MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Tectonic Therapeutic, Inc. (Nasdaq: TECX) has filed a Form S-3 shelf registration that allows the company to issue up to $400 million of common stock, preferred stock, debt securities and/or warrants. The filing also includes a dedicated $100 million at-the-market (ATM) sales agreement with TD Securities (USA) LLC, giving management flexibility to raise capital "from time to time" as clinical milestones approach.

The prospectus reiterates Tectonic’s strategy of developing biologics that modulate GPCRs via its proprietary GEODe™ platform. Lead asset TX45 (Fc-relaxin fusion) has completed a Phase 1a study showing good tolerability and a favourable PK/PD profile. In Part A of an ongoing Phase 1b hemodynamic trial in PH-HFpEF patients, TX45 achieved a 19% reduction in pulmonary capillary wedge pressure and a >30% PVR reduction in a severe sub-population, with no serious adverse events. Recruitment is under way for Part B (PH-HFrEF), and the 24-week placebo-controlled Phase 2 APEX trial dosed its first patient in October 2024; topline data are expected in 2026.

Second program TX2100, a VHH-Fc fusion for Hereditary Hemorrhagic Telangiectasia, entered IND-enabling studies in Q2 2025, with a Phase 1 start targeted for late 2025/early 2026. The company completed a reverse-merger with Legacy Tectonic in June 2024 and now qualifies as a smaller reporting company. Proceeds from any sales under the shelf will fund pipeline advancement, working capital and potential in-licensing.

As of 3 July 2025 the stock traded at $21.34 per share. While the registration itself is not a financing event, it signals possible future dilution balanced by improved funding optionality ahead of multiple clinical catalysts.

Tectonic Therapeutic, Inc. (Nasdaq: TECX) has filed a Form S-3 shelf registration that allows the company to issue up to $400 million of common stock, preferred stock, debt securities and/or warrants. The filing also includes a dedicated $100 million at-the-market (ATM) sales agreement with TD Securities (USA) LLC, giving management flexibility to raise capital "from time to time" as clinical milestones approach.

The prospectus reiterates Tectonic’s strategy of developing biologics that modulate GPCRs via its proprietary GEODe™ platform. Lead asset TX45 (Fc-relaxin fusion) has completed a Phase 1a study showing good tolerability and a favourable PK/PD profile. In Part A of an ongoing Phase 1b hemodynamic trial in PH-HFpEF patients, TX45 achieved a 19% reduction in pulmonary capillary wedge pressure and a >30% PVR reduction in a severe sub-population, with no serious adverse events. Recruitment is under way for Part B (PH-HFrEF), and the 24-week placebo-controlled Phase 2 APEX trial dosed its first patient in October 2024; topline data are expected in 2026.

Second program TX2100, a VHH-Fc fusion for Hereditary Hemorrhagic Telangiectasia, entered IND-enabling studies in Q2 2025, with a Phase 1 start targeted for late 2025/early 2026. The company completed a reverse-merger with Legacy Tectonic in June 2024 and now qualifies as a smaller reporting company. Proceeds from any sales under the shelf will fund pipeline advancement, working capital and potential in-licensing.

As of 3 July 2025 the stock traded at $21.34 per share. While the registration itself is not a financing event, it signals possible future dilution balanced by improved funding optionality ahead of multiple clinical catalysts.

Tectonic Therapeutic, Inc. (Nasdaq: TECX) has filed a Form S-3 shelf registration that allows the company to issue up to $400 million of common stock, preferred stock, debt securities and/or warrants. The filing also includes a dedicated $100 million at-the-market (ATM) sales agreement with TD Securities (USA) LLC, giving management flexibility to raise capital "from time to time" as clinical milestones approach.

The prospectus reiterates Tectonic’s strategy of developing biologics that modulate GPCRs via its proprietary GEODe™ platform. Lead asset TX45 (Fc-relaxin fusion) has completed a Phase 1a study showing good tolerability and a favourable PK/PD profile. In Part A of an ongoing Phase 1b hemodynamic trial in PH-HFpEF patients, TX45 achieved a 19% reduction in pulmonary capillary wedge pressure and a >30% PVR reduction in a severe sub-population, with no serious adverse events. Recruitment is under way for Part B (PH-HFrEF), and the 24-week placebo-controlled Phase 2 APEX trial dosed its first patient in October 2024; topline data are expected in 2026.

Second program TX2100, a VHH-Fc fusion for Hereditary Hemorrhagic Telangiectasia, entered IND-enabling studies in Q2 2025, with a Phase 1 start targeted for late 2025/early 2026. The company completed a reverse-merger with Legacy Tectonic in June 2024 and now qualifies as a smaller reporting company. Proceeds from any sales under the shelf will fund pipeline advancement, working capital and potential in-licensing.

