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

Bank of Montreal is issuing $7,700,000 of Senior Medium-Term Notes, Series K, fixed-rate, redeemable notes maturing on January 29, 2031. Each note has a $1,000 principal amount and pays interest at 4.65% per annum, with semi-annual payments on January 29 and July 29, starting July 29, 2026.

The notes may be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on each January 29 and July 29 from January 29, 2027 through July 29, 2030. The notes are unsecured, not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited.

The notes are designated as bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, in a bail-in conversion. All payments are subject to the credit risk and bail-in powers applicable to Bank of Montreal.

Bank of Montreal is issuing $3,559,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 30, 2031. The notes pay 4.50% interest per year, with semi-annual payments each January 30 and July 30, starting July 30, 2026.

The notes are callable at 100% of principal plus accrued interest on each January 30 and July 30 from January 30, 2027 through July 30, 2030. They are unsecured, not listed on any exchange, issued in $1,000 denominations, and treated as bail-inable under the Canada Deposit Insurance Corporation Act. Per note, the original issue price is $1,000, the underwriting discount is $5, and proceeds to Bank of Montreal are $995, for total proceeds of $3,541,205.

Bank of Montreal is issuing US$1,200,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due March 29, 2027, linked to the State Street Energy Select Sector SPDR ETF (XLE). The notes offer 200% leveraged exposure to any positive performance of XLE, but gains are capped at a Maximum Redemption Amount of $1,172.50 per $1,000 in principal (a 17.25% maximum return).

The notes provide a 10% downside buffer: if XLE’s final level is at or above 90% of its initial level, investors receive full principal, with upside based on the leverage. If XLE falls more than 10%, investors lose 1% of principal for each additional 1% decline, up to a maximum 90% loss.

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 2.35% agent’s commission and 97.65% proceeds to Bank of Montreal. The estimated initial value is $968.42 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering $988,000 of senior Digital Return Barrier Notes due March 1, 2027, linked to the worst performer of the S&P 500, NASDAQ-100 and Russell 2000 indices. The notes pay no interest and are unsecured obligations of Bank of Montreal.

At maturity, investors receive $1,000 plus an 8.65% digital return per $1,000 note if the least performing index is at or above 65% of its initial level. If that index finishes below 65% of its initial level, repayment is reduced 1% for each 1% decline, potentially down to zero, so all principal is at risk.

The notes are offered at 100% of principal, with a 0.65% selling commission, resulting in $981,578 of proceeds to Bank of Montreal. The estimated initial value is $985.16 per $1,000, reflecting structuring and hedging costs. The notes will not be listed on any exchange and are subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering US$4,859,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due March 1, 2027, linked to the worst performer of the S&P 500 Index and Russell 2000 Index.

Each $1,000 note pays no interest and can deliver a fixed 10.16% digital return at maturity if the least-performing index finishes at or above 75% of its initial level. If that index ends below 75% of its initial level, repayment is reduced dollar-for-dollar with the index loss, up to a total loss of principal.

The notes are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and carry full issuer credit risk. The price to the public is 100% of principal, with a 0.43% selling commission and estimated initial value of $986.50 per $1,000, reflecting offering and hedging costs.

Bank of Montreal is issuing US$1,329,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due January 29, 2029, linked to the least-performing of Baker Hughes Company Class A (BKR) and AppLovin Corporation Class A (APP).

The notes pay a contingent coupon of 5.975% per quarter (about 23.90% per year), or $298.75 per $5,000, only if on each observation date both stocks close at or above their coupon barrier levels, set at 50.00% of their initial levels ($28.15 for BKR and $267.72 for APP). Unpaid coupons may be recovered later through a memory feature if the barrier is later met.

Starting April 24, 2026, the notes are automatically redeemed if both shares are at or above their initial levels, returning principal plus any due coupons. If not called, and if on the valuation date either stock closes below its 50.00% trigger level, investors receive shares (or cash) of the least-performing stock worth less than the $5,000 principal, potentially down to zero. The notes are unsecured obligations, not insured deposits, and the estimated initial value is $4,833.05 per $5,000, reflecting dealer costs and hedging.

Bank of Montreal is reopening its MicroSectors FANG+ Index -3X Inverse Leveraged ETNs, adding $100,002,900,000 in additional notes. These new notes are consolidated with previously issued securities, bringing total outstanding notes to 15,000,000 with an aggregate principal amount of $1,500,000,000,000 and a principal amount of $100,000 per note.

The ETNs provide -3x daily inverse exposure to the gross total return NYSE FANG+ Index, using daily resetting leverage. They pay no interest and do not protect principal; both the daily investor fee of 0.95% per annum and any negative daily interest reduce value over time. Due to compounding and path dependence, long-term performance is likely to be negative, and investors can lose their entire investment even if the Index is flat or declines over longer periods.

