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

Bank of Montreal is offering senior medium-term fixed-rate notes, Series K, that pay interest at 4.30% per annum and are scheduled to mature on December 30, 2030. Each note has a $1,000 principal amount, and holders will receive $1,000 per note at maturity plus any accrued and unpaid interest, unless the notes are redeemed earlier.

Interest is paid semi-annually on January 9 and July 9, starting July 9, 2026. The notes are callable at par by Bank of Montreal, in whole but not in part, on semi-annual optional redemption dates from January 9, 2027 through July 9, 2030. They are unsecured, bail-inable obligations of Bank of Montreal, subject to Canadian bail-in powers, and are not insured by any government agency. The notes will not be listed on any securities exchange, and investors may face limited or no secondary market liquidity. The original issue price is $1,000 per note, including a $15 underwriting discount, resulting in proceeds to Bank of Montreal of $985 per note.

Bank of Montreal is offering unsecured senior market-linked notes tied to the worst performer of Advanced Micro Devices (AMD) common stock and Alphabet Class A (GOOGL), maturing on January 5, 2029. Each security has a $1,000 face amount and pays a quarterly contingent coupon at a rate of at least 19.40% per year, but only if the worst-performing stock on the observation date is at or above 70% of its initial level. Missed coupons have a memory feature and can be paid later if the trigger is met.

The notes are auto-callable from June 2026: if the worst-performing stock is at or above its initial level on a calculation day, investors receive $1,000 plus the applicable coupons and the notes end early. If the notes are not called and, at final valuation, the worst-performing stock is below 60% of its initial level, principal is reduced one-for-one with the stock’s loss, potentially to zero; there is no upside participation in stock gains.

The estimated initial value is $964.10 per $1,000 security (not less than $920.00 at pricing), reflecting structuring and hedging costs, and the notes are not bail-inable and will not be listed on an exchange. All payments depend on Bank of Montreal’s credit, and U.S. tax treatment is complex and uncertain, with 30% withholding generally expected on coupons for non-U.S. investors.

Bank of Montreal is issuing US$3,237,000 of senior Contingent Risk Absolute Return Buffer Notes due December 29, 2028, linked to the least performing of the S&P 500 Index and the Dow Jones Industrial Average. The notes pay no interest and are unsecured obligations subject to Bank of Montreal’s credit risk.

At maturity, investors get 1‑to‑1 upside on any gain in the least performing index, capped at a 30.15% maximum return, or $1,301.50 per $1,000. If that index falls but stays at or above 80% of its initial level, the notes provide a positive “absolute return” up to a 20% maximum downside redemption amount, or $1,200 per $1,000. If it falls more than 20%, principal is reduced 1% for each 1% drop beyond the 20% buffer, with up to 80% of principal at risk.

The price to the public is 100% of principal, with a 2.50% selling commission and 97.50% of proceeds to Bank of Montreal. The estimated initial value is $965.85 per $1,000, reflecting embedded costs and hedging. The notes will not be listed on any exchange and may have limited liquidity.

Bank of Montreal is offering US$2,629,000 of senior Medium-Term Notes, Series K, linked to the S&P 500® Index and maturing on December 29, 2028. These “Contingent Risk Absolute Return Buffer Notes” provide 1-to-1 upside exposure to S&P 500 gains, capped at a Maximum Redemption Amount of $1,290 per $1,000 of principal, a 29.00% maximum return.

If the S&P 500 falls but stays at or above the Buffer Level of 80.00% of the Initial Level, investors receive a positive absolute return up to a Maximum Downside Redemption Amount of $1,200 per $1,000 (20.00% return). If the index declines more than 20.00%, investors lose 1% of principal for each 1% drop beyond the 20.00% buffer, and could lose up to 80.00% of principal.

The notes pay no interest, will not be listed on an exchange, and all payments depend on Bank of Montreal’s credit. The estimated initial value is $980.99 per $1,000, below the public offering price due to offering, structuring and hedging costs. Liquidity may be limited, and complex tax treatment and potential conflicts of interest are highlighted as key risks.

Bank of Montreal is issuing US$1,200,000 of Senior Medium-Term Notes, Series K, maturing on December 27, 2027, whose return is linked to the iShares MSCI EAFE ETF. The notes offer 150.00% leveraged upside on any gain in EFA, but the payoff is capped at a Maximum Redemption Amount of $1,247 per $1,000 of principal, a maximum return of 24.70%.

The notes include a 10.00% downside buffer: if EFA’s final level is down 10% or less, investors receive principal back; below that, they lose 1% of principal for each additional 1% decline, up to a 90.00% loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and carry the bank’s credit risk. The estimated initial value is $985.58 per $1,000 note, reflecting offering, structuring and hedging costs.

Bank of Montreal is issuing US$2,793,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons due December 29, 2028. The notes are linked to the least performing of the VanEck Gold Miners ETF (GDX), the Russell 2000 Index (RTY) and the Nasdaq-100 Technology Sector Index (NDXT).

