蒙特利尔银行美股招股说明书(2025-11-07版)

Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-285508 Subject to Completion, dated November 7, 2025Pricing Supplement dated November, 2025 (To Product Supplement No. ELN-1 dated March 25, 2025, Underlying Supplement No. ELN-1 datedMarch 25, 2025, Prospectus Supplement dated March 25, 2025 and Prospectus dated March 25, 2025) Bank of Montreal The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (set on the trade date andexpected to be the second scheduled business day following the determination date) is based on the performance oftheS&P 500®Index asmeasured from the trade date to and including the determination date (expected to be within the range of 27 and 30 months following thetrade date).If the final underlier level on the determination date is greater than or equal to the threshold level of 85.00% of the initial underlier level(set on the trade date and expected to be the closing level of the underlier on the trade date), the return on your notes will be positive and you willreceive, for each $1,000 principal amount of your notes, the threshold settlement amount (expected to be within the range of $1,163.70 and$1,192.50). However, if the final underlier level is less than the threshold level, the return on your notes will be negativeand you will loseapproximately 1.1765% of the principal amount of your notes for every 1% that the final underlier level has declined belowthe thresholdlevel.You could lose some, or all, of the principal amount of your notes.To determine your payment at maturity, we will calculate theunderlier return, which is the percentage increase or decrease in the final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 principal amount of your notes, you will receivean amount in cash equal to:●if theunderlier returnisgreater than or equal to-15.00% (the final underlier level isgreater than or equal to85.00% of the initial underlier level), the threshold settlement amount; or●if theunderlier returnisnegativeand isbelow-15.00% (the final underlier level isless thanthe initial underlier level by more than15.00%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the buffer rate ofapproximately 117.65%times(c) thesum oftheunderlier returnplus15.00%.This amount will be less than $1,000 and could be zero.The notes will not be listed on any securities exchange and are designed to be held to maturity. The estimated initial value of the notes determined by us as of the trade date, which we refer to as the initial estimated value, is expected to be within the range of $969.00 and $999.00 per $1,000 principal amount of notes and will be less than the original issueprice. However, as discussed in more detail in this pricing supplement, the actual value of the notes at any time will reflect manyfactors and cannot be predicted with accuracy. See “Estimated Value of the Notes” in this pricing supplement.The notes involve risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” beginning on page PS-9 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement,page S-2 of theprospectus supplement and page 9 of the prospectus.The notes are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the notes are subject to the credit risk of Bank of Montreal. If Bank of Montreal defaults on its obligations, you could lose some or all of your investment. The notes are not insured by theFederal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmentalagency.The notes are not bail-inable notes and are not subject to conversion into our common shares or the common shares of any of our affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these notes or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, underlyingsupplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.Underwriting BMO CAPITAL MARKETS Terms of the Notes If the final underlier level is less than the threshold level, you will lose some, and possibly all, of theprincipal amount of your notes at maturity. thequotientof (i)the final underlier levelminusthe initial underlier leveldividedby (ii) the initial underlierlevel, expressed as a percentage Closing Level: CalculationAgent: For a discussion of material U.S. federal income tax consequences and Canadian federal income taxconsequences of the ownership and disposition of the notes, see “United States Federal Income TaxConsiderations” below and the sections of the product supplement entitled “United States Federal IncomeT