[424B7] Ellomay Capital LTD Prospectus Filed Pursuant to Rule 424(b)(7)
Bank of Montreal (BMO) is offering US$425,000 of Senior Medium-Term Notes, Series K – “Digital Return Buffer Notes” – maturing 3 August 2026. The notes are linked to the worst performer of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Russell 2000 (each a “Reference Asset”).
Key economic terms:
- Digital Return: 10.40% payable at maturity if the closing level of the Least Performing Reference Asset on 29 July 2026 (the Valuation Date) is ≥ 85% of its 27 June 2025 Initial Level (“Digital Barrier”).
- Buffer: first 15% downside is absorbed. If the Least Performing Reference Asset drops >15%, principal is reduced point-for-point beyond the buffer, exposing investors to a maximum loss of 85%.
- No periodic coupons; single payment at maturity.
- Issue price: 100%; agent’s commission 0.375%; estimated initial value: $981.99 per $1,000, reflecting embedded fees and hedging costs.
- Credit exposure: unsecured, unsubordinated obligations of BMO; CUSIP 06376EMN9; not FDIC or CDIC insured; not exchange-listed.
Illustrative payouts: any Final Level ≥ 85% triggers a fixed $1,104 per $1,000 note (10.40% gain). A Final Level of 80% returns $950 (-5%); 60% returns $750 (-25%); 0% returns $150 (-85%). Upside is capped at 10.40% irrespective of index performance.
Risk considerations include potential loss of up to 85% of principal, limited upside versus direct index exposure, secondary-market illiquidity (no listing; dealer market making discretionary), BMO credit risk, tax uncertainty (treated as prepaid derivative contracts), and a price-to-public that exceeds the bank’s modeled value.
The product may appeal to investors with a moderately bullish to sideways view on large-, mega- and small-cap U.S. equities over the next ~13 months who are willing to trade upside beyond 10.40% for a 15% buffer and accept issuer credit and liquidity risk.
La Bank of Montreal (BMO) offre Senior Medium-Term Notes per un valore di 425.000 USD, Serie K – “Digital Return Buffer Notes” – con scadenza il 3 agosto 2026. Le note sono collegate al titolo peggiore tra tre indici azionari statunitensi: S&P 500, NASDAQ-100 e Russell 2000 (ciascuno un “Asset di Riferimento”).
Termini economici principali:
- Rendimento digitale: 10,40% pagabile alla scadenza se il livello di chiusura dell’Asset di Riferimento meno performante al 29 luglio 2026 (Data di Valutazione) è ≥ 85% del suo livello iniziale del 27 giugno 2025 (“Barriera Digitale”).
- Buffer: il primo 15% di ribasso è assorbito. Se l’Asset di Riferimento meno performante scende oltre il 15%, il capitale si riduce punto per punto oltre il buffer, esponendo gli investitori a una perdita massima dell’85%.
- Nessuna cedola periodica; pagamento unico alla scadenza.
- Prezzo di emissione: 100%; commissione dell’agente 0,375%; valore iniziale stimato: 981,99 USD per ogni 1.000 USD, riflettendo costi incorporati e di copertura.
- Esposizione creditizia: obbligazioni non garantite e non subordinate di BMO; CUSIP 06376EMN9; non assicurate FDIC o CDIC; non quotate in borsa.
Esempi di pagamenti: qualsiasi livello finale ≥ 85% genera un pagamento fisso di 1.104 USD per ogni 1.000 USD di nota (guadagno del 10,40%). Un livello finale dell’80% restituisce 950 USD (-5%); 60% restituisce 750 USD (-25%); 0% restituisce 150 USD (-85%). Il guadagno massimo è limitato al 10,40% indipendentemente dalla performance dell’indice.
Considerazioni sul rischio: possibile perdita fino all’85% del capitale, rendimento limitato rispetto all’esposizione diretta agli indici, scarsa liquidità sul mercato secondario (nessuna quotazione; market making discrezionale), rischio di credito BMO, incertezza fiscale (trattato come contratto derivato prepagato) e prezzo di offerta superiore al valore modellato dalla banca.
Il prodotto può interessare investitori con una visione moderatamente rialzista o laterale sulle azioni statunitensi large-, mega- e small-cap nei prossimi circa 13 mesi, disposti a rinunciare a un guadagno superiore al 10,40% in cambio di un buffer del 15% e accettare il rischio di credito dell’emittente e di liquidità.
Bank of Montreal (BMO) ofrece Notas Senior a Medio Plazo por valor de 425,000 USD, Serie K – “Digital Return Buffer Notes” – con vencimiento el 3 de agosto de 2026. Las notas están vinculadas al peor desempeño de tres índices bursátiles estadounidenses: S&P 500, NASDAQ-100 y Russell 2000 (cada uno un “Activo de Referencia”).
Términos económicos clave:
- Retorno digital: 10.40% pagadero al vencimiento si el nivel de cierre del Activo de Referencia con peor desempeño el 29 de julio de 2026 (Fecha de Valoración) es ≥ 85% de su nivel inicial del 27 de junio de 2025 (“Barrera Digital”).
