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

Bank of Montreal priced US$1,992,000 of Senior Medium‑Term Notes, Series K — market‑linked notes due March 31, 2028 — linked to the least performing of the S&P 500® and Russell 2000®. The notes pay at maturity based on 100.00% participation in positive performance of the least performing index, capped at a Maximum Redemption Amount of $1,115.00 per $1,000 (an 11.50% maximum return). If the least performing index finishes at or below its initial level, investors receive only the $1,000 principal. The initial estimated value was $963.69 per $1,000; the public offering price aggregates to $1,992,000. All payments are unsecured obligations of Bank of Montreal and subject to its credit risk.

Bank of Montreal priced US$1,295,000 of Senior Medium-Term Notes, Series K — market-linked notes due March 30, 2029 — linked to the least performing of the NASDAQ-100 Index and the Dow Jones Industrial Average. The notes pay 1-for-1 positive exposure to appreciation of the least performing Reference Asset, subject to a Maximum Redemption Amount of $1,198.00 per $1,000 principal (a 19.80% cap). If the Least Performing Reference Asset declines, investors receive principal only ($1,000). The notes do not bear interest, are unsecured obligations of Bank of Montreal, and are subject to the issuer’s credit risk. Pricing Date: March 26, 2026; Settlement Date: March 31, 2026; Valuation Date: March 27, 2029. The issuer’s initial estimated value was $951.18 per $1,000; price to public is 100% of principal.

Bank of Montreal (BMO) is offering US$1,507,000 of Senior Medium-Term Notes, Series K — Contingent Risk Absolute Return Barrier Notes linked to the EURO STOXX 50® Index. The notes mature on March 31, 2031 and provide 125.00% upside leverage on positive index returns. If the index ends below a Barrier Level equal to 60.00% of the Initial Level, investors suffer pro rata principal loss; if the Final Level is below the Initial Level but above the Barrier Level, investors receive an absolute positive payout capped at a Maximum Downside Redemption Amount of $1,400.00 per $1,000. The notes do not bear interest, are unsecured obligations of BMO, and are subject to BMO credit risk and limited liquidity.

Bank of Montreal issues Accelerated Return Notes® linked to the Energy Select Sector SPDR® Fund. The offering sold at a $10.00 public offering price per unit for a total public offering price of $24,871,120.00. The notes mature on May 28, 2027 and provide a leveraged, capped return tied to the Ending Value of the Underlying Fund (XLE), with a 300% participation rate and a Capped Value of $12.663 per unit (26.63% return over principal). The issuer’s initial estimated value was $9.67 per unit; the underwriting discount is $0.175 per unit and a hedging related charge of $0.05 per unit applies. Payments are unsecured and subject to BMO credit risk; principal can be lost if the Underlying Fund declines.

Bank of Montreal (BMO) is offering Capped Leveraged Index Return Notes® linked to the Russell 2000® Index due March 31, 2028. The notes have a $10.00 principal per unit and a public offering price of $10.00 per unit, with total public offering proceeds of $35,098,480.00. The initial estimated value on the pricing date was $9.61 per unit. The notes provide a 200% participation rate in positive Index performance up to a Capped Value of $12.72 (a 27.20% capped return). If the Index finishes between the Starting Value and the Threshold Value (90% of Starting Value), holders receive principal; below the Threshold Value the investor suffers a proportional loss of principal. All payments are unsecured and subject to BMO’s credit risk.

Bank of Montreal is offering US$1,907,000 in Senior Medium‑Term Notes, Series K — Contingent Risk Absolute Return Buffer Notes linked to the S&P 500® Futures Excess Return Index. The notes mature on March 31, 2031, were priced March 26, 2026, and pay no interest.

The structure provides a 140.00% Upside Leverage Factor on any positive Percentage Change, a 20.00% Buffer (Buffer Level 418.94 from Initial Level 523.68) delivering up to $1,200.00 per $1,000 on modest declines, but investors may lose up to 80.00% of principal if declines exceed the buffer. All payments are subject to Bank of Montreal credit risk; the estimated initial value was $915.85 per $1,000.

Bank of Montreal is offering $13,254,000 of principal amount of cash-settled notes linked to the S&P 500® Index. The notes trade on March 26, 2026, mature on July 21, 2027 and pay no interest. The initial underlier level is 6,477.16; the threshold level is 87.50% of that level (5,667.515). If the final underlier level on the determination date equals or exceeds the threshold, each $1,000 note pays the threshold settlement amount of $1,137.20. If the final underlier level is below the threshold, holders lose approximately 1.1429% of principal for each 1% decline below the threshold and could lose some or all principal. The estimated initial value on the trade date was $995.24 per $1,000 principal. Payments are unsecured obligations of Bank of Montreal and subject to its credit risk; the notes will not be listed on any exchange.

