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

Bank of Montreal is offering auto-callable market-linked securities tied to the common stock of Super Micro Computer, Inc., each with a $1,000 face amount and an estimated initial value of $959.70 per security, not less than $920.00 at pricing. The notes pay a contingent coupon at a rate of at least 23.40% per year, but only for months when the stock closes at or above a coupon threshold set at 60% of the starting value, with missed coupons potentially paid later under a memory feature.

The notes can be automatically called on monthly dates from March 2026 through November 2028 if the stock closes at or above its starting value, in which case investors receive $1,000 plus the due coupon payments. If the notes are not called and the ending value is at or above the 60% downside threshold, investors receive $1,000 at maturity; if it is below that level, repayment follows the stock’s decline and investors can lose more than 40% and up to all of principal.

All payments depend on Bank of Montreal’s credit, the securities are unsecured and not insured by any government agency, there may be little or no secondary market, and the U.S. and Canadian tax treatment, including possible 30% withholding on coupons for many non-U.S. holders, involves significant uncertainty.

Bank of Montreal is issuing US$1,251,000 of Senior Medium-Term Notes, Series K, barrier notes due December 16, 2027, linked to the least performing of Salesforce common stock and the S&P 500® Index.

The notes pay monthly coupons at 0.7625% of principal (approximately 9.15% per year), so each coupon equals $7.625 for every $1,000 of principal.

At maturity, holders receive $1,000 per $1,000 of principal unless a trigger event occurs, which happens if either reference asset finishes below 60.00% of its initial level ($158.52 for Salesforce and 4,132.01 for the S&P 500) on the valuation date; in that case, repayment is reduced in proportion to the percentage decline of the worst performer and can fall to zero, although the final coupon is still paid.

The estimated initial value is $988.78 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured, unsubordinated obligations of Bank of Montreal distributed through BMO Capital Markets, which receives a 0.40% selling commission, resulting in 99.60% of proceeds to the bank.

Bank of Montreal is offering $4,629,000 of senior medium-term autocallable barrier notes linked to Tesla, Inc. common stock. The notes pay a contingent coupon of 3.7625% per quarter (approximately 15.05% per year), or $37.625 per $1,000 of principal, but only if Tesla’s closing price on an observation date is at or above the coupon barrier of $223.45, which is 50.00% of the $446.89 initial level.

Beginning on June 15, 2026, if Tesla closes above the call level of 100% of the initial level on an observation date, the notes are automatically redeemed at par and any due contingent coupons are paid, ending further payments. If the notes are not called and Tesla finishes at or above the $223.45 trigger level on the valuation date in December 2028, investors receive their full $1,000 principal per note plus any due coupons; if Tesla finishes below the trigger, principal is reduced in line with Tesla’s percentage loss and can fall to zero.

The notes are unsecured obligations of Bank of Montreal and are not insured by U.S. or Canadian deposit insurance agencies. The estimated initial value is $970.63 per $1,000 of principal, below the $1,000 issue price, reflecting embedded costs, hedging and commissions, including a 1.50% selling commission and proceeds to the issuer of 98.50% of principal.

Bank of Montreal is offering unsecured, S&P 500®-linked notes that pay no interest and are designed to be held to maturity, expected to be 13 to 15 months from the trade date. Each note has a $1,000 principal amount and provides 125% participation in any positive S&P 500® return, capped at a maximum settlement amount expected between $1,111.75 and $1,131.125 per note.

The notes include a 10.00% downside buffer: if the index ends between 90.00% and 100.00% of its initial level, investors receive back principal only. Below 90.00%, investors lose approximately 1.1111% of principal for every 1% the index falls under the buffer, which can result in a full loss. The estimated initial value is expected between $958.20 and $988.20 per $1,000, reflecting offering and hedging costs. The notes will not be listed on any exchange and all payments depend on the credit of Bank of Montreal.

Bank of Montreal is offering senior unsecured market-linked notes due December 22, 2028, whose payments are tied to the worst performer among AbbVie, Amgen and Eli Lilly common stocks. Each $1,000-denomination security is priced at $1,000, with an estimated initial value of $966.50, and is not bail-inable or insured by any deposit insurance scheme.

The notes can pay a monthly contingent coupon at a rate of at least 12.90% per annum if on each calculation day the lowest performing stock is at or above 60% of its starting value, with a memory feature for previously missed coupons. From June 2026 to November 2028, if that lowest stock is at or above its starting value on a calculation day, the notes are automatically called for $1,000 plus the applicable coupons. If not called, at maturity investors receive $1,000 only if the lowest stock is at or above 60% of its starting value; otherwise repayment is reduced in line with that stock’s decline and losses can exceed 40% of principal. Investors do not share in any stock price gains, bear Bank of Montreal credit risk, and face complex U.S. tax treatment, including expected 30% withholding on coupons for many non-U.S. holders. Wells Fargo Securities acts as agent, receiving up to $23.25 per $1,000 security, with $976.75 per security to Bank of Montreal.

