Every 424B that MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BERZ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BERZ filings page.
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.
Bank of Montreal is offering US$1,010,000 of Senior Medium-Term Notes, Series K, in the form of Callable Barrier Notes with Memory Coupons linked to the common stock of Fiserv, Inc. (FISV), maturing on November 26, 2027. The notes pay a contingent quarterly coupon of 3.1125% (approximately 12.45% per annum), equal to $31.125 per $1,000, but only if Fiserv’s share price on each Observation Date is at or above the Coupon Barrier Level of $30.42, which is 50% of the Initial Level of $60.84. Missed coupons may be paid later under a Memory Coupon feature if the barrier is subsequently met.
Beginning May 21, 2026, the notes are callable at the issuer’s discretion on any Observation Date at par plus any due contingent coupons. If the notes are not called, investors receive $1,000 per $1,000 principal at maturity as long as the Final Level is at or above the Trigger Level of $30.42. If the Final Level is below the Trigger Level, repayment is reduced based on the negative Percentage Change in Fiserv’s stock and can fall to zero. The estimated initial value is $965.75 per $1,000 on the pricing date, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.
Bank of Montreal is issuing US$974,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes due October 26, 2027, linked to the least performing of XLE, the NASDAQ-100 Index (NDX) and XBI. The notes pay a contingent coupon of 1.08% per month (about 12.96% per year), or $10.80 per $1,000, only if on each observation date all three reference assets are at or above their respective coupon barrier levels, which are 70% of their initial levels.
Beginning May 20, 2026, Bank of Montreal may call the notes on any observation date, returning principal plus any due coupon. If the notes are not called and any reference asset finishes below its 60% trigger level at maturity, investors lose principal in line with the decline of the worst performer, and the repayment amount can fall to zero. The estimated initial value is $982.63 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations subject to the issuer’s credit risk and complex U.S. tax treatment.
Bank of Montreal is offering US$500,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes linked to CoreWeave, Inc. Class A common stock (ticker CRWV). The notes pay 4.30% per quarter (about 17.20% per year), with each coupon equal to $43 per $1,000 of principal, until automatic redemption or maturity on November 27, 2028.
Starting May 21, 2026, if CoreWeave’s stock closes at or above the call level of $69.21 on a call observation date, the notes are automatically redeemed at par plus the coupon. If not called, investors receive $1,000 per $1,000 note at maturity unless a trigger event occurs. A trigger event happens if the final stock level is below the trigger level of $34.61 (50% of the initial level), in which case principal is reduced one-for-one with the stock decline and can fall to zero. The estimated initial value is $964.77 per $1,000, reflecting dealer costs and hedging.
Bank of Montreal is offering US$1,001,000 of Senior Medium-Term Notes, Series K, Barrier Notes due November 26, 2027, linked to the least performing of EOG Resources common stock and the Energy Select Sector SPDR Fund (XLE). The notes pay fixed coupons at an interest rate of 0.6667% per month (approximately 8.00% per annum), equaling $6.667 per $1,000 of principal, with monthly payments on the 26th from December 26, 2025 through maturity.
At maturity, investors receive $1,000 per $1,000 of principal unless a Trigger Event occurs, defined as either reference asset finishing below its Trigger Level of $58.34 for EOG or $48.87 for XLE, each 55.00% of its Initial Level. If a Trigger Event occurs, principal repayment is reduced in line with the percentage decline of the least performing asset and can be zero, though the final coupon is still paid. The estimated initial value is $989.95 per $1,000, reflecting hedging and structuring costs, and the notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency.
Bank of Montreal is offering market-linked senior medium-term notes tied to the SPDR® Gold Trust (GLD), maturing on January 4, 2030, in $1,000 denominations. These notes return full principal at maturity, subject to Bank of Montreal’s credit risk, and provide 100% upside participation in GLD to a capped maximum return of at least 31.80% (at least $1,318 per note).
The preliminary estimated initial value is $951.40 per note, and at pricing it will not be less than $910.00, reflecting structuring and hedging costs. The notes pay no periodic interest and may underperform a direct investment in GLD because gains are capped and investors do not receive any distributions from the ETF.
