MicroSectors FANG & Innovation -3x Inverse Leveraged ETN 424B Filings

Bank of Montreal is issuing US$1,540,000 of senior medium-term Series K Callable Barrier Notes due February 19, 2030, linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indexes.

The notes pay a 4.00% semiannual contingent coupon (about 8.00% per year) only if, on each observation date, all three indexes are at or above their coupon barrier levels, set at 60% of initial levels. Principal protection is conditional: if any index finishes below its 50% trigger level at maturity, repayment of principal is reduced in line with the loss on the worst-performing index and can fall to zero.

Starting August 14, 2026, BMO may call the notes on any observation date, returning principal plus any due coupon but no further payments. The notes are unsecured, not insured by deposit protection schemes, and their estimated initial value is $987.84 per $1,000, reflecting embedded fees and hedging costs.

Bank of Montreal is issuing US$1,500,000 of senior medium‑term Callable Barrier Notes due February 20, 2029, linked to the least performing of the S&P 500 Index, NASDAQ‑100 Index and Russell 2000 Index.

The notes pay a 4.20% semiannual contingent coupon (about 8.40% per year) only if, on each observation date, all three indices close at or above their coupon barriers, set at 60% of their initial levels. Beginning August 17, 2026, Bank of Montreal may redeem the notes in whole on any observation date at par plus any due coupon.

If the notes are not called and any index finishes below its trigger level (55% of its initial level) on the valuation date, principal is reduced in line with the percentage decline of the worst‑performing index, and repayment can be zero. The estimated initial value is $988.76 per $1,000 principal, reflecting structuring and hedging costs, and the notes are unsecured and not insured by any government agency.

Bank of Montreal is offering unsecured structured notes linked to the iShares® Expanded Tech-Software Sector ETF (IGV). The notes pay no interest and are designed to be held to maturity, with the determination date expected 13–15 months after the trade date.

At maturity, each $1,000 note pays a cash amount based on IGV’s performance. If the final underlier level is at or above 90% of the initial level, investors receive a fixed threshold settlement amount expected between $1,162.00 and $1,190.50. If the final level is below 90%, repayment falls below principal, with losses of about 1.1111% of principal for every 1% IGV finishes below the 90% threshold, down to a total loss. The notes are not listed on any exchange, their initial estimated value of $960.10–$990.10 is below the $1,000 issue price, and all payments are subject to Bank of Montreal’s credit risk and complex U.S. tax treatment.

Bank of Montreal is offering unsecured, equity-linked notes whose payout depends on the performance of the MSCI EAFE Index over roughly 17 to 20 months. The notes pay no interest and are designed to be held to maturity, with no exchange listing.

At maturity, investors receive enhanced upside of 160% of the index gain, but returns are capped by a maximum settlement amount expected between $1,164.32 and $1,193.12 per $1,000 note. A 12.5% downside buffer protects principal against moderate declines, but losses accelerate below 87.5% of the initial index level, and investors can lose all principal. The estimated initial value is expected between $969 and $999 per $1,000, below issue price, and all payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal is issuing $4,194,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due February 18, 2031. Each note has a $1,000 principal amount and pays 4.40% per annum, with semi-annual interest on February 18 and August 18, starting August 18, 2026.

The notes are callable at 100% of principal plus accrued interest on specified optional redemption dates from February 18, 2027 through August 18, 2030. They are unsecured, not listed on any exchange, and subject to Canadian bail-in powers, meaning they can be converted into common shares or varied or extinguished under the CDIC Act.

Per note, the original issue price is $1,000, including a $5 underwriting discount, resulting in $995 in proceeds to Bank of Montreal. The notes carry credit risk of the bank, potential liquidity limits in any secondary market, and may deliver lower returns than other investments if rates rise or the notes are redeemed early.

Bank of Montreal is offering senior unsecured medium-term notes linked to the worst performer of Starbucks, Super Micro Computer and UnitedHealth, maturing on February 15, 2029. The total offering is $2,004,000, with each security having a $1,000 face amount.

The notes pay a monthly contingent coupon at 27.60% per annum only if the lowest-performing stock on each calculation day is at or above its coupon threshold, set at 60% of its starting value. Missed coupons can be recovered later via a “memory” feature, but investors may receive no coupons at all.

The notes are auto-callable from August 2026 through January 2029 if the lowest-performing stock is at or above its starting value, returning principal plus due coupons. If not called and the lowest-performing stock finishes below its 60% downside threshold, principal is reduced one-for-one with the stock’s loss, potentially to zero. The estimated initial value is $925.07 per security, below the $1,000 price, and all payments are subject to BMO’s credit risk.

