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

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.

Bank of Montreal is issuing US$3,672,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with contingent coupons due October 04, 2027 and linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

The notes pay a contingent coupon of 0.6208% per month (approximately 7.45% per annum), or $6.208 per $1,000, only if on each observation date all three indices close at or above their coupon barrier levels set at 75% of their initial levels. Beginning March 31, 2026, the notes are automatically redeemed if each index is 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 is reduced in line with the percentage decline of the worst-performing index, and can be zero. The estimated initial value is $973.96 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is offering US$2,735,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to Albemarle Corporation common stock. The notes pay Coupons at an interest rate of 2.95% per quarter (approximately 11.80% per annum), or $29.50 per $1,000 in principal, until they are redeemed or mature.

Beginning December 23, 2026, the notes are automatically redeemed if Albemarle’s share price on a Call Observation Date is above the Call Level, which is 100% of the Initial Level of $144.58; investors then receive principal plus the Coupon. If not called, at maturity on December 29, 2028, investors receive $1,000 per $1,000 note unless a Trigger Event occurs. A Trigger Event happens if the Final Level is below the Trigger Level of $72.29, 50.00% of the Initial Level, in which case repayment is reduced according to the stock’s percentage change and may be zero, though the final Coupon is still paid.

The notes are unsecured obligations of Bank of Montreal, not insured by any government agency. Agent’s commission is 2.85%, and the estimated initial value is $957.95 per $1,000 in principal, reflecting internal funding and hedging costs.

Bank of Montreal is offering senior medium-term notes linked to the Nasdaq-100 Index, providing leveraged equity exposure with principal at risk. Each security has a $1,000 face amount, a 200% upside participation rate and a maximum return of 22.10%, capping the maturity payment at $1,221 per security. A 10% buffer protects principal only if the index does not fall more than 10% from the starting level; below that, losses match further declines, up to a 90% loss of principal.

The notes pay no interest, mature on January 3, 2028, and are unsecured obligations of Bank of Montreal, fully subject to its credit risk. The original offering price is $1,000, while the estimated initial value is $974.74 per security, reflecting structuring and distribution costs. The securities will not be listed on any exchange, secondary market liquidity is uncertain, and the U.S. federal income tax treatment is described as complex and unsettled.

Bank of Montreal is offering senior unsecured market-linked notes tied to the worst-performing of Advanced Micro Devices, Intel and Tesla common stocks, with a face amount of $1,000 per security and an original offering price of $1,000. The estimated initial value on the preliminary date is $950.50 per security and will not be less than $920.00 at pricing, reflecting offering, structuring and hedging costs.

The notes pay monthly contingent coupons at a rate of at least 20.50% per annum, but only when the lowest-performing stock on the observation day is at or above 50% of its starting value. Missed coupons can be “remembered” and paid later if the condition is met. The notes are auto-callable from July 2026 through December 2028 if the lowest-performing stock is at or above its starting value.

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, repayment is reduced in line with that stock’s decline, with losses greater than 50% of principal possible. The securities are not principal protected, are not insured, and all payments depend on Bank of Montreal’s credit.

Bank of Montreal is issuing US$1,990,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with contingent coupons due July 2, 2027, linked to the Class A common stock of CoreWeave, Inc. (CRWV). Investors can receive monthly contingent coupons at a rate of 3.5833% (about 43.00% per year) if, on each observation date, the share price is at or above the coupon barrier of $44.95, which is 60.00% of the initial level of $74.92.

Beginning March 30, 2026, the notes are automatically redeemed if the stock closes at or above 100% of the initial level on an observation date, returning principal plus that period’s coupon. If the notes are not redeemed early, principal repayment at maturity depends on the final stock level. If the final level is at or above the trigger level of $37.46 (50.00% of the initial level), investors receive full principal; if it is below, repayment is reduced in proportion to the stock decline and can fall to zero. The estimated initial value is $963.89 per $1,000 of principal, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$1,507,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due July 2, 2027, linked to the common stock of Oracle Corporation.

Investors may receive monthly contingent coupons at a rate of 1.1042% (about 13.25% per year) if Oracle’s share price on each observation date is at or above the coupon barrier of $117.23, which is 60% of the initial level of $195.38. The notes can be automatically redeemed starting March 30, 2026 if Oracle closes above its initial level, returning principal plus the applicable coupon.

