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

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 auto-callable, equity-linked notes tied to GE Vernova Inc. (GEV) with a $1,000 face amount and a stated maturity of March 29, 2029. The securities pay a 21.60% per annum contingent coupon quarterly only if the Underlier meets a coupon threshold of $636.587 (70% of the starting value). If a calculation day on or before December 2028 has a closing value at or above the starting value, the notes will be automatically called and repay principal plus a final contingent coupon. If not called, maturity pays $1,000 unless the ending value is below the downside threshold ($636.587), in which case the maturity payment equals $1,000 times the performance factor (ending/starting value) and could be less than the face amount, including potentially $0. The notes are unsecured obligations of Bank of Montreal and subject to its credit risk.

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.

Bank of Montreal priced a series of auto-callable, equity-linked senior notes (Series K) linked to the lowest performing of AMD, Microsoft and UnitedHealth. The securities have an original offering price of $1,000 per security and an estimated initial value of $958.69 per security on the pricing date. The notes pay a contingent monthly coupon of 21.90% per annum (with a memory feature), are callable on specified monthly observation dates through February 2029, and mature on March 28, 2029 if not called.

The maturity payment depends solely on the lowest performing Underlier: if the lowest performing Underlier’s ending value on the final calculation day is below its downside threshold (60% of its starting value), principal is reduced pro rata (e.g., a 45% performance factor yields $450 per $1,000). Payments are unsecured obligations of the Bank of Montreal and subject to its credit risk.

Bank of Montreal priced US$1,280,000 in Senior Medium-Term Notes, Series K — Autocallable Buffer Notes with Memory Coupons due March 27, 2028, linked to the least performing of AMZN, NOW and HOOD. The notes pay contingent monthly coupons (~1.5083% per month) and feature an automatic redemption trigger and a 35.00% buffer against losses.

The Pricing Date was March 20, 2026, settlement on March 25, 2026, and the estimated initial value was $978.65 per $1,000. Payment at maturity depends on the Final Level of the least performing reference asset; a Trigger Event occurs if that Final Level is below its Buffer Level.

Bank of Montreal priced a US$28,000 issuance of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes linked to the common stock of FedEx Corporation (FDX). The notes pay a 0.8233% monthly contingent coupon (approximately 9.88% per annum) if the Reference Asset meets the Coupon Barrier on Observation Dates, begin monthly coupon payment potential on April 26, 2026, and mature on April 26, 2027.

The notes are automatically redeemable beginning on September 23, 2026 if the closing level on an Observation Date is at or above the Call Level (100% of the Initial Level). If not autocalled, maturity payoff depends on the Final Level versus a Trigger Level equal to $253.53 (70.65% of the Initial Level); a Final Level below that Trigger Level produces a reduced cash payment calculated as $1,000 + ($1,000 x Percentage Change). The pricing supplement states an estimated initial value of $956.41 per $1,000 and a public offering price at 100%.

Bank of Montreal priced US$501,000 of Senior Medium-Term Notes, Series K — Autocallable Buffer Notes with Memory Coupons due March 26, 2029, linked to the least performing of the NASDAQ-100 Index® and the Russell 2000® Index. The notes pay contingent monthly coupons of 0.7083% per month (approximately 8.50% per annum) when both reference assets close at or above 80.00% of their Initial Levels, and include a Memory Coupon feature.

If not automatically redeemed, principal repayment at maturity depends on the Least Performing Reference Asset. Investors receive full principal unless that asset falls more than 20.00% (the Buffer Percentage); below that Buffer Level the payment is reduced by the Percentage Change beyond 20.00%, exposing investors to up to 80.00% principal loss. The estimated initial value on the Pricing Date was $972.04 per $1,000.

Bank of Montreal priced a US$5,000 Senior Medium-Term Note (Series K) — an autocallable barrier note linked to FedEx Corporation common stock. The Pricing Date was March 20, 2026, Settlement Date March 25, 2026, Valuation Date April 21, 2027 and Maturity Date April 26, 2027.

The notes pay a 1.0292% monthly Contingent Interest Rate (approximately 12.35% per annum) if the Reference Asset meets the Coupon Barrier on Observation Dates. The Initial Level is $358.85; the Coupon Barrier and Trigger Level are $253.53 (70.65% of the Initial Level). The notes are cash‑settled only; principal per issued note is $1,000 and the public offering price shown is 100% ($1,000 per $1,000 principal), with an estimated initial value of $971.42 per $1,000 on the Pricing Date.

