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

Bank of Montreal is offering US$312,000 of senior autocallable barrier notes due January 31, 2029 linked to Robinhood Markets, Inc. Class A stock. The notes pay contingent quarterly coupons at 4.50% (approximately 18.00% per year) only if Robinhood’s share price is at or above a coupon barrier level of $62.04.

The same $62.04 level (60% of the $103.40 initial level) also acts as a trigger: if the final share price on January 26, 2029 is below this trigger, investors lose principal in line with the stock’s decline and could receive nothing back at maturity. The notes are automatically redeemed starting July 28, 2026 if the stock closes above the initial level, returning principal plus any due coupons. They are unsecured obligations of Bank of Montreal, not insured deposits, and their estimated initial value is $941.82 per $1,000 of principal.

Bank of Montreal is issuing $1,507,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due February 2, 2029, linked to the least performing of Intel, Broadcom and NVIDIA stock. The notes offer a contingent monthly coupon of 1.8958% (about 22.75% per year) when each stock closes at or above its coupon barrier, set at 60% of its initial level. Principal is protected only if no Trigger Event occurs; if any stock finishes below its 60% trigger level at maturity, repayment is reduced in line with the loss on the worst stock and can fall to zero. The estimated initial value is $941.28 per $1,000 note, they are unsecured obligations of Bank of Montreal and are not insured by any deposit insurance agency.

Bank of Montreal is offering US$2,009,000 of Senior Medium‑Term Notes, Series K, Callable Barrier Notes with Contingent Coupons due January 3, 2028. The notes are linked to the least performing of the VanEck Gold Miners ETF (GDX), the Russell 2000 Index (RTY) and the Nasdaq‑100 Technology Sector Index (NDXT).

The notes pay a contingent monthly coupon of 1.5175% (about 18.21% per year), but only if on each observation date all three reference assets close at or above their coupon barrier levels set at 70% of initial levels. Bank of Montreal may call the notes in whole on any observation date starting April 29, 2026, returning principal plus any due coupon.

If the notes are not called and, on the valuation date, any reference asset finishes below its 60% trigger level, investors lose principal in proportion to the decline of the worst performer, potentially losing the entire investment. The estimated initial value is $966.01 per $1,000, below the $1,000 issue price, reflecting fees, hedging and funding costs.

Bank of Montreal is offering US$2,783,000 of structured Autocallable Buffer Notes due January 2, 2029, linked to the VanEck Gold Miners ETF (GDX) and SPDR S&P Metals & Mining ETF (XME). The notes are unsecured senior medium-term notes, not insured deposits.

The notes can be automatically redeemed quarterly from July 29, 2026 if the closing level of each ETF is at or above its initial level, paying back principal plus a fixed call amount that equates to an 18.00% per annum return if called. If never called and held to maturity, investors receive full principal as long as the worst-performing ETF has not fallen more than 15.00% from its initial level.

The structure includes a 15.00% downside buffer; if the “least performing” ETF finishes below its buffer level on the valuation date, principal is reduced in line with the loss beyond the buffer and up to 85.00% of principal can be lost. The estimated initial value is $926.32 per $1,000 note, reflecting dealer costs and hedging.

Bank of Montreal is issuing US$226,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons linked to the common stock of Target Corporation (TGT). The notes pay a contingent coupon of 2.7125% per quarter (about 10.85% per year) only if Target’s share price on each observation date is at or above the coupon barrier.

The Initial Level is $101.74, with both the coupon barrier and trigger level set at $71.22, or 70% of that level. The notes can be automatically redeemed starting July 29, 2026 if Target closes at or above the Initial Level, returning principal plus the applicable coupon. If not called and Target finishes below the trigger on the January 30, 2029 valuation date, investors lose principal in proportion to Target’s decline, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency, and have an estimated initial value of $926.52 per $1,000 principal amount.

Bank of Montreal is issuing US$113,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes due February 2, 2029, linked to the common stock of NVIDIA Corporation (NVDA). The Initial Level is $191.52.

The notes pay a contingent coupon of 2.50% per quarter (about 10% per year) when NVDA’s closing level on an Observation Date is at or above the Coupon Barrier of $114.91, which is 60% of the Initial Level. A “memory coupon” feature can pay previously missed coupons if the barrier is later met.

