MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Jones Lang LaSalle Inc. (JLL) filed a Form 4 indicating that non-executive director Bridget Macaskill acquired 86 shares of common stock on 1 July 2025. The acquisition was recorded at $0 per share because the director elected to receive equity in lieu of cash retainers for board and committee service under the company’s Non-Executive Director Compensation program.

Following the transaction, Macaskill’s direct beneficial ownership increased to 11,501 shares. No derivative securities were reported, and the filing notes that the shares are deferred under the JLL Deferred Compensation Plan. The size and nature of the award are routine and represent an immaterial change in overall share count, implying neutral financial impact for investors.

Petrobras (PBR) filed a Form 6-K detailing plans to invest approximately R$33 billion (US$6.2 billion) in refining, petrochemical and decarbonisation projects in the state of Rio de Janeiro during the 2025-2029 business plan period.

The core initiative is the integration of the Boaventura Energy Complex with the REDUC refinery, budgeted at R$26 billion. Once completed, the complex is expected to boost S-10 diesel output by 76 kbpd (56 kbpd via quality improvement, 20 kbpd via new capacity), raise jet-fuel capacity by 20 kbpd and add 12 kbpd of Group II lubricants.

Boaventura will house a dedicated bio-jet/HVO unit (19 kbpd) and two gas-fired power plants that will compete in Brazil’s capacity-reserve auctions, leveraging existing natural-gas infrastructure. At REDUC, Petrobras has trialed co-processing to produce SAF with 1.2% renewable content and targets commercial output of up to 10 kbpd in the coming months. The refinery already markets Diesel R5 (5% bio-content) and will test Diesel R7 (7%).

Additional spend includes R$860 million for a new high-efficiency thermal power plant at REDUC and up to R$2.4 billion for major maintenance shutdowns between 2025-2029, with key outages in 2026. A lubricant re-refining project (6.3 kbpd) is under evaluation, supporting a circular-economy approach.

In petrochemicals, Petrobras is studying acetic-acid and mono-ethylene-glycol production—products currently imported by Brazil—while affiliate Braskem considers a R$4 billion expansion that would add 230 kt/yr of polyethylene capacity, contingent on internal approvals.

The programme aims to modernise downstream operations, improve fuel quality, expand low-carbon offerings and reduce reliance on imports, but entails significant capital outlays and execution risk.

Northpointe Bancshares, Inc. (NYSE: NPB) filed an 8-K announcing that the Board has appointed Gary Dykstra (age 62) as Principal Accounting Officer (PAO) effective March 28 2025. Dykstra has been Senior Vice President & Controller since January 2021 after joining the bank in February 2020. His prior experience includes nearly 10 years in senior finance roles at Bank of America and earlier tenure as Assistant Controller at Chicago Research & Trading. He holds an MBA from DePaul University and a BA in Accounting & Business Economics from Northwestern College.

Mr. Dykstra replaces CFO Bradley T. Howes in the PAO function; Howes will remain Executive Vice President & Chief Financial Officer. The company states that there are no related-party transactions, family relationships, or special arrangements connected with the appointment.

This filing is governance-oriented with no financial results, strategic transactions, or capital actions disclosed. While a PAO change can bolster internal control focus and free the CFO for broader duties, the move appears routine and does not signal a shift in overall corporate strategy.

Jet.AI Inc. (Nasdaq: JTAI) filed an 8-K disclosing the execution of a Joint Venture Agreement ("JV Agreement") on 26 Jun 2025 and a related Contribution Agreement on 2 Jul 2025 with Consensus Core Technologies and Convergence Compute LLC. The purpose is to co-develop data-center projects in the U.S. Midwest and Maritime regions.

Initial closing: Jet.AI contributed $300,000 in cash for a 0.5% equity stake in Convergence Compute. The transaction closed on 2 Jul 2025.

Future funding framework:

• Total potential cash commitment by Jet.AI: up to $20 million across five tranches tied to specific development milestones.
• Milestone schedule: $1.7 m (second closing), $2.0 m (third), $4.0 m (fourth), and $12.0 m (fifth).
• Equity economics: for each of the second and third closings Jet.AI and Consensus Core each receive 17.5% ownership in the related data-center project subsidiaries. Jet.AI’s equity in Convergence Compute can rise to 2.5% if all tranches are funded; it also receives a further 0.5% stake in the parent LLC at each closing.
• Optionality: Jet.AI is not obliged to complete the fourth and fifth closings and may accelerate contributions (minimum $2 m) at its discretion.

Risk/forfeiture provisions: If Jet.AI declines to fund a tranche after qualifying milestones are met, it forfeits the right to future tranches and its project-level equity will be reduced per the JV terms.

The agreements contain customary reps, warranties and covenants; full texts are filed as Exhibits 10.1 and 10.2. A press release announcing the JV (Exhibit 99.1) was issued 26 Jun 2025. The filing reiterates forward-looking statement cautionary language.

