MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal (BMO) is issuing US$90,000 of Senior Medium-Term Notes, Series K—“Digital Return Barrier Notes” due July 3, 2030. The notes are unsecured, unsubordinated obligations linked to the least-performing of three U.S. equity benchmarks: the NASDAQ-100 Index (NDX), the Russell 2000 Index (RTY) and the Dow Jones Industrial Average (INDU).

Key economic terms

• Digital Return: 61.00% of principal.
• Digital Barrier Level: 100% of each index’s initial level (no decline permitted for the digital payout).
• Barrier Level: 70% of initial level. If the least-performing index closes below this level on the valuation date, principal is lost 1-for-1 with the index decline (up to −100%).
• Upside Participation: If the least-performing index gains more than 61%, holders receive full participation in that appreciation.
• Tenor: 5-year term, priced June 30 2025, settles July 3 2025, matures July 3 2030.
• Denomination: $1,000; CUSIP 06376EGB2.
• Issue price: 100% of face; agent’s commission 0.50%.
• Estimated initial value: $962.30 per $1,000 note (reflecting structuring and hedging costs).

Risk highlights

• No periodic interest and no principal protection below a 30% index decline.
• Performance tied solely to the worst-performing index; positive moves in the other two indices do not help if one underperforms.
• Credit risk: payments depend on BMO’s ability to pay; the notes are not FDIC or CDIC insured.
• Limited liquidity: the notes are not exchange-listed; any secondary trading is at the agent’s discretion and likely at a discount.
• Tax treatment uncertain; issuer assumes prepaid derivative contract characterization.

Illustrative payouts from the issuer’s table:

• Index up 10% → investor receives $1,610 (61% fixed return).
• Index unchanged → investor still receives $1,610 (61%).
• Index down 20% (above 70% barrier) → investor receives principal ($1,000).
• Index down 40% → investor receives $600 (40% loss).

Because the face amount is de minimis relative to BMO’s balance sheet and no new financial information about the bank is provided, the filing is not considered material to BMO equity investors. It is, however, essential for prospective purchasers of the specific structured note.

GS Finance Corp. is offering $1.08 million of Autocallable Contingent Coupon Equity-Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are tied to the performance of Palantir Technologies Inc. (PLTR) Class A common shares and form part of Goldman’s Series F medium-term note program.

Key commercial terms

• Face amount: $1,000 per note (aggregate $1.08 million)
• Issue price: 100% (trade date 30-Jun-2025; settlement 03-Jul-2025)
• Quarterly contingent coupon: $69.625 (6.9625% per quarter, up to 27.85% p.a.) payable only if PLTR closes at or above 60% of the initial price ($136.32) on the relevant observation date.
• Automatic call: If PLTR closes at or above the initial price on any quarterly call observation date from Sep-2025 to Mar-2028, the notes are redeemed at par plus the due coupon.
• Downside protection: 40% buffer. If the final price on 30-Jun-2028 is ≥60% of the initial price, holders receive par plus any final coupon. If below 60%, repayment equals par plus (index return × par), exposing investors to full downside beyond the buffer.
• Estimated value at pricing: ~$970 per $1,000, reflecting structuring fees and dealer margin; underwriting discount 2%.
• Secondary market: GS & Co. may, but is not obliged to, make a market; bid/ask reflects estimated value plus declining premium (initially $25).
• Credit: senior unsecured obligation of GS Finance Corp. with unconditional guarantee from The Goldman Sachs Group, Inc.; not FDIC insured.

Risk highlights

• Investors may receive no coupons if PLTR trades below the 60% trigger on observation dates.
• If PLTR falls >40% at maturity and the note hasn’t been called, principal loss is one-for-one with the stock’s decline.
• Limited upside: maximum redemption is par plus due coupon; investors do not participate in stock gains above par.
• Market value likely to be below issue price; liquidity limited; pricing sensitive to GS credit spreads, PLTR volatility and interest rates.
• Product complexity, dilution events, market disruption adjustments and discretionary determinations by GS & Co. add additional risks.

The prospectus supplement also details anti-dilution adjustments, default provisions, tax characterization (income-bearing prepaid derivative contract) and extensive hypothetical scenarios illustrating coupon and principal outcomes.

Leidos Holdings, Inc. (LDOS) – Form 4 insider transaction

Chief Financial Officer Christopher R. Cage reported one transaction dated 06/30/2025.

• Acquisition: 64.1944 shares of common stock credited at $0.00 per share. The shares represent dividend-equivalent rights that were automatically reinvested in the company’s Key Executive Stock Deferral Plan.
• Post-transaction ownership: 29,288.682 indirect shares held via the deferral plan and 46,953 direct shares.

No derivative securities were involved and no sales were disclosed. The filing does not indicate any open-market purchases or dispositions; the recorded activity is routine and non-cash. Given the immaterial share amount relative to the executive’s existing holdings, the filing is unlikely to have a meaningful impact on LDOS’s share count or market perception.

Dentsply Sirona Inc. (XRAY) – Form 4 insider transaction

Director Jonathan Jay Mazelsky reported the acquisition of 1,561.2862 phantom-stock units on 1 July 2025 under the company’s Directors’ Deferred Compensation plan. Each unit is economically equivalent to one common share and will be settled in stock when the director leaves the board. The derivative units were credited at an indicative price of $16.01 per share, taking Mazelsky’s total deferred-compensation balance to 9,159.0102 units. No open-market cash purchase or sale of common shares was disclosed, and no changes were reported in non-derivative share ownership.

