MicroSectors™ Energy 3X Leveraged ETN SEC Filings

The Form NPORT-P filed for DNP Select Income Fund Inc. is largely a structural template with virtually every quantitative and descriptive field left blank. Sections that normally disclose total assets, liabilities, net assets, portfolio risk metrics, securities-lending details, and monthly performance contain no numeric values or narrative. Likewise, registrant identifiers such as CIK, LEI, and address information are missing. The filing does confirm it is a LIVE electronic submission, but provides no evidence of portfolio holdings or return data for the report period. As a result, the document appears to be an administrative placeholder rather than a substantive disclosure and conveys no material information that would affect an investment assessment of DNP.

Bank of Montreal has issued $1,005,000 in Contingent Risk Absolute Return Buffer Notes due June 30, 2027, linked to the S&P 500 Index. The notes offer 150% leveraged upside exposure to index gains, capped at a maximum return of 14.20% ($1,142.00 per $1,000 principal).

Key features include:

• Buffer protection against first 15% of index losses
• Positive return potential even in declining markets up to Maximum Downside Redemption Amount of $1,150.00
• Risk of losing up to 85% of principal if index declines more than 15%
• Initial estimated value of $964.45 per $1,000 principal

The offering includes a 2.4453% agent commission ($24,575.00) through BMO Capital Markets. The notes are unsecured obligations of Bank of Montreal and not FDIC insured. Key risks include credit risk, limited upside potential, and potential for significant principal loss if the index declines more than 15%.

Bank of Montreal (BMO) is offering US$715,000 of Senior Medium-Term Market-Linked Notes, Series K, maturing 30 June 2028 and linked to the NASDAQ-100 Index (NDX). The product provides 100 % upside participation in any positive index performance, but returns are capped at 20 %, translating to a maximum redemption amount of $1,200 per $1,000 principal. Should the index finish at or below its initial level of 22,237.74 on the 27 June 2028 valuation date, investors simply receive principal back—no downside exposure below par, but also no growth.

The notes pay no periodic coupon and are unsecured, ranking pari passu with BMO’s other senior debt. All payments are subject to BMO’s credit risk. The estimated initial value is $964.71 per $1,000, 3.5 % below issue price, reflecting 2.4038 % selling commission, hedging costs and BMO’s internal funding spread. Minimum denomination is $1,000; CUSIP 06376EEE8. The notes will not be listed, and liquidity will depend on BMO Capital Markets Corp. (BMOCM), which may—but is not obliged to—make a market.

Key dates include: pricing 25 Jun 2025, settlement 30 Jun 2025, valuation 27 Jun 2028 and maturity 30 Jun 2028. The product’s Upside Leverage Factor is 100 %; therefore, a 7 % index gain delivers a 7 % note return, while gains ≥20 % are clipped at the cap. Payoff examples show that even a 40 % rise still yields the capped 20 % return.

Main risks highlighted include credit risk to BMO, lack of secondary-market liquidity, potential conflicts of interest (BMOCM acting as calculation agent and market-maker), tax treatment as contingent-payment debt instruments resulting in annual phantom income, and the embedded fee drag that makes secondary prices likely to trade below issue price. Investors must also accept that the structure could underperform both direct equity exposure and conventional fixed-rate bonds of similar maturity.

The offering is distributed by BMOCM with potential concessions to other dealers and a referral fee up to 0.50 % of principal. The notes are not CDIC/FDIC insured and are not convertible under Canadian bail-in rules. Legal opinions from Osler, Hoskin & Harcourt LLP (Ontario law) and Mayer Brown LLP (New York law) confirm validity of issuance subject to customary bankruptcy and equitable-remedy limitations.

Bank of Montreal has issued $728,000 in Digital Return Barrier Notes due July 31, 2026, linked to the performance of the S&P 500 and Russell 2000 indices. The notes offer a 10.20% digital return if the least performing index is at or above its initial level at maturity.

Key features include:

• Principal at risk: Investors lose 1% for each 1% decline beyond 30% in the worst-performing index
• Initial levels: S&P 500 at 6,092.16 and Russell 2000 at 2,136.185
• Barrier level: 70% of initial levels
• No interest payments or exchange listing

The estimated initial value is $962.44 per $1,000 principal amount. The offering includes selling concessions up to 1.93%. Key risks include potential complete loss of principal, limited upside potential, and exposure to small-cap stock volatility through the Russell 2000 index.

Bank of Montreal is marketing US$[ ] Senior Medium-Term Notes, Series K, titled Autocallable Barrier Notes with Memory Coupons due July 06 2027, linked to the common stock of Devon Energy Corporation (DVN). The structured notes pay a contingent coupon of 3.375% per quarter (≈13.50% p.a.) whenever DVN’s closing level on a quarterly Observation Date is at or above the Coupon Barrier (69% of the Initial Level). A “Memory” feature retroactively pays any missed coupons once the barrier is met.

Starting 30 Dec 2025, the notes are automatically callable on any Observation Date if DVN closes above the Call Level (100% of Initial Level); investors then receive par plus the due coupon(s) and the contract terminates early.

