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

Bank of Montreal is offering senior Medium-Term Notes, Series K, which are redeemable fixed rate notes due January 20, 2033. Each Note has a $1,000 principal amount and pays a fixed interest rate of 4.70% per annum, with interest paid semi-annually on January 20 and July 20, starting July 20, 2026. At maturity, unless earlier redeemed, holders receive $1,000 per Note plus any accrued and unpaid interest.

The Notes are callable at the issuer’s option at 100% of principal plus accrued interest on semi-annual dates from July 20, 2027 through July 20, 2032. They are unsecured obligations of Bank of Montreal, are not insured by any government agency, and are subject to Canadian bail-in powers, meaning they may be converted into common shares or varied or extinguished under the Canada Deposit Insurance Corporation Act in a resolution scenario. The original issue price is $1,000 per Note, with an underwriting discount of $10 and proceeds to Bank of Montreal of $990 per Note, and the Notes will not be listed on any securities exchange.

Bank of Montreal is offering US$4,085,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due January 5, 2028, linked to the Global X Silver Miners ETF (SIL). The notes pay a contingent coupon of 3.615% per quarter (about 14.46% per year), but only if the ETF’s closing level is at or above the coupon barrier of $54.29, which is 65% of the initial level of $83.52. Beginning July 1, 2026, the notes are automatically redeemed if the ETF is above the 100% call level, returning principal plus any due coupons. If the notes are not called and the ETF finishes below the $54.29 trigger level on the valuation date, investors receive shares (or cash) worth less than their principal, and could lose their entire investment. The estimated initial value is $966.52 per $1,000 note, reflecting structuring and hedging costs.

Bank of Montreal is offering senior medium-term Series K notes that pay a fixed interest rate of 4.45% per annum on a principal amount of $1,000 per Note. Interest is paid in cash in U.S. dollars semi-annually on January 21 and July 21, starting July 21, 2026, until the January 21, 2031 stated maturity date or an earlier redemption date.

The notes are unsecured obligations of Bank of Montreal and are not insured by U.S. or Canadian deposit insurance agencies, so all payments depend on the bank’s credit. Bank of Montreal may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on any January 21 or July 21 from January 21, 2027 through July 21, 2030, which could limit investors’ ability to lock in the 4.45% rate if market rates fall.

The notes will not be listed on any securities exchange, and the issuer does not expect an active trading market to develop, so investors should be prepared to hold to maturity. The notes are designated as bail‑inable, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under Canadian bank resolution powers if triggered.

Bank of Montreal is offering senior unsecured market-linked notes that are auto-callable with contingent coupons and contingent downside exposure. Each security has a $1,000 face amount and an original offering price of $1,000, with an estimated initial value of $949.40 per security on the preliminary date and not less than $920.00 at pricing. The notes reference the common stock of Advanced Micro Devices (AMD), Datadog (DDOG) and Tesla (TSLA), and pay a monthly contingent coupon at a rate of at least 20.30% per annum only if the lowest performing stock on each calculation day is at or above 50% of its starting value, with a memory feature for missed coupons.

The notes may be automatically called from July 2026 to December 2028 if the lowest performing stock is at or above its starting value, in which case investors receive par 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 50% of its starting value; otherwise the maturity payment falls in line with the full decline of that stock, potentially to zero. Investors do not participate in any upside of the underliers, face issuer credit risk, no listing or expected trading market, and complex, uncertain U.S. tax treatment including possible withholding for non-U.S. holders.

Bank of Montreal is offering unsecured Series K market-linked notes tied to the worst performer of Advanced Micro Devices (AMD) and Alphabet Class A (GOOGL). Each security has a $1,000 face amount, original offering price of $1,000, and an estimated initial value of $953.63 per security, reflecting embedded fees and hedging costs. The notes pay a quarterly contingent coupon at 19.40% per annum only if the lowest-performing stock on a calculation day is at or above 70% of its starting value, with a “memory” feature that can restore missed coupons.

The notes are auto-callable from June 2026 through September 2028 if the lowest-performing stock is at or above its starting value, returning the $1,000 face amount plus due coupons. If not called, maturity on January 5, 2029 returns $1,000 only if the lowest performer is at or above 60% of its starting value; otherwise, repayment is reduced in line with that stock’s decline, and investors can lose most or all of principal. The offering totals $2,202,000 in original price, with proceeds to Bank of Montreal of $2,150,803.50. The securities are not insured, will not be listed on an exchange, carry complex tax treatment, and all payments depend on Bank of Montreal’s creditworthiness.

Bank of Montreal is offering senior unsecured market-linked notes that are auto-callable and pay a fixed coupon, linked to the worst performer of Advanced Micro Devices, NextEra Energy and Visa Class A common stock. Each security has a $1,000 face amount, an 11.90% per annum coupon paid monthly, and an estimated initial value of $972.36 per security on the pricing date.

The notes can be automatically called monthly from April 2026 if the lowest performing stock is at or above its call threshold (90% of its starting value), in which case investors receive $1,000 plus the final coupon. If not called, at maturity on December 31, 2027, investors receive $1,000 so long as the lowest performing stock is at or above its downside threshold of 50% of its starting value. If it finishes below that level, repayment of principal is reduced one-for-one with the decline, and investors can lose more than 50%, up to all, of their principal.

