[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_95":96},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","z1uvo0w8vfjjm8d0ioifyx22e","revision",2,"title","Bank of Montreal发行挂钩MerQube US Large-Cap Vol Advantage Index的K系列高级中期票据","originalTitle","BANK OF MONTREAL /CAN/ (0000927971) (Filer)","summary","Bank of Montreal发行总额87.5万美元、期限至2029年10月4日的K系列高级中期票据，挂钩MerQube US Large-Cap Vol Advantage Index，发行价为本金的100%。","reason","source",{"_11":85,"_86":87,"_88":89,"_90":57,"_91":92,"_93":94},"links",{"_82":83,"_63":84},"publishedAt","2026-10-05T19:37:07.000Z","discoveredAt","2026-10-05T20:07:07.366Z","timelineAt","category","ai-products","tags",[80,81],"stockSymbols",[],"score",36,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fb0wttkravdA",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","06935bb1-5139-416f-997b-a7846b2fbf4f","蒙特利尔银行拟发行挂钩指数票据",{"_72":73,"_15":74},"zh","

Registration Statement No.333-285508
\nFiled Pursuant to Rule 424(b)(2)

\nPricing Supplement dated October 01, 2026 to the Prospectus dated March 25, 2025,
\nthe Prospectus Supplement dated March 25, 2025 and the Product Supplement dated March 25, 2025

US$875,000
\nSenior Medium-Term Notes, Series K
\nAutocallable Barrier Notes with Memory Coupons due October 04, 2029
\nLinked to the MerQube US Large-Cap Vol Advantage Index

The notes are designed for investors who are seeking monthly contingent periodic interest payments (as\ndescribed in more detail below), as well as a return of principal if the closing level of the MerQube US Large-Cap Vol Advantage Index\n(the “Reference Asset”) on any monthly Observation Date beginning in April 2027 is greater than 100% of its Initial Level\n(the “Call Level”). Investors should be willing to have their notes automatically redeemed prior to maturity, be willing to\nforego any potential to participate in any increase in the level of the Reference Asset and be willing to lose some or all of their principal\nat maturity.

The notes may pay Contingent Coupons at the Contingent Interest Rate of 1.0417% per month (approximately\n12.50% per annum) depending on the performance of the Reference Asset. If the closing level of the Reference Asset on the applicable monthly\nObservation Date is greater than or equal to its Coupon Barrier Level, the notes will pay (i) a Contingent Coupon on the corresponding\nContingent Coupon Payment Date and (ii) and previously unpaid Contingent Coupons in respect of any prior Observation Dates pursuant to\nthe Memory Coupon Feature. If the closing level of the Reference Asset is less than its Coupon Barrier Level on an Observation Date, the\nnotes will not pay the Contingent Coupon on the corresponding Contingent Coupon Payment Date.

Beginning on April 01, 2027, if on any Observation Date, the closing level of the Reference Asset is\ngreater than its Call Level, the notes will be automatically redeemed. On the following Contingent Coupon Payment Date (the “Call\nSettlement Date\"), investors will receive their principal amount plus the Contingent Coupon otherwise due. After the notes are redeemed,\ninvestors will not receive any additional payments in respect of the notes.

The notes do not guarantee any return of principal at maturity. Instead, if the notes are not automatically\nredeemed, the payment at maturity will be based on the Final Level of the Reference Asset and whether the Final Level of that Reference\nAsset has declined from its Initial Level to below its Trigger Level on the Valuation Date (a “Trigger Event”), as described\nbelow.

If the notes are not automatically redeemed and a Trigger Event has occurred, investors will lose 1%\nof the principal amount for each 1% decrease in the level of the Reference Asset from its Initial Level to its Final Level. In such a\ncase, you will receive a cash amount at maturity that is less than the principal amount, together with the final Contingent Coupon, if\npayable.

Investing in the notes is not equivalent to a hypothetical direct investment in the Reference Asset.

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.

Our subsidiary, BMO Capital Markets Corp. (“BMOCM”), is the agent for this offering. See\n“Supplemental Plan of Distribution (Conflicts of Interest)” below.

The notes will not be subject to conversion into our common shares or the common shares of any of our\naffiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”).

Terms of the Notes:

\n \n \n \n \n \n \n \n \n \n \n \n \n

Pricing Date:	October 01, 2026		Valuation Date:	October 01, 2029
Settlement Date:	October 06, 2026		Maturity Date:	October 04, 2029

Specific Terms of the Notes:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Autocallable
\nNumber

Reference
\nAsset

Ticker
\nSymbol

Initial
\nLevel

Contingent
\nInterest Rate

Coupon
\nBarrier
\nLevel*

Trigger
\nLevel*

CUSIP

Principal
\nAmount

Price to
\nPublic¹

Agent’s
\nCommission¹

Proceeds to
\nBank of
\nMontreal¹

7432

The MerQube US Large-Cap Vol Advantage Index

MQUSLVA

4,226.16

1.0417% per month (approximately 12.50% per annum)

2,535.70, 60.00% of its Initial Level

06376ML93

$875,000.00

100%

0.90%

$7,875.00

99.10%

$867,125.00

¹ The total “Agent’s Commission” and “Proceeds\nto Bank of Montreal” specified above reflect the aggregate amounts at the time Bank of Montreal established its hedge positions\non or prior to the Pricing Date, which may have been variable and fluctuated depending on market conditions at such times. Certain dealers\nwho purchased the notes for sale to certain fee-based advisory accounts may have foregone some or all of their selling concessions, fees\nor commissions. The public offering price for investors purchasing the notes in these accounts was between $991.00 and $1,000 per $1,000\nin principal amount.

* Rounded to two decimal places.

Investing in the notes involves risks, including\nthose described in the “Selected Risk Considerations” section beginning on page P-5 hereof, the “Additional Risk Factors\nRelating to the Notes” section beginning on page PS-6 of the product supplement, and the “Risk Factors” section beginning\non page S-1 of the prospectus supplement and on page 8 of the prospectus.

Neither the Securities and Exchange Commission\nnor any state securities commission has approved or disapproved of these notes or passed upon the accuracy of this document, the product\nsupplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense. The notes will be our\nunsecured obligations and will not be savings accounts or deposits that are insured by the United States Federal Deposit Insurance Corporation,\nthe Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency or instrumentality or other entity.

On the date hereof, based on the terms set forth\nabove, the estimated initial value of the notes is $951.08 per $1,000 in principal amount. However, as discussed in more detail below,\nthe actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy.

BMO CAPITAL MARKETS

Key Terms of the Notes:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Reference Asset:	The MerQube US Large-Cap Vol Advantage Index (ticker symbol \"MQUSLVA\"). See \"The Reference Asset\" below for additional information.

Contingent Coupons:	If the closing level of the Reference Asset on an Observation Date is greater than or equal to its Coupon Barrier Level, on the corresponding Contingent Coupon Payment Date you will receive (i) a Contingent Coupon (calculated at the Contingent Interest Rate) in respect of that Observation Date and (ii) any previously unpaid Contingent Coupons in respect of any prior Observation Dates pursuant to the Memory Coupon Feature.

Contingent Interest Rate:	1.0417% per month (approximately 12.50% per annum), if payable. Accordingly, each Contingent Coupon, if payable, will equal $10.417 for each $1,000 in principal amount.

Memory Coupon Feature:	\n If a Contingent Coupon is not paid on a Contingent Coupon Payment Date\n (other than the Maturity Date) because the closing level of the Reference Asset is less than its Coupon Barrier Level on the related Observation\n Date, such Contingent Coupon will be paid on a later Contingent Coupon Payment Date if the closing level of the Reference Asset is greater\n than or equal to its Coupon Barrier Level on the relevant Observation Date. \n \n For the avoidance of doubt, once a previously unpaid Contingent Coupon\n has been paid on a later Contingent Coupon Payment Date, it will not be paid again on any subsequent Contingent Coupon Payment Date. \n \n If the closing level of the Reference Asset is less than its Coupon\n Barrier Level on each of the Observation Dates, you will receive no Contingent Coupons during the term of the notes.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Contingent Coupon Payment	Observation Dates	Contingent Coupon Payment Dates
Dates and Observation Dates:¹	November 02, 2026	November 05, 2026
	December 01, 2026	December 04, 2026
	January 04, 2027	January 07, 2027
	February 01, 2027	February 04, 2027
	March 01, 2027	March 04, 2027
	April 01, 2027	April 06, 2027
	May 03, 2027	May 06, 2027
	June 01, 2027	June 04, 2027
	July 01, 2027	July 07, 2027
	August 02, 2027	August 05, 2027
	September 01, 2027	September 07, 2027
	October 01, 2027	October 06, 2027
	November 01, 2027	November 04, 2027
	December 01, 2027	December 06, 2027
	January 03, 2028	January 06, 2028
	February 01, 2028	February 04, 2028
	March 01, 2028	March 06, 2028
	April 03, 2028	April 06, 2028
	May 01, 2028	May 04, 2028
	June 01, 2028	June 06, 2028
	July 03, 2028	July 07, 2028
	August 01, 2028	August 04, 2028
	September 01, 2028	September 07, 2028
	October 02, 2028	October 05, 2028
	November 01, 2028	November 06, 2028
	December 01, 2028	December 06, 2028
	January 02, 2029	January 05, 2029
	February 01, 2029	February 06, 2029
	March 01, 2029	March 06, 2029
	April 02, 2029	April 05, 2029
	May 01, 2029	May 04, 2029
	June 01, 2029	June 06, 2029
	July 02, 2029	July 06, 2029
	August 01, 2029	August 06, 2029
	September 04, 2029	September 07, 2029
	Valuation Date	Maturity Date

\n \n \n \n \n \n \n \n \n \n

Automatic Redemption:	Beginning on April 01, 2027, if, on any Observation Date, the closing level of the Reference Asset is greater than its Call Level, the notes will be automatically redeemed. No further amounts will be owed to you under the Notes.

Payment upon Automatic \nRedemption:	If the notes are automatically redeemed, then, on the Call Settlement Date, investors will receive their principal amount plus any Contingent Coupons (including any Contingent Coupons due pursuant to the Memory Coupon Feature) otherwise due.

