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

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.

Bank of Montreal is issuing US$3,964,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons linked to the common stock of Amazon.com, Inc. (AMZN), maturing January 25, 2027. The notes pay a contingent monthly coupon of 0.8833% (approximately 10.60% per year), or $8.833 per $1,000, only if Amazon’s closing share price on the observation date is at or above the coupon barrier of $159.15, which is 70% of the initial level of $227.35.

Starting June 22, 2026, the notes will be automatically redeemed if Amazon’s share price on an observation date is at or above the initial level, returning principal plus the applicable coupon. If the notes are not called and Amazon’s final level on January 20, 2027 is at or above the $159.15 trigger level, investors receive full principal back plus any final coupon. If the final level is below the trigger, repayment is in Amazon shares (or cash equivalent) based on a physical delivery amount, and the value can be substantially less than principal, potentially down to zero.

The notes are unsecured obligations of Bank of Montreal, carry an estimated initial value of $972.33 per $1,000, and involve complex structural and tax risks highlighted in the accompanying prospectus documents.

Bank of Montreal is offering US$830,000 of senior autocallable barrier notes due June 24, 2027, linked to the Class A common stock of Robinhood Markets, Inc. The notes pay a contingent coupon of 1.89% per month (about 22.68% per year) when Robinhood’s share price on an observation date is at or above the coupon barrier of $60.68, which is 50% of the initial level of $121.35.

Beginning June 18, 2026, the notes will be automatically redeemed if the stock closes above the initial level, returning principal plus the applicable coupon. If the notes are not called and Robinhood’s final stock price is at or above the $60.68 trigger level, investors receive full principal back. If the final price falls below the trigger, repayment is reduced one-for-one with the stock loss, and can be as low as zero. The estimated initial value is $975.50 per $1,000, reflecting dealer costs and hedging.

Bank of Montreal is offering US$1,809,000 of Senior Medium-Term Notes, Series K, which are autocallable barrier notes with step-up call amounts due December 26, 2028, linked to the least performing of the S&P 500® Index and the Russell 2000® Index. The notes may be automatically redeemed starting December 24, 2026 if the closing level of each index is at or above its Call Level, paying back principal plus a call amount of $110, $220 or $330 per $1,000, representing returns of approximately 11.00% per annum. If the notes are not called, investors receive $1,000 per $1,000 note at maturity unless any index closes on the valuation date below its Trigger Level, set at 60.00% of its Initial Level (4,100.70 for SPX and 1,517.655 for RTY), in which case repayment is reduced in line with the loss of the worst-performing index and can be as low as zero. The price to the public is 100% of principal, with a 1.20% selling commission, and the estimated initial value is $982.16 per $1,000, reflecting hedging and issuance costs. The notes are unsecured obligations and involve significant market, credit and structural risks.

Bank of Montreal is offering US$300,000 of senior medium-term Autocallable Barrier Notes with Memory Coupons due December 27, 2027, linked to the least-performing of Ford, General Motors and Tesla common stock. The notes pay a contingent coupon of 2.00% per month (about 24.00% per year), or $20 per $1,000, but only if on each monthly observation date all three stocks are at or above their respective coupon barrier levels, set at 60.00% of their initial levels.

The notes can be automatically redeemed beginning March 24, 2026 if all three stocks are at or above their initial levels on an observation date, in which case investors receive principal plus any due coupons. If the notes are not called and any stock finishes below its 60.00% trigger level at maturity, repayment of principal is reduced in line with the worst-performing stock and could fall to zero. The estimated initial value is $973.96 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$1,565,000 of autocallable barrier notes due January 25, 2027, linked to CVS Health Corporation common stock. These senior unsecured medium-term notes can pay contingent monthly coupons of 0.94% (approximately 11.28% per year) if CVS closes on each observation date at or above a coupon barrier of $57.51, which is 74% of the initial level of $77.72.

