[Form 4] Texas Pacific Land Corporation Insider Trading Activity
Bank of Montreal (Issuer) has filed a Free Writing Prospectus for a new structured product: Autocallable Barrier Notes with Contingent Coupons (CUSIP 06376ERW4). The notes link to the performance of the S&P 500 Index (SPX) and the Russell 2000 Index (RTY) and have an approximate 3-year term (settlement 23 Jul 2025, maturity 24 Jul 2028).
Key economic terms
- Contingent interest: ~7.00% p.a. (1.75% quarterly) paid only if, on an Observation Date, each reference asset is 鈮� its 70% Coupon Barrier.
- Automatic call: From 21 Jul 2026 onward, if, on any Observation Date, each index closes 鈮� its initial level (100%), the notes are redeemed at par plus the current coupon.
- Downside exposure: If not called and any index closes < 70% of its initial level on the Valuation Date, investors suffer a 1-for-1 loss on the worst-performing index, potentially losing the entire principal.
- Trigger/Coupon Barrier/Call levels: 70% / 70% / 100% of initial level for each index.
- Minimum investment: USD 1,000 in $1,000 increments; the notes are not exchange-listed; secondary liquidity, if any, will be provided by BMO Capital Markets.
Risk highlights
- Principal at risk and no guaranteed coupons.
- Returns depend solely on the least-performing index.
- Early redemption limits upside and reinvestment options.
- Credit exposure to Bank of Montreal as unsecured debt.
The FWP must be read alongside the preliminary pricing supplement dated 09 Jul 2025, product supplement, prospectus supplement, and base prospectus (all March 25 2025).
Bank of Montreal (Emittente) ha depositato un Free Writing Prospectus per un nuovo prodotto strutturato: Autocallable Barrier Notes con Cedole Contingenti (CUSIP 06376ERW4). Le note sono collegate alla performance dell'indice S&P 500 (SPX) e dell'indice Russell 2000 (RTY) e hanno una durata approssimativa di 3 anni (regolamento 23 lug 2025, scadenza 24 lug 2028).
Termini economici principali
- Interesse contingente: circa 7,00% annuo (1,75% trimestrale) pagato solo se, in una Data di Osservazione, ogni attivit脿 di riferimento 猫 鈮� al 70% della Barriera Cedola.
- Richiamo automatico: Dal 21 lug 2026 in poi, se in una qualsiasi Data di Osservazione ogni indice chiude 鈮� al livello iniziale (100%), le note vengono rimborsate a valore nominale pi霉 la cedola corrente.
- Esposizione al ribasso: Se non richiamate e se uno qualsiasi degli indici chiude < 70% del livello iniziale alla Data di Valutazione, gli investitori subiscono una perdita 1 a 1 sull'indice peggiore, con possibile perdita totale del capitale.
- Livelli Trigger/Cedola/Call: 70% / 70% / 100% del livello iniziale per ciascun indice.
- Investimento minimo: USD 1.000 in incrementi di 1.000 USD; le note non sono quotate in borsa; la liquidit脿 secondaria, se presente, sar脿 fornita da BMO Capital Markets.
Punti chiave di rischio
- Capitale a rischio e nessuna cedola garantita.
- I rendimenti dipendono esclusivamente dall'indice meno performante.
- Il rimborso anticipato limita il potenziale di guadagno e le opzioni di reinvestimento.
- Esposizione creditizia verso Bank of Montreal come debito non garantito.
Il FWP deve essere letto insieme al supplemento di prezzo preliminare datato 09 lug 2025, al supplemento prodotto, al supplemento al prospetto e al prospetto base (tutti del 25 marzo 2025).
Bank of Montreal (Emisor) ha presentado un Free Writing Prospectus para un nuevo producto estructurado: Notas Barrera Autocancelables con Cupones Contingentes (CUSIP 06376ERW4). Las notas est谩n vinculadas al rendimiento del 铆ndice S&P 500 (SPX) y del 铆ndice Russell 2000 (RTY) y tienen un plazo aproximado de 3 a帽os (liquidaci贸n 23 jul 2025, vencimiento 24 jul 2028).
