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

Bank of Montreal is offering Accelerated Return Notes linked to the Energy Select Sector SPDR Fund (XLE), maturing February 26, 2027. Each note has a $10 principal amount and provides 300% leveraged upside if the fund’s Ending Value is above the Starting Value of $44.13, but returns are capped at a Redemption Amount of $12.54 per unit, a 25.40% maximum gain.

If the Ending Value is equal to the Starting Value, investors receive only the $10 principal. If the Ending Value is below the Starting Value, principal is reduced on a 1-to-1 basis and can fall to zero. The notes pay no interest or dividends and are unsecured senior debt of BMO, fully exposed to the bank’s credit risk. The offering price is $10 per unit, while BMO’s initial estimated value is $9.68, reflecting underwriting discounts, a $0.05 per-unit hedging charge and BMO’s internal funding rate.

Bank of Montreal is offering US$875,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with contingent coupons linked to the Class A common stock of Meta Platforms, Inc. The notes pay a contingent coupon of 2.50% per quarter (about 10.00% per year), or $25 per $1,000, only if Meta’s closing share price on an observation date is at or above a coupon barrier of $398.67, which is 60.00% of the $664.45 initial level. Starting March 23, 2026, the notes will be automatically redeemed if Meta closes above the 100% call level, returning principal plus any due coupon. If not called, and Meta stays at or above the $398.67 trigger on the valuation date, investors receive full principal back; if it finishes below that trigger, principal is reduced in line with Meta’s loss and can fall to zero. The estimated initial value is $968.18 per $1,000, and payments are made only in cash, not Meta shares.

Bank of Montreal is issuing $1,095,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due December 26, 2028, linked to the common stock of Amazon.com, Inc.

The notes pay a contingent coupon of 2.275% per quarter (about 9.10% per year), or $22.75 per $1,000, only if Amazon’s closing level on an observation date is at or above the coupon barrier of $136.06, which is 60% of the initial level of $226.76. Starting March 23, 2026, if Amazon 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, investors receive $1,000 per note at maturity only if Amazon’s final level is at or above the trigger level of $136.06. If the final level is below the trigger, repayment is reduced in line with Amazon’s negative performance and can fall to zero. The estimated initial value is $967.22 per $1,000, reflecting fees and hedging costs. The notes are unsecured obligations of Bank of Montreal and are not insured by any government agency.

Bank of Montreal is offering US$1,161,000 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 least performing of Apple, Amazon.com and NVIDIA common stock and pay a contingent coupon of 5.0625% per quarter (about 20.25% per year) only if each stock is at or above its coupon barrier, set at 70% of its initial level.

The notes may be automatically redeemed beginning in March 2026 if each stock is at or above its initial level 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 70% trigger level at maturity, investors receive shares (or cash) of the worst-performing stock worth less than the principal, and the investment could lose all value. The estimated initial value is $965.22 per $1,000, and the notes are unsecured and not insured by any deposit insurance agency.

Bank of Montreal is issuing US$1,278,000 of Senior Medium-Term Notes, Series K, in the form of Autocallable Barrier Notes with Contingent Coupons due January 25, 2027, linked to the common stock of Chevron Corporation.

The notes pay a contingent coupon of 0.7625% per month (about 9.15% per year), or $7.625 per $1,000, only if Chevron’s closing level on an Observation Date is at or above the coupon barrier of $118.15, which is 80% of the $147.69 initial level. Beginning June 22, 2026, the notes are automatically redeemed if Chevron’s level is at or above the initial level, returning principal plus the applicable coupon.

If the notes are not called and Chevron’s final level on January 20, 2027 is below the $118.15 trigger, investors receive Chevron shares (or cash) worth less than the $1,000 principal, and this amount can be zero. The estimated initial value is $970.48 per $1,000, reflecting hedging costs, commissions and the issuer’s pricing models.

Bank of Montreal is offering US$2,162,000 of senior medium-term Autocallable Buffer Notes with Contingent Coupons due January 25, 2027, linked to Spotify Technology S.A. shares. The notes pay a contingent coupon of 0.6958% per month (about 8.35% per year), or $6.958 per $1,000, but only if on each monthly Observation Date the Spotify share price is at or above a Coupon Barrier Level of $422.87, which is 75% of the Initial Level of $563.82.

Beginning June 22, 2026, if Spotify’s share price on an Observation Date is at or above the 100% Call Level, the notes are automatically redeemed at par plus the applicable coupon, ending further payments. At maturity, if the notes have not been called and Spotify has not fallen more than 25% from the Initial Level (its Final Level is at or above the $422.87 Buffer Level), investors receive full principal back plus any final coupon. If the Final Level is below the Buffer Level, repayment is in shares or cash based on the share performance, and investors can lose up to 75% of principal.

