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

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.

Bank of Montreal is issuing US$2.7 million of senior medium-term autocallable barrier notes linked to the common stock of Netflix, Inc. The notes pay a contingent coupon of 2.25% per quarter (about 9.00% per year), but only if Netflix’s closing share price on each observation date is at or above the coupon barrier of $47.05, which is 50.00% of the initial level of $94.09. Missed coupons can be paid later under a “memory” feature if the barrier is later met.

The notes can be automatically redeemed starting in June 2026 if Netflix’s share price is above its initial level on an observation date, returning principal plus any due coupons. If the notes are not called and Netflix finishes at or above the trigger level of $47.05 on the December 13, 2028 valuation date, investors receive full principal back. If a trigger event occurs and Netflix ends below this level, the maturity payment is reduced one-for-one with the stock’s percentage loss and can fall to zero. The estimated initial value is $971.09 per $1,000 in principal.

Bank of Montreal is offering US$1,600,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with contingent coupons due December 18, 2028. The notes are linked to the least performing of the S&P 500®, EURO STOXX 50® and Russell 2000® indices.

Investors can receive contingent coupons at a rate of 2.20% per quarter (about 8.80% per year) when, on an observation date, each index closes at or above 70% of its initial level. From June 15, 2026, if all three indices are at or above their initial levels on an observation date, the notes are automatically redeemed at par plus the coupon.

If the notes are not called and any index finishes below its 70% trigger level on the valuation date, repayment of principal is reduced in line with the decline of the worst-performing index, and could fall to zero. The notes are unsecured obligations of Bank of Montreal, have an estimated initial value of $969.36 per $1,000 face amount, and are not insured by any government agency.

Bank of Montreal is offering US$4,372,000 of senior medium-term autocallable barrier notes due December 18, 2028, linked to the S&P 500®, EURO STOXX 50® and Russell 2000® indices. The notes pay a contingent coupon of 2.45% per quarter (about 9.80% per year) only if, on each observation date, all three indices are at or above their coupon barrier levels, set at 75% of their initial levels. Starting June 15, 2026, the notes are automatically redeemed if all indices are at or above 100% of their initial levels, returning principal plus the coupon for that date.

If the notes are not called and, on the valuation date, any index closes below its 75% trigger level, investors lose principal in proportion to the decline of the worst-performing index, and the repayment can be zero. The notes are unsecured obligations of Bank of Montreal and are not insured by any government agency. The estimated initial value is $968.49 per $1,000 of principal, reflecting structuring and hedging costs, and the issuer expects U.S. holders to treat the notes as pre-paid contingent income-bearing derivative contracts for tax purposes.

Bank of Montreal is offering US$1,000,000 of senior medium-term autocallable barrier notes with memory coupons, due December 18, 2028, linked to the common stock of Netflix, Inc. and Broadcom Inc. Holders can receive contingent coupons of 1.625% per month (about 19.50% per year), paying US$16.25 per US$1,000, whenever both stocks close at or above their coupon barriers, set at 70% of their initial levels.

Beginning June 15, 2026, the notes are automatically redeemed at par plus any due coupons if both stocks are at or above their initial levels. If not redeemed early, repayment at maturity depends on the worst-performing stock: full principal is returned if its final level stays at or above a 50% trigger level, but principal is reduced one-for-one with its loss below that level and can fall to zero. The notes are unsecured obligations, not insured deposits, and have an estimated initial value of US$972.28 per US$1,000, reflecting structuring and hedging costs and the complex risk profile.

Bank of Montreal is offering $2,166,000 of senior autocallable barrier notes linked to Uber Technologies, Inc. common stock. These three-year notes, due December 18, 2028, pay a contingent coupon of 2.75% per quarter (about 11.00% per year) for each $1,000 in principal, but only if Uber’s closing share price on an observation date is at or above the coupon barrier.

The initial level is $85.11, with both the coupon barrier and trigger level set at $51.07, which is 60.00% of the initial level. Starting March 13, 2026, the notes are automatically redeemed if Uber closes above the call level, which is 100% of the initial level, returning principal plus any due coupon.