The notes pay a contingent coupon of 0.95% per month (approximately 11.40% per annum), but only if on each observation date every reference asset is at or above its coupon barrier level set at 70% of its initial level. Beginning June 25, 2026, the notes are automatically redeemed if all reference assets are at or above their call levels, returning principal plus the applicable coupon. If the notes are not called and any reference asset finishes below its 50% trigger level at maturity, investors lose principal in line with the decline of the least performing asset, potentially down to zero. The estimated initial value is $953.25 per $1,000 in principal amount.

Bank of Montreal is issuing US$2,094,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due December 29, 2027, linked to the least performing of the S&P 500 Index and the Dow Jones Industrial Average.

The notes pay a contingent coupon of 0.4583% per month (approximately 5.50% per annum), or $4.583 per $1,000, only if on each observation date both indexes close at or above their coupon barrier levels of 4,145.87 for SPX and 29,065.45 for INDU.

If from September 24, 2026 onward Bank of Montreal exercises its issuer call on an observation date, investors receive principal plus any due coupon on the next coupon date. If the notes are not called, holders receive $1,000 per $1,000 at maturity unless a trigger event occurs, defined as either index finishing below 50% of its initial level (3,454.90 for SPX and 24,221.21 for INDU). In that case, repayment is reduced in line with the loss on the worst index and can be zero. The notes are unsecured, not insured deposits, and their estimated initial value is $989.32 per $1,000.

Bank of Montreal is offering US$457,000 of senior callable buffer 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 0.7083% (about 8.50% per year) only if each index closes at or above its coupon barrier, set at 80% of its initial level. Starting December 28, 2026, the bank may redeem the notes at par plus any due coupon on specified quarterly call dates.

If the notes are not called and any index finishes below its 80% buffer level on the valuation date, repayment of principal is reduced in line with the decline beyond 20%, with potential losses of up to 80% of principal. The estimated initial value is $990.12 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations not insured by any deposit insurer.

Bank of Montreal is issuing US$3,618,000 of Senior Medium-Term Notes, Series K, Callable Barrier Notes with Contingent Coupons due November 29, 2027, linked to the least performing of the S&P 500® Index, the Russell 2000® Index and the Nasdaq-100 Technology Sector Index. Each note has a principal amount of $1,000 and offers a contingent coupon of 0.90% per month (approximately 10.80% per annum), paying $9.00 per $1,000 only if, on each Observation Date, all three indices close at or above their coupon barrier levels, set at 70.00% of their initial levels.

Beginning June 24, 2026, Bank of Montreal may call the notes in whole on any Observation Date, in which case investors receive their principal plus any due coupon on the Call Settlement Date. If the notes are not called, investors receive $1,000 per $1,000 note at maturity only if no Trigger Event occurs; if any index finishes below its 70.00% trigger level, repayment is reduced in line with the percentage decline of the worst-performing index, potentially to zero. The estimated initial value is $982.10 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations not insured by any deposit insurance corporation.

Bank of Montreal is offering US$1,291,000 of senior Market Linked Notes, Series K, maturing on December 29, 2028, tied to the least performing of the NASDAQ-100 Index® and the Dow Jones Industrial Average®.

For each $1,000 of principal, investors receive 1-to-1 upside on any gain in the least performing index, capped at a Maximum Redemption Amount of $1,204, equal to a 20.40% maximum return. If the final level of the least performing index is at or below its initial level, investors receive only the $1,000 principal, with no additional return, so there is principal repayment at maturity but no upside when the indices decline.

The notes pay no interest, will not be listed on any exchange, and are unsecured obligations of Bank of Montreal, fully subject to its credit risk. The price to the public is 100% of principal, with an agent’s commission of approximately 2.2376%, and the bank’s estimated initial value is $967.19 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$1,354,000 of senior medium‑term Autocallable Barrier Notes due November 29, 2027, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Nasdaq‑100 Technology Sector Index. The notes pay a contingent coupon of 0.8792% per month (approximately 10.55% per annum), or $8.792 per $1,000, only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their respective initial levels.

Beginning June 24, 2026, the notes will be automatically redeemed if on an observation date 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, investors lose principal in line with the percentage decline of the worst index, potentially down to zero. The estimated initial value is $981.81 per $1,000 in principal amount.

Bank of Montreal is offering US$1,232,000 of senior medium-term Autocallable Barrier Notes due June 28, 2027, 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 0.8375% (about 10.05% per year), but only if each index is at or above its coupon barrier level, set at 70% of its initial level. Starting March 25, 2026, the notes will be automatically redeemed if, on an observation date, each index is at or above its initial level, returning principal plus that month’s coupon.

