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

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.

Bank of Montreal is offering US$300,000 of senior autocallable barrier notes linked to Robinhood Markets, Inc. Class A common stock. These notes pay contingent monthly coupons at 1.425% (about 17.10% per year), but only if the HOOD share price on each observation date is at or above the coupon barrier level of $60.12, which is 50% of the initial level of $120.24. Missed coupons can be paid later under a memory feature if the barrier is met on a future date.

The notes can be automatically redeemed starting July 13, 2026 if HOOD closes above its initial level, returning principal plus any due coupons. If the notes are not called and HOOD finishes below the trigger level of $60.12 at maturity on July 16, 2027, investors will lose principal in line with the share price decline and could receive nothing. The estimated initial value is $960.50 per $1,000 note, and the notes are unsecured obligations of Bank of Montreal with no FDIC or similar insurance.

Bank of Montreal is issuing US$5,289,000 of Capped Buffer Enhanced Return Notes linked to the NASDAQ-100 Index®, maturing on July 16, 2027. The notes offer 200% leveraged upside on index gains, but the payment is capped at a Maximum Redemption Amount of $1,214.00 per $1,000 in principal (a 21.40% maximum return). A 10.00% downside buffer applies; if the index falls more than 10.00%, investors lose approximately 1.1111% of principal for each additional 1% decline and can lose up to all of their investment.

The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The Initial Level of the NASDAQ-100 was 25,741.95 on the January 13, 2026 pricing date, and the Final Level is based on an average of daily closing levels from July 7 to July 13, 2027. The estimated initial value is $993.82 per $1,000, reflecting structuring and hedging costs, and the price to the public is 100% with a 0.15% agent’s commission.

Bank of Montreal is offering unsecured notes linked to the EURO STOXX 50 Index that pay no interest and are designed to be held to March 17, 2028. Each note has a $1,000 principal amount. At maturity, if the index’s final level is at or above 82.50% of its initial level of 6,029.83, investors receive a fixed $1,168.70 per note, providing a capped positive return regardless of how much the index has risen.

If the final index level is below the 82.50% threshold, the payoff is reduced and investors lose about 1.2121% of principal for every 1% the index falls below the threshold, with the possibility of losing the entire principal. The estimated initial value is $989.82 per $1,000, below the issue price, reflecting structuring and hedging costs. The total offering size is $3,992,000 and the notes will not be listed on any exchange, so liquidity before maturity may be limited.

Bank of Montreal is offering structured notes linked to the MSCI EAFE Index that pay no interest and return a cash amount at maturity based on index performance from January 13, 2026 to February 9, 2028. For each $1,000 note, investors receive 160% of any index gain, capped at a maximum settlement amount of $1,256.00, which is reached if the index rises to at least 116.00% of its initial level of 2,972.93.

The notes provide a 15.00% downside buffer: if the final index level is at or above 85.00% of the initial level, investors receive $1,000, but below that they lose about 1.1765% of principal for every 1% further decline and could lose all principal. The estimated initial value is $988.75 per $1,000 note, total issuance is $3,939,000, the notes are unsecured obligations of Bank of Montreal, and they will not be listed on any exchange.

Bank of Montreal is offering senior market-linked notes tied to the worst performer of the Nasdaq-100 Index, S&P 500 Index and EURO STOXX 50 Index, maturing on February 2, 2029. Each security has a $1,000 face amount, with an estimated initial value of $960.80 per security on the preliminary date, and not less than $910.00 at pricing.

The notes provide 150% upside participation in the lowest performing index, but gains are capped by a maximum return of at least 43%, for a minimum maximum maturity payment of $1,430.00 per security. They feature a 24% buffer; if the worst index falls more than 24%, investors lose 1% of principal for each additional 1% decline, up to a maximum loss of 76% of face value. The securities pay no interest, are unsecured obligations of Bank of Montreal subject to its credit risk, will not be listed on an exchange, and involve complex U.S. and Canadian tax considerations.

Bank of Montreal is issuing US$12,960,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due February 16, 2027, linked to Broadcom Inc. common stock. The notes have an Initial Level of $352.21 and pay a 0.90% monthly contingent coupon (approximately 10.80% per year), or $9.00 per $1,000, only if the stock closes on each observation date at or above the $186.67 coupon barrier, which is 53.00% of the Initial Level.