If the notes are not called and Uber’s final level is below the trigger level, investors lose principal on a 1-to-1 basis with Uber’s percentage decline, and the payment at maturity can be zero. The estimated initial value is $969.26 per $1,000, reflecting structuring and hedging costs, and the agent’s commission is 2.00% of principal.

Bank of Montreal is offering US$1,000,000 of Senior Medium‑Term Notes, Series K, autocallable barrier notes with memory coupons due March 17, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ‑100 Index and Russell 2000 Index and pay a contingent monthly coupon of 0.9667% (about 11.60% per year) only if each index closes at or above its coupon barrier level.

Investors may receive missed coupons later under the memory feature if the barriers are subsequently met. The notes can be automatically redeemed starting June 12, 2026 if all indices are at or above their initial levels, returning principal plus any due coupons. If not called and any index ever closes below its trigger level and then finishes below its initial level at maturity, principal is reduced in line with the loss on the worst index and can be fully lost. The estimated initial value is $990.13 per $1,000 principal, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$2,555,000 of Senior Medium-Term Notes, Series K, autocallable buffer enhanced return notes due December 18, 2028, linked to the least performing of the Russell 2000 Index and the S&P 500 Index. The notes pay no interest and are unsecured obligations of Bank of Montreal, sold in $1,000 denominations and not listed on any exchange.

On December 18, 2026, if the least performing index is above 100% of its initial level, the notes are automatically redeemed at par plus a call amount of $145 per $1,000, which equals about 14.5% per year. If the notes are not called and the least performing index finishes at or above its initial level, investors receive principal plus 125% of any index gain; if it is between 80% and 100% of its initial level, principal is returned with no gain.

If the least performing index closes below 80% of its initial level at maturity, repayment is reduced 1% for each 1% decline beyond the 20% buffer, with losses up to 80% of principal. The estimated initial value is $987.99 per $1,000, reflecting offering and hedging costs, and all payments depend on Bank of Montreal’s credit.

Bank of Montreal is offering US$2,806,000 of Senior Medium-Term Notes, Series K, autocallable buffer enhanced return notes due December 18, 2028, linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The notes pay no interest and are unsecured obligations of Bank of Montreal.

On December 18, 2026, if the closing level of the least performing index is above 100.00% of its Initial Level, the notes are automatically redeemed and investors receive their principal plus a Call Amount of $110.00 per $1,000 in principal, representing a return of approximately 11.00% per annum, with no further upside participation. If the notes are not called and the least performing index finishes at or above its Initial Level on the Valuation Date, investors receive principal plus 125.00% of any positive index performance.

If the least performing index declines but remains at or above 80.00% of its Initial Level, investors receive only their $1,000 principal per note. If it falls below 80.00%, repayment is reduced 1% for each 1% decline beyond this 20.00% buffer, with up to 80.00% of principal potentially lost. The estimated initial value is $969.38 per $1,000, and the notes will not be listed on any securities exchange.

Bank of Montreal is offering US$220,000 of senior market-linked notes due June 17, 2031 that are tied to the S&P 500® Index. These unsecured notes give investors 1-to-1 upside exposure to any increase in the index, but gains are capped at a Maximum Redemption Amount of $1,382.50 per $1,000 of principal, equal to a 38.25% maximum return over the term.

If the S&P 500® Final Level is at or below its Initial Level of 6,827.41 on the June 12, 2031 valuation date, investors receive only their principal back at maturity, with no additional return. The notes pay no periodic interest, will not be listed on any exchange, and all payments depend on the credit of Bank of Montreal.

The price to the public is 100% of principal, with a 3.00% agent commission and 97.00% of proceeds to Bank of Montreal. The bank’s estimated initial value is $941.62 per $1,000, reflecting embedded costs, hedging and funding assumptions. Investors also face potential illiquidity, tax complexity under contingent payment debt rules, and structural risks outlined in the risk sections.

Bank of Montreal is issuing US$596,000 of senior market-linked notes due June 17, 2030, tied to the S&P 500® Index. The notes offer 1-to-1 upside exposure to index gains, but any payoff is capped at a Maximum Redemption Amount of $1,362.50 per $1,000 of principal, a maximum return of 36.25%.