The notes are automatically redeemed beginning July 29, 2026 if NVDA’s closing level exceeds the Call Level (100% of the Initial Level), returning principal plus any due coupons. If not called and NVDA’s Final Level on the Valuation Date is below the Trigger Level of $114.91, investors lose principal in line with NVDA’s percentage decline, potentially down to zero. The estimated initial value is $936.42 per $1,000 principal amount, reflecting structuring and hedging costs.

Bank of Montreal is offering unsecured, market-linked notes tied to a weighted basket of five major non-U.S. equity indices, including the EURO STOXX 50®, TOPIX®, FTSE® 100, SMI® and S&P®/ASX 200. The notes pay no interest and are designed to be held to maturity, expected about 23–26 months from trade date.

For each $1,000 note, holders receive 250% of any positive basket return, capped at a maximum settlement amount expected between $1,215.75 and $1,253.75. A 15% downside buffer protects principal for basket declines up to 15%, but beyond that investors lose about 1.1765% of principal for each additional 1% drop, with potential loss of all principal. The estimated initial value is expected between $958.80 and $988.80 per $1,000, below issue price, and all payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering US$44,259,000 of market-linked notes tied to General Dynamics common stock, maturing January 26, 2029. These Senior Medium-Term Notes, Series K, pay quarterly interest at 0.25% (about 1.00% per year) on a $1,000 minimum denomination.

At maturity, holders receive the greater of $1,000 in cash or the Alternative Redemption Amount, which equals a Share Exchange Amount of 2.27743183 multiplied by the final average GD share price. Because of a 1.198 Conversion Premium (a 19.80% premium), investors only gain above $1,000 if GD’s final level exceeds the initial level of $366.5201 by more than 19.80%.

The notes are unsecured obligations of Bank of Montreal, are not listed on any exchange, and are subject to credit risk and liquidity risk. Payments are adjusted for regular GD dividends above or below a quarterly base of $1.50, and the bank’s estimated initial value is $988.20 per $1,000 note.

Bank of Montreal is offering US$1,288,000 of senior autocallable barrier enhanced return notes due January 31, 2029 linked to Broadcom, Southwest Airlines and Micron shares. The notes offer 200% leveraged upside on the worst-performing stock if held to maturity and that stock finishes at or above its initial level.

The notes may be automatically redeemed on April 27, 2026 if each stock closes above 80% of its initial level, paying back principal plus a US$247.50 call amount per US$1,000 (about 99% per annum) and ending further upside. If not called and the worst stock falls more than 40%, investors lose 1% of principal for each 1% decline, up to full loss.

The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and have an estimated initial value of US$935.16 per US$1,000, reflecting offering and hedging costs.

Bank of Montreal is issuing US$940,000 of Buffer Enhanced Return Notes, Series K, due March 31, 2027, linked to an equally weighted basket of JPMorgan Chase, Citigroup and Morgan Stanley common stock. The notes offer 200% leveraged upside on any basket gain, but the payment at maturity is capped at a Maximum Redemption Amount of $1,175 per $1,000 (a 17.50% maximum return).

If the basket falls up to 10%, investors receive back only their $1,000 principal. If it drops by more than 10%, repayment is reduced 1% for each additional 1% decline, so investors can lose up to 90% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and all payments depend on its credit. Pricing includes a 2.35% selling commission, and the estimated initial value is $969.35 per $1,000.

Bank of Montreal is offering $500,000 of senior medium-term notes linked to the VanEck Gold Miners ETF. These notes provide 200% leveraged upside to ETF gains, capped at a 52.60% maximum return, or $1,526 per $1,000 at maturity.

If the ETF falls but stays within a 25% downside buffer, investors earn a positive “absolute return” up to $1,250 per $1,000. Losses begin if the ETF declines more than 25%, with up to 75% of principal at risk. The notes pay no interest, are unsecured obligations of Bank of Montreal, and have an estimated initial value of $959.76 per $1,000, reflecting offering and hedging costs.

Bank of Montreal is issuing US$7,318,000 of Senior Medium‑Term Notes, Series K, autocallable barrier enhanced return notes due January 31, 2029, linked to the least performing of the NASDAQ‑100, Russell 2000 and S&P 500 indexes. The notes offer 150% leveraged upside on any gain in the worst‑performing index at maturity if they are not redeemed early, but pay no interest and are not exchange‑listed.

On February 2, 2027, if each index is at least 85% of its initial level, the notes are automatically redeemed at par plus a US$137 call amount per US$1,000, implying about 13.70% per annum. If held to maturity and the least performing index is down more than 25% from its initial level, principal is reduced one‑for‑one with the decline, up to a total loss.

