Every 424B that MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) has filed with the SEC in the last 12 months is listed below, 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 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.
Bank of Montreal amends pricing supplement for its MAX S&P 500® 4X Leveraged ETNs due November 30, 2043, reflecting a 2-for-1 split effective February 24, 2026 and a post-split principal amount of $12.50 per note. The series comprises 16,000,000 notes (aggregate principal $200,000,000).
The notes provide a daily-resetting 4x leveraged long exposure to the S&P 500 Total Return Index but do not guarantee principal. Fees include a 0.95% per annum Daily Investor Fee and a Daily Financing Charge tied to the Federal Reserve Bank Prime Loan Rate plus an initial Financing Spread of 2.00% (adjustable up to 4.00%). The issuer may call notes or holders may redeem subject to conditions, including a minimum redemption size and a 0.125% Redemption Fee. The pricing supplement emphasizes high path dependence, potential for total loss, and that the notes are intended as short-term daily trading tools, not buy-and-hold investments.
Bank of Montreal files Amendment No. 4 to the pricing supplement for its Gold -3X Inverse Leveraged ETNs due January 29, 2043, reflecting a 1-for-50 reverse split effective February 24, 2026 and current instrument metrics.
The pricing supplement states $1,250 principal per note after the reverse split and expects 270,000 notes outstanding, representing an aggregate principal amount of $337,500,000, after giving effect to the reverse split. It discloses a closing trading price of $0.7975 per note and a closing Indicative Note Value of $0.8000 on February 23, 2026 (reverse-split adjusted to $40.0000). The document reiterates the notes’ daily-reset -3x inverse linkage to the SPDR Gold Shares (GLD), the 0.95% annual Daily Investor Fee, a potential Daily Interest spread adjustable up to 4.00%, and a 0.125% Redemption Fee Amount, and restates material risks including path dependence, decay, and issuer credit risk.
Bank of Montreal priced a tranche of 32,000 ETNs linked to the MicroSectors™ U.S. Big Banks -3× Inverse Index, representing an aggregate principal amount of $4,000,000 (principal amount $125 per ETN after a 1-for-5 reverse split). The ETNs mature on February 17, 2045 and trade under ticker BNKD.
These ETNs target a daily -3× leveraged inverse return to the gross total return version of the Solactive index, but include a Daily Investor Fee of 0.95% per annum, a possible Daily Interest (based on Federal Funds Effective Rate minus a 2.00% initial spread, adjustable up to 4.00%), and a Redemption Fee of 0.125%. They are unsecured obligations of the issuer, intended as short‑term trading tools; due to daily resetting and path dependence the ETNs are not designed for buy‑and‑hold and may lose the entire principal.
Bank of Montreal amends the pricing supplement for its Gold 3X Leveraged ETNs, covering 10,000,000 notes with a post-split principal of $2.50 per note. The notes provide a daily-resetting 3x long exposure to SPDR® Gold Shares (GLD), subject to a 0.95% per annum Daily Investor Fee, a Daily Financing Charge tied to the Federal Reserve Bank Prime Loan Rate plus an initial 2.75% Financing Spread (may increase up to 5.00%), and a 0.125% Redemption Fee Amount on early redemptions.
The notes mature on January 29, 2043 (with possible issuer extensions), do not pay interest, do not guarantee principal, are unsecured senior obligations of Bank of Montreal, and are explicitly described as short‑term daily trading tools not intended to be held beyond one trading day because of path‑dependent "decay" and substantial loss risk.
Bank of Montreal priced a series of exchange-traded notes: 20,000 Travel -3X Inverse Leveraged ETNs representing an aggregate principal amount of $50,000,000, with a principal amount of $2,500 per note after a 1-for-10 reverse split.
