[FWP] Morgan Stanley Free Writing Prospectus
Bank of Montreal (BMO) is offering US$425,000 of Senior Medium-Term Notes, Series K 鈥� 鈥淒igital Return Buffer Notes鈥� 鈥� 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 鈥淩eference Asset鈥�).
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 鈮� 85% of its 27 June 2025 Initial Level (鈥淒igital Barrier鈥�).
- 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鈥檚 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 鈮� 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鈥檚 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 鈥� "Digital Return Buffer Notes" 鈥� con scadenza il 3 agosto 2026. Le note sono collegate al peggior rendimento tra tre indici azionari statunitensi: S&P 500, NASDAQ-100 e Russell 2000 (ciascuno un 鈥淎sset di Riferimento鈥�).
Termini economici principali:
- Rendimento Digitale: 10,40% pagabile alla scadenza se il livello di chiusura dell鈥橝sset di Riferimento meno performante al 29 luglio 2026 (Data di Valutazione) 猫 鈮� 85% del suo livello iniziale del 27 giugno 2025 (鈥淏arriera Digitale鈥�).
- Buffer: il primo 15% di ribasso 猫 assorbito. Se l鈥橝sset 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鈥�85%.
- Nessuna cedola periodica; pagamento unico alla scadenza.
- Prezzo di emissione: 100%; commissione agente 0,375%; valore iniziale stimato: 981,99 USD per 1.000 USD, riflettendo costi impliciti 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 rendimento: un livello finale 鈮� 85% genera un pagamento fisso di 1.104 USD per ogni nota da 1.000 USD (guadagno del 10,40%). Un livello finale dell鈥�80% restituisce 950 USD (-5%); 60% restituisce 750 USD (-25%); 0% restituisce 150 USD (-85%). Il rendimento massimo 猫 limitato al 10,40%, indipendentemente dalla performance degli indici.
Considerazioni sul rischio includono la possibile perdita fino all鈥�85% del capitale, rendimento limitato rispetto all鈥檈sposizione diretta agli indici, scarsa liquidit脿 sul mercato secondario (assenza di quotazione; market making discrezionale da parte dei dealer), rischio di credito BMO, incertezza fiscale (trattamento come contratti derivati prepagati) e prezzo di emissione superiore al valore stimato dalla banca.
Il prodotto pu貌 essere interessante per investitori con una visione moderatamente rialzista o laterale sulle azioni USA large-, mega- e small-cap nei prossimi circa 13 mesi, disposti a rinunciare a un potenziale guadagno superiore al 10,40% in cambio di un buffer del 15% e ad accettare il rischio di credito dell鈥檈mittente e di liquidit脿.
Bank of Montreal (BMO) ofrece Notas Senior a Medio Plazo por un valor de 425,000 USD, Serie K 鈥� 鈥淒igital Return Buffer Notes鈥� 鈥� con vencimiento el 3 de agosto de 2026. Las notas est谩n vinculadas al peor desempe帽o de tres 铆ndices burs谩tiles estadounidenses: S&P 500, NASDAQ-100 y Russell 2000 (cada uno un 鈥淎ctivo de Referencia鈥�).
T茅rminos econ贸micos clave:
- Retorno Digital: 10.40% pagadero al vencimiento si el nivel de cierre del Activo de Referencia con peor desempe帽o al 29 de julio de 2026 (Fecha de Valoraci贸n) es 鈮� 85% de su nivel inicial del 27 de junio de 2025 (鈥淏arrera Digital鈥�).
- Buffer: se absorbe la primera 15% de ca铆da. Si el Activo de Referencia con peor desempe帽o cae m谩s del 15%, el principal se reduce punto por punto m谩s all谩 del buffer, exponiendo a los inversores a una p茅rdida m谩xima del 85%.
- No hay cupones peri贸dicos; pago 煤nico al vencimiento.
- Precio de emisi贸n: 100%; comisi贸n del agente 0.375%; valor inicial estimado: $981.99 por cada $1,000, reflejando costos embebidos y de cobertura.
- Exposici贸n 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 鈮� 85% activa un pago fijo de $1,104 por cada nota de $1,000 (ganancia del 10.40%). Un nivel final del 80% devuelve $950 (-5%); 60% devuelve $750 (-25%); 0% devuelve $150 (-85%). El rendimiento m谩ximo est谩 limitado al 10.40% independientemente del desempe帽o del 铆ndice.