The notes are unsecured obligations of Bank of Montreal, subject to its credit risk, with minimum denominations of US$1,000. The price to the public is 100% of principal, including a 0.50% agent’s commission; estimated initial value is US$981.28 per US$1,000.

Bank of Montreal is offering US$1,290,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due January 31, 2029, linked to the least performing of Arista Networks, Lam Research and Symbotic Class A common stock.

The notes offer 200% leveraged upside on any gain of the worst-performing stock if not called, but pay no interest and can result in up to 100% loss of principal if that stock finishes below a 60% barrier at maturity. An automatic call on April 27, 2026 pays back principal plus a US$270 call amount per US$1,000 note (about 108% per annum), after which no further upside is paid. The notes are unsecured obligations of Bank of Montreal, are not listed on any exchange, and had an estimated initial value of US$951.02 per US$1,000 on the pricing date.

Bank of Montreal is offering US$537,000 of senior medium-term notes linked to the S&P 500 Index, maturing on January 31, 2031. The notes are unsecured, do not pay interest, and are issued at $1,000 minimum denominations.

Investors get 1-to-1 upside exposure to S&P 500 gains, capped at a 52.00% maximum return, or $1,520 per $1,000. If the index falls but stays at or above 80.00% of its initial level, holders earn a positive “buffer” return up to $1,200 per $1,000. Below the 80.00% buffer level, principal losses match further index declines up to an 80.00% loss of principal.

The price to the public is 100% of principal, with a 3.50% agent commission and 96.50% of proceeds to Bank of Montreal. The estimated initial value is $949.15 per $1,000, the notes will not be listed on any exchange, and all payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering US$6,690,000 of senior Contingent Risk Absolute Return Buffer Notes due January 31, 2029, linked to the S&P 500® Index. The notes provide 125% leveraged exposure to index gains, capped at a 22.00% maximum return ($1,220 per $1,000).

If the index ends below its initial level but at or above an 80% buffer level, investors receive a 125% leveraged positive “absolute return” on the decline, up to $1,250 per $1,000 (25% maximum). Below the buffer, principal is reduced 1% for each 1% additional index loss, with up to 80% of principal at risk.

The notes pay no interest, will not be listed, and are unsecured obligations of Bank of Montreal, subject to its credit risk. The price to the public is 100% of principal, with a 2.50% selling commission and 97.50% of proceeds to Bank of Montreal. The estimated initial value is $965.78 per $1,000, below the issue price, reflecting structuring and hedging costs.

Bank of Montreal is issuing $1,139,000 of Senior Medium‑Term Notes, Series K, Capped Buffer Enhanced Return Notes due January 31, 2028, linked to the Russell 2000® Index. The notes offer 150% leveraged upside, capped at a 26.50% maximum return, or $1,265 per $1,000 principal.

If the index falls up to 15%, investors receive their $1,000 principal back. Below this 15% buffer, repayment is reduced 1% for each additional 1% decline, with losses up to 85% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and are subject to the bank’s credit risk. The estimated initial value is $984.56 per $1,000, below the public offering price, reflecting offering and hedging costs.

Bank of Montreal is offering senior unsecured market-linked notes tied to the worst performer of Starbucks, Super Micro Computer and UnitedHealth Group, maturing on February 15, 2029. Each security has a $1,000 face amount and pays a monthly contingent coupon only if the lowest performing stock on each calculation day is at or above its coupon threshold value.

The contingent coupon rate will be at least 27.60% per annum, with a "memory" feature that can make up missed coupons when the condition is later met. The notes are auto-callable from August 2026 to January 2029 if the lowest performing stock is at or above its starting value, returning face amount plus applicable coupons.

At maturity, if not called, investors receive $1,000 per security only if the lowest performing stock is at or above 60% of its starting value. Below that downside threshold, repayment is reduced in full proportion to the stock’s decline, and investors can lose most or all of principal. The preliminary estimated initial value is $964.40 per security and will not be less than $910.00 at pricing. All payments depend on Bank of Montreal’s credit and there is no listing or guaranteed secondary market.

Bank of Montreal is issuing $1,049,000 of Contingent Risk Absolute Return Buffer Notes due January 31, 2031, linked to the S&P 500® Futures Excess Return Index. The notes offer 143.50% leveraged upside on any positive index performance. If the index ends below the initial level but not below the 20.00% buffer, investors gain a positive “absolute return” up to $1,200 per $1,000 note. If the index falls by more than 20.00%, principal is reduced 1% for each additional 1% decline, with up to an 80.00% loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not FDIC or CDIC insured. The estimated initial value is $936.50 per $1,000 note, reflecting structuring and hedging costs.

