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Bank of Montreal is issuing $5,203,000 of capped buffer notes linked to the S&P 500 Index, maturing February 12, 2027. These unsecured senior notes offer 150% leveraged upside on any average gain in the index, but the payment is capped at a Maximum Redemption Amount of $1,113 per $1,000 of principal, equal to an 11.30% maximum return.
If the averaged Final Level of the S&P 500 stays at or above 90% of the Initial Level of 6,963.74, investors receive at least their $1,000 principal back. If the index falls more than 10%, holders lose 1% of principal for each additional 1% decline, up to a 90% loss. The notes pay no interest, will not be listed on any exchange, and all payments depend on Bank of Montreal’s credit.
The price to the public is 100% of principal, with a 0.60% selling commission and 99.40% of proceeds to Bank of Montreal. The bank’s estimated initial value is $989.07 per $1,000, reflecting internal funding and hedging costs. The structure involves complex tax, market and liquidity risks highlighted in the detailed risk sections.
Bank of Montreal is issuing US$1,230,000 Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due July 22, 2027, linked to the least performing of the S&P 500 Index, the Russell 2000 Index and the State Street Utilities Select Sector SPDR Fund. The notes offer a fixed 10.70% digital return at maturity per $1,000 principal if the worst-performing reference asset finishes at or above 60% of its initial level. If the least performing asset falls more than 40% from its initial level, investors lose 1% of principal for each 1% decline, up to a total loss of principal.
The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on an exchange. The price to the public is 100% of principal, with an agent’s commission of 0.375%, and the estimated initial value is $982.70 per $1,000. The structure embeds significant market, sector, liquidity, credit and tax risks that can lead to returns below conventional debt or direct equity exposure.
Bank of Montreal is issuing US$1,323,000 of senior Medium-Term Notes, Series K, autocallable buffer enhanced return notes due January 22, 2029, linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The notes offer 125.00% leveraged upside on any gain in the least performing index if they are not called early, with a potential automatic redemption on January 25, 2027 paying US$1,132.50 per US$1,000 note (about 13.25% per annum). If held to maturity and the least performing index falls more than 20% from its initial level, investors lose 1% of principal for each additional 1% decline, up to an 80.00% loss. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and had an estimated initial value of $981.29 per $1,000 on the pricing date.
Bank of Montreal is offering US$1,175,000 of senior medium-term capped buffer notes due January 24, 2028, linked to the least performing of the S&P 500 Index and Russell 2000 Index. The notes provide 1-to-1 upside exposure to the least performing index, but gains are capped at a Maximum Redemption Amount of $1,195.50 per $1,000 in principal (a 19.55% maximum return).
If the least performing index finishes down 30% or less from its initial level, investors receive only their $1,000 principal back. If it falls by more than 30%, repayment is reduced 1% for each additional 1% decline, up to a maximum 70% loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange.
The estimated initial value is $966.59 per $1,000, below the $1,000 issue price, reflecting offering, structuring and hedging costs. Key risks include equity market risk, heightened volatility from the small-cap Russell 2000, issuer credit risk, limited liquidity, and uncertain U.S. tax treatment of the prepaid derivative structure.
Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 30, 2036. Each Note has a $1,000 principal amount and pays a fixed interest rate of 5.00% per annum, with interest paid semi-annually on January 30 and July 30, starting July 30, 2026.
The Notes are callable at the issuer’s option at 100% of principal plus accrued interest on semi-annual optional redemption dates from July 30, 2027 through July 30, 2035. They are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are not insured by any deposit insurance agency.
The Notes will not be listed on any securities exchange, and no active secondary market is expected. The original issue price is $1,000 per Note, including a $15 underwriting discount and $985 in proceeds to Bank of Montreal per Note. Investors face interest rate risk, credit risk of Bank of Montreal, potential illiquidity, and conflicts of interest related to underwriting and hedging.
Bank of Montreal is offering unsecured, principal-at-risk structured notes linked to the worst performer of American Express, Alphabet Class A and Lockheed Martin shares, maturing on January 19, 2029. Each security has a $1,000 face amount and an estimated initial value of $934.36, with total proceeds of about $2.77 million before hedging profits.