If the notes are not called, principal repayment at maturity depends on the worst-performing index. Investors receive full principal back if no index finishes below its 70% trigger level; otherwise, repayment is reduced one-for-one with the loss of the least performing index, and can fall to zero. The price to the public is 100% of principal, while the estimated initial value is $991.36 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering US$962,000 of Series K Contingent Risk Absolute Return Buffer Notes linked to the S&P 500^® Index, maturing on December 31, 2030. The notes provide 150.00% leveraged upside to S&P 500 gains, capped at a Maximum Redemption Amount of $1,397.00 per $1,000 (a 39.70% maximum return). They also offer 150.00% "absolute" positive return if the index finishes below its Initial Level but at or above the Buffer Level of 80.00% of the Initial Level, up to a Maximum Downside Redemption Amount of $1,300.00 per $1,000 (a 30.00% gain.

If the S&P 500 declines by more than 20.00% from the Initial Level of 6,878.49, investors lose 1% of principal for each additional 1% drop, with losses of up to 80.00% of principal possible at maturity. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and are not insured by U.S. or Canadian deposit insurers. The estimated initial value is $940.76 per $1,000, below the price to the public because it excludes offering, structuring and hedging costs.

Bank of Montreal is offering US$205,000 of senior medium-term Autocallable Buffer Enhanced Return Notes due December 29, 2028, linked to the least performing of the Dow Jones Industrial Average®, the Russell 2000® Index and the NASDAQ-100 Index®. The notes are unsecured, do not pay interest and are issued in $1,000 denominations.

On December 29, 2026, if each index is above its Initial Level, the notes are automatically redeemed at par plus a Call Amount of $120 per $1,000, a return of approximately 12.00% per annum. If held to maturity and the least performing index is at or above its Initial Level, investors receive 1-to-1 upside exposure; if it is below its Initial Level but at or above 80.00%, they receive a positive "buffer" return up to $1,200 per $1,000.

If the least performing index finishes below 80.00% of its Initial Level, investors lose 1% of principal for each 1% decline beyond 20.00%, up to a maximum loss of 80.00% of principal. The estimated initial value is $950.12 per $1,000, below the price to public, and the notes are subject to Bank of Montreal’s credit risk and limited liquidity.

Bank of Montreal is issuing US$3,540,000 of Senior Medium-Term Autocallable Buffer Enhanced Return Notes due December 26, 2028, linked to an equally weighted basket of seven large-cap tech stocks. The basket includes Alphabet, Apple, Amazon, Meta Platforms, Microsoft, NVIDIA and Tesla, each at a 14.29% weighting, with initial component levels set on the December 22, 2025 pricing date.

The notes offer 120.00% leveraged exposure to any positive basket performance if they are not called and the final basket level is at or above the initial level. A 10.00% downside buffer protects principal against moderate declines, but if the basket falls more than 10.00%, investors lose 1% of principal for each additional 1% drop, up to a 90.00% loss. An automatic call on December 29, 2026 pays principal plus a fixed call amount of $162.50 per $1,000 note, a return of approximately 16.25% per annum, after which no further upside is available.

The notes pay no interest, will not be listed on an exchange, and all payments depend on Bank of Montreal’s credit. The price to the public is 100% of principal, with a 0.25% agent’s commission and estimated initial value of $977.53 per $1,000, reflecting offering and hedging costs that can weigh on secondary market prices.

Bank of Montreal is offering US$2,652,000 of senior medium-term Buffer Enhanced Return Notes linked to the S&P 500® Index, maturing December 26, 2028.

The notes provide 150% leveraged upside to any S&P 500 gain, but the payment at maturity is capped at a Maximum Redemption Amount of $1,232 per $1,000 principal, a 23.20% maximum return. A 20% downside buffer applies: if the index finishes between 80% and 100% of its Initial Level of 6,878.49, investors receive principal back only.

If the S&P 500 falls more than 20%, principal is reduced 1% for each additional 1% decline, up to an 80% loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and had an estimated initial value of $962.74 per $1,000 at pricing, below the 100% issue price.

Bank of Montreal is offering US$208,000 of Senior Medium‑Term Notes, Series K, Digital Return Buffer Notes due June 30, 2027, linked to the NASDAQ‑100 Index®.

For each $1,000 note, investors receive a fixed 13.00% digital return at maturity if the index’s final level is at least 90.00% of its initial level of 25,461.70. If the index falls more than 10.00%, repayment is reduced 1% for each additional 1% decline, so investors can lose up to 90.00% of principal.

The notes pay no interest, will not be listed on any exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal. The price to the public is 100% of principal, with a 1.50% agent’s commission and 98.50% of proceeds to Bank of Montreal. The estimated initial value is $980.73 per $1,000 on the pricing date.

