MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal has issued $3.452 million in Digital S&P 500 Index-Linked Notes due September 15, 2027. These structured notes offer investors exposure to S&P 500 performance with unique payoff characteristics:

Key features:

• If S&P 500 is at or above 85% threshold of initial level (5,967.84) at maturity, investors receive $1,191.50 per $1,000 principal
• Below threshold, investors lose approximately 1.1765% for every 1% decline beyond -15%
• Initial estimated value is $991.48 per $1,000 principal
• Notes are unsecured obligations of Bank of Montreal with credit risk

The notes do not pay interest and are designed to be held to maturity. They are not listed on any exchange and not FDIC insured. The payoff structure provides partial downside protection through the 85% threshold level but exposes investors to amplified losses below this level.

Bank of Montreal has issued $13,290,000 in Capped Leveraged Buffered S&P 500 Index-Linked Notes due September 15, 2027. These structured notes offer investors:

• Leveraged Upside Potential: 180% participation in S&P 500 gains, capped at maximum return of 26.712% ($1,267.12 per $1,000 principal)
• Downside Protection: Full principal protection if index declines up to 15% from initial level of 5,967.84
• Risk Features: For declines beyond 15%, investors lose approximately 1.1765% for every 1% index decline

Key terms include no periodic interest payments, 2-year maturity, and an estimated initial value of $992.31 per $1,000 principal. Notes are unsecured obligations of Bank of Montreal, subject to credit risk, and not FDIC insured. Trading is limited as notes are not listed on any securities exchange and designed to be held to maturity.

Bank of Montreal (BMO) Free-Writing Prospectus – Barrier Enhanced Return Notes linked to Invesco QQQ Trust (QQQ)

The filing outlines the key terms of BMO’s Senior Medium-Term Notes, Series K, due 1 September 2026. The notes provide 200% leveraged upside on any positive performance of QQQ, but the total payout is capped at 13.50% (US$1,135 per US$1,000 principal). The structure includes a 20% downside barrier. If QQQ declines more than 20% from the initial level, investors incur a 1-for-1 loss on principal, potentially losing all capital. The notes do not pay coupons, will not be listed on an exchange, and are unsecured, senior obligations of BMO, subject to the issuer’s credit risk.

Key dates are

• Pricing Date: 26 Jun 2025
• Settlement: 1 Jul 2025
• Valuation: 27 Aug 2026
• Maturity: 1 Sep 2026

Risk highlights include (i) no principal protection beyond the 20% barrier, (ii) return limited to 13.50% even if QQQ outperforms, (iii) lack of secondary liquidity, (iv) no dividend participation, and (v) exposure to BMO creditworthiness. The notes are cash-settled only; investors have no voting or dividend rights in QQQ.

BMOCM acts as calculation and selling agent; distribution may involve fee concessions for fee-based accounts. The notes are not eligible for Canadian bail-in conversion under CDIC Act subsection 39.2(2.3).

Bank of Montreal has issued $3,988,000 in Senior Medium-Term Notes with a 5.00% fixed interest rate, due June 25, 2029. Key features include:

• Principal amount of $1,000 per note with semi-annual interest payments
• Optional redemption by Bank of Montreal starting June 25, 2026
• Notes are bail-inable and can be converted into common shares under CDIC Act
• Trading at original issue price of $1,000 with $4.00 underwriting discount

Notable risks include credit risk, limited secondary market trading as notes won't be listed on exchanges, and potential early redemption risk. The notes are subject to Canadian bail-in powers, allowing conversion into common shares if the bank faces financial distress. Interest payments may be less favorable compared to alternative investments, particularly if interest rates change significantly during the note's term.

Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K – Contingent Risk Absolute Return Buffer Notes due January 4, 2027 that are linked to the S&P 500® Index. The notes give investors 1-to-1 upside exposure to any index appreciation, but gains are capped at a Maximum Return of 9.00% (US $1,090 per US $1,000 principal). The structure also provides a limited positive “buffer” if the index declines: should the Final Level fall below the Initial Level yet remain above the Buffer Level of 80 % of the Initial Level, holders receive a positive return equal to the absolute percentage decline, up to the Maximum Downside Redemption Amount of US $1,200 (20 % return) per note.

If the S&P 500® drops by more than 20 %, investors lose principal on a 1-for-1 basis beyond the buffer, exposing them to a potential maximum loss of 80 %. The notes pay no periodic interest, are unsecured and unsubordinated obligations of BMO, and are not listed on any exchange, which may materially limit liquidity. All payments depend on BMO’s creditworthiness; the notes carry the same credit risk as BMO’s other senior debt.

Key economic terms include:

• Upside Leverage Factor: 100 %
• Maximum Redemption Amount: US $1,090 per US $1,000
• Buffer Percentage: 20 %
• Pricing Date: June 27 2025 (expected)
• Maturity Date: January 4 2027 (≈ 18 months tenor)
• Estimated initial value: US $974.10 (97.41 % of face); could be as low as US $925 on pricing date
• Price to public: 100 % of face; Agent’s commission: 1.80 %
• CUSIP: 06376ELT7; minimum denomination: US $1,000

The offering involves several material risks outlined in the “Selected Risk Considerations,” notably (1) principal loss beyond the 20 % buffer, (2) limited upside, (3) credit risk of BMO, (4) lack of secondary-market liquidity, (5) conflicts of interest in BMO’s dual role as issuer and calculation agent, and (6) uncertain U.S. tax treatment (pre-paid derivative contract). Hedging, market factors and BMO’s funding rate are expected to lower secondary-market valuations relative to issue price.

