Here are the 424B prospectus supplements from MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BERZ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BERZ filings page.
Bank of Montreal is offering principal-at-risk notes linked to the S&P 500® Index that pay no interest and are designed to be held to maturity. The notes run for an expected 26 to 29 months, with payment at maturity based on index performance.
If the index gains, investors receive 160% of the index return, capped at a maximum settlement amount expected between $1,215.84 and $1,253.92 per $1,000 note. If the index falls by up to 15.00%, investors receive their principal back. Below that 85.00% buffer level, principal is reduced at roughly 1.1765% for every 1% additional decline, and investors could lose all principal.
The notes are unsecured obligations of Bank of Montreal, are not insured by any government agency, and will not be listed on any exchange. The estimated initial value is expected between $969.00 and $999.00 per $1,000 note, reflecting structuring and hedging costs and potential dealer profits.
Bank of Montreal is offering unsecured, S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity. Your payoff depends on the index level on a future determination date roughly 27–30 months after pricing.
If the final index level is at or above 85% of its initial level, you receive a fixed threshold settlement amount, expected to be $1,158.50–$1,186.40 per $1,000 note. If it falls below 85%, you lose about 1.1765% of principal for every 1% decline below that level, up to a total loss.
The notes will not be listed on any exchange, their estimated initial value is expected between $969.00 and $999.00 per $1,000, and all payments are subject to Bank of Montreal’s credit risk. The tax treatment is complex and may change, and the notes are not insured or bail-inable.
Bank of Montreal is offering S&P 500® Index-linked, unsecured notes that do not pay interest and are designed to be held to maturity. Each note has a $1,000 principal amount and offers 160% upside participation in index gains, subject to a maximum settlement amount expected between $1,131.84 and $1,155.04 per note.
The structure includes a 10% buffer: if the index falls by up to 10%, investors receive full principal back; below that level, they lose about 1.1111% of principal for every 1% drop beyond the 10% buffer, with the potential for total loss. The notes will not be listed on any exchange, have an estimated initial value between $969 and $999 per $1,000 principal, and all payments depend on Bank of Montreal’s creditworthiness.
Bank of Montreal is offering an additional $5,002,250 principal amount of its Travel -3X Inverse Leveraged ETNs due May 29, 2042, increasing total outstanding notes to $50,000,000 across 200,000 notes at $250 principal each. These exchange-traded notes, listed on the NYSE under ticker FLYD, provide three-times inverse daily exposure to the MerQube U.S. Travel Index, less a 0.95% per annum Daily Investor Fee, any negative Daily Interest, and, on holder redemptions, a 0.125% Redemption Fee Amount.
The product is explicitly positioned as a short-term daily trading tool, not a buy-and-hold investment, and is highly sensitive to daily index moves, path dependency and volatility “decay,” which can cause large losses even if the index falls over time. The notes pay no interest, are unsecured senior debt of Bank of Montreal, and any payment depends on the bank’s credit. If the Indicative Note Value ever reaches zero intraday or at close, it remains zero for the life of the notes, resulting in a total loss.
Bank of Montreal is offering an additional $75,004,250 in FANG & Innovation -3X Inverse Leveraged ETNs (BERZ), increasing the total outstanding principal of this tranche to $1.75 billion, or 7,000,000 notes expected to be outstanding as of February 4, 2026.
The notes provide three-times daily inverse exposure to the Solactive FANG Innovation Index, a total return index of 15 large-cap U.S. technology stocks including Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, NVIDIA and Tesla. Performance is reset daily and designed only for short-term, sophisticated trading use.
Each note has a principal amount of $250 (after a prior reverse split), bears no interest, and matures June 28, 2041, subject to issuer call and holder redemption features. Returns are reduced by a 0.95% annual Daily Investor Fee, potential negative Daily Interest, and a 0.125% redemption fee, and investors may lose some or all of their principal. The notes are unsecured, unsubordinated obligations of Bank of Montreal and are listed on NYSE Arca under ticker BERZ.
Bank of Montreal is offering unsecured structured notes linked to the price performance of the iShares 20+ Year Treasury Bond ETF (TLT). The notes have a $1,000 principal amount, pay no interest, and are designed to be held to the stated maturity date of February 12, 2027.
If the ETF’s final level is at least 90% of the initial level of $86.55, holders receive a fixed threshold settlement amount of $1,059.20 per note. Below that threshold, principal is reduced by about 1.1111% for every 1% decline beyond the 10% buffer, which can lead to a full loss of principal. The notes’ estimated initial value is $988.50 per $1,000, they are not insured, will not be listed on any exchange, and all payments depend on the credit of Bank of Montreal.
Bank of Montreal is offering US$500,000 of senior market-linked notes tied to the Russell 2000® Index, maturing on February 5, 2029. These unsecured notes pay no interest and return principal at maturity even if the index falls.