The notes are intended only as short-term trading tools for sophisticated investors who can monitor positions intraday. They are unsecured, unsubordinated obligations of Bank of Montreal, subject to the bank’s credit and Canadian bank resolution powers, and may be called by the issuer. The ETNs are listed on the NYSE under ticker FNGD, but listing and liquidity are not assured.

Bank of Montreal is offering senior market-linked notes tied to an equally weighted basket of three metals ETFs: abrdn Platinum ETF Trust (PPLT), SPDR® Gold Trust (GLD) and iShares® Silver Trust (SLV). Each security has a $1,000 face amount, prices at $1,000 and matures on February 17, 2028, with no interim interest payments.

The notes provide 125% leveraged upside participation in the basket, but gains are capped by a maximum return that will be at least 50%, so the maximum maturity payment is at least $1,500 per security. A 15% downside buffer applies: if the basket falls by 15% or less, investors receive the $1,000 face amount; if it falls more than 15%, principal is reduced 1-for-1 beyond that level, with potential losses of up to 85%.

The starting value of the basket is set at 100. The estimated initial value on the preliminary date is $931.40 per security, and will not be less than $900 at pricing, reflecting offering, structuring and hedging costs. The notes are unsecured obligations of Bank of Montreal, are not insured or bail-inable, and their value and repayment depend on the bank’s creditworthiness. The pricing and payoff are also sensitive to metals price volatility, ETF performance, tax treatment and limited secondary market liquidity.

Bank of Montreal is offering US$44,146,000 of Senior Medium-Term Notes, Series K, maturing January 26, 2029, whose return is linked to the common stock of General Dynamics Corporation. The notes pay interest at 0.25% per quarter (about 1.00% per year) and are issued in $1,000 denominations.

At maturity, investors receive either $1,000 per note or, if the stock performs strongly, an amount based on a share exchange formula that includes a 19.80% conversion premium. The estimated initial value is $988.20 per $1,000, and the notes are unsecured, not exchange-listed, and subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering US$1,875,000 of senior autocallable notes linked to the Dow Jones Industrial Average, NASDAQ-100, and S&P 500. These three-year notes can auto-redeem after one year if each index stays above 85% of its initial level, returning principal plus a fixed call amount equal to about 11.50% per year.

If held to maturity and not redeemed early, investors receive 150% of any gain in the worst-performing index, but protection is limited. If the weakest index finishes below 75% of its start level, principal is reduced one-for-one with the loss and can fall to zero. The notes pay no interest, are unsecured obligations of Bank of Montreal, are not exchange-listed, and had an estimated initial value of $982.86 per $1,000 at pricing.

Bank of Montreal is offering US$250,000 of senior medium-term Series K Autocallable Barrier Notes due January 29, 2029, linked to the Class A common stock of Datadog, Inc. The notes pay a contingent coupon of 4.4375% per quarter (about 17.75% per year) only if Datadog’s share price on each observation date is at or above a coupon barrier of $78.08, which is 60% of the initial level of $130.13.

Beginning April 24, 2026, the notes are automatically redeemed if Datadog closes above its initial level, returning principal plus the applicable coupon. If not called, investors receive $1,000 per $1,000 in principal at maturity only if the final share price is at or above the same $78.08 trigger level. If the final level is below this trigger, repayment is reduced in line with the stock’s decline, potentially down to zero. The bank’s estimated initial value is $964.91 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured, uninsured obligations subject to market and issuer credit risk.

Bank of Montreal is issuing $887,000 of Senior Medium-Term Notes, Series K, Enhanced Return Notes due March 1, 2027, linked to the State Street Energy Select Sector SPDR ETF (XLE). The notes offer 300% leveraged upside on any ETF gains but cap total return at a Maximum Redemption Amount of $1,256.20 per $1,000 (a 25.62% maximum return). If the ETF ends below its Initial Level of $49.19, 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 will not be listed on any exchange. The price to the public is 100% of principal, with a 1.93% agent commission and 98.07% of proceeds, or $869,880.90, to Bank of Montreal. The bank’s estimated initial value is $970.70 per $1,000, reflecting embedded costs and hedging. All payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering US$2,011,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due April 30, 2027, linked to the S&P 500, NASDAQ-100 and Russell 2000 indices. The notes pay a contingent coupon of 0.9375% per month (approximately 11.25% per annum), or $9.375 per $1,000, only if on an observation date each index is at or above its coupon barrier level (70% of its initial level), with unpaid coupons potentially caught up later under the memory feature.

Beginning July 28, 2026, the notes will be automatically redeemed if on an observation date each index is above its initial level, returning principal plus any due coupons. If not called, principal repayment depends on the least performing index: if no trigger event occurs (no index ever closes below 65% of its initial level during the monitoring period), investors receive full principal; otherwise, maturity payment is reduced in line with the percentage loss of the worst index and can be zero. The estimated initial value is $989.39 per $1,000 in principal, reflecting fees and hedging costs.

