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

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.

Bank of Montreal is offering $5,593,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes due December 14, 2027. The notes are linked to the least performing of the VanEck Gold Miners ETF (GDX), the Russell 2000 Index (RTY) and the Nasdaq-100 Technology Sector Index (NDXT).

Investors may receive monthly contingent coupons of 0.7708% of principal (about 9.25% per year), but only if on an observation date each reference asset is at or above its coupon barrier, set at 70% of its initial level. Beginning April 9, 2026, the notes are automatically redeemed if all three assets are at or above their initial levels, returning principal plus any due coupons. If held to maturity and any asset finishes below its trigger level at 50% of its initial level, repayment of principal is reduced one-for-one with the loss on the worst performer and can fall to zero. The estimated initial value is $961.42 per $1,000 of principal.

Bank of Montreal is offering senior unsecured market-linked notes tied to the worst of Amazon, Oracle and UnitedHealth common stocks, with a face amount of $1,000 per security and a term to January 26, 2029. Investors may receive monthly contingent coupons at a rate of at least 19.00% per annum, but only when the lowest performing stock on each calculation day is at or above 60% of its starting value, with a memory feature for missed coupons.

The notes are auto-callable from April 2026 through December 2028 if the worst-performing stock is at or above its starting value, in which case investors receive $1,000 plus the applicable coupons. If not called, at maturity investors receive $1,000 only if the worst stock is at or above 60% of its starting value; otherwise repayment is reduced one-for-one with that stock’s loss, down to zero. The estimated initial value is $960.40 per security (not less than $910.00 at pricing), reflecting fees and hedging costs.

The securities are unsecured obligations of Bank of Montreal, are not insured or bail-inable, will not be listed on an exchange and may have limited liquidity. The product entails complex risks, including full exposure to the worst-performing stock, credit risk of Bank of Montreal, and uncertain U.S. tax treatment, with indicated 30% withholding on coupons for many non-U.S. holders.

Bank of Montreal is offering senior unsecured market-linked notes tied to the common stocks of Amazon, NVIDIA and UnitedHealth. Each security has a $1,000 face amount, an estimated initial value of $962.30 and will not be priced below $910.00 per security. The notes pay a contingent monthly coupon at a rate of at least 17.60% per annum only if, on the relevant calculation day, the lowest performing stock is at or above 60% of its starting value; missed coupons can be “remembered” and paid later if this condition is met.

The notes are auto-callable from April 2026 if the lowest performing stock is at or above its starting value, in which case investors receive $1,000 plus the applicable coupon(s). If not called, at maturity in January 2029 investors receive $1,000 only if the lowest performing stock is at or above its 60% downside threshold; otherwise repayment is reduced in line with that stock’s decline, and losses can reach 100% of principal.

The securities are subject to Bank of Montreal’s credit risk, are not insured, will not be listed on an exchange and may have limited or no secondary market. The estimated value is lower than the offering price due to selling, structuring and hedging costs. U.S. and non-U.S. tax treatment is complex and uncertain, and non-U.S. holders generally face 30% withholding on coupons.

Bank of Montreal is offering senior medium‑term Redeemable Fixed Rate Notes, Series K, paying 4.55% per annum and scheduled to mature on January 29, 2031. Each Note has a $1,000 principal amount, with interest paid semi‑annually on January 29 and July 29, starting July 29, 2026, using a 30/360 day count.

The Notes are callable at 100% of principal plus accrued interest, in whole but not in part, on January 29 and July 29 of each year from January 29, 2027 through July 29, 2030, at the issuer’s option. They are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited.

The Notes are designated as bail‑inable, meaning they may be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under Canadian bank resolution powers. The original issue price is $1,000 per Note, including a $15 underwriting discount, resulting in $985 in proceeds to Bank of Montreal per Note, before expenses.

Bank of Montreal is offering senior Medium-Term Notes, Series K, which are redeemable fixed rate notes due January 29, 2031. Each Note has a $1,000 principal amount and pays fixed interest at 4.65% per annum, with semi-annual payments on January 29 and July 29, starting July 29, 2026. Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity.

