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

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.

Bank of Montreal is offering US$798,000 of senior autocallable barrier notes due December 26, 2028, linked to the weakest of Charles Schwab, United Airlines and Lam Research shares. The notes pay monthly contingent coupons at 1.7917% (about 21.50% per year), or $17.917 per $1,000, only if all three stocks stay at or above their coupon barrier levels, set at 60% of their initial prices.

If, starting December 22, 2026, all three stocks are at or above their initial levels on an observation date, the notes are automatically redeemed at par plus any due coupons, including unpaid “memory” coupons. If held to maturity and any stock finishes below its 60% trigger level, principal is reduced in line with the loss on the worst performer and can fall to zero; if all stay at or above their triggers, investors receive full principal back plus any due coupons. The estimated initial value is $979.41 per $1,000 of principal.

Bank of Montreal is issuing US$1,060,000 of senior medium-term Autocallable Barrier Notes with Memory Coupons due December 26, 2028, linked to the common stock of Intel, AMD and S&P Global. The notes pay a contingent monthly coupon of 1.9167% (about 23.00% per year) when the closing level of each stock is at or above its coupon barrier, set at 60.00% of its initial level, with unpaid coupons potentially paid later under the memory feature.

Starting December 22, 2026, the notes are automatically redeemed if all three stocks are at or above their initial levels on an observation date, returning principal plus any due coupons. If the notes are not called and any stock finishes below its 60.00% trigger level at maturity, investors lose principal based on the performance of the worst-performing stock, and the repayment could be zero. The estimated initial value is $981.75 per $1,000 principal, reflecting structuring and hedging costs.

Bank of Montreal is offering $1,329,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due June 24, 2027, linked to the S&P 500® Index. The notes provide 1-to-1 upside exposure to index gains, but the Maximum Redemption Amount is capped at $1,124.20 per $1,000 of principal, a maximum return of 12.42%.

The structure includes a 15.00% downside buffer: if the S&P 500® falls by more than this from its Initial Level of 6,834.50, investors lose 1% of principal for each additional 1% decline, up to an 85.00% loss of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange.

The price to the public is 100% of principal, with a 2.10% agent’s commission and 97.90% of proceeds to Bank of Montreal. The estimated initial value is $974.96 per $1,000, reflecting structuring and hedging costs, and secondary market values may be lower than the purchase price.

Bank of Montreal is offering senior market-linked notes tied to the worst performer of the Nasdaq-100 Index® and the S&P 500® Index, maturing on January 3, 2028. Each security has a $1,000 face amount, with an estimated initial value of $966.40 per security on the preliminary date and not less than $920.00 at pricing.

Investors receive 100% upside participation in the lowest performing index, but gains are capped by a maximum return of at least 22.10%, for a minimum maturity payment of $1,221.00 per security. There is a 15% buffer: if the worst index falls by 15% or less, investors get a positive or flat payoff, including a contingent absolute return when mild declines occur.

If the lowest performing index ends more than 15% below its starting level, principal is at risk on a 1-for-1 basis beyond the buffer, with losses up to 85% of face amount. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity.

Bank of Montreal is issuing US$111,000 of Senior Medium‑Term Notes, Series K Contingent Risk Absolute Return Buffer Notes due December 26, 2028, linked to the S&P 500 Index. These unsecured notes offer 300% leveraged upside on any positive index performance, capped at a Maximum Redemption Amount of $1,277.50 per $1,000 of principal, equivalent to a 27.75% maximum gain.

If the index finishes below its initial level but at or above a 10% Buffer Level, investors receive a positive "absolute return" up to $1,100 per $1,000 of principal. If the S&P 500 falls by more than 10%, principal is reduced 1% for each additional 1% decline, with losses potentially reaching 90%. The notes pay no interest, are not listed on an exchange, and all payments depend on Bank of Montreal’s credit. The estimated initial value is $978.13 per $1,000, below the public offering price.