- Buffer: se absorbe la primera 15% de caída. Si el Activo de Referencia con peor desempeño cae más del 15%, el principal se reduce punto por punto más allá del buffer, exponiendo a los inversores a una pérdida máxima del 85%.
- No hay cupones periódicos; pago único al vencimiento.
- Precio de emisión: 100%; comisión del agente 0.375%; valor inicial estimado: 981.99 USD por cada 1,000 USD, reflejando costos incorporados y de cobertura.
- Exposición crediticia: obligaciones no garantizadas y no subordinadas de BMO; CUSIP 06376EMN9; no aseguradas por FDIC o CDIC; no cotizadas en bolsa.
Pagos ilustrativos: cualquier nivel final ≥ 85% activa un pago fijo de 1,104 USD por cada nota de 1,000 USD (ganancia del 10.40%). Un nivel final del 80% devuelve 950 USD (-5%); 60% devuelve 750 USD (-25%); 0% devuelve 150 USD (-85%). La ganancia máxima está limitada al 10.40% independientemente del desempeño del índice.
Consideraciones de riesgo incluyen posible pérdida de hasta el 85% del principal, ganancia limitada frente a la exposición directa al índice, iliquidez en el mercado secundario (sin cotización; creación de mercado discrecional), riesgo crediticio de BMO, incertidumbre fiscal (tratado como contratos derivados prepagados) y precio al público superior al valor modelado por el banco.
El producto puede atraer a inversores con una visión moderadamente alcista o lateral sobre acciones estadounidenses de gran, mega y pequeña capitalización durante los próximos ~13 meses, dispuestos a renunciar a ganancias superiores al 10.40% a cambio de un buffer del 15% y que acepten el riesgo de crédito del emisor y de liquidez.
뱅크 오브 몬트리올(BMO)은 2026년 8월 3일 만기인 시리즈 K – “디지털 리턴 버퍼 노트” – 총 425,000달러 규모의 선임 중기채권을 제공합니다. 이 노트는 미국 주식 벤치마크 3종 중 최저 성과 지수인 S&P 500, NASDAQ-100, Russell 2000(각각 “기준 자산”)에 연동됩니다.
주요 경제 조건:
- 디지털 리턴: 10.40%는 2026년 7월 29일(평가일) 최저 성과 기준 자산의 종가가 2025년 6월 27일 초기 수준의 85% 이상(“디지털 장벽”)일 경우 만기 시 지급됩니다.
- 버퍼: 최초 15% 하락은 흡수됩니다. 최저 성과 기준 자산이 15% 이상 하락하면 버퍼를 초과하는 부분에 대해 원금이 점진적으로 감소하여 투자자는 최대 85% 손실에 노출됩니다.
- 정기 쿠폰 없음; 만기 시 단일 지급.
- 발행가: 100%; 중개인 수수료 0.375%; 내재 수수료 및 헤지 비용을 반영한 예상 초기 가치: 1,000달러당 981.99달러.
- 신용 노출: BMO의 무담보 비후순위 채무; CUSIP 06376EMN9; FDIC 또는 CDIC 보험 미적용; 증권거래소 미상장.
지급 예시: 최종 수준이 85% 이상이면 1,000달러당 고정 1,104달러 지급(10.40% 수익). 최종 수준 80%는 950달러(-5%), 60%는 750달러(-25%), 0%는 150달러(-85%) 지급. 수익은 지수 성과와 관계없이 10.40%로 제한됩니다.
위험 고려사항에는 원금 최대 85% 손실 가능성, 직접 지수 투자 대비 제한된 상승 잠재력, 2차 시장 유동성 부족(상장 없음; 딜러 시장 조성 임의적), BMO 신용 위험, 세금 불확실성(선불 파생상품 계약으로 취급), 은행 모델 가치 초과 가격 등이 포함됩니다.
이 상품은 향후 약 13개월 동안 미국 대형, 메가 및 소형주에 대해 다소 강세 또는 횡보 전망을 가진 투자자에게 적합하며, 10.40% 이상의 수익 포기와 15% 버퍼, 발행자 신용 및 유동성 위험 수용 의향이 있는 투자자에게 매력적일 수 있습니다.
La Banque de Montréal (BMO) propose des billets à moyen terme senior d’une valeur de 425 000 USD, série K – « Digital Return Buffer Notes » – arrivant à échéance le 3 août 2026. Ces billets sont liés à la performance la plus faible parmi trois indices boursiers américains : le S&P 500, le NASDAQ-100 et le Russell 2000 (chacun un « actif de référence »).
Principaux termes économiques :
- Rendement numérique : 10,40% payable à l’échéance si le niveau de clôture de l’actif de référence le moins performant au 29 juillet 2026 (date d’évaluation) est ≥ 85 % de son niveau initial du 27 juin 2025 (« barrière numérique »).
- Buffer : les 15 % de baisse initiaux sont absorbés. Si l’actif de référence le moins performant chute de plus de 15 %, le capital est réduit point par point au-delà du buffer, exposant les investisseurs à une perte maximale de 85 %.
- Pas de coupons périodiques ; paiement unique à l’échéance.
- Prix d’émission : 100 % ; commission de l’agent 0,375 % ; valeur initiale estimée : 981,99 $ par tranche de 1 000 $, incluant les frais intégrés et les coûts de couverture.
