The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.
August 2024
Preliminary
Pricing Supplement - Subject to Completion
(To Prospectus
dated December 30, 2022,
Series
A Prospectus Supplement dated December 30, 2022 and
Product
Supplement EQUITY-1 dated December 30, 2022)
Filed
Pursuant to Rule 424(b)(2)
Registration
Statement Nos. 333-268718 and 333-268718-01
August
5, 2024
BofA
Finance LLC
Structured Investments
Opportunities in U.S. Equities
Jump Securities with Auto-Callable Feature Based on the
Worst Performing of the Russell 2000® Index and the S&P 500® Index due August 14, 2030
Fully and Unconditionally Guaranteed by Bank of America
Corporation
Principal at Risk Securities
The securities do not guarantee the repayment of principal, do not
provide for the regular payment of interest and have the terms described in the accompanying product supplement, prospectus supplement
and prospectus, as supplemented or modified by this document. Beginning after approximately one year, the securities will be automatically
redeemed if the index closing value of each underlying index on any of the quarterly determination dates (other than the final
determination date) is greater than or equal to its respective initial index value, for an early redemption payment that will increase
over the term of the securities and that will correspond to a return of approximately at least 9.00% per annum, as described below.
No further payments will be made on the securities once they have been redeemed. At maturity, if the securities have not previously been
redeemed and the final index value of each underlying index is greater than or equal to its respective initial index value, investors
will receive a fixed positive return that will also correspond to a return of approximately at least 9.00% per annum, as set forth
below. If the securities have not previously been redeemed and the final index value of either underlying index is less than its
respective initial index value but the final index value of each underlying index is greater than or equal to its respective downside
threshold level, you will receive at maturity the stated principal amount of your securities. However, if the securities are not automatically
redeemed prior to maturity and the final index value of either underlying index is less than its respective downside threshold
level, investors will be exposed to the decline in the worst-performing underlying index on a 1-to-1 basis and will receive a payment
at maturity that is less than 80% of the stated principal amount of the securities and could be zero. Accordingly, investors in the
securities must be willing to accept the risk of losing their entire initial investment. Because payments
on the securities are based on the worst performing of the underlying indices, a decline beyond the respective initial index value on
any quarterly determination date prior to the final determination date and/or beyond the respective downside threshold level on the final
determination date, as applicable, of either underlying index will result in the forfeiture of any early redemption payment and/or
a significant loss of your investment, as applicable, even if the other underlying index has appreciated or has not declined as much. The securities are for investors who are willing to risk their principal and forego current income and participation in the appreciation
of either underlying index in exchange for the possibility of receiving an early redemption payment or payment at maturity greater than
the stated principal amount if each underlying index closes at or above its respective initial index value on a quarterly determination
date or the final determination date, respectively. The securities are our senior debt securities. Any payments on the securities are
fully and unconditionally guaranteed by Bank of America Corporation (“BAC”). The securities are issued as part of BofA Finance
LLC’s (“BofA Finance”) “Medium-Term Notes, Series A” program.
All payments on the securities are subject to the credit risk of BofA
Finance, as issuer of the securities, and BAC, as guarantor of the securities. If we default on our obligations, you could lose some or
all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have
any access to, any underlying reference asset or assets.
SUMMARY TERMS |
Issuer: |
BofA Finance |
Guarantor: |
BAC |
Underlying indices: |
The Russell 2000® Index (Bloomberg symbol: “RTY”) and the S&P 500® Index (Bloomberg symbol: “SPX”) |
Aggregate principal amount: |
$ |
Stated principal amount: |
$1,000 per security |
Issue price: |
$1,000 per security (see “Commissions and issue price” below) |
Pricing date: |
August 9, 2024 |
Original issue date: |
August 14, 2024 (3 business days after the pricing date) |
Maturity date: |
August 14, 2030 |
Early redemption: |
The securities are not subject to automatic early redemption until
approximately one year after the original issue date. Following this 1-year initial non-call period, if, on any quarterly determination
date (other than the final determination date), beginning on August 18, 2025, the index closing value of each underlying index is greater
than or equal to its respective initial index value, the securities will be automatically redeemed for the applicable early redemption
payment on the related early redemption date. No further payments will be made on the securities once they have been redeemed.
The securities will not be redeemed early on any early redemption
date if the index closing value of either underlying index is below its respective initial index value on the related determination date. |
Early redemption payment: |
The early redemption payment for each quarterly determination date prior to the final determination date will be an amount in cash per stated principal amount corresponding to a return of approximately at least 9.00% per annum. See “Determination Dates, Early Redemption Dates and Early Redemption Payments” below. |
Determination dates: |
Quarterly, beginning on August 18, 2025. See “Determination Dates,
Early Redemption Dates and Early Redemption Payments” below. We also refer to August 9, 2030 as the final determination date.
The determination dates are subject to postponement as set forth in
“Description of the Notes—Certain Terms of the Notes—Events Relating to Observation Dates” beginning on page PS-23
of the accompanying product supplement. |
Early redemption dates: |
Quarterly, beginning on August 21, 2025. See “Determination Dates, Early Redemption Dates and Early Redemption Payments” below. |
Initial index value: |
With respect to the RTY: , which is the index closing value of such
index on the pricing date
With respect to the SPX: , which is the index closing value of such
index on the pricing date |
Final index value: |
With respect to each underlying index, the respective index closing value on the final determination date |
Payment at maturity: |
If the securities have not previously been redeemed, you will receive
at maturity a cash payment per security as follows:
· If the final index value of each underlying index is greater than or equal to its respective initial
index value:
At least $1,540.00
(set on the pricing date)
· If the final index value of either underlying index is less than its respective initial index value
but the final index value of each underlying index is greater than or equal to its respective downside threshold level:
$1,000
· If the final index value of either underlying index is less than its respective downside threshold
level:
$1,000 × index performance factor of the worst performing underlying
index
Under these circumstances, the payment at maturity will be less than
80% of the stated principal amount of the securities and could be zero.
|
|
Terms continued on the following page |
Agent: |
BofA Securities, Inc. (“BofAS”), an affiliate of BofA Finance |
Estimated value on the pricing date: |
Between $905.00 and $955.00 per $1,000 in principal amount of securities, which is less than the price to public listed below. The actual value of your securities at any time will reflect many factors and cannot be predicted with accuracy. See “Additional Information About the Securities—Structuring the securities” in this pricing supplement. |
Commissions and issue price: |
Price to public |
Agent’s commissions and fees |
Proceeds to BofA Finance |
Per
security |
$1,000.00 |
$30.00(1) |
|
|
|
$5.00(2) |
$965.00 |
Total |
$ |
$ |
$ |
(1) Morgan
Stanley Wealth Management and its financial advisors will collectively receive from the agent, BofAS, a fixed sales commission of $30.00
for each security they sell. See “Supplement to the plan of distribution; role of BofAS and conflicts of interest” in this
pricing supplement.
(2) Reflects
a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5.00 for each security.
There are important differences between the securities and a conventional
debt security. Potential purchasers of the securities should consider the information in “Risk Factors” beginning on page
9 of this pricing supplement, page PS-5 of the accompanying product supplement, page S-6 of the accompanying prospectus supplement, and
page 7 of the accompanying prospectus.
