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

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.

Bank of Montreal is offering complex, equity-linked, auto-callable notes tied to the worst performer of American Express, Alphabet (Class A) and Lockheed Martin shares, maturing January 19, 2029. Each security has a $1,000 face amount and pays monthly contingent coupons only if the lowest-performing stock on each calculation day closes at or above its coupon threshold, set at 60% of its starting value. The contingent coupon rate will be at least 13.00% per year.

The notes may be automatically called on any monthly date from July 2026 through December 2028 if the lowest-performing stock is at or above its starting value, in which case investors receive $1,000 plus the applicable coupon and the notes terminate.

If the notes are not called, at maturity investors receive $1,000 per security only if the lowest-performing stock on the final date is at or above its 60% downside threshold. If it is below that level, principal is reduced in line with that stock’s decline, and investors can lose more than 40% and up to all of their investment. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $963.30 per security, not less than $920.00 at pricing, and involve significant market, credit, liquidity and tax risks.

Bank of Montreal is offering US$865,000 of senior medium-term Autocallable Buffer Notes due January 10, 2028, linked to the least performing of VanEck Gold Miners ETF (GDX), Bank of America (BAC) and Broadcom (AVGO). The notes pay a contingent coupon of 1.375% per month (about 16.50% per year) when each reference asset stays at or above its coupon barrier. A 25% downside buffer applies; if at maturity the worst performer has fallen more than 25% from its initial level, principal is reduced in line with that decline, up to a maximum loss of 75%.

The notes are automatically redeemed starting July 7, 2026 if all reference assets are at or above their initial levels, returning principal plus the applicable coupon. The price to the public is 100% of principal, with an estimated initial value of $954.21 per $1,000, reflecting structuring and hedging costs. The notes are unsecured obligations of Bank of Montreal and are not insured or guaranteed by any government agency.

Bank of Montreal is offering US$14,672,000 of senior medium-term Autocallable Barrier Notes with Contingent Coupons due February 09, 2027, linked to Netflix, Inc. common stock. These notes can pay a contingent coupon of 1.00% per month (about 12.00% per year) if Netflix’s closing price on an Observation Date is at or above the coupon barrier.

The initial level is $90.65, with both the coupon barrier and trigger level set at $61.64, equal to 68.00% of the initial level. Beginning July 06, 2026, the notes will be automatically redeemed if Netflix closes above the initial level, returning principal plus the applicable coupon. If held to maturity without a trigger event, investors receive full principal; if a trigger event occurs and Netflix finishes below the trigger, repayment is reduced in line with the stock’s decline and can be zero.

The price to the public is 100% of principal, with a 2.15% agent’s commission and 97.85% of proceeds to Bank of Montreal. The estimated initial value is $976.60 per $1,000, and the notes are unsecured obligations of Bank of Montreal, subject to detailed structural, market and tax risks.

Bank of Montreal is offering $1,000,000 of senior autocallable barrier enhanced return notes due January 9, 2029, linked to the least performing of the NASDAQ-100, Russell 2000 and S&P 500 indices. The notes can be automatically redeemed on January 12, 2027 if each index closes at or above its initial level, paying back principal plus a $208 call amount per $1,000 note (about 20.80% per annum). If held to maturity and the least performing index is at or above its initial level, investors receive principal plus 125% of the index gain; if it is between 70% and 100% of its initial level, only principal is returned. If it finishes below 70% of its initial level, repayment is reduced one-for-one with the index loss, up to a total loss of principal. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, are not listed, and have an estimated initial value of $978.29 per $1,000.

Bank of Montreal is offering senior unsecured medium-term notes that pay a floating rate of interest linked to Compounded SOFR plus a 0.62% spread, with a minimum interest rate of 0.75% per annum. Each Note has a $1,000 principal amount, is issued on January 13, 2026, and matures on January 13, 2028, with interest paid quarterly on the 13th of January, April, July and October.

