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

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.

Bank of Montreal is offering equity-linked notes tied to the EURO STOXX 50® Index that do not pay interest and are designed to be held to maturity. The notes are expected to run for about 24–27 months, with repayment on a stated maturity date after a single determination date.

At maturity, for each $1,000 note, investors will receive a fixed threshold settlement amount expected between $1,136.90 and $1,161.00 if the index’s final level is at least 82.50% of its initial level. If the final level is below this threshold, the payoff falls below principal, with investors losing about 1.2121% of principal for every 1% the index ends below the threshold, potentially resulting in a total loss.

The notes are unsecured obligations of Bank of Montreal, are not insured by any government agency, will not be listed on an exchange, and have an estimated initial value between $969.00 and $999.00 per $1,000, less than the original issue price. The filing highlights market, liquidity, credit and tax risks, including uncertain U.S. tax treatment.

Bank of Montreal is issuing US$8,112,000 of senior medium-term Autocallable Barrier Notes due January 4, 2029, linked to NVIDIA Corporation common stock. The notes offer quarterly contingent coupons of 4.4375% (about 17.75% per year), paying $44.375 per $1,000 only if NVDA’s closing level on an observation date is at or above a coupon barrier of $130.94, which is 70% of the $187.05 initial level.

Beginning March 31, 2026, the notes are automatically redeemed if NVDA is at or above the initial level on an observation date, returning principal plus that period’s coupon. If the notes are not called and NVDA finishes below the $130.94 trigger level on the December 29, 2028 valuation date, investors lose principal in line with the stock’s decline and could receive nothing at maturity. The estimated initial value is $974.56 per $1,000, reflecting upfront hedging and distribution costs.

Bank of Montreal is issuing US$2,370,000 of Senior Medium-Term Notes, Series K, structured as callable barrier notes maturing on December 21, 2027 and linked to the least performing of the NASDAQ-100 Index, VanEck Junior Gold Miners ETF and SPDR S&P Regional Banking ETF.

The notes pay a contingent monthly coupon at 1.5042% (approximately 18.05% per year) only if each reference asset stays at or above its coupon barrier, set at 70% of its initial level. Principal is protected at maturity unless any reference asset finishes below its 60% trigger level, in which case repayment is reduced in line with the loss on the worst performer and can be zero.

Bank of Montreal may call the notes in whole on any observation date starting January 15, 2027, returning principal plus any due coupon. The notes are unsecured, not insured by deposit protection schemes, and their estimated initial value is $979.25 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is issuing US$5,889,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes linked to Micron Technology, Inc. common stock. The notes pay a contingent coupon at 6.775% per quarter (approximately 27.10% per annum), or $67.75 per $1,000, but only if Micron’s closing level on each observation date is at or above the coupon barrier of $201.98, which is 60.00% of the $336.63 initial level. Beginning March 31, 2026, the notes are automatically redeemed if Micron closes above the 100.00% call level, returning principal plus the coupon. If not called and Micron’s final level on December 29, 2028 is below the $201.98 trigger, principal is reduced one-for-one with the stock’s loss, potentially to zero. The estimated initial value is $977.58 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is issuing US$3,529,000 of senior medium-term Callable Barrier Notes with Contingent Coupons due December 21, 2027. The notes are linked to the least performing of the NASDAQ-100 Index®, VanEck® Junior Gold Miners ETF (GDXJ) and State Street SPDR® S&P® Regional Banking ETF (KRE).

The notes pay a contingent monthly coupon of 1.45% (approximately 17.40% per annum), only if each reference asset closes at or above its coupon barrier level, set at 70.00% of its initial level. Beginning April 16, 2027, Bank of Montreal may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called and any reference asset finishes below its 60.00% trigger level, investors lose principal in line with the percentage decline of the least performing asset, potentially down to zero. The estimated initial value is $978.25 per $1,000 in principal amount.

