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

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

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

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

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

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

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

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

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

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

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

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

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

The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, while net proceeds to Bank of Montreal are approximately 98.3375%, after an agent’s commission of approximately 1.6625%. The bank’s estimated initial value is $973.91 per $1,000, reflecting structuring and hedging costs. U.S. investors are expected to be taxed under contingent payment debt instrument rules, recognizing ordinary income over the term even though cash is only paid at maturity.

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

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

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

Bank of Montreal is offering $584,000 of senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due January 31, 2029, linked to the least performing of the Dow Jones Industrial Average®, Russell 2000® Index and S&P 500® Index.

The notes offer 200% leveraged upside on any gain of the least performing index at maturity if they are not called and that index finishes at or above its initial level. Beginning February 2, 2027, the notes are automatically redeemed if each index closes above its call level, paying principal plus a fixed call amount targeting about 10% per year.

If the notes are not called and the least performing index falls more than 30%, investors lose 1% of principal for each 1% decline, up to a total loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and their estimated initial value is $939.59 per $1,000, below the issue price, reflecting fees, commissions and hedging costs.

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

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

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

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

The structure includes a 20.00% downside buffer: if the index falls by more than 20%, investors lose 1% of principal for each additional 1% decline, up to an 80.00% loss. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on any exchange. The price to the public is 100% of principal, while the bank’s initial estimated value is $968.95 per $1,000, reflecting offering, structuring and hedging costs.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bank of Montreal is offering $15,300,000 of senior medium-term Notes, Series K, fixed-rate, due January 29, 2029. Each Note has a $1,000 principal amount and pays interest at 4.10% per annum, with semi-annual payments each January 29 and July 29 starting July 29, 2026.

The Notes are redeemable at Bank of Montreal’s option, in whole only, at 100% of principal plus accrued interest on specified semi-annual dates from January 29, 2027 through July 29, 2028. They are unsecured, not listed on any exchange, and are bail-inable notes subject to potential conversion into common shares under the Canada Deposit Insurance Corporation Act.

The original issue price is $1,000 per Note, with a $4.50 underwriting discount and $995.50 in proceeds to Bank of Montreal per Note, for total proceeds of $15,234,975. Investors face interest rate risk, credit risk of Bank of Montreal, limited or no secondary market, and potential conflicts of interest related to underwriting and hedging activities.

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.