Bank of Montreal is offering US$2,015,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due January 31, 2029, linked to the least-performing of the Dow Jones Industrial Average, NASDAQ-100 Index and Russell 2000 Index.

The notes offer 150% leveraged upside if held to maturity, conditional principal protection down to a 30% index decline, and potential automatic redemption on February 2, 2027 with a call amount implying about 16.5% per annum. If the least-performing index falls more than 30% from its initial level and the notes are not called, 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 have an estimated initial value of $955.61 per $1,000, below the public offering price due to offering, hedging and distribution costs.

Bank of Montreal is offering US$385,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes due January 31, 2030. The notes are linked to the least performing of the NASDAQ-100 Index®, Russell 2000® Index and Dow Jones Industrial Average®.

Beginning February 2, 2027, the notes are automatically redeemed if each index closes at or above its call level, returning principal plus a fixed call amount. The schedule of call amounts reaches $384 per $1,000 note if called at maturity, targeting about 9.60% per annum in total call payments.

If the notes are not called, investors receive full principal at maturity unless any index finishes below its trigger level, set at 70% of its initial level. If a trigger event occurs, repayment is reduced one-for-one with the negative performance of the worst index, and can fall to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $947.02 per $1,000 noted at pricing.

Bank of Montreal is issuing US$564,000 of senior medium-term Autocallable Barrier Notes due December 31, 2027, linked to the least performing of the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector indices. The notes offer contingent monthly coupons of 0.6333% (about 7.60% per year) when each index closes at or above its barrier level, set at 70% of its initial level.

Beginning July 28, 2026, the notes are automatically redeemed if, on an observation date, all three indices are at or above their initial levels, returning principal plus that month’s coupon. If not called, investors at maturity receive full principal only if no index has fallen below its 70% trigger level; otherwise repayment is reduced in line with the loss on the worst-performing index, potentially to zero. The estimated initial value is $960.95 per $1,000, reflecting structuring and hedging costs, with an agent’s commission of about 1.9652% and proceeds to Bank of Montreal of about 98.0348% of principal. The notes are unsecured obligations and carry the detailed structural and market risks described in the accompanying documents.

Bank of Montreal is issuing US$1,020,000 of senior medium-term Autocallable Barrier Notes with Memory Coupons due January 31, 2029, linked to the least-performing of Alphabet Class C (GOOG), United Airlines (UAL) and NVIDIA (NVDA).

The notes pay a contingent coupon of 1.675% per month (US$16.75 per US$1,000), only if each share is at or above its coupon barrier, set at 60% of the initial level for each stock. Starting January 26, 2027, the notes are automatically redeemed if all three shares are at or above their initial levels, returning principal plus any due coupons. If not redeemed and any stock finishes below its 60% trigger level at maturity, repayment of principal is reduced in line with the decline of the worst-performing stock, and could fall to zero. The estimated initial value is $973.23 per $1,000 of principal.

Bank of Montreal is offering US$1,569,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due December 31, 2027. The notes are linked to the least performing of the S&P 500 Index, Russell 2000 Index and Nasdaq-100 Technology Sector Index.

Investors can receive a monthly contingent coupon of 0.6917% of principal (about 8.30% per year) if on each observation date all three indexes are at or above 70% of their initial levels. Beginning July 28, 2026, BMO may redeem the notes in whole on any observation date at par plus any due coupon.

If the notes are not called, principal is protected at maturity only if the final level of each index is at or above its 70% trigger level. If any index closes below its trigger, repayment is reduced in line with the percentage loss of the worst-performing index, potentially to zero. The estimated initial value is $960.08 per $1,000 principal, reflecting fees and hedging costs.

Bank of Montreal is offering US$1,797,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due January 31, 2029, linked to the least-performing of GDX, the Russell 2000 Index and the Nasdaq-100 Technology Sector Index.

The notes pay a contingent coupon of 0.9167% per month (about 11.00% per year), but only if on each observation date all three reference assets are at or above their coupon barrier levels, set at 70% of their initial levels. Starting July 28, 2026, the notes are automatically redeemed if all three assets are at or above their initial levels, returning principal plus the applicable coupon.