None of the Securities and Exchange Commission (the “SEC”),
any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this pricing
supplement and the accompanying product supplement, prospectus supplement and prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.
The securities are not deposits or savings accounts and are not insured
by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed
by, a bank.
Before you invest, you should read this pricing supplement and the accompanying
product supplement, prospectus supplement and prospectus for information about us, BAC and this offering, each of which can be accessed
via the hyperlinks below. Please also see “Additional Terms of the Securities” and “Additional Information About the
Securities” in this pricing supplement.
Unless otherwise indicated or unless the context requires otherwise, all
references in this document to “we,” “us,” “our,” or similar references are to BofA Finance, and not
to BAC.
Series A MTN prospectus supplement dated December 30, 2022 and prospectus dated December 30, 2022 and Product Supplement EQUITY-1 dated December 30, 2022
BofA Finance LLC
Jump Securities with Auto-Callable Feature Based on the Worst Performing of the Russell 2000® Index and the S&P 500® Index due August 14, 2030
Principal at Risk Securities
Terms continued from previous page: |
Downside threshold level: |
With respect to the RTY: , which is 80% of its initial index value for
such index
With respect to the SPX: , which is 80% of its initial index value for
such index |
Index performance factor: |
With respect to each underlying index, its final index value divided by its initial index value |
Worst performing
underlying index: |
The underlying index with the larger percentage decrease from the respective initial index value to the respective final index value |
CUSIP / ISIN: |
09711DNQ1 / US09711DNQ15 |
Listing: |
The securities will not be listed on any securities exchange. |
Determination
Dates, Early Redemption Dates and Early Redemption Payments
Determination Dates |
Early Redemption Dates |
Early Redemption Payments
(per $1,000 Security)* |
1st determination date: |
August 18, 2025 |
1st early redemption date: |
August 21, 2025 |
At least $1,090.00 |
2nd determination date: |
November 10, 2025 |
2nd early redemption date: |
November 14, 2025 |
At least $1,112.50 |
3rd determination date: |
February 9, 2026 |
3rd early redemption date: |
February 12, 2026 |
At least $1,135.00 |
4th determination date: |
May 11, 2026 |
4th early redemption date: |
May 14, 2026 |
At least $1,157.50 |
5th determination date: |
August 10, 2026 |
5th early redemption date: |
August 13, 2026 |
At least $1,180.00 |
6th determination date: |
November 9, 2026 |
6th early redemption date: |
November 13, 2026 |
At least $1,202.50 |
7th determination date: |
February 9, 2027 |
7th early redemption date: |
February 12, 2027 |
At least $1,225.00 |
8th determination date: |
May 10, 2027 |
8th early redemption date: |
May 13, 2027 |
At least $1,247.50 |
9th determination date: |
August 9, 2027 |
9th early redemption date: |
August 12, 2027 |
At least $1,270.00 |
10th determination date: |
November 9, 2027 |
10th early redemption date: |
November 15, 2027 |
At least $1,292.50 |
11th determination date: |
February 9, 2028 |
11th early redemption date: |
February 14, 2028 |
At least $1,315.00 |
12th determination date: |
May 9, 2028 |
12th early redemption date: |
May 12, 2028 |
At least $1,337.50 |
13th determination date: |
August 9, 2028 |
13th early redemption date: |
August 14, 2028 |
At least $1,360.00 |
14th determination date: |
November 9, 2028 |
14th early redemption date: |
November 14, 2028 |
At least $1,382.50 |
15th determination date: |
February 9, 2029 |
15th early redemption date: |
February 14, 2029 |
At least $1,405.00 |
16th determination date: |
May 9, 2029 |
16th early redemption date: |
May 14, 2029 |
At least $1,427.50 |
17th determination date: |
August 9, 2029 |
17th early redemption date: |
August 14, 2029 |
At least $1,450.00 |
18th determination date: |
November 9, 2029 |
18th early redemption date: |
November 15, 2029 |
At least $1,472.50 |
19th determination date: |
February 11, 2030 |
19th early redemption date: |
February 14, 2030 |
At least $1,495.00 |
20th determination date: |
May 9, 2030 |
20th early redemption date: |
May 14, 2030 |
At least $1,517.50 |
Final determination date: |
August 9, 2030 |
See “Maturity date” above. |
See “Payment at maturity” above. |
* The actual Early Redemption Payments will be set on the pricing date. |
|
The pricing date, issue date and other dates set forth above are subject to change, and will be set forth in the final pricing supplement relating to the securities. |
BofA Finance LLC
Jump Securities with Auto-Callable Feature Based on the Worst Performing of the Russell 2000® Index and the S&P 500® Index due August 14, 2030
Principal at Risk Securities
Investment Summary
Jump Securities with Auto-Callable Feature
Principal at Risk Securities
Jump Securities with Auto-Callable Feature Based on the Worst Performing
of the Russell 2000® Index and the S&P 500® Index due August 14, 2030 (the “securities”)
do not provide for the regular payment of interest and do not guarantee the repayment of principal. Instead,
beginning after approximately one year, the securities will be automatically redeemed if the index closing value of each underlying index
on any quarterly determination date prior to the final determination date is greater than or equal to its respective initial index value,
for an early redemption payment that will increase over the term of the securities and that will correspond to a return of approximately
at least 9.00% per annum, as described below. No further payments will be made on the securities once they have been redeemed.
At maturity, if the securities have not previously been redeemed and the final index value of each underlying index is greater than or
equal to its respective initial index value, investors will receive a fixed positive return that will also correspond to a return of approximately
at least 9.00% per annum, as set forth below. If the securities have not previously been redeemed and the final index value of
either underlying index is less than its respective initial index value but the final index value of each underlying index is greater
than or equal to its respective downside threshold level, you will receive at maturity the stated principal amount of your securities.
However, if the securities have not previously been redeemed and the final index value of either underlying index is less than its respective
downside threshold level, investors will be exposed to the decline in the worst-performing underlying index on a 1-to-1 basis and will
receive a payment at maturity that is less than 80% of the stated principal amount of the securities and could be zero. Accordingly,
investors in the securities must be willing to accept the risk of losing their entire initial investment. Investors will not participate
in any appreciation in either underlying index.
