[Form 4] WEC Energy Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Bank of Montreal (BMO) is offering unsecured Senior Medium-Term Notes, Series K – “Buffer Enhanced Return Notes” – linked to the EURO STOXX 50® Index (SX5E) and maturing 29 July 2027. The Free Writing Prospectus details product mechanics, key dates, pricing and material risks.

Economic terms

• Issue price: US$1,000 per note; minimum denomination US$1,000.
• Upside Leverage Factor: 127.60 %; investors receive 1.276× any positive index performance at maturity, with no stated cap.
• Downside protection: 15 % “Buffer Level” (85 % of Initial Level). Losses begin only if the EURO STOXX 50 declines by more than 15 % over the term.
• Downside participation: beyond the 15 % buffer, investors lose 1 % of principal for each 1 % further decline, exposing them to up to 85 % principal loss.
• No interim coupons or interest payments; return realised only at maturity.
• Estimated initial value: US$974.10 (subject to final pricing but not below US$925), implying 2.6 %–7.5 % embedded costs vs. issue price.
• Pricing Date: 24 Jul 2025; Settlement: 29 Jul 2025; Valuation Date: 26 Jul 2027; Maturity: 29 Jul 2027.
• Sales charges: 1.75 % agent’s commission; net proceeds to BMO 98.25 %.
• Agent/market-maker: Citigroup Global Markets Inc.; calculation agent: BMO Capital Markets Corp.
• Notes are not listed on any exchange; secondary liquidity, if any, will be solely through the dealer network.
• Credit exposure: senior, unsecured obligation of BMO; subject to issuer credit risk and not CDIC/FDIC insured.

Illustrative payoff

• +20 % index gain −> +25.52 % note return (US$1,255.20).
• -8 % to -15 % index move −> full principal return (US$1,000).
• -40 % index decline −> -25 % note return (US$750).

Principal risk factors highlighted

• Market risk in SX5E, including foreign-equity and FX influences.
• Lack of periodic income and potential opportunity cost versus conventional debt.
• Issuer credit risk; rating changes could depress secondary prices.
• Valuation and liquidity risk stemming from dealer bid-offer spreads, embedded fees and absence of exchange listing.
• Tax treatment uncertain; notes expected to be treated as prepaid derivative contracts for U.S. federal income-tax purposes.

The document stresses that investors should be comfortable with equity-index volatility, illiquidity, and BMO credit exposure before purchasing the notes.

Insights

Structured Products Analyst

TL;DR: High-risk equity-linked note offering 1.276× upside, 15 % buffer; sizeable fees and credit/liquidity risks temper appeal.

Analysis: The product targets yield-seeking clients willing to exchange coupon income for leveraged participation in Eurozone equities. The 127.6 % participation rate is competitive versus recent U.S. retail structured offerings (typically 115 %–125 %) but comes with a relatively thin 15 % buffer, exposing holders to steep losses in a euro-area downturn. At issuance, investors pay ~US$26 premium (≈2.6 %) over estimated value, plus foregone yield relative to a standard BMO senior note. 1.75 % sales commission and hedging costs explain most of the differential. Liquidity is dealer-driven; investors should expect marked-down bids, particularly during stress. For sophisticated accounts anticipating Eurozone stability or modest growth over the next two years, the note could enhance upside; for general fixed-income investors, conventional bonds or ETFs provide clearer risk-reward.

Multi-Asset Portfolio Manager

TL;DR: Niche tactical instrument; neutral impact on BMO, situational tool for investors with bullish short-term Eurozone view.

The issuance size (undisclosed but usually sub-US$50 m) is immaterial to BMO’s balance-sheet and earnings, hence market impact is negligible. From an allocation angle, the note offers geared exposure without margin requirements, which may appeal to tax-advantaged accounts. However, the 85 % maximum loss resembles equity downside, while the missing dividends (~3 % gross annual yield on SX5E) erode relative returns. Currency fluctuations between euro-denominated constituents and USD settlement introduce extra basis risk. Portfolio usage is thus tactical: overweight Europe without increasing cash outlay. For liability-matching or core holdings, the structure is inappropriate.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cunningham Danny L

(Last) (First) (Middle)

231 WEST MICHIGAN STREET

(Street)

MILWAUKEE WI 53203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WEC ENERGY GROUP, INC. [ WEC ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(1)	07/08/2025		A		338.7533(2)		(3)	(3)	Common Stock	338.7533	$103.32	19,925.4891(4)	D

Explanation of Responses:

1. One-for-one.

2. These phantom stock units were acquired pursuant to a deferral of director fees in an acquisition exempt from Section 16(b) pursuant to Rule 16b-3(d).

3. These phantom stock units were accrued under the WEC Energy Group, Inc. Director's Deferred Compensation Plan (DDCP) and are to be settled in accordance with the terms of the plan.

4. Includes phantom stock units accrued pursuant to a dividend reinvestment feature of the DDCP in transactions exempt from Section 16 pursuant to Rule 16a-11.

Remarks:

	Joshua M. Erickson, as attorney in fact	07/10/2025
	** 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 4 (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 upside leverage do the BMO Buffer Enhanced Return Notes provide?

The notes deliver 127.60 % of any positive EURO STOXX 50 performance at maturity, with no stated cap.

How much protection do investors have on the downside?

A 15 % buffer absorbs index losses to that level; declines beyond 15 % reduce principal 1-for-1, up to an 85 % loss.

Do the notes pay periodic interest or dividends?

No. The notes are zero-coupon; all return—positive or negative—is realised only at maturity.

What is the estimated initial value versus the purchase price?

BMO estimates fair value at US$974.10 per US$1,000 note (not lower than US$925 on pricing date), reflecting embedded fees and hedging costs.

Are the notes listed on an exchange?

No. They will trade, if at all, over-the-counter through Citigroup or BMO affiliates, which may limit liquidity.

What credit exposure does the investor assume?

Payments depend solely on Bank of Montreal’s ability to pay; the notes are unsecured and not insured by CDIC/FDIC.