Bank of Montreal is issuing $5,288,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 21, 2031. Each Note has a $1,000 principal amount and pays a fixed interest rate of 4.45% per year, with interest paid in cash semi-annually on January 21 and July 21, starting July 21, 2026.

Unless earlier redeemed, holders receive $1,000 per Note plus accrued interest at maturity. The bank may redeem all, but not part, of the Notes at 100% of principal plus accrued interest on optional redemption dates every January 21 and July 21 from January 21, 2027 through July 21, 2030.

The Notes are unsecured obligations of Bank of Montreal, are not insured by any government agency, and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished under Canadian resolution powers. They are not listed on any exchange. The original issue price is $1,000 per Note, with a $5 underwriting discount per Note, resulting in $5,261,560 in proceeds to Bank of Montreal.

Bank of Montreal is offering US$1,950,000 of senior medium-term Autocallable Barrier Notes due January 22, 2029, linked to the common stock of The Chemours Company. The notes pay contingent quarterly coupons at a rate of 3.6875% per quarter (approximately 14.75% per annum), but only if Chemours’ share price on an observation date is at or above the coupon barrier level of $7.78, which is 50% of the initial level of $15.56. Missed coupons may be paid later under a “memory” feature if the barrier is met on a future observation date.

Starting July 17, 2026, the notes are automatically redeemed if Chemours closes above its initial level on an observation date, returning principal plus any due coupons. If the notes are not called, investors receive full principal at maturity only if the final stock level is at or above the 50% trigger level; otherwise, repayment is reduced in line with the stock’s loss and can be zero. The estimated initial value is $931.24 per $1,000, below the issue price, reflecting structuring and hedging costs.

Bank of Montreal is offering US$1,706,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with memory coupons due January 22, 2029, linked to the common stock of Matador Resources Company (MTDR). The notes pay a contingent coupon of 2.575% per quarter (approximately 10.30% per annum), or $25.75 per $1,000, only if MTDR’s closing level on an Observation Date is at or above the Coupon Barrier Level of $23.53, which is 55.00% of the Initial Level of $42.79, with unpaid coupons potentially made up later under the memory feature.

Beginning July 17, 2026, the notes are automatically redeemed if MTDR is above the Call Level equal to 100% of the Initial Level on an Observation Date, returning principal plus any due coupons. If not called, investors receive $1,000 at maturity per $1,000 principal unless a Trigger Event occurs, defined as MTDR’s Final Level below the same $23.53 Trigger Level; in that case, repayment is reduced in line with MTDR’s percentage decline and can fall to zero. The estimated initial value is $947.94 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is issuing US$1,774,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes due January 22, 2029, linked to the common stock of The Chemours Company (CC). The notes pay a 3.20% quarterly coupon (approximately 12.80% per annum, or $32.00 per $1,000, while outstanding.

Starting July 17, 2026, if Chemours’ stock closes above the Call Level (100.00% of the $15.56 Initial Level) on a Call Observation Date, the notes are automatically redeemed at par plus the coupon. If not called, holders receive $1,000 per $1,000 note at maturity unless a Trigger Event occurs, defined as a Final Level below the $7.78 Trigger Level (50.00% of the Initial Level. In that case, repayment is reduced in line with the stock’s percentage decline and can fall to zero, though the final coupon is still paid.

The notes are unsecured obligations of Bank of Montreal, offer only cash settlement, and had an estimated initial value of $971.28 per $1,000 on the pricing date.

Bank of Montreal is issuing US$216,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons due January 22, 2029, linked to the common stock of Halliburton Company. The notes offer a 2.50% quarterly contingent coupon (about 10% per year) if Halliburton’s share price on an observation date is at or above the $22.95 coupon barrier, which is 70% of the $32.78 initial level. Beginning July 17, 2026, if the stock closes above its initial level on an observation date, the notes are automatically redeemed at par plus the applicable coupon.