T茅rminos econ贸micos clave
- Inter茅s contingente: aproximadamente 7,00% anual (1,75% trimestral) pagado solo si, en una Fecha de Observaci贸n, cada activo de referencia est谩 鈮� al 70% de la Barrera del Cup贸n.
- Cancelaci贸n autom谩tica: Desde el 21 jul 2026 en adelante, si en cualquier Fecha de Observaci贸n cada 铆ndice cierra 鈮� su nivel inicial (100%), las notas se redimen a valor nominal m谩s el cup贸n vigente.
- Exposici贸n a la baja: Si no se cancelan y cualquier 铆ndice cierra < 70% de su nivel inicial en la Fecha de Valoraci贸n, los inversionistas sufren una p茅rdida 1 a 1 sobre el 铆ndice con peor desempe帽o, pudiendo perder todo el capital.
- Niveles de disparo/cup贸n/cancelaci贸n: 70% / 70% / 100% del nivel inicial para cada 铆ndice.
- Inversi贸n m铆nima: USD 1,000 en incrementos de $1,000; las notas no cotizan en bolsa; la liquidez secundaria, si la hay, ser谩 proporcionada por BMO Capital Markets.
Aspectos clave de riesgo
- Capital en riesgo y sin cupones garantizados.
- Los retornos dependen 煤nicamente del 铆ndice con peor desempe帽o.
- El reembolso anticipado limita el potencial de ganancias y las opciones de reinversi贸n.
- Exposici贸n crediticia a Bank of Montreal como deuda no garantizada.
El FWP debe leerse junto con el suplemento preliminar de precios fechado el 09 jul 2025, suplemento del producto, suplemento del prospecto y prospecto base (todos del 25 de marzo de 2025).
氡呿伂 鞓る笇 氇姼毽槵(氚滍枆鞛�)鞚� 靸堧鞖� 甑“頇� 靸來拡鞚� 臁瓣贝攵� 炜犿彴鞚� 韽暔霅� 鞓ろ啝旖滊煬敫� 氚半Μ鞏� 雲疙姼(CUSIP 06376ERW4)鞐� 雽�頃� 鞛愳湢 鞛戩劚 靹る獏靹�(Free Writing Prospectus)毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 雲疙姼電� S&P 500 歆�靾�(SPX)鞕� 霟厐 2000 歆�靾�(RTY)鞚� 靹标臣鞐� 鞐半彊霅橂┌, 鞎� 3雲� 毵岅赴毳� 臧�歆戨媹雼�(瓴办牅鞚� 2025雲� 7鞗� 23鞚�, 毵岅赴 2028雲� 7鞗� 24鞚�).
欤检殧 瓴届牅 臁瓣贝
- 臁瓣贝攵� 鞚挫瀽: 鞐� 鞎� 7.00%(攵勱赴氤� 1.75%)搿�, 甏�彀办澕鞐� 臧� 旮办 鞛愳偘鞚� 炜犿彴 鞛ル步鞚� 70% 鞚挫儊鞚� 瓴届毎鞐愲 歆�旮夒惄雼堧嫟.
- 鞛愲彊 臁瓣赴靸來櫂: 2026雲� 7鞗� 21鞚茧秬韯� 鞁滌瀾頃橃棳, 甏�彀办澕鞐� 臧� 歆�靾橁皜 斓滌磮 靾橃(100%) 鞚挫儊鞙茧 毵堦皭頃橂┐ 雲疙姼電� 鞎‰┐臧�鞕� 順勳灛 炜犿彴鞚� 頃╈偘頃橃棳 靸來櫂霅╇媹雼�.
