蒙特利尔银行美股招股说明书(2025-11-18版)

US$462,000Senior Medium-Term Notes, Series KMarket Linked Notes due May 20, 2030Linked to the S&P 500®Index ●The notes are designed for investors who are seeking 1-to-1 positive return based on any appreciation in the level of the S&P 500®Index(the “Reference Asset”) , subject to the Maximum Redemption Amount (as defined below). Investors must be willing to accept that thepayment at maturity will not exceed the Maximum Redemption Amount.●The Maximum Redemption Amount is $1,352.50 for each $1,000 in principal amount (a 35.25% return on the notes).●If the Final Level of the Reference Asset decreases from its Initial Level, investors will receive a cash amount at maturity that is equal to theprincipal amount.●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 06376FSX8. Terms of the Notes: Selected dealers will receive a structuring fee of up to $8.00 from us or one of our affiliates for each note.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 On the date hereof, based on the terms set forth above, the estimated initial value of the notes is $973.70 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: Payoff Example The following table shows the hypothetical payout profile of an investment in the notes based on various hypotheticalFinal Levels (and the corresponding Percentage Change) of the Reference Asset, reflecting the 100.00% Upside LeverageFactor, and Maximum Return of 35.25%. Please see “Examples of the Hypothetical Payment at Maturity for a $1,000 Investment 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.Youshould carefully consider, among other things, the matters set forth in Additional Risk Factors Relating to the Notes in the product You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, byreviewing our filings for the relevant date on the SEC website): Product supplement dated March 25, 2025:https://www.sec.gov/Archives/edgar/data/927971/000121465925004741/g324250424b2.htmProspectus supplement dated March 25, 2025 and prospectus dated March 25, 2025:https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm Our Central Index Key, or CIK, on the SEC website is 927971. As used in this document, "we", "us" or "our" refers toBank of Montreal. Selected Risk Considerations An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in theReference Asset. These risks are explained in more detail in the “Additional Risk Factors Relating to the Notes” section of theproduct supplement. Risks Related to the Structure or Features of the Notes ●Your return on the notes is limited to the Maximum Redemption Amount, regardless of any appreciation in thelevels of the Reference Asset.— The return on your notes will not be greater than the Maximum Redemption Amount.This will be the case even if the Percentage Change of the Reference Asset multiplied by the Upside Leverage Factorexceeds the Maximum Return.●Your return on the notes may be lower than the return on a conventional debt security