Beginning June 22, 2026, the notes will be automatically redeemed if CVS closes above its initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and CVS finishes below the $57.51 trigger level on the valuation date, investors will receive CVS shares (or cash) worth less than the principal, potentially down to zero. The estimated initial value is $973.96 per $1,000, below the $1,000 price to the public, reflecting fees and hedging costs.

The notes are unsecured obligations of Bank of Montreal, are not bank deposits, and are not insured by U.S. or Canadian deposit insurance schemes. The filing highlights significant structural, market, and tax risks, and describes complex U.S. federal income tax treatment as pre-paid contingent income-bearing derivative contracts.

Bank of Montreal is offering US$1,126,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with memory coupons due December 26, 2028. The notes are linked to the worst performance of Meta Platforms Class A (META), Alphabet Class C (GOOG) and NVIDIA (NVDA).

The notes pay a contingent coupon of 3.60% per quarter (approximately 14.40% per annum), or $36.00 per $1,000, but only if on an observation date each stock is at or above its coupon barrier, set at 50.00% of its initial level. Missed coupons can be paid later under a memory feature if the barriers are met on a future date.

Beginning December 22, 2026, the notes are automatically redeemed if each stock is at or above its initial level, returning principal plus any due coupons. If not called, principal repayment at maturity depends on the worst-performing stock. If any stock finishes below its 50.00% trigger level, investors lose principal in line with that stock’s decline, potentially down to zero. The notes are unsecured obligations, not insured deposits, and their estimated initial value is $967.30 per $1,000.

Bank of Montreal is offering US$500,000 of Senior Medium-Term Notes, Series K, in the form of Autocallable Buffer Notes with Memory Coupons due December 27, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

The notes pay a contingent quarterly coupon of 2.0275% (about 8.11% per year), but only if on each observation date all three indices are at or above 80% of their initial levels, with missed coupons potentially paid later under a memory feature. Starting December 22, 2026, the notes are automatically redeemed if all indices are at or above 100% of their initial levels, returning principal plus any due coupons.

At maturity, if not called and the worst-performing index has not fallen more than 20%, investors receive full principal; if it is below 80% of its initial level, principal is reduced 1% for each 1% decline beyond 20%, up to an 80% loss. The estimated initial value is $986.72 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is issuing US$1,711,000 of Senior Medium‑Term Notes, Series K, callable barrier notes due December 31, 2027, linked to the least performing of the S&P 500 Index, the Russell 2000 Index and the Consumer Staples Select Sector SPDR ETF. These unsecured notes pay a contingent monthly coupon of 0.6917% (about 8.30% per year) only if each reference asset stays at or above its coupon barrier.

The coupon barriers and trigger levels are set at 60% of initial levels for each index/ETF. If any reference asset finishes below its trigger level at maturity and the notes have not been called, investors lose principal in line with the decline of the worst performer, potentially down to zero. Bank of Montreal may call the notes starting June 25, 2026, repaying principal plus any due coupon, and received approximately US$1,706,722.50 in proceeds after selling concessions.

Bank of Montreal is issuing $1,990,000 of Senior Medium-Term Notes, Series K Digital Return Barrier Notes due January 25, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index. These unsecured notes pay no interest and are not insured by U.S. or Canadian deposit insurance schemes.

At maturity, investors receive $1,118.30 per $1,000 if the least performing index finishes at or above 85% of its initial level, reflecting an 11.83% Digital Return. If that index falls more than 15% from its initial level, principal is reduced 1% for each 1% decline, down to a possible total loss. The price to the public is 100% of principal, with a 1.93% agent’s commission, and the estimated initial value is $975.89 per $1,000, highlighting embedded offering and hedging costs and potential secondary-market discounts.

Bank of Montreal is issuing US$6,364,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with memory coupons due December 26, 2028. These notes are linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indexes and pay a contingent coupon of 4.50% per semiannual period (about 9.00% per year) when each index closes on or above its coupon barrier on an observation date.

