MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Form 4 filing for UnitedHealth Group (UNH) dated 07/02/2025 discloses routine quarterly equity compensation to non-employee director Paul R. Garcia.

• Transactions (07/01/2025): 173 deferred stock units (immediately vested, must be held until board service ends) and 96 shares of common stock, both awarded at $0 cost.
• Post-transaction ownership: 2,750 common shares held directly; 2,146 shares in a revocable trust; 45 and 55 shares in two additional trusts, for a total indirect holding of 2,246 shares.
• No derivative securities were acquired or disposed of; the filing cites the awards as regular quarterly director compensation, not incentive-based or market purchases.

The filing is administrative in nature, with no impact on company operations, capital structure, or insider sentiment beyond customary board compensation.

MGIC Investment Corp. (MTG) – Form 4 insider transaction

President & COO Salvatore A. Miosi disclosed the sale of 30,000 shares of common stock on 01-Jul-2025 at a weighted-average price of $28.152 per share, generating roughly $0.84 million in proceeds. The disposition was executed under a Rule 10b5-1 trading plan adopted on 06-Mar-2025, indicating the sale was pre-scheduled and not necessarily driven by near-term information.

After the transaction, Miosi directly owns 279,401.361 shares and indirectly controls 384,844 shares via a family trust, maintaining a sizable equity stake. No derivative security activity was reported, and the filing contains no references to earnings, major corporate events, or strategic changes.

The filing primarily records a routine adjustment to the executive’s equity exposure; in isolation, it is unlikely to materially affect the company’s fundamental outlook.

On 06/30/2025, Quest Resource Holding Corp. (QRHC) director Sarah Tomolonius reported the acquisition of 1,732 deferred stock units (DSUs) at an indicated price of $2.02 per unit, under the company’s 2024 Incentive Compensation Plan. These DSUs will convert into common shares when the director separates from the company.

After the transaction, Tomolonius beneficially owns 28,196 DSUs—18,027 granted in 2012 and 10,169 granted in 2024—plus 13,926 common shares held outright. Her total economic exposure therefore rises to approximately 42,122 shares. Ownership remains direct and no derivative securities were involved.

The purchase modestly increases insider alignment but is not material relative to QRHC’s overall share count or trading volume. No indication of a Rule 10b5-1 trading plan was disclosed, and no additional executive or strategic information accompanied the filing.

Bank of Montreal (BMO) is offering US$1.59 million of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Buffer Notes due 6 July 2027 that are linked to the EURO STOXX 50® Index (SX5E). The notes are unsecured, do not pay periodic interest and will not be listed on any exchange, making secondary-market liquidity dependent on the selling agent, BMO Capital Markets (BMOCM).

Key economic terms

• Initial Level: 5,303.24 (closing level on 30 Jun 2025)
• Upside Leverage Factor: 118.70% on any positive index return
• Buffer Level: 85% of the Initial Level (15% downside buffer)
• Maximum Downside Redemption Amount: US$1,150 per US$1,000 note (15% positive return) when the Final Level is between 85% and 100% of the Initial Level
• Downside Participation: -1% for every 1% index loss beyond the 15% buffer, exposing investors to a maximum loss of 85% of principal
• Estimated initial value: US$982.45 (reflects embedded dealer costs and hedging)
• Offering price: 100% of face; agent commission: 0.25%
• Pricing Date: 30 Jun 2025; Settlement: 3 Jul 2025; Valuation Date: 30 Jun 2027; Maturity: 6 Jul 2027

At maturity investors receive:

• $1,000 + $1,000 × (Percentage Change × 1.187) if the index rises.
• $1,000 + $1,000 × (-Percentage Change) (capped at $1,150) if the index falls ≤ 15%.
• $1,000 + $1,000 × (Percentage Change + 15%) if the index falls > 15%, resulting in loss of principal.

Risk highlights

• Credit exposure to BMO; notes are unsecured and rank pari passu with other senior debt.
• No interim coupons; total return depends solely on index performance at maturity.
• Limited liquidity: notes are not exchange-listed and BMOCM is not obliged to maintain a market.
• Initial value is 1.75% below issue price, indicating negative carry for investors who exit early.
• Exposure to European equity and currency risk inherent in the EURO STOXX 50® constituents.

The product suits investors with a moderately bullish to mildly bearish two-year view on Eurozone large-cap equities who can accept credit risk, limited liquidity and potential loss of up to 85% of principal.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $500,000 aggregate principal amount of unsecured senior Market-Linked Securities tied to the performance of the SPDR® Gold Trust (ticker GLD). The notes price on 30-Jun-2025, settle on 3-Jul-2025 and mature on 6-Aug-2026 (≈ 13 months).