If the notes are not called, investors receive full principal at maturity if Oracle’s final level is at or above the trigger level of $97.69 (50% of the initial level). If Oracle finishes below the trigger, repayment is reduced in line with the stock’s loss and can fall to zero. The estimated initial value is $972.07 per $1,000, reflecting fees, hedging and structuring costs.

Bank of Montreal is issuing US$394,000 of senior medium-term Autocallable Barrier Notes with Memory Coupons due January 2, 2029, linked to NVIDIA Corporation common stock. The notes pay a contingent coupon of 2.575% per quarter (about 10.30% per year), or $25.75 per $1,000, only if NVDA’s closing level on an observation date is at or above the coupon barrier of $112.93, which is 60% of the $188.22 initial level. Missed coupons can be paid later if the barrier is met, under the memory feature.

Beginning June 29, 2026, the notes are automatically redeemed if NVDA closes above its initial level on an observation date, returning principal plus any due coupons. If the notes are not called and NVDA’s final level is below the $112.93 trigger level, principal is reduced one-for-one with NVDA’s loss and can fall to zero. The estimated initial value is $941.86 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$473,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the least performing of Amazon.com, Inc. common stock and Alphabet Inc. Class A common stock. The notes pay a contingent coupon of 2.575% per quarter (about 10.30% per year), but only if on each observation date both stocks close at or above their coupon barrier levels, set at 60% of their initial levels.

Starting June 29, 2026, the notes are automatically redeemable if both stocks are at or above their initial levels, returning principal plus the due coupon. If not called, at maturity in January 2029 investors receive full principal only if no trigger event occurs; a trigger occurs if either stock ends below its 60% trigger level, in which case repayment is reduced in line with the loss on the worst-performing stock and can fall to zero. The estimated initial value is $938.03 per $1,000 of principal.

Bank of Montreal is offering US$68,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due January 2, 2029, linked to Class A common stock of Palantir Technologies Inc. The notes pay no interest and are unsecured obligations, subject to Bank of Montreal’s credit risk, and will not be listed on any exchange.

On December 31, 2026, if Palantir’s share price is above 100% of the Initial Level of $184.18, the notes are automatically redeemed and investors receive principal plus a Call Amount of $275.50 per $1,000 note, equal to about 27.55% per year, with no further upside. If held to maturity and Palantir’s Final Level is at or above the Initial Level, investors get 150% of the stock’s gain. If the Final Level is below the Initial Level but at or above the Barrier Level of $110.51 (60% of the Initial Level), investors receive principal only. If the Final Level is below the Barrier Level, principal is reduced 1% for each 1% decline, down to total loss.

The price to the public is 100% of principal, with a 4.50% agent’s commission and 95.50% proceeds to Bank of Montreal. The estimated initial value is $932.47 per $1,000, reflecting offering, structuring and hedging costs. The notes feature complex payoff, potential illiquidity, conflicts of interest, and uncertain tax treatment.

Bank of Montreal is offering senior market-linked notes tied to the EURO STOXX 50^® Index, each with a $1,000 principal amount and maturing on January 4, 2029. The notes provide full principal repayment at maturity, subject to Bank of Montreal’s credit, plus upside exposure to index gains at a 100% participation rate capped by a maximum return of 22.10% (maximum maturity payment of $1,221 per note).

The notes pay no periodic interest, are unsecured obligations of Bank of Montreal and are not insured by any deposit insurance agency. The estimated initial value on the pricing date is $957.52 per note, below the $1,000 offering price, reflecting fees, hedging costs and the issuer’s internal funding rate. The offering size is $935,000, with an agent discount of $33.25 per note and proceeds to Bank of Montreal of $966.75 per note.

Liquidity is uncertain because the notes will not be listed on any exchange, and any secondary market would be made only on a discretionary basis by the agent or its affiliates. U.S. holders are expected to treat the notes as contingent payment debt instruments, recognizing taxable interest income annually based on a 4.123% comparable yield, even though no cash is paid before maturity.

