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

Bank of Montreal is issuing US$8,132,000 of senior medium-term Series K callable barrier notes due February 5, 2029, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

The notes pay a semiannual contingent coupon of 3.65% (about 7.30% per year) only if on each observation date all three indices are at or above 60% of their initial levels. If the bank calls the notes on or after July 31, 2026, investors receive principal plus any due coupon.

If the notes are not called and any index closes below its 60% trigger level on the valuation date, repayment of principal is reduced in line with the loss of the worst index and can fall to zero. The estimated initial value is $967.88 per $1,000, and the notes are unsecured obligations subject to the detailed risk factors referenced.

Bank of Montreal is offering US$1,657,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due February 4, 2028, linked to the common stock of Devon Energy Corporation.

The notes pay a contingent coupon of 2.8375% per quarter (about 11.35% per year) when Devon’s share price is at or above the coupon barrier of $24.13, which is 60% of the $40.21 initial level. Beginning April 29, 2026, the notes are automatically redeemed if Devon’s stock closes above the initial level on an observation date, returning principal plus the applicable coupon.

If the notes are not called and Devon’s final level is below the $24.13 trigger level, investors receive shares (or cash) worth less than the principal, potentially zero. The estimated initial value is $972.38 per $1,000, with a 1.75% agent’s commission and 98.25% of proceeds to Bank of Montreal.

Bank of Montreal is issuing US$699,000 of Senior Medium-Term Notes, Series K, barrier notes with contingent coupons due February 5, 2029, linked to the least performing of the Russell 2000® Index and the S&P 500® Index.

The notes pay a 3.675% semiannual contingent coupon (about 7.35% per year), but only if on each observation date both indexes are at or above their coupon barrier levels, set at 75% of their initial levels. Otherwise, no coupon is paid for that period.

At maturity, investors receive the full $1,000 principal per note only if no trigger event occurs. A trigger event occurs if the final level of either index is below its 75% trigger level on the valuation date. In that case, repayment is reduced in line with the loss of the worst-performing index and can fall to zero.

The price to the public is 100% of principal, with a 2.50% agent’s commission. The estimated initial value is $951.20 per $1,000, reflecting fees and the bank’s internal funding and hedging assumptions.

Bank of Montreal is offering US$665,000 of senior Medium-Term Notes, Series K, maturing on August 4, 2027, that are linked to the SPDR S&P 500 ETF Trust (SPY). The notes provide 200% leveraged upside on any gain in SPY, but the total payment is capped at a Maximum Redemption Amount of $1,120.50 per $1,000 of principal, a 12.05% maximum return.

The notes feature a 10% downside buffer: if SPY’s final level is between 90% and 100% of its initial level of $691.97, investors receive principal back. If SPY falls more than 10%, investors lose 1% of principal for each 1% additional decline, with losses up to 90% possible.

The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The agent’s commission is 2.25%, and the estimated initial value is $970.86 per $1,000, reflecting structuring and hedging costs as well as Bank of Montreal’s internal funding rate.

Bank of Montreal is offering US$533,000 of Senior Medium-Term Notes, Series K, Capped Buffer Notes due February 5, 2029, linked to the iShares MSCI EAFE ETF. These unsecured notes provide 1-to-1 exposure to any positive ETF performance, capped at a 100% maximum return ($2,000 per $1,000).

The notes include a 20% downside buffer; below that, investors lose 1% of principal for each additional 1% ETF decline, up to an 80% loss. The notes pay no interest, are not exchange-listed, and carry Bank of Montreal credit risk. The estimated initial value is $981.01 per $1,000.

Bank of Montreal is offering US$502,000 of senior medium-term Capped Buffer Notes due February 5, 2029, linked to the Russell 2000® Index. The notes give 1-to-1 upside exposure to index gains, but returns are capped at a Maximum Redemption Amount of $1,473 per $1,000, a 47.30% maximum gain.

The notes protect principal against index losses up to a 20.00% decline; if the index falls more than 20.00%, holders lose 1% of principal for each additional 1% drop, up to an 80.00% loss. The notes pay no interest, are not listed on any exchange, and all payments depend on Bank of Montreal’s credit. The initial estimated value is $979.84 per $1,000, below the public offering price, reflecting offering, structuring, and hedging costs.

Bank of Montreal is offering Accelerated Return Notes linked to the EURO STOXX 50® Index, maturing in April 2027. Each note has a $10 principal amount and offers a 300% participation rate in any positive index return, but gains are capped at a Capped Value between $11.60 and $12.00 per unit.

