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Bank of Montreal is issuing US$558,000 of senior Medium-Term Notes, Series K, market-linked notes due December 31, 2029, tied to the S&P 500 Index. The notes provide 1-to-1 upside exposure to any gain in the index, but total return is capped by a Maximum Redemption Amount of $1,292 per $1,000 of principal, equal to a 29.20% maximum return.
If the S&P 500 Final Level is at or below its Initial Level of 6,909.79, investors receive only their principal back at maturity, with no loss of principal but no gain. The notes pay no interest and will not be listed on any exchange, so liquidity will depend on BMO Capital Markets’ willingness to make a market.
All payments are subject to the credit risk of Bank of Montreal$974.37 per $1,000, below the issue price, reflecting embedded fees, commissions and hedging costs. U.S. holders are expected to be taxed under contingent payment debt instrument rules, recognizing taxable income over the life of the notes even though cash is only received at maturity.
Bank of Montreal is issuing US$3,503,000 of Senior Medium-Term Notes, Series K, structured as callable barrier notes due November 30, 2027. The notes pay a contingent coupon of 1.375% per month (about 16.50% per year) only when each reference asset — KRE, NDX and GDX — closes on an observation date at or above its coupon barrier level, set at 70% of its initial level.
Beginning on December 28, 2026, Bank of Montreal may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called, principal repayment depends on the least performing reference asset at maturity. If any final level is below its trigger level, set at 60% of its initial level, investors lose principal in line with that asset’s decline, and could lose the entire amount. The estimated initial value is $984.65 per $1,000 of principal.
Bank of Montreal is offering US$770,000 of senior medium-term Autocallable Barrier Notes with Memory Coupons due December 31, 2026, linked to the worst performer between Apple (AAPL) and Tesla (TSLA) stock. The notes pay a contingent monthly coupon of 1.6125% (about 19.35% per year), but only if on each observation date both stocks close at or above their coupon barrier levels of $190.65 for AAPL and $339.89 for TSLA, which are 70% of their initial levels.
Beginning March 26, 2026, the notes can be automatically redeemed if each stock is at or above its initial level; in that case, investors receive principal plus any due coupons. If the notes are not called and on the valuation date either stock closes below its trigger level (also 70% of its initial level), investors receive shares (or cash) of the worst-performing stock worth less than their principal, and possibly zero, plus any contingent coupons that become payable. The estimated initial value is $949.12 per $1,000 face amount, reflecting structuring and hedging costs.
Bank of Montreal is issuing US$2,482,000 of Senior Medium‑Term Barrier Notes due December 31, 2026 linked to Alphabet Inc.’s Class A common stock (GOOGL). The notes pay fixed monthly Coupons at an interest rate of 0.8417% per month, or approximately 10.10% per year, so each Coupon on a $1,000 note is $8.417, paid on the last business day of each month from January 30, 2026 through maturity.
At maturity, holders receive $1,000 per $1,000 note unless a Trigger Event occurs. A Trigger Event happens if the Final Level of GOOGL on the valuation date is below the Trigger Level of $220.05, which is 70.00% of the Initial Level of $314.35. If that occurs, investors receive either shares equal to the Physical Delivery Amount (based on $1,000 divided by the Initial Level) or, at the bank’s election, the equivalent Cash Delivery Amount, plus the final Coupon, which can result in a substantial loss of principal.
The notes are unsecured obligations of Bank of Montreal, are not insured by deposit insurance schemes, and have an estimated initial value of $985.79 per $1,000 in principal amount, reflecting structuring and hedging costs.
Bank of Montreal is offering US$1,333,000 of Senior Medium‑Term Notes, Series K, in the form of autocallable barrier notes with memory coupons due December 29, 2027, linked to the common stock of Caesars Entertainment, Inc. (CZR).
The notes pay a contingent coupon of 3.6875% per quarter (approximately 14.75% per annum), or $36.875 per $1,000 of principal, on scheduled payment dates only if CZR’s closing level is at or above the coupon barrier of $12.22 (50% of the initial level of $24.44). A memory feature allows missed coupons to be paid later if the barrier is met on a future observation date.
