MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Bank of Montreal (issuer CIK 927971) has filed a Rule 424(b)(2) pricing supplement for $633,000 of Senior Medium-Term Notes, Series K. The notes are fixed-rate, unsecured and bail-inable, carrying a 5.20% annual coupon paid semi-annually each 10 January and 10 July, beginning 10 Jan 2026. Principal is $1,000 per note, offered in $1,000 denominations.

Maturity & call structure: stated maturity 10 Jul 2037 (12-year tenor). BMO holds an issuer-only call at par on any 10 January/10 July from 10 Jul 2027 to 10 Jan 2037, with 5-30 business-day notice.

Pricing & distribution: issue price up to $1,000 per note (minimum $983 for certain fee-based accounts). Underwriting discount up to $17 (1.7%) per note, leaving $622,239 net proceeds to BMO. BMO Capital Markets acts as sole agent and may make a market but is not obligated to do so. The notes will not be listed on any exchange.

Bail-in power: As Canadian bail-inable notes, they are subject to conversion into common shares or extinguishment under the Canada Deposit Insurance Corporation Act in a resolution scenario. Holders must consent to Ontario jurisdiction and acknowledge loss-absorption terms.

Key risk factors:

• Credit risk of Bank of Montreal; unsecured claim.
• Callable structure exposes investors to reinvestment risk if rates fall.
• No active secondary market anticipated; liquidity could be limited and pricing may reflect dealer mark-ups.
• Long duration heightens sensitivity to future interest-rate moves.
• Bail-in conversion risk unique to Canadian bank debt.

Tax considerations: Counsel expects the notes to be debt instruments without original-issue discount for U.S. tax purposes; investors should consult tax advisers.

Biogen Inc. (BIIB) filed a Form 144 indicating that an affiliate intends to sell up to 2,223 common shares through Fidelity Brokerage Services on or about 07/08/2025. The proposed sale has an aggregate market value of $300,105, implying a price of roughly $135 per share. With 146,527,832 shares outstanding, the transaction represents only about 0.0015 % of Biogen’s equity float and is therefore immaterial to overall share supply.

The shares were acquired via two restricted-stock vesting events on 02/08/2025 (1,153 shares) and 02/10/2025 (1,070 shares) as compensation. The filer reports no sales in the past three months and did not disclose adoption of a Rule 10b5-1 trading plan. Form 144 is a notice of proposed disposition; the sale may or may not be executed.

No additional operational, earnings, or strategic information about Biogen is provided in this filing. Investors typically view such small-scale insider sales as routine liquidity events rather than signals of fundamental change.

Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is offering Market-Linked Securities—Auto-Callable with Contingent Downside Principal at Risk linked to the Nasdaq-100, Russell 2000 and S&P 500. Each $1,000 note may be automatically called if, on any call date, the lowest-performing underlying closes at or above its starting value. Investors then receive $1,000 plus a call premium of 12.80 % (2026), 25.60 % (2027) or 38.40 % (2028).

If not called and the lowest underlying ends below its 75 % threshold on the final calculation day (10-Jul-2028), repayment is reduced proportionally to that index’s decline, exposing investors to full downside below the threshold. The notes pay no coupons, offer no dividend participation and cap upside at the relevant call premium.

Key structural details include:

• Issuer/Guarantor: Citigroup Global Markets Holdings Inc./Citigroup Inc.
• Denomination: $1,000 and multiples thereof
• CUSIP / ISIN: 17333LHG3 / US17333LHG32
• Pricing / Issue / Maturity: 10-Jul-2025 | 15-Jul-2025 | 13-Jul-2028
• Estimated value: ≥ $911.50 per note (below public offering price)
• Agent discount: up to 2.575 %; additional concessions to dealers/WFA

Principal risks summarized in the FWP include potential loss of all principal, no interest income, multiple-underlying risk, credit risk of Citigroup, limited liquidity (unlisted), and the estimated value being lower than offer price. The product is intended for sophisticated investors able to evaluate equity index volatility, correlation and issuer creditworthiness.

Bank of Montreal is offering US$2.515 million of Senior Medium-Term Notes, Series K – Buffer Enhanced Return Notes due January 11, 2027. The unsecured notes are linked to an equally-weighted basket consisting of the shares of iShares MSCI Emerging Markets ETF (EEM), the shares of iShares MSCI EAFE ETF (EFA) and the Russell 2000 Index (RTY).