- Exposition au crédit : obligations non garanties et non subordonnées de BMO ; CUSIP 06376EMN9 ; non assurées par la FDIC ou CDIC ; non cotées en bourse.
Exemples de paiements : tout niveau final ≥ 85 % déclenche un paiement fixe de 1 104 $ par billet de 1 000 $ (gain de 10,40 %). Un niveau final de 80 % retourne 950 $ (-5 %) ; 60 % retourne 750 $ (-25 %) ; 0 % retourne 150 $ (-85 %). Le gain est plafonné à 10,40 %, quelle que soit la performance de l’indice.
Considérations sur les risques : perte potentielle allant jusqu’à 85 % du capital, gain limité par rapport à une exposition directe à l’indice, illiquidité sur le marché secondaire (pas de cotation ; market making discrétionnaire), risque de crédit BMO, incertitude fiscale (traité comme contrats dérivés prépayés) et un prix public supérieur à la valeur modélisée par la banque.
Ce produit peut intéresser les investisseurs ayant une vision modérément haussière à neutre sur les actions américaines large, méga et small caps pour les ~13 prochains mois, prêts à renoncer à un gain supérieur à 10,40 % en échange d’un buffer de 15 % et acceptant le risque de crédit de l’émetteur ainsi que le risque de liquidité.
Die Bank of Montreal (BMO) bietet Senior Medium-Term Notes im Wert von 425.000 USD, Serie K – „Digital Return Buffer Notes“ – mit Fälligkeit am 3. August 2026 an. Die Notes sind mit dem schlechtesten Performer von drei US-Aktienbenchmarks verbunden: dem S&P 500, NASDAQ-100 und Russell 2000 (jeweils ein „Referenzwert“).
Wichtige wirtschaftliche Bedingungen:
- Digitaler Ertrag: 10,40%, zahlbar bei Fälligkeit, wenn der Schlusskurs des am schlechtesten performenden Referenzwerts am 29. Juli 2026 (Bewertungsdatum) ≥ 85 % seines Anfangsniveaus vom 27. Juni 2025 („Digitale Barriere“) ist.
- Buffer: Die ersten 15% Kursverluste werden absorbiert. Fällt der am schlechtesten performende Referenzwert um mehr als 15 %, wird das Kapital Punkt für Punkt über den Buffer hinaus reduziert, wodurch Anleger einem maximalen Verlust von 85 % ausgesetzt sind.
- Keine periodischen Kupons; Einmalzahlung bei Fälligkeit.
- Ausgabepreis: 100 %; Agenturprovision 0,375 %; geschätzter Anfangswert: 981,99 USD pro 1.000 USD, unter Berücksichtigung eingebetteter Gebühren und Absicherungskosten.
- Kreditrisiko: unbesicherte, nicht nachrangige Verbindlichkeiten von BMO; CUSIP 06376EMN9; nicht FDIC- oder CDIC-versichert; nicht börsennotiert.
Beispielhafte Auszahlungen: Ein Endstand ≥ 85 % löst eine feste Auszahlung von 1.104 USD pro 1.000 USD Note (10,40 % Gewinn) aus. Ein Endstand von 80 % zahlt 950 USD (-5 %); 60 % zahlt 750 USD (-25 %); 0 % zahlt 150 USD (-85 %). Der Gewinn ist auf 10,40 % begrenzt, unabhängig von der Indexentwicklung.
Risikobetrachtungen umfassen potenziellen Verlust von bis zu 85 % des Kapitals, begrenztes Aufwärtspotenzial im Vergleich zur direkten Indexexponierung, Illiquidität am Sekundärmarkt (keine Notierung; Market Making nach Ermessen des Händlers), BMO-Kreditrisiko, steuerliche Unsicherheit (Behandlung als vorausbezahlte Derivateverträge) und einen öffentlichen Preis, der den modellierten Wert der Bank übersteigt.
Das Produkt könnte für Anleger attraktiv sein, die eine moderat bullische bis seitwärts gerichtete Sicht auf große, Mega- und Small-Cap US-Aktien über die nächsten ca. 13 Monate haben, bereit sind, einen Gewinn über 10,40 % zugunsten eines 15 % Buffers aufzugeben und Emittenten-Kredit- sowie Liquiditätsrisiken zu akzeptieren.
- 10.40% fixed upside if worst-performing index finishes ≥ 85%, providing an above-market yield in a flat or modestly rising environment.
- 15% downside buffer mitigates moderate equity declines, offering partial capital protection compared with direct index exposure.
- Short 13-month tenor limits long-term market and rate uncertainty.
- Upside capped at 10.40%, materially underperforming equities if indices rally >10.4%.
- Potential loss up to 85% of principal if the worst index falls more than 15%.
- Issuer credit risk: payments depend solely on Bank of Montreal’s ability to pay.
- Liquidity risk: no exchange listing; secondary market, if any, depends on BMOCM’s discretion at likely discounts.
- Initial value below issue price ($981.99 vs $1,000) reflects embedded fees and hedging costs, creating negative carry from day one.
Insights
TL;DR Limited-term note offers 10.40% fixed upside with 15% buffer but significant tail-risk and BMO credit exposure.
