MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal is offering Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Contingent Coupons due 19 Jan 2027. The $1,000-denominated notes are linked to the S&P 500, Russell 2000 and Dow Jones Industrial Average. Investors earn a 0.7625% monthly contingent coupon (≈9.15% p.a.) whenever each reference index closes at or above 70 % of its Initial Level (the “Coupon Barrier”) on a monthly Observation Date.
If, beginning 14 Jan 2026, all three indices close at or above 100 % of their Initial Levels (the “Call Level”), the notes are automatically redeemed at par plus the coupon, terminating further payments.
Principal is not protected. If the notes are not called and any index finishes below 70 % of its Initial Level on the Valuation Date (a “Trigger Event”), repayment equals: $1,000 + $1,000 × Percentage Change of the least-performing index, exposing holders to up to 100 % loss.
The indicative issue price is 100 % of principal; estimated initial value is $984.60 (≤$935 minimum), reflecting up to 0.90 % selling commission and hedging costs. The notes will not be exchange-listed; liquidity depends on BMO Capital Markets making a market. All payments are subject to BMO’s credit risk.

Key dates: Pricing 11 Jul 2025; Settlement 16 Jul 2025; first coupon 19 Aug 2025; maturity 19 Jan 2027. CUSIP 06376ELD2.

• Coupon Barrier & Trigger Level: 70 % of Initial Level for each index.
• Automatic call monitoring: monthly, starting Jan 2026.
• Maximum return: cumulative coupons only; no upside participation beyond par.

Primary considerations: high headline yield versus significant downside risk, least-performer structure, credit exposure to BMO, and limited secondary liquidity.

Bank of Montreal has filed a pricing supplement for Autocallable Barrier Notes with Contingent Coupons due June 30, 2026, linked to the performance of the S&P 500® Index and Russell 2000® Index. The notes offer:

• Quarterly contingent coupon payments of 2.125% (approximately 8.50% per annum) if both indices close above their Coupon Barrier Levels (60% of Initial Levels)
• Automatic early redemption starting September 2025 if both indices close above their Initial Levels
• Risk of principal loss if a Trigger Event occurs (any index falls below 60% of Initial Level during monitoring period) and the worst-performing index closes below Initial Level at maturity

Key features include $1,000 minimum denominations, estimated initial value of $986.10 per note, and BMO Capital Markets as agent. The notes are subject to Bank of Montreal's credit risk and will not be listed on any securities exchange. This structured product offers conditional income but does not provide direct exposure to the underlying indices.

Bank of Montreal has filed a pricing supplement for Autocallable Barrier Notes linked to the performance of three major indices: the S&P 500, Russell 2000, and Dow Jones Industrial Average. The notes, due January 19, 2027, offer monthly contingent coupon payments at 0.595% per month (approximately 7.14% per annum) if all reference assets close above their respective Coupon Barrier Levels.

Key features include:

• Automatic early redemption starting January 2026 if all reference assets close above their Initial Levels
• Coupon Barrier and Trigger Levels set at 60% of Initial Levels
• Principal at risk: Investors could lose 1% for every 1% decline in worst-performing index if triggered
• Minimum denomination of $1,000
• Estimated initial value of $984.90 per $1,000 principal amount

The notes are subject to Bank of Montreal's credit risk and will not be listed on any securities exchange. They are designed for investors seeking monthly income while accepting potential principal loss and limited upside participation.

Bank of Montreal has filed a pricing supplement for Barrier Notes due August 3, 2026, linked to the performance of the Russell 2000® Index and S&P 500® Index. The notes offer:

• Monthly interest payments of 0.8058% (approximately 9.67% per annum)
• Principal at risk based on the performance of the worst-performing index
• A Trigger Event occurs if either index falls below 75% of its Initial Level during monitoring
• If triggered and the worst-performing index is below its Initial Level at maturity, investors lose 1% for every 1% decline

Key features include $1,000 minimum denominations, estimated initial value of $985.60 per note, and no listing on securities exchanges. The notes carry Bank of Montreal's credit risk and do not participate in index appreciation. The offering includes selling concessions up to 0.65% and special pricing for fee-based advisory accounts between $993.50-$1,000 per note.