As of 3 July 2025 the stock traded at $21.34 per share. While the registration itself is not a financing event, it signals possible future dilution balanced by improved funding optionality ahead of multiple clinical catalysts.

Robinhood Markets, Inc. (HOOD) has filed a Form 144 indicating the intended sale of 250,000 common shares with an estimated aggregate market value of $23.6 million. The shares are slated to be sold through Morgan Stanley Smith Barney LLC on or about 07 July 2025 on the NASDAQ.

The filing lists 767,047,021 shares outstanding; the contemplated transaction therefore represents roughly 0.03 % of the float, suggesting limited dilution or trading-volume impact. The notice also discloses that 750,000 shares were sold on 01 July 2025 for $69.95 million under a Rule 10b5-1 plan attributed to Vladimir Tenev.

• The current sale plus the earlier disposal totals 1.0 million shares, generating about $93.5 million for the insider within a single week.
• The seller affirms awareness of no undisclosed adverse information, and reliance on a written 10b5-1 plan mitigates insider-trading risk.

While purely administrative and not a guarantee of execution, the filing signals continued insider selling activity. Investors often watch such patterns for sentiment clues, even when the share count is immaterial relative to the company’s overall capitalization.

The Bank of Nova Scotia (BNS) is offering $10 million of Buffered Contingent Income Auto-Callable Securities with Memory Coupon and Downside Leverage linked to the Invesco QQQ Trust (QQQ). The one-year notes price on 2-Jul-2025, settle on 8-Jul-2025 and mature on 8-Jul-2026 unless called earlier.

• Coupon mechanics: Investors earn a contingent monthly coupon of $10.90 (13.08% p.a.) for each determination date on which QQQ closes ≥ 90% of the $546.99 initial share price (the downside threshold). Missed coupons are tracked and may be paid later under the “memory” feature.
• Auto-call: If QQQ closes ≥ 100% of the initial price on any monthly determination date (excluding the final), the note is automatically redeemed at par plus the contingent coupon(s) due, terminating future payments.
• Principal repayment: • If the notes are outstanding to maturity and QQQ closes ≥ 90% of the initial level, holders receive par plus any due coupons.
  • If QQQ closes < 90% at final observation, holders receive a cash value that declines by ~1.1111% for every 1% drop below the threshold—exposing them to losses up to 100% of principal.
• Structural terms: Stated principal amount $1,000; CUSIP 06419DAG8; not listed on any exchange; estimated value at pricing $994.80 (0.52% issuance premium); fixed sales commission & structuring fee total $1.00 per note.
• Key risks: Principal at risk; limited liquidity (SCUSA intends, but is not obligated, to make a market); early-call reinvestment risk; leveraged downside exposure; no participation in QQQ upside; dependence on BNS creditworthiness.
• Underlying snapshot: QQQ closed at $550.80 on pricing date, near its 52-week high $551.64 and 32% above its 52-week low $416.06, implying modest 10% downside buffer.

The security targets investors seeking elevated contingent income and willing to accept equity-linked downside and issuer credit risk, absence of principal protection, and potential illiquidity.

Adams Natural Resources Fund, Inc. (PEO) – Form 4 Insider Transaction

On 07/02/2025, Saba Capital Management, L.P. and its founder Boaz Weinstein, who are disclosed as 10% owners of PEO, reported a disposition of 7,903 common shares at a price of $21.70 per share (Transaction Code “S”). Following the sale, the group’s indirect beneficial ownership stands at 2,869,436 shares. No derivative transactions were reported.

• The sale represents roughly 0.28% of the reporting persons’ post-transaction holdings, indicating a relatively small trim rather than a large exit.
• No 10b5-1 trading plan was claimed for this transaction, suggesting it was discretionary.
• The filer affirmed joint reporting, consistent with prior disclosures.

Because the transaction size is modest versus the existing position, market impact is expected to be minimal; however, any sale by a 10% owner can attract investor attention.

Bank of Montreal (CIK 927971) is issuing Senior Medium-Term Notes, Series K – Market Linked Securities that are auto-callable with leveraged upside participation and contingent downside principal at risk, linked to the common stock of NVIDIA Corporation (NVDA).

• Face amount / price: $1,000 per security; pricing date 2 Jul 2025; issue date 8 Jul 2025; maturity 7 Jul 2028.
• Automatic call: If NVDA’s closing value on 8 Jul 2026 ≥ the $157.25 starting value, investors receive $1,206 (face + 20.60% call premium) and the note terminates.
• Maturity payment (if not called):
  • Upside: face + 150% of NVDA appreciation.
  • Protection: full face returned if NVDA decline ≤ 35% (threshold $102.2125).
  • Downside: dollar-for-dollar loss beyond 35% decline, up to total loss.
• No interest, no dividends, no exchange listing; intended to be held to call or maturity.
• Estimated initial value: $954.33 per $1,000, below offer price due to agent discount (up to $25.75) and hedging costs.
• Offering size: $1.907 million; proceeds to BMO $1.858 million. Wells Fargo Securities acts as agent and principal.
• Payments are unsecured and subject to Bank of Montreal credit risk; securities are not FDIC or CDIC insured and are not bail-inable.