The estimated initial value of the notes is $970.79 per $1,000 of principal, reflecting structuring and hedging costs. The notes are unsecured obligations of Bank of Montreal, are not insured by any government agency, and involve significant risks highlighted in the risk factor sections.

Bank of Montreal is issuing US$3,000,000 of senior medium-term Autocallable Barrier Notes linked to Apple Inc. common stock, due December 26, 2028. The notes pay a contingent coupon of 1.7875% per quarter (approximately 7.15% per annum) if Apple’s closing level on an Observation Date is at or above the Coupon Barrier Level of $190.53, which is 70.00% of the Initial Level of $272.19.

Beginning March 23, 2026, the notes are automatically redeemed if Apple closes above the Initial Level on an Observation Date, returning principal plus the applicable coupon. If the notes are not called and Apple’s Final Level is below the Trigger Level of $190.53, investors lose principal in line with Apple’s negative performance, potentially down to zero. The estimated initial value is $968.29 per $1,000 principal, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$531,000 of senior medium-term barrier notes linked to the Russell 2000® Index and the S&P 500® Index, maturing on January 25, 2027. The notes pay a contingent coupon of 0.6375% per month (about 7.65% per year), or $6.375 per $1,000, only if on each observation date both indexes are at or above 80% of their initial levels.

At maturity, investors receive $1,000 per $1,000 in principal unless any index closes below its 80% trigger level, in which case repayment is reduced in line with the loss of the worst-performing index and can be zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and have an estimated initial value of $966.10 per $1,000, reflecting fees, hedging and funding costs.

Bank of Montreal is issuing US$998,000 of senior medium-term autocallable barrier notes due March 23, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index.

The notes pay a contingent coupon of 0.6292% per month (about 7.55% per year), or $6.292 per $1,000, only if on each observation date both indices close at or above 80% of their initial levels. Starting June 17, 2026, the notes are automatically redeemed if both indices are at or above their initial levels, returning principal plus the due coupon.

If the notes are not redeemed and either index finishes below its 80% trigger level on the valuation date, investors lose principal in line with the decline of the worst-performing index, potentially down to zero. The estimated initial value is $967.83 per $1,000, reflecting hedging and issuance costs.

Bank of Montreal is issuing US$2,554,000 of senior medium-term Digital Return Barrier Notes due March 23, 2027, linked to the S&P 500, Russell 2000 and Dow Jones Industrial Average. The notes target an 8.05% digital return per $1,000 if the least-performing index on the March 18, 2027 valuation date finishes at or above 65% of its initial level. If that index falls more than 35% from its initial level, investors lose principal on a 1:1 basis and can lose their entire investment. The notes pay no periodic interest, are unsecured, unsubordinated obligations of Bank of Montreal, and will not be listed on any exchange. Estimated initial value is $975.81 per $1,000, below the 100% issue price, reflecting offering and hedging costs and the issuer’s internal funding rate. Investors also face BMO credit risk, limited liquidity and uncertain tax treatment.

Bank of Montreal is issuing US$2,215,000 of Senior Medium-Term Notes, Series K, due December 23, 2027, whose return is linked to the S&P 500 Index. The notes offer 200% leveraged upside on any index gain, capped at a Maximum Redemption Amount of $1,164 per $1,000 (a 16.40% maximum return). If the index finishes below its initial level but at or above a 10% buffer, investors receive a positive return up to $1,100 per $1,000 (10.00%). If the index falls more than 10%, principal is reduced 1% for each additional 1% decline, with losses up to 90% of principal. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, are not listed on any exchange, and had an estimated initial value of $968.28 per $1,000 at pricing.

Bank of Montreal is issuing US$866,000 of structured notes linked to the S&P 500 Index, offering leveraged upside and limited downside protection. These senior unsecured notes pay no interest and return at maturity depend on index performance through December 2029.

If the S&P 500 rises, investors receive 200% of the index gain, capped at a 34.00% maximum return, or $1,340 per $1,000 note. If the index falls by up to 10.00%, investors still receive a positive “absolute return” up to $1,100 per $1,000 note, equal to the size of the decline.

If the index falls by more than 10.00%, principal is reduced 1% for each additional 1% decline, up to a maximum 90.00% loss. The initial level is 6,774.76, with a 10.00% buffer set at 90.00% of that level. The notes are unsecured obligations of Bank of Montreal, not FDIC or CDIC insured, will not be listed on an exchange, and had an estimated initial value of $945.74 per $1,000 at pricing, below the public offering price.

Bank of Montreal is issuing $1,212,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due March 23, 2027, linked to the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average. The notes offer a fixed 9.21% digital return per $1,000 principal if, on the valuation date, the least performing index is at or above 70% of its initial level. If that index falls more than 30% from its initial level, investors lose 1% of principal for each 1% decline, up to a total loss.

