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

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.

Bank of Montreal is issuing US$1,419,000 of senior medium-term Autocallable Barrier Notes due July 22, 2027, linked to the common stock of Netflix, Inc. The notes offer contingent monthly coupons at a rate of 1.0275% (about 12.33% per year) when Netflix’s closing share price on an observation date is at or above the coupon barrier of $56.32, which is 64% of the $88.00 initial level.

Beginning October 19, 2026, the notes will be automatically redeemed if Netflix closes above the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and Netflix finishes below the $56.32 trigger level on the valuation date, investors lose principal in line with the share decline and could receive nothing at maturity. The notes are unsecured obligations of Bank of Montreal, and their estimated initial value is $978.08 per $1,000 of principal.

Bank of Montreal is issuing US$1,077,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes due April 22, 2027, linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indexes. The notes pay a contingent coupon of 0.9167% per month (about 11.00% per year), but only if on an observation date each index closes at or above its coupon barrier, set at 70% of its initial level, with missed coupons potentially paid later under a memory feature.

Beginning July 17, 2026, the notes are automatically redeemed if all three indexes are at or above 100% of their initial levels, returning principal plus due coupons. If not called, principal repayment depends on a “trigger event”: if any index ever closes below 65% of its initial level and the least performing index finishes below its initial level, investors take a loss proportional to that decline, which can result in a full loss of principal. The estimated initial value is $988.01 per $1,000 of principal, below the issue price, reflecting dealer compensation and hedging costs.

Bank of Montreal is issuing US$1,578,000 of Senior Medium-Term Notes, Series K, as autocallable buffer notes with contingent coupons due October 23, 2028, linked to the least performing of the State Street SPDR® S&P® Biotech ETF (XBI) and the Global X Silver Miners ETF (SIL).

The notes pay a contingent coupon of 1.375% per month (approximately 16.50% per annum) when, on an observation date, each ETF is at or above its coupon barrier level of $99.34 for XBI and $78.68 for SIL, each equal to 80.00% of its initial level. Beginning July 20, 2026, the notes are automatically redeemed if both ETFs close above a call level set at 90% of their initial levels, returning principal plus the applicable coupon.

If the notes are not called, investors receive $1,000 per $1,000 in principal at maturity so long as the least performing ETF has not fallen more than 20.00% from its initial level. If its final level is below the 80.00% buffer level, principal is reduced one-for-one with losses beyond 20.00%, up to a maximum loss of 80.00%. The estimated initial value is $964.67 per $1,000, reflecting structuring and hedging costs, and the agent’s commission is 3.90%, leaving 96.10% of proceeds to Bank of Montreal.

Bank of Montreal is issuing US$16,110,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with contingent coupons linked to the common stock of Oracle Corporation. The notes pay a contingent monthly coupon of 1.0925% (about 13.11% per year), equal to $10.925 per $1,000, but only if Oracle’s share price on each observation date is at or above the coupon barrier level of $107.01, which is 56% of the initial level of $191.09.

The notes can be automatically redeemed beginning July 17, 2026 if Oracle’s share price is at or above the initial level, in which case investors receive their principal plus the applicable coupon. If the notes are not called and Oracle’s final level on the valuation date is below the trigger level of $107.01, investors will be exposed to the full downside of the stock and may lose all or a substantial portion of their principal. The price to the public is 100% of principal, with a 2.15% selling commission and an estimated initial value of $960.09 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering US$923,000 of Senior Medium-Term Notes, Series K, in the form of Callable Barrier Notes with Contingent Coupons due January 24, 2028. The notes are linked to the least performing of Alphabet Class C (GOOG), Amazon.com (AMZN) and NVIDIA (NVDA).

The notes pay a monthly contingent coupon of 1.7708% (about 21.25% per year), only if on each Observation Date all three stocks are at or above their Coupon Barrier Levels, set at 60% of their Initial Levels ($198.20 for GOOG, $143.47 for AMZN and $111.74 for NVDA). Bank of Montreal may call the notes in whole, starting April 21, 2026, paying back principal plus any due coupon.

