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Bank of Montreal is offering US$435,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes linked to the Class A common stock of Robinhood Markets, Inc. The notes pay a contingent monthly coupon at a rate of 1.905% per month (approximately 22.86% per year) when the Robinhood share price on an observation date is at or above the coupon barrier of $57.73, which is 50% of the initial level of $115.45. Beginning March 31, 2026, the issuer may call the notes in whole on any observation date, returning principal plus any due coupon.
If the notes are not called, investors receive $1,000 per note at maturity so long as the final stock price is at or above the same $57.73 trigger level. If the final price is below this trigger, repayment is reduced in line with the percentage decline of the stock and can fall to zero, meaning investors can lose all of their principal. The estimated initial value is $970.50 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is issuing US$1,700,000 of senior medium-term Autocallable Barrier Enhanced Return Notes due January 5, 2029, linked to the SPDR S&P Regional Banking ETF (KRE). The notes offer 150% leveraged upside at maturity if the ETF finishes at or above its initial level of $65.94 and the notes are not called early. They may be automatically redeemed on January 6, 2027 if the ETF is above 100% of its initial level, paying principal plus a $170 call amount per $1,000 note, which represents about 17% per annum.
If the notes are not redeemed and the ETF closes below the $59.35 barrier (90% of the initial level) at final valuation, investors lose 1% of principal for each 1% ETF decline and can lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and are issued in $1,000 denominations. The price to the public is 100% of principal, with a 2.85% selling commission; the bank estimates the initial value at $956.17 per $1,000.
Bank of Montreal is issuing US$1,780,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with memory coupons due January 4, 2028. The notes are linked to the least performing of SPDR S&P 500 ETF (SPY), iShares Russell 2000 ETF (IWM) and Invesco QQQ Trust (QQQ).
Investors may receive contingent quarterly coupons at a rate of 2.05% per quarter (approximately 8.20% per annum), paying only if the closing level of each ETF on an observation date is at or above its coupon barrier, set at 65% of the initial level for each ETF. Missed coupons can be paid later under a memory feature when all reference assets are again at or above their barriers.
Beginning March 30, 2026, the notes will be automatically redeemed if, on any observation date, each ETF is at or above its initial level, returning principal plus any due coupons. If not called and any ETF finishes below its 65% trigger level at final valuation, principal is repaid in shares (or cash) of the worst-performing ETF and can be substantially reduced. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $985.40 per $1,000.
Bank of Montreal is offering senior unsecured market-linked notes tied to the Class A common stock of Reddit, Inc. (RDDT). Each security has a $1,000 face amount and an original offering price of $1,000, with an estimated initial value of $970.78 per security, reflecting embedded costs and dealer compensation.
The notes pay a 30.50% per annum contingent coupon, evaluated monthly, but only if Reddit’s closing value is at or above a coupon threshold of $151.684 (65% of the $233.36 starting value). Missed coupons can be “remembered” and paid later if the threshold is met on a future calculation day.
From June to November 2026, the notes are auto-callable if Reddit’s closing value is at or above the starting value, returning face amount plus applicable coupons. If not called, at maturity on December 31, 2026 you receive $1,000 only if the ending value is at or above the same 65% downside threshold; otherwise repayment is reduced in line with Reddit’s decline, with potential loss of most or all principal. Holders do not participate in any stock upside beyond coupons, face full issuer credit risk, may face limited secondary market liquidity, and encounter complex, uncertain U.S. tax treatment, including 30% withholding on coupons for many non‑U.S. investors.
Bank of Montreal is offering market-linked senior medium-term notes tied to the Invesco QQQ Trust, Series 1, maturing on January 11, 2027. Each security has a $1,000 face amount and original offering price of $1,000, with an estimated initial value of $973.70. The notes provide 100% upside participation in QQQ up to a maximum return of 10.70%, capping the maximum maturity payment at $1,107 per security.
On the downside, there is a 10% buffer: if QQQ’s ending value is at least 90% of the starting value, investors receive the full $1,000; below that level, losses increase 1-for-1 and can reach up to 90% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not insured or exchange-listed.
Bank of Montreal receives approximately $976.75 per security in proceeds after an agent discount of up to $23.25, with a total offering size of about $5.095 million. The filing highlights complex U.S. tax treatment, potential application of “constructive ownership” and Section 871(m) rules, and emphasizes that returns also depend on the issuer’s credit and limited secondary market liquidity.