The notes may be automatically redeemed starting June 23, 2026 if all indexes are above their call levels, returning principal plus any due coupons. If held to maturity and no trigger event occurs, investors receive full principal plus any contingent coupons. If a trigger event occurs, the maturity payment is reduced in line with the percentage loss of the worst-performing index and can be zero. The estimated initial value is $975.65 per $1,000 principal, reflecting structuring and hedging costs.

Bank of Montreal is offering US$946,000 of senior medium-term autocallable barrier notes due December 26, 2028, linked to the least-performing of Capital One Financial (COF), NVIDIA (NVDA) and CrowdStrike (CRWD). The notes pay a contingent coupon of 1.7525% per month (about 21.03% per year) only if all three stocks close on or above their coupon barriers, set at 70% of their initial levels.

Beginning in March 2026, the notes are automatically redeemed if each stock is above its call level of 85% of its initial level, returning principal plus the due coupon. If the notes are not called and any stock finishes below its trigger level (also 70% of its initial level), investors lose principal in line with the decline of the worst-performing stock, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, have an estimated initial value of $959.54 per $1,000, and involve significant structural, market and tax risks.

Bank of Montreal is issuing US$1,244,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with memory coupons due December 24, 2026, linked to the least performing of JPMorgan Chase & Co. common stock and Visa Inc. Class A common stock. The notes offer quarterly contingent coupons at 2.625% (about 10.50% per year), paying only if both stocks close at or above their coupon barrier levels, set at 70% of their initial levels, with unpaid coupons potentially paid later under the memory feature.

Beginning June 18, 2026, the notes are automatically redeemed if both stocks close above their initial levels, returning principal plus any due coupons. If not called, investors receive full principal at maturity unless any stock finishes below its 70% trigger level, in which case repayment is in shares (or cash) of the worst-performing stock based on a physical delivery amount, which can be worth substantially less than principal. The notes are unsecured obligations, not insured deposits, and their estimated initial value is $987.11 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is offering US$1,259,000 of senior autocallable barrier notes linked to three sector ETFs: VanEck Gold Miners (GDX), SPDR S&P Biotech (XBI) and SPDR S&P Regional Banking (KRE). The notes pay a contingent coupon of 2.575% per quarter (about 10.30% per year) only if, on each observation date, all three ETFs close at or above their respective coupon barrier levels, set at 50% of their initial levels.

The notes can be automatically redeemed starting June 22, 2026 if each ETF is at or above its initial level, returning principal plus the due coupon. If the notes are not called and, on the valuation date, any ETF finishes below its 50% trigger level, investors receive shares (or cash) of the worst-performing ETF instead of full principal, and the repayment amount can be substantially less than US$1,000 per note, including zero. The estimated initial fair value is $970.84 per $1,000 face amount, reflecting fees and hedging costs.

Bank of Montreal is issuing US$4,633,000 of senior Medium-Term Notes, Series K, autocallable barrier notes due December 26, 2028, linked to the least performing of the S&P 500 Index, the Russell 2000 Index and the Dow Jones Industrial Average. The notes can be automatically redeemed on scheduled observation dates starting December 24, 2026 if each index is at or above its initial level, paying back principal plus a fixed call amount.

Per $1,000 note, the call amounts range from $103.20 on the first call date up to $309.60 at maturity, corresponding to a return of approximately 10.32% per annum if called. If the notes are not called and on the valuation date any index closes below its trigger level at 70% of its initial level, repayment of principal is reduced one-for-one with the worst index’s loss and can fall to zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and their estimated initial value is $962.64 per $1,000.

Bank of Montreal is offering US$552,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due March 24, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index. The notes may pay a monthly contingent coupon at a rate of 0.7125% (about 8.55% per year) if, on each observation date, both indexes close at or above their coupon barrier levels, which are set at 75% of their initial levels.

Beginning June 18, 2026, if on an observation date both indexes are at or above 100% of their initial levels, the notes will be automatically redeemed for principal plus the applicable coupon. If the notes are not called and, on the valuation date, either index finishes below its trigger level (also 75% of its initial level), repayment of principal is reduced in line with the decline of the worst-performing index and can fall to zero. The estimated initial value is $983.80 per $1,000 of principal, reflecting offering costs and hedging.

