MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K – “Digital Return Notes” maturing on 7 Aug 2028. The notes are linked to the common stock of Fortinet, Inc. (FTNT) and are issued under Registration Statement No. 333-285508.

Digital payoff structure

• Digital Return: 24.50% ($245 per $1,000) if the Final Level ≥ Initial Level (Digital Barrier = 100%).
• Principal protection: If the Final Level is below the Initial Level, investors receive only the $1,000 principal – no upside or downside beyond return of principal.
• No interim coupons or dividends; cash settlement only.

Key dates & economics

• Pricing Date: 31 Jul 2025 (expected)
• Issue/Settlement: 5 Aug 2025 (T+3)
• Valuation Date: 2 Aug 2028
• Maturity: 7 Aug 2028 (3-year tenor)
• Price to public: 100% of principal; Agent’s commission: up to 0.75%; Net proceeds to issuer: at least 99.25%.
• Estimated initial value: $974.90 per $1,000 (97.49%), not less than $925 at pricing—reflects internal funding rate and hedge costs.
• Minimum denomination: $1,000; CUSIP 06376ESC7; the notes will not be listed on any exchange.

Risk highlights

• Return is capped at 24.5% and may lag conventional debt or direct FTNT equity exposure.
• No periodic interest; opportunity cost vs. fixed-rate bonds.
• Credit exposure to BMO; price may be affected by BMO credit spreads.
• Limited liquidity—BMOCM may make a market but is not obliged to do so.
• Initial value below issue price creates built-in negative yield if Digital Return is not realized.
• Tax treatment likely as contingent payment debt instrument; U.S. holders accrue taxable income annually.

The product targets investors who are moderately bullish to neutral on FTNT over three years and who value full principal protection with a defined, but capped, upside.

Bank of Montreal (BMO) plans to issue Senior Medium-Term Notes, Series K – “Digital Return Notes” – that mature on August 07 2028 and are linked to the ordinary shares of Spotify Technology S.A. (SPOT). The notes offer a fixed 26.65% digital return on each $1,000 principal amount if, on the August 02 2028 Valuation Date, the Spotify share price is at or above its July 31 2025 Initial Level. Should the Final Level be below the Initial Level, investors simply receive the principal back; no downside participation or interest is provided.

• Key dates: Pricing Date – Jul 31 2025; Settlement – Aug 05 2025; Maturity – Aug 07 2028.
• Digital Barrier Level: 100% of Initial Level (at-the-money).
• Estimated initial value: $976.50 per $1,000 (at issuance, ≥ $930.00 floor).
• Fees: Up to 0.75% selling commission; net proceeds ≥ 99.25% of principal.
• Denomination: $1,000; CUSIP 06376ESB9; not exchange-listed.
• Credit exposure: All payments rely on BMO’s ability to pay; the notes are unsecured and unsubordinated.

Main risk / reward profile

• Capped upside: Maximum gain is 26.65%, even if SPOT doubles or triples.
• Principal protection, but no yield: Investors face opportunity cost versus conventional bonds and must hold to maturity for any return.
• Liquidity & valuation: No exchange listing and secondary market making is at the agent’s discretion. Note pricing may include dealer mark-ups and could trade below par.
• Taxation: Expected to be treated as contingent-payment debt instruments; U.S. holders accrue taxable income annually despite no cash flow.

In essence, the security converts equity risk in Spotify into a binary payoff: full principal plus 26.65% if SPOT is flat or up over three years, or principal only if SPOT declines. Investors are compensated for assuming BMO credit risk, illiquidity, and capped upside through the possibility of a 26.65% lump-sum return.

On 10 July 2025 HSBC Holdings plc executed another tranche of its US$2.4 billion share-buyback programme announced on 6 May 2025. The bank repurchased 1,284,042 ordinary shares in total—722,842 on UK venues at a VWAP of £9.1380 and 561,200 on the Hong Kong Stock Exchange at a VWAP of HK$96.8409.