Bank of Montreal is offering US$2,711,000 of Senior Medium-Term Notes, Series K, in the form of Autocallable Barrier Notes with Memory Coupons due June 28, 2027, linked to Tesla, Inc. common stock. The notes pay a contingent monthly coupon of 1.6167% (approximately 19.40% per year), or $16.167 per $1,000, only if Tesla’s closing price is at or above the coupon barrier of $342.11, with missed coupons potentially paid later under the memory feature. Automatic redemption can occur starting March 25, 2026 if Tesla is at or above the initial level, returning principal plus any due coupons. If the notes are not called and Tesla finishes below the $293.24 trigger level, investors lose principal in line with Tesla’s percentage decline, potentially down to zero. The estimated initial value is $969.57 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing $667,000 of senior Digital Return Barrier Notes due January 26, 2027, linked to the worst performer among the iShares MSCI EAFE ETF, the S&P 500 Index and the Russell 2000 Index. The notes offer a fixed 8.80% digital return at maturity if the least performing reference asset finishes at or above 70% of its initial level.

If the least performing asset falls more than 30% from its initial level, repayment of principal is reduced one-for-one with the decline and can fall to zero, so investors may lose their entire investment. The notes pay no periodic interest, are not exchange‑listed, and their value is subject to the credit risk of Bank of Montreal. The initial estimated value is $985.44 per $1,000, below the 100% issue price, reflecting offering and hedging costs.

Bank of Montreal is offering US$318,000 of Senior Medium-Term Notes, Series K, that are market-linked to the S&P 500® Index and mature on December 26, 2028. The notes provide 1-to-1 upside exposure to any increase in the index, but gains are capped at a Maximum Return of 18.67%, so the maximum payment at maturity is $1,186.70 per $1,000 of principal. If the index finishes at or below its initial level of 6,878.49, investors receive only their $1,000 principal back, with no additional return.

The notes pay no periodic interest, will not be listed on an exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal. The price to the public is 100% of principal, with a 0.50% selling commission, so proceeds to the issuer are 99.50%. The bank’s estimated initial value is $978.53 per $1,000, reflecting offering, hedging and distribution costs embedded in the issue price.

Bank of Montreal is offering US$553,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Buffer Notes due December 31, 2030, linked to the S&P 500® Futures Excess Return Index. The notes provide 140.60% leveraged upside on any positive index performance and a “buffer” so that, if the index declines by up to 20.00%, investors gain the same percentage as a positive return, capped at $1,200.00 per $1,000 of principal. If the index falls by more than 20.00%, investors lose 1% of principal for each additional 1% decline, with losses of up to 80.00% of principal possible at maturity. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, are not listed on any exchange, and had an estimated initial value of $932.44 per $1,000 on the pricing date.

Bank of Montreal is offering US$958,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due December 29, 2028. The notes are linked to the least-performing of the S&P 500 Index (SPX), Russell 2000 Index (RTY) and Nasdaq-100 Technology Sector Index (NDXT).

Investors can receive a monthly contingent coupon of 0.6333% (about 7.60% per year), but only if on each observation date all three indexes close at or above their coupon barrier levels, set at 70% of their initial levels. Starting June 25, 2026, the notes are automatically redeemed if all three indexes are at or above 100% of their initial levels, returning principal plus that month’s coupon. If the notes are not called and any index finishes below its 70% trigger level at maturity, repayment of principal is reduced one-for-one with the loss on the worst-performing index, potentially to zero. The estimated initial value is $956.14 per $1,000.

Bank of Montreal is issuing US$1,155,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes with memory coupons due December 28, 2027, linked to the common stock of Marvell Technology, Inc. (MRVL). The notes pay a contingent coupon of 3.75% per quarter (approximately 15.00% per year), or $37.50 per $1,000, only if Marvell’s stock closes on each observation date at or above the coupon barrier level of $44.10, which is 52.00% of the initial level of $84.80. Missed coupons can be paid later under the memory feature if the barrier is met on a future observation date.

Starting September 22, 2026, Bank of Montreal may call the notes on any observation date, repaying principal plus any due contingent coupons. If the notes are not called and Marvell’s final stock level on December 22, 2027 is below the trigger level of $44.10, investors face downside to equity: they receive either shares or cash based on a physical delivery amount, which can be worth significantly less than $1,000 per note and could be zero. The estimated initial value is $974.38 per $1,000 principal, reflecting structuring and hedging costs.

Bank of Montreal is offering unsecured equity-linked notes whose payoff depends on 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 pay no interest and are designed to be held to maturity, expected about 19–22 months after the trade date.

The initial basket level is 100. If the final basket level rises, investors receive 230% of the basket gain, capped at a maximum settlement amount expected between $1,165.14 and $1,194.12 per $1,000 note. If the basket falls up to 15%, principal is protected; below 85% of the initial level, investors lose about 1.1765% of principal for every 1% drop beyond that, with the potential for total loss.

The estimated initial value is expected between $969.00 and $999.00 per $1,000, below issue price, reflecting structuring and hedging costs. The notes are not insured, not bail-inable, will not be listed on an exchange, and carry complex market, liquidity, credit and tax risks.