Bank of Montreal is offering senior unsecured, equity-linked notes that are auto-callable and pay contingent monthly coupons, each with a $1,000 face amount and an estimated initial value of $965.80 per security (not less than $920.00 at pricing. The notes are linked to the lowest performing of the common stocks of Apollo Global Management, Blackstone and Invesco and mature on December 22, 2028.

Investors may receive a monthly coupon at a rate of at least 14.30% per annum only if the lowest performing stock on each calculation day is at or above 60% of its starting value, with a memory feature that can pay previously missed coupons if conditions are later met. The notes can be automatically called from June 2026 through November 2028 if the lowest performing stock is at or above its starting value, returning principal plus due coupons.

If the notes are not called and the lowest performing stock is below 60% of its starting value at maturity, repayment of principal is reduced one-for-one with the stock’s decline, leading to losses greater than 40% and up to a full loss of principal, while investors do not participate in any stock appreciation.

Bank of Montreal is issuing US$1,295,000 of Senior Medium-Term Notes, Series K Capped Enhanced Return Notes due January 15, 2027, linked to the S&P 500^® Index. These notes offer 200% leveraged upside on any index gains, but the payment at maturity is capped at a Maximum Redemption Amount of $1,140 per $1,000 in principal, a 14% maximum return.

If the S&P 500 falls below the Initial Level of 6,886.68, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on any exchange. The price to the public is 100% of principal, with an agent’s commission of 1.93% and proceeds to Bank of Montreal of 98.07%, and the estimated initial value is $979.51 per $1,000.

Bank of Montreal is issuing $7,234,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 2, 2030. Each Note has a $1,000 principal amount and pays interest at a fixed 4.30% per annum, with semi-annual payments on June 15 and December 15 starting June 15, 2026.

The Notes are callable by Bank of Montreal at 100% of principal plus accrued interest on optional redemption dates every June 15 and December 15 from December 15, 2026 through June 15, 2030. They are unsecured, bail-inable obligations of Bank of Montreal, subject to Canadian bank resolution powers, and are not insured by any deposit insurance agency.

The Notes will not be listed on any securities exchange. The original issue price is $1,000 per Note, with an underwriting discount of $10 per Note, resulting in total proceeds to Bank of Montreal of $7,161,660 before expenses.

Bank of Montreal is issuing US$1,007,000 of Senior Medium-Term Notes, Series K, maturing on December 13, 2027, linked to the S&P 500® Index. These “Contingent Risk Absolute Return Buffer Notes” provide 1-to-1 upside exposure to the index, capped at a Maximum Redemption Amount of $1,129 per $1,000 note, a 12.90% maximum gain. If the index falls but stays at or above 70% of its Initial Level, investors receive a 50% leveraged positive return on the decline, up to a Maximum Downside Redemption Amount of $1,150 per $1,000 note, a 15.00% gain.

If the index drops more than 30% from its Initial Level, principal is reduced 1% for each additional 1% decline, with up to 70% 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 a 0.50% agent’s commission and estimated initial value of $983 per $1,000 note.

Bank of Montreal is issuing US$663,000 of Senior Medium-Term Notes, Series K, digital return barrier notes maturing January 12, 2027, linked to the S&P 500, Russell 2000 and Dow Jones Industrial Average. These notes pay no interest but can provide a fixed 6.77% digital return at maturity if the least-performing index finishes at or above 65% of its initial level.

If that least-performing index closes below 65% of its initial level on the valuation date, principal is reduced one-for-one with the decline, so investors can lose some or all of their investment. The structure caps upside at the digital return even if the indexes rise substantially.

The notes price at 100% of principal with a 1.93% selling commission, and the estimated initial value is $974.42 per $1,000. They are unsecured, unsubordinated obligations of Bank of Montreal, not listed on any exchange, and are subject to the bank’s credit risk, limited liquidity and complex tax treatment.

Bank of Montreal is issuing $3,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due December 12, 2030. The notes have a principal amount of $1,000 per note and pay interest at 4.40% per annum, with semi-annual payments each June 12 and December 12 starting June 12, 2026.

Bank of Montreal may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on optional redemption dates every June 12 and December 12 from December 12, 2027 through June 12, 2030. The notes are unsecured, will not be listed on any securities exchange, and are subject to Bank of Montreal’s credit risk.

The notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares or varied or extinguished in a resolution scenario. They are not insured by U.S. or Canadian deposit insurance schemes. The original issue price is $1,000 per note, with a $5.50 underwriting discount per note, resulting in total net proceeds of $2,985,510 to Bank of Montreal on the $3,000,000 offering.

Bank of Montreal is offering US$1,980,000 of senior medium-term Autocallable Barrier Notes due December 13, 2027, linked to the common stock of lululemon athletica inc. The notes pay contingent monthly coupons at a rate of 0.8667% (approximately 10.40% per year) only if LULU’s closing level on each observation date is at or above the coupon barrier of $109.82, which is 60% of the initial level of $183.04.

