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

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.

Bank of Montreal is offering $530,000 of Senior Medium-Term Notes, Series K, callable barrier notes due January 26, 2029, linked to the least performing of Tesla, Advanced Micro Devices and NVIDIA common stocks. The notes pay a contingent coupon of 2.1875% per month (approximately 26.25% per year), or $21.875 per $1,000, only if on each observation date all three stocks close at or above their respective coupon barrier levels, set at 50% of their initial levels.

Beginning April 22, 2026, Bank of Montreal may call the notes in whole on any observation date, returning principal plus any due coupon on the next coupon payment date. If the notes are not called and any stock finishes below its 50% trigger level on the valuation date, investors will incur a loss of principal proportional to the decline of the worst-performing stock, which could result in receiving little or no repayment at maturity. The estimated initial value is $973.28 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$1,703,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due July 26, 2027. The notes are linked to the least-performing of the VanEck Gold Miners ETF (GDX), the S&P 500 Index (SPX), and the VanEck Semiconductor ETF (SMH).

Investors may receive monthly contingent coupons at 1.2925% (approximately 15.51% per annum) per US$1,000, but only if each reference asset is at or above its coupon barrier level, set at 70.00% of its initial level. Principal is protected at maturity only if no trigger event occurs; a trigger event happens if any reference asset finishes below 60.00% of its initial level, in which case repayment is reduced in line with the loss on the worst performer and can fall to zero.

The notes can be automatically redeemed starting July 22, 2026 if all reference assets are at or above their initial levels, returning principal plus any due coupons. The estimated initial value is $966.37 per US$1,000 principal, reflecting structuring and hedging costs. The notes are unsecured obligations of Bank of Montreal and carry the structural, market and credit risks highlighted in the risk sections.

Bank of Montreal is offering US$1,016,000 of senior medium-term Callable Barrier Notes with Contingent Coupons due December 27, 2027, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Nasdaq-100 Technology Sector Index.

The notes pay a contingent coupon of 0.86% per month (about 10.32% per year), or $8.60 per $1,000, only if on each observation date all three indices are at or above their coupon barriers set at 70% of their initial levels. Starting July 22, 2026, Bank of Montreal may call the notes in whole on any observation date, returning principal plus any due coupon.

If the notes are not called and the final level of any index is below its trigger (the same 70% barrier), investors lose principal in line with the percentage decline of the worst-performing index, potentially receiving zero. The estimated initial value is $979.35 per $1,000, reflecting fees and hedging costs, and the supplement highlights significant structural, market and tax risks.

Bank of Montreal is offering US$13,270,000 of senior unsecured autocallable barrier notes due January 26, 2029, linked to the worst performer of the S&P 500, Russell 2000 and Dow Jones Industrial Average. The notes pay a contingent coupon of 0.5833% per month (about 7.00% per year) only if, on each observation date, all three indexes are at or above their coupon barrier levels, set at 70% of their initial levels.

Starting July 22, 2026, the notes will be automatically redeemed if all three indexes are above 105% of their initial levels on an observation date, returning principal plus the applicable coupon. If not called, and any index finishes below its 70% trigger level at maturity, investors lose principal in line with the decline of the worst index, potentially down to zero. The public offering price is 100% of principal, with an agent’s commission of 3.13%, and the estimated initial value is $967.26 per $1,000. The notes are not bank deposits or insured by any government agency.

Bank of Montreal is issuing $4,650,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 12, 2029. Each Note has a $1,000 principal amount, pays 4.05% per annum, with interest paid semi-annually on January 26 and July 26 starting July 26, 2026, and at maturity.

The Notes are callable in whole at 100% of principal plus accrued interest on each January 26 and July 26 from July 26, 2026 through July 26, 2028, which means the issuer can repay early if conditions are favorable. At maturity, if not redeemed, investors receive $1,000 per Note plus accrued interest.

