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Bank of Montreal is issuing US$19.45 million of Senior Medium-Term Notes, Series K, Buffer Notes due June 24, 2027, linked to the least-performing of the iShares MSCI EAFE ETF (EFA) and the Russell 2000 Index (RTY). Investors receive monthly coupons at 0.5667% of principal (about 6.80% per year), equal to $5.667 per $1,000 note, paid on the 24th of each month from January 2026 through maturity.
At maturity, investors get back $1,000 per note if the least-performing reference asset has not fallen by more than 20% from its initial level. If it has fallen more than 20%, principal is reduced at 1.25% for each 1% decline beyond that buffer, and the repayment can fall to zero, though the final coupon is still paid. The buffer levels are set at 80% of initial levels for both EFA and RTY.
The bank estimates the initial value of each note at $994.30 per $1,000 of principal, reflecting structuring and hedging costs. For U.S. tax purposes, the notes are expected to be treated as an investment unit consisting of a debt portion and a put option, with 6.8% annual interest split between these components. The notes are unsecured obligations of Bank of Montreal and are not insured by any deposit insurance scheme.
Bank of Montreal is issuing US$1,060,000 of senior medium-term Autocallable Barrier Notes with Memory Coupons due December 26, 2028, linked to the common stock of Intel, AMD and S&P Global. The notes pay a contingent monthly coupon of 1.9167% (about 23.00% per year) when the closing level of each stock is at or above its coupon barrier, set at 60.00% of its initial level, with unpaid coupons potentially paid later under the memory feature.
Starting December 22, 2026, the notes are automatically redeemed if all three stocks are at or above their initial levels on an observation date, returning principal plus any due coupons. If the notes are not called and any stock finishes below its 60.00% trigger level at maturity, investors lose principal based on the performance of the worst-performing stock, and the repayment could be zero. The estimated initial value is $981.75 per $1,000 principal, reflecting structuring and hedging costs.
Bank of Montreal is offering US$798,000 of senior autocallable barrier notes due December 26, 2028, linked to the weakest of Charles Schwab, United Airlines and Lam Research shares. The notes pay monthly contingent coupons at 1.7917% (about 21.50% per year), or $17.917 per $1,000, only if all three stocks stay at or above their coupon barrier levels, set at 60% of their initial prices.
If, starting December 22, 2026, all three stocks are at or above their initial levels on an observation date, the notes are automatically redeemed at par plus any due coupons, including unpaid “memory” coupons. If held to maturity and any stock finishes below its 60% trigger level, principal is reduced in line with the loss on the worst performer and can fall to zero; if all stay at or above their triggers, investors receive full principal back plus any due coupons. The estimated initial value is $979.41 per $1,000 of principal.
Bank of Montreal is offering $1,329,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due June 24, 2027, linked to the S&P 500® Index. The notes provide 1-to-1 upside exposure to index gains, but the Maximum Redemption Amount is capped at $1,124.20 per $1,000 of principal, a maximum return of 12.42%.
The structure includes a 15.00% downside buffer: if the S&P 500® falls by more than this from its Initial Level of 6,834.50, investors lose 1% of principal for each additional 1% decline, up to an 85.00% loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange.
The price to the public is 100% of principal, with a 2.10% agent’s commission and 97.90% of proceeds to Bank of Montreal. The estimated initial value is $974.96 per $1,000, reflecting structuring and hedging costs, and secondary market values may be lower than the purchase price.
Bank of Montreal is offering senior market-linked notes tied to the worst performer of the Nasdaq-100 Index® and the S&P 500® Index, maturing on January 3, 2028. Each security has a $1,000 face amount, with an estimated initial value of $966.40 per security on the preliminary date and not less than $920.00 at pricing.
Investors receive 100% upside participation in the lowest performing index, but gains are capped by a maximum return of at least 22.10%, for a minimum maturity payment of $1,221.00 per security. There is a 15% buffer: if the worst index falls by 15% or less, investors get a positive or flat payoff, including a contingent absolute return when mild declines occur.
If the lowest performing index ends more than 15% below its starting level, principal is at risk on a 1-for-1 basis beyond the buffer, with losses up to 85% of face amount. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity.