\n\n \n \n

Call Settlement Date:¹

If the notes are automatically redeemed, the Contingent Coupon Payment Date immediately following the relevant Observation Date.

Payment at Maturity:	\n If the notes are not automatically redeemed, the payment at maturity\n for the notes is based on the performance of the Reference Asset. \n \n You will receive $1,000 for each $1,000 in principal amount of the note,\n unless a Trigger Event has occurred. \n \n If a Trigger Event has occurred, you will receive at maturity, for each\n $1,000 in principal amount of your notes, a cash amount equal to: \n \n $1,000 + ($1,000 x Percentage Change) \n \n This amount will be less than the principal amount\n of your note, and may be zero. \n \n You will also receive any Contingent Coupons (including any Contingent\n Coupons due pursuant to the Memory Coupon Feature) otherwise due.

Trigger Event:²	A Trigger Event will be deemed to occur if the Final Level of the Reference Asset is less than its Trigger Level on the Valuation Date.

Percentage Change:	\n The quotient, expressed as a percentage, of the following formula: \n \n (Final Level - Initial Level) \n Initial Level

Initial Level:²	As set forth on the cover hereof.

Coupon Barrier Level:²	2,535.70, which is 60.00% of the Initial Level (rounded to two decimal places).

Trigger Level:²	2,535.70, which is 60.00% of the Initial Level (rounded to two decimal places).

Call Level:²	100.00% of the Initial Level.

Final Level:	The closing level of the Reference Asset on the Valuation Date.

Pricing Date:	October 01, 2026

Settlement Date:	October 06, 2026

Valuation Date:¹	October 01, 2029

Maturity Date:¹	October 04, 2029

Calculation Agent:	BMOCM

Selling Agent:	BMOCM

¹ Subject to the occurrence of a market disruption event,\nas described in the accompanying product supplement.

² As determined by the calculation agent and subject to adjustment\nin certain circumstances. See \"General Terms of the Notes - Adjustments to a Reference Asset that Is an Index\" in the product\nsupplement for additional information.

Additional Terms of the Notes

You should read this document together with the\nproduct supplement dated March 25, 2025, the prospectus supplement dated March 25, 2025 and the prospectus dated March 25, 2025. This\ndocument, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous\noral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas,\nstructures for implementation, sample structures, fact sheets, brochures or other educational materials of ours or the agent. You\nshould carefully consider, among other things, the matters set forth in Additional Risk Factors Relating to the Notes in the product supplement,\nas the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting\nand other advisers before you invest in the notes.

You may access these documents on the SEC website\nat www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

Product supplement dated March 25, 2025:
\nhttps://www.sec.gov/Archives/edgar/data/927971/000121465925004743/b324250424b2.htm

Prospectus supplement dated March 25, 2025 and prospectus\ndated March 25, 2025:
\nhttps://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm

Our Central Index Key, or CIK, on the SEC website\nis 927971. As used in this document, \"we\", \"us\" or \"our\" refers to Bank of Montreal.

Selected Risk Considerations

An investment in the notes involves significant\nrisks. Investing in the notes is not equivalent to investing directly in the Reference Asset. These risks are explained in more detail\nin the “Additional Risk Factors Relating to the Notes” section of the product 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 notes\nare not automatically redeemed, the payment at maturity will be based on the Final Level and whether a Trigger Event has occurred. If\nthe Final Level is less than its Trigger Level, a Trigger Event will occur, and you will lose 1% of the principal amount for each 1% that\nthe Final Level is less than the Initial Level. In such a case, you will receive at maturity a cash payment that is less than the principal\namount of the notes and may be zero. Accordingly, you could lose your entire investment in the notes.

You may not receive any Contingent Coupons with respect to your notes. — We will not necessarily make periodic interest\npayments on the notes. If the closing level of the Reference Asset on an Observation Date is less than its Coupon Barrier Level, we will\nnot pay you the Contingent Coupon on the corresponding Contingent Coupon Payment Date. However, if a Contingent Coupon is not paid on\na Contingent Coupon Payment Date (other than the Maturity Date) because the closing level of the Reference Asset is less than the Coupon\nBarrier Level on the related Observation Date, pursuant to the Memory Coupon Feature such Contingent Coupon will be paid on a later Contingent\nCoupon Payment Date if the closing level of the Reference Asset is greater than or equal to its Coupon Barrier Level on the related Observation\nDate. If the closing level of the Reference Asset is less than its Coupon Barrier Level on each of the Observation Dates, we will not\npay you any Contingent Coupons during the term of the notes, and you will not receive a positive return on the notes. Generally, this\nnon-payment of any Contingent Coupons will coincide with a greater risk of principal loss on your notes.

Your notes are subject to automatic early redemption. — We will redeem the notes if the closing level of the Reference\nAsset on any Observation Date is greater than its Call Level. Following an automatic redemption, you will not receive any additional Contingent\nCoupons and may not be able to reinvest your proceeds in an investment with returns that are comparable to the notes. Furthermore, to\nthe extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur\ntransaction costs such as dealer discounts and hedging costs built into the price of the new notes.

Your return on the notes is limited to the Contingent Coupons, if any, regardless of any increase in the level of the Reference\nAsset. — You will not receive a payment at maturity with a value greater than your principal amount plus any Contingent Coupons\notherwise due. In addition, if the notes are automatically redeemed, you will not receive a payment greater than the principal amount\nplus any applicable Contingent Coupons, even if the Final Level exceeds the Call Level by a substantial amount. Accordingly, your maximum\nreturn on the applicable notes is limited to the potential return represented by the Contingent Coupons.

Your return on the notes may be lower than the return on a conventional debt security of comparable maturity. — The\nreturn that you will receive on your notes, which could be negative, may be less than the return you could earn on other investments.\nThe notes do not provide for fixed interest payments and you may not receive any Contingent Coupons over the term of the notes. Even if\nyou do receive one or more Contingent Coupons and your return on the notes is positive, your return may be less than the return you would\nearn if you bought a conventional senior interest bearing debt security of ours with the same maturity or if you invested directly in\nthe Reference Asset. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the\ntime value of money.

A higher Contingent Interest Rate or lower Trigger Level or Coupon Barrier Level may reflect greater expected volatility of the\nReference Asset, and greater expected volatility generally indicates an increased risk of loss at maturity. — The economic\nterms for the notes, including the Contingent Interest Rate, Coupon Barrier Level and Trigger Level, are based, in part, on the expected\nvolatility of the Reference Asset at the time the terms of the notes are set. “Volatility” refers to the frequency and magnitude\nof changes in the level of the Reference Asset. The greater the expected volatility of the Reference Asset as of the Pricing Date, the\ngreater the expectation is as of that date that the closing level of the Reference Asset could be less than its Coupon Barrier Level on\nany Observation Date and that a Trigger Event could occur and, as a consequence, indicates an increased risk of not receiving a Contingent\nCoupon and an increased risk of loss, respectively. All things being equal, this greater expected volatility will generally be reflected\nin a higher Contingent Interest Rate than the yield payable on our conventional debt securities with a similar maturity or on otherwise\ncomparable securities, and/or lower Trigger Level and/or Coupon Barrier Level than those terms on otherwise comparable securities. Therefore,\na relatively higher Contingent Interest Rate may indicate an increased risk of loss. Further, a relatively lower Trigger Level and/or\nCoupon Barrier may not necessarily indicate that the notes have a greater likelihood of a return of principal at maturity and/or paying\nContingent Coupons. You should be willing to accept the downside market risk of the Reference Asset and the potential to lose a significant\nportion or all of your initial investment.

Risks Related to the Reference Asset

The strategy tracked by the MQUSLVA and the views implicit in the MQUSLVA are not guaranteed to succeed. The strategy tracked\nby the MQUSLVA is not guaranteed to be successful. It is impossible to predict whether and the extent to which the MQUSLVA or the underlying\nposition in the E-mini^® S&P 500^® futures (such position, the “SPX Futures Position”, linked to the S&P 500^®\nIndex, the “SPX”) will yield positive or negative results. You should seek your own advice as necessary to assess the MQUSLVA\nand its strategy.
\nThe MQUSLVA attempts to provide a dynamic rules-based exposure to the SPX Futures Position while targeting a pre-defined level of implied\nvolatility, net of a daily deduction. The MQUSLVA adjusts its exposure to the SPX Futures Position weekly, based on the implied volatility\nof the State Street^® SPDR^® S&P 500^® ETF Trust (the “SPY”). By seeking to maintain a predetermined level of\nvolatility, the MQUSLVA may underperform an alternative strategy that seeks to maintain a higher or lower volatility or an alternative\nstrategy that does not seek to maintain a set level of volatility. In addition, the volatility control mechanism includes a maximum limit\non exposure to the SPX Futures Position, regardless of whether the observed implied volatility of the SPY or SPX Futures Position, adjusted\nfor exposure, corresponds with the targeted volatility. Additionally, the adjustments to the exposure of the MQUSLVA to the SPX Futures\nPosition occur on a weekly basis, meaning that an observed change in volatility will not be immediately reflected and the MQUSLVA’s\nexposure may not be reduced quickly enough to avoid negative performance or increased quickly enough to capture positive performance.\nThese provisions may limit the ability of the MQUSLVA to adjust to market conditions with sufficient speed during periods of excessive\nchanges in volatility or to participate in favorable performance of the SPX and/or the SPX Futures Position and may cause the MQUSLVA\nto underperform another strategy that is not subject to these or similar conditions. The MQUSLVA includes a decrement feature, which reduces\nthe performance of the MQUSLVA in all cases, whether the SPX Futures Position appreciates or depreciates.

It is impossible to predict and list all\nfactors and events that may impact the MQUSLVA and SPX Futures Position, positively or negatively. Conditions in particular markets, as\nwell as overall market and macroeconomic conditions and other events and circumstances, may affect the MQUSLVA, the SPX and the SPX Futures\nPosition in unanticipated ways, which could adversely affect the MQUSLVA performance and, therefore, your return on any investment linked\nto the MQUSLVA. Certain disruption or extraordinary events may also require the applicable Index Sponsor to adjust or terminate the MQUSLVA,\nwhich could adversely affect the MQUSLVA’s performance and the return on any investment linked to the MQUSLVA.