If the notes are not called and any reference asset finishes below its 50% trigger level on the valuation date, investors lose principal in proportion to the decline of the worst-performing asset, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, and their estimated initial value is $935.05 per $1,000 principal, reflecting fees, hedging costs and market factors.

Bank of Montreal is offering US$488,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes due January 31, 2029, 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 0.575% per month (about 6.90% per year), or $5.75 per $1,000, only if on each observation date all three indices close at or above their coupon barrier levels, set at 70% of their initial levels. Beginning July 28, 2026, if on any observation date all indices are at or above 100% of their initial levels, the notes are automatically redeemed at par plus the coupon.

If the notes are not called and on the valuation date any index finishes below its 70% trigger level, investors lose principal in line with the percentage decline of the worst-performing index, potentially down to zero; otherwise they receive full principal back plus any final coupon. The estimated initial value is $951.79 per $1,000, below the issue price, reflecting fees and hedging costs. The notes are unsecured obligations of Bank of Montreal and are not insured by any deposit insurance agency.

Bank of Montreal is issuing $587,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due January 31, 2029, linked to the S&P 500 Index. These unsecured notes offer 150% leveraged upside on index gains, capped at a 22.8% maximum return ($1,228 per $1,000).

The structure includes a 20% downside buffer; losses begin if the S&P 500 falls more than 20% from the initial level and can reach up to 80% of principal at maturity. The notes pay no interest, will not be listed on an exchange, and the estimated initial value is $958.89 per $1,000, below the issue price due to offering and hedging costs.

All payments depend on Bank of Montreal’s credit, and investors do not receive S&P 500 dividends or shareholder rights. Proceeds to Bank of Montreal are approximately $570,430 after agent commissions.

Bank of Montreal is offering US$304,000 of Senior Medium-Term Notes, Series K, Buffer Enhanced Return Notes due January 31, 2031, linked to the S&P 500® Futures Excess Return Index. The notes provide 149.80% leveraged upside on any positive index performance.

Principal is protected only to a 20.00% downside buffer. If the index falls more than 20% from the Initial Level of $566.70, investors lose 1% of principal for each additional 1% decline, for a potential loss of up to 80.00% at maturity.

The notes pay no interest, will not be listed on any exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal. The estimated initial value is $935.16 per $1,000 principal amount. The price to public is 100% of principal, with an agent’s commission of approximately 4.0276%, leaving proceeds to Bank of Montreal of approximately 95.9724% of the offering amount.

Bank of Montreal is offering US$638,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Buffer Notes due January 31, 2031, linked to the S&P 500 Index.

The notes offer 150% leveraged upside on S&P 500 gains, capped at a maximum redemption of $1,390 per $1,000 (a 39% return). If the index ends below its initial level but stays at or above 80% of that level, investors receive 150% of the absolute decline, up to $1,300 per $1,000 (a 30% return). If the index falls more than 20%, principal is reduced 1% for each 1% drop beyond the 20% buffer, with losses up to 80% of principal.

The notes pay no interest, will not be listed on an exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal. The estimated initial value is $938.36 per $1,000, below the 100% public offering price, reflecting offering, structuring and hedging costs.

Bank of Montreal is issuing US$484,000 of senior Series K market-linked notes due January 31, 2029, tied to the NASDAQ-100 Index® and the Dow Jones Industrial Average®. The notes offer 1-to-1 upside on the worst-performing index, capped at a 20.30% maximum return, or $1,203 per $1,000.

If the least performing index is flat or down at maturity, investors receive only their $1,000 principal, with no additional return. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not FDIC- or CDIC-insured. Price to public is 100% of principal; estimated initial value is $967.06 per $1,000, reflecting offering, structuring and hedging costs and internal funding assumptions.

Bank of Montreal is issuing US$3,559,000 of Senior Medium-Term Notes, Series K, market-linked to the least performing of the S&P 500 Index and the Russell 2000 Index, maturing January 31, 2028. The notes offer 1-to-1 upside on any gain in the weakest index, capped at a maximum return of 11.50%, so investors receive no more than $1,115 per $1,000 of principal at maturity. If the least performing index is flat or down at maturity, holders receive only their $1,000 principal per note, with no additional return.

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, while net proceeds to Bank of Montreal are approximately 98.3375%, after an agent’s commission of approximately 1.6625%. The bank’s estimated initial value is $973.91 per $1,000, reflecting structuring and hedging costs. U.S. investors are expected to be taxed under contingent payment debt instrument rules, recognizing ordinary income over the term even though cash is only paid at maturity.

