MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal (BMO) is offering US$822,000 aggregate principal amount of Senior Medium-Term Notes, Series K, titled Autocallable Barrier Notes with Memory Coupons due July 14, 2028 and linked to the common stock of ON Semiconductor Corporation ("ON"). The notes are unsecured obligations of BMO and are not listed on any exchange.

Core economic terms

• Denomination: minimum $1,000, CUSIP 06376ER87.
• Pricing Date: 9 Jul 2025; Settlement: 14 Jul 2025; Maturity: 14 Jul 2028.
• Initial Level: $54.61 (ON share price on the Strike Date).
• Contingent Interest Rate: 3.8375 % per quarter (~15.35 % p.a.) paid only if ON’s closing level on an Observation Date is ≥ the Coupon Barrier ($40.96, 75 % of Initial).
• Memory Coupon: any missed coupon is paid later if a subsequent Observation Date is at or above the Coupon Barrier.
• Automatic Redemption (Autocall): from the first Observation Date (9 Oct 2025), the notes are redeemed at par plus accrued coupon if ON closes ≥ the Call Level (100 % of Initial).
• Principal at risk: If not called and ON’s Final Level on 11 Jul 2028 is < Trigger Level ($27.31, 50 % of Initial), investors lose 1 % of principal for each 1 % decline from Initial; loss can reach 100 %.
• Estimated initial value: $951.28 per $1,000 (reflects fees & hedging costs); price to public: 100 %.
• Agent’s commission: 2.25 %; select dealers may receive up to 0.80 % referral fee.

Key risks disclosed

• No principal protection; potential full loss if ON drops ≥50 % at maturity.
• No guarantee of coupons; payments depend on ON staying ≥ Coupon Barrier.
• Limited upside: maximum return equals sum of coupons; no participation in ON appreciation.
• Credit exposure to BMO; notes are senior but unsecured.
• Illiquidity: no listing; secondary market, if any, is at BMOCM’s discretion and likely below par.
• Initial estimated value is below issue price, indicating embedded costs.
• Tax treatment uncertain; intended to be prepaid contingent income-bearing derivative contracts.

These notes may appeal to income-oriented investors who are moderately bullish to neutral on ON over the next three years and who are comfortable with issuer credit risk and potential loss of principal.

Bank of Montreal (BMO) is offering US$822,000 aggregate principal amount of Senior Medium-Term Notes, Series K, titled Autocallable Barrier Notes with Memory Coupons due July 14, 2028 and linked to the common stock of ON Semiconductor Corporation ("ON"). The notes are unsecured obligations of BMO and are not listed on any exchange.

Core economic terms

• Denomination: minimum $1,000, CUSIP 06376ER87.
• Pricing Date: 9 Jul 2025; Settlement: 14 Jul 2025; Maturity: 14 Jul 2028.
• Initial Level: $54.61 (ON share price on the Strike Date).
• Contingent Interest Rate: 3.8375 % per quarter (~15.35 % p.a.) paid only if ON’s closing level on an Observation Date is ≥ the Coupon Barrier ($40.96, 75 % of Initial).
• Memory Coupon: any missed coupon is paid later if a subsequent Observation Date is at or above the Coupon Barrier.
• Automatic Redemption (Autocall): from the first Observation Date (9 Oct 2025), the notes are redeemed at par plus accrued coupon if ON closes ≥ the Call Level (100 % of Initial).
• Principal at risk: If not called and ON’s Final Level on 11 Jul 2028 is < Trigger Level ($27.31, 50 % of Initial), investors lose 1 % of principal for each 1 % decline from Initial; loss can reach 100 %.
• Estimated initial value: $951.28 per $1,000 (reflects fees & hedging costs); price to public: 100 %.
• Agent’s commission: 2.25 %; select dealers may receive up to 0.80 % referral fee.

Key risks disclosed

• No principal protection; potential full loss if ON drops ≥50 % at maturity.
• No guarantee of coupons; payments depend on ON staying ≥ Coupon Barrier.
• Limited upside: maximum return equals sum of coupons; no participation in ON appreciation.
• Credit exposure to BMO; notes are senior but unsecured.
• Illiquidity: no listing; secondary market, if any, is at BMOCM’s discretion and likely below par.
• Initial estimated value is below issue price, indicating embedded costs.
• Tax treatment uncertain; intended to be prepaid contingent income-bearing derivative contracts.

These notes may appeal to income-oriented investors who are moderately bullish to neutral on ON over the next three years and who are comfortable with issuer credit risk and potential loss of principal.