No assurance can be given that the investment\nstrategy on which the MQUSLVA or SPX Futures Position is based will be successful or that the MQUSLVA or SPX Futures Position will outperform\nany alternative strategy that might be employed in respect of the SPX Futures Position or the SPX.

The MQUSLVA may underperform the SPX Futures Position and/or the SPX, and the SPX Futures Position may underperform the SPX. The\nMQUSLVA is intended to provide volatility-adjusted exposure to the SPX Futures Position net of a daily decrement deduction. The SPX Futures\nPosition consists of a “rolling” position in a selection of E-Mini^® S&P 500^®\nfutures contracts (the “SPX Futures”). The MQUSLVA increases its exposure to the SPX Futures Position when the implied volatility\nof the SPY is lower and decreases exposure to the SPX Futures Position when the implied volatility of the SPY is higher. The underlying\ninvestment thesis, which may or may not prove to be accurate, is that decreasing exposure to the SPX Futures Position during periods of\nincreased volatility of the SPY will limit the MQUSLVA’s participation in rapid downturns. However, decreasing exposure to the SPX\nFutures Position during periods of increased volatility will also limit the MQUSLVA’s participation in any rapid growth. There can\nbe no assurance that the MQUSLVA’s investment thesis will prove correct or that the MQUSLVA will effectively implement its investment\nthesis. Additionally, because of the embedded deductions, the MQUSLVA will underperform the SPX Futures Position, adjusted for exposure,\nand the SPX Futures Position may underperform the SPX.

The SPX Futures Position represents a rolling futures position. The SPX Futures Position is based on a “rolling”\nfutures position on the SPX. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, equity futures\ncontracts such as the SPX Futures normally specify a certain date for cash settlement of the underlying equity index contract. As the\nexchange-traded futures contracts tracked by the SPX Position approach expiration, they are replaced by contracts that have a later expiration.\nThus, for example, a contract purchased and held in June may specify a September expiration. As time passes, the contract expiring in\nSeptember is replaced with a contract for delivery in December. This process is referred to as “rolling.” If the market for\nthese contracts is (putting aside other considerations) in “contango,” where the prices are higher in the distant delivery\nmonths than in the nearer delivery months, the purchase of the December contract would take place at a price that is higher than the price\nof the September contract, thereby creating a negative “roll yield.” Contango could adversely affect the level of the SPX\nPosition, which in turn would affect the value of the MQUSLVA.

The decrement will reduce the performance of the MQUSLVA. The MQUSLVA includes a decrement feature, whereby a decrement based\non a per annum rate of 6% is deducted daily as part of the calculation of the MQUSLVA level. The SPX Futures Position, adjusted for exposure,\nmust increase by an amount sufficient to offset the decrement in order for the MQUSLVA to display a positive return, and, even when the\nSPX Futures Position performs positively, the decrement will reduce the performance of the MQUSLVA. Accordingly, the level of the MQUSLVA\nmay decline even if the level of the SPX Futures Position increases or the SPX appreciates. The decrement will adversely affect the performance\nof the MQUSLVA in all cases, whether the SPX Futures Position performs positively or negatively.

The MQUSLVA is an “excess return” index that does not reflect “total returns.” The MQUSLVA is an excess\nreturn index that does not reflect total returns. Generally, the return from investing in futures contracts derives from three sources:\n(a) the “price return,” which refers to changes in the price of the relevant futures contracts; (b) the “roll return,”\nwhich refers to the profit or loss realized when rolling the relevant futures contracts; and (c) the “collateral return,”\nwhich refers to the interest (if any) earned on the cash deposited as collateral for the purchase of the relevant futures contracts.

The MQUSLVA measures the returns accrued\nfrom a hypothetical investment in uncollateralized futures contracts (i.e., the sum of the price return and the roll return associated\nwith an investment in the SPX Futures). By contrast, a total return index, in addition to reflecting the price return and the roll return,\nwould also reflect interest that could be earned on funds committed to the trading of the SPX Futures (i.e., the collateral return associated\nwith an investment in the SPX Futures). Therefore, an investment in an instrument linked to the MQUSLVA reflects “excess returns”\nonly and does not reflect “total returns,” and may underperform as compared to a similar investment linked to another total\nreturn index linked to SPX Futures.

The MQUSLVA is subject to risks associated with significant leverage. The MQUSLVA uses a volatility-control mechanism to achieve\nits target volatility, which may involve the use of significant leverage. The volatility control mechanism adjusts the “exposure”\nof the MQUSLVA to the SPX Futures Position. At times, the exposure can be as high as 500%, meaning that a 1% daily decrease in the SPX\nFutures Position will be reflected as a 5% daily decrease in the level of the MQUSLVA, before accounting for the daily decrement which\nwill further diminish the performance of the MQUSLVA. When the MQUSLVA employs leveraged exposure in this way, any decline (including\nany deduction related to the “excess return” construct) in the SPX Futures Position will be magnified, resulting in accelerated\nlosses.

The MQUSLVA may be significantly uninvested in the SPX Futures Position. The MQUSLVA’s exposure to the SPX Futures Position\nmay be less than 100% if the implied volatility of the SPY is above 35% as of the applicable weekly rebalancing. If the MQUSLVA’s\nexposure to the SPX Futures Position is less than 100%, the MQUSLVA will not be fully “invested”, and any uninvested portion\nwill earn no return. The MQUSLVA may be significantly uninvested on any given day and will realize only a portion of any gains due to\nincreases in the level of the SPX Futures Position on any such day. The 6.0% per annum decrement is deducted daily, even when the MQUSLVA\nis not fully invested.

The volatility control mechanism may negatively impact the performance of the MQUSLVA. The MQUSLVA employs a rules-based volatility\ncontrol mechanism that aims to control volatility close to a pre-defined target level. By seeking to maintain a predetermined level of\nimplied volatility, the MQUSLVA may underperform an alternative strategy that seeks to maintain a higher or lower volatility or an alternative\nstrategy that does not seek to maintain a level of volatility. The volatility control mechanisms also include limits on maximum exposure,\nregardless of the observed volatility. These provisions may limit the ability to adjust to market conditions or to participate in favorable\nperformance of the SPX Futures Position or SPY and, accordingly, may cause the MQUSLVA to underperform another strategy that is not subject\nto these or similar conditions.

The MQUSLVA may not approximate its target volatility. The MQUSLVA seeks to maintain a target volatility by dynamically adjusting\nits exposure to the SPX Futures Position on a weekly basis, subject to a maximum exposure of 500% and a minimum exposure of 0%. These\nadjustments are made based on the implied volatility of the SPY. There is no guarantee that such measures will be an accurate representation\nof future volatility. The volatility of a portfolio on any day may change quickly and unexpectedly. If the volatility of the SPY changes\nrapidly from day-to-day, the MQUSLVA will not match such changes in volatility, since the exposure of the MQUSLVA is only adjusted weekly.\nFurther, there can be no assurance that the volatility control mechanism employed by the MQUSLVA will be the most effective way to accurately\nassess volatility or to predict patterns of volatility. There can be no assurance that the MQUSLVA will achieve its target volatility.

Implied volatility may not be an accurate indicator of future volatility. The MQUSLVA seeks to take on a defined degree of\nexpected risk by allocating exposure to the SPX Futures Position based on the volatility control mechanism. The MQUSLVA measures the expected\nrisk of its portfolio based on implied volatility, which is calculated over the course of a pre-determined time window near the end of\neach weekly trading session. There can be no assurance that the implied volatility measured during this pre-determined time window will\nbe indicative of future volatility of the portfolio or of volatility at any other time. In addition, other potential measures of volatility,\nsuch as historical volatility, may be a more accurate measure of volatility than implied volatility. As a result, the measure of expected\nrisk used by the MQUSLVA may be less accurate than other measures that could have been used.

The MQUSLVA may be adversely affected by a “volatility drag” effect. If the MQUSLVA is not consistently successful\nin increasing exposure to the SPX Futures Position in advance of increases in the value of the SPX Futures Position and reducing exposure\nto the SPX Futures Position in advance of declines in the value of the SPX Futures Position, then the MQUSLVA is also expected to be subject\nto a “volatility drag” effect, which will exacerbate the decline that results from having highly leveraged exposure to the\ndeclines in the value of the SPX Futures Position. The decay effect would result from the fact that the MQUSLVA resets its leveraged exposure\nto the SPX Futures Position on a weekly basis, and would manifest any time the level of the SPX Futures Position moves in one direction\nprior to a reset and another following the reset. The decay effect would result because resetting leverage after an increase but in advance\nof a decline would cause an Index to have increased exposure to that decline, and resetting leverage following a decline but in advance\nof an increase would cause an Index to have decreased exposure to that increase. The more this fact pattern repeats, the lower the performance\nof the MQUSLVA would be relative to the performance of the SPX Futures Position.

There can be no guarantee that the method by which implied volatility is determined will be effective and you should undertake\nyour own investigation into the method by which implied volatility is calculated for the MQUSLVA. The volatility measure referenced\nin the calculation of the MQUSLVA is determined based on the implied volatility of the SPY, calculated based on the prices of listed options\non the SPY with a one week expiration. Further details on the method of calculating implied volatility for the MQUSLVA are publicly available,\nand you should undertake your own investigation into the method by which implied volatility is calculated\nor any assumptions on which this methodology may be based. There can be no guarantee that the method by which implied volatility\nis determined for purposes of calculating the MQUSLVA will be effective or achieve the intended results. Alternative methods of calculating\nvolatility could produce more effective results

The MQUSLVA was recently launched and has limited operating history. The MQUSLVA was launched on February 11, 2022 and therefore\nhas limited historical performance. As a result, limited actual historical performance information is available for you to consider in\nmaking an independent investigation of the MQUSLVA which may make it more difficult for you to evaluate the historical performance of\nthe MQUSLVA and make an informed investment decision than would be the case if the MQUSLVA had a longer history.

Historical performance of the MQUSLVA should not be taken as an indication of the future performance of the MQUSLVA. The actual\nperformance of the MQUSLVA over the term of the notes, as well as the amount payable at maturity, may bear little relation to the historical\nperformance of the MQUSLVA or its hypothetical, back-tested historical performance. As a result, it is impossible to predict whether the\nlevel of the MQUSLVA will rise or fall.

