[Form 4] zSpace, Inc. Common stock Insider Trading Activity

Q: What indices are the BMO Digital Return Barrier Notes linked to?

The notes track the NASDAQ-100 (NDX), Russell 2000 (RTY) and Dow Jones Industrial Average (INDU) ; performance is based on the worst-performing index.

Q: Are the notes protected by FDIC or CDIC insurance?

No. The notes are unsecured obligations of Bank of Montreal and are not insured by FDIC, CDIC or any other agency.

Q: What is the estimated initial value compared with the issue price?

BMO estimates the notes’ initial value at $962.30 per $1,000 , reflecting dealer fees and hedging costs; the public pays 100% of face.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Bank of Montreal (BMO) is issuing US$90,000 of Senior Medium-Term Notes, Series K—“Digital Return Barrier Notes” due July 3, 2030. The notes are unsecured, unsubordinated obligations linked to the least-performing of three U.S. equity benchmarks: the NASDAQ-100 Index (NDX), the Russell 2000 Index (RTY) and the Dow Jones Industrial Average (INDU).

Key economic terms

Digital Return: 61.00% of principal.
Digital Barrier Level: 100% of each index’s initial level (no decline permitted for the digital payout).
Barrier Level: 70% of initial level. If the least-performing index closes below this level on the valuation date, principal is lost 1-for-1 with the index decline (up to −100%).
Upside Participation: If the least-performing index gains more than 61%, holders receive full participation in that appreciation.
Tenor: 5-year term, priced June 30 2025, settles July 3 2025, matures July 3 2030.
Denomination: $1,000; CUSIP 06376EGB2.
Issue price: 100% of face; agent’s commission 0.50%.
Estimated initial value: $962.30 per $1,000 note (reflecting structuring and hedging costs).

Risk highlights

No periodic interest and no principal protection below a 30% index decline.
Performance tied solely to the worst-performing index; positive moves in the other two indices do not help if one underperforms.
Credit risk: payments depend on BMO’s ability to pay; the notes are not FDIC or CDIC insured.
Limited liquidity: the notes are not exchange-listed; any secondary trading is at the agent’s discretion and likely at a discount.
Tax treatment uncertain; issuer assumes prepaid derivative contract characterization.

Illustrative payouts from the issuer’s table:

Index up 10% → investor receives $1,610 (61% fixed return).
Index unchanged → investor still receives $1,610 (61%).
Index down 20% (above 70% barrier) → investor receives principal ($1,000).
Index down 40% → investor receives $600 (40% loss).

Because the face amount is de minimis relative to BMO’s balance sheet and no new financial information about the bank is provided, the filing is not considered material to BMO equity investors. It is, however, essential for prospective purchasers of the specific structured note.

La Bank of Montreal (BMO) emette Senior Medium-Term Notes per un valore di 90.000 USD, Serie K—"Digital Return Barrier Notes" con scadenza il 3 luglio 2030. Le note sono obbligazioni non garantite e non subordinate collegate all'indice meno performante tra tre benchmark azionari statunitensi: NASDAQ-100 Index (NDX), Russell 2000 Index (RTY) e Dow Jones Industrial Average (INDU).

Termini economici principali

Rendimento Digitale: 61,00% del capitale.
Livello Barriera Digitale: 100% del livello iniziale di ciascun indice (nessun calo ammesso per il pagamento digitale).
Livello Barriera: 70% del livello iniziale. Se l'indice meno performante chiude sotto questo livello alla data di valutazione, il capitale si perde in proporzione 1 a 1 rispetto al calo dell'indice (fino al −100%).
Partecipazione al rialzo: se l'indice meno performante cresce oltre il 61%, i detentori ricevono la partecipazione completa a tale apprezzamento.
Durata: 5 anni, prezzo fissato il 30 giugno 2025, regolamento il 3 luglio 2025, scadenza il 3 luglio 2030.
Taglio: 1.000 USD; CUSIP 06376EGB2.
Prezzo di emissione: 100% del valore nominale; commissione agente 0,50%.
Valore iniziale stimato: 962,30 USD per ogni nota da 1.000 USD (inclusi costi di strutturazione e copertura).