Bank of Montreal is offering senior unsecured market-linked notes that are auto-callable and tied to the worst performer among CrowdStrike, Alphabet and Micron shares, maturing in February 2029. Each $1,000 note pays a high contingent coupon, at a rate of at least 23.30% per year, but only for months when the lowest-performing stock closes at or above 50% of its initial level, with missed coupons potentially paid later under a “memory” feature.

The notes may be automatically called monthly from August 2026 through January 2029 if the worst-performing stock is at or above its starting value, returning principal plus due coupons. If not called and the worst stock finishes below 50% of its start on the final observation, repayment is reduced in line with that decline and investors can lose most or all principal. The estimated initial value is $967.70 per $1,000 note, reflecting embedded costs, and the notes involve issuer credit risk, tax complexity and limited liquidity with no exchange listing.

Bank of Montreal is offering senior unsecured Capped Leveraged Index Return Notes linked to a basket of four U.S. stocks: Caterpillar, Seagate Technology, Constellation Energy and NiSource. Each note has a $10 principal amount, a term of about two years and no periodic interest payments.

Investors receive 200% of any positive basket return, but gains are capped at a Capped Value between $15.00 and $15.40 per unit, limiting maximum returns to about 50%–54%. If the basket is flat, principal is returned; if it falls, losses match the decline down to a total loss of principal.

The starting basket value is set to 100, with initial stock weights of 33.33% each for Caterpillar and Seagate and 16.67% each for Constellation Energy and NiSource. The initial estimated value is expected between $8.90 and $9.30 per unit, below the $10 public offering price, reflecting BMO’s internal funding rate, a $0.20 per-unit underwriting discount and a $0.05 hedging-related charge. All payments depend on BMO’s credit and the notes are not bail-inable or insured.

Bank of Montreal is offering unsecured structured notes linked to the iShares® Expanded Tech-Software Sector ETF (ticker IGV). The notes do not pay interest and are designed to be held to maturity, expected about 13 to 15 months after the trade date.

For each $1,000 note, if the ETF’s final level is at or above 80% of its initial level, investors receive a fixed threshold settlement amount, expected between $1,116.40 and $1,136.50. If the final level is below 80%, principal is reduced by 1.25% for every 1% decline below that threshold, exposing investors to substantial loss.

The estimated initial value is expected between $958.20 and $988.20 per $1,000, reflecting embedded fees and hedging costs. The notes will not be listed on an exchange, may have limited liquidity, and all payments depend on Bank of Montreal’s credit, as the notes are not insured or bail-inable.

Bank of Montreal is issuing $474,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due December 15, 2028, linked to the least performing of the S&P 500 Index and the Russell 1000 Index. The notes offer 120.00% leveraged upside, but the payment is capped at a Maximum Redemption Amount of $1,330.00 per $1,000 principal (a 33.00% maximum return). If the least performing index falls by up to 20.00%, principal is repaid at maturity; if it falls by more than 20.00%, investors lose 1% of principal for each additional 1% decline, up to an 80.00% loss. The notes pay no interest, will not be listed on any exchange, and all payments are subject to the credit risk of Bank of Montreal. The price to the public is 100% of principal, with a 0.20% agent’s commission and 99.80% of proceeds to Bank of Montreal, and the estimated initial value is $995.44 per $1,000.

Bank of Montreal is offering US$1,525,000 of Enhanced Return Notes linked to Invesco QQQ shares. These unsecured notes provide 200% leveraged upside on any QQQ appreciation, but gains are capped at a Maximum Redemption Amount of $1,186 per $1,000 of principal, an 18.60% maximum return.

If QQQ finishes below its initial level of $611.47, investors lose 1% of principal for each 1% decline, up to a total loss. The notes pay no interest, are not exchange-listed, and carry Bank of Montreal credit risk. The estimated initial value is $976.49 per $1,000, below the public issue price.

Bank of Montreal is offering US$1,500,000 of Senior Medium-Term Notes, Series K, called Enhanced Return Notes due April 13, 2027, linked to shares of the SPDR S&P 500 ETF Trust. The notes provide 200% leveraged upside to any increase in SPY, but gains are capped by a Maximum Redemption Amount of $1,141 per $1,000 of principal, a 14.10% maximum return. If SPY finishes below its initial level of $692.12, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and all payments are subject to the issuer’s credit risk. The price to the public is 100% of principal, with a 2.00% selling commission; the bank’s estimated initial value is $975.21 per $1,000.

Bank of Montreal is issuing US$659,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due February 13, 2029, linked to the least-performing of Meta Platforms, Inc. common stock and Tesla, Inc. common stock.