The publicly available levels of the MQUSLVA\nfor any dates prior to its launch date were calculated using hypothetical back-tested performance. Hypothetical back-tested performance\nprior to the launch of the MQUSLVA refers to simulated performance data created by applying its calculation methodology to historical\nor simulated levels of the SPX Futures Position (which itself is based on applying the SPX Futures Position’s calculation methodology\nto historical or simulated levels of the SPX Futures), SPY and other market measures. Such simulated performance data has been produced\nby the retroactive application of a back-tested methodology in hindsight, that is, with the benefit of being able to evaluate how the\nMQUSLVA methodology would have caused the MQUSLVA to perform had it existed during the hypothetical back-test period. It is impossible\nto predict whether the MQUSLVA will rise or fall. Accordingly, the actual performance of the MQUSLVA may differ significantly from the\nback-tested information, and if the MQUSLVA is shown to have generally appreciated over the hypothetical back-test period, that may not\ntherefore be an accurate or reliable indication of any fundamental aspect of the MQUSLVA methodology.

Moreover, prior to April 13, 2023, the\nMQUSLVA applied a different methodology for the calculation of the implied volatility of the SPY, where official settlement prices of\nEurodollar futures, which referenced 3-month USD LIBOR rate, were referenced instead of the official settlement prices of SOFR 3-month\nfutures. The calculation of the MQUSLVA that is applied after April 13, 2023 involves different calculations as compared to the prior\nmethodology of the MQUSLVA that referenced the 3-month USD LIBOR rate. Since the levels of the MQUSLVA prior to April 13, 2023 were calculated\nusing a different methodology, the current methodology was not applied to the calculation of such levels and those prior levels do not\nreflect the levels that would have resulted had the current methodology of the MQUSLVA been applied. Such results are therefore neither\nan indicator nor a guarantor of future results of the application of the current methodology of the MQUSLVA.
\nThe hypothetical back-tested performance of the MQUSLVA prior to February 11, 2022 cannot fully reflect the actual results that would\nhave occurred had the MQUSLVA actually been calculated during that period and should not be relied upon as an indication of the MQUSLVA’s\nfuture performance. In addition, the historical performance of the MQUSLVA prior to April 13, 2023 does not reflect the application of\nthe current methodology of the MQUSLVA and should not be relied upon as an indication of the MQUSLVA’s future performance. A longer\nhistory of actual performance could be helpful in providing more reliable information on which to assess the MQUSLVA.

\n\n\n

MerQube sponsors, administers, calculates and publishes the MQUSLVA. MerQube have the authority to determine whether certain\nevents affecting the MQUSLVA have occurred including, but not limited to, events affecting the measures referenced in the calculation\nof the indices. Potential investors in the notes should be aware that any determination or calculation made by MerQube may affect the\nlevel of the MQUSLVA and, as appropriate, the performance of any instruments linked to the performance of the MQUSLVA, including the notes.\nMerQube has no obligation to consider the interest of investors in any such instruments, including the notes, when making any determination\nor calculation. Determinations of calculations by MerQube may negatively impact your return on the notes.

Owning the notes is not the same as a hypothetical direct investment in the MQUSLVA, the SPX Futures Position, the SPX Futures,\nthe SPY or the SPX or a security directly linked to the MQUSLVA, the SPX Futures Position, the SPX Futures, the SPY or the SPX. The\nreturn on your notes will not reflect the return you would realize if you made a hypothetical direct investment in the MQUSLVA, the SPX\nFutures Position, the SPX Futures Position, the SPX Futures, the SPY, SPX or the underlying securities of the SPX or a security directly\nlinked to the performance of the MQUSLVA, the SPX Futures Position, the SPX Futures, the SPY, SPX or the underlying securities of the\nSPX and held that investment for a similar period. Your notes may trade quite differently from the MQUSLVA, the SPX Futures Position,\nthe SPX Futures, the SPY or the underlying securities of the SPX. Changes in the level of the MQUSLVA, the SPX Futures Position or the\nSPX, or changes in the prices of SPX Futures, the SPY or the underlying securities of the SPX, may not result in comparable changes in\nthe market value of your notes. Even if the level of the MQUSLVA, the SPX Futures Position or the SPX or the prices of SPX Futures, the\nSPY or the underlying securities of the SPX increases during the term of the notes, the market value of the notes prior to maturity may\nnot increase to the same extent. It is also possible for the market value of the notes to decrease while the level of the MQUSLVA, the\nSPX Futures Position or the SPX or the prices of SPX Futures, the SPY or the underlying securities of the SPX, increases.

You will not have any shareholder rights and will have no right to receive any securities referenced by the MQUSLVA or the SPX\nFutures Position, nor shares of the SPY or any company included in the SPX, at maturity. Investing in your notes will not make you\na holder of any securities held or referenced by the MQUSLVA or the SPX Futures Position or of any shares of the SPY or any company included\nin the SPX. Neither you nor any other holder or owner of the notes will have any voting rights, any right to receive dividends or other\ndistributions, or any other rights with respect to such underlying securities.

We have no affiliation with the index sponsor and will not be responsible for the index sponsor's actions. The sponsor of\nthe MQUSLVA is not our affiliate and will not be involved in the offering of the notes in any way. Consequently, we have no control over\nthe actions of the index sponsor, including any actions of the type that would require the calculation agent to adjust the payment to\nyou at maturity. The index sponsor may consult with market participants before taking any action with respect to the index, and these\nmarket participants may include parties with whom we have entered into hedging arrangements with respect to the notes. None of these parties\nhave any obligation of any sort with respect to the notes. Thus, neither the index sponsor nor any hedging counterparty has any obligation\nto take your interests into consideration for any reason, including in taking any actions that might affect the value of the notes. None\nof our proceeds from the issuance of the notes will be delivered to the index sponsor.

You must rely on your own evaluation of the merits of an investment linked to the MQUSLVA. In the ordinary course of their\nbusinesses, our affiliates from time to time may express views on expected movements in the levels of the MQUSLVA, the SPX or the prices\nof SPX Futures, the SPY or the securities included in the SPX. One or more of our affiliates have published, and in the future may publish,\nresearch reports that express views on the MQUSLVA, the SPX, SOFR, SPX Futures, the SPY or the securities included in the SPX. However,\nthese views are subject to change from time to time. Moreover, other professionals who deal in the markets relating to the MQUSLVA, the\nSPX, SPX Futures, the SPY or the securities included in the SPX at any time may have significantly different views from those of our affiliates.\nYou are encouraged to derive information concerning the MQUSLVA and the measures it references from multiple sources, and you should not\nrely on the views expressed by our affiliates. Neither the offering of the notes nor any views which our affiliates from time to time\nmay express in the ordinary course of their businesses constitutes a recommendation as to the merits of an investment in the notes.

General Risk Factors

Your investment is subject to the credit risk of Bank of Montreal. — Our credit ratings and credit spreads may adversely\naffect the market value of the notes. Investors are dependent on our ability to pay any amounts due on the notes, and therefore investors\nare subject to our credit risk and to changes in the market’s view of our creditworthiness. Any decline in our credit ratings or\nincrease in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the notes.

Potential conflicts. We and our affiliates play a variety of roles in connection with the issuance of the notes, including\nacting as calculation agent. In performing these duties, the economic interests of the calculation agent and other affiliates of ours\nare potentially adverse to your interests as an investor in the notes. We or one or more of our affiliates may also engage in trading\nof SPX Futures, the SPY, securities included in the SPX and/or SPY or on options related to the SPY or SPX on a regular basis as part\nof our general broker-dealer and other businesses, for proprietary accounts, for other accounts under management or to facilitate transactions\nfor our customers. Any of these activities could adversely affect the level of the MQUSLVA and, therefore, the market value of, and the\npayments on, the notes. We or one or more of our affiliates may also issue or underwrite other securities or financial or derivative instruments\nwith returns linked or related to changes in the performance of the MQUSLVA, the SPX, SPX Futures, the SPY and/or securities included\nin the SPX and/or SPY. By introducing competing products into the marketplace in this manner, we or one or more of our affiliates could\nadversely affect the market value of the notes. Additionally, we may enter into transactions with a hedging counterparty to offset our\nobligations under the notes. Any such hedging counterparty and its affiliates may engage in activities that are adverse to your interests\nas a holder of the notes, including the activities described in this paragraph as well as other activities with respect to the MQUSLVA.

Our initial estimated value of the notes is lower than the price to public. — Our initial estimated value of the notes\nis only an estimate, and is based on a number of factors. The price to public of the notes exceeds our initial estimated value, because\ncosts associated with offering, structuring and hedging the notes are included in the price to public, but are not included in the estimated\nvalue. These costs include any underwriting discount and selling concessions, the profits that we and our affiliates expect to realize\nfor assuming the risks in hedging our obligations under the notes and the estimated cost of hedging these obligations.

\n\n\n

Our initial estimated value does not represent any future value of the notes, and may also differ from the estimated value of any\nother party. — Our initial estimated value of the notes as of the date hereof is derived using our internal pricing models.\nThis value is based on market conditions and other relevant factors, which include volatility of the Reference Asset, dividend rates and\ninterest rates. Different pricing models and assumptions could provide values for the notes that are greater than or less than our initial\nestimated value. In addition, market conditions and other relevant factors after the Pricing Date are expected to change, possibly rapidly,\nand our assumptions may prove to be incorrect. After the Pricing Date, the value of the notes could change dramatically due to changes\nin market conditions, our creditworthiness, and the other factors set forth herein and in the product supplement. These changes are likely\nto impact the price, if any, at which we or BMOCM would be willing to purchase the notes from you in any secondary market transactions.\nOur initial estimated value does not represent a minimum price at which we or our affiliates would be willing to buy your notes in any\nsecondary market at any time.

The terms of the notes were not determined by reference to the credit spreads for our conventional fixed-rate debt. —\nTo determine the terms of the notes, we used an internal funding rate that represents a discount from the credit spreads for our conventional\nfixed-rate debt. As a result, the terms of the notes are less favorable to you than if we had used a higher funding rate.