Bank of Montreal is issuing US$340,000 of Senior Medium‑Term Notes, Series K, autocallable buffer enhanced return notes due December 27, 2027, linked to the S&P 500® Index. The notes offer 125.00% leveraged upside on any index gain at maturity if they are not called, but pay no interest and can return less than principal.

The notes will be automatically redeemed on December 24, 2026 if the S&P 500® closing level exceeds 100.00% of its initial level of 6,834.50, paying back principal plus a call amount of $96.50 per $1,000 (about 9.65% per annum). If held to maturity and the index is down but not below 90.00% of its initial level, investors receive full principal; below that 10.00% buffer, principal is reduced 1% for each additional 1% decline, up to a 90.00% loss.

The notes are unsecured obligations of Bank of Montreal, are not insured or exchange‑listed, carry credit risk of the issuer, and have an estimated initial value of $985.77 per $1,000, below the 100% public offering price.

Bank of Montreal is issuing $550,000 of Senior Medium-Term Notes, Series K, due June 24, 2027, whose payoff is linked to the least performing of the S&P 500, NASDAQ-100 and Dow Jones Industrial Average. The notes offer 1-to-1 upside to index gains, but returns are capped at a Maximum Redemption Amount of $1,095 per $1,000 principal, equal to a 9.50% maximum total return. If the least performing index is flat or down at maturity, investors receive only their principal back, with no additional gain.

The notes do not pay interest, are unsecured obligations of Bank of Montreal, and are not insured by U.S. or Canadian deposit insurance agencies. The price to the public is 100% of principal, with a 0.375% selling commission and estimated initial value of $986.83 per $1,000, reflecting structuring and hedging costs. The notes are expected to be illiquid, will not be exchange-listed, and expose holders to both market performance of the reference indices and the issuer’s credit risk.

Bank of Montreal is offering US$1,570,000 of Senior Medium-Term Notes, Series K, linked to the S&P 500® Index, maturing January 25, 2027. These notes provide 200% leveraged exposure to any gain in the index, but the maximum payoff for positive performance is $1,106 per $1,000 of principal, a 10.60% cap. If the index finishes below its starting level but no more than 10% lower, holders receive a positive "buffer" return up to $1,100 per $1,000, a 10.00% cap.

If the S&P 500® falls by more than 10% from its initial level, investors lose 1% of principal for each additional 1% decline, and could lose up to 90% of their investment at maturity. 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 $993.54 per $1,000, lower than the $1,000 price to the public, reflecting offering, structuring, and hedging costs.

Bank of Montreal is issuing US$885,000 of Senior Medium-Term Notes, Series K, due December 26, 2028, linked to the least performing of the Russell 2000® Index (RTY) and the S&P 500® Index (SPX). These digital return notes offer a fixed 19.50% Digital Return per $1,000 of principal if, on the valuation date, the worst-performing index is at or above its Digital Barrier Level, set at 100.00% of its Initial Level (2,529.425 for RTY and 6,834.50 for SPX).

If the final level of the least performing index is below its initial level, holders receive only the $1,000 principal per note, with no additional return. The notes pay no periodic 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 a 0.75% agent’s commission and 99.25% of proceeds to the bank, and the estimated initial value is $982.11 per $1,000. U.S. investors are expected to be taxed under contingent payment debt instrument rules, recognizing ordinary income over the term even though cash is only paid at maturity.

Bank of Montreal is issuing US$1,445,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Buffer Notes due December 27, 2027, linked to the S&P 500® Index. The notes offer 300% leveraged exposure to positive index performance, capped at a Maximum Redemption Amount of $1,190 per $1,000 of principal (a 19% maximum gain). If the index finishes below its initial level but at or above the 90% Buffer Level, holders receive a positive “absolute return” up to a Maximum Downside Redemption Amount of $1,100 per $1,000 (10% gain). If the index falls more than 10%, investors lose 1% of principal for each 1% decline beyond the buffer, with losses up to 90% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, are not listed on any exchange, and carry its credit risk. The estimated initial value is $986.15 per $1,000 of principal.

