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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.
Bank of Montreal priced US$3,318,000 Senior Medium‑Term Notes, Series K, Digital Return Barrier Notes due November 16, 2026, linked to the least performing of the S&P 500, NASDAQ‑100, and Russell 2000.
The notes target an 8.50% Digital Return per $1,000 if the least performing index’s final level is at or above 65% of its initial level on the valuation date. If it falls below 65%, repayment declines 1% for each 1% drop in that index, down to zero. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, and will not be listed.
Key terms include minimum denominations of $1,000; pricing date October 10, 2025; settlement October 16, 2025; valuation November 11, 2026; maturity November 16, 2026. Pricing details: price to public 100%, agent’s commission 0.65%, and proceeds to the issuer 99.35% (US$3,296,433). The estimated initial value is $976.81 per $1,000, reflecting offering, structuring, and hedging costs. All payments are subject to the credit risk of Bank of Montreal.
Bank of Montreal filed an amended pricing supplement for its MicroSectors U.S. Big Banks 3× Leveraged ETNs, adding $12,500,000 in additional ETNs. After this issuance, $25,000,000 aggregate principal amount (1,000,000 ETNs at $25 each) will be outstanding, listed on NYSE as BNKU.
The ETNs provide 3× daily leveraged exposure to the gross total return version of the Solactive MicroSectors U.S. Big Banks Index, less a Daily Financing Charge (Federal Reserve Bank Prime Loan Rate + 2.25% spread, adjustable up to 4.00%) and a 0.95% annual Daily Investor Fee; early redemptions incur a 0.125% fee. The notes pay no interest, offer no principal protection, and are unsecured obligations of Bank of Montreal maturing on February 17, 2045, with issuer call and holder early redemption features (minimum redemption: 25,000 ETNs).
Because leverage resets daily, returns over longer periods can diverge significantly from 3× index moves, and the notes are subject to “decay” in volatile markets. On October 13, 2025, BNKU closed at $25.37 with a Closing Indicative Value of $24.76.
Bank of Montreal priced US$540,000 of Senior Medium‑Term Notes, Series K, Capped Buffer Enhanced Return Notes due October 16, 2028, linked to the Consumer Discretionary Select Sector SPDR Fund (XLY). The notes offer 150.00% leveraged upside on XLY, capped by a Maximum Redemption Amount of $1,383.00 per $1,000 (a 38.30% maximum return). They pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on an exchange.
At maturity, investors receive: the capped amount if XLY rises enough to hit the 38.30% maximum; a leveraged gain if XLY is up but below the cap; principal back if XLY is flat to down within a 15.00% buffer; or a loss of 1% for each 1% XLY falls beyond the 15.00% buffer, up to an 85.00% loss. Key terms include Initial Level $228.75, Buffer Level $194.44, Pricing Date October 10, 2025, Valuation Date October 11, 2028, and Maturity Date October 16, 2028. Pricing details: price to public 100%, agent’s commission 0.50% ($2,700), and proceeds to issuer 99.50% ($537,300). The estimated initial value is $972.13 per $1,000, reflecting offering, structuring and hedging costs.
Bank of Montreal priced US$2,011,000 Senior Medium‑Term Notes, Series K, Digital Return Barrier Notes due October 23, 2026, linked to an equally weighted basket of Constellation Energy (CEG), NRG Energy (NRG), NextEra Energy (NEE) and GE Vernova (GEV).
The notes offer a 27.00% Digital Return per $1,000 if the Basket’s Final Level is at least 100.00% of the Initial Level on the valuation date. If the Basket declines, repayment is reduced 1% for each 1% drop, down to zero. The notes pay no interest, are unsecured obligations subject to BMO credit risk, and will not be listed.
Pricing and economics: price to public 100%; agent’s commission 2.00% ($40,220); proceeds to BMO 98.00% ($1,970,780). Minimum denominations are $1,000. The estimated initial value is $951.54 per $1,000 at pricing. Key dates: pricing October 10, 2025; settlement October 16, 2025; valuation October 20, 2026; maturity October 23, 2026. BMOCM acts as calculation and selling agent.
Bank of Montreal is offering $10,024,000 of Senior Medium‑Term Notes, Series K, 4.30% fixed‑rate, due October 15, 2030. The notes pay interest semi‑annually on April 15 and October 15, starting April 15, 2026, in $1,000 denominations. Unless redeemed earlier, holders receive $1,000 per note plus accrued interest at maturity.
The notes are redeemable at 100% of principal plus accrued interest, in whole only, on April 15 and October 15 each year from October 15, 2027 through April 15, 2030. They are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and are bail‑inable under the CDIC Act.
Per‑note pricing: original issue price $1,000, underwriting discount $7.50, proceeds $992.50. Total underwriting discount was $72,774.24, with net proceeds to Bank of Montreal of $9,951,225.76. Payments are subject to the issuer’s credit risk and the notes are not insured by FDIC, CDIC or any governmental agency.
Bank of Montreal launched US$2,172,000 Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Contingent Coupons due November 16, 2026, linked to Palo Alto Networks, Inc. (PANW). The notes offer a 0.8767% monthly contingent coupon (approximately 10.52% per annum) if PANW’s closing level is at or above the $150.62 coupon barrier on observation dates.
The initial level is $215.17; the trigger level and coupon barrier are both $150.62 (70% of initial). Starting April 13, 2026, the notes are autocallable at 100% of the initial level; if called, investors receive principal plus that period’s coupon. If held to maturity and no trigger event occurs, payment is $1,000 per $1,000 note plus any final coupon. If a trigger event occurs, repayment is $1,000 + ($1,000 × percentage change), which can be significantly less than principal and may be zero.
The estimated initial value is $963.58 per $1,000. Price to public is 100%, with a 2.15% agent’s commission ($46,698) and 97.85% proceeds to Bank of Montreal ($2,125,302). The notes are unsecured obligations and pay only in cash.
Bank of Montreal priced $1,615,000 Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Memory Coupons due October 16, 2028, linked to the common stock of Palo Alto Networks (PANW).
The notes pay contingent coupons of 2.75% per quarter (approximately 11.00% per annum) if PANW’s closing level on an Observation Date is at or above the Coupon Barrier of $145.99 (70% of the $208.55 Initial Level). Missed coupons may be paid later via the Memory Coupon feature. Beginning April 13, 2026, the notes are automatically redeemed if PANW closes above the Call Level (100% of the Initial Level) on an Observation Date, returning principal plus any due coupons.
If not called, at maturity investors receive $1,000 per note unless a Trigger Event occurs (Final Level below $145.99), in which case repayment is reduced by the stock’s percentage decline and may be zero. The offering priced at 100% with a 1.50% agent’s commission ($24,225) and 98.50% proceeds to BMO ($1,590,775). The estimated initial value is $964.64 per $1,000.