Bank of Montreal is issuing US$500,000 of Senior Medium-Term Notes, Series K, called Digital Return Buffer Notes due March 1, 2027, linked to the least performing of the S&P 500 Index, the Russell 2000 Index and the Utilities Select Sector SPDR ETF. The notes offer a fixed 6.90% digital return per $1,000 of principal if the final level of the worst-performing reference asset is at least 75% of its initial level. If that asset falls more than 25% from its initial level, investors lose 1% of principal for each additional 1% decline, for a maximum loss of 75% of principal at maturity. 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 $988.47 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$2,400,000 of Senior Medium-Term Notes, Series K Digital Return Barrier Notes due February 26, 2027, linked to the common stock of GE Vernova Inc.

The notes offer a fixed 18.08% digital return per $1,000 of principal (payment of $1,180.80) if the final GE Vernova share price on the valuation date is at least 60% of its $657.78 initial level. If the stock closes below this 60% barrier, investors lose 1% of principal for each 1% decline from the initial level, receiving GE Vernova shares or cash equal to their reduced value and potentially losing their entire investment.

The notes pay no periodic interest, will not be listed on any exchange, and are unsecured obligations of Bank of Montreal, fully subject to its credit risk. The price to the public is 100% of principal, with a 1.10% agent’s commission, and the bank’s estimated initial value is $987 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$700,000 of senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due January 31, 2029. The notes are linked to the least performing of Apple (AAPL), Alphabet Class C (GOOG) and Amazon (AMZN).

Investors may receive monthly contingent coupons at a rate of 1.5833% (about 19.00% per year), paying $15.833 per $1,000 of principal, but only if on each observation date all three stocks close at or above their respective coupon barrier levels, set at 80% of their initial levels. Missed coupons can be paid later under the memory feature if barriers are later met.

The notes can be automatically redeemed starting in January 2027 if, on specified call observation dates, each stock is at or above its initial level, returning principal plus any due coupons. If not redeemed and any stock finishes below its 75% trigger level at maturity, investors lose principal in line with the decline of the worst-performing stock, potentially losing their entire investment. The notes are unsecured obligations, with an estimated initial value of $972.25 per $1,000.

Bank of Montreal is issuing US$1,450,000 in Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due January 31, 2029. The notes are linked to the least performing of the Russell 2000® Index (RTY) and the US Global Jets ETF (JETS).

Investors can receive a contingent coupon of 2.625% per quarter (about 10.50% per year) if, on each observation date, both reference assets are at or above their coupon barrier levels, set at 70% of the initial level. The notes are subject to automatic redemption starting July 28, 2026 if both assets are at or above their initial levels, in which case investors receive principal plus the due coupon.

If the notes are not called and any reference asset finishes below its 70% trigger level at maturity, repayment of principal is reduced in line with the loss on the worst performer and can fall to zero. The estimated initial value is $961.58 per $1,000 principal, and the notes are unsecured obligations of Bank of Montreal with significant structural and market risks.

Bank of Montreal is offering $4,495,000 of Senior Medium-Term Notes, Series K, called Digital Return Buffer Notes, maturing on March 1, 2027. The notes are linked to the least performing of the NASDAQ-100 Index, the Russell 2000 Index and the SPDR S&P Regional Banking ETF.

If, on the valuation date, the level of the least performing reference asset is at least 75% of its initial level, investors receive $1,090 at maturity for each $1,000 note, a fixed 9.00% digital return. If it falls more than 25% below its initial level, repayment is reduced 1% for each additional 1% decline, up to a maximum loss of 75% of principal.

The notes pay no periodic interest, are unsecured obligations of Bank of Montreal and will not be listed on any securities exchange. The price to the public is 100% of principal, with a 0.40% selling commission, and the estimated initial value is $988.43 per $1,000, reflecting embedded offering and hedging costs.

Bank of Montreal is offering US$1,311,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with contingent coupons maturing on January 31, 2029. The notes are linked to the least performing of the S&P 500® Index, Russell 2000® Index and Dow Jones Industrial Average®.

Investors may receive a monthly contingent coupon of 0.6125% (about 7.35% per year, or $6.125 per $1,000) if on each observation date all three indices are at or above their coupon barrier levels, set at 65% of their initial levels. Starting January 26, 2027, if on an observation date all indices are at or above their initial levels, the notes are automatically redeemed at par plus any due coupon.

If the notes are not called and on the valuation date any index closes below its 65% trigger level, principal is reduced in line with the loss of the worst-performing index and can fall to zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and their estimated initial value is $972.99 per $1,000 on the pricing date.

Bank of Montreal is offering US$1,010,000 of Senior Medium-Term Notes, Series K, called Digital Return Barrier Notes, maturing on March 1, 2027. These unsecured notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

For each $1,000 note, investors receive $1,100 at maturity (a 10.00% digital return) if the final level of the worst-performing index is at least 70.00% of its initial level. If that index finishes below 70.00% of its initial level, repayment is reduced 1% for each 1% decline, and investors can lose up to all of their principal.

The notes do not pay interest, will not be listed on any exchange, and all payments depend on the credit of Bank of Montreal. The public offering price is 100% of principal, with a 0.50% selling commission, and the bank’s estimated initial value is $984.68 per $1,000 note.

