MicroSectors™ Energy 3X Leveraged ETN SEC Filings

The Toronto-Dominion Bank (TD) is offering $5,050,000 aggregate principal of Enhanced Trigger Jump Securities with Auto-Callable Feature (Senior Debt Securities, Series H) maturing 1 July 2027. The notes are linked to the worst-performing of three equity benchmarks: the Nasdaq-100 (NDX), S&P 500 (SPX) and EURO STOXX 50 (SX5E).

Structure & key economics

• Denomination: $1,000 per security; minimum investment one security.
• No periodic coupons and no principal protection.
• Auto-call: if, on any of four scheduled determination dates before maturity, the closing level of each index is at least its initial level, TD will automatically redeem the notes for a cash amount equal to principal plus a fixed premium that equates to approximately 10.40% simple annual return. Early-redemption payments per $1,000 note: $1,104 (Jul 2026), $1,130 (Oct 2026), $1,156 (Dec 2026) and $1,182 (Apr 2027).
• Maturity payout: if not previously redeemed and every index closes at or above 75 % of its initial level on 28 Jun 2027, investors receive $1,208 per note (≈ 20.8% total).
• If the final level of any index is below its 75 % trigger, repayment equals $1,000 + ($1,000 × worst-index return), creating a 1 : 1 downside exposure that can reduce the payment to zero.
• Initial/trigger levels: NDX 22,534.20 / 16,900.65; SPX 6,173.07 / 4,629.8025; SX5E 5,325.64 / 3,994.23.
• Pricing date: 27 Jun 2025; issue date: 2 Jul 2025 (T+3 settlement). Estimated value on the pricing date: $966.10; public price: $1,000.
• Distribution costs: $20 sales commission + $5 structuring fee per note; proceeds to issuer $975.
• Credit & liquidity: senior unsecured obligation of TD; not FDIC/CDIC insured; not listed on any exchange; secondary market, if any, is expected to be limited and at prices below issue price.

Risk highlights

• Investors face full principal risk if the worst index falls more than 25 % at maturity.
• Returns are capped at fixed amounts; investors do not participate in any index upside beyond the stated premiums.
• Worst-of structure increases likelihood of loss because a single underperforming index drives outcomes.
• The notes’ estimated value is 3.4 % below issue price, reflecting distribution and hedging costs.
• No interim interest, dividend entitlement or listing; early redemption may occur when reinvestment opportunities are uncertain.
• All payments depend on TD’s creditworthiness.

The securities target investors who can tolerate equity-like downside, limited upside and illiquidity in exchange for the potential of ~10.40 % simple annualized returns if all three indices meet predefined thresholds.

JPMorgan Chase Financial Company LLC is offering Auto Callable Yield Notes due July 20, 2026 that are fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a minimum interest rate of 22.35% per annum (≈1.8625% monthly) on $1,000 denominations, provided the notes have not been automatically called. Payments are tied to the individual performance of three reference stocks—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) and NVIDIA Corp. (NVDA)—rather than to a basket.

Automatic call feature: Beginning January 15, 2026 and on each monthly Review Date thereafter (except the final one), the notes are called if the closing price of each reference stock is at or above its Initial Value. Upon a call, investors receive $1,000 principal plus the scheduled interest for that month; no further payments are made.

Principal risk: If the notes are not called and the Final Value of any reference stock is below 60% of its Initial Value (the Trigger Value), repayment of principal is reduced by the percentage decline of the worst–performing stock (the “Least Performing Reference Stock”). Investors can lose more than 40% and up to 100% of principal.

• Pricing date: on or about July 15, 2025; settlement July 18, 2025
• Estimated value: approximately $955.70 per $1,000 note today; final estimated value will not be lower than $920.00
• Fees: selling commissions up to $15 per $1,000; original issue price embeds hedging and structuring costs
• Credit exposure: unsecured, unsubordinated obligations of JPMorgan Financial; subject to JPMorgan Chase & Co. credit risk
• Liquidity: not listed; resale depends on JPMS bid, which is expected to be lower than issue price and may be unavailable
• CUSIP: 48136FMR0; minimum purchase $1,000

Illustrative scenarios highlight (1) an 11.175% total return if called on the first Review Date, (2) a 22.35% total return if held to maturity with all stocks above the Trigger, and (3) a −27.65% total return when the worst stock falls 50% below its Initial Value at final valuation.

Key risks disclosed include potential loss of principal, limited upside to interest only, exposure to the worst-performing stock, early-call reinvestment risk, lack of dividend entitlement, secondary-market discounting, and conflicts of interest arising from JPMorgan’s multiple roles. The notes are not FDIC-insured.