The notes pay no interest, are unsecured debt of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, with a 2.00% selling commission and 98.00% of proceeds to Bank of Montreal. The estimated initial value is $975.11 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing $3.38 million 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 Index and the Russell 2000 Index. These notes offer a fixed 10.48% digital return per $1,000 of principal if the least performing index finishes at or above 75% of its initial level on the valuation date. If that index falls more than 25% from its initial level, investors lose principal on a 1-for-1 basis and can lose their entire investment.

The notes pay no periodic interest, will not be listed on any exchange, and are unsecured obligations of Bank of Montreal, exposing investors to the bank’s credit risk. The price to the public is 100% of principal, including a 0.43% selling commission, with net proceeds of 99.57% to the issuer. The estimated initial value is $988.96 per $1,000, reflecting structuring and hedging costs, and the issuer highlights significant risks around market performance, liquidity, valuation and tax treatment.

Bank of Montreal is offering US$297,000 of senior medium-term autocallable barrier notes due June 23, 2026, linked to the Class A common stock of Robinhood Markets, Inc. The notes pay a contingent coupon at a rate of 2.50% per month (approximately 30.00% per annum) when the Robinhood share price on an observation date is at or above the coupon barrier level of $76.15, which is 65.00% of the initial level of $117.16.

Beginning March 18, 2026, the notes are automatically redeemed if the stock closes above 100% of the initial level on an observation date, returning principal plus that month’s coupon. If the notes are not called and the final stock level is below the $76.15 trigger level, investors receive shares (or cash) equal to the physical delivery amount, which can be worth substantially less than the $1,000 principal and could decline further after maturity. The estimated initial value is $969.90 per $1,000, and the notes are unsecured and not insured by any deposit insurance agency.

Bank of Montreal is issuing US$7,000,000 of Senior Medium-Term Notes, Series K, maturing on April 23, 2027, that offer a potential 11.60% “digital” return based on the performance of the least performing of the S&P 500®, NASDAQ-100 Index® and Russell 2000® Index. Investors receive $1,116 per $1,000 note at maturity if that least performing index finishes at or above 75% of its initial level. If it finishes between 59% and 75% of its initial level, investors just receive back principal with no gain.

If the least performing index ends below 59% of its initial level, repayment is reduced one-for-one with the index loss, and investors can lose up to their entire principal. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, are not insured by any deposit insurer, and are not listed on an exchange, so liquidity may be limited. The notes are sold at 100% of principal, with a 0.10% selling commission, and the bank’s estimated initial value is $991.93 per $1,000.

Bank of Montreal is offering Accelerated Return Notes linked to Apple Inc. common stock with an aggregate public offering price of $9,643,190.00. These senior unsecured notes pay a cash amount at maturity based on the performance of Apple’s stock relative to a Starting Value of $272.19, and all payments are subject to BMO’s credit risk.

The notes offer a 300% participation rate in positive stock performance, but gains are capped at a Capped Value of $12.208 per unit, equal to a maximum return of 22.08% over the $10 principal. If Apple’s Ending Value is below the Starting Value, investors lose principal on a 1-for-1 basis down to a zero return in a severe decline.

The initial estimated value of each note is $9.71, below the $10.00 public offering price, reflecting BMO’s internal funding rate, an underwriting discount of $0.175 per unit and a hedging-related charge of $0.05 per unit. The notes are not listed on any exchange, do not pay dividends, mature on February 26, 2027, and secondary market prices, if available, may differ from both the issue price and the initial estimated value.

Bank of Montreal is issuing US$3,500,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due December 26, 2028, linked to the common stock of The Goldman Sachs Group, Inc. (GS). The notes pay a contingent coupon of 2.50% per quarter (about 10.00% per year), or $25 per $1,000, only if GS closes on each observation date at or above the coupon barrier of $613.41, which is 70.00% of the $876.30 initial level.

Beginning March 23, 2026, the notes are automatically redeemed if GS closes above the initial level, returning principal plus the coupon for that period. If not called, investors receive $1,000 per $1,000 note at maturity only if the final GS level is at or above the $613.41 trigger level; if it is below, repayment is reduced in line with the stock’s decline and can fall to zero. The estimated initial value is $965.97 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering US$118,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due June 23, 2026, linked to the common stock of Moderna, Inc. (MRNA). The notes pay a contingent coupon of 2.3333% per month (about 28.00% per year), or $23.333 per $1,000, but only if on each observation date Moderna’s share price is at or above the coupon barrier of $20.12, which is 65.00% of the initial level of $30.95.

Beginning March 18, 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 they are not called and Moderna’s final level is at or above the $20.12 trigger level, investors receive $1,000 per $1,000 note at maturity plus any final coupon. If the final level is below the trigger, investors receive shares (or cash) equal to a physical delivery amount worth less than the principal, with losses matching the stock’s decline below 65% of the initial level. The estimated initial value is $961.27 per $1,000.

