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

Bank of Montreal priced US$2,040,000 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 13, 2026 with settlement on February 19, 2026 and mature on February 20, 2029. Contingent coupons pay 3.625% per semiannual period (approximately 7.25% per annum) if each Reference Asset is at or above a Coupon Barrier (set at 60% of each Initial Level) on Observation Dates. The issuer may call the notes beginning on August 17, 2026 on an Observation Date.

The cover shows an estimated initial value of $962.36 per $1,000 principal amount; payment at maturity depends on the Percentage Change of the least performing Reference Asset and may be less than principal if a Trigger Event occurs.

Bank of Montreal is offering US$538,000 of Senior Medium‑Term Notes, Series K — Contingent Risk Absolute Return Buffer Notes due February 20, 2029, linked to the least performing of the S&P 500® and Russell 2000® indices. The notes provide 109.35% upside leverage on any positive Percentage Change of the least performing index and include an 18.00% buffer (Buffer Level = 82.00% of Initial Level). If the Least Performing Reference Asset falls but remains at or above the Buffer Level, investors can receive a capped positive downside payment up to the Maximum Downside Redemption Amount of $1,180.00 per $1,000 principal. If that asset falls below the Buffer Level, losses accrue one‑for‑one beyond the buffer and holders may lose up to 82.00% of principal. All payments are subject to the credit risk of Bank of Montreal. The issuer’s estimated initial value was $982.11 per $1,000.

Bank of Montreal priced $153,000 of Senior Medium-Term Notes, Series K — Capped Buffer Notes due August 19, 2027. Each note has a Maximum Redemption Amount of $1,140.00 per $1,000 principal (a 14.00% capped return) and a 10.00% downside buffer. If the S&P 500® Index falls more than the 10.00% buffer, the investor loses 1% of principal for each 1% decline beyond that point, up to a 90.00% loss. The notes pay no interest, are unsecured obligations of the Bank, are subject to the Bank’s credit risk, and will not be listed on an exchange. Payment at maturity is tied to the S&P 500® Index final level on the Valuation Date of August 16, 2027, and the notes were priced on the Pricing Date of February 13, 2026 with settlement on February 19, 2026.

Bank of Montreal is offering non-interest notes linked to the iShares® MSCI Emerging Markets ex China ETF. The trade date is February 13, 2026 and the original issue date is February 19, 2026, with a stated maturity of August 17, 2027 (determination date August 13, 2027, subject to postponement).

Key economic terms: initial underlier level $84.31; upside participation 125%; cap level $103.1819504 (122.384% of initial); maximum settlement amount $1,279.80 per $1,000 principal. If final underlier < initial, investors lose 1% of principal per 1% decline. Original issue price is $1,000.00, initial estimated value $968.72, underwriting discount $15.10.

The notes are unsecured obligations of Bank of Montreal, not FDIC‑insured, not listed for trading, and subject to issuer credit risk and U.S. federal tax uncertainty. The offering proceeds and underwriting figures are set forth on the cover page.

Bank of Montreal priced US$233,000 of Senior Medium-Term Notes, Series K Capped Buffer Notes linked to the S&P 500® Index. The notes were priced on February 13, 2026, settle on February 19, 2026 and mature on August 19, 2027. Each $1,000 note offers 1x positive participation up to a Maximum Redemption Amount of $1,190.00 (a 19.00% cap). The notes include a 10.00% buffer (Buffer Level = 6,152.55 from Initial Level 6,836.17); losses beyond the buffer reduce principal dollar-for-dollar, to a possible maximum loss of 90.00% of principal. The notes do not bear interest, are unsecured obligations of Bank of Montreal, and are subject to the issuer’s credit risk.

Bank of Montreal priced a US$846,000 series of Senior Medium‑Term Notes (Series K) due February 20, 2029, linked to shares of iShares® MSCI EAFE ETF (EFA). The notes offer a 120.00% upside leverage on any appreciation and carry an 80.00% barrier (Initial Level $104.24; Barrier Level $83.39). If EFA finishes below the barrier, investors lose 1% of principal for each 1% decline in the Reference Asset; the notes are payable only in cash and are unsecured obligations of the Bank of Montreal.

The Pricing Date was February 13, 2026, settlement February 19, 2026, and Valuation Date February 14, 2029. The issuer’s estimated initial value was $969.81 per $1,000 principal; price to public equals par. Payments and secondary market liquidity are subject to the issuer’s credit and BMOCM may act as agent and calculation agent.

