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

Bank of Montreal is offering unsecured, structured notes linked to the VanEck Gold Miners ETF. The notes do not pay interest and are designed to be held to maturity, with a term expected between 13 and 15 months.

At maturity, for each $1,000 note you receive: 200% of the ETF’s positive return, capped at a maximum settlement amount expected between $1,370.60 and $1,434.80; return of principal if the ETF has fallen by up to 10.00%; or a loss of about 1.1111% of principal for every 1% the ETF ends below 90% of its initial level, which can result in losing all principal.

The estimated initial value is expected between $958.20 and $988.20 per $1,000 note, lower than the issue price due to fees and hedging costs. The notes are not listed on an exchange, involve credit risk of Bank of Montreal, and are exposed to risks of gold and silver mining stocks, non-U.S. and emerging markets, currency movements, and uncertain U.S. tax treatment.

Bank of Montreal is offering unsecured, index-linked notes whose payoff depends on the performance of the Nasdaq-100 Index® over a term expected to be 15–17 months. The notes pay no interest and are designed to be held to maturity, with no listing on any securities exchange.

At maturity, for each $1,000 note, investors receive a fixed threshold settlement amount, expected between $1,107.20 and $1,125.70, if the index’s final level is at least 90.00% of its initial level. If the final level falls below this 90% threshold, the payoff is reduced so that investors lose about 1.1111% of principal for every 1% the index ends below the threshold, with the potential to lose all principal.

The estimated initial value of each note on the trade date is expected between $956.50 and $986.50, below the $1,000 issue price, reflecting structuring, hedging costs and dealer compensation, including an underwriting discount of $12.50 per note.

Bank of Montreal is offering senior unsecured market-linked notes tied to the common stock of Netflix, Inc., with a scheduled maturity on January 3, 2029. Each security has a $1,000 face amount and original offering price, with an estimated initial value of $963.50 per security on the preliminary date and not less than $920.00 at pricing.

The notes pay a contingent monthly coupon at a rate of at least 11.50% per annum, but only when Netflix’s closing value on the relevant calculation day is at or above a coupon threshold set at 70% of the starting value. Beginning in March 2026, the notes are auto-callable if Netflix closes at or above the starting value on any calculation day, paying back face amount plus the applicable coupon.

If the notes are not called and Netflix’s ending value on the final calculation day is below the downside threshold of 70% of the starting value, repayment of principal is reduced in proportion to the decline, and holders can lose more than 30%, up to their entire principal. Investors do not participate in any upside of the stock beyond receiving contingent coupons. All payments depend on the credit of Bank of Montreal, and the notes will not be listed on any securities exchange.

Bank of Montreal is offering unsecured senior market-linked notes tied to the worst performer of Datadog Class A, Intel, and Micron common stock, with a $1,000 face amount per security and an estimated initial value of $953.10 (not less than $920.00) on the pricing date. Investors may receive a high contingent coupon rate of at least 23.75% per annum, paid monthly if the lowest-performing stock on each calculation day closes at or above 55% of its starting value, with a memory feature that can restore previously missed coupons.

The notes are auto-callable from June 2026 to November 2028 if the lowest-performing stock is at or above its starting value, returning principal plus applicable coupons. If held to December 2028 and not called, principal is fully returned only if the lowest-performing stock is at or above 55% of its starting value; below this level, repayment is reduced one-for-one with that stock’s decline and can result in a loss of most or all principal. The securities are not listed, carry Bank of Montreal credit risk, include an agent discount of $23.25 per security, and feature complex, uncertain U.S. tax treatment with potential 30% withholding on coupons for non-U.S. holders.

Bank of Montreal is issuing $6,194,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 22, 2028. The notes pay interest at a fixed rate of 4.15% per annum, with semi-annual payments on June 22 and December 22, starting June 22, 2026. Each note has a $1,000 principal amount, with holders receiving $1,000 per note at maturity plus accrued interest, unless the notes are redeemed earlier.

Bank of Montreal may redeem all of the notes at 100% of principal plus accrued interest on specified optional redemption dates every June 22 and December 22 from December 22, 2026 through June 22, 2028. The notes are unsecured, bail-inable obligations of Bank of Montreal and are subject to Canadian bank resolution powers, including potential conversion into common shares. They will not be listed on any securities exchange. The original issue price is $1,000 per note, including a $3.50 underwriting discount, resulting in proceeds to Bank of Montreal of $996.50 per note, or $6,179,382.16 in total.

Bank of Montreal is offering unsecured, structured notes linked to the MSCI EAFE Index® with a term expected to be between 21 and 24 months. The notes pay no interest and are designed to be held to maturity.

At maturity, for each $1,000 note, investors receive 160% of the index gain if the index rises, but returns are capped, with the maximum settlement amount expected to be between $1,214.40 and $1,252.16. If the index falls by up to 12.50%, investors receive back the $1,000 principal. If it falls more than 12.50%, the payoff declines, with investors losing about 1.1429% of principal for every 1% the index ends below 87.50% of its initial level, and some or all principal can be lost.

