Every 424B that Wells Fargo & Co. (WFC) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow WFC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WFC filings page.
Wells Fargo & Company (WFC) fully and unconditionally guarantees auto-callable market-linked securities issued by Wells Fargo Finance LLC, with a total original offering price of $1,544,000 and linked to Robinhood Markets, Inc. Class A common stock. Each security has a $1,000 face amount and pays a fixed 12.25% annual coupon quarterly until maturity or an earlier automatic call. The starting value is $110.52 and the threshold value is $55.26. Beginning approximately one year after issuance, the securities are automatically called if the stock closes at or above $110.52 on a quarterly call date; holders then receive the face amount plus a final coupon.
If not called, an ending value at or above $55.26 returns $1,000 per security at stated maturity; below $55.26, payment is $1,000 multiplied by the ending-to-starting performance factor, exposing principal to the stock’s full decline from its starting value and potentially all principal loss. Holders receive no stock appreciation or dividends, and the securities are not exchange-listed. The estimated value was $949.04 per security versus the $1,000 original offering price; Wells Fargo Securities, LLC calculated it using proprietary models, and it is not an indication of a resale price. The pricing terms list proceeds to Wells Fargo Finance LLC of $1,496,136 after a $47,864 agent discount.
Wells Fargo Finance LLC is offering $19,025,000 of trigger callable contingent-yield notes linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500; Wells Fargo & Company (WFC) fully and unconditionally guarantees them. The notes are priced at $10 each, and Wells Fargo Finance LLC receives $18,834,750 after a $190,250 agent discount.
Each note can pay an 11.62% annual contingent coupon, in quarterly installments of $0.2905, only if all three indices remain at or above 70% of their initial values on every eligible trading day in the observation period; one breach cancels that period’s coupon. The issuer may redeem the notes in whole, not in part, on quarterly dates beginning April 16, 2027.
If not redeemed, the notes mature July 17, 2030. Principal is repaid if all final index values are at least 60% of their initial values; below that threshold for any index, principal loss follows the full negative return of the least-performing index and may reach the full investment. Estimated value on the Trade Date was $9.78 per note, below the offering price, and the notes are unlisted with no assured secondary market.
Wells Fargo & Company (WFC) fully and unconditionally guarantees preliminary S&P 500-linked notes issued by its finance subsidiary, Wells Fargo Finance LLC. The determination date is expected 27 to 30 months after the trade date. A positive index return earns 140% participation, capped at an expected $1,285.60–$1,335.86 per $1,000 security. If the index declines by no more than 15.00%, holders receive the $1,000 face amount; below that buffer, losses are approximately 1.1765% of face amount for each additional 1% decline, and holders could lose the entire face amount. The notes pay no interest or index dividends and carry the credit risk of the issuer and guarantor.
The preliminary estimated value is approximately $995.60 per security, with a trade-date floor of $965.60, compared with the $1,000 original offering price. The cap level and maximum settlement amount are to be set on the trade date. The notes will not be listed on an exchange or quotation system, and Wells Fargo Securities, LLC and its affiliates are not obligated to make a market or purchase them before maturity.
Wells Fargo & Company (WFC) guarantees a preliminary offering of unsecured notes issued by Wells Fargo Finance LLC, with a $1,000 face amount per security, linked to the lowest-performing of the MSCI EAFE, Russell 2000 and S&P 500 indexes. The contingent coupon rate, set on October 16, 2026, will be at least 9.55% annually; quarterly coupons are paid only when the lowest-performing index is at or above 70% of its starting value on a calculation day.
If not redeemed, the notes repay $1,000 at maturity only if the lowest-performing index ends at or above 65% of its starting value; below that threshold, principal reflects the index’s full performance from its starting value and may be lost entirely. The notes do not participate in index appreciation or receive index dividends. Wells Fargo Finance LLC may redeem all, but not part, on quarterly payment dates from April 2027 through July 2031. Maturity is October 21, 2031, subject to postponement. The estimated value is approximately $969.30 per security, with a pricing-date minimum of $939.30. The offering table lists $992.50 in proceeds to Wells Fargo Finance LLC and a $7.50 agent discount per security. The notes are unlisted.
Wells Fargo Finance LLC’s preliminary pricing supplement describes callable notes linked to the lower-performing of the Russell 2000 and S&P 500 indexes, with each $1,000 security fully and unconditionally guaranteed by Wells Fargo & Company (WFC). The contingent coupon rate will be set on October 20, 2026, and will be at least 8.10% per annum. Quarterly coupons are payable only when the lowest-performing index closes at or above 55% of its starting value. Wells Fargo Finance LLC may redeem the notes on quarterly payment dates beginning approximately six months after the October 23, 2026 issue date, paying $1,000 per security plus a final coupon, if payable.
If not redeemed, the notes mature on October 23, 2031. Holders receive $1,000 per security if the lowest-performing index ends at or above 55% of its starting value; below that level, principal is based on that index’s performance factor, exposing holders to losses exceeding 45% and potentially all of their principal. The notes provide no participation in index appreciation or dividends and are not listed on an exchange. The preliminary estimated value is approximately $983.40 per security, and the estimated value on the pricing date will be no less than $953.40, compared with the $1,000 offering price.
Wells Fargo & Company (WFC) fully and unconditionally guarantees preliminary market-linked notes offered by Wells Fargo Finance LLC, its finance subsidiary. Each security has a $1,000 face amount and original offering price; the agent discount is $4.00 and proceeds to Wells Fargo Finance LLC are $996.00 per security. The current estimated value is approximately $983.20 per security; the pricing-date estimate will be no less than $953.20.
The contingent coupon rate, set on the pricing date, will be at least 11.65% per annum, paid quarterly only when the lowest-performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index closes at or above 70% of its starting value. If the lowest-performing index closes at or above its starting value on a quarterly calculation day from April 2027 through January 2030, the notes are automatically called for $1,000 plus a final contingent coupon. If not called, at the April 19, 2030 maturity, principal is $1,000 only if the lowest-performing index is at or above 70%; below that threshold, repayment reflects its full decline from starting value, with losses exceeding 30% and potentially all principal. The notes do not participate in index appreciation or dividends, are not exchange-listed, and payments are subject to issuer and guarantor credit risk.