- 頃橂癌 鞙勴棙: 臁瓣赴靸來櫂霅橃 鞎婈碃 韽夑皜鞚检棎 鞏措姁 頃� 歆�靾橁皜 斓滌磮 靾橃鞚� 70% 氙鸽鞙茧 毵堦皭頃橂┐, 韴瀽鞛愲姅 臧�鞛� 靹标臣臧� 鞝�臁绊暅 歆�靾橃棎 雽�頃� 1雽�1 靻愳嫟鞚� 鞛呾柎 鞗愱笀 鞝勳暋鞚� 鞛冹潉 靾� 鞛堨姷雼堧嫟.
- 韸鸽Μ瓯�/炜犿彴 鞛ル步/旖� 靾橃: 臧� 歆�靾橂硠搿� 斓滌磮 靾橃鞚� 70% / 70% / 100%鞛呺媹雼�.
- 斓滌唽 韴瀽旮堨暋: USD 1,000攵�韯� 1,000 USD 雼渼搿� 韴瀽 臧�電ロ晿氅�, 雲疙姼電� 瓯半灅靻� 靸侅灔霅橃 鞎婌溂氅� 2彀� 鞙犽彊靹膘潃 BMO 旌愴敿韯� 毵堨紦鞐愳劀 鞝滉车頃� 靾� 鞛堨姷雼堧嫟.
鞙勴棙 鞖旍暯
- 鞗愱笀 靻愳嫟 鞙勴棙鞚� 鞛堨溂氅� 炜犿彴鞚� 氤挫灔霅橃 鞎婌姷雼堧嫟.
- 靾橃澋鞚赌 斓滌爛 靹标臣 歆�靾橃棎毵� 鞚橃〈頃╇媹雼�.
- 臁瓣赴 靸來櫂 鞁� 靸侅姽 鞛犾灛霠リ臣 鞛埇鞛� 鞓奠厴鞚� 鞝滍暅霅╇媹雼�.
- 氡呿伂 鞓る笇 氇姼毽槵鞐� 雽�頃� 氍措嫶氤� 毂勲搿滌劀 鞁犾毄 鞙勴棙鞚� 臁挫灛頃╇媹雼�.
氤� FWP電� 2025雲� 7鞗� 9鞚检瀽 鞓堧箘 臧�瓴� 氤挫订靹�, 靸來拡 氤挫订靹�, 靹る獏靹� 氤挫订靹� 氚� 旮半掣 靹る獏靹�(氇憪 2025雲� 3鞗� 25鞚检瀽)鞕� 頃粯 鞚届柎鞎� 頃╇媹雼�.
La Banque de Montr茅al (脡metteur) a d茅pos茅 un Free Writing Prospectus pour un nouveau produit structur茅 : des Autocallable Barrier Notes avec Coupons Conditionnels (CUSIP 06376ERW4). Les notes sont li茅es 脿 la performance de l'indice S&P 500 (SPX) et de l'indice Russell 2000 (RTY) et ont une dur茅e approximative de 3 ans (r猫glement le 23 juil 2025, 茅ch茅ance le 24 juil 2028).
Principaux termes 茅conomiques
- Int茅r锚t conditionnel : environ 7,00% par an (1,75% trimestriel) vers茅 uniquement si, 脿 une date d'observation, chaque actif de r茅f茅rence est 鈮� 脿 70% de la barri猫re du coupon.
- Rappel automatique : 脌 partir du 21 juil 2026, si 脿 une date d'observation, chaque indice cl么ture 鈮� 脿 son niveau initial (100%), les notes sont rembours茅es 脿 la valeur nominale plus le coupon courant.
- Exposition 脿 la baisse : Si non rappel茅es et qu'un indice cl么ture < 70% de son niveau initial 脿 la date d'茅valuation, les investisseurs subissent une perte 1 pour 1 sur l'indice le moins performant, pouvant entra卯ner une perte totale du capital.
- Niveaux de d茅clenchement/coupon/rappel : 70% / 70% / 100% du niveau initial pour chaque indice.