The notes will not be listed on any exchange and all payments depend on Bank of Montreal’s credit. The estimated initial value is expected to range from $969.00 to $999.00 per $1,000 note, below the issue price, and the offering carries complex U.S. and Canadian tax considerations and multiple market, currency and liquidity risks.

Bank of Montreal is offering S&P 500® Index-linked notes with a total original issue price of $7,486,000, priced at $1,000 per note, maturing on March 15, 2028. The notes pay no interest and the cash payment at maturity depends on the S&P 500® performance from the December 17, 2025 trade date to the March 13, 2028 determination date.

If the final index level is at least 85.00% of the initial level of 6,721.43, investors receive a fixed threshold settlement amount of $1,187.10 per $1,000 note. If the index finishes below the 85.00% threshold, the repayment of principal is reduced by about 1.1765% for every 1% decline below that threshold, so some or all principal can be lost. The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurer, will not be listed on an exchange, and have an estimated initial value of $994.75 per $1,000, reflecting offering and hedging costs.

Bank of Montreal is offering senior medium-term notes linked to the Nasdaq-100^® Technology Sector Index℠, maturing on June 23, 2028. Each security has a $1,000 face amount and an original offering price of $1,000, with an estimated initial value of $950.62 per security, reflecting embedded fees and hedging costs.

At maturity, investors get $1,000 plus leveraged upside if the index rises, with a 125% upside participation rate, but gains are capped at a maximum 17.50% return, or $1,175 per security. If the index is flat or down but not below the threshold value of 63% of the starting level, investors receive their $1,000 back. Below that threshold, losses are buffered only for the first 37% decline and then match further index losses, so investors can lose up to 63% of principal.

The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not insured or bail-inable. They will not be listed on any exchange, and any secondary market is expected to be limited. The underlying index is concentrated in technology stocks, adding sector and non-U.S. issuer risk. The U.S. federal income tax treatment is uncertain and may be challenged by the IRS.

Bank of Montreal is issuing complex, auto-callable senior medium-term notes linked to the lowest performer of the Dow Jones Industrial Average, the iShares Russell 2000 ETF and the Invesco S&P 500 Equal Weight ETF, maturing on December 22, 2031. Each security has a $1,000 face amount and original offering price, with an estimated initial value of $992.56. The total offering is $11,000,000, with proceeds to Bank of Montreal of $10,989,000 after agent discounts.

The notes may be automatically called on scheduled dates if the lowest performing underlier is at or above 90% of its starting value, paying back principal plus a call premium that steps from 10% to 60%. If never called, investors receive $1,000 at maturity only if the worst underlier is at or above 75% of its starting value; otherwise repayment is reduced in line with that underlier’s loss, and principal losses can exceed 25% and reach 100%. The securities pay no interest, do not participate in dividends, are unsecured obligations of Bank of Montreal, are not insured by any deposit insurer, and involve complex, uncertain U.S. tax treatment.

Bank of Montreal is offering US$2,614,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due January 19, 2027, linked to the common stock of Target Corporation.

The notes have an Initial Level of $97.67 for Target stock and may pay monthly contingent coupons at 0.9808% (about 11.77% per year) if, on each Observation Date, the stock closes at or above the Coupon Barrier Level of $58.60, which is 60% of the Initial Level. Beginning June 16, 2026, if the stock closes above the Call Level (100% of 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 Target’s Final Level on the Valuation Date is at or above the Trigger Level of $58.60, investors receive their $1,000 principal per note plus any final coupon. If the Final Level is below the Trigger Level, investors receive shares (or cash) worth less than the principal, and repayment can be significantly reduced, including the risk of a total loss. The estimated initial value is $986.96 per $1,000 principal amount.

Bank of Montreal is offering US$500,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Memory Coupons due December 19, 2028, linked to the Class A common stock of Roblox Corporation.

The notes pay a contingent coupon at a rate of 1.45% per month (approximately 17.40% per annum), or $14.50 per $1,000, only if on an Observation Date the Roblox share price is at or above the coupon barrier of $59.40, which is 60% of the $99.00 initial level. Missed coupons can be paid later under the memory feature if the barrier is subsequently met.

Beginning June 16, 2026, the notes are automatically redeemed if the stock closes above the initial level, returning principal plus any due coupons. If not called, and Roblox closes below the $49.50 trigger level (50% of the initial level) on the valuation date, investors take a loss matching the stock’s percentage decline, up to a total loss of principal. The estimated initial value is $984.00 per $1,000.

Bank of Montreal is offering $2,359,000 of Capped Buffer Enhanced Return Notes linked to the iShares MSCI EAFE ETF. These senior unsecured notes run from December 2025 to December 2027 and pay no interest. At maturity, if the ETF is at or above its initial level of $94.92, holders receive 150% of the ETF’s gain, but the total return is capped at 26.20%, for a maximum payment of $1,262 per $1,000 note.

