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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.
Bank of Montreal is offering US$10,809,000 of senior unsecured Autocallable Barrier Notes due February 22, 2027, linked to the common stock of Netflix, Inc. The notes have an initial reference level of $88.00 for Netflix and pay contingent monthly coupons of 0.98% (about 11.76% per year) only if Netflix’s closing level on each observation date is at or above a coupon barrier of $60.72, which is 69.00% of the initial level.
Beginning July 17, 2026, the notes will be automatically redeemed if Netflix closes above 100% of its initial level on an observation date, returning principal plus the applicable coupon. If not redeemed early, investors receive $1,000 per note at maturity only if Netflix’s final level is at or above the trigger level of $60.72. If a trigger event occurs and Netflix finishes below this level, repayment is reduced in line with the stock’s loss and can fall to zero. The issuer’s estimated initial value is $964.83 per $1,000, reflecting structuring and hedging costs, and the notes are not insured by any deposit insurance agency.
Bank of Montreal is offering US$923,000 of Senior Medium-Term Notes, Series K, in the form of Callable Barrier Notes with Contingent Coupons due January 24, 2028. The notes are linked to the least performing of Alphabet Class C (GOOG), Amazon.com (AMZN) and NVIDIA (NVDA).
The notes pay a monthly contingent coupon of 1.7708% (about 21.25% per year), only if on each Observation Date all three stocks are at or above their Coupon Barrier Levels, set at 60% of their Initial Levels ($198.20 for GOOG, $143.47 for AMZN and $111.74 for NVDA). Bank of Montreal may call the notes in whole, starting April 21, 2026, paying back principal plus any due coupon.
If the notes are not called, investors receive $1,000 per $1,000 principal at maturity as long as no Trigger Event occurs, meaning none of the stocks finishes below 60% of its Initial Level. If any does, repayment is reduced in line with the percentage loss of the worst performer, and can be as low as zero. The estimated initial value is $974.33 per $1,000, and the notes are unsecured obligations of Bank of Montreal with significant structural and market risks.
Bank of Montreal is issuing US$16,110,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with contingent coupons linked to the common stock of Oracle Corporation. The notes pay a contingent monthly coupon of 1.0925% (about 13.11% per year), equal to $10.925 per $1,000, but only if Oracle’s share price on each observation date is at or above the coupon barrier level of $107.01, which is 56% of the initial level of $191.09.
The notes can be automatically redeemed beginning July 17, 2026 if Oracle’s share price is at or above the initial level, in which case investors receive their principal plus the applicable coupon. If the notes are not called and Oracle’s final level on the valuation date is below the trigger level of $107.01, investors will be exposed to the full downside of the stock and may lose all or a substantial portion of their principal. The price to the public is 100% of principal, with a 2.15% selling commission and an estimated initial value of $960.09 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is issuing US$2,465,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due January 22, 2029. The notes are linked to the least-performing of Deere & Company, Freeport-McMoRan Inc., and Lennar Corporation Class A common stock, with initial levels of $514.40 for DE, $58.71 for FCX and $118.59 for LEN.
Investors may receive a monthly contingent coupon of 0.9375% of principal (about 11.25% per year), paid only if each stock closes at or above its coupon barrier, set at 50% of its initial level. The same 50% levels act as trigger levels; if any stock finishes below its trigger at maturity and the notes have not been called, repayment of principal is reduced in line with the loss on the worst-performing stock, and can fall to zero. Automatic redemption can occur from July 17, 2026 if all stocks are at or above their initial levels.
The price to the public is 100% of principal, with a 4.00% agent commission and 96.00% of proceeds to Bank of Montreal. The issuer’s estimated initial value is $932.12 per $1,000 of principal, reflecting structuring and hedging costs, and the notes are unsecured obligations with no FDIC or similar insurance.
Bank of Montreal is issuing US$1,650,000 of senior medium-term Autocallable Barrier Notes due January 22, 2029, linked to the worst performer of the State Street Materials Select Sector SPDR ETF (XLB) and the State Street SPDR S&P Bank ETF (KBE). The notes pay a contingent coupon of 2.75% per quarter (about 11.00% per year) only if, on each observation date, both ETFs close at or above their coupon barrier levels, set at 80.00% of their initial levels.
Beginning July 17, 2026, the notes can be automatically redeemed if each ETF is at or above its initial level, in which case investors receive principal plus the due coupon. If the notes are not called and any ETF finishes below its 80.00% trigger level at maturity, investors take a loss matching the decline of the worst ETF, which can result in losing their entire principal. The estimated initial value is $960.27 per $1,000, reflecting fees and hedging costs.