Here are the 424B prospectus supplements from MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BERZ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BERZ filings page.
Bank of Montreal priced US$1,785,000 of Senior Medium-Term Notes, Series K—Digital Return Barrier Notes due May 28, 2027 linked to the least performing of the S&P 500, Russell 2000 and Dow Jones Industrial Average. The notes offer a 7.75% Digital Return if the Least Performing Reference Asset finishes at or above 65.00% of its February 23, 2026 Pricing Date level; below that barrier investors suffer a linear loss of principal (1% loss per 1% index decline), potentially losing up to 100% of principal. Payments are unsecured obligations of the Bank and subject to its credit risk.
Bank of Montreal priced US$750,000 Senior Medium‑Term Notes, Series K, an autocallable barrier enhanced‑return note linked to the common stock of Tesla, Inc. The notes mature on February 26, 2029 and are callable on March 1, 2027 if the closing level of Tesla is greater than 100.00% of its Initial Level.
If automatically redeemed, holders receive principal plus a $184.40 Call Amount per $1,000 principal (approximately 18.44% per annum). If not called, upside at maturity equals 150.00% of any positive Percentage Change; a Barrier at $239.90 (60.00% of the Initial Level) triggers linear downside, potentially losing up to 100% of principal. Initial Level was $399.83.
Bank of Montreal is issuing US$712,000 Senior Medium-Term Notes, Series K — Contingent Risk Absolute Return Buffer Notes due February 28, 2031, linked to the S&P 500® Futures Excess Return Index. The notes offer a 143.00% upside leverage factor and a 20.00% buffer (Buffer Level = 80.00% of the Initial Level). If the Reference Asset finishes at or above the Buffer Level, investors may receive positive returns up to a $1,200.00 Maximum Downside Redemption Amount per $1,000 principal; declines beyond the buffer expose holders to losses of up to 80.00% of principal. Key dates: Pricing Date February 23, 2026, Settlement Date February 26, 2026, Valuation Date February 25, 2031.
The offering was priced at 100% to public (aggregate $712,000.00), with an agent commission of approximately 4.0851% (about $29,086.00) and estimated proceeds to the Bank of $682,914.00. The issuer’s initial estimated value per $1,000 was $956.38. Payments are unsecured and subject to Bank of Montreal credit risk; the notes pay no interest and will not be listed on an exchange.
Bank of Montreal priced US$705,000 Senior Medium‑Term Notes, Series K — Autocallable Barrier Enhanced Return Notes due February 26, 2029 linked to the iShares® Expanded Tech‑Software Sector ETF (IGV).
The notes offer a 150.00% Upside Leverage Factor on any appreciation if not auto‑redeemed, an automatic redemption test on March 01, 2027 at a Call Level of 100.00% of the Initial Level, and a Call Amount representing approximately 16.00% per annum if the notes are called. If not called and the Final Level is below the Barrier Level of $53.86 (70.00% of the Initial Level of $76.94), investors lose 1% of principal for each 1% decline below the Initial Level, potentially losing up to the full principal at maturity.
Bank of Montreal is offering US$977,000 in Senior Medium-Term Notes, Series K: Autocallable Barrier Enhanced Return Notes linked to the least performing of the Dow Jones Industrial Average, NASDAQ-100 and Russell 2000.
The notes mature on February 28, 2029, have an Upside Leverage Factor of 150.00%, a Barrier Level equal to 70.00% of each Initial Level, and an automatic redemption feature on March 1, 2027 that pays a Call Amount representing ~16.30% per annum. The initial estimated value was $946.76 per $1,000 principal and payments are subject to the Bank of Montreal’s credit risk.
Bank of Montreal offers US$1,000,000 Senior Medium-Term Notes, Series K — Capped Buffer Enhanced Return Notes linked to the Dow Jones Industrial Average®. The notes provide $1,450.00 maximum redemption per $1,000 principal (45.00% maximum return) and an 110.00% upside leverage factor. A buffer of 10.50% (Buffer Level = 43,679.63) protects investors from losses up to that decline; if the Reference Asset falls below the Buffer Level, investors lose 1% of principal for each 1% decline beyond 10.50%, with a potential principal loss of up to 89.50%. Key dates: Pricing Date February 23, 2026, Settlement Date February 26, 2026, Valuation Date February 12, 2029, Maturity Date February 15, 2029. All payments are subject to the credit risk of Bank of Montreal.