Bank of Montreal (BMO) is offering US$2.503 million aggregate principal amount of Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Step-Up Call Amounts maturing 14 July 2028. The notes are unsecured, unsubordinated obligations of BMO and are linked individually to three large-cap technology equities: Meta Platforms Class A (META), Alphabet Class C (GOOG) and NVIDIA (NVDA). Investors will not receive periodic interest and the notes will not be listed on any exchange.

Automatic call feature. Starting 15 July 2026 and on each annual Observation Date thereafter (9 July 2027 and the Valuation Date 11 July 2028), the notes will be redeemed early if the closing price of each Reference Asset is at or above its Call Level (100 % of the respective Initial Level). The Call Amounts escalate by US$350, US$700 and US$1,050 per US$1,000 note, equating to a compound return of roughly 35 % per annum.

Principal at risk. If the notes are not called and any Reference Asset closes below its Trigger Level (50 % of Initial Level) on the Valuation Date, holders suffer a 1 % loss of principal for every 1 % decline in the Least Performing stock. A severe fall of 50 % or more would produce a corresponding loss of at least 50 % of invested principal, and a 100 % loss is possible.

Key quantitative terms.

• Initial Levels: META 732.78; GOOG 177.66; NVDA 162.88.
• Trigger Levels: META 366.39; GOOG 88.83; NVDA 81.44 (all 50 % of Initial Level).
• Price to public: 100 % of face; agent commission: 0.25 %; net proceeds: 99.75 %.
• Estimated initial value: US$978.94 per US$1,000 (2.11 % below issue price) reflecting structuring and hedging costs.
• Minimum denomination: US$1,000; settlement 14 July 2025.

Risk highlights. The filing emphasises significant risks: potential full-principal loss, limited upside (capped at Call Amount), dependence on BMO’s credit, lack of secondary-market liquidity, potential conflicts of interest for the calculation agent (BMOCM) and uncertain U.S. tax treatment. The note’s performance is driven solely by the least performing share on the critical dates, meaning positive moves in two stocks can be nullified by weakness in one.

Strategic context. At only US$2.5 million, the issuance is immaterial to BMO’s overall funding but offers BMO fee income and inexpensive term financing. For investors, the product targets those seeking enhanced coupon-like return potential in exchange for equity downside risk, credit exposure and illiquidity.

J.P. Morgan Kronos+^SM Index – July 2025 Performance Update

The rules-based Kronos+ Index dynamically moves between three exposures to the S&P 500^® Price Index – uninvested (0x), fully invested (1x) or 2x leveraged – using three calendar-driven signals: (1) turn-of-month seasonality, (2) momentum in the week preceding monthly index-option expiration, and (3) mean reversion in the final days of each month. The index level is reduced daily by a 0.95% p.a. fee and, when leveraged, a notional financing charge tied to the Effective Federal Funds Rate. It launched on 22-Dec-2020; all data before that date are hypothetical back-tests.

Risk/return snapshot (Jun-2015 – Jun-2025):

• Annualised return: 19.35% (Kronos+) vs 11.64% (S&P 500)
• Annualised volatility: 26.31% vs 18.48%
• Sharpe ratio: 0.74 vs 0.63

Recent calendar-year results: +100.7% (2020), +42.3% (2021), -37.1% (2022), +32.1% (2023), +10.6% (YTD 2024), -6.4% (YTD Jun-2025). Monthly returns show large swings, underscoring elevated risk.

Key structural risks

• Index is sponsored and calculated by JP Morgan Securities LLC, which can make adjustments affecting levels.
• High fee drag (0.95% p.a.) and financing costs during leveraged periods.
• Strategies only operate during limited parts of each month and can overlap.
• Possibility of uninvested exposure or substitution of the S&P 500 in extraordinary events.
• Limited live history (since Dec-2020); back-tested data may overstate efficacy.

Investors considering structured notes linked to the index should weigh the attractive historical risk-adjusted returns against high volatility, fee drag and numerous strategy-specific execution risks highlighted in the filing.

Estee Lauder Companies Inc. (EL) filed a Form 4 indicating that director Eric Louis Zinterhofer was granted 293.15 Stock Units (cash-settled) on 07/10/2025. The award, coded “A,” was issued in lieu of cash quarterly board and committee retainers. Each unit represents the value of one share of Class A common stock and will be paid in cash on the first business day of the calendar year following the director’s departure from the board. After the transaction, Zinterhofer’s total deferred Stock Unit balance increased to 1,078.82 units. The units were recorded as direct ownership; no open-market purchase or sale of common shares occurred.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is marketing Contingent Income Auto-Callable Securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index (ticker SPXF40D4). The $1,000-denominated notes pay a 16.00% p.a. contingent coupon (credited monthly) only when the index closes at or above the 70% coupon barrier on the relevant observation date. Beginning one year after issuance, the notes are automatically redeemed at par on any quarterly determination date that the index closes at or above its 100% call threshold; investors would then have received any due coupon and no further payments.