Bank of Montreal is offering US$700,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due January 31, 2029, linked to the least performing of Broadcom Inc., Vistra Corp., and Axon Enterprise, Inc. common stocks. The notes may pay a monthly contingent coupon at a rate of 1.8667% (approximately 22.40% per year), or $18.667 per $1,000, when each stock closes at or above its coupon barrier level, with a memory feature that can make up previously missed coupons.

The notes are automatically redeemed if, on specified call observation dates starting July 28, 2026, each stock is at or above its initial level, returning principal plus any due coupons. If the notes are not called, investors receive full principal at maturity only if none of the stocks finishes below its trigger level, set at 50.00% of its initial level; otherwise, repayment is reduced in line with the decline of the worst stock and can be zero. The price to the public is 100% of principal, the agent’s commission is 0.25%, proceeds to Bank of Montreal are 99.75%, and the estimated initial value is $953.60 per $1,000. The notes are unsecured obligations with no FDIC or similar insurance.

Bank of Montreal is offering unsecured, principal-at-risk notes linked to the price performance of the iShares 20+ Year Treasury Bond ETF. The notes pay no interest and are designed to be held to maturity, with a term expected to be between 12 and 14 months.

At maturity, for each $1,000 note you receive a cash payment based on the ETF’s level on the determination date. If the final level is at or above 90.00% of the initial level, you receive a fixed threshold settlement amount, expected to be between $1,052.50 and $1,061.60 per note. If the final level is below 90.00%, the payout is reduced so that you lose approximately 1.1111% of principal for every 1% the ETF ends below the threshold, and you could lose the entire investment.

The notes will not be listed on any exchange. The estimated initial value is expected to be between $960.10 and $990.10 per $1,000, lower than the issue price, reflecting offering and hedging costs. All payments depend on the credit of Bank of Montreal, and the notes are not insured or bail-inable.

Bank of Montreal is offering senior medium-term, auto-callable equity-linked securities tied to the worst performer of Amazon, Oracle and UnitedHealth stock, maturing on January 26, 2029. Each security has a $1,000 face amount, total offering of $6,135,000, and an estimated initial value of $943.16 per security.

Investors can receive monthly contingent coupons at a 19.00% per annum rate if the lowest-performing stock stays at or above 60% of its starting value, with a memory feature for missed coupons. The notes may be automatically called from April 2026 through December 2028 if the lowest-performing stock is at least at its starting value, returning principal plus due coupons.

If not called and the lowest-performing stock closes below 60% of its starting value at maturity, principal is reduced one-for-one with that decline, potentially to zero. The securities are unsecured obligations of Bank of Montreal and are subject to its credit risk, complex tax treatment and limited liquidity, and are not insured or bail-inable.

Bank of Montreal is offering senior medium-term notes linked to the common stock of Amazon.com, Alphabet (Class A), and Microsoft, maturing on January 26, 2029. The securities have a face amount of $1,000 per note, an original offering size of $5,024,000, and an estimated initial value of $954.57 per security, reflecting offering, structuring and hedging costs.

Investors may receive a 13.00% per annum contingent coupon, paid monthly, but only if on each calculation day the lowest performing stock is at or above its coupon threshold, set at 70% of its starting value. The notes are auto-callable from April 2026 through December 2028 if the lowest performing stock is at or above its starting value, returning principal plus due coupons.

If not called, principal repayment depends on the lowest performing stock on the final calculation day. Full principal is repaid if it is at or above its downside threshold of 60% of starting value; below that level, repayment is reduced in line with the stock’s decline, and investors can lose most or all of principal. The notes are unsecured obligations of Bank of Montreal, carry complex market, correlation, liquidity, valuation and tax risks, and provide no participation in stock gains beyond coupon payments.

Bank of Montreal is issuing $110,000 principal amount of Senior Medium-Term Notes, Series K, Redeemable Fixed Rate Notes due January 28, 2033. Each Note has a $1,000 denomination and pays fixed interest at 4.70% per annum, with semi-annual payments on January 28 and July 28, starting July 28, 2026. Unless earlier redeemed, investors receive $1,000 per Note at maturity plus accrued interest.

The Notes are callable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on semi-annual dates from July 28, 2027 through July 28, 2032. They are unsecured obligations of Bank of Montreal, not insured by any deposit insurer, and will not be listed on any securities exchange, so liquidity may be limited. The Notes are also bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished if Canadian resolution powers are applied.

Bank of Montreal is issuing $10,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 28, 2031. Each Note has a $1,000 principal amount and pays fixed interest at 4.65% per annum, with semi-annual payments on January 28 and July 28, starting July 28, 2026.

The Notes are callable at the issuer’s option at 100% of principal plus accrued interest on semi-annual Optional Redemption Dates from January 28, 2028 through July 28, 2030. They are unsecured obligations of Bank of Montreal and will not be listed on any securities exchange.

The Notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares of Bank of Montreal or its affiliates or varied or extinguished in a bail-in conversion. Underwriting discounts total $20,000, resulting in $9,980,000 in proceeds to Bank of Montreal before expenses, and investors bear the bank’s credit and bail-in risk.

Bank of Montreal is offering $5,755,000 of senior unsecured medium-term notes linked to the worst performer of Amazon, NVIDIA and UnitedHealth common stocks, maturing January 26, 2029. Each $1,000 note pays a contingent monthly coupon at a 17.60% per annum rate only if, on the relevant calculation day, the lowest-performing stock is at least 60% of its starting value, with a memory feature that can pay previously missed coupons when conditions are later met.

The notes are auto-callable monthly from April 2026 through December 2028 if the lowest-performing stock is at or above its starting value, in which case holders receive $1,000 plus the applicable coupon(s). If not called, at maturity investors receive $1,000 per note only if the worst stock is at or above 60% of its starting value; otherwise repayment is reduced 1-for-1 with the stock’s decline, and principal losses can reach 100%.

The estimated initial value is $952.06 per $1,000 note, below the issue price, reflecting distribution and hedging costs. The notes are complex, not listed on any exchange, may have limited secondary liquidity, pay no fixed interest and are fully exposed to both market risk of the three stocks and the credit risk of Bank of Montreal.

Bank of Montreal is offering unsecured structured notes linked to the S&P 500® Index. The notes pay no interest and may be automatically called about 12–14 months after the trade date if the index is at or above its initial level, in which case investors receive their principal plus a call premium expected to range between 7.80% and 9.15%.

If the notes are not called, they mature in about 24 months. At maturity, if the S&P 500® is at or above its initial level, investors receive principal plus the greater of a maturity date premium expected between 15.60% and 18.30% or 100% of the index gain. If the index has fallen by up to 10%, investors receive full principal due to a 10% buffer.

If the index has declined by more than 10%, repayment of principal is reduced: investors lose approximately 1.1111% of principal for each 1% the final index level is below 90% of the initial level, and could lose all of their investment. The notes are not listed, have an estimated initial value between $949 and $979 per $1,000, and all payments are subject to the credit risk of Bank of Montreal.

Bank of Montreal is expanding its Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (ticker OILD), issuing an additional $500,004,000 of notes, which will form a single tranche with the existing notes for total outstanding principal of $750,000,000 (3,000,000 notes at $250 each). These exchange-traded notes provide daily -3x leveraged inverse exposure to the Solactive Oil & Gas Exploration & Production Index and are unsecured, unsubordinated debt of Bank of Montreal.

The notes charge a 0.95% annual investor fee, can incur negative Daily Interest based on the U.S. Federal Funds Effective Rate minus a spread of up to 4.00%, and a 0.125% redemption fee on holder-initiated redemptions. They pay no interest, do not guarantee principal, and can permanently fall to zero if the indicative value hits zero. The issuer may call all or part of the notes at its option, and the structure is explicitly aimed at sophisticated investors using the ETNs as short-term daily trading tools rather than buy-and-hold investments.

Bank of Montreal is offering senior medium-term, Series K redeemable fixed-rate notes with a principal amount of $1,000 per Note, paying fixed interest of 4.40% per annum. Interest is paid in U.S. dollars semi-annually on February 9 and August 9, starting August 9, 2026, through August 9, 2030, and at maturity on January 27, 2031, unless the Notes are redeemed earlier.

The Notes are callable at 100% of principal plus accrued interest, in whole but not in part, on February 9 and August 9 of each year from February 9, 2027 through August 9, 2030, at Bank of Montreal’s option. They are unsecured obligations, subject to the credit risk of Bank of Montreal, and will not be listed on any securities exchange, so liquidity may be limited.

The Notes are designated as bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted, in whole or in part, into common shares of Bank of Montreal or its affiliates, or varied or extinguished under Canadian bank resolution powers. The original issue price is $1,000 per Note, including a $15 underwriting discount, with $985 per Note in proceeds to Bank of Montreal.

Bank of Montreal is offering senior medium-term, fixed-rate notes due February 10, 2038. Each Note has a $1,000 principal amount and pays interest at a fixed rate of 5.10% per annum, with semi-annual payments every February 10 and August 10 starting August 10, 2026.

The Notes are redeemable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on each February 10 and August 10 from February 10, 2028 through August 10, 2037. They are unsecured obligations of Bank of Montreal, not listed on any securities exchange, and there is no assurance of a secondary market.

The Notes are designated as bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or its affiliates or varied or extinguished under Canadian bank resolution powers. Investors bear the credit risk of Bank of Montreal and may receive less than principal if the bank defaults or a bail-in conversion occurs.

Bank of Montreal is offering senior unsecured market-linked notes tied to the worst performer of CrowdStrike (CRWD), Robinhood (HOOD) and Medtronic (MDT), maturing in February 2029, at an original price of $1,000 per security. The estimated initial value on the pricing date is expected to be between $920 and $969 per security, below the offering price due to selling, structuring and hedging costs.