Bank of Montreal is offering US$50,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due June 23, 2026. The notes are linked to the least performing of Intel Corporation common stock and Advanced Micro Devices, Inc. common stock.

The notes pay a contingent monthly coupon of 1.6667% (approximately 20.00% per annum), or $16.667 per $1,000, only if on each Observation Date both stocks close at or above their respective coupon barrier levels, set at 65.00% of their initial levels ($23.58 for INTC and $130.69 for AMD). Beginning March 18, 2026, if on any Observation Date both stocks are at or above their initial levels, the notes are automatically redeemed at par plus the applicable coupon.

If the notes are not called and, on the Valuation Date, either stock finishes below its trigger level (the same 65.00% barriers), investors receive shares or cash linked to the worst performer, which can be worth substantially less than the principal, down to zero. The estimated initial value is $964.11 per $1,000, less than the US$1,000 price, and the notes are unsecured, uninsured obligations of Bank of Montreal.

Bank of Montreal is offering senior unsecured market-linked notes tied to the worst-performing of Arista Networks and Meta Platforms stock, maturing on February 1, 2027. Each security has a $1,000 face amount and an original offering price of $1,000, with an estimated initial value of $987.30 per security (not less than $930.00 at pricing.

At maturity, if the worst-performing stock ends at or above 55% of its starting value, investors receive $1,000 plus a contingent fixed return of at least 17.50% ($175). If it ends below 55% of its starting value, repayment is reduced 1-for-1 with the decline in that stock, and investors can lose more than 45%, up to their entire principal. The notes pay no interest, are not insured, are not bail-inable, and all payments depend on Bank of Montreal’s credit. The securities will not be listed, and any secondary market is expected to be limited and dealer-driven.

Bank of Montreal is offering $11,900,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 23, 2030. Each note has a principal amount of $1,000 and pays fixed interest at 4.30% per annum, with semi-annual interest payments on June 23 and December 23, starting June 23, 2026. Unless redeemed earlier, investors receive $1,000 per note plus accrued interest at maturity.

Bank of Montreal may redeem all (but not part) of the notes on December 23, 2029 at 100% of principal plus accrued interest. The notes are unsecured obligations of Bank of Montreal, are not insured by any governmental agency, will not be listed on any securities exchange, and may have limited or no secondary market. They are bail-inable under the Canada Deposit Insurance Corporation Act and can be converted into common shares or varied or extinguished in a resolution event. The original issue price is $1,000 per note, with total underwriting discounts of $64,498 and net proceeds to Bank of Montreal of $11,835,502.

Bank of Montreal is offering $2,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 23, 2037. The notes pay fixed interest of 5.15% per year, with semi-annual payments each June 23 and December 23, beginning June 23, 2026, and a $1,000 repayment per note at maturity if they are not redeemed earlier.

Bank of Montreal may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on specified semi-annual dates from December 23, 2027 through June 23, 2037. The notes are unsecured, will not be listed on any exchange, are subject to Bank of Montreal’s credit risk and Canadian bail-in conversion powers, and will provide the bank with approximately $1,978,000 in proceeds after underwriting discounts.

Bank of Montreal is offering $1,500,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due December 23, 2030. Each note has a $1,000 principal amount and pays fixed interest of 4.50% per year, with semi-annual payments each June 23 and December 23 starting June 23, 2026. Unless redeemed earlier, investors receive $1,000 per note plus accrued interest at maturity.

The notes are callable by Bank of Montreal at par plus accrued interest on specified optional redemption dates every June 23 and December 23 from December 23, 2027 through June 23, 2030. The notes are unsecured, not insured by any deposit insurer, will not be listed on an exchange, and are "bail-inable," meaning they can be converted into common shares or varied or extinguished under Canadian bank resolution powers. The original issue price is $1,000 per note, with an underwriting discount of $5.40 per note and total proceeds to Bank of Montreal of $1,491,900.

Bank of Montreal is offering senior unsecured market-linked notes due February 1, 2027 that are tied to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indexes. Each security has a $1,000 face amount and original offering price of $1,000, with a contingent fixed return of at least 13% (at least $130) if, on the calculation day in January 2027, the lowest performing index is at or above its threshold value.

The threshold for each index is 79% of its starting level, giving a 21% cushion. If the lowest performing index finishes below its threshold, investors are fully exposed to its decline and can lose more than 21%, up to all of their principal. The notes pay no periodic interest, are not redeemable early, and will not be listed on any exchange.

These are senior unsecured obligations of Bank of Montreal, so all payments depend on the bank’s credit. The estimated initial value is $987.20 per security on the preliminary date and will not be less than $930 at pricing, versus a $1,000 offering price. Wells Fargo Securities acts as agent, earning up to $10.75 per security, with net proceeds to Bank of Montreal of $989.25 per security.

