# EDGAR Filing Document

**Accession Number:** 0000927971
**File Stem:** 0001214659-26-007216
**Filing Date:** 2026-6
**Character Count:** 80029
**Document Hash:** 7956da88066928c6113947a1290f733c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-007216.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001214659-26-007216

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**FILER**: 

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285508
- **FILM NUMBER:** 261069532

**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

**The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

---

| | |
|:---|:---|
| Subject To Completion, dated June 5, 2026<br> PRICING SUPPLEMENT dated June , 2026<br> (To Product Supplement No. WF1 dated March 25, 2025,<br> Underlying Supplement No. ELN-1 dated March 25, 2025,<br> Prospectus Supplement dated March 25, 2025<br> and Prospectus dated March 25, 2025) | Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-285508<br> ![](bmologosm.jpg) |

---

---

| |
|:---|
| **Bank of Montreal**<br>**Senior Medium-Term Notes, Series K**<br> **ETF Linked Securities** |
| **Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to an ETF Basket due June 13, 2028** |

---

&nbsp;&nbsp;&nbsp;&nbsp;■ Linked to an equally weighted
Basket comprised of the iShares<sup>®</sup> MSCI Canada ETF (25.00%), the iShares<sup>®</sup> MSCI Mexico ETF (25.00%), the iShares<sup>®</sup>
MSCI Brazil ETF (25.00%) and the iShares<sup>®</sup> MSCI South Africa ETF (25.00%) (each referred to as a " <u>basket component</u> ")

&nbsp;&nbsp;&nbsp;&nbsp;■ 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
Basket from the starting value to the ending value. The maturity payment amount will reflect the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ If the value of the Basket increases, you will receive the face amount plus a
positive return equal to 127.75% of the percentage increase in the value of the Basket from the starting value, subject to a maximum return
at maturity of at least 36.62% (to be determined on the pricing date) of the face amount. As a result of the maximum return, the maximum
maturity payment amount will be at least $1,366.20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ If the value of the Basket decreases but the decrease is not more than the buffer
amount of 10%, you will receive the face amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ If the value of the Basket decreases by more than the buffer amount, you will
receive less than the face amount and have 1-to-1 downside exposure to the decrease in the value of the Basket in excess of the buffer
amount

&nbsp;&nbsp;&nbsp;&nbsp;■ Investors may lose up
to 90% of the face amount

&nbsp;&nbsp;&nbsp;&nbsp;■ 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
securities held by the basket components for payment; if Bank of Montreal defaults on its obligations, you could lose some or all of your
investment

&nbsp;&nbsp;&nbsp;&nbsp;■ No periodic interest payments
or dividends

&nbsp;&nbsp;&nbsp;&nbsp;■ No exchange listing; designed
to be held to maturity

**On the date of this preliminary pricing supplement, the estimated initial value of the securities is $967.20 per security. The estimated initial value of the securities at pricing may differ from this value but will not be less than $920.00 per security. However, as discussed in more detail in this pricing supplement, the actual value of the securities 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 prospectus supplement 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) of the Canada Deposit 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 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.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Original Offering Price**<br>| **Agent Discount<sup>(1)</sup>**<br>| **Proceeds to Bank of Montreal**<br>|
| **Per Security** | $1000.00 | $22.25 | $977.75 |
| **Total** |  |  |  |

---

<sup>(1)</sup> 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 Value of the Securities" in this pricing supplement for further information.

**Wells Fargo Securities** 

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Terms of the Securities**

---

| | |
|:---|:---|
| **Issuer:** | &nbsp;&nbsp;Bank of Montreal. |
|  | &nbsp;&nbsp;An equally weighted basket (the "<u>Basket</u>") comprised of the following basket components (each, a "<u>basket component</u>" and together, the "<u>basket components</u>"). The basket components, Bloomberg ticker symbols, weightings and initial component values are set forth in the table below. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;&nbsp;**Basket Component** | &nbsp;&nbsp;&nbsp;**Bloomberg Ticker Symbol** | &nbsp;&nbsp;&nbsp;**Weighting** | &nbsp;&nbsp;&nbsp;**Initial Component Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI Canada ETF | &nbsp;&nbsp;&nbsp;EWC | &nbsp;&nbsp;&nbsp;25.00% | &nbsp;&nbsp;&nbsp;$|
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI Mexico ETF | &nbsp;&nbsp;&nbsp;EWW | &nbsp;&nbsp;&nbsp;25.00% | &nbsp;&nbsp;&nbsp;$|
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI Brazil ETF | &nbsp;&nbsp;&nbsp;EWZ | &nbsp;&nbsp;&nbsp;25.00% | &nbsp;&nbsp;&nbsp;$|
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI South Africa ETF | &nbsp;&nbsp;&nbsp;EZA | &nbsp;&nbsp;&nbsp;25.00% | &nbsp;&nbsp;&nbsp;$|
| &nbsp;&nbsp;**Market Measure:** | <sup>(1)</sup> With respect to each basket component, its closing value on the pricing date. | <sup>(1)</sup> With respect to each basket component, its closing value on the pricing date. | <sup>(1)</sup> With respect to each basket component, its closing value on the pricing date. | <sup>(1)</sup> With respect to each basket component, its closing value on the pricing date. |
| &nbsp;&nbsp;**Market Measure:** |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Pricing Date\*:** | &nbsp;&nbsp;&nbsp;June 8, 2026. |
| &nbsp;&nbsp;**Issue Date\*:** | &nbsp;&nbsp;&nbsp;June 11, 2026. |
| &nbsp;&nbsp;**Original Offering <br> Price:** | &nbsp;&nbsp;&nbsp;$1,000 per security. |
| &nbsp;&nbsp;**Face Amount:** | &nbsp;&nbsp;&nbsp;$1,000 per security. References in this pricing supplement to a "<u>security</u>" are to a security with a face amount of $1,000. |
| &nbsp;&nbsp;**Maturity Payment <br> Amount:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the stated maturity date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the maturity payment amount. The "<u>maturity payment amount</u>" per security will equal:<br>&nbsp;&nbsp;&nbsp;&nbsp;• if the ending value is greater than the starting value: $1,000 *plus* the lesser of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 × basket return × upside participation rate; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum return;<br>&nbsp;&nbsp;&nbsp;&nbsp;• if the ending value is less than or equal to the starting value, but greater than or equal to the threshold value: $1,000; or<br>&nbsp;&nbsp;&nbsp;&nbsp;• if the ending value is less than the threshold value:<br>$1,000 + [$1,000 × (basket return + buffer amount)]<br>**If the ending value is less than the threshold value, you will have 1-to-1 downside exposure to the decrease in the value of the Basket in excess of the buffer amount and will lose some, and possibly up to 90%, of the face amount of your securities at maturity.** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Stated Maturity**<br> **Date\*:**<br>| &nbsp;&nbsp;&nbsp;June 13, 2028, subject to postponement. The securities are not subject to redemption by Bank of Montreal or repayment at the option of any holder of the securities prior to the stated maturity date. |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;&nbsp;The "<u>starting value</u>" is 100.00. |
| &nbsp;&nbsp;**Closing Value:** | &nbsp;&nbsp;&nbsp;With respect to each basket component, "<u>closing value</u>" has the meaning assigned to "fund closing price" set forth under "General Terms of the Securities—Certain Terms for Securities Linked to a Fund—Certain Definitions" in the accompanying product supplement. The closing value of each basket component is subject to adjustment through the adjustment factor as described in the accompanying product supplement. |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;&nbsp;The "<u>ending value</u>" will be equal to the product of (i) 100 and (ii) an amount equal to 1 *plus* the sum of: (A) 25.00% of the component return of the iShares<sup>®</sup> MSCI Canada ETF; (B) 25.00% of the component return of the iShares<sup>®</sup> MSCI Mexico ETF; (C) 25.00% of the component return of the iShares<sup>®</sup> MSCI Brazil ETF; and (D) 25.00% of the component return of the iShares<sup>®</sup> MSCI South Africa ETF. |