Rischi principali

Nessun interesse periodico e nessuna protezione del capitale in caso di calo dell'indice superiore al 30%.
La performance dipende esclusivamente dall'indice peggiore; movimenti positivi degli altri due indici non incidono se uno è in perdita.
Rischio di credito: i pagamenti dipendono dalla capacità di BMO di far fronte agli impegni; le note non sono assicurate da FDIC o CDIC.
Liquidità limitata: le note non sono quotate in borsa; eventuali negoziazioni secondarie sono a discrezione dell'agente e probabilmente a sconto.
Trattamento fiscale incerto; l'emittente assume la qualificazione come contratto derivato prepagato.

Esempi di pagamenti dalla tabella dell'emittente:

Indice +10% → investitore riceve 1.610 USD (61% rendimento fisso).
Indice invariato → investitore riceve comunque 1.610 USD (61%).
Indice -20% (sopra barriera al 70%) → investitore riceve il capitale (1.000 USD).
Indice -40% → investitore riceve 600 USD (perdita del 40%).

Poiché l'importo nominale è trascurabile rispetto al bilancio di BMO e non sono fornite nuove informazioni finanziarie sulla banca, il documento non è considerato materiale per gli investitori azionari di BMO. È però fondamentale per i potenziali acquirenti di questa specifica nota strutturata.

Bank of Montreal (BMO) emite US$90,000 en Senior Medium-Term Notes, Serie K—"Digital Return Barrier Notes" con vencimiento el 3 de julio de 2030. Las notas son obligaciones no garantizadas y no subordinadas vinculadas al índice de peor desempeño entre tres índices bursátiles estadounidenses: NASDAQ-100 Index (NDX), Russell 2000 Index (RTY) y Dow Jones Industrial Average (INDU).

Términos económicos clave

Retorno Digital: 61.00% del principal.
Nivel de Barrera Digital: 100% del nivel inicial de cada índice (no se permite descenso para el pago digital).
Nivel de Barrera: 70% del nivel inicial. Si el índice de peor desempeño cierra por debajo de este nivel en la fecha de valoración, se pierde el principal 1 a 1 con la caída del índice (hasta −100%).
Participación al alza: si el índice de peor desempeño sube más del 61%, los tenedores reciben participación completa en esa apreciación.
Plazo: 5 años, precio fijado el 30 de junio de 2025, liquidación el 3 de julio de 2025, vencimiento el 3 de julio de 2030.
Denominación: $1,000; CUSIP 06376EGB2.
Precio de emisión: 100% del valor nominal; comisión del agente 0.50%.
Valor inicial estimado: $962.30 por cada nota de $1,000 (refleja costos de estructuración y cobertura).

Aspectos destacados de riesgo

No hay intereses periódicos ni protección del principal si el índice cae más del 30%.
El rendimiento depende únicamente del índice con peor desempeño; movimientos positivos en los otros dos índices no benefician si uno está en pérdida.
Riesgo crediticio: los pagos dependen de la capacidad de BMO para cumplir; las notas no están aseguradas por FDIC o CDIC.
Liquidez limitada: las notas no cotizan en bolsa; cualquier negociación secundaria queda a discreción del agente y probablemente con descuento.
Tratamiento fiscal incierto; el emisor asume la caracterización como contrato derivado prepagado.

Pagos ilustrativos según la tabla del emisor:

Índice sube 10% → el inversor recibe $1,610 (61% retorno fijo).
Índice sin cambio → el inversor aún recibe $1,610 (61%).
Índice baja 20% (por encima de la barrera del 70%) → el inversor recibe el principal ($1,000).
Índice baja 40% → el inversor recibe $600 (pérdida del 40%).