The issue price is $1,000 per Note, including a $6 underwriting discount, resulting in $4,622,797.50 in proceeds to Bank of Montreal. The Notes are unsecured, bail-inable obligations of Bank of Montreal, not insured by U.S. or Canadian deposit insurance, may be converted into common shares under Canadian bail-in powers, and are not expected to have an active secondary market.

Bank of Montreal is issuing $6,264,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 13, 2031. The notes have a principal amount of $1,000 per note, pay 4.40% per annum, with interest paid semi-annually on January 26 and July 26 starting July 26, 2026, and at maturity unless redeemed earlier.

Bank of Montreal may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on each January 26 and July 26 from January 26, 2027 through July 26, 2030. The notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and can be converted into common shares or varied or extinguished in a resolution scenario.

The notes will not be listed on any securities exchange, so liquidity may be limited. The original issue price is $1,000 per note, including a $10 underwriting discount, providing $6,201,360 in proceeds to Bank of Montreal. Investors face interest rate, call, credit, bail-in and secondary-market pricing risks.

Bank of Montreal is offering $1,138,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 26, 2033. Each note has a $1,000 principal amount and pays fixed interest of 4.80% per annum, with interest paid semi-annually on January 26 and July 26, starting July 26, 2026.

The notes are callable at Bank of Montreal’s option, in whole but not in part, at 100% of principal plus accrued interest on each January 26 and July 26 from January 26, 2027 through July 26, 2032. If not redeemed, holders receive $1,000 per note plus accrued interest at maturity.

The notes are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and are described as bail-inable notes, meaning they can be converted into common shares or varied or extinguished under the Canada Deposit Insurance Corporation Act in a resolution scenario. They are not insured by U.S. or Canadian deposit insurance agencies, and the filing highlights credit risk, interest rate risk, call risk and limited or no secondary market liquidity.

Bank of Montreal is issuing US$1,246,000 of Senior Medium-Term Notes, Series K, as callable barrier notes with contingent coupons linked to the common stock of SoFi Technologies, Inc. (SOFI), maturing on July 23, 2027.

The notes pay a monthly contingent coupon of 2.185% of principal (about 26.22% per year) only if SoFi’s closing share price on each observation date is at or above the coupon barrier of $15.29, which is 60% of the initial level of $25.49. Beginning July 20, 2026, Bank of Montreal may call the notes in whole on any observation date, in which case investors receive principal plus any due coupon on the call settlement date.

If the notes are not called, principal repayment depends on SoFi’s final level on the valuation date. Investors receive full principal if the final level is at or above the trigger level of $12.75 (50% of the initial level). If the final level is below the trigger, repayment is reduced in proportion to the stock’s decline, and can fall to zero. The notes are unsecured obligations, have an estimated initial value of $982.72 per $1,000 of principal, and are intended to be treated as pre-paid contingent income-bearing derivative contracts for U.S. federal tax purposes.

Bank of Montreal is issuing US$763,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due January 25, 2028, linked to the Global X Uranium ETF (URA). The notes offer a contingent coupon of 3.2875% per quarter (about 13.15% per year) when URA’s closing level is at or above a barrier set at 60% of the initial level, with unpaid coupons potentially paid later under a memory feature. Starting July 20, 2026, the notes are automatically redeemed if URA closes above its initial level on an observation date, returning principal plus any due coupons. If not called and URA finishes below the 60% trigger level on the valuation date, investors receive URA shares (or cash equivalent) worth less than principal, potentially as low as zero, while the estimated initial value is $941.50 per $1,000 face amount.

Bank of Montreal is offering US$13,439,000 of senior autocallable barrier notes linked to Shopify Inc.’s Class A subordinate voting shares. The notes pay a contingent monthly coupon of 1.275% (approximately 15.30% per annum) for each US$1,000 principal, but only if Shopify’s share price on each observation date is at or above the US$80.92 coupon barrier, which is 56.00% of the US$144.50 initial level. Beginning July 20, 2026, the notes are automatically redeemed if Shopify’s closing level is at or above the initial level, returning principal plus the coupon. If the notes are not called and Shopify’s final level falls below the US$80.92 trigger level, investors lose principal in line with the share price decline, potentially losing the entire investment. The estimated initial value is US$963.41 per US$1,000, reflecting fees and hedging costs.

