MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal has filed a Free Writing Prospectus for Callable Buffer Notes with Contingent Coupons due July 09, 2027, linked to the Russell 2000® Index and Nasdaq-100 Technology Sector Index. The notes offer:

• Monthly contingent coupon payments of 0.6125% (approximately 7.35% per annum) if both reference assets close at or above their 80% Coupon Barrier Levels
• Issuer call feature beginning January 06, 2026, allowing Bank of Montreal to redeem notes quarterly
• Principal protection at maturity if neither reference asset declines below 80% of initial level (Buffer Level)
• Risk of principal loss if any reference asset closes below Buffer Level at maturity, losing 1% for each 1% decline beyond 20% buffer

Key features include $1,000 minimum denominations, estimated initial value of $949.40 per $1,000 principal amount, and agent's commission up to 2.65%. Notes are unsecured obligations of Bank of Montreal and will not be listed on any securities exchange.

Bank of Montreal is offering Senior Medium-Term Notes, Series K Redeemable Fixed Rate Notes due July 2, 2040 with the following key terms:

• Principal Amount: $1,000 per Note
• Interest Rate: 5.45% per annum, paid semi-annually
• Optional Redemption: Redeemable quarterly starting July 2, 2027
• Key Features: Bail-inable notes subject to conversion into common shares under CDIC Act

Notable risks include: credit risk of Bank of Montreal, interest rate fluctuation risks, limited secondary market as notes won't be listed on exchanges, and potential early redemption risk. Original issue price is $1,000 with $25 underwriting discount. Notes are unsecured obligations and not FDIC insured. The relatively long maturity (15 years) exposes investors to greater interest rate risk, and secondary market liquidity may be limited.

Bank of Montreal has issued $4.947 million in Autocallable Barrier Notes linked to Tesla stock, due December 28, 2026. The notes offer monthly contingent coupons of 1.725% (20.70% annually) if Tesla's stock closes above the Coupon Barrier Level of $193.30 (60% of initial level).

Key features include:

• Initial Tesla stock price: $322.16
• Automatic redemption starting September 2025 if Tesla stock exceeds initial level
• No principal protection - investors lose 1% for each 1% decline in Tesla stock if it falls below Trigger Level of $161.08 (50% of initial level)
• Notes priced at 100% ($1,000 denominations) with 1.875% agent commission
• Estimated initial value: $964.92 per $1,000 principal amount

These structured notes carry significant risks including potential loss of principal, no guaranteed coupon payments, and are subject to Bank of Montreal's credit risk. They are not listed on any exchange and not FDIC insured.

Bank of Montreal has issued $712,000 of Autocallable Buffer Notes with Memory Coupons due June 26, 2028, linked to the performance of Crocs (CROX), Target (TGT), and Abercrombie & Fitch (ANF).

Key features include:

• Monthly contingent coupon payments of 1.175% (14.10% annually) if all reference assets close at or above their 50% barrier levels
• Automatic early redemption starting June 2026 if all reference assets close above initial levels
• 40% downside buffer at maturity
• Risk of principal loss if any reference asset falls below 60% of initial level at maturity

Initial levels are set at: CROX: $98.52, TGT: $95.54, ANF: $78.02. The notes are priced at 100% with estimated initial value of $978.16 per $1,000 principal. BMO Capital Markets serves as calculation agent and selling agent, with a 0.85% commission.

Bank of Montreal (Series K) – US$1.635 million Autocallable Barrier Enhanced Return Notes due 26 June 2028

The pricing supplement details a small, unsecured structured note issue linked to an equally-weighted basket of ten liquid large-capitalisation equities (ASML, CRM, DLR, ETN, HPE, MSFT, NVDA, WMB, NOW, JBL). Key economic terms are:

• Issue size / price: US$1.635 million at 100% of face; 2.00% selling commission; net proceeds 98.00%.
• Initial estimated value: US$944.18 per US$1,000, reflecting structuring and hedging costs embedded in the offer price.
• Tenor: 3-year term (pricing 20 Jun 2025; maturity 26 Jun 2028), subject to early redemption.
• Automatic call: Single observation 26 Jun 2026. If the basket closing level exceeds the 100% call level, the notes are redeemed for US$1,000 + US$106 (10.6% simple, ≈10.6% p.a.). Holders forego further upside thereafter.
• Upside at maturity: If not called and the basket is ≥ initial, investors receive 150% participation in positive performance (e.g., 20% rise → 30% payoff).
• Downside protection: 30% soft barrier. If the basket closes ≥70% of initial, principal is returned; otherwise loss is 1-for-1 with the basket, down to total loss.
• Coupon: None – zero-interest instrument.
• Credit / liquidity: Senior, unsecured claim on Bank of Montreal; not FDIC or CDIC insured. Notes are unlisted; secondary liquidity, if any, depends on BMO Capital Markets.
• Tax treatment: Issuer intends to treat the notes as prepaid derivative contracts for U.S. federal income-tax purposes; treatment remains uncertain.

Comprehensive risk disclosure emphasises potential principal loss, limited upside if called, valuation discount to issue price, conflicts of interest (issuer and affiliate act as calculation agent/market-maker), and lack of secondary-market depth. The basket approach mitigates single-stock volatility but introduces correlation dilution: gains in one component can be offset by declines in another.

