By William Gullotti
Buffalo, N.Y., Sept. 7 – Bank of Montreal priced $4.5 million of 0% step-down autocallable barrier notes with step-up call amount due Sept. 8, 2026 linked to the Invesco S&P 500 Equal Weight ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 10% annualized premium if the ETF closes at or above its call level on any annual observation date. The call level is equal to the initial level for each observation date except for the final, where it will be equal to the 70% barrier level.
If the notes are not called, meaning the ETF finished below its barrier level, investors will lose 1% for every 1% that the ETF finished below its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Step-down autocallable barrier notes with step-up call amount
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| Underlying fund: | Invesco S&P 500 Equal Weight ETF
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| Amount: | $4.5 million
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| Maturity: | Sept. 8, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the notes are not called, 1% loss for every 1% that ETF finishes below initial level
|
| Call: | At par plus 10% annualized premium if the ETF closes at or above call level on any annual observation date; call level is equal to the initial level for each observation date except for the final, where it will be equal to the barrier level
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| Initial level: | $140.76
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| Barrier level: | $98.53; 70% of initial level
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 6
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| Selling agent: | BMO Capital Markets Corp.
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| Fees: | 0.3%
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| Cusip: | 06374V4B9
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