MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal has filed a pricing supplement for Buffer Notes linked to Tesla (TSLA) stock, due December 26, 2025. The notes offer a significant 19.40% annual interest rate (9.70% semi-annually) but expose investors to potential principal loss.

Key features include:

• Principal amount: $1,000 per note
• 20% downside buffer protection
• If Tesla stock falls below the Buffer Level (80% of Initial Level), investors lose 1.25% for every 1% decline beyond the buffer
• Maximum loss potential: 80% of principal
• Settlement options: Physical delivery of Tesla shares or cash equivalent if triggered

The notes' estimated initial value is $983.40 per $1,000 principal amount. Citigroup serves as the selling agent, with commissions up to 0.75%. These structured notes carry significant risks, including potential principal loss and credit risk of Bank of Montreal.

Bank of Montreal is offering Autocallable Barrier Notes linked to the performance of Walt Disney (DIS), Devon Energy (DVN), and Capital One Financial (COF), due July 3, 2028. Key features include:

• Monthly contingent coupons of 1.2083% (approximately 14.50% per annum) if all reference assets close at or above their barrier levels
• Automatic early redemption starting December 2025 if all reference assets close above their initial levels
• 50% downside protection barrier at maturity
• 1:1 downside exposure to the worst-performing stock if barrier is breached
• Minimum denomination of $1,000 with estimated initial value of $963.90

The notes carry significant risks including potential loss of principal, no direct participation in stock appreciation, and credit risk of Bank of Montreal. The offering is managed by BMO Capital Markets with up to 1.50% agent commission and will not be listed on any securities exchange.

Bank of Montreal (Series K) Digital Return Barrier Notes – US$1.5 million issuance

The 424(b)(2) pricing supplement details a single tranche of unsecured senior medium-term notes linked to the worst performer of three U.S. equity indices: NASDAQ-100 (NDX), Russell 2000 (RTY) and Dow Jones Industrial Average (INDU). Key commercial terms are:

• Issue size: US$1,500,000 (minimum denominations of US$1,000).
• Tenor: ~13 months (Settlement 24-Jun-2025; Maturity 24-Jul-2026).
• Digital payoff: 8.50 % of principal if the final level of the least-performing index is ≥70 % of its initial level (the “Digital Barrier Level”).
• Downside: 1-for-1 exposure below the 70 % barrier. Investors may lose up to 100 % of principal.
• No coupons & no listing; payoff occurs only at maturity.
• Credit exposure: direct credit of Bank of Montreal; not FDIC/CDIC insured.
• Initial estimated value: US$964.89 per US$1,000 (c. 3.5 % below issue price), reflecting hedging & structuring costs.
• Distribution: BMO Capital Markets Corp. is sole agent; 2.20 % selling commission (US$33,000) results in 97.80 % net proceeds (US$1,467,000).

The structure appeals to investors seeking a defined 8.5 % return in exchange for accepting material downside and issuer credit risk. Performance is driven solely by the worst-performing index; stronger performance by the other indices does not improve the payoff. The 30 % buffer offers some protection, but a ≥30 % decline in any one index results in proportional capital loss. The notes are illiquid, may trade below face value, and forgo any dividends on the underlying indices.

JPMorgan Chase Financial Company LLC is offering Callable Contingent Interest Notes that reference the independent performance of the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX) indices. The notes:

• Pay a contingent monthly coupon of at least 0.83333% (≥10.00% p.a.) only if, on the relevant Review Date, each index closes ≥70% of its Initial Value (the “Interest Barrier”).
• Are quarter-callable at the issuer’s option starting 7 Jan 2026. Early redemption pays par plus the applicable contingent coupon.
• Mature 6 Jan 2028. If not earlier called and each index closes ≥70% of its Initial Value on the final Review Date, investors receive par plus the last coupon.
• If any index closes <70% of its Initial Value on the final Review Date, principal is exposed 1-for-1 to the worst performing index; investors could lose all principal.
• Are unsecured, unsubordinated obligations of JPMorgan Chase Financial Company LLC and carry the credit risk of both the issuer and guarantor (JPMorgan Chase & Co.).
• Minimum investment is $1,000. Preliminary estimated value is $978.30 per $1,000 note; the final estimate will be ≥$900.

The structure suits investors seeking enhanced income in a moderately bullish or sideways market who can tolerate equity-index downside, reinvestment (call) risk and issuer credit risk.

Bank of Montreal (BMO) is offering US$2.722 million of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons linked to the Class A common stock of Meta Platforms, Inc. (META). The notes price on 18 Jun 2025, settle on 24 Jun 2025 and, unless called earlier, mature on 24 Jul 2026.

Income mechanics. Investors are eligible for a 1.00 % monthly contingent coupon (≈ 12 % p.a.) on each scheduled payment date, provided META’s closing level on the corresponding observation date is at or above the Coupon Barrier of 70 % of the Initial Level (US$487.04). Missed observations permanently forfeit that month’s coupon.

Autocall feature. Starting with the 19 Dec 2025 observation, the notes are automatically redeemed if META closes above the Call Level (100 % of the Initial Level, US$695.77). Upon a call, holders receive par plus the coupon for that month; no further payments are made.