The design is straightforward: a 13-month digital payoff contingent on the worst of three broad U.S. indices. Statistically, the 85% barrier provides moderate protection, yet historical drawdowns in small-caps (RTY) make breach plausible. Investors forfeit all upside beyond 10.40%, so risk-adjusted appeal depends on one’s view that a <15% decline is more likely than >10.4% appreciation. The 1.88-point markup (price – modeled value) plus 0.375% commission and potential 0.35% referral fee illustrate typical structured-note friction. An estimated breakeven occurs if the worst index ends between 84.999% and 90% of initial, where the buffer or digital feature marginally outperforms passive exposure. Net: product suits yield-seeking allocators comfortable with issuer risk; not compelling for growth-oriented investors.
TL;DR Attractive headline return, but capped upside, liquidity constraints and small-cap drag temper enthusiasm.
From a portfolio construction angle, the note behaves like a credit-linked call spread: long digital on worst-of basket, short equity upside beyond 10.4%, long put struck at 85%. Correlation among SPX/NDX/RTY means RTY dominates risk; historical vol ≈ 22% vs 15% (SPX) makes buffer less reliable. Duration just over a year mitigates rate risk but heightens reinvestment uncertainty. Lack of listing complicates exit; dealer bids likely 2–4 points under theoretical value, especially after the three-month temporary premium expires. I would size conservatively (<2% of total AUM) and treat as a tactical expression if one has high conviction of sideways markets. Impact on BMO’s credit profile is immaterial given size.
La Bank of Montreal (BMO) offre Senior Medium-Term Notes per un valore di 425.000 USD, Serie K – “Digital Return Buffer Notes” – con scadenza il 3 agosto 2026. Le note sono collegate al titolo peggiore tra tre indici azionari statunitensi: S&P 500, NASDAQ-100 e Russell 2000 (ciascuno un “Asset di Riferimento”).
Termini economici principali:
- Rendimento digitale: 10,40% pagabile alla scadenza se il livello di chiusura dell’Asset di Riferimento meno performante al 29 luglio 2026 (Data di Valutazione) è ≥ 85% del suo livello iniziale del 27 giugno 2025 (“Barriera Digitale”).
- Buffer: il primo 15% di ribasso è assorbito. Se l’Asset di Riferimento meno performante scende oltre il 15%, il capitale si riduce punto per punto oltre il buffer, esponendo gli investitori a una perdita massima dell’85%.
- Nessuna cedola periodica; pagamento unico alla scadenza.
- Prezzo di emissione: 100%; commissione dell’agente 0,375%; valore iniziale stimato: 981,99 USD per ogni 1.000 USD, riflettendo costi incorporati e di copertura.
- Esposizione creditizia: obbligazioni non garantite e non subordinate di BMO; CUSIP 06376EMN9; non assicurate FDIC o CDIC; non quotate in borsa.
Esempi di pagamenti: qualsiasi livello finale ≥ 85% genera un pagamento fisso di 1.104 USD per ogni 1.000 USD di nota (guadagno del 10,40%). Un livello finale dell’80% restituisce 950 USD (-5%); 60% restituisce 750 USD (-25%); 0% restituisce 150 USD (-85%). Il guadagno massimo è limitato al 10,40% indipendentemente dalla performance dell’indice.
Considerazioni sul rischio: possibile perdita fino all’85% del capitale, rendimento limitato rispetto all’esposizione diretta agli indici, scarsa liquidità sul mercato secondario (nessuna quotazione; market making discrezionale), rischio di credito BMO, incertezza fiscale (trattato come contratto derivato prepagato) e prezzo di offerta superiore al valore modellato dalla banca.
Il prodotto può interessare investitori con una visione moderatamente rialzista o laterale sulle azioni statunitensi large-, mega- e small-cap nei prossimi circa 13 mesi, disposti a rinunciare a un guadagno superiore al 10,40% in cambio di un buffer del 15% e accettare il rischio di credito dell’emittente e di liquidità.
Bank of Montreal (BMO) ofrece Notas Senior a Medio Plazo por valor de 425,000 USD, Serie K – “Digital Return Buffer Notes” – con vencimiento el 3 de agosto de 2026. Las notas están vinculadas al peor desempeño de tres índices bursátiles estadounidenses: S&P 500, NASDAQ-100 y Russell 2000 (cada uno un “Activo de Referencia”).
Términos económicos clave:
- Retorno digital: 10.40% pagadero al vencimiento si el nivel de cierre del Activo de Referencia con peor desempeño el 29 de julio de 2026 (Fecha de Valoración) es ≥ 85% de su nivel inicial del 27 de junio de 2025 (“Barrera Digital”).
- Buffer: se absorbe la primera 15% de caída. Si el Activo de Referencia con peor desempeño cae más del 15%, el principal se reduce punto por punto más allá del buffer, exponiendo a los inversores a una pérdida máxima del 85%.
- No hay cupones periódicos; pago único al vencimiento.
- Precio de emisión: 100%; comisión del agente 0.375%; valor inicial estimado: 981.99 USD por cada 1,000 USD, reflejando costos incorporados y de cobertura.
- Exposición crediticia: obligaciones no garantizadas y no subordinadas de BMO; CUSIP 06376EMN9; no aseguradas por FDIC o CDIC; no cotizadas en bolsa.
