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Bank of Montreal is offering US$1,001,000 of Senior Medium-Term Notes, Series K, Barrier Notes due November 26, 2027, linked to the least performing of EOG Resources common stock and the Energy Select Sector SPDR Fund (XLE). The notes pay fixed coupons at an interest rate of 0.6667% per month (approximately 8.00% per annum), equaling $6.667 per $1,000 of principal, with monthly payments on the 26th from December 26, 2025 through maturity.
At maturity, investors receive $1,000 per $1,000 of principal unless a Trigger Event occurs, defined as either reference asset finishing below its Trigger Level of $58.34 for EOG or $48.87 for XLE, each 55.00% of its Initial Level. If a Trigger Event occurs, principal repayment is reduced in line with the percentage decline of the least performing asset and can be zero, though the final coupon is still paid. The estimated initial value is $989.95 per $1,000, reflecting hedging and structuring costs, and the notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency.
Bank of Montreal is offering market-linked senior medium-term notes tied to the SPDR® Gold Trust (GLD), maturing on January 4, 2030, in $1,000 denominations. These notes return full principal at maturity, subject to Bank of Montreal’s credit risk, and provide 100% upside participation in GLD to a capped maximum return of at least 31.80% (at least $1,318 per note).
The preliminary estimated initial value is $951.40 per note, and at pricing it will not be less than $910.00, reflecting structuring and hedging costs. The notes pay no periodic interest and may underperform a direct investment in GLD because gains are capped and investors do not receive any distributions from the ETF.
Wells Fargo Securities acts as agent, receiving up to $38.25 per note in discounts, with proceeds to Bank of Montreal of about $961.75 per note. Key risks include exposure to gold price volatility, potential lack of a trading market, sensitivity to Bank of Montreal’s creditworthiness, and complex U.S. tax treatment as contingent payment debt instruments.
Bank of Montreal is offering US$1,100,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Barrier Notes due November 26, 2027, linked to an equally weighted basket of Alphabet, AMD, Broadcom, NVIDIA and Oracle shares. The notes provide 1-to-1 exposure to Basket gains up to a Maximum Redemption Amount of $1,350.00 per $1,000 in principal, a 35.00% cap.
If no Barrier Event occurs and the Basket finishes below its Initial Level of 100.00 but at or above the Barrier Level of 65.00, holders receive a positive “absolute return” on the decline, also capped at $1,350.00 per $1,000. If the Basket falls below the 65.00 Barrier Level, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on any exchange. The estimated initial value is $942.99 per $1,000, lower than the public offering price due to offering, structuring and hedging costs.
Bank of Montreal is issuing US$3,147,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due November 26, 2030, linked to the NASDAQ-100 Index®.
The notes offer 175.00% leveraged upside on any index gain at maturity if they are not automatically redeemed, but pay no interest and are unsecured obligations of Bank of Montreal. On November 27, 2026, if the index closes above 100.00% of its Initial Level of 24,239.57, the notes are automatically redeemed and investors receive principal plus a fixed Call Amount of $93.50 per $1,000, equal to about 9.35% per annum.
If not called, principal is protected only down to a Barrier Level of 18,179.68, or 75.00% of the Initial Level. If the index falls below this barrier at maturity, repayment is reduced 1% for each 1% decline in the index, and investors can lose up to their entire principal. The estimated initial value is $973.44 per $1,000, and the notes will not be listed on any exchange.
Bank of Montreal is offering US$6,072,000 of Senior Medium-Term Notes, Series K, due November 30, 2026, linked to the S&P 500® Index. These structured "capped buffer enhanced return" notes provide 200.00% leveraged upside to index gains, but the payment at maturity cannot exceed the Maximum Redemption Amount of $1,120.00 per $1,000 in principal, a 12.00% maximum return.
If the index finishes below its Initial Level of 6,602.99 but at or above the 10.00% Buffer Level of 5,942.69, investors receive only principal back. If it falls below the Buffer Level, investors lose 1% of principal for each 1% decline beyond 10.00%, up to a maximum loss of 90.00% of principal. The notes pay no interest, will not be listed on an exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal.
The notes are issued at 100% of principal with no agent’s commission and an estimated initial value of $991.89 per $1,000, reflecting internal funding and hedging costs.