If not called, principal repayment on 06 Jul 2027 depends on DVN’s final level. • No Trigger Event (DVN ≥69% of Initial): investor receives full principal plus any owed coupons. • Trigger Event (DVN <69% of Initial): investor receives a Physical Delivery Amount of DVN shares (or BMO-elected cash equivalent) worth 1-for-1 less than principal, exposing investor to full downside below the Trigger.

Key mechanics and terms:

• Denomination: $1,000; price to public 100%.
• Agent (BMO Capital Markets) commission: up to 1.85% (includes up to 0.10% structuring fee).
• Estimated initial value: $966.30 per $1,000 (96.63% of face), not less than $920 on Pricing Date.
• Unsecured, unsubordinated obligations of BMO; subject to BMO credit risk; not listed on any exchange.
• Investing is not equivalent to owning DVN shares and offers no upside participation beyond coupons.

The notes target investors seeking high periodic income with conditional principal protection, who are comfortable with equity risk in DVN, early redemption, illiquidity, and the credit risk of Bank of Montreal.

Bank of Montreal has issued $142,000 of Capped Buffer Enhanced Return Notes due December 31, 2026, linked to the Dow Jones Industrial Average (DJIA). The notes offer:

• 125% leveraged upside exposure to DJIA gains, capped at a maximum return of 13.40% ($1,134 per $1,000 principal)
• 20% downside buffer protection - no losses on first 20% of index decline
• 1:1 loss exposure beyond the 20% buffer, with potential for up to 80% principal loss
• Initial DJIA level: 42,982.43
• Buffer level: 34,385.94 (80% of initial)

Key risks include credit risk of Bank of Montreal, capped upside potential, and potential significant losses if DJIA declines more than 20%. Notes priced at $1,000 per unit with estimated initial value of $985.09. BMOCM serves as calculation agent and selling agent with 0.412% commission.

Bank of Montreal is offering US$273,000 of Senior Medium-Term Notes (Series K) – Capped Buffer Enhanced Return Notes – linked to the S&P 500® Index. The three-year notes (settlement: 30 June 2025; maturity: 30 June 2028) provide 150% leveraged upside exposure up to a Maximum Redemption Amount of $1,245 per $1,000 (24.50% absolute cap). The structure includes a 20% downside buffer; below this threshold investors lose 1% of principal for each 1% drop in the index, exposing holders to a maximum 80% loss of principal. The notes pay no periodic interest, are unsecured senior obligations of Bank of Montreal, and will not be listed on any exchange.

Key economic terms

• Initial Level: 6,092.16 (SPX close on pricing date)
• Upside Leverage Factor: 150%
• Buffer Level: 4,873.73 (80% of Initial Level)
• Estimated initial value: $958.06 per $1,000 (reflecting embedded fees and hedge costs)
• Agent’s commission: approx. 2.73%; price to public: 100%
• CUSIP: 06376EEG3; issuer credit risk applies

Risk highlights

• Principal at risk: up to 80% loss if SPX falls >20%.
• Return capped: any SPX gain >16.34% (after 150% gearing) does not increase payout.
• No secondary-market liquidity assured: BMOCM may repurchase but is not obligated.
• Credit & valuation risk: payment depends on Bank of Montreal’s ability to pay; secondary price expected to trade below issue price due to costs and bid/ask spreads.

Nautilus Biotechnology, Inc. (Nasdaq: NAUT) filed a Form 8-K to report the results of its 2025 Annual Meeting held on 20 June 2025. Shareholder turnout was solid, with 99,716,163 votes (≈79% of the 126.1 million outstanding shares) represented in person or by proxy.

Director elections: Co-founder & CEO Sujal Patel and venture investor Matthew McIlwain were elected as Class I directors through the 2028 meeting. Patel received 84.3 million “for” votes versus 0.83 million withheld; McIlwain received 82.2 million “for” versus 2.94 million withheld. Broker non-votes totaled 14.6 million for each nominee.

Auditor ratification: PricewaterhouseCoopers LLP was reappointed as independent auditor for fiscal 2025 with overwhelming support—99.50 million votes for, 0.14 million against, and 0.07 million abstentions.

Board changes: As previously announced, directors Vijay Pande and Michael Altman resigned and did not stand for re-election. To reflect the departures, the Board reduced its size from nine to seven seats (2 Class I, 2 Class II, 3 Class III). McIlwain simultaneously resigned his Class II seat and was elected to the now-vacant Class I slot.

No financial results, strategic transactions, or other material events were disclosed. The filing is primarily a routine corporate-governance update.

Bank of Montreal has issued $1,335,000 of Capped Buffer Enhanced Return Notes due July 31, 2026, linked to the NASDAQ-100 Index. The notes offer 200% leveraged exposure to the index's positive performance, capped at a maximum return of 9.60% ($1,096.00 per $1,000 principal).

Key features include:

• 15% downside buffer protection - no losses if index declines up to 15%
• 1:1 losses beyond 15% buffer, with maximum potential loss of 85%
• Initial Index Level: 22,237.74
• Buffer Level: 18,902.08 (85% of Initial Level)
• Notes priced at 100% with 1.7622% agent commission

Key risks include credit risk of Bank of Montreal, capped upside potential, potential loss of principal beyond buffer, and no interest payments. The notes' estimated initial value is $973.24 per $1,000 principal amount.