Bank of Montreal is issuing $405,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due February 23, 2027, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. The notes offer a fixed 8.85% digital return per $1,000 at maturity if the worst-performing index is at or above 65% of its initial level on the valuation date.

If the least performing index closes below this 65% barrier, investors lose 1% of principal for each 1% decline from its initial level, with up to a total loss of principal. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, with a 0.65% agent’s commission, and the estimated initial value is $983.53 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is issuing $370,000 of Senior Medium-Term Notes, Series K, due January 24, 2028, that are digital return barrier notes linked to the Class B common stock of NIKE, Inc. The notes offer a fixed 22.09% digital return per $1,000 of principal if NIKE’s final stock level on the valuation date is at least 61.00% of its initial level of $63.63. If NIKE’s final level falls below this 61.00% barrier, investors lose 1% of principal for each 1% decline from the initial level and can lose up to their entire investment. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on any exchange. The price to the public is 100% of principal, with a 2.55% agent’s commission and 97.45% of proceeds to Bank of Montreal. The estimated initial value is $962.74 per $1,000 note, and the issuer highlights structural, market, liquidity and tax risks.

Bank of Montreal is issuing US$3,001,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due January 23, 2029, linked to the worst performer of the VanEck Gold Miners ETF (GDX) and the Energy Select Sector SPDR ETF (XLE). The notes offer a contingent coupon of 0.975% per month (about 11.70% per year) when both ETFs stay at or above their coupon barriers, with missed coupons potentially paid later under the memory feature.

The coupon barriers are set at $71.95 for GDX and $33.32 for XLE, 70% of their initial levels, while trigger levels at 60% of initial mean investors can lose principal if the worst ETF finishes below its trigger on the valuation date. The notes are automatically called beginning July 20, 2026 if both ETFs are at or above their initial levels, returning principal plus any due coupons. They are unsecured obligations of Bank of Montreal, not insured deposits, and have an estimated initial value of $950.52 per $1,000 of principal.

Bank of Montreal is offering US$2,399,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with memory coupons due February 23, 2027, linked to the Class A subordinate voting shares of Shopify Inc.

The notes pay a contingent coupon of 1.455% per month (approximately 17.46% per annum), or $14.55 per $1,000, only if Shopify’s share price is at or above a coupon barrier of $73.70, which is 51.00% of the Initial Level of $144.50. Beginning July 20, 2026, the notes are automatically redeemed if the share price is above the Initial Level, returning principal plus any due coupons. If no automatic redemption occurs and a Trigger Event happens (Shopify closing below $73.70 on any trading day during the monitoring period) and the final share price is below the Initial Level, investors receive shares (or cash) worth less than the principal. The estimated initial value is $963.27 per $1,000 in principal amount, below the issue price.

Bank of Montreal is offering US$601,000 of senior medium‑term Autocallable Barrier Notes due February 23, 2027, linked to the Class A common stock of Meta Platforms, Inc. The notes pay a contingent coupon of 0.8833% per month (about 10.60% per year) only if Meta’s closing level on each observation date is at or above the coupon barrier of $416.84, which is 69% of the initial level of $604.12.

Starting July 20, 2026, the notes are automatically redeemed if Meta closes above its initial level, returning principal plus that period’s coupon. If not called, investors receive full principal at maturity only if Meta’s final level is at or above the trigger level of $416.84. If Meta finishes below the trigger, investors receive Meta shares (or cash equivalent) worth less than the principal, and could lose their entire investment. The estimated initial value is $967.29 per $1,000 of principal, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is issuing US$1,509,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due January 23, 2029. These notes are linked to the least-performing stock among Apple (AAPL), Amazon (AMZN) and NVIDIA (NVDA).

