AGÕæÈ˹ٷ½

STOCK TITAN

[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

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 â‰� its 70% Coupon Barrier.
  • Automatic call: From 21 Jul 2026 onward, if, on any Observation Date, each index closes â‰� 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 attività di riferimento è â‰� al 70% della Barriera Cedola.
  • Richiamo automatico: Dal 21 lug 2026 in poi, se in una qualsiasi Data di Osservazione ogni indice chiude â‰� al livello iniziale (100%), le note vengono rimborsate a valore nominale più 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 liquidità secondaria, se presente, sarà 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 están vinculadas al rendimiento del índice S&P 500 (SPX) y del índice Russell 2000 (RTY) y tienen un plazo aproximado de 3 años (liquidación 23 jul 2025, vencimiento 24 jul 2028).

Términos económicos clave

  • Interés contingente: aproximadamente 7,00% anual (1,75% trimestral) pagado solo si, en una Fecha de Observación, cada activo de referencia está â‰� al 70% de la Barrera del Cupón.
  • Cancelación automática: Desde el 21 jul 2026 en adelante, si en cualquier Fecha de Observación cada índice cierra â‰� su nivel inicial (100%), las notas se redimen a valor nominal más el cupón vigente.
  • Exposición a la baja: Si no se cancelan y cualquier índice cierra < 70% de su nivel inicial en la Fecha de Valoración, los inversionistas sufren una pérdida 1 a 1 sobre el índice con peor desempeño, pudiendo perder todo el capital.
  • Niveles de disparo/cupón/cancelación: 70% / 70% / 100% del nivel inicial para cada índice.
  • Inversión mínima: USD 1,000 en incrementos de $1,000; las notas no cotizan en bolsa; la liquidez secundaria, si la hay, será proporcionada por BMO Capital Markets.

Aspectos clave de riesgo

  • Capital en riesgo y sin cupones garantizados.
  • Los retornos dependen únicamente del índice con peor desempeño.
  • El reembolso anticipado limita el potencial de ganancias y las opciones de reinversión.
  • Exposición 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).

ë±…í¬ ì˜¤ë¸Œ 몬트리올(발행ìž�)ì€ ìƒˆë¡œìš� 구조í™� ìƒí’ˆì� ì¡°ê±´ë¶€ ì¿ í°ì� í¬í•¨ë� 오토콜러ë¸� 배리ì–� 노트(CUSIP 06376ERW4)ì—� 대í•� ìžìœ  작성 설명ì„�(Free Writing Prospectus)ë¥� 제출했습니다. ì� 노트ëŠ� S&P 500 ì§€ìˆ�(SPX)와 러셀 2000 ì§€ìˆ�(RTY)ì� 성과ì—� ì—°ë™ë˜ë©°, ì•� 3ë…� 만기ë¥� 가집니ë‹�(ê²°ì œì� 2025ë…� 7ì›� 23ì�, 만기 2028ë…� 7ì›� 24ì�).

주요 경제 조건

  • ì¡°ê±´ë¶€ ì´ìž: ì—� ì•� 7.00%(분기ë³� 1.75%)ë¡�, 관찰ì¼ì—� ê°� 기준 ìžì‚°ì� ì¿ í° ìž¥ë²½ì� 70% ì´ìƒì� 경우ì—ë§Œ 지급ë©ë‹ˆë‹¤.
  • ìžë™ 조기ìƒí™˜: 2026ë…� 7ì›� 21ì¼ë¶€í„� 시작하여, 관찰ì¼ì—� ê°� 지수가 최초 수준(100%) ì´ìƒìœ¼ë¡œ 마ê°í•˜ë©´ 노트ëŠ� 액면가와 현재 ì¿ í°ì� 합산하여 ìƒí™˜ë©ë‹ˆë‹�.
  • 하방 위험: 조기ìƒí™˜ë˜ì§€ 않고 í‰ê°€ì¼ì— ì–´ëŠ í•� 지수가 최초 수준ì� 70% 미만으로 마ê°í•˜ë©´, 투ìžìžëŠ” ê°€ìž� 성과가 저조한 ì§€ìˆ˜ì— ëŒ€í•� 1대1 ì†ì‹¤ì� ìž…ì–´ ì›ê¸ˆ ì „ì•¡ì� ìžƒì„ ìˆ� 있습니다.
  • 트리ê±�/ì¿ í° ìž¥ë²½/ì½� 수준: ê°� 지수별ë¡� 최초 수준ì� 70% / 70% / 100%입니ë‹�.
  • 최소 투ìžê¸ˆì•¡: USD 1,000ë¶€í„� 1,000 USD 단위ë¡� íˆ¬ìž ê°€ëŠ¥í•˜ë©�, 노트ëŠ� 거래ì†� ìƒìž¥ë˜ì§€ 않으ë©� 2ì°� 유ë™ì„±ì€ BMO ìºí”¼í„� 마켓ì—서 제공í•� ìˆ� 있습니다.