Consideraciones de riesgo incluyen la posible p茅rdida de hasta el 85% del principal, rendimiento limitado frente a la exposici贸n directa al 铆ndice, iliquidez en el mercado secundario (sin cotizaci贸n; creaci贸n de mercado discrecional por parte de los distribuidores), riesgo crediticio de BMO, incertidumbre fiscal (tratado como contratos derivados prepagados) y un precio al p煤blico que supera el valor modelado por el banco.
El producto puede atraer a inversores con una visi贸n moderadamente alcista a lateral sobre acciones estadounidenses de gran, mega y peque帽a capitalizaci贸n durante los pr贸ximos ~13 meses, dispuestos a renunciar a ganancias superiores al 10.40% a cambio de un buffer del 15% y aceptar riesgos de cr茅dito del emisor y de liquidez.
氡呿伂 鞓る笇 氇姼毽槵(BMO)鞚� 2026雲� 8鞗� 3鞚� 毵岅赴鞚� 鞁滊Μ歃� K 鈥� 鈥滊敂歆�韯� 毽劥 氩勴嵓 雲疙姼鈥� 鈥� 瓿犾渼項� 欷戧赴毂勱秾 425,000雼煬毳� 鞝滉车頃╇媹雼�. 鞚� 雲疙姼電� 氙戈淡 欤检嫕 氩れ箻毵堩伂 靹� 臧�歆� 欷� 臧�鞛� 靹标臣臧� 鞝�臁绊暅 歆�靾橃澑 S&P 500, NASDAQ-100, Russell 2000(臧侁皝 鈥滉赴欷� 鞛愳偘鈥�)鞐� 鞐半彊霅╇媹雼�.
欤检殧 瓴届牅 臁瓣贝:
- 霐旍韯� 毽劥: 旮办 鞛愳偘 欷� 斓滌爛 靹标臣 鞛愳偘鞚� 2026雲� 7鞗� 29鞚� 膦呹皜臧� 2025雲� 6鞗� 27鞚� 齑堦赴 靾橃鞚� 85% 鞚挫儊(鈥滊敂歆�韯� 鞛ル步鈥�)鞚� 瓴届毎 毵岅赴 鞁� 10.40% 歆赌旮�.
- 氩勴嵓: 斓滌磮 15% 頃橂澖攵勳潃 頋§垬. 斓滌爛 靹标臣 鞛愳偘鞚� 15% 鞚挫儊 頃橂澖頃� 瓴届毎, 氩勴嵓毳� 齑堦臣頃橂姅 攵�攵勳棎 雽�頃� 鞗愱笀鞚� 鞝愳鞝侅溂搿� 臧愳唽頃橃棳 斓滊寑 85% 靻愳嫟 臧�電�.
- 鞝曣赴 炜犿彴 鞐嗢潓; 毵岅赴 鞁� 鞚检嫓 歆赌旮�.
- 氚滍枆 臧�瓴�: 100%; 雽�毽澑 靾橃垬耄� 0.375%; 雮挫灛 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃� 鞓堨儊 齑堦赴 臧�旃�: 1,000雼煬雼� 981.99雼煬.
- 鞁犾毄 雲胳稖: BMO鞚� 氍措嫶氤� 氍错泟靾滌渼 毂勲; CUSIP 06376EMN9; FDIC 霕愲姅 CDIC 氤错棙 氙戈皜鞛�; 瓯半灅靻� 靸侅灔 鞎勲嫎.
鞓堨嫓 歆�旮夓暋: 斓滌 靾橃鞚� 85% 鞚挫儊鞚措┐ 1,000雼煬雼� 1,104雼煬 瓿犾爼 歆�旮�(10.40% 靾橃澋). 斓滌 靾橃 80%電� 950雼煬(鈥�5%), 60%電� 750雼煬(鈥�25%), 0%電� 150雼煬(鈥�85%) 歆赌旮�. 靾橃澋鞚� 歆�靾� 靹标臣鞕� 氍搓磤頃橁矊 10.40%搿� 鞝滍暅霅�.