The notes pay a 13.00% per annum contingent monthly coupon only if the lowest performing stock on each calculation day is at or above its coupon threshold, set at 60% of its starting value. From July 2026 to December 2028 the notes are auto-callable if the worst stock is at or above its starting value, returning principal plus a final coupon.
If the notes are not called and the worst-performing stock on the final calculation day is at or above its 60% downside threshold, investors receive only the $1,000 face amount. If it finishes below that level, repayment is reduced in line with the stock’s decline, and investors can lose more than 40% and up to all of principal. Payments depend on Bank of Montreal’s credit and the notes will not be listed, with tax treatment and withholding especially important for non-U.S. holders.
Bank of Montreal is offering S&P 500® Index-linked notes due May 3, 2028 with a total issuance of $24.19 million and a $1,000 minimum denomination. The notes pay no interest and the amount repaid at maturity depends on how the S&P 500 performs between January 16, 2026 and May 1, 2028.
If the index gains, investors receive 160% of the index return, but returns are capped at a maximum payment of $1,272 per $1,000 note once the index rises to 117% of its initial level. If the index falls by up to 15%, principal is repaid in full. Below that 15% buffer, investors lose about 1.1765% of principal for each additional 1% decline and could lose their entire investment.
The notes are unsecured obligations of Bank of Montreal, are not insured by any governmental agency, will not be listed on an exchange, and may have limited or no secondary market. The initial estimated value is $996.18 per $1,000 note, reflecting structuring and hedging costs, and the U.S. tax treatment is complex and uncertain.
Bank of Montreal is issuing US$1,419,000 of senior medium-term Autocallable Barrier Notes due July 22, 2027, linked to the common stock of Netflix, Inc. The notes offer contingent monthly coupons at a rate of 1.0275% (about 12.33% per year) when Netflix’s closing share price on an observation date is at or above the coupon barrier of $56.32, which is 64% of the $88.00 initial level.
Beginning October 19, 2026, the notes will be automatically redeemed if Netflix closes above the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and Netflix finishes below the $56.32 trigger level on the valuation date, investors lose principal in line with the share decline and could receive nothing at maturity. The notes are unsecured obligations of Bank of Montreal, and their estimated initial value is $978.08 per $1,000 of principal.
Bank of Montreal is issuing US$1,578,000 of Senior Medium-Term Notes, Series K, as autocallable buffer notes with contingent coupons due October 23, 2028, linked to the least performing of the State Street SPDR® S&P® Biotech ETF (XBI) and the Global X Silver Miners ETF (SIL).
The notes pay a contingent coupon of 1.375% per month (approximately 16.50% per annum) when, on an observation date, each ETF is at or above its coupon barrier level of $99.34 for XBI and $78.68 for SIL, each equal to 80.00% of its initial level. Beginning July 20, 2026, the notes are automatically redeemed if both ETFs close above a call level set at 90% of their initial levels, returning principal plus the applicable coupon.
If the notes are not called, investors receive $1,000 per $1,000 in principal at maturity so long as the least performing ETF has not fallen more than 20.00% from its initial level. If its final level is below the 80.00% buffer level, principal is reduced one-for-one with losses beyond 20.00%, up to a maximum loss of 80.00%. The estimated initial value is $964.67 per $1,000, reflecting structuring and hedging costs, and the agent’s commission is 3.90%, leaving 96.10% of proceeds to Bank of Montreal.
Bank of Montreal is issuing US$1,077,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes due April 22, 2027, linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indexes. The notes pay a contingent coupon of 0.9167% per month (about 11.00% per year), but only if on an observation date each index closes at or above its coupon barrier, set at 70% of its initial level, with missed coupons potentially paid later under a memory feature.
Beginning July 17, 2026, the notes are automatically redeemed if all three indexes are at or above 100% of their initial levels, returning principal plus due coupons. If not called, principal repayment depends on a “trigger event”: if any index ever closes below 65% of its initial level and the least performing index finishes below its initial level, investors take a loss proportional to that decline, which can result in a full loss of principal. The estimated initial value is $988.01 per $1,000 of principal, below the issue price, reflecting dealer compensation and hedging costs.