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

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.

Bank of Montreal is offering US$1,000,000 of senior Autocallable Barrier Notes due December 31, 2027, linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indices. The notes pay a contingent monthly coupon of 0.7917% (about 9.50% per year), but only if on each observation date all three indices are at or above 70% of their initial levels.

Beginning December 28, 2026, the notes will be automatically redeemed if, on an observation date, each index is at or above 100% of its initial level, returning principal plus that month’s coupon. If the notes are not called and, on the final valuation date, any index is below its 70% trigger level, repayment of principal is reduced in line with the loss on the worst-performing index and can fall to zero. The estimated initial value is $987.96 per $1,000 note, compared with a 100% public offering price; the selling agent’s commission is 0.65%, with 99.35% of proceeds to Bank of Montreal.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 12, 2038, in minimum denominations of $1,000 per Note. The Notes pay fixed interest at 5.05% per annum, with interest paid semi-annually on January 12 and July 12, starting July 12, 2026, until maturity or earlier redemption.

Bank of Montreal may redeem the Notes, in whole but not in part, at 100% of principal plus accrued interest on semi-annual optional redemption dates beginning January 12, 2028 and ending July 12, 2037. The Notes are unsecured, bail-inable obligations subject to Canadian bank resolution powers and will not be listed on any securities exchange. The original issue price is $1,000 per Note, including a $20 underwriting discount, resulting in proceeds to Bank of Montreal of $980 per Note before expenses.

Bank of Montreal is offering unsecured senior medium-term notes linked to the worst performer of Datadog Class A, Intel, and Micron common stock, maturing on December 29, 2028. Each security has a $1,000 face amount and an estimated initial value of $943.21, with total proceeds to Bank of Montreal of $2,292,432.25 on a $2,347,000 original offering.

The notes pay a contingent coupon at 23.75% per annum, evaluated monthly. A coupon is paid only if the lowest performing stock on the relevant calculation day closes at or above its coupon threshold, set at 55% of its starting value; missed coupons can be “remembered” and paid later if conditions are met. Beginning in June 2026, the notes are auto-callable if the lowest performer is at or above its starting value, returning face value plus applicable coupons.

If the notes are not called and, on the final calculation day, the lowest performing stock is at or above its downside threshold (55% of start), investors receive $1,000 per security. If it is below that level, repayment is reduced in proportion to the decline, and investors can lose more than 45% and up to all of their principal. The securities do not participate in any stock gains, are subject to Bank of Montreal credit risk, will not be listed on an exchange, and involve complex tax and market risks.

Bank of Montreal is offering unsecured senior medium-term notes linked to the worst performer of the common stock of Advanced Micro Devices, Inc. (AMD), Micron Technology, Inc. (MU) and UnitedHealth Group Incorporated (UNH), maturing on December 29, 2028. Each security has a $1,000 face amount and an estimated initial value of $941.34.

The notes pay a 21.30% per annum contingent coupon, evaluated monthly. A coupon is paid only if the lowest performing stock on the relevant calculation day is at or above 50% of its starting value; a “memory” feature allows missed coupons to be paid later if the test is subsequently met. Starting in June 2026, the notes are automatically called if the lowest performing stock is at or above its starting value, returning $1,000 plus due coupons.

If not called, at maturity investors receive $1,000 per note only if the lowest performing stock is at or above 50% of its starting value. If it is below that level, repayment is reduced in line with that stock’s decline, and investors can lose more than 50%, up to their entire principal. Investors do not participate in any stock upside. The notes are not insured, depend on Bank of Montreal’s credit, involve complex tax treatment and may have limited or no secondary market liquidity.

Bank of Montreal is issuing US$500,000 of Senior Medium-Term Notes, Series K, Buffer Enhanced Return Notes due March 29, 2029, linked to the worst performer of the S&P 500 Index and NASDAQ-100 Index. The notes offer 106.00% leveraged upside on any positive performance of the least performing index.

Principal is protected only down to a 20.00% decline. If the least performing index falls more than 20.00% from its initial level, investors lose 1% of principal for each 1% drop beyond that, up to an 80.00% loss at maturity. The notes pay no 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 0.60% selling commission, and the estimated initial value is $988.02 per $1,000, reflecting offering and hedging costs. All payments depend on Bank of Montreal’s credit and the final index levels on March 26, 2029.