위험 요약

  • ì›ê¸ˆ ì†ì‹¤ 위험ì� 있으ë©� ì¿ í°ì€ 보장ë˜ì§€ 않습니다.
  • 수ìµì¶Ä 최저 성과 지수ì—ë§� ì˜ì¡´í•©ë‹ˆë‹�.
  • 조기 ìƒí™˜ ì‹� ìƒìй 잠재력과 재투ìž� 옵션ì� 제한ë©ë‹ˆë‹�.
  • ë±…í¬ ì˜¤ë¸Œ 몬트리올ì—� 대í•� 무담ë³� 채무로서 ì‹ ìš© 위험ì� 존재합니ë‹�.

ë³� FWPëŠ� 2025ë…� 7ì›� 9ì¼ìž 예비 ê°€ê²� ë³´ì¶©ì„�, ìƒí’ˆ ë³´ì¶©ì„�, 설명ì„� ë³´ì¶©ì„� ë°� 기본 설명ì„�(ëª¨ë‘ 2025ë…� 3ì›� 25ì¼ìž)와 함께 ì½ì–´ì•� 합니ë‹�.

La Banque de Montréal (Émetteur) a déposé un Free Writing Prospectus pour un nouveau produit structuré : des Autocallable Barrier Notes avec Coupons Conditionnels (CUSIP 06376ERW4). Les notes sont liées à la performance de l'indice S&P 500 (SPX) et de l'indice Russell 2000 (RTY) et ont une durée approximative de 3 ans (règlement le 23 juil 2025, échéance le 24 juil 2028).

Principaux termes économiques

  • Intérêt conditionnel : environ 7,00% par an (1,75% trimestriel) versé uniquement si, à une date d'observation, chaque actif de référence est â‰� à 70% de la barrière du coupon.
  • Rappel automatique : À partir du 21 juil 2026, si à une date d'observation, chaque indice clôture â‰� à son niveau initial (100%), les notes sont remboursées à la valeur nominale plus le coupon courant.
  • Exposition à la baisse : Si non rappelées et qu'un indice clôture < 70% de son niveau initial à la date d'évaluation, les investisseurs subissent une perte 1 pour 1 sur l'indice le moins performant, pouvant entraîner une perte totale du capital.
  • Niveaux de déclenchement/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 cotées en bourse ; la liquidité secondaire, si elle existe, sera assurée par BMO Capital Markets.

Points clés de risque

  • Capital à risque et coupons non garantis.
  • Les rendements dépendent uniquement de l'indice le moins performant.
  • Le remboursement anticipé limite le potentiel de gain et les options de réinvestissement.
  • Exposition au risque de crédit envers la Banque de Montréal en tant que dette non garantie.

Le FWP doit être lu conjointement avec le supplément de prix préliminaire daté du 09 juil 2025, le supplément produit, le supplément au prospectus et le prospectus de base (tous datés du 25 mars 2025).

Die Bank of Montreal (Emittent) hat einen Free Writing Prospectus für 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 ungefähr 3-jährige Laufzeit (Abwicklung 23. Jul 2025, Fälligkeit 24. Jul 2028).

