MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal (BMO) is marketing US$1,000-denominated Senior Medium-Term Notes, Series K – Capped Barrier Enhanced Return Notes – that mature on August 06 2026. The notes are unsecured, do not pay coupons and are linked to the least-performing of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Dow Jones Industrial Average.

• Upside: Investors receive 150% of any positive performance of the worst-performing index, capped at a Maximum Return of 12.85% (Maximum Redemption Amount = $1,128.50 per $1,000 note).
• Protection: Principal is repaid in full provided the worst index never closes below its 70% Barrier Level on the August 03 2026 valuation date.
• Downside: If the worst index is more than 30% below its initial level, repayment equals $1,000 plus the full percentage loss of that index, exposing investors to up to 100% principal loss.
• Key dates: Pricing – Aug 01 2025; Settlement – Aug 06 2025; Maturity – Aug 06 2026.
• Economics: Initial estimated value is $973.10 (2.7% discount to issue price); BMO Capital Markets receives a 1.85% selling commission; notes sold in fee-based accounts may be offered between $981.50 and $1,000.
• Liquidity & credit: The notes will not be listed; any resale depends on dealer willingness. All payments are subject to BMO’s credit risk.

Investor profile: Short-term investors comfortable with BMO credit exposure who want leveraged, but capped, upside to large-cap U.S. equities and can tolerate full downside if the least-performing index falls more than 30%.

Bank of Montreal (BMO) is marketing US$1,000-denominated Senior Medium-Term Notes, Series K – Capped Barrier Enhanced Return Notes – that mature on August 06 2026. The notes are unsecured, do not pay coupons and are linked to the least-performing of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Dow Jones Industrial Average.

• Upside: Investors receive 150% of any positive performance of the worst-performing index, capped at a Maximum Return of 12.85% (Maximum Redemption Amount = $1,128.50 per $1,000 note).
• Protection: Principal is repaid in full provided the worst index never closes below its 70% Barrier Level on the August 03 2026 valuation date.
• Downside: If the worst index is more than 30% below its initial level, repayment equals $1,000 plus the full percentage loss of that index, exposing investors to up to 100% principal loss.
• Key dates: Pricing – Aug 01 2025; Settlement – Aug 06 2025; Maturity – Aug 06 2026.
• Economics: Initial estimated value is $973.10 (2.7% discount to issue price); BMO Capital Markets receives a 1.85% selling commission; notes sold in fee-based accounts may be offered between $981.50 and $1,000.
• Liquidity & credit: The notes will not be listed; any resale depends on dealer willingness. All payments are subject to BMO’s credit risk.

Investor profile: Short-term investors comfortable with BMO credit exposure who want leveraged, but capped, upside to large-cap U.S. equities and can tolerate full downside if the least-performing index falls more than 30%.

Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Target Corporation (NYSE: TGT). Key characteristics are:

• Issue size: US$[ ] (denominations of US$1,000).
• Pricing / Settlement / Maturity: Pricing Date 28 Jul 2025, Settlement 31 Jul 2025, Maturity 31 Jul 2028 (3-year tenor).
• Contingent coupon: 2.575 % per quarter (≈10.30 % p.a.) payable only if TGT’s closing price on the quarterly Observation Date is ≥ the Coupon Barrier (60 % of Initial Level).
• Automatic redemption: Starting 27 Jan 2026, the notes are called if TGT ≥ Call Level (100 % of Initial Level) on any Observation Date; investors then receive par plus the due coupon.
• Principal at risk: If not called and TGT < Trigger Level (60 % of Initial) at final valuation, holders lose 1 % of principal for every 1 % decline in TGT (down to zero).
• Estimated initial value: US$944.30 per US$1,000 (at announcement) – will not be below US$895 on Pricing Date.
• Credit & liquidity: Unsecured obligations of BMO, subject to its credit risk; notes will not be exchange-listed and secondary liquidity depends solely on BMO Capital Markets (BMOCM).
• Fees: Price to public 100 %; agent’s commission up to 4.50 %; proceeds to BMO ≥ 95.50 %.
• Tax treatment: Intended to be treated as a pre-paid contingent income-bearing derivative contract; U.S. tax consequences are uncertain.

Risk highlights (selected):

• No principal protection; total loss possible if TGT falls ≥ 40 % at maturity.
• Coupons are contingent; investors may receive none.
• Return is capped at coupon income; no upside participation beyond par plus coupon.
• Credit risk of BMO and potential conflicts of interest (issuer is also calculation agent and market-maker).
• No exchange listing → potential illiquidity and bid/ask spread impacts.
• Initial estimated value is below issue price, reflecting embedded fees and hedging costs.

The security may appeal to yield-seeking investors comfortable with equity and credit risk, limited upside, and potential early redemption.

Bank of Montreal (BMO) is marketing an offering of Senior Medium-Term Notes, Series K – “Autocallable Barrier Notes with Memory Coupons” – maturing 25 July 2028. The $1,000-denominated notes are linked to the least performing of three equity indices: the S&P 500® (SPX), Russell 2000® (RTY) and Nasdaq-100 Technology Sector Index (NDXT). The securities are unsecured, unsubordinated obligations of BMO and will not be listed on any exchange.

