蒙特利尔银行美股招股说明书(2025-12-19版)

Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-285508 Subject to Completion, dated December 19, 2025Pricing Supplement dated December, 2025 (To Product Supplement No. ELN-1 dated March 25, 2025, Prospectus Supplement dated March 25,2025 and Prospectus dated March 25, 2025) Bank of Montreal Senior Medium-Term Notes, Series K$Capped Leveraged Buffered VanEck® Gold Miners ETF-LinkedNotes dueThe 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 and expected to be the second scheduled business day following the determination date) is based on the performance of the VanEck®Gold MinersETF as measured from the trade date to and including the determination date (expected to be within the range of 13 and 15 months followingthe trade date).If the final underlier level on the determination date is greater than the initial underlier level (set on the trade date and expected to be the closing price of the underlier on the trade date), the return on your notes will be positive and will equal the upside participation rate of 200%timesthe underlier return, subject to the maximum settlement amount (expected to be within the range of $1,370.60 and $1,434.80 for each$1,000 principal amount of your notes). If the final underlier level declines by up to 10.00% from the initial underlier level, you will receivethe principal amount of your notes. If the final underlier level declines by more than 10.00% from the initial underlier level, the return on yournotes will be negative and you will lose approximately 1.1111% of the principal amount of your notes for every 1% that the final underlierlevel has declined below 90.00% of the initial underlier level.You could lose some, or all, of the principal amount of your notes.To determine your payment at maturity, we will calculate the underlier 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 receive anamount in cash equal to:●if the underlier return ispositive(the final underlier level isgreater thanthe initial underlier level), thesumof (i) $1,000plus(ii) the productof (a) $1,000times(b) the upside participation ratetimes(c) the underlier return, subject to the maximum settlement amount;●if the underlier return iszeroornegativebutnot below-10.00% (the final underlier level isequal toorless thanthe initial underlierlevel, but not by more than 10.00%), $1,000; or●if the underlier return isnegativeand isbelow-10.00% (the final underlier level isless thanthe initial underlier level by more than10.00%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the buffer rate of approximately 111.11%times(c) thesum ofthe underlier returnplus10.00%.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 $958.20 and $988.20 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, prospectussupplement and prospectus. Any representation to the contrary is a criminal offense.Underwriting BMO CAPITAL MARKETS Terms of the Notes The stated maturity date will be set on the trade date and is expected to be the second scheduled business dayfollowing the