---

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Component<br> Return:** | &nbsp;&nbsp; The "<u>component return</u>" of a basket component will be equal to:<br><u>final component value – initial component value</u><br> initial component value<br>|
| &nbsp;&nbsp;**Final Component <br> Value:** | &nbsp;&nbsp;&nbsp;With respect to each basket component, its closing value on the calculation day. |
| &nbsp;&nbsp;**Maximum Return:** | &nbsp;&nbsp;&nbsp;The "<u>maximum return</u>" will be determined on the pricing date and will be at least 36.62% of the face amount per security (at least $366.20 per security). As a result of the maximum return, the maximum maturity payment amount will be at least $1,366.20 per security. |
| &nbsp;&nbsp;**Threshold Value:** | &nbsp;&nbsp;&nbsp;90.00, which is equal to 90% of the starting value. |
| &nbsp;&nbsp;**Buffer Amount:** | &nbsp;&nbsp;&nbsp;10%. |
| &nbsp;&nbsp;**Upside <br> Participation Rate:** | &nbsp;&nbsp;&nbsp;127.75%. |
| &nbsp;&nbsp;**Basket Return:** | &nbsp;&nbsp;&nbsp; The "<u>basket return</u>" is the percentage change from the starting value to the ending value, measured as follows:<br> <u>ending value – starting value</u><br> starting value<br>|
| &nbsp;&nbsp;**Calculation Day\*:** | &nbsp;&nbsp;&nbsp;June 8, 2028, subject to postponement. |
| &nbsp;&nbsp;**Market Disruption <br> Events and <br> Postponement <br> Provisions:** | &nbsp;&nbsp; The calculation day is subject to postponement due to non-trading days and the occurrence of a market disruption event. In addition, the stated maturity date will be postponed if the calculation day is postponed and will be adjusted for non-business days.<br>For more information regarding adjustments to the calculation day and the stated maturity date, see "General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a Calculation Day—Securities Linked to Multiple Market Measures" and "—Payment Dates" in the accompanying product supplement. In addition, for information regarding the circumstances that may result in a market disruption event, see "General Terms of the Securities—Certain Terms for Securities Linked to a Fund—Market Disruption Events" in the accompanying product supplement.<br>|
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;&nbsp;BMO Capital Markets Corp. ("<u>BMOCM</u>"). |
| &nbsp;&nbsp; **Material Tax** <br> **Consequences:**<br>| &nbsp;&nbsp;&nbsp;For a discussion of material U.S. federal income and certain estate tax consequences and Canadian federal income tax consequences of the ownership and disposition of the securities, see "United States Federal Income Tax Considerations" below and the sections of the product supplement entitled "United States Federal Income Tax Considerations" and "Canadian Federal Income Tax Consequences." |
| &nbsp;&nbsp;**Agent:** | &nbsp;&nbsp; Wells Fargo Securities, LLC ("<u>WFS</u>") is the agent for the distribution of the securities. The agent will receive an agent discount of up to $22.25 per security. The agent may resell the securities to other securities dealers at the original offering price of the securities less a concession not in excess of $20.00 per security. Such securities dealers may include Wells Fargo Advisors ("<u>WFA</u>") (the trade name of the retail brokerage business of WFS's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC). In addition to the concession allowed to WFA, WFS may pay $0.75 per security of the agent discount that it receives to WFA as a distribution expense fee for each security sold by WFA.<br>WFS, BMOCM and/or one or more of their respective affiliates expects to realize hedging profits projected by their proprietary pricing models to the extent they assume the risks inherent in hedging our obligations under the securities. If WFS or any other dealer participating in the distribution of the securities or any of their affiliates conduct hedging activities for us in connection with the securities, that dealer or its affiliates will expect to realize a profit projected by its proprietary pricing models from those hedging activities. Any such projected profit will be in addition to any discount, concession or fee received in connection with the sale of the securities to you.<br>|
| &nbsp;&nbsp;**Denominations:** | &nbsp;&nbsp;&nbsp;$1,000 and any integral multiple of $1,000. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CUSIP:** | &nbsp;&nbsp;&nbsp;06376LB21 |

---

________________________

\* To the extent that we make any change to the expected pricing date or expected issue date, the calculation day and stated maturity date may also be changed in our discretion to ensure that the term of the securities remains the same.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 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, underlying supplement no. ELN-1 dated March 25, 2025, the prospectus supplement dated March 25, 2025 and the prospectus dated March 25, 2025 for additional information about the securities. To the extent that disclosure in this pricing supplement is inconsistent with the disclosure in the product supplement, underlying supplement, prospectus supplement or prospectus, the disclosure in this pricing supplement will control. Certain defined terms used but not defined herein have the meanings set forth in the product supplement, prospectus supplement or prospectus.

Our Central Index Key, or CIK, on the SEC website is 927971. When we refer to "<u>we</u>," "<u>us</u>" or "<u>our</u>" in this pricing supplement, we refer only to Bank of Montreal.

You may access the product supplement, underlying supplement, prospectus supplement and prospectus on the SEC website www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

&nbsp;&nbsp;&nbsp;&nbsp;• Product Supplement No. WF1 dated March 25, 2025:

[https://www.sec.gov/Archives/edgar/data/927971/000121465925004724/b321251424b2.htm](https://www.sec.gov/Archives/edgar/data/927971/000121465925004724/b321251424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• Underlying Supplement No. ELN-1 dated March 25, 2025:

[https://www.sec.gov/Archives/edgar/data/927971/000121465925004728/r321250424b2.htm](https://www.sec.gov/Archives/edgar/data/927971/000121465925004728/r321250424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• Prospectus Supplement and Prospectus dated March 25, 2025:

[https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm](https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm)

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Estimated Value of the Securities**

Our estimated initial value of the securities equals the sum of the values of the following hypothetical components:

&nbsp;&nbsp;&nbsp;&nbsp;· a fixed-income debt component with the same tenor as the securities, valued using our internal funding
rate for structured notes; and

&nbsp;&nbsp;&nbsp;&nbsp;· one or more derivative transactions relating to the economic terms of the securities.