Wells Fargo & Company (WFC) guarantees preliminary S&P 500-linked securities issued by Wells Fargo Finance LLC, with an original offering price of $1,000 per security. At maturity, if the final index level is at least 85.00% of its initial level, each $1,000 face amount pays an expected $1,186.00 to $1,218.80, a contingent fixed return of 18.60% to 21.88% to be set on the trade date. Below that threshold, the payment falls by approximately 1.1765% of face amount for each 1% decline below the threshold; investors could lose all principal.
The determination date is expected 27 to 30 months after the trade date, and maturity is expected on the second scheduled business day afterward, subject to postponement. The securities pay no periodic interest. Their current estimated value is approximately $996.80 per security, and the trade-date estimated value will not be less than $966.80. They are unsecured obligations, are not exchange-listed, and the agent is not required to make a market.
Wells Fargo & Company guarantees Wells Fargo Finance LLC’s preliminary offering of $1,000-per-security market-linked notes tied to Amazon.com, Inc. common stock (AMZN), with a stated maturity of October 26, 2028. The contingent coupon rate will be set on the October 22, 2026 pricing date and will be at least 11.00% per annum; monthly coupons are payable only when AMZN’s closing value is at least 70% of its starting value.
On monthly calculation days from April 2027 through September 2028, a closing value at or above the starting value triggers automatic redemption for $1,000 plus any final coupon. If not called, maturity repayment is $1,000 when the final value is at least 70% of the starting value; below that threshold, repayment reflects the full decline from the starting value and can be zero. The notes provide no participation in AMZN appreciation or dividends, carry Wells Fargo credit risk, and are not exchange-listed.
The original offering price is $1,000 per security; the table shows an $18.25 agent discount and $981.75 in proceeds to Wells Fargo Finance LLC per security. The current estimated value is approximately $962.05 per security, and the pricing-date estimate will be no less than $932.05.
Wells Fargo & Company (WFC) guarantees Wells Fargo Finance LLC’s preliminary offering of callable notes with a $1,000 face amount per security, linked to the lowest-performing of the MSCI EAFE, Russell 2000 and S&P 500 indexes. Quarterly contingent coupons will be at least 9.55% per annum, payable only when the lowest-performing index is at or above 70% of its starting value on a calculation day. Wells Fargo Finance LLC may redeem all, but not part, on quarterly coupon payment dates beginning approximately three months after issuance.
If the notes remain outstanding to October 21, 2031, the face amount is repaid only if the lowest-performing index is at or above 65% of its starting value on the final calculation day. Below that threshold, principal falls with the index from its starting value, so losses can exceed 35% and reach the full investment; holders do not participate in index appreciation or receive dividends on index constituents. The current estimated value is approximately $969.30 per security, versus a $1,000 offering price; estimated value at pricing will be no less than $939.30. The notes will not be exchange-listed and are subject to issuer and guarantor credit risk.
Wells Fargo Finance LLC is the issuer of preliminary market-linked securities fully and unconditionally guaranteed by Wells Fargo & Company (WFC). They are linked to the lowest-performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The face amount and standard original offering price are $1,000 per security; the price is $969 per security for fee-based advisory accounts. Proceeds to Wells Fargo Finance LLC are listed as $969 per security.
The contingent coupon rate will be set on the pricing date and will be at least 7.75% per annum, payable quarterly only when the lowest-performing index closes at or above 70% of its starting value. If that index closes at or above its starting value on a quarterly calculation day from October 2027 through July 2030, the securities are automatically called for the face amount plus a final contingent coupon. If not called, a final value below the 70% downside threshold exposes principal to losses from the index’s starting value, potentially all of it; repayment is capped at the face amount. The current estimated value is approximately $953.60 per security, with a pricing-date minimum of $923.60. The securities are not exchange-listed and do not participate in index appreciation or pay dividends.
Wells Fargo Finance LLC is offering preliminary equity-index-linked debt securities with a $1,000 original offering price and face amount per security; Wells Fargo & Company (WFC) fully and unconditionally guarantees them.
The securities track the lowest-performing of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. A monthly contingent coupon is payable only when that index closes at or above 80% of its starting value; the annual rate will be at least 11.90%. Wells Fargo Finance LLC may redeem all securities on quarterly dates from April 2027 through July 2031. If not redeemed, maturity is October 17, 2031: payment is $1,000 if the weakest index is at or above 80% of its starting value; below that level, principal falls by 1.25 times the index decline beyond the 20% buffer, and may be reduced by some or all of the face amount. Holders do not participate in index appreciation.
The current estimated value is approximately $983.50 per security; the pricing-date estimate will be no less than $953.50. The securities are unsecured and unlisted, and the agent and its affiliates are not required to make a secondary market; payments are subject to issuer and guarantor credit risk.
Wells Fargo Finance LLC sets out preliminary terms for callable notes linked to the lowest-performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes; Wells Fargo & Company (WFC) fully and unconditionally guarantees them. Each note has a $1,000 face amount, and its monthly contingent coupon rate will be set on the pricing date at no less than 10.30% per annum; a payment is made only when the lowest-performing index is at or above 70% of its starting value on the calculation day.
The issuer may redeem all, but not part, of the notes on monthly payment dates beginning approximately one year after issuance. If unredeemed at maturity on October 18, 2029, a note repays $1,000 only if the lowest-performing index is at or above 70% of its starting value; below that threshold, the investor bears its full decline from starting value and may lose all principal. The notes provide no index upside or dividends. The current estimated value is approximately $975.10 per security, and the pricing-date estimated value will be at least $945.10. At a $1,000 offering price, proceeds to Wells Fargo Finance LLC are $990 per security; the agent discount is up to $10 per security. The notes are unlisted, and no secondary market is assured.
Wells Fargo & Company (WFC) is the named full and unconditional guarantor of preliminary equity-index-linked securities to be issued by Wells Fargo Finance LLC, with a $1,000 face amount and original offering price per security. The securities track the lowest-performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. The contingent coupon rate will be set on the pricing date at no less than 12.00% per annum, payable quarterly only if the lowest-performing index closes at or above 73% of its starting value. The $1,000 original price includes a $6.00 agent discount; Wells Fargo Finance LLC receives $994.00 per security.