Bank of Montreal priced $33,237,400 of Trigger Callable Contingent Yield Notes due September 29, 2028. The senior unsecured notes pay a quarterly contingent coupon (16.05% per annum; $0.4013 per Note per quarter) only if each Underlier closes at or above its 70% Coupon Barrier on every eligible trading day in an Observation Period. If not redeemed earlier by the Issuer, principal repayment at maturity depends on the Final Underlier Values: if every Underlier is at or above its 60% Downside Threshold, the $10 principal is repaid; if the Least Performing Underlier is below that threshold, the maturity payment equals $10 plus $10 times that Underlier Return, which can result in substantial or total loss of principal.

Bank of Montreal priced US$1,110,000 of Senior Medium-Term Notes, Series K due March 30, 2029. The capped buffer enhanced return notes reference the least performing of the S&P 500^® and NASDAQ-100^®, provide 200.00% upside leverage subject to a 31.50% cap ($1,315 per $1,000), and include an 85.00% downside exposure beyond a 15.00% buffer. Payments depend on the Least Performing Reference Asset’s Final Level on the March 27, 2029 valuation date and are unsecured obligations of Bank of Montreal.

Bank of Montreal is issuing structured, non‑interest paying notes linked to the S&P 500® Index with a stated maturity of June 22, 2028 and a determination date of June 20, 2028.

The notes have a $1,000 principal amount per note, an upside participation rate of 170%, a cap that limits the maximum cash settlement to $1,303.28 per note, and a buffer that protects against declines up to 15.00% of the initial underlier level (initial underlier level: 6,477.16). The dealer received no underwriting discount and proceeds equal original issue price total $17,798,000.00.

Bank of Montreal (BMO) is offering Capped Leveraged Index Return Notes® linked to the Russell 2000® Index due April, 2028. The notes have a $10.00 principal per unit and an expected term of approximately two years.

The notes feature a Participation Rate of 200%, a Threshold Value of 90% of the Starting Value and an initial Capped Value to be set at pricing in the range of $12.20 to $12.60. The issuer’s initial estimated value on the pricing date is stated to be between $9.09 and $9.39 per unit; the public offering price is $10.00 with an underwriting discount of $0.20 and a disclosed hedging charge of $0.05.

Payments at maturity depend on the average Ending Value of the Index during the Maturity Valuation Period, are subject to BMO’s credit risk, and can result in loss of principal if the Ending Value is below the Threshold Value. The term sheet highlights small‑capitalization company risk, tax uncertainties for U.S. and non-U.S. holders, and other structure- and market-related risks.

Bank of Montreal priced US$3,982,000 of Senior Medium-Term Notes, Series K — Autocallable Barrier Notes linked to the American depositary receipts of Novo Nordisk A/S (NVO) on March 25, 2026, with settlement on March 30, 2026 and maturity on April 30, 2027. The notes pay a Contingent Coupon of 1.2292% per month (approximately 14.75% per annum) when the Reference Asset on an Observation Date is at or above the Coupon Barrier Level.

If not auto‑redeemed, principal at maturity depends on the Final Level versus the Trigger Level: investors receive $1,000 per $1,000 unless the Final Level is below the Trigger Level ($20.34, or 56.00% of the Initial Level), in which case the cash payment equals $1,000 plus $1,000 times the Percentage Change. The notes were offered at 100% of principal with an estimated initial value of $965.62 per $1,000; the agent’s commission was 2.15% and proceeds to BMO were 97.85%.

Bank of Montreal priced US$1,501,000 Senior Medium-Term Notes, Series K, Barrier Notes linked to the least performing of the common shares of KeyCorp (KEY) and the State Street Financial Select Sector SPDR ETF (XLF). The notes pay a monthly Coupon of $8.708 per $1,000 (interest rate 0.8708% per month, approximately 10.45% per annum) on the last business day of each month.

The notes have a Strike Date of March 24, 2026, a Pricing Date of March 25, 2026, Settlement Date March 30, 2026, Valuation Date March 28, 2028 and Maturity Date March 31, 2028. Trigger Levels equal 55.00% of each Initial Level: KEY $10.90 and XLF $27.10. At maturity, if the Final Level of the least performing Reference Asset is below its Trigger Level, principal is reduced pro rata by the Percentage Change; otherwise, principal of $1,000 is returned plus the final Coupon. The estimated initial value on the Pricing Date was $972.95 per $1,000 in principal.

Bank of Montreal is offering non‑interest structured notes linked to the VanEck® Gold Miners ETF (ticker: GDX) with a $1,000 principal amount per note. The trade date is March 25, 2026, original issue date March 30, 2026, and stated maturity is March 29, 2028 (subject to postponement).

