蒙特利尔银行美股招股说明书(2026-07-20版)

Subject to Completion, dated July 20, 2026Pricing Supplement dated July, 2026(To Product Supplement No. ELN-1 dated March 25, 2025,Underlying Supplement No. ELN-1 dated March 25, 2025,Prospectus Supplement dated March 25, 2025and Prospectus dated March 25, 2025)Bank of Montreal Trigger Callable Contingent Yield Notes Linked to the Least Performing of the Russell 2000®Index, the S&P 500®Index and the EURO STOXX 50®Index due on or about July 28, 2031 Features1The Trigger Callable Contingent Yield Notes (the “Notes”) are senior unsecured debt securities issued by Bank of Montreal (the “Issuer”) linked to the least performing of theRussell 2000®Index, the S&P 500®Index and the EURO STOXX 50®Index (each an “Underlier” and together the “Underliers”). On a quarterly basis, unless the Notes havebeen previously redeemed, the Issuer will pay you a coupon (the “Contingent Coupon”) if the Closing Value of each Underlier onthe applicable Observation Dateis greaterthan or equal to its Coupon Barrier. However, if the Closing Value of any Underlier on an Observation Date is less than its Coupon Barrier, you will not receive any ContingentCoupon for the relevant quarter. The Issuer may, at its option, redeem the Notes on any Optional Redemption Date. If the Issuer elects to redeem the Notes prior to maturity, theIssuer will pay you the Principal Amount of the Notes plus any Contingent Coupon otherwise due, and no further payments will be made on the Notes. If the Issuer does not redeemthe Notes prior to maturity, and the Closing Value of each Underlier on the Final Valuation Date (the “Final Underlier Value”) is greater than or equal to its Downside Threshold,the Issuer will repay the Principal Amount at maturity plus any final Contingent Coupon otherwise due. However, if the Final Underlier Value of any Underlier is less than itsDownside Threshold, the Issuer will pay you a cash payment at maturity that is less than the Principal Amount, if anything, resulting in a percentage loss on the Principal Amountof the Notes equal to the negative Underlier Return of the Underlier with the lowest Underlier Return (the “Least Performing Underlier”). In this case, you will have fulldownside exposure to the Least Performing Underlier from its Initial Underlier Value to its Final Underlier Value, and will lose a significant portion, and possibly all, of your initialinvestment.Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial investment. You may receive few or no ContingentCoupons during the term of the Notes. You will be exposed to the market risk of each Underlier and any decline in the value of one Underlier may negatively affect yourreturn and will not be offset or mitigated by a lesser decline or any potential increase in the value of any other Underlier. You will not participate in any appreciation ofany Underlier and will not receive any dividends on the securities included in any Underlier. The Final Underlier Value of each Underlier is observed relative to itsDownside Threshold only on the Final Valuation Date, and the contingent repayment of principal feature applies only if you hold the Notes to maturity. Generally, thehigher the Contingent Coupon Rate on a Note, the greater the risk of loss on that Note. Any payment on the Notes, including any payment of the Principal Amount atmaturity, is subject to the credit of Bank of Montreal. If Bank of Montreal were to default on its payment obligations, you might not receive any amounts owed to youunder the Notes and you could lose your entire investment. Contingent Coupon:On each Contingent Coupon Payment Date, the Issuer will pay you a Contingent Coupon if the Closing Value of each Underlier onthe related Observation Dateisgreater than or equal to its Coupon Barrier. However, if the Closing Value of any Underlier onanObservation Dateis less than its Coupon Barrier, you will not receive any Contingent Coupon onthe related Contingent Coupon Payment Date.Issuer Optional Redemption:The Issuer may, at its option, redeem the Notes, in whole but not in part, on any Optional Redemption Date. If the Issuer elects to redeem the Notes prior to maturity,the Issuer will pay you the Principal Amount of the Notes plus any Contingent Coupon otherwisedue, and no further payments will be made on the Notes.Downside Exposure with Contingent Repayment of Principal at Maturity:If the Issuer does notredeem the Notes prior to maturity and the Final Underlier Value of each Underlier is greater thanor equal to its Downside Threshold, the Issuer will repay the Principal Amount at maturity plus anyfinal Contingent Coupon otherwise due. However, if the Final Underlier Value of any Underlier isless than its Downside Threshold, the Issuer will repay less than the Principal Amount at maturity, ifanything, resulting in a percentage loss on your investment equal to the negative Underlier Returnof the Least Performing Underlier. You may lose a signifi