Bank of Montreal is offering US$356,000 of Senior Medium-Term Notes, Series K: Contingent Risk Absolute Return Buffer Notes linked to the S&P 500® Index, maturing on February 28, 2031.
The notes provide 150.00% upside and downside leverage subject to a Maximum Redemption Amount of $1,385.00 per $1,000 principal and a Buffer Level at 80.00% of the Initial Level. If the Final Level is below the Buffer Level, investors lose 1% of principal for each 1% decline beyond the Buffer (up to an 80.00% principal loss). Pricing Date is February 23, 2026, Settlement Date February 26, 2026, and Valuation Date February 25, 2031. All payments are subject to the credit risk of Bank of Montreal.
Bank of Montreal is offering US$1,118,000 of Senior Medium-Term Notes, Series K — Capped Buffer Enhanced Return Notes linked to the S&P 500® Index, maturing February 28, 2029. The notes provide $1,000 principal units with 150.00% upside leverage subject to a $1,230.00 Maximum Redemption Amount (a 23.00% cap). The structure protects the first 20.00% of index decline (Buffer Level = $5,470.20, 80.00% of Initial Level) but exposes investors to losses beyond that point of up to 80.00% of principal. Pricing Date was February 23, 2026, settlement February 26, 2026, valuation date February 23, 2029. The public offering price was 100% with an aggregate Agent’s Commission of approximately 2.718%, and an estimated initial value of $958.09 per $1,000 on the Pricing Date. All payments are unsecured obligations of the Bank of Montreal and subject to its credit risk.
Bank of Montreal priced US$2,010,000 Senior Medium-Term Notes, Series K, Buffer Enhanced Return Notes due February 28, 2031. The notes reference the S&P 500® Futures Excess Return Index with a 150.25% upside leverage and an 80.00% buffer (20.00% downside cushion). If the Reference Asset declines more than 20.00% from the Initial Level, investors lose 1% principal for each 1% decline beyond that point (up to an 80.00% principal loss). The notes pay no interest, are unsecured obligations of Bank of Montreal, are not exchange-listed, and are payable subject to the Bank’s credit risk. Pricing and valuation dates are set for February 2026 and February 2021 valuation/maturity dates are February 25, 2031 (valuation) and February 28, 2031 (maturity).
The Bank of Montreal is offering US$1,157,000 of Senior Medium-Term Notes, Series K: market-linked notes due February 28, 2029 linked to the least performing of the NASDAQ-100 Index® and the Dow Jones Industrial Average®. Investors receive $1,000 principal if the least performing reference asset is flat or down; if that asset rises, the notes provide 100.00% participation up to a 20.20% Maximum Return, capping the Maximum Redemption Amount at $1,202.00 per $1,000 principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed, and carry the issuer's credit risk. The initial estimated value was $969.54 per $1,000; price to public was 100% with an aggregate agent commission of approximately 2.2409%.
Bank of Montreal priced US$2,097,000 of Senior Medium-Term Notes, Series K, due February 29, 2028. The market-linked notes pay at maturity based on the least performing of the S&P 500® and Russell 2000®, with 100.00% upside participation capped at a Maximum Redemption Amount of $1,115.00 per $1,000 (an 11.50% maximum return). If the Least Performing Reference Asset declines, holders receive the $1,000 principal only. The notes pay no interest, are unsecured obligations of Bank of Montreal, were priced on February 23, 2026 and settle on February 26, 2026; valuation and final determination are on February 24, 2028 with maturity on February 29, 2028. All payments are subject to the Bank's credit risk.
Bank of Montreal priced US$1,358,000 of Senior Medium-Term Notes, Series K — Digital Return Barrier Notes due March 31, 2027. The notes link to the least performing of the S&P 500® and Russell 2000® indices and offer a 10.40% digital return if the Least Performing Reference Asset finishes at or above 100.00% of its Pricing Date level.
If the Least Performing Reference Asset falls below its Barrier Level of 70.00% of Initial Level, investors lose 1% of principal for each 1% decline below the Initial Level and may lose up to 100.00% of principal. The notes are unsecured obligations of Bank of Montreal, not interest bearing, not exchange listed, and subject to the Bank’s credit risk. The Pricing Date was February 23, 2026, Settlement Date February 26, 2026, Valuation Date March 25, 2027.
Bank of Montreal priced US$2,096,000 Senior Medium-Term Notes, Series K. The autocallable notes mature on February 28, 2029 and are linked to the least performing of the Dow Jones Industrial Average®, Russell 2000® and the S&P 500®.