Bank of Montreal (BMO) is offering three-year, unsecured Senior Medium-Term Notes, Series K – “Capped Buffer Enhanced Return Notes” – linked to the S&P 500 Index. The notes price on 28 July 2025, settle on 31 July 2025 and mature on 2 August 2027. Investors receive:

• 150 % leveraged upside on any positive index performance, but returns are capped at 13.50 %, producing a maximum redemption of $1,135 per $1,000 note.
• A 20 % downside buffer: if the S&P 500 falls ≤20 % versus the Initial Level, principal is repaid in full.
• If the index declines >20 %, repayment is reduced 1-for-1 beyond the buffer, exposing holders to up to an 80 % loss of principal.

No periodic coupons are paid and the notes will not be listed on any exchange; secondary liquidity depends solely on the agent, BMO Capital Markets Corp. (BMOCM). The public offer price is 100 % of face value; BMOCM retains a 2.75 % selling commission (adjustable for fee-based accounts).

The offering is subject to BMO’s credit risk; the estimated initial value is $960.70, at least $915 on pricing, reflecting embedded costs and hedging. The product’s payoff structure is illustrated through extensive hypothetical tables, confirming that upside is limited while downside beyond the 20 % buffer is significant.

Comprehensive risk factors highlight:

• Credit risk of BMO.
• Market risk tied to S&P 500 movements, potential loss of up to 80 %.
• Liquidity risk – no listing and discretionary market-making.
• Tax uncertainty – treated as prepaid derivative contracts for U.S. federal tax purposes, subject to potential IRS reinterpretation.
• Conflict of interest – BMOCM acts as calculation agent and hedge provider.

Because the upside cap (13.5 % over three years) is relatively low versus conventional fixed-rate debt and the initial value discount embeds fees, the notes suit investors with a moderately bullish view on U.S. equities who desire limited protection against moderate declines but accept credit and liquidity risks.

Bank of Montreal (BMO) is offering three-year, unsecured Senior Medium-Term Notes, Series K – “Capped Buffer Enhanced Return Notes” – linked to the S&P 500 Index. The notes price on 28 July 2025, settle on 31 July 2025 and mature on 2 August 2027. Investors receive:

• 150 % leveraged upside on any positive index performance, but returns are capped at 13.50 %, producing a maximum redemption of $1,135 per $1,000 note.
• A 20 % downside buffer: if the S&P 500 falls ≤20 % versus the Initial Level, principal is repaid in full.
• If the index declines >20 %, repayment is reduced 1-for-1 beyond the buffer, exposing holders to up to an 80 % loss of principal.

No periodic coupons are paid and the notes will not be listed on any exchange; secondary liquidity depends solely on the agent, BMO Capital Markets Corp. (BMOCM). The public offer price is 100 % of face value; BMOCM retains a 2.75 % selling commission (adjustable for fee-based accounts).

The offering is subject to BMO’s credit risk; the estimated initial value is $960.70, at least $915 on pricing, reflecting embedded costs and hedging. The product’s payoff structure is illustrated through extensive hypothetical tables, confirming that upside is limited while downside beyond the 20 % buffer is significant.

Comprehensive risk factors highlight:

• Credit risk of BMO.
• Market risk tied to S&P 500 movements, potential loss of up to 80 %.
• Liquidity risk – no listing and discretionary market-making.
• Tax uncertainty – treated as prepaid derivative contracts for U.S. federal tax purposes, subject to potential IRS reinterpretation.
• Conflict of interest – BMOCM acts as calculation agent and hedge provider.

Because the upside cap (13.5 % over three years) is relatively low versus conventional fixed-rate debt and the initial value discount embeds fees, the notes suit investors with a moderately bullish view on U.S. equities who desire limited protection against moderate declines but accept credit and liquidity risks.

Bank of Montreal (BMO) is offering three-year, unsecured Senior Medium-Term Notes, Series K – “Capped Buffer Enhanced Return Notes” – linked to the S&P 500 Index. The notes price on 28 July 2025, settle on 31 July 2025 and mature on 2 August 2027. Investors receive:

• 150 % leveraged upside on any positive index performance, but returns are capped at 13.50 %, producing a maximum redemption of $1,135 per $1,000 note.
• A 20 % downside buffer: if the S&P 500 falls ≤20 % versus the Initial Level, principal is repaid in full.
• If the index declines >20 %, repayment is reduced 1-for-1 beyond the buffer, exposing holders to up to an 80 % loss of principal.

No periodic coupons are paid and the notes will not be listed on any exchange; secondary liquidity depends solely on the agent, BMO Capital Markets Corp. (BMOCM). The public offer price is 100 % of face value; BMOCM retains a 2.75 % selling commission (adjustable for fee-based accounts).