Bank of Montreal is offering senior Market Linked Securities tied to the worst performer of Alphabet Class A (GOOGL) and NVIDIA (NVDA), maturing on December 31, 2027. Each note has a $1,000 face amount and pays a 13.10% per annum contingent coupon, calculated and payable monthly only if, on the relevant calculation day, the lowest performing stock closes at or above 60% of its starting value. The notes may be automatically called from June 2026 through November 2027 if the lowest performer is at or above its starting value, in which case investors receive $1,000 plus the final coupon.

If the notes are not called, investors receive at maturity either $1,000 if the lowest performer is at or above its 50% downside threshold, or a reduced amount proportional to that stock’s decline, exposing them to losses greater than 50% and possibly their entire principal. The starting prices are $313.56 for GOOGL and $188.22 for NVDA, with an estimated initial value of $958.51 per note. These unsecured notes carry Bank of Montreal credit risk, are not insured by any deposit insurer, will not be listed on an exchange, and may have limited or no secondary market liquidity.

Bank of Montreal is issuing US$75,000 of Senior Medium-Term Notes, Series K, linked to the common stock of Intel Corporation. These “autocallable barrier enhanced return notes” offer 150.00% leveraged upside on any gain in Intel’s share price at maturity if the notes are not called early.

The notes may be automatically redeemed on December 31, 2026 if Intel’s stock closes above 100.00% of its initial level of $36.68. In that case, investors receive their principal plus a fixed Call Amount of $224.00 per $1,000 note on January 06, 2027, equal to a return of approximately 22.40% per annum, with no further participation in stock gains.

If the notes are not called and Intel’s final level is at or above its initial level, investors receive principal plus 150.00% of the stock’s percentage gain. If the final level is below the initial level but at or above the Barrier Level of $22.01 (60.00% of the initial level), investors receive only their $1,000 principal. If Intel falls below the barrier, repayment is reduced 1% for each 1% decline, and principal loss can reach 100%.

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 4.50% agent’s commission, and the estimated initial value is $936.51 per $1,000 note, reflecting offering and hedging costs.

Bank of Montreal is issuing US$2,213,000 of senior medium-term Digital Return Barrier Notes due June 30, 2027, linked to the Class A common stock of CoreWeave, Inc. (CRWV). These notes offer a fixed 52.00% digital return on $1,000 principal if the CoreWeave share price on the valuation date is at or above 50.00% of its initial level of $74.92, a digital barrier set at $37.46. If the stock falls more than 50.00% from this initial level, investors lose 1% of principal for each 1% decline, and can lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and have an estimated initial value of $934.47 per $1,000, below the 100% public offering price, reflecting embedded costs and hedging. All payments are subject to Bank of Montreal’s credit risk, and the product involves complex tax and liquidity considerations.

Bank of Montreal is issuing $9,707,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due January 2, 2036. Each note has a $1,000 principal amount, pays fixed interest of 4.95% per annum, with interest paid semi-annually on January 2 and July 2, starting July 2, 2026.

The notes are callable at par plus accrued interest, in whole but not in part, on January 2 and July 2 of each year from January 2, 2028 through June 2, 2035. They are unsecured obligations of Bank of Montreal, will not be listed on any securities exchange, and are subject to the bank’s credit risk.

The notes are designated as bail-inable notes under the Canada Deposit Insurance Corporation Act and may be converted into Bank of Montreal common shares or varied or extinguished in a bail-in conversion. They are not insured by U.S. or Canadian deposit insurance schemes. The original issue price is $1,000 per note, with a $10 underwriting discount and $9,609,930 in proceeds to Bank of Montreal before expenses.

Bank of Montreal is issuing $6,427,000 of Senior Medium-Term Notes, Series K, which are 4.50% fixed-rate bail-inable notes due January 2, 2031. The notes pay interest semi-annually each January 2 and July 2, starting July 2, 2026, at a rate of 4.50% per year on a $1,000 minimum denomination.

Bank of Montreal may redeem the notes in whole at 100% of principal plus accrued interest on optional redemption dates every January 2 and July 2 from January 2, 2027 through July 2, 2030. The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and will not be listed on any securities exchange.