If the notes are not called, investors receive $1,000 per $1,000 principal at maturity as long as no Trigger Event occurs, meaning none of the stocks finishes below 60% of its Initial Level. If any does, repayment is reduced in line with the percentage loss of the worst performer, and can be as low as zero. The estimated initial value is $974.33 per $1,000, and the notes are unsecured obligations of Bank of Montreal with significant structural and market risks.

Bank of Montreal is offering US$10,809,000 of senior unsecured Autocallable Barrier Notes due February 22, 2027, linked to the common stock of Netflix, Inc. The notes have an initial reference level of $88.00 for Netflix and pay contingent monthly coupons of 0.98% (about 11.76% per year) only if Netflix’s closing level on each observation date is at or above a coupon barrier of $60.72, which is 69.00% of the initial level.

Beginning July 17, 2026, the notes will be automatically redeemed if Netflix closes above 100% of its initial level on an observation date, returning principal plus the applicable coupon. If not redeemed early, investors receive $1,000 per note at maturity only if Netflix’s final level is at or above the trigger level of $60.72. If a trigger event occurs and Netflix finishes below this level, repayment is reduced in line with the stock’s loss and can fall to zero. The issuer’s estimated initial value is $964.83 per $1,000, reflecting structuring and hedging costs, and the notes are not insured by any deposit insurance agency.

Bank of Montreal is issuing US$1,650,000 of senior medium-term Autocallable Barrier Notes due January 22, 2029, linked to the worst performer of the State Street Materials Select Sector SPDR ETF (XLB) and the State Street SPDR S&P Bank ETF (KBE). The notes pay a contingent coupon of 2.75% per quarter (about 11.00% per year) only if, on each observation date, both ETFs close at or above their coupon barrier levels, set at 80.00% of their initial levels.

Beginning July 17, 2026, the notes can be automatically redeemed if each ETF is at or above its initial level, in which case investors receive principal plus the due coupon. If the notes are not called and any ETF finishes below its 80.00% trigger level at maturity, investors take a loss matching the decline of the worst ETF, which can result in losing their entire principal. The estimated initial value is $960.27 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is issuing US$2,465,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due January 22, 2029. The notes are linked to the least-performing of Deere & Company, Freeport-McMoRan Inc., and Lennar Corporation Class A common stock, with initial levels of $514.40 for DE, $58.71 for FCX and $118.59 for LEN.

Investors may receive a monthly contingent coupon of 0.9375% of principal (about 11.25% per year), paid only if each stock closes at or above its coupon barrier, set at 50% of its initial level. The same 50% levels act as trigger levels; if any stock finishes below its trigger at maturity and the notes have not been called, repayment of principal is reduced in line with the loss on the worst-performing stock, and can fall to zero. Automatic redemption can occur from July 17, 2026 if all stocks are at or above their initial levels.

The price to the public is 100% of principal, with a 4.00% agent commission and 96.00% of proceeds to Bank of Montreal. The issuer’s estimated initial value is $932.12 per $1,000 of principal, reflecting structuring and hedging costs, and the notes are unsecured obligations with no FDIC or similar insurance.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 30, 2031. Each Note has a $1,000 principal amount and pays fixed interest at 4.50% per annum, with interest paid semi-annually on January 30 and July 30, starting July 30, 2026. At maturity, unless earlier redeemed, holders receive $1,000 per Note plus any accrued and unpaid interest.

The Notes are callable at Bank of Montreal’s option, in whole but not in part, at 100% of principal plus accrued interest on January 30 and July 30 of each year from January 30, 2027 through July 30, 2030. They are unsecured obligations of Bank of Montreal, subject to its credit risk, and 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, resulting in $990 in proceeds to Bank of Montreal per Note before expenses. The Notes are “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, and holders agree to be bound by those provisions.

Bank of Montreal is issuing $2,395,000 of Senior Medium-Term Notes, Series K, in the form of barrier notes with contingent coupons due January 22, 2029. The notes are linked to the least performing of the Russell 2000 Index and the S&P 500 Index, with initial levels of 2,677.738 for RTY and 6,940.01 for SPX. Investors can receive a 4.175% semiannual contingent coupon (about 8.35% per year), or $41.75 per $1,000, on each coupon date only if both indices close at or above 75% of their initial levels.