Bank of Montreal is offering US$1,211,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with contingent coupons due March 24, 2027. The notes are linked to the least performing of the NASDAQ-100 Index (NDX), Financial Select Sector SPDR Fund (XLF) and SPDR S&P Biotech ETF (XBI). If on an observation date each reference asset is at or above its coupon barrier level (65% of its initial level), investors receive a contingent coupon at 1.2167% per month (about 14.60% per year), or $12.167 per $1,000.

Starting June 18, 2026, if all reference assets are at or above their initial levels on an observation date, the notes are automatically redeemed at par plus the coupon. If not redeemed early, repayment at maturity depends on the worst performer: full principal is returned unless a trigger event occurs and the final level of the least performing asset is below its initial level, in which case principal is reduced in line with that asset’s loss and can be zero. The estimated initial value is $992.96 per $1,000, below the price to the public.

Bank of Montreal is offering US$851,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due December 26, 2028. The notes are linked to the worst performer among Meta Platforms Class A shares, Home Depot common stock, and Dell Technologies Class C shares.

Investors may receive monthly contingent coupons at a rate of 1.68% (about 20.16% per year) per $1,000 of principal, but only if on each observation date all three stocks close at or above their respective coupon barriers, each set at 70% of its initial level. If, starting March 23, 2026, all three stocks are above their call levels (85% of initial levels) on an observation date, the notes are automatically redeemed at principal plus the applicable coupon. If the notes are not called and any stock finishes below its 70% trigger level on the valuation date, repayment of principal is reduced in line with the loss of the worst-performing stock, and can fall to zero. The estimated initial value is $958.21 per $1,000 of principal.

Bank of Montreal is issuing US$2,446,000 of senior medium-term Callable Barrier Notes due November 24, 2027, linked to the least-performing of SPDR S&P Regional Banking ETF (KRE), the NASDAQ-100 Index (NDX) and VanEck Gold Miners ETF (GDX).

The notes pay a contingent coupon of 1.4333% per month (approximately 17.20% per annum) only if, on each observation date, every reference asset is at or above its coupon barrier level, set at 70.00% of its initial level. Beginning September 21, 2026, Bank of Montreal may call the notes in whole on any observation date, returning principal plus any due coupon.

If the notes are not called and any reference asset finishes below its 60.00% trigger level at maturity, investors lose principal in line with the decline of the worst-performing asset and could receive zero, although they would still receive any final coupon if payable. The estimated initial value is $983.21 per $1,000 principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$1,525,000 of Senior Medium-Term Notes, Series K, in the form of Autocallable Barrier Notes with Memory Coupons due March 24, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index and pay a monthly contingent coupon of 0.9875% per $1,000, but only if each index is at or above its coupon barrier level on the observation dates, with unpaid coupons potentially caught up later under the memory feature.

The notes can be automatically redeemed beginning June 18, 2026 if each index is at or above its call level, returning principal plus any due coupons. If the notes are not called and a trigger event occurs and the final level of the least performing index is below its initial level, principal is reduced in line with that index’s loss and can fall to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $994.79 per $1,000 in principal amount.

Bank of Montreal is offering US$877,000 of Senior Medium-Term Notes, Series K, which are autocallable barrier notes with contingent coupons due December 26, 2028. The notes are linked to the least performing of the S&P 500 Index and the Russell 2000 Index and pay a contingent coupon of 4.185% per semiannual period (about 8.37% per year) only if both indexes are at or above their coupon barrier levels, set at 80% of their initial levels. Beginning December 22, 2026, the notes will be automatically redeemed if both indexes are at or above 100% of their initial levels, returning principal plus the applicable coupon. If the notes are not called and any index finishes below its 80% trigger level at maturity, investors will lose principal in line with the decline of the worst-performing index, and the repayment amount may be zero. The estimated initial value is $959.98 per $1,000, and the notes are unsecured obligations of Bank of Montreal without deposit insurance.