The offering is subject to BMO’s credit risk; the estimated initial value is $960.70, at least $915 on pricing, reflecting embedded costs and hedging. The product’s payoff structure is illustrated through extensive hypothetical tables, confirming that upside is limited while downside beyond the 20 % buffer is significant.

Comprehensive risk factors highlight:

• Credit risk of BMO.
• Market risk tied to S&P 500 movements, potential loss of up to 80 %.
• Liquidity risk – no listing and discretionary market-making.
• Tax uncertainty – treated as prepaid derivative contracts for U.S. federal tax purposes, subject to potential IRS reinterpretation.
• Conflict of interest – BMOCM acts as calculation agent and hedge provider.

Because the upside cap (13.5 % over three years) is relatively low versus conventional fixed-rate debt and the initial value discount embeds fees, the notes suit investors with a moderately bullish view on U.S. equities who desire limited protection against moderate declines but accept credit and liquidity risks.

Bank of Montreal (BMO) is offering US$5.333 million of Senior Medium-Term Notes, Series K ― Autocallable Barrier Notes with Contingent Coupons ― linked to the common stock of NVIDIA Corporation (NVDA). The securities are two-year structured notes priced on 07-Jul-2025, settle on 10-Jul-2025 and mature on 11-Jan-2027, unless automatically redeemed earlier.

Contingent coupon mechanics: Investors receive a 0.93% monthly coupon (≈11.16% p.a.) only if NVDA’s closing price on each monthly Observation Date is at or above the Coupon Barrier of $85.45 (54% of the $158.24 Initial Level). If the barrier is breached on any given Observation Date, no coupon is paid for that month.

Autocall feature: Starting with the 07-Jan-2026 Observation Date, the notes are automatically redeemed at par plus the regular coupon if NVDA closes at or above the Call Level (100% of the Initial Level). Early redemption terminates further coupon payments and principal exposure.

Principal repayment scenarios at maturity:

• If the notes have not been called and NVDA’s Final Level is ≥ Trigger Level ($85.45), investors receive full principal plus any final coupon.
• If the Final Level is < Trigger Level, a Trigger Event occurs: BMO will deliver either (at its discretion) (i) NVDA shares worth $1,000 ÷ Initial Level (≈6.32 shares) or (ii) their cash equivalent, resulting in a dollar loss that matches NVDA’s percentage decline below the Initial Level, up to a total loss of principal.

Key economic terms:

• Initial Level: $158.24
• Coupon Barrier / Trigger: $85.45 (54% of Initial Level)
• Estimated initial value: $969.66 per $1,000 (≈3.0% underwriting/structuring discount to par)
• Agent’s commission: 2.40%; net proceeds to BMO: 97.60%
• Denominations: $1,000; CUSIP: 06369N3M1

Risk highlights:

• No principal protection; investors could lose up to 100% of capital if NVDA falls >46% and the notes are not called.
• Coupon is conditional; zeros are possible for the entire term.
• Credit risk of BMO; the notes are unsecured senior obligations.
• Liquidity limits; the notes are not exchange-listed and BMOCM is under no obligation to make a secondary market.
• Pricing inefficiency; purchase price includes embedded fees, and secondary market bids are expected below par.

These notes suit yield-seeking investors comfortable with single-stock volatility (NVDA), credit exposure to BMO, and the possibility of full principal loss in exchange for double-digit contingent income.

Bank of Montreal (BMO) is offering US$3.889 million of Senior Medium-Term Notes, Series K that are Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Twilio Inc. ("TWLO"). The notes price on 7 Jul 2025, settle on 10 Jul 2025, and mature on 10 Aug 2026 unless automatically redeemed earlier.

Income feature. Investors may receive a 1.17 % monthly contingent coupon (≈14.04 % p.a.)—$11.70 per $1,000 face value—but only if, on the related Observation Date, TWLO’s closing price is at or above the Coupon Barrier Level of $70.46 (58 % of the Initial Level of $121.49). Coupons are paid on the 10th of each month starting 10 Aug 2025.

Automatic redemption. Beginning 7 Jan 2026, if TWLO closes above its Call Level (100 % of the Initial Level, $121.49) on any Observation Date, the notes will be redeemed on the next coupon payment date for par plus that coupon. No further payments will be made thereafter.

Principal repayment. If the notes are not called, repayment depends on TWLO’s performance on the 5 Aug 2026 Valuation Date. If the Final Level is ≥ the Trigger Level ($70.46), holders receive full principal ($1,000) plus the final coupon, if applicable. If the Final Level is < the Trigger Level—i.e., a Trigger Event—principal is reduced point-for-point with the share decline (e.g., a 40 % drop results in a $400 payment). Maximum loss is 100 % of principal.