• Upside: 100% participation in any positive basket performance, capped at 19.20% (maximum redemption of $1,192 per $1,000 principal).
• Downside: A 20% buffer protects principal against moderate declines. Below an 80% Basket level, investors lose 1% of principal for each 1% additional decline, up to an 80% loss.
• Key dates: Pricing – July 03 2025; Settlement – July 09 2025; Valuation – January 06 2027; Maturity – January 11 2027.
• Initial estimated value: $985.25 per $1,000, reflecting dealer margin and hedging costs.
• Fees: 0.25% agent’s commission; proceeds to BMO 99.75% of face value.
• No interest payments, no listing on an exchange, and all payments depend on BMO’s creditworthiness.

The product targets investors comfortable exchanging interest income and unlimited upside for defined equity-linked participation with partial downside protection. However, the cap limits gains, the notes may be illiquid, and holders face issuer credit risk. A limited $2.5 million issuance suggests the notes are designed as a niche structured investment rather than a broad capital-raising event.

Bank of Montreal is offering US$2.515 million of Senior Medium-Term Notes, Series K – Buffer Enhanced Return Notes due January 11, 2027. The unsecured notes are linked to an equally-weighted basket consisting of the shares of iShares MSCI Emerging Markets ETF (EEM), the shares of iShares MSCI EAFE ETF (EFA) and the Russell 2000 Index (RTY).

• Upside: 100% participation in any positive basket performance, capped at 19.20% (maximum redemption of $1,192 per $1,000 principal).
• Downside: A 20% buffer protects principal against moderate declines. Below an 80% Basket level, investors lose 1% of principal for each 1% additional decline, up to an 80% loss.
• Key dates: Pricing – July 03 2025; Settlement – July 09 2025; Valuation – January 06 2027; Maturity – January 11 2027.
• Initial estimated value: $985.25 per $1,000, reflecting dealer margin and hedging costs.
• Fees: 0.25% agent’s commission; proceeds to BMO 99.75% of face value.
• No interest payments, no listing on an exchange, and all payments depend on BMO’s creditworthiness.

The product targets investors comfortable exchanging interest income and unlimited upside for defined equity-linked participation with partial downside protection. However, the cap limits gains, the notes may be illiquid, and holders face issuer credit risk. A limited $2.5 million issuance suggests the notes are designed as a niche structured investment rather than a broad capital-raising event.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Autocallable Barrier Securities (Medium-Term Senior Notes, Series N) linked to the worst performer of three U.S. equity indices: the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index. The $1,000-denominated notes price on 24 Jul 2025, settle on 29 Jul 2025 and mature on 29 Jul 2030 unless redeemed earlier.

Key structural terms:

• Autocall feature: 16 quarterly valuation dates (Jul-26 to Apr-30). If the worst-performing index closes at or above 90 % of its initial level, the notes are redeemed at par plus a fixed premium that starts at 6.80 % and steps up to 32.30 %.
• Upside at maturity: If not called and the worst performer ends above its initial level, investors participate 100 % in that appreciation.
• Contingent protection: Full principal repayment if the final level of the worst performer is between 70 % and 100 % of its initial value.
• Downside risk: Below the 70 % final barrier, repayment is reduced 1-for-1 with index decline, exposing investors to up to 100 % capital loss.
• No coupons; dividends on the indices are forgone.

Economics & costs: Issue price is $1,000; estimated value on pricing date is projected at ≥ $904.50, reflecting structuring costs, a variable underwriting fee of up to $37.50 (3.75 %) and dealer hedging gains. Notes will not be exchange-listed; secondary liquidity, if any, will be provided solely by CGMI on an uncommitted basis and will embed bid/ask spreads and a four-month post-issuance price adjustment.

Risk highlights (see PS-8 to PS-10): credit exposure to both Citigroup Global Markets Holdings Inc. and Citigroup Inc.; potential loss of entire investment; multi-underlying correlation risk; valuation dependent only on observation dates, increasing path-dependency; illiquidity; pricing/valuation conflicts, and uncertain U.S. tax treatment (pre-paid forward contract assumption; no Section 871(m) withholding expected prior to 2027).