Certain costs are likely to adversely affect the value of the notes. — Absent any changes in market conditions, any\nsecondary market prices of the notes will likely be lower than the price to public. This is because any secondary market prices will likely\ntake into account our then-current market credit spreads, and because any secondary market prices are likely to exclude all or a portion\nof any underwriting discount and selling concessions, and the hedging profits and estimated hedging costs that are included in the price\nto public of the notes and that may be reflected on your account statements. In addition, any such price is also likely to reflect a discount\nto account for costs associated with establishing or unwinding any related hedge transaction, such as dealer discounts, mark-ups and other\ntransaction costs. As a result, the price, if any, at which BMOCM or any other party may be willing to purchase the notes from you in\nsecondary market transactions, if at all, will likely be lower than the price to public. Any sale that you make prior to the Maturity\nDate could result in a substantial loss to you.

Lack of liquidity. — The notes will not be listed on any securities exchange. BMOCM may offer to purchase the notes\nin the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow\nyou to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which\nyou may be able to trade the notes is likely to depend on the price, if any, at which BMOCM is willing to buy the notes.

Hedging and trading activities. — We or any of our affiliates have carried out or may carry out hedging activities related\nto the notes and may have entered or may enter into agreements with third-parties to hedge our obligations under the notes. We, any of\nour affiliates, any hedging counterparty and any of their affiliates may carry out market transactions related to the MQUSLVA, including\npurchasing or selling shares of the SPY, shares of securities included in the SPY and/or the SPX, futures or options relating to the MQUSLVA,\nSPX, SPY or securities included in the SPY and/or SPX or other derivative instruments with returns linked or related to changes in the\nperformance on the MQUSLVA, SPX, SPY or securities included in the SPY and/or SPX. We, any of our affiliates, any hedging counter party\nand any of their affiliates may also trade in the securities included in the SPY and/or SPX or instruments related to the MQUSLVA, SPY,\nSPX or such securities from time to time. Any of these hedging or trading activities on or prior to the Pricing Date and during the term\nof the notes could adversely affect the payments on the notes.

Many economic and market factors will influence the value of the notes. — In addition to the level of the Reference\nAsset and interest rates on any trading day, the value of the notes will be affected by a number of economic and market factors that may\neither offset or magnify each other, and which are described in more detail in the product supplement.

Significant aspects of the tax treatment of the notes are uncertain. — The tax treatment of the notes is uncertain. We\ndo not plan to request a ruling from the Internal Revenue Service or from any Canadian authorities regarding the tax treatment of the\nnotes, and the Internal Revenue Service or a court may not agree with the tax treatment described herein.
\nThe Internal Revenue Service has released a notice that may affect the taxation of holders of “prepaid forward contracts”\nand similar instruments. According to the notice, the Internal Revenue Service and the U.S. Treasury are actively considering whether\nthe holder of such instruments should be required to accrue ordinary income on a current basis. While it is not clear whether the notes\nwould be viewed as similar to such instruments, it is possible that any future guidance could materially and adversely affect the tax\nconsequences of an investment in the notes, possibly with retroactive effect.
\nPlease read carefully the section entitled \"U.S. Federal Tax Information\" herein, the section entitled \"Supplemental Tax\nConsiderations–Supplemental U.S. Federal Income Tax Considerations\" in the accompanying product supplement, the section entitled\n\"United States Federal Income Taxation\" in the accompanying prospectus and the section entitled \"Certain Income Tax Consequences\"\nin the accompanying prospectus supplement. You should consult your tax advisor about your own tax situation.

Examples of the Hypothetical Payment at Maturity for a $1,000 Investment\nin the Notes

The following table illustrates the hypothetical\npayments on a note at maturity, assuming that the notes are not automatically redeemed. The hypothetical payments are based on a $1,000\ninvestment in the note, a hypothetical Initial Level of 100.00, a hypothetical Trigger Level of 60.00 (60.00% of the hypothetical Initial\nLevel), a hypothetical Call Level of 100.00 (100.00% of the hypothetical Initial Level), a range of hypothetical Final Levels and the\neffect on the payment at maturity.

The hypothetical examples shown below are intended\nto help you understand the terms of the notes. If the notes are not automatically redeemed, the actual cash amount that you will receive\nat maturity will depend upon the Final Level of the Reference Asset. If the notes are automatically redeemed prior to maturity, the hypothetical\nexamples below will not be relevant, and you will receive on the applicable Call Settlement Date, for each $1,000 principal amount, the\nprincipal amount plus any Contingent Coupons otherwise due.

As discussed in more detail above, your total return\non the notes will also depend on the number of Contingent Coupon Dates on which the Contingent Coupon is payable. It is possible that\nthe only payments on your notes will be the payment, if any, due at maturity. The payment at maturity will not exceed the principal amount,\nand may be significantly less.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Hypothetical Final Level	Hypothetical Final Level Expressed \nas a Percentage of the Initial Level	Payment at Maturity (Excluding \nCoupons)
200.00	200.00%	$1,000.00
180.00	180.00%	$1,000.00
160.00	160.00%	$1,000.00
140.00	140.00%	$1,000.00
120.00	120.00%	$1,000.00
100.00	100.00%	$1,000.00
90.00	90.00%	$1,000.00
80.00	80.00%	$1,000.00
70.00	70.00%	$1,000.00
60.00	60.00%	$1,000.00
59.99	59.99%	$599.90
40.00	40.00%	$400.00
20.00	20.00%	$200.00
0.00	0.00%	$0.00

U.S. Federal Tax Information

By purchasing the notes, each holder agrees (in\nthe absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat each note as a pre-paid\ncontingent income-bearing derivative contract for U.S. federal income tax purposes. In the opinion of our counsel, Mayer Brown LLP, it\nwould generally be reasonable to treat the notes as pre-paid contingent income-bearing derivative contracts in respect of the Reference\nAsset for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the notes are uncertain\nand the Internal Revenue Service could assert that the notes should be taxed in a manner that is different from that described in the\npreceding sentence. Please see the discussion in the accompanying product supplement under \"Supplemental Tax Considerations—Supplemental\nU.S. Federal Income Tax Considerations—Notes Treated as Investment Units Consisting of a Debt Portion and a Put Option, as Pre-Paid\nContingent Income-Bearing Derivative Contracts, or as Pre-Paid Derivative Contracts—Notes Treated as Pre-Paid Contingent Income-Bearing\nDerivative Contracts,\" which applies to the notes.

Supplemental Plan of Distribution (Conflicts of Interest)

BMOCM will purchase the notes from us at a purchase\nprice reflecting the commission set forth on the cover hereof. BMOCM has informed us that, as part of its distribution of the notes, it\nwill reoffer the notes to other dealers who will sell them. Each such dealer, or each additional dealer engaged by a dealer to whom BMOCM\nreoffers the notes, will receive a commission from BMOCM, which will not exceed the commission set forth on the cover page.

Certain dealers who purchase the notes for sale\nto certain fee-based advisory accounts may forego some or all of their selling concessions, fees or commissions. The public offering price\nfor investors purchasing the notes in these accounts may be less than 100% of the principal amount, as set forth on the cover page of\nthis document. Investors that hold their notes in these accounts may be charged fees by the investment advisor or manager of that account\nbased on the amount of assets held in those accounts, including the notes.

We will deliver the notes on a date that is greater\nthan one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended (the “Exchange\nAct”), trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade\nexpressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than one business day prior to the issue date will\nbe required to specify alternative settlement arrangements to prevent a failed settlement.

We own, directly or indirectly, all of the outstanding\nequity securities of BMOCM, the agent for this offering. In accordance with FINRA Rule 5121, BMOCM may not make sales in this offering\nto any of its discretionary accounts without the prior written approval of the customer.

You should not construe the offering of the notes\nas a recommendation of the merits of acquiring an investment linked to the Reference Asset or as to the suitability of an investment in\nthe notes.

BMOCM may, but is not obligated to, make a market\nin the notes. BMOCM will determine any secondary market prices that it is prepared to offer in its sole discretion.

We may use this pricing supplement in the initial sale of the notes.\nIn addition, BMOCM or another of our affiliates may use this pricing supplement in market-making transactions in any notes after their\ninitial sale. Unless BMOCM or we inform you otherwise in the confirmation of sale, this pricing supplement is being used by BMOCM in a\nmarket-making transaction.

For a period of approximately three months following\nissuance of the notes, the price, if any, at which we or our affiliates would be willing to buy the notes from investors, and the value\nthat BMOCM may also publish for the notes through one or more financial information vendors and which could be indicated for the notes\non any brokerage account statements, will reflect a temporary upward adjustment from our estimated value of the notes that would otherwise\nbe determined and applicable at that time. This temporary upward adjustment represents a portion of (a) the hedging profit that we or\nour affiliates expect to realize over the term of the notes and (b) any underwriting discount and the selling concessions paid in connection\nwith this offering. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month\nperiod.

The notes and the related offer to purchase notes\nand sale of notes under the terms and conditions provided herein do not constitute a public offering in any non-U.S. jurisdiction, and\nare being made available only to individually identified investors pursuant to a private offering as permitted in the relevant jurisdiction.\nThe notes are not, and will not be, registered with any securities exchange or registry located outside of the United States and have\nnot been registered with any non-U.S. securities or banking regulatory authority. The contents of this document have not been reviewed\nor approved by any non-U.S. securities or banking regulatory authority. Any person who wishes to acquire the notes from outside the United\nStates should seek the advice or legal counsel as to the relevant requirements to acquire these notes.

British Virgin Islands. The notes have not\nbeen, and will not be, registered under the laws and regulations of the British Virgin Islands, nor has any regulatory authority in the\nBritish Virgin Islands passed comment upon or approved the accuracy or adequacy of this document. This pricing supplement and the related\ndocuments shall not constitute an offer, invitation or solicitation to any member of the public in the British Virgin Islands for the\npurposes of the Securities and Investment Business Act, 2010, of the British Virgin Islands.

Cayman Islands. Pursuant to the Companies\nLaw (as amended) of the Cayman Islands, no invitation may be made to the public in the Cayman Islands to subscribe for the notes by or\non behalf of the issuer unless at the time of such invitation the issuer is listed on the Cayman Islands Stock Exchange. The issuer is\nnot presently listed on the Cayman Islands Stock Exchange and, accordingly, no invitation to the public in the Cayman Islands is to be\nmade by the issuer (or by any dealer on its behalf). No such invitation is made to the public in the Cayman Islands hereby.

