MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal has filed a Free Writing Prospectus for Digital Return Buffer Notes linked to the S&P 500® Index, due July 23, 2026. The notes offer a 11.00% digital return if the Final Level of the S&P 500 is greater than or equal to its Initial Level of 6,092.18.

Key features include:

• Principal protection up to a 10% decline in the index
• 1:1 loss exposure beyond 10% buffer, with maximum loss of 90%
• No interest payments or listing on securities exchanges
• Minimum denomination of $1,000
• Initial estimated value of $992.20 per $1,000 principal amount

Primary risks include potential principal loss, limited upside return capped at 11%, credit risk of Bank of Montreal, and no direct investment in the S&P 500. The notes will be sold through BMO Capital Markets Corp with up to 0.10% agent's commission.

Bank of Montreal has filed a free writing prospectus for Contingent Risk Absolute Return Notes due July 16, 2027, linked to the iShares MSCI Emerging Markets ETF. The notes offer 125% leveraged exposure to the ETF's performance, capped at a maximum return of 20% ($1,200 per $1,000 principal).

Key features include:

• If the ETF declines but stays above 80% of initial level (Barrier Level), investors receive positive returns matching the decline up to 20%
• If ETF falls below Barrier Level, investors lose 1% for each 1% decline with potential for total loss
• Notes priced at 100% ($1,000 denominations) with 2% agent commission
• Estimated initial value of $965.10 per $1,000 principal

The notes carry significant risks including no principal protection, limited upside potential, credit risk of Bank of Montreal, and no interest payments. They will not be listed on any securities exchange and are subject to market disruption adjustments.

Bank of Montreal is offering Contingent Risk Absolute Return Notes due July 16, 2027, linked to the iShares MSCI Emerging Markets ETF. The notes feature 125% leveraged upside exposure with a maximum return of 27% ($1,270 per $1,000 principal) and a unique downside protection mechanism.

Key features include:

• If the ETF appreciates, investors receive 125% of the gain up to a cap of 27%
• If the ETF declines but stays above the 80% barrier level, investors receive positive returns equal to the absolute value of the decline up to 20%
• If the ETF declines more than 20% (barrier event), investors lose 1% for each 1% decline in the ETF
• Notes will be issued at $1,000 denominations with an estimated initial value of $982.90

Important risks: Investors could lose entire principal, returns are capped at 27%, no interest payments, and notes are subject to Bank of Montreal's credit risk. The notes will not be listed on any securities exchange and BMO Capital Markets Corp. serves as the selling agent.

Bank of Montreal has issued $8.31 million in Digital S&P 500 Index-Linked Notes due April 21, 2027. These structured notes offer a unique payoff structure tied to the S&P 500 Index performance with a threshold mechanism.

Key features include:

• Principal amount: $1,000 per note
• Threshold settlement amount: $1,162.00 (16.2% return)
• Initial S&P 500 level: 6,025.17
• Threshold level: 87.50% of initial level
• Buffer rate: approximately 114.29%

If the final S&P 500 level is at or above 87.50% of the initial level, investors receive the full $1,162.00 per note. However, if it falls below this threshold, investors lose approximately 1.1429% for every 1% decline below the threshold level, potentially losing their entire investment. The notes' estimated initial value is $992.71, below the issue price of $1,000. These unsecured obligations carry Bank of Montreal's credit risk and are not FDIC insured.

Bank of Montreal (issuer) has filed a Free Writing Prospectus covering Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Contingent Coupons due 18 July 2028. The notes are linked to the Class A common stock of Meta Platforms, Inc. (META) and Alphabet Inc. (GOOGL).

Key structural terms

• Denomination: minimum US$1,000; unsecured, unsubordinated obligations; subject to BMO credit risk; not CDIC/FDIC insured and not exchange-listed.
• Contingent Coupon: 2.75% per quarter (≈11.00% p.a.) paid only if both reference shares close ≥ 60% of their Initial Level (Coupon Barrier) on the relevant quarterly Observation Date. Missed coupons do not accrue.
• Autocall Feature: Starting 14 Jan 2026, the notes are automatically redeemed at par plus the coupon if both shares close > 100% of their Initial Level (Call Level) on any Observation Date.
• Principal Repayment: If not called and no Trigger Event (closing level of either share < 60% of Initial Level on Valuation Date), principal is returned in full. If a Trigger Event occurs, repayment equals par reduced 1-for-1 with the negative performance of the worst-performing share, potentially down to zero.
• Initial estimated value: US$940.30 per US$1,000 (≈94.0% of face), reflecting embedded fees and hedging costs; will not be below US$895 on the Pricing Date.
• Commissions & proceeds: Price to public 100%; up to 4.50% selling concession; net proceeds ≥95.50% of face.

Key dates

• Pricing Date: 15 Jul 2025
• Settlement Date: 18 Jul 2025
• Quarterly coupon payments: 18 Oct/Jan/Apr/Jul, starting 18 Oct 2025
• Valuation Date: 13 Jul 2028; Maturity: 18 Jul 2028

Risk highlights

• No guaranteed coupons; payment depends on both META and GOOGL staying above the 60% barrier.
• Downside exposure below a 40% decline in the worst performer; investors could lose entire principal.
• No upside participation beyond fixed coupons; opportunity cost if reference shares rally strongly.
• Illiquidity risk due to absence of listing; secondary market, if any, will be limited and may trade below intrinsic value.
• All payments rely on BMO’s credit; notes are not bail-in convertible under CDIC Act §39.2(2.3).

