# EDGAR Filing Document

**Accession Number:** 0000927971
**File Stem:** 0001214659-25-018172
**Filing Date:** 2025-12
**Character Count:** 14299
**Document Hash:** 5d03cc82a91dd574f3e478ea118a2f76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-018172.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001214659-25-018172

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251217

**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:** 251580906

**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

**Registration Statement No. 333-285508**

**Filed Pursuant to Rule 433**

**Dated December 17, 2025**

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NEW ISSUE: Bank of Montreal's Barrier Notes Linked to a Reference Asset These notes do not guarantee the return of your principal at maturity NOTE INFORMATION Bank of Montreal Issuer: $1,000 (and $1,000 increments thereafter) Minimum Investment: DATES December 23, 2025 Offering Period Closes: On or about December 23, 2025 Pricing Date: On or about December 29, 2025 Settlement Date: On or about December 28, 2026 Valuation Date: On or about December 31, 2026 Maturity Date: Approximately 1 Year Term: PSARC 909 Issue: REFERENCE ASSET The Class A common stock of Alphabet Inc. (Bloomberg: "GOOGL") TERMS Approximately 10.10% of the principal per annum (0.8417% per quarter) Interest Rate: 70% of its Initial Level Trigger Level: 06370EBP2 /US06370EBP25 CUSIP/ISIN Please see the following page for additional information about the terms included on this cover page, and how your investment ma y be impacted. Any capitalized term not defined herein shall have the meaning set forth in the preliminary pricing supplement to which the term sheet relates (se e h yperlink below). 1 SEC File No. 333 - 285508 \| December 17, 2024 TERMS CONTINUED A Coupon will be paid on the corresponding Coupon Payment Date at the Interest Rate. Coupons: Interest will be paid on the last business day of each month, beginning on January 30, 2026 and ending on the Maturity Date. Coupon Payment Dates: 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. Trigger Event: INVESTMENT OBJECTIVE The objective of the notes is to provide clients the potential to earn periodic income while offering limited downside protection against a slight to moderate decline in the Reference Asset over the term of the notes. As such, the notes may be suitable for investors with a moderately bullish view of the Reference Asset over the term of the notes. The performance of the notes may not be consistent with the investment objective. 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 preliminary pricing supplement dated December 15, 2025, the Product Supplement dated March 25, 2025, the Prospectus Supplement dated March 25, 2025, and to the Prospectus dated March 25, 2025. CITIGROUP GLOBAL MARKETS INC.

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2 You will receive $1,000 for each $1,000 in principal amount of the note, unless a Trigger Event has occurred. If a Trigger Event has occurred, you will receive at maturity, for each $1,000 in principal amount of your notes, a number of shares equal to the Physical Delivery Amount or, at our election, the Cash Delivery Amount. The Physical Delivery Amount will be less than the principal amount of your notes, and may be zero. You will also receive the final Coupon. Even with Coupons, the return on the notes may be negative. Payment at Maturity (if held to the Maturity Date): The quotient, expressed as a percentage, of the following formula: (Final Level – Initial Level) / Initial Level Percentage Change: The closing level of the Reference Asset on the Pricing Date. Initial Level: The closing level of the Reference Asset on the Valuation Date. Final Level: The number of shares of the Reference Asset equal to $1,000 divided by the Initial Level. Any fractional shares will be paid in cash. Physical Delivery Amount: The amount in cash equal to the product of (1) the Physical Delivery Amount and (2) the Final Level of the Reference Asset. Cash Delivery Amount: Investors in these notes could lose all or a substantial portion of their investment at maturity if there has been a decline in the market value of the Reference Asset and the Final Level of the Reference Asset is less than its Trigger Level. We urge you to carefully review the documents described in "Additional Information" below, including the risk factors set forth and incorporated by reference therein, prior to making an investment decision. Principal at Risk: The notes will not be listed on any securities exchange. Although not obligated to do so, Citigroup Global Markets Inc. ("Citigroup") (or one of our or their 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:

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3 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. • You could lose up to the entire principal amount of your notes, and your potential return on the notes is limited to the Coupon payments. If the notes are not automatically redeemed and a Trigger Event has occurred, you will lose 1% of the principal amount for each 1% that the Final Level of the Reference Asset is less than its Initial Level. • Any decline in the closing level of the Reference Asset from the Valuation Date to the Maturity Date will reduce the value of the Physical Delivery Amount. • Your return on the notes may be lower than the return on a conventional debt security of comparable maturity. • A higher Interest Rate or lower Trigger Level may reflect greater expected volatility of the Reference Asset, and greater expected volatility generally indicates an increased risk of loss at maturity. • Owning the notes is not the same as owning shares of the Reference Asset or a security directly linked to the Reference Asset. • You will not have any shareholder rights and will have no right to receive any shares of the Reference Asset. • No delivery of shares of the Reference Asset. • Your notes are subject to single equity risk. • You must rely on your own evaluation of the merits of an investment linked to the Reference Asset. • The notes are unsecured debt obligations of the Issuer and your investment is subject to the credit risk of the Issuer. • Our and our 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, 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, Citigroup or any of our or their affiliates may offer to purchase the notes in 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 you to trade or sell the notes easily. • We, Citigroup or any of our or their affiliates may engage in hedging and trading activities related to the notes that could adversely affect our payment to you at maturity. Selected Risk Considerations:

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4 Hypothetical Calculations for the Payment at Maturity: The following tables and examples illustrate the hypothetical payments on a note, assuming different scenarios. The hypotheti cal payments are based on a $1,000 investment, a hypothetical Initial Level of $100.00, a hypothetical Trigger Level of $70.00 (7 0.0 0% of the hypothetical Initial Level), a hypothetical interest rate of 0.8417% per month (approximately 10.10% per annum), and a range of hypothetical closing levels of the Reference Asset. The hypothetical examples shown below are intended to help you understand the terms of the notes. The actual amount of cash o r shares that you will receive at maturity will depend upon the Final Level of the Reference Asset. The numbers appearing in th e f ollowing examples have been rounded for ease of analysis. The table below illustrates the hypothetical total Coupons per note over the term of the notes based on the hypothetical term s s et forth above. The hypothetical total Coupons paid per note over the term of the notes will be equal to the maximum amount shown in t he table below. The following table illustrates the hypothetical payments on a note at maturity. \* Represents the cash value of the hypothetical Physical Delivery Amount on the Valuation Date. We may elect to deliver eithe r t he Physical Delivery Amount or the Cash Delivery Amount. If we elect to deliver the Physical Delivery Amount, the actual value r ece ived and your total return on the notes on the Maturity Date will depend on the value of the Least Performing Reference Asset on the M atu rity Date.

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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 December 15, 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 the m in the pricing supplement, product supplement, prospectus supplement, or prospectus, as applicable, to which this term sheet relates . Information 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 December 15, 2025: https://www.sec.gov/Archives/edgar/data/927971/000121465925018043/f1215250fwp.htm • Product Supplement dated March 25, 2025: https://www.sec.gov/Archives/edgar/data/927971/000121465925004743/b324250424b2.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. 5