Principal repayment. If the notes are not called, final repayment depends on META’s Final Level on the 21 Jul 2026 valuation date:

• No Trigger Event (Final ≥ Trigger Level = 70 % of Initial): investor receives full principal (US$1,000) plus final coupon, if due.
• Trigger Event (Final < Trigger Level): investor receives a Physical Delivery Amount of META shares (or equivalent cash) worth 1 % less principal for every 1 % META has fallen, exposing holders to up to 100 % loss.

Key deal terms. • Initial Level: US$695.77 • Coupon/Trigger/Barrier levels: US$487.04 (70 %) • Minimum denomination: US$1,000 • CUSIP: 06369NY70 • Estimated initial value: US$966.60 (96.66 % of par) • Agent’s commission: 2.15 % • Issuer credit risk: senior, unsecured claims on Bank of Montreal • No exchange listing; liquidity wholly dependent on BMO Capital Markets.

Risk highlights. Investors face (1) principal loss below the 70 % trigger, (2) coupon suspension whenever META closes under the barrier, (3) issuer credit risk, (4) no secondary-market guarantee, and (5) tax uncertainty—BMO treats the notes as prepaid contingent income-bearing derivative contracts.

Suitability. The product targets investors comfortable with single-stock volatility, willing to accept capped upside for high contingent income, and prepared for potential illiquidity and full principal loss.

Bank of Montreal (BMO) is offering US$8.047 million of Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Memory Coupons due 26 June 2028. The notes are linked to the least-performing share among Apple (AAPL), Amazon.com (AMZN) and NVIDIA (NVDA).

Income mechanics: Investors may receive monthly contingent coupons of 1.0208 % (≈12.25 % p.a.) provided each Reference Asset closes on or above its Coupon Barrier (50 % of initial level). Missed coupons are not lost; they can be recovered later through the Memory Coupon feature.

Autocall feature: From 23 June 2026 onward, if all three shares close at or above their respective Call Level (100 % of initial) on any Observation Date, the notes are automatically redeemed at par plus any due coupons on the next payment date.

Principal risk: If the notes are not called and any share ever closes below its Trigger Level (50 % of initial) on the 21 June 2028 Valuation Date, investors lose 1 % of principal for each 1 % decline in the worst-performing stock; total loss of principal is possible. If no Trigger Event occurs, par is repaid at maturity.

Key terms: Initial levels: AAPL $196.58, AMZN $212.52, NVDA $145.48. Denomination $1,000; issue price 100 %; agent commission 2 %; proceeds 98 %. Estimated initial value is $952.36 per $1,000, reflecting dealer fees and hedge costs. Notes are unsecured, unsubordinated obligations of BMO, not FDIC or CDIC insured and will not be listed on any exchange.

Bank of Montreal has filed a Free Writing Prospectus for Digital Return Barrier Notes due August 10, 2026, linked to the performance of the S&P 500® Index and Dow Jones Industrial Average®. The notes offer:

• A potential 8.15% digital return if the least performing reference asset is at or above 72% of its initial level at maturity
• Risk of principal loss if the least performing reference asset falls below 72% of initial level, losing 1% for each 1% decline
• Notes priced at $1,000 per denomination with estimated initial value of $987.10
• No interest payments and no listing on securities exchange

Key risks include potential loss of entire investment, returns limited to digital return regardless of index appreciation, and exposure to worst-performing index only. The notes are subject to Bank of Montreal's credit risk and will not be insured by FDIC or CDIC. Settlement date is July 10, 2025, with maturity on August 10, 2026.

Bank of Montreal has issued $27,091,000 in Autocallable Barrier Notes with Memory Coupons linked to NVIDIA Corporation (NVDA) stock, due December 24, 2026. Key features include:

• Quarterly contingent coupon payments of 3.2125% (12.85% annually) if NVDA's closing price is above the Coupon Barrier Level of $80.01 (55% of initial price)
• Memory feature allows recovery of previously unpaid coupons when conditions are met
• Automatic early redemption starting September 2025 if NVDA closes above initial level of $145.48
• Risk of principal loss if NVDA falls below Trigger Level ($80.01) at maturity
• Notes priced at 100% with 1.50% agent commission, estimated initial value of $975.26 per $1,000

These structured notes offer high yield potential but carry significant risks including potential loss of principal and credit risk of Bank of Montreal. Notes will not be listed on any exchange and minimum investment is $1,000.

The Form 144 filing indicates that an unidentified affiliate of Academy Sports and Outdoors, Inc. (ASO) intends to sell 4,400 common shares through Fidelity Brokerage Services LLC on or about 26 June 2025 on the NASDAQ exchange. The proposed sale represents an aggregate market value of $195,712 and equates to roughly 0.0066 % of the company’s 66,475,746 shares outstanding, making the transaction de-minimis from a dilution perspective.

The securities being sold were acquired via restricted-stock vesting on 1 June 2022 (1,334 shares) and 31 May 2023 (3,066 shares) as compensation from the issuer. The filer reports no other sales in the past three months and affirms no knowledge of undisclosed material adverse information about ASO.

Because Form 144 is only a notice, the shares may or may not ultimately be sold. Nonetheless, the filing discloses a potential insider monetisation event, albeit for a small number of shares that is unlikely to influence market supply or share price materially.