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Bank of Montreal is offering US$1,385,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due December 19, 2028. The notes are linked to the least performing of Chevron (CVX), EOG Resources (EOG) and Exxon Mobil (XOM).
Investors may receive monthly contingent coupons at 0.8958% (about 10.75% per year, but only if each stock closes on or above its coupon barrier, set at 60% of its initial level. Missed coupons can be paid later under the memory feature if barriers are later met.
Beginning June 16, 2026, the notes are automatically redeemed if each stock is at or above its initial level, returning principal plus any due coupons. If not called, investors get full principal at maturity only if no trigger event occurs; if any stock finishes below its 60% trigger level, repayment is reduced in line with the loss on the worst stock and can be zero. The notes are unsecured obligations, and the estimated initial value is $974.73 per $1,000 of principal.
Bank of Montreal is offering US$635,000 of senior medium-term Capped Enhanced Return Notes due January 19, 2027, linked to the Utilities Select Sector SPDR Fund (XLU). The notes provide 300% leveraged upside on any increase in XLU from the Initial Level of $43.04, but gains are capped at a Maximum Redemption Amount of $1,182.30 per $1,000 in principal (an 18.23% maximum return).
If the fund’s Final Level is below its Initial Level, 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 any exchange. They are issued in $1,000 denominations, with a price to public of 100%, agent’s commission of 1.93%, and proceeds to Bank of Montreal of 98.07% of principal. The estimated initial value is $974.30 per $1,000, reflecting structuring and hedging costs and the bank’s internal funding rate.
Bank of Montreal is offering unsecured notes linked to the S&P 500® Index with a $1,000 principal amount per note. The notes pay no interest and are designed to be held to maturity, with the determination date expected 26–29 months after the trade date and payment on the second business day after that.
If the final S&P 500® level is at least 85.00% of the initial level, investors receive a fixed threshold settlement amount, expected to be between $1,159.40 and $1,187.50 per note. If the final level is below 85.00%, the payoff is reduced so that investors lose approximately 1.1765% of principal for every 1% the index falls below the threshold, and they can lose all of their investment.
The estimated initial value is expected to be between $969.00 and $999.00 per $1,000, below the original issue price, reflecting structuring and hedging costs. The notes will not be listed on any exchange, may have limited secondary liquidity, and all payments depend on the credit of Bank of Montreal. The U.S. and Canadian tax treatment is complex and uncertain, and investors are directed to detailed tax discussions.
Bank of Montreal is offering unsecured, MSCI EAFE Index®-linked notes with a total offering size of $2.033 million at $1,000 per note. The notes pay no interest and return at maturity depends on index performance from December 16, 2025 to February 2, 2028.
If the index rises, holders earn 160% of the index gain, capped at a maximum payment of $1,265.44 per $1,000 note. If the index falls up to 15%, principal is protected; below that buffer, investors lose about 1.1765% of principal for every 1% drop beyond 15%, and can lose all principal. The estimated initial value is $989.87 per $1,000 note, the notes are not listed, and all payments are subject to Bank of Montreal’s credit risk.
Bank of Montreal is offering senior unsecured market-linked notes that pay a fixed monthly coupon at a rate of at least 11.90% per year on a $1,000 face amount. The notes are linked to the worst performer among the common stock of Advanced Micro Devices, Inc., NextEra Energy, Inc. and the Class A common stock of Visa Inc. and may be automatically called monthly from April 2026 if the lowest performing stock is at or above 90% of its starting value.
If not called, the notes mature on December 31, 2027. At maturity, investors receive $1,000 per note if the lowest performing stock is at or above 50% of its starting value; otherwise they receive $1,000 multiplied by that stock’s performance factor, which can result in losing more than 50%, up to all, of principal. Investors do not participate in any stock price appreciation; total return is limited to coupon payments.
The estimated initial value is $970.60 per security on the preliminary date and will not be less than $920.00 at pricing. The notes are not bail-inable, are subject to Bank of Montreal’s credit risk, will not be listed on any exchange and may have limited or no secondary market. The U.S. tax treatment is uncertain and may be affected by future IRS or legislative actions.