Dado que el monto nominal es insignificante en relación con el balance de BMO y no se proporciona nueva información financiera sobre el banco, el documento no se considera material para los inversores en acciones de BMO. Sin embargo, es esencial para los compradores potenciales de esta nota estructurada específica.

뱅크 오브 몬트리올(BMO)은 2030년 7월 3일 만기인 시리즈 K ‘디지털 리턴 배리어 노트’ 선임 중기채권 90,000달러를 발행합니다. 이 노트는 담보가 없고 후순위가 아닌 채무로, 세 가지 미국 주가지수 중 최저 성과를 보이는 지수에 연동됩니다: NASDAQ-100 지수(NDX), 러셀 2000 지수(RTY), 다우존스 산업평균지수(INDU).

주요 경제 조건

디지털 리턴: 원금의 61.00%.
디지털 배리어 레벨: 각 지수 초기 수준의 100% (디지털 지급을 위해 하락 불가).
배리어 레벨: 초기 수준의 70%. 최저 성과 지수가 평가일에 이 수준 아래로 마감하면 원금은 지수 하락률에 따라 1대1로 손실(최대 −100%)이 발생합니다.
상승 참여율: 최저 성과 지수가 61% 이상 상승하면 투자자는 그 상승분을 전액 참여합니다.
만기: 5년, 2025년 6월 30일 가격 책정, 2025년 7월 3일 결제, 2030년 7월 3일 만기.
액면가: 1,000달러; CUSIP 06376EGB2.
발행 가격: 액면가의 100%; 판매 대리인 수수료 0.50%.
추정 초기 가치: 1,000달러당 962.30달러 (구조화 및 헤지 비용 반영).

위험 요약

정기 이자 없음, 지수가 30% 이상 하락하면 원금 보호 없음.
성과는 최저 성과 지수에만 연동되며, 다른 두 지수의 긍정적 움직임은 도움이 되지 않음.
신용 위험: 지급은 BMO의 지급 능력에 의존하며, 노트는 FDIC 또는 CDIC 보험에 가입되어 있지 않음.
유동성 제한: 노트는 거래소 상장되지 않음; 2차 거래는 대리인의 재량에 따라 이루어지며 할인 거래 가능성 높음.
세금 처리 불확실; 발행자는 선불 파생상품 계약으로 간주.

발행사 표에 따른 예시 지급액:

지수 10% 상승 → 투자자 1,610달러 수령 (61% 고정 수익).
지수 변동 없음 → 투자자 여전히 1,610달러 수령 (61%).
지수 20% 하락 (70% 배리어 이상) → 투자자 원금 1,000달러 수령.
지수 40% 하락 → 투자자 600달러 수령 (40% 손실).

액면 금액이 BMO 대차대조표에 비해 미미하고 은행에 대한 새로운 재무 정보가 제공되지 않아, 이 서류는 BMO 주주에게 중대하지 않은 자료로 간주됩니다. 그러나 특정 구조화 노트 구매 희망자에게는 필수적입니다.

La Bank of Montreal (BMO) émet pour 90 000 USD de Senior Medium-Term Notes, Série K—« Digital Return Barrier Notes » échéant le 3 juillet 2030. Ces notes sont des obligations non garanties et non subordonnées liées à l'indice le moins performant parmi trois indices boursiers américains : le NASDAQ-100 (NDX), le Russell 2000 (RTY) et le Dow Jones Industrial Average (INDU).

Principaux termes économiques

Rendement digital : 61,00% du capital.
Niveau de barrière digitale : 100 % du niveau initial de chaque indice (aucune baisse autorisée pour le paiement digital).
Niveau de barrière : 70 % du niveau initial. Si l’indice le moins performant clôture en dessous de ce niveau à la date d’évaluation, le capital est perdu au prorata de la baisse de l’indice (jusqu’à −100%).
Participation à la hausse : si l’indice le moins performant progresse de plus de 61%, les détenteurs bénéficient d’une participation complète à cette appréciation.
Durée : 5 ans, prix fixé au 30 juin 2025, règlement le 3 juillet 2025, échéance le 3 juillet 2030.
Nominal : 1 000 $ ; CUSIP 06376EGB2.
Prix d’émission : 100 % de la valeur nominale ; commission de l’agent 0,50 %.
Valeur initiale estimée : 962,30 $ par note de 1 000 $ (incluant les coûts de structuration et de couverture).