The internal funding rate used in the determination of the initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The value of these derivative transactions is derived from our internal pricing models. These models are based on factors such as the traded market prices of comparable derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors. As a result, the estimated initial value of the securities is based on market conditions at the time it is calculated.

For more information about the estimated initial value of the securities, see "Selected Risk Considerations" below.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Investor Considerations**

**The securities are not appropriate for all investors. The securities may be an appropriate investment for investors who:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ seek exposure at the upside participation rate
to the upside performance of the Basket if the ending value is greater than the starting value, subject to the maximum return at maturity;

&nbsp;&nbsp;&nbsp;&nbsp;▪ desire to limit downside exposure to the Basket
through the buffer amount;

&nbsp;&nbsp;&nbsp;&nbsp;▪ are willing to accept the risk that, if the ending
value is less than the starting value by more than the buffer amount, they will lose some, and possibly a significant portion, of the
face amount per security at maturity;

&nbsp;&nbsp;&nbsp;&nbsp;▪ are willing to forgo interest payments on the
securities and dividends on the shares of the basket components and the securities held by the basket components; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ are willing to hold the securities until maturity.

**The securities may not be an appropriate investment for investors who:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ seek a liquid investment or are unable or unwilling
to hold the securities to maturity;

&nbsp;&nbsp;&nbsp;&nbsp;▪ are unwilling to accept the risk that the ending
value may decrease from the starting value by more than the buffer amount;

&nbsp;&nbsp;&nbsp;&nbsp;▪ seek uncapped exposure to the upside performance
of the Basket;

&nbsp;&nbsp;&nbsp;&nbsp;▪ seek full return of the face amount of the securities
at stated maturity;

&nbsp;&nbsp;&nbsp;&nbsp;▪ are unwilling to purchase securities with an
estimated value as of the pricing date that is lower than the original offering price and that may be as low as the lower estimated value
set forth on the cover page;

&nbsp;&nbsp;&nbsp;&nbsp;▪ seek current income over the term of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;▪ are unwilling to accept the risk of exposure
to the Basket;

&nbsp;&nbsp;&nbsp;&nbsp;▪ seek exposure to the basket components but are
unwilling to accept the risk/return trade-offs inherent in the maturity payment amount for the securities;

&nbsp;&nbsp;&nbsp;&nbsp;▪ are unwilling to accept the credit risk of Bank
of Montreal to obtain exposure to the Basket generally, or to the exposure to the Basket that the securities provide specifically; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ prefer the lower risk of fixed income investments
with comparable maturities issued by companies with comparable credit ratings.

**The considerations identified above are not exhaustive. Whether or not the securities are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness of an investment in the securities in light of your particular circumstances. You should also review carefully the sections titled "Selected Risk Considerations" herein and "Risk Factors" in the accompanying product supplement for risks related to an investment in the securities. For more information about the basket components, please see the sections titled "The iShares<sup>®</sup> MSCI Canada ETF," "The iShares<sup>®</sup> MSCI Mexico ETF," "The iShares<sup>®</sup> MSCI Brazil ETF**" **and "The iShares<sup>®</sup> MSCI South Africa ETF" below.**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Determining Payment at Stated Maturity**

On the stated maturity date, you will receive a cash payment per security (the maturity payment amount) calculated as follows:

![](o65264424b2_prs7.jpg)

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Selected Risk Considerations**

The securities have complex features and investing in the securities will involve risks not associated with an investment in conventional debt securities. Some of the risks that apply to an investment in the securities are summarized below, but we urge you to read the more detailed explanation of the risks relating to the securities generally in the "Risk Factors" section of the accompanying product supplement and prospectus supplement. You should reach an investment decision only after you have carefully considered with your advisors the appropriateness of an investment in the securities in light of your particular circumstances.

**<u>Risks Relating To The Securities Generally</u>**

**If The Ending Value Is Less Than The Threshold Value, You Will Lose Some, And Possibly Up To 90%, Of The Face Amount Of Your Securities At Maturity.**

We will not repay you a fixed amount on the securities on the stated maturity date. The maturity payment amount will depend on the direction of and percentage change in the ending value of the Basket relative to the starting value and the other terms of the securities. Because the value of the Basket will be subject to market fluctuations, the maturity payment amount may be more or less, and possibly significantly less, than the face amount of your securities.

If the ending value is less than the threshold value, the maturity payment amount will be less than the face amount and you will have 1-to-1 downside exposure to the decrease in the value of the Basket in excess of the buffer amount, resulting in a loss of 1% of the face amount for every 1% decline in the Basket in excess of the buffer amount. The threshold value is 90% of the starting value. As a result, if the ending value is less than the threshold value, you will lose some, and possibly up to 90%, of the face amount per security at maturity. This is the case even if the value of the Basket is greater than or equal to the starting value or the threshold value at certain times during the term of the securities.

Even if the ending value is greater than the starting value, the maturity payment amount may only be slightly greater than the face amount, and your yield on the securities may be less than the yield you would earn if you bought a traditional interest-bearing debt security of Bank of Montreal or another issuer with a similar credit rating with the same stated maturity date.

**Your Return Will Be Limited To The Maximum Return And May Be Lower Than The Return On A Direct Investment In The Basket Components.**

Your return on the securities will be subject to the maximum return. The opportunity to participate in the possible increases in the value of the Basket through an investment in the securities will be limited because any positive return on the securities will not exceed the maximum return. Therefore, your return on the securities may be lower than the return on a direct investment in the basket components. Furthermore, the effect of the upside participation rate will be progressively reduced for all ending values exceeding the ending value at which the maximum return is reached.

**Changes In The Values Of The Basket Components May Offset Each Other.**

Changes in the values of the basket components may not correlate with each other. Even if the final component value of a basket component increases, the final component value of the other basket components may not increase as much or may even decline. Therefore, in calculating the ending value of the Basket, an increase in the final component value of a basket component may be moderated, or wholly offset, by a lesser increase or a decline in the final component value of the other basket components.

**The Securities Do Not Pay Interest.**

The securities will not pay any interest. Accordingly, you should not invest in the securities if you seek current income during the term of the securities.

**The Securities Are Subject To Credit Risk.**

The securities are our obligations and are not, either directly or indirectly, an obligation of any third party. Any amounts payable under the securities are subject to our creditworthiness and you will have no ability to pursue the shares of the basket components or any securities held by the basket components for payment. As a result, our actual and perceived creditworthiness may affect the value of the securities and, in the event we were to default on our obligations under the securities, you may not receive any amounts owed to you under the terms of the securities.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**The U.S. Federal Income Tax Consequences Of An Investment In The Securities Are Unclear.** 

There is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities and we do not plan to request a ruling from the Internal Revenue Service (the "<u>IRS</u>") with respect to the securities. Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with our intended treatment of them, as described in "United States Federal Income Tax Considerations" below. If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities, including the timing and character of income recognized by U.S. investors, and the withholding tax consequences to non-U.S. investors, might be materially and adversely affected. Even if the treatment of the securities is respected, a security may be treated as a "constructive ownership transaction," with potentially adverse consequences described below under "United States Federal Income Tax Considerations." Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal income tax treatment of the securities, possibly retroactively.