Bank of Montreal is offering US$1,048,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the NASDAQ-100, Russell 2000 and Dow Jones Industrial Average. These notes can be automatically redeemed starting December 29, 2026 if each index closes at or above its initial level, paying back principal plus a step-up call amount that equates to about 10.40% per year, up to $416 per $1,000 note at the final call date or maturity. If the notes are not called and, on the December 26, 2029 valuation date, any index has fallen below 70% of its initial level, investors lose principal in line with the decline of the worst-performing index, potentially receiving as little as zero. The estimated initial value is $958.72 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering US$6,528,000 of Senior Medium-Term Notes, Series K, structured as callable barrier notes with contingent coupons due November 30, 2027. The notes are linked to the least performing of the S&P 500 Index (SPX), the Russell 2000 Index (RTY) and the Nasdaq-100 Technology Sector Index (NDXT).

Investors may receive a monthly contingent coupon of 0.775% (about 9.30% per year) if on each observation date all three indexes are at or above their coupon barrier levels, set at 70% of their initial levels. Starting June 25, 2026, Bank of Montreal can call the notes in whole on any observation date, returning principal plus any due coupon.

If the notes are not called and any index finishes below its 70% trigger level at maturity, principal is reduced one-for-one with the decline of the worst-performing index, potentially down to zero. The estimated initial value is $968.06 per $1,000, reflecting fees, hedging and funding costs.

Bank of Montreal is issuing US$1,419,000 of senior medium-term autocallable barrier notes due December 28, 2026, linked to the least performing of the S&P 500® Index (SPX) and the Russell 2000® Index (RTY). Investors may earn contingent coupons at a rate of 2.60% per quarter (approximately 10.40% per year), paying US$26.00 per US$1,000 principal, but only if on each observation date both indexes close at or above 70% of their initial levels.

Starting March 25, 2026, the notes are automatically redeemed if both indexes are at or above their initial levels, returning principal plus the due coupon. If the notes are not called, principal repayment at maturity depends on the worst-performing index. A trigger event occurs if either index ever closes below 70% of its initial level during the monitoring period; if that happens and the least performing index finishes below its initial level, repayment is reduced in line with its percentage decline and can fall to zero.

The notes are unsecured obligations of Bank of Montreal, not insured deposits, and carry significant market, reference index and structural risks. The public offering price is 100% of principal, with an agent’s commission of 0.375%, and the estimated initial value is US$995.40 per US$1,000, reflecting hedging costs and fees.

Bank of Montreal is offering capped market-linked notes tied to the Russell 2000® Index with an absolute return buffer. Each note has a $10 principal amount, an approximate 14‑month term, and provides 1‑to‑1 exposure to Index moves, subject to a maximum Redemption Amount of $11.20 per unit, a 12.00% cap over principal.

If the Index finishes above the Starting Value, returns are positive up to the cap; if it is unchanged, investors receive only their principal. If the Index declines but stays at or above a Threshold Value set between 93.00% and 88.00% of the Starting Value, investors receive a positive return equal to the absolute value of that decline. Below the Threshold Value, investors lose principal, potentially substantially. The initial estimated value is expected between $9.10 and $9.59 per unit, reflecting an underwriting discount of $0.175 and a hedging‑related charge of $0.05 per unit, and the notes are subject to BMO’s credit risk.

Bank of Montreal is offering $486,000 of senior market-linked notes tied to the lowest performing of the Nasdaq-100, Russell 2000 and S&P 500, maturing on February 1, 2027. Each $1,000 note can pay back $1,130 at maturity if the worst-performing index is at or above 79% of its starting level, giving a fixed maximum gain of 13%.

If the lowest-performing index finishes below 79% of its starting value, principal is reduced one-for-one with that index’s loss, so investors can lose more than 21% and up to all of their money. The notes pay no interest, are unsecured obligations of Bank of Montreal, are not insured by any government agency, and are not listed on an exchange. The estimated initial value is $987.82 per note, reflecting structuring and hedging costs.

Bank of Montreal is issuing unsecured structured notes linked to the Nasdaq-100 Index®. The notes have a $1,000 principal amount, are scheduled to be issued on December 29, 2025, and mature on March 25, 2027. They pay no interest and are designed to be held to maturity.

The initial underlier level is 25,587.83, with a threshold level set at 90.00% of that value. If, on the determination date, the index is at or above the threshold, investors receive a fixed $1,112.80 per $1,000 note. If it is below, the payoff is reduced so that investors lose approximately 1.1111% of principal for every 1% the index falls below the threshold, with the possibility of losing the entire investment. The estimated initial value is $982.60 per $1,000 note. A total of $1,400,000 of notes are offered at $1,000 each with a $12.50 underwriting discount per note. The notes will not be listed on an exchange and are fully subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering unsecured structured notes linked to the VanEck Gold Miners ETF (GDX), maturing on January 27, 2027. The notes have a $1,000 principal amount and do not pay interest.