Payout profile

• Upside: 100 % participation in GLD appreciation, capped at a maximum return of 12.95 % ($129.50 per $1,000).
• Downside: 1-for-1 exposure to the first 5 % decline; losses stop at –5 %. Minimum payment at maturity is $950.
• No periodic coupons or dividends; investors forgo any distributions on GLD.

Key economics

• Issue price: $1,000; estimated value: $984.70 (reflects structuring and hedging costs).
• Underwriting fee: $10.42 (1.042 %) per note; proceeds to issuer: $989.58.
• Unlisted security; liquidity, if any, will be provided solely by the underwriter on a best-efforts basis and may be below the estimated value.

Risk considerations

• Unsecured and subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
• Limited upside versus direct GLD ownership; inflation and opportunity cost may erode real returns.
• Secondary market value will reflect CGMI’s secondary market rate, bid/ask spread and may be materially less than $1,000, especially immediately after issuance.
• Complex tax treatment: classified as contingent payment debt instruments; U.S. holders must accrue OID based on a comparable yield of 4.890 %.

Investor suitability: the notes may appeal to investors seeking short-dated partial principal protection on gold exposure with a predefined cap, who are comfortable with issuer credit risk, no interim income and potential illiquidity.

GS Finance Corp. is offering $142,000 of Buffered S&P 500 Index-Linked Notes due July 6, 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The security is a three-year, unsecured senior note linked to the S&P 500® Index (initial level 6,204.95 set on the June 30, 2025 trade date). The notes are non-interest-bearing; investors’ total return will be determined solely by the index performance on the June 30, 2028 determination date.

Pay-off profile

• Upside participation: 1:1 exposure to any positive index return, capped at a Maximum Settlement Amount of $1,300 (30% total gain) per $1,000 face amount. The cap corresponds to a Cap Level of 130 % of the initial index level.
• Moderate downside benefit: If the index return is negative but the final level is at or above 85 % of the initial level, investors receive the absolute value of that negative return as a positive return (e.g., −5 % index move ⇒ +5 % note return).
• Downside risk beyond buffer: If the final level is below the Buffer Level (85 % of the initial level), principal is exposed on a 1-for-1 basis after a 15 % buffer: Cash Settlement = $1,000 × (1 + index return + 15 %). A −25 % index return would generate a −10 % note loss.

Key economic terms

• Issue price: 100 % of face value; estimated value at pricing: $967 (reflects model value less dealer compensation).
• Underwriting discount: 0.75 % of face; net proceeds to issuer: 99.25 %.
• Original issue date: July 3, 2025; maturity: July 6, 2028.
• Authorized denominations: $1,000 and multiples thereof; CUSIP 40058JC86.
• Issuer: GS Finance Corp.; Guarantor: The Goldman Sachs Group, Inc.; indenture: Senior Debt Indenture dated Oct 10, 2008 (as supplemented).

Liquidity & valuation

• Goldman Sachs & Co. LLC may—but is not obligated to—make a market. Prior to Oct 30, 2025, any bid/ask price will include a declining embedded premium (initially $33 per $1,000) above the estimated value; thereafter quotes reflect model value plus customary spreads.
• The notes will not be listed on any exchange; investors may experience limited or no secondary market liquidity and could receive significantly less than face value prior to maturity.

Risk highlights disclosed

• Credit risk: repayment depends on the solvency of both GS Finance Corp. and Goldman Sachs Group.
• Cap on upside limits participation to 30 % even if the S&P 500 rises more.
• Principal risk: losses begin if the index declines more than 15 % and could be substantial.
• No periodic income; opportunity cost relative to interest-bearing debt.
• Estimated value below issue price means an investor incurs an initial value deficit of ~3.3 % plus underwriting discount.
• Complex tax treatment: treated as a prepaid derivative contract; future IRS guidance could alter taxation.

Royal Bank of Canada (RY) is offering $5.046 million of senior unsecured Market Linked Securities due 5 July 2030. Each $1,000 note is tied to a five-index basket (EURO STOXX 50 40%, Nikkei 225 25%, FTSE 100 17.5%, Swiss Market 10%, S&P/ASX 200 7.5%). The securities:

• Upside: 156% participation in any positive basket return.
• Protection: 25% fixed buffer; investors are made whole provided the basket does not fall more than 25%.
• Downside: 1-for-1 loss beyond the buffer, capped at a 75% maximum loss.
• No coupons, no dividends, no listing; designed to be held to maturity.

The securities price at $1,000 with a 3.87% selling concession ($38.70) to Wells Fargo Securities. RBC’s initial estimated value is $948.03, reflecting internal funding costs and hedging. Credit exposure is solely to RBC; the notes are not CDIC/FDIC insured and are not bail-inable.