Investors do not participate in any stock upside beyond receiving coupons, the securities are subject to Bank of Montreal’s credit risk, are not insured, and are not expected to be listed on any securities exchange.

Bank of Montreal is offering senior market-linked notes that pay a high contingent coupon but put principal at risk, linked to the lowest performing of Amazon.com, Salesforce and Shopify shares. Each security has a $1,000 face amount, an original offering price of $1,000, and an estimated initial value of $963.06.

The notes pay a monthly coupon at an annual rate of 18.36% only if, on the relevant observation date, the lowest-performing stock closes at or above 60% of its starting price; missed coupons can be “caught up” later if this condition is met. Starting in March 2026, the notes are auto-callable if the lowest performer is at or above its starting value, returning principal plus the due coupon(s).

If not called, at maturity in January 2029 investors receive $1,000 only if the lowest-performing stock is at or above 60% of its starting value. If it is below that level, repayment is reduced in proportion to the decline, and investors can lose most or all of their principal. The notes are unsecured obligations of Bank of Montreal, are not listed on an exchange, and involve complex tax and liquidity risks.

Bank of Montreal is offering senior unsecured Market Linked Securities that are auto-callable notes paying a fixed coupon and exposing principal to the performance of three stocks: Advanced Micro Devices (AMD), NextEra Energy (NEE) and Visa (V). Each security has a $1,000 face amount, original offering price of $1,000, and an estimated initial value of $975.53. Total original offering is $2,760,000, with proceeds to Bank of Montreal of $2,716,530.

The notes pay a fixed coupon at an annual rate of 11.35%, distributed monthly. From April 2026 to December 2026, the notes are automatically called if, on a call date, the lowest performing stock is at or above 90% of its starting value; in that case investors receive the $1,000 face amount plus the applicable coupon and the notes terminate.

If the notes are not called, at maturity in December 2026 investors receive $1,000 per security only if the lowest performing stock is at or above 50% of its starting value. If it is below 50%, principal is reduced in line with that stock’s decline, and investors can lose more than half, up to all, of their investment. The notes do not participate in any stock price gains beyond the coupon, are not insured, and are subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering unsecured senior medium-term notes linked to the common stock of Netflix, Inc., maturing on January 3, 2029. Each security has a $1,000 face amount and pays a contingent coupon at an annual rate of 11.50%, credited monthly only if Netflix’s closing value on the calculation day is at or above the coupon threshold of $65.646 (70% of the $93.78 starting value). The notes are auto-callable from March 2026 to November 2028 if Netflix closes at or above the starting value on a calculation day, in which case investors receive the face amount plus the final contingent coupon.

If the notes are not called and Netflix’s ending value is at or above the downside threshold of $65.646, investors receive the full $1,000 principal. If the ending value is below this level, repayment is reduced in proportion to the stock’s decline, with the possibility of losing the entire principal. The estimated initial value is $963.99 per security, below the $1,000 offering price, and the notes are subject to Bank of Montreal’s credit risk, limited liquidity, and complex, uncertain U.S. tax treatment.

Bank of Montreal is issuing US$749,000 of senior medium-term Autocallable Barrier Notes due January 5, 2029, linked to the least performing of the S&P 500, EURO STOXX 50 and Russell 2000 indices. The notes offer a 2.375% quarterly contingent coupon (about 9.50% per year), paying only if on each observation date all three indices are at or above their respective coupon barrier levels, set at 75% of their initial levels.

Beginning June 30, 2026, the notes are automatically redeemed if on an observation date each index is at or above its initial level, returning principal plus the coupon for that quarter. If the notes are not called, at maturity investors receive full principal only if no index finishes below its 75% trigger level; otherwise repayment is reduced in line with the loss on the worst-performing index, and can fall to zero. The notes are unsecured obligations, not insured deposits, and the estimated initial value is $970.44 per $1,000 of principal.

Bank of Montreal is offering US$1,535,000 of Senior Medium-Term Notes, Series K, barrier notes with contingent coupons due January 7, 2030, linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The notes pay a contingent coupon of 1.775% per quarter (about 7.10% per year), but only if on each observation date both indexes close at or above their coupon barrier levels, set at 65% of their initial levels.

At maturity, holders receive $1,000 per $1,000 principal as long as neither index has fallen below its trigger level (also 65% of its initial level). If a trigger event occurs, repayment is reduced in line with the percentage loss of the worst-performing index, and can be as low as zero, though any final contingent coupon that is due will still be paid. The estimated initial value is $982.20 per $1,000 note, reflecting structuring and hedging costs and meaning secondary market values may be below the price to the public.

Bank of Montreal is offering US$2,404,000 of Senior Medium-Term Notes, Series K, in the form of Autocallable Barrier Notes with Memory Coupons due January 5, 2029. The notes are linked to the worst performer among Apple (AAPL), Alphabet Class C (GOOG) and Amazon (AMZN), with initial levels of $273.08, $314.55 and $232.53, respectively.