Bank of Montreal is offering US$1,500,000 of senior market-linked notes tied to the S&P 500 Index, maturing May 1, 2028. The notes provide 1-to-1 upside exposure to any increase in the index, but gains are capped at a Maximum Return of 12.00%, meaning the maximum payment at maturity is $1,120 per $1,000 of principal.

If the S&P 500 Final Level is at or below its Initial Level of 6,932.05 on the valuation date, investors receive only their principal back, with no upside and no loss of principal at maturity. The notes do not pay periodic interest, are not listed on any exchange, and all payments depend on the credit of Bank of Montreal. The initial estimated value is $974.95 per $1,000, below the public offering price of 100%, reflecting offering, hedging and distribution costs, including a 1.50% agent’s commission.

Bank of Montreal is offering US$1,955,000 of senior Medium-Term Notes, Series K, maturing on December 29, 2027 and linked to the S&P 500 Futures Excess Return Index. The notes provide 1-to-1 upside exposure to index gains, but returns are capped at a Maximum Redemption Amount of $1,248 per $1,000 of principal, a 24.80% maximum gain. If the index falls but stays within a 20% buffer, investors earn a positive “absolute return” of up to $1,200 per $1,000, a 20.00% gain. If the index declines by more than 20% from its initial level, investors lose 1% of principal for each 1% additional decline and can lose up to 80% of principal at maturity.

The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The initial estimated value is $981.97 per $1,000, below the 100% public offering price, reflecting offering, structuring and hedging costs. All payments depend on Bank of Montreal’s credit and the complex futures-based index, which can be adversely affected by financing costs, negative roll yield, and the fact it excludes dividends and collateral interest.

Bank of Montreal is issuing US$1,092,000 of Senior Medium-Term Notes, Series K, due December 29, 2027, that offer a potential 19.80% digital return linked to the least performing of the NASDAQ-100 Index, Russell 2000 Index and Dow Jones Industrial Average. If the least performing index’s final level is at least 70% of its initial level, investors receive $1,198 per $1,000 note at maturity. If it falls more than 30% below its initial level, repayment is reduced point-for-point with the decline, down to a total loss of principal. The notes pay no interest, are unsecured and unsubordinated obligations of Bank of Montreal, will not be listed on any exchange, and are subject to the bank’s credit risk. The estimated initial value is $987.03 per $1,000 in principal amount, below the issue price, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$329,000 of senior medium-term Barrier Enhanced Return Notes due December 29, 2028, linked to the least performing of the S&P 500 Index and the Russell 2000 Index. These unsecured notes pay no interest and all payments depend on Bank of Montreal’s credit.

At maturity, if the least performing index is at or above its initial level, investors receive principal plus 141.20% of that index’s gain. If it is below the initial level but at or above 75% of the initial level (the barrier), investors receive only their $1,000 principal per note. If it finishes below the barrier, repayment is reduced one-for-one with the index loss, and principal can be completely lost. The notes are sold at 100% of principal, with an agent’s commission of approximately 0.2667%, and their estimated initial value is $984.79 per $1,000.

Bank of Montreal is issuing US$558,000 of senior Medium-Term Notes, Series K, market-linked notes due December 31, 2029, tied to the S&P 500 Index. The notes provide 1-to-1 upside exposure to any gain in the index, but total return is capped by a Maximum Redemption Amount of $1,292 per $1,000 of principal, equal to a 29.20% maximum return.

If the S&P 500 Final Level is at or below its Initial Level of 6,909.79, investors receive only their principal back at maturity, with no loss of principal but no gain. The notes pay no interest and will not be listed on any exchange, so liquidity will depend on BMO Capital Markets’ willingness to make a market.

All payments are subject to the credit risk of Bank of Montreal$974.37 per $1,000, below the issue price, reflecting embedded fees, commissions and hedging costs. U.S. holders are expected to be taxed under contingent payment debt instrument rules, recognizing taxable income over the life of the notes even though cash is only received at maturity.