The notes provide a 200.00% upside leverage factor on positive performance of the least performing reference asset if not auto‑redeemed. Automatic redemption can occur beginning March 01, 2027 on observation dates; Call Amounts shown include $101 (first call) and $202 (later call), representing approximately 10.10% per annum. If not redeemed and the least performing asset falls below its Barrier Level (70.00% of initial), investors lose 1% principal per 1% decline.
Bank of Montreal priced US$583,000 Senior Medium-Term Notes, Series K, Autocallable Barrier Notes due February 28, 2029, linked to the S&P 500® Index. The notes pay no interest, may be automatically redeemed on March 01, 2027 for $1,074.00 per $1,000 (a call amount of $74.00), and otherwise pay at maturity based on index performance with a 75.00% barrier (Initial Level 6,837.75). If not called and the Final Level is below the barrier, investors lose 1% of principal for each 1% decline below the Initial Level; losses can reach 100% of principal.
Bank of Montreal priced a US$5,075,000 offering of Senior Medium-Term Notes, Series K — Capped Buffer Enhanced Return Notes linked to the S&P 500® Index. The notes mature on August 31, 2027 with a Pricing Date of February 23, 2026 and Settlement Date of February 26, 2026.
The notes provide 150.00% upside leverage on any appreciation in the index, capped at a Maximum Redemption Amount of $1,092.00 per $1,000 principal (a 9.20% capped return). They include an 80.00% buffer level (a 20.00% buffer): if the index falls more than 20.00% from the Initial Level, holders lose 1% of principal for each 1% decline beyond the buffer, up to an 80.00% principal loss. All payments are subject to Bank of Montreal credit risk.
Bank of Montreal priced US$1,670,000 Senior Medium-Term Notes, Series K: Capped Buffer Enhanced Return Notes linked to the NASDAQ-100 Index®.
The notes pay a leveraged positive return equal to 200.00% of the Index appreciation subject to a Maximum Redemption Amount of $1,082.00 per $1,000 principal (a 8.20% capped return). The notes include a 15.00% buffer: if the Final Level declines by more than 15.00% from the Initial Level, investors lose 1% of principal for each 1% decline beyond the buffer, up to an 85.00% loss of principal. Key dates: Pricing Date: February 23, 2026, Settlement Date: February 26, 2026, Valuation Date: March 25, 2027, Maturity Date: March 31, 2027. The notes do not pay interest, are unsecured obligations of Bank of Montreal and are subject to the issuer’s credit risk.
Bank of Montreal priced US$370,000 of Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons linked to the least performing of the S&P 500®, Russell 2000® and Nasdaq-100 Technology Sector Indexes, maturing on January 31, 2028.
The notes pay a contingent coupon of 0.675% per month (≈8.10% per annum) if each Reference Asset is at or above a 70.00% Coupon Barrier on observation dates. Settlement is February 26, 2026, valuation date is January 26, 2028, and the issuer’s estimated initial value was $955.49 per $1,000 principal.
Bank of Montreal priced US$1,123,000 of Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons due May 28, 2027, linked to the least performing of the S&P 500 and Russell 2000.
Key terms: pricing date February 23, 2026, settlement February 26, 2026, valuation date May 25, 2027, monthly contingent coupon of 0.6083% (≈ 7.30% per annum) payable if both indices are at or above 80% of initial levels on observation dates, automatic call if both indices are at or above 100% of initial levels on an observation date, and downside exposure at maturity to the least performing index down to a trigger at 80% of initial levels.
Bank of Montreal is offering US$1,265,000 in Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Step Up Call Amount due February 28, 2030, linked to the least performing of the NASDAQ-100 (NDX), Russell 2000 (RTY) and Dow Jones Industrial Average (INDU). The notes begin automatic redemption observations on March 1, 2027 with scheduled Call Amounts that imply approximately 9.00% per annum if called. If not called, maturity payment depends on the least performing reference asset; a Trigger Event occurs if any Final Level is below its Trigger Level (70.00% of the Initial Level). The pricing supplement states an estimated initial value of $933.55 per $1,000 on the Pricing Date February 23, 2026.