Bank of Montreal offers US$770,000 in Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Memory Coupons due March 27, 2028. The notes are linked to the least performing of Amazon (AMZN), ServiceNow (NOW) and Robinhood (HOOD) and pay monthly contingent coupons of 2.575% per month (≈30.90% per annum) when each reference asset meets its coupon barrier.

The notes may be automatically redeemed beginning on March 23, 2027 if each reference asset is at or above its call level. At maturity on March 27, 2028, if a trigger event (a reference asset below its trigger level of 65% of initial) occurs, payment will be reduced based on the percentage change of the least performing reference asset; otherwise investors receive full principal plus any due contingent coupons. The pricing date was March 20, 2026 and the estimated initial value was $974.27 per $1,000 principal on that date.

Bank of Montreal priced US$440,000 Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes linked to United Airlines Holdings, Inc. common stock. The notes mature on March 26, 2029 and may be automatically redeemed on March 25, 2027.

If automatically redeemed, holders receive principal plus a $282.50 Call Amount per $1,000 principal (approximately 28.25% per annum). If not called, the maturity payoff uses a 150.00% upside leverage on any appreciation; a Barrier Level at 60.00% of the Initial Level ($53.97), below which holders lose 1% of principal per 1% decline and may lose all principal. The Initial Level is $89.95 and the issuer’s estimated initial value was $936.12 per $1,000.

Bank of Montreal priced a US$483,000 offering of Senior Medium-Term Notes, Series K: Capped Barrier Enhanced Return Notes due March 26, 2029, linked to the least performing of the S&P 500® and NASDAQ-100®. The notes offer 150.00% upside leverage subject to a 57.00% Maximum Return and a Maximum Redemption Amount of $1,570.00 per $1,000 principal. If the least performing reference asset falls below a 75.00% Barrier, investors absorb losses pari passu with the index decline, potentially losing up to 100.00% of principal. The notes are unsecured obligations of the Bank, unlisted, and pay no interest.

Bank of Montreal priced US$606,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes linked to the Least Performing of the S&P 500® Index, the Russell 2000® Index and the Dow Jones Industrial Average®. The notes pay a 0.8333% monthly contingent coupon (approximately 10.00% per annum) when each reference asset on an Observation Date is at or above its Coupon Barrier Level (70.00% of Initial Level). The notes may be automatically redeemed beginning on March 23, 2027 if each Reference Asset is at or above its Call Level. If not called, payment at maturity on March 26, 2029 depends on the Percentage Change of the Least Performing Reference Asset versus its Initial Level; a Trigger Event occurs if any Final Level is below its Trigger Level (70.00% of Initial Level), producing a reduced cash payoff. The Pricing Date was March 20, 2026, Settlement Date March 25, 2026, and the issuer’s estimated initial value was $970.60 per $1,000 principal.

Bank of Montreal priced US$60,000 Senior Medium-Term Notes, Series K — Autocallable Barrier Notes linked to EQT Corporation. The Pricing Date is March 20, 2026, Settlement Date March 25, 2026, and Maturity Date April 26, 2027. The notes reference EQT with an Initial Level of $64.67 and offer a Contingent Interest Rate of 1.1667% per month (approximately 14.00% per annum) if monthly observation-level conditions are met. The Coupon Barrier Level and Trigger Level are both $45.53 (70.41% of the Initial Level). Automatic redemption may occur beginning on September 23, 2026 if the Reference Asset meets the Call Level. Price to public was 100% and the estimated initial value on the Pricing Date was $962.21 per $1,000 principal amount. Payments at maturity are cash only and will be reduced if a Trigger Event occurs; final payout is $1,000 + ($1,000 x Percentage Change) when applicable.

Bank of Montreal priced US$19,000 Senior Medium‑Term Notes, Series K Autocallable Barrier Notes linked to the common stock of EQT Corporation. The notes were priced on March 20, 2026, settle on March 25, 2026, have a valuation date of April 21, 2027 and mature on April 26, 2027.