If the index level at maturity is below its starting level, investors lose principal in line with the index decline, up to a total loss. The notes are unsecured senior debt subject to BMO’s credit risk, are not insured or exchange-listed, and have an initial estimated value of $9.10 to $9.59 per unit, below the $10 public offering price due to dealer discounts and hedging-related charges.

Bank of Montreal is offering senior medium-term, equity index-linked notes tied to the worst performer of the Nasdaq-100, S&P 500 and EURO STOXX 50, maturing on February 2, 2029. Each security has a $1,000 face amount, with total original offering proceeds of $1,388,630.75 before issuer costs.

The notes provide 150% leveraged upside participation, but gains are capped at a 43% maximum return, or $1,430 per security. A 24% downside buffer applies, but investors can still lose up to 76% of principal if the lowest-performing index finishes below 76% of its starting level.

The estimated initial value is $959.04 per security, below the $1,000 issue price, reflecting structuring and hedging costs. The notes pay no interest, are unsecured obligations of Bank of Montreal, are not FDIC- or CDIC-insured, and are not listed on any exchange, so liquidity may be limited.

Bank of Montreal plans to issue senior unsecured equity-linked notes tied to the lowest performer of Amazon, NVIDIA and UnitedHealth, maturing in February 2029. Each security has a $1,000 face amount and pays a contingent monthly coupon at a rate of at least 19.40% per year if, on the relevant observation date, the lowest-performing stock is at or above 70% of its initial level, with a memory feature for missed coupons.

The notes are auto-callable from May 2026 if the lowest-performing stock is at or above 90% of its initial level, in which case investors receive $1,000 plus the applicable coupon(s). If not called, and on the final observation the lowest-performing stock is below 70% of its initial level, repayment of principal is reduced one-for-one with that stock’s loss, potentially to zero. Investors do not participate in any upside of the stocks, face full downside exposure below the barrier, and are exposed to Bank of Montreal credit risk.

Bank of Montreal is offering senior unsecured market-linked notes that pay a high contingent coupon and are tied to the worst performer among Apple, Intel, and JPMorgan common stocks. Each security has a $1,000 face amount and a term running to about February 10, 2028.

The contingent coupon rate will be at least 20.60% per annum, paid quarterly only if the lowest performing stock on each calculation day is at or above 60% of its initial level. Missed coupons can be paid later under a “memory” feature if conditions are later met.

The notes are auto-callable from May 2026 to November 2027 if the lowest performing stock is at or above its starting value, returning principal plus due coupons. If never called, principal is protected only down to 60% of the worst stock’s starting value; below that level, repayment is reduced in line with that stock’s loss, and investors can lose most or all of principal. The estimated initial value is $964.20 per security, and will not be less than $914.00 at pricing. All payments depend on Bank of Montreal’s credit and the notes are not insured or bail-inable.

Bank of Montreal is offering senior medium-term notes that pay fixed interest of 4.40% per year and are scheduled to mature on February 18, 2031. Each note has a principal amount of $1,000, with semi-annual interest payments every February 18 and August 18, starting August 18, 2026.

The notes can be redeemed early by the bank at 100% of principal plus accrued interest on specified semi-annual dates from February 18, 2027 through August 18, 2030, but investors cannot require early repayment. They are unsecured obligations, not listed on any exchange, and subject to the bank’s credit risk.

The notes are also designated as bail-inable under Canadian law, meaning they may be converted into common shares of Bank of Montreal or an affiliate, or varied or extinguished, if Canadian resolution powers are exercised. An underwriting discount of $10 per $1,000 note applies, with Bank of Montreal receiving $990 in proceeds per note sold.

Bank of Montreal is offering Accelerated Return Notes linked to the Invesco S&P 500® Equal Weight ETF (ticker RSP). Each note has a $10 principal amount, a term of about 14 months, and is an unsecured senior debt obligation subject to BMO’s credit risk.

The notes provide 300% leveraged upside to any increase in the ETF, but returns are capped at a Capped Value between $10.90 and $11.30 per unit, a gain of 9%–13%. If the ETF ends below its starting level, investors lose principal on a 1:1 basis, up to total loss. The estimated initial value is expected between $9.10 and $9.54 per unit, below the $10 public offering price due to underwriting discounts and hedging-related charges.

Bank of Montreal is issuing $1,971,000 of Senior Medium-Term Notes, Series K, called Digital Return Notes due February 5, 2029, linked to the worst performer of the Russell 2000 and S&P 500 indices.