Pagos ilustrativos: cualquier nivel final ≥ 85% activa un pago fijo de 1,104 USD por cada nota de 1,000 USD (ganancia del 10.40%). Un nivel final del 80% devuelve 950 USD (-5%); 60% devuelve 750 USD (-25%); 0% devuelve 150 USD (-85%). La ganancia máxima está limitada al 10.40% independientemente del desempeño del índice.
Consideraciones de riesgo incluyen posible pérdida de hasta el 85% del principal, ganancia limitada frente a la exposición directa al índice, iliquidez en el mercado secundario (sin cotización; creación de mercado discrecional), riesgo crediticio de BMO, incertidumbre fiscal (tratado como contratos derivados prepagados) y precio al público superior al valor modelado por el banco.
El producto puede atraer a inversores con una visión moderadamente alcista o lateral sobre acciones estadounidenses de gran, mega y pequeña capitalización durante los próximos ~13 meses, dispuestos a renunciar a ganancias superiores al 10.40% a cambio de un buffer del 15% y que acepten el riesgo de crédito del emisor y de liquidez.
뱅크 오브 몬트리올(BMO)은 2026년 8월 3일 만기인 시리즈 K – “디지털 리턴 버퍼 노트” – 총 425,000달러 규모의 선임 중기채권을 제공합니다. 이 노트는 미국 주식 벤치마크 3종 중 최저 성과 지수인 S&P 500, NASDAQ-100, Russell 2000(각각 “기준 자산”)에 연동됩니다.
주요 경제 조건:
- 디지털 리턴: 10.40%는 2026년 7월 29일(평가일) 최저 성과 기준 자산의 종가가 2025년 6월 27일 초기 수준의 85% 이상(“디지털 장벽”)일 경우 만기 시 지급됩니다.
- 버퍼: 최초 15% 하락은 흡수됩니다. 최저 성과 기준 자산이 15% 이상 하락하면 버퍼를 초과하는 부분에 대해 원금이 점진적으로 감소하여 투자자는 최대 85% 손실에 노출됩니다.
- 정기 쿠폰 없음; 만기 시 단일 지급.
- 발행가: 100%; 중개인 수수료 0.375%; 내재 수수료 및 헤지 비용을 반영한 예상 초기 가치: 1,000달러당 981.99달러.
- 신용 노출: BMO의 무담보 비후순위 채무; CUSIP 06376EMN9; FDIC 또는 CDIC 보험 미적용; 증권거래소 미상장.
지급 예시: 최종 수준이 85% 이상이면 1,000달러당 고정 1,104달러 지급(10.40% 수익). 최종 수준 80%는 950달러(-5%), 60%는 750달러(-25%), 0%는 150달러(-85%) 지급. 수익은 지수 성과와 관계없이 10.40%로 제한됩니다.
위험 고려사항에는 원금 최대 85% 손실 가능성, 직접 지수 투자 대비 제한된 상승 잠재력, 2차 시장 유동성 부족(상장 없음; 딜러 시장 조성 임의적), BMO 신용 위험, 세금 불확실성(선불 파생상품 계약으로 취급), 은행 모델 가치 초과 가격 등이 포함됩니다.
이 상품은 향후 약 13개월 동안 미국 대형, 메가 및 소형주에 대해 다소 강세 또는 횡보 전망을 가진 투자자에게 적합하며, 10.40% 이상의 수익 포기와 15% 버퍼, 발행자 신용 및 유동성 위험 수용 의향이 있는 투자자에게 매력적일 수 있습니다.
La Banque de Montréal (BMO) propose des billets à moyen terme senior d’une valeur de 425 000 USD, série K – « Digital Return Buffer Notes » – arrivant à échéance le 3 août 2026. Ces billets sont liés à la performance la plus faible parmi trois indices boursiers américains : le S&P 500, le NASDAQ-100 et le Russell 2000 (chacun un « actif de référence »).
Principaux termes économiques :
- Rendement numérique : 10,40% payable à l’échéance si le niveau de clôture de l’actif de référence le moins performant au 29 juillet 2026 (date d’évaluation) est ≥ 85 % de son niveau initial du 27 juin 2025 (« barrière numérique »).
- Buffer : les 15 % de baisse initiaux sont absorbés. Si l’actif de référence le moins performant chute de plus de 15 %, le capital est réduit point par point au-delà du buffer, exposant les investisseurs à une perte maximale de 85 %.
- Pas de coupons périodiques ; paiement unique à l’échéance.
- Prix d’émission : 100 % ; commission de l’agent 0,375 % ; valeur initiale estimée : 981,99 $ par tranche de 1 000 $, incluant les frais intégrés et les coûts de couverture.
- Exposition au crédit : obligations non garanties et non subordonnées de BMO ; CUSIP 06376EMN9 ; non assurées par la FDIC ou CDIC ; non cotées en bourse.
Exemples de paiements : tout niveau final ≥ 85 % déclenche un paiement fixe de 1 104 $ par billet de 1 000 $ (gain de 10,40 %). Un niveau final de 80 % retourne 950 $ (-5 %) ; 60 % retourne 750 $ (-25 %) ; 0 % retourne 150 $ (-85 %). Le gain est plafonné à 10,40 %, quelle que soit la performance de l’indice.