鞙勴棙 瓿犽牑靷暛鞐愲姅 斓滊寑 85% 鞗愱笀 靻愳嫟 臧�電レ劚, 歆�靾� 歆侅爲 韴瀽 雽�牍� 鞝滍暅霅� 靸侅姽 鞛犾灛霠�, 2彀� 鞁滌灔 鞙犽彊靹� 攵�臁�(靸侅灔 鞐嗢潓; 霐滊煬鞚� 鞛焿鞝� 鞁滌灔 臁办劚), BMO 鞁犾毄 鞙勴棙, 靹戈笀 攵堩檿鞁れ劚(靹犽秷 韺岇儩靸來拡 瓿勳暯鞙茧 旆笁), 鞚�頄� 氇嵏 臧�旃� 齑堦臣 臧�瓴╈澊 韽暔霅�.
鞚� 靸來拡鞚� 頄ロ泟 鞎� 13臧滌洈臧� 氙戈淡 雽�順�, 齑堧寑順� 氚� 靻岉槙欤检棎 雽�頃� 雼れ唽 臧曥劯 霕愲姅 須‰炒 鞝勲鞚� 臧�歆� 韴瀽鞛� 欷� 15% 氩勴嵓鞕� 氚滍枆鞛� 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙鞚� 臧愳垬頃橂┌ 10.40% 鞚挫儊鞚� 靸侅姽 靾橃澋鞚� 韽赴頃� 鞚橅枼鞚� 鞛堧姅 攵勲摛鞐愱矊 鞝來暕頃� 靾� 鞛堨姷雼堧嫟.
La Banque de Montr茅al (BMO) propose des billets 脿 moyen terme seniors d鈥檜n montant de 425 000 $ US, s茅rie K 鈥� 芦 Digital Return Buffer Notes 禄 鈥� arrivant 脿 茅ch茅ance le 3 ao没t 2026. Ces billets sont li茅s 脿 la moins bonne performance parmi trois indices boursiers am茅ricains : le S&P 500, le NASDAQ-100 et le Russell 2000 (chacun un 芦 actif de r茅f茅rence 禄).
Principaux termes 茅conomiques :
- Rendement digital : 10,40 % payable 脿 l鈥櫭ヽh茅ance si le niveau de cl么ture de l鈥檃ctif de r茅f茅rence le moins performant au 29 juillet 2026 (date d鈥櫭﹙aluation) est 鈮� 85 % de son niveau initial du 27 juin 2025 (芦 barri猫re digitale 禄).
- Buffer : les 15 % de baisse initiaux sont absorb茅s. Si l鈥檃ctif de r茅f茅rence le moins performant chute de plus de 15 %, le capital est r茅duit point par point au-del脿 du buffer, exposant les investisseurs 脿 une perte maximale de 85 %.
- Pas de coupons p茅riodiques ; paiement unique 脿 l鈥櫭ヽh茅ance.
- Prix d鈥櫭﹎ission : 100 % ; commission de l鈥檃gent 0,375 % ; valeur initiale estim茅e : 981,99 $ par tranche de 1 000 $, refl茅tant les frais inclus et les co没ts de couverture.
- Exposition au cr茅dit : obligations non garanties et non subordonn茅es de BMO ; CUSIP 06376EMN9 ; non assur茅es par la FDIC ou la CDIC ; non cot茅es en bourse.
Exemples de paiements : tout niveau final 鈮� 85 % d茅clenche un paiement fixe de 1 104 $ par billet de 1 000 $ (gain de 10,40 %). Un niveau final de 80 % rembourse 950 $ (-5 %) ; 60 % rembourse 750 $ (-25 %) ; 0 % rembourse 150 $ (-85 %). Le gain est plafonn茅 脿 10,40 %, ind茅pendamment de la performance de l鈥檌ndice.
Consid茅rations sur les risques incluent la perte potentielle pouvant atteindre 85 % du capital, un potentiel de hausse limit茅 par rapport 脿 une exposition directe 脿 l鈥檌ndice, une illiquidit茅 sur le march茅 secondaire (pas de cotation ; tenue de march茅 discr茅tionnaire par les courtiers), le risque de cr茅dit de BMO, une incertitude fiscale (trait茅 comme des contrats d茅riv茅s pr茅pay茅s) et un prix public sup茅rieur 脿 la valeur mod茅lis茅e par la banque.
Ce produit peut int茅resser les investisseurs ayant une vision mod茅r茅ment haussi猫re 脿 neutre sur les actions am茅ricaines de grande, m茅ga et petite capitalisation pour les ~13 prochains mois, pr锚ts 脿 renoncer 脿 un gain sup茅rieur 脿 10,40 % en 茅change d鈥檜n buffer de 15 % et 脿 accepter les risques de cr茅dit de l鈥櫭﹎etteur et de liquidit茅.