You should review carefully the sections of this pricing supplement and the accompanying product supplement entitled "United States Federal Income Tax Considerations" and consult your tax advisor regarding the U.S. federal income tax consequences of an investment in the securities, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

**The Stated Maturity Date May Be Postponed If The Calculation Day Is Postponed.**

The calculation day will be postponed if the originally scheduled calculation day is not a trading day or if the calculation agent determines that a market disruption event has occurred or is continuing on the calculation day. If such a postponement occurs, the stated maturity date may be postponed. For additional information, see "General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a Calculation Day—Securities Linked to Multiple Market Measures" and "—Payment Dates" in the accompanying product supplement.

**<u>Risks Relating To The Estimated Value Of The Securities And Any Secondary Market</u>**

**The Estimated Value Of The Securities On The Pricing Date, Based On Our Proprietary Pricing Models, Will Be Less Than The Original Offering Price.** 

Our initial estimated value of the securities is only an estimate, and is based on a number of factors. The original offering price of the securities may exceed our initial estimated value, because costs associated with offering, structuring and hedging the securities are included in the original offering price, but are not included in the estimated value. These costs will include any agent discount and selling concessions and the cost of hedging our obligations under the securities through one or more hedge counterparties (which may be one or more of our affiliates or an agent or its affiliates). Such hedging cost includes our or our hedge counterparty's expected cost of providing such hedge, as well as the profit we or our hedge counterparty expect to realize in consideration for assuming the risks inherent in providing such hedge.

**The Terms Of The Securities Are Not Determined By Reference To The Credit Spreads For Our Conventional Fixed-Rate Debt.**

To determine the terms of the securities, 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 securities are less favorable to you than if we had used a higher funding rate.

**The Estimated Value Of The Securities Is Not An Indication Of The Price, If Any, At Which WFS Or Any Other Person May Be Willing To Buy The Securities From You In The Secondary Market.** 

Our initial estimated value of the securities is derived using our internal pricing models. This value is based on market conditions and other relevant factors, which include volatility of the basket components, dividend rates and interest rates. Different pricing models and assumptions, including those used by the agent, its affiliates or other market participants, could provide values for the securities that are greater than or less than our initial estimated value. In addition, market conditions and other relevant factors after the pricing date are expected to change, possibly rapidly, and our assumptions may prove to be incorrect. After the pricing date, the value of the securities could change dramatically due to changes in market conditions, our creditworthiness, and the other factors discussed in the next risk factor. These changes are likely to impact the price, if any, at which WFS or its affiliates or any other party (including us or our affiliates) would be willing to purchase the securities from you in any secondary market transactions. Our initial estimated value does not represent a minimum price at which WFS or any other party (including us or our affiliates) would be willing to buy your securities in any secondary market at any time.

WFS has advised us that if it, WFA or any of their affiliates makes a secondary market in the securities at any time, the secondary market price offered by it, WFA or any of their affiliates will be affected by changes in market conditions and other factors described in the next risk factor. WFS has advised us that if it, WFA or any of their affiliates makes a secondary market in the securities at any time up to the issue date or during the 3-month period following the issue date, the secondary market price offered by it, WFA or any of its affiliates will be increased by an amount reflecting a portion of the costs associated with selling, structuring and hedging the securities that are included in their original offering price. Because this portion of the costs is not fully deducted upon issuance, WFS has advised us that any secondary market price it, WFA or any of their affiliates offers during this period will be higher than it otherwise would be after this period, as any secondary market price offered after this period will reflect the full deduction of the costs as described above. WFS has advised us that the amount of this increase in the secondary market price will decline steadily to zero over this 3-month period. WFS has advised us that, if you hold the securities through an account with WFS, WFA or any of their affiliates, WFS expects that this increase will also be reflected in the value indicated for the securities on your brokerage account statement. If you hold your securities through an account at a broker-dealer other than WFS, WFA or any of their affiliates, the value of the securities on your brokerage account statement may be different than if you held your securities at WFS, WFA or any of their affiliates.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**The Value Of The Securities Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.**

The value of the securities prior to stated maturity will be affected by the then-current value of the Basket, interest rates at that time and a number of other factors, some of which are interrelated in complex ways. The effect of any one factor may be offset or magnified by the effect of another factor. The following factors, which are described in more detail in the accompanying product supplement, are expected to affect the value of the securities: performance of the Basket; interest rates; volatility of the basket components; correlation among the basket components; time remaining to maturity; and dividend yields on the securities held by the basket components. When we refer to the "<u>value</u>" of your securities, we mean the value you could receive for your securities if you are able to sell them in the open market before the stated maturity date.

In addition to these factors, the value of the securities will be affected by actual or anticipated changes in our creditworthiness. You should understand that the impact of one of the factors specified above, such as a change in interest rates, may offset some or all of any change in the value of the securities attributable to another factor, such as a change in the value of the Basket. Because numerous factors are expected to affect the value of the securities, changes in the value of the Basket may not result in a comparable change in the value of the securities. We anticipate that the value of the securities will always be at a discount to the face amount plus the maximum return.

**The Securities Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Securities To Develop.**

The securities will not be listed or displayed on any securities exchange. Although the agent and/or its affiliates may purchase the securities from holders, they are not obligated to do so and are not required to make a market for the securities. There can be no assurance that a secondary market will develop. Because we do not expect that any market makers will participate in a secondary market for the securities, the price at which you may be able to sell your securities is likely to depend on the price, if any, at which the agent is willing to buy your securities.

If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your securities prior to stated maturity. This may affect the price you receive upon such sale. Consequently, you should be willing to hold the securities to stated maturity.

**<u>Risks Relating To The Basket Components</u>**

**The Maturity Payment Amount Will Depend Upon The Performance Of The Basket Components And Therefore The Securities Are Subject To The Following Risks, Each As Discussed In More Detail In The Accompanying Product Supplement.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Investing In The Securities Is Not The Same As Investing In The Basket Components.** Investing in the securities is not equivalent to investing in the basket components. As an
investor in the securities, your return will not reflect the return you would realize if you actually owned and held the shares of the
basket components for a period similar to the term of the securities because you will not receive any dividend payments, distributions
or any other payments paid on those shares. As a holder of the securities, you will not have any voting rights or any other rights that
holders of the basket components would have.

