蒙特利尔银行美股招股说明书(2026-03-26版)

Amendment No. 4* dated March 25, 2026 to the Pricing Supplement dated February 14, 2023 to the Product Supplement dated June21, 2022, the Prospectus Supplement dated March 25, 2025 and the Prospectus dated March 25, 2025 Issued by Bank of Montreal1,500,000 Notes MicroSectorsTMEnergy -3X Inverse Leveraged ETNs due January 29, 2043This pricing supplement relates to the MicroSectorsTM Energy -3X Inverse Leveraged Exchange Traded Notes due January 29, 2043(the “notes”) that Bank of Montreal may issue from time to time. The return on the notes is linked to a three times leveragedparticipation in the daily inverse performance of the Solactive MicroSectors™ Energy Index (the “Index”), which is described in thispricing supplement. The Index is a total return index that measures the performance of the 12 U.S. listed stocks from the energy and On March 25, 2026, the closing price of the notes on the NYSE Arca, Inc. (the “NYSE”) was $4.25 per note and the closing IndicativeNote Value per note was $4.2564. in U.S. dollars at maturity, a call by us or redemption at your option, based on a daily resetting three times leveraged participation inthe inverse performance of the Index, less a Daily Investor Fee, any negative Daily Interest and, upon early redemption, a RedemptionFee Amount (each as described below). We discuss in more detail below how the payments on the notes will be calculated. Becausethese various fees may substantially reduce the amount of your investment at maturity, call or upon redemption, the level of the Index The notes are not intended to be “buy and hold” investments, and are not intended to be held to maturity. Instead, the notesare intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversifiedportfolio. The notes are designed to reflect a 3x leveraged inverse exposure to the performance of the Index on a daily basis(before taking into account the negative effect of the Daily Investor Fee, any negative Daily Interest, and the Redemption FeeAmount, if applicable). However, due to the daily resetting leverage, the returns on the notes over different periods of time can,and most likely will, differ significantly from three times the return on a direct short investment in the Index. The notes aredesigned to achieve their stated investment objectives on a daily basis. The performance of the notes over longer periods oftime can differ significantly from their stated daily objectives. The notes are considerably riskier than securities that haveintermediate- or long-term investment objectives, and are not suitable for investors who plan to hold them for a period of morethan one day or who have a “buy and hold” strategy. Investors should actively and continuously monitor their investments in the notes on an intraday basis, and any decision to hold the notes for more than one day should be made with great care andonly as the result of a series of daily (or more frequent) investment decisions to remain invested in the notes for the next one-day period. The notes are very sensitive to changes in the level of the Index, and returns on the notes may be negativelyimpacted in complex ways by the volatility of the Index on a daily or intraday basis.It is possible that you will suffer significantlosses in the notes even if the long-term performance of the Index is negative.Accordingly, the notes should be purchased only bysophisticated investors who understand and can bear the potential risks and consequences of the notes that are designed to Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of thenotes or passed upon the accuracy or the adequacy of this pricing supplement, the accompanying product supplement, Investing in the notes involves significant risks. See “Risk Factors” beginning on page PS-11 of this pricing supplement, pagePS-7of the product supplement, page S-2 of the prospectus supplement and page9 of the prospectus. The notes are our unsecured obligations and will not be savings accounts or deposits that are insured by the United States FederalDeposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmentalagency or instrumentality or other entity. BMO CAPITAL MARKETS You should read this pricing supplement together with the product supplement ETN -2x-3x dated June 21, 2022, the prospectussupplement dated March 25, 2025 and the prospectus dated March 25, 2025.This pricing supplement, together with the documentslisted below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as anyother written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures forimplementation, sample structures, fact sheets, brochures or other educational materials of ours or the agent.We urge you to You may access these documents on t