Die Bank of Montreal (BMO) bietet Senior Medium-Term Notes im Wert von 425.000 USD, Serie K 鈥� 鈥濪igital Return Buffer Notes鈥� 鈥� mit F盲lligkeit am 3. August 2026 an. Die Notes sind an den schlechtesten Performer von drei US-Aktienbenchmarks gekoppelt: S&P 500, NASDAQ-100 und Russell 2000 (jeweils ein 鈥濺eferenzwert鈥�).
Wesentliche wirtschaftliche Bedingungen:
- Digitaler Ertrag: 10,40% zahlbar bei F盲lligkeit, wenn der Schlusskurs des am schlechtesten performenden Referenzwerts am 29. Juli 2026 (Bewertungsdatum) 鈮� 85 % seines Anfangswerts vom 27. Juni 2025 (鈥濪igitale Barriere鈥�) betr盲gt.
- Buffer: Die ersten 15% Kursverluste werden absorbiert. F盲llt der am schlechtesten performende Referenzwert um mehr als 15%, reduziert sich das Kapital Punkt f眉r Punkt 眉ber den Buffer hinaus, was Anleger einem maximalen Verlust von 85 % aussetzt.
- Keine periodischen Kupons; Einmalzahlung bei F盲lligkeit.
- Ausgabepreis: 100 %; Agenturprovision 0,375 %; gesch盲tzter Anfangswert: 981,99 $ pro 1.000 $, was eingebettete Geb眉hren und Absicherungskosten widerspiegelt.
- Kreditrisiko: unbesicherte, nicht nachrangige Verbindlichkeiten von BMO; CUSIP 06376EMN9; nicht FDIC- oder CDIC-versichert; nicht b枚rsennotiert.
Beispielhafte Auszahlungen: Ein Endstand 鈮� 85 % l枚st eine feste Zahlung von 1.104 $ pro 1.000 $ Note aus (10,40 % Gewinn). Ein Endstand von 80 % zahlt 950 $ (-5 %); 60 % zahlt 750 $ (-25 %); 0 % zahlt 150 $ (-85 %). Der Gewinn ist unabh盲ngig von der Indexentwicklung auf 10,40 % begrenzt.
Risikohinweise umfassen den m枚glichen Verlust von bis zu 85 % des Kapitals, begrenztes Aufw盲rtspotenzial gegen眉ber direkter Indexexponierung, Illiquidit盲t am Sekund盲rmarkt (keine Notierung; Market Making nach Ermessen der H盲ndler), BMO-Kreditrisiko, steuerliche Unsicherheiten (Behandlung als vorausbezahlte Derivatekontrakte) sowie einen Ausgabepreis, der 眉ber dem vom Institut modellierten Wert liegt.
Das Produkt k枚nnte f眉r Anleger interessant sein, die in den n盲chsten ca. 13 Monaten eine moderat bullische bis seitw盲rts gerichtete Sicht auf US-Aktien mit gro脽er, Mega- und kleiner Marktkapitalisierung haben, bereit sind, auf Gewinne 眉ber 10,40 % zu verzichten, um einen 15%igen Buffer zu erhalten, und das Emittenten-Kredit- sowie Liquidit盲tsrisiko akzeptieren.
- 10.40% fixed upside if worst-performing index finishes 鈮� 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鈥檚 ability to pay.
- Liquidity risk: no exchange listing; secondary market, if any, depends on BMOCM鈥檚 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鈥檚 view that a <15% decline is more likely than >10.4% appreciation. The 1.88-point markup (price 鈥� 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 鈮� 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鈥�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鈥檚 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 鈥� "Digital Return Buffer Notes" 鈥� con scadenza il 3 agosto 2026. Le note sono collegate al peggior rendimento tra tre indici azionari statunitensi: S&P 500, NASDAQ-100 e Russell 2000 (ciascuno un 鈥淎sset di Riferimento鈥�).
Termini economici principali:
- Rendimento Digitale: 10,40% pagabile alla scadenza se il livello di chiusura dell鈥橝sset di Riferimento meno performante al 29 luglio 2026 (Data di Valutazione) 猫 鈮� 85% del suo livello iniziale del 27 giugno 2025 (鈥淏arriera Digitale鈥�).