The notes pay a 0.95% contingent monthly coupon (approximately 11.40% per annum) when the Reference Asset closes at or above the Coupon Barrier Level on an Observation Date. The Coupon Barrier and Trigger Level are each $45.53 (70.41% of the Initial Level). If not autocalled, maturity payoff is $1,000 per $1,000 unless the Final Level is below the Trigger Level, in which case the cash payment equals $1,000 plus $1,000 times the Percentage Change of the Reference Asset. The estimated initial value on the Pricing Date was $947.02 per $1,000.

Bank of Montreal priced US$5,112,000 of Senior Medium-Term Notes, Series K: Autocallable Barrier Notes linked to the common stock of NVIDIA Corporation (NVDA). The Pricing Date was March 20, 2026, Settlement Date March 25, 2026, and Maturity Date September 27, 2027.

The notes pay a Contingent Coupon of 0.94% per month (approximately 11.28% per annum) when the Reference Asset on an Observation Date is at or above the Coupon Barrier Level. The Initial Level is $172.70, with the Coupon Barrier Level and Trigger Level set at $89.80 (52.00% of Initial Level). The notes were offered at 100% of principal; agent’s commission is 2.40%, proceeds to the issuer shown as 97.60% ($4,989,312). The estimated initial value on the Pricing Date was $962.93 per $1,000 principal.

If an Observation Date on or after September 23, 2026 has the Reference Asset at or above the Call Level (100% of Initial Level), the notes will be automatically redeemed and investors receive principal plus the applicable Contingent Coupon. If not autocalled, at maturity investors receive cash or a Physical Delivery Amount equal to $1,000 divided by the Initial Level in shares (or a Cash Delivery Amount), and a Trigger Event (Final Level below Trigger Level) can reduce the maturity payment materially.

Bank of Montreal is offering Senior Medium‑Term Notes, Series K — Redeemable Fixed Rate Notes due April 10, 2036.

Each Note has a principal amount of $1,000 and an original issue price of $1,000. The Notes pay interest at 5.25% per annum, payable semi‑annually on each April 10 and October 10, commencing October 10, 2026. The issuer may redeem the Notes in whole on semi‑annual Optional Redemption Dates at 100% of principal plus accrued interest. The underwriting discount is $30.00 per Note, leaving proceeds to Bank of Montreal of $970.00 per Note. The Notes are bail‑inable and subject to conversion under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.

Bank of Montreal priced $2,000,000 of Senior Medium‑Term Notes, Series K, consisting of 2,000 notes at $1,000 per note with a fixed interest rate of 4.60% per annum. The notes mature on March 25, 2031 and pay interest semi‑annually on March 25 and September 25, commencing September 25, 2026. The issuer may redeem the notes in whole (but not in part) on semi‑annual Optional Redemption Dates from March 25, 2027 through September 25, 2030 at 100% of principal plus accrued interest. The notes are bail‑inable and subject to conversion under the CDIC Act; they will not be listed on any exchange.

Bank of Montreal priced $893,000 aggregate Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due March 14, 2031. The Notes pay interest at 4.50% per annum, payable semi‑annually, with principal repaid at $1,000 per Note at maturity unless earlier redeemed.

The offering was issued at an original issue price of $1,000.00 per Note with an underwriting discount of $10.00 per Note and proceeds to the Bank of $884,070.00 in the aggregate. The Notes are redeemable by the Bank on specified semi‑annual optional redemption dates and are bail‑inable under the Canadian CDIC Act, permitting conversion into common shares under prescribed conditions.

Bank of Montreal offers $2,000,000 Senior Medium-Term Notes, Series K (Redeemable Fixed Rate Notes) due March 25, 2031. The Notes pay 4.40% per annum interest semi‑annually, have a $1,000 denomination, and are redeemable in whole by the Bank on scheduled semi‑annual Optional Redemption Dates starting March 25, 2028.

The Notes are unsecured, bail-inable under the CDIC Act (convertible into common shares under specified Canadian resolution powers), will not be listed, and were issued at $1,000.00 per note with an underwriting discount of $7.50 per note.

Bank of Montreal priced U.S. dollar non‑interest notes linked to the Russell 2000® Index. The notes have a $1,000 principal amount, trade date March 20, 2026, stated maturity March 22, 2029 and are cash‑settled based on the index performance from March 20, 2026 to March 20, 2029.