Dominican Republic. Nothing in this pricing\nsupplement constitutes an offer of securities for sale in the Dominican Republic. The notes have not been, and will not be, registered\nwith the Superintendence of Securities Market of the Dominican Republic (Superintendencia del Mercado de Valores), under Dominican Securities\nMarket Law No. 249-17 (“Securities Law 249-17”), and the notes may not be offered or sold within the Dominican Republic or\nto, or for the account or benefit of, Dominican persons (as defined under Securities Law 249-17 and its regulations). Failure to comply\nwith these directives may result in a violation of Securities Law 249-17 and its regulations.

Israel. This pricing supplement is intended\nsolely for investors listed in the First Supplement of the Israeli Securities Law of 1968, as amended. A prospectus has not been prepared\nor filed, and will not be prepared or filed, in Israel relating to the notes offered hereunder. The notes cannot be resold in Israel other\nthan to investors listed in the First Supplement of the Israeli Securities Law of 1968, as amended.

No action will be taken in Israel that would permit\nan offering of the notes or the distribution of any offering document or any other material to the public in Israel. In particular, no\noffering document or other material has been reviewed or approved by the Israel Securities Authority. Any material provided to an offeree\nin Israel may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have\nbeen provided directly by us or the selling agents.

Nothing in this pricing supplement or any other\noffering material relating to the notes, should be considered as the rendering of a recommendation or advice, including investment advice\nor investment marketing under the Law For Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management, 1995,\nto purchase any note. The purchase of any note will be based on an investor’s own understanding, for the investor’s own benefit\nand for the investor’s own account and not with the aim or intention of distributing or offering to other parties. In purchasing\nthe notes, each investor declares that it has the knowledge, expertise and experience in financial and business matters so as to be capable\nof evaluating the risks and merits of an investment in the notes, without relying on any of the materials provided.

Mexico. The notes have not been registered\nwith the National Registry of Securities maintained by the Mexican National Banking and Securities Commission and may not be offered or\nsold publicly in Mexico. This pricing supplement and the related documents may not be publicly distributed in Mexico. The notes may only\nbe offered in a private offering pursuant to Article 8 of the Securities Market Law.

Switzerland. This pricing supplement is not\nintended to constitute an offer or solicitation to purchase or invest in any notes. Neither this pricing supplement nor any other offering\nor marketing material relating to the notes constitutes a prospectus compliant with the requirements of articles 35 et seq. of the Swiss\nFinancial Services Act (\"FinSA\") for a public offering of the notes in Switzerland and no such prospectus has been or will be\nprepared for or in connection with the offering of the notes in Switzerland.

Neither this pricing supplement nor any other offering\nor marketing material relating to the notes has been or will be filed with or approved by a Swiss review body (Prüfstelle). No application\nhas been or is intended to be made to admit the notes to trading on any trading venue (SIX Swiss Exchange or on any other exchange or\nany multilateral trading facility) in Switzerland. Neither this pricing supplement nor any other offering or marketing material relating\nto the notes may be publicly distributed or otherwise made publicly available in Switzerland.

The notes may not be publicly offered, directly\nor indirectly, in Switzerland within the meaning of FinSA except (i) in any circumstances falling within the exemptions to prepare a prospectus\nlisted in article 36 para. 1 FinSA or (ii) where such offer does not qualify as a public offer in Switzerland, provided always that no\noffer of notes shall require the Issuer or any offeror to publish a prospectus pursuant to article 35 FinSA in respect to such offer and\nthat such offer shall comply with the additional restrictions set out below (if applicable). The Issuer has not authorised and does not\nauthorise any offer of notes which would require the Issuer or any offeror to publish a prospectus pursuant to article 35 FinSA in respect\nof such offer. For purposes of this provision \"public offer\" shall have the meaning as such term is understood pursuant to article\n3 lit. g and h FinSA and the Swiss Financial Services Ordinance (\"FinSO\").

The notes do not constitute participations in a\ncollective investment scheme within the meaning of the Swiss Collective Investment Schemes Act. They are not subject to the approval of,\nor supervision by, the Swiss Financial Market Supervisory Authority (\"FINMA\"), and investors in the notes will not benefit from\nprotection under CISA or supervision by FINMA.

Prohibition of Offer to Private Clients in Switzerland\n- No Key Information Document pursuant to article 58 FinSA (Basisinformationsblatt für Finanzinstrumente) or equivalent document\nunder foreign law pursuant to article 59 para. 2 FinSA has been or will be prepared in relation to the notes. Therefore, the following\nadditional restriction applies: Notes qualifying as \"debt securities with a derivative character\" pursuant to article 86 para.\n2 FinSO may not be offered within the meaning of article 58 para. 1 FinSA, and neither this pricing supplement nor any other offering\nor marketing material relating to such notes may be made available, to any retail client (Privatkunde) within the meaning of FinSA in\nSwitzerland.

The notes may also be sold in the following jurisdictions,\nprovided, in each case, any sales are made in accordance with all applicable laws in such jurisdiction:

Barbados

Bermuda

Additional Information Relating to the Estimated Initial Value of\nthe Notes

Our estimated initial value of the notes on the\ndate hereof that is set forth on the cover hereof, 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

one or more derivative transactions relating to the economic terms of the notes.

The internal funding rate used in the determination\nof the initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The value\nof these derivative transactions is derived from our internal pricing models. These models are based on factors such as the traded market\nprices of comparable derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors.\nAs a result, the estimated initial value of the notes on the Pricing Date was determined based on the market conditions on the Pricing\nDate.

The Reference Asset

All disclosures contained in this pricing supplement\nregarding the Reference Asset, including, without limitation, their make-up, method of calculation, and changes in their components and\ntheir historical closing levels, have been derived from publicly available information prepared by the applicable sponsor. The information\nreflects the policies of, and is subject to change by, the sponsor. The sponsor owns the copyrights and all rights to the Reference Asset.\nThe sponsor is under no obligation to continue to publish, and may discontinue publication of, the Reference Asset. Neither we nor BMO\nCapital Markets Corp. accepts any responsibility for the calculation, maintenance or publication of the Reference Asset or any successor.

We encourage you to review recent levels of the\nReference Asset prior to making an investment decision with respect to the notes.

The MerQube US Large-Cap Vol Advantage Index (“MQUSLVA”)

The MerQube US Large-Cap Vol Advantage Index (the\n“MQUSLVA”) attempts to provide a dynamic rules-based exposure to a rolling futures position based on E-mini^® S&P 500^®\nfutures (such position, the “SPX Futures Position”, linked to the S&P 500^® Index, the “SPX”), while targeting\na level of implied volatility of 35% (the “Volatility Target”), net of a daily deduction based on a rate of 6% per annum.\nThe MQUSLVA adjusts its exposure to the SPX Futures Position weekly, based on the implied volatility of the State Street^® SPDR^®\nS&P 500^® ETF Trust (the “SPY”). On each weekly rebalance day (each, an “Index Rebalance Day”), the exposure\nto the SPX Futures Position (the “Leverage Factor”) is set equal to (a) the Volatility Target divided by (b) the one-week\nimplied volatility of the SPY, subject to a maximum exposure of 500% and a minimum exposure of 0%.

The performance of the SPX Futures Position is excess\nreturn and represented by the performance of selected E-Mini^® S&P 500^® futures contracts (the “SPX Futures”).\nThe SPX Futures are excess return, providing exposure to the SPX and embedding a notional financing cost.

The MQUSLVA is sponsored, administered and calculated\nby MerQube, which collectively refers to MerQube Inc, MerQube UK Limited and any of their respective subsidiaries and affiliates. The\nMQUSLVA was developed by MerQube in coordination with J.P. Morgan Securities LLC. The MQUSLVA was first calculated on February 11, 2022,\nand is calculated based on a base date of January 14, 2005. The MQUSLVA is scheduled to be calculated on each day where the primary exchange,\non which SPX Futures are listed, is scheduled to open for trading for its regular trading session (such day, an “Index Calculation\nDay”) and is published on Bloomberg under the ticker “MQUSLVA”.

The SPX Futures Position tracks the official settlement\nprice of a selected futures contract linked to the SPX, subject to a “roll” feature whereby the SPX Futures Position will\nbegin reducing its exposure to the selected futures contract and start allocating that exposure to the next nearby futures contract with\na later expiry date. This process of reallocating exposure is referred to as a “roll”.

The full methodology of the MQUSLVA is publicly\navailable online at https://merqube.com/index/MQUSLVA. The foregoing website address is an inactive textual reference only and the contents\nof such website and the information contained therein are not incorporated into this document.

Calculation of the Level of\nthe MQUSLVA

On each Index Calculation Day that\nis not an Index Rebalancing Day, the level of the MQUSLVA is calculated by adjusting the TWAP level of the MQUSLVA on the immediately\npreceding Index Rebalancing Day to reflect (a) the performance of the SPX Futures Position, scaled by the prevailing Leverage Factor (as\ndefined below) determined on the immediately preceding Index Rebalance Day, and (b) the accrual of the 6% per annum daily deduction from\nthe immediately preceding Index Rebalance Day, calculated on the basis of the actual number of calendar days elapsed and a 360 day year\n(i.e., ACT/360 basis).

On each Index Rebalance Day, a new\nTWAP level of the MQUSLVA is calculated. The Index Calculation Agent calculates the TWAP level in the same manner as the level of the\nMQUSLVA is calculated on any non-rebalancing day, provided, however that the performance of the SPX Futures Position is based on the TWAP\nlevel as of that day. The Index Calculation Agent will then calculate the level of the MQUSLVA with respect to such day is then based\non such TWAP level of the MQUSLVA and the performance of the SPX Futures Position, scaled by the updated Leverage Factor on such day.\nExpressed as formulas:

On an Index Rebalance Day:

$\"\"$

On any Index Calculation Day that\nis not an Index Rebalance Day:

$\"\"$

Where:

\n \n \n \n \n \n \n \n \n

$\"\"$	=	the level of the MQUSLVA in respect of Index Calculation Day t;

\n \n \n \n \n \n \n \n \n \n \n \n \n

$\"\"$	=	the TWAP Level (as defined below) of the MQUSLVA in respect of the Index Rebalance Day immediately preceding Index Calculation Day t;

$\"\"$	=	the Leverage Factor in respect of the Index Calculation Day t (calculated as described in greater detail below);

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

$\"\"$	=	the Leverage Factor in respect of the Index Rebalance Day immediately preceding Index Calculation Day t (calculated as described in greater detail below);

$\"\"$	=	the settlement level of the SPX Futures Position in respect of Index Calculation Day t (calculated as described in greater detail below);

$\"\"$	=	the TWAP Level of the SPX Futures Position in respect of Index Calculation Day t (calculated as described in greater detail below);

$\"\"$	=	the TWAP Level of the SPX Futures Position in respect of the Index Rebalance Day immediately preceding Index Calculation Day t (calculated as described in greater detail below);

$\"\"$	=	6.0%; and

$\"\"$	=	the number of calendar days from the Index Rebalance Day immediately preceding Index Calculation Day t, to Index Calculation Day t.