On quarterly calculation days scheduled from April 2027 through January 2030, the securities are automatically called if the lowest-performing index is at or above its starting value, paying the $1,000 face amount plus a final contingent coupon. If not called, maturity is scheduled for April 19, 2030, subject to postponement: the maturity payment is $1,000 if the lowest-performing index is at or above 70% of its starting value; below that threshold, repayment falls with the index and could result in loss of all principal. The securities do not participate in index gains or dividends, are not exchange-listed, and carry Wells Fargo credit risk. Estimated value is approximately $982.10 per security, with a pricing-date minimum of $952.10.
Wells Fargo & Company (WFC) guarantees Wells Fargo Finance LLC’s offer of unsecured, $10 principal-amount notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes. The offering price is $10 per Note, with proceeds to Wells Fargo Finance LLC of $9.90 per Note after a $0.10 agent discount; the minimum investment is $1,000 (100 Notes). The coupon rate, set on the Trade Date, is at least 11.55% per annum, or at least $0.2888 per Note quarterly, but pays only if every index is at or above 70% of its initial value on every eligible trading day in the observation period.
If the issuer does not redeem the notes, maturity is July 17, 2030. Principal is repaid if each final index value is at or above 60% of its initial value; if any is below, the principal loss equals the negative return of the least performing index, with possible loss of all principal. Wells Fargo Finance LLC may redeem all, but not part, on quarterly dates beginning after approximately six months, paying principal plus any coupon due. The current estimated value is approximately $9.78 per Note and the Trade Date estimate will be no less than $9.48. The notes are not exchange-listed, and all payments carry issuer and guarantor credit risk.
Wells Fargo & Company (WFC), as guarantor, fully and unconditionally guarantees auto-callable notes issued by Wells Fargo Finance LLC and linked to CrowdStrike Holdings, Inc. Class A common stock. Each security has a $1,000 face amount and original offering price; the agent discount is $42.50 and proceeds to Wells Fargo Finance LLC are $957.50 per security.
Monthly contingent coupons are payable only when CrowdStrike’s closing value is at least 60% of its starting value; the annual coupon rate will be set on the pricing date and will be at least 20.00%. On quarterly call dates, a closing value at or above the starting value triggers automatic redemption for the face amount plus a final contingent coupon. If the notes are not called, the maturity payment is $1,000 when the ending value is at least 60% of the starting value; below that threshold, it is $1,000 multiplied by the performance factor, with possible loss of all principal. Holders do not share in CrowdStrike’s gains or dividends, and the notes are not exchange-listed.
The preliminary estimated value is approximately $946.50 per security; the estimated value at pricing will be at least $916.50. The scheduled issue date is October 21, 2026, and the stated maturity date is October 19, 2028. Payments are subject to the credit risk of the issuer and guarantor.
Wells Fargo & Company guarantees preliminary market-linked notes issued by Wells Fargo Finance LLC, with a $1,000 face amount and original offering price per security. Payments depend on the lowest-performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes. A contingent coupon, at a rate to be set on the pricing date and at least 9.50% per annum, is paid quarterly only when the lowest-performing index closes at or above 65% of its starting value; no coupon is paid for a quarter below that level.
Wells Fargo Finance LLC may redeem the notes on quarterly payment dates beginning approximately one year after issuance. If not redeemed, at the stated maturity date of October 21, 2031, holders receive $1,000 principal only if the weakest index is at least 55% of its starting value; below 55%, principal bears the index’s full decline from its starting value, with losses exceeding 45% and possibly reaching all of the face amount. Holders do not participate in index appreciation or receive dividends, and the notes are unlisted. The preliminary estimated value is approximately $974.80 per security; the estimated value on the pricing date will be at least $944.80 per security.
Wells Fargo & Company (WFC) guarantees Wells Fargo Finance LLC’s preliminary offering of market-linked notes with a $1,000 face amount per security, stated to mature on October 20, 2031, subject to postponement. The Basket weights the S&P 500 Index at 80.00% and the iShares MSCI EAFE ETF at 20.00%. If the Basket rises, the maturity payment includes a positive return at an upside participation rate of at least 103.10%, to be determined on the pricing date. If the Basket finishes flat or falls by no more than 20%, payment is $1,000; declines beyond that buffer result in one-for-one downside exposure, with a potential loss of up to 80% of face amount.
The notes pay no interest or dividends and are not exchange-listed. Payments are subject to the credit risk of Wells Fargo Finance LLC and WFC; holders have no claim to the underlying securities or ETF shares. The current estimated value is approximately $978.60 per security, below the $1,000 original offering price; the estimated value on the pricing date will be at least $948.60 per security. The calculation day is October 15, 2031, subject to postponement, and Wells Fargo Securities and its affiliates are not obligated to make a secondary market.
Wells Fargo & Company (WFC) guarantees preliminary callable market-linked notes issued by Wells Fargo Finance LLC, linked to the lowest-performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, and due October 21, 2030. Each security has a $1,000 face amount and original offering price; proceeds to Wells Fargo Finance LLC are $993.00 per security after a $7.00 agent discount. Quarterly contingent coupons are payable only if the lowest-performing index closes at or above 70% of its starting value; the annual coupon rate will be set on the pricing date at no less than 10.00%.
Wells Fargo Finance LLC may redeem all, but not part, of the securities on quarterly dates beginning approximately six months after issuance. If not redeemed, investors receive $1,000 per security at maturity only if the lowest-performing index is at or above 70% of its starting value; below that threshold, payment tracks the index from its starting value, with losses exceeding 30% and potentially reaching all principal. Returns do not include index appreciation or dividends. The estimated value is approximately $978.50 per security, and the pricing-date estimate will be at least $948.50. The securities are unlisted, and affiliates are not obligated to make a market.
WFC fully and unconditionally guarantees market-linked securities issued by Wells Fargo Finance LLC, the issuer. The preliminary terms set a $1,000 face amount and offering price per security, linked to the S&P 500, with stated maturity on October 19, 2028, subject to postponement. If the index rises, holders receive 100% participation in its gain up to a maximum upside return of at least 20.50% of face amount; if it falls by no more than the 20% buffer, the payment includes a positive return equal to the decline. A larger fall produces one-for-one losses beyond the buffer, with potential loss of up to 80% of face amount.
