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

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.

Bank of Montreal is offering senior unsecured market-linked notes tied to the Dow Jones Industrial Average® and the S&P 500® Index, maturing in November 2028. Each security has a $1,000 face amount and original offering price, with an agent discount of $25.75 per security and proceeds to Bank of Montreal of $974.25 per security.

The notes are auto-callable after one year: if the lowest-performing index on the call date is at or above its starting level, investors receive $1,000 plus a call premium of at least 10.10% and the notes terminate early. If not called, at maturity investors get $1,000 plus 125% of any gain in the lowest-performing index, or full principal back if the index finish is no worse than 10% below its start. If the lowest-performing index ends more than 10% below its starting level, losses match that decline beyond the 10% buffer, up to a 90% loss of principal.

The estimated initial value is $966.90 per security, and may be no lower than $920.00 at pricing. The notes pay no interest, are not listed, and all payments depend on Bank of Montreal’s credit.

Bank of Montreal is issuing US$9,452,000 of senior Medium-Term Notes, Series K, in the form of Callable Buffer Notes with Contingent Coupons due November 13, 2028. The notes are linked to the least performing of the S&P 500 Index (SPX) and the Russell 2000 Index (RTY).

Investors may receive a monthly contingent coupon of 0.6458% of principal (about 7.75% per year, or $6.458 per $1,000) only if, on each observation date, both indexes close at or above 80% of their initial levels, which also serve as the buffer levels. Bank of Montreal can call the notes in whole, beginning May 10, 2027, paying principal plus any due coupon.

If the notes are not called, and on the valuation date the least performing index is at or above its 80% buffer, investors receive full principal back plus any final coupon. If it is below the buffer, repayment is reduced so that investors lose 1% of principal for each 1% decline beyond 20% in the least performing index. The estimated initial value is $983.58 per $1,000, with a 0.50% selling commission and 99.50% proceeds to Bank of Montreal.

Bank of Montreal is offering US$1,302,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the common stock of Advanced Micro Devices, Inc. The notes pay a contingent coupon of 3.375% per quarter (about 13.50% per year) only when AMD’s closing level on an observation date is at or above the coupon barrier of $116.77, which is 50% of the initial level of $233.54.

The notes can be automatically redeemed starting February 2026 if AMD is at or above its initial level, returning principal plus the applicable coupon. If they are not called and AMD’s final level is at or above the $116.77 trigger level, holders receive full principal at maturity. If AMD finishes below the trigger, repayment is reduced in line with AMD’s decline and can fall to zero. The estimated initial value is $958.05 per $1,000, reflecting fees and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is issuing US$950,000 of Callable Barrier Notes due November 13, 2028, linked to the S&P 500, EURO STOXX 50 and Russell 2000 indices. The notes pay a monthly contingent coupon of 0.8375% (about 10.05% per year) only if, on each observation date, all three indices are at or above 70% of their initial levels. Beginning February 10, 2026, the bank may call the notes in whole on any observation date, returning principal plus any due coupon.

If the notes are not called and any index ends below 70% of its initial level at maturity, the principal is reduced in line with the worst-performing index and can fall to zero, so capital is at risk. The estimated initial value is $978.31 per $1,000, below the $1,000 issue price, reflecting dealer compensation and hedging costs.

Bank of Montreal amended and restated its pricing supplement for a US$955,000 offering of Senior Medium‑Term Notes, Series K, market‑linked to the Russell 2000 Index. The notes pay no interest and return principal at maturity, with upside linked 1:1 to index gains up to a Maximum Redemption Amount of $1,135.00 per $1,000 (a 13.50% cap). Maturity is November 04, 2027 (valuation November 01, 2027).

The initial level was 2,465.953 on the October 30, 2025 pricing date. The estimated initial value is $983.71 per $1,000. The notes are unsecured obligations of Bank of Montreal, will not be listed, and are subject to the issuer’s credit risk. Minimum denominations are $1,000.

BMOCM acts as agent. The table lists an Agent’s Commission of approximately 0.8442% ($8,062.50) and Proceeds to Bank of Montreal of approximately 99.1558% ($946,937.50). If the final index level is at or below the initial level, investors receive the $1,000 principal amount at maturity; if above, repayment increases 1:1 up to the maximum.