- Buffer: il primo 15% di ribasso 猫 assorbito. Se l鈥橝sset 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鈥�85%.
- Nessuna cedola periodica; pagamento unico alla scadenza.
- Prezzo di emissione: 100%; commissione agente 0,375%; valore iniziale stimato: 981,99 USD per 1.000 USD, riflettendo costi impliciti 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 rendimento: un livello finale 鈮� 85% genera un pagamento fisso di 1.104 USD per ogni nota da 1.000 USD (guadagno del 10,40%). Un livello finale dell鈥�80% restituisce 950 USD (-5%); 60% restituisce 750 USD (-25%); 0% restituisce 150 USD (-85%). Il rendimento massimo 猫 limitato al 10,40%, indipendentemente dalla performance degli indici.
Considerazioni sul rischio includono la possibile perdita fino all鈥�85% del capitale, rendimento limitato rispetto all鈥檈sposizione diretta agli indici, scarsa liquidit脿 sul mercato secondario (assenza di quotazione; market making discrezionale da parte dei dealer), rischio di credito BMO, incertezza fiscale (trattamento come contratti derivati prepagati) e prezzo di emissione superiore al valore stimato dalla banca.
Il prodotto pu貌 essere interessante per investitori con una visione moderatamente rialzista o laterale sulle azioni USA large-, mega- e small-cap nei prossimi circa 13 mesi, disposti a rinunciare a un potenziale guadagno superiore al 10,40% in cambio di un buffer del 15% e ad accettare il rischio di credito dell鈥檈mittente e di liquidit脿.
Bank of Montreal (BMO) ofrece Notas Senior a Medio Plazo por un valor de 425,000 USD, Serie K 鈥� 鈥淒igital Return Buffer Notes鈥� 鈥� con vencimiento el 3 de agosto de 2026. Las notas est谩n vinculadas al peor desempe帽o de tres 铆ndices burs谩tiles estadounidenses: S&P 500, NASDAQ-100 y Russell 2000 (cada uno un 鈥淎ctivo de Referencia鈥�).
T茅rminos econ贸micos clave:
- Retorno Digital: 10.40% pagadero al vencimiento si el nivel de cierre del Activo de Referencia con peor desempe帽o al 29 de julio de 2026 (Fecha de Valoraci贸n) es 鈮� 85% de su nivel inicial del 27 de junio de 2025 (鈥淏arrera Digital鈥�).
- Buffer: se absorbe la primera 15% de ca铆da. Si el Activo de Referencia con peor desempe帽o cae m谩s del 15%, el principal se reduce punto por punto m谩s all谩 del buffer, exponiendo a los inversores a una p茅rdida m谩xima del 85%.
- No hay cupones peri贸dicos; pago 煤nico al vencimiento.
- Precio de emisi贸n: 100%; comisi贸n del agente 0.375%; valor inicial estimado: $981.99 por cada $1,000, reflejando costos embebidos y de cobertura.
- Exposici贸n 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 鈮� 85% activa un pago fijo de $1,104 por cada nota de $1,000 (ganancia del 10.40%). Un nivel final del 80% devuelve $950 (-5%); 60% devuelve $750 (-25%); 0% devuelve $150 (-85%). El rendimiento m谩ximo est谩 limitado al 10.40% independientemente del desempe帽o del 铆ndice.
Consideraciones de riesgo incluyen la posible p茅rdida de hasta el 85% del principal, rendimiento limitado frente a la exposici贸n directa al 铆ndice, iliquidez en el mercado secundario (sin cotizaci贸n; creaci贸n de mercado discrecional por parte de los distribuidores), riesgo crediticio de BMO, incertidumbre fiscal (tratado como contratos derivados prepagados) y un precio al p煤blico que supera el valor modelado por el banco.
El producto puede atraer a inversores con una visi贸n moderadamente alcista a lateral sobre acciones estadounidenses de gran, mega y peque帽a capitalizaci贸n durante los pr贸ximos ~13 meses, dispuestos a renunciar a ganancias superiores al 10.40% a cambio de un buffer del 15% y aceptar riesgos de cr茅dito del emisor y de liquidez.