The securities pay no periodic interest or dividends and are not exchange-listed. The current estimated value is approximately $984.20 per security, and the estimated value on the pricing date will be at least $954.20. Wells Fargo Finance LLC receives $990 per security after the $10 agent discount. Secondary-market purchases are not guaranteed, and the securities are designed to be held to maturity.
Wells Fargo Finance LLC has set preliminary terms for equity index-linked notes with a $1,000 face amount and original offering price per security. Wells Fargo & Company (WFC) fully and unconditionally guarantees the notes. Their maturity payment depends on a basket of five indexes: EURO STOXX 50 (40%), TOPIX (25%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (7%).
For a positive basket return, the notes provide 180% upside participation, subject to a maximum settlement amount expected to range from $1,391.50 to $1,460.44 per $1,000 face amount. A decline of up to 15% returns the face amount; below that buffer, losses apply at approximately 1.1765% of face amount for each 1% decline below 85%, and could reach the full investment. The notes pay no periodic interest or dividends on basket securities. Their current estimated value is approximately $987.70 per security, and their trade-date estimated value will be at least $957.70. They are unsecured obligations and are not exchange-listed; Wells Fargo Securities, LLC and its affiliates are not required to make a market.
Wells Fargo & Company (WFC) fully and unconditionally guarantees preliminary MSCI EAFE-linked notes issued by Wells Fargo Finance LLC. Each security has a $1,000 face amount and a $1,000 original offering price.
The notes pay no interest. At maturity, they return $1,000 if the index is flat or declines by no more than 12.50%; if it rises, the 170% upside participation rate applies subject to an expected maximum settlement amount between $1,203.49 and $1,239.36 per security. Below the 12.50% buffer, losses are approximately 1.1429% of face amount for every 1% the index falls below 87.50% of its initial level, and could consume all principal.
The determination date is expected within 18 to 21 months after the trade date. The current estimated value is approximately $992.40 per security; the trade-date estimated value will not be less than $962.40. Payments are subject to the issuer’s and guarantor’s credit risk.
Wells Fargo Finance LLC is offering $1,903,000 of EURO STOXX 50® index-linked securities, fully and unconditionally guaranteed by Wells Fargo & Company (WFC). Each security has a $1,000 face amount and an original offering price of $1,000; total proceeds to Wells Fargo Finance LLC are $1,903,000. The securities mature October 13, 2028, subject to postponement, and pay no interest.
At maturity, if the index is at least 85.00% of its initial level, each $1,000 face amount pays $1,203.50, a contingent fixed return of 20.35%. Below that threshold, the payment is reduced by approximately 1.1765% of face amount for each 1% decline below the threshold, and could be zero. The estimated value was $997.85 per security on the trade date, below the offering price. Payments are subject to the issuer’s and guarantor’s credit risk.
Wells Fargo & Company (WFC) guarantees a $2,266,000 offering of equity-index-linked digital securities issued by Wells Fargo Finance LLC and linked to the MSCI EAFE Index. Wells Fargo Finance LLC receives $2,266,000 in proceeds; each security has a $1,000 face amount and original offering price. The notes pay no interest or dividends and mature October 13, 2028, subject to postponement.
At maturity, a final index level at least 85.00% of its initial level of 3,087.74 pays $1,181.60 per $1,000 face amount, a capped 18.16% return. Below 85.00%, the payment declines at approximately 117.65% of the index loss beyond the 15.00% buffer, potentially to zero. Wells Fargo Securities, LLC estimated the trade-date value at $993.95 per security, below the $1,000 offering price. The notes are unsecured obligations fully and unconditionally guaranteed by WFC. They will not be listed on an exchange, and Wells Fargo Securities, LLC and its affiliates are not obligated to buy them or make a market.
Wells Fargo & Company (WFC) fully and unconditionally guarantees unsecured notes issued by Wells Fargo Finance LLC with a total original offering price of $11,304,000; the issuer receives $11,304,000 in proceeds. The notes are linked to the lowest-performing of the iShares MSCI EAFE ETF, Russell 2000 Index and S&P 500 Index. Each $1,000 security has an estimated value of $972.87, compared with its $1,000 original offering price. A quarterly coupon at a 10.00% annual rate is payable only when the lowest performer closes at or above 70% of its starting value; that payment is $25 per qualifying quarter. If the lowest performer closes at or above its starting value on a scheduled calculation day from April 2027 through July 2031, the notes are automatically called for face amount plus a final coupon.
If not called, the notes mature on October 10, 2031. At maturity, the holder receives $1,000 per security if the lowest performer is at or above 70% of its starting value. Below that threshold, the payment is $1,000 multiplied by that Underlier’s performance factor, exposing principal to loss that could be total. The notes do not participate in Underlier appreciation or pay Underlier dividends, are not exchange-listed, and all payments are subject to the issuer’s and guarantor’s credit risk.
Wells Fargo Finance LLC priced securities with a $300,000 total original offering price; Wells Fargo & Company (WFC) fully and unconditionally guarantees the notes. Each security has a $1,000 face amount, an issue date of October 13, 2026, and stated maturity of October 10, 2031. Wells Fargo Finance LLC receives $297,750 total after a $2,250 agent discount. The securities are not exchange-listed.
Monthly contingent coupons are paid at 10.35% per annum only if the lowest-performing of the Nasdaq-100, Russell 2000, and S&P 500 closes at or above 70% of its starting value on a calculation day; the stated payment is $8.63 per security when earned. Wells Fargo Finance LLC may redeem all, but not part, on monthly coupon payment dates beginning approximately one year after issuance, paying face amount plus a final coupon if payable.
If not redeemed, the maturity payment is $1,000 per security if the weakest index is at least 80% of its starting value on the final calculation day. Below that threshold, payment is $1,000 multiplied by that index’s performance factor and 1.25, exposing principal to leveraged losses. Investors do not participate in index appreciation or receive dividends on securities included in the indexes. Estimated value is $980.95 per security, below the $1,000 offering price.
