MicroSectors™ St FANG&Inn 3X Inv Ld ETNs SEC Filings

Bank of Montreal is offering senior unsecured market-linked notes due February 1, 2027 that are tied to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indexes. Each security has a $1,000 face amount and original offering price of $1,000, with a contingent fixed return of at least 13% (at least $130) if, on the calculation day in January 2027, the lowest performing index is at or above its threshold value.

The threshold for each index is 79% of its starting level, giving a 21% cushion. If the lowest performing index finishes below its threshold, investors are fully exposed to its decline and can lose more than 21%, up to all of their principal. The notes pay no periodic interest, are not redeemable early, and will not be listed on any exchange.

These are senior unsecured obligations of Bank of Montreal, so all payments depend on the bank’s credit. The estimated initial value is $987.20 per security on the preliminary date and will not be less than $930 at pricing, versus a $1,000 offering price. Wells Fargo Securities acts as agent, earning up to $10.75 per security, with net proceeds to Bank of Montreal of $989.25 per security.

Bank of Montreal is offering Accelerated Return Notes linked to the Invesco S&P 500 Equal Weight ETF, maturing on February 26, 2027. The notes are senior unsecured debt, not insured by Canadian or U.S. deposit insurers, and all payments depend on BMO’s credit.

Each unit has a $10 principal amount and offers a 300% participation rate in any gain of the ETF, up to a capped value of $11.206 per unit, a maximum return of 12.06%. If the ETF is flat at maturity, investors receive $10; if it falls, principal is lost one-for-one and can drop to zero. The public offering price is $10.00 per unit, with an initial estimated value of $9.72 after reflecting a $0.175 underwriting discount and a $0.05 hedging-related charge, meaning investors pay more than the bank’s estimated economic value.

Bank of Montreal is offering Capped Leveraged Index Return Notes linked to the Invesco S&P 500 Equal Weight ETF, with a $10 principal amount per unit and a total public offering of $14,211,640. The notes mature on December 31, 2027 and provide 200% leveraged exposure to gains in the ETF, but returns are capped at a maximum redemption value of $11.611 per unit, a 16.11% upside limit. If the ETF’s ending value is at or above 90% of its starting value of $192.18, investors receive at least their principal back; below that threshold, principal losses apply. The notes pay no interest, do not pass through dividends, are unsecured senior debt subject to BMO’s credit risk, and are not listed on any exchange. The initial estimated value is $9.65 per unit, below the $10 offering price, reflecting underwriting discounts, a $0.05 per unit hedging charge, and BMO’s internal funding rate.

Bank of Montreal is offering Capped Notes with an Absolute Return Buffer linked to the Russell 2000® Index, at $10 per unit, for total public offering proceeds of about $17.1 million. The notes mature on February 26, 2027 and pay a 1‑to‑1 return on Index gains up to a Capped Value of $11.20 per unit, a maximum return of 12% over principal.

If the Index ending level is below the starting level but at or above 89.95% of the Starting Value, investors receive a positive “absolute” return matching the Index’s percentage decline. Below that threshold, principal is exposed to losses, which can be substantial. Payments depend entirely on Index performance and BMO’s credit, and the notes will not be listed on any exchange.

Bank of Montreal is offering $1,882,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due December 23, 2030. The notes pay interest at a fixed rate of 4.60% per annum, with semi-annual payments each June 23 and December 23, starting June 23, 2026. Each note has a $1,000 principal amount, to be repaid in cash at maturity unless the bank redeems earlier.

Bank of Montreal may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on specified optional redemption dates from December 23, 2026 through June 23, 2030. The notes are unsecured, subject to the bank’s credit risk, and are bail-inable under Canadian law, meaning they can be converted into common shares or varied or extinguished in a resolution scenario. They will not be listed on any securities exchange, and buyers may face limited or no secondary market liquidity.

Bank of Montreal is offering Accelerated Return Notes linked to the iShares U.S. Aerospace & Defense ETF, giving leveraged exposure to the fund’s performance over roughly 14 months. Each note has a $10 principal amount, a 300% participation rate in positive returns, and a maximum payment of $11.41 per unit, capping gains at 14.10%. If the ETF finishes below its starting level, investors lose principal in line with the ETF’s decline, up to a total loss. The initial estimated value is $9.63 per unit, below the $10 public offering price, reflecting BMO’s internal funding rate, underwriting discount and hedging charges. The notes pay no interest or dividends, are unsecured senior debt subject to BMO’s credit risk, and are not listed on any exchange, so liquidity may be limited.

Bank of Montreal is issuing unsecured notes linked to the S&P 500® Index that pay no interest and are designed to be held to maturity on January 21, 2027. Each note has a $1,000 principal amount and offers 125% participation in S&P 500 gains, but returns are capped at a maximum settlement amount of $1,120 per note once the index reaches 109.60% of its initial level of 6,774.76.

The notes provide a 10% downside buffer: if the index is at or above 90% of its initial level at maturity, investors receive full principal back. Below that buffer, the payout declines and investors lose about 1.1111% of principal for every 1% the index falls below 90%, which can result in a full loss. The notes are not listed on any exchange, carry Bank of Montreal credit risk, and had an estimated initial value of $985.32 per $1,000, below the issue price due to fees and hedging costs.

Bank of Montreal is offering senior unsecured market-linked notes that are auto-callable and pay a contingent coupon of 30.20% per annum, if conditions are met. Each $1,000 security is linked to the lowest performing of Meta Platforms (META), Shopify (SHOP) and Super Micro Computer (SMCI), with monthly observation dates from January 2026 to November 2028 and final maturity on December 21, 2028.

Coupons are paid only if the lowest-performing stock on a calculation day is at least 60% of its starting value; missed coupons can be recovered later via a “memory” feature. The notes are automatically called if, from June 2026 onward, the lowest-performing stock is at or above its starting value on a calculation day. If held to maturity and not called, principal is fully returned only if the lowest-performing stock finishes at or above 60% of its starting value; otherwise repayment is reduced in line with that stock’s decline, and investors can lose most or all of principal. The initial estimated value is $949.98 per $1,000 note, and all payments are subject to Bank of Montreal’s credit risk.

Bank of Montreal is issuing S&P 500® Index-linked notes that pay no interest and are designed to be held to the April 12, 2028 stated maturity date. The notes offer a fixed payout if the index holds up: for each $1,000 note, investors receive a threshold settlement amount of $1,193.40 if the final S&P 500® level is at or above 85.00% of the initial level of 6,774.76. Below that 85.00% threshold (5,758.546), repayment falls sharply, with investors losing approximately 1.1765% of principal for every 1% the index finishes below the threshold, which can result in a total loss of principal. The offering totals $25,493,000.00, carries no underwriting discount, and is an unsecured, unsubordinated obligation of Bank of Montreal, with an initial estimated value of $996.56 per $1,000, no exchange listing, and full exposure to the issuer’s credit risk.