The notes pay a contingent coupon at 1.265% per month (approximately 15.18% per year) when each reference stock closes at or above its coupon barrier on an observation date. The coupon barrier and trigger levels are set at 50% of the initial levels, while the call levels are 90% of the initial levels.

If, starting May 8, 2026, both stocks exceed their call levels on an observation date, the notes are automatically redeemed at par plus the applicable coupon. If not called and any stock finishes below its trigger level at maturity, principal is reduced based on the loss of the worst-performing stock and can be zero. The price to the public is 100% of principal, with a 2.25% agent’s commission, and the estimated initial value is $966.65 per $1,000.

Bank of Montreal is offering Capped Market Index Target-Term Securities® linked to a global equity index basket. Each note has a $10 principal amount, a term of approximately five years and is tied to a basket initially weighted 50% Dow Jones Industrial Average®, 25% EURO STOXX 50® and 25% TOPIX®.

The notes provide 100% participation in basket gains, but returns are capped at a Capped Value between $14.50 and $15.50 per unit, a 45%–55% maximum gain. If the basket is flat or negative, holders receive only the $10 Minimum Redemption Amount at maturity.

The notes pay no periodic interest and all payments are subject to BMO’s credit risk. The initial estimated value is expected between $9.00 and $9.40 per unit, below the $10 public offering price, reflecting a $0.25 underwriting discount and a $0.05 per unit hedging-related charge embedded in the structure.

Bank of Montreal is offering senior Medium-Term Notes, Series K, redeemable fixed-rate notes due February 25, 2031. Each note has a $1,000 principal amount and pays 4.50% per annum, with interest paid semi-annually each February 25 and August 25, starting August 25, 2026.

The notes are callable at Bank of Montreal’s option at 100% of principal plus accrued interest on semi-annual dates from February 25, 2027 through August 25, 2030. They are unsecured obligations, not listed on any exchange, and investors may face limited liquidity and price discounts in any secondary sales.

The notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares or varied or extinguished in a resolution scenario. Underwriting terms show a $1,000 original issue price, a $15 underwriting discount, and $985 in proceeds to Bank of Montreal per note.

Bank of Montreal is offering senior medium-term Series K notes that pay a fixed interest rate of 4.00% per annum on a principal amount of $1,000 per Note. Interest is paid in cash in U.S. dollars semi-annually on February 23 and August 23, starting August 23, 2026, until the earlier of maturity or redemption.

The notes mature on February 23, 2029, when holders are scheduled to receive $1,000 per Note plus any accrued and unpaid interest, unless the notes are redeemed earlier. Bank of Montreal may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on specified optional redemption dates every February 23 and August 23 from February 23, 2027 through August 23, 2028.

The notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, will not be listed on any securities exchange, and are not insured by U.S. or Canadian deposit insurance. An underwriting discount of $10 per $1,000 Note results in initial proceeds to Bank of Montreal of $990 per Note.

Bank of Montreal is offering senior medium-term, fixed rate Notes due February 25, 2031, in $1,000 denominations. Each Note pays 4.35% per annum in cash interest, with semi-annual payments on February 25 and August 25, starting August 25, 2026.

Unless redeemed earlier, investors receive $1,000 per Note plus accrued interest at maturity. Bank of Montreal may redeem the Notes in whole, but not in part, at 100% of principal plus accrued interest on designated optional redemption dates every February 25 and August 25 from 2028 through 2030.

The Notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited. They are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished under Canadian bank resolution powers.

Bank of Montreal describes its Market Index Target-Term Securities® (“MITTS®”), which are senior unsecured debt linked to one or more equity indices. Payments, including any principal repayment, depend on the bank’s credit; a default could cause partial or total loss, and the MITTS are not deposit-insured.

The return is based on the change of a specified equity index or Basket from a Starting Value to an Ending Value, with a Participation Rate generally at or above 100%. Upside may be limited by a Capped Value, and a Minimum Redemption Amount can be set below principal, putting principal at risk.

MITTS pay no periodic interest, are not redeemable before maturity, and are generally not listed on an exchange, so secondary market liquidity and pricing are uncertain. The document highlights extensive structural, market, conflict-of-interest and tax risks for U.S. and non-U.S. holders, including potential U.S. withholding and complex CPDI treatment.

Bank of Montreal describes its Leveraged Index Return Notes (LIRNs), which are senior unsecured debt linked to one or more equity securities or baskets. Repayment of principal is not guaranteed, no interest is paid, and investors may lose all or a significant portion of their investment.

The notes’ payoff depends on the performance of a specified Market Measure versus a Starting Value, Threshold Value and, for some series, a Call Level and Capped Value. Certain LIRNs may be automatically called if performance meets preset levels, limiting upside to a stated Call Premium or cap.