The notes pay no interest, offer an upside participation rate of 200% subject to a cap that limits the maximum settlement to $1,489.00 per $1,000 principal. A 5.00% buffer protects against losses up to that decline; if the final index level is below the buffer, holders lose approximately 1.0526% of principal for each 1% the index is below the buffer level. Original issue price per note was $1,000.00; underwriting discount totaled $95,310.00 and proceeds to the issuer totaled $3,081,690.00.

Bank of Montreal is offering Senior Medium-Term Notes, Series K — Redeemable Fixed Rate Notes due April 8, 2038. Each Note has a principal amount of $1,000, a fixed interest rate of 5.50% per annum payable semi-annually, and pays $1,000 at maturity unless earlier redeemed. The Notes are redeemable by the issuer on semi-annual Optional Redemption Dates beginning April 8, 2028 at 100% of principal plus accrued interest. The original issue price per Note is $1,000.00 with an underwriting discount of $20.00, yielding proceeds to the issuer of $980.00 per Note. The Notes will not be listed on any exchange and are bail-inable, meaning they are subject to conversion into common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act and related Ontario and federal laws.

Bank of Montreal offers principal-protected contingent return notes linked to VanEck® Gold Miners ETF (GDX). Each note has a $1,000 principal amount, a stated maturity of April 22, 2027 and a determination date of April 20, 2027. The notes pay no interest and the payoff depends on the ETF’s final level versus an initial level of $80.12 (trade date March 20, 2026).

If the final underlier level is ≥ the threshold level $72.108 (90.00% of $80.12), holders receive a fixed threshold settlement amount $1,275.00 per $1,000. If the final level is below the threshold, holders lose approximately 1.1111% of principal for each 1% decline below the threshold, potentially losing all principal. The estimated initial value on the trade date was $975.33 per $1,000; original issue price per note is $1,000.00 with an underwriting discount of $10.90.

Bank of Montreal is offering market-linked, auto-callable senior medium-term notes (equity-linked securities) tied to the common stock of Freeport-McMoRan Inc. (Bloomberg: FCX). The securities have a $1,000 face amount per security and an original offering price of $1,000.

Pricing date is March 27, 2026 with an expected issue date of April 1, 2026 and a stated maturity of April 2, 2029. The contingent coupon rate will be set on the pricing date and will be at least 14.00% per annum. Estimated initial value at the time of this preliminary supplement is $968.80, and will not be less than $920.00 at pricing. Agent discount is $23.25 per security; proceeds to Bank of Montreal are $976.75 per security.

The securities pay quarterly contingent coupons only if the Underlier’s closing value on a calculation day is at or above the coupon threshold, with automatic early call if the Underlier closes at or above the starting value on any scheduled calculation day through December 2028. At maturity, if not called, investors receive either the face amount or a reduced cash payment equal to the performance factor times the face amount; the downside threshold is 50% of the starting value, exposing holders to more than 50 downside if the ending value falls below that level. Payments are unsecured obligations of Bank of Montreal and subject to its credit risk.

Bank of Montreal is offering $4,216,000 of Senior Medium‑Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Constellation Energy Corporation (ticker CEG). The notes price was 100% of principal and the estimated initial value was $953.06 per $1,000 principal on the Pricing Date.

The notes pay monthly contingent coupons of 1.0667% per month (approximately 12.80% per annum) if the Reference Asset closes on an Observation Date at or above a Coupon Barrier of $177.22 (56.00% of the Initial Level). Beginning on September 23, 2026, the notes are callable on specified Observation Dates if the Reference Asset closes at or above the Call Level (100% of the Initial Level); if not called, maturity is April 26, 2027, with physical or cash delivery contingent on whether the Final Level is below the Trigger Level of $177.22.

Bank of Montreal priced a $1,540,000 issuance of Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons linked to the least performing of XBI and KRE.

The notes pay a contingent quarterly coupon of 3.75% (approximately 15.00% per annum) if each reference asset is at or above its coupon barrier on an Observation Date, feature automatic redemption when both references close at or above their Call Level, and return at maturity either $1,000 per $1,000 principal or a reduced cash amount linked to the Percentage Change of the Least Performing Reference Asset if a Trigger Event occurs. Key dates include a Pricing Date: March 19, 2026, Valuation Date: March 21, 2029, and Maturity Date: March 26, 2029. The estimated initial value on the Pricing Date was $940.73 per $1,000 principal.