The notes pay a monthly contingent coupon at a rate of at least 20% per annum only if the lowest-performing stock on each calculation day is at or above 50% of its starting value. Missed coupons can be "remembered" and paid later if the test is subsequently met. From July 2026 to December 2028, if the lowest-performing stock is at or above its starting value on a calculation day, the notes are automatically called at par plus the applicable coupon(s).

If the notes are not called and, on the final calculation day, the worst stock is below 50% of its starting value, repayment of principal is reduced in full proportion to that decline, creating the potential for a loss of more than 50%, up to 100%, of principal. Investors do not participate in any upside of the stocks. The notes are unsecured obligations of Bank of Montreal, not insured, not listed on an exchange, and feature complex payoff, liquidity, credit and tax risks, including 30% U.S. withholding on coupons for many non-U.S. investors.

Bank of Montreal is offering US$906,000 of Senior Medium-Term Notes, Series K, structured as Callable Barrier Notes with Contingent Coupons due January 27, 2027. These unsecured notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index, each with a coupon barrier and trigger level set at 70% of its initial level.

Investors receive a monthly contingent coupon of 0.605% of principal (about 7.26% per year) only if, on each observation date, all three indices close at or above their respective barrier levels. Starting April 22, 2026, Bank of Montreal may call the notes in whole on any observation date, repaying principal plus any due coupon.

If the notes are not called and none of the indices finishes below its trigger level on the valuation date, investors receive their full principal at maturity plus any final coupon. If any index finishes below its trigger level, repayment is reduced in line with the percentage decline of the worst-performing index, and can fall to zero. The estimated initial value is $972.35 per $1,000 principal, and the notes involve significant market, credit and structural risks.

Bank of Montreal is issuing US$200,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes linked to Apple Inc. common stock. The notes pay a contingent coupon of 2.25% per quarter (about 9.00% per year) only if AAPL’s closing level on each observation date is at or above the coupon barrier of $198.68, which is 80% of the initial level of $248.35.

Beginning April 24, 2026, the notes are automatically redeemed if AAPL closes above its initial level on an observation date, returning principal plus the due coupon. If the notes are not called and AAPL finishes at or above the same 80% trigger level on the January 24, 2029 valuation date, investors receive full principal back plus any final coupon.

If AAPL closes below the trigger level on the valuation date, repayment is reduced one-for-one with the stock’s loss, which can result in a loss of all principal. The notes are unsecured obligations of Bank of Montreal, pay only in cash, and have an estimated initial value of $963.94 per $1,000 in principal on the pricing date, reflecting fees and hedging costs.

Bank of Montreal is offering $8,000,000 of senior medium-term Notes, Series K, paying a fixed 5.05% annual interest rate and maturing on January 27, 2038, in $1,000 denominations. Interest is paid semi-annually on January 27 and July 27, starting July 27, 2026.

The Notes are callable at 100% of principal plus accrued interest, in whole only, on each January 27 and July 27 from January 27, 2028 through July 27, 2037. They are unsecured obligations of Bank of Montreal, not listed on any exchange, and all payments depend on the bank’s credit.

The Notes are designated as bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into Bank of Montreal common shares or varied or extinguished in a resolution scenario. They are not insured by U.S. or Canadian deposit insurance agencies.

Bank of Montreal is offering US$7,528,000 of senior Medium-Term Notes, Series K, Capped Buffer Notes due April 12, 2027, linked to the Russell 2000 Value Index. These notes give 1-to-1 upside exposure to index gains with a Maximum Redemption Amount of $1,121.80 per $1,000 principal, capping total return at 12.18%.

The notes protect principal against index declines of up to 15%, but if the index falls more than 15%, investors lose 1% of principal for each additional 1% drop and could lose up to 85% of principal at maturity. 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 $987 per $1,000, below the issue price, reflecting offering and hedging costs.

Bank of Montreal is offering US$1,300,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with memory coupons linked to the Class A common stock of CrowdStrike Holdings, Inc. (CRWD), maturing on January 31, 2029. The notes pay a contingent coupon of 2.775% per quarter (approximately 11.10% per year), or $27.75 per $1,000, only if CrowdStrike’s share price on each observation date is at or above a coupon barrier set at $222.94, which is 50% of the initial level.

Beginning July 28, 2026, if on an observation date CrowdStrike closes above 100% of its initial level, the notes are automatically redeemed at par plus any due coupons, including unpaid “memory” coupons from earlier missed dates. If the notes are not called and, on the valuation date, CrowdStrike closes below the $222.94 trigger level, investors will receive less than their principal, potentially losing their entire investment. The notes are unsecured obligations of Bank of Montreal, and their estimated initial value is $967.89 per $1,000 of principal.