&nbsp;&nbsp;&nbsp;&nbsp;· **Historical Values Of The Basket Components Should Not Be Taken As An Indication Of The Future Performance Of The Basket Components During The Term Of The Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Changes That Affect The Basket Components Or The Fund Underlying Indices May Adversely Affect The Value Of The Securities And The Maturity Payment Amount.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Held By The Basket Components.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **We And Our Affiliates Have No Affiliation With The Fund Sponsors Or The Fund Underlying Index Sponsors And Have Not Independently Verified Their Public Disclosure Of Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **An Investment Linked To The Shares Of A Basket Component Is Different From An Investment Linked To Its Fund Underlying Index.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **There Are Risks Associated With The Basket Components.** 

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

&nbsp;&nbsp;&nbsp;&nbsp;· **Anti-Dilution Adjustments Relating To The Shares Of The Basket Components Do Not Address Every Event That Could Affect Such Shares.** 

**The Securities Are Subject To Risks Relating To Non-U.S. Securities Markets.**

The equity securities composing the basket components are issued by non-U.S. companies in non-U.S. securities markets. Investments in securities linked to the value of such non-U.S. equity securities involve risks associated with the securities markets in the home countries of the issuers of those non-U.S. equity securities, including risks of volatility in those markets, governmental intervention in those markets and cross shareholdings in companies in certain countries. Also, there is generally less publicly available information about companies in some of these jurisdictions than there is about U.S. companies that are subject to the reporting requirements of the SEC, and generally non-U.S. companies are subject to accounting, auditing and financial reporting standards and requirements and securities trading rules different from those applicable to U.S. reporting companies. The prices of securities in non-U.S. markets may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws.

**The Securities Are Subject To Risks Relating To Emerging Markets.**

The equity securities composing the iShares<sup>®</sup> MSCI Mexico ETF, the iShares<sup>®</sup> MSCI Brazil ETF and the iShares<sup>®</sup> MSCI South Africa ETF have been issued by companies in countries based in emerging markets. Emerging markets pose further risks in addition to the risks associated with investing in foreign equity markets generally. Countries with emerging markets may have relatively unstable financial markets and governments; may present the risks of nationalization of businesses; may impose restrictions on currency conversion, exports or foreign ownership and prohibitions on the repatriation of assets; may pose a greater likelihood of regulation by the national, provincial and local governments of the emerging market countries, including the imposition of currency exchange laws and taxes; and may have less protection of property rights, less access to legal recourse and less comprehensive financial reporting and auditing requirements than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Moreover, the economies in such countries may differ unfavorably from the economy in the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payment positions. The currencies of emerging markets may also be less liquid and more volatile than those of developed markets and may be affected by political and economic developments in different ways than developed markets. The foregoing factors may adversely affect the performance of companies based in emerging markets.

**The Securities Are Subject To Currency Exchange Rate Risk.**

The basket components are composed of non-U.S. equity securities denominated in a non-U.S. currency and the prices of those securities are converted into U.S. dollars for purposes of calculating the values of the basket components. Therefore, investors in the securities will be exposed to currency exchange rate risk with respect to each of the currencies in which the non-U.S. equity securities held by the basket components trade. An investor's net exposure will depend on the extent to which the currencies of the non-U.S. equity securities held by the basket components strengthen or weaken against the U.S. dollar and the relative weight of the non-U.S. equity securities denominated in those currencies. If, taking into account that weighting, the dollar strengthens against the currencies of the non-U.S. equity securities held by the basket components, the values of the basket components will be adversely affected and any amounts payable on the securities may be reduced.

**<u>Risks Relating To Conflicts Of Interest</u>**

**Our Economic Interests And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests.**

You should be aware of the following ways in which our economic interests and those of any dealer participating in the distribution of the securities, which we refer to as a "<u>participating dealer</u>," are potentially adverse to your interests as an investor in the securities. In engaging in certain of the activities described below and as discussed in more detail in the accompanying product supplement, our affiliates or any participating dealer or its affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have no obligation to consider your interests as an investor in the securities. Our affiliates or any participating dealer or its affiliates may realize a profit from these activities even if investors do not receive a favorable investment return on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***The calculation agent is our affiliate and may be required to make discretionary judgments that affect the return you receive on the securities.*** BMOCM, which is our
affiliate, will be the calculation agent for the securities. As calculation agent, BMOCM will determine any values of the basket components
and make any other determinations necessary to calculate any payments on the securities. In making these determinations, BMOCM may be
required to make discretionary judgments that may adversely affect any payments on the securities. See the sections entitled "General
Terms of the Securities— Certain Terms for Securities Linked to a Fund—Market Disruption Events" and "—Anti-dilution
Adjustments Relating to a Fund; Alternate Calculation" in the accompanying product supplement. In making these discretionary judgments,
the fact that BMOCM is our affiliate may cause it to have economic interests that are adverse to your interests as an investor in the
securities, and BMOCM's determinations as calculation agent may adversely affect your return on the securities.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

&nbsp;&nbsp;&nbsp;&nbsp;·  ***The estimated value of the securities was calculated by us and is therefore not an independent third-party valuation.*** 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Research reports by our affiliates or any participating dealer or its affiliates may be inconsistent with an investment in the securities and may adversely affect the values of the basket components.*** 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Business activities of our affiliates or any participating dealer or its affiliates with the companies whose securities are held by the basket components may adversely affect the values of the basket components.*** 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Hedging activities by our affiliates or any participating dealer or its affiliates may adversely affect the values of the basket components.*** 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Trading activities by our affiliates or any participating dealer or its affiliates may adversely affect the values of the basket components.*** 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***A participating dealer or its affiliates may realize hedging profits projected by its proprietary pricing models in addition to any selling concession and/or other fee, creating a further incentive for the participating dealer to sell the securities to you.*** 

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Hypothetical Examples and Returns**

The payout profile, return table and examples below illustrate the maturity payment amount for a $1,000 face amount security on a hypothetical offering of securities under various scenarios, with the assumptions set forth in the table below. The terms used for purposes of these hypothetical examples do not represent any actual initial component value. The hypothetical initial component value of $100.00 for each basket component has been chosen for illustrative purposes only and does not represent the actual initial component value of any basket component. The actual initial component value for each basket component will be determined on the pricing date and will be set forth under "Terms of the Securities" above. For actual historical data of the basket components, see the historical information set forth herein. The payout profile, return table and examples below assume that an investor purchases the securities for $1,000 per security. These examples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis. The actual maturity payment amount and resulting pre-tax total rate of return will depend on the actual terms of the securities.