Beginning July 13, 2026, the notes are automatically redeemed if Broadcom’s share price is at or above the Initial Level, returning principal plus the relevant coupon. If not called and Broadcom closes below the $186.67 trigger on the valuation date, investors receive shares (or cash) worth less than the $1,000 principal, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, and their estimated initial value is $967.79 per $1,000.

Bank of Montreal is issuing US$569,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with contingent coupons linked to the Class A common stock of Palantir Technologies Inc. The notes pay a contingent coupon of 4.05% per quarter (about 16.20% per year), or $40.50 per $1,000, only if Palantir’s share price on each observation date is at or above the coupon barrier of $89.71, which is 50% of the $179.41 initial level.

Starting April 10, 2026, the notes are automatically redeemed if the stock closes above the initial level on an observation date, returning principal plus that period’s coupon. If not called, and on the valuation date the stock is at or above the $89.71 trigger level, investors receive full principal at maturity plus any final coupon. If the stock finishes below the trigger, repayment is reduced one-for-one with the stock’s loss and can fall to zero. The notes are unsecured obligations, not insured deposits, and the estimated initial value is $966.09 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is issuing US$1,857,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with contingent coupons due February 16, 2027, linked to the common stock of Apple Inc. The initial Apple level is $260.25, with both the coupon barrier and trigger set at $205.60, or 79.00% of the initial level.

The notes pay a monthly contingent coupon of 0.6808% (about 8.17% per year), or $6.808 per $1,000, only if Apple’s closing level on the relevant observation date is at or above the barrier, and may be automatically redeemed starting July 13, 2026 if Apple is above the initial level. If the notes are not called and Apple finishes below the trigger on the valuation date, investors receive shares (or cash) worth less than principal, potentially down to zero. The estimated initial value is $969.28 per $1,000, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$2,532,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due January 16, 2029. The notes are linked to the least performing of JPMorgan Chase & Co., Johnson & Johnson, and UnitedHealth Group common stock.

Investors may receive a 1.25% monthly contingent coupon (about 15.00% per year), or $12.50 per $1,000 of principal, whenever the closing level of each stock on an observation date is at or above its coupon barrier, set at 75.00% of the initial level for each share. Missed coupons can be paid later under the memory feature if the barriers are subsequently met, but all coupons are forgone if the barriers are never met.

Starting January 13, 2027, the notes are automatically redeemed if all three stocks are at or above their initial levels on an observation date, returning principal plus any due coupons. If not called, and on the valuation date any stock is below its 57.50% trigger level, principal is reduced in line with the decline of the worst stock and can be fully lost. The estimated initial value is $975.41 per $1,000, below the issue price, reflecting fees and hedging costs, and the notes are unsecured obligations of Bank of Montreal with complex structural and market risks.

Bank of Montreal is offering US$4,052,000 of senior medium-term Autocallable Barrier Notes due February 16, 2027, linked to Microsoft Corporation common stock. The notes pay a contingent monthly coupon of 0.7208% (about 8.65% per year), but only if Microsoft’s closing share price on each observation date is at or above the coupon barrier of $376.97, which is 79% of the $477.18 initial level. Starting July 13, 2026, the notes will be automatically redeemed if Microsoft closes above the 100% call level, returning principal plus the applicable coupon.

If the notes are not called and Microsoft finishes below the $376.97 trigger level on the valuation date, investors receive shares (or cash equivalent) based on the physical delivery amount rather than full principal, exposing them to significant downside to zero. The estimated initial value is $970.86 per $1,000 note, and the notes are unsecured obligations of Bank of Montreal, with an agent’s commission of 2.15% and proceeds to the bank of 97.85% of principal.

Bank of Montreal is offering senior market-linked notes that pay a high contingent coupon, expected to be at least 24.67% per annum, but only if the lowest performing of CoreWeave Class A shares and lululemon athletica stock is at or above 50% of its starting value on quarterly calculation days.