Bank of Montreal issues US$2,822,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes due February 28, 2029. The notes pay monthly contingent coupons of 1.0333% per month (approximately 12.40% per annum) if each reference asset is at or above its coupon barrier on observation dates, and are linked to the least performing of GDX, RTY and NDXT. If not auto‑redeemed, repayment at maturity depends on the percentage change of the least performing reference asset; a trigger event (final level below a 50.00% trigger level) causes principal to decline pro rata. The pricing date was February 23, 2026 and settlement on February 26, 2026. The cover states an estimated initial value of $940.82 per $1,000 principal.
Bank of Montreal priced a US$550,000 issuance of Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons linked to the least performing of the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector. Pricing Date was February 23, 2026, settlement on February 26, 2026 and maturity on February 28, 2029. The notes pay a 0.5958% monthly contingent coupon (approximately 7.15% per annum) if each reference asset is at or above a 70.00% coupon barrier on observation dates. The notes autocall if, on an Observation Date beginning August 26, 2026, each reference asset is at or above its Call Level (100% of initial). At maturity, if a Trigger Event occurs (any final level below 70.00% of initial), principal is reduced pro rata to the percentage change of the least performing reference asset.
Bank of Montreal offers US$371,000 in Senior Medium-Term Notes, Series K Barrier Notes with Contingent Coupons. The notes price on February 23, 2026
They pay a 0.6167% monthly contingent coupon (approximately 7.40% per annum) when each Reference Asset closes at or above its Coupon Barrier on observation dates. The notes mature on March 31, 2027 and return principal at maturity unless a Trigger Event occurs; if triggered, payment equals $1,000 plus the Percentage Change of the Least Performing Reference Asset, which may reduce the payment below principal.
Bank of Montreal priced a preliminary offering of senior medium-term, equity-linked auto-callable securities linked to the lowest performing of Class A common stock of Alphabet Inc. and common stock of Marvell Technology, Inc.
Key terms: $1,000 face amount per security, estimated initial value $970.60 (not less than $920.00), pricing date March 5, 2026, issue date March 10, 2026, stated maturity March 9, 2028. Contingent coupon rate will be determined on the pricing date and will be at least 19.10% per annum, paid monthly only if the lowest performing underlier closes at or above its coupon threshold (60% of starting value). Downside protection applies only above the downside threshold (50% of starting value); if the lowest performing underlier ends below that threshold at maturity, investors suffer proportional principal loss. Payments are unsecured obligations of Bank of Montreal and subject to its credit risk; U.S. federal tax treatment is uncertain and withholding may apply to non-U.S. holders.
Bank of Montreal priced equity-linked senior notes due February 28, 2029. The notes pay a contingent monthly coupon of 23.30% per annum (with a memory feature) and are auto-callable if the lowest-performing underlier on certain monthly observation dates equals or exceeds its starting value. The three underliers are Broadcom (AVGO) starting at $330.34, Robinhood (HOOD) starting at $71.78, and McDonald’s (MCD) starting at $334.56; each coupon and downside threshold is 50% of its starting value. Original offering price is $1,000 per security, estimated initial value $971.88, proceeds to issuer $976.75 per security. The securities are unsecured obligations of Bank of Montreal, subject to issuer credit risk and not FDIC insured.
Bank of Montreal is offering Senior Medium-Term Notes, Series K: market-linked, auto-callable securities with a contingent coupon and principal at risk linked to the lowest performing of the Nasdaq-100, Russell 2000 and S&P 500. The original offering price is $1,000 per security and proceeds to Bank of Montreal are $976.75 per security.
The securities have quarterly calculation days beginning May 2026, a minimum contingent coupon rate of 10.30% per annum, an issue date of March 4, 2026 and a stated maturity of March 2, 2029. If not auto-called, principal at maturity depends on the ending value of the lowest performing Underlier; a decline below 75% of starting value results in proportional principal loss.
Bank of Montreal offers structured notes linked to the iShares Expanded Tech-Software Sector ETF. The offering consists of notes with a $1,000 principal amount per note and aggregate original issue amount of $15,485,000. The notes mature on February 27, 2029 unless automatically called on the scheduled call observation dates.
The notes are callable if the underlier’s closing price on either call observation date equals or exceeds 87.00% of the initial level. Call premiums are 10.65% (first call) and 21.30% (second call); the maturity premium is 31.95%. If not called, final payment depends on the fund’s closing price on the determination date, with a buffer level at 87.00% and a downside loss rate of approximately 1.1494% of principal per 1% decline below the buffer.
The notes do not pay interest, are unsecured obligations of Bank of Montreal, are not FDIC-insured, and carry issuer credit risk. The issuer’s initial estimated value per note was $967.08 on the trade date.