Bank of Montreal is offering Senior Medium‑Term Notes, Series K, fixed‑rate callable notes due November 17, 2032. The notes pay 4.65% per annum, with interest paid semi‑annually on May 17 and November 17, starting May 17, 2026. Unless earlier redeemed, each note returns $1,000 principal at maturity plus accrued interest. The notes are unsecured obligations of Bank of Montreal and are not insured by U.S. or Canadian deposit insurance agencies.

The issuer may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on each May 17 and November 17 from May 17, 2027 through May 17, 2032, with 5–30 business days’ notice. Denominations are $1,000 (30/360 day count; unadjusted). The notes will not be listed on any exchange. Per‑note economics: Original issue price $1,000, underwriting discount $10, and proceeds to issuer $990. These are bail‑inable notes under the CDIC Act and may be converted into Bank of Montreal common shares or varied/extinguished under Canadian resolution powers.

Bank of Montreal priced US$535,000 Senior Medium‑Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due November 03, 2027, linked to the least‑performing of SPY, IWM, and QQQ. The notes pay a 2.25% quarterly contingent coupon (approximately 9.00% per annum) when each ETF closes at or above its coupon barrier on an observation date.

Barriers and triggers are set at 70.00% of initial levels: SPY $481.17, IWM $172.79, QQQ $445.04. The notes auto‑redeem if, on an observation date beginning January 29, 2026, each ETF is above its initial level, returning principal plus any due coupons. If not redeemed and any ETF finishes below its trigger on the valuation date, holders receive shares of the least‑performing ETF equal to the Physical Delivery Amount (or, at the issuer’s election, cash), plus any due coupons.

Price to public: 100%. Agent’s commission 1.00% ($5,350); proceeds to Bank of Montreal $529,650. The estimated initial value is $981.49 per $1,000, reflecting fees and hedging costs.

Bank of Montreal priced US$309,000 of Senior Medium‑Term Notes, Series K—Autocallable Barrier Enhanced Return Notes due October 31, 2028, linked to Palantir Technologies Inc. Class A common stock. The notes offer 150.00% leveraged upside if not called and provide no interest payments or listing; all payments are subject to BMO credit risk.

The notes auto‑redeem on November 03, 2026 if the stock closes above 100.00% of its Initial Level, paying principal plus a $275.00 Call Amount per $1,000 note (about 27.50% per annum). If held to maturity and not called: gains reflect 150.00% of positive stock performance; principal is returned if the Final Level is below the Initial Level but at or above the Barrier; losses match the stock’s decline 1‑for‑1 if below the Barrier. Key levels: Initial Level $198.81, Call Level 100.00% of Initial, Barrier Level $119.29 (60.00%).

Pricing terms: price to public 100%; agent’s commission 4.50%; proceeds to BMO 95.50%. Estimated initial value is $916.56 per $1,000. Minimum denomination is $1,000. The notes are unsecured obligations and are not FDIC/CDIC insured.

Bank of Montreal plans to issue Senior Medium‑Term Notes, Series K, Redeemable Fixed Rate Notes due November 13, 2037. Each Note has a $1,000 principal amount and pays 5.00% per annum, with interest paid semi‑annually on May 13 and November 13, starting May 13, 2026. Payment at maturity will be $1,000 per Note plus accrued interest, unless redeemed earlier.

The Notes are callable at 100% of principal plus accrued interest, in whole but not in part, on May 13 and November 13 of each year from November 13, 2027 through May 13, 2037, with 5 to 30 business days’ notice. They use a 30/360 day count and will not be listed on any exchange. The original issue price is $1,000 per Note, with a $20 underwriting discount and $980 per‑Note proceeds to the issuer.

These unsecured obligations are bail‑inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares or varied/extinguished under Canadian resolution powers. The Notes are subject to the issuer’s credit risk and are not insured by FDIC or CDIC.

Bank of Montreal is offering Senior Medium‑Term Notes, Series K, Redeemable Fixed Rate Notes due November 13, 2030. Each Note has a $1,000 principal amount, pays 4.50% per annum, and pays interest semi‑annually on May 13 and November 13, beginning May 13, 2026.

The Notes are callable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on each May 13 and November 13 from November 13, 2026 through May 13, 2030. Day count is 30/360 (unadjusted), and denominations are $1,000 and integral multiples thereof. The Notes are unsecured obligations of Bank of Montreal and will not be listed on any exchange.