At maturity, investors receive $1,000 per Note plus accrued interest, but the Notes are not redeemable early, are not listed on any exchange, and are subject to the credit risk of Bank of Montreal. The Notes are also bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or written down in a resolution scenario. The original issue price is $1,000 per Note, including a $2.50 underwriting discount and $997.50 in proceeds to Bank of Montreal.

Bank of Montreal is offering $2,197,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 30, 2030. The notes pay a fixed interest rate of 4.30% per annum, with interest paid semi-annually on January 9 and July 9, starting July 9, 2026, in minimum denominations of $1,000. Bank of Montreal may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on semi-annual optional redemption dates from January 9, 2027 through July 9, 2030. The notes are unsecured, subject to Bank of Montreal’s credit risk, are bail-inable under the Canada Deposit Insurance Corporation Act, and will not be listed on any securities exchange, so liquidity may be limited. The original issue price is $1,000 per note, with an underwriting discount of $10 per note, resulting in total proceeds to Bank of Montreal of $2,175,030. Counsel expects the notes to be treated as debt for U.S. federal tax purposes and issued without original issue discount.

Bank of Montreal is offering $1,055,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due December 30, 2032. The notes pay 4.55% per year in cash interest, with semi-annual payments each January 9 and July 9 starting July 9, 2026, and $1,000 per note at maturity if not redeemed earlier. Bank of Montreal may redeem the notes at 100% of principal plus accrued interest on optional redemption dates every six months from July 9, 2027 through July 9, 2032, which could limit the income period for investors. The notes are unsecured, not listed on any exchange, and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or written down in a resolution scenario.

Bank of Montreal is offering senior unsecured medium‑term notes that pay a fixed interest rate of 4.80% per year and are scheduled to mature on January 26, 2033, unless redeemed earlier. Each note has a principal amount of $1,000, with interest paid semi‑annually on January 26 and July 26, starting July 26, 2026.

The notes are callable at the issuer’s option at 100% of principal plus accrued interest on semi‑annual dates from January 26, 2027 through July 26, 2032. They are not listed on any securities exchange and there is no assurance of a secondary market. The notes are bail‑inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, in a Canadian bank resolution. Investors bear the credit risk of Bank of Montreal and could lose some or all of their investment in a default or bail‑in.

Bank of Montreal is offering US$380,000 of Senior Medium-Term Notes, Series K, called Autocallable Buffer Enhanced Return Notes linked to the S&P 500^® Futures Excess Return Index. The notes run from January 08, 2026 to January 08, 2030 and pay no interest.

On January 11, 2027, if the index level is above 100% of its initial level, the notes are automatically redeemed and investors receive principal plus a $120 call amount per $1,000, equal to about 12.00% per year, with no further upside. If held to maturity and the index is at or above its initial level, investors get back principal plus 150.00% of any gain; if it is down but not more than 20.00%, principal is returned with no gain.

If the index falls by more than 20.00%, investors lose 1% of principal for each additional 1% decline, up to an 80.00% loss. The notes are unsecured obligations of Bank of Montreal, not listed on an exchange, carry liquidity and valuation risks, and have an estimated initial value of $976.34 per $1,000 versus a 100% public offering price.

Bank of Montreal is issuing US$5,802,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes due February 08, 2027, linked to the ordinary shares of Norwegian Cruise Line Holdings Ltd. (NCLH). The notes pay monthly Coupons at an interest rate of 0.9417% per month (approximately 11.30% per annum), or $9.417 per $1,000 in principal, unless the notes are automatically redeemed.

Beginning July 02, 2026, if on any Call Observation Date NCLH’s closing level is at or above the Call Level of $22.58 (100% of the Initial Level), the notes are automatically redeemed at principal plus the applicable Coupon. If not redeemed and NCLH’s Final Level on the Valuation Date is at or above the Trigger Level of $12.42 (55% of the Initial Level), investors receive full principal at maturity plus the final Coupon. If a Trigger Event occurs, investors receive either shares or cash based on the depressed Final Level, which can result in substantial loss. The estimated initial value is $973.19 per $1,000.

