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Bank of Montreal is offering US$1,140,000 of senior medium-term Capped Enhanced Return Notes linked to an equally weighted basket of two energy ETFs: Energy Select Sector SPDR Fund (XLE) and VanEck Oil Services ETF (OIH). The notes provide 300% leveraged exposure to any positive basket performance, but the payment at maturity is capped at a Maximum Redemption Amount of $1,310 per $1,000 of principal, equal to a 31.00% maximum return.
If the basket finishes below its initial level of 100.00, investors lose 1% of principal for each 1% 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 only settle in cash at maturity on February 22, 2027. The price to the public is 100% of principal, while the bank’s estimated initial value is $969.32 per $1,000, reflecting embedded costs and hedging.
Bank of Montreal is offering US$1,210,000 of senior autocallable barrier enhanced return notes due December 21, 2028, linked to an equally weighted basket of KKR, Blackstone and Blue Owl Capital Class A shares. The notes offer 150% leveraged upside on any Basket gain at maturity if they have not been called, but pay no interest.
On December 24, 2026, if the Basket level is above 100% of its initial level, the notes are automatically redeemed at $1,000 plus a $217 Call Amount per note, a return of about 21.70% per year, and investors forgo further upside. If held to maturity and the Basket is flat or higher, investors receive principal plus 150% of the Basket’s percentage gain; if it is below but at or above 65% of the initial level, investors receive only principal.
If the Basket ends below the 65% barrier, investors lose 1% of principal for each 1% Basket decline and can lose their entire investment. The notes are unsecured obligations of Bank of Montreal, are not listed on any exchange, and have an estimated initial value of $948.81 per $1,000.
Bank of Montreal is offering $407,000 of senior contingent risk absolute return buffer notes due January 22, 2027, linked to the S&P 500 Index. The notes provide 1-to-1 upside exposure to S&P 500 gains up to a Maximum Redemption Amount of $1,073 per $1,000 (a 7.30% cap). If the index finishes below the Initial Level of 6,721.43 but at or above the Buffer Level of 5,545.18 (a 17.50% decline), investors receive a positive “absolute return” up to a Maximum Downside Redemption Amount of $1,175 per $1,000 (17.50% gain).
If the S&P 500 falls more than 17.50%, the notes lose 1% of principal for each additional 1% decline, with up to 82.50% of principal at risk. 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 an estimated initial value of $989.45 per $1,000, reflecting offering, structuring and hedging costs.
Bank of Montreal is issuing US$1,400,000 of Senior Medium-Term Notes, Series K, Capped Enhanced Return Notes due February 22, 2027, linked to the iShares MSCI EAFE ETF. The notes offer 300% leveraged upside on any gain in the ETF, but returns are capped at a 17.20% maximum, paying no more than $1,172 per $1,000 of principal at maturity.
If the ETF ends below its initial level of $94.15, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on an exchange. The price to the public is 100% of principal, with a 2.35% selling commission and 97.65% of proceeds to Bank of Montreal, and the estimated initial value is $984.57 per $1,000.
Bank of Montreal is offering US$1,651,000 of senior medium-term Autocallable Barrier Enhanced Return Notes due December 24, 2029, linked to the worst performer of the NASDAQ-100 Index and the S&P 500 Index. The notes offer 150% leveraged upside on any gain of the least performing index if they are not called early, but pay no interest and put principal at risk.
On December 22, 2026, if both indexes close at or above 100% of their initial levels, the notes are automatically redeemed and pay back principal plus a US$150 Call Amount per US$1,000, a return of about 15% per year. If held to maturity and the least performing index is at or above its initial level, investors receive principal plus 150% of that index’s percentage gain; if it is below its initial level but at or above 80%, only principal is returned.
If the least performing index finishes below 80% of its initial level, repayment is reduced 1% for each 1% decline, down to a total loss of principal. The notes are unsecured obligations of Bank of Montreal, are not insured, will not be listed on an exchange, and had an estimated initial value of US$978.60 per US$1,000, below the public offering price due to embedded costs and dealer compensation.