Per Note economics: original issue price $1,000, underwriting discount $15, proceeds to Bank of Montreal $985. These are bail‑inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted into Bank of Montreal common shares or varied/extinguished under Canadian resolution powers. All payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal filed an amended and restated pricing supplement for $7,615,000 Senior Medium‑Term Notes, Series K, Barrier Notes linked to the least performing of QQQ and SPY. The notes pay 0.5958% per month (approximately 7.15% per annum) and are scheduled to mature on April 27, 2026, with the valuation date on April 22, 2026.

The initial levels are $605.49 for QQQ and $667.80 for SPY; the trigger levels are $454.12 and $500.85 (75.00% of initial), respectively. If a Trigger Event occurs (final level of any reference asset below its trigger), holders receive either the Physical Delivery Amount (shares of the least performing asset equal to $5,000 divided by its initial level) or, at the issuer’s election, the Cash Delivery Amount, plus the final coupon; otherwise, principal of $5,000 per note is repaid. Monthly coupons are paid on the 27th of each month, beginning November 27, 2025.

The estimated initial value is $4,951.35 per $5,000 note on the pricing date. Price to public: 100%; Agent’s commission: 0.75% ($57,112.50); Proceeds to Bank of Montreal: 99.25% ($7,557,887.50). Citigroup is the selling agent and BMO Capital Markets Corp. is the calculation agent.

Bank of Montreal amended its pricing supplement to offer an additional $250,000,000 of MicroSectors Gold -3X Inverse Leveraged ETNs (ticker DULL), bringing the series to $337,500,000 in aggregate principal amount. Each note has a $25 principal and targets -3x the daily inverse move of SPDR Gold Shares (GLD), subject to fees and compounding. The notes mature on January 29, 2043. The issuer states it will receive sale proceeds equal to the public price less any commissions.

The ETNs carry a 0.95% annual Daily Investor Fee, Daily Interest based on the US Federal Funds Effective Rate minus a spread initially 2.00% (may increase up to 4.00%), and a 0.125% Redemption Fee Amount on holder redemptions. Minimum early redemption is 25,000 notes. The issuer may call the notes, and indicative value can be permanently reduced to $0 after extreme adverse moves. On October 17, 2025, the closing trading price and closing Indicative Note Value were $1.89 per note. The notes are listed on NYSE Arca under DULL.

Bank of Montreal priced US$1,090,000 Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Contingent Coupons—linked to Meta Platforms (META), due November 23, 2026. The notes pay a contingent coupon of 0.925% per month (approximately 11.10% per annum) when META’s closing level on an observation date is at or above the coupon barrier.

The Initial Level is $712.07; the coupon barrier and trigger level are $498.45 (70.00% of the Initial Level). Starting April 20, 2026, the notes are automatically redeemable if META closes above the call level (100% of the Initial Level), returning principal plus the coupon. If not called, at maturity holders receive $1,000 per note unless a Trigger Event occurs; if triggered, holders receive a Physical Delivery Amount equal to $1,000 divided by the Initial Level (or a cash equivalent), plus any final coupon if payable.

The estimated initial value is $961.30 per $1,000. Price to public is 100% (fee‑based accounts between $978.50 and $1,000 per $1,000). The agent’s commission is 2.15% ($23,435.00), with proceeds to Bank of Montreal of 97.85% ($1,066,565.00). The notes are unsecured obligations subject to the risk factors described.

Bank of Montreal priced US$2,564,000 of Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Contingent Coupons due November 23, 2026, linked to Amazon.com, Inc. common stock.

The notes offer a contingent coupon of 0.7575% per month (approximately 9.09% per annum) if AMZN’s closing level on an Observation Date is at or above the Coupon Barrier Level of $150.13, which is 70.00% of the Initial Level of $214.47. Beginning on April 20, 2026, the notes are automatically redeemed if AMZN’s closing level exceeds the Call Level, set at 100% of the Initial Level; investors then receive principal plus the applicable coupon.

