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Bank of Montreal priced US$309,000 of Senior Medium‑Term Notes, Series K—Autocallable Barrier Enhanced Return Notes due October 31, 2028, linked to Palantir Technologies Inc. Class A common stock. The notes offer 150.00% leveraged upside if not called and provide no interest payments or listing; all payments are subject to BMO credit risk.
The notes auto‑redeem on November 03, 2026 if the stock closes above 100.00% of its Initial Level, paying principal plus a $275.00 Call Amount per $1,000 note (about 27.50% per annum). If held to maturity and not called: gains reflect 150.00% of positive stock performance; principal is returned if the Final Level is below the Initial Level but at or above the Barrier; losses match the stock’s decline 1‑for‑1 if below the Barrier. Key levels: Initial Level $198.81, Call Level 100.00% of Initial, Barrier Level $119.29 (60.00%).
Pricing terms: price to public 100%; agent’s commission 4.50%; proceeds to BMO 95.50%. Estimated initial value is $916.56 per $1,000. Minimum denomination is $1,000. The notes are unsecured obligations and are not FDIC/CDIC insured.
Bank of Montreal plans to issue Senior Medium‑Term Notes, Series K, Redeemable Fixed Rate Notes due November 13, 2037. Each Note has a $1,000 principal amount and pays 5.00% per annum, with interest paid semi‑annually on May 13 and November 13, starting May 13, 2026. Payment at maturity will be $1,000 per Note plus accrued interest, unless redeemed earlier.
The Notes are callable at 100% of principal plus accrued interest, in whole but not in part, on May 13 and November 13 of each year from November 13, 2027 through May 13, 2037, with 5 to 30 business days’ notice. They use a 30/360 day count and will not be listed on any exchange. The original issue price is $1,000 per Note, with a $20 underwriting discount and $980 per‑Note proceeds to the issuer.
These unsecured obligations are bail‑inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares or varied/extinguished under Canadian resolution powers. The Notes are subject to the issuer’s credit risk and are not insured by FDIC or CDIC.
Bank of Montreal is offering Senior Medium‑Term Notes, Series K, Redeemable Fixed Rate Notes due November 13, 2030. Each Note has a $1,000 principal amount, pays 4.50% per annum, and pays interest semi‑annually on May 13 and November 13, beginning May 13, 2026.
The Notes are callable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on each May 13 and November 13 from November 13, 2026 through May 13, 2030. Day count is 30/360 (unadjusted), and denominations are $1,000 and integral multiples thereof. The Notes are unsecured obligations of Bank of Montreal and will not be listed on any exchange.
Per Note economics: original issue price $1,000, underwriting discount $15, proceeds to Bank of Montreal $985. These are bail‑inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted into Bank of Montreal common shares or varied/extinguished under Canadian resolution powers. All payments are subject to Bank of Montreal’s credit risk.
Bank of Montreal filed an amended and restated pricing supplement for $7,615,000 Senior Medium‑Term Notes, Series K, Barrier Notes linked to the least performing of QQQ and SPY. The notes pay 0.5958% per month (approximately 7.15% per annum) and are scheduled to mature on April 27, 2026, with the valuation date on April 22, 2026.
The initial levels are $605.49 for QQQ and $667.80 for SPY; the trigger levels are $454.12 and $500.85 (75.00% of initial), respectively. If a Trigger Event occurs (final level of any reference asset below its trigger), holders receive either the Physical Delivery Amount (shares of the least performing asset equal to $5,000 divided by its initial level) or, at the issuer’s election, the Cash Delivery Amount, plus the final coupon; otherwise, principal of $5,000 per note is repaid. Monthly coupons are paid on the 27th of each month, beginning November 27, 2025.
The estimated initial value is $4,951.35 per $5,000 note on the pricing date. Price to public: 100%; Agent’s commission: 0.75% ($57,112.50); Proceeds to Bank of Montreal: 99.25% ($7,557,887.50). Citigroup is the selling agent and BMO Capital Markets Corp. is the calculation agent.
Bank of Montreal amended its pricing supplement to offer an additional $250,000,000 of MicroSectors Gold -3X Inverse Leveraged ETNs (ticker DULL), bringing the series to $337,500,000 in aggregate principal amount. Each note has a $25 principal and targets -3x the daily inverse move of SPDR Gold Shares (GLD), subject to fees and compounding. The notes mature on January 29, 2043. The issuer states it will receive sale proceeds equal to the public price less any commissions.
The ETNs carry a 0.95% annual Daily Investor Fee, Daily Interest based on the US Federal Funds Effective Rate minus a spread initially 2.00% (may increase up to 4.00%), and a 0.125% Redemption Fee Amount on holder redemptions. Minimum early redemption is 25,000 notes. The issuer may call the notes, and indicative value can be permanently reduced to $0 after extreme adverse moves. On October 17, 2025, the closing trading price and closing Indicative Note Value were $1.89 per note. The notes are listed on NYSE Arca under DULL.