The Notes are callable at Bank of Montreal’s option at 100% of principal plus accrued interest on January 29 and July 29 of each year from January 29, 2027 through July 29, 2030. They are unsecured obligations subject to the credit risk of Bank of Montreal, will not be listed on any securities exchange, and may have limited or no secondary market.

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, in a bail-in conversion. The original issue price is $1,000 per Note, including a $15 underwriting discount and $985 in proceeds to Bank of Montreal.

Bank of Montreal is offering senior unsecured medium-term notes due January 12, 2029 that pay a fixed interest rate of 4.05% per annum on a $1,000 minimum denomination. Interest is paid in cash semi-annually on January 26 and July 26, starting July 26, 2026, using a 30/360 day count. Unless redeemed earlier, investors receive $1,000 per note plus accrued interest at maturity.

The notes are callable at 100% of principal plus accrued interest, in whole but not in part, on January 26 and July 26 of each year from July 26, 2026 through July 26, 2028. They are not listed on any securities exchange, so liquidity may be limited. The notes are designated as bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into Bank of Montreal common shares or varied or extinguished in a Canadian bank resolution, with holders deemed to consent to this treatment.

The notes are subject to Bank of Montreal’s credit risk and are not insured by any government agency. The original issue price is $1,000 per note, including a $10 underwriting discount and $990 in proceeds to Bank of Montreal. Investors face risks from changing interest rates, potential early redemption, limited secondary market, dealer conflicts of interest and specific U.S. federal tax considerations.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 13, 2031. Each Note has a $1,000 principal amount and pays a fixed interest rate of 4.40% per annum, with interest paid semi-annually on January 26 and July 26, starting July 26, 2026. Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity. The Notes are callable at Bank of Montreal’s option at 100% of principal plus accrued interest on semi-annual dates from January 26, 2027 through July 26, 2030. They are unsecured, not listed on any exchange, and subject to Canadian bail-in powers, meaning they can be converted into common shares or written down under the Canada Deposit Insurance Corporation Act, so repayment depends on Bank of Montreal’s credit and regulatory treatment.

Bank of Montreal is offering senior medium‑term, auto‑callable, equity‑linked notes tied to the worst performer among Datadog, Intel and Micron common stocks, maturing on December 29, 2028. Each security has a $1,000 face amount and an original offering price of $1,000, with estimated initial value of $943.21 per security, reflecting structuring and hedging costs. Investors may receive a 23.75% per annum contingent coupon, paid monthly, but only when the lowest performing stock on the relevant calculation day is at or above its coupon threshold (55% of its starting value), with a memory feature for missed coupons.

The notes are automatically called if, from June 2026 to November 2028, the lowest performing stock is at or above its starting value, returning principal plus applicable coupons. If not called and, at maturity, the lowest performer is below its 55% downside threshold, investors’ principal repayment is reduced one‑for‑one with that stock’s decline, with potential loss of most or all of principal. The securities are unsecured and subject to Bank of Montreal’s credit risk.

Bank of Montreal is issuing $3,000,000 of senior medium-term notes, Series K, redeemable fixed rate notes due January 13, 2031. Each Note has a $1,000 principal amount and pays a fixed 4.60% per annum, with interest paid in cash semi-annually on January 13 and July 13, starting July 13, 2026.

Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity. The Notes may be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on January 13 and July 13 from 2027 through July 13, 2030.

The Notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act and can be converted into common shares or varied/extinguished in a resolution scenario. They are not insured by FDIC, CDIC or any governmental agency and will not be listed on any securities exchange, so liquidity may be limited. The original issue price is $1,000 per Note, with a $4.50 underwriting discount and total proceeds of $2,986,500 to Bank of Montreal.

Bank of Montreal is issuing senior unsecured structured notes that pay a high, contingent coupon linked to the worst-performing of AMD, Intel and Tesla stock. Each $1,000 note offers a contingent coupon at a 20.50% per annum rate, paid monthly only if the lowest-performing stock on each calculation day stays at or above 50% of its starting value; missed coupons can be "remembered" and paid later if the trigger is met.

The notes can be auto-called from July 2026 through December 2028 if the worst-performing stock is at or above its starting value, returning principal plus the due coupon(s). If not called, investors receive $1,000 at maturity in January 2029 only if the lowest-performing stock is at or above 50% of its starting value. If it finishes below that 50% downside threshold, repayment is reduced in full proportion to the decline, and investors can lose most or all of their principal while never participating in stock price gains.