At maturity, holders receive $1,000 per $1,000 note unless a trigger event occurs, defined as either index finishing below 75% of its initial level on the valuation date. If the trigger is hit, repayment is reduced in proportion to the loss of the worst index and can fall to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $975.86 per $1,000 based on internal pricing models.

Bank of Montreal is issuing US$1,040,000 of senior medium-term Barrier Notes due January 22, 2029, linked to the worst performer of the Russell 2000 Index and the S&P 500 Index. The notes pay contingent semiannual coupons at 3.625% per period (about 7.25% per year), only if on each observation date both indexes are at or above their coupon barrier levels, which are set at 75% of their initial levels.

At maturity, investors receive the full US$1,000 principal per note if no trigger event has occurred. A trigger event occurs if, on the valuation date, the final level of either index is below its 75% trigger level. If that happens, the redemption amount is reduced in proportion to the loss of the worst-performing index and can fall to zero, meaning full loss of principal, though any final contingent coupon that is due would still be paid.

The initial levels are 2,677.738 for the Russell 2000 and 6,940.01 for the S&P 500, with barriers and triggers at 2,008.304 and 5,205.01 respectively. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and their estimated initial value is $950.19 per $1,000 in principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing $4,105,000 of Senior Medium-Term Notes, Series K, as callable barrier notes with contingent coupons due January 22, 2029. The notes are linked to the least performing of the S&P 500 Index, the NASDAQ-100 Index and the Russell 2000 Index, with initial levels of 6,940.01 (SPX), 25,529.26 (NDX) and 2,677.738 (RTY).

The notes pay a 4.15% contingent coupon per semiannual period (about 8.30% per year) only if on each observation date all three indexes are at or above their coupon barrier levels, set at 60% of their initial levels. The same 60% levels act as triggers for principal repayment at maturity if the notes are not called.

Beginning July 17, 2026, Bank of Montreal may call the notes in whole on any observation date, returning principal plus any due coupon. If not called and any index finishes below its trigger on the valuation date, principal is reduced one-for-one with the loss on the worst-performing index and can fall to zero. The estimated initial value is $985.75 per $1,000 of principal.

Bank of Montreal is offering US$4,644,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due January 22, 2029. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. Investors can receive contingent semiannual coupons at 3.65% per period (about 7.30% per year) only if all three indexes stay at or above 60.00% of their initial levels on each observation date.

Beginning July 17, 2026, the bank may redeem the notes in whole on any observation date, returning principal plus any due coupon. If the notes are not called and any index finishes below its 60.00% trigger level on the valuation date, principal is reduced in line with the loss on the worst-performing index, potentially to zero. The estimated initial value is $970.53 per $1,000 principal, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$2,238,000 of Senior Medium-Term Notes, Series K, autocallable buffer enhanced return notes maturing on January 22, 2029, linked to the worst performer of the Russell 2000® Index and the S&P 500® Index.

The notes offer 125.00% leveraged upside on any positive performance of the least performing index if they are not called early, with no periodic interest. On January 25, 2027, if both indices are at or above their initial levels, the notes are automatically redeemed for principal plus a $96.00 call amount per $1,000 (about 9.60% per annum), and investors forgo further upside.

If held to maturity and the least performing index is down 20.00% or less, investors receive full principal; below that 20.00% buffer, losses increase 1% for each additional 1% decline, up to an 80.00% principal loss. The notes are unsecured, not listed on any exchange, and their estimated initial value is $961.70 per $1,000, reflecting offering and hedging costs and BMO’s internal funding rate.

Bank of Montreal is issuing $43,953,000 of Senior Medium-Term Notes, Series K, maturing on January 26, 2029, whose payoff is linked to the common stock of General Dynamics Corporation (GD).

Investors receive quarterly coupons at an interest rate of 0.25% per quarter (about 1.00% per year, or $2.50 per $1,000 note. At maturity, holders receive either $1,000 in cash per note or, if the stock performs strongly, the “Alternative Redemption Amount,” which is the Share Exchange Amount of 2.27743183 multiplied by the average final stock level. Because of a Conversion Premium Amount of 1.198 (a 19.80% premium), the payment per note will exceed $1,000 only if the final stock level is more than 19.80% above the Initial Level of $366.5201.