Bank of Montreal is issuing US$3,503,000 of Senior Medium-Term Notes, Series K, structured as callable barrier notes due November 30, 2027. The notes pay a contingent coupon of 1.375% per month (about 16.50% per year) only when each reference asset — KRE, NDX and GDX — closes on an observation date at or above its coupon barrier level, set at 70% of its initial level.

Beginning on December 28, 2026, Bank of Montreal may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called, principal repayment depends on the least performing reference asset at maturity. If any final level is below its trigger level, set at 60% of its initial level, investors lose principal in line with that asset’s decline, and could lose the entire amount. The estimated initial value is $984.65 per $1,000 of principal.

Bank of Montreal is offering US$770,000 of senior medium-term Autocallable Barrier Notes with Memory Coupons due December 31, 2026, linked to the worst performer between Apple (AAPL) and Tesla (TSLA) stock. The notes pay a contingent monthly coupon of 1.6125% (about 19.35% per year), but only if on each observation date both stocks close at or above their coupon barrier levels of $190.65 for AAPL and $339.89 for TSLA, which are 70% of their initial levels.

Beginning March 26, 2026, the notes can be automatically redeemed if each stock is at or above its initial level; in that case, investors receive principal plus any due coupons. If the notes are not called and on the valuation date either stock closes below its trigger level (also 70% of its initial level), investors receive shares (or cash) of the worst-performing stock worth less than their principal, and possibly zero, plus any contingent coupons that become payable. The estimated initial value is $949.12 per $1,000 face amount, reflecting structuring and hedging costs.

Bank of Montreal is offering US$1,333,000 of Senior Medium‑Term Notes, Series K, in the form of autocallable barrier notes with memory coupons due December 29, 2027, linked to the common stock of Caesars Entertainment, Inc. (CZR).

The notes pay a contingent coupon of 3.6875% per quarter (approximately 14.75% per annum), or $36.875 per $1,000 of principal, on scheduled payment dates only if CZR’s closing level is at or above the coupon barrier of $12.22 (50% of the initial level of $24.44). A memory feature allows missed coupons to be paid later if the barrier is met on a future observation date.

Starting June 23, 2026, the notes are automatically redeemed if CZR closes above its initial level on an observation date, returning principal plus any due coupons. If not called, investors receive full principal at maturity only if the final CZR level is at or above the trigger level of $12.22. If the final level is below the trigger, investors receive CZR shares (or cash equivalent) equal to $1,000 divided by the initial level, exposing them to potentially large losses, including total loss. The estimated initial value is $966.91 per $1,000 note, and the notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency.

Bank of Montreal is issuing US$2,482,000 of Senior Medium‑Term Barrier Notes due December 31, 2026 linked to Alphabet Inc.’s Class A common stock (GOOGL). The notes pay fixed monthly Coupons at an interest rate of 0.8417% per month, or approximately 10.10% per year, so each Coupon on a $1,000 note is $8.417, paid on the last business day of each month from January 30, 2026 through maturity.

At maturity, holders receive $1,000 per $1,000 note unless a Trigger Event occurs. A Trigger Event happens if the Final Level of GOOGL on the valuation date is below the Trigger Level of $220.05, which is 70.00% of the Initial Level of $314.35. If that occurs, investors receive either shares equal to the Physical Delivery Amount (based on $1,000 divided by the Initial Level) or, at the bank’s election, the equivalent Cash Delivery Amount, plus the final Coupon, which can result in a substantial loss of principal.

The notes are unsecured obligations of Bank of Montreal, are not insured by deposit insurance schemes, and have an estimated initial value of $985.79 per $1,000 in principal amount, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$3,025,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes due November 30, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

Investors can receive a contingent monthly coupon of 0.8542% (about 10.25% per year), paying US$8.542 per US$1,000 of principal, but only if on each observation date all three indices are at or above their coupon barriers, set at 60% of their initial levels. Bank of Montreal may call the notes in whole on any observation date starting June 25, 2026, repaying principal plus any due coupon.