Wells Fargo & Company (WFC) fully and unconditionally guarantees Wells Fargo Finance LLC’s $1,200,000 offering of callable market-linked notes. Proceeds to the issuer are $1,197,000 after a total $3,000 agent discount. Each security has a $1,000 face amount and is linked to the lowest-performing of the Russell 2000 Index, S&P 500 Index and State Street Utilities Select Sector SPDR ETF.
Monthly coupons at 10.40% per annum are payable only if the lowest performer closes at or above 70% of its starting value on the monthly calculation day; each payment, if due, is $8.67 per security. Wells Fargo Finance LLC may redeem the notes monthly beginning approximately six months after issuance. If not redeemed, they mature October 10, 2031. At or above the 65% downside threshold, the maturity payment is $1,000; below it, principal tracks the lowest performer from its starting value and could be lost entirely.
Holders do not participate in underlier appreciation or receive its dividends. The notes are not exchange-listed, and a secondary market is not assured. The estimated value was $978.04 per security, below the $1,000 original offering price. Payments are subject to the issuer’s and guarantor’s credit risk.
Wells Fargo Finance LLC is offering $4,862,000 of callable notes linked to the lowest-performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index; Wells Fargo & Company (WFC) fully and unconditionally guarantees the notes. Each has a $1,000 face amount. A 9.10% annual contingent coupon is paid monthly only if the lowest-performing index closes at or above 70% of its starting value; otherwise, no coupon is due that month.
Wells Fargo Finance LLC may redeem the notes monthly at its option beginning approximately one year after issuance. If they remain outstanding to the October 10, 2031 maturity, principal is repaid only if the final lowest-performing index is at least 60% of its starting value; below that, investors lose more than 40%, possibly all, with full downside exposure. Repayment cannot exceed face amount, and holders receive no index appreciation or dividends. The pricing table shows $4,825,535 total proceeds to Wells Fargo Finance LLC ($992.50 per note) after a $7.50-per-note agent discount. Estimated value was $972.31 per note versus the $1,000 original offering price. The notes are unlisted, a secondary market is not assured, and payments carry credit risk.
Wells Fargo Finance LLC offers auto-callable market-linked notes with an aggregate original offering price of $1,118,000, fully and unconditionally guaranteed by Wells Fargo & Company (WFC). The notes are linked to Space Exploration Technologies Corp. Class A common stock and mature October 12, 2029.
Each $1,000 security has a 20.00% per annum contingent coupon, payable monthly only when the stock closes at or above $108.94, 65% of its $167.60 starting value. On quarterly call dates from October 2027 through July 2029, inclusive, a close at or above $167.60 triggers automatic repayment of the face amount plus the final contingent coupon. If not called, maturity payment is $1,000 when the ending value is at least $108.94; below that, it equals $1,000 multiplied by the performance factor, exposing holders to losses of more than 35% and potentially all principal. The notes provide no participation in stock appreciation or dividends and are not exchange-listed.
The estimated value was $976.82 per security, compared with the $1,000 original offering price. The offering table lists $1,106,820 in proceeds to Wells Fargo Finance LLC after an $11,180 agent discount. Payments are subject to issuer and guarantor credit risk.
Wells Fargo & Company (WFC) fully and unconditionally guarantees Wells Fargo Finance LLC’s market-linked notes, with an aggregate original offering price of $4,000,000. The original offering price is $1,000 per security; proceeds to Wells Fargo Finance LLC total $3,989,000 after an $11,000 agent discount. The current estimated value is $988.40 per security, determined by its affiliate Wells Fargo Securities, LLC using proprietary pricing models.
Quarterly contingent coupons pay at 12.40% per annum only if the lowest-performing index stays at or above 70% of its starting value on every eligible trading day in the observation period. Wells Fargo Finance LLC may redeem the notes on quarterly coupon dates beginning approximately six months after issuance. If the notes remain outstanding at maturity on October 10, 2030, repayment is $1,000 per security if the lowest-performing index ends at or above 60% of its starting value; below that threshold, repayment follows that index’s performance factor, and losses can exceed 40% or reach the entire face amount. The notes are unlisted, and an active secondary market is not assured.
Wells Fargo & Company (WFC) fully and unconditionally guarantees a $4,000,000 offering of callable market-linked notes issued by Wells Fargo Finance LLC. The notes are offered at $1,000 per security and have a stated maturity of October 10, 2030, subject to postponement. Wells Fargo Finance LLC receives $3,989,000 after the $11,000 agent discount. The current estimated value is $984.20 per security.
The 13.10% annual coupon is contingent: the lowest-performing of the Nasdaq-100, Russell 2000 and EURO STOXX 50 indexes must remain at or above 70% of its starting value on every eligible trading day during each quarterly observation period. A breach on any such day cancels that period’s coupon. Wells Fargo Finance LLC may redeem the notes, in whole but not in part, on quarterly dates beginning approximately six months after issuance.
If not redeemed, the notes return $1,000 per security at maturity only if the lowest-performing index ends at or above 60% of its starting value. Below that threshold, principal is exposed to the index’s full decline and may be lost entirely. Holders do not participate in index appreciation or receive dividends; the notes are unlisted, and a secondary market is not assured. Payments are also subject to the issuer’s and guarantor’s credit risk.
Wells Fargo & Company (WFC) fully and unconditionally guarantees securities issued by Wells Fargo Finance LLC, with a $1,845,000.00 aggregate offering price and $1,000 face amount per security. Wells Fargo Finance LLC receives $1,833,007.50 in proceeds. The securities are linked to the lowest-performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes.
Quarterly contingent coupons are $23.13 per security at a 9.25% per annum rate, payable only if the lowest-performing index closes at or above 60% of its starting value. Wells Fargo Finance LLC may redeem all, but not part, on quarterly payment dates beginning approximately six months after issuance and scheduled through July 2029. Estimated value was $982.05 per security, below the $1,000 original offering price.
If not redeemed, the securities mature October 11, 2029. Holders receive $1,000 per security at maturity only if the lowest-performing index is at least 60% of its starting value; below that threshold, repayment follows the index's performance factor, exposing holders to its full decline and possible loss of all principal. Holders do not participate in index appreciation or receive dividends on index securities. The securities are unlisted, and Wells Fargo Securities, LLC is not obligated to make a secondary market.