The notes pay contingent coupons at 3.60% per quarter (approximately 14.40% per year), or $36.00 per $1,000, only if on an observation date each stock closes at or above its coupon barrier, set at 60.00% of its initial level. Missed coupons can be paid later if the barrier is met, under the memory feature, but investors may receive no coupons over the life of the notes.

Beginning June 30, 2026, the notes are automatically redeemed if each stock closes above its initial level on an observation date, returning principal plus due coupons. If not called, investors receive $1,000 per note at maturity unless any stock finishes below its 60.00% trigger level, in which case repayment is reduced in line with the percentage loss of the worst-performing stock and can be zero. The estimated initial value is $981.73 per $1,000.

Bank of Montreal is offering US$2,281,000 of senior medium-term Capped Buffer Notes linked to the S&P 500 Index, maturing in January 2027. The notes provide 1-to-1 upside exposure to S&P 500 gains, but payouts are capped at a Maximum Redemption Amount of $1,067.50 per $1,000 of principal, equal to a 6.75% maximum return. If the index falls by up to 30% from the Initial Level of 6,896.24, investors receive their $1,000 principal back at maturity.

If the index declines by more than 30%, repayment is reduced dollar-for-dollar beyond that buffer, with up to 70% of principal at risk. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and are not listed on any exchange. The initial estimated value is $990.76 per $1,000, below the public offering price, reflecting offering, structuring and hedging costs and the issuer’s internal funding rate.

Bank of Montreal is offering $1,404,000 of Senior Medium-Term Notes, Series K, Capped Buffer Notes due January 5, 2029, linked to the common stock of NVIDIA Corporation (NVDA). The notes provide 1-to-1 upside exposure to NVIDIA’s share price with an Upside Leverage Factor of 100%, but the payment at maturity is capped at a Maximum Redemption Amount of $2,165.00 per $1,000 principal, a 116.50% maximum return.

The structure includes a 15.00% downside buffer: investors receive full principal back at maturity if NVIDIA’s final level is at or above 85.00% of the Initial Level of $187.54. If NVIDIA falls below this Buffer Level, principal is reduced 1% for each 1% decline beyond 15%, with a potential loss of up to 85.00% of principal. The notes pay no interest, are not listed on any exchange, and are unsecured obligations exposed to the credit risk of Bank of Montreal.

The price to the public is 100% of principal, with an agent’s commission of 3.65% and proceeds to Bank of Montreal of 96.35%. The estimated initial value is $951.62 per $1,000, reflecting structuring and hedging costs. Liquidity, market value, tax treatment, and potential conflicts of interest are highlighted as key risks.

Bank of Montreal is issuing $125,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due July 5, 2030, linked to the S&P 500® Index. For each $1,000 note, investors receive 150% of any positive S&P 500® return, but the payoff is capped at a Maximum Redemption Amount of $1,520, representing a 52.00% maximum return.

If the index is flat or down by up to 10.00%, investors get back their $1,000 principal. If the index falls by more than 10.00%, investors lose 1% of principal for each additional 1% decline, with losses up to 90.00% 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 level of the S&P 500® is set at 6,896.24, with a buffer level of 6,206.62. The bank’s estimated initial value is $974.91 per $1,000, reflecting offering and hedging costs, and all proceeds (100% of the price to the public) go to Bank of Montreal.

Bank of Montreal is offering US$2,266,000 of autocallable buffer enhanced return notes linked to the worst performer of the S&P 500 Index and Russell 2000 Index, maturing on January 5, 2029. The notes pay no interest and are unsecured obligations, not listed on any exchange and not insured by any deposit insurer.

On January 6, 2027, if both indexes close above 100% of their initial levels, the notes are automatically redeemed at par plus a call amount of $137.50 per $1,000, reflecting a return of approximately 13.75% per year. If held to maturity and the least performing index finishes at or above its initial level, investors receive par plus 125% of any index gain; if it finishes between 80% and 100% of its initial level, investors receive only their principal.

If the least performing index falls below 80% of its initial level, repayment is reduced 1% for each 1% decline beyond that buffer, up to a maximum loss of 80% of principal. The estimated initial value is $986.40 per $1,000, and all payments depend on Bank of Montreal’s credit.

Bank of Montreal is offering US$400,000 of Senior Medium-Term Notes, Series K, Autocallable Buffer Enhanced Return Notes due January 5, 2029, linked to the worst performer of the S&P 500 Index and Russell 2000 Index. The notes offer 125% leveraged upside at maturity if they are not called and the least performing index is at or above its initial level.

On January 6, 2027, if each index is above 100% of its initial level, the notes are automatically redeemed and investors receive principal plus a $100 Call Amount per $1,000, equal to about 10% per year, with no further payments. The structure includes a 20% downside buffer; if the least performing index falls more than 20%, investors lose 1% of principal for each 1% decline beyond that level, up to an 80% loss.

The notes pay no interest, will not be listed on an exchange, and all payments depend on the creditworthiness of Bank of Montreal. The price to the public is 100% of principal, with a 2% selling commission, while the estimated initial value is $966.46 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$458,000 of Senior Medium-Term Notes, Series K, maturing on January 5, 2029, whose payoff is linked to the S&P 500® Index. The notes offer 100% upside participation in any index gain, but returns are capped at a Maximum Redemption Amount of $1,320 per $1,000 of principal, a 32.00% maximum return. A 15.00% buffer protects against moderate losses, but if the index falls by more than 15.00% from the Initial Level of 6,896.24, investors lose 1% of principal for each additional 1% decline, up to an 85.00% loss of principal.

