蒙特利尔银行美股招股说明书(2025-11-20版)

US$3,129,000Senior Medium-Term Notes, Series KContingent Risk Absolute Return Buffer Notes due November 22, 2027 The notes are designed for investors who are seeking 1-to-1 positive return based on any appreciation in the level of the least performing of the S&P 500®Index and the Russell 2000®Index (each, a "Reference Asset" and, the least performing, the "Least Performing ReferenceAsset") , subject to the Maximum Redemption Amount of $1,210.00 per $1,000 in principal amount of the notes (a 21.00% return on thenotes). In addition, if the Final Level of the Least Performing Reference Asset is less than its Initial Level but greater than or equal to its ●If the Final Level of the Least Performing Reference Asset decreases by more than 20.00% from its Initial Level, investors will lose 1% ofthe principal amount for each 1% decrease in the level of the Least Performing Reference Asset from its Initial Level to its Final Level inexcess of 20.00%. In such a case, you will receive a cash amount at maturity that is less than the principal amount, and may lose up to80.00% of your principal amount at maturity. ●Investing in the notes is not equivalent to a hypothetical direct investment in the Reference Assets .●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 06376FWB1.●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: The 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 $974.50 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 Key Terms of the Notes: Reference Assets: The S&P 500®Index (ticker symbol "SPX") and the Russell 2000®Index (ticker symbol "RTY"). See "TheReference Assets" below for additional information. Payment at Maturity: If the Percentage Change of the Least Performing Reference Asset is positive and the Percentage Changemultiplied by the Upside Leverage Factor is greater than or equal to the Maximum Return, then the amountthat the investors will receive at maturity for each $1,000 in principal amount of the notes will equal the If the Percentage Change of the Least Performing Reference Asset is positive and the Percentage Changemultiplied by the Upside Leverage Factor is less than the Maximum Return, then the amount that theinvestors will receive at maturity for each $1,000 in principal amount of the notes will equal: $1,000 + [$1,000 x (Percentage Change of the Least Performing Reference Asset x Upside LeverageFactor)] If the Percentage Change of the Least Performing Reference Asset is less than or equal to zero and theFinal Level of the Least Performing Reference Asset is greater than or equal to its Buffer Level, then theamount that investors will receive at maturity for each $1,000 in principal amount of the notes will equal: $1,000 + ($1,000 × -1 × Percentage Change of the Least Performing Reference Asset) In this case, subject to our credit risk, investors will receive a positive return on the notes up to the MaximumDownside Redemption Amount, even though the price of the Least Performing Reference Asset hasdeclined since the Pricing Date. If the Percentage Change of the Least