Bank of Montreal is issuing US$606,000 of senior Market Linked Notes due January 10, 2028, linked to the least performing of the S&P 500 Index and the Dow Jones Industrial Average. The notes return principal at maturity if the least performing index is flat or down, and provide 1-to-1 upside exposure when that index rises, but gains are capped at a Maximum Redemption Amount of $1,132 per $1,000 (a 13.20% maximum return). The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on any exchange, so liquidity may be limited. The estimated initial value is $985.72 per $1,000, reflecting offering, structuring and hedging costs. For U.S. tax purposes, the notes are expected to be treated as contingent payment debt instruments, with taxable ordinary income each year before maturity.

Bank of Montreal is offering US$3.226 million of Senior Medium-Term Notes, Series K, called Digital Return Barrier Notes, maturing February 8, 2027 and linked to the worst performer of the S&P 500, NASDAQ-100 and Russell 2000. The notes pay no interest and are unsecured obligations subject to Bank of Montreal’s credit risk.

At maturity, for each $1,000 note, investors receive $1,078 (a 7.80% digital return) if the final level of the least performing index is at least 60% of its initial level. If that index falls below 60% of its initial level, repayment is reduced 1% for each 1% decline, and principal loss can reach 100%.

The notes are issued at 100% of principal, with a 0.375% agent’s commission, and had an estimated initial value of $990.34 per $1,000 on the pricing date. They will not be listed on any exchange, and secondary liquidity, if any, will be provided at BMOCM’s discretion.

Bank of Montreal is offering unsecured, index-linked notes tied to the EURO STOXX 50® Index that pay no interest and are designed to be held to maturity, expected about 26–29 months after trade date. 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, holders receive a fixed threshold settlement amount, expected between $1,141.10 and $1,165.90 per note, giving a capped positive return even if the index rises significantly more. If the final level is below 82.50%, repayment is reduced: holders lose about 1.2121% of principal for every 1% the index ends below the threshold, down to a complete loss if the index goes to zero.

The notes will not be listed on any exchange and may have limited or no secondary market. The initial estimated value is expected between $969.00 and $999.00 per $1,000, reflecting structuring and hedging costs. All payments depend on the credit of Bank of Montreal, and the U.S. tax treatment is described as uncertain with potential adverse outcomes under alternative IRS views.

Bank of Montreal is issuing US$1,260,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due April 8, 2027. These notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. Investors may receive a monthly contingent coupon of 0.9292% (approximately 11.15% per year), or $9.292 per $1,000, on any observation date when each index closes at or above its coupon barrier level, set at 70% of its initial level.

If coupons are missed, the memory feature allows unpaid coupons to be paid later when all indices are again at or above their coupon barriers. Beginning July 2, 2026, the notes are automatically redeemed if, on an observation date, each index is at or above 100% of its initial level, returning principal plus any due coupons. If not called, principal is protected unless any index closes below its 65% trigger level at any time and finishes below its initial level on the valuation date, in which case repayment is reduced in line with the worst index and may be zero. The estimated initial value is $991.69 per $1,000.

Bank of Montreal is offering senior unsecured Medium-Term Notes, Series J, that pay a fixed interest rate until a future date and then a floating rate based on Compounded SOFR plus a margin, with interest paid semi-annually during the fixed period and quarterly during the floating period. The Notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into Bank of Montreal common shares or varied or extinguished if Canadian resolution powers are exercised. The Notes may be redeemed early by the bank at specified times and prices, including make-whole and par call features and a tax redemption option, but they are not insured by CDIC or the FDIC and will not be listed on any securities exchange. Net proceeds are expected to be used for general corporate purposes, and the Notes are generally targeted at institutional and qualified investors in the U.S., EEA, UK and certain other jurisdictions, with explicit restrictions on retail investors in the EEA and UK.

Bank of Montreal is offering $1,000,000 of senior Market Linked Notes due January 5, 2029, tied to an equally weighted basket of the EURO STOXX 50 Index and the S&P 500 Equal Weight Index. The notes provide 1‑to‑1 upside exposure to any positive basket performance, but the total return is capped at 24%, so the maximum payment at maturity is $1,240 per $1,000 of principal.

