MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal (BMO) is offering unsecured, senior medium-term Market Linked Securities tied to the S&P 500 Index (SPX), maturing February 5, 2030. Each $1,000 note provides 150% leveraged upside, capped at a minimum 51.60% total return (≥ $1,516 maturity payment). The downside is contingently protected only to a 25% decline; if the SPX falls more than 25% from the starting value, investors are fully exposed to further losses and could lose all principal. The notes pay no coupons or dividends and are designed to be held to maturity with no secondary listing.

Key terms:

• Face amount: $1,000 per note; denominations of $1,000.
• Pricing date: July 31, 2025; issue date: August 5, 2025.
• Upside participation rate: 150%.
• Maximum return: ≥ 51.60% of face (exact level set on pricing date).
• Threshold value: 75% of the starting value (25% buffer).
• Estimated initial value: $956.60 (no less than $910) per note, reflecting fees and hedging costs.
• Agent discount: up to $33.25 per note to Wells Fargo Securities; additional dealer concessions up to $2.00.
• Credit risk: all payments depend on BMO’s ability to pay; the securities are not FDIC-, CDIC-, or government-insured.

The notes suit investors with a moderately bullish view on the S&P 500 over the 4.5-year term, willing to forgo dividends and accept both issuer credit risk and uncapped downside below the 25% buffer in exchange for enhanced—but capped—upside.

Federal Signal Corp. (FSS) – Form 4 filing (06/30/2025)

Director Katrina L. Helmkamp reported an acquisition of 131 common shares on 06/27/2025 (Transaction Code A). The form lists a transaction price of $0.00, implying the shares were received through a non-cash award (e.g., director equity grant). Following the transaction, Helmkamp’s direct holdings increased to 4,326 shares. No derivative security activity was reported.

The filing represents a routine, immaterial change in individual ownership and does not disclose any broader corporate events, financial results, or derivative transactions.

Bank of Montreal (BMO) plans to issue senior unsecured Autocallable Barrier Notes, Series K, due August 7, 2028. The notes are linked to the worst performer of the S&P 500, NASDAQ-100 and Russell 2000 indices. Investors may receive monthly contingent coupons of 0.7083 % (≈ 8.50 % p.a.) provided each index closes at or above 70 % of its initial level on the relevant observation date. From February 4, 2026 onward, if all three indices close above their initial levels (100 %), the notes are automatically redeemed at par plus the current coupon.

Principal is at risk. If the notes are not called and any index closes below 70 % of its initial level on the final valuation date (a “Trigger Event”), repayment is reduced dollar-for-dollar with the worst-performing index and could be zero. The estimated initial value is US $975.40 per US $1,000, implying a 2.46 % issue premium versus BMO’s internal valuation. The notes are offered in $1,000 denominations, will not be exchange-listed and are subject to BMO’s credit risk. BMO Capital Markets Corp. acts as selling agent and calculation agent; total selling concessions are up to 1.00 % of face value.

Key dates: Pricing Date – July 31 2025; Settlement – August 5 2025; first coupon – September 7 2025; Final Valuation – August 2 2028; Maturity – August 7 2028.

Investor profile: Suits investors seeking enhanced income tied to broad U.S. equity indices, willing to accept downside equity risk, early redemption and limited liquidity.

JPMorgan Chase Financial Company LLC is issuing $8.32 million of Step Down Trigger Autocallable Notes (the “Notes”) linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The Notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Key structural terms

• Trade / Issue / Maturity: 26 Jun 2025 / 30 Jun 2025 / 28 Jun 2028 (3-year tenor).
• Non-call period: 1 year; quarterly observation dates thereafter. If all three indices close at or above their Initial Value on any observation date, or at/above the Downside Threshold (65% of Initial Value) on the Final Valuation Date, the Notes are automatically called.
• Call Return: 9.00% per annum, accruing the longer the Notes remain outstanding. Investors do not participate in index upside beyond this fixed Call Return.
• Downside protection: Contingent only; if any index closes below its 65% Downside Threshold on the Final Valuation Date and the Notes have not been called, principal is repaid at a rate proportionate to the worst-performing index, exposing investors to up to 100% loss.
• Issue price / Estimated value: $10.00 vs. estimated fair value of $9.633, implying an initial value discount of roughly 3.7% (before secondary-market liquidity considerations).
• Fees: Selling commissions of $0.15 per $10 note (1.5%); proceeds to issuer $9.85 per note.
• Minimum investment: $1,000 (denomination $10).