Bank of Montreal is offering Accelerated Return Notes linked to the Invesco S&P 500 Equal Weight ETF, maturing on February 26, 2027. The notes are senior unsecured debt, not insured by Canadian or U.S. deposit insurers, and all payments depend on BMO’s credit.

Each unit has a $10 principal amount and offers a 300% participation rate in any gain of the ETF, up to a capped value of $11.206 per unit, a maximum return of 12.06%. If the ETF is flat at maturity, investors receive $10; if it falls, principal is lost one-for-one and can drop to zero. The public offering price is $10.00 per unit, with an initial estimated value of $9.72 after reflecting a $0.175 underwriting discount and a $0.05 hedging-related charge, meaning investors pay more than the bank’s estimated economic value.

Bank of Montreal is offering Capped Leveraged Index Return Notes linked to the Invesco S&P 500 Equal Weight ETF, with a $10 principal amount per unit and a total public offering of $14,211,640. The notes mature on December 31, 2027 and provide 200% leveraged exposure to gains in the ETF, but returns are capped at a maximum redemption value of $11.611 per unit, a 16.11% upside limit. If the ETF’s ending value is at or above 90% of its starting value of $192.18, investors receive at least their principal back; below that threshold, principal losses apply. The notes pay no interest, do not pass through dividends, are unsecured senior debt subject to BMO’s credit risk, and are not listed on any exchange. The initial estimated value is $9.65 per unit, below the $10 offering price, reflecting underwriting discounts, a $0.05 per unit hedging charge, and BMO’s internal funding rate.

Bank of Montreal is offering Capped Notes with an Absolute Return Buffer linked to the Russell 2000® Index, at $10 per unit, for total public offering proceeds of about $17.1 million. The notes mature on February 26, 2027 and pay a 1‑to‑1 return on Index gains up to a Capped Value of $11.20 per unit, a maximum return of 12% over principal.

If the Index ending level is below the starting level but at or above 89.95% of the Starting Value, investors receive a positive “absolute” return matching the Index’s percentage decline. Below that threshold, principal is exposed to losses, which can be substantial. Payments depend entirely on Index performance and BMO’s credit, and the notes will not be listed on any exchange.

Bank of Montreal is offering $1,882,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due December 23, 2030. The notes pay interest at a fixed rate of 4.60% per annum, with semi-annual payments each June 23 and December 23, starting June 23, 2026. Each note has a $1,000 principal amount, to be repaid in cash at maturity unless the bank redeems earlier.

Bank of Montreal may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on specified optional redemption dates from December 23, 2026 through June 23, 2030. The notes are unsecured, subject to the bank’s credit risk, and are bail-inable under Canadian law, meaning they can be converted into common shares or varied or extinguished in a resolution scenario. They will not be listed on any securities exchange, and buyers may face limited or no secondary market liquidity.

Bank of Montreal is offering Accelerated Return Notes linked to the iShares U.S. Aerospace & Defense ETF, giving leveraged exposure to the fund’s performance over roughly 14 months. Each note has a $10 principal amount, a 300% participation rate in positive returns, and a maximum payment of $11.41 per unit, capping gains at 14.10%. If the ETF finishes below its starting level, investors lose principal in line with the ETF’s decline, up to a total loss. The initial estimated value is $9.63 per unit, below the $10 public offering price, reflecting BMO’s internal funding rate, underwriting discount and hedging charges. The notes pay no interest or dividends, are unsecured senior debt subject to BMO’s credit risk, and are not listed on any exchange, so liquidity may be limited.

Bank of Montreal is issuing unsecured notes linked to the S&P 500® Index that pay no interest and are designed to be held to maturity on January 21, 2027. Each note has a $1,000 principal amount and offers 125% participation in S&P 500 gains, but returns are capped at a maximum settlement amount of $1,120 per note once the index reaches 109.60% of its initial level of 6,774.76.

The notes provide a 10% downside buffer: if the index is at or above 90% of its initial level at maturity, investors receive full principal back. Below that buffer, the payout declines and investors lose about 1.1111% of principal for every 1% the index falls below 90%, which can result in a full loss. The notes are not listed on any exchange, carry Bank of Montreal credit risk, and had an estimated initial value of $985.32 per $1,000, below the issue price due to fees and hedging costs.

Bank of Montreal is offering senior unsecured market-linked notes that are auto-callable and pay a contingent coupon of 30.20% per annum, if conditions are met. Each $1,000 security is linked to the lowest performing of Meta Platforms (META), Shopify (SHOP) and Super Micro Computer (SMCI), with monthly observation dates from January 2026 to November 2028 and final maturity on December 21, 2028.