The notes feature an automatic call on the call observation date April 2, 2027 if the closing price of GDX is ≥ the initial level of $86.32; called notes pay principal plus a 20.90% call premium. If not called, maturity payoffs depend on the final underlier level vs a 90.00% buffer: upside participation is 200% with a stated maturity premium of 41.80%, while declines below the buffer reduce principal at ~1.1111% per 1% decline below the buffer level. The issuer’s estimated initial value is $981.10 per $1,000 note; original issue price is $1,000.00 with an underwriting discount of $20.00.

Bank of Montreal priced $2,399,000 Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due March 31, 2031. The Notes pay interest at 4.55% per annum, payable semi-annually beginning September 30, 2026, in $1,000 denominations.

The issuer may redeem the Notes in whole (but not in part) on semi-annual Optional Redemption Dates at 100% of principal plus accrued interest; holders have no right to early repayment. The Notes are unsecured, not listed, and are designated as bail-inable under the Canada Deposit Insurance Corporation Act, exposing holders to potential conversion into common shares under that regime.

Bank of Montreal published a preliminary pricing supplement for non‑interest bearing notes linked to the S&P 500® Index. Each note has a $1,000 principal amount; the offering shows an original issue price of $1,000.00, underwriting discount of $10.90 and proceeds to Bank of Montreal of $989.10 per note.

Notes pay a threshold settlement amount if the final index level is ≥ 90.00% of the initial level; the threshold settlement amount is expected to be within the range of $1,096.20 and $1,112.90. If final index < 90.00% of initial, holders lose approximately 1.1111% of principal for every 1% decline below the threshold and could lose some or all principal. The issuer’s estimated initial value is expected to be within the range of $969.00 and $999.00 per $1,000 principal amount.

Bank of Montreal is offering Senior Medium-Term Notes, Series K, Redeemable Fixed Rate Notes due March 27, 2029. The notes pay a fixed 4.55% per annum with semi-annual interest dates and are redeemable by the issuer on semi-annual Optional Redemption Dates at 100% plus accrued interest. The notes are unsecured, bail-inable under the Canadian CDIC Act and may be converted into common shares under subsection 39.2(2.3). Original issue price is $1,000 per note with an underwriting discount of $10 and proceeds to Bank of Montreal of $990 per note. The notes will not be listed on any securities exchange; holders bear the issuer credit risk.

Bank of Montreal is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 due on or about September 29, 2028. The Notes pay a quarterly Contingent Coupon only if each Underlier closes at or above its Coupon Barrier on every eligible trading day during an Observation Period. The Contingent Coupon Rate will be set on the Trade Date and is at least 15.00% per annum. Each Note has a Principal Amount of $10, a Trade Date of March 27, 2026, Settlement Date of March 31, 2026, and a Maturity Date of September 29, 2028. The Initial Underlier Value equals each Underlier's closing value on the Trade Date; Coupon Barrier equals 70% of Initial Underlier Value and Downside Threshold equals 60%.

The Issuer may redeem the Notes on quarterly Optional Redemption Dates; if redeemed you receive Principal plus any Contingent Coupon then due. If the Notes are not redeemed and on the Final Valuation Date any Underlier is below its Downside Threshold, the cash payment at maturity will reflect the Underlier Return of the Least Performing Underlier and may be less than Principal, possibly resulting in substantial or total loss. The Notes are senior unsecured obligations of Bank of Montreal; payments are subject to the Issuer's credit risk. The estimated initial value on the date of this preliminary pricing supplement is $9.87 per Note (not including offering costs) and will not be less than $9.57 per Note at pricing. Minimum investment is $1,000.

Bank of Montreal prices Senior MTN Series K — ETF Linked, auto-callable notes with a minimum monthly coupon of 8.25%. The securities have a face amount of $1,000 and are linked to the lowest performing of Invesco QQQ Trust (QQQ), VanEck Semiconductor ETF (SMH) and SPDR S&P Metals & Mining ETF (XME). Pricing date is April 17, 2026 and issue date is April 22, 2026; stated maturity is April 23, 2029.

If on any monthly call date (beginning about six months after issuance) the lowest performing Underlier closes at or above its starting value, the notes are automatically called for the face amount plus a final coupon. If not called, maturity pays $1,000 only if the lowest performing Underlier on the final calculation day is at or above a threshold equal to 80% of starting value; otherwise the holder suffers 1-to-1 downside beyond a 20% buffer, losing up to 80% of face. All payments are subject to the issuer credit risk of Bank of Montreal. The preliminary estimated initial value is $965.60 (not less than $920.00 at pricing).

Bank of Montreal is offering market-linked, auto-callable Senior Medium-Term Notes (Series K) linked to the lowest performing of the iShares Expanded Tech-Software ETF (IGV), the Dow Jones Industrial Average (INDU) and the Russell 2000 (RTY). The securities have an original offering price of $1,000 per security and a face amount of $1,000. The pricing date is April 15, 2026, the issue date is April 20, 2026, and the stated maturity date is October 18, 2029.