Maturity: |
Approximately 6 years |
Automatic early redemption: |
The securities are not subject to automatic early redemption until approximately one year after the original issue date. Following this one year initial non-call period, if, on any quarterly determination date, the index closing value of each underlying index is greater than or equal to its respective initial index value, the securities will be automatically redeemed for the applicable early redemption payment on the related early redemption date. The securities will not be redeemed early on any early redemption date if the index closing value of either underlying index is below its respective initial index value on the related determination date. |
Early redemption payment: |
The early redemption payment for each quarterly determination date prior to the final determination date will be an amount in cash per stated principal amount (corresponding to a return of approximately at least 9.00% per annum), as follows:
|
|
No further payments will be made on the securities once they have been redeemed. |
BofA Finance LLC
Jump Securities with Auto-Callable Feature Based on the Worst Performing of the Russell 2000® Index and the S&P 500® Index due August 14, 2030
Principal at Risk Securities
Payment at maturity: |
If the securities have not previously been redeemed, you will
receive at maturity a cash payment per security as follows:
· If the final index value of each underlying index is greater than or equal to its respective initial index value:
At least $1,540 (set on the pricing date)
· If the final index value of either underlying index is less than its respective initial index value but the final index value of
each underlying index is greater than or equal to its respective downside threshold level:
$1,000
· If the final index value of either underlying index is less than its respective downside threshold level:
$1,000 × index performance factor of the worst performing
underlying index
Under these circumstances, the payment at maturity will be less
than 80% of the stated principal amount of the securities and could be zero. |
Any payments on the securities depend on the credit risk of BofA Finance,
as issuer, and BAC, as guarantor, and on the performance of the underlying indices. The economic terms of the securities are based on
BAC’s internal funding rate, which is the rate it would pay to borrow funds through the issuance of market-linked notes, and the
economic terms of certain related hedging arrangements BAC’s affiliates enter into. BAC’s internal funding rate is typically
lower than the rate it would pay when it issues conventional fixed or floating rate debt securities. This difference in funding rate,
as well as the agent’s commissions and fees, if any, and the hedging related charges described below (see “Risk Factors”
beginning on page 9), will reduce the economic terms of the securities to you and the initial estimated value of the securities. Due to
these factors, the public offering price you pay to purchase the securities will be greater than the initial estimated value of the securities
as of the pricing date.
The initial estimated value range of the securities is set forth on
the cover page of this pricing supplement. The final pricing supplement will set forth the initial estimated value of the securities as
of the pricing date. For more information about the initial estimated value and the structuring of the securities, see “Risk Factors”
beginning on page 9 and “Structuring the securities” on page 21.
The securities are our senior debt securities. Any payments on
the securities are fully and unconditionally guaranteed by BAC. The securities and the related guarantee are not insured by the Federal
Deposit Insurance Corporation or secured by collateral. The securities will rank equally in right of payment with all of our other unsecured
and unsubordinated obligations, except obligations that are subject to any priorities or preferences by law. The related guarantee will
rank equally in right of payment with all of BAC’s other unsecured and unsubordinated obligations, except obligations that are subject
to any priorities or preferences by law, and senior to its subordinated obligations. Any payments due on the securities, including any
repayment of the principal amount, will be subject to the credit risk of BofA Finance, as issuer, and BAC, as guarantor.
BofA Finance LLC
Jump Securities with Auto-Callable Feature Based on the Worst Performing of the Russell 2000® Index and the S&P 500® Index due August 14, 2030
Principal at Risk Securities
Key Investment Rationale
The securities do not provide for the regular payment of interest.
Instead, beginning after one year, the securities will be automatically redeemed for an early
redemption payment (corresponding to a return of approximately at least 9.00% per annum) if the index closing value of each underlying
index on any quarterly determination date prior to the final determination date is greater than or equal to its respective initial
index value. At maturity, if the securities have not previously been redeemed and the final index value of each underlying index is greater
than or equal to its respective initial index value, investors will receive a fixed positive return that will also correspond to a return
of approximately at least 9.00% per annum.
The following scenarios are for illustrative purposes only to demonstrate
how an automatic early redemption payment or the payment at maturity (if the securities have not previously been redeemed) are calculated,
and do not attempt to demonstrate every situation that may occur. Accordingly, the securities may or may not be redeemed prior to maturity
and the payment at maturity may be significantly less than the stated principal amount of the securities and may be zero.
Scenario 1: The securities are redeemed prior to maturity |
Beginning after approximately one year, when each underlying index closes at or above its respective initial index value on any quarterly determination date prior to the final determination date, the securities will be automatically redeemed for the applicable early redemption payment on the related early redemption date, corresponding to a return of approximately at least 9.00% per annum. Investors do not participate in any appreciation of either underlying index. |
Scenario 2: The securities are not redeemed prior to maturity, and investors receive a fixed positive return at maturity |
This scenario assumes that at least one underlying index closes below its respective initial index value on each of the quarterly determination dates (beginning after approximately one year) prior to the final determination date. Consequently, the securities are not redeemed prior to maturity. On the final determination date, each underlying index closes at or above its respective initial index value. At maturity, investors will receive a cash payment equal to at least $1,540 (set on the pricing date) per $1,000 in stated principal amount, corresponding to a return of approximately at least 9.00% per annum. Investors do not participate in any appreciation of either underlying index. |
Scenario 3: The securities are not redeemed prior to maturity, and investors receive the stated principal amount at maturity |
This scenario assumes that at least one underlying index closes below its respective initial index value on each of the quarterly determination dates (beginning after approximately one year) prior to the final determination date. Consequently, the securities are not redeemed prior to maturity. On the final determination date, at least one underlying index closes below its respective initial index value but each underlying index closes at or above its respective downside threshold level. At maturity, investors will receive a cash payment equal to the $1,000 stated principal amount per security. |
Scenario 4: The securities are not redeemed prior to maturity, and investors suffer a substantial loss of principal at maturity |
This scenario assumes that at least one underlying index closes below its respective initial index value on each of the quarterly determination dates (beginning after approximately one year) prior to the final determination date. Consequently, the securities are not redeemed prior to maturity. On the final determination date, at least one underlying index closes below its respective downside threshold level. At maturity, investors will receive an amount equal to the stated principal amount multiplied by the index performance factor of the worst performing underlying index. Under these circumstances, the payment at maturity will be less than 80% of the stated principal amount and could be zero. |
BofA Finance LLC
Jump Securities with Auto-Callable Feature Based on the Worst Performing of the Russell 2000® Index and the S&P 500® Index due August 14, 2030
Principal at Risk Securities
Hypothetical Examples
The following table illustrates how the amount payable per security
will be calculated if the index closing value of each underlying index is greater than or equal to its respective initial index value
on one of the determination dates prior to the final determination date. Figures below have been rounded for ease of analysis. All payments
on the securities are subject to issuer and guarantor credit risk.
Investors in the securities will not receive any dividends on the
stocks that constitute the underlying indices. The examples below do not show any effect of lost dividend yield over the term of the securities.
If the first determination date on which the index closing value of each underlying index is greater than or equal to its respective initial index value is . . . |
. . . then you will receive the following payment per security upon automatic early redemption*: |
1st determination date: |
$1,000 + applicable premium = $1,000 + $90.00 = $1,090.00 |
2nd determination date: |
$1,000 + applicable premium = $1,000 + $112.50 = $1,112.50 |
3rd determination date: |
$1,000 + applicable premium = $1,000 + $135.00 = $1,135.00 |
4th determination date: |
$1,000 + applicable premium = $1,000 + $157.50 = $1,157.50 |
5th determination date: |
$1,000 + applicable premium = $1,000 + $180.00 = $1,180.00 |
6th determination date: |
$1,000 + applicable premium = $1,000 + $202.50 = $1,202.50 |
7th determination date: |
$1,000 + applicable premium = $1,000 + $225.00 = $1,225.00 |
8th determination date: |
$1,000 + applicable premium = $1,000 + $247.50 = $1,247.50 |
9th determination date: |
$1,000 + applicable premium = $1,000 + $270.00 = $1,270.00 |
10th determination date: |
$1,000 + applicable premium = $1,000 + $292.50 = $1,292.50 |
11th determination date: |
$1,000 + applicable premium = $1,000 + $315.00 = $1,315.00 |
12th determination date: |
$1,000 + applicable premium = $1,000 + $337.50 = $1,337.50 |
13th determination date: |
$1,000 + applicable premium = $1,000 + $360.00 = $1,360.00 |
14th determination date: |
$1,000 + applicable premium = $1,000 + $382.50 = $1,382.50 |
15th determination date: |
$1,000 + applicable premium = $1,000 + $405.00 = $1,405.00 |
16th determination date: |
$1,000 + applicable premium = $1,000 + $427.50 = $1,427.50 |
17th determination date: |
$1,000 + applicable premium = $1,000 + $450.00 = $1,450.00 |
18th determination date: |
$1,000 + applicable premium = $1,000 + $472.50 = $1,472.50 |
19th determination date: |
$1,000 + applicable premium = $1,000 + $495.00 = $1,495.00 |
20th determination date: |
$1,000 + applicable premium = $1,000 + $517.50 = $1,517.50 |
*The actual Early Redemption Payments will be set on the pricing date. |
|
Even if, on any determination date prior to the final determination
date, the index closing value of one underlying index is greater than or equal to its respective initial index value, if the index closing
value of the other underlying index is less than its respective initial index value, you will not receive the premium indicated above
following that determination date. In order to receive the premium indicated above, the index closing value of each underlying
index must be greater than or equal to its respective initial index value on the applicable determination date.
