MicroSectors™ Energy 3X Leveraged ETN SEC Filings

On 24 June 2025, Southside Bancshares Inc. (SBSI) filed a Form 4 reporting a minor insider transaction by Chief Banking Officer Sherri Anthony. On 20 June 2025, Anthony disposed of 121 common shares at an average price of $27.97 under transaction code F, which typically denotes shares withheld to cover taxes or exercise costs. After the sale, she directly owns 2,937 shares and indirectly holds 550 shares through the company ESOP. No derivative securities or additional transactions were disclosed.

The divestiture represents a very small fraction of both the executive’s total holdings and SBSI’s overall share count, suggesting minimal financial or market impact.

Bank of Montreal (Series K) is offering US$3.394 million of Senior Medium-Term Autocallable Barrier Notes with Contingent Coupons linked to Amazon.com, Inc. common stock. The notes price on June 18 2025, settle on June 24 2025, and mature on July 24 2026 unless automatically redeemed earlier.

Income feature: Investors may receive a monthly Contingent Coupon of 0.875% (≈10.50% p.a.) only if Amazon’s closing price on each Observation Date is at or above the 72% Coupon Barrier Level (US$153.01). Missed coupons are not paid later.

Autocall mechanism: Beginning 19 Dec 2025, the notes are automatically redeemed if Amazon closes above 100% of its Initial Level (US$212.52) on any Observation Date. The Call Settlement Date is the following coupon date; investors then receive par plus the coupon and no further payments.

Principal at risk: If not autocalled, investors are exposed to downside at maturity. Should Amazon close below the same 72% Trigger Level on the Valuation Date (21 Jul 2026), holders receive Amazon shares (or cash equivalent) worth 1-for-1 less than par—e.g., a 35% price drop yields a 35% loss of principal. If no Trigger Event occurs, par is returned.

Other key terms:

• Unsecured, unsubordinated obligations of Bank of Montreal; subject to issuer credit risk.
• Not listed on any exchange; secondary trading may be limited.
• Estimated initial value: US$965.45 per US$1,000 (≈3.5% discount to par).
• Agent’s commission: 2.15%; net proceeds to BMO ≈97.85% of par.
• Minimum denomination: US$1,000.

Investor profile: Suitable only for investors comfortable with single-stock volatility, potential loss of principal, limited liquidity, and issuer credit exposure, in exchange for enhanced contingent income.

Bank of Montreal (Series K) Autocallable Barrier Notes – key facts for structured-product investors

The US$2.895 million offering is a two-year (June 24 2025 – May 24 2027) senior, unsecured medium-term note linked to the least-performing of the S&P 500, NASDAQ-100 and Russell 2000 indices. Investors receive contingent monthly coupons of 0.6917 % (≈8.30 % p.a.) only when each index closes on or above its respective Coupon Barrier (70 % of the initial level) on the relevant Observation Date. If any index finishes below its barrier, that month’s coupon is skipped, not deferred.

Autocall feature: Starting 19 Dec 2025, if all three indices close at or above 100 % of their initial levels on any Observation Date, the notes are automatically redeemed at par plus the scheduled coupon; no further payments will be made thereafter.

Principal at risk: Should the notes remain outstanding to maturity and any index close below its matching Trigger Level (also 70 % of initial) on the 19 May 2027 valuation date, holders suffer a one-for-one downside loss on the full decline of the worst-performing index. Example: a 45 % drop in the least-performing index leads to a 45 % principal loss and a redemption value of US$550 per US$1,000 note (plus any final coupon if thresholds allow). If no Trigger Event occurs, principal is repaid in full.

Structural considerations

• Credit exposure to Bank of Montreal; the estimated initial value is US$966.69 per US$1,000, implying an initial investor cost of ~3.3 % above fair value.
• Notes are not exchange-listed, limiting secondary-market liquidity and potentially wide bid-offer spreads.
• No participation in index upside beyond coupon receipts; payoff is capped at coupons plus par, or earlier redemption.
• Not eligible for CDIC/FDIC insurance; subject to bail-in conversion exclusion under Canada’s CDIC Act.
• Minimum denomination US$1,000; CUSIP 06376EGX4; BMOCM acts as placement agent with a 2.20 % selling concession.