Investor profile: Suitable only for sophisticated investors comfortable with equity index volatility, issuer credit risk, lack of income, and limited liquidity, and who seek enhanced return potential via periodic autocall premiums or 100 % upside participation, while accepting the possibility of significant downside.

Canadian Imperial Bank of Commerce (CIBC) is marketing Trigger Autocallable Contingent Yield Notes linked to the least-performing of the S&P 500 Index (SPX) and the Russell 2000 Index (RTY). The senior unsecured notes carry a three-year tenor, settling 14 Jul 2025 and maturing 13 Jul 2028, unless automatically called.

Income mechanics. Investors may receive a quarterly contingent coupon of 9.35 %-9.85 % p.a. (2.3375 %-2.4625 % per quarter) only if, on each Coupon Determination Date, the closing level of both indices is at or above 70 % of their respective Initial Levels (the Coupon Barriers). Miss the barrier on any date and that quarter’s coupon is forfeited. The first determination date is 9 Oct 2025.

Auto-call feature. Starting 9 Jan 2026 every quarterly determination date also serves as a Call Observation Date. If both indices close at or above their Initial Levels, CIBC will redeem the notes at par plus the due coupon; no further payments will be made. Earliest possible call is roughly six months after issuance.

Principal repayment. If the notes are not called, repayment at maturity depends solely on the performance of the Least Performing Underlying. Investors receive par plus the final coupon only if that index finishes at or above its 70 % Downside Threshold. Otherwise, repayment is par × (1 + Underlying Return), exposing holders to a loss of up to 100 % of principal.

Key terms.

• Denomination : $10 per note; $1,000 minimum investment
• Initial estimated value : $9.687-$9.887 per $10 (below issue price)
• Listing : None; secondary liquidity relies on CIBCWM
• Credit risk : Senior unsecured obligations of CIBC; not CDIC or FDIC insured

Risk highlights. Coupons are contingent, principal is at risk below the 70 % threshold, and performance is driven by the worst-performing index. Multiple index linkage increases the probability of missed coupons and principal loss. Investors also face CIBC credit risk, early-call reinvestment risk, valuation uncertainty (initial value below issue price), and limited secondary market depth.

Target investor profile. The notes suit investors seeking high conditional income, who have a constructive to moderately neutral outlook on both large-cap and small-cap U.S. equities, can tolerate full downside exposure to the weaker index, and are comfortable with complex structures and low liquidity.

Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K – “Autocallable Barrier Notes with Contingent Coupons” – maturing 21 July 2028. The $1,000-denominated unsecured notes are linked to the least-performing of three major U.S. equity indices: the S&P 500 (SPX), NASDAQ-100 (NDX) and Russell 2000 (RTY).

• Contingent coupon: 0.7542 % paid monthly (≈ 9.05 % p.a.) if, on the relevant Observation Date, the closing level of each index is ≥ 70 % of its Initial Level (the “Coupon Barrier”). No coupon is paid for any month in which at least one index closes below its Coupon Barrier.
• Automatic early redemption: Beginning 15 Jan 2026, the notes are called on any Observation Date when all indices are > 100 % of their Initial Levels. Investors then receive par plus the coupon due for that period; no further payments are made.
• Principal repayment at maturity: If not previously redeemed, holders receive par unless any index has fallen < 60 % of its Initial Level (the “Trigger Level”). A Trigger Event causes a loss of 1 % of principal for every 1 % decline in the worst-performing index, potentially down to $0.
• Credit & liquidity: All payments depend on BMO’s credit; the notes are not CDIC/FDIC insured and will not be listed on an exchange. Estimated initial value is $985.20 (range: ≥ $935) versus a public offering price of 100 % of par; up to 0.70 % selling commission applies.
• Key dates (expected): Pricing 16 Jul 2025; Settlement 21 Jul 2025; Valuation 18 Jul 2028; Maturity 21 Jul 2028. Monthly coupons and observation dates fall on the 21st of each month (adjusted for business days).

Risk highlights include potential loss of entire principal, non-payment of any coupons, dependence on the worst-performing index, limited secondary market, and BMO credit risk. The product offers high conditional income and possible early return of capital, but no participation in upside beyond coupon payments.