Early Redemption
The examples below illustrate how
the amount payable per security on the applicable early redemption date, if any, will be determined based upon the index closing values
of each underlying index on the determination dates prior to the final determination date. The examples are based on the hypothetical
values indicated in the following paragraph and do not reflect the actual initial index values of either underlying index. The actual
initial index values will be determined on the pricing date. We have used these hypothetical values, rather than actual values, to simplify
calculations and aid understanding of how the securities work. However, you should understand that the actual payments on the securities
will be calculated based on the actual initial index value of each underlying index, and not the hypothetical values indicated below.
For ease of analysis, figures below may have been rounded.
BofA Finance LLC
Jump Securities with Auto-Callable Feature Based on the Worst Performing of the Russell 2000® Index and the S&P 500® Index due August 14, 2030
Principal at Risk Securities
The examples are based on, for each
underlying index, a hypothetical initial index value of 100.00 and the hypothetical index closing values indicated below. Whether the
securities are redeemed prior to maturity and your actual early redemption payment, if any, will depend on the actual index closing values
of each underlying index on the determination dates.
Example 1—The securities are not redeemed following the first
determination date. On the first determination date, the hypothetical index closing value of the S&P 500® Index
is 110.00 (a 10% increase from its hypothetical initial index value) and the hypothetical index closing value of the Russell 2000® Index is 80.00 (a 20% decrease from its hypothetical initial index value).
In this scenario, even though the index closing value of the S&P
500® Index on the first determination date is at or above its respective initial index value, the index closing value of
the Russell 2000® Index is below its respective initial index value. Therefore, the securities are not redeemed.
Example 2—The securities are redeemed following the second
determination date. On the first determination date, the hypothetical index closing value of the S&P 500® Index
is 120.00 (a 20% increase from its hypothetical initial index value) and the hypothetical index closing value of the Russell 2000® Index is 80.00 (a 20% decrease from its hypothetical initial index value). Therefore, the securities are not redeemed following the first
determination date.
On the second determination date, the hypothetical index closing value
of the S&P 500® Index is 110.00 (a 10% increase from its hypothetical initial index value) and the hypothetical index
closing value of the Russell 2000® Index is 120.00 (a 20% increase from its hypothetical initial index value).
In this scenario, on the second determination date the hypothetical
index closing value of each underlying index is at or above its respective initial index value. Therefore, the securities are automatically
redeemed on the second early redemption date. Investors will receive a payment of $1,112.50 per security on the related early redemption date. No further payments will be made on the securities once they have been redeemed,
and investors do not participate in the appreciation in either underlying index.
Payment at Maturity
The examples below illustrate how the payment at maturity will be
calculated if the securities are not automatically redeemed prior to maturity. The examples are based on the hypothetical values indicated
in the following paragraph and do not reflect the actual initial index values of either underlying index or their applicable downside
threshold levels. The actual initial index values and downside threshold levels will be determined on the pricing date. We have used these
hypothetical values, rather than actual values, to simplify calculations and aid understanding of how the securities work. However, you
should understand that the actual payment at maturity on the securities will be calculated based on the actual initial index value and
downside threshold level of each underlying index, and not the hypothetical values indicated below. For ease of analysis, figures below
may have been rounded.
The examples are based on, for each underlying index, a hypothetical
initial index value of 100.00 and a hypothetical downside threshold level of 80.00 and the hypothetical final index values indicated below.
If the securities are not automatically redeemed prior to maturity, your actual payment at maturity will depend on the actual final index
value of the worst performing underlying index on the final determination date.
Example 1—Upside Scenario. The hypothetical final index
value of the S&P 500® Index is 120.00 (a 20% increase from its hypothetical initial index value) and the hypothetical
final index value of the Russell 2000® Index is 110.00 (a 10% increase from its hypothetical initial index value).
In this scenario, because the final index value of each underlying
index on the final determination date is greater than its respective initial index value,
the payment at maturity per security would be calculated as follows:
Payment at maturity per security = $1,000 + the premium applicable
to the final determination date
= $1,000 + $540.00
= $1,540.00
In this scenario, because the
final index value of each underlying index on the final determination date is greater than
its respective initial index value, you would be repaid the stated principal amount of $1,000 per security
at maturity plus the premium applicable to the final determination date.
Example 2—Par Scenario. The hypothetical final index value of the S&P 500® Index is 94.00 (a 6% decrease from its hypothetical initial
index value) and the hypothetical final index value of the Russell 2000® Index is 95.00 (a 5% decrease from its hypothetical
initial index value).
In this scenario, because the
final index value of at least one underlying index is less than its respective initial index value but the final index value of each underlying
index is greater than or equal to its respective downside threshold level, you would be repaid the stated principal amount of
$1,000 per security at maturity but would not receive any premium.
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Example 3—Downside Scenario. The hypothetical final index
value of the S&P 500® Index is 105.00 (a 5% increase from its hypothetical initial index value) and the hypothetical
final index value of the Russell 2000® Index is 40.00 (a 60% decrease from its hypothetical initial index value). Because
the index performance factor of the Russell 2000® Index on the final determination date is lower than the index performance
factor of the S&P 500® Index on the final determination date in this example, the Russell 2000® Index
would be the worst performing underlying index on the final determination date.
In this scenario, because the final index value of at least one underlying
index on the final determination date is less than its downside threshold level, the payment at maturity per security would be calculated
as follows:
Payment at maturity per security = $1,000 + ($1,000 × the index
performance factor of the worst performing underlying index on the final determination date)
= $1,000 + ($1,000 × -60%)
= $1,000 + -$600.00
= $400.00
In this scenario, the worst performing underlying index on the final
determination date has depreciated by more than 20% from its initial index value to its final index value, which is less than its downside
threshold level. Accordingly, your payment at maturity in this scenario would reflect 1-to-1 downside exposure to the depreciation of
the worst performing underlying index from its initial index value to its final index value, and you would incur a significant loss on
your investment.