- Investissement minimum : USD 1 000 par tranches de 1 000 USD ; les notes ne sont pas cot茅es en bourse ; la liquidit茅 secondaire, si elle existe, sera assur茅e par BMO Capital Markets.
Points cl茅s de risque
- Capital 脿 risque et coupons non garantis.
- Les rendements d茅pendent uniquement de l'indice le moins performant.
- Le remboursement anticip茅 limite le potentiel de gain et les options de r茅investissement.
- Exposition au risque de cr茅dit envers la Banque de Montr茅al en tant que dette non garantie.
Le FWP doit 锚tre lu conjointement avec le suppl茅ment de prix pr茅liminaire dat茅 du 09 juil 2025, le suppl茅ment produit, le suppl茅ment au prospectus et le prospectus de base (tous dat茅s du 25 mars 2025).
Die Bank of Montreal (Emittent) hat einen Free Writing Prospectus f眉r ein neues strukturiertes Produkt eingereicht: Autocallable Barrier Notes mit bedingten Kupons (CUSIP 06376ERW4). Die Notes sind an die Entwicklung des S&P 500 Index (SPX) und des Russell 2000 Index (RTY) gekoppelt und haben eine ungef盲hr 3-j盲hrige Laufzeit (Abwicklung 23. Jul 2025, F盲lligkeit 24. Jul 2028).
Wesentliche wirtschaftliche Bedingungen
- Bedingte Zinsen: ca. 7,00% p.a. (1,75% viertelj盲hrlich), zahlbar nur, wenn an einem Beobachtungstag jeder Referenzwert 鈮� 70% der Kuponbarriere erreicht.
- Automatischer R眉ckruf: Ab dem 21. Jul 2026, wenn an einem Beobachtungstag jeder Index 鈮� seinem Anfangsniveau (100%) schlie脽t, werden die Notes zum Nennwert plus aktuellem Kupon zur眉ckgezahlt.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Wenn nicht zur眉ckgerufen und ein Index am Bewertungstag unter 70% seines Anfangswerts schlie脽t, erleiden Anleger einen 1:1 Verlust auf den schlechtesten Index, wom枚glich den gesamten Kapitaleinsatz.
- Trigger-/Kupon-/Call-Level: 70% / 70% / 100% des Anfangswerts f眉r jeden Index.
- Mindestanlagebetrag: USD 1.000 in Schritten von 1.000 USD; die Notes sind nicht b枚rsennotiert; eine Sekund盲rliquidit盲t wird gegebenenfalls von BMO Capital Markets bereitgestellt.
Risikohighlights
- Kapital ist riskant, keine garantierten Kupons.
- Renditen h盲ngen ausschlie脽lich vom 蝉肠丑飞盲肠丑蝉迟别苍 Index ab.
- Fr眉hzeitige R眉ckzahlung begrenzt Gewinnchancen und Reinvestitionsm枚glichkeiten.
- Kreditrisiko gegen眉ber der Bank of Montreal als ungesicherte Schuld.
Der FWP ist zusammen mit dem vorl盲ufigen Preiszusatz vom 09. Jul 2025, Produkterg盲nzung, Prospekterg盲nzung und Basisprospekt (alle vom 25. M盲rz 2025) zu lesen.
- 7% contingent coupon offers higher potential income than conventional 3-year investment-grade bonds.
- 30% downside buffer (Trigger/Coupon Barrier at 70%) provides limited protection against moderate index declines.
- Automatic redemption feature allows early return of principal plus coupon if both indices are at or above initial levels, potentially shortening duration.
- Full principal risk beyond a 30% decline in either index; losses track worst-performing asset 1-for-1.
- Income uncertainty; coupons paid only if both indices meet quarterly barrier, so investors may receive no interest.
- Upside capped; maximum return is limited to coupon payments, even if indices rally substantially.
- Early call risk at par blocks participation in future coupons, reducing effective yield.