The notes (ticker FLYD) mature on May 29, 2042 and provide a daily-resetting -3x leveraged inverse exposure to the MerQube U.S. Travel Index (ticker MQUSTRAV). Key economics: a 0.95% per annum Daily Investor Fee, a Daily Interest rate equal to the US Federal Funds Effective Rate minus an Interest Rate Spread initially 2.00% (adjustable up to 4.00%), and a 0.125% Redemption Fee Amount on voluntary redemptions. The notes do not guarantee principal and are intended as short-term, daily trading tools rather than buy-and-hold investments.
Bank of Montreal is offering Senior Medium-Term Notes, Series K, a primary issuance of redeemable fixed-rate notes with a $1,000 principal per Note and a 5.00% annual interest rate. The Trade Date is March 9, 2026, Issue Date is March 11, 2026, and the Stated Maturity Date is March 11, 2039.
The Notes pay interest semi-annually on March 11 and September 11, commencing September 11, 2026, are redeemable in whole (but not in part) by the issuer on semi-annual Optional Redemption Dates beginning September 11, 2027, and will not be listed on any exchange. The pricing shows an original issue price of $1,000.00 per Note with an underwriting discount of $20.00, and proceeds to Bank of Montreal of $980.00 per Note.
The Notes are bail-inable under the Canadian CDIC Act and may be converted into common shares of Bank of Montreal (or affiliates) under subsection 39.2(2.3) of the CDIC Act; purchasers are deemed to agree to those terms.
Bank of Montreal is offering Market Linked Securities—auto-callable, contingent coupon notes linked to the common stock of Dow Inc. (ticker DOW) with an original offering price of $1,000 per security.
The pricing date is February 26, 2026 (issue date March 3, 2026) and the stated maturity date is March 1, 2029. The contingent coupon rate will be determined on the pricing date and will be at least 13.30% per annum. Estimated initial value on the preliminary pricing supplement is $960.20 per security (not less than $920.00 at pricing). The securities are unsecured obligations of Bank of Montreal, carry principal-at-risk if the ending value of the Underlier is below the downside threshold (equal to 60% of the starting value), and include an automatic call feature if the Underlier closes at or above the starting value on specified quarterly calculation days.
Bank of Montreal priced US$1,483,000 Senior Medium-Term Notes, Series K — Autocallable Buffer Notes with Contingent Coupons due November 24, 2028, linked to the least performing of the VanEck® Gold Miners ETF (GDX) and the iShares® 20+ Year Treasury Bond ETF (TLT).
Key terms: Pricing Date February 19, 2026, Settlement February 24, 2026, Valuation Date November 20, 2028. Contingent Interest Rate is 1.1083% per month (approximately 13.30% per annum) if each Reference Asset meets its Coupon Barrier on an Observation Date. The notes feature an automatic redemption if both Reference Assets exceed 90% of initial levels on an Observation Date, a Buffer Percentage of 15.00%, Coupon Barrier Levels of $83.39 (GDX) and $71.70 (TLT), and Buffer Levels of $88.60 (GDX) and $76.18 (TLT).
Bank of Montreal priced US$886,000 Senior Medium‑Term Notes, Series K. The notes are Callable Buffer Notes with Contingent Coupons linked to the least performing of the S&P 500® (SPX), NASDAQ‑100® (NDX) and Russell 2000® (RTY).
Key terms: Pricing Date February 19, 2026, Settlement Date February 24, 2026, Valuation Date February 23, 2029, Maturity Date February 28, 2029. Contingent Interest Rate is 0.75% per month (≈9.00% per annum) if each Reference Asset is at or above its Coupon Barrier on Observation Dates. Price to public was 100% and the estimated initial value was $984.30 per $1,000.
Bank of Montreal is offering $1,000,000 aggregate principal of Senior Medium-Term Notes, Series K, Autocallable Buffer Enhanced Return Notes linked to the State Street SPDR S&P Bank ETF (KBE). The notes have a Pricing Date: February 19, 2026, Settlement Date: February 24, 2026, Valuation Date: February 18, 2028 and Maturity Date: February 24, 2028.