Points clés des risques

Pas d’intérêts périodiques et pas de protection du capital en cas de baisse de l’indice supérieure à 30 %.
La performance dépend uniquement de l’indice le moins performant ; les mouvements positifs des deux autres indices ne compensent pas si l’un sous-performe.
Risque de crédit : les paiements dépendent de la capacité de BMO à payer ; les notes ne sont pas assurées par la FDIC ou la CDIC.
Liquidité limitée : les notes ne sont pas cotées en bourse ; toute négociation secondaire est à la discrétion de l’agent et probablement à un prix décoté.
Traitement fiscal incertain ; l’émetteur considère le contrat comme un dérivé prépayé.

Exemples de paiements selon le tableau de l’émetteur :

Indice en hausse de 10 % → l’investisseur reçoit 1 610 $ (61 % de rendement fixe).
Indice stable → l’investisseur reçoit toujours 1 610 $ (61 %).
Indice en baisse de 20 % (au-dessus de la barrière à 70 %) → l’investisseur récupère le capital (1 000 $).
Indice en baisse de 40 % → l’investisseur reçoit 600 $ (perte de 40 %).

Étant donné que le montant nominal est négligeable par rapport au bilan de BMO et qu’aucune nouvelle information financière sur la banque n’est fournie, le dépôt n’est pas considéré comme matériel pour les investisseurs en actions BMO. Il est cependant essentiel pour les acheteurs potentiels de cette note structurée spécifique.

Die Bank of Montreal (BMO) gibt Senior Medium-Term Notes im Wert von 90.000 USD aus, Serie K—„Digital Return Barrier Notes“ mit Fälligkeit am 3. Juli 2030. Die Notes sind unbesicherte, nicht nachrangige Verbindlichkeiten, die an den schlechtperformendsten von drei US-Aktienbenchmarks gebunden sind: NASDAQ-100 Index (NDX), Russell 2000 Index (RTY) und Dow Jones Industrial Average (INDU).

Wichtige wirtschaftliche Bedingungen

Digitaler Ertrag: 61,00% des Kapitals.
Digitaler Barriere-Level: 100 % des Anfangsniveaus jedes Index (kein Rückgang erlaubt für die digitale Auszahlung).
Barriere-Level: 70 % des Anfangsniveaus. Wenn der schlechtperformendste Index am Bewertungstag unter diesem Niveau schließt, geht das Kapital 1:1 mit dem Indexrückgang verloren (bis zu −100 %).
Aufwärtsbeteiligung: Wenn der schlechtperformendste Index um mehr als 61 % steigt, erhalten Inhaber die volle Beteiligung an dieser Wertsteigerung.
Laufzeit: 5 Jahre, Preisfestsetzung am 30. Juni 2025, Abwicklung am 3. Juli 2025, Fälligkeit am 3. Juli 2030.
Nennwert: 1.000 USD; CUSIP 06376EGB2.
Ausgabepreis: 100 % des Nennwerts; Agenturprovision 0,50 %.
Geschätzter Anfangswert: 962,30 USD pro 1.000-USD-Note (unter Berücksichtigung von Strukturierungs- und Absicherungskosten).

Risikohighlights

Keine periodischen Zinsen und kein Kapitalschutz bei einem Indexrückgang von mehr als 30 %.
Die Performance hängt ausschließlich vom schlechtesten Index ab; positive Bewegungen der anderen beiden Indizes helfen nicht, wenn einer unterperformt.
Kreditrisiko: Zahlungen hängen von der Zahlungsfähigkeit von BMO ab; die Notes sind nicht durch FDIC oder CDIC versichert.
Begrenzte Liquidität: Die Notes sind nicht börsennotiert; der Sekundärhandel erfolgt nach Ermessen des Agenten und wahrscheinlich mit Abschlag.
Unklare steuerliche Behandlung; der Emittent geht von der Einstufung als vorab bezogenes Derivatkontrakt aus.