At maturity, investors receive enhanced upside exposure with a 200% participation rate, capped at a maximum settlement amount of $1,379.40 per note if the ETF is at or above 118.97% of its initial level of $90.271.1111% of principal for each 1% decline beyond the 10% threshold, and investors could lose all principal.

The total offering is $3,500,000, with an underwriting discount of $10.80 per note. The estimated initial value is $980.23 per $1,000, reflecting offering and hedging costs. The notes are not listed on any exchange, carry the credit risk of Bank of Montreal, and involve complex U.S. and Canadian tax considerations, including potential "constructive ownership" treatment and Section 871(m) issues for non-U.S. holders.

Bank of Montreal is offering $1,020,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 14, 2035. Each Note has a $1,000 principal amount, pays fixed interest at 4.90% per annum, and returns $1,000 per Note at maturity plus any accrued interest, unless redeemed earlier.

Interest is paid semi-annually on June 26 and December 26, starting June 26, 2026, using a 30/360 day count. The Notes are callable at 100% of principal plus accrued interest on semi-annual dates from December 26, 2027 through June 26, 2035. They are unsecured, not listed on any exchange, and are bail-inable notes that may be converted into Bank of Montreal common shares or varied or extinguished under Canadian bank resolution powers, meaning holders could lose some or all of their investment in a resolution scenario.

The original issue price is $1,000 per Note, with a $15 underwriting discount and $985 in proceeds to Bank of Montreal per Note, for total proceeds of $1,004,740 before expenses. The Notes are subject to the credit risk of Bank of Montreal and are not insured by U.S. or Canadian deposit insurance schemes.

Bank of Montreal is offering senior market-linked notes tied to the worst performer of Arista Networks common stock and Meta Platforms Class A stock, maturing on February 1, 2027. Each security has a $1,000 face amount, original offering price of $1,000, and an estimated initial value of $982.89 per security.

At maturity, if the lowest performing stock is at or above 55% of its starting value, investors receive $1,000 plus a fixed 17.50% return (a total of $1,175 per security), regardless of how much either stock has risen. If the lowest performing stock finishes below its 55% threshold, the payoff is reduced one-for-one with that stock’s loss, and investors can lose more than 45% and up to all of principal.

The notes pay no interest, are unsecured obligations of Bank of Montreal subject to its credit risk, and will not be listed on any exchange. The offering size is $845,000, with an agent discount of up to $10.75 per security and proceeds to the issuer of $989.25 per security.

Bank of Montreal is issuing $3,632,000 of Senior Medium-Term Notes, Series K, which are fixed-rate, redeemable notes due December 16, 2032. Each note has a principal amount of $1,000 and pays interest at a fixed rate of 4.60% per annum, with semi-annual payments each June 26 and December 26, starting June 26, 2026.

The notes are callable at Bank of Montreal’s option at par plus accrued interest on semi-annual dates from June 26, 2027 through June 26, 2032. They are unsecured obligations of the bank, are not insured by U.S. or Canadian deposit insurance agencies, and are designated as bail-inable notes that may be converted into common shares or varied or extinguished under Canadian bank resolution powers. The original issue price is $1,000 per note, with a $12 underwriting discount and proceeds to Bank of Montreal of $988 per note.

Bank of Montreal is issuing unsecured, MSCI EAFE Index®-linked notes that pay no interest and are designed to be held to the October 15, 2027 stated maturity date. Each note has a $1,000 principal amount, with a total offering size of $3,378,000.

At maturity, payment depends on index performance from the December 23, 2025 trade date to the October 13, 2027 determination date. If the index rises, holders get 160% of the index gain, but returns are capped at a maximum settlement amount of $1,248 per note, reached when the index is at or above 115.50% of its initial level of 2,895.68. If the index falls by up to 12.50%, investors receive back their principal.

If the index closes below 87.50% of its initial level (the buffer level), principal is reduced, with about 1.1429% loss for every 1% the index falls below that buffer, up to a total loss. The estimated initial value is $994.31 per $1,000, reflecting structuring and hedging costs. The notes are not bail-inable, will not be listed on any exchange, carry Bank of Montreal credit risk, and have complex U.S. tax treatment.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 13, 2031. Each Note has a $1,000 principal amount and pays fixed interest at 4.45% per annum, with semi-annual payments every January 13 and July 13, starting July 13, 2026. Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity.

The Notes are callable at Bank of Montreal’s option at 100% of principal plus accrued interest on each January 13 and July 13 from January 13, 2028 through July 13, 2030. They are unsecured obligations subject to the bank’s credit risk and qualify as Canadian bail-inable notes, meaning they can be converted into common shares or varied or extinguished under the Canada Deposit Insurance Corporation Act in a resolution scenario. The Notes will not be listed on any securities exchange, and an underwriting discount of $10 per Note reduces proceeds to $990 per Note for the issuer.