If the basket is flat or down at maturity, investors receive back their $1,000 principal, with no additional return. The notes pay no periodic interest, are not listed on any exchange, and all payments depend on the creditworthiness of Bank of Montreal.

The price to the public is 100% of principal, with an agent’s commission of 1.85%, resulting in proceeds to Bank of Montreal of 98.15%. The issuer’s estimated initial value is $973.06 per $1,000, reflecting structuring and hedging costs. U.S. holders are generally taxed under contingent payment debt rules and may owe tax each year before maturity.

Bank of Montreal is offering US$400,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes with contingent coupons linked to the worst performer among Tesla (TSLA), NVIDIA (NVDA) and Palantir (PLTR). The notes price on January 02, 2026, settle on January 07, 2026 and mature on January 08, 2029.

The notes pay a contingent coupon of 2.5083% per month (about 30.10% per year), or $25.083 per $1,000, only if on each observation date all three stocks are at or above their coupon barrier levels, set at 50% of their initial prices ($219.04 for TSLA, $94.43 for NVDA and $83.93 for PLTR). Bank of Montreal can call the notes in whole, starting April 02, 2026, paying back principal plus any due coupon.

If the notes are not called and on the valuation date any stock finishes below its 50% trigger level, principal is reduced in line with the percentage loss of the worst-performing stock, and investors could lose their entire investment. The estimated initial value is $974.87 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is offering US$610,000 of senior market-linked notes tied to the S&P 500® Index, maturing on April 9, 2029. The notes return principal at maturity even if the index falls, and provide 1-to-1 upside exposure to any index gain, but returns are capped at a Maximum Redemption Amount of $1,183.40 per $1,000, an 18.34% maximum gain.

The notes pay no periodic interest and will not be listed on any exchange. The initial estimated value is $965.88 per $1,000, below the 100% price to the public, reflecting structuring, hedging and distribution costs, including a 2.00% agent’s commission. Investors are exposed to the credit risk of Bank of Montreal and to limited liquidity, as any secondary market making by BMO Capital Markets is discretionary.

Bank of Montreal is offering US$928,000 of senior autocallable barrier notes linked to Baxter International Inc. common stock. The notes pay contingent monthly coupons at 0.8475% (about 10.17% per year), but only if Baxter’s closing price on an observation date is at or above the coupon barrier of $10.14, which is 52.00% of the $19.50 initial level.

Beginning July 01, 2026, the notes are automatically redeemed if Baxter closes at or above the initial level, returning principal plus that month’s coupon. If the notes are not called, investors receive $1,000 per $1,000 note at maturity on July 07, 2027 as long as the final stock price is at or above the $10.14 trigger level.

If the final level is below the trigger, principal is reduced one-for-one with the stock’s percentage loss, and repayment can fall to zero. The notes are unsecured obligations of Bank of Montreal, have an estimated initial value of $979.88 per $1,000, and are intended to be treated as pre-paid contingent income-bearing derivative contracts for U.S. tax purposes, though the tax outcome is uncertain.

Bank of Montreal is offering US$703,000 of Senior Medium-Term Notes, Series K, autocallable buffer notes due April 7, 2027, linked to the least performing of the S&P 500 Index and the Dow Jones Industrial Average. The notes pay a contingent coupon of 0.525% per month (about 6.30% per year), but only if on each observation date both indexes are at or above 75% of their initial levels.

Starting January 4, 2027, the notes will be automatically redeemed if both indexes are at or above their initial levels, in which case investors receive principal plus the applicable coupon. If the notes are not called and the worst-performing index ends below 85% of its initial level, principal is reduced 1% for each percentage point decline beyond 15%, up to a loss of 85%. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and have an estimated initial value of $989.80 per $1,000 of principal.