JPMorgan Chase Financial Company LLC is marketing Trigger In-Digital Notes that mature on or about 30 September 2026 and are fully and unconditionally guaranteed by JPMorgan Chase & Co. The Notes are linked to the first-nearby Brent crude oil futures contract (CO1) or, on the expiry day of that contract, the second-nearby contract (CO2).

Key economic terms

• Issue price: $10 per Note (minimum purchase 100 Notes).
• Term: ≈ 15 months (Trade Date 2 Jul 2025; Maturity 30 Sep 2026).
• Digital Return: to be fixed on the Trade Date, expected between 11.00 % – 12.00 %.
• Digital Barrier / Downside Threshold: 70 % of the Initial Value (rounded to two decimals).
• Payment at maturity: • If Final Value ≥ Barrier → principal + Digital Return. • If Final Value < Barrier → principal reduced dollar-for-dollar with the negative Underlying Return, with a minimum of $0.
• No periodic coupons & no interim principal protection.
• Secondary market: not exchange-listed; any liquidity relies on J.P. Morgan Securities (JPMS) acting as bid provider.
• Fees: selling concession to UBS ≤ $0.20 per $10 Note; proceeds to issuer ≈ $9.80.
• Estimated value on pricing date: expected ≥ $9.50 (illustrative $9.651 today), i.e. 3 %–5 % below issue price.

Investor profile — Suitable only for investors who (1) can tolerate full principal loss, (2) expect Brent crude to finish ≥ 70 % of its initial level in September 2026, (3) are comfortable foregoing upside above 11-12 %, and (4) accept credit and liquidity risk from JPMorgan Financial/JPMorgan Chase & Co.

Principal risk highlights

• Full downside exposure below the 70 % threshold may result in up to 100 % loss of principal.
• Limited upside is capped at the fixed Digital Return even if Brent appreciates far beyond the barrier.
• Credit risk of both JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
• Liquidity risk: Notes are not listed; secondary bids, if any, likely below issue price and may reflect an internal funding rate.
• Estimated value discount to issue price reflects embedded costs (commissions, hedging, structuring) and is expected to amortise over roughly seven months.
• Tax uncertainty: treated as an “open transaction” for U.S. tax purposes; IRS could challenge this view.

In short, investors receive a fixed 11-12 % return if Brent does not fall more than 30 % over 15 months, but assume unlimited downside beyond that point and face typical structured-product complexities (valuation opacity, liquidity constraints, credit exposure and tax ambiguity).

Bank of Montreal (BMO) is marketing senior unsecured Medium-Term Notes, Series K – Autocallable Barrier Notes with Contingent Coupons linked to the common stock of The PNC Financial Services Group, Inc. (PNC). The $1,000-denominated notes are expected to price on 20 Jun 2025, settle on 25 Jun 2025 and mature on 26 Jun 2028, unless automatically called earlier.

Income profile: Investors receive a quarterly Contingent Coupon of 2.4375 % (≈9.75 % p.a.) if PNC’s closing price on each Observation Date is ≥70 % of the Initial Level (the Coupon Barrier). Missed coupons are not made up.

Autocall feature: Starting 23 Sep 2025, the notes are automatically redeemed at par plus the due coupon if PNC closes >100 % of the Initial Level (Call Level) on any Observation Date. After redemption no further payments accrue.

Principal repayment: • If not called and PNC’s Final Level on 21 Jun 2028 is ≥70 % of the Initial Level (no Trigger Event), investors receive full principal plus the final coupon.
• If the Final Level is <70 %, principal is reduced 1 % for every 1 % decline from the Initial Level, down to zero at worst.

Key terms

• Coupon/Trigger/Coupon Barrier Level: 70 % of Initial Level
• Minimum denomination: $1,000; CUSIP 06376EL91
• Estimated initial value: $967.10 per $1,000 (≈3.3 % discount to issue price); will not be less than $920 at pricing
• Issuer credit risk: unsecured obligations of Bank of Montreal
• Listing & liquidity: not exchange-listed; secondary market, if any, only via BMO Capital Markets (BMOCM)

Risk highlights: investors face (1) market risk on PNC shares, (2) potential loss of up to 100 % of principal if a Trigger Event occurs, (3) issuer credit risk, (4) lack of liquidity, and (5) uncertain tax treatment. The note’s return is capped at the coupons; upside in PNC above par delivers no additional gain.

