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

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.

Bank of Montreal is offering senior medium-term fixed-rate notes due January 12, 2029. Each Note has a $1,000 principal amount and pays interest at a fixed rate of 4.00% per annum, with semi-annual payments on January 12 and July 12, starting July 12, 2026. At maturity, unless earlier redeemed, investors receive $1,000 per Note plus any accrued and unpaid interest.

The Notes are callable in whole at Bank of Montreal’s option at 100% of principal plus accrued interest on semi-annual optional redemption dates from January 12, 2027 through July 12, 2028. They are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited.

The Notes are designated as bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted into Bank of Montreal common shares, or varied or extinguished, if Canadian bank resolution powers are exercised. Investors also face credit risk of Bank of Montreal, market value risk from interest rate changes, and potential conflicts of interest related to underwriting and hedging by BMO Capital Markets and affiliates.

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.