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

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.

Bank of Montreal is offering US$1,092,000 of senior medium‑term “Capped Buffer Enhanced Return Notes” linked to the NASDAQ‑100 Index, maturing on January 25, 2027. The notes provide 200% leveraged upside on index gains, but total payoff is capped at a Maximum Redemption Amount of $1,086 per $1,000 in principal (an 8.60% maximum return). If the index falls up to 15% from the Initial Level of 25,019.37, investors receive their $1,000 principal back, but below that buffer they lose 1% of principal for each additional 1% decline, for a potential loss of up to 85%. The notes pay no interest, are unsecured and not exchange‑listed, and all payments depend on Bank of Montreal’s credit. The bank’s estimated initial value is $972.60 per $1,000, reflecting embedded costs and hedging.

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.