Bank of Montreal is issuing US$25,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due November 27, 2028, linked to the common stock of Tesla, Inc. (TSLA). The notes are unsecured obligations of Bank of Montreal and do not pay interest or offer principal protection.
The notes may be automatically redeemed on November 25, 2026 if TSLA’s closing price is above 100% of its Initial Level of $391.09. In that case, investors receive their principal plus a fixed Call Amount of $260 per $1,000 note (about 26% per annum), and no further payments.
If the notes are not called, the maturity payout depends on TSLA’s Final Level. Above or equal to the Initial Level, investors receive 150% of TSLA’s positive price gain. Between 60% and 100% of the Initial Level (the Barrier Level of $234.65), investors receive only their $1,000 principal. Below the Barrier Level, repayment is reduced 1% for each 1% TSLA has fallen, down to a possible total loss. The estimated initial value is $927.36 per $1,000 note, and the notes will not be listed on an exchange.
Bank of Montreal is offering US$2,109,000 of Senior Medium-Term Notes, Series K, capped buffer enhanced return notes linked to the S&P 500® Index, maturing on December 28, 2026. These notes give 1-to-1 exposure to S&P 500 gains, but returns are capped at a Maximum Redemption Amount of $1,118.80 per $1,000, an 11.88% maximum gain. If the index falls but stays within a 15.00% buffer, investors receive their principal back at maturity. If the index declines more than 15.00%, principal is reduced 1% for each additional 1% drop, with losses up to 85.00% of principal.
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 an agent’s commission of 0.43% and proceeds to Bank of Montreal of 99.57%, or $2,099,931.30. The issuer’s estimated initial value is $987.57 per $1,000, reflecting structuring and hedging costs. Investors are exposed to both S&P 500 performance and the credit risk of Bank of Montreal, and the tax treatment as pre-paid derivative contracts is described as uncertain.
Bank of Montreal is offering US$1,209,000 of Senior Medium-Term Notes, Series K, maturing on May 31, 2029, linked to the Russell 2000® Index. These “Digital Return Buffer Notes” pay a fixed 25.00% digital return at maturity per $1,000 principal if the index’s Final Level is at least 85.00% of its Initial Level of 2,369.587.
If the index falls more than 15.00% from its Initial Level, investors lose 1% of principal for each additional 1% decline, up to a maximum loss of 85.00% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any securities exchange.
The price to public is 100% of principal, with an agent’s commission of 3.05%, resulting in proceeds to Bank of Montreal of 96.95% of principal. The estimated initial value is $946.95 per $1,000, reflecting structuring and hedging costs, and secondary market values may be lower. All payments are subject to Bank of Montreal’s credit risk and complex U.S. tax treatment.
Bank of Montreal is offering $789,000 of Senior Medium-Term Notes, Series K, due November 26, 2027, linked to the S&P 500® Index. These “Digital Return Buffer Notes” pay a fixed 12.45% digital return at maturity per $1,000 note if the index’s final level is at least 90% of its initial level. If the index falls more than 10%, investors lose 1% of principal for each 1% decline beyond that buffer, with up to a 90% loss possible.
The notes pay no periodic 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 3.05% agent’s commission and 96.95% of proceeds to Bank of Montreal. The bank’s estimated initial value is $952.91 per $1,000 note, reflecting structuring and hedging costs.
Bank of Montreal is offering US$866,000 of Senior Medium-Term Notes, Series K, which are autocallable barrier notes with memory coupons due November 27, 2028. The notes are linked to the worst performance among the common stock of Advanced Micro Devices (AMD), Celestica (CLS) and the Class A common stock of Palantir Technologies (PLTR).
The notes pay a contingent monthly coupon of 2.9167% of principal (about 35% per year) if on an observation date the closing level of each stock is at or above its coupon barrier level, set at 60% of its initial level. Missed coupons can be paid later under the memory feature if the barrier is later met. Starting November 23, 2026, the notes are automatically redeemed if each stock is at or above 100% of its initial level on an observation date, returning principal plus any due coupons.
If the notes are not called and, at maturity, any stock has fallen below its trigger level (also 60% of its initial level), investors lose principal in proportion to the decline of the worst-performing stock and could receive nothing. The estimated initial value is stated as $933.41 per $1,000 in principal, reflecting fees and hedging costs.