Bank of Montreal is offering unsecured equity-linked notes tied to a weighted basket of five non-U.S. stock indices: EURO STOXX 50® (38%), TOPIX® (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P®/ASX 200 (8%). The notes are issued at $1,000 each, bear no interest, and mature on August 27, 2027.
The initial basket level is 100. At maturity, if the final basket level is above 100, investors receive $1,000 plus 230% of the basket’s gain, capped at a maximum settlement amount of $1,194.12 per $1,000 note (cap level 108.44% of the initial basket level). If the basket falls but stays at or above 85% of its initial level, investors receive their $1,000 principal.
If the final basket level is below 85, the payoff drops linearly by about 1.1765% of principal for every 1% decline below the buffer, so investors can lose some or all of their investment. The initial estimated value is $984.77 per $1,000 note. The notes will not be listed on any exchange, are subject to Bank of Montreal’s credit risk, and involve complex market and tax risks.
Bank of Montreal is offering US$593,000 of senior autocallable contingent risk absolute return buffer notes linked to the S&P 500® Index, maturing on January 3, 2028.
The notes offer 200% leveraged upside to a Maximum Redemption Amount of $1,240 per $1,000 (a 24.00% cap) if held to maturity and not called. On December 30, 2026, if the index is above 100.00% of its Initial Level of 6,905.74, the notes are automatically redeemed for principal plus an $80 Call Amount per $1,000 (about 8.00% per annum), ending any further participation.
If not called and the index finishes between 90.00% and 100.00% of the Initial Level, investors receive an “absolute return” up to a Maximum Downside Redemption Amount of $1,100 per $1,000 (10.00% gain. Below the 90.00% Buffer Level, principal is reduced 1% for each 1% decline beyond the 10.00% buffer, for up to a 90.00% loss.
The notes pay no interest, will not be listed, and all payments depend on Bank of Montreal’s credit. The price to the public is 100% of principal, with a 1.85% agent’s commission and an estimated initial value of $989.30 per $1,000.
Bank of Montreal is offering US$946,000 of senior Medium-Term Notes, Series K, that are digital return barrier notes linked to Shopify Inc.’s Class A subordinate voting shares. The notes pay no interest and mature on June 30, 2027. At maturity, investors receive $1,277 per $1,000 (a 27.70% digital return) if Shopify’s final share price is at least 60.00% of the $167.88 initial level. If the final level falls below this 60% barrier, repayment is reduced 1% for each 1% decline, with losses up to 100% of principal. The notes are unsecured obligations subject to Bank of Montreal’s credit risk, are not insured, will not be listed on an exchange, and are only repaid in cash, not Shopify shares.
Bank of Montreal is issuing US$1,385,000 of S&P 500-linked Contingent Risk Absolute Return Buffer Notes maturing December 31, 2027. These unsecured notes pay no interest and are designed to give a 1-to-1 positive return on any S&P 500® Index gain, capped at a Maximum Redemption Amount of $1,160.00 per $1,000 in principal (a 16.00% maximum return).
If the index finishes below its Initial Level but at or above the Buffer Level of 85.00% of the Initial Level, investors still receive a positive return up to a Maximum Downside Redemption Amount of $1,150.00 per $1,000 (15.00%). If the index falls more than 15.00%, investors lose 1% of principal for each 1% additional decline, for a potential loss of up to 85.00% of principal at maturity. The notes will not be listed, carry Bank of Montreal credit risk, and had an estimated initial value of $972.75 per $1,000 on the pricing date.
Bank of Montreal is issuing US$3,372,000 of senior notes linked to the S&P 500 Index that mature on December 31, 2027. These "Contingent Risk Absolute Return Buffer Notes" aim to give a 1‑for‑1 gain on any rise in the index, but the payment at maturity is capped at $1,202 per $1,000 of principal, a 20.20% maximum return.
If the index finishes below its starting level but no more than 10% lower, investors still receive a positive "absolute" return, up to $1,100 per $1,000 (10.00%). If the index falls by more than 10%, investors lose 1% of principal for each additional 1% decline, and could get as little as $100 per $1,000 if the index goes to zero.
The notes pay no interest, will not be listed on an exchange, and all payments depend on Bank of Montreal’s ability to meet its obligations. The estimated initial value is $972.65 per $1,000, below the public offering price, reflecting offering, structuring and hedging costs. The structure embeds complex tax, liquidity and market risks compared with a conventional bond or direct S&P 500 investment.