The notes pay no interest but can deliver a fixed 20% digital return at maturity if the least performing index finishes on the valuation date at or above its initial level. If that index ends below its initial level, investors receive only the $1,000 principal per note, so upside is capped while principal is protected at maturity, subject to Bank of Montreal’s credit risk.

The public offer price is 100% of principal, with a 0.75% selling commission, resulting in proceeds to Bank of Montreal of about $1.96 million$983.93 per $1,000, reflecting structuring and hedging costs, and the notes will not be listed on any exchange, which may limit liquidity.

Bank of Montreal is issuing US$374,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due February 3, 2031, linked to the S&P 500® Futures Excess Return Index. The notes offer a fixed 62.00% digital return if index gains are positive but below that threshold, and full upside participation above 62.00%.

Principal is fully at risk below a 70.00% barrier: if the index falls more than 30.00% from the Initial Level of 565.43, investors lose 1% of principal for each 1% decline, up to a total loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, and had an estimated initial value of $947.50 per $1,000, versus a 100% price to the public.

Bank of Montreal is offering US$4,270,000 of senior market-linked notes tied to the least performing of the S&P 500 Index and the Russell 2000 Index. These unsecured notes return principal at maturity and provide 1-to-1 upside exposure, capped by a maximum redemption.

The Maximum Redemption Amount is $1,142.50 per $1,000 of principal, equal to a 14.25% maximum return. The notes pay no interest, are not listed on any exchange, and all payments depend on Bank of Montreal’s credit. The estimated initial value is $985.36 per $1,000.

Bank of Montreal is issuing $726,000 of autocallable barrier enhanced return notes due February 5, 2029, linked to the least performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index.

The notes offer 200% leveraged upside on the least performing index at maturity if they are not called and that index finishes at or above its initial level. Beginning February 4, 2027, the notes auto-call if all three indexes close above their initial levels, returning principal plus a call amount targeting about 12% per year.

If not called and the least performing index falls more than 30% from its initial level, repayment of principal is reduced one-for-one with the decline, up to a total loss. The notes pay no interest, are unsecured and unsubordinated obligations of Bank of Montreal, are not listed on any exchange, and had an estimated initial value of $954.08 per $1,000 on pricing.

Bank of Montreal is offering US$1,276,000 of senior medium-term Digital Return Barrier Notes due May 3, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index. These unsecured notes pay no interest and are not exchange-listed.

If the worst-performing index finishes at or above 75% of its initial level, investors receive $1,000 plus a 10.70% digital return per $1,000 of principal. If it falls below 75%, repayment is reduced 1% for each 1% decline, down to a possible total loss of principal.

The notes are subject to Bank of Montreal’s credit risk. The price to the public is $1,000 per note, with estimated initial value of $976.71 per $1,000, reflecting offering, structuring and hedging costs and an internal funding rate below conventional debt spreads.

Bank of Montreal is issuing US$1,908,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Buffer Notes due February 3, 2031, linked to the S&P 500® Futures Excess Return Index.

The notes offer 169.00% leveraged upside on positive index performance and a 20.00% downside buffer; if the index falls more than 20.00%, investors lose 1% of principal for each additional 1% decline, up to an 80.00% loss. If the index ends below its initial level but at or above 80.00% of that level, investors receive a positive “absolute return” up to a Maximum Downside Redemption Amount of $1,200.00 per $1,000. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on any exchange. The price to the public is 100% of principal, with an agent’s commission of approximately 0.6564% and proceeds to Bank of Montreal of approximately 99.3436%. The estimated initial value is $979.30 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is issuing US$1,258,000 of senior medium-term Autocallable Barrier Enhanced Return Notes due February 5, 2029, linked to the S&P 500 Index. The notes offer 125% leveraged upside at maturity if the index finishes at or above its initial level and the notes have not been called early.

The notes may be automatically redeemed on February 4, 2027 if the S&P 500 closes above 100% of its initial level, paying back principal plus a US$90 call amount per US$1,000 note, a return of about 9.00% per annum. If held to maturity and the index falls more than 30% from its initial level, 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, and had an estimated initial value of US$975.02 per US$1,000 at pricing.

Bank of Montreal is offering $3,384,000 of Capped Buffer Enhanced Return Notes linked to the S&P 500® Index. These senior unsecured notes run from a February 03, 2026 settlement date to an August 03, 2027 maturity and are issued in $1,000 denominations.