The Leverage Factor resets weekly\non each Index Rebalance Day (subject to the occurrence of any market disruption events) and reflects the degree of exposure of the MQUSLVA\nin the performance of the SPX Futures Position, before the daily decrement is applied. It is calculated based on the implied volatility\nof the SPY and is subject to a maximum of 500% and a minimum of 0%, as discussed in greater detail below. The Leverage Factor may magnify\nthe MQUSLVA’s exposure to negative performance of the SPX Futures Position or reduce the ability of the MQUSLVA to participate in\npositive performance of the SPX Futures Position. Similarly, the 6.0% per annum daily deduction will offset any positive performance of\nthe SPX Futures Position and magnify any negative performance of the SPX Futures Position. The Leverage Factor may and the daily deduction\nwill adversely affect the performance of the MQUSLVA.

Additionally, the level of the MQUSLVA\nis subject to a minimum level of 0 (i.e., the level will never be negative). If the level of the MQUSLVA ever reaches zero, the MQUSLVA\nwill stay at 0 and MerQube’s index committee may, but is not required to, terminate the MQUSLVA.

Calculation of Leverage Factor

The Leverage Factor is calculated\nonce each week on the Index Rebalance Day (typically Friday) based on the quotient of the Volatility Target divided by one-week implied\nvolatility of the SPY, subject to the maximum Leverage Factor of 500% and minimum Leverage Factor of 0%. The implied volatility of the\nSPY will be calculated based on the value of listed options on SPY as described in greater detail below. Expressed as a formula:

$\"\"$

Where:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

$\"\"$	=	the Leverage Factor in respect of a particular Index Rebalance Day rb;

$\"\"$	=	the one week implied volatility of the SPY in respect of Index Rebalance Day rb (calculated as described in greater detail below);

$\"\"$	=	35%; and

$\"\"$	=	500%.

Calculation of Implied Volatility

Volatility is a measure of the degree\nof variation in the value of an asset over a period of time. Implied volatility is a method of estimating the market’s expectation\nof the future volatility of an asset based on the prices of options contracts on that asset. The Leverage Factor is calculated based on\nthe implied volatility of listed options on the SPY with a one week expiration.

Specifically, the Index Calculation\nAgent will reference out-of-the-money call and put options on the SPY centered around an at-the-money strike price with a scheduled expiry\non the immediately following Index Rebalance Day. These options will include (i) put options with strikes at or below the at-the-money\nstrike price, and (ii) call options with strikes at or above the at-the-money strike price. In addition, the Index Calculation Agent adjusts\nthe price of any American-style options that are selected, to approximate a European option price for such option. The at-the-money strike\nprice refers to the “forward price” of the SPY, which is determined based on the current price of the SPY, any expected dividend\npayments, and the interest rates derived from official closing prices of SOFR 3-month futures.

Prior to April 13, 2023, the official\nclosing prices of Eurodollar futures, which referenced 3-month USD LIBOR rates, were used to calculate the at-the-money strike price.

These calculations are performed\nas of each Index Rebalance Day with respect to the end of each minute during the period from and including 2:30 p.m. to but excluding\n3:00 p.m. (EST) and the one week implied volatility of the SPY is calculated as the arithmetic average of implied volatility levels for\nthe selected weekly options on the SPY, as described above, at the end of each minute during the period. If options data is not available\non an Index Rebalance Day during that period, the Index Calculation Agent may use the most recent time period on that day for which options\ndata was available to perform the relevant calculations, if, in the Index Calculation Agent’s discretion, the data from such period\nis an accurate reflection of the current level of volatility in the market.

Further details on the method by\nwhich implied volatility is calculated for the MQUSLVA is publicly available, and you should undertake your own investigation into the\nmethod by which implied volatility is calculated or any assumptions on which this methodology may be based. The actual volatility of the\nMQUSLVA may not correspond with the Target Volatility, particularly during (i) periods of excessive volatility or (ii) periods where there\nis a significant difference between implied and realized volatility. Because the Leverage Factor is calculated on a weekly basis, it may\ntake multiple days for the Leverage Factor to reflect changes based on the implied volatility of the SPY. The MQUSLVA may underperform\nan alternative investment that more directly tracks the relevant market volatility or employs an alternative method of calculating volatility.\nThere can be no guarantee that the method by which implied volatility is determined will be effective or achieve the intended results.\nAlternative methods of calculating volatility could produce more effective results.

Calculation of SPX Futures\nPosition

The SPX Futures Position\nis designed to track the performance of a “rolling” position in a selection of SPX Futures. Generally, the SPX Futures\nPosition provides exposure SPX Futures with the nearest expiry date (the “Near Futures Contract”). However, when each applicable\nfutures contract nears expiry, the SPX Futures Position will, over a five-day period (the “Roll Period”), begin reducing its\nexposure to the Near Futures Contract and start allocating that exposure to the next nearby futures contract with a later expiry date\n(the “Later Futures Contract”). The Roll Period generally begins on the sixth trading day on which the CME is scheduled to\nbe open prior to the last trading day for the Near Futures Contract (each such day, a “Rolling Futures Calculation Day”).\nThis process of reallocating exposure is referred to as a “roll” and each roll will occur in equal increments over the five\nRolling Futures Calculation Days in the Roll Period, with one-fifth of the portfolio rolling on each Rolling Futures Calculation Day.

The\nlevel of the MQUSLVA references two different levels of the SPX Futures Position: (i) the TWAP Level and (ii the SPX Futures Position\nbased on the official settlement price for SPX Futures (the “Settlement Price Level”). The TWAP Level of the SPX Futures\nPosition is calculated in the same manner as the calculation of the settlement level except that all references to the “official\nsettlement price” of any SPX Futures contract on the current Index Calculation Day instead refer to the “TWAP price”\nof such SPX Futures contract. The TWAP price of any SPX Futures contract on a particular day is calculated as a time weighted average\nprice of that SPX Futures contract determined over a 10-minute period beginning at 3:50 PM EST (in the case of a regular trading session)\nor 12:50 PM EST (in the case of a half-day trading session). We have included a detailed description of the calculation of the Settlement\nPrice Level below. The TWAP Level is calculated in the same manner, provided, however, that references to official settlement prices on\nthe current Index Calculation Day should instead be read as references to the TWAP as appropriate.

The settlement level of the\nSPX Futures Position is calculated by multiplying (i) the level of the SPX Futures Position on the immediately preceding Index Calculation\nDay by (ii) the daily performance of the SPX Futures, which is expressed as a fraction equal to (a) the official settlement price of the\nSPX Futures on the current Index Calculation Day divided by the official settlement price of the Reference Futures on the immediately\npreceding Index Calculation Day. Outside the Roll Period, the SPX Futures Position tracks a single SPX Futures contract using a weight\nof 100%. Expressed as a formula:

$\"\"$

Where:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

$\"\"$	=	the level of the SPX Futures Position on Index Calculation Day t;

$\"\"$	=	the level of the SPX Futures Position on the Index Calculation Day immediately preceding Index Calculation Day t;

$\"\"$	=	the official settlement price of the Near Futures Contract on Index Calculation Day t; and

\n \n \n \n \n

$\"\"$

the official settlement price of the Near Futures Contract on the Index Calculation Day immediately preceding Index Calculation Day t.

During a Roll Period, the weights\nof the Futures Contracts will correspond to the weights associated with a roll from the Near Futures Contract to the Later Futures Contract,\nover five days in equal increments. Expressed as a formula:

$\"\"$

Where:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

$\"\"$	=	the level of the SPX Futures Position on Index Calculation Day t;

$\"\"$	=	the level of the SPX Futures Position on the Index Calculation Day immediately preceding Index Calculation Day t;

$\"\"$	=	the official settlement price of the Near Futures Contract on Index Calculation Day t;

$\"\"$	=	the official settlement price of the Near Futures Contract on the Index Calculation Day immediately preceding Index Calculation Day t;

$\"\"$	=	the official settlement price of the Later Futures Contract on Index Calculation Day t; and

$\"\"$	=	the official settlement price of the Later Futures Contract on the Index Calculation Day immediately preceding Index Calculation Day t.

The SPDR^® S&P\n500^® ETF Trust (“SPY”)

The SPDR^® S&P 500^®\nETF Trust seeks to provide investment results that, before fees and expenses, correspond generally to the performance of the S&P 500^®\nIndex. The SPDR^® S&P 500^® ETF Trust utilizes a “replication” investment approach in attempting to track the performance\nof the underlying index. The SPDR^® S&P 500^® ETF Trust typically invests in substantially all of the securities which comprise\nthe underlying index in approximately the same proportions as the underlying index. Shares of the SPDR^® S&P 500^® ETF Trust\nare listed on the NYSE Arca under the symbol “SPY.”

The S&P 500^®\nIndex

The S&P 500^® Index\nis intended to provide an indication of the pattern of common stock price movement. The calculation of the level of this Reference Asset\nis based on the relative value of the aggregate market value of the common stocks of 500 companies as of a particular time compared to\nthe aggregate average market value of the common stocks of 500 similar companies during the base period of the years 1941 through 1943.

S&P calculates this Reference\nAsset by reference to the prices of the constituent stocks of this Reference Asset without taking account of the value of dividends paid\non those stocks. As a result, the return on the notes will not reflect the return you would realize if you actually owned the constituent\nstocks of the S&P 500^® Index and received the dividends paid on those stocks.