The structure delivers 125.00% upside leverage if not auto‑redeemed, a 10.00% downside buffer, and an automatic early redemption on February 25, 2027 if the Reference Asset is at or above its Call Level; the Call Amount equals $156.00 per note (approximately 15.60% per annum). Payments are subject to the issuer’s credit risk and the notes do not pay interest or trade on an exchange.
Bank of Montreal prices US$13,566,000 of Senior Medium-Term Notes, Series K—Callable Buffer Notes with Contingent Coupons due February 26, 2029.
The notes pay a monthly contingent coupon of 0.9667% per month (~11.60% per annum) when each reference index (the S&P 500, Russell 2000 and Dow Jones Industrial Average) closes on a coupon observation date at or above 80.00% of its initial level. If not called, principal at maturity depends on the performance of the least performing reference asset and features a 20.00% buffer and a 125.00% downside leverage factor, meaning losses beyond 20.00% are multiplied by 1.25; payments could be significantly less than principal, including zero.
Bank of Montreal prices US$1,607,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons linked to the least performing of the S&P 500®, NASDAQ-100® and Russell 2000®, with Pricing Date February 19, 2026 and Maturity Date February 26, 2029.
The notes pay a monthly contingent coupon of 0.8042% per month (approximately 9.65% per annum) when each reference asset is at or above an 80% coupon barrier on observation dates, carry an automatic redemption feature if all reference assets are at or above their call levels on an observation date beginning August 21, 2026, and expose holders at maturity to downside risk if any reference asset closes below its 70% trigger level on the valuation date February 21, 2029.
Bank of Montreal priced US$1,230,000 Senior Medium-Term Notes, Series K: Autocallable Barrier Notes with Memory Coupons linked to the least performing of META, NFLX and NVDA.
Pricing Date was February 19, 2026, Settlement Date February 24, 2026, Valuation Date February 21, 2029 and Maturity Date February 26, 2029. The notes pay a Contingent Coupon of 1.55% per month (approximately 18.60% per annum) when each reference asset closes at or above its Coupon Barrier Level; unpaid coupons can be paid later under the Memory Coupon Feature. Coupon Barrier and Trigger Levels equal 60.00% of each Initial Level (META $386.87, NFLX $46.20, NVDA $112.74). Automatic redemption begins on August 21, 2026 if each Reference Asset closes at or above 100% of its Initial Level on an Observation Date; on redemption investors receive principal plus any due Contingent Coupons. Payment at maturity is cash only and depends on the performance of the Least Performing Reference Asset; if a Trigger Event occurs, maturity payment equals $1,000 + ($1,000 x Percentage Change), which can be less than principal. The estimated initial value on the Pricing Date was $956.21 per $1,000 principal amount. Price to public was 100% with an Agent’s Commission of 2.00%.
Bank of Montreal (BERZ) priced equity-linked, auto-callable senior notes due February 23, 2029. These market-linked securities pay a contingent coupon of 23.30% per annum (monthly calculation) if the lowest-performing Underlier meets its 50% coupon threshold on each calculation day.
The three Underliers and their starting values on the pricing date February 19, 2026 are: CRWD $422.14, GOOGL $302.85, and MU $417.35. Original offering price was $1,000 per security; issuer proceeds were $976.75 per security. The issuer’s estimated initial value was $947.14 per security.
If automatically called between August 2026 and January 2029 when the lowest-performing Underlier is at or above its starting value, you receive face amount plus accrued contingent coupons. If not called, at maturity you receive either $1,000 or a reduced payment equal to $1,000 × performance factor of the lowest-performing Underlier; downside protection ends at a 50% decline.
