MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal is offering $1,964,000 in Autocallable Barrier Notes due June 26, 2028, linked to the performance of Gilead Sciences (GILD), NRG Energy (NRG), and Cloudflare (NET). Key features include:

• Monthly Interest Rate: 1.25% (approximately 15% per annum)
• Automatic Redemption: Starting December 22, 2025, notes will be automatically redeemed if all Reference Assets close above their Call Levels
• Principal Risk: No guaranteed principal return. If a Trigger Event occurs (any Reference Asset falls below 60% of Initial Level), investors lose 1% for each 1% decline in worst-performing asset
• Initial Levels: GILD ($108.50), NRG ($151.92), NET ($179.30)
• Pricing: Notes priced at 100% with 3.20% agent commission; estimated initial value $957.22 per $1,000

These structured notes offer high yield potential but carry significant risks including possible principal loss and credit risk of Bank of Montreal. Not listed on any securities exchange and minimum denomination is $1,000.

Bank of Montreal has issued $1.937 million in Autocallable Barrier Enhanced Return Notes due June 26, 2028, linked to a basket of ten technology and energy sector equities. The notes offer 150% leveraged exposure to the basket's performance, with potential automatic redemption after one year.

Key features include:

• Automatic redemption on June 26, 2026, if basket level exceeds initial level, paying 14.25% annualized return
• If not auto-redeemed: 150% upside participation if basket appreciates; full principal protection if basket declines up to 30%
• 1:1 downside exposure if basket declines more than 30%, with potential for total principal loss

The basket includes equal 10% weightings of ASML, Salesforce, Digital Realty, Eaton, HPE, Microsoft, NVIDIA, Williams Companies, ServiceNow, and Jabil. Notes are priced at 100% ($1,000 denominations) with estimated initial value of $962.85 per $1,000. BMO Capital Markets serves as calculation agent and selling agent.

Bank of Montreal has issued $1,318,000 in Autocallable Barrier Notes due June 26, 2028, linked to the performance of the S&P 500, NASDAQ-100, and Russell 2000 indices. Key features include:

• Notes offer potential returns of 11.40% per annum through Call Amounts if all Reference Assets close at or above their Initial Levels on semi-annual Observation Dates starting June 2026
• Initial Index Levels: S&P 500 (5,967.84), NASDAQ-100 (21,626.39), Russell 2000 (2,109.267)
• Trigger Level set at 70% of Initial Levels; breach results in 1:1 loss based on worst-performing index
• No interest payments or principal protection; full investment at risk
• Notes priced at 100% with 2.50% agent commission; estimated initial value $949.58 per $1,000

The notes are subject to Bank of Montreal's credit risk and will not be listed on any securities exchange. Automatic redemption occurs if all indices close at or above Initial Levels on observation dates, with investors receiving principal plus applicable Call Amount.

Bank of Montreal (Series K) is offering US$1.715 million of Autocallable Barrier Notes with Memory Coupons maturing 25 Sep 2026. The notes are linked to three sector ETFs—Energy Select Sector SPDR (XLE), Health Care Select Sector SPDR (XLV) and SPDR S&P Biotech ETF (XBI). Investors receive a contingent monthly coupon of 1.1667% (≈14.00% p.a.) only if, on the relevant Observation Date, each Reference Asset closes at or above its Coupon Barrier (70 % of the Initial Level). Missed coupons can be recovered later under the Memory feature.

Starting 22 Dec 2025, the notes are automatically redeemed if all three ETFs close above their respective Initial Levels (100 %), paying par plus the due coupon on the next payment date. If not called, principal protection is conditional: a Trigger Event occurs if any Reference Asset trades below 65 % of its Initial Level on any day during the monitoring period. Should a Trigger Event occur and the Least-Performing Asset finish below its Initial Level at valuation, investors lose 1 % of principal for each 1 % decline in that asset. Consequently, total loss of principal is possible.

Key deal terms include: Issue price 100 %, estimated initial value US$980 per US$1,000 (≈2 % discount), 0.25 % selling concession, denominations of US$1,000, no exchange listing and full exposure to BMO’s senior unsecured credit risk. Settlement is 25 Jun 2025; valuation 22 Sep 2026; final maturity 25 Sep 2026.

This product targets yield-seeking investors comfortable with equity-linked downside risk, early redemption uncertainty, illiquidity and issuer credit exposure.

Bank of Montreal has issued Auto-Callable Securities linked to NVIDIA Corporation stock, due June 23, 2028. Key features include:

• Face value of $1,000 per security with total offering of $1,733,000
• Auto-call feature triggers if NVIDIA stock closes above threshold values on specified dates, offering premiums of: - 18.85% after year 1 - 37.70% after year 2 - 56.55% at maturity
• Downside protection until 40% loss, but full exposure to losses beyond that threshold
• Starting value: $143.85 with downside threshold at $86.31

Notable risks include no interest payments, limited upside potential to fixed call premiums, potential for significant principal loss, and exposure to Bank of Montreal's credit risk. The estimated initial value is $958.46 per security, below the offering price of $1,000.