Given the modest issue size relative to BMO’s balance sheet, the transaction is immaterial to the bank’s financials, but investors should weigh the 150% leveraged exposure and 30% barrier against credit, liquidity and structural risks.

Bank of Montreal (Series K) Autocallable Barrier Notes – key take-aways

The US$1.835 million senior unsecured notes are three-year structured products that reference the common stock of The PNC Financial Services Group, Inc. ("PNC"). Investors receive quarterly contingent coupons of 2.4375 % (≈9.75 % p.a.) only when PNC’s closing price on the relevant Observation Date is at or above the Coupon Barrier of 70 % of the June 20 2025 Initial Level (PNC $177.39 → barrier $124.17). Beginning 23 September 2025 the notes can be automatically called if PNC closes above 100 % of the Initial Level; in that case principal is returned plus the due coupon and the instrument terminates early.

If not called, principal repayment depends on PNC’s level on the 21 June 2028 Valuation Date. No Trigger Event (PNC ≥ 70 % of Initial Level) results in full principal return. If PNC < 70 %, investors incur a 1 % loss of principal for each 1 % decline in PNC from the Initial Level, down to zero.

Other material terms:

• Issue price: 100 % of par; estimated initial value: $964.04 (reflects structuring costs).
• Agent’s commission: 2.25 % (US$41,287.50); net proceeds 97.75 %.
• Minimum denomination: US$1,000; the notes will not be listed on any exchange.
• All payments subject to Bank of Montreal credit risk; product not insured by FDIC or CDIC.

The instrument suits investors seeking enhanced income and who are comfortable with equity, credit and liquidity risk, limited upside participation, and potential loss of principal.

Bank of Montreal (BMO) has issued US$1.331 million of Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Uber Technologies, Inc. (ticker UBER). The notes were priced on 20 June 2025, settle on 25 June 2025 and mature on 27 July 2026, unless automatically redeemed earlier.

Income features: Investors are eligible for a 1.0667 % monthly contingent coupon (≈12.80 % p.a., US$10.667 per US$1,000) whenever UBER’s closing level on an Observation Date is at least the Coupon Barrier (US$56.13, 67 % of the US$83.78 Initial Level). Missed coupons are not made up.

Autocall feature: From 23 December 2025 onward, if UBER closes above the Call Level (100 % of its Initial Level) on any Observation Date, the notes are automatically redeemed at par plus the due coupon; no further payments accrue thereafter.

Principal repayment: If not called, principal protection depends on a Trigger Level equal to the Coupon Barrier (US$56.13). At maturity:

• If the Final Level is at or above the Trigger Level, investors receive full principal (US$1,000) plus any final coupon.
• If the Final Level is below the Trigger Level, repayment equals US$1,000 plus US$1,000 × Percentage Change, resulting in a point-for-point loss that can reach total principal loss.

Key transaction economics: Issue price is 100 % of principal, but BMO’s estimated initial value is US$960.77, reflecting embedded costs and hedging. Selling concessions total 2.15 %; net proceeds to BMO are 97.85 %. The notes are unsecured, unsubordinated obligations of BMO, subject to its credit risk, and will not be listed on any exchange. Minimum denomination is US$1,000.

Risk disclosures highlight: no guaranteed coupons, no guaranteed principal, potential illiquidity (no listing; dealer market making at discretion), and uncertainty in U.S. tax treatment. Holders bear single-stock exposure to UBER, potential conflicts of interest from BMO’s hedging/trading, and a pricing discrepancy between issue price and estimated value.

Bank of Montreal is offering $572,000 in Autocallable Barrier Notes with Memory Coupons due June 26, 2028, linked to the performance of Best Buy (BBY), Advance Auto Parts (AAP), and Lyft (LYFT).

Key features include:

• Monthly contingent coupons of 2.0833% (25% annually) if each stock closes above its barrier level
• Memory feature allows recovery of previously missed coupons
• Automatic early redemption starting December 2025 if all stocks close above their initial levels
• Principal at risk - If any stock falls below 50% of initial level at maturity, investors receive shares of worst-performing stock

Initial stock levels: BBY $69.39, AAP $48.23, LYFT $14.95. Barrier levels set at 50% of initial prices. Notes priced at 100% with estimated initial value of $956.13 per $1,000. BMOCM serves as calculation agent and selling agent.

Bank of Montreal is offering Auto-Callable Securities linked to the performance of Chevron Corporation and Exxon Mobil Corporation common stocks, due July 3, 2028. Key features include:

The securities, priced at $1,000 per unit, offer monthly contingent coupon payments at a rate of at least 10.60% per annum if the lowest-performing underlying stock closes at or above its 75% coupon threshold. The securities include a memory feature for missed payments.

• Automatic call feature triggers if the lowest-performing stock closes at or above its starting value on any monthly calculation day from December 2025 to May 2028
• At maturity, if not called earlier, investors face potential principal loss if the lowest-performing stock closes below its 70% downside threshold
• Estimated initial value is $960.00 per security, with a minimum of $920.00

Notable risks include potential loss of principal, no fixed interest payments, and exposure to the worst-performing stock. The securities will not be listed on any exchange, limiting liquidity options.