The document outlines key structural features, the role and discretion of calculation agents, anti-dilution and reorganization adjustments, market and liquidity risks, conflicts of interest, and complex U.S. and Canadian tax considerations, including potential early income recognition and withholding exposure for non-U.S. holders.

Bank of Montreal is issuing an additional $12,500,000 of MAX Airlines -3X Inverse Leveraged ETNs (JETD), bringing total notes outstanding to $25,000,000 at $25 principal per note, due May 28, 2043.

The notes provide -3x daily inverse exposure to the Prime Airlines Index, reset each day, and charge a 0.95% annual Daily Investor Fee, possible negative Daily Interest, and a 0.125% early redemption fee. They pay no interest, offer no principal protection, can go to $0, and are intended only as short-term daily trading tools for sophisticated investors willing to monitor positions intraday.

Any payments depend on the credit of Bank of Montreal as unsecured, unsubordinated debt, and the notes are listed on NYSE under ticker JETD.

Bank of Montreal is offering senior Medium-Term Notes, Series K, paying a fixed interest rate of 4.40% per annum and scheduled to mature on February 25, 2031. Each Note has a $1,000 principal amount, with interest paid semi-annually on February 25 and August 25, starting August 25, 2026.

The Notes are redeemable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on each February 25 and August 25 from February 25, 2027 through August 25, 2030. They are unsecured obligations of Bank of Montreal and are not insured by any government agency.

The Notes are designated as bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or an affiliate, or varied or extinguished, in a Canadian resolution scenario. The Notes will not be listed on any securities exchange, and investors may face limited or no secondary market liquidity.

Bank of Montreal is offering S&P 500® Index-linked notes with a total original issue size of $5,420,000.00, sold at $1,000 per note with no underwriting discount. The notes pay no interest and are designed to be held to maturity on April 28, 2027.

The payoff depends on S&P 500 performance from the February 9, 2026 trade date to the April 26, 2027 determination date. Investors get 160% upside participation, capped at a maximum settlement amount of $1,154.72 per $1,000 note, if the index rises above the initial level of 6,964.82, up to a cap level of 7,638.318094.

A 10% buffer protects principal for declines down to 90.00% of the initial level (buffer level 6,268.338), but below that the notes lose about 1.1111% of principal for each 1% drop beyond the buffer, potentially to a full loss. The notes are unsecured obligations of Bank of Montreal, not listed on any exchange, and carry both market and issuer credit risk.

Bank of Montreal is offering US$5,000,000 of Buffer Enhanced Return Notes linked to the Russell 2000® Index. These senior medium-term notes provide 200% leveraged upside on index gains, but the payment at maturity cannot exceed $1,165 per $1,000 of principal, a 16.5% maximum return.

Principal is protected only by a 10% downside buffer: if the index falls more than 10% from its initial level of 2,303.719, investors lose 1% of principal for each additional 1% decline, up to a 90% loss. The notes pay no interest, are not exchange-listed, and all payments depend on Bank of Montreal’s credit. The estimated initial value on the pricing date is $990.45 per $1,000, reflecting offering, structuring, and hedging costs.

Bank of Montreal is offering US$1,000,000 of Capped Buffer Enhanced Return Notes linked to the iShares® Semiconductor ETF. These unsecured notes provide 150% leveraged exposure to any upside in SOXX, but returns are capped at a Maximum Redemption Amount of $1,535.30 per $1,000 (a 53.53% maximum return).

Investors are protected against the first 10% of losses in SOXX, but beyond this buffer they lose 1% of principal for each additional 1% decline, for a potential loss of up to 90%. The notes pay no interest, are not exchange-listed, and all payments depend on Bank of Montreal’s credit. The Initial Level of SOXX is $352.77, with an estimated initial note value of $985.11 per $1,000.

Bank of Montreal is offering US$1,769,000 of Senior Medium-Term Notes, Series K, digital return barrier notes maturing March 12, 2027, linked to the worst performer of the S&P 500, NASDAQ-100 and Russell 2000.

Investors receive a fixed 10.30% digital return at maturity if the least performing index finishes at or above 70% of its initial level; otherwise, if it falls below 70%, repayment is reduced 1% for each 1% decline and can drop to zero. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, not insured by deposit insurers, will not be listed, and have an estimated initial value of $987.15 per $1,000, below the 100% public offering price due to structuring and distribution costs.

Bank of Montreal is issuing US$380,000 of Senior Medium-Term Notes, Series K, that are step down autocallable barrier notes with step up call amounts due February 14, 2028, linked to the common stock of ServiceNow, Inc. (ticker "NOW"). The Initial Level is $103.87, with a Call Level at 100% of that level and a Trigger Level at 70%, or $72.71.