These notes may appeal to investors who are moderately bullish or range-bound on the S&P 500® over the 18-month term and who are willing to cap upside in exchange for limited downside protection. They are not appropriate for investors requiring principal protection, periodic income or daily liquidity.

JPMorgan Chase Financial Company LLC plans to issue Callable Contingent Interest Notes maturing on July 6, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked individually (not as a basket) to the Dow Jones Industrial Average®, Nasdaq-100 Index® and EURO STOXX 50® Index.

Contingent Coupon. Investors will receive a quarterly Contingent Interest Payment of at least $20.00 per $1,000 principal (≥8.00% p.a.) only if, on the applicable Review Date, the closing level of each index is at or above 70 % of its initial value (the Interest Barrier). If any index breaches that barrier, the coupon for that quarter is forfeited.

Issuer Call Feature. The issuer may redeem the notes in whole (not in part) on any interest payment date beginning January 5, 2026 for $1,000 plus any earned coupon, exposing holders to reinvestment risk if the notes are called when market yields are lower.

Principal Repayment. At maturity, if not previously called, investors receive: (i) $1,000 plus the final coupon if the final level of each index is ≥80 % of its initial level (the Buffer Threshold); or (ii) downside-buffered principal equal to $1,000 + [$1,000 × (Least Performing Index Return + 20 %)]. Because the buffer is only 20 %, a decline of more than 20 % in the worst-performing index results in loss of principal, up to 80 %.

Key Dates & Terms.

• Pricing Date: on/about June 30 2025
• Settlement: on/about July 3 2025
• Review Dates: quarterly, beginning Sept 30 2025; 12 dates total
• Denomination: $1,000
• Estimated value if priced today: $977.40 (≈97.7 % of face); final estimate will not be below $950.

Risk Highlights. Notes are unsecured, subject to JPMorgan credit risk, pay no fixed coupon or dividends, and can lose up to 80 % of principal. Missing any single index barrier on any Review Date eliminates that quarter’s interest. Early redemption is at issuer discretion only.

Armada Hoffler Properties (AHH) Form 4: Director Dennis H. Gartman received 7,938 restricted common shares on 06/18/2025 at a stated price of $0.

The award will vest in full at the 2026 Annual Meeting, increasing his direct holding to 44,603 shares. This is routine board compensation with negligible dilution and no cash impact, intended to align the director’s interests with shareholders rather than signal a change in sentiment or fundamentals.

Bank of Montreal has filed a prospectus supplement for Market Linked Securities linked to the performance of Chevron Corporation (CVX) and Exxon Mobil Corporation (XOM) common stock, due July 3, 2028. Key features include:

• Securities offer contingent monthly coupon payments at least 10.60% per annum if the lowest-performing stock meets threshold value (75% of starting value)
• Includes memory feature allowing recovery of previously unpaid coupons
• Subject to automatic call monthly from December 2025 to May 2028 if lowest-performing stock equals/exceeds starting value
• Principal at risk: Investors could lose over 30% of investment if lowest-performing stock falls below 70% of starting value at maturity
• Original offering price: $1,000 per security with estimated initial value of $960
• Securities are unsecured obligations of Bank of Montreal, subject to credit risk

Notable risks include full downside exposure to worst-performing stock, no participation in upside appreciation, and no dividend payments. Securities are not exchange-listed and designed to be held until maturity or automatic call.

iPower Inc. (Nasdaq: IPW) filed an 8-K to report the results of its 2025 Annual Meeting of Stockholders held on 23 June 2025. Of 31.36 million shares entitled to vote, 25.99 million (82.87%) were represented in person or by proxy.

• Board elections: Incumbent directors Chenlong Tan, Bennet Tchaikovsky, Yue Guo and Hanxi Li were each re-elected with 20.95-21.40 million votes FOR; 44-498 thousand votes were WITHHELD and 4.55 million were broker non-votes.
• Say-on-Pay: The advisory resolution on executive compensation passed with 21.39 million FOR (99.6% of votes cast), 43 thousand AGAINST and 11.8 thousand ABSTAIN.
• Reverse Stock Split authority: Shareholders approved an amendment permitting the Board to implement one or more reverse stock splits at any ratio between 1-for-2 and 1-for-200 to help the Company maintain Nasdaq compliance. The proposal passed with 25.61 million FOR (98.6%), 365 thousand AGAINST and 11.7 thousand ABSTAIN.
• New director: Yi Yang was elected to the Board with 21.23 million FOR and 214.7 thousand ABSTAIN; broker non-votes again totaled 4.55 million.

The filing records no immediate operational or financial changes; however, the broad authority for a sizeable reverse split signals the Board’s readiness to act should the share price jeopardize Nasdaq listing standards.