Here are the 424B prospectus supplements from MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) in our archive over the last 12 months, 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 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.
Bank of Montreal is offering senior medium-term, equity-linked notes tied to the Class A common stock of Meta Platforms, Inc. (META), with a face amount of $1,000 per security and a total original offering price of $3,544,000. The notes price at $1,000 but have an estimated initial value of $969.80 per security.
At maturity on May 26, 2027, investors receive $1,000 plus a 29.00% contingent fixed return ($290) if META’s ending value is at or above the threshold value of $505.1125 (85% of the $594.25 starting value). If META falls more than 15% at maturity, investors have full downside exposure and can lose more than 15%, up to their entire principal. The notes pay no interest, are unsecured obligations of Bank of Montreal subject to its credit risk, are not insured, and are not expected to be listed, so any secondary market could be limited and at prices below face value plus the contingent return.
Bank of Montreal is offering senior unsecured market-linked notes tied to the EURO STOXX 50® Index, with a principal amount of $1,000 per note and scheduled maturity on January 4, 2029. The notes do not pay interest. At maturity, investors receive $1,000 plus any positive index performance, with 100% upside participation, but gains are capped by a maximum return of at least 22.10%, for a minimum maximum maturity payment of $1,221 per note. If the index ends at or below its starting level, investors receive only the $1,000 principal.
The notes are subject to the credit risk of Bank of Montreal and are not insured by any government agency. They will not be listed on any exchange, and any secondary market is expected to be limited. On the preliminary date, the estimated initial value is $958.30 per note, and at pricing it will not be less than $920.00 per note, reflecting offering, structuring and hedging costs. For U.S. investors, the issuer intends to treat the notes as contingent payment debt instruments, which generally require recognizing taxable income each year based on a comparable yield, even though no cash payments are made before maturity.
Bank of Montreal is offering senior medium-term Redeemable Fixed Rate Notes due December 11, 2037. Each Note has a $1,000 principal amount and pays a fixed 5.00% annual interest rate, with interest paid semi-annually on June 11 and December 11, starting June 11, 2026. Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity.
The Notes are callable at Bank of Montreal’s option at 100% of principal plus accrued interest on each June 11 and December 11 from December 11, 2027 through June 11, 2037. They are unsecured, not insured by U.S. or Canadian deposit insurance, will not be listed on any exchange, and may have limited liquidity. As Canadian bail-inable notes, they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under the Canada Deposit Insurance Corporation Act if bail-in powers are exercised, so repayment of principal and interest is subject to both the bank’s credit risk and potential bail-in conversion.
Bank of Montreal is issuing $1,478,000 of senior autocallable buffer enhanced return notes due November 25, 2030, linked to the S&P 500® Futures Excess Return Index. The notes can be automatically redeemed on November 22, 2027 if the index is at or above its initial level, paying back principal plus a fixed $235 per $1,000 note (about 11.75% per year) and ending any further upside.
If not called, investors get 1‑for‑1 upside on index gains at maturity, but only limited downside protection: a 10% buffer applies, and beyond that principal is reduced 1% for each 1% further decline, with losses up to 90%. The notes pay no interest, will not be listed on an exchange, have an estimated initial value of $927.27 per $1,000, and all payments depend on Bank of Montreal’s credit.
Bank of Montreal is offering senior market-linked notes tied to the Nasdaq-100 Index®, providing full principal repayment at maturity and equity upside participation up to a cap. Each note has a $1,000 principal amount and 100% upside participation, but the total gain is limited by a maximum return that will be at least 15.20%, so the maximum maturity payment will be at least $1,152 per note. If the index ends at or below its starting level, investors receive only the $1,000 principal at maturity, with no interest paid during the term. The estimated initial value on the pricing date is expected to be below the $1,000 offering price (illustratively $955.40 per note), reflecting offering, structuring and hedging costs. Payments depend on Bank of Montreal’s credit, and the notes will not be listed, so any secondary market could be limited and at prices below principal.
Bank of Montreal is offering US$288,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes linked to the common stock of Target Corporation (TGT), maturing on November 20, 2028. The notes pay a contingent coupon of 3.125% per quarter (approximately 12.5% per year) for each $1,000 principal amount when Target’s closing share price on an observation date is at or above the coupon barrier of $63.43, which is 70% of the initial level of $90.62.
Beginning May 15, 2026, if Target’s share price on an observation date is at or above 100% of the initial level, the notes are automatically redeemed at par and the applicable coupon is paid, with no further payments. If the notes are not redeemed early and Target’s final share price on the valuation date is below the trigger level of $63.43, principal repayment is reduced in line with the stock’s decline and can be zero. The estimated initial value is $920.29 per $1,000 principal, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal with significant market and credit risk.