Bank of Montreal prices US$20,000 Series K senior notes linked to iShares MSCI EAFE ETF

The pricing supplement sets terms for US$20,000 in Senior Medium-Term Notes, Series K, priced on February 13, 2026 with settlement February 19, 2026 and maturity February 20, 2029. Each $1,000 note offers a 105.00% upside leverage factor if the Reference Asset finishes at or above its initial level. A Barrier Level at $83.39 (80.00% of the Initial Level $104.24) means that if the Final Level is below the Barrier, investors lose 1% of principal for each 1% decline; principal may be lost in full. Notes pay no interest, will be paid in cash only, are unsecured obligations of Bank of Montreal and carry the issuer’s credit risk. The initial estimated value was $950.44 per $1,000 principal and the public offering price was 100% per note.

Bank of Montreal prices US$809,000 Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Memory Coupons due February 20, 2029. The notes pay a contingent coupon of 0.7417% per month (~8.90% per annum) if each reference asset meets its coupon barrier on observation dates and include a Memory Coupon feature.

The notes link to the S&P 500® (SPX), Russell 2000® (RTY) and the Nasdaq-100 Technology Sector (NDXT). Coupon and trigger levels equal 60.00% of each Initial Level (SPX: 4,101.70; RTY: 1,588.018; NDXT: 7,444.41). Automatic redemption can occur beginning on August 17, 2026 if each Reference Asset is at or above its Call Level (100% of Initial Level). At maturity, if a Trigger Event occurs you receive $1,000 adjusted by the Percentage Change of the least performing Reference Asset; payments may be less than principal and could be zero.

Bank of Montreal priced US$3,100,000 Senior Medium-Term Notes, Series K: Autocallable Buffer Notes with Memory Coupons linked to the least performing of the S&P 500, Russell 2000 and the Nasdaq-100 Technology Sector.

Key terms: Pricing Date February 13, 2026, Settlement Date February 19, 2026, Valuation Date February 14, 2029, Maturity Date February 20, 2029. Contingent coupon equals 0.65% per month (approximately 7.80% per annum) if each reference asset meets its coupon barrier on an Observation Date. The notes carry a 30.00% buffer and a downside leverage factor of ~142.86%; estimated initial value was $985.39 per $1,000 principal on the Pricing Date.

Bank of Montreal priced a primary offering of US$2,431,000 in Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons linked to the S&P 500, Russell 2000 and Dow Jones Industrial Average.

The notes pay a contingent quarterly coupon of 2.25% per quarter (approximately 9.00% per annum) if each Reference Asset on an Observation Date is at or above its Coupon Barrier Level (set at 70.00% of each Initial Level). The notes may auto‑redeem beginning on February 16, 2027 if each Reference Asset is at or above its Call Level. If not redeemed, maturity payment on February 19, 2031 depends on the performance of the least performing Reference Asset; a Trigger Event occurs if any Reference Asset closes below its Trigger Level (70.00% of initial) on the Valuation Date.

Estimated initial value was $982.83 per $1,000 principal; proceeds to the issuer equal $2,431,000.

Bank of Montreal issues US$1,519,000 Senior Medium‑Term Notes, Series K, a barrier enhanced return structured note linked to the least performing of shares of the SPDR® Gold Trust (GLD) and the iShares® Silver Trust (SLV), priced on February 13, 2026 with settlement on February 19, 2026 and maturity on February 19, 2031.

The notes offer a 234.00% Upside Leverage Factor on any appreciation of the Least Performing Reference Asset, pay no interest, and return principal only if the Least Performing Reference Asset finishes at or above its Barrier Level (60.00% of the Initial Level). If the Least Performing Reference Asset falls below its Barrier Level, investors lose 1% of principal per 1% decline, potentially losing up to 100% of principal at maturity. Payments are unsecured and subject to Bank of Montreal credit risk; physical delivery of reference shares is not available.

Bank of Montreal priced $2,506,000 aggregate principal of Senior Medium-Term Notes, Series K — Autocallable Barrier Enhanced Return Notes due February 20, 2029 linked to the least performing of the common stock of Alcoa, Cenovus and Lam Research. The notes offer 200.00% upside leverage on the Least Performing Reference Asset if not auto‑redeemed and carry an automatic redemption feature on May 14, 2026 if each Reference Asset closes above its 70.00% Call Level; automatic redemption pays principal plus the Call Amount. Payments at maturity depend on the Least Performing Reference Asset relative to its Barrier Level (60.00% of Initial Level), can result in full loss of principal, do not pay interest, and are subject to issuer credit risk.

Bank of Montreal priced a US$1,884,000 offering of Senior Medium-Term Notes, Series K: Digital Return Barrier Notes due March 19, 2027, linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000. The notes pay a 7.75% digital return if the least performing index’s Final Level is >= 60.00% of its Pricing Date level; otherwise investors participate 1:1 in losses below that barrier, potentially losing up to 100% of principal. The notes are unsecured, non‑interest bearing, not exchange‑listed and subject to Bank of Montreal credit risk. Price to public was 100% (aggregate $1,884,000) with agent commission of 0.375% and estimated initial value of $982.71 per $1,000.