If the notes are not called, investors get full principal back at maturity only if the final stock level is at or above the $22.95 trigger level. If the final level is below the trigger, the maturity payment is reduced in line with the stock’s percentage loss and can be zero. The price to the public is 100% of principal, with a 4% agent commission and 96% of proceeds to Bank of Montreal. The estimated initial value is $928.66 per $1,000, and the notes are unsecured obligations with complex risk and U.S. tax treatment.

Bank of Montreal is issuing US$31,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the common stock of Target Corporation (TGT), maturing on January 22, 2029. The notes offer a contingent coupon of 3.25% per quarter (about 13.00% per year) when Target’s closing share price on an observation date is at or above the coupon barrier of $77.79, which is 70.00% of the initial level of $111.13. Beginning July 17, 2026, the notes will be automatically redeemed if Target closes above its initial level, returning principal plus the applicable coupon. If the notes are not called and Target’s final level on the valuation date is below the $77.79 trigger, investors lose principal in line with Target’s percentage decline, and the payment at maturity may be zero. The estimated initial value is $947.31 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing unsecured senior market-linked notes tied to the worst performer of Amazon.com, Marvell Technology and Micron Technology, maturing on January 19, 2029. Each $1,000 security offers a 22.00% per annum contingent coupon, paid monthly only if on the relevant calculation day the lowest performing stock closes at or above 50% of its starting price; missed coupons can be "remembered" and paid later if this condition is met.

From July 2026 through December 2028, if on any calculation day the lowest performer is at or above its starting value, the notes are automatically called at $1,000 plus the applicable coupon and any unpaid coupons. If not called, at maturity investors receive $1,000 per note only if the worst stock is at or above 50% of its starting value; otherwise, principal is reduced in line with that stock’s decline, and losses can exceed 50% of face value.

The notes do not participate in any upside of the stocks, are subject to BMO’s credit risk, are not insured or bail-inable, and are not exchange-listed. The estimated initial value is $957.24 per $1,000 note, below the original offering price, reflecting offering costs and hedging. U.S. and non-U.S. tax treatment is complex, with expected prepaid contract treatment for U.S. holders and withholding on coupons for many non-U.S. investors.

Bank of Montreal is offering senior Market Linked Securities that are auto-callable notes linked to the lowest performer of CrowdStrike, Intel and Marvell common stock, maturing on January 19, 2029. Each security has a $1,000 face amount with an estimated initial value of $946.32 and pays a 20.10% per annum contingent coupon, due monthly only if the lowest performing stock closes at or above 50% of its starting value. From July 2026 to December 2028, the notes are automatically called if the lowest performer is at or above its starting value, returning principal plus applicable coupons. If the notes are not called and the lowest performer ends below 50% of its starting value at maturity, investors lose principal in full proportion to that decline and can lose most or all of their investment. The notes are unsecured obligations of Bank of Montreal, not listed on any exchange, carry complex payoff, correlation and reinvestment risks, and have uncertain U.S. tax treatment, including potential 30% withholding for certain non-U.S. holders.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due February 6, 2041. Each Note has a $1,000 principal amount and pays fixed interest at 5.25% per annum, with interest paid annually on February 6, starting in 2027, until maturity or earlier redemption.

The Notes are callable by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on quarterly redemption dates beginning February 6, 2029 through November 6, 2040. They are unsecured obligations of Bank of Montreal, are bail-inable notes 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, may have limited or no secondary market liquidity, and their value and payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering US$7,708,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due January 22, 2029, linked to the least performing of Meta Platforms Class A shares, Alphabet Class C shares and NVIDIA common stock. The notes pay a contingent monthly coupon of 1.3333% (about 16.00% per year), or $13.333 per $1,000, only if on an observation date each stock closes at or above its coupon barrier level, set at 60.00% of its initial level.