Bank of Montreal priced $17,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate debt due February 25, 2031. The Notes pay interest at 4.50% per annum, pay $1,000 per Note at maturity, and are redeemable by the Bank on semi-annual optional redemption dates.
The Notes are unsecured, bail-inable under the Canada Deposit Insurance Corporation Act and may be converted into common shares under specified Canadian bail-in powers; proceeds to the issuer equal $16,941,180.00 after underwriting discount.
Bank of Montreal priced US$1,105,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Enhanced Return Notes due February 25, 2031. The notes reference NVDA, GOOGL and META and pay no interest. They auto‑redeem if each Reference Asset closes above its 90.00% Call Level on May 20, 2026, in which case holders receive principal plus a $240 Call Amount per $1,000 note (approximately 96.00% per annum return). If not called, maturity payoff is based solely on the Least Performing Reference Asset with a 150.00% Upside Leverage Factor and a 60.00% Barrier Level; declines below the Barrier cause proportional principal loss (up to 100%). Price to public equals $1,105,000 aggregate and the issuer’s estimated initial value is $965.18 per $1,000. All payments are subject to Bank of Montreal credit risk.
Bank of Montreal priced US$1,117,000 of Senior Medium-Term Notes, Series K — Autocallable Barrier Enhanced Return Notes linked to the least performing of NVDA, GOOGL and META. The notes offer a 150.00% upside leverage if not auto‑redeemed.
On May 20, 2026, if each Reference Asset’s closing level exceeds its Call Level (85.00% of its Initial Level), the notes will be automatically redeemed for principal plus a $164 Call Amount per $1,000 (approximately 65.60% per annum). If not called and the Least Performing Reference Asset falls below its Barrier Level (60.00% of its Initial Level), losses are linear: investors lose 1% of principal for each 1% decline below the Initial Level, potentially up to a 100% loss. The issuer’s initial estimated value is $965.55 per $1,000. Payments are cash only, unsecured, non‑interest bearing and subject to Bank of Montreal credit risk.
Bank of Montreal is offering US$1,158,000 of Senior Medium-Term Notes, Series K — Autocallable Barrier Enhanced Return Notes due February 25, 2031 linked to the least performing of TSLA, TSM ADRs and HAL.
The notes pay no interest, provide 150.00% upside leverage on the Least Performing Reference Asset if not called, and are callable on May 20, 2026 if each Reference Asset is > 80.00% of its Initial Level. On automatic redemption investors receive principal plus a Call Amount of $172.50 per note (approximate return of 69.00% per annum). If not called and the Least Performing Reference Asset falls below its Barrier Level (60.00% of Initial Level), investors lose 1% of principal for each 1% drop below the Initial Level and may lose up to all principal. The issuer is Bank of Montreal; payments are subject to the issuer’s credit risk and the notes will not be listed on an exchange.
Bank of Montreal is offering US$1,010,000 of Senior Medium-Term Notes, Series K, a three-year, non-interest-bearing barrier note linked to the shares of iShares® MSCI Emerging Markets ETF (EEM). The notes mature on February 26, 2029 and pay at maturity based on the Final Level relative to an Initial Level of $62.34 with a Barrier Level at $50.81 (81.50% of the Initial Level).
If the Final Level is at or above the Initial Level, holders receive principal plus 1x upside exposure; if the Final Level is below Initial but at or above the Barrier Level, holders receive par only; if the Final Level is below the Barrier Level, holders lose 1% of principal for each 1% decline, potentially losing up to 100% of principal. All payments are subject to the issuer's credit risk and will be made in cash.
Bank of Montreal priced S&P 500®-linked buffered notes totaling $17,271,000 with $1,000 principal per note, an original issue price of $1,000 per note and a stated maturity date of January 12, 2028 (subject to postponement).
Payments depend on the S&P 500® closing level from trade date February 20, 2026 to determination date January 10, 2028. If the final level is ≥87.50% of the initial level, each $1,000 note pays the threshold settlement amount of $1,168.10; if below that threshold the note suffers losses at approximately 1.1429% of principal for each 1% decline below the threshold, and could lose some or all principal. Notes are unsecured obligations of Bank of Montreal and are not listed.
Bank of Montreal is offering US$2,076,000 of Senior Medium-Term Notes, Series K — Autocallable Buffer Enhanced Return Notes linked to the VanEck® Gold Miners ETF, due February 25, 2031.