Considérations sur les risques : perte potentielle allant jusqu’à 85 % du capital, gain limité par rapport à une exposition directe à l’indice, illiquidité sur le marché secondaire (pas de cotation ; market making discrétionnaire), risque de crédit BMO, incertitude fiscale (traité comme contrats dérivés prépayés) et un prix public supérieur à la valeur modélisée par la banque.
Ce produit peut intéresser les investisseurs ayant une vision modérément haussière à neutre sur les actions américaines large, méga et small caps pour les ~13 prochains mois, prêts à renoncer à un gain supérieur à 10,40 % en échange d’un buffer de 15 % et acceptant le risque de crédit de l’émetteur ainsi que le risque de liquidité.
Die Bank of Montreal (BMO) bietet Senior Medium-Term Notes im Wert von 425.000 USD, Serie K – „Digital Return Buffer Notes“ – mit Fälligkeit am 3. August 2026 an. Die Notes sind mit dem schlechtesten Performer von drei US-Aktienbenchmarks verbunden: dem S&P 500, NASDAQ-100 und Russell 2000 (jeweils ein „Referenzwert“).
Wichtige wirtschaftliche Bedingungen:
- Digitaler Ertrag: 10,40%, zahlbar bei Fälligkeit, wenn der Schlusskurs des am schlechtesten performenden Referenzwerts am 29. Juli 2026 (Bewertungsdatum) ≥ 85 % seines Anfangsniveaus vom 27. Juni 2025 („Digitale Barriere“) ist.
- Buffer: Die ersten 15% Kursverluste werden absorbiert. Fällt der am schlechtesten performende Referenzwert um mehr als 15 %, wird das Kapital Punkt für Punkt über den Buffer hinaus reduziert, wodurch Anleger einem maximalen Verlust von 85 % ausgesetzt sind.
- Keine periodischen Kupons; Einmalzahlung bei Fälligkeit.
- Ausgabepreis: 100 %; Agenturprovision 0,375 %; geschätzter Anfangswert: 981,99 USD pro 1.000 USD, unter Berücksichtigung eingebetteter Gebühren und Absicherungskosten.
- Kreditrisiko: unbesicherte, nicht nachrangige Verbindlichkeiten von BMO; CUSIP 06376EMN9; nicht FDIC- oder CDIC-versichert; nicht börsennotiert.
Beispielhafte Auszahlungen: Ein Endstand ≥ 85 % löst eine feste Auszahlung von 1.104 USD pro 1.000 USD Note (10,40 % Gewinn) aus. Ein Endstand von 80 % zahlt 950 USD (-5 %); 60 % zahlt 750 USD (-25 %); 0 % zahlt 150 USD (-85 %). Der Gewinn ist auf 10,40 % begrenzt, unabhängig von der Indexentwicklung.
Risikobetrachtungen umfassen potenziellen Verlust von bis zu 85 % des Kapitals, begrenztes Aufwärtspotenzial im Vergleich zur direkten Indexexponierung, Illiquidität am Sekundärmarkt (keine Notierung; Market Making nach Ermessen des Händlers), BMO-Kreditrisiko, steuerliche Unsicherheit (Behandlung als vorausbezahlte Derivateverträge) und einen öffentlichen Preis, der den modellierten Wert der Bank übersteigt.
Das Produkt könnte für Anleger attraktiv sein, die eine moderat bullische bis seitwärts gerichtete Sicht auf große, Mega- und Small-Cap US-Aktien über die nächsten ca. 13 Monate haben, bereit sind, einen Gewinn über 10,40 % zugunsten eines 15 % Buffers aufzugeben und Emittenten-Kredit- sowie Liquiditätsrisiken zu akzeptieren.
Filed Pursuant to Rule 424(b)(7)
Registration No. 333-199696
Prospectus Supplement No. 1
ELLOMAY CAPITAL LTD.
5,262,683 ORDINARY SHARES
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This prospectus supplement, dated July 1, 2025, supplements the prospectus filed as part of the Registration Statement on Form F-3 filed by Ellomay Capital Ltd. (the “Company”, “us”, “our” or “we”) with the Securities and Exchange Commission on October 30, 2014, covering the resale by certain selling shareholders of up to 6,421,545 of our ordinary shares, nominal value NIS 10.00 per share, issued by us in a private placement consummated in October 2005.
The purpose of this prospectus supplement is solely to supplement and update the “Selling Security Holders” table on page 25 of the prospectus to reflect the sale of ordinary shares by selling shareholders subsequent to the effective date of the prospectus and the transfer of ordinary shares bequeathed by a selling shareholder previously identified in the prospectus.
This prospectus supplement is not complete without, and may not be utilized except in connection with, the prospectus, including any amendments or supplements thereto. This prospectus supplement is qualified by reference to the prospectus, except to the extent that the information provided by this prospectus supplement supersedes information contained in the prospectus. You should read this prospectus supplement in conjunction with the prospectus, including any supplements and amendments thereto.