Bank of Montreal has filed a pricing supplement for Autocallable Barrier Notes with Contingent Coupons due June 30, 2026, linked to the performance of the S&P 500 and Russell 2000 indices. The notes offer:

• Quarterly contingent coupon payments of 2.725% (10.90% per annum) if both indices close above their Coupon Barrier Levels (70% of Initial Levels)
• Automatic early redemption starting September 2025 if both indices close above their Initial Levels
• No guaranteed principal protection; investors risk losing principal if: - Any index falls below its Trigger Level (70% of Initial Level) during monitoring period AND - The worst-performing index closes below its Initial Level at maturity

The notes will be issued in $1,000 denominations with an estimated initial value of $984.70 per note. They are subject to Bank of Montreal's credit risk and will not be listed on any securities exchange. The offering includes selling concessions up to 0.725% and targets investors seeking quarterly income while accepting potential principal loss.

Bank of Montreal (BMO) is offering senior, unsecured Medium-Term Notes, Series K – “Autocallable Barrier Notes with Memory Coupons” – linked to the common shares of Apple (AAPL), Amazon (AMZN) and NVIDIA (NVDA). The three-year notes (expected Pricing Date 26-Jun-2025, Maturity 03-Jul-2028) provide quarterly contingent coupons of 5.2125 % (≈20.85 % p.a.) if, on each Observation Date, all three reference stocks close at or above their Coupon Barrier Level (70 % of Initial Level). Missed coupons are not lost; they may be paid later under the “Memory Coupon” feature.

Automatic early redemption can occur on any quarterly Observation Date beginning 30-Sep-2025 if every stock closes at or above its Call Level (100 % of Initial Level). In that event, investors receive par plus any due coupons and the note terminates.

Principal is at risk. If the notes are not called and at least one stock finishes below its Trigger Level (70 % of Initial Level) on the Valuation Date (28-Jun-2028), holders suffer a 1-for-1 downside exposure to the worst-performing share and will receive either: (i) a physical delivery of shares of the Least Performing Reference Asset, or (ii) at BMO’s election, the cash equivalent (both worth less than par and potentially zero). If no Trigger Event occurs, principal is repaid in full.

Key structural points:

• Issue price: 100 % of principal; minimum denomination USD 1,000.
• Initial estimated value: USD 970.10 per USD 1,000 note (≤ USD 920.00 on the Pricing Date).
• Agent: Citigroup Global Markets Inc.; up to 2.00 % selling concession; expected net proceeds ≥ 98 %.
• Notes are not listed on any exchange; liquidity will rely on dealer trading, if any.
• All payments subject to the credit risk of BMO; the notes are not FDIC or CDIC insured.

Risk highlights: possible loss of entire principal; coupons not guaranteed; returns limited to coupons (no upside participation); dependence on worst-performing stock; early redemption reinvestment risk; secondary-market value likely below issue price; complex U.S. tax treatment; potential conflicts of interest for BMO and Citigroup.

Bank of Montreal has filed a Free Writing Prospectus for Digital Return Barrier Notes due August 11, 2026, linked to the performance of the S&P 500 and Russell 2000 indices. The notes offer a 9.00% digital return if the least performing index stays above 68% of its initial level.

Key features include:

• Principal at risk: Investors lose 1% for each 1% decline below 68% barrier level
• Minimum denomination: $1,000
• Estimated initial value: $987.50 per $1,000 principal
• Settlement Date: July 11, 2025
• Agent's Commission: Up to 0.43%

Notable risks include potential loss of entire principal, limited upside capped at 9% digital return, and exposure to small-cap volatility through Russell 2000 index. Returns are determined by worst-performing index only. The notes are subject to Bank of Montreal's credit risk and will not be FDIC or CDIC insured.