Wells Fargo & Company (WFC), as guarantor, backs Wells Fargo Finance LLC’s $4,595,600 offering of trigger callable contingent-yield notes linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes. The unsecured notes are priced at $10 each; Wells Fargo Finance LLC receives $4,526,666 after a $68,934 agent discount. Their stated estimated value is $9.80 per note.
The notes pay an 11.30% annual contingent coupon in quarterly installments of $0.2825 per note only if all three indexes remain at or above their 70% coupon barriers on every eligible trading day in an observation period. The issuer may redeem all notes on quarterly dates beginning approximately one year after settlement. If not redeemed, maturity is October 11, 2029. At maturity, principal is repaid if each index is at or above 70% of its initial value; if any index finishes below its threshold, repayment reflects the least-performing index’s negative return, and investors may lose some or all of their principal. Holders receive no index appreciation or dividends. The notes are unlisted, a secondary market is not assured, and payments depend on the issuer’s and guarantor’s creditworthiness.
Wells Fargo & Company (WFC) fully and unconditionally guarantees $1,546,000 of buffered enhanced-return notes issued by Wells Fargo Finance LLC. Each $1,000 security is linked to a basket of five international equity indexes: EURO STOXX 50 (40%), TOPIX (25%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (7%). The trade-date estimated value is $989.16 per security, below its $1,000 offering price. The notes pay no interest or dividends and mature January 12, 2029, subject to postponement.
At maturity, basket gains receive 180% participation, capped at $1,471.60 per security when the basket reaches 126.20% of its initial level. A basket decline of up to 15.00% leaves the $1,000 face amount payable; below 85.00% of the initial level, losses reflect approximately 117.65% of the decline beyond the buffer, and the payment could be zero. The notes are unsecured obligations, with payments subject to the credit risk of Wells Fargo Finance LLC and WFC. They are not exchange-listed, and the agent is not obligated to make a market.
Wells Fargo Finance LLC set preliminary terms for $1,000 face-amount market-linked notes tied to the S&P 500 Index, fully and unconditionally guaranteed by Wells Fargo & Company (WFC). The stated maturity date is October 20, 2032, subject to postponement, and the notes pay no periodic interest or dividends. If the index rises, the maturity payment reflects at least 106.20% participation in its percentage gain; if it falls by no more than 15%, the notes return face amount plus the absolute index decline, capped at a 15% gain. If the index falls more than 15%, losses track the decline beyond the buffer, and holders may lose up to 85% of face amount.
The current estimated value is approximately $979.20 per security, and the estimated value on the pricing date will be at least $949.20. The original offering price is $1,000 per security; Wells Fargo Finance LLC's proceeds are $994 after a $6 agent discount. The notes are unsecured obligations and will not be exchange-listed; the agent is not obligated to make a market. Payments are subject to the credit risk of the issuer and guarantor.
Wells Fargo Finance LLC’s preliminary terms describe callable notes linked to the lowest-performing of the Russell 2000 Index, the S&P 500 Index and the State Street Utilities Select Sector SPDR ETF; Wells Fargo & Company (WFC) fully and unconditionally guarantees them. Each security has a $1,000 face amount and $1,000 offering price; the agent discount is $5.50 and proceeds to Wells Fargo Finance LLC are $994.50 per security. Monthly coupons, at a rate set on the pricing date of at least 10.00% per annum, are payable only if the lowest-performing underlier closes at or above 70% of its starting value.
Wells Fargo Finance LLC may redeem the notes monthly from April 2027 through September 2031. If not redeemed, maturity on October 20, 2031 pays $1,000 per security only when the lowest-performing underlier ends at or above 60% of its starting value; below that threshold, the maturity payment equals $1,000 multiplied by that underlier’s performance factor, and losses can exceed 40% or reach the full face amount. Estimated value is approximately $976.60 per security, with a pricing-date minimum of $946.60, versus the $1,000 offering price. The notes are unlisted, and no secondary market is assured.
Wells Fargo & Company (WFC) guarantees Wells Fargo Finance LLC’s preliminary offering of S&P 500-linked notes at an original offering price of $1,000 per security. The notes are unsecured, pay no periodic interest, and have a stated maturity of April 20, 2028, subject to postponement.
For an index increase, investors receive 100% upside participation, capped at a maximum upside return of at least 15.00% of face amount, to be set on the pricing date. If the index falls by no more than the 20% buffer, the note pays a positive return equal to 50% of the decline, effectively capped at 10.00%. A decline beyond the buffer creates one-for-one downside exposure beyond 20%; investors may lose up to 80% of face amount.
The current estimated value is approximately $987.50 per security, and the estimated value on the pricing date will be at least $957.50, compared with the $1,000 offering price. The offering table lists an $8.00 agent discount and $992.00 proceeds to Wells Fargo Finance LLC per security. The notes are unlisted, and the agent is not required to make a secondary market.
Wells Fargo Finance LLC is offering $8.5 million of market-linked notes, guaranteed by Wells Fargo & Company (WFC); the offering table lists $8.5 million of proceeds to Wells Fargo Finance LLC. The notes are linked to the lowest-performing of the iShares MSCI EAFE ETF, Nasdaq-100 Index and Russell 2000 Index.
The notes pay an 11.50% annual contingent coupon quarterly only when the lowest-performing underlier is at or above 70% of its starting value on a calculation day. Wells Fargo Finance LLC may redeem all, but not part, on scheduled quarterly payment dates beginning approximately three months after issuance; redemption pays $1,000 per security plus any payable final coupon.
If not redeemed, the notes pay $1,000 per security at maturity on July 10, 2028 if the lowest-performing underlier is at least 65% of its starting value. Below that threshold, repayment follows that underlier’s performance factor, and investors may lose more than 35% or all of their principal. The notes do not participate in underlier gains or dividends, are not exchange-listed, and had an estimated value of $990.09 per security on the pricing date.
Wells Fargo Finance LLC is offering trigger callable contingent-yield notes linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes; Wells Fargo & Company (WFC) fully and unconditionally guarantees them. Each Note has a $10 principal amount and offering price, with a $1,000 minimum investment (100 Notes). Wells Fargo Finance LLC receives $9.85 per Note after the $0.15 agent discount. Estimated value is approximately $9.73 per Note and no less than $9.43 on the Trade Date. The rate, set on the Trade Date, is at least 11.00% annually; each quarterly coupon is at least $0.275 per Note, payable only if all three indexes close at or above 70% of their initial values on every eligible trading day in the Observation Period.
