# EDGAR Filing Document

**Accession Number:** 0000927971
**File Stem:** 0001214659-25-017493
**Filing Date:** 2025-12
**Character Count:** 8732
**Document Hash:** 3c7d061afb2cfc4de775f3a010d5d330
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-017493.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001214659-25-017493

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**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:** 251542762

**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 No. 333-285508**

**Filed Pursuant to Rule 433**

CAPPED LEVERAGED INDEX RETURN NOTES<sup>®</sup> (CAPPED LIRNs<sup>®</sup>)

---

| | |
|:---|:---|
| Capped Leveraged Index Return Notes<sup>®</sup> Linked to the S&P 500<sup>®</sup> Index | Capped Leveraged Index Return Notes<sup>®</sup> Linked to the S&P 500<sup>®</sup> Index |
| **Issuer** | Bank of Montreal ("BMO"). References on this page to "we," "us" or "our" mean BMO. |
| **Principal Amount** | $10.00 per unit |
| **Term** | Approximately two years |
| **Market Measure** | The S&P 500<sup>®</sup> Index (Bloomberg symbol: "SPX") |
| **Payout Profile at <br> Maturity** | · 2-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value<br> · 1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90% of your principal at risk |
| **Threshold Value** | 90% of the Starting Value of the Market Measure |
| **Capped Value** | [$11.40 to $11.80] per unit, a return of [14.00% to 18.00%] over the principal amount, to be determined on the pricing date |
| **Participation Rate** | 200% |
| **Preliminary Offering <br> Documents** | [https://www.sec.gov/Archives/edgar/data/927971/000121465925017483/x1125250424b2.htm](https://www.sec.gov/Archives/edgar/data/927971/000121465925017483/x1125250424b2.htm) |
| **Exchange Listing** | No |

---

 **

***You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.***

 

**Risk Factors**

**Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:**

· Depending on the performance of the Market Measure as measured
shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.

· The notes do not pay interest, and any return on the notes
may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.

· Any positive return on your investment is limited to the
return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Market Measure.

· Payments on the notes are subject to our credit risk, and
actual or perceived changes in our creditworthiness are expected to affect the value of the notes.

· The initial estimated value of the notes on the pricing
date, based on our proprietary pricing models, will be less than the public offering price because costs associated with offering, structuring
and hedging the notes are included in the public offering price, but are not included in the initial estimated value.

· To determine the terms of the notes, we use an internal
funding rate that represents a discount from the credit spreads for our conventional fixed-rate debt. As a result, the terms of the notes
are less favorable to you than if we had used a higher funding rate.

· The initial estimated value of the notes is not an indication
of the price, if any, at which we, BofAS or any of our respective affiliates or any other person may be willing to buy the notes from
you in the secondary market (if any).

· A trading market is not expected to develop for the notes.

· Our business, hedging and trading activities, and those
of MLPF&S, BofAS and our respective affiliates (including trading in shares of companies included in the Market Measure), and any
hedging and trading activities we, MLPF&S, BofAS or our respective affiliates engage in for our clients' accounts, may adversely
affect the market value of and return on the notes and may create conflicts of interest with you.

· There may be potential conflicts of interest involving
the calculation agents, one of which is our affiliate and one of which is BofAS.

· The Market Measure sponsor may adjust the Market Measure
in a way that affects its level, and has no obligation to consider your interests.

· You will have no rights of a holder of the securities included
in the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those
securities.

· While we, MLPF&S, BofAS or our respective affiliates
may from time to time own securities of companies included in the Market Measure, except to the extent that shares of Bank of America
Corporation, the parent corporation of MLPF&S and BofAS, are included in the Market Measure, we, MLPF&S, BofAS and our respective
affiliates do not control any company included in the Market Measure, and have not verified any disclosure made by any other company.

· The U.S. federal income tax consequences of an investment
in the notes are unclear.

· The notes are subject to small-capitalization companies
risk with respect to the Market Measure.

***Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.***

![](z1125256fwp_chart.jpg)

***The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.***

---

| | | |
|:---|:---|:---|
| **Hypothetical Percentage <br> Change from the Starting <br> Value to the Ending Value** | **Hypothetical <br> Redemption Amount per <br> Unit** | **Hypothetical Total Rate of <br> Return on the Notes** |
| -100.00% | $1.00 | -90.00% |
| -50.00% | $6.00 | -40.00% |
| -40.00% | $7.00 | -30.00% |
| -30.00% | $8.00 | -20.00% |
| -20.00% | $9.00 | -10.00% |
| -10.00%<sup>(1)</sup> | $10.00 | 0.00% |
| -5.00% | $10.00 | 0.00% |
| -2.50% | $10.00 | 0.00% |
| 0.00% | $10.00 | 0.00% |
| 2.50% | $10.50 | 5.00% |
| 5.00% | $11.00 | 10.00% |
| 8.00% | $11.60<sup>(2)</sup> | 16.00% |
| 10.00% | $11.60 | 16.00% |
| 20.00% | $11.60 | 16.00% |
| 30.00% | $11.60 | 16.00% |
| 40.00% | $11.60 | 16.00% |
| 50.00% | $11.60 | 16.00% |
| 60.00% | $11.60 | 16.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This **hypothetical** percentage change corresponds to the Threshold Value.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Redemption Amount per unit cannot exceed the **hypothetical** Capped Value.

BMO has filed a registration statement (including a product supplement, a prospectus supplement and a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents, and the other documents that BMO has filed with the SEC, for more complete information about BMO and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at **www.sec.gov**. Alternatively, BMO, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling toll-free 1-800-294-1322.