Bank of Montreal is offering senior medium‑term fixed rate notes due January 13, 2031. Each Note has a $1,000 principal amount and pays 4.60% per annum, with interest paid semi‑annually on January 13 and July 13, starting July 13, 2026.

The Notes are redeemable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on semi‑annual dates from January 13, 2027 through July 13, 2030. They are unsecured obligations of Bank of Montreal, are not insured by any deposit insurer, 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 common shares of Bank of Montreal or an affiliate, or varied or extinguished, if Canadian bank resolution powers are exercised. An underwriting discount of $10 per Note results in proceeds to Bank of Montreal of $990 per Note.

Bank of Montreal is offering senior unsecured market-linked notes tied to the Class A common stock of Reddit, Inc., with a face amount of $1,000 per security and a stated maturity on December 31, 2026. The notes pay a contingent monthly coupon at a rate of at least 30.50% per annum, but only when Reddit’s closing value on the relevant calculation day is at or above 65% of the starting value; missed coupons can be recovered later through a memory feature if the threshold is subsequently met.

From June to November 2026, the notes are auto-callable if Reddit’s closing value on a calculation day is at or above the starting value, returning principal plus the applicable coupon and any unpaid coupons. If the notes are not called and Reddit’s ending value is at or above 65% of the starting value, investors receive $1,000 per security at maturity; if it is below 65%, the maturity payment is $1,000 multiplied by the performance factor, so investors can lose more than 35% and up to all principal. The estimated initial value is $968.30 per security and will not be less than $920.00 at pricing, reflecting structuring and hedging costs. All payments are subject to Bank of Montreal’s credit risk, and the notes are not insured or listed on any exchange.

Bank of Montreal is offering senior medium-term notes linked to the worst performer among Baidu ADS, Alphabet Class A, and Meta Class A, maturing on December 22, 2028. Each security has a $1,000 face amount and an estimated initial value of $959.47, with an original offering size of $640,000. The notes are unsecured and subject to Bank of Montreal’s credit risk and are not insured by any deposit insurance program.

The notes pay a quarterly contingent coupon at 17.50% per annum only if the lowest-performing stock on each calculation day is at or above 60% of its starting value. A “memory” feature allows missed coupons to be paid later if conditions are met. The notes can be auto‑called from June 2026 through September 2028 if the lowest performer is at or above its starting value, returning principal plus applicable coupons.

If the notes are not called and, on the final calculation day, the lowest performer is at or above 60% of its starting value, investors receive the $1,000 principal. If it is below 60%, repayment is reduced in full proportion to that stock’s loss, leading to losses greater than 40% and potentially the entire principal. Investors do not participate in any stock gains; all upside is limited to contingent coupons, and there is no listing or assured secondary market.

Bank of Montreal is offering senior unsecured market-linked notes with a $1,000 face amount per security, tied to the worst performer among Amazon.com, Salesforce and Shopify shares, and scheduled to mature on January 3, 2029. The notes may be automatically called monthly from March 2026 if the lowest-performing stock is at or above its starting value, in which case investors receive the $1,000 face amount plus the applicable contingent coupons.

Investors can earn monthly contingent coupons at a rate of at least 18.36% per year, but only when the lowest-performing stock closes at or above 60% of its starting value; missed coupons can be recovered later via a “memory” feature. If the notes are not called and, on the final calculation day, the worst stock is below 60% of its starting value, the maturity payout is reduced in line with that stock’s decline, and investors can lose more than 40%, up to their entire principal. The estimated initial value is $964.10 per $1,000 note, not less than $920.00, reflecting structuring and hedging costs.