- Unlisted security; secondary liquidity is dealer-driven and may be at a significant discount.
- Credit exposure to Bank of Montreal as senior unsecured debt.
Insights
TL;DR 7% contingent yield with 30% downside buffer but full principal risk; worst-of dual index and autocall greatly skew risk-reward.
The note offers an attractive headline coupon relative to prevailing rates, yet investors only receive it when both SPX and RTY stay above the 70% barrier on quarterly observations. The dual-trigger significantly lowers the probability of consistent income, especially given RTY鈥檚 higher historic volatility.
The 100% call level allows the issuer to redeem once both indices merely reclaim initial levels, capping any upside for noteholders while locking in low funding costs for BMO. Because redemption can occur after only one year, the effective yield may fall well below 7% if markets rise.
Principal protection is limited to a 30% buffer. A single 30%+ drop in either index at final valuation leads to a linear loss on the full notional. Historical drawdowns for both indices regularly exceed this threshold, underscoring material tail risk.
Liquidity is another concern: the notes are unlisted, and secondary bids from the dealer typically include hedging costs and fees, leading to discounts to theoretical value.
TL;DR Credit-linked, unsecured BMO debt with market and correlation risk; suitable only for sophisticated investors seeking enhanced income.
From a credit standpoint, Bank of Montreal is an investment-grade issuer, yet these obligations rank pari passu with other senior unsecured debt. In a stress scenario, recovery rates could be well below par.
The dual-index structure embeds correlation risk; divergent performance between large-cap (SPX) and small-cap (RTY) indices raises the likelihood that one underperforms, triggering losses even if the other performs.
A 7% contingent coupon implies elevated implied volatility and correlation assumptions. Investors are effectively short a down-and-in put on the worst-performing index while being long the issuer鈥檚 credit. Unless the buyer has a moderately bullish outlook on both indices and low default-probability conviction on BMO, the asymmetric payout is unattractive relative to traditional bonds or diversified equity exposure.
Bank of Montreal (Emittente) ha depositato un Free Writing Prospectus per un nuovo prodotto strutturato: Autocallable Barrier Notes con Cedole Contingenti (CUSIP 06376ERW4). Le note sono collegate alla performance dell'indice S&P 500 (SPX) e dell'indice Russell 2000 (RTY) e hanno una durata approssimativa di 3 anni (regolamento 23 lug 2025, scadenza 24 lug 2028).
Termini economici principali
- Interesse contingente: circa 7,00% annuo (1,75% trimestrale) pagato solo se, in una Data di Osservazione, ogni attivit脿 di riferimento 猫 鈮� al 70% della Barriera Cedola.
- Richiamo automatico: Dal 21 lug 2026 in poi, se in una qualsiasi Data di Osservazione ogni indice chiude 鈮� al livello iniziale (100%), le note vengono rimborsate a valore nominale pi霉 la cedola corrente.
- Esposizione al ribasso: Se non richiamate e se uno qualsiasi degli indici chiude < 70% del livello iniziale alla Data di Valutazione, gli investitori subiscono una perdita 1 a 1 sull'indice peggiore, con possibile perdita totale del capitale.
- Livelli Trigger/Cedola/Call: 70% / 70% / 100% del livello iniziale per ciascun indice.
- Investimento minimo: USD 1.000 in incrementi di 1.000 USD; le note non sono quotate in borsa; la liquidit脿 secondaria, se presente, sar脿 fornita da BMO Capital Markets.
Punti chiave di rischio
- Capitale a rischio e nessuna cedola garantita.
- I rendimenti dipendono esclusivamente dall'indice meno performante.
- Il rimborso anticipato limita il potenziale di guadagno e le opzioni di reinvestimento.
- Esposizione creditizia verso Bank of Montreal come debito non garantito.
Il FWP deve essere letto insieme al supplemento di prezzo preliminare datato 09 lug 2025, al supplemento prodotto, al supplemento al prospetto e al prospetto base (tutti del 25 marzo 2025).
