蒙特利尔银行美股招股说明书(2026-07-08版)

This pricing supplement relates to the MicroSectors™ FANG+™ Index -3X Inverse Leveraged Exchange Traded Notes due January 8, 2038 (the “notes”)that Bank of Montreal may issue from time to time. The return on the notes is linked to a three times leveraged participation in the daily inverseperformance of the gross total return version of the NYSE FANG+® Index (the “Index”), as described in this pricing supplement. The Index is an equally-weighted equity index that tracks the performance of 10 highly-traded growth stocks of technology and tech-enabled companies in the technology, media& communications and consumer discretionary sectors. The Index is a total return index, in which dividends paid on the applicable securities are includedin the level of the Index. The notes are unsecured and unsubordinated obligations of Bank of Montreal. The notes do not guarantee any return of principalat maturity, call or upon early redemption, and do not pay interest. Instead, you will receive a cash payment in U.S. dollars at maturity, call or redemptionbased on a daily resetting three times leveraged participation in the inverse performance of the Index, less a Daily Investor Fee, any negative DailyInterest and, if upon early redemption, the Redemption Fee Amount. You may lose some or all of your principal. On July 7, 2026, the closing price of the notes on the NYSE Arca, Inc. (the “NYSE”) was $34.73 per note and the closing Indicative Note Value per note was$34.6941. 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 bedaily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. The notes are designed toreflect a 3x leveraged inverse exposure to the performance of the Index on a daily basis (before taking into account the negative effect of theDaily Investor Fee, any negative Daily Interest, and the Redemption Fee Amount, if applicable). However, due to the daily resetting leverage, thereturns on the notes over different periods of time can, and most likely will, differ significantly from three times the return on a direct shortinvestment in the Index. The notes are designed to achieve their stated investment objectives on a daily basis. The performance of the notes overlonger periods of time 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 more than one day orwho have a “buy and hold” strategy. Investors should actively and continuously monitor their investments in the notes on an intraday basis, andany decision to hold the notes for more than one day should be made with great care and only 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 negatively impacted in complex ways by the volatility of the Index on a daily or intraday basis. It is possible thatyou will suffer significant losses in the notes even if the long-term performance of the Index is negative. Accordingly, the notes should bepurchased only by sophisticated 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 may experiencesignificant losses, up to the entire amount invested, in a short period of time. You should proceed with extreme caution in considering aninvestment in the notes. Any payment on the notes is subject to the credit risk of Bank of Montreal. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed uponthe accuracy or the adequacy of this pricing supplement, the accompanying prospectus supplement and prospectus. Any representation to thecontrary is a criminal offense. Investing in the notes involves significant risks. See “Risk Factors” beginning on page PS-12 of this pricing supplement, page S-2 of the prospectussupplement and page 9 of the prospectus. The notes are our unsecured obligations and will not be savings accounts or deposits that are insured by the United States Federal DepositInsurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency orinstrumentality or other entity. The principal terms of the notes are as follows: January 8, 2038, which is scheduled to be the third Business Day following the last Index Business Day in the FinalMeasurement Period. The Maturity Date may be extended at our option for up to two additional 5-year periods, asdescribed below. The Maturity Date is also subject t