Computation of the S&P\n500^® Index

While S&P currently employs\nthe following methodology to calculate the S&P 500^® Index, no assurance can be given that S&P will not modify or change this\nmethodology in a manner that may affect the Payment at Maturity.

Historically, the market value\nof any component stock of the S&P 500^® Index was calculated as the product of the market price per share and the number of then\noutstanding shares of such component stock. In March 2005, S&P began shifting the S&P 500^® Index halfway from a market capitalization\nweighted formula to a float-adjusted formula, before moving the S&P 500^® Index to full float adjustment on September 16, 2005.\nS&P’s criteria for selecting stocks for the S&P 500^® Index did not change with the shift to float adjustment. However,\nthe adjustment affects each company’s weight in the S&P 500^® Index.

Under float adjustment, the\nshare counts used in calculating the S&P 500^® Index reflect only those shares that are available to investors,\nnot all of a company’s outstanding shares. Float adjustment excludes shares that are closely held by control groups, other publicly\ntraded companies or government agencies.

In September 2012, all shareholdings\nrepresenting more than 5% of a stock’s outstanding shares, other than holdings by “block owners,” were removed from\nthe float for purposes of calculating the S&P 500^® Index. Generally, these “control holders” will\ninclude officers and directors, private equity, venture capital and special equity firms, other publicly traded companies that hold shares\nfor control, strategic partners, holders of restricted shares, ESOPs, employee and family trusts, foundations associated with the company,\nholders of unlisted share classes of stock, government entities at all levels (other than government retirement/pension funds) and any\nindividual person who controls a 5% or greater stake in a company as reported in regulatory filings. However, holdings by block owners,\nsuch as depositary banks, pension funds, mutual funds and ETF providers, 401(k) plans of the company, government retirement/pension funds,\ninvestment funds of insurance companies, asset managers and investment funds, independent foundations and savings and investment plans,\nwill ordinarily be considered part of the float.

Treasury stock, stock options,\nequity participation units, warrants, preferred stock, convertible stock, and rights are not part of the float. Shares held in a trust\nto allow investors in countries outside the country of domicile, such as depositary shares and Canadian exchangeable shares are normally\npart of the float unless those shares form a control block.

For each stock, an investable\nweight factor (“IWF”) is calculated by dividing the available float shares by the total shares outstanding. Available float\nshares are defined as the total shares outstanding less shares held by control holders. This calculation is subject to a 5% minimum threshold\nfor control blocks. For example, if a company’s officers and directors hold 3% of the company’s shares, and no other control\ngroup holds 5% of the company’s shares, S&P would assign that company an IWF of 1.00, as no control group meets the 5% threshold.\nHowever, if a company’s officers and directors hold 3% of the company’s shares and another control group holds 20% of the\ncompany’s shares, S&P would assign an IWF of 0.77, reflecting the fact that 23% of the company’s outstanding shares are\nconsidered to be held for control. As of July 31, 2017, companies with multiple share class lines are no longer eligible for inclusion\nin the S&P 500^® Index. Constituents of the S&P 500^® Index prior to July 31, 2017 with\nmultiple share class lines were grandfathered in and continue to be included in the S&P 500^® Index. If a constituent\ncompany of the S&P 500^® Index reorganizes into a multiple share class line structure, that company will remain\nin the S&P 500^® Index at the discretion of the S&P Index Committee in order to minimize turnover.

The S&P 500^® Index\nis calculated using a base-weighted aggregate methodology. The level of the S&P 500^® Index reflects the total\nmarket value of all 500 component stocks relative to the base period of the years 1941 through 1943. An indexed number is used to represent\nthe results of this calculation in order to make the level easier to use and track over time. The actual total market value of the component\nstocks during the base period of the years 1941 through 1943 has been set to an indexed level of 10. This is often indicated by the notation\n1941-43 = 10. In practice, the daily calculation of the S&P 500^® Index is computed by dividing the total market\nvalue of the component stocks by the “index divisor.” By itself, the index divisor is an arbitrary number. However, in the\ncontext of the calculation of the S&P 500^® Index, it serves as a link to the original base period level of the\nS&P 500^® Index. The index divisor keeps the S&P 500^® Index comparable over time and is\nthe manipulation point for all adjustments to the S&P 500^® Index, which is index maintenance.

Index Maintenance

Index maintenance includes\nmonitoring and completing the adjustments for company additions and deletions, share changes, stock splits, stock dividends, and stock\nprice adjustments due to company restructuring or spinoffs. Some corporate actions, such as stock splits and stock dividends, require\nchanges in the common shares outstanding and the stock prices of the companies in the S&P 500^® Index, and do not\nrequire index divisor adjustments.

To prevent the level of the\nS&P 500^® Index from changing due to corporate actions, corporate actions which affect the total market value of\nthe S&P 500^® Index require an index divisor adjustment. By adjusting the index divisor for the change in market\nvalue, the level of the S&P 500^® Index remains constant and does not reflect the corporate actions of individual\ncompanies in the S&P 500^® Index. Index divisor adjustments are made after the close of trading and after the calculation\nof the S&P 500^® Index closing level.

Changes in a company’s\ntotal shares outstanding of 5% or more due to public offerings are made as soon as reasonably possible. Other changes of 5% or more (for\nexample, due to tender offers, Dutch auctions, voluntary exchange offers, company stock repurchases, private placements, acquisitions\nof private companies or non-index companies that do not trade on a major exchange, redemptions, exercise of options, warrants, conversion\nof preferred stock, notes, debt, equity participations, at-the-market stock offerings or other recapitalizations) are made weekly, and\nare generally announced on Fridays for implementation after the close of trading the following Friday (one week later). If a 5% or more\nshare change causes a company’s IWF to change by five percentage points or more, the IWF is updated at the same time as the share\nchange. IWF changes resulting from partial tender offers are considered on a case-by-case basis.

Index Governance

The MQUSLVA\nis overseen by an index committee that is made up of MerQube staff. In the case of any scenario occurring\nthat is not explicitly covered in the index methodology, the index committee will use its discretion to determine the action to be taken.\nMerQube and/or the index committee may also make determinations regarding matters such as recalculations and changes in the methodology\nused to calculate the MQUSLVA or adjustments. These determinations may (but are not required to) be\nrelated to market events and developments or the availability of or changes to reference measures used in the calculation of the MQUSLVA.\nMerQube may also decide to terminate the calculation of the MQUSLVA.

License Agreement

We have entered into a license agreement\nwith MerQube that provides, in exchange for a fee, of the right to use the index described herein which is owned and published by MerQube.\nMerQube had no obligation and will not have any obligation to consider your interests as an investor in their role in developing the guidelines\nand policies governing the MQUSLVA or making judgments that may affect the level the MQUSLVA. Investment suitability must be determined\nindividually for each investor, and investments linked to the MQUSLVA may not be suitable for all investors.

MerQube is not the issuer or producer\nof any investment linked to the MQUSLVA and MerQube has no duties, responsibilities, or obligations to investors in any such investment.\nThe MQUSLVA is calculated using, among other things, market data or other information (“Input Data”) from one or more sources\n(each a “Data Provider”). MerQube is a registered trademark of MerQube. This trademark has been licensed for certain purposes\nby us, including in our capacity as the issuer of investments linked to the MQUSLVA. Such investments are not sponsored, endorsed, sold\nor promoted by MerQube, any Data Provider, or any other third party, and none of such parties make any representation regarding the advisability\nof investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Input Data, MQUSLVA\nor any associated data.

Validity of the Notes

In the opinion of Osler, Hoskin & Harcourt LLP,\nthe issue and sale of the notes has been duly authorized by all necessary corporate action of the Bank in conformity with the Senior Indenture,\nand when this pricing supplement has been attached to, and duly notated on, the master note that represents the notes, the notes will\nhave been validly executed and issued and, to the extent validity of the notes is a matter governed by the laws of the Province of Ontario,\nor the laws of Canada applicable therein, and will be valid obligations of the Bank, subject to the following limitations (i) the enforceability\nof the Senior Indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act\n(Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws affecting\nthe enforcement of creditors’ rights generally; (ii) the enforceability of the Senior Indenture may be limited by equitable principles,\nincluding the principle that equitable remedies such as specific performance and injunction may only be granted in the discretion of a\ncourt of competent jurisdiction; (iii) pursuant to the Currency Act (Canada) a judgment by a Canadian court must be awarded in Canadian\ncurrency and that such judgment may be based on a rate of exchange in existence on a day other than the day of payment; and (iv) the enforceability\nof the Senior Indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses\nno opinion as to whether a court may find any provision of the Senior Debt Indenture to be unenforceable as an attempt to vary or exclude\na limitation period under that Act. This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario\nand the federal laws of Canada applicable thereto. In addition, this opinion is subject to customary assumptions about the trustee’s\nauthorization, execution and delivery of the Indenture and the genuineness of signatures and certain factual matters, all as stated in\nthe letter of such counsel dated March 25, 2025, which has been filed as Exhibit 5.3 to Bank of Montreal’s Form 6-K filed with the\nSEC and dated March 25, 2025.

In the opinion of Mayer Brown LLP, when this pricing\nsupplement has been attached to, and duly notated on, the master note that represents the notes, and the notes have been issued and sold\nas contemplated herein, the notes will be valid, binding and enforceable obligations of Bank of Montreal, entitled to the benefits of\nthe Senior Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts\nof reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing\nand the lack of bad faith). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as\nthis opinion involves matters governed by the laws of the Province of Ontario, or the laws of Canada applicable therein, Mayer Brown LLP\nhas assumed, without independent inquiry or investigation, the validity of the matters opined on by Osler, Hoskin & Harcourt LLP,\nCanadian legal counsel for the issuer, in its opinion expressed above. This opinion is subject to customary assumptions about the trustee’s\nauthorization, execution and delivery of the Senior Indenture and the genuineness of signatures and to such counsel’s reliance on\nthe Bank of Montreal and other sources as to certain factual matters, all as stated in the legal opinion of Mayer Brown LLP dated March\n25, 2025, which has been filed with the SEC as an exhibit to a report on Form 6-K by the Bank of Montreal on March 25, 2025.

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