If the ETF falls but stays within a 15% buffer (down to $80.68), investors simply receive back the $1,000 principal. Below that buffer, principal is reduced 1% for each additional 1% decline, with up to 85% of principal at risk if the ETF goes to zero. The notes are not listed, do not provide ETF dividends, and all payments depend on Bank of Montreal’s credit. The initial estimated value is $995.25 per $1,000, reflecting offering and hedging costs.

Bank of Montreal is offering US$650,000 of senior medium-term Autocallable Buffer Notes due June 21, 2027, linked to FedEx (FDX) and UPS Class B (UPS). The notes pay a contingent monthly coupon of 0.8167% (about 9.80% per year), or $8.167 per $1,000, only if on each observation date both stocks close at or above their coupon barrier levels, set at 70% of their initial levels.

Starting March 18, 2026, the notes are automatically redeemed if both stocks are at or above their initial levels, returning principal plus the applicable coupon. If the notes are not called and the least performing stock has fallen by more than 30% at maturity, investors receive shares or cash tied to that stock’s performance and can lose up to 70% of principal. The estimated initial value is $986.34 per $1,000.

Bank of Montreal is offering US$1,385,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due December 19, 2028. The notes are linked to the least performing of Chevron (CVX), EOG Resources (EOG) and Exxon Mobil (XOM).

Investors may receive monthly contingent coupons at 0.8958% (about 10.75% per year, but only if each stock closes on or above its coupon barrier, set at 60% of its initial level. Missed coupons can be paid later under the memory feature if barriers are later met.

Beginning June 16, 2026, the notes are automatically redeemed if each stock is at or above its initial level, returning principal plus any due coupons. If not called, investors get full principal at maturity only if no trigger event occurs; if any stock finishes below its 60% trigger level, repayment is reduced in line with the loss on the worst stock and can be zero. The notes are unsecured obligations, and the estimated initial value is $974.73 per $1,000 of principal.

Bank of Montreal is offering US$635,000 of senior medium-term Capped Enhanced Return Notes due January 19, 2027, linked to the Utilities Select Sector SPDR Fund (XLU). The notes provide 300% leveraged upside on any increase in XLU from the Initial Level of $43.04, but gains are capped at a Maximum Redemption Amount of $1,182.30 per $1,000 in principal (an 18.23% maximum return).

If the fund’s Final Level is below 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, and will not be listed on any exchange. They are issued in $1,000 denominations, with a price to public of 100%, agent’s commission of 1.93%, and proceeds to Bank of Montreal of 98.07% of principal. The estimated initial value is $974.30 per $1,000, reflecting structuring and hedging costs and the bank’s internal funding rate.

Bank of Montreal is offering unsecured notes linked to the S&P 500® Index with a $1,000 principal amount per note. The notes pay no interest and are designed to be held to maturity, with the determination date expected 26–29 months after the trade date and payment on the second business day after that.

If the final S&P 500® level is at least 85.00% of the initial level, investors receive a fixed threshold settlement amount, expected to be between $1,159.40 and $1,187.50 per note. If the final level is below 85.00%, the payoff is reduced so that investors lose approximately 1.1765% of principal for every 1% the index falls below the threshold, and they can lose all of their investment.

The estimated initial value is expected to be between $969.00 and $999.00 per $1,000, below the original issue price, reflecting structuring and hedging costs. The notes will not be listed on any exchange, may have limited secondary liquidity, and all payments depend on the credit of Bank of Montreal. The U.S. and Canadian tax treatment is complex and uncertain, and investors are directed to detailed tax discussions.

Bank of Montreal is offering unsecured, MSCI EAFE Index®-linked notes with a total offering size of $2.033 million at $1,000 per note. The notes pay no interest and return at maturity depends on index performance from December 16, 2025 to February 2, 2028.

If the index rises, holders earn 160% of the index gain, capped at a maximum payment of $1,265.44 per $1,000 note. If the index falls up to 15%, principal is protected; below that buffer, investors lose about 1.1765% of principal for every 1% drop beyond 15%, and can lose all principal. The estimated initial value is $989.87 per $1,000 note, the notes are not listed, and all payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering senior unsecured market-linked notes that pay a fixed monthly coupon at a rate of at least 11.90% per year on a $1,000 face amount. The notes are linked to the worst performer among the common stock of Advanced Micro Devices, Inc., NextEra Energy, Inc. and the Class A common stock of Visa Inc. and may be automatically called monthly from April 2026 if the lowest performing stock is at or above 90% of its starting value.

If not called, the notes mature on December 31, 2027. At maturity, investors receive $1,000 per note if the lowest performing stock is at or above 50% of its starting value; otherwise they receive $1,000 multiplied by that stock’s performance factor, which can result in losing more than 50%, up to all, of principal. Investors do not participate in any stock price appreciation; total return is limited to coupon payments.

