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Bank of Montreal is issuing US$2,094,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due December 29, 2027, linked to the least performing of the S&P 500 Index and the Dow Jones Industrial Average.
The notes pay a contingent coupon of 0.4583% per month (approximately 5.50% per annum), or $4.583 per $1,000, only if on each observation date both indexes close at or above their coupon barrier levels of 4,145.87 for SPX and 29,065.45 for INDU.
If from September 24, 2026 onward Bank of Montreal exercises its issuer call on an observation date, investors receive principal plus any due coupon on the next coupon date. If the notes are not called, holders receive $1,000 per $1,000 at maturity unless a trigger event occurs, defined as either index finishing below 50% of its initial level (3,454.90 for SPX and 24,221.21 for INDU). In that case, repayment is reduced in line with the loss on the worst index and can be zero. The notes are unsecured, not insured deposits, and their estimated initial value is $989.32 per $1,000.
Bank of Montreal is offering US$457,000 of senior callable buffer notes due December 31, 2027, linked to the least-performing of the S&P 500, NASDAQ-100 and Russell 2000 indices. The notes pay a contingent monthly coupon of 0.7083% (about 8.50% per year) only if each index closes at or above its coupon barrier, set at 80% of its initial level. Starting December 28, 2026, the bank may redeem the notes at par plus any due coupon on specified quarterly call dates.
If the notes are not called and any index finishes below its 80% buffer level on the valuation date, repayment of principal is reduced in line with the decline beyond 20%, with potential losses of up to 80% of principal. The estimated initial value is $990.12 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations not insured by any deposit insurer.
Bank of Montreal is issuing US$3,618,000 of Senior Medium-Term Notes, Series K, Callable Barrier Notes with Contingent Coupons due November 29, 2027, linked to the least performing of the S&P 500® Index, the Russell 2000® Index and the Nasdaq-100 Technology Sector Index. Each note has a principal amount of $1,000 and offers a contingent coupon of 0.90% per month (approximately 10.80% per annum), paying $9.00 per $1,000 only if, on each Observation Date, all three indices close at or above their coupon barrier levels, set at 70.00% of their initial levels.
Beginning June 24, 2026, Bank of Montreal may call the notes in whole on any Observation Date, in which case investors receive their principal plus any due coupon on the Call Settlement Date. If the notes are not called, investors receive $1,000 per $1,000 note at maturity only if no Trigger Event occurs; if any index finishes below its 70.00% trigger level, repayment is reduced in line with the percentage decline of the worst-performing index, potentially to zero. The estimated initial value is $982.10 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations not insured by any deposit insurance corporation.
Bank of Montreal is offering US$1,291,000 of senior Market Linked Notes, Series K, maturing on December 29, 2028, tied to the least performing of the NASDAQ-100 Index® and the Dow Jones Industrial Average®.
For each $1,000 of principal, investors receive 1-to-1 upside on any gain in the least performing index, capped at a Maximum Redemption Amount of $1,204, equal to a 20.40% maximum return. If the final level of the least performing index is at or below its initial level, investors receive only the $1,000 principal, with no additional return, so there is principal repayment at maturity but no upside when the indices decline.
The notes pay no interest, will not be listed on any exchange, and are unsecured obligations of Bank of Montreal, fully subject to its credit risk. The price to the public is 100% of principal, with an agent’s commission of approximately 2.2376%, and the bank’s estimated initial value is $967.19 per $1,000, reflecting offering, structuring and hedging costs.
Bank of Montreal is offering US$1,354,000 of senior medium‑term Autocallable Barrier Notes due November 29, 2027, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Nasdaq‑100 Technology Sector Index. The notes pay a contingent coupon of 0.8792% per month (approximately 10.55% per annum), or $8.792 per $1,000, only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their respective initial levels.
Beginning June 24, 2026, the notes will be automatically redeemed if on an observation date each index is at or above its initial level, returning principal plus the applicable coupon. If the notes are not called and any index finishes below its 70% trigger level on the valuation date, investors lose principal in line with the percentage decline of the worst index, potentially down to zero. The estimated initial value is $981.81 per $1,000 in principal amount.