Beispielhafte Auszahlungen laut Tabelle des Emittenten:

Index steigt um 10 % → Anleger erhält 1.610 USD (61 % fixer Ertrag).
Index unverändert → Anleger erhält dennoch 1.610 USD (61 %).
Index fällt um 20 % (über der 70%-Barriere) → Anleger erhält den Kapitalbetrag (1.000 USD).
Index fällt um 40 % → Anleger erhält 600 USD (40 % Verlust).

Da der Nennbetrag im Verhältnis zur Bilanz von BMO gering ist und keine neuen Finanzinformationen über die Bank bereitgestellt werden, gilt die Einreichung für BMO-Aktionäre als nicht wesentlich. Für potenzielle Käufer der spezifischen strukturierten Note ist sie jedoch entscheidend.

Insights

TL;DR – Small, bespoke 5-year note offers 61% digital upside but full downside beyond 30% drop; immaterial to BMO’s finances.

At just US$90k, the issuance is clearly a client-driven custom trade rather than a capital-raising event. The structure is straightforward: investors either earn a 61% fixed gain or track full upside if the worst-performing index appreciates beyond that threshold. Principal is at significant risk below a 70% barrier, exposing holders to equity downside while bearing BMO credit risk and lacking dividends. The initial value (96.23% of face) highlights typical embedded fees. Liquidity will be thin as the notes are unlisted, and any exit is through the issuer’s desk at a bid reflecting both market movements and dealer mark-downs. For BMO shareholders, the transaction’s scale is negligible and does not affect capital or earnings. For note buyers, the product may appeal to those seeking an equity-linked payoff with defined digital return but must be weighed against alternative investments such as buffered ETFs or conventional debt.

Termini economici principali

Rendimento Digitale: 61,00% del capitale.
Livello Barriera Digitale: 100% del livello iniziale di ciascun indice (nessun calo ammesso per il pagamento digitale).
Livello Barriera: 70% del livello iniziale. Se l'indice meno performante chiude sotto questo livello alla data di valutazione, il capitale si perde in proporzione 1 a 1 rispetto al calo dell'indice (fino al −100%).
Partecipazione al rialzo: se l'indice meno performante cresce oltre il 61%, i detentori ricevono la partecipazione completa a tale apprezzamento.
Durata: 5 anni, prezzo fissato il 30 giugno 2025, regolamento il 3 luglio 2025, scadenza il 3 luglio 2030.
Taglio: 1.000 USD; CUSIP 06376EGB2.
Prezzo di emissione: 100% del valore nominale; commissione agente 0,50%.
Valore iniziale stimato: 962,30 USD per ogni nota da 1.000 USD (inclusi costi di strutturazione e copertura).

Rischi principali

Nessun interesse periodico e nessuna protezione del capitale in caso di calo dell'indice superiore al 30%.
La performance dipende esclusivamente dall'indice peggiore; movimenti positivi degli altri due indici non incidono se uno è in perdita.
Rischio di credito: i pagamenti dipendono dalla capacità di BMO di far fronte agli impegni; le note non sono assicurate da FDIC o CDIC.
Liquidità limitata: le note non sono quotate in borsa; eventuali negoziazioni secondarie sono a discrezione dell'agente e probabilmente a sconto.
Trattamento fiscale incerto; l'emittente assume la qualificazione come contratto derivato prepagato.

Esempi di pagamenti dalla tabella dell'emittente:

Indice +10% → investitore riceve 1.610 USD (61% rendimento fisso).
Indice invariato → investitore riceve comunque 1.610 USD (61%).
Indice -20% (sopra barriera al 70%) → investitore riceve il capitale (1.000 USD).
Indice -40% → investitore riceve 600 USD (perdita del 40%).

