蒙特利尔银行美股招股说明书(2025-11-03版)

US$550,000Senior Medium-Term Notes, Series KBearish Notes due May 04, 2027Linked to the S&P 500®Index ●The notes are designed for investors who are seeking 1-to-1 positive return based on any depreciation in the level of the S&P 500®Index(the “Reference Asset”), subject to the Maximum Redemption Amount.●The Maximum Redemption Amount is $1,300.00 for each $1,000 in principal amount (a 30.00% return on the notes).●If the Final Level of the Reference Asset increases from its Initial Level, investors will receive a cash amount at maturity that represents a 1-to-1negativereturn on your notes equal to the percentage by which that priceincreasesup to the Minimum Redemption Amount of $950.00for each $1,000 in principal amount (a 5.00% loss on the notes).●Investing in the notes is not equivalent to a hypothetical direct investment in the Reference Asset.●The notes do not bear interest. The notes will not be listed on any securities exchange.●All payments on the notes are subject to the credit risk of Bank of Montreal.●The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.●The CUSIP number of the notes is 06376FSM2.●Our subsidiary, BMO Capital Markets Corp. (“BMOCM”), is the agent for this offering. See “Supplemental Plan of Distribution (Conflicts ofInterest)” below.●The notes will not be subject to conversion into our common shares or the common shares of any of our affiliates under subsection39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”). Terms of the Notes: 1The total “Agent’s Commission” and “Proceeds to Bank of Montreal” specified above reflect the aggregate amounts at the time Bank of Montreal established its hedge positions on or prior tothe Pricing Date, which may have been variable and fluctuated depending on market conditions at such times. Certain dealers who purchased the notes for sale to certain fee-based advisoryaccounts may have foregone some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts was between $971.50and $1,000 per $1,000 in principal amount. Investing in the notes involves risks, including those described in the “Selected Risk Considerations” section beginning on page P-5 hereof, the “Additional Risk FactorsRelating to the Notes” section beginning on page PS-5 of the product supplement, and the “Risk Factors” section beginning on page S-1 of the prospectus supplement and on page8 of the prospectus. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or passed upon the accuracy of this document, theproduct supplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense. The notes will be our unsecured obligations and will not be savingsaccounts or deposits that are insured by the United States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any othergovernmental agency or instrumentality or other entity. On the date hereof, based on the terms set forth above, the estimated initial value of the notes is $963.63 per $1,000 in principal amount. However, as discussed in more detail below, theactual value of the notes at any time will reflect many factors and cannot be predicted with accuracy. Key Terms of the Notes: The S&P 500®Index (ticker symbol "SPX") . See "The Reference Asset" below for additional information. If the Final Level of the Reference Asset is less than its Threshold Level and the Percentage Change isgreater than or equal to the Maximum Return, the payment at maturity for each $1,000 in principal amountof the notes will equal the Maximum Redemption Amount. If the Final Level of the Reference Asset is less than its Threshold Level and the Percentage Change is lessthan the Maximum Return, then the amount that investors will receive at maturity for each $1,000 in principalamount of the notes will equal: If the Final Level of the Reference Asset is greater than or equal to its Threshold Level, then investors will,for each $1,000 in principal amount of the notes, receive the Minimum Redemption Amount and noadditional return. The payment at maturity will not exceed the Maximum Redemption Amount of $1,300.00 per $1,000 inprincipal amount of the notes. The payment at maturity will not fall short of the Minimum Redemption Amount of $950.00 per $1,000 inprincipal amount of the notes. 1Subject to the occurrence of a market disruption event, as described in the accompanying product supplement. As determined by the calculation agent and subject to adjustment in certain circumstances. See "General Terms of the Notes -Adjustments to a Reference Asset that is an Index" in the product supplement for additional information. Payoff Example The following table shows the hypothetical payout profile of an investment in the notes based on various hy