Wesentliche wirtschaftliche Bedingungen

  • Bedingte Zinsen: ca. 7,00% p.a. (1,75% vierteljährlich), zahlbar nur, wenn an einem Beobachtungstag jeder Referenzwert â‰� 70% der Kuponbarriere erreicht.
  • Automatischer Rückruf: Ab dem 21. Jul 2026, wenn an einem Beobachtungstag jeder Index â‰� seinem Anfangsniveau (100%) schließt, werden die Notes zum Nennwert plus aktuellem Kupon zurückgezahlt.
  • ´¡²ú·Éä°ù³Ù²õ°ù¾±²õ¾±°ì´Ç: Wenn nicht zurückgerufen und ein Index am Bewertungstag unter 70% seines Anfangswerts schließt, erleiden Anleger einen 1:1 Verlust auf den schlechtesten Index, womöglich den gesamten Kapitaleinsatz.
  • Trigger-/Kupon-/Call-Level: 70% / 70% / 100% des Anfangswerts für jeden Index.
  • Mindestanlagebetrag: USD 1.000 in Schritten von 1.000 USD; die Notes sind nicht börsennotiert; eine Sekundärliquidität wird gegebenenfalls von BMO Capital Markets bereitgestellt.

Risikohighlights

  • Kapital ist riskant, keine garantierten Kupons.
  • Renditen hängen ausschließlich vom ²õ³¦³ó·É䳦³ó²õ³Ù±ð²Ô Index ab.
  • Frühzeitige Rückzahlung begrenzt Gewinnchancen und Reinvestitionsmöglichkeiten.
  • Kreditrisiko gegenüber der Bank of Montreal als ungesicherte Schuld.

Der FWP ist zusammen mit dem vorläufigen Preiszusatz vom 09. Jul 2025, Produktergänzung, Prospektergänzung und Basisprospekt (alle vom 25. März 2025) zu lesen.

Positive
  • 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.
Negative
  • 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’s 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’s 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 attività di riferimento è â‰� al 70% della Barriera Cedola.
  • Richiamo automatico: Dal 21 lug 2026 in poi, se in una qualsiasi Data di Osservazione ogni indice chiude â‰� al livello iniziale (100%), le note vengono rimborsate a valore nominale più 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 liquidità secondaria, se presente, sarà 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 están vinculadas al rendimiento del índice S&P 500 (SPX) y del índice Russell 2000 (RTY) y tienen un plazo aproximado de 3 años (liquidación 23 jul 2025, vencimiento 24 jul 2028).

Términos económicos clave

  • Interés contingente: aproximadamente 7,00% anual (1,75% trimestral) pagado solo si, en una Fecha de Observación, cada activo de referencia está â‰� al 70% de la Barrera del Cupón.
  • Cancelación automática: Desde el 21 jul 2026 en adelante, si en cualquier Fecha de Observación cada índice cierra â‰� su nivel inicial (100%), las notas se redimen a valor nominal más el cupón vigente.
  • Exposición a la baja: Si no se cancelan y cualquier índice cierra < 70% de su nivel inicial en la Fecha de Valoración, los inversionistas sufren una pérdida 1 a 1 sobre el índice con peor desempeño, pudiendo perder todo el capital.
  • Niveles de disparo/cupón/cancelación: 70% / 70% / 100% del nivel inicial para cada índice.
  • Inversión mínima: USD 1,000 en incrementos de $1,000; las notas no cotizan en bolsa; la liquidez secundaria, si la hay, será proporcionada por BMO Capital Markets.

Aspectos clave de riesgo

  • Capital en riesgo y sin cupones garantizados.
  • Los retornos dependen únicamente del índice con peor desempeño.
  • El reembolso anticipado limita el potencial de ganancias y las opciones de reinversión.
  • Exposición 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).

ë±…í¬ ì˜¤ë¸Œ 몬트리올(발행ìž�)ì€ ìƒˆë¡œìš� 구조í™� ìƒí’ˆì� ì¡°ê±´ë¶€ ì¿ í°ì� í¬í•¨ë� 오토콜러ë¸� 배리ì–� 노트(CUSIP 06376ERW4)ì—� 대í•� ìžìœ  작성 설명ì„�(Free Writing Prospectus)ë¥� 제출했습니다. ì� 노트ëŠ� S&P 500 ì§€ìˆ�(SPX)와 러셀 2000 ì§€ìˆ�(RTY)ì� 성과ì—� ì—°ë™ë˜ë©°, ì•� 3ë…� 만기ë¥� 가집니ë‹�(ê²°ì œì� 2025ë…� 7ì›� 23ì�, 만기 2028ë…� 7ì›� 24ì�).

