蒙特利尔银行美股招股说明书(2026-01-07版)

US$380,000Senior Medium-Term Notes, Series KAutocallable Buffer Enhanced Return Notes due January 08, 2030Linked to the S&P 500®Futures Excess Return Index ●The notes are designed for investors who are seeking 150.00% leveraged positive return based on any appreciation in the level of the S&P500®Futures Excess Return Index (the “Reference Asset”) if the notes are not automatically redeemed prior to maturity. Investors should bewilling to have their notes automatically redeemed prior to maturity, be willing to forego any potential to participate in any increase in thelevel of the Reference Asset if the notes are automatically redeemed, be willing to forego any interest payments, and be willing to lose someor all of their principal at maturity if the notes are not automatically redeemed prior to maturity.●On January 11, 2027, if the closing level of the Reference Asset is greater than 100.00% of its Initial Level (its “Call Level”), the notes will beautomatically 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 12.00% per annum). After the notes are redeemed, investorswill not receive any additional payments in respect of the notes and will not participate in any positive performance of the Reference Asset.●If the notes are not automatically redeemed and the Reference Asset decreases by more than 20.00% 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 excess of20.00%. In such a case, you will receive a cash amount at maturity that is less than the principal amount, and may lose up to 80.00% ofyour principal amount at maturity.●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 06376JNB3.●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 $997.50and $1,000 per $1,000 in principal amount. We or one of our affiliates will also pay a referral fee to certain dealers of up to 0.25% of the principal amount in connection with the distribution of thenotes. 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 $976.34 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: Reference Asset: The S&P 500®Futures Excess Return Index (ticker symbol "SPXFP"). See "The Reference Asset" below foradditional information. The Reference Asset measures the performance of a futures contract and not the performance of equitysecurities. Specifically, the Reference Asset measures the performance of the nearest maturin