MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal is offering Autocallable Barrier Notes linked to NVIDIA Corporation (NVDA) stock, due July 3, 2028. Key features include:

• Quarterly Contingent Coupons of 3.025% (12.10% annually) if NVDA closes at or above the Coupon Barrier Level (55% of Initial Level)
• Automatic Early Redemption starting September 30, 2025, if NVDA closes above its Initial Level on any observation date
• Principal at Risk: If notes are not automatically redeemed and NVDA closes below the Trigger Level (55% of Initial Level) at maturity, investors lose 1% for every 1% decline in NVDA stock
• Pricing Details: $1,000 minimum denomination, estimated initial value of $970.20 per $1,000, agent commission up to 2%

These structured notes offer high yield potential but carry significant risks including potential loss of principal and credit risk of Bank of Montreal. Not listed on any securities exchange.

Bank of Montreal has filed details for Autocallable Barrier Notes linked to Whirlpool Corporation (WHR) stock, due July 1, 2027. The notes offer quarterly contingent coupons of 3.15% (12.60% annually) if WHR's stock price stays above the Coupon Barrier Level of $51.75 (55% of initial level).

Key features include:

• Automatic early redemption if WHR closes above $94.09 (initial level) on quarterly observation dates starting December 2025
• Memory Coupon Feature allows recovery of previously unpaid coupons
• Principal at risk: If WHR falls below $51.75 at maturity, investors receive shares or cash value worth less than principal
• Notes priced at $1,000 denominations with estimated initial value of $971.90
• BMO Capital Markets acts as calculation agent and selling agent with up to 1.85% commission

These structured notes carry significant risks including potential loss of principal and are subject to Bank of Montreal's credit risk.

Bank of Montreal has issued $538,000 in Digital Return Barrier Notes due June 27, 2030, linked to the performance of three major indices: NASDAQ-100, Russell 2000, and Dow Jones Industrial Average.

Key features include:

• Potential 50.80% digital return if the least performing index is at or above 70% of its initial level at maturity
• Principal at risk: Investors lose 1% for each 1% decline below 70% barrier level in worst-performing index
• Initial offering price: $1,000 per note
• Initial estimated value: $982.56 per note

Notable risks include potential loss of entire investment, returns limited to digital return regardless of index performance, and exposure to worst-performing index only. Notes are subject to Bank of Montreal's credit risk and will not be listed on any securities exchange.

Bank of Montreal has filed a pricing supplement for Autocallable Barrier Notes with Contingent Coupons due October 30, 2026, linked to the performance of the S&P 500® Index and Russell 2000® Index. Key features include:

• Monthly contingent coupon payments of 0.6667% (approximately 8.00% per annum) if both indices close above their Coupon Barrier Levels (80% of Initial Levels)
• Automatic early redemption starting January 2026 if both indices close above their Initial Levels
• No guaranteed principal protection - investors risk losing principal if any index falls below its Trigger Level (80% of Initial Level) at maturity
• Notes will be issued in $1,000 denominations with total offering amount to be determined

The estimated initial value is $969.10 per $1,000 principal amount. BMO Capital Markets serves as calculation agent and selling agent, with commissions up to 2.25%. These notes involve significant risks and are not equivalent to direct investment in the underlying indices.

Bank of Montreal (Series K) Contingent Risk Absolute Return Buffer Notes are three-year, unsecured senior notes linked to the least-performing of the S&P 500 Index (SPX) and Russell 2000 Index (RTY). The $709,000 issue, priced at 100% of principal and settling 27 June 2025, offers 110.50% leveraged upside on any positive index performance and a unique “contingent absolute return” feature that rewards modest declines: if the final level of the worst-performing index is between 82% and 100% of its initial level, investors receive a positive return equal to that decline, capped at the Maximum Downside Redemption Amount of $1,180 per $1,000 note (18% gain).

Principal protection is conditional. A decline of more than the 18% buffer triggers 1-for-1 downside exposure beyond the buffer, exposing investors to maximum loss of 82% of principal. The product does not pay coupons, will not be listed, and can be sold only through BMO Capital Markets Corp. Secondary liquidity, if any, will depend solely on the dealer.

Key terms

• Initial Levels: SPX 6,092.18; RTY 2,161.212 (24 Jun 2025)
• Buffer Level: 82% of each initial level (18% buffer)
• Upside Leverage Factor: 110.50%
• Valuation Date: 22 Jun 2028 | Maturity: 27 Jun 2028
• Estimated initial value: $974.30 per $1,000 (reflects dealer costs)
• Agent’s commission: 1.20%; net proceeds 98.80%
• Credit exposure: senior, unsecured obligation of Bank of Montreal

Risk highlights: (1) credit risk of BMO; (2) potential 82% capital loss; (3) market value likely below issue price due to fees and hedging costs; (4) no exchange listing or guaranteed secondary market; (5) tax treatment uncertain—issuer assumes prepaid derivative contract classification.

Investor profile: sophisticated investors comfortable with equity-index risk, limited liquidity, and issuer credit exposure who seek enhanced upside and partial downside participation over a three-year horizon.