Overall, the product targets yield-seeking investors who maintain a moderately bullish view that all three equity benchmarks will stay above 70 % of present levels and would welcome automatic redemption if markets rise. It is unsuitable for those requiring principal protection, index upside participation, or daily liquidity.

Bank of Montreal announces new Autocallable Barrier Notes linked to NVIDIA, Amazon, and Apple stocks, offering 5.2125% quarterly contingent interest (20.85% annually). The 3-year notes, maturing July 2028, feature automatic redemption if all reference assets exceed call level (100% of initial). Notes include memory coupon feature and 70% trigger/barrier levels. Principal protection applies unless any reference asset falls below 70% at maturity. If triggered, investors receive shares/cash of worst-performing asset. Key risks include potential total principal loss, no guaranteed coupons, early redemption risk, and credit risk. Minimum investment is $1,000, with Citigroup maintaining secondary market liquidity.

Bank of Montreal has issued auto-callable securities linked to the performance of Apple, Broadcom, and Microsoft stocks, maturing June 23, 2028. The securities offer quarterly contingent coupon payments at 21.30% per annum if the lowest-performing stock stays above its 80% threshold. Features include automatic call provision if the lowest-performing stock exceeds its starting value during quarterly calculations from September 2025 to March 2028. Principal is at risk if the lowest-performing stock falls below 70% of its starting value at maturity. Starting values: AAPL $196.58, AVGO $251.26, MSFT $480.24. Initial offering price is $1,000 per security with estimated value of $957.22. These complex securities carry Bank of Montreal's credit risk and are not FDIC insured.

Instrument: Bank of Montreal Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Contingent Coupons linked to Meta Platforms (META), Tesla (TSLA) and PayPal (PYPL).

Issue Size & Key Dates: US$409,000 total principal; priced 17-Jun-2025, settlement 23-Jun-2025, scheduled maturity 23-Jun-2028 unless called early beginning 18-Sep-2025.

Income Feature: Investors receive a monthly contingent coupon of 2.525 % ($25.25 per $1,000, ≈30.30 % p.a.) only if every Reference Asset closes at or above its Coupon Barrier (60 % of initial level) on the relevant observation date. Missing the barrier on any month means no coupon for that month.

Autocall Mechanism: On any monthly observation date starting September 2025, if all three stocks close at or above their Initial Levels (100 %), the notes are automatically redeemed at par plus the due coupon, terminating further payments.

Principal Repayment Risk: The notes are not principal protected. If not auto-called and any stock finishes below its Trigger Level (50 % of initial) on 20-Jun-2028, holders suffer a 1-for-1 loss on the worst-performing stock; full principal can be lost. If no Trigger Event occurs, principal is repaid in full.

Reference-Asset Metrics: META initial $697.23 (barrier $418.34, trigger $348.62); TSLA $316.35 (barrier $189.81, trigger $158.18); PYPL $70.67 (barrier $42.40, trigger $35.34).

Structural & Pricing Details: Unsecured, unsubordinated obligations of Bank of Montreal; estimated initial value $973.61 (≈3.6 % below offer price); BMOCM receives 0.60 % selling concession; minimum denomination $1,000; not exchange-listed, limiting liquidity.

Credit & Regulatory: Payments rely solely on BMO credit; the notes are neither FDIC nor CDIC insured and are expressly exempt from Canadian bail-in conversion.

Investor Suitability: Suited to investors seeking high contingent income, able to monitor three large-cap tech equities, comfortable with equity downside and issuer credit risk, and willing to accept limited secondary-market liquidity.

Bank of Montreal is offering US$1,000,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Wynn Resorts, Limited (ticker WYNN). The notes price on 17 June 2025, settle on 23 June 2025 and mature on 23 June 2027, unless automatically redeemed earlier.

Income mechanics: Investors may receive a 0.90% monthly contingent coupon (≈10.80% p.a.) if on each monthly Observation Date the WYNN closing level is at or above the Coupon Barrier = 60 % of the Initial Level (US$52.37). Missed coupons are not recouped.