Wells Fargo Securities acts as agent, receiving up to $38.25 per note in discounts, with proceeds to Bank of Montreal of about $961.75 per note. Key risks include exposure to gold price volatility, potential lack of a trading market, sensitivity to Bank of Montreal’s creditworthiness, and complex U.S. tax treatment as contingent payment debt instruments.
Bank of Montreal is offering US$1,100,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Barrier Notes due November 26, 2027, linked to an equally weighted basket of Alphabet, AMD, Broadcom, NVIDIA and Oracle shares. The notes provide 1-to-1 exposure to Basket gains up to a Maximum Redemption Amount of $1,350.00 per $1,000 in principal, a 35.00% cap.
If no Barrier Event occurs and the Basket finishes below its Initial Level of 100.00 but at or above the Barrier Level of 65.00, holders receive a positive “absolute return” on the decline, also capped at $1,350.00 per $1,000. If the Basket falls below the 65.00 Barrier Level, 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 estimated initial value is $942.99 per $1,000, lower than the public offering price due to offering, structuring and hedging costs.
Bank of Montreal is issuing US$3,147,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due November 26, 2030, linked to the NASDAQ-100 Index®.
The notes offer 175.00% leveraged upside on any index gain at maturity if they are not automatically redeemed, but pay no interest and are unsecured obligations of Bank of Montreal. On November 27, 2026, if the index closes above 100.00% of its Initial Level of 24,239.57, the notes are automatically redeemed and investors receive principal plus a fixed Call Amount of $93.50 per $1,000, equal to about 9.35% per annum.
If not called, principal is protected only down to a Barrier Level of 18,179.68, or 75.00% of the Initial Level. If the index falls below this barrier at maturity, repayment is reduced 1% for each 1% decline in the index, and investors can lose up to their entire principal. The estimated initial value is $973.44 per $1,000, and the notes will not be listed on any exchange.
Bank of Montreal is offering US$6,072,000 of Senior Medium-Term Notes, Series K, due November 30, 2026, linked to the S&P 500® Index. These structured "capped buffer enhanced return" notes provide 200.00% leveraged upside to index gains, but the payment at maturity cannot exceed the Maximum Redemption Amount of $1,120.00 per $1,000 in principal, a 12.00% maximum return.
If the index finishes below its Initial Level of 6,602.99 but at or above the 10.00% Buffer Level of 5,942.69, investors receive only principal back. If it falls below the Buffer Level, investors lose 1% of principal for each 1% decline beyond 10.00%, up to a maximum loss of 90.00% of principal. The notes pay no interest, will not be listed on an exchange, and are unsecured obligations subject to the credit risk of Bank of Montreal.
The notes are issued at 100% of principal with no agent’s commission and an estimated initial value of $991.89 per $1,000, reflecting internal funding and hedging costs.
Bank of Montreal is issuing US$25,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due November 27, 2028, linked to the common stock of Tesla, Inc. (TSLA). The notes are unsecured obligations of Bank of Montreal and do not pay interest or offer principal protection.
The notes may be automatically redeemed on November 25, 2026 if TSLA’s closing price is above 100% of its Initial Level of $391.09. In that case, investors receive their principal plus a fixed Call Amount of $260 per $1,000 note (about 26% per annum), and no further payments.
If the notes are not called, the maturity payout depends on TSLA’s Final Level. Above or equal to the Initial Level, investors receive 150% of TSLA’s positive price gain. Between 60% and 100% of the Initial Level (the Barrier Level of $234.65), investors receive only their $1,000 principal. Below the Barrier Level, repayment is reduced 1% for each 1% TSLA has fallen, down to a possible total loss. The estimated initial value is $927.36 per $1,000 note, and the notes will not be listed on an exchange.
Bank of Montreal is offering US$2,109,000 of Senior Medium-Term Notes, Series K, capped buffer enhanced return notes linked to the S&P 500® Index, maturing on December 28, 2026. These notes give 1-to-1 exposure to S&P 500 gains, but returns are capped at a Maximum Redemption Amount of $1,118.80 per $1,000, an 11.88% maximum gain. If the index falls but stays within a 15.00% buffer, investors receive their principal back at maturity. If the index declines more than 15.00%, principal is reduced 1% for each additional 1% drop, with losses up to 85.00% of principal.
