MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal has issued an amendment to its MicroSectors FANG & Innovation -3X Inverse Leveraged ETNs (ticker: BERZ) due June 28, 2041. The ETNs provide -3x daily leveraged exposure to the Solactive FANG Innovation Index, which tracks 15 large-cap U.S. technology stocks including core components like Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, NVIDIA, and Tesla.

Key details include:

• 1,700,000 notes outstanding with $250 principal amount per note (post March 2024 1-for-10 reverse split)
• Daily investor fee of 0.95% per annum and potential redemption fee of 0.125%
• Notes are designed for sophisticated investors as daily trading tools, not buy-and-hold investments
• Significant risk of loss due to daily leverage reset and volatility - investors may lose entire investment
• Notes trade on NYSE under symbol BERZ with June 20, 2025 closing price of $6.73

Bank of Montreal (BMO) is offering Market Linked Securities—Auto-Callable with Leveraged Upside Participation and Contingent Downside Principal at Risk Securities—linked to the performance of the iShares 20+ Year Treasury Bond ETF (the “Underlier”). Each security has a $1,000 face amount and will price on June 26 2025, with an expected issue date of July 1 2025 and maturity on June 29 2028.

Automatic call feature: If on the single call date (July 1 2026) the Underlier’s closing value is at or above its starting value, the note is automatically called and investors receive the face amount plus a call premium of at least 14.60 %. No further upside is available once called.

Payment at maturity (if not called):

• If the ending value > starting value: $1,000 + ($1,000 × Underlier return × 125 % upside participation).
• If the ending value ≤ starting value but ≥ 75 % of starting value (the “threshold”): return of principal.
• If the ending value < threshold: $1,000 + ($1,000 × Underlier return), resulting in losses greater than 25 % and up to 100 % of principal.

Key structural details: The securities pay no periodic interest, expose holders to BMO credit risk, and will not be listed on any exchange. BMO Capital Markets Corp. is calculation agent. Estimated initial value is $956.90, not less than $920 at pricing, reflecting up to a 2.575 % agent discount to Wells Fargo Securities (of which up to 2.00 % may be a selling concession).

Principal risks highlighted include potential loss of principal below the 75 % threshold, limited upside if automatically called, lack of secondary market liquidity, reinvestment risk, and uncertain U.S. tax treatment. The note provides price-only exposure to the Underlier, excluding its interest distributions.

Bank of Montreal has filed a prospectus supplement for Market Linked Securities - Auto-Callable securities with contingent coupon and memory features, linked to the performance of three homebuilder stocks: D.R. Horton, PulteGroup, and Toll Brothers, due June 29, 2028.

Key features of the securities include:

• Monthly contingent coupon payments at minimum 14.70% per annum if the lowest-performing stock meets threshold value (70% of starting value)
• Automatic call feature starting September 2025 if lowest-performing stock equals/exceeds starting value
• Risk of principal loss if lowest-performing stock falls below 70% threshold at maturity
• Original offering price of $1,000 per security with estimated initial value of $962.90

Important risks: Full downside exposure to worst-performing stock, no participation in upside appreciation, subject to Bank of Montreal's credit risk, and no exchange listing. Securities are designed to be held until maturity or automatic call.

Bank of Montreal has filed a pricing supplement for Autocallable Barrier Notes due July 3, 2028, linked to the performance of Amazon (AMZN) and Tesla (TSLA) stocks. The notes offer:

• Monthly interest payments of 1.0333% (approximately 12.40% per annum)
• Automatic early redemption feature starting June 30, 2026, if both stocks close above their initial levels
• Risk of principal loss if either stock falls below 50% of its initial level at maturity
• Notes will be issued in $1,000 denominations with estimated initial value of $953.20

Key features include potential automatic redemption with principal plus coupon return, or at maturity, full principal return unless trigger event occurs. If triggered, investors receive shares of worst-performing stock or cash equivalent, potentially worth less than principal. BMO Capital Markets serves as calculation agent and selling agent, with commissions up to 3.00%.

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

The pricing supplement details a new structured note offering linked to the Russell 2000® (RTY), Nasdaq-100 Technology Sector Index® (NDXT) and Dow Jones Industrial Average® (INDU). The US-dollar notes mature on 30 June 2028 but can be automatically called monthly from June 2026 if every reference index closes above its initial level (the 100 % “Call Level”).