The notes pay no interest, will not be listed on any exchange, and all payments depend on the credit of Bank of Montreal. The estimated initial value is $968.01 per $1,000, below the public offering price, reflecting offering and hedging costs. BMOCM acts as calculation agent and selling agent, and various structural, market, liquidity and tax risks are highlighted.

Bank of Montreal is issuing US$195,000 of senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes linked to the S&P 500® Index, maturing on July 7, 2031. These notes offer 150% leveraged upside on any gain in the index, but the total payoff is capped at a Maximum Redemption Amount of $1,555 per $1,000 principal, equivalent to a 55.50% maximum return.

If the S&P 500® falls by up to 10% from the initial level of 6,896.24, investors receive only their $1,000 principal. If it falls by more than 10%, investors lose 1% of principal for each additional 1% decline, and could lose up to 90% of their investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange.

The price to the public is 100% of principal, with a 3.00% agent’s commission and 97.00% of proceeds to Bank of Montreal. The estimated initial value is $939.49 per $1,000, reflecting structuring and hedging costs and the bank’s internal funding rate.

Bank of Montreal is issuing senior market-linked notes that are auto-callable and linked to the lowest performer of the Nasdaq-100 Index® and the S&P 500® Index. Each security has a $1,000 face amount and an estimated initial value of $968.23. The notes may be automatically called on January 5, 2027 if the lowest performing index is at or above its starting value, paying back principal plus a 10.65% call premium.

If not called, the notes mature on January 4, 2028. At maturity, holders get $1,000 plus leveraged upside at a 150% participation rate if the lowest index ends above its starting value. If the lowest index ends between 92% and 100% of its starting value, principal is returned due to an 8% buffer. Below 92%, principal is reduced 1-for-1 beyond the buffer, with losses up to 92% of face amount.

The securities pay no interest, are unsecured obligations of Bank of Montreal and are subject to its credit risk. They are not insured by any government agency and will not be listed on an exchange, and the pricing supplement highlights complex U.S. tax treatment and significant market and liquidity risks.

Bank of Montreal is offering US$2,714,000 of senior Medium-Term Notes, Series K, structured as barrier notes with contingent coupons due January 5, 2029. The notes are linked to the least performing of the Russell 2000 Index and the S&P 500 Index, with initial levels of 2,500.586 for RTY and 6,896.24 for SPX and coupon barrier and trigger levels set at 75% of each initial level. Investors receive a 4.25% semiannual contingent coupon (about 8.50% per year) only if, on each observation date, both indexes are at or above their coupon barrier levels. At maturity, investors get back the full principal per note if no trigger event occurs, but if either index finishes below its trigger level, the repayment is reduced in line with the percentage decline of the worst-performing index and can fall to zero. The estimated initial value is $985.01 per $1,000 principal amount, reflecting internal funding and derivative pricing inputs.

Bank of Montreal is issuing US$1,069,000 of Senior Medium-Term Notes, Series K, barrier notes with contingent coupons due January 5, 2029, linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The notes pay a contingent coupon of 3.70% semiannually (about 7.40% per year), or $37 per $1,000, only if on each observation date both indices close at or above 75% of their initial levels (1,875.440 for RTY and 5,172.18 for SPX).

At maturity, holders receive $1,000 per $1,000 in principal unless a trigger event occurs. A trigger event happens if either index finishes below its 75% trigger level on the valuation date; in that case, the payoff is $1,000 plus $1,000 times the percentage change of the worst-performing index, which can reduce principal and may drop to zero, though the final contingent coupon may still be paid if the barrier is met. The notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurer. The estimated initial value is $959.20 per $1,000, reflecting underwriting and hedging costs.

Bank of Montreal is issuing US$3,109,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due January 2, 2029, linked to UnitedHealth Group common stock.

The notes pay a contingent coupon of 4.25% per quarter (about 17.00% per year), or $42.50 per $1,000, only if UNH closes on each observation date at or above the coupon barrier of $265.73, which is 80.00% of the $332.16 initial level. Starting March 27, 2026, if UNH closes above the initial level on an observation date, the notes are automatically redeemed at par plus that coupon.

If the notes are not called and UNH finishes below the $265.73 trigger level on the December 27, 2028 valuation date, principal is reduced one-for-one with the stock’s loss and can fall to zero. The price to public is 100% of principal, with a 2.00% agent commission and 98.00% of proceeds to Bank of Montreal, and the estimated initial value is $969.65 per $1,000.

Bank of Montreal is offering US$4.96 million of Senior Medium-Term Notes, Series K, autocallable barrier notes due January 5, 2029, linked to the least performing of Apple (AAPL), Alphabet Class C (GOOG) and Amazon (AMZN). The notes pay a contingent coupon of 3.3125% per quarter (about 13.25% per year), only if on each observation date all three stocks are at or above their coupon barrier levels, set at 60% of their initial levels.