The estimated initial value is $970.60 per security on the preliminary date and will not be less than $920.00 at pricing. The notes are not bail-inable, are subject to Bank of Montreal’s credit risk, will not be listed on any exchange and may have limited or no secondary market. The U.S. tax treatment is uncertain and may be affected by future IRS or legislative actions.

Bank of Montreal is offering senior unsecured, market-linked notes that are auto-callable and pay fixed monthly coupons, linked to the worst performer of Advanced Micro Devices (AMD), NextEra Energy (NEE) and Visa Class A (V). Each security has a $1,000 face amount, with a coupon rate set on the pricing date at no less than 11.35% per annum, paid monthly.

The notes can be automatically called monthly from April 2026 to December 2026 if the lowest performing stock is at or above 90% of its starting value on a call date, in which case investors receive $1,000 plus a final coupon and the notes terminate. If never called, at maturity on December 31, 2026 investors receive $1,000 per security if the lowest stock is at or above 50% of its starting value; if it is below 50%, repayment is reduced in proportion to that stock’s decline, and investors can lose most or all principal. Any upside is limited to coupons.

The estimated initial value on the preliminary date is $974.00 per security (and will not be less than $920.00 at pricing) versus a $1,000 offering price, reflecting structuring and hedging costs and dealer compensation, including up to $15.75 per security in agent discount. The notes are unsecured obligations of Bank of Montreal, not insured by any government agency, are not expected to be listed, and involve complex and uncertain U.S. tax treatment.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 2, 2031. Each note has a $1,000 principal amount, pays fixed interest at 4.50% per annum, and returns $1,000 per note at maturity plus any accrued interest, unless redeemed earlier.

Interest is paid in cash semi-annually on January 2 and July 2, starting July 2, 2026. Bank of Montreal may redeem all, but not part, of the notes at 100% of principal plus accrued interest on any January 2 or July 2 from January 2, 2027 through July 2, 2030, which could limit future interest income for holders.

The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or written down in a resolution scenario. They will not be listed on any securities exchange, and the $1,000 original issue price per note includes a $10 underwriting discount, so resale prices may be lower than the issue price.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due January 2, 2036, paying a fixed interest rate of 4.95% per year.

Holders receive semi-annual interest in U.S. dollars on January 2 and July 2, starting July 2, 2026, and $1,000 per note at maturity if the notes are not redeemed earlier and Bank of Montreal meets its obligations. The bank may redeem all of the notes at 100% of principal plus accrued interest on specified optional redemption dates semi-annually from January 2, 2028 to June 2, 2035.

The notes are unsecured, will not be listed on any securities exchange, and are not insured by U.S. or Canadian deposit insurance agencies, so they may be hard to sell before maturity. They are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, in a resolution scenario. Per note, the original issue price is $1,000, including a $10 underwriting discount and $990 in proceeds to Bank of Montreal.

Bank of Montreal is offering senior equity-linked notes that pay contingent quarterly coupons and may be automatically called before maturity. Each security has a $1,000 face amount, an original offering price of $1,000, and an estimated initial value of $965.49. The notes are linked to the worst performer among the common stocks of Amazon.com, Emerson Electric and Microsoft.

Investors receive an 11.80% per annum contingent coupon only if, on each calculation day, the lowest performing stock is at or above its coupon threshold, set at 60% of its starting value. The same 60% level acts as a downside threshold at maturity if the notes are not called. If the worst stock ends below that downside threshold, principal is reduced in full proportion to its loss, and investors can lose most or all of their investment.

The notes can be automatically called quarterly from March 2026 through September 2027 if the lowest performing stock is at or above its starting value, returning face amount plus due coupons. The securities are unsecured obligations of Bank of Montreal, subject to its credit risk, will not be listed on any exchange, and have complex tax and risk profiles that differ from conventional bonds.

Bank of Montreal is offering additional MAX Auto Industry -3X Inverse Leveraged ETNs with an aggregate principal amount of $3,750,000. These unsecured notes provide three-times daily inverse exposure to the Prime Auto Industry Index, which tracks U.S.-listed auto manufacturers, parts, retailers, and dealers. Each note has a $25 principal amount, and there were 600,000 notes outstanding as of December 17, 2025, for total principal of $15,000,000.

The ETNs are designed as short-term, daily trading tools for sophisticated investors, not buy-and-hold investments, and can lose all value if the indicative note value hits zero. Returns are reduced by a 0.95% annual Daily Investor Fee, potentially negative Daily Interest tied to the Federal Funds Rate minus up to a 4.00% spread, and a 0.125% redemption fee for holder-initiated redemptions. The notes are callable at the issuer’s option, have a final maturity in 2043 with possible extensions, and are listed on NYSE under ticker CARD.

Bank of Montreal is offering US$6,650,000 of senior medium-term autocallable barrier notes due December 20, 2027, linked to the worst performer of Meta Platforms Class A shares and Snowflake common stock. The notes pay a quarterly coupon of 3.50% (about 14.00% per year), or $175 per $5,000 of principal, so long as they remain outstanding and are not automatically redeemed.