Bank of Montreal (BMO) is marketing unsecured Senior Medium-Term Notes, Series K, “Digital Return Barrier Notes,” maturing 10 Aug 2026 and linked to the worst performer of the S&P 500® (SPX) and Russell 2000® (RTY) indices. The $1,000-denominated notes offer a fixed 10.20 % digital return if, on the 5 Aug 2026 valuation date, the Least Performing Reference Asset closes at ≥ 80 % of its 2 Jul 2025 initial level. Should the worst index close below that 80 % barrier, principal is reduced dollar-for-dollar with the index loss, exposing investors to as much as a 100 % loss of capital.

Key commercial terms

• Pricing date: 2 Jul 2025; Settlement: 8 Jul 2025; 13-month tenor.
• Digital Barrier & Downside Barrier: 80 % of initial level for each index.
• Payment at maturity: $1,000 + $102 if barrier respected; otherwise $1,000 × (1 + percentage change of worst index).
• No periodic coupons, no listing, minimum purchase $1,000 (CUSIP 06376EKW1).
• Initial estimated value: $969.50 (at least $920) per $1,000, implying ~3 % in structuring/hedging costs above fair value.
• Agent: BMO Capital Markets (BMOCM) earns up to 1.93 % selling concession and may act as calculation agent—creating conflicts of interest.

Risk highlights

• Credit exposure to BMO; notes are senior but unsecured and not CDIC/FDIC-insured.
• Capped upside at 10.20 %; underperformance of either index beyond –20 % erodes principal 1-for-1.
• Lack of liquidity: no exchange listing; secondary pricing entirely at BMOCM’s discretion and likely below issue price, especially after a three-month temporary mark-up expires.
• Product complexity, taxation uncertainty (treated as prepaid derivative), and embedded valuation discount add additional investor risk.

Strategic takeaway: The structure may appeal to investors seeking short-dated equity exposure with moderate downside buffer and fixed upside ceiling, but it sacrifices dividend yield, offers limited liquidity, and embeds material issuer and market risks. The product is best suited for sophisticated accounts comfortable with structured-note characteristics and BMO credit exposure.

Bank of Montreal has filed a prospectus for Market Linked Securities tied to the performance of three major indices: Nasdaq-100, Russell 2000, and S&P 500. These auto-callable securities, due July 7, 2028, offer contingent coupon payments and feature contingent downside principal risk.

Key features include:

• Face amount of $1,000 per security
• Monthly contingent coupon rate of at least 8.60% per annum
• Automatic call feature if lowest performing index exceeds starting value
• Downside threshold value set at 70% of starting value
• Estimated initial value of $967.20 per security

Notable risks include potential loss of principal if the lowest performing index falls below threshold, no guaranteed coupon payments, and exposure to the worst-performing index regardless of other indices' performance. Securities will not be listed on any exchange, limiting liquidity options for investors.

Bank of Montreal has filed a pricing supplement for Senior Medium-Term Notes, Series K Redeemable Fixed Rate Notes due July 10, 2030. The notes carry a 4.82% annual interest rate with semi-annual payments and a principal amount of $1,000 per note.

Key features include:

• Optional redemption by Bank of Montreal starting July 10, 2026
• Semi-annual interest payments on January 10 and July 10
• Notes are bail-inable and can be converted to common shares under CDIC Act
• Not listed on any securities exchange
• Underwriting discount of $5.00 per note

Notable risks include credit risk, limited secondary market trading, and potential early redemption. The notes are subject to Canadian bail-in powers, which could result in conversion to common shares or write-down of principal. BMO Capital Markets and Citigroup Global Markets are acting as agents for the offering.

Bank of Montreal has filed a preliminary pricing supplement for Market Linked Securities tied to the performance of three homebuilder stocks: D.R. Horton, PulteGroup, and Toll Brothers. These auto-callable securities, due June 29, 2028, offer:

• Face amount of $1,000 per security with estimated initial value of $962.90
• Monthly contingent coupon payments at minimum 14.70% per annum if lowest performing stock meets threshold
• Automatic call feature if lowest performing stock exceeds starting value on calculation dates
• Downside risk exposure if lowest performing stock falls below 70% threshold at maturity
• Memory feature allowing recovery of previously unpaid coupons

Key risks include potential loss of principal, no fixed interest payments, and exposure to worst-performing stock. Securities will not be listed on exchanges and have limited secondary market liquidity. The offering includes agent discounts up to 2.325% for Wells Fargo Securities.