Bank of Montreal is offering Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Step-Up Call Amount due July 16, 2029. The notes are linked to the least-performing of the NASDAQ-100 Index (NDX), the Russell 2000 Index (RTY) and the Dow Jones Industrial Average (INDU). They pay no periodic interest and will be issued at par in $1,000 denominations.

Automatic redemption: Starting July 17, 2026, if on any semi-annual Observation Date the closing level of each index is at or above its Initial Level (100%), the notes are automatically redeemed for principal plus a fixed Step-Up Call Amount. Call Amounts escalate from $140 to $560 per note, translating to roughly 14 % simple annual return.

Maturity payout: If the notes are not called, repayment on July 16, 2029 depends on index performance. Investors receive full principal unless any index has fallen below 75 % of its Initial Level (the 25 % Trigger). Should such a Trigger Event occur, the redemption value is reduced dollar-for-dollar with the percentage decline of the worst-performing index, potentially to zero.

Risk highlights: (1) no principal protection; (2) no ongoing income; (3) secondary-market illiquidity as the notes are not exchange-listed; (4) exposure to Bank of Montreal’s creditworthiness; (5) estimated initial value of $982.40 per $1,000 (may be as low as $935) indicates up-front economic discount.

Bank of Montreal (BMO) has filed a Free Writing Prospectus for Autocallable Barrier Notes with Contingent Coupons (Series K) maturing 18 July 2028 and linked to the common stock of Tesla, Inc. (TSLA).

The notes pay a contingent coupon of 3.70 % per quarter (≈14.80 % p.a.) on each scheduled 18 January, April, July and October, beginning October 2025, but only if TSLA’s closing level on the related Observation Date is ≥ 50 % of the Initial Level (the Coupon Barrier).

Starting 14 January 2026, if TSLA closes > 100 % of the Initial Level on any Observation Date, the notes are automatically redeemed; investors then receive par plus the coupon and no further payments.

If the notes are not called, principal repayment depends on the Final Level on 13 July 2028. • No Trigger Event: Final Level ≥ 50 % → return of par plus final coupon. • Trigger Event: Final Level < 50 % → principal reduced 1 % for each 1 % decline in TSLA; loss may reach 100 %.

Key structural features: unsecured senior obligation of BMO, minimum denomination US$1,000, not exchange-listed. Estimated initial value is US$941.10 per US$1,000, reflecting selling concessions of up to 4.50 %; proceeds to BMO expected to be at least 95.50 % of face value. All payments are subject to BMO’s credit risk and the notes are not insured by FDIC, CDIC or other agencies.

Suitable only for investors comfortable with (1) credit exposure to BMO, (2) equity risk in a single volatile stock, (3) limited upside (no participation above coupons) and (4) potential loss of principal below the 50 % barrier.

Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K – Callable Barrier Notes with Contingent Coupons due July 7, 2028. The notes are unsecured, not principal-protected and are linked to the worst performer of three U.S. equity benchmarks: the S&P 500 Index (SPX), the NASDAQ-100 Index (NDX) and the Russell 2000 Index (RTY).

Income profile. Investors are eligible to receive a monthly Contingent Coupon of 0.7917 % (≈ 9.50 % p.a.) provided the closing level of each index on an Observation Date is at least 70 % of its Initial Level (the “Coupon Barrier”). If any index is below its barrier, the coupon for that month is forfeited.

Issuer call feature. Beginning July 1, 2026 (one year post-settlement) BMO may redeem the notes in whole on any Observation Date. If called, holders receive par plus the contingent coupon due on the related payment date; no further payments are made.

Maturity payoff. If the notes are not called, principal repayment depends on index performance as of the July 3, 2028 Valuation Date:

• If the Final Level of every index is ≥ its 70 % Trigger Level, investors receive par plus the final coupon (if payable).
• If any index closes < 70 % of its Initial Level (a “Trigger Event”), repayment is par – (percentage decline of the Worst-Performing Index). Losses are one-for-one with the decline and can reach 100 % of principal.

Issue economics. • Expected pricing date: July 1, 2025 • Settlement: July 7, 2025 • Denomination: $1,000 • Price to public: 100 % • Agent’s commission: up to 0.95 % • Estimated initial value: $980.90 (not less than $930) • CUSIP: 06376EME9. The notes will not be listed on any exchange, and secondary liquidity will rely solely on BMO Capital Markets (BMOCM), which may act as market-maker but is under no obligation to do so.

Key risks highlighted. Investors face (1) credit risk of Bank of Montreal, (2) market risk from three equity indexes, (3) contingent income risk (coupons can be zero), (4) call/reinvestment risk once coupons become attractive to BMO, (5) downside participation to zero if the worst index falls ≥30 %, and (6) estimated value discount versus issue price due to hedging and distribution costs. The product is not FDIC or CDIC insured and is intended for sophisticated investors comfortable with equity-linked structured products.

Bank of Montreal has filed a pricing supplement for Contingent Risk Absolute Return Barrier Notes due July 16, 2030, linked to the S&P 500® Index. The notes offer 110% leveraged exposure to positive index returns and unique downside protection features.

Key features include:

• Principal amount: $1,000 per note
• If index declines up to 25% (Barrier Level), investors receive positive returns up to 25% (Maximum Downside Amount of $1,250)
• If index declines more than 25%, investors lose 1% for each 1% decline below Initial Level
• No interest payments; 5-year term
• Initial estimated value of $982.10 per $1,000 note

Risk factors include potential loss of principal, credit risk of Bank of Montreal, limited participation in negative performance, and no direct investment in the index. Notes will be sold through BMO Capital Markets Corp with no commission but include a structuring fee up to $8.50 per note.