If the notes are not called, principal repayment depends on index performance. Full principal is returned at maturity unless a trigger event occurs (any index closing below 60% of its initial level on any day) and the final level of the worst index is below its initial level. In that case, repayment is reduced in line with the loss on the worst index, and could be zero. The estimated initial value is US$990.88 per US$1,000 of principal.

Bank of Montreal is offering US$877,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due December 29, 2028, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. The notes pay a contingent monthly coupon of 0.9083% (about 10.90% per year) only if each index is at or above 70% of its initial level on the relevant observation date.

Beginning March 25, 2026, Bank of Montreal may redeem the notes in whole on any observation date, paying back principal plus any due coupon. If the notes are not called and, on the valuation date, any index closes below its 70% trigger level, investors’ principal is reduced in line with the percentage decline of the worst-performing index and can be lost in full. The estimated initial value is $992.54 per $1,000 of principal.

Bank of Montreal is offering US$1,088,000 of Intel-linked autocallable barrier notes maturing December 29, 2028. These senior unsecured notes pay a contingent coupon of 3.5625% per quarter (about 14.25% per year) only if Intel’s stock closes on each observation date at or above the coupon barrier of $18.18, which is 50% of the $36.35 initial level.

Beginning March 25, 2026, the notes are automatically redeemed if Intel’s share price is above the initial level, returning principal plus the applicable coupon. If they are not called and Intel’s final level is at or above the $18.18 trigger, investors receive full principal back at maturity, plus any final coupon. If the final level is below the trigger, repayment is reduced one-for-one with Intel’s decline and can fall to zero.

The estimated initial value is $969.95 per $1,000, below the 100% public offering price, reflecting dealer compensation and hedging costs. The notes are cash-settled only and involve significant equity, credit and structural risks highlighted in the risk sections.

Bank of Montreal is offering US$285,000 of senior medium‑term autocallable barrier notes due December 29, 2028, linked to the common stock of Super Micro Computer, Inc. (SMCI). The notes pay a contingent coupon of 6.075% per quarter (approximately 24.30% per year), or $60.75 per $1,000, only if SMCI’s closing level on an observation date is at or above the coupon barrier of $15.38, which is 50% of the initial level of $30.76.

Beginning March 25, 2026, the notes are automatically redeemed if SMCI’s closing level is at or above 100% of the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and SMCI closes on the valuation date below the trigger level of $15.38, investors receive $1,000 plus $1,000 times the percentage change in SMCI, which can reduce principal and may be zero. The estimated initial value is $965.89 per $1,000 in principal amount, reflecting structuring and hedging costs.

Bank of Montreal is issuing $5,448,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due December 29, 2028. These notes are linked to the least performing of three references: the iShares 20+ Year Treasury Bond ETF (TLT), the NASDAQ-100 Index (NDX), and the Russell 2000 Index (RTY).

Investors can receive a contingent coupon of 0.875% per month (about 10.50% per year) for each $1,000 note when all three reference assets stay at or above 70% of their initial levels on observation dates. Starting June 25, 2026, Bank of Montreal may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called and any reference asset finishes below its 70% trigger level at maturity, repayment of principal will be reduced in line with the loss on the worst-performing asset, and could be zero.

Bank of Montreal is offering US$500,000 of senior Series K Contingent Risk Absolute Return Buffer Notes due December 30, 2027, linked to the worst performer of the S&P 500 Index and the NASDAQ-100 Index. The notes provide 1-to-1 exposure to any gain in the least performing index, capped at a 24.00% Maximum Return, or $1,240 per $1,000 of principal. If that index falls but finishes at or above 80.00% of its Initial Level, investors still receive a positive “absolute return” up to a 20.00% gain, or $1,200 per $1,000. If it drops more than 20%, principal is reduced 1% for each 1% decline beyond the buffer, with up to 80.00% of principal at risk.

The notes pay no interest, will not be listed, and all payments depend on the credit of Bank of Montreal. The price to the public is 100% of principal with a 0.40% selling commission, and the estimated initial value is $989.00 per $1,000, reflecting offering and hedging costs. The supplement highlights structural, market, liquidity, credit and tax risks.