Risk highlights

• No periodic interest payments and no index upside participation.
• Full principal at risk below the 65% threshold; adverse move in only one index triggers loss.
• Credit exposure to JPMorgan Chase Financial and JPMorgan Chase & Co.; Notes are not FDIC-insured.
• Limited or no secondary market; valuation may be volatile and dependent on dealer quotes.

Investor profile: Suitable only for investors who (1) understand structured-product risk, (2) can tolerate loss of principal, (3) are comfortable with exposure to three equity indices, and (4) are willing to forego dividends and conventional bond coupons in exchange for a capped, contingent return.

Jefferies Financial Group Inc. (JEF) is offering $669,000 of Senior Leveraged Barrier Notes due June 28, 2030 linked to the worst-performing of the S&P 500 Index (SPX) and the Dow Jones Industrial Average (INDU). The notes are issued under the Series A Global Medium-Term Notes program and are senior unsecured, ranking pari passu with JEF’s other senior debt. Investors receive no periodic coupons; return is determined solely at maturity based on index performance.

• Upside participation: If the worst-performing index closes above its initial level on the June 26, 2030 valuation date, holders receive principal plus 120 % of the positive return.
• Downside buffer: Principal is protected so long as the worst-performing index does not fall below 60 % of its initial value (threshold levels: SPX 3,684.61; INDU 26,032.10). If breached, investors lose 1 % of principal for every 1 % decline; loss of up to 100 % is possible.
• Issue economics: Issue price is $1,000 per note; estimated value on the pricing date is $943.70, reflecting structuring and hedging costs plus a 3.75 % underwriting fee. Net proceeds to Jefferies after fees total $643,912.50.
• Key dates: Pricing – June 26 2025; Settlement – June 30 2025; Maturity – June 28 2030.
• Distribution & conflicts: Jefferies LLC (a FINRA member and JEF subsidiary) is the selling agent, triggering FINRA Rule 5121 conflict-of-interest procedures.
• Credit considerations: Payments depend on Jefferies Financial Group’s ability to pay; the notes are not secured and carry no claim on the underlying indices.

Recent developments (preliminary fiscal Q2 2025):

• Investment Banking net revenue: $766 million
• Capital Markets net revenue: $704 million
• Asset Management net revenue: $155 million
• Income before taxes: $135 million; Net income: $88 million (32.3 % tax rate)
• Six-month net income: $216 million (20.2 % tax rate)

These figures are management’s preliminary estimates and have not been reviewed by the company’s auditor.

Form 144 Filing for Pinterest, Inc. (PINS) discloses a proposed insider sale by Benjamin Silbermann. The notice covers 102,083 Class A common shares, with an aggregate market value of $3,554,110. The seller intends to execute the transaction through Charles Schwab & Co. on or about 18 June 2025 on the NYSE. The amount equals roughly 0.02 % of the company’s 594,233,850 outstanding shares.

The filing also lists nine prior sales by the same insider during the past three months, totaling 1,129,187 shares and gross proceeds of approximately $36.99 million. The largest single block was 408,332 shares sold on 14 May 2025 for $13.54 million. All shares were originally acquired on 18 April 2019 as “Founders Shares” and are classified as a gift transfer for reporting purposes.

Rule 144 requires insiders to certify that they possess no undisclosed material adverse information at the time of filing. While the sale is relatively small versus total float, the cumulative volume of recent dispositions may draw investor attention to insider sentiment and potential stock-supply pressure.