Our ordinary shares are listed on the NYSE American LLC under the trading symbol “ELLO” and are listed for trading on the Tel Aviv Stock Exchange (TASE) under the symbol “ELLO.” The closing prices per share of our ordinary shares, as reported on the NYSE American and on the TASE on June 30, 2025, were $17.22 and NIS 60.78 (equal to approximately $18.02 based on the exchange rate between the NIS and the dollar on June 30, 2025, as quoted by the Bank of Israel), respectively.
The selling shareholders may offer all or part of the shares registered hereby for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated prices. Our registration of the ordinary shares covered by the prospectus, as supplemented by this prospectus supplement, does not mean that the selling shareholders will offer or sell any of the shares. See “Plan of Distribution” in the prospectus for more information. Sales may be made through brokers or to dealers, who are expected to receive customary commissions or discounts. We will not control or determine the price at which a selling shareholder decides to sell its shares.
The selling shareholders and participating brokers and dealers may be deemed to be “underwriters” within the meaning of the Securities Act of 1933, as amended, in which event any profit on the sale of shares of those selling shareholders and any commissions or discounts received by those brokers or dealers may be deemed to be underwriting compensation under the Securities Act.
The information set forth under the caption “Selling Security Holders” in the prospectus is amended and restated in its entirety as set forth below and is provided for the primary purpose of updating the table of selling stockholders contained in the prospectus.
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INVESTING IN OUR ORDINARY SHARES INVOLVES A HIGH DEGREE OF RISK. SEE “RISK FACTORS” BEGINNING ON PAGE 4 OF THE PROSPECTUS as well as the risk factors relating to our business that are incorporated by reference TO READ ABOUT FACTORS YOU SHOULD CONSIDER BEFORE PURCHASING OUR ORDINARY SHARES.
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Neither the Securities and Exchange Commission, nor the Israel Securities Authority or any state securities commission has approved or disapproved of these securities or determined whether this prospectus is truthful or complete. Any representation to the contrary is a criminal offense under the laws of the United States and the laws of the State of Israel.
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The date of this prospectus supplement is July 1, 2025
SELLING SECURITY HOLDERS
The following information is provided to update the selling security holders table in the prospectus to reflect the sale of ordinary shares by Bonstar Investments Ltd., Ran Fridrich, Kanir Joint Investments (2005) Limited Partnership, Menachem Raphael, Red Car Group Ltd. and S. Nechama Investments (2008) Ltd. and the transfer of ordinary shares from Red Car Group Ltd. to Menahem Raphael and the inheritance by Ms. Anat Raphael of ordinary shares held by Mr. Raphael. We may amend or supplement this prospectus from time to time in the future to update or change this selling security holders list and the securities that may be resold.
See the Section titled “Plan of Distribution” in the prospectus for further information regarding the security holders’ method of distribution of these ordinary shares.
The selling security holders may resell all, a portion or none of these ordinary shares from time to time. The table below sets forth with respect to each selling security holder, based upon information available to us as of June 30, 2025, the number and percent of ordinary shares beneficially owned, the number of ordinary shares registered by this prospectus and the number and percent of ordinary shares that will be owned after the sale of the registered ordinary shares assuming the sale of all of the registered ordinary shares.
| Shares Beneficially Owned Before the Offering(1) | Shares | Shares Beneficially Owned After the Offering(1) (2) | ||||||||||||||||||
| Holder | Shares | Percent | Offered | Shares | Percent | |||||||||||||||
| Kanir Joint Investments (2005) Limited Partnership(3)(7) | 2,605,845 | 20.3 | % | 2,012,747 | 593,098 | 4.6 | % | |||||||||||||
| Nehama, Shlomo(4)(7) | 464,973 | 3.6 | % | 423,677 | 41,296 | 0.3 | % | |||||||||||||
| Raphael, Anat(5)(7) | 254,524 | 2 | % | 254,524 | 0 | - | ||||||||||||||
| S. Nechama Investments (2008) Ltd.(6)(7) | 3,123,604 | 24.3 | % | 2,571,735 | 551,869 | 4.3 | % | |||||||||||||
| * | Indicates less than one percent. |
| (1) | As used in this table, “beneficial ownership” means the sole or shared power to vote or direct the voting or to dispose or direct the disposition of any security as determined pursuant to Rule 13d-3 promulgated under the U.S. Securities Exchange Act of 1934, as amended. Unless otherwise indicated, each selling security holder listed below has sole voting and investment power with respect to the ordinary shares indicated as beneficially owned thereby. The amounts and percentages are based on a total of 12,852,585 ordinary shares outstanding as of June 30, 2025. This number of outstanding ordinary shares does not include a total of 258,046 ordinary shares held at that date as treasury shares under Israeli law, all of which were repurchased by us. For so long as such treasury shares are owned by us they have no rights and, accordingly, are neither eligible to participate in or receive any future dividends which may be paid to our shareholders nor are they entitled to participate in, be voted at or be counted as part of the quorum for, any meetings of our shareholders. |
| (2) | With respect to the selling security holders, it has been assumed that all ordinary shares so offered will be sold. |