Worthington Enterprises, Inc. (WOR) – Form 4 insider filing dated 06/30/2025

President-Consumer Products Steven M. Caravati reported two equity transactions involving the company’s common shares.

• Restricted-stock grant: On 06/26/2025 Caravati received 2,600 common shares at a stated price of $0.00 under the company’s 2024 Long-Term Incentive Plan. The award will vest on the third anniversary of the grant date.
• Tax-withholding sale (Code F): On 06/27/2025 the company withheld 91 shares at $63.81 per share to cover taxes arising from a prior restricted-stock vesting.

After these transactions the executive directly owns 41,735 common shares.

No derivative securities were reported, and no open-market purchases or sales occurred. The activity reflects routine equity compensation and associated tax withholding rather than a discretionary buy or sell decision. Accordingly, the filing carries limited market impact.

Bank of Montreal (BMO) is issuing US$4.114 million of Senior Medium-Term Notes, Series K — “Autocallable Buffer Notes with Memory Coupons” — that mature on 27 July 2026 and are linked to DraftKings Inc. (DKNG) Class A common stock.

Income profile. The notes may pay a contingent coupon of 0.9025% per month (≈ 10.83% p.a.) whenever DKNG closes on the monthly Observation Date at or above the Coupon Barrier of $32.11 (75 % of the $42.81 Initial Level). Missed coupons are not lost: the Memory Coupon feature retroactively pays them the next time the barrier is met.

Call feature. Starting 23 Dec 2025, if DKNG closes above the Call Level (100 % of the Initial Level) on any Observation Date, the notes are automatically redeemed at par plus any due coupons. Investors therefore face reinvestment risk and will not participate in any subsequent equity upside.

Principal repayment. If the notes remain outstanding to maturity, principal protection depends on the 25 % buffer. Should DKNG’s Final Level fall below the Buffer Level ($32.11), holders lose 1 % of principal for every 1 % decline in the share price beyond the 25 % threshold. Full principal is repaid only if no Trigger Event occurs.

Structural considerations.

• Credit risk: all payments rely solely on BMO; the notes are unsecured, uninsured, and unlisted.
• Liquidity: no exchange listing; secondary market, if any, depends on dealer willingness.
• Pricing: Public offering price is 100 %; BMO Capital Markets receives a 2.15 % selling concession and estimates the initial economic value at $973.89, implying a 2.6 % issuer/dealer margin.

Key dates: Pricing – 24 Jun 2025; Settlement – 27 Jun 2025; Valuation – 22 Jul 2026; Maturity – 27 Jul 2026.

Bank of Montreal (BMO) is offering US$4.624 million of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due July 27, 2026, linked to the common stock of Merck & Co., Inc. (MRK). The notes are unsecured, unsubordinated obligations of BMO and will not be listed on any exchange, exposing investors to BMO’s credit risk and to liquidity constraints.

Income profile. The notes pay a monthly Contingent Coupon of 1.0417 % (≈12.50 % p.a.) when MRK’s closing price on the relevant Observation Date is at or above the Coupon Barrier Level of $58.63 (73 % of the $80.32 Initial Level). Missed coupons are not cumulative.

Autocall feature. From 23 December 2025 onward, if MRK closes above 100 % of its Initial Level on any Observation Date, the notes are automatically redeemed at par plus the coupon due, ending further coupon potential.

Principal repayment. If not earlier redeemed, investors receive at maturity either (i) par if no Trigger Event occurs, or (ii) par reduced by the full downside percentage if MRK’s Final Level is below the Trigger Level of $58.63 (73 % of Initial). In a worst-case scenario the redemption value can be zero.

Key dates. Pricing Date 24 June 2025; Settlement Date 27 June 2025; Valuation Date 22 July 2026; Maturity Date 27 July 2026. The estimated initial value is $971.66 per $1,000 note, implying an initial issuer-estimated price discount of ~2.8 % versus par, largely attributable to embedded fees, hedging costs and market factors.

Additional considerations. Minimum denomination is $1,000; CUSIP 06376EJD5. BMOCM acts as calculation agent and selling agent, receiving a 2.15 % commission. Because the notes are not FDIC or CDIC insured and lack exchange listing, secondary market liquidity and recovery in the event of issuer default are uncertain. Investors forego any upside beyond coupons and par value.

Bank of Montreal has issued $1,336,000 in Autocallable Barrier Notes with Memory Coupons due June 27, 2028, linked to the performance of Apple, Amazon, and NVIDIA stocks. Key features include:

• Monthly contingent coupon payments of 1.1875% (14.25% per annum) if all reference stocks close above their Coupon Barrier Levels
• Memory feature allows recovery of previously missed coupon payments
• Automatic early redemption starting June 2026 if all stocks close above their Initial Levels
• 50% downside protection at maturity through Trigger Levels
• Risk of principal loss if any stock closes below its Trigger Level (50% of Initial Level) at maturity

Initial stock levels are: AAPL: $200.30, AMZN: $212.77, NVDA: $147.90. Notes priced at 100% with 0.30% agent commission. Estimated initial value is $996.58 per $1,000 principal. Notes are subject to Bank of Montreal's credit risk and will not be listed on any securities exchange.