---

| | |
|:---|:---|
| **Upside Participation Rate:** | 127.75% |
| **Hypothetical Maximum Return:** | 36.62% of the face amount ($366.20 per security) (the lowest possible maximum return that may be determined on the pricing date) |
| **Hypothetical Initial Component Value:** | For each basket component, $100.00 |
| **Starting Value:** | 100.00 |
| **Threshold Value:** | 90.00 (90% of the starting value) |
| **Buffer Amount:** | 10% |

---

**Hypothetical Payout Profile**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Hypothetical Returns**

---

| | | | |
|:---|:---|:---|:---|
| **Hypothetical**<br> **ending value** | **Hypothetical**<br> **basket return<sup>(1)</sup>** | **Hypothetical**<br> **maturity payment<br> amount per security** | **Hypothetical**<br> **pre-tax total**<br> **rate of return<sup>(2)</sup>** |
| 200.00 | 100.00% | $1366.20 | 36.620% |
| 175.00 | 75.00% | $1366.20 | 36.620% |
| 150.00 | 50.00% | $1366.20 | 36.620% |
| 140.00 | 40.00% | $1366.20 | 36.620% |
| 130.00 | 30.00% | $1366.20 | 36.620% |
| 128.67 | 28.67% | $1366.20 | 36.620% |
| 120.00 | 20.00% | $1255.50 | 25.550% |
| 110.00 | 10.00% | $1127.75 | 12.775% |
| 105.00 | 5.00% | $1063.88 | 6.388% |
| 102.50 | 2.50% | $1031.94 | 3.194% |
| 100.00 | 0.00% | $1000.00 | 0.000% |
| 97.50 | -2.50% | $1000.00 | 0.000% |
| 95.00 | -5.00% | $1000.00 | 0.000% |
| 90.00 | -10.00% | $1000.00 | 0.000% |
| 89.00 | -11.00% | $990.00 | -1.000% |
| 80.00 | -20.00% | $900.00 | -10.000% |
| 70.00 | -30.00% | $800.00 | -20.000% |
| 60.00 | -40.00% | $700.00 | -30.000% |
| 50.00 | -50.00% | $600.00 | -40.000% |
| 25.00 | -75.00% | $350.00 | -65.000% |
| 0.00 | -100.00% | $100.00 | -90.000% |

---

<sup>(1)</sup> The basket return is equal to the percentage change from the starting value to the ending value (i.e., the ending value *minus* the starting value, *divided* by the starting value).

<sup>(2)</sup> The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the maturity payment amount per security to the face amount of $1,000.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Hypothetical Examples**

**Example 1. Maturity payment amount is greater than the face amount and reflects a return that is less than the maximum return:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **iShares<sup>®</sup> MSCI <br> Canada ETF** | **iShares<sup>®</sup> MSCI <br> Mexico ETF** | **iShares<sup>®</sup> MSCI <br> Brazil ETF** | **iShares<sup>®</sup> MSCI <br> South Africa ETF** |
| **Hypothetical initial component value:** | $100.00 | $100.00 | $100.00 | $100.00 |
| **Hypothetical final component value:** | $110.00 | $107.50 | $102.50 | $120.00 |
| **Hypothetical component return:** | 10.00% | 7.50% | 2.50% | 20.00% |

---

Based on the component returns set forth above, the ending value would equal:

100 × [1 + (25.00% × 10.00%) + (25.00% × 7.50%) + (25.00% × 2.50%) + (25.00% × 20.00%)] = 110.00

Therefore, the basket return would be equal to 10.00%.

Because the hypothetical ending value is greater than the starting value, the maturity payment amount per security would be equal to the face amount of $1,000 *plus* a positive return equal to the *lesser of*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 × basket return × upside participation rate

$1,000 × 10.00% × 127.75%

= $127.75; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum return of $366.20

On the stated maturity date, you would receive $1,127.75 per security.

**Example 2. Maturity payment amount is greater than the face amount and reflects a return equal to the maximum return:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **iShares<sup>®</sup> MSCI <br> Canada ETF** | **iShares<sup>®</sup> MSCI <br> Mexico ETF** | **iShares<sup>®</sup> MSCI <br> Brazil ETF** | **iShares<sup>®</sup> MSCI <br> South Africa ETF** |
| **Hypothetical initial component value:** | $100.00 | $100.00 | $100.00 | $100.00 |
| **Hypothetical final component value:** | $120.00 | $150.00 | $160.00 | $170.00 |
| **Hypothetical component return:** | 20.00% | 50.00% | 60.00% | 70.00% |

---

Based on the component returns set forth above, the ending value would equal:

100 × [1 + (25.00% × 20.00%) + (25.00% × 50.00%) + (25.00% × 60.00%) + (25.00% × 70%)] = 150.00

Therefore, the basket return would be equal to 50.00%.<br>Because the hypothetical ending value is greater than the starting value, the maturity payment amount per security would be equal to the face amount of $1,000 *plus* a positive return equal to the *lesser of*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 × basket return × upside participation rate

$1,000 × 50.00% × 127.75%

= $638.75; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum return of $366.20

On the stated maturity date, you would receive $1,366.20 per security, which is the maximum maturity payment amount.

In addition to limiting your return on the securities, the maximum return limits the positive effect of the upside participation rate. If the ending value is greater than the starting value you will participate in the performance of the Basket at a rate of 127.75% up to a certain point. However, the effect of the upside participation rate will be progressively reduced for ending values that are greater than approximately 128.67% of the starting value (assuming the lowest possible maximum return that may be determined on the pricing date) since your return on the securities for any ending value greater than approximately 128.67% of the starting value will be limited to the maximum return.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Example 3. Maturity payment amount is equal to the face amount:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **iShares<sup>®</sup> MSCI <br> Canada ETF** | **iShares<sup>®</sup> MSCI <br> Mexico ETF** | **iShares<sup>®</sup> MSCI <br> Brazil ETF** | **iShares<sup>®</sup> MSCI <br> South Africa ETF** |
| **Hypothetical initial component value:** | $100.00 | $100.00 | $100.00 | $100.00 |
| **Hypothetical final component value:** | $97.00 | $94.00 | $96.00 | $93.00 |
| **Hypothetical component return:** | -3.00% | -6.00% | -4.00% | -7.00% |

---

Based on the component returns set forth above, the ending value would equal:

100 × [1 + (25.00% × -3.00%) + (25.00% × -6.00%) + (25.00% × -4.00%) + (25.00% × -7.00%)] = 95.00

Therefore, the basket return would be equal to -5.00%.<br>Because the hypothetical ending value is less than the starting value, but not by more than the buffer amount, you would not lose any of the face amount of your securities.

On the stated maturity date, you would receive $1,000.00 per security.

**Example 4. The performance of the basket components offset each other, and the maturity payment amount is equal to the face amount:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **iShares<sup>®</sup> MSCI <br> Canada ETF** | **iShares<sup>®</sup> MSCI <br> Mexico ETF** | **iShares<sup>®</sup> MSCI <br> Brazil ETF** | **iShares<sup>®</sup> MSCI <br> South Africa ETF** |
| **Hypothetical initial component value:** | $100.00 | $100.00 | $100.00 | $100.00 |
| **Hypothetical final component value:** | $105.00 | $35.00 | $130.00 | $110.00 |
| **Hypothetical component return:** | 5.00% | -65.00% | 30.00% | 10.00% |

---

Based on the component returns set forth above, the ending value would equal:

100 × [1 + (25.00% × 5.00%) + (25.00% × -65.00%) + (25.00% × 30.00%) + (25.00% × 10.00%)] = 95.00

Therefore, the basket return would be equal to -5.00%.<br>Because the hypothetical ending value is less than the starting value, but not by more than the buffer amount, you would not lose any of the face amount of your securities.