Beginning February 16, 2027, the notes are automatically redeemed if the stock closes at or above the Call Level on an Observation Date, paying principal plus a fixed Call Amount; these Call Amounts equate to an approximate 21.40% per annum return. If never called and the Final Level is below the Trigger Level, investors are exposed to downside, receiving shares (or cash) based on a Physical Delivery Amount that is less than principal. The estimated initial value is $970.08 per $1,000, with a 1.85% agent’s commission and 98.15% proceeds to Bank of Montreal.

Bank of Montreal is offering US$307,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due August 12, 2027, linked to the Class A common stock of Robinhood Markets, Inc.

The notes pay a contingent coupon of 1.50% per month (approximately 18.00% per annum) when the Robinhood share price on an observation date is at or above the coupon barrier of $43.28, which is 50.00% of the initial level of $86.56. Missed coupons can be paid later under the memory feature. Beginning August 7, 2026, the notes are automatically redeemed if the share price exceeds the initial level, returning principal plus any due coupons. If not redeemed and the final level is below the $43.28 trigger, investors receive $1,000 plus $1,000 times the percentage change in the share, which can reduce principal to zero. The estimated initial value is $945.66 per $1,000 in principal amount.

Bank of Montreal is issuing $9,000,000 of Series K senior medium-term notes, fixed at 4.45% per annum, due February 12, 2031. Each note has a $1,000 principal amount and pays interest in cash in U.S. dollars.

Interest is paid semi-annually on February 12 and August 12, starting August 12, 2026, using a 30/360 day-count. The notes are callable at 100% of principal plus accrued interest, in whole only, on February 12 and August 12 from 2028 through August 12, 2030.

The notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are not insured by U.S. or Canadian deposit insurance. They will not be listed on any securities exchange, and a secondary market is not assured.

Bank of Montreal is offering unsecured S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity. The term is expected to be between 27 and 30 months.

At maturity, for each $1,000 note, investors receive either a fixed threshold settlement amount, expected to be between $1,164.10 and $1,193.00, if the S&P 500® final level is at or above 85.00% of its initial level, or a reduced amount if it is below that threshold. Below 85.00%, the payout decreases by approximately 1.1765% of principal for every 1% the index finishes under the threshold, and investors can lose some or all principal.

The notes will not be listed on any exchange and their value before maturity will depend on market factors and Bank of Montreal’s credit. The estimated initial value is expected to be between $969.00 and $999.00 per $1,000 note, less than the original issue price.

Bank of Montreal is offering unsecured, structured notes linked to the iShares® Emerging Markets ex China ETF. The notes pay no interest and are meant to be held to maturity, expected about 17–20 months after the trade date.

At maturity, if the ETF has risen, investors receive principal plus 125% of the ETF’s gain, but only up to a maximum settlement amount expected in the $1,255.125–$1,299.375 range per $1,000. If the ETF has fallen, repayment is reduced one-for-one with the decline and can fall to zero, so all principal is at risk.

The notes will not be listed on an exchange. The estimated initial value is expected between $953.90 and $983.90 per $1,000, below the issue price, reflecting dealer fees and hedging costs. All payments depend on Bank of Montreal’s credit, and the tax treatment is complex and uncertain for both U.S. and non-U.S. investors.

Bank of Montreal is issuing $2,000,000 of Senior Medium-Term Notes, Series K, fixed-rate notes due February 12, 2031. The notes pay 4.50% per annum, with interest paid semi-annually each February 12 and August 12, starting August 12, 2026.

The notes are issued in $1,000 denominations and may be redeemed by Bank of Montreal at 100% of principal plus accrued interest on optional redemption dates every February 12 and August 12 from 2027 through August 12, 2030. If not redeemed, investors receive $1,000 per note at maturity plus accrued interest.

The notes are unsecured, subject to Bank of Montreal’s credit risk, are bail-inable under the Canada Deposit Insurance Corporation Act, are not insured by U.S. or Canadian deposit insurers, and will not be listed on any securities exchange. Bank of Montreal receives $1,987,000 in proceeds after a $13,000 underwriting discount.

Bank of Montreal is offering $2,000,000 of Senior Medium-Term Notes, Series K, due February 12, 2031. The notes pay fixed interest of 4.60% per year, with semi-annual payments each February 12 and August 12, starting August 12, 2026.

The notes are callable at 100% of principal plus accrued interest, in whole but not in part, on each February 12 and August 12 from February 12, 2027 through August 12, 2030. They are unsecured obligations, not listed on any exchange, and subject to Canadian bail-in powers, meaning they can be converted into common shares or written off under the CDIC regime.