Bank of Montreal is offering US$1,235,000 of senior medium-term autocallable barrier notes due January 25, 2027, linked to the common stock of AbbVie Inc. The notes pay a contingent monthly coupon at a rate of 0.8458% (approximately 10.15% per year) when AbbVie’s share price on an observation date is at or above a coupon barrier of $176.92, which is 78% of the $226.82 initial level.

Beginning June 22, 2026, the notes will be automatically redeemed if AbbVie’s share price is above the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and AbbVie’s final level is below the $176.92 trigger level, investors will incur a loss of principal matching the stock’s negative return, potentially losing their entire investment. The estimated initial value is $969.50 per $1,000 principal amount, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$1,239,000 of Senior Medium-Term Notes, Series K, callable barrier notes due December 26, 2028. These notes pay a monthly contingent coupon of 0.8208% (about 9.85% per year) only if on each observation date the S&P 500, NASDAQ-100 and Russell 2000 indexes are all at or above 70% of their initial levels. Beginning December 22, 2026, the bank may redeem the notes early at par plus any due coupon.

If the notes are not called and any index finishes below its 70% trigger level on the valuation date, repayment of principal is reduced in line with the decline of the worst-performing index and can fall to zero, as illustrated by the hypothetical maturity table. The estimated initial value is $988.60 per $1,000 of principal, reflecting fees and hedging costs.

Bank of Montreal is offering $23,007,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with contingent coupons due January 25, 2027, linked to the common stock of Constellation Energy Corporation. The notes pay a 1.04% monthly contingent coupon (about 12.48% per year) only if the stock closes at or above the coupon barrier of $202.58, which is 57% of the initial level. Beginning June 22, 2026, the notes are automatically redeemed at par plus the coupon if the stock is at or above its initial level. If the notes are not called and the final stock level is below the same $202.58 trigger level, investors lose principal in line with the stock’s decline, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $963.55 per $1,000 in principal.

Bank of Montreal is issuing US$579,000 of Senior Medium-Term Notes, Series K, barrier notes with contingent coupons due January 25, 2027. The notes are linked to the least performing of the Russell 2000 Index (RTY) and the S&P 500 Index (SPX).

Investors can receive a contingent coupon of 0.75% per month (about 9.00% per year), or $7.50 per $1,000 of principal, but only if on each Observation Date both indexes close at or above their coupon barrier levels, set at 80% of their initial levels (2,023.540 for RTY and 5,467.60 for SPX). Missed coupons are not paid later.

At maturity, if neither index has fallen below its 80% trigger level, investors receive back $1,000 per $1,000 note plus any final coupon. If a trigger event occurs and the least performing index finishes below its trigger, the repayment is reduced in line with that index’s percentage loss and can fall to zero. The estimated initial value is $981.20 per $1,000 of principal.

Bank of Montreal is issuing US$19.45 million of Senior Medium-Term Notes, Series K, Buffer Notes due June 24, 2027, linked to the least-performing of the iShares MSCI EAFE ETF (EFA) and the Russell 2000 Index (RTY). Investors receive monthly coupons at 0.5667% of principal (about 6.80% per year), equal to $5.667 per $1,000 note, paid on the 24th of each month from January 2026 through maturity.

At maturity, investors get back $1,000 per note if the least-performing reference asset has not fallen by more than 20% from its initial level. If it has fallen more than 20%, principal is reduced at 1.25% for each 1% decline beyond that buffer, and the repayment can fall to zero, though the final coupon is still paid. The buffer levels are set at 80% of initial levels for both EFA and RTY.

The bank estimates the initial value of each note at $994.30 per $1,000 of principal, reflecting structuring and hedging costs. For U.S. tax purposes, the notes are expected to be treated as an investment unit consisting of a debt portion and a put option, with 6.8% annual interest split between these components. The notes are unsecured obligations of Bank of Montreal and are not insured by any deposit insurance scheme.