Bank of Montreal is issuing unsecured, equity-linked senior medium-term notes tied to the worst performer among Advanced Micro Devices, Datadog and Tesla, maturing on January 11, 2029. Each security has a $1,000 face amount and an estimated initial value of $947.41, with total proceeds of about $2.03 million before hedging effects.

The notes pay a contingent coupon at 20.30% per annum, payable monthly only if the lowest-performing stock on each calculation day stays at or above 50% of its starting value; missed coupons can be "remembered" and paid later if the trigger is met. From July 2026 to December 2028 the notes are auto-callable at par plus due coupons if the worst stock is at or above its starting value.

If the notes are not called and, on the final calculation day, the worst stock has fallen below 50% of its starting value, investors’ principal is reduced one-for-one with that decline, with losses that can reach 100% of face value. Investors do not participate in any upside of the stocks and bear the full credit risk of Bank of Montreal.

Bank of Montreal is issuing $9,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due January 13, 2031. Each Note has a $1,000 principal amount and pays a fixed interest rate of 4.45% per annum, with interest paid semi-annually on January 13 and July 13, starting July 13, 2026.

Unless redeemed earlier, investors receive $1,000 per Note in cash at maturity plus accrued interest. The bank may redeem all of the Notes, but not in part, at 100% of principal plus accrued interest on semi-annual optional redemption dates from January 13, 2028 through July 13, 2030.

The Notes are unsecured, bail-inable obligations of Bank of Montreal, subject to Canadian bail-in powers that can convert the Notes into common shares or extinguish them under the CDIC Act. They are not insured by U.S. or Canadian deposit insurance, will not be listed on any exchange, and may have limited or no secondary market, exposing holders to credit, interest rate, liquidity and potential conflict-of-interest risks.

Bank of Montreal is offering US$2.3 million of structured notes linked to a basket of three U.S. bank stocks. The notes are tied equally to JPMorgan Chase, Citigroup and Morgan Stanley, and provide 300% leveraged upside on any basket gain, capped at a Maximum Redemption Amount of $1,162 per $1,000 in principal (a 16.20% maximum return).

There is a 10% downside buffer: if the basket falls 10% or less, investors receive only their $1,000 principal back. If it falls by more than 10%, principal is reduced 1% for each additional 1% decline, up to a 90% loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and had an estimated initial value of $967.30 per $1,000 on the pricing date, below the $1,000 issue price.

Bank of Montreal is offering $500,000 of Senior Medium-Term Notes, Series K, maturing on January 13, 2028, that are capped buffer notes linked to the iShares MSCI Emerging Markets ETF (EEM). These notes provide 1-to-1 upside exposure to EEM from the Initial Level of $56.87, but the total payoff is capped at a Maximum Redemption Amount of $1,318 per $1,000 principal, equal to a 31.80% maximum return.

If EEM’s Final Level is at or above the Initial Level, investors receive principal plus the leveraged gain, up to the cap. If EEM falls but stays at or above the Buffer Level of $48.34 (15% below the Initial Level), investors receive only their $1,000 principal back. If EEM closes below the Buffer Level, repayment is reduced dollar-for-dollar beyond the 15% buffer, and investors can lose up to 85% of principal.

The notes pay no interest, are not listed on an exchange, and are unsecured obligations of Bank of Montreal, fully subject to its credit risk. The bank’s estimated initial value is $979.30 per $1,000, below the 100% price to the public, reflecting embedded costs, hedging and dealer compensation.

Bank of Montreal plans to issue senior medium-term fixed-rate notes due January 29, 2031. Each Note has a $1,000 principal amount, pays interest at a fixed 4.45% per annum, and makes semi-annual interest payments on January 29 and July 29, starting July 29, 2026.

The Notes are redeemable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on January 29 and July 29 of each year from January 29, 2028 through July 29, 2030. They are unsecured obligations subject to Bank of Montreal’s credit risk and are classified as bail-inable notes, meaning they can be converted into common shares or varied or extinguished under Canadian bank resolution powers.