Each note has a $1,000 denomination. The original issue price is $1,000 per note, including a $3.50 underwriting discount, resulting in $1,993,000 in proceeds to Bank of Montreal. Investors face credit risk, potential call risk, limited or no secondary market, and dealer conflicts of interest related to underwriting and hedging profits.

Bank of Montreal is offering $2,000,000 of Senior Medium-Term Notes, Series K, fixed-rate notes due February 12, 2029. Each note has a $1,000 principal amount and pays 4.10% interest per year, with semi-annual payments on February 12 and August 12 starting August 12, 2026.

The notes can be redeemed by Bank of Montreal at par plus accrued interest, in whole but not in part, on specified optional redemption dates from February 12, 2027 through August 12, 2028. They are unsecured, not insured by any deposit insurer, and will not be listed on any securities exchange, so liquidity may be limited.

The notes are designated as bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into Bank of Montreal common shares or varied or extinguished if Canadian resolution powers are exercised. The original issue price is $1,000 per note, with a $3 underwriting discount and $997 in proceeds to Bank of Montreal.

Bank of Montreal is issuing $9,550,000 of S&P 500® Index-linked notes that do not pay interest and are designed to be held to May 17, 2028. The notes’ payoff depends on the S&P 500 level on May 15, 2028 versus the initial level of 6,964.82.

If the index finish is at or above the threshold level of 5,920.097 (85.00% of the initial level), investors receive a fixed threshold settlement amount of $1,185.90 per $1,000 note, capping upside. If the index is below the threshold, investors lose about 1.1765% of principal for every 1% the index falls below the threshold, and could lose all principal.

The notes are unsecured obligations of Bank of Montreal, are not insured or bail-inable, will not be listed on any exchange, and carried an estimated initial value of $994.81 per $1,000 at pricing, reflecting embedded costs and hedging. Credit risk, limited liquidity, complex tax treatment and principal-at-risk exposure are highlighted as key risks.

Bank of Montreal is offering senior unsecured Market Linked Securities that are auto-callable and linked to the common stock of Apple, Intel and JPMorgan Chase. Each note has a $1,000 face amount, original offering price of $1,000 and an estimated initial value of $949.12.

The notes pay a 20.60% per annum contingent coupon, evaluated quarterly, only if the lowest performing stock on the calculation day is at or above 60% of its starting value. Missed coupons have a “memory” and can be paid later if the test is met.

The notes are auto-called if the lowest performing stock is at or above its starting value on certain quarterly dates, returning the $1,000 face amount plus the applicable coupon(s). If not called, and on the final calculation day the lowest performer is below 60% of its starting value, principal is reduced in line with that stock’s loss, and holders can lose more than 40% and up to all of principal.

The securities are unsecured obligations of Bank of Montreal, not insured by any government agency and not listed on an exchange, so liquidity may be limited. U.S. tax treatment is complex, and coupons to non‑U.S. holders are generally subject to 30% withholding.

Bank of Montreal is offering $993,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due February 11, 2028, linked to the State Street SPDR S&P Metals & Mining ETF (XME). The notes provide 150% leveraged upside, but gains are capped at a 40.40% maximum return, or a maximum redemption of $1,404 per $1,000 of principal.

If XME falls up to 15%, investors receive full principal back; beyond that, they lose 1% of principal for each additional 1% decline, with losses up to 85%. The notes pay no interest, are not exchange listed, and are unsecured obligations subject to Bank of Montreal’s credit risk. The estimated initial fair value is $968.67 per $1,000, below the public issue price, reflecting offering and hedging costs.

Bank of Montreal is offering US$425,000 of Senior Medium-Term Notes, Series K Capped Buffer Enhanced Return Notes due February 11, 2028, linked to the S&P 500® Futures Excess Return Index. The notes provide 125.00% leveraged upside to index gains, but returns are capped at a Maximum Redemption Amount of $1,246.00 per $1,000 (a 24.60% maximum return).

A 15.00% downside buffer protects principal only if the index decline does not exceed this level; below the buffer, investors lose 1% of principal for each additional 1% drop, with up to an 85.00% loss of principal possible. The notes pay no interest, are unsecured obligations subject to the credit risk of Bank of Montreal, and will not be listed on any exchange. The estimated initial value is $965.38 per $1,000, below the $1,000 price to the public, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$997,000 of senior market-linked notes due February 12, 2029, tied to the S&P 500 Index. The notes provide 1‑to‑1 upside on index gains with an Upside Leverage Factor of 100%, but returns are capped at a Maximum Return of 20.25%, or a Maximum Redemption Amount of $1,202.50 per $1,000.