If not called, at maturity investors receive $1,000 per $1,000 in principal unless a Trigger Event occurs (Final Level below $150.13). If triggered, repayment is in shares equal to the Physical Delivery Amount ($1,000 divided by $214.47) or the cash equivalent, which can be less than principal. The estimated initial value is $957.50 per $1,000. The agent’s commission is 2.15% ($55,126), with proceeds to Bank of Montreal of 97.85% ($2,508,874).

Bank of Montreal priced $4,419,000 of Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Contingent Coupons due November 23, 2026, linked to lululemon athletica inc. (LULU). Coupons of 1.085% per month (approximately 13.02% per annum) are paid if LULU closes on an Observation Date at or above the $93.83 Coupon Barrier, which is 57.00% of the $164.62 Initial Level. Beginning on April 20, 2026, the notes auto‑redeem if LULU closes above the Call Level (100% of the Initial Level), returning principal plus the coupon.

If not called, at maturity investors receive $1,000 per $1,000 note unless a Trigger Event occurs (Final Level below $93.83); then the payoff equals $1,000 + [$1,000 × Percentage Change] and can be zero. Price to public 100%; agent’s commission 2.15% ($95,008.50); issuer proceeds 97.85% ($4,323,991.50). The estimated initial value is $955.07 per $1,000. These are unsecured obligations; Settlement October 21, 2025; Valuation November 18, 2026.

Bank of Montreal filed a 424(b)(2) pricing supplement for US$7,129,000 Senior Medium‑Term Notes, Series K: Autocallable Barrier Notes with Memory Coupons due October 23, 2028, linked to Target Corporation common stock (TGT).

The notes offer a 2.5625% quarterly contingent coupon (approximately 10.25% per annum) when TGT’s closing level on an observation date is at or above the Coupon Barrier of $45.04 (50% of the $90.07 Initial Level). They are automatically redeemable beginning April 20, 2026 if TGT closes above the Call Level (100% of the Initial Level), paying principal plus any due coupons (including memory coupons).

If not redeemed early, maturity payment equals principal if no Trigger Event occurs; if TGT’s Final Level is below the Trigger Level of $45.04, repayment is reduced by the percentage decline, which could result in a loss of principal. Estimated initial value is $962.91 per $1,000. Price to public is 100%, with a 2.50% agent’s commission ($178,225) and $6,950,775 in proceeds to Bank of Montreal.

Bank of Montreal filed a preliminary pricing supplement for senior medium‑term notes linked to an equally weighted ETF basket of Global X Copper Miners ETF (COPX) and SPDR Gold Trust (GLD). Each $1,000 security offers 100% upside participation to a cap and partial principal return at maturity.

The estimated initial value is $961.70 per security (not less than $911.00 at pricing). The maximum return will be at least 16.50% (maximum maturity payment at least $1,165.00), and the minimum payment at maturity is $950.00 (95% of face). If the basket ends below the starting value, investors have 1‑to‑1 downside exposure to the first 5% decline.

Key terms: pricing date October 22, 2025; issue date October 27, 2025; stated maturity October 27, 2027; starting value 100. Original offering price $1,000, agent discount $25.75, proceeds to BMO $974.25 per security. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not bail‑inable. Wells Fargo Securities acts as agent; BMO Capital Markets is calculation agent.

Bank of Montreal priced US$3,318,000 Senior Medium‑Term Notes, Series K, Digital Return Barrier Notes due November 16, 2026, linked to the least performing of the S&P 500, NASDAQ‑100, and Russell 2000.

The notes target an 8.50% Digital Return per $1,000 if the least performing index’s final level is at or above 65% of its initial level on the valuation date. If it falls below 65%, repayment declines 1% for each 1% drop in that index, down to zero. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, and will not be listed.

Key terms include minimum denominations of $1,000; pricing date October 10, 2025; settlement October 16, 2025; valuation November 11, 2026; maturity November 16, 2026. Pricing details: price to public 100%, agent’s commission 0.65%, and proceeds to the issuer 99.35% (US$3,296,433). The estimated initial value is $976.81 per $1,000, reflecting offering, structuring, and hedging costs. All payments are subject to the credit risk of Bank of Montreal.

Bank of Montreal filed an amended pricing supplement for its MicroSectors U.S. Big Banks 3× Leveraged ETNs, adding $12,500,000 in additional ETNs. After this issuance, $25,000,000 aggregate principal amount (1,000,000 ETNs at $25 each) will be outstanding, listed on NYSE as BNKU.