The notes provide 150.00% leveraged exposure to any positive S&P 500 return, but gains are capped at a 12.00% Maximum Return, for a Maximum Redemption Amount of $1,120.00 per $1,000 note. If the index ends below its Initial Level of 6,969.01 but not below the 80.00% Buffer Level of 5,575.21, investors receive only their principal back.

If the Final Level falls more than 20.00% below the Initial Level, principal is reduced 1% for each additional 1% decline, with up to 80.00% potential loss. The notes pay no interest, are not listed, and all payments depend on Bank of Montreal’s credit. Price to public is 100% of principal, with an estimated initial value of $985.93 and approximately 0.5679% in selling commissions.

Bank of Montreal is offering US$2,329,000 of Senior Medium‑Term Notes, Series K, Capped Buffer Enhanced Return Notes linked to the NASDAQ‑100 Index®. These unsecured notes provide 200% leveraged upside on index gains, but returns are capped at a Maximum Redemption Amount of $1,110 per $1,000 principal, an 11.00% maximum return.

The structure includes a 15.00% downside buffer: if the index falls by up to 15% investors receive only their $1,000 principal back, but if it falls more than 15% the payoff declines 1% for each additional 1% drop, with potential loss of up to 85.00% of principal at maturity. The notes pay no interest, will not be listed on any exchange, and all payments are subject to Bank of Montreal’s credit risk. The estimated initial value is $985.85 per $1,000 principal, below the price to public, reflecting offering, hedging and distribution costs.

Bank of Montreal is issuing US$735,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due February 5, 2029, linked to the least performing of the Dow Jones Industrial Average, NASDAQ-100 Index and Russell 2000 Index.

The notes offer 175.00% leveraged upside on any gain of the least performing index if not called and if its final level is at or above its initial level. They may be automatically redeemed on February 4, 2027 if each index is at or above its initial level, paying principal plus a $190 per note call amount (about 19.00% per annum).

If not called and the least performing index closes below 70.00% of its initial level at maturity, holders lose 1% of principal for each 1% decline, up to a total loss. The notes pay no interest, are issued in $1,000 denominations, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The estimated initial value is $974.85 per $1,000.

Bank of Montreal is offering US$1,382,000 of Contingent Risk Absolute Return Buffer Notes due February 5, 2029, linked to the S&P 500® Index. These unsecured notes provide 1-to-1 upside exposure to index gains, capped at a Maximum Redemption Amount of $1,280.00 per $1,000 in principal (a 28.00% maximum return).

If the index finishes below its Initial Level but at or above 80.00% of that level, investors receive a positive “buffer” return up to a Maximum Downside Redemption Amount of $1,200.00 per $1,000 (a 20.00% return). If the S&P 500® falls by more than 20.00%, principal is reduced 1% for each additional 1% decline, with up to 80.00% of principal lost at maturity.

The notes pay no interest, will not be listed on any exchange and all payments are subject to Bank of Montreal’s credit risk. The estimated initial value is $978.12 per $1,000, below the price to public, reflecting offering, structuring and hedging costs. BMO Capital Markets Corp. acts as selling agent and may make a secondary market but is not obligated to do so.

Bank of Montreal is offering US$861,000 of senior Contingent Risk Absolute Return Buffer Notes linked to the S&P 500® Futures Excess Return Index. These unsecured medium-term notes, due February 3, 2028, provide 1-to-1 exposure to index gains, capped at a Maximum Redemption Amount of $1,225 per $1,000 (a 22.50% maximum return).

If the index finishes below its initial level but at or above 80% of that level, investors earn a positive “absolute return” on the decline, up to a Maximum Downside Redemption Amount of $1,200 per $1,000 (20.00% return. If the index falls more than 20%, principal is reduced 1% for each additional 1% drop, with up to 80% loss of principal possible at maturity.

The notes pay no interest, will not be listed on any exchange, and all payments depend on the credit of Bank of Montreal. The price to the public is 100% of principal, with an agent’s commission of approximately 0.6098%, and an estimated initial value of $979.90 per $1,000 reflecting structuring and hedging costs.

Bank of Montreal is offering $1,450,000 of senior market-linked notes, each with a $1,000 face amount, tied to the worst performer among CrowdStrike, Robinhood and Medtronic and maturing on February 1, 2029.

The notes pay a monthly contingent coupon at a high 20.00% per annum rate only when the lowest-performing stock on the observation date is at or above 50% of its starting value. Missed coupons can be "remembered" and paid later if the condition is met.