The notes are auto-callable from July 2026 through October 2028 if the lowest performing stock is at or above its starting value, in which case investors receive the $1,000 face amount plus the applicable coupon and any previously unpaid coupons. If not called, investors get $1,000 back at maturity in January 2029 only if the lowest performer is at or above 50% of its starting value; below that level, repayment is reduced one-for-one with the stock’s decline, with the possibility of a total loss of principal.

The notes do not participate in any upside of either stock and may pay no coupons at all. All payments depend on Bank of Montreal’s credit. The estimated initial value is $964.60 per $1,000 note, and will not be less than $920.00 per security at pricing.

Bank of Montreal is offering US$807,000 of senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due January 16, 2029, linked to the weaker performer of the SPDR S&P Regional Banking ETF (KRE) and the Financial Select Sector SPDR Fund (XLF). The notes pay no interest and all payments depend on Bank of Montreal’s credit.

Starting January 14, 2027, if on an Observation Date both ETFs close at or above 100% of their Initial Levels, the notes are automatically redeemed at par plus a fixed Call Amount, targeting roughly an 18% per annum return (US$180 in 2027 or US$360 in 2028 per US$1,000 note). After redemption, investors do not share in further ETF gains.

If the notes are not called, maturity payoff depends on the “Least Performing” ETF. Upside is leveraged at 150% of its positive price change. If its Final Level is below its Initial Level but at or above 75% (the Barrier Level), principal is returned only. If it falls below the Barrier, investors lose 1% of principal for each 1% decline and can lose their entire investment. The estimated initial value is US$961.79 per US$1,000, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$820,000 of senior Medium-Term Notes, Series K, linked to the S&P 500 Index and maturing on January 16, 2029. These contingent risk absolute return buffer notes provide 1-to-1 exposure to S&P 500 gains, but total payoff is capped at a Maximum Redemption Amount of $1,250 per $1,000 of principal, a 25% maximum return.

If the index falls but stays at or above 75% of its Initial Level, investors still earn a positive “absolute return” on the decline, up to the same $1,250 per $1,000 cap. If the index drops more than 25%, principal loss is 1% for each additional 1% decline, with up to 75% of principal at risk at maturity. The notes pay no interest, will not be listed on an exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal. The estimated initial value is $981.08 per $1,000 note, below the public offer price, reflecting offering and hedging costs.

Bank of Montreal is offering US$1,000,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with memory coupons due May 14, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index, and pay a contingent monthly coupon of 0.9167% (about 11.00% per year) only if each index closes at or above its coupon barrier level, with unpaid coupons potentially paid later under a memory feature.

The notes can be automatically redeemed starting July 9, 2026 if all three indexes are at or above their initial levels, in which case investors receive principal plus any due coupons. If the notes are not called and any index ever closes below its 65% trigger level and its final level is below its initial level, repayment of principal is reduced in line with the index loss and can fall to zero. The notes are unsecured obligations of Bank of Montreal, not insured by any government agency, and their estimated initial value is $990.02 per $1,000 principal amount.

Bank of Montreal is issuing US$1,613,000 of senior medium-term Autocallable Barrier Notes due January 16, 2029, linked to the Class A ordinary shares of On Holding AG. The notes offer a 3.60% quarterly contingent coupon (about 14.40% per year) when the On Holding share price on an observation date is at or above the coupon barrier of $29.47, which is 60% of the initial level of $49.12.

Starting April 13, 2026, the notes are automatically redeemed if the share price 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 On Holding’s final level on January 10, 2029 is below the $29.47 trigger, investors lose principal in line with the share’s decline and could receive nothing, though they may still receive the final coupon if the barrier is met. The notes are unsecured obligations of Bank of Montreal, sold at 100% of principal with a 2.00% agent commission, and have an estimated initial value of $949.37 per $1,000.

Bank of Montreal is offering US$427,000 of callable barrier notes due December 14, 2027, linked to the worst performer among GDX, the NASDAQ-100 Index and KRE. The notes pay a contingent coupon of 1.2525% per month (about 15.03% per year), but only if on each observation date all three reference assets are at or above their respective coupon barriers, set at 70% of their initial levels.