They pay monthly contingent coupons (contingent coupon rate at least 10.70% per annum) only if the lowest performing Underlier on each monthly calculation day is at or above its coupon threshold (65% of starting value). The securities are automatically called if the lowest performing Underlier on an applicable calculation day from October 2026 through September 2029 is at or above its starting value, in which case holders receive the face amount plus a final contingent coupon. If not called, at maturity holders receive $1,000 if the lowest performing Underlier’s ending value is at or above 65% of its starting value; if below, the maturity payment equals $1,000 multiplied by that Underlier’s performance factor, exposing holders to potential loss greater than 35% of principal. The offer includes an agent discount of $23.25 (proceeds to BMO $976.75), an estimated initial value on the pricing date of $964.40 (not less than $920.00), and significant credit and tax risks, including intended withholding of 30% on coupons to non-U.S. holders.

Bank of Montreal issues Market Linked Securities—auto-callable notes linked to the lowest performer of XLF, XLK and XLY due March 29, 2029. The securities have a $1,000 face amount and an original offering price of $1,000 per security; the estimated initial value at pricing was $972.22.

The notes pay a contingent monthly coupon at a 10.00% per annum rate (with a memory feature) if the lowest-performing ETF on each calculation day closes at or above its 90% coupon threshold. The instruments are auto-callable on monthly observation dates beginning September 2026 if the lowest-performing Underlier meets its call threshold. At maturity the securities offer a 20% buffer: if the final ending value of the lowest-performing Underlier is below its 80% downside threshold you bear 1-to-1 downside in excess of the buffer (loss up to 80% of face amount); if above the downside threshold you receive the face amount.

Bank of Montreal is offering Market Linked Securities—auto-callable notes linked to the lowest performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the iShares® 20+ Year Treasury Bond ETF. The securities have a $1,000 face amount, an estimated initial value of $958.70 (not less than $920.00 at pricing), an original offering price of $1,000, pricing date April 7, 2026, issue date April 10, 2026 and stated maturity October 13, 2028.

Quarterly contingent coupons will be paid only if the lowest performing underlier is >= its coupon threshold; the contingent coupon rate will be determined at pricing and will be at least 13.80% per annum. The notes are auto-callable if the lowest performing underlier is >= its call threshold (90% of starting value) on a calculation day. At maturity, principal is protected only if the lowest performing underlier’s ending value is >= 70% of its starting value; otherwise principal is reduced proportionally and investors may lose more than 30%, up to the full principal. Agent discount is $23.25 per security.

Bank of Montreal is amending the pricing supplement for its Energy -3X Inverse Leveraged ETNs due January 29, 2043 to offer additional notes with an aggregate principal amount of $12,500,000, increasing outstanding principal to $37,500,000 as of the expected settlement date of March 26, 2026. The notes provide a daily resetting -3x inverse exposure to the Solactive MicroSectors™ Energy Index (ticker BIGOIL), compound daily and subject to a 0.95% per annum Daily Investor Fee, potential negative Daily Interest (based on the US Federal Funds Effective Rate minus an Interest Rate Spread currently 2.00%, adjustable up to 4.00%), and a 0.125% Redemption Fee Amount on early redemptions.

The notes are exchange-listed under ticker WTID, tradeable intraday with an Intraday Indicative Value ticker WTIDIV, and do not guarantee return of principal. They are described as short‑term, daily trading tools for sophisticated investors and are not intended to be held as buy‑and‑hold investments; investors may lose some or all principal.

Bank of Montreal issues additional ETNs linked to a -3× inverse U.S. Big Oil index. The offering adds 200,000 ETNs (aggregate principal $25,000,000) of MicroSectors™ U.S. Big Oil -3× Inverse Leveraged ETNs (ticker NRGD) maturing February 17, 2045.

The ETNs target daily -3× leveraged inverse exposure to the gross total return Solactive MicroSectors™ U.S. Big Oil Index, reset daily and after a 1-for-5 reverse split carry a principal amount of $125 per ETN. Key economics: a Daily Investor Fee at 0.95% per annum, a Redemption Fee of 0.125% (if applicable), and a Daily Interest based on the Federal Funds Effective Rate minus an Interest Rate Spread initially 2.00% (adjustable up to 4.00%). The ETNs are unsecured obligations of the issuer, are intended as short-term, daily trading tools, and may lose all value; they are not intended to be held to maturity.

Bank of Montreal proposes principal-protected-linked notes tied to the S&P 500® Index with a $1,000 principal amount per note and an expected term of about 16 to 18 months from trade date. The notes pay no interest and offer 150% upside participation up to a maximum settlement amount (expected between $1,215.10 and $1,252.30 per $1,000). If the final index level is below the initial level, holders lose 1% of principal for each 1% decline in the index and could lose all principal. The issuer’s initial estimated value is expected to be between $955.30 and $985.30 per $1,000, below the original issue price. The notes are unsecured obligations of Bank of Montreal, unlisted, not FDIC- or CDIC-insured, and subject to issuer credit risk. The underwriting discount is $13.70 per note; proceeds to Bank of Montreal are $986.30 per note.