The ETNs provide 3× daily leveraged exposure to the gross total return version of the Solactive MicroSectors U.S. Big Banks Index, less a Daily Financing Charge (Federal Reserve Bank Prime Loan Rate + 2.25% spread, adjustable up to 4.00%) and a 0.95% annual Daily Investor Fee; early redemptions incur a 0.125% fee. The notes pay no interest, offer no principal protection, and are unsecured obligations of Bank of Montreal maturing on February 17, 2045, with issuer call and holder early redemption features (minimum redemption: 25,000 ETNs).

Because leverage resets daily, returns over longer periods can diverge significantly from 3× index moves, and the notes are subject to “decay” in volatile markets. On October 13, 2025, BNKU closed at $25.37 with a Closing Indicative Value of $24.76.

Bank of Montreal priced US$540,000 of Senior Medium‑Term Notes, Series K, Capped Buffer Enhanced Return Notes due October 16, 2028, linked to the Consumer Discretionary Select Sector SPDR Fund (XLY). The notes offer 150.00% leveraged upside on XLY, capped by a Maximum Redemption Amount of $1,383.00 per $1,000 (a 38.30% maximum return). They pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on an exchange.

At maturity, investors receive: the capped amount if XLY rises enough to hit the 38.30% maximum; a leveraged gain if XLY is up but below the cap; principal back if XLY is flat to down within a 15.00% buffer; or a loss of 1% for each 1% XLY falls beyond the 15.00% buffer, up to an 85.00% loss. Key terms include Initial Level $228.75, Buffer Level $194.44, Pricing Date October 10, 2025, Valuation Date October 11, 2028, and Maturity Date October 16, 2028. Pricing details: price to public 100%, agent’s commission 0.50% ($2,700), and proceeds to issuer 99.50% ($537,300). The estimated initial value is $972.13 per $1,000, reflecting offering, structuring and hedging costs.

Bank of Montreal priced US$2,011,000 Senior Medium‑Term Notes, Series K, Digital Return Barrier Notes due October 23, 2026, linked to an equally weighted basket of Constellation Energy (CEG), NRG Energy (NRG), NextEra Energy (NEE) and GE Vernova (GEV).

The notes offer a 27.00% Digital Return per $1,000 if the Basket’s Final Level is at least 100.00% of the Initial Level on the valuation date. If the Basket declines, repayment is reduced 1% for each 1% drop, down to zero. The notes pay no interest, are unsecured obligations subject to BMO credit risk, and will not be listed.

Pricing and economics: price to public 100%; agent’s commission 2.00% ($40,220); proceeds to BMO 98.00% ($1,970,780). Minimum denominations are $1,000. The estimated initial value is $951.54 per $1,000 at pricing. Key dates: pricing October 10, 2025; settlement October 16, 2025; valuation October 20, 2026; maturity October 23, 2026. BMOCM acts as calculation and selling agent.

Bank of Montreal is offering $10,024,000 of Senior Medium‑Term Notes, Series K, 4.30% fixed‑rate, due October 15, 2030. The notes pay interest semi‑annually on April 15 and October 15, starting April 15, 2026, in $1,000 denominations. Unless redeemed earlier, holders receive $1,000 per note plus accrued interest at maturity.

The notes are redeemable at 100% of principal plus accrued interest, in whole only, on April 15 and October 15 each year from October 15, 2027 through April 15, 2030. They are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and are bail‑inable under the CDIC Act.

Per‑note pricing: original issue price $1,000, underwriting discount $7.50, proceeds $992.50. Total underwriting discount was $72,774.24, with net proceeds to Bank of Montreal of $9,951,225.76. Payments are subject to the issuer’s credit risk and the notes are not insured by FDIC, CDIC or any governmental agency.

Bank of Montreal launched US$2,172,000 Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Contingent Coupons due November 16, 2026, linked to Palo Alto Networks, Inc. (PANW). The notes offer a 0.8767% monthly contingent coupon (approximately 10.52% per annum) if PANW’s closing level is at or above the $150.62 coupon barrier on observation dates.

The initial level is $215.17; the trigger level and coupon barrier are both $150.62 (70% of initial). Starting April 13, 2026, the notes are autocallable at 100% of the initial level; if called, investors receive principal plus that period’s coupon. If held to maturity and no trigger event occurs, payment is $1,000 per $1,000 note plus any final coupon. If a trigger event occurs, repayment is $1,000 + ($1,000 × percentage change), which can be significantly less than principal and may be zero.