Starting March 10, 2026, the notes will be automatically redeemed if LULU closes above the call level of 85% of the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and LULU’s final level on December 8, 2027 is at or above the trigger level of $109.82, investors receive full principal back, plus any final coupon. If the final level is below the trigger, repayment is reduced in line with LULU’s percentage loss and can fall to zero.

The notes are unsecured obligations of Bank of Montreal, offer only cash settlement, and are not insured by any deposit insurance agency. The estimated initial value is $957.32 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is offering US$693,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes linked to Celestica Inc. common shares and due in December 2028.

The notes can be automatically redeemed starting December 2026 if Celestica’s share price is at or above the initial level, paying back principal plus a step-up call amount that rises from $450 to $1,350 per $1,000 of principal, equal to about 45.00% per year. If they are not called, investors receive full principal at maturity unless the final share price is below 60.00% of the initial level, in which case repayment is reduced one-for-one with the share decline and can fall to zero. The estimated initial value is $957.12 per $1,000, and the notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency.

Bank of Montreal is issuing US$354,000 of senior medium-term Autocallable Barrier Notes due January 11, 2027, linked to the common stock of PepsiCo, Inc. These unsecured notes pay a contingent coupon of 0.8225% per month (approximately 9.87% per annum), or $8.225 per $1,000 principal amount, only if on each Observation Date PepsiCos share price is at or above the coupon barrier of $110.22, which is 76.00% of the Initial Level of $145.02.

Beginning June 08, 2026, the notes will be automatically redeemed if PepsiCos share price is above the Call Level, set at 100% of the Initial Level, returning principal plus the applicable contingent coupon. If the notes are not called and PepsiCos Final Level on the Valuation Date is below the Trigger Level of $110.22, investors receive shares (or cash) worth less than the $1,000 principal, and could lose their entire investment.

The price to the public is 100% of principal, with a 0.65% agents commission and 99.35% of principal, or $351,699.00, in proceeds to Bank of Montreal. The estimated initial value is $989.32 per $1,000 principal amount, reflecting structuring and hedging costs, and the document highlights both market risks and uncertainty around U.S. federal tax treatment.

Bank of Montreal is offering US$3,818,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due December 11, 2028. The notes are linked to the least performing of Alphabet Class C (GOOG), Microsoft (MSFT) and Tesla (TSLA). They pay a contingent coupon of 1.5833% per month (approximately 19.00% per year), but only when the closing level of each stock on an observation date is at or above 60% of its initial level; missed coupons can be paid later if conditions are met.

Beginning December 8, 2026 the notes are subject to automatic redemption if all three stocks are at or above their initial levels, returning principal plus any due coupons. If the notes are not called, principal is repaid at maturity only if no stock has fallen below its 60% trigger level; otherwise investors lose principal in line with the decline of the weakest stock, and could lose the entire amount. The estimated initial value is $959.86 per $1,000 note, below the 100% price to the public, and the notes are unsecured, uninsured obligations of Bank of Montreal.

Bank of Montreal is offering unsecured equity-linked notes tied to the MSCI EAFE Index®. The notes have a term expected between 23 and 26 months and pay no interest. At maturity, investors receive $1,000 per note plus a positive return if the index has risen, with a 160% upside participation rate, but returns are capped by a maximum settlement amount expected between $1,219.52 and $1,258.08 per $1,000.

If the index falls by up to 15% from its initial level, investors receive their $1,000 principal back. If it falls more than 15%, principal is reduced by about 1.1765% for every additional 1% decline below 85% of the initial level, so some or all principal can be lost. The notes will not be listed on an exchange, their estimated initial value is expected between $969.00 and $999.00 per $1,000, and all payments depend on Bank of Montreal’s credit. The U.S. tax treatment is uncertain and subject to change.

Bank of Montreal is offering Accelerated Return Notes® linked to the common stock of Apple Inc., maturing in February 2027. Each note has a $10 principal amount and provides a 300% participation rate in any positive price change of Apple shares from the pricing date to the calculation day, subject to a Capped Value between $11.80 and $12.20 per unit (an 18% to 22% maximum return over principal, set on the pricing date).

If the Ending Value of Apple stock is at or below the Starting Value, investors receive less than their principal and can lose their entire investment. The notes are senior unsecured debt of BMO, not insured by the CDIC or FDIC, and all payments depend on BMO’s credit. The initial estimated value is expected to range from $9.00 to $9.47 per unit, below the $10.00 public offering price, reflecting BMO’s internal funding rate, a $0.175 per-unit underwriting discount and a $0.05 per-unit hedging-related charge. The notes will not be listed on any securities exchange and are initially sold in minimum denominations of 100 units.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes due December 18, 2028. Each Note has a $1,000 principal amount and pays a fixed interest rate of 4.10% per annum, with interest paid semi-annually on June 18 and December 18, starting June 18, 2026.

The Notes can 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. They are unsecured obligations of Bank of Montreal and are not insured by U.S. or Canadian deposit insurance agencies, so repayment depends on the bank’s creditworthiness.