氡呿伂 鞓る笇 氇姼毽槵(BMO)鞚� 2026雲� 8鞗� 3鞚� 毵岅赴鞚� 鞁滊Μ歃� K 鈥� 鈥滊敂歆�韯� 毽劥 氩勴嵓 雲疙姼鈥� 鈥� 瓿犾渼項� 欷戧赴毂勱秾 425,000雼煬毳� 鞝滉车頃╇媹雼�. 鞚� 雲疙姼電� 氙戈淡 欤检嫕 氩れ箻毵堩伂 靹� 臧�歆� 欷� 臧�鞛� 靹标臣臧� 鞝�臁绊暅 歆�靾橃澑 S&P 500, NASDAQ-100, Russell 2000(臧侁皝 鈥滉赴欷� 鞛愳偘鈥�)鞐� 鞐半彊霅╇媹雼�.
欤检殧 瓴届牅 臁瓣贝:
- 霐旍韯� 毽劥: 旮办 鞛愳偘 欷� 斓滌爛 靹标臣 鞛愳偘鞚� 2026雲� 7鞗� 29鞚� 膦呹皜臧� 2025雲� 6鞗� 27鞚� 齑堦赴 靾橃鞚� 85% 鞚挫儊(鈥滊敂歆�韯� 鞛ル步鈥�)鞚� 瓴届毎 毵岅赴 鞁� 10.40% 歆赌旮�.
- 氩勴嵓: 斓滌磮 15% 頃橂澖攵勳潃 頋§垬. 斓滌爛 靹标臣 鞛愳偘鞚� 15% 鞚挫儊 頃橂澖頃� 瓴届毎, 氩勴嵓毳� 齑堦臣頃橂姅 攵�攵勳棎 雽�頃� 鞗愱笀鞚� 鞝愳鞝侅溂搿� 臧愳唽頃橃棳 斓滊寑 85% 靻愳嫟 臧�電�.
- 鞝曣赴 炜犿彴 鞐嗢潓; 毵岅赴 鞁� 鞚检嫓 歆赌旮�.
- 氚滍枆 臧�瓴�: 100%; 雽�毽澑 靾橃垬耄� 0.375%; 雮挫灛 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃� 鞓堨儊 齑堦赴 臧�旃�: 1,000雼煬雼� 981.99雼煬.
- 鞁犾毄 雲胳稖: BMO鞚� 氍措嫶氤� 氍错泟靾滌渼 毂勲; CUSIP 06376EMN9; FDIC 霕愲姅 CDIC 氤错棙 氙戈皜鞛�; 瓯半灅靻� 靸侅灔 鞎勲嫎.
鞓堨嫓 歆�旮夓暋: 斓滌 靾橃鞚� 85% 鞚挫儊鞚措┐ 1,000雼煬雼� 1,104雼煬 瓿犾爼 歆�旮�(10.40% 靾橃澋). 斓滌 靾橃 80%電� 950雼煬(鈥�5%), 60%電� 750雼煬(鈥�25%), 0%電� 150雼煬(鈥�85%) 歆赌旮�. 靾橃澋鞚� 歆�靾� 靹标臣鞕� 氍搓磤頃橁矊 10.40%搿� 鞝滍暅霅�.
鞙勴棙 瓿犽牑靷暛鞐愲姅 斓滊寑 85% 鞗愱笀 靻愳嫟 臧�電レ劚, 歆�靾� 歆侅爲 韴瀽 雽�牍� 鞝滍暅霅� 靸侅姽 鞛犾灛霠�, 2彀� 鞁滌灔 鞙犽彊靹� 攵�臁�(靸侅灔 鞐嗢潓; 霐滊煬鞚� 鞛焿鞝� 鞁滌灔 臁办劚), BMO 鞁犾毄 鞙勴棙, 靹戈笀 攵堩檿鞁れ劚(靹犽秷 韺岇儩靸來拡 瓿勳暯鞙茧 旆笁), 鞚�頄� 氇嵏 臧�旃� 齑堦臣 臧�瓴╈澊 韽暔霅�.
鞚� 靸來拡鞚� 頄ロ泟 鞎� 13臧滌洈臧� 氙戈淡 雽�順�, 齑堧寑順� 氚� 靻岉槙欤检棎 雽�頃� 雼れ唽 臧曥劯 霕愲姅 須‰炒 鞝勲鞚� 臧�歆� 韴瀽鞛� 欷� 15% 氩勴嵓鞕� 氚滍枆鞛� 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙鞚� 臧愳垬頃橂┌ 10.40% 鞚挫儊鞚� 靸侅姽 靾橃澋鞚� 韽赴頃� 鞚橅枼鞚� 鞛堧姅 攵勲摛鞐愱矊 鞝來暕頃� 靾� 鞛堨姷雼堧嫟.