Bank of Montreal is offering US$2,133,000 in Senior Medium‑Term Notes, Series K — Callable Barrier Notes with Contingent Coupons due March 27, 2028. The notes pay a monthly contingent coupon of 1.1667% per month (approximately 14.00% per annum) if, on each Observation Date, each Reference Asset is at or above its Coupon Barrier Level.

The notes are linked to the least performing of the S&P 500® (SPX), Russell 2000® (RTY) and the Nasdaq‑100 Technology Sector Index (NDXT). Each Coupon Barrier and Trigger Level equals 70.00% of the corresponding Initial Level. If, on the Valuation Date, the Final Level of any Reference Asset is below its Trigger Level, a Trigger Event occurs and maturity payment equals $1,000 plus the Percentage Change of the Least Performing Reference Asset, which may be less than principal and could be zero. The notes are callable by the issuer beginning on September 23, 2026. The estimated initial value on the Pricing Date is $981.83 per $1,000 principal.

Bank of Montreal priced US$1,685,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons linked to the State Street SPDR S&P Regional Banking ETF (ticker: KRE). The notes priced on March 24, 2026 with a Settlement Date of March 27, 2026 and mature on March 27, 2029.

The notes pay contingent quarterly coupons of 3.0125% per quarter (approximately 12.05% per annum) if the Reference Asset on an Observation Date is at or above a Coupon Barrier of $45.04 (70.00% of the Initial Level). The notes are automatically redeemed if the Reference Asset is at or above the Call Level (100% of the Initial Level) on any Observation Date, in which case holders receive principal plus the contingent coupon then due. At maturity, if not auto‑redeemed and the Final Level is below the Trigger Level ($45.04), investors receive a cash amount equal to $1,000 × (Final Level/Initial Level), which may be less than principal. The estimated initial value was $974.62 per $1,000 on the Pricing Date. The public offering price was 100% of principal, with agent commission of 2.00% and proceeds to BMO of 98.00%.

Bank of Montreal priced US$1,416,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons due March 27, 2028. The notes pay contingent monthly coupons of 0.7975% (approximately 9.57% per annum) if each reference index meets its monthly coupon barrier.

The notes are linked to the least performing of the S&P 500®, Russell 2000® and the Dow Jones Industrial Average®. Observation dates precede monthly coupon dates; automatic redemption can occur beginning March 23, 2027 if all references are at or above their call levels. At maturity, if a Trigger Event occurred, payment equals $1,000 adjusted by the Percentage Change of the least performing reference asset; otherwise $1,000 is returned. The pricing supplement states an estimated initial value of $969.15 per $1,000 principal amount on the Pricing Date.

Bank of Montreal priced a US$350,000 offering of Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Memory Coupons linked to the least performing of META, AMZN and NVDA. The Pricing Date is March 24, 2026, Settlement Date March 27, 2026, Valuation Date September 22, 2028, and Maturity Date September 27, 2028.

The notes pay a contingent monthly coupon of 1.25% (approximately 15.00% per annum) when each reference asset on an Observation Date is at or above its Coupon Barrier Level (55% of Initial Level). The notes are automatically redeemed if, on an Observation Date beginning March 23, 2027, each reference asset is at or above its Call Level (100% of Initial Level). At maturity, if a Trigger Event occurs (any Final Level below its Trigger Level, 50% of Initial Level), the holder receives $1,000 × (1 + Percentage Change of the Least Performing Reference Asset), which may be less than or equal to zero. The estimated initial value on the Pricing Date was $967.97 per $1,000 principal amount.

Bank of Montreal priced $2,000,000 of Senior Medium-Term Notes, Series K — autocallable barrier notes linked to the common stock of Citigroup Inc. The notes pay a contingent coupon of 0.8833% per month (approximately 10.60% per annum), begin monthly coupon observation on March 24, 2026 with settlement on March 27, 2026, and mature on March 27, 2028. The notes are automatically redeemable beginning on September 23, 2026 if the reference stock closes at or above its Call Level, and at maturity will pay principal or a reduced cash amount if the Final Level is below the Trigger Level ($68.24, 60.00% of the Initial Level). The issuer estimates an initial value of $960.83 per $1,000 principal amount on the pricing date.

Bank of Montreal priced US$2,611,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Memory Coupons linked to the least performing of XLK, XHB and XME, with a Pricing Date of March 24, 2026, Settlement on March 27, 2026 and Maturity on June 27, 2029.

