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Bank of Montreal is offering US$4.96 million of Senior Medium-Term Notes, Series K, autocallable barrier notes due January 5, 2029, linked to the least performing of Apple (AAPL), Alphabet Class C (GOOG) and Amazon (AMZN). The notes pay a contingent coupon of 3.3125% per quarter (about 13.25% 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.
The notes can be automatically redeemed starting June 30, 2026 if each reference asset is at or above its initial level, returning principal plus any due contingent coupons. If the notes are not called and any stock finishes below its 60% trigger level on the valuation date, repayment of principal is reduced in line with the decline of the worst-performing stock and can fall to zero. The estimated initial value is $967.65 per $1,000, and investors have no right to receive shares of the underlying stocks.
Bank of Montreal is issuing US$3,350,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due January 5, 2029. These notes are linked to the least-performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index, and pay a contingent coupon of 2.35% per quarter (approximately 9.40% per annum) only if on each observation date all three indexes are at or above their coupon barrier levels, each set at 75% of its initial level.
Beginning June 30, 2026, the notes are automatically redeemed if all reference assets close above their initial levels, returning principal plus the applicable coupon. If the notes are not called, investors receive at maturity either full principal or, if any index finishes below its trigger level (also 75% of initial), a reduced amount based on the negative performance of the worst index, which can be zero. The price to the public is 100% of principal, with a 2.00% agent’s commission, and the estimated initial value is $974.06 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is issuing US$367,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes due January 5, 2029. The notes are linked to the least performing of the NASDAQ-100 Index, the Russell 2000 Index and the Dow Jones Industrial Average, with automatic redemption starting January 6, 2027 if each index is at or above its initial level. On an automatic call date, investors receive principal plus a fixed call amount of $111, $222 or $333 per $1,000 note, reflecting an annualized return of approximately 11.10% if triggered. If the notes are not called, principal is protected at maturity unless any index finishes below 70% of its initial level; in that case repayment is reduced in line with the loss of the weakest index and can fall to zero. The price to the public is 100% of principal, with a 2.50% selling commission, and the estimated initial value is $951.87 per $1,000.
Bank of Montreal is issuing $1.624 million of senior Capped Barrier Enhanced Return Notes linked to the S&P 500 Index, maturing on March 5, 2027. The notes offer 200% leveraged upside on index gains, but returns are capped at a Maximum Redemption Amount of $1,115.50 per $1,000 of principal, equal to an 11.55% maximum gain.
If the S&P 500 falls but stays at or above 85% of the Initial Level of 6,896.24, investors receive principal back only. If the index closes below the Barrier Level of 5,861.80, repayment is reduced one-for-one with the index loss and investors can lose their entire principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and had an initial estimated value of $974.79 per $1,000, below the public offering price.
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.