At maturity (22 Jul 2030), if the notes have not been called and the index closes at or above the 50% downside threshold, holders receive full principal. If the index closes below that threshold, redemption is reduced 1-for-1 with index losses, exposing investors to up to a 100% loss of principal. The issuer’s estimated value is $912.10 (±$40) versus the $1,000 issue price, reflecting structuring and hedging costs. The securities are unsecured, unsubordinated obligations of Morgan Stanley Finance LLC and carry the credit risk of both the subsidiary and Morgan Stanley. They will not be listed, and secondary liquidity may be limited.

The underlier is a decrement index launched 30 Aug 2024; it deducts a fixed 4% per year from performance and employs leverage, introducing additional tracking and performance risk. Key risk factors highlighted include lack of principal protection, dependence on monthly observations for coupon payments, early-redemption uncertainty, potential price volatility, limited index history, and adverse tax treatment.

Bank of Montreal (BMO) is issuing $1.481 million of Capped Leveraged Buffered S&P 500® Index-Linked Notes due 18 Aug 2027. The $1,000-denominated senior notes pay no interest and the cash payment at maturity depends on S&P 500 performance versus the initial level of 6,263.26.

• Upside exposure: 180 % participation in any index gain, capped at a maximum settlement amount of $1,238.50 once the index rises ≥113.25 % of the initial level (23.85 % maximum return).
• Principal protection band: If the index finishes between 85 % and 100 % of the initial level, investors receive 100 % of principal.
• Downside risk: Below the 85 % buffer, holders lose about 1.1765 % of principal for every 1 % fall, leading to total loss if the index falls to zero.

The estimated initial value is $990.77, lower than the $1,000 offer price, reflecting structuring and hedging costs. The notes are unsecured obligations of BMO, not FDIC/CDIC insured, and will not be exchange-listed; secondary liquidity will rely on BMO Capital Markets. Investors face capped upside, full principal-at-risk beyond the 15 % buffer, complex U.S. tax treatment, and BMO credit risk. CUSIP 06376EQ96.

Grid Dynamics Holdings (GDYN) Form 4: Chief Operating Officer Yury Gryzlov reported selling 2,000 shares of common stock on 07/08/2025 at $12.33 per share, for proceeds of roughly $24.7 thousand. The sale was executed under a Rule 10b5-1 trading plan adopted on 11/21/2024, indicating it was pre-scheduled rather than opportunistic. Following the transaction, Gryzlov’s direct beneficial ownership stands at 467,779 shares. No derivative transactions were reported.

Bank of Montreal (BMO) is offering US$1.443 million of Senior Medium-Term Notes, Series K, titled “Autocallable Buffer Enhanced Return Notes” linked to the S&P 500® Index. The notes are unsecured, unsubordinated obligations that do not pay interest and will not be listed on any exchange.

Key economic terms

• Issue price: 100% of face value; CUSIP 06376EQM7.
• Principal amount per note: US$1,000; denominations in integral multiples of US$1,000.
• Pricing Date: 08-Jul-2025; Settlement Date: 11-Jul-2025; Valuation Date: 06-Jul-2028; Maturity Date: 11-Jul-2028 (3-year tenor).
• Upside Leverage Factor: 110% of any positive Index performance if the notes are not called.
• Automatic Redemption: One observation on 14-Jul-2026. If S&P 500 closing level > Initial Level (Call Level = 100%), BMO will redeem at par plus a Call Amount of US$90 (≈9% simple, ≈9% p.a.). Investors then forego further upside.
• Principal Buffer: 20%. If Index decline >20% at maturity, investors lose 1% of principal for every 1% decline beyond the buffer, down to a minimum repayment of 20% of face (maximum 80% loss).
• Estimated initial value: US$981.14 per US$1,000 note, reflecting dealer compensation (0.70%) and hedging costs.

Risk highlights

• No principal protection; up to 80% loss possible.
• Early redemption risk limits upside to 9% if called.
• Unsecured credit exposure to Bank of Montreal.
• No secondary-market liquidity assured; BMOCM may act as sole market-maker.
• Tax treatment uncertain; notes expected to be treated as pre-paid derivative contracts.

Illustrative payouts: If the S&P 500 is 20% higher at maturity and the notes are not called, investors receive US$1,220 (22% gain). A 40% decline yields US$600 (-40%).

Net proceeds to BMO after commission equal 99.30% of face, or US$1.433 million.

All payments are subject to BMO’s credit risk; the notes are not insured by the FDIC, CDIC or any other agency.