On the stated maturity date, you would receive $1,000.00 per security.

In this example, the significant decrease in the iShares<sup>®</sup> MSCI Mexico ETF has a significant impact on the ending price notwithstanding the percentage increases in the other basket components.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

 **Example 5. Maturity payment amount is less than the face amount:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **iShares<sup>®</sup> MSCI <br> Canada ETF** | **iShares<sup>®</sup> MSCI <br> Mexico ETF** | **iShares<sup>®</sup> MSCI <br> Brazil ETF** | **iShares<sup>®</sup> MSCI <br> South Africa ETF** |
| **Hypothetical initial component value:** | $100.00 | $100.00 | $100.00 | $100.00 |
| **Hypothetical final component value:** | $60.00 | $40.00 | $55.00 | $45.00 |
| **Hypothetical component return:** | -40.00% | -60.00% | -45.00% | -55.00% |

---

Based on the component returns set forth above, the ending value would equal:

100 × [1 + (25.00% × -40.00%) + (25.00% × -60.00%) + (25.00% × -45.00%) + (25.00% × -55.00%)] = 50.00

Therefore, the basket return would be equal to -50.00%.

Because the hypothetical ending value is less than the starting value by more than the buffer amount, you would lose a portion of the face amount of your securities and receive a maturity payment amount per security equal to:

$1,000 + [$1,000 × (basket return + buffer amount)]

$1,000 + [$1,000 × (-50.00% + 10.00%)]

= $600.00

On the stated maturity date, you would receive $600.00 per security.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Hypothetical Historical Performance of the Basket**

The basket will represent an equally weighted portfolio of the basket components, with the return of each basket component having the weighting set forth above. For more information regarding the basket components, see the information provided below.

While historical information on the value of the Basket does not exist, the following graph sets forth the hypothetical historical daily values of the Basket for the period from January 4, 2021 to June 3, 2026, assuming that the Basket was constructed on January 4, 2021 with a starting value of 100.00 and that each of the basket components had the applicable weighting as of that day. We obtained the closing values used in the graph below from Bloomberg Finance L.P., ("<u>Bloomberg</u>") without independent verification.

The hypothetical historical basket values, as calculated solely for the purposes of the offering of the securities, fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the value of the Basket during any period shown below is not an indication that the basket return is more likely to be positive or negative during the term of the securities. The hypothetical historical values do not give an indication of future values of the Basket.

![](o65264424b2_prs18.jpg)

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Information About The Basket Components**

Included below is a brief description of each basket component. This information has been obtained from publicly available sources, without independent verification.

The sponsor of each basket component is required to file information specified by the SEC periodically. Information provided to or filed with the SEC under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended can be located by reference to the applicable basket component's SEC file numbers (as set forth below) and can be inspected through the SEC's website at www.sec.gov. In addition, information may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. None of such publicly available information is incorporated by reference into this pricing supplement.

This pricing supplement relates only to the securities offered hereby and does not relate to any basket component. We have derived all disclosures contained in this pricing supplement regarding the basket components from the publicly available documents described in the preceding paragraph, without independent investigation. In connection with the offering of the securities, neither we nor any agent has participated in the preparation of such documents or made any due diligence inquiry with respect to any basket component. Neither we nor any agent has independently verified the accuracy or completeness of any information with respect to any basket component in connection with the offer and sale of the securities. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described in the preceding paragraph) that would affect the trading price of a basket component have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning a basket component could affect the value of, and any payments on, the securities.

We and/or our affiliates may presently or from time to time engage in business with a basket component. In the course of such business, we and/or our affiliates may acquire non-public information with respect to a basket component, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to a basket component. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**The iShares<sup>®</sup> MSCI Canada ETF**

The iShares<sup>®</sup> MSCI Canada ETF is issued by iShares<sup>®</sup>, Inc., a registered investment company. The iShares<sup>®</sup> MSCI Canada ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Canada Custom Capped Index, an equity index that is designed to measure the performance of the large- and mid-cap segments of the equity market in Canada.

The iShares<sup>®</sup> MSCI Canada ETF's SEC file numbers are 033-97598 and 811-09102. The iShares<sup>®</sup> MSCI Canada ETF is listed on the NYSE Arca, Inc. under the ticker symbol "EWC."

For more information about the MSCI Canada Custom Capped Index, see "—The MSCI Canada Custom Capped Index" below.<br>**The MSCI Canada Custom Capped Index**

The MSCI Canada Custom Capped Index is designed to measure the performance of the large- and mid-cap segments of the Canadian equity market. The MSCI Canada Custom Capped Index applies a variation of the MSCI 25/50 Indices methodology to the MSCI Canada Index (its parent index), where the weight of any single group entity will be constrained at 22.5% of the index weight, and the sum of the weights of all group entities representing more than 5% weight will be constrained at 24.5% of the index weight. The U.S. dollar price return version of the MSCI Canada Custom Capped Index is reported by Bloomberg L.P. under the ticker symbol "M1CXBLK."

For more information about the MSCI Canada Custom Capped Index, see "Description of Indices—The MSCI 25/50 Indices" in the accompanying underlying supplement. For purposes of the accompanying underlying supplement, the MSCI Canada Custom Capped Index is an "MSCI 25/50 Index" and one of the "MSCI 25/50 Indices"; provided, however, that it applies a variation to the weighting constraints as described in the above paragraph.

**Historical Information**

We obtained the closing prices of the iShares<sup>®</sup> MSCI Canada ETF in the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing prices of the iShares<sup>®</sup> MSCI Canada ETF for the period from January 4, 2021 to June 3, 2026. The closing price on June 3, 2026 was $58.64. The historical performance of the iShares<sup>®</sup> MSCI Canada ETF should not be taken as an indication of its future performance during the term of the securities.

![](o65264424b2_prs20.jpg)

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**The iShares<sup>®</sup> MSCI Mexico ETF**

The iShares<sup>®</sup> MSCI Mexico ETF is issued by iShares<sup>®</sup>, Inc., a registered investment company. The iShares<sup>®</sup> MSCI Mexico ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Mexico IMI 25/50 Index, an equity index that is designed to measure the performance of the large-, mid- and small-cap segments of the equity market in Mexico.

The iShares<sup>®</sup> MSCI Mexico ETF's SEC file numbers are 033-97598 and 811-09102. The iShares<sup>®</sup> MSCI Mexico ETF is listed on the NYSE Arca, Inc. under the ticker symbol "EWW."

For more information about the MSCI Mexico IMI 25/50 Index, see "Description of Indices—The MSCI 25/50 Indices—The MSCI Mexico IMI 25/50 Index" in the accompanying underlying supplement.

**Historical Information** 

We obtained the closing prices of the iShares<sup>®</sup> MSCI Mexico ETF in the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing prices of the iShares<sup>®</sup> MSCI Mexico ETF for the period from January 4, 2021 to June 3, 2026. The closing price on June 3, 2026 was $78.08. The historical performance of the iShares<sup>®</sup> MSCI Mexico ETF should not be taken as an indication of its future performance during the term of the securities.