The notes pay contingent quarterly coupons of 4.125% per quarter (approximately 16.50% per annum) if each reference asset on an Observation Date is at or above its Coupon Barrier (80% of Initial Level). Beginning September 23, 2026, the notes may be automatically redeemed if all Reference Assets are at or above their Call Level (100% of Initial Level) on an Observation Date. At maturity, if any Reference Asset is below its Trigger Level (80% of Initial Level), investors receive $1,000 adjusted by the Percentage Change of the least performing Reference Asset; otherwise they receive $1,000, plus any due Contingent Coupons.

Bank of Montreal priced US$1,000,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Memory Coupons linked to the Class A common stock of Roku, Inc. The notes pay a contingent monthly coupon of 1.3333% (≈16.00% per annum) when the Reference Asset closes at or above a Coupon Barrier Level of $57.35 (60.00% of the Initial Level). The notes mature on March 27, 2029 with a Valuation Date of March 22, 2029, and are subject to automatic redemption if the Reference Asset closes above its Call Level on an Observation Date. At maturity, if the Final Level is below the Trigger Level ($57.35), holders receive a formulaic cash amount that can be less than the principal; otherwise they receive the principal. The estimated initial value at pricing was $948.96 per $1,000 principal.

Bank of Montreal offers Capped Leveraged Index Return Notes linked to the Invesco S&P 500® Equal Weight ETF. These senior unsecured notes have a $10 principal per unit and a term of approximately two years, maturing in April, 2028, and are described in a preliminary term sheet.

The notes provide a 200% Participation Rate in positive performance of the Underlying Fund up to a Capped Value that the issuer has indicated will be between $11.40 and $11.80 per unit. The Threshold Value is 90.00% of the Starting Value. The issuer lists an initial estimated value range of $9.05 to $9.35 per unit and a public offering price of $10.00 per unit; the underwriting discount is $0.20 and an estimated hedging charge is $0.05 per unit. The Underlying Fund trades under ticker RSP and had a closing price of $191.69 on March 23, 2026.

This term sheet is preliminary and subject to change; payments at maturity depend on the Ending Value of the Underlying Fund and are subject to the issuer’s credit risk.

Bank of Montreal priced US$1,055,000 of Senior Medium-Term Notes, Series K: Market Linked Notes due March 27, 2029, linked to the S&P 500® Index. The notes offer 1:1 upside participation up to a Maximum Redemption Amount of $1,250.00 per $1,000 principal (a 25.00% capped return). If the Final Level is between 95.00% and the Initial Level, investors lose 1% for each 1% decline; if below 95.00%, the maturity payment is $950.00 per $1,000 (a 5.00% principal loss). The notes do not pay interest, are unsecured obligations of Bank of Montreal, are not exchange-listed, and are subject to the Bank’s credit risk.

Bank of Montreal (BMO) is offering non‑interest‑bearing, unsecured principal‑protected notes linked to the iShares® MSCI South Africa ETF (EZA). Each note has a $1,000 principal amount and a stated maturity of September 28, 2027 (determination date September 24, 2027, subject to postponement).

Key economics: the initial underlier level was $63.80 (strike date March 24, 2026), the threshold level is $47.85 (75.00% of initial), the threshold settlement amount is $1,191.10 per note, and the buffer rate is approximately 133.33%. If the final underlier level is ≥ threshold, each note pays the threshold settlement amount; if below, holders lose approximately 1.3333% of principal per 1% decline below the threshold and could lose all principal.

The original issue price is $1,000 with an underwriting discount of $15.10 (proceeds to BMO $984.90). The issuer estimates an initial estimated value between $953.90 and $983.90 per note. The notes will not be listed, are designed to be held to maturity, and are subject to BMO credit risk and uncertain U.S. tax treatment.

Bank of Montreal is offering non‑interest bearing, S&P 500®‑linked principal notes with a $1,000 principal amount per note and a stated maturity set on the trade date. The determination date is expected roughly 15–17 months after the trade date, with the stated maturity two business days after that.

If the final underlier level is ≥ 87.50% of the initial level, each note will pay a threshold settlement amount expected to be between $1,115.90 and $1,136.30 per note. If the final underlier level is below 87.50%, the cash settlement declines so the holder loses approximately 1.1429% of principal for every 1% drop below the threshold; investors could lose some or all principal. The issuer will not list the notes and any payments are subject to Bank of Montreal credit risk. The initial estimated value is expected to be between $969.00 and $999.00 per $1,000 principal, below the original issue price.

Bank of Montreal presents a preliminary pricing supplement for non‑interest‑bearing notes linked to the S&P 500® Index that are designed to be held to maturity and whose cash payment depends on index performance. The notes offer an upside participation rate of 170% with a buffer of 15.00% and a capped payout (maximum settlement amount expected between $1,255.85 and $1,300.90 per $1,000 principal).