Principal is at risk: if, at maturity, any reference asset has fallen below its trigger level, set at 60% of its initial level, repayment is reduced in line with the decline of the worst performer and can be zero. Bank of Montreal may call the notes in whole, at its discretion, on any observation date starting July 9, 2026, paying back principal plus any due coupon. The estimated initial value is $957.26 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is offering US$1,686,000 of senior medium-term autocallable barrier notes due January 16, 2029, linked to the least performing of Apple, Morgan Stanley and Amazon common stock. The notes pay a contingent coupon of 3.325% per quarter (about 13.30% per year) only if on each observation date all three stocks close at or above their coupon barrier levels, set at 60% of their initial levels. Beginning April 13, 2026, the notes will be automatically redeemed if all reference assets are at or above their initial levels, returning principal plus the applicable coupon.

If the notes are not called and any stock finishes below its 60% trigger level on the valuation date, investors lose principal in line with the percentage decline of the worst-performing stock, up to total loss. The estimated initial value is $962.61 per $1,000 principal, below the issue price, reflecting hedging and distribution costs, and the notes are unsecured obligations of Bank of Montreal with complex tax treatment as pre-paid contingent income-bearing derivative contracts.

Bank of Montreal is offering US$1,238,000 of senior medium-term Callable Barrier Notes with Contingent Coupons due December 14, 2027. The notes are linked to the least performing of the VanEck Gold Miners ETF (GDX), the S&P 500 Index (SPX) and the Nasdaq-100 Technology Sector Index (NDXT).

Investors may receive a monthly contingent coupon of 1.235% of principal (approximately 14.82% per year), but only if on each observation date all three reference assets are at or above their coupon barrier levels, set at 70% of their initial levels. Starting April 9, 2026, Bank of Montreal may call the notes on any observation date, returning principal plus any due coupon.

If the notes are not called, principal repayment at maturity depends on performance. If each final level is at or above its trigger level (60% of initial), investors receive full principal back plus any final coupon. If any final level is below its trigger, repayment is reduced in proportion to the worst performer and can be zero. The estimated initial value is $964.53 per $1,000, reflecting fees and hedging costs. The notes are unsecured and not insured by any deposit insurance agency.

Bank of Montreal is issuing US$3,643,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons due January 16, 2029. The notes are linked to the worst performance of American Airlines Group common stock and Alphabet Class C stock. Investors may receive monthly contingent coupons at 1.4167% (about 17.00% per year) when both stocks close at or above their coupon barrier levels, set at 60.00% of initial levels.

The notes can be automatically redeemed starting July 13, 2026 if each stock is at or above its initial level, returning principal plus the applicable coupon. If held to maturity without a trigger event, principal is repaid; if any stock finishes below its 60.00% trigger level, repayment is reduced in line with the loss on the worst-performing stock, and can fall to zero. The estimated initial value is $947.89 per $1,000 of principal, and the notes are unsecured obligations of Bank of Montreal with no FDIC or similar insurance.

Bank of Montreal is issuing US$8,856,000 of Senior Medium-Term Notes, Series K, maturing on January 14, 2028, that are linked to the S&P 500 Index. The notes provide 1-to-1 upside exposure to any increase in the index, but gains are capped at a Maximum Redemption Amount of $1,185 per $1,000 of principal (an 18.50% maximum return).

If the index falls but finishes between 80.00% and 100.00% of its initial level, investors receive a positive return equal to the absolute decline, up to a Maximum Downside Redemption Amount of $1,200 per $1,000 (a 20.00% gain). If the index closes below 80.00% of its initial level, investors lose 1% of principal for each 1% drop beyond the 20.00% buffer, and could lose up to 80.00% of principal.

The notes pay no interest, will not be listed on any exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal. The initial estimated value is $992.95 per $1,000. An agent’s commission of 0.15% is reflected in the pricing, and the tax treatment as pre-paid derivative contracts is described as uncertain.

Bank of Montreal is offering senior market-linked notes tied to the worst performer among Amazon, Marvell Technology and Micron Technology, maturing in January 2029. Each security has a $1,000 face amount, with an original offering price of $1,000 and an estimated initial value of $964.70 per security, not less than $920.00 at pricing. The notes pay monthly contingent coupons at a rate of at least 22.00% per annum, but only when the lowest performing stock on a calculation day is at or above 50% of its starting value; missed coupons may be recovered later under a memory feature.