Since the programme’s launch, 205,802,251 shares have been acquired for cancellation for an aggregate consideration of approximately US$2.4059 billion. Following cancellation of the UK-venue shares, HSBC’s issued share capital stands at 17,454,203,886 voting shares, with no treasury stock. A separate notice will be released once the Hong Kong shares are cancelled.

The cumulative buy-back represents roughly 1.2 % of the current share base, providing a modest tailwind to EPS and ROE while signalling management’s confidence in the bank’s capital position.

Bank of Montreal (BMO) is offering unsecured Senior Medium-Term Notes, Series K that are digitally linked to the performance of the S&P 500® Index over a tenor of roughly 20-23 months. The notes are issued at $1,000 each, pay no periodic interest and will not be listed on any exchange, so investors should be prepared to hold to maturity.

Payout mechanics:

• If the final index level is ≥ 87.5 % of the initial level (-12.5 % or better performance), holders receive a fixed Threshold Settlement Amount expected between $1,127.60 and $1,150.10 (≈ +12.76 % to +15.01 %).
• If the final index level is < 87.5 %, principal is eroded at a buffer rate of ≈ 114.29 %. For every 1 % the Index falls below the 87.5 % threshold, investors lose about 1.1429 % of principal; a 50 % Index drop would return roughly $571.43, and a total Index collapse would return $0.

Key structural features:

• Downside buffer: 12.5 % protection against index decline.
• Upside cap: returns are capped at the Threshold Settlement Amount; investors do not participate in any index appreciation beyond the threshold.
• Credit exposure: All payments rely on BMO’s ability to pay; the notes carry BMO’s senior debt risk and are not insured or bail-inable.
• Liquidity: No exchange listing; any resale depends on BMO Capital Markets’ (BMOCM) willingness to bid, which it is not obligated to do.
• Estimated value: Initial fair value is expected at $969-$999, i.e., up to 3.1 % below the issue price, reflecting structuring and hedging costs.
• Tax status: BMO intends to treat the notes as open transactions; U.S. tax treatment is uncertain and no IRS ruling will be sought.

The product suits investors who:
• expect the S&P 500® to finish slightly above –12.5 % over ~2 years;
• are comfortable with capped upside, potential significant downside, and BMO credit risk;
• do not require interim income or liquidity.

Overview: Bank of Montreal (BMO) is offering $1,000-denominated Market Linked Securities that are auto-callable, carry a contingent coupon with a “memory” feature, and expose principal to contingent downside risk. The notes are linked to the lower performer of ServiceNow, Inc. (NOW) and NVIDIA Corporation (NVDA) common stock and mature on 20 July 2028.

Key economic terms

• Contingent coupon: ≥17.70% p.a., paid quarterly when the lowest-performing underlier closes ≥70 % of its starting value; missed coupons accrue and may be paid later if the test is subsequently met.
• Auto-call feature: If, on any quarterly calculation day from Jan-2026 through Apr-2028, the lowest performer is ≥100 % of its starting value, the note is called and investors receive par plus the scheduled coupon three business days later.
• Downside protection: Only applies down to 70 % of the starting value. If, at final valuation, the lowest performer is <70 %, repayment = $1,000 × performance factor, resulting in principal loss of more than 30 % and up to 100 %.
• Estimated initial value: $965.30 (≈3.5 % below offer price); final estimate will not be below $915.00.
• Fees: Up to 2.325 % selling concession to Wells Fargo Securities (with additional dealer fees up to 0.30 %).

Risk highlights

• No fixed interest—investors may receive zero coupons for the entire 3-year-plus term.
• Full downside exposure below the 70 % threshold and no upside participation in either stock’s appreciation.
• Notes are unsecured obligations of BMO; repayment depends on the issuer’s creditworthiness.
• Not exchange-listed; secondary liquidity is uncertain and pricing may materially diverge from intrinsic value.
• Estimated value below par and embedded fees reduce investor value at issuance.