The notes pay a contingent coupon of 4.8375% per quarter (about 19.35% per year), but only if on each observation date all three stocks are at or above 70% of their initial levels. Missed coupons can be paid later under a memory feature if the barrier is later met. Starting April 20, 2026, the notes are automatically redeemed at par plus coupons if all three stocks are at or above their initial levels.

If the notes are not called and any stock finishes below 70% of its initial level, investors receive shares (or cash) of the worst-performing stock based on a preset ratio, which can be worth significantly less than principal and could be zero. The estimated initial value is $954.04 per $1,000, below the issue price, and the notes are unsecured, uninsured obligations of Bank of Montreal.

Bank of Montreal is offering market-linked notes tied to the EURO STOXX 50® Index. The notes have a principal amount of $1,000 each, total offering size of $1,230,000, and do not pay interest. They mature on February 11, 2028, with performance measured between January 20, 2026 and February 9, 2028.

If the final index level is at or above 82.50% of the initial level of 5,892.08, investors receive a fixed threshold settlement amount of $1,167.90 per note. If it is below this threshold, the payout declines so that investors lose about 1.2121% of principal for every 1% the index falls below the threshold, potentially losing all principal. The estimated initial value is $991.73 per $1,000, below the issue price.

The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurer, and will not be listed on any securities exchange, so liquidity may be limited. The pricing supplement highlights complex U.S. and non-U.S. tax considerations and emphasizes that returns depend on both index performance and the issuer’s creditworthiness.

Bank of Montreal is offering senior Medium-Term Notes, Series K, fixed-rate, redeemable notes due January 28, 2033. Each Note has a $1,000 principal amount, pays a fixed interest rate of 4.70% per annum, and pays interest in cash semi-annually on January 28 and July 28, starting July 28, 2026, until maturity or earlier redemption.

The Notes are callable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on optional redemption dates every January 28 and July 28 from July 28, 2027 through July 28, 2032. At maturity, if not redeemed earlier, holders receive $1,000 per Note plus accrued interest. The Notes are unsecured obligations of Bank of Montreal and are not insured by U.S. or Canadian deposit insurance agencies, so payments depend entirely on the bank’s credit.

The Notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted, in whole or in part, into common shares of Bank of Montreal or its affiliates, or varied or extinguished under Canadian resolution powers. They will not be listed on any securities exchange and a trading market is not expected, which may limit liquidity. The original issue price is $1,000 per Note, including a $15 underwriting discount, resulting in $985 in proceeds per Note to Bank of Montreal.

Bank of Montreal is issuing $5,203,000 of capped buffer notes linked to the S&P 500 Index, maturing February 12, 2027. These unsecured senior notes offer 150% leveraged upside on any average gain in the index, but the payment is capped at a Maximum Redemption Amount of $1,113 per $1,000 of principal, equal to an 11.30% maximum return.

If the averaged Final Level of the S&P 500 stays at or above 90% of the Initial Level of 6,963.74, investors receive at least their $1,000 principal back. If the index falls more than 10%, holders lose 1% of principal for each additional 1% decline, up to a 90% loss. The notes pay no interest, will not be listed on any exchange, and all payments depend on Bank of Montreal’s credit.

The price to the public is 100% of principal, with a 0.60% selling commission and 99.40% of proceeds to Bank of Montreal. The bank’s estimated initial value is $989.07 per $1,000, reflecting internal funding and hedging costs. The structure involves complex tax, market and liquidity risks highlighted in the detailed risk sections.

Bank of Montreal is issuing US$1,230,000 Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due July 22, 2027, linked to the least performing of the S&P 500 Index, the Russell 2000 Index and the State Street Utilities Select Sector SPDR Fund. The notes offer a fixed 10.70% digital return at maturity per $1,000 principal if the worst-performing reference asset finishes at or above 60% of its initial level. If the least performing asset falls more than 40% from its initial level, investors lose 1% of principal for each 1% decline, up to a total loss of principal.

The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on an exchange. The price to the public is 100% of principal, with an agent’s commission of 0.375%, and the estimated initial value is $982.70 per $1,000. The structure embeds significant market, sector, liquidity, credit and tax risks that can lead to returns below conventional debt or direct equity exposure.

