蒙特利尔银行美股招股说明书(2025-11-17版)

US$288,000Senior Medium-Term Notes, Series KAutocallable Barrier Enhanced Return Notes due November 20, 2028 ●The notes are designed for investors who are seeking 150.00% leveraged positive return based on any appreciation in the level of thecommon stock of Tesla, Inc. (the “Reference Asset”) if the notes are not automatically redeemed prior to maturity. Investors should be willingto have their notes automatically redeemed prior to maturity, be willing to forego any potential to participate in any increase in the level ofthe Reference Asset if the notes are automatically redeemed, be willing to forego any interest payments, and be willing to lose some or all of On November 18, 2026, if the closing level of the Reference Asset is greater than 100.00% of its Initial Level (its “Call Level”), the notes willbe automatically redeemed. On the corresponding settlement date (the “Call Settlement Date"), investors will receive their principal amountplus the applicable Call Amount (which represents a return of approximately 25.25% per annum). After the notes are redeemed, investors ●If the notes are not automatically redeemed and the Reference Asset decreases by more than 40.00% from its Initial Level, investors willlose 1% of the principal amount for each 1% decrease in the level of the Reference Asset from its Initial Level to its Final Level. In such acase, you will receive a cash amount at maturity that is less than the principal amount, and may lose up to 100% of your principal amount at ●Investing in the notes is not equivalent to a 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 06376FTW9.●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: 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 other The common stock of Tesla, Inc. (ticker symbol "TSLA"). See "The Reference Asset" below for additionalinformation. On November 18, 2026, if the closing level of the Reference Asset is greater than its Call Level, the noteswill be automatically redeemed. No further amounts will be owed to you under the notes and you will notparticipate in any positive performance of the Reference Asset. If the notes are automatically redeemed, then, on the corresponding Call Settlement Date, investors willreceive their principal amount plus the applicable Call Amount. Payoff Example The following table shows the hypothetical payout profile of an investment in the notes assuming the notes are notautomatically redeemed, based on various hypothetical Final Levels (and the corresponding Percentage Change) of theReference Asset, reflecting the 150.00% Upside Leverage Factor, and Barrier Level of 60.00% of the Initial Level. Please see“Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in the Notes” below for more detailed examples. If thenotes are automatically redeemed, investors will receive their principal amount plus the applicable Call Amount. After the notes Additional Terms of the Notes You should read this document together with the product supplement dated March 25, 2025, the prospectussupplement dated March 25, 2025 and the prospectus dated March 25, 2025.This document, together with the documentslisted below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as wellas any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structuresfor implementation, sample structures, fact sheets, brochures or other educational materials of ours or the agent.You You may