# EDGAR Filing Document

**Accession Number:** 0000927971
**File Stem:** 0001999371-25-008371
**Filing Date:** 2025-6
**Character Count:** 16209
**Document Hash:** ec801a7439f3d08f5f1ec1b43be752a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008371.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001999371-25-008371

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250626

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF MONTREAL /CAN/
- **CENTRAL INDEX KEY:** 0000927971
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-285508
- **FILM NUMBER:** 251081614

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF MONTREAL /CAN/
- **CENTRAL INDEX KEY:** 0000927971
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1

![](bmo4445fwp19079page01.jpg)

NEW ISSUE: Bank of Montreal's Buffer Enhanced Return Notes Linked to a Basket of Three Equity Indices and ETFs NOTE INFORMATION Bank of Montreal Issuer: $1,000 (and $1,000 increments thereafter) Minimum Investment: ELN - 4445 Issue: 06376EM74 CUSIP: Approximately 18 months Term: Please see page 3 for additional information about the terms included on this cover page and on page 2, and how your investme nt may be impacted. Any capitalized term not defined herein shall have the meaning set forth in the preliminary pricing supplement to which the term sheet relate s (see hyperlink below). 1 SEC File No. 333 - 285508 \| June 26, 2025 This term sheet, which gives a brief summary of the terms of the notes, relates to, and should be read in conjunction with, t he pricing supplement dated June 25, 2025, the Product Supplement dated March 25, 2025, the Prospectus Supplement dated March 25, 2025, and to the Prospectus dated March 25, 2025. DATES July 03, 2025 Offering Period Closes: On or about July 03, 2025 Pricing Date: On or about July 09, 2025 Settlement Date: On or about January 06, 2027 Valuation Date: On or about January 11, 2027 Maturity Date: INVESTMENT OBJECTIVE The objective of the notes is to provide clients the potential for participation in any upside performance of the Basket, whi le offering downside protection. As such, the notes may be suitable for investors with a bullish view of the Basket over the term of the notes. The performance of the notes may not be consistent with the investment objective. TERMS If the Final Level of the Basket is greater than its Initial Level and the Percentage Change of the Basket multiplied by the Ups ide Leverage Factor is greater than or equal to the Maximum Return, the payment at maturity for each $1,000 in principal amount o f t he notes will equal the Maximum Redemption Amount. If the Final Level of the Basket is greater than or equal to its Initial Level and the Percentage Change of the Basket multip lie d by the Upside Leverage Factor is less than the Maximum Return, then the amount that investors will receive at maturity for each $1,0 00 in principal amount of the notes will equal: $1,000 + [$1,000 x (Percentage Change x Upside Leverage Factor)] If the Final Level of the Basket is less than its Initial Level, but is not less than its Buffer Level, then investors will, for each $1,000 in principal amount of the notes, receive the principal amount of $1,000 and no additional return. If the Final Level of the Basket is less than its Buffer Level, then the amount that investors will receive at maturity for e ach $1,000 in principal amount of the notes will equal: $1,000 + [$1,000 x (Percentage Change + Buffer Percentage)] In this case, investors will lose 1% of their principal for each 1% that the Final Level of the Basket declines from its Init ial Level in excess of 20.00%. You may lose up to 80.00% of the principal amount of your notes. Payment at Maturity: 100.00 Initial Level: The Basket Closing Level on the Valuation Date. Final Level: On any day, the Basket Closing Level will be calculated as (a) the Initial Level multiplied by (b) the sum of (i) 1 plus (ii) the sum of the products of each Component Change multiplied by its Weighting Percentage. Basket Closing Level: The Percentage Change of the Basket, expressed as a percentage, is calculated using the following formula: (Final Level – Initial Level) / Initial Level Percentage Change: With respect to each Basket Component, the quotient, expressed as a percentage, of the following formula: (Basket Component Level - Initial Basket Component Level) / Initial Basket Component Level Component Change: On any trading day during the term of the notes, with respect to each Basket Component, its closing price on such day. Basket Component Level: 100.00% Upside Leverage Factor: 80.00, which is 80.00% of the Initial Level Buffer Level: 20.00% Accordingly, you will receive the principal amount of your notes at maturity only if the level of the Basket does not dec rease by more than 20.00% over the term of the notes. If the Final Level of the Basket is less than its Buffer Level, you will receive le ss than the principal amount of your notes at maturity and you could lose up to 80.00% of the principal amount of your notes. Buffer Percentage: REFERENCE ASSET The Reference Asset is an equally weighted basket consisting of the following indices (the "Basket" and the underlying indice s, the "Basket Components"): Initial Basket Component Level\* Weighting Percentage Bloomberg Ticker Basket Component 33.33% EEM The shares of iShares® MSCI Emerging Markets ETF 33.33% EFA The shares of iShares® MSCI EAFE ETF 33.33% RTY The Russell 2000® Index \* With respect to each Basket Component, its closing level on the Pricing Date.