The Notes are designated as bail-inable, meaning they may be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under Canadian bank resolution powers in a bail-in scenario. The Notes will not be listed on any securities exchange. The original issue price per Note is $1,000, including a $10 underwriting discount, resulting in $990 in proceeds to Bank of Montreal per Note.

Bank of Montreal is issuing $1,738,000 of Senior Medium-Term Notes, Series K, market-linked to the S&P 500® Index and maturing on December 3, 2030. For each $1,000 invested, holders get the full principal back at maturity if the index is flat or down, and a 1-to-1 upside participation if the index rises, capped at a Maximum Redemption Amount of $1,422.50, representing a 42.25% maximum return.

The notes pay no interest, are not listed on any exchange, and all payments depend on the creditworthiness of Bank of Montreal. The initial estimated value is $977.83 per $1,000, below the price to the public, reflecting offering, hedging and distribution costs, including a 0.25% agent commission and up to 0.75% referral fees. For U.S. tax purposes, the notes are expected to be treated as contingent payment debt instruments, meaning investors may recognize taxable income each year even though cash is only received at maturity.

Bank of Montreal is issuing US$993,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due December 31, 2026, linked to the least performing of the S&P 500 Index and the Russell 2000 Index. The notes offer a fixed 10.20% digital return per $1,000 principal if the final level of the worst-performing index is at or above its initial level on the valuation date. If the worst-performing index finishes below its initial level but at or above 70% of that level, investors simply receive their $1,000 principal back.

If the worst-performing index closes below 70% of its initial level, repayment is reduced 1% for each 1% decline, with losses up to 100% of principal. The notes pay no periodic 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 1.93% selling commission, and the bank’s estimated initial value is $958.54 per $1,000.

Bank of Montreal is issuing US$2,647,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due November 30, 2028, linked to the least performing of the Dow Jones Industrial Average, Russell 2000 and S&P 500.

Beginning December 1, 2026, if on any Observation Date each index closes at or above its Initial Level, the notes are automatically redeemed at par plus a fixed Call Amount, equating to a return of about 10.25% per year.

If not called, investors get 200% of any positive performance of the worst-performing index at maturity. Principal is protected only down to a 30% decline; below that, losses match the index loss and can reach 100% of principal. The notes pay no interest, are unsecured and unlisted, and the estimated initial value is $936.03 per $1,000 face amount, below the issue price.

Bank of Montreal is offering US$3,830,000 of senior medium-term Autocallable Barrier Enhanced Return Notes due November 30, 2028, linked to the S&P 500® Index. These notes pay no interest and are unsecured obligations of Bank of Montreal, exposed to its credit risk and not insured by U.S. or Canadian deposit insurance schemes.

The notes may be automatically redeemed on December 1, 2026 if the S&P 500 closes above 100% of its Initial Level, returning principal plus a $74 per $1,000 Call Amount, equivalent to approximately 7.40% per annum. If not called, at maturity investors receive 1‑to‑1 upside on any index gain; full principal back if the index ends between 75% and 100% of its Initial Level; and a loss of 1% of principal for each 1% index decline below the 75% barrier, up to total loss.

The price to the public is 100% of principal, with an agent’s commission of approximately 3.1984%, resulting in proceeds to Bank of Montreal of about 96.8016% of the offering amount. The issuer’s estimated initial value is $948.75 per $1,000, reflecting offering, structuring and hedging costs, and the notes are not expected to be listed on any securities exchange, highlighting liquidity risk.

Bank of Montreal is offering US$5,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes linked to Advanced Micro Devices, Inc. common stock. The notes pay a contingent coupon of 1.6667% per month (approximately 20.00% per annum) for each Observation Date on which AMD’s closing level is at or above the Coupon Barrier Level of $150.54, which is 70.00% of the Initial Level of $215.05.

Starting February 24, 2026, the notes are automatically redeemed if AMD closes above the Initial Level on an Observation Date, returning principal plus the applicable coupon. If the notes are not called and AMD’s Final Level is at or above the Trigger Level of $150.54, investors receive full principal back at maturity. If a Trigger Event occurs (Final Level below the Trigger Level), investors receive shares of AMD (or cash) equal to the defined Physical or Cash Delivery Amount, which may be worth significantly less than principal and can be zero.

The notes are unsecured obligations of Bank of Montreal, are not FDIC or CDIC insured, and have an estimated initial value of $958.53 per $1,000 principal on the pricing date. U.S. investors are expected to treat the notes as pre-paid contingent income-bearing derivative contracts for federal tax purposes, and the notes feature dealer commissions, potential market-making by BMOCM, and a temporary one-month upward pricing adjustment after issuance.

Bank of Montreal is issuing $1,537,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons 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 0.6167% per month (about 7.40% per year) only if, on each observation date, both indexes are at or above 80% of their initial levels.

Beginning May 26, 2026, the notes will be automatically redeemed if both indexes are at or above 100% of their initial levels, returning principal plus that period’s coupon. If the notes are not called and, at maturity, either index has fallen below its 80% trigger level, investors lose principal in line with the decline of the worst-performing index, up to a total loss. The estimated initial value is $959.80 per $1,000, below the price to the public, and the notes are unsecured obligations of Bank of Montreal with no FDIC or CDIC insurance.