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Risk Factors
Your investment in the securities entails significant risks, many
of which differ from those of a conventional debt security. Your decision to purchase the securities should be made only after carefully
considering the risks of an investment in the securities, including those discussed below, with your advisors in light of your particular
circumstances. The securities are not an appropriate investment for you if you are not knowledgeable about significant elements of the
securities or financial matters in general. You should carefully review the more detailed explanation of risks relating to the securities
in the “Risk Factors” sections beginning on page PS-5 of the accompanying product supplement, page S-6 of the accompanying
prospectus supplement and page 7 of the accompanying prospectus, each as identified on the cover page of this pricing supplement.
Structure-related Risks
|
● |
Your investment may result in a significant loss; there
is no guaranteed return of principal. There is no fixed principal repayment amount on the securities at maturity. If the securities
are not automatically called prior to maturity and the final index value of either underlying index is less than its respective
downside threshold level, at maturity, your investment will be subject to 1:1 downside exposure to decreases in the value of the worst
performing underlying index and you will lose 1% of the principal amount for each 1% that the final index value of the worst performing
underlying index is less than its respective initial index value. In that case, you will lose a significant portion or all of your investment
in the securities. |
|
● |
Any positive investment return on the securities is
limited. You will not participate in any increase in the level of either underlying index. Any positive investment return is limited
to the applicable early redemption payment or the maximum payment at maturity of at least $1,540.00 (set on the pricing date) per $1,000
in principal amount of securities, as applicable, if the index closing value or final index value of each underlying index is greater
than or equal to its respective initial index value on any determination date or the final determination date, as applicable. In contrast,
a direct investment in the securities included in one or more of the underlying indices would allow you to receive the benefit of any
appreciation in their values. Any return on the securities will not reflect the return you would realize if you actually owned those securities
and received the dividends paid or distributions made on them. The return on the securities may be less than a comparable investment directly
in the securities held by or included in the underlying indices. There is no guarantee that the securities will be called or, if not called,
redeemed at maturity for more than the principal amount, and it is possible that you will not receive any positive return on the securities. |
|
● |
The securities do not bear interest. Unlike a conventional
debt security, no interest payments will be paid over the term of the securities, regardless of the extent to which the index closing
value or final index value of either underlying index exceeds its respective initial index value. |
|
● |
The securities are subject to potential early redemption,
which would limit your ability to receive further payment on the securities. The securities are subject to a potential early redemption.
The securities will be automatically called if, on any determination date prior to the final determination date, the index closing value
of each underlying index is greater than or equal to its respective initial index value. If the securities are early redeemed prior to
the maturity date, you will be entitled to receive the applicable early redemption payment with respect to the applicable determination
date and no further amounts will be payable following the early redemption. In this case, you will lose the opportunity to receive payment
of any higher early redemption payment or payment at maturity that otherwise would be payable after the date of the early redemption.
If the securities are redeemed prior to the maturity date, you may be unable to invest in other securities with a similar level of risk
that could provide a return that is similar to the securities. However, under no circumstances will the securities be redeemed in the
first year of the term of the securities. |
|
● |
Your return on the securities may be less than the yield
on a conventional debt security of comparable maturity. Any return that you receive on the securities may be less than the return
you would earn if you purchased a conventional debt security with the same maturity date. As a result, your investment in the securities
may not reflect the full opportunity cost to you when you consider factors, such as inflation, that affect the time value of money. |
|
● |
The early redemption payment or payment at maturity,
as applicable, will not reflect changes in the levels of the underlying indices other than on the determination date or the final determination
date, as applicable. The levels of the underlying indices during the term of the securities other than on the determination dates
or the final determination date, as applicable, will not affect payments on the securities. Notwithstanding the foregoing, investors should
generally be aware of the performance of the underlying indices while holding the securities, as the performance of the underlying indices
may influence the market value of the securities. The calculation agent will determine whether the securities will be early redeemed and
will calculate the early redemption payment or the payment at maturity, as applicable, by comparing only the initial index value or the
downside threshold level, as applicable, to the index closing value or the final index value for each underlying index. No other levels
of the underlying indices will be taken into account. As a result, if the securities are not redeemed prior to maturity and the final
index value of the worst performing underlying index is less than its respective downside threshold level, you will receive less than
the principal amount at maturity even if the level of each underlying index was always above its respective downside threshold level prior
to the final determination date. |
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|
● |
Because the securities are linked to the worst performing
(and not the average performance) of the underlying indices, you may not receive any return on the securities and may lose a significant
portion or all of your investment in the securities even if the index closing value or final index value of one underlying index is greater
than or equal to its respective initial index value, as applicable. Your securities are linked to the worst performing of the underlying
indices, and a change in the level of one underlying index may not correlate with changes in the level of the other underlying index.
The securities are not linked to a basket composed of the underlying indices, where the depreciation in the level of one underlying index
could be offset to some extent by the appreciation in the level of the other underlying index. In the case of the securities, the individual
performance of each underlying index would not be combined, and the depreciation in the level of one underlying index would not be offset
by any appreciation in the level of the other underlying index. Even if the index closing value of an underlying index is at or above
its respective initial index value on a determination date, your securities will not be redeemed if the index closing value of the other
underlying index is below its respective initial index value on that day. In addition, even if the final index value of an underlying
index is at or above its respective downside threshold level, you will lose a significant portion or all of your investment in the securities
if the final index value of the worst performing underlying index is below its respective downside threshold level. |
|
● |
Any payments on the securities are subject to our credit
risk and the credit risk of the Guarantor, and any actual or perceived changes in our or the Guarantor’s creditworthiness are expected
to affect the value of the securities. The securities are our senior unsecured debt securities. Any payment on the securities will
be fully and unconditionally guaranteed by the Guarantor. The securities are not guaranteed by any entity other than the Guarantor. As
a result, your receipt of the early redemption payment or the payment at maturity, as applicable, will be dependent upon our ability and
the ability of the Guarantor to repay our respective obligations under the securities on the applicable early redemption date or the maturity
date, regardless of the index closing value or final index value of the worst performing underlying index as compared to its respective
initial index value, as applicable. No assurance can be given as to what our financial condition or the financial condition of the Guarantor
will be at any time after the pricing date of the securities. If we and the Guarantor become unable to meet our respective financial obligations
as they become due, you may not receive the amount(s) payable under the terms of the securities.
In addition, our credit ratings and the credit ratings of the Guarantor are assessments by ratings agencies of our respective abilities
to pay our obligations. Consequently, our or the Guarantor’s perceived creditworthiness and actual or anticipated decreases in our
or the Guarantor’s credit ratings or increases in the spread between the yield on our respective securities and the yield on U.S.
Treasury securities (the “credit spread”) prior to the maturity date may adversely affect the market value of the securities.