![](bmo4445fwp19079page02.jpg)

2 The notes will not be listed on any securities exchange. Although not obligated to do so, BMO Capital Markets Corp. (or one of its affiliates), plans to maintain a secondary market in the notes after the Settlement Date. Proceeds from a sale of notes prior to maturity may be less than the principal amount initially invested. Secondary Market: The risks summarized below are some of the most important factors to be considered prior to any purchase of the notes. Investors are urged to read all the risk factors related to the notes in the pricing supplement and the product supplement to which this term sheet relates. • Your investment may result in a loss. • Your return on the notes is limited to the Maximum Redemption Amount, regardless of any appreciation in the level of the Basket. • Changes in the level of one or more Basket Components may be offset by changes in the level of one or more other Basket Components. • Your return on the notes may be lower than the return on a conventional debt security of comparable maturity. • Owning the notes is not the same as owning shares of the Basket Components, making a hypothetical direct investment in the Basket Components or owning a security directly linked to the Basket or Basket Components. • You will not have any shareholder rights and will have no right to receive any shares of the Basket Components (or any company included in a Basket Component) at maturity. • No delivery of shares of the Basket Components. • Changes that affect an Underlying Index will affect the market value of the notes and the amount you will receive at maturity. • We have no affiliation with any index sponsor of any Basket Component and will not be responsible for any index sponsor's actions. • Adjustments to a Basket Component that is an ETF could adversely affect the notes. • Changes that affect a Basket Component that is an index could adversely affect the notes. • We and our affiliates do not have any affiliation with any applicable investment advisor or the Basket Component Issuer and are not responsible for their public disclosure of information. • The correlation between the performance of the ETF Basket Component and the performance of the applicable Underlying Index may be imperfect. • Any Basket Component that is an ETF is subject to management risks. • You must rely on your own evaluation of the merits of an investment linked to the Basket. • Your investment is subject to the credit risk of Bank of Montreal. • Our or more of our or their affiliates' activities may conflict with your interests and may also adversely affect the value of the notes. • Our initial estimated value of the notes will be lower than the price to public. • Our initial estimated value does not represent any future value of the notes and may also differ from the estimated value of any other party. • The terms of the notes are not determined by reference to the credit spreads for our conventional fixed - rate debt. • The inclusion of the hedging profits, if any, in the initial price to public of the notes, as well as our hedging costs, is likely to adversely affect the price at which you can sell your notes. • The notes will not be listed on any securities exchange. We or one or more of our affiliates may offer to purchase the notes in the secondary market, but none of us or any of our affiliates are required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. • We or any of our affiliates have carried out or may carry out hedging activities related to the notes that could adversely affect the payment on the notes. • An investment in the notes is subject to risks associated with foreign securities markets. • An investment in the notes is subject to foreign currency exchange risks. • An investment in the notes is subject to risks associated with emerging markets. • An investment in the notes is subject to risks associated in investing in stocks with a small market capitalization. Selected Risk Considerations:

![](bmo4445fwp19079page03.jpg)