The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on an exchange. The price to the public is 100% of principal, with an agent’s commission of 0.43% and proceeds to Bank of Montreal of 99.57%, or $2,099,931.30. The issuer’s estimated initial value is $987.57 per $1,000, reflecting structuring and hedging costs. Investors are exposed to both S&P 500 performance and the credit risk of Bank of Montreal, and the tax treatment as pre-paid derivative contracts is described as uncertain.
Bank of Montreal is offering US$1,209,000 of Senior Medium-Term Notes, Series K, maturing on May 31, 2029, linked to the Russell 2000® Index. These “Digital Return Buffer Notes” pay a fixed 25.00% digital return at maturity per $1,000 principal if the index’s Final Level is at least 85.00% of its Initial Level of 2,369.587.
If the index falls more than 15.00% from its Initial Level, investors lose 1% of principal for each additional 1% decline, up to a maximum loss of 85.00% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any securities exchange.
The price to public is 100% of principal, with an agent’s commission of 3.05%, resulting in proceeds to Bank of Montreal of 96.95% of principal. The estimated initial value is $946.95 per $1,000, reflecting structuring and hedging costs, and secondary market values may be lower. All payments are subject to Bank of Montreal’s credit risk and complex U.S. tax treatment.
Bank of Montreal is offering $789,000 of Senior Medium-Term Notes, Series K, due November 26, 2027, linked to the S&P 500® Index. These “Digital Return Buffer Notes” pay a fixed 12.45% digital return at maturity per $1,000 note if the index’s final level is at least 90% of its initial level. If the index falls more than 10%, investors lose 1% of principal for each 1% decline beyond that buffer, with up to a 90% loss possible.
The notes pay no periodic 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 3.05% agent’s commission and 96.95% of proceeds to Bank of Montreal. The bank’s estimated initial value is $952.91 per $1,000 note, reflecting structuring and hedging costs.
Bank of Montreal is offering US$866,000 of Senior Medium-Term Notes, Series K, which are autocallable barrier notes with memory coupons due November 27, 2028. The notes are linked to the worst performance among the common stock of Advanced Micro Devices (AMD), Celestica (CLS) and the Class A common stock of Palantir Technologies (PLTR).
The notes pay a contingent monthly coupon of 2.9167% of principal (about 35% per year) if on an observation date the closing level of each stock is at or above its coupon barrier level, set at 60% of its initial level. Missed coupons can be paid later under the memory feature if the barrier is later met. Starting November 23, 2026, the notes are automatically redeemed if each stock is at or above 100% of its initial level on an observation date, returning principal plus any due coupons.
If the notes are not called and, at maturity, any stock has fallen below its trigger level (also 60% of its initial level), investors lose principal in proportion to the decline of the worst-performing stock and could receive nothing. The estimated initial value is stated as $933.41 per $1,000 in principal, reflecting fees and hedging costs.
Bank of Montreal is offering US$907,000 of Senior Medium‑Term Notes, Series K, Capped Barrier Enhanced Return Notes due November 27, 2028, linked to the S&P 500® Futures Excess Return Index. The notes provide 163.00% leveraged upside to index gains, but the payment is capped at a Maximum Redemption Amount of $1,700.00 per $1,000 of principal, a 70.00% maximum return.
The structure includes a 30.00% downside buffer: if the index falls by 30.00% or less, investors receive only their principal back at maturity. If the index declines by more than 30.00% (falls below the barrier level), principal is reduced 1% for each 1% decline, with losses up to 100% of invested principal.
The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. All payments depend on the bank’s credit and are not insured by U.S. or Canadian deposit insurance. The estimated initial value is $978.08 per $1,000, reflecting offering, structuring and hedging costs. The underlying futures-based, excess‑return index is affected by financing costs and roll yields, which can cause performance to lag the S&P 500® price index.
Bank of Montreal is offering US$82,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due November 27, 2028, linked to the Class A common stock of Palantir Technologies Inc. (PLTR). The notes offer 150.00% leveraged upside on any positive stock performance at maturity if they are not automatically redeemed.