Bank of Montreal is issuing US$443,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due May 29, 2026, linked to the common stock of Moderna, Inc. (MRNA). The notes are priced at 100% of principal, with a 1.00% agent’s commission and estimated initial value of $967.09 per $1,000 in principal amount.

Investors may receive a 2.50% monthly contingent coupon (about 30.00% per year) if on each Observation Date Moderna’s share price is at or above the $15.70 Coupon Barrier, which is 65.00% of the $24.15 Initial Level. Beginning February 24, 2026, the notes auto-call if the stock closes above the Initial Level, returning principal plus that month’s coupon. If not called and the Final Level is below the $15.70 Trigger Level, investors receive shares (or cash equivalent) worth less than principal, potentially as low as zero, plus any final coupon if payable.

Bank of Montreal is offering US$5,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons linked to the Class A common stock of Palantir Technologies Inc. (PLTR), maturing on May 29, 2026. The notes pay a contingent coupon of 1.8333% per month (approximately 22.00% per annum) for each Observation Date on which Palantir’s closing level is at or above the Coupon Barrier Level of $113.58, which is 70.00% of the Initial Level of $162.25.

Beginning February 24, 2026, if Palantir’s closing level on an Observation Date is at or above the Call Level, equal to 100% of the Initial Level, the notes are automatically redeemed at par plus the applicable coupon. If not called, investors receive full principal at maturity as long as the Final Level is at or above the Trigger Level of $113.58; otherwise they receive shares (or cash equivalent) based on the Physical Delivery Amount, which can be worth substantially less than principal. The notes are unsecured, not insured by any deposit insurer, and their estimated initial value is $949.72 per $1,000 in principal amount.

Bank of Montreal is offering senior medium-term fixed rate notes due December 12, 2030. Each Note has a $1,000 principal amount and pays a fixed interest rate of 4.50% per annum, with interest paid semi-annually on June 12 and December 12, starting June 12, 2026.

The Notes may be redeemed by Bank of Montreal at par plus accrued interest, in whole but not in part, on optional redemption dates every June 12 and December 12 from December 12, 2026 through June 12, 2030. They are unsecured obligations, not insured by any government agency, and will not be listed on any securities exchange, so liquidity may be limited.

The Notes are designated as bail-inable notes and may be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under Canadian bank resolution powers. For each Note, the original issue price is $1,000, the underwriting discount is $15, and proceeds to Bank of Montreal are $985.

Bank of Montreal is offering US$809,000 Senior Medium-Term Notes, Series K Contingent Risk Absolute Return Buffer Notes due November 29, 2030, linked to the S&P 500® Index.

The notes provide 150.00% leveraged upside to the index, capped at a Maximum Redemption Amount of $1,371.00 per $1,000 (a 37.10% maximum gain). If the index finishes below the Initial Level but at or above the 80.00% Buffer Level, holders receive 150.00% of the absolute decline, up to a Maximum Downside Redemption Amount of $1,300.00 per $1,000 (a 30.00% gain.

If the S&P 500® falls more than 20.00% from the Initial Level of 6,705.12, principal is reduced 1% for each 1% drop beyond the buffer, with up to 80.00% loss. The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and have an estimated initial value of $933.39 per $1,000, below the 100% issue price, reflecting offering and hedging costs.

Bank of Montreal is issuing US$1,141,000 of Senior Medium-Term Notes, Series K Capped Buffer Enhanced Return Notes due November 30, 2028, linked to the S&P 500® Index. The notes offer 150.00% leveraged upside on any S&P 500® gain, but the payment is capped at a Maximum Redemption Amount of $1,220.00 per $1,000 in principal (a 22.00% maximum return).

The notes provide a 20.00% downside buffer: if the index falls by 20.00% or less from the Initial Level of 6,705.12, investors receive principal back at maturity. If the index decline exceeds 20.00%, investors lose 1% of principal for each additional 1% drop, and could lose up to 80.00% of principal.

The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and are subject to the bank’s credit risk and limited secondary market liquidity. The estimated initial value is $954.19 per $1,000, below the 100% price to public, reflecting offering and hedging costs and internal funding rates.

Bank of Montreal is issuing $1,710,000 of Senior Medium-Term Notes, Series K, maturing on November 30, 2028, whose return is linked to the least performing of the NASDAQ-100 Index® (NDX) and the Dow Jones Industrial Average® (INDU). The notes offer 1-to-1 exposure to any positive performance of the weaker of the two indexes, multiplied by a 100% Upside Leverage Factor, but the total payoff is capped at a Maximum Redemption Amount of $1,210 per $1,000 of principal, a maximum return of 21.00%.

If the Final Level of the Least Performing Reference Asset is at or below its Initial Level, investors receive back only the $1,000 principal at maturity, with no additional return, and the notes pay no periodic interest. The estimated initial value is $968.05 per $1,000 of principal, below the price to the public, reflecting structuring, distribution and hedging costs. The notes are unsecured obligations of Bank of Montreal, subject to its credit risk, are not insured by any deposit insurer, and will not be listed on any securities exchange, so liquidity will depend on BMO Capital Markets’ willingness to make a secondary market.