The Notes will not be listed on any securities exchange. For each $1,000 Note, the original issue price is $1,000, the underwriting discount is $15, and the proceeds to Bank of Montreal are $985. Investors are exposed to interest rate risk, limited liquidity, potential early redemption, and conflicts of interest related to underwriting and hedging.

Bank of Montreal plans to issue senior medium-term Redeemable Fixed Rate Notes, Series K, due January 27, 2038. Each Note has a $1,000 principal amount and pays fixed interest at 5.05% per annum, with semi-annual payments each January 27 and July 27 starting July 27, 2026.

The Notes can be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on semi-annual Optional Redemption Dates from January 27, 2028 through July 27, 2037. They are unsecured, subject to the bank’s credit risk, not insured by any deposit insurance scheme, and will not be listed on any securities exchange.

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 in a resolution scenario. The original issue price is $1,000 per Note, including a $20 underwriting discount, resulting in $980 in proceeds to Bank of Montreal per Note.

Bank of Montreal is offering $600,000,000 of senior medium-term notes linked to Compounded SOFR, maturing on January 13, 2028. Each Note has a $1,000 principal amount and pays a quarterly floating interest rate equal to Compounded SOFR for the prior observation period plus a 0.62% spread, with a minimum interest rate of 0.75% per year. Investors receive $1,000 per Note at maturity plus any accrued interest if Bank of Montreal meets its obligations.

The Notes are unsecured obligations of Bank of Montreal and are subject to its credit risk and Canadian bank “bail-in” powers, meaning they can be converted into common shares or varied or extinguished under the CDIC Act. The Notes will not be listed on any securities exchange, and a secondary trading market is not assured. Underwriting discounts total $900,000, providing net proceeds to Bank of Montreal of $599,100,000 before other expenses.

Bank of Montreal is offering US$1,342,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due July 12, 2027, linked to Uber Technologies, Inc. common stock. The notes pay a contingent monthly coupon at 1.0433% (about 12.52% per year), or $10.433 per $1,000, only if Uber’s closing level on each observation date is at or above the coupon barrier of $53.44, which is 62% of the initial level of $86.19.

Beginning October 8, 2026, if Uber’s closing level on an observation date is at or above 100% of its initial level, the notes are automatically redeemed at par plus that month’s coupon, and no further payments are made. If the notes are not called, investors receive $1,000 per $1,000 at maturity unless Uber’s final level is below the trigger level of $53.44. If that trigger is breached, principal is exposed one-for-one to Uber’s decline, and repayment can be substantially less than $1,000, or even zero.

The notes are unsecured obligations of Bank of Montreal, offer only cash settlement (no share delivery), and have an estimated initial value of $988.11 per $1,000 on the pricing date, reflecting structuring and hedging costs. They carry complex structural, market, credit and tax risks described in the accompanying prospectus documents.

Bank of Montreal is issuing US$3,007,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons due July 12, 2027, linked to Oracle Corporation common stock. The notes have an initial level of $192.84 for ORCL and pay a contingent coupon of 1.045% per month (about 12.54% per year) when Oracle’s closing level on an observation date is at or above the coupon barrier of $94.49, which is 49% of the initial level.

Beginning October 8, 2026, the notes are subject to automatic redemption if Oracle closes above 100% of its initial level, in which case investors receive principal plus the applicable coupon. If the notes are not called and Oracle finishes below the trigger level of $94.49 at maturity, repayment of principal is reduced in line with the stock’s percentage loss and can fall to zero, although any final coupon that is due would still be paid. The estimated initial value is $974.46 per $1,000 principal amount, reflecting structuring and hedging costs.

Bank of Montreal is offering an additional $21,000,135,000 in principal amount of its MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040, increasing the outstanding total for this tranche to $50,000,000,000. These exchange-traded notes provide three-times daily inverse exposure to the S-Network MicroSectors Gold Miners Index, which tracks the VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ).

The notes reset leverage daily, are intended as short-term trading tools, and can lose all value if the indicative note value hits zero. Returns are reduced by a 0.95% annual Daily Investor Fee, potential negative Daily Interest tied to the Federal Funds Effective Rate minus an adjustable spread of up to 4.00%, and a 0.125% fee on holder redemptions. Bank of Montreal may call the notes at its option, and the notes are unsecured senior obligations subject to the issuer’s credit risk.