Beginning January 19, 2027, if on any observation date each stock is at or above its initial level (the call level), the notes are automatically redeemed at par plus any due coupons. If the notes are not called and, on the final valuation date, any stock closes below its 60.00% trigger level, investors lose principal in proportion to the decline of the worst-performing stock, potentially down to zero. The estimated initial value is $951.18 per $1,000, reflecting fees and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$13,072,000 of senior medium-term Autocallable Barrier Notes due January 22, 2029, linked to the least performing of Meta Platforms Class A, Alphabet Class C and NVIDIA common stock. The notes may pay a monthly contingent coupon of 1.4667% (approximately 17.60% per year), but only if on an Observation Date each stock closes at or above its Coupon Barrier Level, which is 60% of its Initial Level; missed coupons can be paid later under the memory feature.

Beginning January 19, 2027, if on any Observation Date all three stocks are at or above 100% of their Initial Levels, the notes are automatically redeemed at principal plus any due coupons. If the notes are not called, at maturity investors receive principal back only if no stock finishes below its 60% Trigger Level; otherwise repayment is reduced in line with the loss on the worst-performing stock and can fall to zero. The estimated initial value is $974.02 per $1,000, and the notes are unsecured obligations with no deposit insurance and complex tax and risk considerations.

Bank of Montreal is issuing US$1,623,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due January 21, 2031, linked to the NASDAQ-100 Index®. The notes offer 150.00% leveraged upside on any index gain at maturity if they are not called, but pay no interest and are unsecured obligations subject to Bank of Montreal’s credit risk.

On January 21, 2027, if the index is above 100% of its initial level of 25,465.94, the notes are automatically redeemed at $1,103.50 per $1,000, a return of about 10.35% per year, with no further participation. If held to maturity and the index falls more than 25% below the initial level (below the 75.00% barrier of 19,099.46), repayment of principal is reduced 1% for each 1% index loss, down to total loss of principal.

The notes are issued at 100% of principal, with an estimated initial value of $975.00 per $1,000 due to offering, structuring and hedging costs. They will not be listed on any exchange, may have limited liquidity, and selected dealers receive a structuring fee of up to $8.00 per note.

Bank of Montreal is issuing US$612,000 of senior market-linked notes due January 20, 2028 tied to the least performing of the S&P 500 and Russell 2000 indexes. The notes offer 1-to-1 upside exposure to any gain in the weaker index, but returns are capped at a Maximum Redemption Amount of $1,146.10 per $1,000 of principal, equal to a 14.61% maximum total return. If the least performing index finishes at or below its starting level, investors receive only their $1,000 principal per note and no gain, though they are not exposed to index-based losses at maturity.

The notes pay no interest, will not be listed on an exchange, and are unsecured obligations of Bank of Montreal, so all payments depend on the bank’s credit. The initial estimated value is $983.89 per $1,000, below the issue price, reflecting offering costs and hedging. U.S. holders are expected to be taxed under contingent payment debt rules, potentially recognizing taxable income each year before maturity.

Bank of Montreal is issuing US$683,000 of senior medium-term Callable Barrier Notes due July 20, 2027, linked to the Class A common stock of Robinhood Markets, Inc. The notes pay a contingent monthly coupon of 1.79% (approximately 21.48% per year), but only if the Robinhood share price on each observation date is at or above the coupon barrier level of $59.84, which is 50% of the initial level of $119.67. Beginning April 15, 2026, BMO may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called and Robinhood’s final level is below the $59.84 trigger level at maturity, investors’ principal is reduced in line with the stock’s percentage loss and can fall to zero. The notes are unsecured obligations, have no stock delivery feature, and their estimated initial value is $961.97 per $1,000, below the public offering price.

Bank of Montreal is issuing US$600,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due January 22, 2029, linked to Affirm Holdings, Inc. Class A common stock. The notes offer a contingent coupon at a rate of 4.875% per quarter (about 19.50% per year), paying US$48.75 per US$1,000 of principal when Affirm’s closing share price on an observation date is at or above the coupon barrier of $37.99, which is 50% of the initial level of $75.97. Missed coupons can be paid later if the barrier is met on a future date, under the memory feature. If, starting July 17, 2026, Affirm’s share price on an observation date is above the initial level, the notes are automatically redeemed at par plus any due coupons. If the notes are not called and Affirm’s final level is at or above the $37.99 trigger, investors receive their full principal; if it is below that trigger, repayment is reduced in line with the share decline and can fall to zero, though any due contingent coupons are still paid.