Bank of Montreal priced US$1,090,000 Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Contingent Coupons—linked to Meta Platforms (META), due November 23, 2026. The notes pay a contingent coupon of 0.925% per month (approximately 11.10% per annum) when META’s closing level on an observation date is at or above the coupon barrier.
The Initial Level is $712.07; the coupon barrier and trigger level are $498.45 (70.00% of the Initial Level). Starting April 20, 2026, the notes are automatically redeemable if META closes above the call level (100% of the Initial Level), returning principal plus the coupon. If not called, at maturity holders receive $1,000 per note unless a Trigger Event occurs; if triggered, holders receive a Physical Delivery Amount equal to $1,000 divided by the Initial Level (or a cash equivalent), plus any final coupon if payable.
The estimated initial value is $961.30 per $1,000. Price to public is 100% (fee‑based accounts between $978.50 and $1,000 per $1,000). The agent’s commission is 2.15% ($23,435.00), with proceeds to Bank of Montreal of 97.85% ($1,066,565.00). The notes are unsecured obligations subject to the risk factors described.
Bank of Montreal priced US$2,564,000 of Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Contingent Coupons due November 23, 2026, linked to Amazon.com, Inc. common stock.
The notes offer a contingent coupon of 0.7575% per month (approximately 9.09% per annum) if AMZN’s closing level on an Observation Date is at or above the Coupon Barrier Level of $150.13, which is 70.00% of the Initial Level of $214.47. Beginning on April 20, 2026, the notes are automatically redeemed if AMZN’s closing level exceeds the Call Level, set at 100% of the Initial Level; investors then receive principal plus the applicable coupon.
If not called, at maturity investors receive $1,000 per $1,000 in principal unless a Trigger Event occurs (Final Level below $150.13). If triggered, repayment is in shares equal to the Physical Delivery Amount ($1,000 divided by $214.47) or the cash equivalent, which can be less than principal. The estimated initial value is $957.50 per $1,000. The agent’s commission is 2.15% ($55,126), with proceeds to Bank of Montreal of 97.85% ($2,508,874).
Bank of Montreal priced $4,419,000 of Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Contingent Coupons due November 23, 2026, linked to lululemon athletica inc. (LULU). Coupons of 1.085% per month (approximately 13.02% per annum) are paid if LULU closes on an Observation Date at or above the $93.83 Coupon Barrier, which is 57.00% of the $164.62 Initial Level. Beginning on April 20, 2026, the notes auto‑redeem if LULU closes above the Call Level (100% of the Initial Level), returning principal plus the coupon.
If not called, at maturity investors receive $1,000 per $1,000 note unless a Trigger Event occurs (Final Level below $93.83); then the payoff equals $1,000 + [$1,000 × Percentage Change] and can be zero. Price to public 100%; agent’s commission 2.15% ($95,008.50); issuer proceeds 97.85% ($4,323,991.50). The estimated initial value is $955.07 per $1,000. These are unsecured obligations; Settlement October 21, 2025; Valuation November 18, 2026.
Bank of Montreal filed a 424(b)(2) pricing supplement for US$7,129,000 Senior Medium‑Term Notes, Series K: Autocallable Barrier Notes with Memory Coupons due October 23, 2028, linked to Target Corporation common stock (TGT).
The notes offer a 2.5625% quarterly contingent coupon (approximately 10.25% per annum) when TGT’s closing level on an observation date is at or above the Coupon Barrier of $45.04 (50% of the $90.07 Initial Level). They are automatically redeemable beginning April 20, 2026 if TGT closes above the Call Level (100% of the Initial Level), paying principal plus any due coupons (including memory coupons).
If not redeemed early, maturity payment equals principal if no Trigger Event occurs; if TGT’s Final Level is below the Trigger Level of $45.04, repayment is reduced by the percentage decline, which could result in a loss of principal. Estimated initial value is $962.91 per $1,000. Price to public is 100%, with a 2.50% agent’s commission ($178,225) and $6,950,775 in proceeds to Bank of Montreal.
Bank of Montreal filed a preliminary pricing supplement for senior medium‑term notes linked to an equally weighted ETF basket of Global X Copper Miners ETF (COPX) and SPDR Gold Trust (GLD). Each $1,000 security offers 100% upside participation to a cap and partial principal return at maturity.
The estimated initial value is $961.70 per security (not less than $911.00 at pricing). The maximum return will be at least 16.50% (maximum maturity payment at least $1,165.00), and the minimum payment at maturity is $950.00 (95% of face). If the basket ends below the starting value, investors have 1‑to‑1 downside exposure to the first 5% decline.
Key terms: pricing date October 22, 2025; issue date October 27, 2025; stated maturity October 27, 2027; starting value 100. Original offering price $1,000, agent discount $25.75, proceeds to BMO $974.25 per security. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not bail‑inable. Wells Fargo Securities acts as agent; BMO Capital Markets is calculation agent.