The notes may be automatically called on November 25, 2026 if Palantir’s stock closes above 100.00% of its Initial Level of $154.85, paying principal plus a fixed $295.00 Call Amount per $1,000 (about 29.50% per annum). If held to maturity and the stock is at or above the Initial Level, investors receive principal plus 150.00% of the percentage gain; if it is between the Initial Level and the $92.91 Barrier Level (60.00% of the Initial Level), only principal is returned.
If the Final Level is below the Barrier Level, repayment is reduced 1% for each 1% stock decline, down to a total loss. The notes pay no interest, will not be listed on any exchange, and are subject to the unsecured credit risk of Bank of Montreal. The price to public is 100% of principal, with a 4.50% agent’s commission and an estimated initial value of $919.23 per $1,000.
Bank of Montreal is offering $6,836,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due February 26, 2027, linked to the least-performing of the S&P 500, NASDAQ-100 and Russell 2000 indices.
The notes pay contingent monthly coupons at 1.0417% (about 12.5% per year) per $1,000 when all three indices are at or above their coupon barrier levels, with unpaid coupons potentially recovered later under the memory feature. Starting May 20, 2026, the notes can be automatically redeemed if each index is at or above its initial level, returning principal plus any due coupons.
If the notes are not called and any index ever falls below its trigger level (65% of its initial level) and the least-performing index finishes below its initial level, principal is reduced one-for-one with that index’s loss and can be completely lost. The notes are unsecured obligations of Bank of Montreal; the estimated initial value is $986.05 per $1,000 principal, below the issue price.
Bank of Montreal is issuing $2,142,000 of Senior Medium-Term Notes, Series K, linked to the S&P 500® Index and maturing on February 26, 2027. These contingent absolute return buffer notes offer a fixed 5.40% digital return per $1,000 if the index’s final level is at or above its initial level.
If the S&P 500 ends below the initial level but at or above 75% of it, investors receive a positive return mirroring the index’s decline, up to a maximum redemption of $1,250 per $1,000. If the index falls more than 25% from the initial level of 6,602.99, principal is reduced 1% for each additional 1% drop, with losses up to 75% of principal. The notes pay no interest, are unsecured obligations of Bank of Montreal, are not exchange-listed, and their value is subject to the bank’s credit risk. The estimated initial value is $987.18 per $1,000, reflecting offering and hedging costs.
Bank of Montreal is offering $2,594,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due November 26, 2030. Each note has a $1,000 principal amount and pays a fixed 4.40% annual interest rate, with semi-annual payments each May 26 and November 26 starting May 26, 2026. The notes may be redeemed by the bank at 100% of principal plus accrued interest on semi-annual call dates from November 26, 2026 through May 26, 2030.
The notes are unsecured, not insured by U.S. or Canadian deposit insurers, and are designated as Canadian bail-inable notes, meaning they can be converted into common shares or varied or extinguished under the Canada Deposit Insurance Corporation Act. The original issue price is $1,000 per note, with an underwriting discount of $5 per note, resulting in total proceeds to Bank of Montreal of $2,581,030. The notes will not be listed on any securities exchange, and investors face interest rate, credit, liquidity and potential dealer conflict-of-interest risks.
Bank of Montreal is offering $3,488,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due November 12, 2032. Each Note has a $1,000 principal amount and pays a fixed interest rate of 4.60% per annum, with interest paid semi-annually on May 26 and November 26, starting May 26, 2026.
Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity. 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 May 26 and November 26 from May 26, 2027 through May 26, 2032. The Notes are unsecured, not insured by any deposit insurance agency, will not be listed on any securities exchange, and 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.
Bank of Montreal is offering $4,455,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due November 13, 2028. Each Note has a $1,000 principal amount and pays fixed interest of 4.00% per annum, with semi-annual payments on May 26 and November 26 starting May 26, 2026.
The Notes are callable at Bank of Montreal’s option at 100% of principal plus accrued interest on each May 26 and November 26 from May 26, 2026 through May 26, 2028. At maturity, if not redeemed or subject to a bail-in conversion, investors receive $1,000 per Note plus accrued interest in cash.