This filing signals continued alignment of the director’s long-term incentives with shareholder value but does not alter the public float or generate immediate dilution. As the grant stems from routine board compensation rather than an active investment decision, market impact is expected to be minimal.

Monopar Therapeutics (MNPR) – Form 4 insider transaction filed for Chief Operating Officer Andrew Cittadine covering activity on 30 June 2025.

• 6,863 common shares were issued to Cittadine upon the vesting of Restricted Stock Units (RSUs) granted on 2 Feb 2022, 1 Feb 2023 and 4 Mar 2025.
• 2,990 shares were withheld for taxes (transaction code “F”), leaving a net 3,873 new shares.
• Cittadine’s direct common-stock holding after the transactions is 45,858 shares; he also retains 43,001 unvested RSUs.
• No open-market purchases or sales occurred; all activity relates to automatic RSU settlement (transaction code “M”).

The filing indicates a routine equity-compensation event rather than a discretionary purchase. While the COO’s ownership stake increases modestly, the economic outlay is zero; therefore, the signal for outside investors is generally neutral.

Paymentus Holdings, Inc. (PAY) has filed a Form 4 disclosing that its Chairman, President & CEO, Dushyant Sharma, received 1,100,000 Class A RSUs on 07/02/2025 under the company’s 2021 Equity Incentive Plan. Each RSU converts into one share of Class A common stock as it vests. Vesting schedule: one-sixteenth of the award will vest on each quarterly vesting date beginning 15 Aug 2025 (Feb 15, May 15, Aug 15, Nov 15 thereafter), subject to continued service. Following the grant, the reporting person shows 1,100,000 shares owned directly and an additional 1 share held indirectly through Ashigrace LLC, where Sharma holds sole voting and dispositive power. No price was paid for the RSUs, indicating a standard equity-based compensation grant designed to align executive incentives with shareholder value over time.

Dyadic International, Inc. (Nasdaq: DYAI) filed a Form 8-K on 2 July 2025 to disclose a branding update. In 30 days the company will begin operating under the business name “Dyadic Applied BioSolutions.” The filing clarifies that the legal corporate name remains “Dyadic International, Inc.,” the DYAI ticker is unchanged, and the company will continue to trade on the Nasdaq Stock Market. The disclosure is provided under Item 7.01 (Regulation FD) and is furnished—not filed—thereby carrying no Section 18 liability and no direct impact on financial statements. No financial data, operational revisions, or strategic transactions are included; the report solely communicates the forthcoming DBA designation and furnishes the related press release as Exhibit 99.1.

Form 4 filing overview: On 06/30/2025, MAIA Biotechnology, Inc. (ticker MAIA) granted director Cristian Luput a package of stock options under the company’s 2021 Equity Incentive Plan.

• Options granted: 21,350 options to purchase common shares.
• Exercise price: $1.80 per share.
• Vesting schedule: 100% vested immediately on the grant date.
• Expiration: 06/30/2035 (10-year term).
• Post-transaction holdings: Luput now holds 21,350 derivative securities directly.

No non-derivative share transactions were reported, and the filing was made individually by the director. The grant represents routine equity compensation designed to align director incentives with shareholder value, but it modestly increases the company’s fully diluted share count.

Morgan Stanley Finance LLC (ticker: MS) has filed Amendment No. 1 to Pricing Supplement No. 8,667 for a $440,000 follow-on issuance of Dual Directional Buffered PLUS notes (CUSIP 61778KD61) that will be consolidated with the original $310,000 tranche, bringing the total outstanding to $750,000. The five-year structured notes, due 28 Jun 2030, are unsecured and fully guaranteed by Morgan Stanley.

Key economic terms

• Issue price: $1,000; minimum denomination $1,000.
• Estimated value on pricing date: $943.80 (reflecting structuring & hedging costs).
• Underlying indices: DJIA (INDU 42,982.43), Nasdaq-100 (NDX 22,237.74) and Russell 2000 (RTY 2,136.185).
• Leverage factor: 140% on any positive performance of the worst-performing index.
• Absolute return participation: 100% of any decline up to 20%, effectively capping gain from this feature at 20%.
• Buffer: 20% downside protection; losses begin once the worst performing index falls below 80% of its initial level.
• Minimum maturity payment: 20% of principal.
• No periodic coupons; payment occurs only at maturity.

Cash-flow profile

• Upside scenario: final level > initial level → principal plus 1.4× index appreciation.
• Moderate downside: final level between 80% and 100% of initial → principal plus up to 20% gain.
• Severe downside: final level < 80% of initial → 1:1 loss beyond buffer, floor at 20% of principal.

Placement economics: Investors pay a 3.5% sales commission ($35 per note); net proceeds to Morgan Stanley are $965 per note. The notes will not be listed, and secondary liquidity depends solely on MS & Co., which may discontinue market making at any time.

Risk highlights

• Principal at risk; no interim interest.
• Performance driven solely by the worst performing index, eliminating diversification benefits.
• Credit exposure to Morgan Stanley; notes rank pari passu with other unsecured obligations.
• Estimated value below issue price indicates negative carry at inception.
• Tax treatment uncertain; counsel views notes as prepaid financial contracts, but IRS may disagree.

Strategic context: At $0.75 million aggregate size, the issuance is immaterial to Morgan Stanley’s capital structure but offers the bank low-cost funding while transferring market risk to investors.