Bank of Montreal is issuing US$1,449,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due February 26, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index.

The notes offer a fixed 10.20% digital return per $1,000 if the worst-performing index finishes at or above its initial level on the valuation date. If the worst index finishes between 70% and 100% of its initial level, investors only receive principal back. Below 70%, repayment is reduced one-for-one with the index loss, and all principal can be lost.

The notes pay no interest, are unsecured obligations of Bank of Montreal, are not insured, and will not be listed. The price to the public is 100% of principal, while the issuer’s estimated initial value is $966.54 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering $584,000 of senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due January 31, 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 any gain of the least performing index at maturity if they are not called and that index finishes at or above its initial level. Beginning February 2, 2027, the notes are automatically redeemed if each index closes above its call level, paying principal plus a fixed call amount targeting about 10% per year.

If the notes are not called and the least performing index falls more than 30%, 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 their estimated initial value is $939.59 per $1,000, below the issue price, reflecting fees, commissions and hedging costs.

Bank of Montreal is offering US$1,625,000 of senior Medium‑Term Notes, Series K, in the form of autocallable barrier notes linked to the S&P 500® Index, maturing on January 31, 2029. The notes pay no interest and are unsecured obligations of Bank of Montreal.

On February 02, 2027, if the S&P 500 closing level is at or above 100% of its Initial Level of 6,978.60, the notes are automatically redeemed at par plus a Call Amount of $72.50 per $1,000 note, a return of approximately 7.25% per annum. If not called, at maturity investors receive 1‑to‑1 upside on any index gain, full principal back if the index is between 75% and 100% of its Initial Level, and a 1‑for‑1 loss of principal for declines beyond the 75% Barrier Level of 5,233.95, down to a possible total loss.

The notes are sold at 100% of principal with a 3.20% agent’s commission, resulting in 96.80% of proceeds to Bank of Montreal, and an estimated initial value of $953.33 per $1,000 note. The notes are not listed on any exchange and all payments depend on Bank of Montreal’s creditworthiness.

Bank of Montreal is offering US$2,351,000 of senior medium-term Capped Buffer Enhanced Return Notes linked to the S&P 500® Index. The notes provide 150% leveraged exposure to index gains, but returns are capped at a Maximum Redemption Amount of $1,090 per $1,000 principal (a 9.00% maximum return).

The structure includes a 20.00% downside buffer: if the index falls by more than 20%, investors lose 1% of principal for each additional 1% decline, up to an 80.00% loss. 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, while the bank’s initial estimated value is $968.95 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$1,469,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due February 26, 2027, linked to the NASDAQ-100 Index®.

The notes provide 200% leveraged upside on index gains, capped at an 8.00% maximum return, for a maximum redemption of $1,080 per $1,000. A 15.00% downside buffer applies; if the index falls by more than 15.00%, investors lose 1% of principal for each 1% additional decline, with up to 85.00% of principal at risk. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on an exchange. The estimated initial value is $970.37 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$520,000 of Senior Medium-Term Notes, Series K, maturing on February 26, 2027, that are digitally linked to Marvell Technology, Inc. common stock. The notes pay no interest and are unsecured obligations subject to Bank of Montreal’s credit risk.

For each $1,000 note, investors receive a fixed 15.00% digital return at maturity if Marvell’s final stock price is at least 50.00% of the $82.93 initial level. If the stock falls more than 50.00%, investors suffer a 1% loss of principal for each 1% decline, receiving either shares or cash worth less than the principal, potentially zero. The estimated initial value is $981.69 per $1,000, and the notes will not be listed, creating liquidity and pricing risks alongside structural, market, and tax uncertainties.

Bank of Montreal is issuing US$597,000 of Series K autocallable barrier notes due July 30, 2026, linked to Rigetti Computing, Inc.3.00% monthly contingent coupon (about 36% per year) when Rigetti’s share price is at or above the $11.16 coupon barrier, set at 50% of the $22.31 initial level.

Starting April 27, 2026, the notes are automatically redeemed if Rigetti’s share price is at or above the initial level, returning principal plus that month’s coupon. If not called and the final share price is below the $11.16 trigger level, investors receive Rigetti shares (or equivalent cash) worth less than the US$1,000 principal, and possibly zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $967.13 per $1,000 and complex U.S. tax treatment as prepaid contingent income-bearing derivative contracts.