Bank of Montreal is offering up to $767,000 of senior medium-term notes, Series K, that are equity-linked and tied to the common stock of Super Micro Computer, Inc. The notes have a $1,000 face amount, an estimated initial value of $955.85 per note, and pay a 23.40% per annum contingent coupon only when the stock closes at or above a coupon threshold of $18.666 (60% of the $31.11 starting value) on monthly calculation days. From March 2026 to November 2028, the notes are auto-callable if the stock is at or above the starting value, returning principal plus the due coupons. If not called, and the final stock value on December 19, 2028 is at or above the downside threshold of $18.666, investors receive back the $1,000 face amount; if it is below, repayment is reduced in line with the stock’s decline and investors can lose most or all principal. The notes are unsecured obligations of Bank of Montreal and are not insured by any government agency.

Bank of Montreal is offering senior unsecured, equity-linked medium‑term notes that are auto‑callable and pay a 12.90% per annum contingent coupon, with a memory feature, based on the worst performer of AbbVie, Amgen and Eli Lilly common stocks. The original offering price is $1,000 per security, for a total of $749,000, with an agent discount of $23.25 per security and proceeds to Bank of Montreal of $976.75 per security.

Coupons are paid monthly only if the lowest performing stock on the calculation day is at or above 60% of its starting value; missed coupons can be paid later if the trigger is met. The notes may be automatically called from June 2026 to November 2028 if the worst stock is at or above its starting value, returning face amount plus due coupons. If not called, investors receive $1,000 at maturity only if the worst stock is at or above its downside threshold; otherwise, repayment is reduced in line with that stock’s decline, with potential loss of most or all principal. The estimated initial value is $957.95 per security, and all payments are subject to Bank of Montreal’s credit risk and are not insured.

Bank of Montreal is offering unsecured, S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity on March 22, 2028. Each note has a $1,000 principal amount and total offering proceeds of $14,756,000.

If the S&P 500 final level is above the initial level of 6,834.50, investors receive 150% of the index’s gain, but the payout is capped at a maximum settlement amount of $1,271.20 per note, reached when the index is at or above 118.08% of its initial level. If the index ends between 85% and 100% of its initial level, investors simply receive their $1,000 principal back.

Below the buffer level of 85.00% of the initial index level, principal is reduced at a buffer rate of approximately 117.65% of the index loss beyond the buffer, so investors can lose some or all of their capital. The estimated initial value is $996.45 per $1,000 note, the notes will not be listed on any exchange, and all payments are subject to the credit risk of Bank of Montreal and complex tax treatment.

Bank of Montreal is offering senior market-linked notes tied to the worst performer of the Nasdaq-100 Index® and the S&P 500® Index, with a face amount and original offering price of $1,000 per security. The notes may be automatically called on January 4, 2027 if the lowest performing index is at or above its starting value, in which case holders receive $1,000 plus a call premium of at least 11.35% and the notes terminate early.

If not called, the notes mature on January 3, 2028. At maturity, if the lowest performing index is above its starting value, investors receive $1,000 plus 100% of that index’s gain. If it is between 90% and 100% of its starting value, investors receive $1,000. Below 90%, principal is reduced 1-for-1 beyond the 10% buffer, for a potential loss of up to 90% of face amount. The notes pay no interest, have an estimated initial value of $968.10 (not less than $920.00 at pricing), are unsecured, and expose holders to Bank of Montreal credit risk.

Bank of Montreal is issuing US$600,000 of Series K senior medium-term barrier notes due December 26, 2028, linked to the worst performer of Invesco QQQ Trust and SPDR S&P 500 ETF. The notes pay monthly coupons at 0.525% (about 6.30% per year), or $26.25 per $5,000 of principal, regardless of reference asset performance. At maturity, investors receive the full $5,000 principal per note unless any reference asset finishes below 70% of its initial level. If that trigger is breached, repayment is in shares of the worst-performing ETF (or equivalent cash), which can be worth less than principal and may be zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and their estimated initial value is $4,866.10 per $5,000.