If the index rises, investors receive 1-to-1 upside, capped at a 23.55% Maximum Return, for a maximum redemption of $1,235.50 per $1,000. The price to the public is 100% of principal, with a 0.25% selling commission and an estimated initial value of $981.50 per $1,000, reflecting structuring and hedging costs. Key risks include Bank of Montreal credit risk, lack of liquidity, capped upside, potential secondary-market discounts and complex U.S. tax treatment as a contingent payment debt instrument.
Bank of Montreal is issuing US$518,000 of Senior Medium-Term Notes, Series K, market-linked notes due August 5, 2030, tied to the S&P 500® Index. The notes offer 1-to-1 upside exposure to index gains, capped at a Maximum Redemption Amount of $1,380 per $1,000 principal, a 38% maximum return.
If the index ends at or below its initial level, investors receive only the $1,000 principal per note, with no loss of principal but also no interest. The notes are unsecured obligations of Bank of Montreal, subject to its credit risk, and had an estimated initial value of $986.33 per $1,000 on the pricing date.
Bank of Montreal is offering US$288,000 of senior Market Linked Notes tied to the S&P 500® Index, maturing on August 4, 2031. The notes provide 1‑to‑1 upside exposure to the index, but gains are capped at a 40.00% Maximum Return, for a Maximum Redemption Amount of $1,400 per $1,000 principal.
If the S&P 500 Final Level is at or below its Initial Level of 6,939.03, investors receive only their principal back, with no additional return. The notes pay no interest, are not exchange‑listed, and all payments depend on Bank of Montreal’s credit. The price to the public is 100% of principal, including a 3.00% agent’s commission, while the bank’s estimated initial value is $950.33 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is issuing US$667,000 of senior unsecured medium-term notes linked to the S&P 500® Index, offering equity-linked exposure with limited upside and conditional downside protection.
The notes pay no interest and mature on April 21, 2027. If the index is at or above its initial level on the valuation date, investors receive a 5.80% digital return, or $1,058 per $1,000. If the index is below the initial level but at or above 94.20% of it, holders receive the 5.80% digital return plus participation in the decline, up to $1,116 per $1,000. If the index closes between 80.00% and 94.20% of its initial level, the payoff tracks the index decline but is capped at a maximum of $1,200 per $1,000 (a 20.00% gain).
If the index falls more than 20.00% from its initial level, principal is exposed 1-for-1 beyond that buffer, and investors can lose up to 80.00% of principal. The notes are unsecured obligations of Bank of Montreal, are not insured, will not be listed on an exchange, and have an estimated initial value of $989.44 per $1,000, below the public offering price due to commissions, hedging costs and fees.
Bank of Montreal is issuing US$509,000 of Senior Medium-Term Notes, Series K, Digital Contingent Risk Absolute Return Buffer Notes due April 21, 2027, linked to the SPDR S&P 500 ETF Trust (SPY). The notes offer a digital return of 5.85% if SPY’s final level is at or above its initial level.
If SPY finishes below the initial level but at or above 94.15% of it, holders receive the 5.85% digital return plus participation in the decline, up to $1,117 per $1,000. If SPY ends between 80% and 94.15% of the initial level, investors participate in the absolute decline up to a maximum redemption of $1,200 per $1,000 (a 20% gain).
If SPY falls more than 20% from its initial level, investors lose 1% of principal for each additional 1% drop, down to as little as $200 per $1,000. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not insured by any deposit insurance scheme. Estimated initial value is $989.76 per $1,000, with 0.50% agent’s commission and 99.50% of proceeds to Bank of Montreal.
Bank of Montreal is offering US$1,345,000 of Senior Medium-Term Notes, Series K, capped buffer notes due February 5, 2029, linked to Alphabet Inc. Class C stock. The notes provide 1-to-1 upside exposure to Alphabet, but gains are capped at a Maximum Redemption Amount of $1,761 per $1,000 (a 76.10% maximum return).
The notes include a 15% downside buffer: if Alphabet’s final level is at least 85% of its initial $338.53 level, investors receive principal back. Below that buffer, principal is reduced 1% for each 1% additional decline, with up to 85% loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and carry both BMO credit risk and liquidity risk. The price to public is 100% of principal, with a 3.60% agent commission and 96.40% proceeds to BMO. The estimated initial value is $951.25 per $1,000, reflecting offering, structuring and hedging costs.
Bank of Montreal is issuing US$2,191,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due February 5, 2029, linked to the S&P 500, Russell 2000 and Dow Jones Industrial Average. These notes offer a 20.01% fixed “Digital Return” if the least performing index is at or above 70% of its initial level at maturity, or full upside participation when that index gains more than 20.01%.