If the index finishes at or below its Initial Level of 6,827.41 on the June 12, 2030 valuation date, investors receive only their $1,000 principal, with no upside. The notes pay no periodic interest and will not be listed on any exchange, and BMOCM is expected to make a secondary market only on a discretionary basis.

All payments depend on the credit of Bank of Montreal. The initial estimated value is $976.58 per $1,000, reflecting structuring and hedging costs, and U.S. holders are expected to be taxed under contingent payment debt instrument rules, recognizing ordinary income over the life of the notes.

Bank of Montreal is offering $1,075,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due December 18, 2028, linked to the least performing of Apple Inc. and Amazon.com, Inc. common stock. The notes pay a contingent coupon of 2.9375% per quarter (about 11.75% per year) only if, on each observation date, both stocks close at or above their coupon barrier levels, set at 60% of their initial levels ($166.97 for AAPL and $135.71 for AMZN).

Beginning March 13, 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 any stock finishes below its trigger level (also 60% of its initial level) on the valuation date, investors lose principal in proportion to the decline of the worst-performing stock, and could receive nothing at maturity. The estimated initial value is $969.59 per $1,000, below the $1,000 issue price, reflecting fees and hedging costs, and the notes are unsecured obligations of Bank of Montreal with significant structural and market risks.

Bank of Montreal is issuing US$1,307,000 of Senior Medium-Term Notes, Series K, barrier notes due September 17, 2027, linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The notes pay a fixed coupon of 0.6167% per month (approximately 7.40% per annum), or $6.167 per $1,000 in principal, with monthly payments on the 17th from January 17, 2026 to maturity.

At maturity, investors receive $1,000 per $1,000 in principal if no Trigger Event occurs. A Trigger Event happens if, on the valuation date, the final level of either index is below 70.00% of its initial level (1,786.020 for RTY and 4,779.19 for SPX). If a Trigger Event occurs, the maturity payment becomes $1,000 plus $1,000 times the percentage change of the least performing index, which can reduce principal and may be zero, though the final coupon is still paid. The estimated initial value is $988.45 per $1,000, reflecting hedging and issuance costs, and the notes are unsecured obligations not insured by any deposit insurer.

Bank of Montreal is offering US$1,123,000 of Senior Medium-Term Notes, Series K, that are autocallable barrier notes with contingent coupons due June 17, 2027, linked to the Class A subordinate voting shares of Shopify Inc. The notes pay a contingent coupon of 3.775% per quarter (about 15.10% per year), or $37.75 per $1,000, only if Shopify’s closing share price on an observation date is at or above the coupon barrier of $82.10, which is 50% of the $164.19 initial level.

Starting March 12, 2026, the notes will be automatically redeemed if Shopify closes above the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and Shopify’s final level on June 14, 2027 is at or above the $82.10 trigger, investors receive full principal back, plus any final coupon. If the final level is below the trigger, repayment is reduced in line with the percentage decline in Shopify’s price and can fall to zero.

The notes are unsecured obligations of Bank of Montreal, pay only cash (no Shopify shares), and have an estimated initial value of $972.36 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering US$1,366,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due June 17, 2027, linked to the Class A common stock of Robinhood Markets, Inc. The notes pay a monthly contingent coupon of 1.9025% (about 22.83% per year), but only if on each observation date the Robinhood share price is at or above the coupon barrier of $59.75, which is 50% of the initial level of $119.50. Starting March 12, 2026, the notes will be automatically redeemed if the share price is at or above the initial level, returning principal plus the applicable coupon. If the notes are not called and the final share price on June 14, 2027 is below the $59.75 trigger, investors will lose principal in line with the stock’s percentage decline, and could lose their entire investment. The estimated initial value is $966.54 per $1,000, and the notes are unsecured obligations, not insured deposits.

Bank of Montreal is offering US$2,476,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes linked to the common stock of Tesla, Inc. The notes pay a contingent coupon of 4.00% per quarter (about 16.00% per year) only if Tesla’s closing share price on each observation date is at or above the coupon barrier.