Bank of Montreal is offering $2,000,000 aggregate principal of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due February 24, 2038. The Notes pay 5.05% per annum interest semi-annually beginning August 24, 2026, are issued in $1,000 denominations, and are redeemable in whole (but not in part) on semi-annual Optional Redemption Dates commencing February 24, 2028 at 100% of principal plus accrued interest. The Notes are unsecured, will not be listed on any exchange, and are characterized as bail-inable under the Canada Deposit Insurance Corporation Act, exposing holders to possible conversion into common shares under those statutory powers. Original issue price is $1,000.00 per Note, with an underwriting discount of $10.00 per Note.
Bank of Montreal issues $1,872,000 Senior Medium-Term Notes, Series K — Redeemable Fixed Rate Notes due February 10, 2031. The offering consists of 1,872 notes at a $1,000 principal amount each, with an interest rate of 4.20% per annum payable semi‑annually and payment at maturity of $1,000 per Note plus accrued interest.
The Notes are redeemable at the issuer's option on semi‑annual Optional Redemption Dates at 100% of principal plus accrued interest, are not repayable at holders' option, will not be listed on an exchange, and are unsecured obligations subject to Bank of Montreal credit risk. The Notes are designated as bail‑inable under the Canada Deposit Insurance Corporation Act.
Bank of Montreal launched a preliminary pricing supplement for Senior Medium‑Term Notes, Series K: equity‑linked, auto‑callable securities tied to the lowest performing common stock of Amazon.com, Inc., Robinhood Markets, Inc. and Tesla, Inc. The securities have an original offering price of $1,000 per security, estimated initial value of $955.40 (floor at pricing not less than $920.00), a minimum contingent coupon rate of 23.10% per annum, monthly observation dates and a stated maturity of March 1, 2029. Pricing date is February 26, 2026 and issue date is March 3, 2026. Proceeds to Bank of Montreal equal $976.75 per security after an agent discount of $23.25. The securities pay contingent monthly coupons (with a memory feature), are subject to automatic call if the lowest performing underlier closes at or above its starting value on certain calculation days, expose investors to downside on the lowest performing underlier (50% downside threshold), and are unsecured obligations of Bank of Montreal.
Bank of Montreal priced US$782,000 of Senior Medium‑Term Notes, Series K — Buffer Enhanced Return Notes linked to the iShares® MSCI Emerging Markets ETF (EEM). The notes mature on February 23, 2029 and reference an Initial Level of $60.87 (Strike Date February 17, 2026).
Payment at maturity: if the Final Level ≥ Initial Level, investors receive $1,000 plus 76.75% participation of the Reference Asset’s percentage gain. A 30.00% Buffer protects against declines up to 30.00%; declines beyond that reduce principal 1% per 1% decline, for up to a 70.00% loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are subject to the issuer’s credit risk. The issuer’s estimated initial value was $982.70 per $1,000.
Bank of Montreal priced US$1,010,000 of Senior Medium-Term Notes, Series K — Contingent Risk Absolute Return Buffer Notes due May 24, 2027, linked to the S&P 500® Futures Excess Return Index. The notes offer 1:1 upside participation capped at a 13.45% Maximum Return and provide a 15.00% downside buffer measured from an Initial Level of 557.46, subject to a Maximum Downside Redemption Amount of $1,150.00 per $1,000. If the Reference Asset falls more than 15.00%, investors lose 1% of principal for each 1% decline beyond the buffer, up to an 85.00% principal loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, and all payments are subject to the issuer’s credit risk.
Bank of Montreal is issuing US$1,054,000 in Senior Medium-Term Notes, Series K — Contingent Risk Absolute Return Buffer Notes linked to the NASDAQ-100 Index®.
The notes pay no interest, mature on May 24, 2027, and offer 1:1 upside participation capped at a Maximum Redemption Amount of $1,126.20 per $1,000 (a 12.62% capped return). They provide a 15.00% buffer: if the Final Level is between the Initial Level and $21,164.04 (85.00% of the Initial Level), investors can receive a positive return up to a $1,150.00 Maximum Downside Redemption Amount; losses begin for declines exceeding the 15.00% buffer, with potential principal loss up to 85.00%. All payments are subject to the credit risk of Bank of Montreal.