Bank of Montreal is offering US$1,641,000 of senior autocallable buffer enhanced return notes due January 8, 2029, linked to the S&P 500 Futures Excess Return Index. These unsecured notes pay no interest and are not listed on any exchange. On January 7, 2027, if the index is above 100% of its initial level, the notes are automatically redeemed at par plus a call amount of $101 per $1,000, equal to a return of approximately 10.10% per year.

If the notes are not called, maturity payment depends on index performance. For gains, investors receive 150% of the index’s positive return on top of principal. If the index is down but not below 80% of its initial level, principal is returned with no gain. If it falls below this 20% buffer, investors lose 1% of principal for each 1% decline beyond 20%, for a potential loss of up to 80% of principal.

All payments are subject to Bank of Montreal’s credit risk. The price to the public is 100% of principal, with estimated initial value of $976.60 per $1,000 after offering, structuring and hedging costs.

Bank of Montreal is offering US$800,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with memory coupons due January 05, 2029. The notes are linked to the least performing of Intel and NVIDIA common stock, with Initial Levels of $36.68 for INTC and $188.22 for NVDA.

The notes pay a contingent coupon of 4.25% per quarter (about 17% per year), or $42.50 per $1,000, only if on an Observation Date both stocks close at or above their coupon barrier levels of 50% of the Initial Level ($18.34 for INTC and $94.11 for NVDA). Missed coupons can be paid later under a memory feature if barriers are later met.

Beginning December 30, 2026, the notes can be automatically redeemed if both stocks are at or above their Initial Levels, returning principal plus due coupons. If held to maturity without autocall, investors receive full principal only if no Trigger Event occurs; if either stock finishes below its 50% trigger level, principal is reduced one-for-one with the loss on the worst stock, potentially to zero. The estimated initial value is $970.09 per $1,000, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is issuing US$875,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due January 5, 2029, linked to the worst performer among Apple (AAPL), Alphabet Class C (GOOG) and Amazon (AMZN). The notes pay a contingent coupon of 2.75% per quarter (about 11.00% per year), or $27.50 per $1,000, only if on an observation date each stock is at or above its coupon barrier, set at 50.00% of its initial level. Missed coupons can be paid later under the memory feature if the barriers are later met.

Beginning September 30, 2026, the notes will be automatically redeemed if on an observation date 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 50.00% trigger level at maturity, investors lose principal in line with the percentage decline of the worst-performing stock, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and the estimated initial value is $972.72 per $1,000 in principal amount.

Bank of Montreal is issuing US$550,000 of Senior Medium‑Term Notes, Series K, as autocallable buffer notes due January 8, 2029, linked to the least performing of Apple, Microsoft and NVIDIA common stock. The notes offer contingent coupons of 4.00% per quarter (about 16% per year) when each stock closes at or above its coupon barrier, set at 80.00% of its initial level, with a memory feature that can pay previously missed coupons.

If from January 5, 2027 onward each stock closes at or above its initial level on an observation date, the notes are automatically redeemed at par plus any due coupons. At maturity, if not called, investors receive full principal only if the least performing stock has not fallen more than 20%; below that buffer, repayment is reduced in line with the decline, up to an 80% loss of principal. The notes are unsecured obligations, have an estimated initial value of $976.83 per $1,000, are cash‑settled only, and carry complex risk and tax characteristics described in the accompanying documents.

Bank of Montreal is issuing US$640,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due January 6, 2028, linked to the common stock of Apollo Global Management, Inc. (APO). The notes offer a contingent coupon of 3.0875% per quarter (approximately 12.35% per year), paying only if APO’s closing level on each observation date is at or above the coupon barrier of $108.57, which is 75% of the initial level of $144.76. Beginning July 1, 2026, the notes will be automatically redeemed if APO is above its call level, set at 100% of the initial level, returning principal plus any due coupons. If the notes are not called and APO finishes below the $108.57 trigger level on the January 3, 2028 valuation date, investors will receive shares (or cash) based on a physical delivery amount that can result in significant loss of principal. The estimated initial value is $967.32 per $1,000 principal amount, reflecting fees and hedging costs.