Bank of Montreal is issuing US$1,372,000 of senior barrier notes with contingent coupons maturing December 22, 2027. These unsecured notes are linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000® Index and the S&P 500® Index.
The notes pay a monthly contingent coupon of 0.775% (about 9.30% per year), or $7.75 per $1,000, only if on each observation date all three indices close at or above their coupon barrier levels, set at 70% of their initial levels. Coupons can be skipped if any index falls below its barrier.
At maturity, holders receive $1,000 per $1,000 of principal if no trigger event occurs. A trigger event happens if, on the valuation date, the final level of any index is below its 70% trigger level. In that case, repayment is reduced to $1,000 plus $1,000 times the percentage change of the worst-performing index, which can result in a substantial loss of principal, including a zero payment. The estimated initial value is $972.40 per $1,000.
Bank of Montreal is offering US$737,000 of autocallable barrier notes with memory coupons due December 22, 2028, linked to Tesla, Inc. common stock. The notes pay a monthly contingent coupon of 1.3167% (approximately 15.80% per year), but only if Tesla’s closing price on each observation date is at or above a coupon barrier of $280.36, which is 60% of the $467.26 initial share level.
If the notes are automatically called on a quarterly call date when Tesla closes above the initial level, investors receive their principal back plus any due coupons. If the notes are not called and Tesla finishes at or above the $280.36 trigger level at maturity, investors receive full principal; if Tesla finishes below that trigger, repayment of principal is reduced in line with the stock’s percentage decline and can fall to zero. The estimated initial value is $956.20 per $1,000 note, reflecting dealer commissions and hedging costs.
Bank of Montreal is offering US$500,000 of senior medium-term Autocallable Barrier Notes due December 22, 2027, linked to the worst performer between Alcoa Corporation common stock and SLB N.V. common stock. The notes pay a contingent coupon of 2.50% per month (about 30.00% per year) only if, on each monthly observation date, both stocks close at or above their coupon barrier levels, set at 70.00% of their initial levels.
Starting January 16, 2026, the notes will be automatically called if both stocks are at or above 100% of their initial levels, returning principal plus that month’s coupon. If the notes are not called and, on the final valuation date, either stock finishes below its trigger level at 67.00% of its initial level, investors lose principal in line with the decline of the worst-performing stock, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, and the estimated initial value is $974.46 per $1,000 of principal, reflecting dealer compensation and hedging costs.
Bank of Montreal is offering US$344,000 of senior medium-term autocallable barrier notes due December 22, 2027, linked to the common stock of Biogen Inc. The notes pay a contingent coupon of 2.7125% per quarter (about 10.85% per year), or $27.125 per $1,000, but only if Biogen’s share price on an observation date is at or above the coupon barrier.
The Initial Level is $172.10, with both the coupon barrier and trigger level set at $111.87, equal to 65% of the Initial Level. Starting June 17, 2026, the notes will be automatically redeemed if Biogen closes above the Initial Level, returning principal plus any due coupons. If not called and Biogen finishes below the trigger on the valuation date, investors receive Biogen shares (or cash) worth less than principal, sharing in downside. The estimated initial value is $960.30 per $1,000.
Bank of Montreal is offering US$1,784,000 of senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the common stock of Biogen Inc. (BIIB), maturing on December 22, 2027. The notes pay a contingent coupon of 2.7875% per quarter (about 11.15% per year), but only if Biogen’s closing share price on each observation date is at or above the coupon barrier of $103.26, which is 60% of the initial level of $172.10.
Starting June 17, 2026, the notes will be automatically redeemed early if Biogen’s share price is at or above the initial level on an observation date, returning principal plus any due coupon. If the notes are not called and Biogen’s final level is below the trigger level of $103.26, investors will receive Biogen shares (or cash equivalent) worth less than the principal, and could lose their entire investment. The estimated initial value is $965.80 per $1,000, and the notes are unsecured, uninsured obligations of Bank of Montreal.