Bank of Montreal priced US$1,069,000 of Senior Medium-Term Notes, Series K: Contingent Risk Absolute Return Buffer Notes due May 24, 2027, linked to the Russell 2000® Index. The notes pay no interest and return at maturity depends on the Index's performance and a 15.00% buffer.
If the Index finishes above its Initial Level, investors receive 1:1 upside subject to a Maximum Redemption Amount of $1,132.00 per $1,000 (a 13.20% cap). If the Index declines but stays at or above the Buffer Level (85.00% of Initial Level), investors receive a positive return up to a Maximum Downside Redemption Amount of $1,150.00 per $1,000 (a 15.00% return). If the Index falls more than 15.00%, investors lose 1% of principal for each 1% decline beyond the buffer, with potential losses up to 85.00% of principal. All payments are subject to the Bank of Montreal's credit risk.
Bank of Montreal priced a preliminary offering of non-interest notes linked to the S&P 500® Index with an expected term of approximately 15–17 months.
Each $1,000 note pays at maturity either (a) up to a capped gain if the final underlier level rises (an upside participation rate of 150% with a $1,127.80–$1,150.00 maximum settlement amount per $1,000), (b) the full principal if the final underlier level is down by no more than 10.00%, or (c) a pro rata loss if the final underlier level falls below 90.00% (losing approximately 1.1111% of principal for each 1% decline below that buffer). The initial estimated value is expected to be $956.10–$986.10 per $1,000 while the original issue price is $1,000.00 (underwriting discount $12.90, proceeds to issuer $987.10).
The notes are unsecured obligations of Bank of Montreal, not listed, not FDIC‑insured, subject to issuer credit risk, tax‑treatment uncertainty, potential postponement for market disruption, and limited secondary‑market liquidity.
Bank of Montreal priced US$8,729,000 of Senior Medium-Term Notes, Series K — Contingent Risk Absolute Return Buffer Notes linked to the S&P 500® Index, maturing on February 23, 2028. The notes provide 1:1 upside participation capped at a $1,167.50 payment per $1,000 principal (a 16.75% maximum return) and offer protection for declines up to a 15.00% Buffer Level (equal to 85.00% of the Initial Level). If the index falls below the Buffer Level, holders lose 1.00% of principal for each 1.00% decline beyond the buffer and may lose up to 85.00% of principal. The pricing date was February 18, 2026, settlement February 23, 2026, and the issuer's estimated initial value per $1,000 was $973.49 on the pricing date.
Bank of Montreal priced US$2,060,000 of Senior Medium-Term Notes, Series K — Callable Barrier Notes with Contingent Coupons due February 23, 2029, linked to the least performing of the S&P 500®, NASDAQ-100® and Russell 2000® indices.
The notes pay semiannual contingent coupons of 4.30% per semiannual period (approximately 8.60% per annum) if each Reference Asset on an Observation Date is at or above its Coupon Barrier Level (each set at 60.00% of the Initial Level). If not called, maturity pay‑out equals $1,000 plus the percentage change of the least performing Reference Asset; a Trigger Event (Final Level below the Trigger Level) can reduce principal and may result in total loss of principal.
Bank of Montreal priced $1,710,000 of Senior Medium-Term Notes, Series K — Callable Barrier Notes with Contingent Coupons linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000. The notes were priced on February 18, 2026, settle on February 23, 2026, and mature on February 25, 2030. They pay semiannual contingent coupons of 3.90% per semiannual period (approximately 7.80% per annum) only if each reference asset on an Observation Date is at or above its Coupon Barrier (60% of initial levels). If, at maturity, the least performing index is below its Trigger Level (50% of initial), principal is reduced proportionally to that index’s decline. The pricing supplement shows an estimated initial value of $983.86 per $1,000 principal amount.