Income feature. Investors may receive a 0.825 % monthly contingent coupon (≈ 9.90 % p.a.). A coupon is paid only if each index closes on the relevant Observation Date at or above its 70 % Coupon Barrier. The “Memory Coupon” provision repays any previously missed coupons the next time all three barriers are satisfied.

Automatic call. From the 21 January 2026 Observation Date onward, if all three indices exceed their 100 % Call Level, the notes are automatically redeemed at par plus the due coupon; no further payments are made thereafter.

Maturity payoff. If the notes have not been called, principal repayment depends on the final closing levels on the 20 July 2028 Valuation Date. • If no index has closed below 70 % of its Initial Level (no “Trigger Event”), investors receive par plus the final coupon(s). • If any index breaches the Trigger, redemption equals $1,000 × (Final Level ÷ Initial Level) of the least-performing index, producing a 1 : 1 downside loss and possible total principal loss.

Pricing & fees. Public offering price is 100 % of par; agent’s commission is up to 0.60 %, leaving ≥ 99.40 % in proceeds to BMO. The estimated initial value is $973.70 per $1,000 (not less than $925), reflecting structuring and hedging costs.

Key risks highlighted include (1) full downside exposure below the 70 % Trigger, (2) the possibility of receiving no coupons, (3) early redemption risk, (4) limited secondary market liquidity, (5) credit risk of BMO, and (6) uncertain tax treatment. Investing in the notes is not equivalent to a direct investment in the underlying indices and may underperform conventional debt of similar maturity.

Bank of Montreal (BMO) is marketing an offering of Senior Medium-Term Notes, Series K – “Autocallable Barrier Notes with Memory Coupons” – maturing 25 July 2028. The $1,000-denominated notes are linked to the least performing of three equity indices: the S&P 500® (SPX), Russell 2000® (RTY) and Nasdaq-100 Technology Sector Index (NDXT). The securities are unsecured, unsubordinated obligations of BMO and will not be listed on any exchange.

Income feature. Investors may receive a 0.825 % monthly contingent coupon (≈ 9.90 % p.a.). A coupon is paid only if each index closes on the relevant Observation Date at or above its 70 % Coupon Barrier. The “Memory Coupon” provision repays any previously missed coupons the next time all three barriers are satisfied.

Automatic call. From the 21 January 2026 Observation Date onward, if all three indices exceed their 100 % Call Level, the notes are automatically redeemed at par plus the due coupon; no further payments are made thereafter.

Maturity payoff. If the notes have not been called, principal repayment depends on the final closing levels on the 20 July 2028 Valuation Date. • If no index has closed below 70 % of its Initial Level (no “Trigger Event”), investors receive par plus the final coupon(s). • If any index breaches the Trigger, redemption equals $1,000 × (Final Level ÷ Initial Level) of the least-performing index, producing a 1 : 1 downside loss and possible total principal loss.

Pricing & fees. Public offering price is 100 % of par; agent’s commission is up to 0.60 %, leaving ≥ 99.40 % in proceeds to BMO. The estimated initial value is $973.70 per $1,000 (not less than $925), reflecting structuring and hedging costs.

Key risks highlighted include (1) full downside exposure below the 70 % Trigger, (2) the possibility of receiving no coupons, (3) early redemption risk, (4) limited secondary market liquidity, (5) credit risk of BMO, and (6) uncertain tax treatment. Investing in the notes is not equivalent to a direct investment in the underlying indices and may underperform conventional debt of similar maturity.

National Rural Utilities Cooperative Finance Corporation (NRUC) filed a Rule 424(b)(3) pricing supplement covering the issuance of a single Medium-Term Note, Series D.

• Principal Amount: $144,000 issued at 100% of par.
• Coupon: fixed 4.25% per annum.
• Original Issue Date: 15 Jul 2025; Maturity: 15 Sep 2026 (approximately 14 months).
• Interest Schedule: semi-annual payments on 15 Jan and 15 Jul; record dates 1 Jan and 1 Jul.
• Redemption: none (non-callable).
• Distribution Costs: no agent commission disclosed.
• Form: certificated note issued under NRUC’s unlimited Medium-Term Note program.

Legal counsel Hogan Lovells US LLP states that, subject to customary bankruptcy and equity limitations, the note will be a valid and binding obligation of NRUC when duly executed, authenticated and delivered.

The DEF 14A filing for First Trust Exchange-Traded Fund VIII (UCON and 122 sister ETFs) calls a special shareholder meeting on 12 Aug 2025 (2:30 p.m. CT, Wheaton, IL). Holders of record on 9 Jun 2025 will vote on a single proposal:

• Elect/Re-elect eight trustees—seven incumbents and one new Independent nominee, former Deloitte partner Thomas J. Driscoll.