Autocall feature: Starting 18 September 2025, if WYNN closes above the Call Level = 100 % of the Initial Level (US$87.28) on any Observation Date, the notes are automatically redeemed on the related coupon payment date for par plus the due coupon; no further payments will be made thereafter.

Principal repayment risk: If the notes are not called and WYNN closes below the Trigger Level (also 60 % of Initial) on the 17 June 2027 Valuation Date, holders suffer a one-for-one loss of principal in line with the percentage decline in WYNN, potentially losing their entire investment.

Key structural details:

• Initial Level: US$87.28.
• Minimum denomination: US$1,000.
• Issue price: 100 %; estimated initial value: US$963.51.
• Agent’s commission: 2.35 % (≈US$23,500) leaving net proceeds of 97.65 %.
• Unsecured, unsubordinated obligations of Bank of Montreal; payments subject to issuer credit risk.
• Not listed on any exchange; secondary liquidity expected to be limited.

Prospective investors must be comfortable with issuer credit exposure, potential illiquidity, loss of principal below the 60 % barrier, and early redemption, while seeking enhanced income tied to WYNN share performance.

Royal Bank of Canada (RY) is offering $8.32 million of STEP Income Securities® (831,980 units, $10 principal per unit) linked to the common stock of Halliburton Company (NYSE: HAL). The senior unsecured notes mature on 6 July 2026 (term ≈ 1 year + 2 weeks) and are subject to RBC’s credit risk. Investors will receive quarterly interest of 15.25 % p.a. (≈ 3.8125 % per quarter). At maturity an additional Step Payment of $0.306 per unit (3.06 %) is paid only if HAL’s closing price on the valuation date (26 June 2026) is ≥ $26.52 (115.25 % of the $23.01 Starting Value).

If HAL’s Ending Value is below the $23.01 Threshold Value, principal is reduced 1-for-1; there is no downside protection. All payments are unsecured, not FDIC/CDIC insured and rely on RBC’s ability to pay. The public offering price of $10 exceeds the initial estimated value of $9.74, reflecting a $0.15 underwriting discount and a $0.05 hedging-related charge. No exchange listing is planned and secondary-market liquidity is expected to be limited; BofA Securities acts as calculation agent.

Key risks disclosed include potential loss of principal, limited upside (interest + Step Payment cap), market value likely below issue price before maturity, tax uncertainty for U.S. and non-U.S. holders, and multiple conflicts of interest in hedging and calculation. The notes are intended for investors seeking high periodic income, willing to accept HAL equity risk, full principal-at-risk, and limited liquidity.

Bank of Montreal (Series K) is issuing US$5.518 million of Autocallable Barrier Notes with Contingent Coupons, maturing 23 July 2026 and linked to the American depositary receipts of Novo Nordisk A/S (ticker "NVO").

The notes pay a monthly contingent coupon of 1.0583% (≈12.70% p.a.) only if, on the related Observation Date, the ADR closes at or above the Coupon Barrier of $44.60 (60 % of the $74.34 Initial Level). If this test fails, that month’s coupon is skipped.

Automatic redemption can occur on any Observation Date from 18 December 2025 onward if the ADR closes above the Initial Level (100 %). Investors would then receive par plus the due coupon on the next payment date and the notes terminate.

If the notes remain outstanding to maturity and a Trigger Event occurs (Final Level < $44.60), principal is reduced 1 % for every 1 % decline in the ADR, potentially down to zero. If no Trigger Event occurs, holders receive full principal.

Key structural details:

• Issue price: 100 % of par; estimated initial value: $964.18 per $1,000.
• Agent’s commission: 2.15 %; proceeds to BMO: 97.85 %.
• Denomination: $1,000; the notes will not be listed on any exchange.
• All payments are subject to Bank of Montreal’s credit risk; the notes are unsecured and unsubordinated.

The product is intended for yield-seeking investors comfortable with (1) credit exposure to BMO, (2) equity downside risk to NVO below 60 % of the Initial Level, and (3) limited liquidity due to the absence of an exchange listing.