Términos económicos clave

Retorno Digital: 61.00% del principal.
Nivel de Barrera Digital: 100% del nivel inicial de cada índice (no se permite descenso para el pago digital).
Nivel de Barrera: 70% del nivel inicial. Si el índice de peor desempeño cierra por debajo de este nivel en la fecha de valoración, se pierde el principal 1 a 1 con la caída del índice (hasta −100%).
Participación al alza: si el índice de peor desempeño sube más del 61%, los tenedores reciben participación completa en esa apreciación.
Plazo: 5 años, precio fijado el 30 de junio de 2025, liquidación el 3 de julio de 2025, vencimiento el 3 de julio de 2030.
Denominación: $1,000; CUSIP 06376EGB2.
Precio de emisión: 100% del valor nominal; comisión del agente 0.50%.
Valor inicial estimado: $962.30 por cada nota de $1,000 (refleja costos de estructuración y cobertura).

Aspectos destacados de riesgo

No hay intereses periódicos ni protección del principal si el índice cae más del 30%.
El rendimiento depende únicamente del índice con peor desempeño; movimientos positivos en los otros dos índices no benefician si uno está en pérdida.
Riesgo crediticio: los pagos dependen de la capacidad de BMO para cumplir; las notas no están aseguradas por FDIC o CDIC.
Liquidez limitada: las notas no cotizan en bolsa; cualquier negociación secundaria queda a discreción del agente y probablemente con descuento.
Tratamiento fiscal incierto; el emisor asume la caracterización como contrato derivado prepagado.

Pagos ilustrativos según la tabla del emisor:

Índice sube 10% → el inversor recibe $1,610 (61% retorno fijo).
Índice sin cambio → el inversor aún recibe $1,610 (61%).
Índice baja 20% (por encima de la barrera del 70%) → el inversor recibe el principal ($1,000).
Índice baja 40% → el inversor recibe $600 (pérdida del 40%).

주요 경제 조건

디지털 리턴: 원금의 61.00%.
디지털 배리어 레벨: 각 지수 초기 수준의 100% (디지털 지급을 위해 하락 불가).
배리어 레벨: 초기 수준의 70%. 최저 성과 지수가 평가일에 이 수준 아래로 마감하면 원금은 지수 하락률에 따라 1대1로 손실(최대 −100%)이 발생합니다.
상승 참여율: 최저 성과 지수가 61% 이상 상승하면 투자자는 그 상승분을 전액 참여합니다.
만기: 5년, 2025년 6월 30일 가격 책정, 2025년 7월 3일 결제, 2030년 7월 3일 만기.
액면가: 1,000달러; CUSIP 06376EGB2.
발행 가격: 액면가의 100%; 판매 대리인 수수료 0.50%.
추정 초기 가치: 1,000달러당 962.30달러 (구조화 및 헤지 비용 반영).

위험 요약

정기 이자 없음, 지수가 30% 이상 하락하면 원금 보호 없음.
성과는 최저 성과 지수에만 연동되며, 다른 두 지수의 긍정적 움직임은 도움이 되지 않음.
신용 위험: 지급은 BMO의 지급 능력에 의존하며, 노트는 FDIC 또는 CDIC 보험에 가입되어 있지 않음.
유동성 제한: 노트는 거래소 상장되지 않음; 2차 거래는 대리인의 재량에 따라 이루어지며 할인 거래 가능성 높음.
세금 처리 불확실; 발행자는 선불 파생상품 계약으로 간주.

발행사 표에 따른 예시 지급액:

지수 10% 상승 → 투자자 1,610달러 수령 (61% 고정 수익).
지수 변동 없음 → 투자자 여전히 1,610달러 수령 (61%).
지수 20% 하락 (70% 배리어 이상) → 투자자 원금 1,000달러 수령.
지수 40% 하락 → 투자자 600달러 수령 (40% 손실).