Bank of Montreal priced market‑linked notes—ETF Linked Securities due February 17, 2028 that reference an equally weighted basket of PPLT, GLD and SLV. The original offering price is $1,000.00 per security and the issuer’s estimated initial value is $954.12 per security.

The notes provide 125% upside participation subject to a 50.00% maximum return ($500.00) and a 15% downside buffer (threshold 85.00). If the basket’s ending value is below the threshold, investors bear 1:1 downside beyond the buffer and may lose up to 85% of face amount at maturity.

Bank of Montreal priced US$5,000,000 Senior Medium-Term Notes, Series K, callable barrier notes linked to the least performing of the S&P 500®, EURO STOXX 50® and Russell 2000®. The notes were priced on February 13, 2026, settle on February 19, 2026, have a valuation date of February 14, 2029 and mature on February 20, 2029. Coupons are contingent: 2.4375% per quarter (≈9.75% per annum) payable on scheduled Contingent Coupon Payment Dates only if each reference asset is at or above its 60.00% Coupon Barrier Level on the related Observation Date. The issuer may call the notes in whole on any Observation Date beginning May 15, 2026, in which case investors receive principal plus any applicable contingent coupon on the Call Settlement Date. At maturity, if not called, payment depends on the Percentage Change of the Least Performing Reference Asset; a Trigger Event occurs if any Final Level is below its Trigger Level (60.00% of Initial Level), which can reduce the principal repayment and could result in a repayment substantially below principal. The public offering price was generally 100% of principal (certain fee-based accounts between $995.40 and $1,000), estimated initial value was $990.73 per $1,000, and agent’s commission is disclosed as 0.46% on the cover.

Bank of Montreal is offering Market Linked Securities—auto‑callable, contingent‑coupon notes due February 16, 2029 linked to the lowest performing common stock of Amazon.com, Inc., NVIDIA Corporation and UnitedHealth Group Incorporated. The contingent coupon rate is 19.40% per annum, paid monthly if the lowest performing underlier meets its coupon threshold on the related calculation day. The original offering price is $1,000 per security and the issuer’s estimated initial value on the pricing date was $945.88. The securities are unsecured obligations of Bank of Montreal and expose holders to credit risk, limited upside (coupon-only) and full downside to the lowest performing underlier at maturity if that underlier’s ending value is below its downside threshold of 70% of starting value.

Bank of Montreal is issuing US$88,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due February 20, 2029, linked to the Class A common stock of Palantir Technologies Inc. (PLTR). The notes offer 150.00% leveraged upside on any positive price change of Palantir at maturity if they are not called early, but pay no interest and are unsecured obligations of Bank of Montreal.

The notes can be automatically redeemed on February 19, 2027 if Palantir’s share price is above 100.00% of the $129.13 Initial Level, paying principal plus a $225 Call Amount per $1,000, equal to about 22.50% per annum. If not called and the Final Level is below the 60.00% Barrier Level of $77.48, investors lose 1% of principal for each 1% decline, up to a total loss.

The notes are sold at 100% of principal with a 4.50% agent commission, so net proceeds to Bank of Montreal are 95.50% of the offering amount. The estimated initial value is $910.57 per $1,000, reflecting structuring and hedging costs. The notes will not be listed, may be illiquid, and all payments depend on Bank of Montreal’s credit.

Bank of Montreal is offering US$25,000 Senior Medium‑Term Notes, Series K: Autocallable Barrier Enhanced Return Notes linked to the common stock of Tesla, Inc.

The notes pay no interest, have an Initial Level of $417.07, a Barrier Level of $250.24 (60.00% of Initial Level), and a Valuation Date of February 14, 2029 with Maturity on February 20, 2029. If on February 19, 2027 the closing level exceeds the Call Level (100.00% of Initial Level), the notes autocall and pay principal plus a Call Amount equal to $180.00 per $1,000 (approximately 18.00% per annum). If not called and the Final Level is below the Barrier Level, investors lose 1% of principal for each 1% decline below the Initial Level, potentially losing all principal.

The price to public was 100% ($1,000 per $1,000), Agent’s Commission 4.50%, estimated initial value $920.56 per $1,000, and payments are subject to the issuer’s credit risk.

Bank of Montreal priced US$2,384,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Memory Coupons linked to the least performing of the common stock of Tesla, Inc. and NVIDIA Corporation. The Pricing Date was February 12, 2026, Settlement Date February 18, 2026, and Maturity Date February 18, 2028. The notes pay a contingent monthly coupon of 1.9833% per month (approximately 23.80% per annum) if each reference asset on an Observation Date is at or above its Coupon Barrier Level (70% of Initial Level), with a Memory Coupon feature for unpaid coupons. The notes are automatically redeemable beginning on May 13, 2026 if each Reference Asset is at or above its Call Level (100% of Initial Level). At maturity, if a Trigger Event (any Final Level below its Trigger Level, 60% of Initial Level) occurs, the cash payment equals $1,000 plus the Percentage Change of the Least Performing Reference Asset, which may result in principal loss. The estimated initial value on the Pricing Date was $958.14 per $1,000 principal amount. The public offering price was 100% of principal, with an Agent’s Commission of 2.20% and Proceeds to Bank of Montreal of 97.80%.

