MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal (Series K) is issuing US$5.518 million of Autocallable Barrier Notes with Contingent Coupons, maturing 23 July 2026 and linked to the American depositary receipts of Novo Nordisk A/S (ticker "NVO").

The notes pay a monthly contingent coupon of 1.0583% (≈12.70% p.a.) only if, on the related Observation Date, the ADR closes at or above the Coupon Barrier of $44.60 (60 % of the $74.34 Initial Level). If this test fails, that month’s coupon is skipped.

Automatic redemption can occur on any Observation Date from 18 December 2025 onward if the ADR closes above the Initial Level (100 %). Investors would then receive par plus the due coupon on the next payment date and the notes terminate.

If the notes remain outstanding to maturity and a Trigger Event occurs (Final Level < $44.60), principal is reduced 1 % for every 1 % decline in the ADR, potentially down to zero. If no Trigger Event occurs, holders receive full principal.

Key structural details:

• Issue price: 100 % of par; estimated initial value: $964.18 per $1,000.
• Agent’s commission: 2.15 %; proceeds to BMO: 97.85 %.
• Denomination: $1,000; the notes will not be listed on any exchange.
• All payments are subject to Bank of Montreal’s credit risk; the notes are unsecured and unsubordinated.

The product is intended for yield-seeking investors comfortable with (1) credit exposure to BMO, (2) equity downside risk to NVO below 60 % of the Initial Level, and (3) limited liquidity due to the absence of an exchange listing.

Bank of Montreal (BMO) is offering US$7.124 million of Senior Medium-Term Notes, Series K, branded as “Autocallable Barrier Notes with Contingent Coupons” due 23 December 2026 and linked to the common stock of NVIDIA Corporation (NVDA). The notes are aimed at investors who seek enhanced income and are comfortable with equity and issuer credit risk.

Income mechanics: A contingent coupon of 0.9233% per month (≈11.08% p.a.) is paid only if NVDA’s closing level on the monthly Observation Date is at or above the Coupon Barrier Level of $76.38 (53% of the $144.12 Initial Level). Missed coupons are not recovered.

Autocall feature: Starting 18 December 2025, the notes are automatically redeemed at par plus the coupon if NVDA closes above the Call Level (100% of the Initial Level) on any Observation Date. Once called, no further payments occur.

Principal repayment: If the notes have not been called, investors will receive par at maturity unless a Trigger Event occurs. A Trigger Event is defined as NVDA’s Final Level falling below the Trigger Level of $76.38 (53% of the Initial Level). If triggered, investors receive either a physical delivery of NVDA shares (≈6.94 shares per $1,000) or the equivalent cash value—resulting in a one-for-one loss in line with the share price decline, and potentially the entire principal.

Key structural considerations: • Unsecured and unsubordinated obligations of BMO; all payments are subject to BMO’s credit risk. • Not listed on any exchange, implying limited secondary liquidity. • Estimated initial value is $963.69 per $1,000, 3.6% below issue price, reflecting embedded fees and hedging costs. • Agent’s commission totals 2.40% of principal; minimum denomination is $1,000.

Prospective investors must weigh the attractive double-digit contingent yield and relatively deep 53% protection level against issuer credit exposure, potential loss of principal, and coupon uncertainty.

Bank of Montreal is issuing US$750,000 of Senior Medium-Term Notes, Series K – Digital Return Buffer Notes due 23 June 2028, linked to the EURO STOXX 50 Index (SX5E). The notes are unsecured obligations that pay no periodic interest and will not be listed on any exchange.

Return profile: • If the index closes at or above its initial level but gains less than 27.50%, holders receive a fixed 27.50% Digital Return. • For gains above 27.50%, investors participate 1-for-1 in additional appreciation with no cap. • If the index falls up to 20%, principal is fully protected. • Below the 20% buffer, holders lose 1% of principal per 1% decline, up to an 80% loss.

Key terms: Initial Level = 5,288.68; Digital Barrier = 100% of Initial Level; Buffer Level = 80% of Initial Level; Pricing Date = 17 Jun 2025; Valuation Date = 20 Jun 2028; Maturity = 23 Jun 2028. Estimated initial value is $969.23 per $1,000; agent’s commission is 1%, leaving 99% net proceeds. BMO Capital Markets Corp. acts as calculation and selling agent.

Risk highlights: notes are subject to BMO credit risk, offer no coupon, may be difficult to sell prior to maturity, and can lose up to 80% of principal. Performance may diverge from a direct investment in the EURO STOXX 50.

Bank of Montreal – MicroSectors Energy 3x Leveraged ETNs (WTIU) filed a 424B2 prospectus supplement covering a $1.402 million issuance of Capped Enhanced Return Notes due June 24, 2026. The unsecured notes are linked to an equally weighted basket of Stryker (SYK) and Thermo Fisher (TMO).

The structure provides 300% leveraged upside on any basket appreciation, but payouts are limited to a 20.25% cap ($1,202.50 per $1,000 note). If the basket declines, investors lose principal on a 1-for-1 basis and could incur a total loss. The notes bear no interest, are not exchange-listed, and are subject to Bank of Montreal’s credit risk. Agent BMOCM receives a 1.25% selling concession; the estimated initial value is $969.42 per $1,000 note.

