蒙特利尔银行美股招股说明书(2026-01-27版)

Subject To Completion, dated January 27, 2026 PRICING SUPPLEMENT dated February, 2026(To Product Supplement No. WF1 dated March 25, 2025,Prospectus Supplement dated March 25, 2025 and Prospectus dated March 25, 2025)Bank of Montreal Senior Medium-Term Notes, Series KETF Linked Securities Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Principal at Risk Securities Linked to an ETF Basket due February 17, 2028 Linked to an approximately equally weighted Basket comprised of the abrdn Platinum ETF Trust (33.34%), the SPDR®Gold Trust (33.33%) and the iSharesTrust (33.33%) (each referred to as a “basket component”)Unlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity.Instead, the securities provide for a maturity paymentamount that may be greater than, equal to or less than the face amount of the securities, depending on the performance of the Basket from the starting value to the endingvalue.The maturity payment amount will reflect the following terms: If the value of the Basket increases, you will receive the face amount plus a positive return equal to 125% of the percentage increase in the value of the Basket fromthe starting value, subject to a maximum return at maturity of at least 50.00% (to be determined on the pricing date) of the face amount. As a result of the maximumreturn, the maximum maturity payment amount will be at least $1,500.00 Investors may lose up to 85% of the face amount All payments on the securities are subject to the credit risk of Bank of Montreal, and you will have no ability to pursue the shares of the basket components or any assetsheld by the basket components for payment; if Bank of Montreal defaults on its obligations, you could lose some or all of your investmentNo periodic interest payments or dividends On the date of this preliminary pricing supplement, the estimated initial value of the securities is $931.40 per security. The estimated initial value of the securities at pricing may differfrom this value but will not be less than $900.00 per security. However, as discussed in more detail in this pricing supplement, the actual value of the securities at any time will reflectmany factors and cannot be predicted with accuracy. See “Estimated Value of the Securities” in this pricing supplement.The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” beginning on page PRS-8 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of the prospectus supplement and page 9 of theprospectus.The securities are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the securities are subject to the credit risk of Bank of Montreal. If Bank of Montrealdefaults on its obligations, you could lose some or all of your investment. The securities are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency.The securities 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 CanadaDeposit Insurance Corporation Act. Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon theaccuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage BufferedDownside Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Principal at Risk Securities Linked to an ETF Basket due February 17, 2028 Additional Information About the Issuer and the Securities You should read this pricing supplement together with product supplement no. WF1 dated March 25, 2025, the prospectus supplement dated March 25, 2025 and theprospectus dated March 25, 2025 for additional information about the securities. To the extent that disclosure in this pricing supplement is inconsistent with the disclosure inthe product supplement, prospectus supplement or prospectus, the disclosure in this pricing supplement will control. Certain defined terms used but not defined herein have Our Central Index Key, or CIK, on the SEC website is 927971. When we refer to “we,” “us” or “our” in this pricing supplement, we refer only to Bank of Montreal. •Product Supplement No. WF1 dated March 25, 2025:https://www.sec.gov/Archives/edgar/data/927971/000121465925004724/b321251424b2.htm •Pro