The notes can be automatically called from July 2026 through December 2028 if the worst stock is at or above its starting value, returning principal plus applicable coupons. If not called and the worst stock finishes below its 50% downside threshold at maturity, principal is reduced one-for-one with that decline, potentially to zero.

The securities are unsecured obligations of Bank of Montreal, have an estimated initial value of $954.21 per $1,000 note, are not insured by any government agency, and carry complex risk and tax characteristics, including uncertain U.S. federal tax treatment and withholding on coupons for many non-U.S. holders.

Bank of Montreal is offering $35,152,000 of unsecured structured notes linked to the iShares MSCI Emerging Markets ex China ETF. The notes are issued at $1,000 each, with proceeds to Bank of Montreal of $34,793,449.60 after underwriting discounts.

The notes pay no interest and mature on March 3, 2027. At maturity, holders receive $1,000 plus 150% of any positive ETF return, capped at a maximum settlement amount of $1,219 per note if the ETF reaches or exceeds 114.60% of its initial level. If the ETF finishes below its initial level of $81.43, investors lose 1% of principal for every 1% decline, up to a total loss.

The estimated initial value is $975.56 per $1,000 note, below the issue price due to structuring, hedging costs and dealer compensation. The notes are not listed on any exchange, are intended to be held to maturity, and expose investors to both emerging markets equity risk and the credit risk of Bank of Montreal, with complex and uncertain U.S. tax treatment.

Bank of Montreal is issuing US$339,000 of senior medium-term autocallable barrier notes due January 3, 2028, linked to the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector Index.

The notes pay a 0.7917% monthly contingent coupon (about 9.50% per year) only if all three indexes are at or above 70% of their initial levels on each observation date. From July 29, 2026, the notes are automatically redeemed at par plus coupon if every index is at or above its initial level.

If not called and any index finishes below its 70% trigger level at maturity, principal is reduced in line with the loss on the worst-performing index, potentially to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $975.98 per $1,000.

Bank of Montreal is offering US$312,000 of senior Medium-Term Notes, Series K, structured as barrier notes with contingent coupons linked to the worst performer of the Russell 2000® Index and the S&P 500® Index, maturing on March 03, 2027.

The notes pay a contingent coupon of 0.75% per month (about 9.00% per year), or $7.50 per $1,000, only if on each observation date both indexes are at or above 80.00% of their initial levels. If a trigger event occurs at maturity—meaning either index finishes below its 80.00% trigger level—principal is reduced in line with the percentage loss of the worst-performing index and can fall to zero.

The public issue price is 100% of principal, with a 0.65% selling commission and 99.35% of proceeds to Bank of Montreal. The estimated initial value is $979.09 per $1,000, reflecting structuring and hedging costs built into the price.

Bank of Montreal is offering US$2,802,000 of Senior Medium-Term Notes, Series K, callable barrier notes due January 3, 2028. The notes pay a contingent monthly coupon of 1.4833% (about 17.80% per year) per $1,000 when each of GDX, NDX and KRE is at or above its coupon barrier level, set at 70% of its initial level.

Beginning July 29, 2026, the bank may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called, investors receive $1,000 per $1,000 at maturity only if no 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 which case the maturity payment is reduced based on the worst performer and can fall to zero. The notes are unsecured, not insured deposits, and their estimated initial value is $963.04 per $1,000 on the pricing date.

Bank of Montreal is issuing US$440,000 of Senior Medium‑Term Notes, Series K, in the form of autocallable barrier notes linked to the least performing of the S&P 500 Index and the Russell 2000 Index. The notes pay contingent monthly coupons of 0.6833% (about 8.20% per year) when both indexes stay at or above preset barrier levels.

The coupon barrier and principal protection trigger for each index are set at 75% of the initial level. Starting July 29, 2026, the notes are automatically redeemed if both indexes close at or above their initial levels, returning principal plus the applicable coupon. If not called and either index finishes below its trigger on the April 28, 2027 valuation date, repayment of principal is reduced one‑for‑one with the decline of the worst index and can fall to zero.

The price to the public is 100% of principal, with an agent’s commission of 0.75% (US$3,300) and proceeds to Bank of Montreal of 99.25% (US$436,700). The estimated initial value is US$978.66 per US$1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations subject to the detailed risk factors and tax treatment described in the related offering documents.

Bank of Montreal is issuing US$1,605,000 of Senior Medium-Term Notes, Series K, callable barrier notes due January 3, 2028, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Nasdaq-100 Technology Sector Index.