The current board has six Independent and one Interested Trustee (CEO James A. Bowen). Electing the full slate will mean all trustees have direct shareholder mandates, giving the board flexibility to fill future vacancies without another meeting and raising Independent representation to 7/8.

• Voting mechanics: plurality of votes cast; funds vote together; proxy card allows mail, phone, internet, or in-person voting.
• Quorum: 33⅓ % of voting power across all funds.
• Proxy costs: printing, mailing, solicitor (EQ Fund Solutions, est. $41 k) and broker outreach will be shared pro-rata by the 123 publicly-offered series.
• Board recommendation: unanimously “FOR” all nominees.

No financial results, dividends, or strategy changes are included; the filing is strictly governance-focused.

Bank of Montreal (BMO) is offering US$1.614 million of Senior Medium-Term Notes, Series K, titled Digital Return Barrier Notes due 14 Aug 2026. The structured product is linked to three major U.S. equity benchmarks—the S&P 500 (SPX), NASDAQ-100 (NDX) and Russell 2000 (RTY)—with performance determined solely by the Least Performing Reference Asset.

Key economics

• Issue price: 100% of face value; minimum denomination US$1,000.
• Tenor: ~13 months (Pricing 09 Jul 2025 - Maturity 14 Aug 2026).
• Potential upside: 8.65% digital return (US$86.50 per US$1,000) if the Final Level of the worst-performing index is ≥ 65% of its Initial Level.
• Downside: If the Least Performing Reference Asset finishes below 65% of its Initial Level, investors lose 1% of principal for every 1% decline—up to a total loss of principal.
• No periodic coupons; payment only at maturity.
• Barrier & Digital Barrier: Both set at 65% of each index’s Initial Level (SPX 4,071.12; NDX 14,862.19; RTY 1,464.119).
• Initial estimated value: US$983.53 per US$1,000 (≈ 98.35%), reflecting fees, hedging costs and BMO’s internal funding rate.
• Agent’s commission: 0.65%; proceeds to issuer 99.35%.

Structural features & risks

• Return is capped at 8.65% even if any or all indices rise substantially.
• Full downside exposure once the 35% buffer is breached.
• Notes are unsecured & unsubordinated; repayment depends on BMO’s creditworthiness.
• No listing; secondary liquidity, if any, will be provided at BMOCM’s discretion and likely at a discount.
• Product complexity, valuation opacity, and uncertain tax treatment (treated as prepaid derivative contract) add investor risk.

Illustrative payouts

• If worst index ends at 90% of its Initial Level → investor receives US$1,086.50 (8.65% gain).
• If worst index ends at 60% → investor receives US$600 (40% loss).
• If worst index ends at 0% → total loss of principal.

Bottom line: The notes offer a modest, fixed upside in exchange for significant downside and liquidity risk. They may appeal to tactical investors expecting a moderate decline (<35%) or flat market over the next year who are comfortable with BMO credit exposure and a capped return profile.

Bank of Montreal (BMO) is offering $765,000 principal amount of Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Memory Coupons linked to the Class A common stock of Pinterest, Inc. (PINS). The notes price on 9 Jul 2025, settle on 14 Jul 2025 and mature on 14 Jul 2028, unless called earlier.

Yield profile. Investors may receive a 3.3875 % quarterly coupon (≈13.55 % p.a.) on each Contingent Coupon Payment Date if PINS closes at or above the Coupon Barrier $26.75 (75 % of initial $35.67). The “Memory” feature recovers missed coupons if the barrier is later met.

Autocall mechanism. Beginning 9 Oct 2025, if PINS closes above the Call Level (100 % of Initial Level) on any observation date, the notes are automatically redeemed at par plus the applicable coupon. Early redemption terminates further income potential.

Principal protection. None. If the notes are not called and PINS falls below the Trigger Level $19.62 (55 % of initial) at final valuation (11 Jul 2028), holders lose principal 1 % for every 1 % drop below the initial level, potentially down to zero. If the trigger is not breached, investors receive par regardless of PINS performance.

Credit & market considerations. All payments depend on BMO’s credit; the notes are unsecured, not FDIC/CDIC-insured and will not be listed on any exchange. BMO’s estimated initial value is $950.32 per $1,000 note, reflecting embedded fees and hedging costs; secondary market prices are expected to be lower than the public offering price and may lack liquidity. BMOCM acts as calculation agent and selling agent, creating potential conflicts of interest.

Key dates. Strike 7 Jul 2025 | Valuation 11 Jul 2028 | First coupon & call observation 9 Oct 2025 | Coupons pay every 14 Jan/Apr/Jul/Oct.

Risk highlights. Investors may receive no coupons, face full downside exposure below the 55 % trigger, forgo dividends and upside participation, and may be forced to reinvest at unattractive rates if called early. Tax treatment is uncertain; BMO and investors assume that the notes are pre-paid contingent income-bearing derivative contracts for U.S. federal tax purposes.

Target investor. Those seeking elevated contingent income, willing to accept BMO credit risk, limited capital protection, potential illiquidity and complex tax treatment, and who have a neutral-to-moderately-bullish view on PINS over the next three years.