蒙特利尔银行美股招股说明书(2025-12-30版)

Bank of Montreal Senior Medium-Term Notes, Series K$8,125,000 Digital S&P 500®Index-Linked Notes due March 22, 2028The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (March 22, 2028, subject to postponement) is based on the performance of the S&P 500®Index as measured from the trade date (December 29, 2025) to and includingthe determination date (March 20, 2028, subject to postponement).If the final underlier level on the determination date is greater than or equal to the threshold level of 85.00% of the initial underlier level (6,905.74, which was the closing level of the underlier on the trade date), the return on your notes will be positive and you will receive, foreach $1,000 principal amount of your notes, the threshold settlement amount of $1,183.50. However, if the final underlier level is less thanthe threshold level, the return on your notes will be negative and you will lose approximately 1.1765% of the principal amount of your notes To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the finalunderlier level from the initial underlier level. On the stated maturity date, for each $1,000 principal amount of your notes, you will receive an ●if the underlier return isnegativeand isbelow-15.00% (the final underlier level isless thanthe initial underlier level by more than15.00%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the buffer rate of approximately 117.65%times(c) thesum ofthe underlier returnplus15.00%.This amount will be less than $1,000 and could be zero. The estimated initial value of the notes determined by us as of the trade date, which we refer to as the initial estimated value, is$997.12 per $1,000 principal amount of notes, which is less than the original issue price. However, as discussed in more detail in thispricing supplement, the actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy. See beginning on page PS-9 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of theprospectus supplement and page 9 of the prospectus. The notes are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the notes are subject to the credit risk of Bankof Montreal. If Bank of Montreal defaults on its obligations, you could lose some or all of your investment. The notes are not insured by theFederal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these notes or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, underlyingsupplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense. BMO CAPITAL MARKETS Terms of the Notes The determination date is subject to postponement due to non-scheduled trading days and the occurrence of amarket disruption event. In addition, the stated maturity date will be postponed if the determination date is Additional Information about the Issuer and the Notes You should read this pricing supplement together with product supplement no. ELN-1 dated March 25, 2025, underlying supplementno. ELN-1 dated March 25, 2025, the prospectus supplement dated March 25, 2025 and the prospectus dated March 25, 2025 foradditional information about the notes. To the extent that disclosure in this pricing supplement is inconsistent with the disclosure in theproduct supplement, underlying supplement, prospectus supplement or prospectus, the disclosure in this pricing supplement will Our Central Index Key, or CIK, on the SEC website is 927971. When we refer to “we,” “us” or “our” in this pricing supplement, werefer only to Bank of Montreal. You may access the product supplement, underlying supplement, prospectus supplement and prospectus on the SEC websitewww.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website): Product Supplement No. ELN-1 dated March 25, 2025:https://www.sec.gov/Archives/edgar/data/927971/000121465925004723/o321252424b2.htmUnderlying Supplement No. ELN-1 dated March 25, 2025:https://www.sec.gov/Archives/edgar/data/927971/000121465925004728/r321250424b2.htm Estimated Value of the Notes Our estimated initial value of the notes equals the sum of the values of the following hypothetical components: a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate for structured notes;and The internal funding rate used in the determination of the initial estimated value generally represents a discount from the