Bank of Montreal has issued $1,565,000 in Barrier Notes due June 23, 2026, linked to the performance of three major indices: Nasdaq-100 Technology Sector Index, Russell 2000 Index, and S&P 500 Index. The notes offer monthly interest payments of 0.7625% (approximately 9.15% annually).

Key features include:

• Notes will pay monthly coupons of $7.625 per $1,000 principal amount
• Principal is at risk if any Reference Asset falls below 70% of its Initial Level (Trigger Event)
• If a Trigger Event occurs, investors lose 1% for each 1% decline in the worst-performing index
• Maximum return is limited to coupon payments regardless of index appreciation

Initial index levels are: NDXT: 11,161.22, RTY: 2,101.960, SPX: 5,982.72. The estimated initial value is $972.13 per $1,000 principal amount. Notes are subject to Bank of Montreal's credit risk and will not be listed on any securities exchange.

Bank of Montreal has issued $2,216,000 in Autocallable Barrier Notes linked to Uber Technologies stock, due July 23, 2026. Key features include:

• Monthly contingent coupons of 1.0975% (13.17% annually) if Uber's stock closes above the barrier level of $56.79
• Automatic early redemption starting December 2025 if Uber's stock closes above the initial level of $84.76
• Principal at risk - If notes are not called and Uber's stock falls below trigger level ($56.79), investors receive shares or cash worth less than principal
• Notes priced at 100% with 2.15% agent commission

These structured notes offer high yield potential but expose investors to significant downside risk if Uber stock declines more than 33% from initial level. The estimated initial value is $966.31 per $1,000 principal, reflecting embedded costs and fees. Notes are subject to Bank of Montreal's credit risk and will not be listed on any exchange.

Bank of Montreal (BMO) is offering US$295,000 of Senior Medium-Term Notes, Series K – Callable Barrier Notes with Contingent Coupons due 23 Jun 2028. The notes are linked to the worst performer among the S&P 500, NASDAQ-100 and Dow Jones Industrial Average.

• Contingent Coupon: 0.6667 % monthly (≈8.0 % p.a.) paid only if the closing level of each index on the relevant Observation Date is ≥ its Coupon Barrier (65 % of the initial level). Missed coupons are not recaptured.
• Issuer Call: BMO may redeem the notes in whole on any Observation Date from 18 Dec 2025 onward, returning principal plus the coupon due for that month.
• Principal Repayment: If the notes are not called and no Trigger Event occurs, investors receive par at maturity. A Trigger Event happens if, on the Valuation Date (20 Jun 2028), any index closes < its Trigger Level (also 65 % of initial). If triggered, repayment equals $1,000 × (Final ÷ Initial) of the worst-performing index, exposing investors to losses down to 0 % of principal.
• Issue Economics: Price to public is 100 %. Estimated initial value is $976.18 (≈2.4 % discount), reflecting hedging and distribution costs; agent’s commission is 0.25 %.
• Key Risks: credit exposure to BMO, potential loss of some or all principal, coupon dependency on the worst index, reinvestment risk if called, absence of exchange listing, and uncertain U.S. tax treatment (treated as prepaid contingent income-bearing derivative contracts).

The notes target investors seeking high contingent income and willing to accept equity-index downside, early redemption and limited liquidity.

Bank of Montreal has issued $6.15M in Autocallable Barrier Notes linked to Lam Research Corporation (LRCX) stock, due July 23, 2026. The notes offer monthly contingent coupons of 1.23% (14.76% annually) if LRCX's closing price meets or exceeds the Coupon Barrier Level of $63.01 (68% of initial level).

Key features include:

• Starting December 2025, notes automatically redeem if LRCX closes above initial level ($92.66)
• No principal protection - investors lose 1% for each 1% decline in LRCX below Trigger Level
• Trigger Level set at $63.01 (68% of initial level)
• Notes priced at 100% with 2.15% agent commission
• Estimated initial value of $965.91 per $1,000 principal

These structured notes carry significant risks including potential loss of principal, non-guaranteed coupon payments, and credit risk of Bank of Montreal. They are not listed on any exchange and not FDIC insured.

Bank of Montreal has issued $2,535,000 in Digital Return Barrier Notes due July 23, 2026, linked to the performance of the S&P 500 and Russell 2000 indices. The notes offer a 10.05% digital return if the least performing index remains at or above 80% of its initial level at maturity.

Key features include:

• Initial levels: S&P 500 at 5,982.72 and Russell 2000 at 2,101.960
• Digital barrier level: 80% of initial levels
• Principal at risk: Investors lose 1% for each 1% decline below barrier level
• Pricing date: June 17, 2025
• Maturity date: July 23, 2026

The notes carry significant risks including potential loss of principal, limited upside capped at 10.05%, exposure to the worst-performing index only, and credit risk of Bank of Montreal. The estimated initial value is $964.55 per $1,000 principal amount.