주요 경제 조건

  • ì¡°ê±´ë¶€ ì´ìž: ì—� ì•� 7.00%(분기ë³� 1.75%)ë¡�, 관찰ì¼ì—� ê°� 기준 ìžì‚°ì� ì¿ í° ìž¥ë²½ì� 70% ì´ìƒì� 경우ì—ë§Œ 지급ë©ë‹ˆë‹¤.
  • ìžë™ 조기ìƒí™˜: 2026ë…� 7ì›� 21ì¼ë¶€í„� 시작하여, 관찰ì¼ì—� ê°� 지수가 최초 수준(100%) ì´ìƒìœ¼ë¡œ 마ê°í•˜ë©´ 노트ëŠ� 액면가와 현재 ì¿ í°ì� 합산하여 ìƒí™˜ë©ë‹ˆë‹�.
  • 하방 위험: 조기ìƒí™˜ë˜ì§€ 않고 í‰ê°€ì¼ì— ì–´ëŠ í•� 지수가 최초 수준ì� 70% 미만으로 마ê°í•˜ë©´, 투ìžìžëŠ” ê°€ìž� 성과가 저조한 ì§€ìˆ˜ì— ëŒ€í•� 1대1 ì†ì‹¤ì� ìž…ì–´ ì›ê¸ˆ ì „ì•¡ì� ìžƒì„ ìˆ� 있습니다.
  • 트리ê±�/ì¿ í° ìž¥ë²½/ì½� 수준: ê°� 지수별ë¡� 최초 수준ì� 70% / 70% / 100%입니ë‹�.
  • 최소 투ìžê¸ˆì•¡: USD 1,000ë¶€í„� 1,000 USD 단위ë¡� íˆ¬ìž ê°€ëŠ¥í•˜ë©�, 노트ëŠ� 거래ì†� ìƒìž¥ë˜ì§€ 않으ë©� 2ì°� 유ë™ì„±ì€ BMO ìºí”¼í„� 마켓ì—서 제공í•� ìˆ� 있습니다.

위험 요약

  • ì›ê¸ˆ ì†ì‹¤ 위험ì� 있으ë©� ì¿ í°ì€ 보장ë˜ì§€ 않습니다.
  • 수ìµì¶Ä 최저 성과 지수ì—ë§� ì˜ì¡´í•©ë‹ˆë‹�.
  • 조기 ìƒí™˜ ì‹� ìƒìй 잠재력과 재투ìž� 옵션ì� 제한ë©ë‹ˆë‹�.
  • ë±…í¬ ì˜¤ë¸Œ 몬트리올ì—� 대í•� 무담ë³� 채무로서 ì‹ ìš© 위험ì� 존재합니ë‹�.

ë³� FWPëŠ� 2025ë…� 7ì›� 9ì¼ìž 예비 ê°€ê²� ë³´ì¶©ì„�, ìƒí’ˆ ë³´ì¶©ì„�, 설명ì„� ë³´ì¶©ì„� ë°� 기본 설명ì„�(ëª¨ë‘ 2025ë…� 3ì›� 25ì¼ìž)와 함께 ì½ì–´ì•� 합니ë‹�.

La Banque de Montréal (Émetteur) a déposé un Free Writing Prospectus pour un nouveau produit structuré : des Autocallable Barrier Notes avec Coupons Conditionnels (CUSIP 06376ERW4). Les notes sont liées à la performance de l'indice S&P 500 (SPX) et de l'indice Russell 2000 (RTY) et ont une durée approximative de 3 ans (règlement le 23 juil 2025, échéance le 24 juil 2028).

Principaux termes économiques

  • Intérêt conditionnel : environ 7,00% par an (1,75% trimestriel) versé uniquement si, à une date d'observation, chaque actif de référence est â‰� à 70% de la barrière du coupon.
  • Rappel automatique : À partir du 21 juil 2026, si à une date d'observation, chaque indice clôture â‰� à son niveau initial (100%), les notes sont remboursées à la valeur nominale plus le coupon courant.
  • Exposition à la baisse : Si non rappelées et qu'un indice clôture < 70% de son niveau initial à la date d'évaluation, les investisseurs subissent une perte 1 pour 1 sur l'indice le moins performant, pouvant entraîner une perte totale du capital.
  • Niveaux de déclenchement/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 cotées en bourse ; la liquidité secondaire, si elle existe, sera assurée par BMO Capital Markets.