The notes pay no interest, have an Initial Level of $106.26, an estimated initial value of $966.23 per $1,000 principal, a Buffer Level at 80.00% of the Initial Level ($85.01), and a 126.00% Upside Leverage Factor. If on March 1, 2027 the Reference Asset closes above its Call Level, the notes will be automatically redeemed for principal plus a Call Amount of $250.00 per note. If not called, maturity payouts depend on the Final Level on the Valuation Date February 20, 2031, with downside exposure beginning after a 20.00% buffer and a downside factor of 125.00%.
Bank of Montreal priced US$8,006,000 Senior Medium-Term Notes, Series K — Digital Return Barrier Notes due March 25, 2027. The notes offer a 8.90% Digital Return if the Least Performing Reference Asset (S&P 500® or Russell 2000®) finishes at or above 65.00% of its level on the pricing date.
If the Least Performing Reference Asset declines by more than 35.00% from the Initial Level, investors lose 1% of principal for each 1% decline, potentially losing up to 100% of principal at maturity. Payments are unsecured and subject to Bank of Montreal credit risk; notes are non‑interest bearing and unlisted.
Bank of Montreal priced US$385,000 Senior Medium-Term Notes, Series K (Buffer Enhanced Return Notes) linked to the least performing of the S&P 500®, Russell 2000® and Nasdaq-100 Technology Sector Indexes. The notes offer 136.80% upside leverage on any appreciation of the least performing reference asset, an 80.00% buffer (protecting against the first 20.00% decline) and a potential principal loss of up to 80.00% at maturity.
Key dates: Pricing Date February 20, 2026, Settlement Date February 25, 2026, Valuation Date February 21, 2029, Maturity Date February 26, 2029. The notes do not pay interest, are unsecured obligations of Bank of Montreal, are not exchange-listed and are subject to the issuer’s credit risk.
Bank of Montreal priced US$1,395,000 Senior Medium-Term Notes, Series K — Barrier Notes with Contingent Coupons due February 25, 2030, linked to the least performing of the Russell 2000® and the S&P 500® indices. The notes pay quarterly contingent coupons of 1.8375% per quarter (approximately 7.35% per annum) if each reference asset on an observation date is at or above its coupon barrier (65.00% of initial level). Payment at maturity returns $1,000 per $1,000 principal unless a trigger event occurs; if triggered, maturity pays $1,000 × percentage change of the least performing reference asset. The pricing date was February 20, 2026, settlement on February 25, 2026, valuation date February 20, 2030, and the estimated initial value was $982.48 per $1,000 in principal amount.
Bank of Montreal (issuer) priced US$722,000 Senior Medium-Term Notes, Series K — Autocallable Buffer Notes linked to the least performing of the VanEck® Gold Miners ETF (GDX) and the SPDR® S&P® Metals & Mining ETF (XME).
The notes were priced on February 20, 2026 with settlement on February 25, 2026 and maturity on January 25, 2029. Each note pays a contingent monthly coupon of 0.6667% per month (approximately 8.00% per annum) if each Reference Asset on an Observation Date is at or above its Coupon Barrier. The notes feature a Memory Coupon, an automatic redemption if both Reference Assets close above their Call Level on an Observation Date beginning August 20, 2026, and a downside Buffer Percentage of 20.00% (Buffer Levels equal 80% of Initial Levels). The estimated initial value on the pricing date was $943.59 per $1,000.
Bank of Montreal priced US$268,000 Senior Medium-Term Notes, Series K—a callable barrier note linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000. The Pricing Date is February 20, 2026, settlement on February 25, 2026, and stated maturity on February 25, 2031.
The notes pay monthly contingent coupons of 0.61% per month (approximately 7.32% per annum) if each reference asset on an Observation Date is >= its Coupon Barrier (70% of initial levels). At maturity, if any Reference Asset is below its Trigger Level (65% of initial level), investors receive $1,000 + $1,000 × Percentage Change of the Least Performing Reference Asset, which may be less than principal. The issuer may call the notes beginning February 22, 2027.
Bank of Montreal priced US$3,235,000 Senior Medium‑Term Notes, Series K: Autocallable Barrier Notes with Step Up Call Amount due February 28, 2029, linked to the least performing of the S&P 500®, NASDAQ‑100® and Russell 2000®. The Pricing Date is February 20, 2026, Settlement Date February 25, 2026, and Valuation Date February 23, 2029.