The issuer may redeem all Notes, but not part, quarterly beginning October 8, 2027, paying principal plus any coupon then due; no further payments follow. At the scheduled maturity on October 11, 2029, subject to postponement, principal is repaid if each index’s final value is at least 70% of its initial value. If any is below, repayment reflects the full decline of the least-performing index from its initial value, and investors may lose all principal. Returns do not include index appreciation or dividends, and all payments are subject to issuer and guarantor credit risk.
Wells Fargo & Company (WFC) fully and unconditionally guarantees equity-index-linked notes issued by Wells Fargo Finance LLC, whose total original offering price is $524,000. Each security has a $1,000 face amount. After the $3,144 agent discount, Wells Fargo Finance LLC receives $520,856 in total proceeds. The estimated value was $980.77 per security, below the original offering price.
The 9.70% annual coupon is payable monthly only when the lowest-performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 is at least 70% of its starting value on a calculation day. The notes may be automatically called from April 2027 through September 2031 if the lowest-performing index reaches its starting value. If not called, the stated maturity date is October 9, 2031, subject to postponement: principal is $1,000 per security only if the lowest-performing index is at least 70% of its starting value on the final calculation day. Below that threshold, investors bear the index’s full decline and may lose more than 30% or all principal. The notes provide no index appreciation or dividends and are not exchange-listed.
Wells Fargo & Company (WFC) fully and unconditionally guarantees Wells Fargo Finance LLC’s preliminary offering of $1,000-per-security notes linked to the lowest-performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes. The contingent coupon rate, to be set on the pricing date, will be at least 10.35% per annum; a monthly coupon is payable only when the lowest-performing index is at or above 70% of its starting value on that month’s calculation day. Wells Fargo Finance LLC may redeem the notes monthly beginning approximately one year after issuance.
If not redeemed, the notes return the $1,000 face amount at maturity on October 10, 2031, only if the lowest-performing index ends at or above 80% of its starting value. Below that threshold, losses are leveraged at 1.25 times declines beyond the 20% buffer, potentially eliminating the face amount; holders do not participate in index appreciation or receive dividends. The original offering price is $1,000 per security, with $992.50 in proceeds to the issuer after the agent discount. The current estimated value is approximately $972.30 per security, and the estimated value on the pricing date will be no less than $942.30. The notes are unlisted, and a secondary market may not develop.
Wells Fargo & Company (WFC) guarantees preliminary $1,000-per-security notes issued by Wells Fargo Finance LLC and linked to Space Exploration Technologies Corp. Class A common stock, with stated maturity on October 12, 2029, subject to postponement. Monthly contingent coupons will be at least 20.00% per annum, with the rate set on the pricing date, and are payable only when the stock’s monthly closing value is at least 65% of its starting value. If a quarterly call-date closing value reaches the starting value, the notes are automatically called for $1,000 plus the final contingent coupon.
If not called, the maturity payment is $1,000 when the final value is at least 65% of the starting value; below that threshold, payment reflects the stock’s decline from the starting value, potentially eliminating principal. Holders do not participate in stock appreciation or receive its dividends. The preliminary estimated value is approximately $961.30 per security, compared with the $1,000 original offering price; the pricing-date estimated value has a stated floor of $931.30. Wells Fargo Finance LLC receives $990 per security, and Wells Fargo Securities, LLC receives a $10 agent discount per security.
Wells Fargo & Company (WFC) fully and unconditionally guarantees preliminary equity-index-linked digital securities issued by Wells Fargo Finance LLC, linked to the MSCI EAFE Index and offered at $1,000 per security. If the final index level is at least 85.00% of its initial level, the maturity payment is expected to be $1,157.40 to $1,185.10 per security, corresponding to a contingent fixed return of 15.74% to 18.51%. The determination date is expected within 24 to 27 months after the trade date, with maturity expected on the second scheduled business day afterward.
If the final level is below 85.00% of the initial level, payment is below face amount and losses are leveraged: each 1% decline below the threshold reduces face amount by approximately 1.1765%, and the loss could reach the full investment. Upside is capped at the stated contingent fixed return; no periodic interest or dividends are paid. The current estimated value is approximately $992.20 per security, below the $1,000 offering price, and the trade-date estimate will be no less than $962.20. The securities will not be listed on an exchange or automated quotation system, and Wells Fargo Securities, LLC and its affiliates are not obligated to make a market.
Wells Fargo & Company (WFC) fully and unconditionally guarantees a $3,070,000 offering of equity index-linked notes issued by Wells Fargo Finance LLC, at an original offering price and face amount of $1,000 per security. The notes are linked to the lower-performing of the Nasdaq-100 and S&P 500 indexes. They pay a contingent coupon at 10.05% per annum, semiannually only when the lower-performing index closes at or above 70% of its starting value on the relevant calculation day; otherwise that period’s coupon is not paid. Holders receive no dividends on index constituents and do not participate in index appreciation.
Wells Fargo Finance LLC may redeem the notes at its option on scheduled coupon dates beginning approximately one year after issuance. If not redeemed, they mature on October 7, 2031: a lowest-performing index at or above its 70% downside threshold returns the $1,000 face amount, plus any final coupon payable. Below that threshold, the principal payment equals $1,000 multiplied by the index’s performance factor and can fall to zero. The estimated value was $977.73 per security, compared with the $1,000 offering price. The notes are unlisted, may have limited secondary-market liquidity, and payments carry issuer and guarantor credit risk.
Wells Fargo & Company (WFC) guarantees a Wells Fargo Finance LLC offering with a total original offering price of $1,585,000 for auto-callable notes linked to the lower-performing of the MSCI Emerging Markets Index and Global X U.S. Infrastructure Development ETF. The terms provide $1,553,300 in total proceeds to the issuer. The original offering price is $1,000 per security, compared with an estimated value of $962.79 per security.