If the least performing index falls more than 30% (below 70% of its initial level), 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 $974.89 per $1,000 on the pricing date, reflecting offering and hedging costs.
Bank of Montreal is issuing US$1,839,000 of Series K senior medium‑term capped buffer notes linked to the S&P 500 Index, maturing on February 4, 2027. These unsecured notes offer 1‑to‑1 upside exposure to the index but cap total return at 6.20%, or $1,062 per $1,000.
If the S&P 500 falls by up to 30% from the initial level of 6,939.03, investors receive their $1,000 principal at maturity. If it falls more than 30%, principal is reduced 1% for each additional 1% decline, with losses up to 70% of principal.
The notes pay no interest, will not be listed on an exchange, and are subject to Bank of Montreal’s credit risk. The bank’s estimated initial value is $986.80 per $1,000, below the public issue price, reflecting structuring, distribution and hedging costs. Proceeds to Bank of Montreal are shown as $1,829,805 after a 0.50% agent’s commission.
Bank of Montreal is offering US$1,690,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due February 4, 2028, linked to the iShares MSCI EAFE ETF. These notes provide 200% leveraged upside on any gain in the ETF, but gains are capped.
The Maximum Redemption Amount is $1,340 per $1,000 of principal, a maximum return of 34%. A 10% downside buffer applies, but if the ETF falls more than 10% from the Initial Level of $100.74, investors lose 1% of principal for each additional 1% decline, up to a 90% loss.
The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The estimated initial value is $1,021.26 per $1,000, higher than the public issue price of 100% due to internal valuation and hedging assumptions. Investors face issuer credit risk, market risk tied to foreign equities and currencies, liquidity risk, and tax uncertainty.
Bank of Montreal is issuing US$1,309,000 of Senior Medium‑Term Notes, Series K, Capped Buffer Enhanced Return Notes due February 4, 2028, linked to the Russell 2000® Index. The notes offer 200.00% leveraged upside on index gains, but the payment at maturity is capped at a Maximum Redemption Amount of $1,291.60 per $1,000 in principal, a 29.16% maximum return.
The structure includes a 10.00% downside buffer: if the index falls by no more than 10% from its Initial Level of 2,613.743, investors receive their $1,000 principal back. If the Final Level is below 90% of the Initial Level (Buffer Level 2,352.369), investors lose 1% of principal for each 1% additional decline, up to a 90.00% loss.
The notes pay no interest, will not be listed on any exchange, and are unsecured obligations of Bank of Montreal, exposing holders to the bank’s credit risk. The price to the public is 100% of principal, with a 0.70% agent’s commission and 99.30% proceeds to Bank of Montreal. The estimated initial value is $988.70 per $1,000, reflecting offering, structuring and hedging costs.
Bank of Montreal is offering US$2,513,000 of senior medium-term notes linked to the State Street SPDR S&P 500 ETF (SPY), maturing February 4, 2028. The notes provide 200% leveraged upside on any gain in SPY, but total return is capped at a Maximum Redemption Amount of $1,214 per $1,000 of principal (a 21.40% maximum gain). If SPY falls up to 10% from the Initial Level of $691.97, investors receive only their principal back. Below the 10% buffer (a Buffer Level of $622.77), investors lose 1% of principal for each additional 1% decline and can lose up to 90% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and their value is subject to the bank’s credit risk and to secondary market and hedging costs. The estimated initial value is $989.67 per $1,000, below the $1,000 price to the public, reflecting offering, structuring and hedging costs.
Bank of Montreal is issuing US$442,000 of senior medium-term capped barrier enhanced return notes linked to the Russell 2000® Index. These unsecured notes offer 200% leveraged upside on index gains, capped at a 16.25% maximum return, and do not pay periodic interest.
If the index falls more than 15% from the initial level, investors lose 1% of principal for each additional 1% decline and can lose their entire investment at maturity. A 15% buffer preserves principal for moderate declines. The notes are not listed, carry Bank of Montreal credit risk, and had an estimated initial value of $970.70 per $1,000 on pricing.
Bank of Montreal is issuing US$2,425,000 of senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due May 4, 2027, linked to the S&P 500, NASDAQ-100 and Russell 2000 indexes.
The notes pay a contingent coupon of 0.925% per month (about 11.10% per year) on observation dates when all three indexes close at or above their coupon barrier levels, with unpaid coupons potentially paid later under a memory feature. Beginning July 30, 2026, the notes redeem early at par plus due coupons if all indexes are at or above their initial levels.
If not called, investors receive full principal at maturity unless a trigger event has occurred and the least-performing index finishes below its initial level, in which case repayment is reduced one-for-one with that index’s loss and can be zero. The notes are unsecured obligations, not insured deposits, and their estimated initial value is $985.85 per $1,000 in principal.