Bank of Montreal is offering US$563,000 of Series K Callable Barrier Notes due February 18, 2028, linked to XLE, the S&P 500 Index and XLRE. The notes pay a contingent coupon of 0.935% per month (about 11.22% per year) if all three reference assets stay at or above their coupon barrier levels, each set at 70% of its initial level.

The notes can be called at the issuer’s option beginning November 13, 2026, returning principal plus any due coupon. If held to maturity without a trigger event, investors receive full principal; if any reference asset finishes below its 70% trigger level, repayment is reduced one-for-one with the worst performer and can fall to zero. The estimated initial value is $981.37 per $1,000 in principal.

Bank of Montreal is offering unsecured notes linked to the S&P 500® Index that pay no interest and are designed to be held to maturity over roughly 13 to 15 months. Each note has a $1,000 principal amount.

If the final index level is at or above 85.00% of the initial level, investors receive a fixed threshold settlement amount expected to range between $1,069.80 and $1,081.90 per note, giving a limited, capped positive return. If the final index level is below 85.00% of the initial level, the payoff falls below principal, with about 1.1765% of principal lost for every 1% the index finishes below the threshold, potentially down to zero.

The estimated initial value of each note is expected between $957.30 and $987.30, below the original issue price, reflecting dealer costs and hedging. The notes will not be listed on any exchange, may have little or no secondary market, and all payments depend on the creditworthiness of Bank of Montreal. Complex U.S. and Canadian tax rules and potential future tax changes also create additional risk.

Bank of Montreal is issuing $9,038,000 of S&P 500®‑linked notes due June 7, 2028. The notes pay no interest and are designed to be held to maturity. Each $1,000 note returns $1,197 at maturity if the S&P 500 final level is at least 85% of its initial level of 6,832.76.

If the index finishes below the 85% threshold, investors lose about 1.1765% of principal for every 1% the index falls below that level, up to a total loss. The notes are unsecured obligations of Bank of Montreal, have an estimated initial value of $996.82 per $1,000, and will not be listed on any exchange.

Bank of Montreal is issuing US$1,520,000 of Senior Medium-Term Notes, Series K, maturing on February 18, 2031, linked to the worst performer of the S&P 500 Index and the Russell 2000 Index. These “Digital Return Barrier Notes” offer a 43.20% digital return at maturity per $1,000 principal if the final level of the least performing index is at least 65% of its initial level.

If the least performing index falls more than 35% from its initial level (i.e., finishes below the 65% barrier), investors lose 1% of principal for each 1% decline, up to a total loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, with a 0.15% agent’s commission and 99.85% of proceeds to Bank of Montreal. The estimated initial value is $981.38 per $1,000 based on the bank’s internal models, reflecting structuring and hedging costs and credit spreads.

Bank of Montreal is offering US$1,110,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes due February 20, 2029, linked to the least performing of Coca-Cola (KO), Duke Energy (DUK) and Dell Technologies (DELL) shares.

The notes pay a 1.4333% monthly contingent coupon (about 17.20% per year) only if each stock stays at or above its coupon barrier, set at 60% of its initial level. If all three stocks are above their initial levels on specified call observation dates, the notes are automatically redeemed at par plus the coupon.

At maturity, if not called and no trigger event occurs, investors receive full principal; if any stock finishes below its 50% trigger level, repayment is reduced in line with the worst-performing stock and can fall to zero. The notes are unsecured obligations, not insured deposits, and their estimated initial value is $964.24 per $1,000 of principal.

Bank of Montreal is offering US$636,000 of Capped Buffer Enhanced Return Notes linked to the Russell 2000® Index, maturing March 17, 2027. These senior unsecured notes target 110% of any positive index performance, but the payoff is capped at a Maximum Redemption Amount of $1,190.60 per $1,000 principal (a 19.06% maximum return).

If the index falls up to 10% from the Initial Level of 2,669.467, investors receive back only the $1,000 principal per note. If it falls more than 10%, principal is reduced 1% for each additional 1% decline, down to as little as $100 per $1,000 if the index goes to zero, meaning up to 90% of principal can be lost.

The notes pay no interest, will not be listed on any exchange, and all payments depend on Bank of Montreal’s credit. The estimated initial value is $989.11 per $1,000, below the $1,000 price, reflecting offering, structuring and hedging costs embedded in the deal.

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.