Bank of Montreal is offering US$230,000 of autocallable barrier notes due November 20, 2028, linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indexes. The notes pay a contingent coupon of 2.525% per quarter (about 10.10% per year) only if, on each observation date, all three indexes are at or above their coupon barrier levels, set at 75% of their initial levels.
Beginning May 15, 2026, the notes are automatically redeemed if all three indexes are at or above their initial levels, returning principal plus the due coupon. If the notes are not called and any index finishes below its 75% trigger level at maturity, principal is reduced in line with the loss of the worst-performing index, and can fall to zero. These are unsecured Bank of Montreal obligations, with an estimated initial value of $967.34 per $1,000 in principal.
Bank of Montreal is offering unsecured Senior Medium-Term Notes, Series K, that pay a fixed 4.65% per annum on a principal amount of $1,000 per Note. Interest is paid semi-annually each May 28 and November 28 from May 28, 2026 until maturity on November 29, 2030, unless the Notes are redeemed earlier.
The Notes are callable at Bank of Montreal’s option, in whole but not in part, at 100% of principal plus accrued interest on quarterly redemption dates starting November 28, 2026. Per Note economics show an original issue price of $1,000, an underwriting discount of $15, and proceeds to Bank of Montreal of $985 per Note. The Notes will not be listed on any exchange and may have limited liquidity.
The Notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or its affiliates or varied or extinguished if Canadian resolution powers are exercised. Investors face credit risk of Bank of Montreal, potential reinvestment risk if the Notes are redeemed early, interest rate risk versus other investments, and potential conflicts of interest from dealers involved in distribution and hedging.
Bank of Montreal is offering $12,578,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes with memory coupons due November 20, 2028. The notes are linked to the least performing of the S&P 500 Index and the EURO STOXX 50 Index.
Investors may receive contingent quarterly coupons at a rate of 2.175% per quarter (approximately 8.70% per annum) if, on an observation date, each index closes at or above its coupon barrier, set at 80% of its initial level for both SPX (5,387.29) and SX5E (4,555.02). Missed coupons can be paid later under the memory feature if barriers are subsequently met.
If the notes are not automatically redeemed and the final level of either index is below its trigger level (also 80% of its initial level), principal is reduced in line with the percentage decline of the worst-performing index and can fall to zero. The estimated initial value is $967.24 per $1,000 in principal, reflecting structuring and hedging costs.
Bank of Montreal is issuing US$1,473,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes due November 20, 2028, linked to the Class A common stock of Levi Strauss & Co. (LEVI). The notes offer quarterly contingent coupons of 2.70% (about 10.80% annually) per $1,000, or $27.00, but only if Levi’s share price on each observation date is at or above the coupon barrier of $12.85, which is 60% of the $21.41 initial level. Unpaid coupons can be caught up later under the memory feature.
Starting May 15, 2026, the notes are automatically redeemed if Levi’s stock closes above 100% of the initial level on an observation date, returning principal plus any due coupons. If not called, investors receive $1,000 per note at maturity only if the final stock level is at or above the $12.85 trigger; otherwise, repayment is reduced in line with the stock’s percentage decline, potentially to zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, with an estimated initial value of $969.25 per $1,000, reflecting structuring and hedging costs and a dealer commission of 2.50%.
Bank of Montreal is issuing US$500,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due November 17, 2027, linked to the worst performer of Alcoa Corporation (AA) and SLB N.V. (SLB). The notes pay a contingent coupon of 2.50% per month (about 30% per year), but only if on each observation date both stocks close at or above their coupon barrier levels of $26.12 for AA and $25.66 for SLB, which are 70% of their initial levels.
Beginning January 14, 2026, the notes are automatically redeemed if both reference assets close at or above 100% of their initial levels, returning principal plus the applicable coupon. If not called, principal is protected at maturity only if each stock finishes at or above its trigger level of $22.39 for AA and $22.00 for SLB (60% of initial). If any stock ends below its trigger, repayment is reduced in line with the loss of the worst performer and can fall to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $976.96 per $1,000 principal amount.
Bank of Montreal priced US$2,836,000 of Senior Medium‑Term Notes, Series K — Callable Barrier Notes with Contingent Coupons due May 17, 2027, linked to the least performing of the S&P 500, Russell 2000, and Dow Jones Industrial Average.
The notes pay a 0.825% monthly contingent coupon (approximately 9.90% per annum) if, on each observation date, each index closes at or above its coupon barrier (70% of its initial level: SPX 4,795.64; RTY 1,715.558; INDU 33,778.37). Beginning May 13, 2026, the issuer may call the notes on any observation date for par plus any due coupon. If not called, at maturity investors receive $1,000 per note unless a Trigger Event occurs; if any index is below its 70% trigger, the payoff is $1,000 + $1,000 × the percentage change of the least performing index, which can be significantly less than principal and may be zero. The estimated initial value is $991.70 per $1,000. Pricing date was November 12, 2025; settlement November 17, 2025. The offering includes an agent’s commission of 0.65% ($18,434) with proceeds to Bank of Montreal of 99.35% ($2,817,566).