Starting March 17, 2026, if on any observation date both stocks close at or above their respective initial levels, the notes are automatically redeemed early at par plus the coupon. If the notes are not called and, on the valuation date, either stock has fallen below 60.00% of its initial level, investors receive either shares or cash based on the weaker stock, which can be worth less than the principal and may be zero, although the final coupon is still paid. The bank’s estimated initial value is $4,862.80 per $5,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$4,558,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes due December 20, 2027, linked to the worst performer of AMD and NVIDIA stock. The notes pay coupons at 3.60% per quarter (about 14.40% per year), or $36.00 per $1,000, while outstanding and not automatically redeemed.

Automatic redemption can occur quarterly starting March 17, 2026 if each stock is at or above its initial level, returning principal plus the coupon. If the notes are not called and on the valuation date either stock finishes below its trigger level (50.00% of its initial level: $103.79 for AMD and $88.15 for NVIDIA), investors receive shares or cash tied to the weaker stock, which can be worth substantially less than $1,000. The estimated initial value is $976.61 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is offering US$300,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due December 18, 2028, linked to the least performing of the S&P 500® Index (SPX) and the Russell 2000® Index (RTY). The notes pay a contingent coupon of 0.78% per month (approximately 9.36% per year), or $7.80 per $1,000, only if on each Observation Date both indexes close at or above 80% of their initial levels.

Starting December 15, 2026, the notes are automatically redeemed if on an Observation Date both indexes are at or above 100% of their initial levels, returning principal plus the coupon. If the notes are not called, at maturity investors receive $1,000 per $1,000 note unless any index finishes below 70% of its initial level, in which case repayment is reduced in line with the loss of the worst index and can be zero. The estimated initial value is $981.18 per $1,000, the notes are unsecured obligations of Bank of Montreal, and they involve significant structural, market and tax risks.

Bank of Montreal is issuing US$899,000 of Autocallable Barrier Notes with Memory Coupons due December 18, 2028, linked to Devon Energy Corporation common stock. These senior unsecured medium-term notes pay a contingent coupon of 2.6875% per quarter (approximately 10.75% per year), or $26.875 per $1,000, only if Devon’s share price on an observation date is at or above the coupon barrier of $23.51, which is 65% of the initial level of $36.17. Missed coupons can be paid later if the barrier is met, under the memory feature.

Beginning June 15, 2026, the notes are automatically redeemed if Devon’s stock closes above the 100% call level of the initial price on an observation date, returning principal plus any due coupons. If the notes are not called and Devon’s final level on December 13, 2028 is at or above the $23.51 trigger level, investors receive full principal back plus any due coupons. If the final level is below the trigger, repayment is reduced one-for-one with the stock’s negative performance, and can fall to zero. The estimated initial value is $962.48 per $1,000, below the $1,000 issue price, reflecting fees and hedging.

Bank of Montreal is offering US$7,377,000 of Senior Medium-Term Notes, Series K, which are autocallable barrier notes with contingent coupons due December 18, 2028. The notes are linked to the least performing of the NASDAQ-100 Index, the Russell 2000 Index and the Dow Jones Industrial Average.

Holders may receive a contingent coupon of at least 2.075% per quarter (about 8.30% per year) if on each observation date all three indexes are at or above their coupon barrier levels, set at 70% of their initial levels. Beginning June 15, 2026, the notes will be automatically redeemed if each index is at or above its initial level, returning principal plus the applicable coupon.

If the notes are not called and any index finishes below its 70% trigger level on the valuation date, repayment of principal will be reduced in line with the loss of the worst-performing index, and could fall to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $968.82 per $1,000 principal amount on the pricing date.

Bank of Montreal is issuing US$1,187,000 of Senior Medium-Term Notes, Series K, autocallable barrier enhanced return notes due December 20, 2027, linked to the common stock of Antero Resources Corporation. The notes offer 150.00% leveraged upside on any positive stock performance if they are not called early, but they pay no interest and do not guarantee return of principal.

On December 22, 2026, if Antero’s share price is above 85.00% of the $34.85 Initial Level, the notes are automatically redeemed and investors receive principal plus a fixed $200.00 Call Amount per $1,000 note, a return of approximately 20.00% per annum. If the notes are not redeemed and the stock finishes below 70.00% of its Initial Level on the Valuation Date, investors receive shares (or cash) whose value falls 1% for each 1% stock decline, and could lose their entire investment. The notes are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and have an estimated initial value of $972.46 per $1,000.

Bank of Montreal is offering US$203,000 of Senior Medium‑Term Notes, Series K, autocallable barrier enhanced return notes due December 18, 2028, linked to Palantir Technologies Inc. Class A stock. The notes offer 150% leveraged upside on any positive stock return if not called, a potential automatic call on December 21, 2026 at 100% of the initial level with a US$278.50 call amount per US$1,000 note (about 27.85% per year), and a 60% downside barrier at US$109.95. If the stock falls more than 40% from the US$183.25 initial level and the barrier is breached, principal is lost one‑for‑one and can be wiped out. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, are not exchange‑listed, and were sold at 100% of face value with an estimated initial value of US$925.84 per US$1,000.