Bank of Montreal is issuing $5,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 12, 2038. Each Note has a $1,000 principal amount and pays a fixed interest rate of 5.05% per annum, with interest paid semi-annually on January 12 and July 12, starting July 12, 2026.

The bank may redeem the Notes early, in whole but not in part, at 100% of principal plus accrued interest on optional redemption dates every January 12 and July 12 from January 12, 2028 through July 12, 2037. At maturity, if not redeemed, holders receive $1,000 per Note plus accrued interest.

The Notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, will not be listed on any securities exchange, and may have limited or no secondary market. The original issue price is $1,000 per Note, with an underwriting discount of $13 per Note, resulting in total proceeds to the bank of $4,937,000.

Bank of Montreal is issuing $2,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes maturing on January 12, 2029. Each note has a $1,000 principal amount and pays fixed interest at 4.00% per annum, with semi-annual interest payments each January 12 and July 12, starting July 12, 2026.

The bank may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on optional redemption dates every January 12 and July 12 from January 12, 2027 through July 12, 2028. The notes are unsecured, not insured by any deposit insurance agency, will not be listed on an exchange, and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares or varied or extinguished in a resolution scenario.

Bank of Montreal is offering senior unsecured market-linked notes tied to the lowest performer of CrowdStrike, Intel and Marvell common stock. Each security has a $1,000 face amount and original offering price, with an estimated initial value of $959.30 per security, which will not be less than $910.00 at pricing. The notes pay a monthly contingent coupon at a rate of at least 20.10% per annum only if, on the relevant calculation day, the lowest performing stock closes at or above 50% of its starting value; missed coupons can be “remembered” and paid later if this condition is again met.

From July 2026 through December 2028, the notes are auto-callable if the lowest performer is at or above its starting value, returning face amount plus due coupons. If the notes are not called and, on the final calculation day, the lowest performer is below 50% of its starting value, repayment is reduced in proportion to that decline and investors can lose more than 50%, up to all, of principal. The notes do not participate in any stock appreciation. All payments depend on Bank of Montreal’s credit and are not insured by U.S. or Canadian deposit insurance. The U.S. tax treatment is complex, and coupons to non-U.S. holders are generally subject to 30% withholding.

Bank of Montreal is offering senior medium-term fixed rate notes due January 29, 2029. Each Note has a $1,000 principal amount and pays interest at a fixed rate of 4.10% per annum, with interest paid semi-annually on January 29 and July 29, starting July 29, 2026. Unless the Notes are redeemed early, investors are scheduled to receive $1,000 per Note plus any accrued and unpaid interest at maturity.

The Notes are callable at the bank’s option, in whole but not in part, at 100% of principal plus accrued interest on January 29 and July 29 from January 29, 2027 through July 29, 2028. An underwriting discount of $10 per Note results in initial proceeds to Bank of Montreal of $990 per $1,000 Note. The Notes are unsecured, will not be listed on any securities exchange, and are subject to Canadian bail-in powers, meaning they can be converted into common shares or varied or extinguished under the CDIC Act, so investors bear both credit and bail-in risk.

Bank of Montreal is offering US$1,100,000,000 aggregate principal amount of 4.439% Fixed/Floating Rate Senior Medium-Term Notes, Series J, due January 14, 2032. The notes pay a fixed 4.439% coupon semi-annually from January 14, 2026 to January 14, 2031, then a quarterly floating rate equal to Compounded SOFR plus 0.970% until maturity, with interest never falling below zero.

The notes are senior unsecured obligations, issued in minimum denominations of US$2,000, and are not insured by CDIC, the FDIC or any other deposit insurer. They are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished in a resolution scenario.

Bank of Montreal may redeem the notes early at a make-whole price before January 14, 2031, at par on January 14, 2031, and at par from December 15, 2031 to maturity, and may also redeem for certain Canadian tax reasons. The notes are priced at 100% of principal, with 0.350% underwriting commissions and estimated net proceeds of about US$1,095,950,000 for general corporate purposes.