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 insurers, and will not be listed on any securities exchange. The original issue price is $1,000 per Note, with a $6.00 underwriting discount, resulting in $4,428,270 in proceeds to Bank of Montreal.
Bank of Montreal is offering $2,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due November 26, 2030. Each Note has a $1,000 principal amount and pays fixed interest at 4.40% per annum, with cash interest paid semi-annually on May 26 and November 26, starting May 26, 2026, until maturity or earlier redemption.
Unless redeemed, investors receive $1,000 per Note plus accrued interest at maturity. The Notes are callable at the issuer’s option at 100% of principal plus accrued interest on specified semi-annual dates from November 26, 2027 through May 26, 2030. They are unsecured obligations of Bank of Montreal and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished in a resolution scenario.
The Notes will not be listed on any securities exchange, and a trading market is not expected. The total underwriting discount is $10,000, providing net proceeds to Bank of Montreal of $1,990,000. The Notes are not insured by any government deposit insurance agency and are subject to the credit risk of Bank of Montreal.
Bank of Montreal is issuing $2,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due November 26, 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 May 26 and November 26, starting May 26, 2026.
Unless redeemed earlier, investors receive $1,000 per Note plus accrued interest at maturity. The bank may redeem the Notes in whole, but not in part, at 100% of principal plus accrued interest on optional redemption dates every May 26 and November 26 from November 26, 2026 through May 26, 2030.
The Notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are not insured by U.S. or Canadian deposit insurance schemes. They will not be listed on any securities exchange, and no active trading market is expected. The original issue price is $1,000 per Note, with a $5 underwriting discount, resulting in $1,990,000 in proceeds to Bank of Montreal.
Bank of Montreal is issuing $5,824,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due November 13, 2030. Each note has a $1,000 principal amount and pays fixed interest at 4.35% per annum, with semi-annual payments each May 26 and November 26 starting May 26, 2026.
The notes are callable at the issuer’s option at 100% of principal plus accrued interest on specified semi-annual dates from November 26, 2026 through May 26, 2030. They are unsecured obligations of Bank of Montreal and are bail-inable notes, meaning they can be converted into common shares or varied or extinguished under Canadian bank resolution powers.
The notes will not be listed on any securities exchange, and a liquid secondary market is not expected. Underwriting discounts total $58,240, with net proceeds to Bank of Montreal of $5,765,760. Investors face interest rate risk, issuer credit risk, potential early redemption, limited liquidity and the possibility of loss under Canadian bail-in powers.
Bank of Montreal is offering $1,549,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due November 26, 2032. Each Note has a $1,000 principal amount and pays a fixed interest rate of 4.70% per annum, with interest paid semi-annually on May 26 and November 26, starting May 26, 2026.
Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity. The bank may redeem the Notes in whole, but not in part, at 100% of principal plus accrued interest on optional redemption dates every May 26 and November 26 from 2027 through May 26, 2032. The Notes are unsecured, bail-inable obligations of Bank of Montreal, are subject to Canadian bail-in conversion into common shares under the CDIC Act, and will not be listed on any securities exchange. Per Note, the original issue price is $1,000, the underwriting discount is $7, and proceeds to Bank of Montreal are $993, for total proceeds of $1,538,157.
Bank of Montreal is offering S&P 500® Index-linked notes that pay no interest and return a variable amount at maturity on January 7, 2027. Each note has a $1,000 principal amount and is designed to be held to maturity, with no stock exchange listing.
If the S&P 500 final level is at or above 90% of the initial level of 6,642.16, investors receive a fixed threshold settlement amount of $1,099.50 per note, a capped positive return. If the index closes below 90% of the initial level (5,977.944), the payoff is reduced by about 1.1111% of principal for every 1% the index falls below that threshold, down to a possible total loss of principal.
The notes are unsecured obligations of Bank of Montreal, subject to its credit risk, and are not insured by any government agency. The initial estimated value is $986.77 per $1,000 note, below the original issue price, reflecting offering and hedging costs. The total offering is $3,000,000, with underwriting discounts of $29,100 and proceeds to Bank of Montreal of $2,970,900.