However, because your return on the securities depends upon factors in addition to our ability and the ability of the Guarantor to pay
our respective obligations, such as the values of the underlying indices, an improvement in our or the Guarantor’s credit ratings
will not reduce the other investment risks related to the securities. |
|
● |
We are a finance subsidiary and, as such, have no independent
assets, operations, or revenues. We are a finance subsidiary of the Guarantor, have no operations other than those related to the
issuance, administration and repayment of our debt securities that are guaranteed by the Guarantor, and are dependent upon the Guarantor
and/or its other subsidiaries to meet our obligations under the securities in the ordinary course. Therefore, our ability to make payments
on the securities may be limited. |
Valuation- and Market-related
Risks
|
● |
The price to public you pay for the securities will
exceed their initial estimated value. The range of initial estimated values of the securities that is provided on the cover page of
this pricing supplement, and the initial estimated value as of the pricing date that will be provided in the final pricing supplement,
are each estimates only, determined as of a particular point in time by reference to our and our affiliates’ pricing models. These
pricing models consider certain assumptions and variables, including our credit spreads and those of the guarantor, the guarantor’s
internal funding rate, mid-market terms on hedging transactions, expectations on interest rates, dividends and volatility, price-sensitivity
analysis, and the expected term of the securities. These pricing models rely in part on certain forecasts about future events, which
may prove to be incorrect. If you attempt to sell the securities prior to maturity, their market value may be lower than the price you
paid for them and lower than their initial estimated value. This is due to, among other things, changes in the levels of the underlying
indices, changes in the guarantor’s internal funding rate, and the inclusion in the price to public of the agent’s commissions
and fees, if any, and the hedging related charges, all as further described in “Additional Information About the Securities—Structuring
the securities” below. These factors, together with various credit, market and economic factors over the term of the securities,
are expected to reduce the price at which you may be able to sell the securities in any secondary market and will affect the value of
the securities in complex and unpredictable ways. |
|
● |
The initial estimated value does not represent a minimum
or maximum price at which we, BAC, BofAS or any of our other affiliates would be willing to purchase your securities in any secondary
market (if any exists) at any time. The value of your securities at any time after issuance will vary based on many factors that cannot
be predicted with accuracy, including the performance of the underlying indices, our and BAC’s creditworthiness and changes in market
conditions. |
|
● |
We cannot assure you that a trading market for your
securities will ever develop or be maintained. We will not list the securities on any securities exchange. We cannot predict how the
securities will trade in any secondary market or whether that market will be liquid or illiquid. |
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Conflict-related
Risks
|
● |
Trading and hedging activities by us, the guarantor
and any of our other affiliates, including BofAS, may create conflicts of interest with you and may affect your return on the securities
and their market value. We, the guarantor or one or more of our other affiliates, including BofAS, may buy or sell the securities
held by or included in the underlying indices, or futures or options contracts or exchange traded instruments on the underlying indices
or those securities, or other instruments whose value is derived from the underlying indices or those securities. While we, the guarantor
or one or more of our other affiliates, including BofAS, may from time to time own securities represented by the underlying indices, except
to the extent that BAC’s common stock may be included in the underlying indices, we, the guarantor and our other affiliates, including
BofAS, do not control any company included in the underlying indices, and have not verified any disclosure made by any other company.
We, the guarantor or one or more of our other affiliates, including BofAS, may execute such purchases or sales for our own or their own
accounts, for business reasons, or in connection with hedging our obligations under the securities. These transactions may present a conflict
of interest between your interest in the securities and the interests we, the guarantor and our other affiliates, including BofAS, may
have in our or their proprietary accounts, in facilitating transactions, including block trades, for our or their other customers, and
in accounts under our or their management. These transactions may adversely affect the levels of the underlying indices in a manner that
could be adverse to your investment in the securities. On or before the pricing date, any purchases or sales by us, the guarantor or our
other affiliates, including BofAS or others on our or their behalf (including those for the purpose of hedging some or all of our anticipated
exposure in connection with the securities), may affect the levels of the underlying indices. Consequently, the levels of the underlying
indices may change subsequent to the pricing date, which may adversely affect the market value of the securities.
We, the guarantor or one or more of our other affiliates, including BofAS, also expect to engage in hedging activities that could affect
the levels of the underlying indices on the pricing date. In addition, these hedging activities, including the unwinding of a hedge, may
decrease the market value of your securities prior to maturity, and may affect the amounts to be paid on the securities. We, the guarantor
or one or more of our other affiliates, including BofAS, may purchase or otherwise acquire a long or short position in the securities
and may hold or resell the securities. For example, BofAS may enter into these transactions in connection with any market making activities
in which it engages. We cannot assure you that these activities will not adversely affect the levels of the underlying indices, the market
value of your securities prior to maturity or the amounts payable on the securities. |
|
● |
There may be potential conflicts of interest involving
the calculation agent, which is an affiliate of ours. We have the right to appoint and remove the calculation agent. One of our affiliates
will be the calculation agent for the securities and, as such, will make a variety of determinations relating to the securities, including
the amounts that will be paid on the securities. Under some circumstances, these duties could result in a conflict of interest between
its status as our affiliate and its responsibilities as calculation agent. |
Underlying Index-related
Risks
|
● |
The securities are subject to risks associated with
small-size capitalization companies. The stocks comprising the RTY are issued by companies with small-sized market capitalization.
The stock prices of small-size companies may be more volatile than stock prices of large capitalization companies. Small-size capitalization
companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Small-size
capitalization companies may also be more susceptible to adverse developments related to their products or services. |
|
● |
Governmental regulatory actions, such as sanctions, could adversely affect your investment in the
securities. Governmental regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign
government, could prohibit or otherwise restrict persons from holding the securities or the component securities of the underlying indices,
or engaging in transactions in them, and any such action could adversely affect the value of the underlying indices or the securities.
These regulatory actions could result in restrictions on the securities and could result in the loss of a significant portion or all of
your initial investment in the securities, including if you are forced to divest the securities due to the government mandates, especially
if such divestment must be made at a time when the value of the securities has declined. |
|
● |
The publisher of an underlying index may adjust that
underlying index in a way that affects its levels, and the publisher has no obligation to consider your interests. The publisher of
an underlying index can add, delete, or substitute the components included in that underlying index or make other methodological changes
that could change its level. Any of these actions could adversely affect the value of your securities. |
Tax-related Risks
|
● |
The U.S. federal income tax consequences of an investment
in the securities are uncertain, and may be adverse to a holder of the securities. No statutory, judicial, or administrative authority
directly addresses the characterization of the securities or securities similar to the securities for U.S. federal income tax purposes.
As a result, significant aspects of the U.S. federal income tax consequences of an investment in the securities are not certain. Under
the terms of the securities, you will have agreed with us to treat the securities as single financial contracts, as described below under
“Additional Information About the Securities—Tax considerations—General.” If the Internal Revenue Service (the
“IRS”) were successful in asserting an alternative characterization for the securities, the timing and character of gain or
loss with respect to the securities may differ. No ruling will be requested from the IRS with respect to the securities and no assurance
can be given that the IRS will agree with the statements made in the section entitled “Additional Information About the Securities—Tax
considerations.” You are urged to consult with your own tax advisor regarding all aspects of the U.S. federal income tax consequences
of investing in the securities.
|
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Underlying Indices Summary
All disclosures contained in this pricing supplement regarding the underlying
indices, including, without limitation, their make-up, method of calculation, and changes in their components, have been derived from
publicly available sources. The information reflects the policies of, and is subject to change by, the sponsor of the SPX and the sponsor
of the RTY (collectively, the “underlying index sponsors”). The underlying index sponsors, which license the copyright and
all other rights to the underlying indices, have no obligation to continue to publish, and may discontinue publication of, the respective
underlying indices. The consequences of either underlying index sponsor discontinuing publication of the applicable underlying index are
discussed in “Description of the Notes — Discontinuance of an Index” in the accompanying product supplement. None of
us, the guarantor, the calculation agent, or BofAS accepts any responsibility for the calculation, maintenance or publication of either
underlying index or any successor index. None of us, the guarantor, BofAS or any of our other affiliates makes any representation to you
as to the future performance of the underlying indices. You should make your own investigation into the underlying indices.