Bank of Montreal is offering US$1,232,000 of senior medium-term Autocallable Barrier Notes due June 28, 2027, 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 0.8375% (about 10.05% per year), but only if each index is at or above its coupon barrier level, set at 70% of its initial level. Starting March 25, 2026, the notes will be automatically redeemed if, on an observation date, each index is at or above its initial level, returning principal plus that month’s coupon.
If the notes are not called, principal repayment at maturity depends on the worst-performing index. Investors receive full principal back if no index finishes below its 70% trigger level; otherwise, repayment is reduced one-for-one with the loss of the least performing index, and can fall to zero. The price to the public is 100% of principal, while the estimated initial value is $991.36 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is offering US$962,000 of Series K Contingent Risk Absolute Return Buffer Notes linked to the S&P 500® Index, maturing on December 31, 2030. The notes provide 150.00% leveraged upside to S&P 500 gains, capped at a Maximum Redemption Amount of $1,397.00 per $1,000 (a 39.70% maximum return). They also offer 150.00% "absolute" positive return if the index finishes below its Initial Level but at or above the Buffer Level of 80.00% of the Initial Level, up to a Maximum Downside Redemption Amount of $1,300.00 per $1,000 (a 30.00% gain.
If the S&P 500 declines by more than 20.00% from the Initial Level of 6,878.49, investors lose 1% of principal for each additional 1% drop, with losses of up to 80.00% of principal possible at maturity. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and are not insured by U.S. or Canadian deposit insurers. The estimated initial value is $940.76 per $1,000, below the price to the public because it excludes offering, structuring and hedging costs.
Bank of Montreal is offering US$205,000 of senior medium-term Autocallable Buffer Enhanced Return Notes due December 29, 2028, linked to the least performing of the Dow Jones Industrial Average®, the Russell 2000® Index and the NASDAQ-100 Index®. The notes are unsecured, do not pay interest and are issued in $1,000 denominations.
On December 29, 2026, if each index is above its Initial Level, the notes are automatically redeemed at par plus a Call Amount of $120 per $1,000, a return of approximately 12.00% per annum. If held to maturity and the least performing index is at or above its Initial Level, investors receive 1-to-1 upside exposure; if it is below its Initial Level but at or above 80.00%, they receive a positive "buffer" return up to $1,200 per $1,000.
If the least performing index finishes below 80.00% of its Initial Level, investors lose 1% of principal for each 1% decline beyond 20.00%, up to a maximum loss of 80.00% of principal. The estimated initial value is $950.12 per $1,000, below the price to public, and the notes are subject to Bank of Montreal’s credit risk and limited liquidity.
Bank of Montreal is issuing US$3,540,000 of Senior Medium-Term Autocallable Buffer Enhanced Return Notes due December 26, 2028, linked to an equally weighted basket of seven large-cap tech stocks. The basket includes Alphabet, Apple, Amazon, Meta Platforms, Microsoft, NVIDIA and Tesla, each at a 14.29% weighting, with initial component levels set on the December 22, 2025 pricing date.
The notes offer 120.00% leveraged exposure to any positive basket performance if they are not called and the final basket level is at or above the initial level. A 10.00% downside buffer protects principal against moderate declines, but if the basket falls more than 10.00%, investors lose 1% of principal for each additional 1% drop, up to a 90.00% loss. An automatic call on December 29, 2026 pays principal plus a fixed call amount of $162.50 per $1,000 note, a return of approximately 16.25% per annum, after which no further upside is available.
The notes pay no interest, will not be listed on an exchange, and all payments depend on Bank of Montreal’s credit. The price to the public is 100% of principal, with a 0.25% agent’s commission and estimated initial value of $977.53 per $1,000, reflecting offering and hedging costs that can weigh on secondary market prices.
Bank of Montreal is offering US$2,652,000 of senior medium-term Buffer Enhanced Return Notes linked to the S&P 500® Index, maturing December 26, 2028.
The notes provide 150% leveraged upside to any S&P 500 gain, but the payment at maturity is capped at a Maximum Redemption Amount of $1,232 per $1,000 principal, a 23.20% maximum return. A 20% downside buffer applies: if the index finishes between 80% and 100% of its Initial Level of 6,878.49, investors receive principal back only.
If the S&P 500 falls more than 20%, principal is reduced 1% for each additional 1% decline, up to an 80% loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and had an estimated initial value of $962.74 per $1,000 at pricing, below the 100% issue price.