If the S&P 500 ends at or below its initial level of 6,932.30 on the valuation date, investors receive only their $1,000 principal, so there is no downside participation but also no interest payments. The price to the public is 100%, with a 0.75% selling commission and 99.25% of proceeds to Bank of Montreal. The estimated initial value is $987.20 per $1,000, reflecting embedded fees and hedging costs.

The notes are unsecured obligations subject to Bank of Montreal’s credit risk, will not be listed on an exchange, and may have limited or no secondary market. U.S. investors are expected to be taxed under contingent payment debt instrument rules, recognizing ordinary income over the life of the notes regardless of cash receipts.

Bank of Montreal is issuing US$6,000,000 of senior Medium-Term Notes, Series K, structured as autocallable barrier notes due February 11, 2028. The notes pay a contingent coupon of 1.1042% per month (about 13.25% per year) only if on each observation date all three reference indices—the EURO STOXX 50, NASDAQ-100 and Russell 2000—are at or above their respective coupon barrier levels, set at 70% of initial levels.

Beginning August 6, 2026, the notes are automatically redeemed if each index is at or above its initial level, returning principal plus that month’s coupon. If not called, principal repayment at maturity depends on the least-performing index. If any index closes below its trigger level—65% of its initial level—on any day during the monitoring period and its final level is below its initial level, investors lose principal in line with that index’s decline, up to a total loss. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $988.09 per $1,000 in principal amount, reflecting structuring and hedging costs.

Bank of Montreal is offering $2,000,000 of senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Memory Coupons due May 11, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

Investors may receive monthly contingent coupons of 0.95% (about 11.40% per year), but only if on each observation date all three indices close at or above their coupon barrier levels set at 70% of initial levels. Missed coupons can be paid later under the memory feature if the barriers are met on a future observation date.

Beginning August 6, 2026, the notes are automatically redeemed if each index is at or above its initial level, returning principal plus any due coupons. If the notes are not called and any index ever closes below its 65% trigger level during the monitoring period, and the least performing index finishes below its initial level on the valuation date, principal is reduced one-for-one with the index loss and can fall to zero. The estimated initial value is $987.56 per $1,000 in principal, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$1,130,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due January 11, 2028. The notes are linked to the least performing of VanEck Junior Gold Miners ETF (GDXJ), SPDR S&P Regional Banking ETF (KRE) and the Nasdaq-100 Technology Sector Index (NDXT).

The notes pay a contingent coupon of 1.9167% per month (approximately 23.00% per annum) for each US$1,000 in principal, but only if on an observation date each reference asset is at or above its coupon barrier level, set at 70% of its initial level. Beginning November 9, 2026, Bank of Montreal may call the notes in whole on any observation date, returning principal plus any due coupon.

If the notes are not called, at maturity investors receive US$1,000 per US$1,000 principal unless a trigger event occurs. A trigger event occurs if on the valuation date any reference asset is below its trigger level, set at 60% of its initial level. In that case, repayment is reduced in line with the percentage decline of the least performing asset and can be zero. The estimated initial value is US$979.22 per US$1,000, below the price to the public, reflecting fees and hedging costs, and the notes are unsecured, uninsured obligations subject to the detailed risks described in the accompanying documents.

Bank of Montreal is offering US$1,916,000 of senior medium-term Autocallable Buffer Notes due February 11, 2030, linked to the worst performer of SPDR Gold Trust (GLD) and iShares Silver Trust (SLV).

The notes can be automatically redeemed from February 11, 2027 onward if both GLD and SLV are at or above 90% of their initial levels, paying principal plus a step-up Call Amount that equates to a 17.25% per annum return. If held to maturity and not called, investors are protected against losses as long as the least-performing asset is not below 70% of its initial level; below that buffer, principal is reduced 1% for each 1% decline beyond 30%. The estimated initial value is $953.58 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing $3,052,000 of Senior Medium-Term Notes, Series K, due January 11, 2028. These are callable barrier notes with contingent monthly coupons linked to the least-performing of VanEck Junior Gold Miners ETF (GDXJ), SPDR S&P Regional Banking ETF (KRE) and the Nasdaq-100 Technology Sector Index (NDXT).

The notes pay a contingent coupon of 1.6792% per month (approximately 20.15% per annum) when each reference asset stays at or above its coupon barrier, set at 70% of its initial level. Principal is protected at maturity only if no trigger event occurs; the trigger levels are 60% of initial levels. If any reference asset finishes below its trigger level, repayment of principal is reduced one-for-one with the loss on the worst performer and can fall to zero.

Bank of Montreal may call the notes in whole, but not in part, on monthly observation dates starting May 6, 2027, returning principal plus any coupon due. The estimated initial value is $978.13 per $1,000 of principal, reflecting hedging costs, commissions and the issuer’s funding spread. The notes are unsecured obligations, not insured deposits, and involve complex market, credit and structural risks highlighted in the risk sections.