Russell 2000® Index
The RTY is designed to track the performance of the small capitalization
segment of the U.S. equity market. As a subset of the Russell 3000® Index, the RTY consists of the smallest 2,000 companies
included in the Russell 3000® Index. The Russell 3000® Index measures the performance of the largest 3,000
U.S. companies, representing approximately 98% of the investable U.S. equity market. The RTY is determined, comprised, and calculated
by FTSE Russell without regard to the securities.
Information as of market close on August 1, 2024:
|
|
Bloomberg Ticker Symbol: |
RTY |
Current Index Value: |
2,186.162 |
52 Weeks Ago: |
1,966.832 |
52 Week High (on July 16, 2024): |
2,263.674 |
52 Week Low (on October 27, 2023): |
1,636.938 |
For additional historical information, see “Russell 2000® Index Historical Performance” below. For additional information about the Russell 2000® Index, see the information
set forth in “Annex A—The Russell 2000® Index” below.
The S&P 500® Index
The SPX includes a representative sample of 500 companies in leading
industries of the U.S. economy. The SPX is intended to provide an indication of the pattern of common stock price movement. The calculation
of the level of the SPX is based on the relative value of the aggregate market value of the common stocks of 500 companies as of a particular
time compared to the aggregate average market value of the common stocks of 500 similar companies during the base period of the years
1941 through 1943.
Information as of market close on August 1, 2024:
|
|
Bloomberg Ticker Symbol: |
SPX |
Current Index Value: |
5,446.68 |
52 Weeks Ago: |
4,513.39 |
52 Week High (on July 16, 2024): |
5,667.20 |
52 Week Low (on October 27, 2023): |
4,117.37 |
For additional historical information, see “The S&P
500® Index Historical Performance” below. For additional information about the Russell 2000® Index,
see the information set forth in “Annex B— The S&P 500® Index ” below.
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Russell 2000® Index Historical Performance
The following graph sets forth the daily closing values of the RTY
for the period from January 2, 2019 through August 1, 2024. The related table sets forth the published high and low closing values, as
well as end-of-quarter closing values, of the RTY for each quarter in the same period. The closing value of the RTY on August 1,
2024 was 2,186.162. We obtained the information in the graph and table below from Bloomberg L.P., without independent verification. The
RTY has at times experienced periods of high volatility, and you should not take the historical values of the RTY as an indication of
its future performance. No assurance can be given as to the level of the RTY on any determination date or on the final determination date.
|
RTY Daily Closing Values
January 2, 2019 to August
1, 2024 |
|
*The grey solid line in the graph indicates the hypothetical downside threshold level, which is 80% of the hypothetical index closing value on August 1, 2024. |
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|
|
|
|
Russell 2000® Index |
High |
Low |
Period End |
2019 |
|
|
|
First Quarter |
1,590.062 |
1,330.831 |
1,539.739 |
Second Quarter |
1,614.976 |
1,465.487 |
1,566.572 |
Third Quarter |
1,585.599 |
1,456.039 |
1,523.373 |
Fourth Quarter |
1,678.010 |
1,472.598 |
1,668.469 |
2020 |
|
|
|
First Quarter |
1,705.215 |
991.160 |
1,153.103 |
Second Quarter |
1,536.895 |
1,052.053 |
1,441.365 |
Third Quarter |
1,592.287 |
1,398.920 |
1,507.692 |
Fourth Quarter |
2,007.104 |
1,531.202 |
1,974.855 |
2021 |
|
|
|
First Quarter |
2,360.168 |
1,945.914 |
2,220.519 |
Second Quarter |
2,343.758 |
2,135.139 |
2,310.549 |
Third Quarter |
2,329.359 |
2,130.680 |
2,204.372 |
Fourth Quarter |
2,442.742 |
2,139.875 |
2,245.313 |
2022 |
|
|
|
First Quarter |
2,272.557 |
1,931.288 |
2,070.125 |
Second Quarter |
2,095.440 |
1,649.836 |
1,707.990 |
Third Quarter |
2,021.346 |
1,655.882 |
1,664.716 |
Fourth Quarter |
1,892.839 |
1,682.403 |
1,766.250 |
2023 |
|
|
|
First Quarter |
2,001.221 |
1,720.291 |
1,802.484 |
Second Quarter |
1,896.333 |
1,718.811 |
1,888.734 |
Third Quarter |
2,003.177 |
1,761.609 |
1,785.102 |
Fourth Quarter |
2,066.214 |
1,636.938 |
2,058.335 |
2024 |
|
|
|
First Quarter |
2,124.547 |
1,913.166 |
2,124.547 |
Second Quarter |
2,109.459 |
1,942.958 |
2,047.691 |
Third Quarter (through August 1, 2024) |
2,263.674 |
2,026.727 |
2,186.162 |
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The S&P 500® Index Historical
Performance
The following graph sets forth the daily closing values of the SPX
for the period from January 2, 2019 through August 1, 2024. The related table sets forth the published high and low closing values, as
well as end-of-quarter closing values, of the SPX for each quarter in the same period. The closing value of the SPX on August 1,
2024 was 5,446.68. We obtained the information in the graph and table below from Bloomberg L.P., without independent verification. The
SPX has at times experienced periods of high volatility, and you should not take the historical values of the SPX as an indication of
its future performance. No assurance can be given as to the level of the SPX on any determination date or on the final determination date.
|
SPX Daily Closing Values
January 2, 2019 to August
1, 2024 |
|
*The grey solid line in the graph indicates the hypothetical downside threshold level, which is 80% of the hypothetical index closing value on August 1, 2024. |
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The S&P 500® Index |
High |
Low |
Period End |
2019 |
|
|
|
First Quarter |
2,854.88 |
2,447.89 |
2,834.40 |
Second Quarter |
2,954.18 |
2,744.45 |
2,941.76 |
Third Quarter |
3,025.86 |
2,840.60 |
2,976.74 |
Fourth Quarter |
3,240.02 |
2,887.61 |
3,230.78 |
2020 |
|
|
|
First Quarter |
3,386.15 |
2,237.40 |
2,584.59 |
Second Quarter |
3,232.39 |
2,470.50 |
3,100.29 |
Third Quarter |
3,580.84 |
3,115.86 |
3,363.00 |
Fourth Quarter |
3,756.07 |
3,269.96 |
3,756.07 |
2021 |
|
|
|
First Quarter |
3,974.54 |
3,700.65 |
3,972.89 |
Second Quarter |
4,297.50 |
4,019.87 |
4,297.50 |
Third Quarter |
4,536.95 |
4,258.49 |
4,307.54 |
Fourth Quarter |
4,793.06 |
4,300.46 |
4,766.18 |
2022 |
|
|
|
First Quarter |
4,796.56 |
4,170.70 |
4,530.41 |
Second Quarter |
4,582.64 |
3,666.77 |
3,785.38 |
Third Quarter |
4,305.20 |
3,585.62 |
3,585.62 |
Fourth Quarter |
4,080.11 |
3,577.03 |
3,839.50 |
2023 |
|
|
|
First Quarter |
4,179.76 |
3,808.10 |
4,109.31 |
Second Quarter |
4,450.38 |
4,055.99 |
4,450.38 |
Third Quarter |
4,588.96 |
4,273.53 |
4,288.05 |
Fourth Quarter |
4,783.35 |
4,117.37 |
4,769.83 |
2024 |
|
|
|
First Quarter |
5,254.35 |
4,688.68 |
5,254.35 |
Second Quarter |
5,487.03 |
4,967.23 |
5,460.48 |
Third Quarter (through August 1, 2024) |
5,667.20 |
5,399.20 |
5,446.68 |
BofA Finance LLC
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Additional Terms of the Securities
Please read this information in conjunction with the terms on the
front cover of this document.
