Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	17,172	D
Common Stock	3,197.83	I	401(k)(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes shares of DTE common stock acquired under the DTE Energy Company Savings and Stock Ownership Plan (the "Plan") as of a Plan statement dated as of June 30, 2025.

Remarks:

Exhibit List: Exhibit 24.1- Diane M. Antishin Power of Attorney

	/s/Sarah M. Bello, Attorney-in-Fact	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the coupon rate on BMO's Autocallable Barrier Notes?

If payable, the notes pay 1.6375% per month, equivalent to approximately 19.65% per annum.

Under what condition are the notes automatically redeemed early?

Starting Sep 25 2025, the notes are called if both DAL and LULU close above 85% of their initial levels on any Observation Date.

How can investors lose principal on these notes?

If not called and either stock closes below its 70% Trigger Level on Jun 27 2028, investors lose 1% of principal for every 1% decline.

Are the notes protected by FDIC or CDIC insurance?

No. The notes are unsecured obligations of BMO and are not insured by the FDIC, CDIC, or any other agency.

Will the notes be listed on a securities exchange?

No. The notes will not be listed, which may limit liquidity and price transparency.

What is the estimated initial value compared to the $1,000 issue price?

BMO estimates an initial value of $961.01 per $1,000 note, reflecting dealer fees and hedging costs.