The notes pay a contingent coupon of 0.8083% per month (approximately 9.70% per year), but only if on an observation date each index is at or above its coupon barrier, set at 70% of its initial level. Bank of Montreal can call the notes in whole on any observation date beginning July 29, 2026, returning principal plus any due coupon.

If the notes are not called and any index finishes below its 70% trigger level at maturity, investors suffer a loss of principal in line with the decline of the worst index, potentially losing the entire investment. The estimated initial value is $975.12 per $1,000 principal, reflecting fees and hedging costs.

Bank of Montreal is issuing US$1,726,000 of Senior Medium‑Term Notes, Series K, autocallable barrier notes due February 4, 2030, linked to the NASDAQ‑100 Index®, Russell 2000® Index and Dow Jones Industrial Average®.

The notes can be automatically redeemed starting February 4, 2027 if each index is at or above its initial level, paying back principal plus a step‑up Call Amount that equates to approximately 12.30% per annum (from $123 to $492 per $1,000 over the observation schedule).

If the notes are not called, investors receive $1,000 per note at maturity unless any index finishes below its Trigger Level of 70% of its Initial Level, in which case repayment is reduced one‑for‑one with the loss of the worst‑performing index and can fall to zero. The estimated initial value is $973.23 per $1,000.

Bank of Montreal is offering S&P 500® Index-linked notes that pay no interest and may be automatically called on February 8, 2027. If called, holders receive $1,000 plus an 8.16% call premium per note on the call payment date.

If not called and held to the stated maturity on February 2, 2028, returns depend on index performance. If the final index level is at or above the initial level of 6,969.01, the payoff is at least the 16.32% maturity premium, with 100% upside participation above that.

A 10% downside buffer protects principal if the index decline is within that range; below 90% of the initial level, holders lose about 1.1111% of principal for every additional 1% drop and could lose their entire investment. The notes are unsecured obligations of Bank of Montreal, not listed on an exchange, and the initial estimated value is $974.79 per $1,000, below the issue price.

Bank of Montreal is offering Accelerated Return Notes linked to the iShares U.S. Aerospace & Defense ETF, with a total public offering price of $18,818,610. These senior unsecured notes pay a leveraged upside of 300% of ETF gains, capped at a Redemption Amount of $11.821 per $10 unit (an 18.21% maximum return) at maturity on March 29, 2027.

If the ETF Ending Value is at or below the Starting Value of $232.78, principal is at risk and losses match the ETF’s decline, up to a total loss. The initial estimated value is $9.67 per unit, below the $10.00 price, reflecting an underwriting discount of $0.175 per unit and a hedging-related charge of $0.05 per unit. Returns exclude ETF dividends, and payments depend on BMO’s creditworthiness and the performance of a sector-concentrated aerospace and defense basket.

Bank of Montreal is issuing Accelerated Return Notes linked to the SPDR Gold Trust, with a $10 principal amount per unit and a total public offering price of $7,685,510.00. The notes mature on March 29, 2027 and are unsecured senior debt subject to BMO’s credit risk.

Holders receive 300% of any positive average return of GLD over the term, capped at a maximum payment of $12.835 per unit, a 28.35% gain. If the ending value equals the starting value of $495.90, investors receive only principal; if it is lower, principal is lost proportionally, up to total loss. The bank’s initial estimated value is $9.70 per unit, below the $10 offering price, reflecting an underwriting discount of $0.175 and a $0.05 hedging-related charge, as well as BMO’s internal funding rate and hedging costs. The notes pay no interest or dividends and do not convey ownership of GLD or gold.

Bank of Montreal is offering Accelerated Return Notes linked to the Russell 2000 Index, with a total public offering of $44,612,070 at $10 per unit. These senior unsecured notes mature on March 29, 2027 and expose holders to BMO’s credit risk.

The notes provide a 300% leveraged upside on any index gain, capped at a maximum redemption of $11.9905 per unit, a 19.905% return over principal. If the index finishes below its starting level of 2,654.776, investors lose principal, potentially all of it.

The initial estimated value is $9.76 per unit, below the offering price, reflecting BMO’s internal funding rate, underwriting discount of $0.175 per unit, and an additional $0.05 per unit hedging-related charge. The notes are not listed on any exchange and are tied to the small-cap focused Russell 2000 Index.

Bank of Montreal is offering Capped Notes with an Absolute Return Buffer linked to the Russell 2000® Index, with a total public offering of $40,363,220 at $10 per unit. The notes mature on March 29, 2027, roughly 14 months from issuance.