Bank of Montreal is offering US$2,901,000 of senior Medium-Term Notes, Series K, maturing on January 19, 2027, whose payoff is linked to the shares of the SPDR® Gold Trust (GLD). The notes provide 300% leveraged upside on any increase in GLD from the Initial Level of $395.80, but gains are capped by a Maximum Return of 18.91%, so the maximum payment at maturity is $1,189.10 per $1,000 of principal.

If GLD finishes below its Initial Level on the valuation date, investors lose 1% of principal for each 1% decline, with the potential to lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on any exchange, and all payments are subject to the bank’s credit risk. The price to the public is 100% of principal, including a 1.93% agent’s commission, while the bank’s estimated initial value is $973.51 per $1,000, reflecting embedded costs and hedging.

Bank of Montreal is issuing US$1,045,000 of senior medium‑term Autocallable Barrier Notes due December 20, 2027, linked to the common stock of Amazon.com, Inc. The notes pay a contingent coupon of 0.775% per month (about 9.30% per year), or $7.75 per $1,000, only if on each monthly observation date Amazon’s share price is at or above the coupon barrier of $144.65, which is 65% of the $222.54 initial level.

Starting March 17, 2026, the notes are automatically redeemed if Amazon closes above its initial level, returning principal plus that month’s coupon. If the notes are not called and Amazon finishes at or above the $144.65 trigger on the December 15, 2027 valuation date, investors receive full principal. If it finishes below the trigger, repayment is reduced one‑for‑one with the stock’s decline and can fall to zero. The notes are unsecured obligations, and their estimated initial value is $968.12 per $1,000.

Bank of Montreal is offering US$1,670,000 of Senior Medium-Term Notes, Series K, linked to the common stock of Palo Alto Networks, Inc. The notes are autocallable barrier notes with contingent coupons of 2.54% per quarter (approximately 10.16% per year) if the stock closes on each observation date at or above the coupon barrier of $120.82, which is 65% of the initial level of $185.88.

Beginning March 13, 2026, the notes will be automatically redeemed if the stock closes above the initial level, returning principal plus the applicable coupon. If not called, and if on the valuation date the stock is at or above the $120.82 trigger level, investors receive full principal back at maturity on December 18, 2028, plus any final coupon. If the final stock level is below the trigger, repayment is reduced one-for-one with the stock’s loss and can fall to zero.

The notes are unsecured obligations of Bank of Montreal, offer only cash settlement, and had an estimated initial value of $966.15 per $1,000, reflecting structuring and hedge costs.

Bank of Montreal is offering US$104,000 of senior autocallable barrier enhanced return notes due December 18, 2028, linked to Tesla, Inc. common stock. The notes pay no interest and may be automatically redeemed on December 21, 2026 if Tesla’s stock closes above 100% of its initial level of $475.31, in which case investors receive principal plus a call amount of $231.50 per $1,000 (about 23.15% per year) and no further upside. If the notes are not called, gains above the initial level are multiplied by a 150% upside leverage factor at maturity. Protection is limited by a barrier level of $285.19 (60% of the initial level); if Tesla finishes below this barrier, investors lose 1% of principal for each 1% decline, up to a total loss. The estimated initial value is $920.97 per $1,000, and all payments depend on Bank of Montreal’s credit.

Bank of Montreal is issuing US$655,000 of senior medium-term Autocallable Barrier Notes due December 18, 2028, linked to the common stock of Axon Enterprise, Inc. The notes pay a contingent coupon of 3.875% per quarter (about 15.50% per year) only if Axon’s closing level on each observation date is at or above the coupon barrier of $338.57, which is 60% of the initial level of $564.28.

Starting June 15, 2026, the notes are automatically redeemed if Axon’s level is at or above 100% of the initial level on an observation date, returning principal plus the due coupon. If the notes are not called and Axon’s final level on the valuation date is below the same $338.57 trigger level, investors lose principal in line with the stock’s decline and could receive nothing. The estimated initial value is $966.67 per $1,000 note, and the notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency.

Bank of Montreal is offering $2,538,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 18, 2035. Each Note has a $1,000 principal amount and pays fixed interest at 4.87% per annum, with semi-annual interest payments on June 18 and December 18, starting June 18, 2026.

The Notes are callable at Bank of Montreal’s option, in whole but not in part, at 100% of principal plus accrued interest on each June 18 and December 18 from December 18, 2027 through June 18, 2035. They are unsecured, not listed on any securities exchange, and subject to the issuer’s credit risk and Canadian bail-in powers, which may convert the Notes into common shares or extinguish them under the CDIC Act. The offering price is $1,000 per Note, with proceeds to Bank of Montreal of $990 per Note, or $2,512,620 in total after a $25,380 underwriting discount.