Starting June 23, 2026, the notes are automatically redeemed if CZR closes above its initial level on an observation date, returning principal plus any due coupons. If not called, investors receive full principal at maturity only if the final CZR level is at or above the trigger level of $12.22. If the final level is below the trigger, investors receive CZR shares (or cash equivalent) equal to $1,000 divided by the initial level, exposing them to potentially large losses, including total loss. The estimated initial value is $966.91 per $1,000 note, and the notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency.
Bank of Montreal is issuing US$3,025,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes due November 30, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.
Investors can receive a contingent monthly coupon of 0.8542% (about 10.25% per year), paying US$8.542 per US$1,000 of principal, but only if on each observation date all three indices are at or above their coupon barriers, set at 60% of their initial levels. Bank of Montreal may call the notes in whole on any observation date starting June 25, 2026, repaying principal plus any due coupon.
If the notes are not called, principal repayment depends on index performance. Full principal is returned at maturity unless a trigger event occurs (any index closing below 60% of its initial level on any day) and the final level of the worst index is below its initial level. In that case, repayment is reduced in line with the loss on the worst index, and could be zero. The estimated initial value is US$990.88 per US$1,000 of principal.
Bank of Montreal is offering US$1,088,000 of Intel-linked autocallable barrier notes maturing December 29, 2028. These senior unsecured notes pay a contingent coupon of 3.5625% per quarter (about 14.25% per year) only if Intel’s stock closes on each observation date at or above the coupon barrier of $18.18, which is 50% of the $36.35 initial level.
Beginning March 25, 2026, the notes are automatically redeemed if Intel’s share price is above the initial level, returning principal plus the applicable coupon. If they are not called and Intel’s final level is at or above the $18.18 trigger, investors receive full principal back at maturity, plus any final coupon. If the final level is below the trigger, repayment is reduced one-for-one with Intel’s decline and can fall to zero.
The estimated initial value is $969.95 per $1,000, below the 100% public offering price, reflecting dealer compensation and hedging costs. The notes are cash-settled only and involve significant equity, credit and structural risks highlighted in the risk sections.
Bank of Montreal is offering US$877,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due December 29, 2028, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. The notes pay a contingent monthly coupon of 0.9083% (about 10.90% per year) only if each index is at or above 70% of its initial level on the relevant observation date.
Beginning March 25, 2026, Bank of Montreal may redeem the notes in whole on any observation date, paying back principal plus any due coupon. If the notes are not called and, on the valuation date, any index closes below its 70% trigger level, investors’ principal is reduced in line with the percentage decline of the worst-performing index and can be lost in full. The estimated initial value is $992.54 per $1,000 of principal.
Bank of Montreal is offering US$285,000 of senior medium‑term autocallable barrier notes due December 29, 2028, linked to the common stock of Super Micro Computer, Inc. (SMCI). The notes pay a contingent coupon of 6.075% per quarter (approximately 24.30% per year), or $60.75 per $1,000, only if SMCI’s closing level on an observation date is at or above the coupon barrier of $15.38, which is 50% of the initial level of $30.76.
Beginning March 25, 2026, the notes are automatically redeemed if SMCI’s closing level is at or above 100% of the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and SMCI closes on the valuation date below the trigger level of $15.38, investors receive $1,000 plus $1,000 times the percentage change in SMCI, which can reduce principal and may be zero. The estimated initial value is $965.89 per $1,000 in principal amount, reflecting structuring and hedging costs.
Bank of Montreal is issuing $5,448,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due December 29, 2028. These notes are linked to the least performing of three references: the iShares 20+ Year Treasury Bond ETF (TLT), the NASDAQ-100 Index (NDX), and the Russell 2000 Index (RTY).
Investors can receive a contingent coupon of 0.875% per month (about 10.50% per year) for each $1,000 note when all three reference assets stay at or above 70% of their initial levels on observation dates. Starting June 25, 2026, Bank of Montreal may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called and any reference asset finishes below its 70% trigger level at maturity, repayment of principal will be reduced in line with the loss on the worst-performing asset, and could be zero.