Bank of Montreal priced US$250,000 Series K Senior Medium-Term Notes — Autocallable Barrier Notes with Memory Coupons linked to the least performing of JPMorgan Chase ("JPM"), Morgan Stanley ("MS") and The Charles Schwab Corporation ("SCHW").

Key terms: Contingent Interest Rate 1.0167% per month (approximately 12.20% per annum); Coupon Barrier and Trigger Levels set at 60.00% of each Initial Level; Call Level is 100% of Initial Levels. Strike Date: March 18, 2026; Pricing Date: March 19, 2026; Valuation Date: March 21, 2029; Maturity Date: March 26, 2029. The pricing supplement states an estimated initial value of $971.24 per $1,000 principal amount.

Bank of Montreal is offering US$10,000,000 of Senior Medium-Term Market Linked Notes, Series K, due August 7, 2031, linked to the Russell 2000® Index. The notes pay no interest and provide a maturity cash payment tied to the Final Level versus the Initial Level, subject to a Maximum Redemption Amount of $1,896.31 per $1,000 (an 89.631% return). The public offering price was 100% (aggregate $10,000,000) with proceeds to Bank of Montreal of $9,975,000 and an agent’s commission of 0.25%. The Initial Level is an average of closing levels from March 17, 2026 through May 6, 2026; the Final Level is an average ending on the Final Valuation Date of August 4, 2031. All payments are subject to the credit risk of Bank of Montreal. The notes are unsecured, unlisted, issued in minimum denominations of $1,000 and include detailed downside, barrier, and capped upside mechanics as described in this pricing supplement.

Bank of Montreal priced US$3,286,000 Senior Medium‑Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due March 26, 2029, linked to the least performing of the S&P 500® and the EURO STOXX 50®. The notes pay contingent quarterly coupons of 2.525% per quarter (approximately 10.10% per annum) when each reference asset is at or above an 80.00% coupon barrier on observation dates. The notes are callable early at 100% of initial levels beginning with the June 23, 2026 observation. If not called, final principal depends on the least performing reference asset; a trigger occurs if any final level is below 80.00%, producing a pro rata loss at maturity. Pricing date was March 19, 2026, settlement March 24, 2026, valuation date March 21, 2029, and estimated initial value on the pricing date was $962.11 per $1,000 principal amount.

Bank of Montreal priced an auto-callable, contingent-coupon principal-at-risk note linked to the American depositary shares of Novo Nordisk A/S, maturing April 5, 2029. The original offering price is $1,000 per security; estimated initial value is $968.40 (not less than $920.00). The contingent coupon rate will be set on pricing and is at least 16.80% per annum, paid quarterly only if the Underlier is at or above a coupon threshold equal to 60% of the starting value; missed coupons can be paid later via a memory feature. The securities auto-call early if the Underlier closes at or above the starting value on scheduled quarterly calculation days; if not called, maturity pays $1,000 if the ending value is ≥ the downside threshold (equal to 60% of starting value) or a reduced amount (ending/starting × $1,000) if below, exposing investors to more than 40% loss. Payments are unsecured obligations of Bank of Montreal and subject to its credit risk. U.S. federal tax treatment is uncertain; non-U.S. holders face withholding (generally 30%).

Bank of Montreal is offering capped, non‑interest bearing callable equity‑linked notes tied to the VanEck® Gold Miners ETF (GDX). The notes have an expected term of approximately 24 months and an automatic call feature expected between 12 and 14 months.

If the call observation closing price is at or above the initial underlier level, each $1,000 note will pay principal plus a call premium set on the trade date (expected 17.97% to 21.08%). If not called, at maturity the notes pay either a guaranteed maturity premium (expected 35.94% to 42.16%) or 200% of the ETF return, whichever is greater, provided the final level is at least 90.00% of the initial level. If the final level is below 90.00%, investors lose approximately 1.1111% of principal for each 1% decline below that buffer; loss of some or all principal is possible.

The issuer values the notes initially at approximately $949 to $979 per $1,000 principal; original issue price is $1,000 with $20 underwriting discount and estimated proceeds to BMO of $980 per note. Payments are unsecured obligations of Bank of Montreal and subject to its credit risk.