The offering price is $1,000 per note, with a $5 underwriting discount per note, resulting in total proceeds to Bank of Montreal of $6,394,865 after a total underwriting discount of $32,135. As bail-inable notes, they may be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under Canadian bank resolution powers.

Bank of Montreal is offering senior market-linked notes due January 3, 2028 linked to the Nasdaq-100 Index® and the S&P 500® Index. Each security has a $1,000 face amount, with an original offering price of $1,000, and an estimated initial value of about $968.71 based on internal models.

The notes provide 100% upside participation in the lowest performing index, but gains are capped at a maximum return of 22.10%, for a maximum maturity payment of $1,221 per security. A 15% buffer applies: if the lowest index ends at or above 85% of its starting value, investors receive at least their principal and may earn a positive return, including in some modest decline scenarios. If the lowest index falls more than 15%, investors lose 1% of principal for each 1% decline beyond the buffer, up to a potential loss of 85% of principal.

The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not insured by any government agency. They will not be listed on an exchange, secondary market liquidity may be limited, and U.S. tax treatment is complex and uncertain, with potential alternative characterizations by the IRS discussed in detail in the tax sections.

Bank of Montreal is offering senior market-linked notes tied to the SPDR® Gold Trust (GLD), providing principal repayment at maturity and equity-like upside exposure to gold prices. Each note has a $1,000 principal amount, a 100% upside participation rate, and a maximum return of 31.80%, capping the maturity payment at $1,318 per note if the Underlier rises enough. If the ending value is at or below the starting value of $398.60, holders receive only the $1,000 principal at maturity on January 4, 2030.

The notes do not pay interest and are unsecured obligations of Bank of Montreal, so all payments depend on its credit. The estimated initial value is $947.26 per note, below the $1,000 original offering price, reflecting structuring and hedging costs. The notes are not listed on any exchange, may have limited or no secondary market, and embed complex tax and gold-related commodity risks.

Bank of Montreal is offering senior market-linked notes tied to the Nasdaq-100 Index® and the S&P 500® Index, with a total original offering price of $1,852,000 and an original offering price of $1,000 per security. The notes may be automatically called on January 4, 2027 if the lowest performing index is at or above its starting value, paying back principal plus an 11.35% call premium. If not called, the notes mature on January 3, 2028 with 100% upside participation in the lowest performing index and a 10% downside buffer; beyond that buffer, holders lose 1% of principal for each additional 1% index decline, up to a 90% loss. The securities pay no interest, are unsecured obligations of Bank of Montreal with an estimated initial value of $969.12 per $1,000, will not be listed on any exchange, and involve complex tax, market, liquidity and credit risks.

Bank of Montreal is offering Accelerated Return Notes linked to the Russell 2000 Index, with a $10 principal amount per unit and a term of approximately 14 months, maturing in March 2027. The notes provide 300% leveraged upside on any positive index return, but gains are capped at a Capped Value between $11.525 and $11.925 per unit, equal to a return of 15.25% to 19.25%.

If the Index is flat at maturity, investors receive only the $10 principal; if it falls, they lose some or all of their investment. The notes are unsecured senior debt of Bank of Montreal, not insured by the Canada Deposit Insurance Corporation or FDIC, and are subject to BMO’s credit risk. The initial estimated value is expected to range from $9.10 to $9.55 per unit, below the $10 public offering price, reflecting an underwriting discount of $0.175 per unit and a hedging-related charge of $0.05 per unit. Returns exclude dividends on the small-cap stocks in the Index.

Bank of Montreal is offering US$2,100,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes linked to the common stock of Uber Technologies, Inc. Each note has an Initial Level of $81.26 and offers a contingent coupon of 3.1075% per quarter (about 12.43% per year) when Uber’s closing level on an Observation Date is at or above the Coupon Barrier Level of $56.88, which is 70% of the Initial Level.