The notes are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and have an estimated initial value of $988.20 per $1,000. Key risks include potential loss of principal, limited liquidity, sensitivity to dividends on GD stock, possible impact of Extraordinary Events, Bank of Montreal’s credit risk, and complex U.S. tax treatment as contingent payment debt instruments.

Bank of Montreal is offering Series K senior unsecured exchangeable notes whose payoff is linked to one or more equity securities or a weighted basket of equities. At maturity, investors receive the greater of the principal per note or an amount tied to the final equity level through a defined formula using an Alternative Redemption Amount, which may involve cash or, if specified later, physical share delivery.

The notes typically pay no periodic interest unless a future pricing supplement states otherwise, and they are subject to an issuer call feature and a potential holder exchange right, both of which can accelerate payment. Key risks include possible loss of part or all of the investment if exchanged early, complex formulas driven by conversion premiums and averaging conventions, lack of exchange listing and limited liquidity, sensitivity to Bank of Montreal’s credit, and uncertain, potentially onerous tax treatment under contingent payment debt rules.

Bank of Montreal is offering US$1,944,000 of Senior Medium-Term Notes, Series K Digital Return Notes due January 28, 2027, linked to the State Street Energy Select Sector SPDR ETF (XLE). These unsecured notes pay no interest and are designed to provide an 18.25% digital return at maturity if the ETF’s final level on January 25, 2027 is at or above its initial level of $47.61. If the ETF finishes below this barrier, principal is reduced 1% for each 1% decline in the ETF, potentially resulting in a total loss of principal. The notes are issued at 100% of principal with a 2.00% selling commission, and Bank of Montreal’s estimated initial value is $960.92 per $1,000, reflecting structuring and hedging costs. All payments depend on Bank of Montreal’s credit and the notes will not be listed on any exchange.

Bank of Montreal is issuing $63,000 of senior medium-term Autocallable Barrier Enhanced Return Notes linked to Intel Corporation common stock, maturing on January 22, 2029. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange.

The structure offers 150% leveraged upside at maturity if Intel’s final stock price is at or above its initial level of $48.32, subject to an automatic call on January 21, 2027 if the stock is above the 100% call level, paying $1,194.70 per $1,000 note. Principal is protected only down to a barrier of $28.99 (60% of the initial level); below that, investors lose 1% of principal for each 1% decline and can lose their entire investment.

The notes are sold at 100% of principal with a 4.50% agent commission and 95.50% proceeds to Bank of Montreal, and have an estimated initial value of $893.23 per $1,000, reflecting embedded costs and hedging.

Bank of Montreal is issuing US$30,000 of senior autocallable barrier enhanced return notes due January 22, 2029, linked to the Class A common stock of Palantir Technologies Inc. The notes offer 150% leveraged upside on any positive stock performance at maturity if they are not automatically redeemed and the final stock level is at or above the initial level of $177.07.

The notes may be automatically redeemed on January 21, 2027 if Palantir’s share price is above 100% of the initial level, in which case investors receive principal plus a call amount of $265.30 per $1,000 note, reflecting approximately 26.53% per annum, and no further upside. A 60% barrier at $106.24 protects principal only if the final level stays at or above that level; below it, investors lose 1% of principal for each 1% stock decline and can lose their entire investment.

The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and are subject to BMO’s credit risk. The price to the public is 100% of principal with a 4.50% selling commission, and the estimated initial value is $932.22 per $1,000 note.

Bank of Montreal is offering US$110,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due January 22, 2029, linked to Tesla, Inc. common stock. The notes pay no interest and are unsecured obligations of Bank of Montreal.

On January 21, 2027, if Tesla’s closing price is above 100% of the initial level of $438.57, the notes are automatically redeemed and investors receive principal plus a fixed Call Amount of $219.20 per $1,000, a return of about 21.92% per year, with no further upside participation. If held to maturity and not called, investors get 150% of any positive price change in Tesla; if Tesla is below the initial level but at or above the 60% barrier of $263.14, only principal is returned.

If at maturity Tesla is below the barrier, repayment is reduced one-for-one with Tesla’s loss from the initial level, and investors can lose their entire principal. The notes are not listed, are subject to Bank of Montreal’s credit risk, and had an estimated initial value of $933.88 per $1,000, below the price to the public.

