MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal has issued $702,000 in Buffer Enhanced Return Notes due June 28, 2030, linked to the S&P 500® Futures Excess Return Index (SPXFP). The notes offer 160% leveraged exposure to positive index returns with conditional downside protection.

Key features include:

• 20% downside buffer - investors only lose principal if index declines more than 20%
• Maximum potential loss of 80% of principal
• Initial index level: 505.71
• Buffer level: 404.57 (80% of initial)
• Notes priced at $1,000 per unit with estimated initial value of $944.69

Important risks: Notes track futures contracts rather than direct S&P 500 index performance, exposing investors to negative roll yields and implicit financing costs. No interest payments or dividends. Credit risk of Bank of Montreal applies. Notes will not be listed on any exchange.

Bank of Montreal has issued $1,096,000 in Autocallable Barrier Enhanced Return Notes due June 30, 2028, linked to the S&P 500 Index. The notes offer a potential 8.30% annual return if automatically redeemed on June 30, 2026, triggered when the S&P 500 exceeds its initial level of 6,092.16.

Key features include:

• 1-to-1 upside participation if not automatically redeemed
• No interest payments
• 70% downside protection barrier at 4,264.51
• 1% principal loss for each 1% decline below barrier level
• Initial value estimated at $958.92 per $1,000 principal

Risk factors: Investors may lose entire principal; subject to Bank of Montreal's credit risk; limited upside potential due to automatic redemption feature; no direct investment in S&P 500 Index; no shareholder rights or dividend payments.

Bank of Montreal has issued $983,000 in Contingent Risk Absolute Return Buffer Notes due June 30, 2027, linked to the Russell 2000® Index. The notes offer 150% leveraged upside exposure to the index's performance, capped at a maximum return of 24% ($1,240 per $1,000 principal).

Key features include:

• Buffer protection against first 10% of index losses
• Positive return potential even in moderately declining markets up to 10% ($1,100 per $1,000 principal)
• Risk of losing up to 90% of principal if index declines more than 10%
• Initial index level: 2,136.185
• Buffer level: 1,922.567 (90% of initial)

Notable risks include limited upside potential due to return cap, credit risk of Bank of Montreal, and enhanced exposure to small-cap stock volatility through the Russell 2000 Index. The notes were priced at 100% with a 2.50% agent commission, resulting in proceeds of $958,425 to the bank.

Bank of Montreal has issued $1,001,000 in Capped Barrier Enhanced Return Notes due June 30, 2027, linked to Novo Nordisk ADRs. The notes offer 200% leveraged exposure to Novo Nordisk's price appreciation, capped at a maximum return of 86.20% ($1,862.00 per $1,000 principal).

Key features include:

• Initial Level: $70.73 (Novo Nordisk ADR price on June 24, 2025)
• Barrier Level: $56.58 (80% of Initial Level)
• Downside Risk: 1:1 losses if price falls below Barrier Level
• No interest payments or direct ADR ownership rights

Notable risks include potential total loss of principal if Novo Nordisk ADRs fall significantly, credit risk of Bank of Montreal, and limited upside potential due to the return cap. The initial estimated value is $971.33 per $1,000 principal, below the public offering price, reflecting structuring and hedging costs.

Bank of Montreal (BMO) has filed a Rule 424(b)(2) pricing supplement for US$1.847 million of Senior Medium-Term Notes, Series K, branded “Digital Return Buffer Notes” and due 30 June 2027. The notes are linked to the shares of the Invesco Nasdaq-100 ETF (QQQM) and are intended for investors willing to accept conditional upside and limited downside protection in exchange for abandoning periodic coupons and secondary-market liquidity.

Key economic terms

• Principal: minimum denomination US$1,000; total issuance US$1.847 million.
• Digital Return: 16.19 %, paid at maturity if QQQM’s final level is at least 90 % of its initial level (Digital Barrier).
• Buffer: 10 %. If QQQM falls more than 10 %, investors lose 1 % of principal for each 1 % decline beyond the buffer, exposing them to a maximum 90 % loss.
• Initial Level: US$222.73 (25 Jun 2025 close); Digital Barrier & Buffer Level: US$200.46.
• Issue price: 100 % of principal; estimated initial value: US$962.87 (3.7 % discount to par).
• Agent’s commission: 3.05 %; proceeds to BMO: 96.95 %.
• No interest, no listing, cash settlement only; unsecured senior obligations of BMO and subject to BMO credit risk.

Risk highlights

• Investors may lose up to 90 % of principal; no guarantee of return of capital.
• Upside capped at 16.19 % regardless of higher QQQM performance; opportunity cost versus direct ETF exposure or conventional bonds.
• No dividends or voting rights in QQQM; market value of notes may diverge from ETF performance.
• Illiquid secondary market; value sensitive to volatility, interest rates, and BMO credit spreads.

Timeline: Pricing Date 25 Jun 2025; Settlement 30 Jun 2025; Valuation Date 25 Jun 2027; Maturity 30 Jun 2027.

Overall, the filing introduces a small structured product targeting yield-enhanced strategies, offering limited upside with partial downside protection, and placing material emphasis on issuer credit quality and market conditions.