Coupons are paid only if the lowest-performing stock on a calculation day is at least 60% of its starting value; missed coupons can be recovered later via a “memory” feature. The notes are automatically called if, from June 2026 onward, the lowest-performing stock is at or above its starting value on a calculation day. If held to maturity and not called, principal is fully returned only if the lowest-performing stock finishes at or above 60% of its starting value; otherwise repayment is reduced in line with that stock’s decline, and investors can lose most or all of principal. The initial estimated value is $949.98 per $1,000 note, and all payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal is issuing S&P 500® Index-linked notes that pay no interest and are designed to be held to the April 12, 2028 stated maturity date. The notes offer a fixed payout if the index holds up: for each $1,000 note, investors receive a threshold settlement amount of $1,193.40 if the final S&P 500® level is at or above 85.00% of the initial level of 6,774.76. Below that 85.00% threshold (5,758.546), repayment falls sharply, with investors losing approximately 1.1765% of principal for every 1% the index finishes below the threshold, which can result in a total loss of principal. The offering totals $25,493,000.00, carries no underwriting discount, and is an unsecured, unsubordinated obligation of Bank of Montreal, with an initial estimated value of $996.56 per $1,000, no exchange listing, and full exposure to the issuer’s credit risk.

Bank of Montreal is offering US$1,140,000 of senior medium-term Capped Enhanced Return Notes linked to an equally weighted basket of two energy ETFs: Energy Select Sector SPDR Fund (XLE) and VanEck Oil Services ETF (OIH). The notes provide 300% leveraged exposure to any positive basket performance, but the payment at maturity is capped at a Maximum Redemption Amount of $1,310 per $1,000 of principal, equal to a 31.00% maximum return.

If the basket finishes below its initial level of 100.00, 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 only settle in cash at maturity on February 22, 2027. The price to the public is 100% of principal, while the bank’s estimated initial value is $969.32 per $1,000, reflecting embedded costs and hedging.

Bank of Montreal is offering US$1,210,000 of senior autocallable barrier enhanced return notes due December 21, 2028, linked to an equally weighted basket of KKR, Blackstone and Blue Owl Capital Class A shares. The notes offer 150% leveraged upside on any Basket gain at maturity if they have not been called, but pay no interest.

On December 24, 2026, if the Basket level is above 100% of its initial level, the notes are automatically redeemed at $1,000 plus a $217 Call Amount per note, a return of about 21.70% per year, and investors forgo further upside. If held to maturity and the Basket is flat or higher, investors receive principal plus 150% of the Basket’s percentage gain; if it is below but at or above 65% of the initial level, investors receive only principal.

If the Basket ends below the 65% barrier, investors lose 1% of principal for each 1% Basket decline and can lose their entire investment. The notes are unsecured obligations of Bank of Montreal, are not listed on any exchange, and have an estimated initial value of $948.81 per $1,000.

Bank of Montreal is offering $407,000 of senior contingent risk absolute return buffer notes due January 22, 2027, linked to the S&P 500 Index. The notes provide 1-to-1 upside exposure to S&P 500 gains up to a Maximum Redemption Amount of $1,073 per $1,000 (a 7.30% cap). If the index finishes below the Initial Level of 6,721.43 but at or above the Buffer Level of 5,545.18 (a 17.50% decline), investors receive a positive “absolute return” up to a Maximum Downside Redemption Amount of $1,175 per $1,000 (17.50% gain).

If the S&P 500 falls more than 17.50%, the notes lose 1% of principal for each additional 1% decline, with up to 82.50% of principal at risk. 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 an estimated initial value of $989.45 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal is issuing US$1,400,000 of Senior Medium-Term Notes, Series K, Capped Enhanced Return Notes due February 22, 2027, linked to the iShares MSCI EAFE ETF. The notes offer 300% leveraged upside on any gain in the ETF, but returns are capped at a 17.20% maximum, paying no more than $1,172 per $1,000 of principal at maturity.

If the ETF ends below its initial level of $94.15, 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, and will not be listed on an exchange. The price to the public is 100% of principal, with a 2.35% selling commission and 97.65% of proceeds to Bank of Montreal, and the estimated initial value is $984.57 per $1,000.

Bank of Montreal is offering US$1,651,000 of senior medium-term Autocallable Barrier Enhanced Return Notes due December 24, 2029, linked to the worst performer of the NASDAQ-100 Index and the S&P 500 Index. The notes offer 150% leveraged upside on any gain of the least performing index if they are not called early, but pay no interest and put principal at risk.

On December 22, 2026, if both indexes close at or above 100% of their initial levels, the notes are automatically redeemed and pay back principal plus a US$150 Call Amount per US$1,000, a return of about 15% per year. If held to maturity and the least performing index is at or above its initial level, investors receive principal plus 150% of that index’s percentage gain; if it is below its initial level but at or above 80%, only principal is returned.