Credit & liquidity. The notes are unsecured and unsubordinated obligations of BMO; all payments depend on the bank’s creditworthiness. They will not be listed; any secondary trading will rely solely on BMO Capital Markets (BMOCM) on a best-efforts basis, likely at prices below par. BMO’s initial estimated value is $967.90 per $1,000, reflecting embedded fees and hedging costs; public offering price is 100 % with a 2.15 % selling concession.

Risk highlights. Investors face (1) loss of some or all principal if TWLO falls ≥42 % at maturity, (2) possibility of receiving no coupons if TWLO remains below the barrier, (3) single-stock volatility risk, (4) issuer credit risk, (5) limited upside—returns are capped at cumulative coupons, and (6) potential illiquidity and mark-to-market volatility well below par.

Target investor. The product suits investors seeking high potential income, willing to forgo upside in TWLO, accept issuer credit risk, tolerate single-equity volatility, and potentially hold to maturity.

Bank of Montreal (BMO) is offering US$3.889 million of Senior Medium-Term Notes, Series K that are Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Twilio Inc. ("TWLO"). The notes price on 7 Jul 2025, settle on 10 Jul 2025, and mature on 10 Aug 2026 unless automatically redeemed earlier.

Income feature. Investors may receive a 1.17 % monthly contingent coupon (≈14.04 % p.a.)—$11.70 per $1,000 face value—but only if, on the related Observation Date, TWLO’s closing price is at or above the Coupon Barrier Level of $70.46 (58 % of the Initial Level of $121.49). Coupons are paid on the 10th of each month starting 10 Aug 2025.

Automatic redemption. Beginning 7 Jan 2026, if TWLO closes above its Call Level (100 % of the Initial Level, $121.49) on any Observation Date, the notes will be redeemed on the next coupon payment date for par plus that coupon. No further payments will be made thereafter.

Principal repayment. If the notes are not called, repayment depends on TWLO’s performance on the 5 Aug 2026 Valuation Date. If the Final Level is ≥ the Trigger Level ($70.46), holders receive full principal ($1,000) plus the final coupon, if applicable. If the Final Level is < the Trigger Level—i.e., a Trigger Event—principal is reduced point-for-point with the share decline (e.g., a 40 % drop results in a $400 payment). Maximum loss is 100 % of principal.

Credit & liquidity. The notes are unsecured and unsubordinated obligations of BMO; all payments depend on the bank’s creditworthiness. They will not be listed; any secondary trading will rely solely on BMO Capital Markets (BMOCM) on a best-efforts basis, likely at prices below par. BMO’s initial estimated value is $967.90 per $1,000, reflecting embedded fees and hedging costs; public offering price is 100 % with a 2.15 % selling concession.

Risk highlights. Investors face (1) loss of some or all principal if TWLO falls ≥42 % at maturity, (2) possibility of receiving no coupons if TWLO remains below the barrier, (3) single-stock volatility risk, (4) issuer credit risk, (5) limited upside—returns are capped at cumulative coupons, and (6) potential illiquidity and mark-to-market volatility well below par.

Target investor. The product suits investors seeking high potential income, willing to forgo upside in TWLO, accept issuer credit risk, tolerate single-equity volatility, and potentially hold to maturity.

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering “Worst-of” SPX & MID Jump Securities due July 28, 2028. The $1,000-denominated structured notes combine an auto-call after one year with leveraged upside and contingent downside protection.

• Underliers: S&P 500 Index (SPX) and S&P MidCap 400 Index (MID). The worst performer drives all payouts.
• Automatic early redemption: If on the first determination date (Jul 29 2026) each index closes at or above its initial level (100 % call threshold), holders receive an early redemption payment of $1,153.50 (≈15.35 % return) and the note terminates.
• Upside at maturity: If not called, the note pays 125 % of any positive worst-of index return; example: +40 % index rise pays $1,500.
• Downside: Principal is protected only down to the 70 % downside threshold. A decline beyond –30 % produces a 1-for-1 loss on the entire decline (e.g., –31 % worst-of level pays $690; –100 % pays $0).
• Key dates: Pricing Jul 25 2025, Maturity Jul 28 2028. CUSIP 61778NJN2.
• Estimated value: $975.60 (within ±$45) versus $1,000 issue price, reflecting issuer spread and hedging costs.

Risk highlights (from the filing): no periodic interest, no principal guarantee, credit exposure to Morgan Stanley, potential illiquidity (no exchange listing), model-based valuation, worst-of structure amplifies downside, tax treatment uncertain.