蒙特利尔银行美股招股说明书(2026-06-29版)

Linked to the S&P 500® Index due June 29, 2028Investment Description The Capped Buffer GEARS (the “Securities”) are senior unsecured debt securities issued by Bank of Montreal (the “Issuer”) with returns linked to the performance of the S&P Features1500®Index (the “Underlier”).If the Underlier Return is positive, the Issuer will pay the Principal Amount of the Securities at maturity plus a return equal to the Underlier Returnmultiplied by the Upside Gearing, subject to the Maximum Gain. If the Underlier Return is zero or negative but the Final Underlier Value is greater than or equal to the DownsideThreshold, the Issuer will repay the Principal Amount of the Securities at maturity. However, if the Final Underlier Value is less than the Downside Threshold, the Issuer will payyou a cash payment at maturity that is less than the Principal Amount, resulting in a loss of 1% of the Principal Amount for every 1% decline in the Underlier in excess of theBuffer.Investing in the Securities involves significant risks. You may lose some, and possibly a significant portion, of your initial investment. You will not receive anyinterest payments or dividends on the securities included in the Underlier. The Final Underlier Value is observed relative to the Downside Threshold only on the FinalValuation Date, and the downside market exposure to the Underlier is subject to the Buffer only if you hold the Securities to maturity. Any payment on the Securities,including any payment of the Principal Amount at maturity, is subject to the credit of Bank of Montreal. If Bank of Montreal were to default on its payment obligations,you might not receive any amounts owed to you under the Securities and you could lose your entire investment. Enhanced Growth Potential, Subject to Maximum Gain:If the Underlier Return is positive, the Issuer will pay the Principal Amount of the Securities atmaturity plus a return equal to the Underlier Return multiplied by the UpsideGearing, subject to the Maximum Gain. The Upside Gearing feature will provideleveraged exposure to a limited range of positive performance, if any, of theUnderlier.Buffered Downside Market Exposure:If the Underlier Return is zero or negative but the Final Underlier Value is greater than or equal to the DownsideThreshold, the Issuer will repay the Principal Amount at maturity. However, if theFinal Underlier Value is less than the Downside Threshold, the Issuer will repayless than the Principal Amount at maturity, resulting in a loss of 1% of thePrincipal Amount for every 1% decline in the Underlier in excess of the Buffer.You may lose some, and possibly a significant portion, of your initial investment.Any payment on the Securities, including any payment of the Principal Amountat maturity, is subject to the credit of Bank of Montreal.Notice to investors: The Securities are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the full Principal Amount of the Securities at maturity, and the Securities may have downside market risk similar to the Underlier, subject to the Buffer. This market risk is in addition to the creditrisk inherent in purchasing a debt obligation of the Issuer. You should not purchase the Securities if you do not understand or are not comfortable with the significantrisks involved in investing in the Securities.You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–7 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of the prospectus supplement and page 9 of the prospectus before purchasing any Securities. Events relating to any ofthose risks, or other risks and uncertainties, could adversely affect the market value of, and the return on, your Securities. You may lose some, and possibly a significantportion, of your initial investment. The Securities will not be listed on any securities exchange.Security Offering We are offering Capped Buffer GEARS linked to the S&P 500® Index. The return on the Securities is subject to the predetermined Maximum Gain and the correspondingmaximum payment at maturity per Security. The Initial Underlier Value is the Closing Value (as defined below) of the Underlier on the Trade Date. The Securities are offered at aminimum investment of $1,000 (100 Securities).Maximum On the date of this pricing supplement, the estimated initial value of the Securities is $9.77 per Security. As discussed in more detail in this pricing supplement, the actualvalue of the Securities at any time will reflect many factors and cannot be predicted with accuracy. See “Estimated Value of the Securities” in this pricing supplement.The Securities are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the Securities are subject to the credit risk of Bank of Montreal. IfBank of Montreal defaults on its obligations, you could lose some or all of your investment. The S