Bank of Montreal has issued auto-callable securities linked to Robinhood Markets, Inc. stock, due December 23, 2027. The securities offer contingent quarterly coupon payments at 23% per annum if Robinhood's stock price is at or above the 60% coupon threshold.The securities may be automatically called from June 2025 if Robinhood's stock price equals or exceeds the initial value. At maturity, investors face full downside exposure if Robinhood's stock falls below 60% of its initial value. The maximum return is limited to coupon payments.The estimated initial value of $917.30 per $1,000 security is less than the offering price. The securities are subject to Bank of Montreal's credit risk and are not insured by any government agency. Tax treatment is uncertain, and the bank intends to withhold 30% on coupon payments to non-U.S. investors.

Bank of Montreal has issued auto-callable securities linked to Robinhood Markets, Inc. stock, due December 23, 2027. The securities offer contingent quarterly coupon payments at 23% per annum if Robinhood's stock price is at or above the 60% coupon threshold.The securities may be automatically called from June 2025 if Robinhood's stock price equals or exceeds the initial value. At maturity, investors face full downside exposure if Robinhood's stock falls below 60% of its initial value. The maximum return is limited to coupon payments.The estimated initial value of $917.30 per $1,000 security is less than the offering price. The securities are subject to Bank of Montreal's credit risk and are not insured by any government agency. Tax treatment is uncertain, and the bank intends to withhold 30% on coupon payments to non-U.S. investors.