Bank of Montreal is issuing $2,200,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons due January 22, 2029, linked to the common stock of Matador Resources Company. The notes pay a contingent coupon at a rate of 3.50% per quarter (approximately 14.00% per annum) if, on each Observation Date, the share price is at or above the Coupon Barrier Level of $27.81, which is 65.00% of the Initial Level of $42.79.

Beginning July 17, 2026, the notes are automatically redeemed if the stock closes above 100% of the Initial Level on an Observation Date, returning principal plus that quarter’s coupon. If the notes are not called and the Final Level on January 17, 2029 is below the Trigger Level of $27.81, investors lose principal in line with the stock’s percentage decline and could receive nothing. The estimated initial value is $944.45 per $1,000 in principal, reflecting hedging and structuring costs, and the notes are unsecured obligations of Bank of Montreal with complex tax and market risks.

Bank of Montreal is offering US$5,478,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons due January 4, 2029, linked to the common stock of UnitedHealth Group Incorporated (UNH). The notes pay a 3.50% quarterly contingent coupon (about 14.00% per year) only if UNH’s closing level on an observation date is at or above the coupon barrier of $254.22, which is 75.00% of the initial level of $338.96. Starting March 31, 2026, the notes are automatically redeemed if UNH closes above its initial level on an observation date, returning principal plus the applicable coupon.

If the notes are not called, investors receive $1,000 per $1,000 note at maturity unless a trigger event occurs. A trigger event happens if UNH’s final level on the valuation date is below $254.22; in that case, repayment is reduced in line with the percentage decline in UNH and can fall to zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and the estimated initial value is $970.95 per $1,000 face amount.

Bank of Montreal is issuing US$463,000 of Senior Medium‑Term Notes, Series K, as autocallable barrier notes with contingent coupons due January 4, 2029, linked to Apollo Global Management, Inc. common stock. The notes pay a contingent coupon of 3.275% per quarter (about 13.10% per year), or $32.75 per $1,000, only if APO’s closing level on an observation date is at or above the coupon barrier of $108.11, which is 75% of the $144.15 initial level. Starting March 31, 2026, the notes are automatically redeemed if APO closes above the initial level on an observation date, returning principal plus the coupon. If not called and APO finishes at or above the $108.11 trigger on the valuation date, investors receive full principal; if it finishes below the trigger, principal is reduced one‑for‑one with APO’s percentage loss, down to zero. The estimated initial value is $967.56 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$741,000 of senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due January 22, 2029, linked to the least performing of Broadcom (AVGO), NVIDIA (NVDA) and Oracle (ORCL) common stock. The notes pay a contingent coupon of 6.425% per quarter (approximately 25.70% per year), or $64.25 per $1,000, only if on an observation date each stock is at or above its coupon barrier, set at 65% of its initial level; unpaid coupons may be paid later under the memory feature.

Beginning April 17, 2026, the notes are automatically redeemed if each stock is at or above its initial level, returning principal plus any due coupons. If not called, and no trigger event occurs, investors receive $1,000 per note at maturity; if the least performing stock ends below its trigger level (also 65% of its initial level), repayment is in shares (or cash equivalent) of that stock, and investors can lose most or all of their principal. The notes are unsecured obligations, with an estimated initial value of $949.66 per $1,000 on the pricing date.

Bank of Montreal is issuing US$2,847,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons due January 4, 2029, linked to the common stock of Occidental Petroleum Corporation (OXY). The notes pay a 3.00% quarterly contingent coupon (about 12% per year) only if OXY’s closing level on each observation date is at or above the coupon barrier of $32.38, which is 75% of the initial level of $43.17.

Starting March 31, 2026, the notes are automatically redeemed if OXY’s level is at or above 100% of the initial level on an observation date, returning principal plus that period’s coupon. If the notes are not called and OXY’s final level on December 29, 2028 is at or above the $32.38 trigger level, investors receive full principal back at maturity, plus any final coupon. If the final level is below the trigger, repayment is reduced one-for-one with OXY’s decline from the initial level, and can be as low as zero. The estimated initial value is $968.24 per $1,000 principal, reflecting fees and hedging costs.