Bank of Montreal is offering $474,000 of Senior Medium-Term Notes, Series K, barrier notes due February 26, 2027, linked to the Russell 2000 Index and the S&P 500 Index. The notes pay a contingent coupon of 0.6083% per month (about 7.30% per year) only if on each observation date both indices are at or above 80% of their initial levels.

At maturity, holders receive $1,000 per note if no trigger event occurs. If the final level of either index is below its 80% trigger level, repayment of principal is reduced in line with the percentage loss of the worst-performing index and can fall to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $964.20 per $1,000 in principal amount and are not insured by any deposit insurance agency.

Bank of Montreal is offering US$9,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due July 30, 2026, linked to the Class A common stock of Robinhood Markets, Inc. ("HOOD"). The price to the public is 100% of principal, with a 1.00% selling commission and 99.00% of proceeds to the bank.

The notes pay a contingent monthly coupon of 2.50% (approximately 30.00% per annum) if HOOD’s closing level on an observation date is at or above the coupon barrier of $73.67, equal to 70.00% of the $105.24 initial level. Beginning April 27, 2026, the notes are automatically redeemed if HOOD is above the call level, returning principal plus the applicable coupon.

If the notes are not called and HOOD’s final level on July 27, 2026 is below the $73.67 trigger level, holders receive shares (or cash) equal to the physical delivery amount instead of full principal, exposing them to downside in HOOD. The estimated initial value is $972.92 per $1,000 of principal.

Bank of Montreal is offering US$1,987,000 of Senior Medium-Term Autocallable Barrier Notes due April 30, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index. These notes pay a contingent coupon of 0.60% per month (about 7.20% per year) only if, on each monthly observation date, both indices are at or above 80% of their initial levels.

The notes can be automatically redeemed beginning July 28, 2026 if both indices are at or above their initial levels, returning principal plus that month’s coupon. If not called, investors receive full principal at maturity only if neither index finishes below 80% of its initial level; otherwise, repayment is reduced one-for-one with the loss of the worst index, and can be zero. The estimated initial value is $964.99 per $1,000 principal, reflecting fees and hedging costs.

Bank of Montreal is offering US$1,467,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due February 1, 2028. The notes are linked to the least performing of the Global X Uranium ETF (URA), iShares Expanded Tech-Software Sector ETF (IGV) and SPDR S&P Biotech ETF (XBI).

The notes pay a 3.0075% quarterly contingent coupon (about 12.03% per year) if on an observation date each ETF is at or above its 50% coupon barrier. Missed coupons can be paid later under the memory feature. Automatic redemption can occur from July 27, 2026 if each ETF is at or above its initial level.

If not called, investors receive full principal at maturity unless any ETF finishes below its 50% trigger level; in that case they receive shares (or cash) of the worst-performing ETF worth less than the principal, potentially zero. The estimated initial value is $944.76 per $1,000, below the $1,000 issue price, reflecting hedging costs, commissions and the issuer’s pricing.

Bank of Montreal is offering US$4,741,000 of senior medium-term Autocallable Buffer Notes due January 30, 2029, linked to the least-performing of SoFi Technologies, Vistra Corp., and Western Digital common stock.

The notes pay a contingent monthly coupon of 1.6083% (about 19.30% per year) only if each stock closes at or above its coupon barrier (60% of its initial level) on the observation dates. Starting January 26, 2027, the notes are automatically redeemed if all three stocks are at or above their initial levels, returning principal plus the applicable coupon.

If not called, investors receive full principal at maturity only if the worst-performing stock has not fallen more than 20% from its initial level. Below this 20% buffer, repayment is reduced one-for-one with the decline of the least-performing stock, and up to 80% of principal can be lost. The estimated initial value is $892.38 per $1,000, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering senior medium-term fixed-rate Notes due February 12, 2031, each with a $1,000 principal amount and a 4.50% annual interest rate. Interest is paid semi-annually on February 12 and August 12, starting August 12, 2026.

The Notes may be redeemed by the bank, in whole only, at 100% of principal plus accrued interest on any February 12 or August 12 from 2027 through 2030. They are unsecured, not insured by any deposit insurer, and will not be listed on any securities exchange, so liquidity may be limited.

The Notes are classified as Canadian bail-inable notes, meaning they may be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under Canadian bank resolution powers. Holders bear the bank’s credit risk and agree to be bound by the Canadian bail-in regime.