Bank of Montreal (Series K) plans to issue Equity Index-Linked Market-Linked Securities tied to the Nasdaq-100 Index (NDX), maturing August 4, 2027. Each $1,000 note offers:

• 200% upside participation on any NDX appreciation, capped at a minimum 21.70% total return (≥ $1,217 per note; final cap set on the July 30, 2025 pricing date).
• 10% downside buffer: if the Index falls ≤ 10%, investors receive full principal; beyond that, losses match the NDX decline on a 1-for-1 basis, up to a maximum 90% principal loss.
• No periodic coupons, no dividend pass-through, and no early redemption.
• Credit exposure to Bank of Montreal (BMO); the notes are not FDIC-insured or bail-inable.
• Estimated initial value: $966.30 (not less than $920) versus the $1,000 offering price, reflecting fees, hedging and dealer margins.
• Distribution: Wells Fargo Securities acts as principal agent, earning up to $25.75 per note (2.575%); additional concessions of ≤ $1.00 may be paid to other dealers.
• Calculation Day: July 30, 2027; BMO Capital Markets serves as calculation agent.

Investment profile: Suitable only for investors comfortable with equity risk, capped upside, lack of liquidity (no exchange listing) and BMO credit risk. The structure targets moderately bullish views on the Nasdaq-100 with limited protection against a shallow decline.

Bank of Montreal (BMO) is offering $2.11 million of Senior Medium-Term Notes, Series K, Market Linked Securities—Auto-Callable with Contingent Coupon and Memory Feature—linked to the worst performer among D.R. Horton (DHI), PulteGroup (PHM) and Toll Brothers (TOL). The $1,000-denominated securities price on 26 June 2025, are issued 1 July 2025 and mature 29 June 2028, unless automatically called earlier.

Key structural terms

• Contingent coupon: 14.70% p.a. (≈ 1.225% monthly) payable only when the worst-performing underlier closes ≥ 70% of its start value on the relevant monthly observation date. A “memory” feature pays any skipped coupons once eligibility is regained.
• Automatic call: From Sept-2025 through May-2028, if the worst underlier closes ≥ its start value, investors receive $1,000 plus the final (and any unpaid) coupons; the note terminates.
• Principal at risk: If not called, principal is protected only when the worst underlier on 26 June 2028 closes ≥ 70% of its start. Below that level, repayment equals $1,000 × the underlier performance, exposing investors to >30% and up to 100% loss.
• Reference levels: DHI $127.15, PHM $104.44, TOL $113.83; 70% thresholds are $89.005, $73.108 and $79.681, respectively.
• Estimated initial value: $965.60 (96.56% of face), reflecting fees and hedging costs.
• Distribution: Wells Fargo Securities acts as agent (principal capacity) earning ~$23.25 per note; certain dealers may receive up to $3.00 per note from BMO Capital Markets.

Investor considerations

• No upside participation in any stock appreciation and no dividends.
• Credit exposure to BMO; unrated for deposit insurance/bail-in exemptions.
• No exchange listing; liquidity limited to dealer‐driven secondary market.

In essence, investors are trading equity downside risk in U.S. homebuilder shares for the opportunity to earn a high contingent coupon and potential early redemption. The structure is best suited to those with a moderately bullish-to-sideways view on the basket and confidence that none of the underliers will breach the 30% buffer over the three-year term.

Bank of Montreal is offering senior unsecured market-linked notes that combine an auto-call feature, 200% leveraged upside, and contingent downside protection tied to the lowest performing of Amazon.com (AMZN) and Meta Platforms (META). The $1,000-face-value securities price on 1 July 2025 and can be automatically called after one year if the worst-performing Underlier closes ≥ 90% of its starting value. If called, investors receive the face amount plus a 23.80% fixed premium, capping return at 23.8% and terminating further participation.

If not called, the maturity payment on 29 June 2028 depends on final Underlier performance:

• Upside: 200% participation in positive return of the lowest performer.
• Protection: Return of principal if the worst Underlier declines ≤ 40%.
• Downside: Full exposure to losses beyond a 40% drop, up to complete loss of principal.

The notes carry no periodic interest or dividends, are not listed, and expose buyers to Bank of Montreal credit risk. The estimated initial value is $962.22, implying a 3.78% issuer/agent discount plus structured-note pricing factors. Wells Fargo Securities acts as agent, receiving $25.75 per note, with selected dealers eligible for up to an additional $3.00.