Principaux termes économiques

Rendement digital : 61,00% du capital.
Niveau de barrière digitale : 100 % du niveau initial de chaque indice (aucune baisse autorisée pour le paiement digital).
Niveau de barrière : 70 % du niveau initial. Si l’indice le moins performant clôture en dessous de ce niveau à la date d’évaluation, le capital est perdu au prorata de la baisse de l’indice (jusqu’à −100%).
Participation à la hausse : si l’indice le moins performant progresse de plus de 61%, les détenteurs bénéficient d’une participation complète à cette appréciation.
Durée : 5 ans, prix fixé au 30 juin 2025, règlement le 3 juillet 2025, échéance le 3 juillet 2030.
Nominal : 1 000 $ ; CUSIP 06376EGB2.
Prix d’émission : 100 % de la valeur nominale ; commission de l’agent 0,50 %.
Valeur initiale estimée : 962,30 $ par note de 1 000 $ (incluant les coûts de structuration et de couverture).

Points clés des risques

Pas d’intérêts périodiques et pas de protection du capital en cas de baisse de l’indice supérieure à 30 %.
La performance dépend uniquement de l’indice le moins performant ; les mouvements positifs des deux autres indices ne compensent pas si l’un sous-performe.
Risque de crédit : les paiements dépendent de la capacité de BMO à payer ; les notes ne sont pas assurées par la FDIC ou la CDIC.
Liquidité limitée : les notes ne sont pas cotées en bourse ; toute négociation secondaire est à la discrétion de l’agent et probablement à un prix décoté.
Traitement fiscal incertain ; l’émetteur considère le contrat comme un dérivé prépayé.

Exemples de paiements selon le tableau de l’émetteur :

Indice en hausse de 10 % → l’investisseur reçoit 1 610 $ (61 % de rendement fixe).
Indice stable → l’investisseur reçoit toujours 1 610 $ (61 %).
Indice en baisse de 20 % (au-dessus de la barrière à 70 %) → l’investisseur récupère le capital (1 000 $).
Indice en baisse de 40 % → l’investisseur reçoit 600 $ (perte de 40 %).

Wichtige wirtschaftliche Bedingungen

Digitaler Ertrag: 61,00% des Kapitals.
Digitaler Barriere-Level: 100 % des Anfangsniveaus jedes Index (kein Rückgang erlaubt für die digitale Auszahlung).
Barriere-Level: 70 % des Anfangsniveaus. Wenn der schlechtperformendste Index am Bewertungstag unter diesem Niveau schließt, geht das Kapital 1:1 mit dem Indexrückgang verloren (bis zu −100 %).
Aufwärtsbeteiligung: Wenn der schlechtperformendste Index um mehr als 61 % steigt, erhalten Inhaber die volle Beteiligung an dieser Wertsteigerung.
Laufzeit: 5 Jahre, Preisfestsetzung am 30. Juni 2025, Abwicklung am 3. Juli 2025, Fälligkeit am 3. Juli 2030.
Nennwert: 1.000 USD; CUSIP 06376EGB2.
Ausgabepreis: 100 % des Nennwerts; Agenturprovision 0,50 %.
Geschätzter Anfangswert: 962,30 USD pro 1.000-USD-Note (unter Berücksichtigung von Strukturierungs- und Absicherungskosten).

Risikohighlights

Keine periodischen Zinsen und kein Kapitalschutz bei einem Indexrückgang von mehr als 30 %.
Die Performance hängt ausschließlich vom schlechtesten Index ab; positive Bewegungen der anderen beiden Indizes helfen nicht, wenn einer unterperformt.
Kreditrisiko: Zahlungen hängen von der Zahlungsfähigkeit von BMO ab; die Notes sind nicht durch FDIC oder CDIC versichert.
Begrenzte Liquidität: Die Notes sind nicht börsennotiert; der Sekundärhandel erfolgt nach Ermessen des Agenten und wahrscheinlich mit Abschlag.
Unklare steuerliche Behandlung; der Emittent geht von der Einstufung als vorab bezogenes Derivatkontrakt aus.