Bank of Montreal (Emisor) ha presentado un Free Writing Prospectus para un nuevo producto estructurado: Notas Barrera Autocancelables con Cupones Contingentes (CUSIP 06376ERW4). Las notas est谩n vinculadas al rendimiento del 铆ndice S&P 500 (SPX) y del 铆ndice Russell 2000 (RTY) y tienen un plazo aproximado de 3 a帽os (liquidaci贸n 23 jul 2025, vencimiento 24 jul 2028).
T茅rminos econ贸micos clave
- Inter茅s contingente: aproximadamente 7,00% anual (1,75% trimestral) pagado solo si, en una Fecha de Observaci贸n, cada activo de referencia est谩 鈮� al 70% de la Barrera del Cup贸n.
- Cancelaci贸n autom谩tica: Desde el 21 jul 2026 en adelante, si en cualquier Fecha de Observaci贸n cada 铆ndice cierra 鈮� su nivel inicial (100%), las notas se redimen a valor nominal m谩s el cup贸n vigente.
- Exposici贸n a la baja: Si no se cancelan y cualquier 铆ndice cierra < 70% de su nivel inicial en la Fecha de Valoraci贸n, los inversionistas sufren una p茅rdida 1 a 1 sobre el 铆ndice con peor desempe帽o, pudiendo perder todo el capital.
- Niveles de disparo/cup贸n/cancelaci贸n: 70% / 70% / 100% del nivel inicial para cada 铆ndice.
- Inversi贸n m铆nima: USD 1,000 en incrementos de $1,000; las notas no cotizan en bolsa; la liquidez secundaria, si la hay, ser谩 proporcionada por BMO Capital Markets.
Aspectos clave de riesgo
- Capital en riesgo y sin cupones garantizados.
- Los retornos dependen 煤nicamente del 铆ndice con peor desempe帽o.
- El reembolso anticipado limita el potencial de ganancias y las opciones de reinversi贸n.
- Exposici贸n crediticia a Bank of Montreal como deuda no garantizada.
El FWP debe leerse junto con el suplemento preliminar de precios fechado el 09 jul 2025, suplemento del producto, suplemento del prospecto y prospecto base (todos del 25 de marzo de 2025).
氡呿伂 鞓る笇 氇姼毽槵(氚滍枆鞛�)鞚� 靸堧鞖� 甑“頇� 靸來拡鞚� 臁瓣贝攵� 炜犿彴鞚� 韽暔霅� 鞓ろ啝旖滊煬敫� 氚半Μ鞏� 雲疙姼(CUSIP 06376ERW4)鞐� 雽�頃� 鞛愳湢 鞛戩劚 靹る獏靹�(Free Writing Prospectus)毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 雲疙姼電� S&P 500 歆�靾�(SPX)鞕� 霟厐 2000 歆�靾�(RTY)鞚� 靹标臣鞐� 鞐半彊霅橂┌, 鞎� 3雲� 毵岅赴毳� 臧�歆戨媹雼�(瓴办牅鞚� 2025雲� 7鞗� 23鞚�, 毵岅赴 2028雲� 7鞗� 24鞚�).
欤检殧 瓴届牅 臁瓣贝
- 臁瓣贝攵� 鞚挫瀽: 鞐� 鞎� 7.00%(攵勱赴氤� 1.75%)搿�, 甏�彀办澕鞐� 臧� 旮办 鞛愳偘鞚� 炜犿彴 鞛ル步鞚� 70% 鞚挫儊鞚� 瓴届毎鞐愲 歆�旮夒惄雼堧嫟.
- 鞛愲彊 臁瓣赴靸來櫂: 2026雲� 7鞗� 21鞚茧秬韯� 鞁滌瀾頃橃棳, 甏�彀办澕鞐� 臧� 歆�靾橁皜 斓滌磮 靾橃(100%) 鞚挫儊鞙茧 毵堦皭頃橂┐ 雲疙姼電� 鞎‰┐臧�鞕� 順勳灛 炜犿彴鞚� 頃╈偘頃橃棳 靸來櫂霅╇媹雼�.