If the least performing index finishes below 80% of its initial level, repayment is reduced 1% for each 1% decline, down to a total loss of principal. The notes are unsecured obligations of Bank of Montreal, are not insured, will not be listed on an exchange, and had an estimated initial value of US$978.60 per US$1,000, below the public offering price due to embedded costs and dealer compensation.

Bank of Montreal is issuing US$1,372,000 of senior barrier notes with contingent coupons maturing December 22, 2027. These unsecured notes are linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000® Index and the S&P 500® Index.

The notes pay a monthly contingent coupon of 0.775% (about 9.30% per year), or $7.75 per $1,000, only if on each observation date all three indices close at or above their coupon barrier levels, set at 70% of their initial levels. Coupons can be skipped if any index falls below its barrier.

At maturity, holders receive $1,000 per $1,000 of principal if no trigger event occurs. A trigger event happens if, on the valuation date, the final level of any index is below its 70% trigger level. In that case, repayment is reduced to $1,000 plus $1,000 times the percentage change of the worst-performing index, which can result in a substantial loss of principal, including a zero payment. The estimated initial value is $972.40 per $1,000.

Bank of Montreal is offering US$737,000 of autocallable barrier notes with memory coupons due December 22, 2028, linked to Tesla, Inc. common stock. The notes pay a monthly contingent coupon of 1.3167% (approximately 15.80% per year), but only if Tesla’s closing price on each observation date is at or above a coupon barrier of $280.36, which is 60% of the $467.26 initial share level.

If the notes are automatically called on a quarterly call date when Tesla closes above the initial level, investors receive their principal back plus any due coupons. If the notes are not called and Tesla finishes at or above the $280.36 trigger level at maturity, investors receive full principal; if Tesla finishes below that trigger, repayment of principal is reduced in line with the stock’s percentage decline and can fall to zero. The estimated initial value is $956.20 per $1,000 note, reflecting dealer commissions and hedging costs.

Bank of Montreal is offering US$500,000 of senior medium-term Autocallable Barrier Notes due December 22, 2027, linked to the worst performer between Alcoa Corporation common stock and SLB N.V. common stock. The notes pay a contingent coupon of 2.50% per month (about 30.00% per year) only if, on each monthly observation date, both stocks close at or above their coupon barrier levels, set at 70.00% of their initial levels.

Starting January 16, 2026, the notes will be automatically called if both stocks are at or above 100% of their initial levels, returning principal plus that month’s coupon. If the notes are not called and, on the final valuation date, either stock finishes below its trigger level at 67.00% 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, and the estimated initial value is $974.46 per $1,000 of principal, reflecting dealer compensation and hedging costs.

Bank of Montreal is offering US$344,000 of senior medium-term autocallable barrier notes due December 22, 2027, linked to the common stock of Biogen Inc. The notes pay a contingent coupon of 2.7125% per quarter (about 10.85% per year), or $27.125 per $1,000, but only if Biogen’s share price on an observation date is at or above the coupon barrier.

The Initial Level is $172.10, with both the coupon barrier and trigger level set at $111.87, equal to 65% of the Initial Level. Starting June 17, 2026, the notes will be automatically redeemed if Biogen closes above the Initial Level, returning principal plus any due coupons. If not called and Biogen finishes below the trigger on the valuation date, investors receive Biogen shares (or cash) worth less than principal, sharing in downside. The estimated initial value is $960.30 per $1,000.

Bank of Montreal is offering US$1,784,000 of senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the common stock of Biogen Inc. (BIIB), maturing on December 22, 2027. The notes pay a contingent coupon of 2.7875% per quarter (about 11.15% per year), but only if Biogen’s closing share price on each observation date is at or above the coupon barrier of $103.26, which is 60% of the initial level of $172.10.

Starting June 17, 2026, the notes will be automatically redeemed early if Biogen’s share price is at or above the initial level on an observation date, returning principal plus any due coupon. If the notes are not called and Biogen’s final level is below the trigger level of $103.26, investors will receive Biogen shares (or cash equivalent) worth less than the principal, and could lose their entire investment. The estimated initial value is $965.80 per $1,000, and the notes are unsecured, uninsured obligations of Bank of Montreal.

Bank of Montreal is issuing $1,750,000 of Senior Medium‑Term Notes, Series K, in the form of autocallable barrier notes due January 22, 2027, linked to the common stock of SLB N.V. (Schlumberger Limited). The notes pay a contingent coupon of 0.9525% per month (about 11.43% per year), or $9.525 per $1,000, only if SLB’s closing level on an observation date is at or above the coupon barrier of $27.36, which is 71% of the initial level of $38.53.

