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

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.

Bank of Montreal is issuing US$980,000 of senior Barrier Enhanced Return Notes due February 2, 2029, linked to the least performing of the S&P 500 Index and the Nasdaq-100 Technology Sector Index.

The notes offer 142.12% leveraged upside on any gain in the worst-performing index. If that index finishes below its initial level but at or above 80% of its initial level, investors simply receive back principal at maturity. If it falls more than 20%, principal is reduced 1% for each additional 1% decline, up to a total loss.

The notes pay no interest, are unsecured obligations of Bank of Montreal and will not be listed on an exchange. The price to the public is 100% of principal, with a 0.50% selling commission; the bank’s estimated initial value is $984.49 per $1,000, reflecting embedded costs and hedging.

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.