Investor profile: Suited only for investors who (i) are comfortable with equity risk in NOW and NVDA, (ii) seek elevated income, (iii) can tolerate potential loss of principal, and (iv) do not require liquidity before maturity.

Bank of Montreal (Issuer) has filed a Free Writing Prospectus for a new structured product: Autocallable Barrier Notes with Contingent Coupons (CUSIP 06376ERW4). The notes link to the performance of the S&P 500 Index (SPX) and the Russell 2000 Index (RTY) and have an approximate 3-year term (settlement 23 Jul 2025, maturity 24 Jul 2028).

Key economic terms

• Contingent interest: ~7.00% p.a. (1.75% quarterly) paid only if, on an Observation Date, each reference asset is ≥ its 70% Coupon Barrier.
• Automatic call: From 21 Jul 2026 onward, if, on any Observation Date, each index closes ≥ its initial level (100%), the notes are redeemed at par plus the current coupon.
• Downside exposure: If not called and any index closes < 70% of its initial level on the Valuation Date, investors suffer a 1-for-1 loss on the worst-performing index, potentially losing the entire principal.
• Trigger/Coupon Barrier/Call levels: 70% / 70% / 100% of initial level for each index.
• Minimum investment: USD 1,000 in $1,000 increments; the notes are not exchange-listed; secondary liquidity, if any, will be provided by BMO Capital Markets.

Risk highlights

• Principal at risk and no guaranteed coupons.
• Returns depend solely on the least-performing index.
• Early redemption limits upside and reinvestment options.
• Credit exposure to Bank of Montreal as unsecured debt.

The FWP must be read alongside the preliminary pricing supplement dated 09 Jul 2025, product supplement, prospectus supplement, and base prospectus (all March 25 2025).

Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K, classified as Market Linked Securities—Auto-Callable with Contingent Coupon (memory feature) and Contingent Downside Principal at Risk, linked to the lowest performing of ServiceNow, Inc. (NOW) and NVIDIA Corporation (NVDA). The notes mature on July 20 2028, can be called quarterly from January 2026 through April 2028, and are unsecured, unsubordinated obligations of BMO, subject to the bank’s credit risk.

Key economic terms

• Face amount: $1,000 per note; denominations of $1,000.
• Pricing date: July 17 2025; Issue date: July 22 2025.
• Contingent coupon: Paid quarterly only if the lowest performing underlier closes ≥ 70 % of its starting value on the relevant calculation day. Memory feature allows missed coupons to be paid later if a future trigger is satisfied. The coupon rate will be set on the pricing date at ≥ 17.70 % p.a.
• Automatic call: If, on any quarterly calculation day from January 2026 to April 2028, the lowest performing underlier closes ≥ its starting value, investors receive $1,000 plus the final and any unpaid coupons, and the note terminates early.
• Downside protection: If not called, principal is protected only down to 70 % of the starting value. If the lowest performing underlier on the final calculation day is < 70 %, repayment equals $1,000 × performance factor, exposing the holder to unlimited downside below the 30 % buffer.
• Estimated initial value: $965.30 (may be as low as $915.00) per note, below the $1,000 offering price, reflecting distribution fees (agent discount up to $23.25) and hedging costs.
• No exchange listing; secondary market, if any, will be limited and at the discretionary bid of Wells Fargo Securities (agent) or affiliates, likely at a significant discount.

Risk highlights (selected)

• If not called, investors may lose > 30 % and up to 100 % of principal.
• Coupon payments are not fixed; investors could receive few or no coupons over the 3-year term.
• Returns depend solely on the worst performer each quarter; positive performance of the better stock offers no benefit.
• Credit exposure to BMO; notes are not FDIC-, CDIC- or government-insured.
• Complex structure with tax uncertainty; U.S. withholding may apply to non-U.S. holders.