3 Hypothetical Calculations for the Payment at Maturity: Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in the notes The following table illustrates the hypothetical payments on a note at maturity. The hypothetical payments are based on a $1, 000 investment in the note, a hypothetical Initial Level of 100.00, a hypothetical Buffer Level of 80.00 (80.00% of the hypotheti cal Initial Level), the Maximum Return of 19.20%, the Maximum Redemption Amount of $1,192.00, and a range of hypothetical Final Levels and the ef fec t on the payment at maturity. The hypothetical examples shown below are intended to help you understand the terms of the notes. If the notes are not automa tic ally redeemed, the actual cash amount that you will receive at maturity will depend upon the Final Level of the Basket. If the not es are automatically redeemed prior to maturity, the hypothetical examples below will not be relevant, and you will receive on the a ppl icable Call Settlement Date, for each $1,000 principal amount, the principal amount plus the Call Amount. You may lose some or all of the pr incipal amount at maturity. These examples do not give effect to any U.S. federal tax payments or brokerage commissions that you may be required to pay i n connection with your purchase of the notes. Hypothetical Final Level of the Basket Hypothetical Final Level of the Basket Expressed as a Percentage of the Initial Level Hypothetical Payment at Maturity Hypothetical Return on the Notes 200.00 200.00% $1,192.00 19.20% 180.00 180.00% $1,192.00 19.20% 160.00 160.00% $1,192.00 19.20% 140.00 140.00% $1,192.00 19.20% 119.20 119.20% $1,192.00 19.20% 110.00 110.00% $1,100.00 10.00% 105.00 105.00% $1,050.00 5.00% 100.00 100.00% $1,000.00 0.00% 90.00 90.00% $1,000.00 0.00% 80.00 80.00% $1,000.00 0.00% 79.99 79.99% $999.90 -0.01% 40.00 40.00% $600.00 -40.00% 20.00 20.00% $400.00 -60.00% 0.00 0.00% $200.00 -80.00%

![](bmo4445fwp19079page04.jpg)

Additional Information The notes will not constitute deposits insured by the U.S. Federal Deposit Insurance Corporation or under the Canada Deposit Ins urance Corporation or by any other U.S. or Canadian governmental agency or instrumentality. The notes will not be subject to conversion into our common shares or the common shares of any of our affiliates under subsec tio n 39.2(2.3) of the Canada Deposit Insurance Corporation Act. Neither the U.S. Securities and Exchange Commission (the "SEC"), nor any state securities commission, has reviewed or approve d t hese notes, nor or otherwise passed upon the accuracy of this document, to which it relates or the accompanying product supplement , p rospectus supplement, or prospectus. Any representation to the contrary is a criminal offense. The Issuer has filed a registration statement with the SEC for the offerings to which this communication relates. Before you in vest, you should read the prospectus in that registration statement and the other documents discussed below that the Issuer has filed w ith the SEC for more complete information about the Issuer and these offerings. You may obtain these documents free of charge by visiting th e S EC's web site at http://www.sec.gov . Alternatively, the Issuer will arrange to send to you the prospectus (as supplemented by the prospectus supplement, product supplement, and preliminary pricing supplement to which this term sheet relates) if you request it by cal lin g its agent toll - free on 1 - 877 - 369 - 5412 or emailing investor.solutions@bmo.com . The information in this term sheet is qualified in its entirety by the more detailed explanations set forth elsewhere in the Iss uer's preliminary pricing supplement dated June 25, 2025 and the accompanying product supplement, prospectus supplement, and prospectus. Unless the context provides otherwise, capitalized terms used in this term sheet but not defined shall have the meaning assigned to them in the pricing supplement, product supplement, prospectus supplement, or prospectus, as applicable, to which this term sheet relates. Infor mat ion about retrieving these documents can be found elsewhere in this term sheet. You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website): • Preliminary Pricing Supplement dated June 25, 2025: https://www.sec.gov/Archives/edgar/data/927971/000183988225034622/bmo4445_fwp - 18806.htm • Product Supplement dated March 25, 2025: https://www.sec.gov/Archives/edgar/data/927971/000121465925004741/g324250424b2.htm • Prospectus Supplement dated March 25, 2025 and Prospectus dated March 25, 2025: https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm Our Central Index Key, or CIK, on the SEC website is 927971. As used in this terms sheet, the "Issuer," "we," "us" or "our" r efe rs to Bank of Montreal, but not its consolidated subsidiaries. This term sheet contains no description or discussion of the United States tax consequences of the acquisition, holding or di spo sition of the notes. We urge you to carefully read the section entitled "U.S. Federal Tax Information" in the accompanying pricing supplement, the section entitled "Supplemental Tax Considerations — Supplemental U.S. Federal Income Tax Considerations" in the accompanying product supplement, the section "United States Federal Income Taxation" in the accompanying prospectus and the section entitled "Cert ain Income Tax Consequences" in the accompanying prospectus supplement, in each case, to which this term sheet relates. You should consult your tax advisor about your own tax situation. 4