Bank of Montreal is offering US$1,696,000 of Senior Medium-Term Notes, Series K Barrier Enhanced Return Notes due February 5, 2029, linked to the least performing of the S&P 500 Index and the Nasdaq-100 Technology Sector Index.
The notes provide 132% leveraged upside on any positive performance of the worst-performing index, but if that 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 subject to Bank of Montreal’s credit risk, and will not be listed on an exchange.
The price to the public is 100% of principal, with a 0.25% agent’s commission and 99.75% proceeds to Bank of Montreal. The estimated initial value is $982.04 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is issuing $3,705,000 of Senior Medium-Term Notes, Series K, in the form of Callable Barrier Notes with Contingent Coupons due February 5, 2029. These notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.
Investors may receive semiannual contingent coupons at a rate of 4.075% per period (approximately 8.15% per year) if, on each observation date, all three indices are at or above their coupon barrier levels, set at 60% of their respective initial levels. The issuer can call the notes in whole, beginning July 31, 2026, paying principal plus any due coupon on the call settlement date.
If the notes are not called and no trigger event occurs, investors receive full principal at maturity plus any final coupon. A trigger event occurs if, on the valuation date, the final level of any index is below its trigger level, also set at 60% of its initial level; in that case, repayment is reduced in proportion to the loss of the least performing index and can be zero. The estimated initial value is $981.97 per $1,000 of principal, reflecting structuring and hedging costs.
Bank of Montreal is offering US$1,831,000 of Series K senior medium‑term barrier notes due February 5, 2029, linked to the Russell 2000® Index and the S&P 500® Index.
The notes pay a contingent coupon of 4.20% per semiannual period (approximately 8.40% per annum) only if, on each observation date, both indices are at or above 75% of their initial levels. At maturity, investors receive full principal back if no trigger event occurs. If either index finishes below its 75% trigger level, repayment is reduced one‑for‑one with the percentage loss of the worst‑performing index, and can fall to zero.
The notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance scheme. The estimated initial value is $975.57 per $1,000 principal amount, reflecting structuring and hedging costs, and the issuer expects to treat the notes as pre‑paid contingent income‑bearing derivative contracts for U.S. federal tax purposes.
Bank of Montreal is offering US$3,538,000 of senior medium-term autocallable barrier notes due February 4, 2028, linked to the Class A common stock of CrowdStrike Holdings, Inc. (CRWD).
The notes pay a 2.8875% contingent coupon per quarter (about 11.55% per year) when CrowdStrike’s share price is at or above the $220.70 coupon barrier on observation dates. The notes can be automatically redeemed starting April 29, 2026 if the stock closes at or above its initial level of $441.41, returning principal plus the coupon. If not called and the final stock level is below the $220.70 trigger, investors receive shares (or cash) worth less than their principal, potentially down to zero. The estimated initial value is $972.27 per $1,000 face amount, reflecting fees and hedging costs.
Bank of Montreal is offering US$1,068,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due March 4, 2027, linked to the capital stock of The Campbell’s Company (CPB).
The notes pay a 0.875% monthly contingent coupon (approximately 10.50% per year) only if CPB’s closing level on each observation date is at or above the coupon barrier of $20.99, which is 75% of the $27.98 initial level. Starting July 30, 2026, the notes are automatically redeemed at par plus any coupon if CPB closes above the call level, set at 100% of the initial level.
If not called and CPB finishes below the $20.99 trigger level on the valuation date, investors receive shares equal to the physical delivery amount (or a cash equivalent), which can be worth substantially less than principal. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and their estimated initial value is $963.31 per $1,000 principal amount.
Bank of Montreal is issuing $1,777,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due February 1, 2029, linked to the Class A common stock of Block, Inc.
The notes pay a contingent coupon of 5.25% per quarter (about 21% per year) if on an observation date Block’s share price is at or above the coupon barrier of $42.30, which is 70% of the $60.43 initial level. Beginning April 28, 2026, the notes are automatically redeemed if the stock closes above the initial level, returning principal plus that period’s coupon. If held to maturity without being called, investors receive full principal only if the final stock level is at or above the $42.30 trigger level; if it is lower, repayment is reduced in line with the stock’s loss and can fall to zero. The estimated initial value is $957.82 per $1,000 principal amount on the pricing date.
Bank of Montreal is issuing US$925,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due February 5, 2029. The notes are linked to the least-performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.
Investors can receive a 2.15% quarterly contingent coupon (about 8.60% annually) if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. Starting July 31, 2026, the notes are automatically redeemed if each index is at or above its initial level, returning principal plus the coupon.
If the notes are not called and any index finishes below its trigger level (also 70% of its initial level) on the valuation date, principal is reduced in line with the loss of the worst-performing index, and repayment may be zero. The estimated initial value is $970.13 per $1,000 of principal, below face value, reflecting fees and hedging costs.
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.