Bank of Montreal is offering US$815,000 of senior autocallable buffer notes linked to the VanEck Gold Miners ETF (GDX), maturing December 27, 2028. The notes pay contingent monthly coupons at 0.5417% (about 6.50% per year), but only if GDX closes on each observation date at or above a coupon barrier set at $68.36, which is 65% of the initial level of $105.17. Missed coupons can be paid later under a “memory” feature when the barrier is met.

Beginning July 22, 2026, the notes may be automatically redeemed if GDX closes above its initial level, returning principal plus any due coupons. If held to maturity and no trigger is breached, investors receive full principal back; if the final level falls below the buffer level of $89.39 (85% of the initial level), principal is reduced 1% for each 1% decline beyond that, with losses up to 85%. The notes are unsecured, not insured deposits, and have an estimated initial value of $941.66 per $1,000, reflecting fees, commissions and hedging costs.

Bank of Montreal is issuing US$3,762,000 of Senior Medium-Term Notes, Series K, as Autocallable Buffer Notes with Step Up Call Amounts due December 27, 2028, linked to the least performing of the VanEck Gold Miners ETF (GDX) and the SPDR S&P Metals & Mining ETF (XME).

The notes auto-call quarterly starting July 22, 2026 if each ETF is at or above its 100% Call Level, paying stepped Call Amounts up to $525 per $1,000 at final observation, equivalent to 18.00% per annum on called amounts. A 15.00% buffer applies at maturity: if the worst ETF has fallen by no more than 15%, principal is repaid; if it is below its Buffer Level (85% of initial), repayment is reduced one-for-one and losses can reach up to 85% of principal.

The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and have an estimated initial value of $935.61 per $1,000 on the pricing date, reflecting embedded fees and hedging costs.

Bank of Montreal is offering unsecured, senior notes linked to the iShares® Emerging Markets ex China ETF. The notes do not pay interest and are designed to be held to maturity, with an expected term of about 13 to 15 months.

At maturity, for each $1,000 note, investors receive: the maximum settlement amount (expected between $1,206.25 and $1,242.10) if the ETF has risen to or above a cap level; $1,000 plus 150% of the ETF’s gain if it is above the initial level but below the cap; or $1,000 plus the ETF return if the ETF has fallen, leading to a loss of 1% of principal for every 1% decline, down to a total loss.

The estimated initial value is expected between $958.80 and $988.80 per $1,000, below the issue price, reflecting fees and hedging costs. The notes are not listed on any exchange, carry full credit risk of Bank of Montreal, and embed complex U.S. tax and emerging-market, currency and ETF-related risks.

Bank of Montreal is offering unsecured, S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity, expected 13–15 months after the trade date. Each note has a $1,000 principal amount, and repayment at maturity depends on how the S&P 500 performs between the trade date and the determination date.

If the final index level is at or above 90% of the initial level, holders receive a fixed threshold settlement amount, expected to be between $1,074.90 and $1,087.80 per $1,000 note, capping upside even if the index rises sharply. If the final level is below 90%, principal is reduced by about 1.1111% for every 1% the index falls below that threshold, so some or all principal can be lost. The estimated initial value is expected to be between $960.80 and $990.80 per $1,000, less than the issue price, and the notes will not be listed on any exchange, with all payments subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering senior medium-term notes that pay a fixed interest rate of 4.65% per year on a principal amount of $1,000 per Note. Interest is paid in cash in U.S. dollars every January 28 and July 28, starting July 28, 2026, until maturity on January 28, 2031, unless the Notes are redeemed earlier.

The Notes are callable in whole by Bank of Montreal at 100% of principal plus accrued interest on each January 28 and July 28 from January 28, 2028 through July 28, 2030. They are unsecured obligations, not insured by any government agency, and all payments depend on Bank of Montreal’s credit.

The Notes 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. They will not be listed on any securities exchange, so investors may face limited or no secondary market liquidity. An underwriting discount of $3.00 per Note reduces proceeds to the issuer to $997.00 per Note.

Bank of Montreal is issuing senior medium-term, equity-linked notes tied to the lower performer of CoreWeave Class A shares and lululemon athletica common stock, maturing in January 2029. The $1,000-denomination securities pay a high 26.00% per annum contingent coupon, evaluated quarterly, only if the worst underlier’s closing value is at least 50% of its starting value. Missed coupons feature a “memory” so they are repaid if a later observation meets the threshold.

From July 2026 to October 2028, the notes auto-call at par plus the due and unpaid coupons if the worst underlier is at or above its starting value. If not called, principal is protected at maturity only if the worst underlier is at or above 50% of its starting value; otherwise, repayment falls one-for-one with that underlier’s decline, with losses greater than 50% and up to total loss possible.

Investors do not participate in any upside of either stock and receive no dividends. All payments depend on Bank of Montreal’s credit, the notes are not insured or exchange-listed, and the estimated initial value is $920 per $1,000 security versus a $1,000 original offering price on a total issue of $896,000.