La Banque de Montr茅al (BMO) propose des billets 脿 moyen terme seniors d鈥檜n montant de 425 000 $ US, s茅rie K 鈥� 芦 Digital Return Buffer Notes 禄 鈥� arrivant 脿 茅ch茅ance le 3 ao没t 2026. Ces billets sont li茅s 脿 la moins bonne performance parmi trois indices boursiers am茅ricains : le S&P 500, le NASDAQ-100 et le Russell 2000 (chacun un 芦 actif de r茅f茅rence 禄).
Principaux termes 茅conomiques :
- Rendement digital : 10,40 % payable 脿 l鈥櫭ヽh茅ance si le niveau de cl么ture de l鈥檃ctif de r茅f茅rence le moins performant au 29 juillet 2026 (date d鈥櫭﹙aluation) est 鈮� 85 % de son niveau initial du 27 juin 2025 (芦 barri猫re digitale 禄).
- Buffer : les 15 % de baisse initiaux sont absorb茅s. Si l鈥檃ctif de r茅f茅rence le moins performant chute de plus de 15 %, le capital est r茅duit point par point au-del脿 du buffer, exposant les investisseurs 脿 une perte maximale de 85 %.
- Pas de coupons p茅riodiques ; paiement unique 脿 l鈥櫭ヽh茅ance.
- Prix d鈥櫭﹎ission : 100 % ; commission de l鈥檃gent 0,375 % ; valeur initiale estim茅e : 981,99 $ par tranche de 1 000 $, refl茅tant les frais inclus et les co没ts de couverture.
- Exposition au cr茅dit : obligations non garanties et non subordonn茅es de BMO ; CUSIP 06376EMN9 ; non assur茅es par la FDIC ou la CDIC ; non cot茅es en bourse.
Exemples de paiements : tout niveau final 鈮� 85 % d茅clenche un paiement fixe de 1 104 $ par billet de 1 000 $ (gain de 10,40 %). Un niveau final de 80 % rembourse 950 $ (-5 %) ; 60 % rembourse 750 $ (-25 %) ; 0 % rembourse 150 $ (-85 %). Le gain est plafonn茅 脿 10,40 %, ind茅pendamment de la performance de l鈥檌ndice.
Consid茅rations sur les risques incluent la perte potentielle pouvant atteindre 85 % du capital, un potentiel de hausse limit茅 par rapport 脿 une exposition directe 脿 l鈥檌ndice, une illiquidit茅 sur le march茅 secondaire (pas de cotation ; tenue de march茅 discr茅tionnaire par les courtiers), le risque de cr茅dit de BMO, une incertitude fiscale (trait茅 comme des contrats d茅riv茅s pr茅pay茅s) et un prix public sup茅rieur 脿 la valeur mod茅lis茅e par la banque.
Ce produit peut int茅resser les investisseurs ayant une vision mod茅r茅ment haussi猫re 脿 neutre sur les actions am茅ricaines de grande, m茅ga et petite capitalisation pour les ~13 prochains mois, pr锚ts 脿 renoncer 脿 un gain sup茅rieur 脿 10,40 % en 茅change d鈥檜n buffer de 15 % et 脿 accepter les risques de cr茅dit de l鈥櫭﹎etteur et de liquidit茅.
Die Bank of Montreal (BMO) bietet Senior Medium-Term Notes im Wert von 425.000 USD, Serie K 鈥� 鈥濪igital Return Buffer Notes鈥� 鈥� mit F盲lligkeit am 3. August 2026 an. Die Notes sind an den schlechtesten Performer von drei US-Aktienbenchmarks gekoppelt: S&P 500, NASDAQ-100 und Russell 2000 (jeweils ein 鈥濺eferenzwert鈥�).
Wesentliche wirtschaftliche Bedingungen:
- Digitaler Ertrag: 10,40% zahlbar bei F盲lligkeit, wenn der Schlusskurs des am schlechtesten performenden Referenzwerts am 29. Juli 2026 (Bewertungsdatum) 鈮� 85 % seines Anfangswerts vom 27. Juni 2025 (鈥濪igitale Barriere鈥�) betr盲gt.