Key dates: Pricing 30 Jun 2025, issue 3 Jul 2025, calculation day 1 Jul 2030, maturity 5 Jul 2030.

Principal investor considerations: levered upside vs. buffered downside appeals to bullish investors willing to risk capital and forgo income liquidity. Major risks include potential loss of up to 75% of principal, absence of secondary liquidity, valuation discount, and full reliance on RBC credit.

Bank of Montreal (BMO) is offering US$1.83 million of Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Contingent Coupons – linked to the iShares® Russell 2000 ETF (ticker “IWM”). The notes price on 30 June 2025, settle on 03 July 2025 and, if not redeemed earlier, mature on 03 July 2028. They are unsecured, unsubordinated obligations of BMO and are not listed on an exchange.

Coupon mechanics

• Contingent Coupon: 1.8125% per quarter (≈7.25% p.a.) paid only if IWM’s closing level on the relevant Observation Date is ≥ Coupon Barrier (80% of the Initial Level = $172.63).
• Observation Dates: Three trading days before each scheduled quarterly payment (Oct, Jan, Apr, Jul), starting 30 Sep 2025.

Autocall feature

• From 30 Sep 2025 onward, if IWM closes > 100% of its Initial Level ($215.79) on any Observation Date, the notes are automatically redeemed at par plus the applicable coupon on the following payment date.

Principal repayment at maturity

• No principal protection. If not autocalled, investors receive:
  • Par ($1,000) if a Trigger Event does not occur (Final Level ≥ Trigger Level, 80% of Initial).
  • Par minus 1% for every 1% decline in IWM below its Initial Level if a Trigger Event does occur (Final Level < Trigger Level). Losses can reach 100%.

Key issue terms

• Issue size: US$1,830,000 (minimum denominations $1,000).
• Coupon/Trigger/Barrier Levels: all set at 80% of Initial Level ($172.63).
• Initial estimated value: $968.18 per $1,000 note, versus a public offer price of 100% (includes 2.00% selling concession).
• Credit risk: payments depend solely on BMO’s ability to pay; the notes are not FDIC or CDIC insured.
• No secondary-market obligation; liquidity reliant on BMO Capital Markets (BMOCM) making a market.

Risk highlights

• Investors may receive no coupons if IWM stays below the 80% barrier on every Observation Date.
• If Final Level is below the Trigger Level, principal loss is linear with the underlying decline and could be total.
• Upside is capped at coupons; investors do not participate in any IWM appreciation beyond par return.
• Initial estimated value is 3.2% below issue price, reflecting dealer compensation and hedging cost.

Investor profile: suitable only for those seeking high contingent income, willing to accept small-cap equity volatility, early call risk, BMO credit exposure, illiquidity, and potential loss of capital.

Bank of Montreal (BMO) is offering US$500,000 of Senior Medium-Term Notes, Series K – Autocallable Barrier Enhanced Return Notes due July 3, 2028. The notes are linked to the least-performing of three equity benchmarks – the Nasdaq-100 Technology Sector Index (NDXT), the Russell 2000® Index (RTY) and the S&P 500® Index (SPX). They provide 200 % leveraged upside participation in any positive performance of the weakest index at maturity, subject to early redemption and downside barriers.

Key economic terms:

• Issue/Settlement Date: 3 July 2025   Maturity: 3 July 2028 (3-year tenor)
• Automatic Redemption: If on 6 July 2026 the closing level of each index is at or above its Initial Level (100 %), BMO will redeem at par plus a Call Amount of $174 per $1,000 note (≈17.4 % p.a.).
• Barrier/Principal Protection: 60 % of Initial Level. If, at final valuation (28 June 2028), the weakest index closes ≥60 % but <100 % of its Initial Level, investors receive full principal only. Below the barrier, repayment is 1-for-1 downside, exposing investors to up to 100 % loss.
• Upside Leverage: 200 % on any positive Percentage Change of the least-performing index, uncapped, if the notes survive to maturity.
• Price to Public: 100 %; Agent commission: 0.50 %; Net proceeds to BMO: 99.50 %.
• Estimated initial value: $968.67 per $1,000 (reflects fees and hedging costs).
• Denomination: $1,000; CUSIP 06376EF80; the notes will not be listed on any exchange.

Risk highlights include exposure to (i) BMO’s senior unsecured credit, (ii) market declines beyond 40 %, (iii) performance of the least-performing index only (no basket averaging), (iv) lack of liquidity and potentially wide bid–ask spreads, (v) adverse tax uncertainty, and (vi) initial value below issue price, indicating negative carry at outset.

The structure targets yield-seeking investors comfortable with equity-linked risk and potential early redemption. It is not suitable for investors requiring principal preservation, income, or secondary-market liquidity.