The notes can be automatically redeemed starting June 30, 2026 if each reference asset is at or above its initial level, returning principal plus any due contingent coupons. If the notes are not called and any stock finishes below its 60% trigger level on the valuation date, repayment of principal is reduced in line with the decline of the worst-performing stock and can fall to zero. The estimated initial value is $967.65 per $1,000, and investors have no right to receive shares of the underlying stocks.

Bank of Montreal is issuing US$3,350,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due January 5, 2029. These notes are linked to the least-performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index, and pay a contingent coupon of 2.35% per quarter (approximately 9.40% per annum) only if on each observation date all three indexes are at or above their coupon barrier levels, each set at 75% of its initial level.

Beginning June 30, 2026, the notes are automatically redeemed if all reference assets close above their initial levels, returning principal plus the applicable coupon. If the notes are not called, investors receive at maturity either full principal or, if any index finishes below its trigger level (also 75% of initial), a reduced amount based on the negative performance of the worst index, which can be zero. The price to the public is 100% of principal, with a 2.00% agent’s commission, and the estimated initial value is $974.06 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$367,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes due January 5, 2029. The notes are linked to the least performing of the NASDAQ-100 Index, the Russell 2000 Index and the Dow Jones Industrial Average, with automatic redemption starting January 6, 2027 if each index is at or above its initial level. On an automatic call date, investors receive principal plus a fixed call amount of $111, $222 or $333 per $1,000 note, reflecting an annualized return of approximately 11.10% if triggered. If the notes are not called, principal is protected at maturity unless any index finishes below 70% of its initial level; in that case repayment is reduced in line with the loss of the weakest index and can fall to zero. The price to the public is 100% of principal, with a 2.50% selling commission, and the estimated initial value is $951.87 per $1,000.

Bank of Montreal is issuing $1.624 million of senior Capped Barrier Enhanced Return Notes linked to the S&P 500 Index, maturing on March 5, 2027. The notes offer 200% leveraged upside on index gains, but returns are capped at a Maximum Redemption Amount of $1,115.50 per $1,000 of principal, equal to an 11.55% maximum gain.

If the S&P 500 falls but stays at or above 85% of the Initial Level of 6,896.24, investors receive principal back only. If the index closes below the Barrier Level of 5,861.80, repayment is reduced one-for-one with the index loss and investors can lose their entire principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and had an initial estimated value of $974.79 per $1,000, below the public offering price.

Bank of Montreal is offering US$435,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes linked to the Class A common stock of Robinhood Markets, Inc. The notes pay a contingent monthly coupon at a rate of 1.905% per month (approximately 22.86% per year) when the Robinhood share price on an observation date is at or above the coupon barrier of $57.73, which is 50% of the initial level of $115.45. Beginning March 31, 2026, the issuer may call the notes in whole on any observation date, returning principal plus any due coupon.

If the notes are not called, investors receive $1,000 per note at maturity so long as the final stock price is at or above the same $57.73 trigger level. If the final price is below this trigger, repayment is reduced in line with the percentage decline of the stock and can fall to zero, meaning investors can lose all of their principal. The estimated initial value is $970.50 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$1,700,000 of senior medium-term Autocallable Barrier Enhanced Return Notes due January 5, 2029, linked to the SPDR S&P Regional Banking ETF (KRE). The notes offer 150% leveraged upside at maturity if the ETF finishes at or above its initial level of $65.94 and the notes are not called early. They may be automatically redeemed on January 6, 2027 if the ETF is above 100% of its initial level, paying principal plus a $170 call amount per $1,000 note, which represents about 17% per annum.

If the notes are not redeemed and the ETF closes below the $59.35 barrier (90% of the initial level) at final valuation, investors lose 1% of principal for each 1% ETF decline and can lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and are issued in $1,000 denominations. The price to the public is 100% of principal, with a 2.85% selling commission; the bank estimates the initial value at $956.17 per $1,000.

Bank of Montreal is issuing US$1,780,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with memory coupons due January 4, 2028. The notes are linked to the least performing of SPDR S&P 500 ETF (SPY), iShares Russell 2000 ETF (IWM) and Invesco QQQ Trust (QQQ).

Investors may receive contingent quarterly coupons at a rate of 2.05% per quarter (approximately 8.20% per annum), paying only if the closing level of each ETF on an observation date is at or above its coupon barrier, set at 65% of the initial level for each ETF. Missed coupons can be paid later under a memory feature when all reference assets are again at or above their barriers.

Beginning March 30, 2026, the notes will be automatically redeemed if, on any observation date, each ETF is at or above its initial level, returning principal plus any due coupons. If not called and any ETF finishes below its 65% trigger level at final valuation, principal is repaid in shares (or cash) of the worst-performing ETF and can be substantially reduced. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $985.40 per $1,000.

Bank of Montreal is offering senior unsecured market-linked notes tied to the Class A common stock of Reddit, Inc. (RDDT). Each security has a $1,000 face amount and an original offering price of $1,000, with an estimated initial value of $970.78 per security, reflecting embedded costs and dealer compensation.

The notes pay a 30.50% per annum contingent coupon, evaluated monthly, but only if Reddit’s closing value is at or above a coupon threshold of $151.684 (65% of the $233.36 starting value). Missed coupons can be “remembered” and paid later if the threshold is met on a future calculation day.