Bank of Montreal is offering $20,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 18, 2037. Each note has a principal amount of $1,000 and pays fixed interest of 5.15% per annum, with semi-annual payments on June 18 and December 18, starting June 18, 2026.

The notes are callable at Bank of Montreal’s option at par plus accrued interest on each June 18 and December 18 from December 18, 2030 through June 18, 2037. They are unsecured obligations, not insured by any government agency, and are subject to Canadian bail-in powers, meaning they can be converted into Bank of Montreal common shares or varied or extinguished under the Canada Deposit Insurance Corporation Act.

The original issue price is $1,000 per note, including a $5 underwriting discount, resulting in proceeds to Bank of Montreal of $995 per note, or $19,900,000 in total. The notes will not be listed on any securities exchange, and any secondary market is expected to be limited.

Bank of Montreal is issuing $3,678,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due December 18, 2028. Each Note has a $1,000 principal amount, pays fixed interest at 4.10% per annum, and makes semi-annual interest payments on June 18 and December 18, starting June 18, 2026.

The Notes may be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on optional redemption dates every June 18 and December 18 from December 18, 2026 through June 18, 2028. The Notes are unsecured, bail-inable obligations subject to Canadian bank resolution powers, are not insured by any government agency, and will not be listed on any securities exchange.

The original issue price is $1,000 per Note, with an underwriting discount of $3.60 per Note. Total proceeds to Bank of Montreal are $3,667,260.24 after an underwriting discount of $10,739.76.

Bank of Montreal is issuing $9,672,000 of Senior Medium-Term Notes, Series K, which are redeemable fixed-rate notes maturing on December 18, 2030. Each note has a $1,000 principal amount and pays interest at a fixed rate of 4.40% per annum, with semi-annual interest payments on June 18 and December 18, starting June 18, 2026.

The notes are callable by Bank of Montreal at 100% of principal plus accrued interest on each June 18 and December 18 from December 18, 2026 through June 18, 2030. They are unsecured obligations of Bank of Montreal, are not insured by any government agency, and will not be listed on any securities exchange, so liquidity may be limited. The notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or its affiliates or varied or extinguished in a resolution scenario. The bank expects to receive proceeds of $9,623,640 after a $48,360 underwriting discount.

Bank of Montreal is offering S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity on January 20, 2028. Each note has a $1,000 principal amount and measures index performance from the trade date of December 15, 2025 to a determination date of January 18, 2028.

If the S&P 500® rises, holders earn 160% of the index gain, capped at a maximum settlement amount of $1,258.80 per note. If the index falls by up to 12.50% from the initial level of 6,816.51, investors receive their full principal. Below the 87.50% buffer level, principal is reduced by about 1.1429% for every 1% drop beyond the buffer, and investors could lose all of their investment.

The total offering is $2,669,000, the notes are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and carry both market risk from the S&P 500® and credit risk of the issuer. The bank’s estimated initial value is $997.05 per $1,000 note, less than the original issue price.

Bank of Montreal is offering senior medium-term, equity-linked notes that are auto-callable and tied to the worst performer among Danaher, Alphabet Class A and Microsoft common stock, maturing December 20, 2027. Each $1,000 security pays a contingent coupon at a rate of 13.50% per annum, but only if on each quarterly calculation day the lowest performing stock is at or above 60% of its initial level; missed coupons can be paid later if conditions are met, via a memory feature. The notes may be automatically called from March 2026 to September 2027 if the lowest performer is at or above its initial level, returning principal plus due coupons. If not called and the lowest performer ends below 60% of its initial level, repayment of principal is reduced in line with that decline, and investors can lose most or all of their investment. The notes are unsecured obligations of Bank of Montreal and are not insured by any government agency.

Bank of Montreal is issuing $1,926,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Buffer Notes due January 19, 2027, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average.

Holders get 1-to-1 upside on any gain in the worst-performing index, capped at a Maximum Redemption Amount of $1,188.70 per $1,000 (an 18.87% maximum return). If that index is down but not by more than 15%, investors receive an equal positive “absolute” return, up to the Maximum Downside Redemption Amount of $1,150.00 per $1,000.

If the index falls more than 15%, investors lose 1% of principal for each 1% drop beyond the buffer, with a minimum payoff of $150 (an 85% loss). The notes pay no interest, will not be listed, are unsecured obligations subject to Bank of Montreal’s credit risk, and were priced at 100% of principal with an estimated initial value of $987.80 per $1,000.

Bank of Montreal is issuing US$4,566,000 of Senior Medium-Term Notes, Series K, maturing on December 18, 2028, linked to the S&P 500® Futures Excess Return Index. These "digital return barrier" notes offer a fixed positive return of 32.50% per $1,000 if the index gain is positive but below 32.50%, and a one-to-one upside if the index gain exceeds 32.50%.