Bank of Montreal (BMO) is offering US$2.032 million of Senior Medium-Term Notes, Series K – “Contingent Risk Absolute Return Buffer Notes” – linked to the S&P 500 Index (SPX) and maturing 30 June 2027.

The notes provide 200% leveraged upside on any positive index performance but gains are capped at 16.80% ($1,168 per $1,000). If the SPX ends below the Initial Level (6,092.16) but not lower than the Buffer Level at 90% of the Initial Level, investors earn an “absolute return” equal to the index decline, up to a Maximum Downside Redemption Amount of $1,100 (10% gain). Should the SPX fall more than 10%, principal is reduced on a 1-for-1 basis beyond the buffer, exposing holders to a maximum 90% loss.

Key economics

• Upside Leverage Factor: 200%
• Maximum Return / Redemption: 16.80% / $1,168
• Buffer Percentage: 10%
• Initial Estimated Value: $966.32 (≈3.4% below $1,000 issue price)
• Agent’s commission: ~2.44%; proceeds to issuer: ~97.56%

The notes pay no interest, are unsecured and unsubordinated, and are subject to BMO credit risk. They will not be listed; secondary liquidity, if any, will depend on BMO Capital Markets Corp. (BMOCM). The pricing supplement highlights typical structured-note risks: limited upside, potential large losses, valuation and liquidity discounts, conflicts of interest in hedging/trading, and uncertain U.S. tax treatment (intended as prepaid derivative contracts).

Timeline

• Pricing Date: 25 Jun 2025
• Settlement: 30 Jun 2025
• Valuation Date: 25 Jun 2027
• Maturity: 30 Jun 2027

Overall, the product targets investors willing to exchange dividend income and uncapped equity gains for defined but limited upside, a small downside buffer, and significant tail risk, all while assuming BMO’s credit and liquidity risk.

Bank of Montreal has issued $228,000 in Digital Return Barrier Notes due June 30, 2027, linked to the performance of the NASDAQ-100 and Russell 2000 indices. The notes offer a potential 25.20% digital return if the least performing index meets or exceeds 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: NDX at 22,237.74 and RTY at 2,136.185
• Barrier level: 70% of initial levels
• No interest payments or exchange listing
• Minimum denomination: $1,000

The notes' estimated initial value is $957.90 per $1,000 principal amount. BMO Capital Markets serves as calculation agent and selling agent, with a 2.75% commission. The investment carries significant risks including potential loss of principal and limited upside capped at the digital return.

Bank of Montreal (BMO) is offering US$316,000 of Senior Medium-Term Notes, Series K – Barrier Enhanced Return Notes (the “notes”) linked to the least-performing of the NASDAQ-100 Index (NDX) and the Russell 2000 Index (RTY). The pricing supplement (filed under Registration No. 333-285508 pursuant to Rule 424(b)(2)) sets out final terms dated 25 June 2025.

Key structural features

• Tenor: three years; Settlement Date 30 Jun 2025; Maturity Date 30 Jun 2028.
• Upside: 121.20% leveraged participation in any positive percentage change of the Least Performing Reference Asset, paid at maturity.
• Downside: 30 % buffer. If the Final Level of the Least Performing Reference Asset is below 70 % of its Initial Level, principal loss is 1-for-1 with the negative percentage change, up to full loss of principal.
• No periodic coupons and no listing on any securities exchange.
• Reference Asset Initial Levels: NDX 22,237.740 and RTY 2,136.185; Barrier Levels: NDX 15,566.420 and RTY 1,495.330.
• Issue price: 100 % of face. Agent’s commission: approximately 2.9209 % ($9,230 in aggregate); net proceeds to BMO: approximately 97.0791 % ($306,770).
• Estimated initial value: $952.41 per $1,000 note, reflecting a built-in premium of ~4.8 % over theoretical value.
• Unsecured, unsubordinated obligations of BMO; investors bear BMO credit risk. Notes are not insured by the FDIC, CDIC or any other agency and are not convertible under CDIC bail-in rules.

Illustrative payouts

• +10 % Index gain ➔ ~+12.12 % note return (10 % × 121.20 %).
• -30 % Index loss (exactly at barrier) ➔ full principal repayment.
• -40 % Index loss ➔ -40 % note loss; investor receives $600 per $1,000 face.

Risk disclosures emphasise the potential for total loss, the note’s dependence on the worst-performing index, lack of diversification benefits, no interim interest, secondary-market price volatility, and differences between note performance and direct index investment.

Bank of Montreal has issued $541,000 in Autocallable Barrier Enhanced Return Notes due June 30, 2028, linked to the performance of NASDAQ-100, Russell 2000, and S&P 500 indices. The notes offer 150% leveraged upside exposure to the least performing index.

Key features include:

• Automatic redemption on June 30, 2026, if all indices exceed their call levels, paying principal plus 17% per annum return
• If not auto-redeemed and the least performing index drops over 30% from initial level, investors lose 1% of principal for each 1% decline
• Initial value estimated at $958.77 per $1,000 principal
• Notes priced at 100% with 2.66% agent commission

The notes carry significant risks including potential loss of principal, dependence on worst-performing index, and automatic redemption limiting upside potential. They do not pay interest and are subject to Bank of Montreal's credit risk.