- 頃橂癌 鞙勴棙: 臁瓣赴靸來櫂霅橃 鞎婈碃 韽夑皜鞚检棎 鞏措姁 頃� 歆�靾橁皜 斓滌磮 靾橃鞚� 70% 氙鸽鞙茧 毵堦皭頃橂┐, 韴瀽鞛愲姅 臧�鞛� 靹标臣臧� 鞝�臁绊暅 歆�靾橃棎 雽�頃� 1雽�1 靻愳嫟鞚� 鞛呾柎 鞗愱笀 鞝勳暋鞚� 鞛冹潉 靾� 鞛堨姷雼堧嫟.
- 韸鸽Μ瓯�/炜犿彴 鞛ル步/旖� 靾橃: 臧� 歆�靾橂硠搿� 斓滌磮 靾橃鞚� 70% / 70% / 100%鞛呺媹雼�.
- 斓滌唽 韴瀽旮堨暋: USD 1,000攵�韯� 1,000 USD 雼渼搿� 韴瀽 臧�電ロ晿氅�, 雲疙姼電� 瓯半灅靻� 靸侅灔霅橃 鞎婌溂氅� 2彀� 鞙犽彊靹膘潃 BMO 旌愴敿韯� 毵堨紦鞐愳劀 鞝滉车頃� 靾� 鞛堨姷雼堧嫟.
鞙勴棙 鞖旍暯
- 鞗愱笀 靻愳嫟 鞙勴棙鞚� 鞛堨溂氅� 炜犿彴鞚� 氤挫灔霅橃 鞎婌姷雼堧嫟.
- 靾橃澋鞚赌 斓滌爛 靹标臣 歆�靾橃棎毵� 鞚橃〈頃╇媹雼�.
- 臁瓣赴 靸來櫂 鞁� 靸侅姽 鞛犾灛霠リ臣 鞛埇鞛� 鞓奠厴鞚� 鞝滍暅霅╇媹雼�.
- 氡呿伂 鞓る笇 氇姼毽槵鞐� 雽�頃� 氍措嫶氤� 毂勲搿滌劀 鞁犾毄 鞙勴棙鞚� 臁挫灛頃╇媹雼�.
氤� FWP電� 2025雲� 7鞗� 9鞚检瀽 鞓堧箘 臧�瓴� 氤挫订靹�, 靸來拡 氤挫订靹�, 靹る獏靹� 氤挫订靹� 氚� 旮半掣 靹る獏靹�(氇憪 2025雲� 3鞗� 25鞚检瀽)鞕� 頃粯 鞚届柎鞎� 頃╇媹雼�.
La Banque de Montr茅al (脡metteur) a d茅pos茅 un Free Writing Prospectus pour un nouveau produit structur茅 : des Autocallable Barrier Notes avec Coupons Conditionnels (CUSIP 06376ERW4). Les notes sont li茅es 脿 la performance de l'indice S&P 500 (SPX) et de l'indice Russell 2000 (RTY) et ont une dur茅e approximative de 3 ans (r猫glement le 23 juil 2025, 茅ch茅ance le 24 juil 2028).
Principaux termes 茅conomiques
- Int茅r锚t conditionnel : environ 7,00% par an (1,75% trimestriel) vers茅 uniquement si, 脿 une date d'observation, chaque actif de r茅f茅rence est 鈮� 脿 70% de la barri猫re du coupon.
- Rappel automatique : 脌 partir du 21 juil 2026, si 脿 une date d'observation, chaque indice cl么ture 鈮� 脿 son niveau initial (100%), les notes sont rembours茅es 脿 la valeur nominale plus le coupon courant.