From June to November 2026, the notes are auto-callable if Reddit’s closing value is at or above the starting value, returning face amount plus applicable coupons. If not called, at maturity on December 31, 2026 you receive $1,000 only if the ending value is at or above the same 65% downside threshold; otherwise repayment is reduced in line with Reddit’s decline, with potential loss of most or all principal. Holders do not participate in any stock upside beyond coupons, face full issuer credit risk, may face limited secondary market liquidity, and encounter complex, uncertain U.S. tax treatment, including 30% withholding on coupons for many non‑U.S. investors.

Bank of Montreal is offering market-linked senior medium-term notes tied to the Invesco QQQ Trust, Series 1, maturing on January 11, 2027. Each security has a $1,000 face amount and original offering price of $1,000, with an estimated initial value of $973.70. The notes provide 100% upside participation in QQQ up to a maximum return of 10.70%, capping the maximum maturity payment at $1,107 per security.

On the downside, there is a 10% buffer: if QQQ’s ending value is at least 90% of the starting value, investors receive the full $1,000; below that level, losses increase 1-for-1 and can reach up to 90% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not insured or exchange-listed.

Bank of Montreal receives approximately $976.75 per security in proceeds after an agent discount of up to $23.25, with a total offering size of about $5.095 million. The filing highlights complex U.S. tax treatment, potential application of “constructive ownership” and Section 871(m) rules, and emphasizes that returns also depend on the issuer’s credit and limited secondary market liquidity.

Bank of Montreal is offering unsecured equity-linked notes tied to a weighted basket of five non-U.S. stock indices: EURO STOXX 50® (38%), TOPIX® (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P®/ASX 200 (8%). The notes are issued at $1,000 each, bear no interest, and mature on August 27, 2027.

The initial basket level is 100. At maturity, if the final basket level is above 100, investors receive $1,000 plus 230% of the basket’s gain, capped at a maximum settlement amount of $1,194.12 per $1,000 note (cap level 108.44% of the initial basket level). If the basket falls but stays at or above 85% of its initial level, investors receive their $1,000 principal.

If the final basket level is below 85, the payoff drops linearly by about 1.1765% of principal for every 1% decline below the buffer, so investors can lose some or all of their investment. The initial estimated value is $984.77 per $1,000 note. The notes will not be listed on any exchange, are subject to Bank of Montreal’s credit risk, and involve complex market and tax risks.

Bank of Montreal is offering US$593,000 of senior autocallable contingent risk absolute return buffer notes linked to the S&P 500^® Index, maturing on January 3, 2028.

The notes offer 200% leveraged upside to a Maximum Redemption Amount of $1,240 per $1,000 (a 24.00% cap) if held to maturity and not called. On December 30, 2026, if the index is above 100.00% of its Initial Level of 6,905.74, the notes are automatically redeemed for principal plus an $80 Call Amount per $1,000 (about 8.00% per annum), ending any further participation.

If not called and the index finishes between 90.00% and 100.00% of the Initial Level, investors receive an “absolute return” up to a Maximum Downside Redemption Amount of $1,100 per $1,000 (10.00% gain. Below the 90.00% Buffer Level, principal is reduced 1% for each 1% decline beyond the 10.00% buffer, for up to a 90.00% loss.

The notes pay no interest, will not be listed, and all payments depend on Bank of Montreal’s credit. The price to the public is 100% of principal, with a 1.85% agent’s commission and an estimated initial value of $989.30 per $1,000.

Bank of Montreal is offering US$946,000 of senior Medium-Term Notes, Series K, that are digital return barrier notes linked to Shopify Inc.’s Class A subordinate voting shares. The notes pay no interest and mature on June 30, 2027. At maturity, investors receive $1,277 per $1,000 (a 27.70% digital return) if Shopify’s final share price is at least 60.00% of the $167.88 initial level. If the final level falls below this 60% barrier, repayment is reduced 1% for each 1% decline, with losses up to 100% of principal. The notes are unsecured obligations subject to Bank of Montreal’s credit risk, are not insured, will not be listed on an exchange, and are only repaid in cash, not Shopify shares.

Bank of Montreal is issuing US$1,385,000 of S&P 500-linked Contingent Risk Absolute Return Buffer Notes maturing December 31, 2027. These unsecured notes pay no interest and are designed to give a 1-to-1 positive return on any S&P 500® Index gain, capped at a Maximum Redemption Amount of $1,160.00 per $1,000 in principal (a 16.00% maximum return).

If the index finishes below its Initial Level but at or above the Buffer Level of 85.00% of the Initial Level, investors still receive a positive return up to a Maximum Downside Redemption Amount of $1,150.00 per $1,000 (15.00%). If the index falls more than 15.00%, investors lose 1% of principal for each 1% additional decline, for a potential loss of up to 85.00% of principal at maturity. The notes will not be listed, carry Bank of Montreal credit risk, and had an estimated initial value of $972.75 per $1,000 on the pricing date.

