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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If the basket finishes below its initial level of 100.00, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and only settle in cash at maturity on February 22, 2027. The price to the public is 100% of principal, while the bank’s estimated initial value is $969.32 per $1,000, reflecting embedded costs and hedging.

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

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

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

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

If the S&P 500 falls more than 17.50%, the notes lose 1% of principal for each additional 1% decline, with up to 82.50% of principal at risk. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, with an estimated initial value of $989.45 per $1,000, reflecting offering, structuring and hedging costs.

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

If the ETF ends below its initial level of $94.15, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on an exchange. The price to the public is 100% of principal, with a 2.35% selling commission and 97.65% of proceeds to Bank of Montreal, and the estimated initial value is $984.57 per $1,000.

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

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

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

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

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

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

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

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

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

Starting January 16, 2026, the notes will be automatically called if both stocks are at or above 100% of their initial levels, returning principal plus that month’s coupon. If the notes are not called and, on the final valuation date, either stock finishes below its trigger level at 67.00% of its initial level, investors lose principal in line with the decline of the worst-performing stock, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, and the estimated initial value is $974.46 per $1,000 of principal, reflecting dealer compensation and hedging costs.

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

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

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

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

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

Starting June 16, 2026, if SLB closes above its initial level on an observation date, the notes are automatically redeemed at par plus the applicable coupon. If the notes are not called and SLB finishes below the trigger level of $27.36 on the valuation date, investors receive SLB shares (or cash equivalent) based on a physical delivery formula and can lose most or all of their principal. The notes are unsecured obligations of Bank of Montreal, and the estimated initial value is $968.51 per $1,000 of principal.

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

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

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

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

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

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

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

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

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

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

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

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

Bank of Montreal is issuing US$1,442,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the common stock of PVH Corp., maturing on December 22, 2027. The notes pay a contingent coupon of 3.00% per quarter (about 12.00% per year), or $30.00 per $1,000, only if PVH’s closing level on an observation date is at or above the coupon barrier of $43.03, which is 60% of the initial level of $71.72.

Starting June 17, 2026, the notes are automatically redeemed if PVH closes above its initial level, returning principal plus the applicable coupon. If the notes are not called and PVH’s final level on December 17, 2027 is below the trigger level of $43.03, investors receive shares (or cash equivalent) worth less than the principal, potentially losing their entire investment. The estimated initial value is $955.90 per $1,000, below the issue price, reflecting fees and hedging costs.

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.