蒙特利尔银行美股招股说明书(2026-05-21版)

least performing of the S&P 500®Index and the Russell 2000®Index (each, a "Reference Asset" and, the least performing, the "LeastPerforming Reference Asset"). The Digital Return will be paid if the Final Level (as defined below) of the Least Performing Reference Asset is greater than or equal to 65.00% of its level on the Pricing Date (the “Initial Level”).●If the Least Performing Reference Asset decreases by more than 35.00% from its Initial Level, investors will lose 1% of the principal amount for each 1% decrease in the level of the Least Performing Reference Asset from its Initial Level to its Final Level. In such a case, you willreceive a cash amount at maturity that is less than the principal amount, and may lose up to 100% 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. 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 $991.77 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. 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 Least Performing Reference Asset, reflecting the 9.25% DigitalReturn, the Digital Barrier Level of 65.00% of its Initial Level and Barrier Level of 65.00% of the Initial Level. Please see“Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in the Notes” below for more detailed examples. 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.You 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 Assets. 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 investment in the notes may result in a loss.— The notes do not guarantee any return of principal. If the FinalLevel of each Reference Asset of any Reference Asset is less than its Barrier Level, you will lose 1% of the principal amountfor each 1% that the Final Level of the Least Performing Reference Asset is less than its Initial Level. In such a case, youwill receive at maturity a cash payment that is less than the principal amount of the notes and may be zero.Accordingly,you could lose your entire investment in the notes.●Your return on the notes is limited to the Dig