Bank of Montreal is offering US$658,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with step-up call amounts due November 30, 2029. The notes are linked to the least performing of the NASDAQ-100 Index®, the Russell 2000® Index and the Dow Jones Industrial Average®.

Starting December 1, 2026, if on any Observation Date all three indexes close at or above 100% of their Initial Levels, the notes are automatically redeemed at par plus a fixed Call Amount, which steps up over time and equates to about 9.50% per year (for example, $95 on the first call date and up to $380 per $1,000 note on the Valuation Date). If the notes are not called and the worst-performing index is at or above 70% of its Initial Level on the Valuation Date, investors receive full principal at maturity; if it is below 70%, repayment is reduced in line with the negative performance of that index, potentially to zero.

The notes are unsecured obligations of Bank of Montreal and are not insured by any government agency. The estimated initial value is $941.44 per $1,000 principal amount, reflecting dealer compensation and hedging costs. For U.S. federal income tax purposes, the notes are intended to be treated as pre-paid derivative contracts linked to the reference indexes.

Bank of Montreal is offering $3,933,000 of senior market-linked notes tied to the worst performer of Meta (META), NVIDIA (NVDA) and PayPal (PYPL), with a $1,000 face amount per security and an estimated initial value of $947.55. The notes pay a monthly contingent coupon at a 20.00% per annum rate only if the lowest performing stock on each calculation day closes at or above 65% of its starting value; missed coupons can be "remembered" and paid later if the test is met. From February 2026 to October 2028, the notes are auto-callable if the lowest stock is at or above its starting value, returning principal plus the applicable coupon(s). If the notes are not called and, at final valuation in November 2028, the lowest stock is below 65% of its starting value, repayment of principal is reduced in line with that decline, and investors can lose more than 35% and up to all of their investment. The securities are unsecured obligations of Bank of Montreal, carry issuer credit and liquidity risk, and feature complex, uncertain U.S. tax treatment, including 30% withholding on coupons for many non-U.S. investors.

Bank of Montreal is issuing US$1,289,000 of Senior Medium-Term Notes, Series K, callable barrier notes due November 30, 2028, linked to the S&P 500 Index, the Russell 2000 Index and the Nasdaq-100 Technology Sector Index.

The notes offer a monthly contingent coupon of 0.6833% (about 8.20% per year), paying only if all three indices are at or above 70% of their initial levels on each observation date. Beginning May 26, 2026, BMO may call the notes on any observation date, returning principal plus the applicable coupon.

If the notes are not called and any index finishes below its 70% trigger level at maturity, principal is reduced 1% for each 1% decline in the worst-performing index, potentially to zero. The notes are unsecured, will not be listed, and have an estimated initial value of $931.40 per $1,000 reflecting embedded costs and hedging.

Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes, Series K, due December 12, 2030. Each Note has a principal amount of $1,000 and pays fixed interest at 4.40% per annum, with interest paid semi-annually on June 12 and December 12, starting June 12, 2026.

The Notes are unsecured obligations of Bank of Montreal and are subject to the bank’s credit risk. They are also bail-inable notes, meaning they can be converted into common shares of Bank of Montreal or an affiliate, or varied or extinguished, under the Canada Deposit Insurance Corporation Act in the event of a resolution action.

The Notes may be redeemed at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on specified semi-annual dates from December 12, 2027 through June 12, 2030. The Notes will not be listed on any securities exchange, and no active trading market is expected. The original issue price is $1,000 per Note, including a $15 underwriting discount, resulting in $985 in proceeds to Bank of Montreal per Note.

Bank of Montreal is issuing US$178,000 of Senior Medium-Term Notes, Series K, maturing on November 30, 2028, linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The notes offer 125% leveraged upside on any positive performance of the worst-performing index, but principal is only protected if that index does not fall more than 25% from its initial level. If it declines beyond this 25% barrier, repayment is reduced 1% for every 1% drop, down to a possible total loss of principal.

The notes pay no interest, are not listed on any exchange, and all payments depend on the credit of Bank of Montreal. The price to the public is 100% of principal, with a 3.00% selling commission and 97.00% of proceeds to the bank. The estimated initial value is $959.79 per $1,000, reflecting offering, structuring and hedging costs. The minimum denomination is $1,000, and the product carries complex market, liquidity, credit and tax risks.

Bank of Montreal is issuing senior market-linked notes tied to an approximately equally weighted basket of the Nasdaq-100, S&P 500 and EURO STOXX 50 indices, maturing on November 29, 2029. Each security has a $1,000 face amount, a 100% upside participation rate and a maximum return of 32.40%, capping the maturity value at $1,324 per security. Downside exposure is 1-to-1 for the first 5% decline in the basket, with a minimum payment at maturity of $950, so investors can lose up to 5% of principal, subject to issuer credit risk.