The notes pay specified Call Amounts on Observation Dates (first Call Amount $153.30 per $1,000 on February 26, 2027), will auto‑redeem if all Reference Assets are ≥ their Call Levels (102.00% of Initial Levels), and expose holders to downside if the Least Performing Reference Asset is below its Trigger Level (70.00% of Initial Level) on the Valuation Date.
Bank of Montreal is offering US$400,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons due February 26, 2029. The notes reference the S&P 500® Index (SPX) and the State Street® SPDR® S&P® Metals & Mining ETF (XME).
Key economics: a Contingent Interest Rate of 2.765% per quarter (approximately 11.06% per annum), Contingent Coupons of $27.65 per $1,000 if payable, Coupon and Trigger Levels at 65.00% of Initial Levels, Pricing Date February 20, 2026, Settlement Date February 25, 2026, Valuation Date February 21, 2029, and an estimated initial value of $969.30 per $1,000.
Bank of Montreal issues a pricing supplement for US$500,000 Senior Medium-Term Notes, Series K — Autocallable Buffer Notes due February 26, 2029. The notes pay quarterly contingent coupons of 2.125% per quarter (approximately 8.50% per annum) if each reference index is at or above an 80.00% coupon barrier on an Observation Date and include a Memory Coupon Feature. The notes are linked to the least performing of the S&P 500 (SPX), NASDAQ-100 (NDX) and Russell 2000 (RTY). The Initial Levels and Coupon/Buffer Levels are specified (for SPX: Initial 6,861.89; barrier 5,489.51; for NDX: Initial 24,797.34; barrier 19,837.87; for RTY: Initial 2,665.090; barrier 2,132.072). If not autocalled, at maturity you receive $1,000 unless a Trigger Event occurs (Final Level of any Reference Asset < Buffer Level), in which case the payoff equals $1,000 plus $1,000 times (Percentage Change of the Least Performing Reference Asset + 20.00% Buffer), exposing investors to up to 80.00% principal loss. The estimated initial value on the Pricing Date was $982.29 per $1,000. Terms are subject to adjustments, market disruption provisions, and tax and distribution terms described in the supplement.
Bank of Montreal priced US$1,803,000 Senior Medium-Term Notes, Series K: Autocallable Barrier Notes with Memory Coupons due May 25, 2027, linked to the least performing of the S&P 500®, NASDAQ-100® and Russell 2000®. Pricing Date was February 20, 2026 and Settlement Date February 25, 2026, with Valuation Date May 20, 2027.
The notes pay contingent monthly coupons of 1.0375% per month (approximately 12.45% per annum) when each reference asset closes at or above its Coupon Barrier (70% of Initial Level). A Memory Coupon feature pays missed coupons later if conditions are met. Beginning August 20, 2026, the notes are auto‑redeemable if all reference assets are at or above 100% of their Initial Levels on an Observation Date. At maturity, if a Trigger Event occurred and the Least Performing Reference Asset’s Final Level is below its Initial Level, holders receive $1,000 adjusted by that asset’s percentage change; otherwise holders receive $1,000. The estimated initial value was $989.90 per $1,000 principal on the Pricing Date.
Bank of Montreal priced a primary offering of $2,000,000 Senior Medium-Term Notes, Series K, redeemable fixed-rate notes bearing an interest rate of 4.35% and maturing on February 25, 2031.
The Notes pay $1,000 per Note at maturity if not redeemed, pay interest semi-annually on each February 25 and August 25 (first payment August 25, 2026), are callable by the Bank on semi-annual Optional Redemption Dates beginning February 25, 2028, and are bail-inable under the CDIC Act.
Bank of Montreal is issuing $1,715,000 aggregate principal amount of Senior Medium-Term Notes, Series K, fixed-rate debt due February 25, 2036. The Notes pay interest at 5.00% per annum, pay $1,000 per Note at maturity (if not redeemed), and were issued at an original issue price of $1,000.00 per Note.
The Notes are redeemable by the Bank on quarterly Optional Redemption Dates commencing August 25, 2027 and are bail-inable under the Canada Deposit Insurance Corporation Act, permitting conversion (in whole or in part) into common shares under subsection 39.2(2.3) of the CDIC Act.
Bank of Montreal offers $2,000,000 of Senior Medium-Term Notes, Series K, due February 25, 2031. The notes pay a fixed interest rate of 4.40% per annum, pay semi‑annual interest beginning August 25, 2026, and have a $1,000 principal denomination.