- Exposition 脿 la baisse : Si non rappel茅es et qu'un indice cl么ture < 70% de son niveau initial 脿 la date d'茅valuation, les investisseurs subissent une perte 1 pour 1 sur l'indice le moins performant, pouvant entra卯ner une perte totale du capital.
- Niveaux de d茅clenchement/coupon/rappel : 70% / 70% / 100% du niveau initial pour chaque indice.
- Investissement minimum : USD 1 000 par tranches de 1 000 USD ; les notes ne sont pas cot茅es en bourse ; la liquidit茅 secondaire, si elle existe, sera assur茅e par BMO Capital Markets.
Points cl茅s de risque
- Capital 脿 risque et coupons non garantis.
- Les rendements d茅pendent uniquement de l'indice le moins performant.
- Le remboursement anticip茅 limite le potentiel de gain et les options de r茅investissement.
- Exposition au risque de cr茅dit envers la Banque de Montr茅al en tant que dette non garantie.
Le FWP doit 锚tre lu conjointement avec le suppl茅ment de prix pr茅liminaire dat茅 du 09 juil 2025, le suppl茅ment produit, le suppl茅ment au prospectus et le prospectus de base (tous dat茅s du 25 mars 2025).
Die Bank of Montreal (Emittent) hat einen Free Writing Prospectus f眉r ein neues strukturiertes Produkt eingereicht: Autocallable Barrier Notes mit bedingten Kupons (CUSIP 06376ERW4). Die Notes sind an die Entwicklung des S&P 500 Index (SPX) und des Russell 2000 Index (RTY) gekoppelt und haben eine ungef盲hr 3-j盲hrige Laufzeit (Abwicklung 23. Jul 2025, F盲lligkeit 24. Jul 2028).
Wesentliche wirtschaftliche Bedingungen
- Bedingte Zinsen: ca. 7,00% p.a. (1,75% viertelj盲hrlich), zahlbar nur, wenn an einem Beobachtungstag jeder Referenzwert 鈮� 70% der Kuponbarriere erreicht.
- Automatischer R眉ckruf: Ab dem 21. Jul 2026, wenn an einem Beobachtungstag jeder Index 鈮� seinem Anfangsniveau (100%) schlie脽t, werden die Notes zum Nennwert plus aktuellem Kupon zur眉ckgezahlt.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Wenn nicht zur眉ckgerufen und ein Index am Bewertungstag unter 70% seines Anfangswerts schlie脽t, erleiden Anleger einen 1:1 Verlust auf den schlechtesten Index, wom枚glich den gesamten Kapitaleinsatz.
- Trigger-/Kupon-/Call-Level: 70% / 70% / 100% des Anfangswerts f眉r jeden Index.
- Mindestanlagebetrag: USD 1.000 in Schritten von 1.000 USD; die Notes sind nicht b枚rsennotiert; eine Sekund盲rliquidit盲t wird gegebenenfalls von BMO Capital Markets bereitgestellt.
Risikohighlights
- Kapital ist riskant, keine garantierten Kupons.
- Renditen h盲ngen ausschlie脽lich vom 蝉肠丑飞盲肠丑蝉迟别苍 Index ab.
- Fr眉hzeitige R眉ckzahlung begrenzt Gewinnchancen und Reinvestitionsm枚glichkeiten.
- Kreditrisiko gegen眉ber der Bank of Montreal als ungesicherte Schuld.
Der FWP ist zusammen mit dem vorl盲ufigen Preiszusatz vom 09. Jul 2025, Produkterg盲nzung, Prospekterg盲nzung und Basisprospekt (alle vom 25. M盲rz 2025) zu lesen.
FAQ
What is the contingent coupon rate on Bank of Montreal鈥檚 Autocallable Barrier Notes?
When can the BMO notes be automatically redeemed?
How much principal protection do these notes provide?
Are the Autocallable Barrier Notes listed on an exchange?
What is the minimum investment for these structured notes?
Which indices underlie the BMO Autocallable Notes?