Key risks outlined in the supplement include potential loss of more than 35% of principal, limited upside if automatically called, reinvestment risk, lack of liquidity, valuation uncertainty, and complex U.S./Canadian tax treatment. The note’s value before maturity will be influenced by NVDA share price, volatility, interest rates, time decay, and BMO credit spreads.

Suitable investors are those seeking a defined 20.60% return if NVDA is flat or higher after one year and who are comfortable with equity, credit, liquidity, and tax risks, and willing to forgo dividends and traditional coupon income.

Western Asset High Income Fund II Inc. (NYSE: HIX) – Fiscal year ended 30 April 2025

The closed-end fund, sub-advised by Western Asset Management, pursues maximum current income with secondary capital appreciation, investing predominantly in non-investment-grade debt. During the 12-month reporting period:

• Total return: +8.11% on net asset value (NAV) and +7.52% on market price, trailing the 80% Bloomberg U.S. Corporate High Yield / 20% JPM EMBI Global composite benchmark (+8.72%).
• Income distribution: $0.59 per share was paid; $0.19 is classified as return of capital.
• Leverage: Utilised tactically, rising to ~33 % of total assets from ~29 %, boosting results as spread sectors rallied.
• Asset mix: High-yield corporates remain core; the five largest sector weights at period-end were consumer discretionary (26.1%), communication services (20.4%), industrials (17.8%), energy (16.0%) and financials (14.1%). Up to 35% of assets may be in emerging-market debt; the fund also employs derivatives for risk management.
• Market backdrop: Resilient U.S. growth, sticky inflation and three Fed rate cuts in 2H-2024 lowered two-year Treasury yields from 5.04 % to 3.60 %. High-yield and EM debt outperformed the broad Bloomberg Aggregate (8.69% and 8.82% vs 8.02%).
• Portfolio actions: Managers swapped into higher-yielding BB-rated bonds and added collateralised loan obligations when spreads widened in April 2025; EM exposure was trimmed.
• Key contributors: Overweights in communications issuers (EchoStar, Altice France, Virgin Media, Telecom Italia), cruise lines (Carnival, Royal Caribbean, Norwegian) and select EM names (Petrobras, Ecopetrol, YPF, Argentine provincials).
• Main detractors: Credit Suisse AT1 escrow receipt became valueless; positions in Venture Global LNG, Bausch Health, Spirit Airlines and a Weight Watchers bank loan underperformed. Currency forwards and index CDS also detracted.

The fund continues to employ a team-based, top-down/bottom-up credit process, reviews risk bands regularly and provides daily NAV (symbol XHGIX) plus quarterly press releases for investors.

Bank of Montreal (BMO) – MAX Airlines -3X Inverse Leveraged ETNs (ticker: JETD)  This amended pricing supplement (Amendment No. 2, dated 2 Jul 2025) adds $2.5 million of additional notes, bringing total outstanding principal to $7.5 million (300,000 notes at $25 par). The notes provide -3x daily inverse exposure to the Prime Airlines Index (symbol: PJETSNTR), a net-total-return benchmark covering U.S.–listed airlines, aircraft manufacturers, air-freight/logistics, leasing and airport operators. They are exchange-traded on NYSE Arca under ticker JETD; intraday indicative value is published as JETDIV.

Key structural terms

• Maturity: 28 May 2043 (issuer may extend twice for 5 years each).
• Daily leverage reset: -3x of that day’s index move; performance over periods >1 day will diverge from -3x due to compounding.
• Fees: Daily Investor Fee of 0.95% p.a.; Daily Interest equals Fed Funds Effective Rate minus a 2.00% spread (may rise to 4.00%). Early redemption incurs a 0.125% fee.
• Credit: Senior unsecured obligations of Bank of Montreal; no principal protection.
• Issuer call right: BMO can redeem all or part of the notes on any index business day; holders receive the arithmetic mean of indicative values over a 10-day measurement period.
• Holder redemption: Minimum 25,000 notes; settlement three business days after calculation; subject to Redemption Fee.

Risk highlights

• Path-dependence and daily compounding create “decay”; long-term holding is likely to generate losses even if the index declines.
• Leverage magnifies adverse daily index moves (e.g., +10% index day = −30% ETN move before fees).
• Indicative value can fall to zero intraday; once zero, the note is worthless.
• Credit risk of BMO; no FDIC/Canada Deposit Insurance protection.
• Listing can be discontinued at issuer’s discretion, impairing liquidity.

Purpose of amendment: Offer additional notes that will be fungible with the original tranche (same CUSIP 063679484 / ISIN US0636794846). Settlement expected 3 Jul 2025.