- Buffer: Die ersten 15% Kursverluste werden absorbiert. F盲llt der am schlechtesten performende Referenzwert um mehr als 15%, reduziert sich das Kapital Punkt f眉r Punkt 眉ber den Buffer hinaus, was Anleger einem maximalen Verlust von 85 % aussetzt.
- Keine periodischen Kupons; Einmalzahlung bei F盲lligkeit.
- Ausgabepreis: 100 %; Agenturprovision 0,375 %; gesch盲tzter Anfangswert: 981,99 $ pro 1.000 $, was eingebettete Geb眉hren und Absicherungskosten widerspiegelt.
- Kreditrisiko: unbesicherte, nicht nachrangige Verbindlichkeiten von BMO; CUSIP 06376EMN9; nicht FDIC- oder CDIC-versichert; nicht b枚rsennotiert.
Beispielhafte Auszahlungen: Ein Endstand 鈮� 85 % l枚st eine feste Zahlung von 1.104 $ pro 1.000 $ Note aus (10,40 % Gewinn). Ein Endstand von 80 % zahlt 950 $ (-5 %); 60 % zahlt 750 $ (-25 %); 0 % zahlt 150 $ (-85 %). Der Gewinn ist unabh盲ngig von der Indexentwicklung auf 10,40 % begrenzt.
Risikohinweise umfassen den m枚glichen Verlust von bis zu 85 % des Kapitals, begrenztes Aufw盲rtspotenzial gegen眉ber direkter Indexexponierung, Illiquidit盲t am Sekund盲rmarkt (keine Notierung; Market Making nach Ermessen der H盲ndler), BMO-Kreditrisiko, steuerliche Unsicherheiten (Behandlung als vorausbezahlte Derivatekontrakte) sowie einen Ausgabepreis, der 眉ber dem vom Institut modellierten Wert liegt.
Das Produkt k枚nnte f眉r Anleger interessant sein, die in den n盲chsten ca. 13 Monaten eine moderat bullische bis seitw盲rts gerichtete Sicht auf US-Aktien mit gro脽er, Mega- und kleiner Marktkapitalisierung haben, bereit sind, auf Gewinne 眉ber 10,40 % zu verzichten, um einen 15%igen Buffer zu erhalten, und das Emittenten-Kredit- sowie Liquidit盲tsrisiko akzeptieren.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,167
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
SPX Market-Linked Notes due August 2, 2028
This document provides a summary of the terms of the notes. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
|
Terms |
|
|
Issuer: |
Morgan Stanley Finance LLC |
|
Guarantor: |
Morgan Stanley |
|
Underlier: |
S&P 500® Index (SPX) |
|
Participation rate: |
100% |
|
Maximum payment at maturity: |
$1,170 to $1,180 per note (117% to 118% of the stated principal amount) |
|
Pricing date: |
July 28, 2025 |
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Observation date: |
July 28, 2028 |
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Maturity date: |
August 2, 2028 |
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CUSIP: |
61778NFJ5 |
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Estimated value: |
$960.00 per note, or within $45.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225036060/ms9167_424b2-19703.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the notes.
|
% Change in Closing Level of the Underlier |
Payment at Maturity per Note |
|
+100.00% |
$1,170.00* |
|
+80.00% |
$1,170.00* |
|
+60.00% |
$1,170.00* |
|
+40.00% |
$1,170.00* |
|
+20.00% |
$1,170.00* |
|
+17.00% |
$1,170.00 |
|
+10.00% |
$1,100.00 |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-40.00% |
$1,000.00 |
|
-60.00% |
$1,000.00 |
|
*Assumes a maximum payment at maturity of $1,170 per note. |
|
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Notes
●The notes may not pay more than the stated principal amount at maturity.
●The notes do not pay interest.
●The appreciation potential of the notes is limited by the maximum payment at maturity.
●The amount payable on the notes is not linked to the value of the underlier at any time other than the observation date.
●The market price of the notes may be influenced by many unpredictable factors.
●The notes are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the notes.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the notes is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The notes will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the notes is not equivalent to investing in the underlier(s).
●You may be required to recognize taxable income on the notes prior to maturity.
Risks Relating to the Underlier(s)
●Because your return on the notes will depend upon the performance of the underlier(s), the notes are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oAdjustments to an underlying index could adversely affect the value of the notes.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Notes–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser.
Source:
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?