Bank of Montreal is issuing US$1,656,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due January 25, 2027, linked to the worst performer of the S&P 500® and Russell 2000® indices. The notes offer a fixed 10.40% digital return per $1,000 if the least performing index finishes at or above its initial level on the valuation date. If that index finishes below its initial level but at or above 70% of its initial level, investors receive only their principal back. If it falls more than 30% below its initial level, repayment is reduced 1% for each 1% decline, with the potential loss of the entire principal. The notes pay no periodic interest, are unsecured obligations subject to Bank of Montreal credit risk, and are not listed on any exchange.

Bank of Montreal is offering US$901,000 of senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due December 26, 2028, linked to the least performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The notes offer 200% leveraged upside on any gain in the worst-performing index if they are not called and that index finishes at or above its initial level. Beginning December 23, 2026, the notes are automatically redeemed if all three indexes close above their initial levels, paying principal plus a call amount that equates to roughly 10.5% per year. If the notes are not called and the least performing index falls more than 30% from its initial level, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and had an estimated initial value of $945.13 per $1,000 on the pricing date.

Bank of Montreal is offering US$2,901,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due January 22, 2027, linked to the common stock of Caesars Entertainment, Inc. The notes offer a fixed 15.26% digital return at maturity per $1,000 principal if the final stock level is at or above 50.00% of the initial level of $23.98. If the stock falls by more than 50.00% from that initial level, investors are exposed to 1-for-1 downside and will receive either shares equal to $1,000 divided by the initial level or the cash equivalent, which may result in a substantial or total loss of principal. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, will not be listed on any exchange, and had an estimated initial value of $972.33 per $1,000 at pricing, below the 100% public offering price.

Bank of Montreal is issuing US$1,387,000 of senior medium-term Autocallable Barrier Notes due December 26, 2028, linked to the least performing of Apple, Amazon.com and NVIDIA common stock. The notes pay a contingent coupon of 4.55% per quarter (about 18.20% per year) only if on each observation date all three stocks close at or above their coupon barrier levels, set at 65% of their initial levels. Missed coupons can be paid later under the memory coupon feature if the barriers are later met.

Beginning March 23, 2026, the notes will be automatically redeemed if each stock is at or above its initial level, returning principal plus any due coupons. If not called, at maturity investors get full principal back only if no trigger event occurs; a trigger happens if any stock finishes below 65% of its initial level. In that case, investors receive shares (or cash based on shares) of the worst-performing stock, which can be worth substantially less than principal. The estimated initial value is $963.89 per $1,000.

Bank of Montreal is issuing US$3,500,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with contingent coupons due December 26, 2028, linked to the common stock of Citigroup Inc.

The notes pay a contingent coupon of 2.0875% per quarter (about 8.35% per year), or $20.875 per $1,000, only if Citigroup’s stock closes on each observation date at or above the coupon barrier of $67.70, which is 60% of the initial level of $112.83. Starting March 23, 2026, if the stock closes above the initial level on an observation date, the notes are automatically redeemed at par plus the applicable coupon.

If the notes are not called and Citigroup’s final stock level on the valuation date is at or above the $67.70 trigger level, investors receive their $1,000 principal back per note. If the final level is below the trigger, repayment is reduced in line with the stock’s percentage loss and can fall to zero. The estimated initial value is $966.65 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$2,626,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due June 23, 2027, linked to the S&P 500 Index. The notes offer 150% leveraged upside on any S&P 500 gain, but the payoff is capped at a Maximum Redemption Amount of $1,092 per $1,000 in principal (a 9.20% maximum return). If the index falls up to 20% from the Initial Level of 6,774.76, investors receive only their $1,000 principal at maturity. If it falls more than 20%, investors lose 1% of principal for each additional 1% decline, up to an 80% loss. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on any exchange. The price to the public is 100% of principal, with an agent’s commission of approximately 2.0786%, and an estimated initial value of $970.15 per $1,000.