| (3) | Kanir Joint Investments (2005) LP, or Kanir, is an Israeli limited partnership. Kanir Investments Ltd., or Kanir Ltd., in its capacity as the general partner of Kanir, has the voting and dispositive power over the ordinary shares directly beneficially owned by Kanir. As a result, Kanir Ltd. may be deemed to indirectly beneficially own the ordinary shares beneficially owned by Kanir. Mr. Ran Fridrich, who is a member of our Board of Directors and our Chief Executive Officer and Ms. Anat Raphael, the sister of Mr. Ehud Gil, who is a member of our Board of Directors, are the sole directors of Kanir Ltd. As a result, Mr. Fridrich and Ms. Raphael may be deemed to indirectly beneficially own the ordinary shares beneficially owned by Kanir. In addition, Ms. Raphael is the majority shareholder of Kanir Ltd. and beneficially owns 254,524 ordinary shares, which constitute approximately 2% of our outstanding shares and which constitute, together with Kanir’s holdings, approximately 22.3% of our outstanding ordinary shares. Each of Kanir Ltd., Mr. Fridrich and Ms. Raphael disclaims beneficial ownership of such ordinary shares except to the extent of their respective pecuniary interest therein, if any. Kanir’s address is 33 Ya’acov Cohen St., Ramat Hasharon 4721356, Israel. |
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| (4) | Mr. Nehama was our chairman of the board of directors until November 25, 2024. Mr. Nehama is also the sole director and shareholder of S. Nechama Investments (2008) Ltd., or Nechama Investments, and therefore may be deemed to indirectly beneficially own the shares held by Nechama Investments. Therefore, Mr. Nehama may be deemed to beneficially own the following: (i) 464,973 ordinary shares directly held by Mr. Nehama, which constitute approximately 3.6% of our outstanding ordinary shares and of which 423,677 ordinary shares are being registered for resale hereunder, and (ii) 3,123,604 ordinary shares held by Nechama Investments, which constitute approximately 24.3% of our outstanding ordinary shares and of which 2,571,735 ordinary shares are being registered for resale hereunder. Mr. Nehama’s address is 8 Raziel Street, Ramat Hasharon 4704143, Israel. |
| (5) | Ms. Anat Raphael is the sister of Ehud Gil, one of our Board members, and is also a director and majority shareholder of Kanir Ltd., the general partner of Kanir, which in its capacity as the general partner of Kanir, has the voting and dispositive power over the ordinary shares directly beneficially owned by Kanir. As a result, Kanir Ltd. may be deemed to indirectly beneficially own the ordinary shares held by Kanir and Ms. Raphael may be deemed to indirectly beneficially own the ordinary shares held by Kanir. Therefore, Ms. Raphael may be deemed to beneficially own the following: (i) 254,524 ordinary shares held directly by Ms. Raphael, which constitute approximately 2% of our outstanding ordinary shares and all of which are being registered for resale hereunder, and (ii) 2,605,845 ordinary shares held by Kanir, which constitute approximately 20.3% of our outstanding ordinary shares and of which 2,012,747 are being registered for resale hereunder. Kanir Ltd. and Ms. Raphael each disclaim beneficial ownership of the ordinary shares held by Kanir except to the extent of their respective pecuniary interest therein, if any. Ms. Raphael’s address 33 Ya’acov Cohen St., Ramat Hasharon 4721356, Israel. |
| (6) | Nechama Investments is an Israeli private company. Mr. Shlomo Nehama, the former chairman of our board of directors and a selling security holder, is the sole director and shareholder of Nechama Investments and therefore may be deemed to indirectly beneficially own the shares held by Nechama Investments. Nechama Investment’s address is 8 Raziel Street, Ramat Hasharon 4704143, Israel. |
| (7) | Pursuant to public filings made and information provided by Kanir and Nechama Investments and their affiliates, on March 24, 2008, Kanir and Nechama Investments entered into a shareholders agreement, or the 2008 Shareholders Agreement, with respect to their holdings of our ordinary shares. By virtue of the 2008 Shareholders Agreement, Mr. Nehama, Nechama Investments, Kanir, Kanir Ltd., and Ms. Raphael may be deemed to be members of a group that holds shared voting power with respect to 5,729,449 ordinary shares, which constitute approximately 44.6% of our outstanding ordinary shares, and holds shared dispositive power with respect to 5,232,201 ordinary shares, which constitute 40.7% of our outstanding ordinary shares. Accordingly, taking into account the shares directly held by Mr. Nehama, he may be deemed to beneficially own approximately 48.2% of our outstanding ordinary shares and taking into account the shares directly held by Ms. Raphael, Ms. Raphael may be deemed to own approximately 46.6% of our outstanding ordinary shares. Each of Mr. Nehama and Nechama Investments disclaims beneficial ownership of the ordinary shares beneficially owned by Kanir. Each of Kanir, Kanir Ltd. and Ms. Raphael disclaims beneficial ownership of the ordinary shares beneficially owned by Nechama Investments. A copy of the 2008 Shareholders Agreement was filed with the Securities and Exchange Commission on March 31, 2008 as Exhibit 14 to an amendment to a Schedule 13D and is not incorporated by reference herein. |
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FAQ
What return do the BMO Digital Return Buffer Notes provide at maturity?
How much principal protection do the notes offer?
When do the notes mature and what are the key dates?
Are the notes listed or tradable on an exchange?
What is the estimated initial value versus the issue price?
What are the U.S. federal tax considerations?