Starting June 16, 2026, if SLB 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 SLB finishes below the trigger level of $27.36 on the valuation date, investors receive SLB shares (or cash equivalent) based on a physical delivery formula and can lose most or all of their principal. The notes are unsecured obligations of Bank of Montreal, and the estimated initial value is $968.51 per $1,000 of principal.

Bank of Montreal is offering US$1,888,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to Starbucks Corporation common stock. These notes pay a contingent monthly coupon of 0.755% (about 9.06% per year), but only if SBUX closes on each observation date at or above the coupon barrier of $55.39, which is 65% of the initial level of $85.21.

The notes can be automatically redeemed starting June 16, 2026 if SBUX closes above the call level, set at 100% of the initial level. In that case, holders receive their principal plus the applicable contingent coupon, and no further payments. If the notes are not called and, on the valuation date of January 19, 2027, SBUX is at or above the $55.39 trigger level, investors receive $1,000 per note plus any final coupon.

If the final level is below the trigger, investors receive either shares of SBUX (the physical delivery amount) or an equivalent cash amount, both based on the depressed final price, so principal can be significantly reduced and could fall to zero. The estimated initial value is $970.40 per $1,000 note, reflecting hedging costs, fees and Bank of Montreal’s funding rate.

Bank of Montreal is offering senior unsecured market-linked notes that pay contingent monthly coupons and are auto-callable based on the performance of the common stock of Advanced Micro Devices, Micron Technology and UnitedHealth Group.

Each security has a $1,000 face amount, with an estimated initial value of $955.20 per security on the preliminary date and not less than $920.00 at pricing. A coupon of at least 21.30% per annum, paid monthly, is only received if the lowest performing stock on a calculation day closes at or above 50% of its starting value; missed coupons can be "remembered" and paid later if this condition is met.

The notes can be automatically called from June 2026 to November 2028 if the lowest performing stock is at or above its starting value, returning face amount plus applicable coupons. If not called, investors receive $1,000 at maturity only if the lowest performing stock is at or above 50% of its starting value; otherwise, repayment is reduced in line with that stock’s decline, and losses can exceed 50% of principal. The securities are not insured and are fully subject to Bank of Montreal’s credit risk, with complex U.S. tax treatment and potential 30% withholding on coupons for non-U.S. holders.

Bank of Montreal is issuing US$1,294,000 of senior autocallable barrier notes due December 22, 2027, linked to the S&P 500, NASDAQ-100 and Russell 2000 indexes. The notes pay a contingent coupon of 2.425% per quarter (about 9.70% per year), or $24.25 per $1,000, but only if all three indexes are at or above their coupon barrier levels on an observation date. Missed coupons can be "remembered" and paid later if the barriers are met under the memory coupon feature.

Beginning December 17, 2026, the notes are automatically redeemed if each index is at or above its initial level, returning principal plus any due coupons. If the notes are not called, investors receive $1,000 per $1,000 of principal at maturity as long as no trigger event occurs. A trigger event happens if, on the valuation date, any index closes below 75% of its initial level; in that case, repayment is reduced in line with the decline of the worst-performing index and can fall to zero.

The price to the public is 100% of principal, with a 1.75% agent’s commission and 98.25% of proceeds to Bank of Montreal. The estimated initial value is $973.70 per $1,000, reflecting structuring and hedging costs. The notes are unsecured obligations and carry detailed structural and market risks outlined in the risk sections.

Bank of Montreal is issuing US$4,202,000 of senior medium-term Autocallable Barrier Notes due December 22, 2028, linked to AMD and NVIDIA stock. The notes pay contingent coupons of 4.20% per quarter (about 16.80% per year), or $42 per $1,000, only if on each observation date both stocks close at or above their coupon barrier levels, set at 50.00% of their initial levels ($99.06 for AMD and $85.47 for NVIDIA), with a memory feature for missed coupons.

Beginning June 16, 2026, the notes are automatically redeemed if both stocks are at or above 100% of their initial levels, returning principal plus any due coupons. If not redeemed early and any stock finishes below its trigger level (also 50.00% of initial), investors lose principal in line with the decline of the worst-performing stock and could lose the entire investment. The estimated initial value is $968.75 per $1,000, and the notes are unsecured, unsubordinated obligations of Bank of Montreal.

Bank of Montreal is offering US$54,436,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes due December 22, 2026, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. The notes pay a monthly coupon of 0.9708% (approximately 11.65% per year), with each coupon equal to $9.708 per $1,000 in principal, and may be called at the issuer’s discretion beginning June 16, 2026. If not called, investors receive $1,000 per note at maturity unless a trigger event occurs and the final level of the least performing index is below its initial level, in which case repayment is reduced in line with index losses and can be zero. The trigger levels are set at 70% of initial levels for each index, and the estimated initial value is $988.57 per $1,000, reflecting hedging and distribution costs.