On a call date, if the lower-performing underlier is at least 85% of its starting value, the notes are called for $1,120 to $1,480 per security, with call premiums ranging from 12% to 48% of face amount. If not called, the notes pay $1,000 at maturity when the lowest-performing underlier ends below 85% but at or above the 70% downside threshold. Below 70%, payment reflects the underlier’s full decline from its starting value and could be zero. The notes pay no interest, cap returns at the applicable call premium, are unlisted, and carry issuer and guarantor credit risk.
Wells Fargo Finance LLC is offering $1,000-face-amount market-linked notes, fully and unconditionally guaranteed by Wells Fargo & Company (WFC). Returns depend on the lowest-performing of the iShares MSCI EAFE ETF, Nasdaq-100 Index and Russell 2000 Index. The contingent coupon rate, set on the pricing date, will be at least 11.50% per annum; quarterly coupons are paid only if the weakest underlier closes at or above 70% of its starting value. The issuer may redeem on quarterly coupon dates beginning approximately three months after issuance, paying face amount and a final coupon if payable.
If not redeemed, the notes mature July 10, 2028, subject to postponement. At maturity, a weakest-underlier value at or above 65% of its starting value on the final calculation day returns $1,000 per security; below 65%, payment is $1,000 multiplied by that underlier’s performance factor, exposing principal to its full decline from its starting value and potentially all principal loss. The notes provide no underlier appreciation or dividends. Current estimated value is approximately $989.70 per security; the pricing-date estimate will be at least $959.70, versus a $1,000 offering price. These are unsecured obligations of Wells Fargo Finance LLC, guaranteed by WFC, and are unlisted with no assured secondary market.
Wells Fargo & Company (WFC) guarantees Wells Fargo Finance LLC’s preliminary offering of $1,000 face-amount equity index-linked digital securities tied to the EURO STOXX 50 Index. The securities pay no interest, and the determination date is expected 24 to 27 months after the trade date.
If the final index level is at least 85.00% of its initial level, each security is expected to pay $1,170.90 to $1,201.00 at maturity, a contingent fixed return of 17.09% to 20.10%, to be set on the trade date. Below 85.00%, the payment declines by approximately 1.1765% of face amount for each 1% decline below the threshold; the payment could be zero. The current estimated value is approximately $993.40 per security, and the estimated value on the trade date will be at least $963.40. The notes are unsecured and unlisted, and a secondary market is not assured; payments are subject to the issuer’s and guarantor’s credit risk.
Wells Fargo Finance LLC sets out preliminary pricing terms for callable market-linked debt securities tied to the lowest-performing of the Russell 2000 Index, S&P 500 Index and Utilities Select Sector SPDR ETF. Wells Fargo & Company (WFC) fully and unconditionally guarantees the unsecured notes. Each security has a $1,000 face amount and original offering price; the stated proceeds to Wells Fargo Finance LLC are $992.50 per security, with a $7.50 agent discount.
Monthly contingent coupons, at a rate to be set on the pricing date of at least 10.40% per annum, are paid only if the lowest-performing underlier closes at or above 70% of its starting value; otherwise, that month’s coupon is not paid. Wells Fargo Finance LLC may redeem the securities in whole, not in part, on coupon payment dates beginning approximately six months after issuance. If not redeemed, maturity is October 10, 2031: the full face amount is paid only if the lowest-performing underlier ends at or above 65% of its starting value; below that, payment reflects its full decline from its starting value and may be zero. The notes do not participate in underlier appreciation or dividends and are not exchange-listed. Current estimated value is approximately $977.08 per security; the pricing-date estimate will not be less than $947.08.
Wells Fargo Finance LLC is offering preliminary market-linked notes at $1,000 per security, fully and unconditionally guaranteed by Wells Fargo & Company (WFC). Returns depend on the lowest-performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500. Quarterly coupons are paid only when that index closes at or above 70% of its starting value; the coupon rate will be set on the pricing date and will be at least 9.15% per annum.
Wells Fargo Finance LLC may redeem the notes quarterly beginning approximately six months after issuance. If not redeemed, the stated maturity date is October 31, 2031, subject to postponement. Holders receive the $1,000 face amount at maturity if the lowest performer is at or above 50% of its starting value; below that threshold, payment reflects its full decline from the starting value and may be zero. The current estimated value is approximately $983.80 per security, with a pricing-date floor of $953.80. The notes are unlisted, and a secondary market is not assured.
Wells Fargo Finance LLC is offering preliminary equity-index-linked notes, fully and unconditionally guaranteed by Wells Fargo & Company (WFC), at $1,000 per security. The notes are linked to a weighted basket of the EURO STOXX 50 (40%), TOPIX (25%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (7%). They pay no periodic interest, and holders forgo dividends on the basket securities.
If the basket rises, the notes provide 180% upside participation, subject to a cap level expected at 122.10%–126.00% and a maximum settlement amount expected at $1,397.80–$1,468.00 per security. A decline of up to 15.00% returns the $1,000 face amount; losses apply below that buffer at approximately 117.65% of each additional 1% decline, potentially reaching the full investment. The determination date is expected 27 to 30 months after the trade date. The current estimated value is approximately $986.00 per security, with a trade-date estimate no lower than $956.00. The notes are unlisted and a secondary market is not assured.
Wells Fargo Finance LLC is offering market-linked notes with a $471,000 aggregate original offering price; Wells Fargo & Company (WFC) fully and unconditionally guarantees them. Each security has a $1,000 face amount, with total proceeds to Wells Fargo Finance LLC of $468,645 after a $2,355 agent discount. The notes are due October 4, 2029, subject to postponement, unless called earlier. Their estimated value on the pricing date is $980.04 per security, below the $1,000 offering price.
Coupon payments are conditional on the worst-performing of the Nasdaq-100, Russell 2000 and S&P 500 closing at or above 65% of its starting value on a monthly calculation day; the contingent rate is 10.40% per annum. Wells Fargo Finance LLC may redeem the notes at its option on monthly dates from April 2027 through September 2029. If not redeemed, principal is returned at maturity only if the lowest-performing index ends at or above 65%; below that level, repayment is $1,000 multiplied by that index’s performance factor, exposing holders to loss of more than 35%, potentially all principal. The notes do not share in index appreciation or dividends and are unlisted; a secondary market is not assured.