The notes return the principal if the final index level declines by up to 15.00%; losses accrue approximately 1.1765% of principal for each 1% decline below the buffer. The issuer’s initial estimated value is expected to be between $969.00 and $999.00 per $1,000, which is stated to be less than the original issue price. All payments are subject to the credit risk of Bank of Montreal.

Bank of Montreal priced a marketed, equity-index-linked note due March 27, 2031 with a face amount of $1,000 per security and a total offering shown of $775,000. The pricing supplement states an estimated initial value of $941.08 per security on the pricing date and discloses an upside participation rate of 150% subject to a maximum return of $603.00 (60.30%). The notes pay no interest, are unsecured obligations of the Bank of Montreal, and feature contingent downside exposure: if the ending S&P 500 index value is below the threshold value equal to 80% of the starting value, investors absorb the full percentage decline in the underlier. The pricing supplement highlights secondary-market limitations, potential conflicts of interest with distribution and hedging parties, and uncertain U.S. federal tax treatment.

Bank of Montreal priced US$7,525,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes linked to the least performing of the S&P 500, Russell 2000 and the Dow Jones Industrial Average. The Pricing Date was March 23, 2026, Settlement Date March 26, 2026, Valuation Date March 21, 2029, and Maturity Date March 26, 2029.

The notes pay a Contingent Coupon of 0.5833% per month (approximately 7.00% per annum) when each Reference Asset on an Observation Date is >= its Coupon Barrier Level (each barrier = 70.00% of Initial Level). Beginning on September 23, 2026 the notes are subject to automatic redemption if each Reference Asset on an Observation Date ≥ its Call Level (each Call Level = 105.00% of Initial Level). At maturity, if not autocalled, holders receive $1,000 per $1,000 unless a Trigger Event (any Reference Asset < its Trigger Level = 70.00% of Initial Level) has occurred, in which case payout equals $1,000 × (1 + Percentage Change of the Least Performing Reference Asset).

The cover shows an estimated initial value of $938.97 per $1,000 and a public offering price of 100% (public offering in certain fee-based accounts ranged from $959.92 to $1,000). Proceeds to Bank of Montreal are shown as $7,223,398 with an Agent’s Commission of 4.008% ($301,602).

Bank of Montreal priced US$1,600,000 Senior Medium‑Term Notes, Series K — Autocallable Barrier Notes linked to Polaris Inc. (PII). The notes were priced on March 23, 2026 with settlement on March 26, 2026 and mature on March 26, 2029.

Key economic terms: a contingent coupon of 4.35% per quarter (approximately 17.40% per annum) payable if Polaris closes at or above the coupon barrier on Observation Dates; Coupon Barrier and Trigger Level are $33.50 (60.00% of the Initial Level); Call Level is $55.83 (100.00% of the Initial Level). If not autocalled and a Trigger Event occurs, maturity payoff is $1,000 × (1 + Percentage Change), which may be less than principal. Price to public: 100%; agent’s commission: 2.35%; proceeds to issuer: 97.65% ($1,562,400). The document states an estimated initial value of $945.18 per $1,000 on the Pricing Date.

Bank of Montreal priced a $3,000,000 issuance of Senior Medium-Term Market Linked Notes, Series K, due March 26, 2031, linked to shares of the VanEck® Gold Miners ETF (GDX). Each $1,000 principal pays at maturity either principal or an upside payout capped at a Maximum Redemption Amount of $1,885.00 per $1,000 (an 88.50% maximum return). The notes carry no interest, are unsecured, issued in $1,000 denominations, and are subject to Bank of Montreal credit risk. The initial estimated value was $962.02 per $1,000.

Bank of Montreal is issuing US$835,000 of Senior Medium‑Term Notes, Series K — Capped Barrier Enhanced Return Notes linked to the Invesco S&P 500® Equal Weight ETF (RSP). The notes have a $1,000 principal denomination, a Pricing Date of March 23, 2026, settlement on March 26, 2026, and maturity on May 26, 2027.

The notes provide 200.00% Upside Leverage of any appreciation in the Reference Asset but cap returns at a Maximum Redemption Amount of $1,111.00 per $1,000 (a 11.10% maximum return). The Initial Level is $191.69 and the Barrier Level is $153.35 (80.00% of Initial Level). If the Final Level on the Valuation Date is below the Barrier Level, investors lose 1% of principal for each 1% decline from the Initial Level and may lose up to 100% of principal. The notes pay no interest, are cash‑settled only, carry Bank of Montreal credit risk, and have an estimated initial value of $967.42 per $1,000 on the Pricing Date.

Bank of Montreal priced US$1,910,000 Senior Medium-Term Notes, Series K: Autocallable Barrier Notes linked to the common stock of The Walt Disney Company (DIS). The notes price date is March 23, 2026, settlement March 26, 2026, and maturity April 26, 2027.