Investors receive a 1‑to‑1 index return, up to a maximum of $11.20 per unit (a 12% gain). If the index falls but stays at or above 89.45% of the starting level, they earn a positive return equal to the absolute decline. Below that threshold, principal losses apply. The notes pay no interest or dividends and are subject to BMO’s credit risk, an initial estimated value of $9.73 per unit, fees and hedging charges.

Bank of Montreal is offering Accelerated Return Notes linked to a basket of three large U.S. financial stocks. The notes are 14‑month senior unsecured debt tied to an equally weighted basket of Goldman Sachs, JPMorgan Chase and Morgan Stanley, with a $10 principal amount per unit.

The notes offer a 300% participation rate in any positive basket return, but gains are capped at a Redemption Amount of $12.48 per unit, representing a maximum 24.80% return at maturity. If the basket ends at or below its 100.00 Starting Value, principal is at risk and losses match the basket’s decline, down to a total loss.

The public offering price is $10.00 per unit, including a $0.175 underwriting discount and a $0.05 per unit hedging‑related charge, while BMO’s initial estimated value is $9.65 per unit. Payments depend entirely on basket performance and BMO’s credit, and the notes pay no dividends or periodic interest.

Bank of Montreal is offering senior unsecured Market Linked Securities tied to the worst-performing of the SPDR® Gold Trust (GLD) and iShares® Silver Trust (SLV). Each security has a $1,000 face amount and an estimated initial value of $950.20, which will not be less than $900.00 at pricing.

The notes are auto-callable on March 4, 2027 if the lowest-performing ETF is at or above its starting value, paying back principal plus at least a 44% call premium. If not called, they mature March 2, 2029 with 200% upside participation in the lowest performer, contingent principal protection down to 60% of its start, and full downside exposure below that level. The securities pay no interest and carry the credit risk of Bank of Montreal.

Bank of Montreal updates and restates key terms for its Gold Miners 3X Leveraged ETNs due June 29, 2040, listed on NYSE as GDXU. These unsecured notes target three times the daily performance of the S-Network Gold Miners Index, tracking the VanEck Gold Miners and Junior Gold Miners ETFs.

The ETNs charge a 0.95% annual investor fee and a daily financing charge based on the Federal Reserve Bank Prime Loan Rate plus a financing spread that rises to 5.00% per annum beginning February 6, 2026, subject to a 5.00% cap. Fees, daily compounding, and path‑dependent leverage create a strong “decay” effect, making long holding periods highly risky.

The notes do not pay interest or guarantee principal, can be called by the issuer, and allow large holders to request early redemption subject to a minimum size and a 0.125% redemption fee. The document stresses that these ETNs are short‑term trading tools for sophisticated investors and that it is possible to lose the entire investment even if the underlying index rises over time.

Bank of Montreal is offering Accelerated Return Notes linked to the Russell 2000 Index, with a $10 principal amount per unit and a term of about 14 months, maturing in April 2027. These are unsecured senior debt securities, not insured or principal-protected, and subject to BMO’s credit risk.

The notes provide 300% leveraged upside to index gains, but returns are capped at a Capped Value expected between $11.55 and $11.95 per unit. If the index is flat at maturity, investors receive $10 per unit; if it falls, losses match the index decline on a 1‑for‑1 basis, up to total loss of principal. The initial estimated value is expected between $9.10 and $9.52 per unit, below the $10 public offering price, reflecting dealer discounts, hedging costs, and BMO’s internal funding rate.

Bank of Montreal is offering $1,096,000 of senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes linked to the S&P 500 Index, due January 2, 2029.

The notes pay no interest and are unsecured obligations, subject to Bank of Montreal’s credit risk, issued in $1,000 minimum denominations. On March 30, 2027, if the S&P 500 closes above 100% of its initial level, the notes are automatically redeemed for principal plus a fixed call amount of $117.50 per $1,000, implying about 11.75% per annum, and investors forgo further upside.

If not called, at maturity investors receive leveraged upside of 120% of any index gain, full principal back if the index finishes between 80% and 100% of its initial level, and 1:1 downside below 80%, with up to 100% loss of principal. The estimated initial value is $975.30 per $1,000, reflecting offering, structuring and hedging costs. The public price is 100% of principal, with a 1.20% agent’s commission and 98.80% of proceeds, or $1,082,848, to Bank of Montreal.

Bank of Montreal is issuing US$381,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due January 2, 2029, linked to the S&P 500 Index. The notes offer 120% participation in any index gains if they are not called and finish at or above the initial level.