Bank of Montreal is issuing $5,193,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 16, 2030. The notes pay a fixed interest rate of 4.40% per annum, with interest paid in cash semi-annually each June 26 and December 26, starting June 26, 2026, and $1,000 principal per note payable at maturity if not redeemed earlier.

The notes may be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on specified optional redemption dates every June 26 and December 26 from December 26, 2026 through June 26, 2030. The offering price is $1,000 per note, with proceeds to Bank of Montreal of $5,141,070 after a $51,930 underwriting discount. The notes are unsecured, not insured by any government agency, will not be listed on any exchange, and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares or varied or extinguished under Canadian bank resolution powers.

Bank of Montreal is issuing US$141,000 of Senior Medium-Term Notes, Series K, Digital Return Buffer Notes due March 24, 2027, linked to the S&P 500 Index. The notes offer a fixed 10.00% digital return per $1,000 at maturity if the index’s final level is at or above its initial level of 6,834.50. If the index finishes below its initial level but no more than 15% lower, investors receive only their $1,000 principal. If the index falls by more than 15%, repayment is reduced dollar-for-dollar beyond that buffer, with up to an 85.00% loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, are not listed on an exchange, and have an estimated initial value of $988.02 per $1,000, reflecting offering and hedging costs.

Bank of Montreal is offering senior market-linked notes that are auto-callable with contingent coupons, linked to the worst performer of Alphabet Class A (GOOGL) and NVIDIA (NVDA), and maturing on December 31, 2027. Each security has a $1,000 face amount, an original offering price of $1,000, and an estimated initial value on the preliminary date of $964.10, which at pricing will not be less than $920.00 per security.

The notes pay monthly contingent coupons at a rate of at least 13.10% per annum only if, on each calculation day, the lowest performing stock is at or above 60% of its starting value. From June 2026 to November 2027, the notes are automatically called if the lowest performer is at or above its starting value, returning the face amount plus a final coupon.

If not called, investors receive at maturity either the full $1,000 per security if the lowest performer is at or above 50% of its starting value, or a loss proportional to its decline if it falls below that 50% downside threshold, with potential loss of the entire principal. The securities are unsecured obligations of Bank of Montreal and carry credit, market, liquidity and tax risks, and will not be listed on any exchange.

Bank of Montreal is issuing US$799,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due March 24, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index. These notes offer a fixed 11.10% digital return at maturity per $1,000 of principal if the worst-performing index finishes at or above 75% of its initial level.

If the least performing index closes below this 75% barrier, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no periodic interest, will not be listed on any exchange, and all payments depend on the credit of Bank of Montreal. The price to the public is 100% of principal, with an agent’s commission of approximately 0.4966%, and an estimated initial value of $982.36 per $1,000 at pricing, reflecting structuring and hedging costs.

Bank of Montreal is offering US$1,910,000 of senior medium-term Autocallable Barrier Enhanced Return Notes linked to the S&P 500® Index, maturing on December 26, 2028. The notes offer 125.00% leveraged upside on any index gain at maturity if they are not called, but pay no coupons and are unsecured obligations.

The notes may be automatically redeemed on December 24, 2026 if the S&P 500® closes above 100.00% of its Initial Level of 6,834.50, in which case investors receive principal plus a US$92.00 Call Amount per US$1,000 (about 9.20% per annum) and no further participation. Capital is protected only down to a Barrier Level of 4,784.15 (70.00% of the Initial Level); below that, principal losses mirror the index decline and can reach 100%. The price to public is 100% of principal, with a 1.20% agent’s commission and an estimated initial value of US$976.33 per US$1,000.

Bank of Montreal is offering US$65,000 of structured barrier notes maturing in December 2028, linked to the worst performer of the NASDAQ‑100 Index and the iShares Semiconductor ETF. The notes provide 106.61% leveraged upside on any gain in the least performing reference asset. If that asset finishes below its initial level but stays at or above 70% of its initial level, investors receive a positive “absolute return” up to a maximum of $1,300 per $1,000 of principal (a 30% gain).

If the least performing asset falls below the 70% barrier, repayment is reduced dollar‑for‑dollar with the decline, and investors can lose their entire principal. The notes pay no interest, are unsecured senior obligations of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, including a 2.95% selling commission, and the bank’s estimated initial value is $941.21 per $1,000.

Bank of Montreal is offering US$2,025,000 of senior Digital Return Barrier Notes due December 26, 2028, linked to the S&P 500 and Russell 2000. These unsecured notes pay no interest and are designed to provide a fixed 25.55% digital gain at maturity if the worst-performing index (the “Least Performing Reference Asset”) finishes at or above 65% of its initial level.

If the Least Performing Reference Asset falls more than 35% from its initial level, repayment of principal is reduced one-for-one with the decline, so holders can lose up to 100% of their investment. The notes will not be listed, and their value and all payments depend on Bank of Montreal’s credit. The price to the public is 100% of principal, with a 0.15% selling commission and an estimated initial value of $990.15 per $1,000, reflecting embedded costs and hedging.