The notes pay no interest, are unsecured obligations of Bank of Montreal and are not insured or exchange-listed. The estimated initial value on the pricing date is $955.37 per security, below the $1,000 offering price, reflecting distribution costs and hedging margins. For U.S. tax purposes, the notes are expected to be treated as contingent payment debt instruments with a comparable yield of 4.229%, meaning investors generally accrue taxable interest income each year before receiving any cash.

Bank of Montreal is issuing US$705,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Buffer Notes with Contingent Coupons due November 27, 2028. The notes are linked to the least-performing of Cleveland-Cliffs (CLF), Dow (DOW) and Marvell Technology (MRVL).

The notes pay a monthly contingent coupon of 1.375% (about 16.50% per year), or $13.75 per $1,000, only if each stock closes on or above its coupon barrier (60% of its initial level) on the observation dates. Starting November 23, 2026, the notes can be automatically redeemed if each stock is at or above its initial level, returning principal plus that month’s coupon.

At maturity, if not called, investors receive $1,000 per $1,000 note so long as the least-performing stock has not fallen more than 20% from its initial level. Below that 20% buffer, repayment is reduced one-for-one with further declines, with up to 80% loss of principal. The estimated initial value is $883.93 per $1,000, less than the issue price, reflecting fees and hedging costs, including a 3.25% selling commission.

Bank of Montreal is offering $5,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due November 29, 2030. The notes pay a fixed interest rate of 4.65% per annum, with interest paid semi-annually on May 28 and November 28, starting May 28, 2026, in $1,000 denominations.

The notes may be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on quarterly optional redemption dates from November 28, 2026 through August 28, 2030. At maturity, if not redeemed earlier, holders receive $1,000 per note plus any accrued and unpaid interest.

The notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, are not insured by U.S. or Canadian deposit insurance schemes, and will not be listed on any securities exchange. Underwriting discount is $2.50 per note, providing total proceeds to Bank of Montreal of $4,987,500.

Bank of Montreal is offering senior market-linked notes tied to the Nasdaq-100 Index®, maturing on November 30, 2027, with a $1,000 original offering price and an estimated initial value of $959.10 per security. The notes provide 200% upside participation, but gains are capped at a 20.00% maximum return, so the maximum maturity payment is $1,200 per security.

Downside is buffered only for the first 10% of losses: the threshold value is 22,386.465, or 90% of the 24,873.85 starting value. If the index falls more than 10%, investors lose 1% of principal for each additional 1% decline, with losses potentially reaching 90% of face amount. The notes pay no interest, are unsecured obligations of Bank of Montreal, are not bail-inable, and are not listed on any exchange, so liquidity and pricing before maturity may be limited.

Bank of Montreal is offering market-linked notes totaling $555,000, linked to the S&P 500® Index and maturing on November 29, 2028. Each unsecured note has a $1,000 face amount and is sold at $1,000, with an estimated initial value of $958.27 reflecting structuring and hedging costs.

The notes can be automatically called on November 30, 2026 if the index is at or above the starting level, returning principal plus a 7.65% call premium. If not called, holders get 1:1 upside participation at maturity and a 10% downside buffer; beyond that, losses track the index decline and can reach up to 90% of principal.

The notes pay no interest, are subject to Bank of Montreal’s credit risk, and will not be listed on any exchange, so liquidity may be limited. The pricing and secondary values depend on internal models, market factors and dealer hedging, and the U.S. tax treatment is described as uncertain, with potential adverse consequences if authorities take a different view.

Bank of Montreal is offering senior unsecured market-linked notes tied to the Class A common stock of CoreWeave, Inc. (CRWV), maturing on December 17, 2026, with a $1,000 face amount and original offering price per security. The estimated initial value on the preliminary date is $955.70 per security and will not be less than $910.00 at pricing.

At maturity, if the stock’s ending value is at or above 60% of its starting value, investors receive $1,000 plus a contingent fixed return of at least 48.00% of face value, capping upside at that level. If the ending value is below the 60% threshold, the payoff becomes $1,000 plus $1,000 times the stock return, giving full downside exposure and potential loss of more than 40%, up to total loss of principal. The notes pay no interest, are not listed on any exchange, carry Bank of Montreal credit risk, and include complex and uncertain U.S. tax treatment.

Bank of Montreal is offering US$705,000 of Series K autocallable barrier notes with memory coupons due November 27, 2028, linked to the least performing of Cleveland-Cliffs (CLF), Dow (DOW) and Marvell Technology (MRVL). The notes pay a contingent monthly coupon at 1.375% of principal (about 16.50% per year) when each stock closes at or above its coupon barrier, with missed coupons potentially paid later under a memory feature.

The notes can be automatically redeemed starting November 23, 2026 if each stock is at or above its initial level, returning principal plus any due coupons. Principal is at risk: if a trigger event occurs (any stock closing below 80% of its initial level on the valuation date) and each final level is below its initial level, repayment at maturity is reduced in line with the percentage loss of the worst-performing stock and can be zero. The estimated initial value is $883.93 per $1,000 of principal, below the issue price, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is issuing US$1,025,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due November 27, 2028. The notes are linked to the least performing of the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average.