If the index finishes below 70% of its initial level of 2,557.16, investors lose 1% of principal for each 1% decline, up to a total loss of principal. If the final level is between 70% and 100% of the initial level, investors receive only their $1,000 principal back with no gain. 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 0.40% selling commission and 99.60% of proceeds to Bank of Montreal. The estimated initial value is $969.38 per $1,000, reflecting structuring, hedging costs and dealer compensation, and secondary market prices are expected to be lower than the issue price.

Bank of Montreal is issuing $3,115,000 of Senior Medium-Term Notes, Series K, Buffer Enhanced Return Notes due October 18, 2027, linked to the S&P 500® Index. The notes offer 150% leveraged upside on index gains, but the payoff is capped at a Maximum Redemption Amount of $1,197.50 per $1,000 of principal, equal to a 19.75% maximum return.

The structure includes a 20% downside buffer: if the index falls by up to 20% from the Initial Level of 6,901.00, investors receive their principal back. Below this buffer, investors lose about 1.25% of principal for every additional 1% decline, and can lose their entire investment at maturity. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not insured by U.S. or Canadian deposit insurance schemes. The estimated initial value is $995.93 per $1,000, reflecting offering and hedging costs.

Bank of Montreal is issuing US$425,000 of senior Medium-Term Notes, Series K, maturing on December 17, 2030, linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are unsecured obligations of the bank. At maturity, investors receive their $1,000 principal per note if the index is at or below its initial level, and receive an additional return if it has risen, calculated using a 116.91% upside leverage factor.

The notes are not listed on any exchange, and secondary market liquidity is expected to be limited and dealer-driven. The estimated initial value is $971.76 per $1,000, lower than the public offering price due to embedded costs and hedging. The structure is linked to equity futures rather than the cash S&P 500® Index, and is affected by factors such as financing costs, negative roll yield, and the excess-return design, as well as the credit risk of Bank of Montreal and complex U.S. tax treatment.

Bank of Montreal is issuing $1,423,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes with contingent coupons due June 17, 2027. These notes are linked to the Class B common stock of Molson Coors Beverage Company (ticker “TAP”).

Investors may receive a monthly contingent coupon of 0.885% of principal (about 10.62% per year), or $8.85 per $1,000, but only if TAP’s closing level on each observation date is at or above the coupon barrier of $32.84, which is 69% of the initial level of $47.60. Starting June 12, 2026, the notes are automatically redeemed if TAP is at or above its initial level, returning principal plus the applicable coupon.

If the notes are not called and TAP finishes below the $32.84 trigger level on the valuation date, investors lose principal in line with the stock’s decline, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, pay only in cash, and have an estimated initial value of $977.52 per $1,000 face amount, reflecting fees and hedging costs.

Bank of Montreal is offering $1,931,000 of Senior Medium-Term Notes, Series K, called Digital Return Barrier Notes, maturing on June 17, 2027 and linked to the worst performer of the S&P 500® Index and the Russell 2000® Index. Each $1,000 note pays a fixed 17.00% digital return at maturity if the final level of the least performing index is at least 80.00% of its initial level. If that index falls more than 20.00% from its initial level, investors lose 1% of principal for each 1% decline and can lose up to their entire investment.

The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The initial estimated value is $990.43 per $1,000 of principal, reflecting offering, structuring and hedging costs. All payments depend on Bank of Montreal’s credit and the specific payoff formulas tied to SPX and RTY.

Bank of Montreal is offering US$500,000 of senior medium-term autocallable barrier notes linked to the common stock of Tesla, Inc. The notes pay a contingent coupon of 4.9375% per quarter (about 19.75% per year) only if Tesla’s closing price on each observation date is at or above the coupon barrier of $268.13, which is 60.00% of the $446.89 initial level, and are subject to automatic redemption if Tesla is at or above its initial level from March 2026 onward.

If the notes are not called and Tesla’s final level on December 11, 2026 is below the same $268.13 trigger level, principal is reduced in line with Tesla’s percentage loss, and investors can lose all of their investment. The estimated initial value is $978.37 per $1,000 principal, reflecting structuring and hedging costs, and payments are in cash only, with no Tesla shares delivered.

Bank of Montreal is issuing US$4,254,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with contingent coupons due December 16, 2027, linked to Carrier Global Corporation common stock. The notes have an Initial Level of $52.94 for CARR, a Coupon Barrier and Trigger Level of $31.76 (60% of the Initial Level), and pay a contingent coupon of 2.955% per quarter (about 11.82% per year) when the stock closes at or above the Coupon Barrier on scheduled observation dates.

Beginning June 12, 2026, if the stock closes above the Call Level (100% of the Initial Level) on an observation date, the notes are automatically redeemed at par plus any due coupon, ending further payments. If the notes are not called and the stock finishes below the Trigger Level at maturity, investors receive a reduced amount based on the stock’s percentage change, which can be zero, so principal is at risk. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $981.04 per $1,000 principal amount on the pricing date.