Bank of Montreal is offering US$1,268,000 of Senior Medium-Term Notes, Series K, linked to the S&P 500® Futures Excess Return Index, maturing on June 24, 2027. The notes provide 1-to-1 upside exposure to index gains but cap total return at 19.64%, or a maximum redemption of $1,196.40 per $1,000 of principal. If the index falls but stays above the 15% buffer (85% of the initial level), investors earn a positive “absolute return” up to a maximum downside redemption of $1,150.00. Below the buffer, principal is reduced 1% for each 1% additional decline, with losses up to 85.00% 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, with agent’s commission of 0.375% and proceeds to the issuer of 99.625%. The estimated initial value is $984.14 per $1,000, reflecting structuring and hedging costs and an internal funding rate below conventional debt spreads.

Bank of Montreal is offering $1,299,000 of Senior Medium-Term Notes, Series K, maturing on March 24, 2027, that are linked to the worst performer of the S&P 500® Index and the Russell 2000® Index. The notes pay a fixed 12.17% digital return at maturity per $1,000 of principal if the least performing index finishes at or above 75.00% of its initial level. If the least performing index falls more than 25.00% from its initial level, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no periodic interest, are unsecured obligations subject to the credit risk of Bank of Montreal, are issued in $1,000 minimum denominations, and are not listed on any securities exchange. The public issue price is 100% of principal, including a 0.50% selling commission, and the estimated initial value is $991.11 per $1,000.

Bank of Montreal is offering US$1,786,000 of senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes linked to the S&P 500® Index, maturing on January 25, 2027. These notes provide 110% leveraged upside to the index, but gains are capped at a Maximum Redemption Amount of $1,094.40 per $1,000 of principal, a 9.44% maximum return. If the S&P 500® falls by up to 10% from the Initial Level of 6,834.50, investors receive their principal back at maturity. If it falls by more than 10%, principal is reduced 1% for each additional 1% decline, up to a maximum 90% loss. The notes pay no interest, will not be listed on an exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal. The price to the public is 100% of principal, with a 1.93% selling commission and an estimated initial value of $977.22 per $1,000.

Bank of Montreal is issuing US$2,945,000 of Senior Medium-Term Notes, Series K Capped Buffer Enhanced Return Notes due June 24, 2027, linked to the S&P 500 Index. These notes offer 150% leveraged upside on any gain in the index, but total payment at maturity is capped at a Maximum Redemption Amount of $1,122 per $1,000 of principal, a 12.20% maximum return.

If the S&P 500 falls by up to 20% from the initial level of 6,834.50, investors receive their $1,000 principal at maturity. If it falls by more than 20%, the payoff is reduced by 1% of principal for every 1% additional decline, down to as little as $200 per $1,000, meaning up to an 80% loss of principal. The notes pay no interest, are not listed on an exchange, and all payments depend on Bank of Montreal’s credit. The price to public is 100% of principal, with an agent’s commission of 0.60% and an estimated initial value of $986.35 per $1,000.

Bank of Montreal is offering US$1,316,000 of Senior Medium-Term Notes, Series K Capped Buffer Enhanced Return Notes due January 25, 2027, linked to the NASDAQ-100 Index®. These notes provide 200% leveraged exposure to any positive index performance, but the total payoff is capped at a Maximum Redemption Amount of $1,115 per $1,000 of principal, an 11.50% maximum return.

If the index is flat or up at maturity, investors receive their principal plus leveraged gains, subject to this cap. If the index falls but not by more than 15% from the Initial Level of 25,346.18, investors receive only their $1,000 principal back. If the index declines more than 15%, repayment is reduced dollar-for-dollar beyond that buffer, with potential loss of up to 85% of principal.

The notes pay no interest, will not be listed on any exchange, and all payments depend on the credit of Bank of Montreal. The estimated initial value is $988.44 per $1,000, reflecting structuring and hedging costs, and the agent’s commission is approximately 0.4232% of the offering amount.

Bank of Montreal is issuing US$1,082,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due March 24, 2027, linked to the common stock of Microsoft Corporation.

The notes pay a contingent coupon of 0.8675% per month (about 10.41% per year), only if Microsoft’s share price on each observation date is at or above a coupon barrier of $364.44, which is 75% of the $485.92 initial level. Starting June 18, 2026, if Microsoft closes above its initial level on an observation date, the notes are automatically redeemed at par plus the applicable coupon.

If the notes are not called and Microsoft’s final level is below the $364.44 trigger level on the valuation date, investors receive Microsoft shares (or cash equivalent) worth less than the principal, and this amount can be as low as zero. The estimated initial value is $985.41 per $1,000, and the notes are unsecured, unsubordinated obligations of Bank of Montreal with no deposit insurance.