蒙特利尔银行美股招股说明书(2026-08-17版)

Market Linked Securities—Leveraged Upside Participation to a Cap and Contingent DownsidePrincipal at Risk Securities Linked to the State Street®Energy Select Sector SPDR®ETF due October 25, 2027Linked to the State Street®Energy Select Sector SPDR® ETF (the “Underlier”)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 payment amount that may be greater than, equal to or less than the face amount of the securities, depending on the performance of the Underlierfrom the starting value to the ending value.The maturity payment amount will reflect the following terms:If the value of the Underlier increases, you will receive the face amount plus a positive return equal to 300% of the percentage increase in the value of the Underlier from the starting value, subject to a maximum return at maturity of at least 27.45% (to be determined on the pricing date) of the faceamount. As a result of the maximum return, the maximum maturity payment amount will be at least $1,274.50If the value of the Underlier decreases but the decrease is not more than 5%, you will receive the face amountIf the value of the Underlier decreases by more than 5%, you will have full downside exposure to the decrease in the value of the Underlier from thestarting value, and you will lose more than 5%, and possibly all, of the face amount of your securitiesInvestors may lose a significant portion or all 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 Underlier or any securities held by the Underlier 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 No exchange listing; designed to be held to maturityOn the date of this preliminary pricing supplement, the estimated initial value of the securities is $970.50 per security. The estimated initial value of the securities at pricing may differ from this value but will not be less than $921.00 per security. However, as discussed in more detail in this pricing supplement, the actual value of thesecurities at any time will reflect many 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 prospectussupplement and page 9 of the prospectus.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 Montreal defaults 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) Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passedupon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus.Any representation to the contrary is a criminal offense. (1)Wells Fargo Securities, LLC is the agent for the distribution of the securities and is acting as principal. See “Terms of the Securities—Agent” and “Estimated Valueof the Securities” in this pricing supplement for further information.(2)In respect of certain securities sold in this offering, our affiliate, BMO Capital Markets Corp., may pay a fee of up to $2.00 per security to selected securities dealersin consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. Wells Fargo Securities Market Linked Securities—Leveraged Upside Participation to a Cap and Contingent DownsidePrincipal at Risk Securities Linked to the State Street®Energy Select Sector SPDR®ETF due October 25, 2027 Market Linked Securities—Leveraged Upside Participation to a Cap and Contingent DownsidePrincipal at Risk Securities Linked to the State Street®Energy Select Sector SPDR®ETF due October 25, 2027 The calculation day is subject to postponement due to non-trading days and the occurrence of a market disruption event. Inaddition, the stated maturity date will be postponed if the calculation day is postponed and will be adjusted for non-businessdays. Fo