Bank of Montreal is offering US$833,000 of senior medium-term callable barrier notes due August 11, 2027, linked to the least-performing of the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector indices.

The notes pay a contingent coupon of 0.7417% per month (approximately 8.90% per year), or $7.417 per $1,000, but only if on each observation date all three indices close at or above their coupon barrier levels, set at 70% of their initial levels.

Beginning May 6, 2026, the issuer may call the notes in whole on any observation date, returning principal plus any due coupon. If the notes are not called and any index finishes below its 70% trigger level on the valuation date, repayment of principal is reduced in line with the worst-performing index and can fall to zero. The notes are unsecured obligations, carry complex U.S. tax treatment as pre-paid contingent income-bearing derivative contracts, and have an estimated initial value of $968.24 per $1,000, below the public offering price.

Bank of Montreal is issuing US$2,006,000 of Senior Medium-Term Notes, Series K, as autocallable buffer notes linked to SPDR® Gold Trust (GLD) and iShares® Silver Trust (SLV), due February 11, 2030. The notes are unsecured obligations of Bank of Montreal.

The notes can be automatically redeemed starting February 11, 2027 if the closing level of each ETF is at or above 90% of its initial level, paying principal plus a step-up Call Amount that equates to a 15.00% per annum return. If never called, payment at maturity depends on the worst ETF.

Investors receive full principal at maturity only if the least-performing ETF does not fall more than 30.00% from its initial level. Below this 30.00% buffer, redemption is reduced dollar-for-dollar, with potential loss of up to 70.00% of principal. The public issue price is 100% of principal, while the estimated initial value is $934.94 per $1,000, reflecting structuring and hedging costs. No physical delivery of GLD or SLV shares is available; all payments are in cash.

Bank of Montreal is offering US$1,501,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes due February 11, 2028, linked to Honeywell stock and the Industrial Select Sector SPDR ETF. The notes pay a monthly coupon of 0.655% (about 7.86% per year) and can be automatically redeemed starting February 8, 2027 if each reference asset is at or above its initial level. If not called, investors receive full principal at maturity unless either asset finishes below a 65% trigger level, in which case repayment is reduced in line with the worst performer and can fall to zero. The estimated initial value is $983.77 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$3,985,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes linked to the State Street SPDR S&P Regional Banking ETF (ticker "KRE"). The notes pay a contingent coupon of 2.25% per quarter (about 9.00% per year) when the ETF closes at or above the coupon barrier of $51.54, which is 70.00% of the initial level of $73.63.

Beginning May 07, 2026, the notes are automatically redeemed if KRE closes above the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and KRE finishes below the $51.54 trigger level on the February 07, 2029 valuation date, investors lose principal in line with the ETF’s decline, and the maturity payment can be zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and the estimated initial value is $968.90 per $1,000 in principal amount.

Bank of Montreal is issuing $1,251,000 of Senior Medium-Term Notes, Series K, barrier notes due June 12, 2028, linked to the least performing of Alphabet Inc. Class C shares (GOOG) and the S&P 500 Index (SPX). The notes pay a fixed coupon of 0.705% per month (about 8.46% per year, or $7.05 per $1,000) on the 12th of each month from March 12, 2026 to maturity.

At maturity, investors receive $1,000 per $1,000 in principal unless a trigger event occurs. A trigger event happens if, on the valuation date, the final level of either reference asset is below 55% of its initial level (GOOG trigger $182.23, SPX trigger 3,739.12). If triggered, repayment is reduced in proportion to the loss of the worst-performing asset and can fall to zero, although the final coupon is still paid. The notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency. The estimated initial value is $985.68 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$2,843,000 of senior medium-term Autocallable Barrier Notes due February 12, 2029, linked to the common stock of The Goldman Sachs Group, Inc. The notes are unsecured obligations with no deposit insurance protection.

Investors can receive contingent coupons at a rate of 2.75% per quarter (about 11.00% per year) if Goldman Sachs’ share price on each observation date is at or above a coupon barrier of $650.13, which is 70.00% of the $928.75 initial level. Beginning May 7, 2026, the notes are automatically redeemed if the stock closes above the initial level, returning principal plus the applicable coupon.

If the notes are not called and Goldman Sachs’ final level is below the $650.13 trigger level, principal is reduced in line with the stock’s percentage loss and can fall to zero. The price to the public is 100% of principal, with a 2.00% selling commission and proceeds to Bank of Montreal of 98.00%. The estimated initial value is $971.04 per $1,000, reflecting structuring and hedging costs.