The notes pay a Contingent Coupon of 0.75% per month (approximately 9.00% per annum) when the Reference Asset on each Observation Date is at or above the Coupon Barrier Level of $69.54 (71.00% of the Initial Level). Beginning September 23, 2026, the notes are subject to automatic redemption if the Reference Asset closes at or above the Call Level (100% of the Initial Level) on an Observation Date. At maturity, if the Final Level is below the Trigger Level of $69.54 (71.00% of Initial Level), a Trigger Event occurs and investors receive the Physical Delivery Amount (shares) or, at the issuer’s election, the Cash Delivery Amount; otherwise investors receive principal.

Bank of Montreal (issuer) is offering non-interest notes linked to the S&P 500® Index with a $1,000 principal amount per note. The notes pay at maturity based on index performance over an expected 22–25 months observation period. If the final index level exceeds the initial level, the payoff equals the upside participation rate of 160% times the index return, subject to a capped payout (maximum settlement amount expected between $1,226.08 and $1,265.92 per $1,000). If the final level falls by up to 12.50% (buffer), you receive $1,000. Below the buffer (below 87.50% of the initial level) losses apply at approximately 1.1429% of principal for each 1% decline. Estimated initial value is expected between $969.00 and $999.00 per $1,000 and will be less than the original issue price. Notes are unsecured obligations of Bank of Montreal, not exchange-listed, and subject to issuer credit risk and tax-uncertainty for U.S. holders.

Bank of Montreal is offering Market Linked Senior Medium-Term Notes—Auto-Callable with a contingent coupon and contingent downside principal at risk, linked to the lowest performing of Blackstone Inc., Datadog, Inc. and Palantir Technologies Inc., with an original offering price of $1,000 per security under this preliminary pricing supplement. The securities pay monthly contingent coupons (with a memory feature) at a contingent coupon rate determined on the pricing date (at least 24.45% per annum) and may be automatically called if the lowest performing Underlier closes at or above its starting value on specified monthly calculation days. If not called, principal at maturity depends on the ending value of the lowest performing Underlier and may be reduced below the face amount, including loss of most or all principal if that Underlier falls below 50% of its starting value. Payments are subject to Bank of Montreal credit risk and U.S. and Canadian tax considerations as described herein.

Bank of Montreal priced US$4,540,000 Senior Medium-Term Notes, Series K. These autocallable Barrier Notes with Memory Coupons pay a $1,000-based contingent coupon of 1.125% per month (approximately 13.50% per annum) if three reference indices meet coupon barrier tests.

The notes reference the S&P 500® (SPX), NASDAQ-100® (NDX) and Russell 2000® (RTY). Pricing Date was March 20, 2026, Settlement Date March 25, 2026, Valuation Date June 22, 2027, and Maturity Date June 25, 2027. Coupon Barrier Levels are 70% of initial levels and Trigger Levels are 65%; an automatic redemption feature can occur beginning on September 22, 2026. The estimated initial value was $976.93 per $1,000 principal amount on the Pricing Date.

Bank of Montreal priced US$2,943,000 of Senior Medium-Term Notes, Series K: Autocallable Barrier Notes with Contingent Coupons due March 26, 2029. The notes pay a contingent coupon of 0.9167% per month (~11.00% annual) if each reference index meets monthly coupon barriers, are callable beginning September 23, 2026, and settle on March 25, 2026.

The notes are linked to the least performing of the S&P 500 (SPX), NASDAQ-100 (NDX) and Russell 2000 (RTY), include principal-at-risk if a trigger event occurs (Final Level below 60.00% of Initial Level), and had an estimated initial value of $977.74 per $1,000 principal on the pricing date.

Bank of Montreal prices a US$4,000,000 offering of Senior Medium-Term Notes, Series K: Autocallable Barrier Notes due March 25, 2031 linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000. The notes pay a 0.8792% monthly contingent coupon (approximately 10.55% per annum) when each reference asset is at or above a 70% coupon barrier on observation dates. They are callable on scheduled quarterly Call Observation Dates if each reference asset is at or above its Call Level (100% of initial). At maturity, if any reference asset is below its Trigger Level (70% of initial), principal is reduced pro rata to the percentage change of the least performing reference asset. Pricing Date is March 20, 2026; estimated initial value was $971.23 per $1,000 principal.

Bank of Montreal priced US$700,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons due March 26, 2029, linked to the S&P 500®, Russell 2000® and Nasdaq-100 Technology Sector indices.

The notes pay a contingent monthly coupon of 1.0208% (approximately 12.25% per annum) if each reference asset on an Observation Date is ≥ its Coupon Barrier (70.00% of initial levels). Beginning September 23, 2026, the notes are auto-redeemable if all Reference Assets close ≥ their Call Levels on an Observation Date. At maturity, if not called and if any Reference Asset is below its Trigger Level (70.00% of initial), investors receive $1,000 adjusted by the Percentage Change of the Least Performing Reference Asset.