Bank of Montreal filed a preliminary pricing supplement for Senior Medium‑Term Notes, Series K—redeemable fixed‑rate notes due November 13, 2028. Each Note has a $1,000 principal amount and pays 4.00% per annum, with interest paid semi‑annually on the 26th of May and November, starting May 26, 2026. Unless earlier redeemed, holders receive $1,000 per Note at maturity plus accrued interest.
The Notes are callable in whole at 100% of principal on semi‑annual optional redemption dates (May 26 and November 26) from May 26, 2026 through May 26, 2028, with 5–30 business days’ notice. They are unsecured obligations, not listed on any exchange, and subject to the issuer’s credit risk. The Notes are bail‑inable under the CDIC Act, meaning they may be converted into Bank of Montreal (or affiliate) common shares or varied/extinguished under Canadian resolution powers. Pricing shows an original issue price of $1,000 per Note, an underwriting discount of $10, and $990 in proceeds to the issuer per Note. Day count is 30/360 (unadjusted). Selected risks include redemption risk, limited liquidity, pricing/hedging impacts, and conflicts of interest.
Bank of Montreal plans to offer Senior Medium‑Term Notes, Series K, fixed‑rate, due November 13, 2030. Each Note has a $1,000 principal amount and pays 4.35% per annum, with interest paid semi‑annually on May 26 and November 26, starting May 26, 2026, and on maturity unless earlier redeemed.
The Notes are redeemable at 100% of principal plus accrued interest, in whole but not in part, on May 26 and November 26 each year from November 26, 2026 through May 26, 2030. Day count is 30/360 (unadjusted). The Notes will not be listed on any securities exchange and are offered in $1,000 denominations and integral multiples.
Pricing terms per Note: original issue price $1,000, underwriting discount $15, and proceeds to Bank of Montreal $985. The Notes are unsecured obligations subject to Bank of Montreal’s credit risk and are bail‑inable under the Canada Deposit Insurance Corporation Act, which may result in conversion into common shares or extinguishment. U.S. tax counsel expects treatment as debt issued without original issue discount. BMOCM will act as agent and may make a market, but no secondary market is assured.
Bank of Montreal announced preliminary terms for Senior Medium‑Term Notes, Series K, fixed at 4.60% per annum and due November 12, 2032. Each Note has a $1,000 principal amount, pays interest semi‑annually on May 26 and November 26 starting May 26, 2026, and returns $1,000 plus accrued interest at maturity unless redeemed earlier.
The Notes are callable at 100% of principal plus accrued interest on each May 26 and November 26 from May 26, 2027 through May 26, 2032. Per‑Note economics show an original issue price of $1,000, an underwriting discount of $15, and issuer proceeds of $985. These are unsecured, bail‑inable obligations under the CDIC Act, may be converted into common shares or varied/extinguished under Canadian resolution powers, and will not be listed on any exchange.
Bank of Montreal plans to issue Senior Medium‑Term Notes, Series K, fixed‑rate, due November 26, 2030. Each Note has a $1,000 principal amount and pays 4.40% per annum, with semi‑annual interest on May 26 and November 26, starting May 26, 2026. At maturity, unless earlier redeemed, holders receive $1,000 per Note plus accrued interest.
The Notes are callable at 100% of principal plus accrued interest, in whole but not in part, on May 26 and November 26 of each year from November 26, 2027 through May 26, 2030, upon at least 5 and not more than 30 business days’ notice. They follow a 30/360 day count and will not be listed on an exchange.
The Notes are unsecured obligations of Bank of Montreal and are designated bail‑inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares or varied/extinguished in a resolution event. Per Note economics show an original issue price of $1,000, an underwriting discount of $15, and proceeds to Bank of Montreal of $985 per Note. The securities are not insured by FDIC, the Canada Deposit Insurance Corporation, or any other agency.
Bank of Montreal is offering US$643,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due December 14, 2026, linked to the common stock of Morgan Stanley. The notes pay a contingent coupon of 0.8375% per month (about 10.05% per year), or $8.375 per $1,000, only if on each observation date the Morgan Stanley share price is at or above the coupon barrier level of $127.09, which is 77% of the $165.05 initial level.
Starting May 11, 2026, the notes are automatically redeemed if the stock closes above the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and the final stock level is at or above the $127.09 trigger level, investors receive $1,000 per note at maturity. If the final level is below the trigger, investors receive shares (or cash) worth less than $1,000 based on $1,000 divided by the initial level, exposing them to downside in Morgan Stanley’s stock. The estimated initial value is $966.38 per $1,000 of principal, reflecting fees and hedging costs.