The notes may be automatically redeemed on March 30, 2027 if the S&P 500 closes above 100% of its 6,978.03 initial level, paying principal plus an $87.50 call amount per $1,000 (about 8.75% per year). They do not pay interest and are unsecured obligations subject to Bank of Montreal credit risk.

If not called and the index closes below the 80% barrier level of 5,582.42 at maturity, investors lose 1% of principal for each 1% index decline, up to total loss. The price to public is 100% of principal, with a 2.95% agent commission and an estimated initial value of $955.88 per $1,000.

Bank of Montreal is issuing US$456,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due April 2, 2027, linked to the S&P 500 and Russell 2000. These structured notes offer a potential 9.00% digital return if the least performing index finishes at or above 67.70% of its initial level on the valuation date.

If the least performing index falls more than 32.30% from its initial level, 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 0.50% selling commission; the estimated initial value is $985.65 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$369,000 of senior Medium-Term Notes, Series K, called Digital Return Barrier Notes, maturing on April 2, 2027 and linked to the worst performer of the S&P 500® and Russell 2000® Indexes. The notes offer a fixed 7.72% digital return per $1,000 of principal if the final level of the least performing index is at least 70% of its initial level.

If that least performing index finishes below 70% of its initial level, repayment is reduced on a 1-for-1 basis with index losses, so investors can lose some or all principal. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, and had an estimated initial value of $969.86 per $1,000 at pricing.

Bank of Montreal is issuing US$5,322,000 of Senior Medium-Term Notes, Series K, autocallable contingent risk absolute return barrier notes due January 31, 2029, linked to the worst performer of Snowflake Inc. and Oracle Corporation common stock.

The notes pay no interest, are unsecured obligations subject to Bank of Montreal credit risk, and will not be listed on any exchange. On February 2, 2027, if each stock closes at or above 100% of its initial level, the notes are automatically redeemed at par plus a US$415 call amount per US$1,000 principal (about 41.50% per annum), with no further upside.

If not called, investors receive at maturity a leveraged 200.00% upside on any positive performance of the worst-performing stock. If that stock finishes below its initial level but at or above its 50.00% barrier, investors earn a positive absolute return up to US$1,500 per US$1,000. If a barrier event occurs, investors lose 1% of principal for each 1% decline and can lose their entire investment. The estimated initial value is US$941.72 per US$1,000 principal, below the public offering price.

Bank of Montreal is offering US$1,865,000 of Senior Medium-Term Notes, Series K capped buffer notes due August 2, 2027, linked to the S&P 500® Futures Excess Return Index. These notes provide 1-to-1 upside exposure to index gains, capped at a Maximum Redemption Amount of $1,175 per $1,000 principal, a 17.5% maximum return.

The notes include a 24.70% downside buffer; if the index falls more than this, principal is reduced 1% for each additional 1% decline, with up to 75.30% of principal potentially lost. They pay no interest, are unsecured obligations of Bank of Montreal, and are not FDIC- or CDIC-insured. The estimated initial value is $983.57 per $1,000, below the issue price, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$1,394,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due February 3, 2031, linked to the S&P 500 Futures Excess Return Index. The notes offer a fixed positive return of 70.89% if the index rises but by less than that level, and full one-to-one upside above a 70.89% gain.

If the index finishes below its initial level but at or above 70% of that level, investors simply receive their principal back. If it falls more than 30% from the initial level, repayment is reduced 1% for each 1% decline, leading to potential total loss of principal.

The notes pay no interest, are unsecured and unsubordinated obligations of Bank of Montreal, and are not insured by U.S. or Canadian deposit insurers. The bank receives 99.375% of principal in proceeds, with a 0.625% selling commission, and the estimated initial value is $975.21 per $1,000.

Bank of Montreal is offering US$100,000 of senior medium-term autocallable barrier enhanced return notes due February 2029, linked to the Class A common stock of Palantir Technologies Inc.

The notes pay no interest and may be automatically redeemed on February 2, 2027 if Palantir’s stock closes above 100% of the initial level, returning principal plus a US$240 call amount per US$1,000 note, equal to about 24% per year. If held to maturity and not called, investors receive 150% leveraged upside on any stock gain, full principal back if the final level stays at or above 60% of the initial level, and one-for-one losses below that barrier, up to a total loss of principal. The notes are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and have an estimated initial value of US$919.99 per US$1,000, reflecting offering, structuring and hedging costs.