Income profile: Investors may receive a contingent coupon of at least 0.8542 % per month (≈ 10.25 % p.a.) whenever all three indices are at or above their Coupon Barrier (80 % of initial level) on the relevant observation date. Thanks to the “Memory” feature, missed coupons accrue and are paid later once the barrier test is met.

Redemption mechanics: If called, holders receive par plus any due coupons on the related payment date and the note terminates. If not called, principal protection depends on index performance at final valuation (27 June 2028). Should any reference index close below its Trigger Level (70 % of initial), principal repayment is reduced dollar-for-dollar with the decline of the least-performing index, potentially down to zero.

Issue economics: The notes price at 100 % of face value in $1,000 denominations. Estimated initial value is $960.60, implying roughly 3.9 % in structuring/hedging costs and selling concessions (commission up to 1 %). The issuer and calculation agent is Bank of Montreal (Baa1/A/A+ ratings); payments are unsecured and subject to BMO’s credit risk. The notes will not be listed on an exchange, limiting liquidity.

Risk highlights include possible loss of entire principal if the worst index falls >30 %, potential for periods with no income, reinvestment risk on early call, model-driven initial value discount, and tax treatment uncertainty (treated as prepaid contingent income-bearing derivative contracts).

Investor suitability: The offering targets investors who 1) seek high conditional income, 2) believe the three indices will stay above 70 % of current levels through mid-2028, and 3) accept both equity market downside and BMO credit risk in exchange for the enhanced coupon.

Bank of Montreal has filed a pricing supplement for Callable Buffer Notes with Contingent Coupons due July 09, 2027, linked to the Russell 2000 Index and Nasdaq-100 Technology Sector Index. Key features include:

• Monthly contingent coupon payments of 0.6125% (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 on any Observation Date
• Principal protection at maturity unless either reference asset falls below its 80% Buffer Level
• If triggered, losses are calculated 1-for-1 with the worst-performing index beyond 20% buffer
• Notes priced at $1,000 denominations with estimated initial value of $949.40

The notes carry significant risks including potential loss of up to 80% of principal, no guaranteed coupon payments, and are subject to Bank of Montreal's credit risk. They will not be listed on any securities exchange and are not CDIC-insured.

Bank of Montreal has filed a pricing supplement for Senior Medium-Term Notes, Series K Redeemable Fixed Rate Notes due July 10, 2028. The notes offer a 4.53% annual interest rate with semi-annual payments starting January 10, 2026.

Key features include:

• Principal amount of $1,000 per note
• Optional redemption by Bank of Montreal on semi-annual dates from January 2026 to January 2028
• Notes are bail-inable and subject to conversion into common shares under CDIC Act
• Interest payments on January and July 10th until maturity
• Underwriting discount of $3.00 per note

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 which could result in conversion to common shares or write-down in case of bank failure.

Bank of Montreal has filed a pricing supplement for its Senior Medium-Term Notes, Series K Redeemable Fixed Rate Notes due July 2, 2029. Key terms include:

• Principal amount of $1,000 per Note with 4.65% annual interest rate
• Semi-annual interest payments on January 2 and July 2, starting January 2, 2026
• Optional redemption feature allowing Bank of Montreal to redeem quarterly starting April 2, 2026
• Notes are bail-inable and can be converted into common shares under Canadian banking regulations
• Original issue price of $1,000 with underwriting discount of $13.00 per Note

Notable risks include credit risk, limited secondary market trading, and potential early redemption impact. The Notes will not be listed on any securities exchange. BMO Capital Markets serves as the underwriter, with selected dealers receiving selling concessions up to $13.00 per Note.

Bank of Montreal has filed a prospectus supplement for Market Linked Securities auto-callable with leveraged upside participation, linked to the iShares 20+ Year Treasury Bond ETF due June 29, 2028. The securities are being offered at $1,000 per unit.

Key features include:

• Automatic Call Feature: Securities will be automatically called if the ETF's closing value after one year equals or exceeds the starting value, paying face amount plus minimum 14.60% call premium
• Maturity Payment Structure: If not called, payment depends on ETF performance with 125% upside participation rate above starting value, full protection for declines up to 25%, and full downside exposure beyond 25% decline
• Risk Factors: No interest payments, no exchange listing, subject to Bank of Montreal's credit risk, potential for significant principal loss

The estimated initial value is $956.90 per security, with Wells Fargo Securities acting as agent. The offering includes an agent discount of $25.75 per security, with proceeds to Bank of Montreal of $974.25 per security.