Bank of Montreal is issuing US$111,000 of Senior Medium‑Term Notes, Series K Contingent Risk Absolute Return Buffer Notes due December 26, 2028, linked to the S&P 500 Index. These unsecured notes offer 300% leveraged upside on any positive index performance, capped at a Maximum Redemption Amount of $1,277.50 per $1,000 of principal, equivalent to a 27.75% maximum gain.
If the index finishes below its initial level but at or above a 10% Buffer Level, investors receive a positive "absolute return" up to $1,100 per $1,000 of principal. If the S&P 500 falls by more than 10%, principal is reduced 1% for each additional 1% decline, with losses potentially reaching 90%. The notes pay no interest, are not listed on an exchange, and all payments depend on Bank of Montreal’s credit. The estimated initial value is $978.13 per $1,000, below the public offering price.
Bank of Montreal is issuing US$340,000 of Senior Medium‑Term Notes, Series K, autocallable buffer enhanced return notes due December 27, 2027, linked to the S&P 500® Index. The notes offer 125.00% leveraged upside on any index gain at maturity if they are not called, but pay no interest and can return less than principal.
The notes will be automatically redeemed on December 24, 2026 if the S&P 500® closing level exceeds 100.00% of its initial level of 6,834.50, paying back principal plus a call amount of $96.50 per $1,000 (about 9.65% per annum). If held to maturity and the index is down but not below 90.00% of its initial level, investors receive full principal; below that 10.00% buffer, principal is reduced 1% for each additional 1% decline, up to a 90.00% loss.
The notes are unsecured obligations of Bank of Montreal, are not insured or exchange‑listed, carry credit risk of the issuer, and have an estimated initial value of $985.77 per $1,000, below the 100% public offering price.
Bank of Montreal is issuing $550,000 of Senior Medium-Term Notes, Series K, due June 24, 2027, whose payoff is linked to the least performing of the S&P 500, NASDAQ-100 and Dow Jones Industrial Average. The notes offer 1-to-1 upside to index gains, but returns are capped at a Maximum Redemption Amount of $1,095 per $1,000 principal, equal to a 9.50% maximum total return. If the least performing index is flat or down at maturity, investors receive only their principal back, with no additional gain.
The notes do not pay interest, are unsecured obligations of Bank of Montreal, and are not insured by U.S. or Canadian deposit insurance agencies. The price to the public is 100% of principal, with a 0.375% selling commission and estimated initial value of $986.83 per $1,000, reflecting structuring and hedging costs. The notes are expected to be illiquid, will not be exchange-listed, and expose holders to both market performance of the reference indices and the issuer’s credit risk.
Bank of Montreal is offering US$1,570,000 of Senior Medium-Term Notes, Series K, linked to the S&P 500® Index, maturing January 25, 2027. These notes provide 200% leveraged exposure to any gain in the index, but the maximum payoff for positive performance is $1,106 per $1,000 of principal, a 10.60% cap. If the index finishes below its starting level but no more than 10% lower, holders receive a positive "buffer" return up to $1,100 per $1,000, a 10.00% cap.
If the S&P 500® falls by more than 10% from its initial level, investors lose 1% of principal for each additional 1% decline, and could lose up to 90% of their investment at maturity. The notes pay no interest, will not be listed on an exchange, and all payments depend on Bank of Montreal’s credit. The estimated initial value is $993.54 per $1,000, lower than the $1,000 price to the public, reflecting offering, structuring, and hedging costs.
Bank of Montreal is issuing US$885,000 of Senior Medium-Term Notes, Series K, due December 26, 2028, linked to the least performing of the Russell 2000® Index (RTY) and the S&P 500® Index (SPX). These digital return notes offer a fixed 19.50% Digital Return per $1,000 of principal if, on the valuation date, the worst-performing index is at or above its Digital Barrier Level, set at 100.00% of its Initial Level (2,529.425 for RTY and 6,834.50 for SPX).
If the final level of the least performing index is below its initial level, holders receive only the $1,000 principal per note, with no additional return. The notes pay no periodic interest, are not listed on any exchange, and all payments depend on the credit of Bank of Montreal. The price to the public is 100% of principal, with a 0.75% agent’s commission and 99.25% of proceeds to the bank, and the estimated initial value is $982.11 per $1,000. U.S. investors are expected to be taxed under contingent payment debt instrument rules, recognizing ordinary income over the term even though cash is only paid at maturity.