Beispielhafte Auszahlungen laut Tabelle des Emittenten:

Index steigt um 10 % → Anleger erhält 1.610 USD (61 % fixer Ertrag).
Index unverändert → Anleger erhält dennoch 1.610 USD (61 %).
Index fällt um 20 % (über der 70%-Barriere) → Anleger erhält den Kapitalbetrag (1.000 USD).
Index fällt um 40 % → Anleger erhält 600 USD (40 % Verlust).

07/02/2025 - 04:34 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Swift Jane

(Last)

(First)

(Middle)

C/O ZSPACE, INC.

55 NICHOLSON LANE

(Street)

SAN JOSE

95134

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
zSpace, Inc. [ ZSPC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/01/2025		M⁽¹⁾		6,720	A	$0	6,720	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	$0	07/01/2025		M⁽¹⁾			6,720	⁽¹⁾	⁽¹⁾	Common Stock	6,720	$0	6,721	D

Explanation of Responses:

1. On April 1, 2025, the reporting person was awarded the Restricted Stock Units (the "RSUs") reported herein, which RSUs vested into shares of Common Stock on July 1, 2025. Such RSUs were granted to the reporting person by the board of directors of the Company pursuant to (i) the Company's 2024 Equity Incentive Plan and (ii) the Company's board of directors annual compensation policy.

	/s/ Jane Swift	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What indices are the BMO Digital Return Barrier Notes linked to?

The notes track the NASDAQ-100 (NDX), Russell 2000 (RTY) and Dow Jones Industrial Average (INDU); performance is based on the worst-performing index.

How much can investors earn if the barrier is not breached?

If the least-performing index is at or above its initial level but up less than 61%, holders receive a fixed 61% return; above 61%, they receive full upside participation.

When do the notes mature and what is the term?

The notes price on June 30 2025, settle July 3 2025 and mature on July 3 2030, giving a five-year term.

What happens if the least-performing index falls more than 30%?

If the index closes below 70% of its initial level, investors lose 1% of principal for every 1% decline, up to total loss.

Are the notes protected by FDIC or CDIC insurance?

No. The notes are unsecured obligations of Bank of Montreal and are not insured by FDIC, CDIC or any other agency.

What is the estimated initial value compared with the issue price?

BMO estimates the notes’ initial value at $962.30 per $1,000, reflecting dealer fees and hedging costs; the public pays 100% of face.

Will the notes be listed on an exchange for trading?

No exchange listing is planned; secondary liquidity, if any, will be provided solely by BMO Capital Markets at its discretion.

[Form 4] zSpace, Inc. Common stock Insider Trading Activity

Insights

FAQ

What indices are the BMO Digital Return Barrier Notes linked to?

How much can investors earn if the barrier is not breached?

When do the notes mature and what is the term?

What happens if the least-performing index falls more than 30%?

Are the notes protected by FDIC or CDIC insurance?

What is the estimated initial value compared with the issue price?

Will the notes be listed on an exchange for trading?

NASDAQ:ZSPC

ZSPC Rankings

ZSPC Latest News

ZSPC Latest SEC Filings

ZSPC Stock Data

Trending News

[Form 4] zSpace, Inc. Common stock Insider Trading Activity

Insights

Structured Products Analyst neutral

FAQ

What indices are the BMO Digital Return Barrier Notes linked to?

How much can investors earn if the barrier is not breached?

When do the notes mature and what is the term?

What happens if the least-performing index falls more than 30%?

Are the notes protected by FDIC or CDIC insurance?

What is the estimated initial value compared with the issue price?

Will the notes be listed on an exchange for trading?

NASDAQ:ZSPC

ZSPC Rankings

ZSPC Latest News

ZSPC Latest SEC Filings

ZSPC Stock Data