Starting March 30, 2026, the notes are automatically redeemed if Uber’s closing level on an Observation Date is at or above 100% of the Initial Level, returning principal plus the due coupon. If not redeemed, at maturity on January 2, 2029 investors receive $1,000 per $1,000 in principal unless the Final Level is below the Trigger Level of $56.88; in that case, repayment is reduced in line with Uber’s percentage decline, potentially down to zero, plus any final coupon if payable. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and the estimated initial value is $962.80 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is offering US$1,476,000 of senior medium-term autocallable barrier notes due June 30, 2027, linked to the Class A common stock of Palantir Technologies Inc. The notes pay a contingent coupon of 4.625% per quarter (approximately 18.50% per year), or $46.25 per $1,000, only if Palantir’s share price on each observation date is at or above a coupon barrier of $94.36, which is 50.00% of the initial level of $188.71.

Beginning March 26, 2026, the notes will be automatically redeemed if Palantir closes above its initial level, returning principal plus the applicable coupon. If the notes are not called and Palantir’s final level is below the $94.36 trigger level, investors lose principal in line with the share price decline and could receive nothing at maturity; if at or above the trigger, they receive full principal back. The price to the public is 100% of principal, with a 1.875% selling commission, and the estimated initial value is $973.36 per $1,000.

Bank of Montreal is offering US$894,000 of senior medium‑term Callable Barrier Notes due January 02, 2029, linked to the worst performer of Meta Platforms Class A shares and Oracle Corporation common stock. The notes pay a contingent monthly coupon of 1.75% (approximately 21.00% per annum), or $17.50 per $1,000, only if on each observation date both stocks are at or above their coupon barrier levels of $397.97 for META and $118.79 for ORCL, each 60.00% of its initial level ($663.29 for META and $197.99 for ORCL).

Beginning June 29, 2026, Bank of Montreal may call the notes in whole on any observation date, in which case investors receive principal plus any due coupon. If the notes are not called and any reference asset finishes below its trigger level (the same 60.00% thresholds) on the valuation date, principal is reduced in line with the decline of the worst‑performing stock and can be lost entirely. The estimated initial value is $972.36 per $1,000, below the $1,000 issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$610,000 of senior Medium‑Term Notes, Series K, autocallable buffer enhanced return notes due December 31, 2027, linked to the Class A subordinate voting shares of Shopify Inc.

The notes provide 200% leveraged upside participation if held to maturity, with a 15% downside buffer and a downside leverage factor of about 117.65%, so losses accelerate if Shopify falls more than 15% from the Initial Level of $170.83. On January 08, 2027, if Shopify closes above 100% of its Initial Level, the notes are automatically redeemed at par plus a $332 call amount per $1,000, a return of about 33.20% per year.

The notes pay no interest, are unsecured obligations of Bank of Montreal, are not listed on any exchange, and may be difficult to sell before maturity. Investors can lose some or all of their principal, and the initial estimated value of the notes is $988.63 per $1,000, below the public offering price due to offering, structuring and hedging costs.

Bank of Montreal is offering US$5,741,000 of capped enhanced return notes linked to the S&P 500® Index, maturing on February 26, 2027. These unsecured senior notes provide 300% leveraged exposure to any positive index performance, but the payoff is capped at a Maximum Redemption Amount of $1,130.50 per $1,000 in principal, equal to a maximum return of 13.05%.

If the S&P 500® Final Level is below its Initial Level of 6,929.94, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are not principal protected, and will not be listed on any exchange, so liquidity may be limited. All payments depend on Bank of Montreal’s credit, and the initial estimated value is $976.64 per $1,000, below the public offering price, reflecting embedded costs and hedging. BMOCM acts as calculation agent and selling agent and receives a 2.35% commission.

Bank of Montreal is offering US$500,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with memory coupons linked to RH common stock and maturing on December 29, 2028. The notes pay a contingent coupon of 4.775% per quarter (approximately 19.10% per year), or $47.75 per $1,000, but only if RH’s closing level on an observation date is at or above the coupon barrier of $92.83, which is 50% of the $185.65 initial level; missed coupons may be paid later if the barrier is met due to the memory feature.

Beginning June 25, 2026, if RH closes above its call level (100% of the initial level) on an observation date, the notes are automatically redeemed at par plus any due coupons. If not called, holders receive $1,000 per $1,000 note at maturity only if RH’s final level is at or above the $92.83 trigger level; if it is below, repayment is reduced in line with the stock’s decline and can fall to zero. The estimated initial value is $955.11 per $1,000, and the notes are unsecured obligations not insured by any government agency.