Form FWP BANK OF MONTREAL /CAN/ Filed by: BANK OF MONTREAL /CAN/
Filed Pursuant to Rule 433
Registration Statement No. 333-285508
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Bank of Montreal Market Linked Notes |
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Market Linked Notes—Upside Participation with Averaging and Principal Return at Maturity Notes Linked to an Index Basket due October 18, 2029 Term Sheet to Preliminary Pricing Supplement dated May 4, 2026 |
Summary of Terms
| Issuer : | Bank of Montreal |
| Market Measure: |
An approximately equally weighted basket (the “Basket”). The basket components and their weightings are as follows:
EURO STOXX 50® Index (33.34%)
Russell 2000® Index (33.33%)
S&P 500® Index (33.33%) |
| Pricing Date*: | May 15, 2026 |
| Issue Date*: | May 20, 2026 |
| Principal Amount and Original Offering Price: |
$1,000 per note |
| Maturity Payment Amount (per note): |
· if the average ending value is greater than the starting value:
$1,000 + ($1,000 × average basket return × upside participation rate)
· if the average ending value is less than or equal to the starting value: $1,000 |
| Stated Maturity Date*: |
October 18, 2029 |
| Starting Value: | 100.00 |
| Average Ending Value: |
The product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 33.34% of the average component return of the EURO STOXX 50® Index; (B) 33.33% of the average component return of the Russell 2000® Index; and 33.33% of the average component return of the S&P 500® Index |
| Average Component Return: |
For each basket component:
average component value – initial component value
initial component value |
| Initial Component Value: |
With respect to each basket component, its closing value on the pricing date |
| Average Component Value: |
With respect to each basket component, the arithmetic average of its closing values on the calculation days |
| Upside Participation Rate: |
At least 100% (to be determined on the pricing date) |
| Average Basket Return: |
(average ending value - starting value) / starting value |
| Calculation Days*: | Quarterly, on the 15th of each February, May, August and November commencing August 2026 and ending August 2029, and the final calculation day, each subject to postponement. We refer to October 15, 2029 as the “final calculation day” |
*subject to change
Summary of Terms (continued)
| Calculation Agent: | BMO Capital Markets Corp. (“BMOCM”), an affiliate of the issuer |
| Denominations: | $1,000 and any integral multiple of $1,000 |
| Agent Discount**: | Up to 3.325% for Wells Fargo Securities, LLC (“WFS”). Of that agent discount, Wells Fargo Advisors (“WFA”), may receive a selling concession of up to 2.25% and a distribution expense fee of up to 0.075% |
| CUSIP: | 06376KTH1 |
| Material Tax Consequences: | See the preliminary pricing supplement |
** In addition, selected dealers may receive a fee of up to 0.30% for marketing and other services.
If the average ending value is less than or equal to the starting value, you will not receive any positive return on the notes at maturity.
On the date of the accompanying preliminary pricing supplement, the estimated initial value of the notes is $955.00 per note. The estimated initial value of the notes at pricing may differ from this value but will not be less than $905.00 per note. However, as discussed in more detail in the accompanying preliminary pricing supplement, the actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy. See “Estimated Value of the Notes” in the accompanying preliminary pricing supplement.
Preliminary Pricing Supplement: https://www.sec.gov/Archives/edgar/data/927971/000121465926005477/e430260424b2.htm
The notes have complex features and investing in the notes involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” in this term sheet and the accompanying preliminary pricing supplement and “Risk Factors” in the accompanying product supplement.
This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.
Investors should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus before making a decision to invest in the notes.
NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY
Selected Risk Considerations
The risks set forth below are discussed in detail in the “Selected Risk Considerations” section in the accompanying preliminary pricing supplement and the “Risk Factors” section in the accompanying product supplement. Please review those risk disclosures carefully.
Risks Relating To The Notes Generally
| · | You May Not Receive Any Positive Return On The Notes. |
| · | The Potential For A Positive Return On The Notes On The Stated Maturity Date Is Based On The Average Performance Of The Basket Components During The Term Of The Notes, Which May Be Less Favorable Than The Performance Of The Basket As Measured From Its Starting Value To Its Value At Or Near The Stated Maturity Date. |
| · | Changes In The Values Of The Basket Components May Offset Each Other. |
| · | The Notes Do Not Pay Interest. |
| · | The Notes Are Subject To Credit Risk. |
| · | You Will Be Required To Recognize Taxable Income On The Notes Prior To Maturity. |
| · | The Stated Maturity Date May Be Postponed If The Final Calculation Day Is Postponed. |
Risks Relating To The Estimated Value Of The Notes And Any Secondary Market
| · | The Estimated Value Of The Notes On The Pricing Date, Based On Our Proprietary Pricing Models, Will Be Less Than The Original Offering Price. |
| · | The Terms Of The Notes Are Not Determined By Reference To The Credit Spreads For Our Conventional Fixed-Rate Debt. |
| · | The Estimated Value Of The Notes Is Not An Indication Of The Price, If Any, At Which WFS Or Any Other Person May Be Willing To Buy The Notes From You In The Secondary Market. |
| · | The Value Of The Notes Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways. |
| · | The Notes Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Notes To Develop. |
Risks Relating To The Basket Components
| · | The Maturity Payment Amount Will Depend Upon The Performance Of The Basket Components And Therefore The Notes Are Subject To The Following Risks, Each As Discussed In More Detail In The Accompanying Product Supplement. |
| o | Investing In The Notes Is Not The Same As Investing In The Basket Components. |
| o | 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 Notes. |
| o | Changes That Affect The Basket Components May Adversely Affect The Value Of The Notes And The Maturity Payment Amount. |
| o | We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In The Basket Components. |
| o | We And Our Affiliates Have No Affiliation With Any Underlier Sponsor And Have Not Independently Verified Their Public Disclosure Of Information. |
| · | The Notes Are Subject To Small-Capitalization Companies Risk With Respect To The Russell 2000® Index. |
| · | The Notes Are Subject To Risks Relating To Non-U.S. Securities Markets With Respect To The EURO STOXX 50® Index. |
| · | The Notes Do Not Provide Direct Exposure To Fluctuations In Exchange Rates Between The U.S. Dollar And The Euro With Respect To The EURO STOXX 50® Index. |
Risks Relating To Conflicts Of Interest
| · | Our Economic Interests And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests. |
The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read the prospectus in that registration statement and the other documents that the Issuer has filed with the SEC for more complete information about us and this offering. You may obtain these documents free of charge by visiting the SEC’s website at http://www.sec.gov. Alternatively, the Issuer will arrange to send to you the prospectus (as supplemented by the prospectus supplement) if you request it by calling the Issuer’s agent toll-free at 1-877-369-5412.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
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