Bank of Montreal is offering senior unsecured, market-linked notes that are auto-callable and pay fixed monthly coupons, linked to the worst performer of Advanced Micro Devices (AMD), NextEra Energy (NEE) and Visa Class A (V). Each security has a $1,000 face amount, with a coupon rate set on the pricing date at no less than 11.35% per annum, paid monthly.
The notes can be automatically called monthly from April 2026 to December 2026 if the lowest performing stock is at or above 90% of its starting value on a call date, in which case investors receive $1,000 plus a final coupon and the notes terminate. If never called, at maturity on December 31, 2026 investors receive $1,000 per security if the lowest stock is at or above 50% of its starting value; if it is below 50%, repayment is reduced in proportion to that stock’s decline, and investors can lose most or all principal. Any upside is limited to coupons.
The estimated initial value on the preliminary date is $974.00 per security (and will not be less than $920.00 at pricing) versus a $1,000 offering price, reflecting structuring and hedging costs and dealer compensation, including up to $15.75 per security in agent discount. The notes are unsecured obligations of Bank of Montreal, not insured by any government agency, are not expected to be listed, and involve complex and uncertain U.S. tax treatment.
Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 2, 2031. Each note has a $1,000 principal amount, pays fixed interest at 4.50% per annum, and returns $1,000 per note at maturity plus any accrued interest, unless redeemed earlier.
Interest is paid in cash semi-annually on January 2 and July 2, starting July 2, 2026. Bank of Montreal may redeem all, but not part, of the notes at 100% of principal plus accrued interest on any January 2 or July 2 from January 2, 2027 through July 2, 2030, which could limit future interest income for holders.
The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or written down in a resolution scenario. They will not be listed on any securities exchange, and the $1,000 original issue price per note includes a $10 underwriting discount, so resale prices may be lower than the issue price.
Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 2, 2036, paying a fixed interest rate of 4.95% per year.
Holders receive semi-annual interest in U.S. dollars on January 2 and July 2, starting July 2, 2026, and $1,000 per note at maturity if the notes are not redeemed earlier and Bank of Montreal meets its obligations. The bank may redeem all of the notes at 100% of principal plus accrued interest on specified optional redemption dates semi-annually from January 2, 2028 to June 2, 2035.
The notes are unsecured, will not be listed on any securities exchange, and are not insured by U.S. or Canadian deposit insurance agencies, so they may be hard to sell before maturity. They are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, in a resolution scenario. Per note, the original issue price is $1,000, including a $10 underwriting discount and $990 in proceeds to Bank of Montreal.
Bank of Montreal is offering senior equity-linked notes that pay contingent quarterly coupons and may be automatically called before maturity. Each security has a $1,000 face amount, an original offering price of $1,000, and an estimated initial value of $965.49. The notes are linked to the worst performer among the common stocks of Amazon.com, Emerson Electric and Microsoft.
Investors receive an 11.80% per annum contingent coupon only if, on each calculation day, the lowest performing stock is at or above its coupon threshold, set at 60% of its starting value. The same 60% level acts as a downside threshold at maturity if the notes are not called. If the worst stock ends below that downside threshold, principal is reduced in full proportion to its loss, and investors can lose most or all of their investment.
The notes can be automatically called quarterly from March 2026 through September 2027 if the lowest performing stock is at or above its starting value, returning face amount plus due coupons. The securities are unsecured obligations of Bank of Montreal, subject to its credit risk, will not be listed on any exchange, and have complex tax and risk profiles that differ from conventional bonds.
Bank of Montreal is offering additional MAX Auto Industry -3X Inverse Leveraged ETNs with an aggregate principal amount of $3,750,000. These unsecured notes provide three-times daily inverse exposure to the Prime Auto Industry Index, which tracks U.S.-listed auto manufacturers, parts, retailers, and dealers. Each note has a $25 principal amount, and there were 600,000 notes outstanding as of December 17, 2025, for total principal of $15,000,000.
The ETNs are designed as short-term, daily trading tools for sophisticated investors, not buy-and-hold investments, and can lose all value if the indicative note value hits zero. Returns are reduced by a 0.95% annual Daily Investor Fee, potentially negative Daily Interest tied to the Federal Funds Rate minus up to a 4.00% spread, and a 0.125% redemption fee for holder-initiated redemptions. The notes are callable at the issuer’s option, have a final maturity in 2043 with possible extensions, and are listed on NYSE under ticker CARD.