Bank of Montreal is offering Accelerated Return Notes linked to the iShares U.S. Aerospace & Defense ETF. These senior unsecured notes have a $10 principal amount per unit, an approximately 14‑month term, and provide a leveraged upside with a 300% participation rate, subject to a cap. The Capped Value is expected to be between $11.10 and $11.50 per unit, limiting maximum returns to about 11%–15% over principal.

If the ETF’s ending value is above its starting value, investors receive principal plus leveraged gains up to the cap. If the ending value equals the starting value, they receive only their principal. If it is lower, they lose the same percentage as the ETF’s decline, up to a total loss. The initial estimated value is expected between $9.10 and $9.46 per unit, less than the $10 public offering price, reflecting fees, hedging costs and BMO’s internal funding rate. Payments depend entirely on ETF performance and BMO’s credit risk, and the notes pay no dividends.

Bank of Montreal is offering US$376,000 of Senior Medium-Term Notes, Series K Contingent Risk Absolute Return Buffer Notes due December 30, 2030, linked to the S&P 500® Futures Excess Return Index. The notes provide 162.20% leveraged upside on any positive index performance. If the index falls but stays above the 20.00% downside buffer (Buffer Level 80.00% of the Initial Level), investors receive a positive “absolute return” up to a maximum redemption of $1,200 per $1,000 principal (20.00% gain). If the index declines by more than 20.00%, holders lose 1% of principal for each additional 1% drop, with losses up to 80.00% of principal at maturity.

The notes pay no interest, are not listed on any exchange, and all payments depend on the credit of Bank of Montreal. The estimated initial value is $962.70 per $1,000, below the public offering price, reflecting structuring and hedging costs and the bank’s internal funding rate.

Bank of Montreal is issuing $2,810,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due December 30, 2030, linked to the S&P 500® Futures Excess Return Index.

The notes offer a fixed positive return of 65.65% if the index gain over the term is positive but below that level, and a one-to-one upside participation above a 65.65% gain. If the index finishes below its initial level but not below 70% of that level, investors simply receive back their principal.

If the index falls more than 30% from its initial level, holders lose 1% of principal for each 1% decline, up to a total loss of principal. The notes pay no interest, are not listed on any exchange, and all payments depend on the credit of Bank of Montreal. The price to the public is 100% of principal, including a 0.625% agent’s commission, and the bank’s estimated initial value is $962.96 per $1,000.

Bank of Montreal is offering Accelerated Return Notes® linked to an equally weighted basket of three financial stocks: The Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Morgan Stanley. Each note has a $10 principal amount, is a senior unsecured obligation of BMO, and matures in approximately 14 months in March 2027.

At maturity, if the basket Ending Value is above the Starting Value of 100.00, holders receive a leveraged payoff with a 300% participation rate, but the return is capped at a Capped Value between $12.00 and $12.40 per unit, representing a maximum gain of 20% to 24%. If the Ending Value equals the Starting Value, the repayment is $10.00 per unit. If the Ending Value is below the Starting Value, repayment falls one‑for‑one with the basket and can drop to zero, so investors can lose all principal.

The initial estimated value on the pricing date is expected between $9.10 and $9.51 per unit, below the $10 public offering price, reflecting BMO’s internal funding rate, an underwriting discount of $0.175 per unit, and a hedging related charge of $0.05 per unit. The notes are not listed on any exchange, are not insured by Canadian or U.S. deposit insurance schemes, and all payments depend on BMO’s credit.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due December 30, 2032. Each Note has a $1,000 principal amount and pays fixed interest at 4.55% per annum, with interest paid in cash in U.S. dollars semi-annually on January 9 and July 9, starting July 9, 2026. Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity.

The Notes are callable at 100% of principal plus accrued interest, in whole but not in part, on January 9 and July 9 of each year from July 9, 2027 through July 9, 2032. The Notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are not insured by U.S. or Canadian deposit insurance. They will not be listed on any securities exchange, and a trading market is not expected to develop.

Per Note, the original issue price is $1,000, the underwriting discount is $15, and proceeds to Bank of Montreal are $985. The Notes are expected to be treated as debt instruments issued without original issue discount for U.S. federal tax purposes. Investors face interest rate risk, credit risk, call risk, and liquidity risk.