Investors may receive monthly contingent coupons at a rate of 0.7792% (about 9.35% per year) if, on each observation date, all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. Beginning November 23, 2026, Bank of Montreal can call the notes in whole on any observation date, returning principal plus any due coupon.

If the notes are not called, principal repayment at maturity depends on index performance. If the final level of any index is below its 70% trigger level, repayment is reduced one-for-one with the decline of the worst-performing index and can be zero. The estimated initial value is $982.44 per $1,000, and the notes are unsecured, not insured deposits.

Bank of Montreal is offering US$780,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indices. The notes pay a monthly coupon of 0.7833% (approximately 9.40% per annum) as long as they remain outstanding and are subject to an automatic redemption feature.

Starting February 24, 2026, if on any observation date all three indices are at or above their initial levels, the notes are automatically redeemed at par plus the applicable coupon. If the notes are not called and any index finishes below 70% of its initial level on the valuation date, investors lose principal in line with the decline of the worst-performing index, potentially down to zero, though they still receive the final coupon.

The notes are unsecured obligations of Bank of Montreal, include dealer commissions of 0.65%, and have an estimated initial value of $983.45 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$1,038,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes due November 27, 2028, linked to the least-performing of the SPDR Gold Trust (GLD), VanEck Junior Gold Miners ETF (GDXJ) and iShares Silver Trust (SLV). The notes pay a fixed coupon of 0.7667% per month (about 9.20% per year, or $7.667 per $1,000) until they are either automatically redeemed or mature.

Starting May 21, 2026, if on any call observation date all three ETFs are at or above their initial levels, the notes are automatically redeemed at par plus that month’s coupon. If they are never called, investors receive $1,000 per note at maturity only if none of the ETFs has fallen below its trigger level of 70% of its initial price on the valuation date. If any one ETF is below its trigger, principal is reduced one-for-one with the percentage loss of the worst performer, and can be zero, though the final coupon is still paid.

The notes are unsecured obligations of Bank of Montreal, have an estimated initial value of $947.59 per $1,000, and include a 3.75% selling commission; they are intended for sophisticated investors willing to take concentrated gold and silver-related downside risk in exchange for high fixed coupons.

Bank of Montreal is offering US$2,466,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due November 27, 2028, linked to the least-performing of GLD, GDXJ and SLV. The notes pay a 1.25% monthly contingent coupon (about 15% per year) only if on each observation date all three reference assets are at or above their coupon barrier levels, set at 70% of initial levels. Beginning May 21, 2026, the notes are automatically redeemed if all assets are at or above their initial levels, returning principal plus any due coupon.

If the notes are not called and any reference asset finishes below its trigger level (also 70% of its initial level), investors lose principal in line with the worst performer, potentially down to zero. The price to the public is 100% of principal, with a 3.75% selling commission, and Bank of Montreal’s estimated initial value is $939.51 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering US$1,043,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due November 27, 2028, linked to the common stock of Target Corporation (TGT). The notes pay a contingent coupon of 2.5625% per quarter (about 10.25% per year) only if Target’s closing price on an observation date is at or above the coupon barrier of $52.57, which is 60% of the initial level of $87.62. Starting May 21, 2026, if Target closes above its initial level on an observation date, the notes are automatically redeemed at par plus the coupon, ending further payments. If the notes are not called and Target finishes below the trigger level of $52.57 on the valuation date, investors lose principal in line with the stock’s decline and could receive no repayment of principal. The estimated initial value is $933.93 per $1,000, below the issue price, and BMO receives 96% of principal after a 4% selling commission.

Bank of Montreal is issuing US$1,549,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the NASDAQ-100 Index® and maturing on November 26, 2030. The notes can be automatically redeemed starting November 27, 2026 if the index closes at or above its Initial Level of 24,239.57 on an Observation Date, paying back principal plus a fixed Call Amount that equates to roughly 6.80% per year.

If the notes are never called, investors receive $1,000 per note at maturity as long as the index’s Final Level is at or above the Trigger Level of 19,391.66, which is 80% of the Initial Level. If the Final Level is below the Trigger Level, repayment is reduced one-for-one with the index loss, and investors can lose most or all of their principal. The estimated initial value is $939.76 per $1,000 note, reflecting hedging and fees embedded in the structure.

Bank of Montreal is offering US$18,000 of Senior Medium-Term Notes, Series K, in the form of Autocallable Barrier Notes with Contingent Coupons due May 26, 2027, linked to the Class A subordinate voting shares of Shopify Inc. (SHOP). The notes have an Initial Level of $147.80, with both the Coupon Barrier and Trigger Level set at $73.90, which is 50% of the Initial Level.

The notes pay a contingent coupon of 3.775% per quarter (approximately 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. Starting February 23, 2026, the notes are 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 finishes below the Trigger Level on the Valuation Date, investors lose principal in line with the stock’s decline, potentially down to zero. The estimated initial value is $965.20 per $1,000, reflecting structuring and hedging costs.