The estimated initial value is $963.58 per $1,000. Price to public is 100%, with a 2.15% agent’s commission ($46,698) and 97.85% proceeds to Bank of Montreal ($2,125,302). The notes are unsecured obligations and pay only in cash.

Bank of Montreal priced $1,615,000 Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Memory Coupons due October 16, 2028, linked to the common stock of Palo Alto Networks (PANW).

The notes pay contingent coupons of 2.75% per quarter (approximately 11.00% per annum) if PANW’s closing level on an Observation Date is at or above the Coupon Barrier of $145.99 (70% of the $208.55 Initial Level). Missed coupons may be paid later via the Memory Coupon feature. Beginning April 13, 2026, the notes are automatically redeemed if PANW closes above the Call Level (100% of the Initial Level) on an Observation Date, returning principal plus any due coupons.

If not called, at maturity investors receive $1,000 per note unless a Trigger Event occurs (Final Level below $145.99), in which case repayment is reduced by the stock’s percentage decline and may be zero. The offering priced at 100% with a 1.50% agent’s commission ($24,225) and 98.50% proceeds to BMO ($1,590,775). The estimated initial value is $964.64 per $1,000.

Bank of Montreal priced a US$1,061,000 offering of Senior Medium‑Term Notes, Series K, linked to the S&P 500 Index, due October 18, 2027. These Contingent Risk Absolute Return Buffer Notes target 1‑to‑1 upside exposure up to a Maximum Redemption Amount of $1,124.00 per $1,000 (a 12.40% cap). If the index finishes below the Initial Level but at or above the Buffer Level of 70.00%, holders receive a 50.00% leveraged positive return on the decline, up to a Maximum Downside Redemption Amount of $1,150.00 (15.00%).

Below the 30.00% buffer, repayment falls 1% for each additional 1% decline, with up to 70.00% principal loss at maturity. The notes pay no interest, are unsecured obligations subject to BMO’s credit risk, and will not be listed. Pricing date is October 10, 2025; valuation date October 13, 2027.

Per $1,000, the estimated initial value is $981.88. Aggregate economics show 0.50% agent’s commission ($5,305) and proceeds to BMO of $1,055,695. Minimum denominations are $1,000. Initial Level is 6,552.51; Buffer Level is 4,586.76. All payments depend on the S&P 500 closing level on the valuation date.

Bank of Montreal priced US$677,000 of Senior Medium‑Term Notes, Series K—Autocallable Barrier Notes with Memory Coupons—due October 18, 2027, linked to the least performing of AMD, ANET and PLTR.

The notes pay a 1.65% monthly contingent coupon (approximately 19.80% per annum) when each reference stock closes at or above its Coupon Barrier (60% of initial: AMD $128.94; ANET $92.46; PLTR $105.26). Missed coupons may be paid later via the Memory Coupon feature. Starting January 14, 2026, the notes auto‑redeem if each stock is at or above its Call Level (100% of initial).

If not redeemed early, at maturity holders receive $1,000 per $1,000 note unless a Trigger Event occurs (any stock below its Trigger Level, 50% of initial: AMD $107.45; ANET $77.05; PLTR $87.72) and each final level is below its initial, in which case repayment is reduced by the least performer’s decline.

The estimated initial value is $935.12 per $1,000. Price to public: 100%; Agent’s commission: 0.70% (US$4,739); Proceeds to Bank of Montreal: US$672,261. The notes are unsecured obligations and settle in cash only.

Bank of Montreal is offering structured notes (ticker BERZ) that provide 200% leveraged exposure to the Russell 2000® Index up to a capped payout. The notes limit upside: the Maximum Redemption Amount is $1,160.00 per $1,000 principal (a 16.00% return). A Buffer protects the first 10.00% decline, but losses beyond that reduce principal at a 1:1 rate and investors can lose up to 90.00% of principal.

The notes do not pay interest, are unsecured obligations subject to Bank of Montreal credit risk, are not exchange-listed, and may be illiquid. The document highlights conflicts of interest, an initial estimated value below the public price, and material tax uncertainty that could affect holders.