Fees & distribution: Wells Fargo Securities acts as principal distributor (up to $23.25 per note). BMO Capital Markets Corp. may pay up to $3.00 per note to selected dealers for marketing support.

Investor suitability: Appropriate only for investors who can tolerate equity-level risk, are comfortable with contingent, non-guaranteed income, can accept limited liquidity, and understand the product’s complexity. Not suitable for investors seeking principal protection, fixed coupons, or full participation in equity upside.

Enovix Corp. (ENVX) – Form 4 insider filing

Chief Accounting Officer Kristina Truong reported an automatic share withholding related to the vesting of restricted stock units (RSUs) on 8 July 2025. A total of 1,677 common shares were withheld and disposed of at a price of $13.44 per share under transaction code “F,” which denotes share retention by the issuer to cover tax obligations. Following the transaction, Truong’s beneficial ownership stands at 208,377 shares, of which 176,008 shares are still subject to future RSU settlement.

No open-market purchase or discretionary sale occurred; the event is routine housekeeping for tax compliance and does not represent a directional view on the company’s prospects. The filing maintains transparency around insider equity holdings but is unlikely to have a material impact on ENVX’s share price or investor thesis.

Ryde Group Ltd (NYSE American: RYDE) has filed a Form F-3 shelf registration to give itself maximum flexibility to raise capital over the next three years.

• Primary shelf: up to US$100 million in Class A ordinary shares, debt securities, warrants, rights or units that may be sold directly, or through underwriters, dealers or agents.
• Rule 415 eligibility: the company’s public float is only US$4.768 million (14.9 million non-affiliate shares at US$0.32 on 7 Jul 2025). Under Instruction I.B.5, Ryde cannot sell more than one-third of that float (≈US$1.6 million) in any 12-month period until its market value exceeds US$75 million.
• Carry-over securities: (i) 5.3 million Class A shares issuable on exercise of warrants sold in the Sept 2024 follow-on offering; (ii) conversion of the prior Form F-1 registration (File No. 333-282076) into the new shelf.
• Resale component: 8.03 million Class A shares held by Octava Fund Ltd may be offered for secondary sale. Ryde will receive no proceeds.

The filing refreshes capital-raising capacity after a series of corporate actions:

• US$12 million IPO (Mar 2024) and US$4.5 million follow-on (Sept 2024).
• Secondary listings on Frankfurt and Stuttgart (Jun 2024) and several new subsidiaries (BVI and Singapore) to support expansion.
• 40 % stake in Atoll Discovery (Jun 2025) paid with 4.85 million Ryde shares.

Business snapshot. Ryde is a Cayman Islands holding company whose operating subsidiaries in Singapore run a “super mobility app” offering car-pooling, ride-hailing (RydeX, RydeXL, RydeLUXE, RydePET, RydeTAXI) and quick-commerce parcel delivery (RydeSEND). Key strengths cited include dual-segment platform, scalable technology and experienced management.

Key risks spelled out in the prospectus:

• Early-stage growth and continuing losses; profitability hinges on reducing driver/consumer incentives.
• Intense competition from Grab, Gojek, ComfortDelGro, Lalamove and others.
• Regulatory overhang (Platform Workers Act 2024, driver classification, data privacy, AML, LTA licensing).
• Micro-cap status (US$0.32 share price), potential NYSE American listing compliance challenges and dilution from warrants, resale shares and future offerings.
• Technology, cybersecurity and brand-reputation risks inherent in ride-hailing and delivery models.

Use of proceeds will be detailed in future prospectus supplements, but typical purposes include working capital, technology investments and potential acquisitions. The company’s ability to tap the full US$100 million depends on a significant improvement in market capitalization or uplisting.

Overall, the F-3 positions Ryde to raise incremental capital quickly, continue warrant coverage and permit shareholder liquidity, while highlighting substantial competitive, operational and regulatory headwinds that investors must weigh.