The notes are auto-callable from July 2026 through December 2028 if the lowest performing stock is at or above its starting value, in which case holders receive principal plus the applicable coupons and the notes terminate early. If not called, at maturity investors receive $1,000 per security only if the lowest performing stock is at or above 50% of its starting value; otherwise the payoff is fully exposed to that stock’s decline, with losses greater than 50% and up to the entire principal possible. Payments depend on Bank of Montreal’s credit and the securities will not be listed on an exchange.

Bank of Montreal is offering US$424,000 of autocallable barrier notes linked to Molina Healthcare, Inc. stock, maturing on January 16, 2029. The notes pay contingent coupons at a rate of 3.65% per quarter (about 14.60% per year), but only if Molina’s share price on each observation date is at or above the coupon barrier of $108.90, which is 60% of the $181.50 initial level. Missed coupons can be paid later under a memory feature if the barrier is met on a future date.

Starting July 13, 2026, the notes are automatically redeemed if the stock closes above the initial level on an observation date, returning principal plus any due coupons. If not called, investors receive full principal at maturity unless Molina closes below the same $108.90 trigger level, in which case repayment is reduced one-for-one with the stock decline and can fall to zero. The estimated initial value is $968.84 per $1,000, and the notes are unsecured, uninsured obligations of Bank of Montreal.

Bank of Montreal is offering US$1,010,000 of Senior Medium‑Term Notes, Series K, as autocallable barrier notes with memory coupons due January 16, 2029, linked to the least performing of Meta (META), Alphabet Class C (GOOG) and Applied Materials (AMAT).

The notes pay a contingent monthly coupon of 1.4333% (about 17.20% per year), or $14.333 per $1,000, only if each stock closes at or above its coupon barrier level, set at 60% of its initial level. Missed coupons can be paid later under the memory feature if all three stocks recover to at least their barriers on a future observation date.

Beginning January 13, 2027, the notes are automatically redeemed if all three stocks are at or above 100% of their initial levels, returning principal plus any due coupons. If not called, and on the valuation date any stock finishes below its 60% trigger level, repayment of principal is reduced in line with the decline of the worst performer and can fall to zero. The notes are unsecured obligations, with an estimated initial value of $968.14 per $1,000, and are treated as pre-paid contingent income-bearing derivative contracts for U.S. tax purposes.

Bank of Montreal is offering US$860,000 of senior medium‑term autocallable barrier notes due January 14, 2028, linked to Tesla, AMD and Nvidia common stock. The notes pay contingent monthly coupons at 2.4167% (about 29.00% per year) only if each stock stays at or above its coupon barrier, with a memory feature that can catch up previously missed coupons.

The notes can be automatically redeemed starting April 9, 2026 if each stock is at or above its initial level, returning principal plus any due coupons. If the notes are not called and any stock finishes below its trigger level (60.00% of its initial level) at maturity, investors lose principal in line with the decline of the worst‑performing stock, potentially down to zero. The estimated initial value is $966.28 per $1,000, below the $1,000 issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$1,307,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes linked to the common stock of Tesla, Inc. These notes pay a contingent coupon of 4.70% per quarter (about 18.80% per year) when Tesla’s closing price on an observation date is at or above a coupon barrier of $267.01, which is 60% of the initial level of $445.01.

Beginning April 13, 2026, the notes can be automatically redeemed if Tesla closes above its initial level; in that case, holders receive principal plus the applicable coupon and the notes terminate early. If the notes are not called and a Trigger Event occurs at maturity—Tesla’s final level is below $267.01—investors’ principal is exposed one-for-one to Tesla’s decline and the payment can be significantly less than US$1,000 per note, potentially zero, plus any final coupon if due.

The notes are unsecured obligations of Bank of Montreal, not insured deposits, and the estimated initial value is $970.44 per US$1,000 of principal, reflecting dealer compensation and hedging costs. The product carries complex structural, market, and tax risks and is intended only for investors who understand equity-linked, contingent-income notes.