The Tesla initial level is set at $458.96, with both the coupon barrier and trigger level at $229.48, or 50% of the initial level. If on or after March 13, 2026 Tesla closes at or above the initial level on an observation date, the notes are automatically redeemed at par plus the applicable coupon. If the notes are not called and Tesla finishes below the trigger on the valuation date, investors lose principal in line with the share decline, potentially down to zero. The estimated initial value is $967.40 per $1,000 of principal.

Bank of Montreal is offering $1,518,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 17, 2032. The notes pay 4.65% per annum, with interest paid semi-annually on June 17 and December 17, starting June 17, 2026, on minimum denominations of $1,000 per note. Unless earlier redeemed, investors receive $1,000 per note plus accrued interest at maturity.

The notes are callable at par plus accrued interest, in whole but not in part, on semi-annual optional redemption dates from June 17, 2027 through June 17, 2032. They are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and will not be listed on any securities exchange. The original issue price is $1,000 per note, with an underwriting discount of $7 per note, resulting in issuer proceeds of $1,507,374.

Bank of Montreal is offering US$16,864,000 of senior Medium-Term Notes, Series K, in the form of Autocallable Barrier Notes with Memory Coupons due June 16, 2027, linked to the worst performer of Apple and Amazon stock. The notes pay a contingent coupon of 2.75% per quarter (about 11.00% per year), or $27.50 per $1,000, only if both stocks close at or above their coupon barrier on each observation date.

The coupon barrier and trigger for Apple are $166.82 and for Amazon $138.17, each 60.00% of the initial level. Starting March 11, 2026, if both stocks are at or above their initial levels on an observation date, the notes are automatically redeemed at par plus any due coupons. If not called and any stock finishes below its trigger, investors receive shares of the worst-performing stock (or cash equivalent) worth less than principal. The price to the public is 100% of principal, with a 1.50% agent’s commission, and the estimated initial value is $979.04 per $1,000.

Bank of Montreal is offering unsecured, market-linked senior notes tied to the Class A common stock of Twilio Inc. Each security has a $1,000 face amount, an original offering price of $1,000 and an estimated initial value of $964.21. The notes pay a 15.90% per annum contingent coupon, due quarterly, but only if Twilio’s closing value on each calculation day is at or above the coupon threshold of $79.752, which is 60% of the starting value of $132.92.

The notes are auto-callable from March 2026 through September 2028 if Twilio’s closing value on a calculation day is at or above the starting value, in which case investors receive the $1,000 face amount plus the final coupon and no further payments. If not called, at maturity in December 2028 investors receive $1,000 only if the ending value is at or above the downside threshold of $79.752; otherwise the principal is reduced in line with Twilio’s decline, with losses greater than 40% and up to all principal possible. The securities do not participate in any upside of Twilio beyond coupons, are not listed on an exchange, carry full credit risk of Bank of Montreal, and involve complex, uncertain U.S. and non-U.S. tax treatment, including potential 30% withholding on coupons for non-U.S. holders.

Bank of Montreal is offering US$16,864,000 of senior Medium-Term Notes, Series K, structured as autocallable barrier notes with memory coupons due June 16, 2027, linked to the least-performing of Apple and Amazon common stock. The notes pay a contingent coupon of 2.75% per quarter (about 11.00% per year), or $27.50 per $1,000, only if both stocks stay at or above preset coupon barrier levels equal to 60% of their initial prices.

If on or after March 11, 2026 both stocks are at or above their initial levels on an observation date, the notes are automatically redeemed at par plus any due coupons. If the notes are not called and, on the valuation date, either stock is below its 60% trigger level, investors receive shares (or cash) of the worst-performing stock worth less than the principal, and possibly zero, so principal is at risk. The estimated initial value is $979.04 per $1,000, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering unsecured Series K senior medium-term notes that are equity-linked and auto-callable, with contingent coupons and principal at risk. The notes are linked to the worst performer among the common stocks of Amazon.com, Inc. (AMZN), NVIDIA Corporation (NVDA) and UnitedHealth Group Incorporated (UNH) and are scheduled to mature on December 15, 2028, unless automatically called earlier.

Each security has a $1,000 face amount and original offering price of $1,000, with an estimated initial value of $958.57. Investors may receive a monthly contingent coupon at a 18.65% per annum rate, but only if, on the relevant calculation day, the lowest performing stock is at or above its coupon threshold, set at 60% of its starting value. Missed coupons can be recovered later via a “memory” feature if the condition is subsequently met.