Bank of Montreal is issuing US$1,225,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Barrier Notes due January 27, 2031, linked to the S&P 500® Futures Excess Return Index. The notes offer 190.88% leveraged upside on any positive index performance. If no Barrier Event occurs and the index finishes below its Initial Level of 558.74 but at or above the Barrier Level of 335.24 (60% of the Initial Level), investors receive a positive “absolute return” on the decline, capped at a Maximum Downside Redemption Amount of $1,400 per $1,000 of principal (a 40% gain).

If the Final Level is below the Barrier Level, the payoff becomes fully at risk and investors lose 1% of principal for every 1% index decline, with up to a total loss 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 price to the public is 100% of principal, with a 0.50% agent’s commission and 99.50% of proceeds to Bank of Montreal, and the estimated initial value is $1,016.70 per $1,000 note as of the pricing date.

Bank of Montreal is offering US$1,803,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due January 26, 2029. These unsecured notes are linked to the least performing of Moderna (MRNA) stock, Micron Technology (MU) stock and Sibanye Stillwater (SBSW) ADRs, and pay no interest.

The notes may be automatically redeemed on April 22, 2026 if each reference asset closes above 80% of its initial level, returning principal plus a fixed call amount of $330 per $1,000 note, a return of about 132% per annum for that period. If not called and the least performing asset finishes at or above its initial level, investors receive 200% of its gain; if it finishes between 60% and 100% of its initial level, only principal is returned.

If the least performing asset ends below 60% of its initial level, repayment is reduced 1% for each 1% decline, down to a possible total loss. The notes will not be listed, are subject to Bank of Montreal’s credit risk, and had an estimated initial value of $924.55 per $1,000 on the pricing date, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$1,715,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due January 26, 2029, linked to the least performing of Amkor Technology, Intel, and MongoDB common stock.

The notes provide 200.00% leveraged upside on any gain of the least performing stock at maturity if they are not automatically redeemed. On April 22, 2026, if each stock closes above 80.00% of its initial level, the notes are automatically called and, on April 27, 2026, pay principal plus a $285 per note call amount, a return of about 114.00% per annum.

If not called and the worst stock finishes at or above 60.00% of its initial level, investors receive principal only; below that 60.00% barrier, principal is reduced 1% for each 1% decline, with losses up to 100%. The notes pay no interest, will not be listed, are unsecured obligations of Bank of Montreal, and all payments are subject to its credit risk. The estimated initial value is $959.47 per $1,000, below the price to public due to offering, structuring, and hedging costs.

Bank of Montreal is issuing an additional $75,000,000,000 of Gold Miners -3X Inverse Leveraged ETNs, bringing the total outstanding notes of this tranche to $125,000,000,000. These unsecured senior notes, listed on NYSE as GDXD, provide -3x daily leveraged inverse exposure to the S-Network MicroSectors Gold Miners Index, which is based on the VanEck Gold Miners ETF (GDX) and Junior Gold Miners ETF (GDXJ).

Each note now has a principal amount of $5,000 after prior reverse splits, pays no interest, and is subject to a 0.95% annual Daily Investor Fee, a floating Daily Interest that can become negative, and a 0.125% Redemption Fee on holder-initiated redemptions. The bank can call all or part of the notes at its discretion, and holders generally must redeem at least 25,000 notes at a time.

The notes are intended only as short-term trading tools for sophisticated investors. Because of daily rebalancing, leverage, fees and index volatility, the ETNs are prone to “decay,” can lose most or all of their value even if the index falls over time, and embed full credit risk of Bank of Montreal.

Bank of Montreal is issuing US$998,000 of Senior Medium-Term Notes, Series K, as autocallable barrier enhanced return notes due January 26, 2029, linked to the least performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. The notes pay no interest and are unsecured obligations of Bank of Montreal.

On January 27, 2027, if each index closes above its initial level, the notes are automatically redeemed and investors receive principal plus a call amount of $190 per $1,000 note, equal to about 19% per year, with no further upside. If the notes are not called and, at maturity, the least performing index is at or above its initial level, investors get their principal plus 175% of that index’s positive return. If it is below its initial level but at or above 70% of that level, investors receive only their principal back.

If the least performing index finishes below 70% of its initial level, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes are not listed on an exchange, carry Bank of Montreal credit risk, and have an estimated initial value of $971.93 per $1,000, below the public offering price.

Bank of Montreal is offering US$605,000 of Senior Medium‑Term Notes, Series K, called Digital Return Buffer Notes due February 26, 2027, linked to the American depositary receipts of Baidu, Inc. The notes offer a fixed 26.80% digital return on the $1,000 principal if the Baidu ADR closing level on the valuation date is at least 90% of its initial level of $162.28.

If the Baidu ADR falls more than 10% below the initial level, investors lose 1% of principal for each additional 1% decline, up to a maximum loss of 90% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange, so liquidity may be limited.

The price to the public is 100% of principal with a 1.25% selling commission; the bank’s estimated initial value is $963.97 per $1,000, reflecting structuring and hedging costs. Investors do not receive Baidu dividends or shares and bear Bank of Montreal’s credit risk as well as market risk in the Baidu ADRs.