蒙特利尔银行美股招股说明书(2026-03-26版)

Issued by Bank of Montreal1,500,000 Notes MicroSectorsTM Energy -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 andoil sector with the largest free-float market capitalization.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 Indicative Note Value per note was $4.2564.The notes do not guarantee any return of principal at maturity, call or upon early redemption. Instead, you will receive a cash payment 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 Indexmust decrease significantly in order for you to receive at least the principal amount of your investment at maturity, call or uponredemption, or if you sell your notes. You may lose some or all of your principal.Please see the “Summary” section below forimportant information relating to the terms and conditions of the notes.The notes are not intended to be “buy and hold” investments, and are not intended to be held to maturity. Instead, the notes are 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 inthe 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 toprovide exposure to the inverse leveraged performance of the Index on a daily basis and that will be highly volatile and mayexperience significant losses, up to the entire amount invested, in a short period of time. You should proceed with extremecaution in considering an investment in the notes. Any payment on the notes is subject to the credit risk of Bank of Montreal.The notes are unsecured and unsubordinated obligations of Bank of Montreal. Each note has a principal amount of $25. The notes donot bear interest. The notes are listed on the NYSE under the ticker symbol “WTID.” The notes initially settled on February 17, 2023.The Daily Investor Fee (based on a rate of 0.95% per annum) is deducted from the closing indicative value on a daily basis. The DailyInterest (which is based on the US Federal Funds Effective Rate minus an amount that will initially be 2.00%, but which may beincreased to up to 4.00% per annum), if negative, will further reduce the closing indicative value. If you elect for us to redeem yournotes, your payment may be subject to a Redemption Fee Amount of 0.125%.Neither the Securities and Excha