Clough Global Opportunities Fund (NYSE: GLO) filed an 8-K on July 2, 2025 to report amendments to its Amended and Restated By-Laws approved by the Board of Trustees on June 27, 2025.

• Forum selection – The bylaws now specify the exclusive forum in which disputes involving the Fund must be adjudicated.
• Jury-trial waiver – Language was clarified to confirm that parties waive any right to a jury trial in covered disputes.
• Trustee qualification disclosures – The Fund may request additional information from trustee candidates, tightening governance screening.

The full text of the revised bylaws is provided as Exhibit 3.1 to the filing. No financial statements, earnings information or transactional events were disclosed. The changes primarily affect shareholder litigation rights and internal governance procedures, with no immediate impact on the Fund’s operations or NAV. Investors should review the exhibit to understand the scope of the forum-selection clause and the extent of jury-trial waivers.

On 07/01/2025, Gartner Inc. (IT) filed a Form 4 disclosing that outside director Jose M. Gutierrez converted 32 Common Stock Equivalents (CSEs) into an equal number of Gartner common shares at $0 cost. The distribution was made under the company’s Long-Term Incentive Plan (LTIP) and is coded “J,” indicating an ‘other’ type of transaction. Immediately before the conversion, Gutierrez received a routine LTIP grant of 32 additional CSEs priced at $406.70 per unit (Code “A”), leaving him with 226 CSEs outstanding after the offsetting distribution.
Following the reported transactions, the director’s direct ownership stands at 1,663 common shares plus the remaining 226 CSEs. The 32-share increase represents an immaterial fraction of Gartner’s ~80 million diluted shares outstanding and does not affect the public float or corporate control. The filing reflects ordinary, compensation-related equity movements rather than a discretionary open-market purchase or sale, and therefore has limited signaling value for investors.

Qualcomm Inc. (QCOM) Form 144 filing discloses that an insider, Akash Palkhiwala, has notified the SEC of an intent to sell 3,333 common shares on or about 07/02/2025 through Goldman Sachs & Co. LLC. The shares have an estimated aggregate market value of $541,012.56, representing roughly 0.0003% of the company’s 1.098 billion outstanding shares.

The filing also details recent activity: over the past three months the same insider sold 9,999 shares across six transactions, generating ~$1.40 million in gross proceeds at prices consistent with market levels. All shares referenced were originally acquired on 09/23/2021 as restricted stock awards granted by the issuer and are being liquidated under Rule 144.

No additional financial metrics, corporate developments or 10b5-1 plan details are provided. Because the contemplated sale is immaterial relative to total shares outstanding and involves previously disclosed compensation stock, the filing is regarded as a routine insider-selling notice rather than a signal of fundamental change at Qualcomm.

Bank of Montreal is offering US$435,000 of Senior Medium-Term Digital Return Notes, Series K, linked to FedEx Corporation (FDX) common stock. The three-year notes (Pricing Date : 30 Jun 2025; Maturity : 03 Jul 2028) pay a single 26.00% digital return if FDX’s closing price on the Valuation Date is at least equal to the Initial Level of $227.31. Should the Final Level fall below the Initial Level, investors receive only principal, resulting in a 0% return. There is no participation above 26% and the notes bear no periodic interest.

Key economic terms include: Digital Barrier = 100% of Initial Level; minimum denomination = $1,000; CUSIP 06376EHA3. The notes are unsecured, unsubordinated obligations of Bank of Montreal and are subject to issuer credit risk. They will not be listed, and any liquidity will rely on BMO Capital Markets Corp. acting as a market-maker. Issue price equals 100%, with a 0.75% selling commission; the estimated initial value is $986.68 per $1,000, reflecting embedded dealer compensation and hedging costs.

The filing highlights material risks: upside capped at 26%, potential under-performance versus conventional bonds, lack of dividends, secondary-market uncertainty, conflicts of interest in the calculation agent role, and complex U.S. tax treatment as contingent payment debt instruments. The product may appeal to investors seeking principal preservation plus a defined payoff contingent on non-negative FDX performance, but it sacrifices income and exposes holders to both FedEx share volatility and Bank of Montreal’s credit profile.

Zimmer Biomet Holdings, Inc. (ZBH) – Form 4 filing dated 07/02/2025

Director Michael J. Farrell reported the automatic accrual of 466.469 phantom stock units on 06/30/2025 under the company’s Deferred Compensation Plan for Non-Employee Directors. Each unit is economically equivalent to one share of common stock at a reference price of $91.11; the units will be settled in cash within 60 days after Mr. Farrell ceases to serve on the board. Following the transaction, Mr. Farrell holds a total of 16,894.007 phantom stock units, classified as direct ownership. No non-derivative common shares were bought or sold, and there were no changes to Mr. Farrell’s voting power.

The filing does not disclose any open-market share purchases or sales, equity grants that dilute existing shareholders, or other events likely to affect near-term financial performance. Accordingly, the transaction appears routine and has limited market impact.