![](o65264424b2_prs21.jpg)

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**The iShares<sup>®</sup> MSCI Brazil ETF**

The iShares<sup>®</sup> MSCI Brazil ETF is issued by iShares<sup>®</sup>, Inc., a registered investment company. The iShares<sup>®</sup> MSCI Brazil ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Brazil 25/50 Index, an equity index that is designed to measure the performance of the large- and mid-capitalization segments of the equity market in Brazil.

The iShares<sup>®</sup> MSCI Brazil ETF's SEC file numbers are 033-97598 and 811-09102. The iShares<sup>®</sup> MSCI Brazil ETF is listed on the NYSE Arca, Inc. under the ticker symbol "EWZ."

For more information about the MSCI Brazil 25/50 Index, see "Description of Indices—The MSCI 25/50 Indices—The MSCI Brazil 25/50 Index" in the accompanying underlying supplement.

**Historical Information** 

We obtained the closing prices of the iShares<sup>®</sup> MSCI Brazil ETF in the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing prices of the iShares<sup>®</sup> MSCI Brazil ETF for the period from January 4, 2021 to June 3, 2026. The closing price on June 3, 2026 was $34.64. The historical performance of the iShares<sup>®</sup> MSCI Brazil ETF should not be taken as an indication of its future performance during the term of the securities.

![](o65264424b2_prs22.jpg)

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**The iShares<sup>®</sup> MSCI South Africa ETF**

The iShares<sup>®</sup> MSCI South Africa ETF is issued by iShares<sup>®</sup>, Inc., a registered investment company. The iShares<sup>®</sup> MSCI South Africa ETF seeks to track the investment results, before fees and expenses, of the MSCI South Africa 25/50 Index, an equity index that is designed to measure the performance of the large- and mid-capitalization segments of the equity market in South Africa.

The iShares<sup>®</sup> MSCI South Africa ETF's SEC file numbers are 033-97598 and 811-09102. The iShares<sup>®</sup> MSCI South Africa ETF is listed on the NYSE Arca, Inc. under the ticker symbol "EZA."

For more information about the MSCI South Africa 25/50 Index, see "—The MSCI South Africa 25/50 Index" below.

**The MSCI South Africa 25/50 Index**

For more information about the MSCI South Africa 25/50 Index, see "Description of Indices—The MSCI 25/50 Indices" in the accompanying underlying supplement. For purposes of the accompanying underlying supplement, the MSCI South Africa 25/50 Index is an "MSCI 25/50 Index" and one of the "MSCI 25/50 Indices."

**Historical Information** 

We obtained the closing prices of the iShares<sup>®</sup> MSCI South Africa ETF in the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing prices of the iShares<sup>®</sup> MSCI South Africa ETF for the period from January 4, 2021 to June 3, 2026. The closing price on June 3, 2026 was $67.04. The historical performance of the iShares<sup>®</sup> MSCI South Africa ETF should not be taken as an indication of its future performance during the term of the securities.

![](o65264424b2_prs23.jpg)

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**Summary of Canadian Federal Income Tax Consequences**

For a discussion of the material Canadian federal income tax consequences relating to an investment in the securities, see the section entitled "Canadian Federal Income Tax Consequences" in the accompanying product supplement. Notwithstanding anything to the contrary in the accompanying product supplement, the Canadian tax consequences discussed in the accompanying product supplement do not take into account the proposed amendments to the "hybrid mismatch arrangement" rules in the Tax Act released for consultation on January 29, 2026.

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to an ETF Basket due June 13, 2028**

**United States Federal Income Tax Considerations**

Although there is uncertainty regarding the U.S. federal income tax consequences of an investment in the securities due to the lack of governing authority, in the opinion of our counsel Davis Polk & Wardwell LLP, under current law, and based on current market conditions, it is reasonable to treat a security as a single financial contract that is an "open transaction" for U.S. federal income tax purposes. However, because our counsel's opinion is based in part on market conditions as of the date of this document, it is subject to confirmation in the final pricing supplement. Assuming this treatment of the securities is respected, the tax consequences are as outlined in the discussion under "United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Open Transactions" in the accompanying product supplement.

Even if the treatment of the securities as "open transactions" is respected, a purchase of a security may be treated as entry into a "constructive ownership transaction," within the meaning of Section 1260 of the Code. In that case, all or a portion of any long-term capital gain a U.S. investor would otherwise recognize in respect of a security would be recharacterized as ordinary income to the extent such gain exceeded the "net underlying long-term capital gain." Any long-term capital gain recharacterized as ordinary income under Section 1260 would be treated as accruing at a constant rate over the period the U.S. investor held the securities, and the U.S. investor would be subject to an interest charge in respect of the deemed tax liability on the income treated as accruing in prior tax years. Due to the lack of governing authority there is significant uncertainty as to whether or how these rules will apply to the securities. U.S. investors should read the section entitled "United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Open Transactions—Possible Application of Section 1260 of the Code" in the accompanying product supplement for additional information and consult their tax advisors regarding the potential application of the "constructive ownership" rule.

We do not plan to request a ruling from the Internal Revenue Service (the "<u>IRS</u>") regarding the treatment of the securities. If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities, including the timing and character of income recognized by U.S. investors, and the withholding tax consequences to non-U.S. investors, might be materially and adversely affected. For example, under one alternative characterization the securities may be treated as contingent payment debt instruments, which would require U.S. investors to accrue income periodically based on a "comparable yield" and generally would require non-U.S. investors to certify their non-U.S. status on an IRS Form W-8 to avoid a 30% (or a lower treaty rate) U.S. withholding tax. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.

As discussed in the accompanying product supplement, Section 871(m) of the Code and the Treasury regulations thereunder ("<u>Section 871(m)</u>") generally impose a 30% (or lower treaty rate) withholding tax on "dividend equivalents" paid or deemed paid to non-U.S. investors with respect to certain financial instruments linked to equities that could pay U.S.-source dividends for U.S. federal income tax purposes ("<u>underlying securities</u>"), as defined under the applicable Treasury regulations, or indices that include underlying securities. Section 871(m) generally applies to financial instruments that substantially replicate the economic performance of one or more underlying securities, as determined based on tests set forth in the applicable Treasury regulations. Pursuant to an IRS notice, Section 871(m) will not apply to securities issued before January 1, 2027 that do not have a delta of one with respect to any underlying security. Based on the terms of the securities and current market conditions, we expect that the securities will not have a delta of one with respect to any underlying security on the pricing date. However, we will provide an updated determination in the final pricing supplement. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on a non-U.S. investor's particular circumstances, including whether the non-U.S. investor enters into other transactions with respect to an underlying security. If withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. Non-U.S. investors should consult their tax advisors regarding the potential application of Section 871(m) to the securities.

Both U.S. and non-U.S. investors considering an investment in the securities should read the discussion under "United States Federal Income Tax Considerations" in the accompanying product supplement and consult their tax advisors regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the securities, including possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.