Bank of Montreal is issuing US$3,372,000 of senior notes linked to the S&P 500 Index that mature on December 31, 2027. These "Contingent Risk Absolute Return Buffer Notes" aim to give a 1‑for‑1 gain on any rise in the index, but the payment at maturity is capped at $1,202 per $1,000 of principal, a 20.20% maximum return.

If the index finishes below its starting level but no more than 10% lower, investors still receive a positive "absolute" return, up to $1,100 per $1,000 (10.00%). If the index falls by more than 10%, investors lose 1% of principal for each additional 1% decline, and could get as little as $100 per $1,000 if the index goes to zero.

The notes pay no interest, will not be listed on an exchange, and all payments depend on Bank of Montreal’s ability to meet its obligations. The estimated initial value is $972.65 per $1,000, below the public offering price, reflecting offering, structuring and hedging costs. The structure embeds complex tax, liquidity and market risks compared with a conventional bond or direct S&P 500 investment.

Bank of Montreal is offering US$1,731,000 of senior medium-term Contingent Risk Absolute Return Buffer Notes linked to the S&P 500® Index, maturing on December 31, 2030. The notes provide 1-to-1 upside exposure to index gains, capped at a Maximum Redemption Amount of $1,500 per $1,000 principal (a 50% maximum return). If the index falls but stays at or above 80% of its Initial Level, investors earn a positive “buffer” return up to $1,200 per $1,000 (20% maximum downside-based gain). Below the 80% Buffer Level, holders lose 1% of principal for each 1% further index decline, up to an 80% loss. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, will not be listed on an exchange, and had an estimated initial value of $944.73 per $1,000 at pricing.

Bank of Montreal is offering US$2,314,000 of senior medium-term autocallable barrier enhanced return notes due December 29, 2028, linked to the S&P 500® Index. The notes pay no interest and are unsecured obligations subject to Bank of Montreal’s credit risk.

On December 31, 2026, if the S&P 500 closes above 100% of its Initial Level of 6,905.74, the notes are automatically redeemed at par plus a fixed US$80 per US$1,000, equal to about 8% per year, with no further upside. If not called and the Final Level is at or above the Initial Level, maturity payment is boosted by at least 142% of the index’s gain. If the Final Level is between 75% and 100% of the Initial Level, investors only receive principal back.

If the Final Level falls below the 75% Barrier Level of 5,179.31, repayment is reduced one-for-one with the index loss and principal can be completely lost. The notes are not listed, may be illiquid, and the estimated initial value is US$970.93 per US$1,000, below the public offering price.

Bank of Montreal is offering US$600,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes linked to the common stock of Marvell Technology, Inc. The notes pay a contingent coupon of 4.575% per quarter (about 18.30% per year), or $45.75 per $1,000, only if MRVL’s closing level on an observation date is at or above the coupon barrier of $51.46, which is 60% of the initial level of $85.76. Missed coupons can be paid later under a memory feature if the barrier is met on a future date.

Starting March 26, 2026, the notes are automatically redeemable if MRVL closes above 100% of its initial level on an observation date, returning principal plus any due coupons. If not called, at maturity in June 2027 investors receive $1,000 per note unless a trigger event occurs, defined as MRVL’s final level below the $51.46 trigger. In that case, repayment is reduced in line with MRVL’s loss and can fall to zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and have an estimated initial value of $974.11 per $1,000.

Bank of Montreal is issuing US$1,050,000 of Senior Medium-Term Notes, Series K, as callable barrier notes with contingent coupons linked to Halliburton Company common stock. Investors can receive quarterly contingent coupons at 3.425% per quarter (about 13.70% per year) if HAL’s closing level on each observation date is at or above the coupon barrier of $18.30, which is 65% of the initial level of $28.15. Beginning June 29, 2026, the bank may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called and HAL’s final level is at or above the $18.30 trigger level, investors receive full principal back; if it is below the trigger, they receive a reduced amount in shares (or equivalent cash) based on a physical delivery formula. The estimated initial value is $986.65 per $1,000 in principal, and the notes are unsecured obligations subject to the detailed risk factors described in the offering documents.

Bank of Montreal is offering US$7,919,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with memory coupons linked to the common stock of Amazon.com, Inc. The notes pay a contingent coupon of 2.5625% per quarter (about 10.25% per year), or $25.625 per $1,000, only if Amazon’s closing level on each Observation Date is at or above the Coupon Barrier Level of $162.45, which is 70% of the Initial Level of $232.07. Missed coupons can be paid later under the memory feature if the barrier is met on a future date.

Beginning June 24, 2026, the notes will be automatically redeemed if Amazon’s level is above the Initial Level, returning principal plus any due coupons. If the notes are not called, investors receive $1,000 per $1,000 note at maturity on December 29, 2028, provided the Final Level is at or above the Trigger Level of $162.45. If the Final Level is below the Trigger Level, principal is reduced in line with the stock’s percentage loss and can be zero. The estimated initial value is $972.48 per $1,000, and the notes are unsecured, uninsured obligations of Bank of Montreal.

Bank of Montreal is offering US$52,000 of senior autocallable barrier enhanced return notes linked to Tesla, Inc. common stock. The notes run from December 31, 2025 to January 2, 2029 and pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. On December 31, 2026, if Tesla’s share price is above 100% of the $459.64 Initial Level, the notes are automatically redeemed at par plus a $232 Call Amount per $1,000 note, a return of about 23.20% per year.