Points clés de risque

  • Capital à risque et coupons non garantis.
  • Les rendements dépendent uniquement de l'indice le moins performant.
  • Le remboursement anticipé limite le potentiel de gain et les options de réinvestissement.
  • Exposition au risque de crédit envers la Banque de Montréal en tant que dette non garantie.

Le FWP doit être lu conjointement avec le supplément de prix préliminaire daté du 09 juil 2025, le supplément produit, le supplément au prospectus et le prospectus de base (tous datés du 25 mars 2025).

Die Bank of Montreal (Emittent) hat einen Free Writing Prospectus für 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 ungefähr 3-jährige Laufzeit (Abwicklung 23. Jul 2025, Fälligkeit 24. Jul 2028).

Wesentliche wirtschaftliche Bedingungen

  • Bedingte Zinsen: ca. 7,00% p.a. (1,75% vierteljährlich), zahlbar nur, wenn an einem Beobachtungstag jeder Referenzwert â‰� 70% der Kuponbarriere erreicht.
  • Automatischer Rückruf: Ab dem 21. Jul 2026, wenn an einem Beobachtungstag jeder Index â‰� seinem Anfangsniveau (100%) schließt, werden die Notes zum Nennwert plus aktuellem Kupon zurückgezahlt.
  • ´¡²ú·Éä°ù³Ù²õ°ù¾±²õ¾±°ì´Ç: Wenn nicht zurückgerufen und ein Index am Bewertungstag unter 70% seines Anfangswerts schließt, erleiden Anleger einen 1:1 Verlust auf den schlechtesten Index, womöglich den gesamten Kapitaleinsatz.
  • Trigger-/Kupon-/Call-Level: 70% / 70% / 100% des Anfangswerts für jeden Index.
  • Mindestanlagebetrag: USD 1.000 in Schritten von 1.000 USD; die Notes sind nicht börsennotiert; eine Sekundärliquidität wird gegebenenfalls von BMO Capital Markets bereitgestellt.

Risikohighlights

  • Kapital ist riskant, keine garantierten Kupons.
  • Renditen hängen ausschließlich vom ²õ³¦³ó·É䳦³ó²õ³Ù±ð²Ô Index ab.
  • Frühzeitige Rückzahlung begrenzt Gewinnchancen und Reinvestitionsmöglichkeiten.
  • Kreditrisiko gegenüber der Bank of Montreal als ungesicherte Schuld.

Der FWP ist zusammen mit dem vorläufigen Preiszusatz vom 09. Jul 2025, Produktergänzung, Prospektergänzung und Basisprospekt (alle vom 25. März 2025) zu lesen.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
HORIZON KINETICS ASSET MANAGEMENT LLC

(Last) (First) (Middle)
470 PARK AVENUE SOUTH
4TH FLOOR SOUTH

(Street)
NEW YORK NY 10016

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Texas Pacific Land Corp [ TPL ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/09/2025 P 1 A $1,037.49 1,163,949(1) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. On December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares. The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.
/s/ Jay Kesslen, attorney-in-fact 07/10/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the contingent coupon rate on Bank of Montreal’s Autocallable Barrier Notes?

The notes pay a contingent 7.00% per annum (1.75% quarterly) only if both SPX and RTY close at or above 70% of their initial levels on each Observation Date.

When can the BMO notes be automatically redeemed?

Starting 21 Jul 2026, the notes are called if, on any Observation Date, each index is at or above 100% of its initial level; investors then receive par plus the current coupon.

How much principal protection do these notes provide?

Protection is limited to a 30% buffer. If, at final valuation, either index is below 70% of its initial level, principal is reduced 1% for every 1% decline in the worst-performing asset.

Are the Autocallable Barrier Notes listed on an exchange?

No. The notes are not exchange-listed. BMO Capital Markets may, but is not obligated to, make a secondary market.

What is the minimum investment for these structured notes?

The minimum purchase is USD 1,000, with additional investments in $1,000 increments.

Which indices underlie the BMO Autocallable Notes?

The notes reference the S&P 500 Index (SPX) and the Russell 2000 Index (RTY).
Texas Pacific Ld

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