The notes are issuer‑callable on semi‑annual optional redemption dates at 100% of principal plus accrued interest and are bail‑inable under the Canada Deposit Insurance Corporation Act, permitting conversion into common shares under the CDIC regime; holders consent to those terms by acquisition.
Bank of Montreal is offering $2,053,000 aggregate principal amount of Senior Medium‑Term Notes, Series K — redeemable fixed rate notes due February 25, 2041. The Notes pay interest at 5.20% per annum annually, were issued at $1,000.00 per Note on February 25, 2026, and are callable in whole (but not in part) on quarterly Optional Redemption Dates beginning February 25, 2028 at 100% of principal plus accrued interest. The Notes are unsecured, will not be listed, are bail‑inable under the Canada Deposit Insurance Corporation Act, and therefore may be converted into common shares under that regime. Original issue price was $1,000.00 per Note with an underwriting discount of $20.20 per Note and proceeds to the issuer per Note of $979.80.
Bank of Montreal (BERZ) offers 350,000 exchange-traded notes linked to a -3x inverse daily return on the Solactive FANG Innovation Index, maturing June 28, 2041. Each note has a principal amount of $5,000 after reverse splits.
The notes reset leverage daily, charge a 0.95% annual Daily Investor Fee, may impose a 0.125% Redemption Fee, and expose holders to a Daily Interest that reflects the US Federal Funds Effective Rate minus an Interest Rate Spread (initially 2.00%, adjustable up to 4.00%). The notes are unsecured obligations of the issuer and do not guarantee return of principal; they are intended as short‑term, intraday trading tools, not buy‑and‑hold investments.
Bank of Montreal filed Amendment No. 28 to the pricing supplement for its FANG & Innovation 3X Leveraged ETNs due June 28, 2041 (ticker BULZ). The notes have a principal amount of $25 per note after a 10-for-1 split effective Feb 24, 2026, and 84,999,760 notes are expected to be outstanding as of this pricing supplement, representing an aggregate principal amount of $2,124,994,000. The notes provide a daily-resetting 3x leveraged exposure to the Solactive FANG Innovation Index, are listed on the NYSE, do not pay interest, do not guarantee principal and incorporate a 0.95% per annum Daily Investor Fee, a Daily Financing Charge (prime + initial 2.25%, adjustable up to 5.00%) and a 0.125% Redemption Fee Amount. The issuer reiterates that the ETNs are designed as short-term, intraday trading tools and that long-term holding is likely to produce significant "decay" and potential loss of principal.
Bank of Montreal amends the pricing supplement for its Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (ticker OILD), describing terms after a 1-for-10 reverse split effective 2026-02-24. Each note has a principal amount of $2,500 and the series expects 300,000 notes outstanding representing $750,000,000 aggregate principal.
The notes provide a daily-resetting -3x leveraged inverse exposure to the Solactive MicroSectors Oil & Gas Exploration & Production Index (ticker SOLOILT), incur a 0.95% Daily Investor Fee, may be reduced by negative daily interest (US Federal Funds Effective Rate minus an interest spread initially 2.00%, adjustable up to 4.00%), and do not guarantee return of principal. Maturity is scheduled for June 28, 2041. The supplement emphasizes that these ETNs are intended as daily trading tools, are highly volatile, and may lose the entire investment.
Bank of Montreal issues 32,000 ETNs linked to a -3× inverse U.S. Big Oil index. The pricing supplement covers MicroSectors™ U.S. Big Oil -3× Inverse Leveraged ETNs due February 17, 2045, with an aggregate principal amount of $4,000,000 (32,000 ETNs) and a principal amount of $125 per ETN after a 1-for-5 reverse split effective February 24, 2026.
The ETNs seek daily resetting -3× exposure to the gross total return Solactive MicroSectors™ U.S. Big Oil Index (ticker SOLUSBOT), minus a Daily Investor Fee of 0.95% per annum, a potential Daily Interest based on the Federal Funds Effective Rate minus an Interest Rate Spread (initially 2.00%, adjustable up to 4.00%), and a Redemption Fee of 0.125% on early redemptions. The ETNs trade under the ticker NRGD.
The supplement emphasizes that these ETNs are intended as short-term, daily trading tools for sophisticated investors, are unsecured obligations of Bank of Montreal, exhibit path dependence and a pronounced decay effect from daily leverage resetting, and may result in a full loss of principal.