If not called, maturity payment depends on Tesla’s Final Level. Above or equal to the Initial Level, investors receive principal plus 150% of the positive percentage change. Between 60% and 100% of the Initial Level (the $275.78 Barrier Level), investors receive only principal back. Below the Barrier Level, principal is reduced 1% for each 1% Tesla has fallen, up to a total loss. The estimated initial value is $931.19 per $1,000, reflecting embedded costs and hedging.

Bank of Montreal is issuing US$10,287,000 of senior Medium-Term Notes, Series K, that are autocallable barrier notes with memory coupons linked to the common stock of Marvell Technology, Inc. The three-year notes, due on December 29, 2028, pay a contingent coupon of 3.5625% per quarter (about 14.25% per year) when Marvell’s stock closes on an observation date at or above a coupon barrier of $42.88, which is 50% of the initial level of $85.76. Missed coupons can be paid later under the memory feature if the barrier is met on a future observation date.

The notes may be automatically redeemed beginning June 24, 2026 if Marvell’s 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 Marvell’s final stock level is below the same $42.88 trigger level, in which case repayment is reduced one-for-one with the stock’s decline and can fall to zero. The bank’s estimated initial value is $972.96 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is offering US$6,415,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due December 29, 2028. The notes are linked to the least performing of the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average.

Investors may receive quarterly contingent coupons at 1.8375% per quarter (approximately 7.35% per annum) if on each observation date all three indexes are at or above their coupon barrier levels, set at 70% of their initial levels. Beginning December 28, 2026, the notes are automatically redeemed if each index closes at or above its initial level, returning principal plus the applicable coupon.

If the notes are not called and any index finishes below its 70% trigger level on the valuation date, repayment of principal will be reduced in line with the decline of the worst performing index, potentially to zero. The estimated initial value is $967.73 per $1,000 principal, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is issuing US$195,000 of Senior Medium-Term Notes, Series K, due December 27, 2027, whose return is linked to the S&P 500 Index. The notes offer 1-to-1 upside exposure to any increase in the index, but the total payoff is capped at a Maximum Redemption Amount of $1,112 per $1,000 of principal, representing an 11.20% maximum return. If the index finishes at or below its initial level of 6,905.74, investors receive only their principal back at maturity and no additional return.

The notes pay no periodic interest, are unsecured obligations of Bank of Montreal and will not be listed on any securities exchange. The price to the public is 100% of principal, with a 0.25% agent’s commission and 99.75% of proceeds to Bank of Montreal. The bank’s estimated initial value is $985.64 per $1,000, reflecting offering, structuring and hedging costs, and secondary market prices are expected to be lower than the issue price. Investors also face Bank of Montreal’s credit risk and complex U.S. tax treatment as contingent payment debt instruments.

Bank of Montreal is issuing US$3,978,000 of Senior Medium-Term Notes, Series K, as step down autocallable barrier notes due December 29, 2028, linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indexes. Beginning December 31, 2026, the notes are automatically redeemed if each index closes at or above its call level, paying principal plus a fixed call amount that targets at least 10.20% per annum, with maximum payment of $1,306 per $1,000 note if called at maturity.

If the notes are not called and any index finishes below its trigger level (75% of its initial level) on the valuation date, investors lose principal in line with the decline of the worst index, down to a total loss. The estimated initial value is $972.04 per $1,000 note, below the public offering price, reflecting structuring and hedging costs and an agent commission of 2.50%.

Bank of Montreal is issuing $1,000,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due April 2, 2027. The 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% of principal (about 11.15% per year) when each index closes at or above its coupon barrier level, set at 70% of its initial level, with a memory feature that can pay previously missed coupons later. Beginning June 29, 2026, the notes are automatically redeemed if each index is at or above its initial level.

If the notes are not called and any index ever closes below its 65% trigger level and the least performing index finishes below its initial level at maturity, principal is reduced in line with that index’s loss, up to a total loss. The estimated initial value is $991.88 per $1,000, and the notes are unsecured, unsubordinated obligations of Bank of Montreal.

Bank of Montreal is offering US$1,065,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due April 2, 2027. The notes are linked to the least performing of three sector ETFs: the State Street Consumer Discretionary Select Sector SPDR Fund (XLY), Consumer Staples Select Sector SPDR Fund (XLP) and Technology Select Sector SPDR Fund (XLK).

The notes pay a contingent coupon of 0.9375% per month (approximately 11.25% per annum) for each $1,000 in principal, if on an observation date each reference asset is at or above its coupon barrier level, set at 75% of its initial level. Beginning March 30, 2026, the notes will be automatically redeemed if each reference asset is at or above its call level, equal to 100% of its initial level.

If the notes are not called, investors receive $1,000 per $1,000 in principal at maturity unless a trigger event occurs, defined as any reference asset finishing below 65% of its initial level. In that case, repayment is reduced in line with the decline of the least performing asset and may be zero. The estimated initial value is $986.73 per $1,000, and the notes are unsecured, unsubordinated obligations of Bank of Montreal, with significant structural, market and tax risks highlighted.