Bank of Montreal is issuing US$1,300,000 of senior medium-term Callable Barrier Notes due January 22, 2029, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. The notes offer a contingent coupon of 4.125% per semiannual period (approximately 8.25% per annum), paying US$41.25 per US$1,000 when on an observation date each index closes at or above its coupon barrier level, set at 60% of its initial level.

The notes are callable at the issuer’s discretion beginning July 17, 2026, with investors receiving principal plus any due coupon if called. If not called and any index finishes below its 60% trigger level on the valuation date, repayment at maturity is reduced in line with the decline of the worst-performing index and can fall to zero, meaning full principal is at risk. The estimated initial value is US$984.04 per US$1,000, and the notes are unsecured obligations not insured by any deposit insurance agency.

Bank of Montreal is issuing $2,906,000 of senior medium-term notes with a 4.70% fixed interest rate, due January 20, 2033. Each Note has a $1,000 principal amount and pays interest in cash semi-annually on January 20 and July 20, starting July 20, 2026.

The Notes are redeemable by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on optional redemption dates every January 20 and July 20 from July 20, 2027 through July 20, 2032. The offering yields proceeds of $2,885,658 to Bank of Montreal after $20,342 of underwriting discounts.

The Notes are unsecured obligations exposed to the credit risk of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and may be converted into common shares or varied or extinguished in a resolution scenario. They will not be listed on any securities exchange, and no active trading market is expected, so liquidity may be limited.

Bank of Montreal is offering unsecured, S&P 500®-linked notes with a $1,000 principal amount that pay no interest and are designed to be held to maturity.

At maturity, investors receive enhanced upside of 160% of the index gain, but this is capped by a maximum settlement amount expected to be between $1,223.52 and $1,262.88 per note. A 15.00% downside buffer protects principal if the S&P 500® falls by up to that amount, but if the index finishes more than 15.00% below its initial level, principal losses accelerate at about 1.1765% for every additional 1% decline.

The notes are not listed on any exchange, their estimated initial value is expected to be between $969.00 and $999.00 per $1,000, and they are subject to the full credit risk of Bank of Montreal. Complex and uncertain U.S. tax treatment and the potential lack of a liquid secondary market are highlighted as key risks.

Bank of Montreal is issuing US$575,000 of senior medium-term Autocallable Barrier Notes due July 18, 2028, linked to the common stock of Cheniere Energy, Inc. Each US$1,000 note offers a contingent quarterly coupon of 2.5325% (about 10.13% per year) when the stock closes at or above the coupon barrier of $145.27, which is 75.00% of the $193.69 initial level.

Beginning July 13, 2026, if the stock closes above the 100.00% call level on an observation date, the notes are automatically redeemed at par plus the applicable coupon. If they are not called and the final level is below the $145.27 trigger level, repayment shifts to a physical or cash delivery amount based on shares of Cheniere Energy, and investors can receive substantially less than principal, down to zero. The estimated initial value is $964.88 per $1,000, and the notes are unsecured obligations with complex tax and risk characteristics.

Bank of Montreal is offering US$561,000 of senior medium-term Callable Barrier Notes due January 19, 2028, linked to the common stock of Macy’s, Inc. The notes pay a contingent coupon of 3.1575% per quarter (about 12.63% per year), or $31.575 per $1,000, only if Macy’s stock closes on each observation date at or above the coupon barrier of $11.00, which is 50% of the $22.00 initial level.

Beginning July 13, 2026, the issuer may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called and Macy’s final level is at or above the $11.00 trigger, investors receive $1,000 per note at maturity. If the final level is below the trigger, investors receive shares (or cash) worth less than principal, potentially as low as zero. The estimated initial value is $943.72 per $1,000 of principal, reflecting fees and hedging costs.