Bank of Montreal is offering senior medium-term notes that pay a fixed 4.45% per annum, with interest paid semi-annually each February 12 and August 12 from August 12, 2026 until February 12, 2031, unless earlier redeemed.

The notes are redeemable at Bank of Montreal’s option, in whole but not in part, at 100% of principal plus accrued interest on each February 12 and August 12 from February 12, 2028 through August 12, 2030. At maturity, if not redeemed or subject to bail-in, investors receive $1,000 per note plus accrued interest.

The notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are not insured by U.S. or Canadian deposit insurers. They will not be listed on any securities exchange, and a trading market is not expected to develop. The original issue price is $1,000 per note, including a $15 underwriting discount, resulting in $985 in proceeds to Bank of Montreal per note.

Bank of Montreal is offering senior medium-term fixed rate notes due February 12, 2029. Each Note has a $1,000 principal amount, pays interest at a 4.10% per annum fixed rate, and pays interest semi-annually on February 12 and August 12, beginning August 12, 2026.

The Notes may be redeemed in whole at 100% of principal, plus accrued interest, on February 12 and August 12 of each year from February 12, 2027 through August 12, 2028. At maturity, if not earlier redeemed, investors receive $1,000 per Note plus accrued and unpaid interest.

The Notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are subject to the bank’s credit risk. They are not insured by U.S. or Canadian deposit insurance agencies, will not be listed on any securities exchange, and may have limited or no secondary market liquidity.

Bank of Montreal is offering senior medium-term, Series K fixed-rate notes due February 12, 2031. Each note has a $1,000 principal amount, pays 4.60% per annum, with interest paid semi-annually each February 12 and August 12 starting August 12, 2026.

The bank may redeem the notes in whole, but not in part, at par plus accrued interest on semi-annual optional redemption dates from February 12, 2027 through August 12, 2030. The notes are unsecured, bail-inable under the Canada Deposit Insurance Corporation Act, and will not be listed on any securities exchange.

The original issue price is $1,000 per note, including a $15 underwriting discount, resulting in $985 in proceeds to Bank of Montreal per note. Investors face credit risk of Bank of Montreal, potential early redemption, limited liquidity, and the possibility of bail-in conversion into common shares under Canadian bank resolution powers.

Bank of Montreal is issuing $3,000,000 of Senior Medium-Term Notes, Series K, due January 29, 2031. These U.S. dollar notes pay fixed interest of 4.55% per year, with semi-annual payments each January 29 and July 29, starting July 29, 2026.

Unless earlier redeemed, investors receive $1,000 per note at maturity plus accrued interest. The bank may redeem all notes, but not part, at par plus interest on specified semi-annual dates from January 29, 2027 through July 29, 2030. The notes are unsecured, not listed on any exchange, and not insured by U.S. or Canadian deposit insurers.

The notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into Bank of Montreal common shares or varied or extinguished if Canadian resolution powers are applied. Per-note proceeds are $994.30 after a $5.70 underwriting discount, for total proceeds of $2,982,900.

Bank of Montreal is offering $3,055,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 30, 2036. Each note has a $1,000 principal amount, pays a fixed 5.00% annual interest rate, and pays interest semi-annually on January 30 and July 30, starting July 30, 2026.

Unless redeemed earlier, investors receive $1,000 per note at maturity plus accrued interest. The notes are callable in whole, but not in part, at 100% of principal plus accrued interest on semi-annual optional redemption dates from July 30, 2027 through July 30, 2035.

The notes are unsecured obligations of Bank of Montreal, are not listed on any exchange, and may have limited or no secondary market. They are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished in a resolution scenario. The offering price is $1,000 per note, with a $10 underwriting discount and $990 in proceeds to the issuer per note.

Bank of Montreal is issuing $12,700,000 of Senior Medium-Term Notes, Series K, at $1,000 per note, paying fixed interest of 4.45% per annum until January 29, 2031. The bank expects net proceeds of $12,590,907 after a $109,093 underwriting discount.

Interest is paid semi-annually each January 29 and July 29, starting July 29, 2026, using a 30/360 day-count basis. The notes are callable at par plus accrued interest, in whole only, on semi-annual dates from January 29, 2028 through July 29, 2030, which may limit upside for investors if rates fall.

The notes are unsecured, unsubordinated obligations of Bank of Montreal and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or written down in a resolution scenario. They are not insured by U.S. or Canadian deposit insurers, will not be listed on any exchange, and a secondary market is not expected to develop, so investors should be prepared to hold to maturity.