If from March 2026 through November 2028 the lowest performing stock is at or above its starting value on a calculation day, the notes are automatically called at par plus the applicable coupon and any unpaid coupons. If the notes are not called and, on the final calculation day, the lowest performer is at or above its downside threshold (also 60% of starting value), investors receive the $1,000 face amount; if it is below that level, the maturity payment is reduced in line with the stock’s decline, and investors can lose more than 40%, up to their entire principal. Investors do not participate in any upside of the underliers and are fully exposed to Bank of Montreal’s credit risk.

Bank of Montreal is issuing senior unsecured market-linked notes tied to the worst performer of Amazon, Alphabet Class A, and NVIDIA, maturing on December 15, 2028. Each security has a $1,000 face amount and an original offering price of $1,000, with an estimated initial value of $961.21, reflecting offering and hedging costs.

The notes pay a quarterly contingent coupon at a 14.10% per annum rate only if the lowest-performing stock on the calculation day is at or above 50% of its starting value; missed coupons can be paid later via a memory feature. From June 2026, the notes are auto-callable if the worst stock is at or above its starting value, returning face value plus due coupons.

If not called, investors receive $1,000 at maturity only if the worst stock is at or above its 50% downside threshold; otherwise repayment is reduced in line with that stock’s decline, with losses potentially reaching 100% of principal. The notes carry full credit risk of Bank of Montreal, lack deposit insurance, may have limited secondary liquidity, and involve complex tax and market risks.

Bank of Montreal is offering senior Medium-Term Notes, Series K, which are fixed-rate, redeemable notes due December 23, 2030. Each Note has a $1,000 principal amount and pays fixed interest of 4.30% per annum, with semi-annual payments on June 23 and December 23 starting in 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 December 23, 2029. They are unsecured obligations of the bank, are not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited.

The Notes are designated as bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, in a bail-in conversion. Each holder is deemed to agree to these Canadian bail-in powers and related jurisdictional terms.

Bank of Montreal is offering unsecured notes linked to the S&P 500® Index that pay no interest and are designed to be held to maturity over an expected 27–30 month term. For each $1,000 note, investors get 150% of any positive S&P 500 return, but gains are capped by a maximum settlement amount expected to range from $1,230.55 to $1,271.05. If the index finishes between 85.00% and 100.00% of its initial level, investors receive back only the $1,000 principal. Below the 85.00% buffer level, principal losses increase at about 1.1765% for every 1% further decline, up to a total loss. The estimated initial value is expected between $969.00 and $999.00 per $1,000, the notes will not be listed on an exchange, and all payments depend on Bank of Montreal’s creditworthiness, with complex and uncertain U.S. tax treatment.

Bank of Montreal is offering unsecured, fixed-rate senior medium-term notes due December 18, 2037, with a principal amount of $1,000 per Note and a 5.15% annual interest rate. Interest is paid in cash in U.S. dollars semi-annually on June 18 and December 18, starting June 18, 2026, until maturity or earlier redemption. Unless previously redeemed, holders receive $1,000 per Note plus any accrued and unpaid interest at maturity.

The Notes are redeemable 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, 2030 through June 18, 2037. The Notes 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 under Canadian bank resolution powers. They are not listed on any securities exchange, are subject to Bank of Montreal’s credit risk, and may have limited or no secondary market liquidity. The original issue price is $1,000 per Note, with a $7 underwriting discount and $993 in proceeds to Bank of Montreal per Note.

Bank of Montreal is offering senior medium-term notes that pay a fixed interest rate of 4.60% per year and are scheduled to mature on December 16, 2032. Each note has a $1,000 principal amount, with an original issue price of $1,000, a $15 underwriting discount and $985 in proceeds to Bank of Montreal per note.

Interest is paid in cash in U.S. dollars semi-annually on June 26 and December 26, starting June 26, 2026. The notes are redeemable at Bank of Montreal’s option, in whole but not in part, at 100% of principal plus accrued interest on semi-annual dates from June 26, 2027 through June 26, 2032.

The notes 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. They are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished under Canadian bank resolution powers.