Bank of Montreal is issuing US$1,323,000 of senior Medium-Term Notes, Series K, autocallable buffer enhanced return notes due January 22, 2029, linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The notes offer 125.00% leveraged upside on any gain in the least performing index if they are not called early, with a potential automatic redemption on January 25, 2027 paying US$1,132.50 per US$1,000 note (about 13.25% per annum). If held to maturity and the least performing index falls more than 20% from its initial level, 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 had an estimated initial value of $981.29 per $1,000 on the pricing date.

Bank of Montreal is offering US$1,175,000 of senior medium-term capped buffer notes due January 24, 2028, linked to the least performing of the S&P 500 Index and Russell 2000 Index. The notes provide 1-to-1 upside exposure to the least performing index, but gains are capped at a Maximum Redemption Amount of $1,195.50 per $1,000 in principal (a 19.55% maximum return).

If the least performing index finishes down 30% or less from its initial level, investors receive only their $1,000 principal back. If it falls by more than 30%, repayment is reduced 1% for each additional 1% decline, up to a maximum 70% loss of principal. 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 $966.59 per $1,000, below the $1,000 issue price, reflecting offering, structuring and hedging costs. Key risks include equity market risk, heightened volatility from the small-cap Russell 2000, issuer credit risk, limited liquidity, and uncertain U.S. tax treatment of the prepaid derivative structure.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 30, 2036. Each Note has a $1,000 principal amount and pays a fixed interest rate of 5.00% per annum, with interest paid semi-annually on January 30 and July 30, starting July 30, 2026.

The Notes are callable at the issuer’s option at 100% of principal plus accrued interest on semi-annual optional redemption dates from July 30, 2027 through July 30, 2035. They are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are not insured by any deposit insurance agency.

The Notes will not be listed on any securities exchange, and no active secondary market is expected. The original issue price is $1,000 per Note, including a $15 underwriting discount and $985 in proceeds to Bank of Montreal per Note. Investors face interest rate risk, credit risk of Bank of Montreal, potential illiquidity, and conflicts of interest related to underwriting and hedging.

Bank of Montreal is offering unsecured, principal-at-risk structured notes linked to the worst performer of American Express, Alphabet Class A and Lockheed Martin shares, maturing on January 19, 2029. Each security has a $1,000 face amount and an estimated initial value of $934.36, with total proceeds of about $2.77 million before hedging profits.

The notes pay a 13.00% per annum contingent monthly coupon only if the lowest performing stock on each calculation day is at or above its coupon threshold, set at 60% of its starting value. From July 2026 to December 2028 the notes are auto-callable if the worst stock is at or above its starting value, returning principal plus a final coupon.

If the notes are not called and the worst-performing stock on the final calculation day is at or above its 60% downside threshold, investors receive only the $1,000 face amount. If it finishes below that level, repayment is reduced in line with the stock’s decline, and investors can lose more than 40% and up to all of principal. Payments depend on Bank of Montreal’s credit and the notes will not be listed, with tax treatment and withholding especially important for non-U.S. holders.

Bank of Montreal is offering S&P 500® Index-linked notes due May 3, 2028 with a total issuance of $24.19 million and a $1,000 minimum denomination. The notes pay no interest and the amount repaid at maturity depends on how the S&P 500 performs between January 16, 2026 and May 1, 2028.

If the index gains, investors receive 160% of the index return, but returns are capped at a maximum payment of $1,272 per $1,000 note once the index rises to 117% of its initial level. If the index falls by up to 15%, principal is repaid in full. Below that 15% buffer, investors lose about 1.1765% of principal for each additional 1% decline and could lose their entire investment.

The notes are unsecured obligations of Bank of Montreal, are not insured by any governmental agency, will not be listed on an exchange, and may have limited or no secondary market. The initial estimated value is $996.18 per $1,000 note, reflecting structuring and hedging costs, and the U.S. tax treatment is complex and uncertain.