Additional Terms: |
If the terms described herein are inconsistent with those described in the accompanying product supplement, prospectus supplement, or prospectus, the terms described herein shall control. |
Denominations: |
The securities will be issued in minimum denominations of $1,000 and whole multiples of $1,000 in excess thereof. |
Calculation agent: |
BofAS, an affiliate of BofA Finance. |
Events of default and acceleration:
|
If an event of default, as defined in the senior indenture relating to the securities and in the section entitled “Description of Debt Securities of BofA Finance LLC—Events of Default and Rights of Acceleration; Covenant Breaches” on page 54 of the accompanying prospectus, with respect to the securities occurs and is continuing, the amount payable to a holder of the securities upon any acceleration permitted under the senior indenture will be equal to the amount described under the caption “Payment at Maturity” above, calculated as though the date of acceleration were the maturity date of the securities and as though the final determination date were the third index business day prior to the date of acceleration; provided that, if the event of default occurs on or prior to the final determination date (i.e., not during the period from after that final determination date to the original maturity date of the securities), then the payment on the securities will be determined as described above under the caption “—Automatic Call,” calculated as if the next scheduled determination date were three trading days prior to the date of acceleration, and in such a case, the calculation agent shall pro-rate the applicable early redemption payment according to the period of time elapsed between the issue date of the securities and the date of acceleration. In case of a default in the payment of the securities, whether at their maturity or upon acceleration, the securities will not bear a default interest rate. |
BofA Finance LLC
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Additional Information About
the Securities
Tax considerations: |
The following summary of the material U.S. federal income and estate
tax considerations of the acquisition, ownership, and disposition of the securities supplements, and to the extent inconsistent supersedes,
the discussion under “U.S. Federal Income Tax Considerations” in the accompanying prospectus and is not exhaustive of all
possible tax considerations. This summary is based upon the Internal Revenue Code of 1986, as amended (the “Code”), regulations
promulgated under the Code by the U.S. Treasury Department (“Treasury”) (including proposed and temporary regulations), rulings,
current administrative interpretations and official pronouncements of the IRS, and judicial decisions, all as currently in effect and
all of which are subject to differing interpretations or to change, possibly with retroactive effect. No assurance can be given that the
IRS would not assert, or that a court would not sustain, a position contrary to any of the tax consequences described below. This summary
does not include any description of the tax laws of any state or local governments, or of any foreign government, that may be applicable
to a particular holder.
Although the securities are issued by us, they will be treated as if
they were issued by BAC for U.S. federal income tax purposes. Accordingly throughout this tax discussion, references to “we,”
“our” or “us” are generally to BAC unless the context requires otherwise.
This summary is directed solely to U.S. Holders and Non-U.S. Holders
that, except as otherwise specifically noted, will purchase the securities upon original issuance and will hold the securities as capital
assets within the meaning of Section 1221 of the Code, which generally means property held for investment, and that are not excluded from
the discussion under “U.S. Federal Income Tax Considerations” in the accompanying prospectus.
You should consult your own tax advisor concerning the U.S. federal
income tax consequences to you of acquiring, owning, and disposing of the securities, as well as any tax consequences arising under the
laws of any state, local, foreign, or other tax jurisdiction and the possible effects of changes in U.S. federal or other tax laws.
General
Although there is no statutory, judicial, or administrative authority
directly addressing the characterization of the securities, in the opinion of our counsel, Sidley Austin LLP, and based on certain factual
representations received from us, the securities should be treated as single financial contracts with respect to the underlying indices
and under the terms of the securities, we and every investor in the securities agree, in the absence of an administrative determination
or judicial ruling to the contrary, to treat the securities in accordance with such characterization. This discussion assumes that the
securities constitute single financial contracts with respect to the underlying indices for U.S. federal income tax purposes. If the securities
did not constitute single financial contracts, the tax consequences described below would be materially different.
This characterization of the securities is not binding on the IRS
or the courts. No statutory, judicial, or administrative authority directly addresses the characterization of the securities or any similar
instruments for U.S. federal income tax purposes, and no ruling is being requested from the IRS with respect to their proper characterization
and treatment. Due to the absence of authorities on point, significant aspects of the U.S. federal income tax consequences of an investment
in the securities are not certain, and no assurance can be given that the IRS or any court will agree with the characterization and tax
treatment described in this pricing supplement. Accordingly, you are urged to consult your tax advisor regarding all aspects of the U.S.
federal income tax consequences of an investment in the securities, including possible alternative characterizations.
Unless otherwise stated, the following discussion is based on the characterization
described above. The discussion in this section assumes that there is a significant possibility of a significant loss of principal on
an investment in the securities.
We will not attempt to ascertain whether any issuer of a component stock
included in an underlying index would be treated as a “passive foreign investment company” (“PFIC”), within the
meaning of Section 1297 of the Code, or a United States real property holding corporation, within the meaning of Section 897(c) of the
Code. If the issuer of one or more stocks included in an underlying index were so treated, certain adverse U.S. federal income tax consequences
could possibly apply to a holder of the securities. You should refer to information filed with the SEC by the issuers of the component
stocks included in each
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underlying index and consult your tax advisor regarding the possible consequences to you, if any, if any issuer
of a component stock included in an underlying index is or becomes a PFIC or is or becomes a United States real property holding corporation.
U.S. Holders
Upon receipt of a cash payment at maturity or upon a sale, exchange,
or redemption of the securities prior to maturity, a U.S. Holder generally will recognize capital gain or loss equal to the difference
between the amount realized and the U.S. Holder’s tax basis in the securities. A U.S. Holder’s tax basis in the securities
will equal the amount paid by that holder to acquire them. This capital gain or loss generally will be long-term capital gain or loss
if the U.S. Holder held the securities for more than one year. The deductibility of capital losses is subject to limitations.
Alternative Tax Treatments. Due to the absence of authorities
that directly address the proper tax treatment of the securities, prospective investors are urged to consult their tax advisors regarding
all possible alternative tax treatments of an investment in the securities. In particular, the IRS could seek to subject the securities
to the Treasury regulations governing contingent payment debt instruments. If the IRS were successful in that regard, the timing and character
of income on the securities would be affected significantly. Among other things, a U.S. Holder would be required to accrue original issue
discount every year at a “comparable yield” determined at the time of issuance. In addition, any gain realized by a U.S. Holder
at maturity or upon a sale, exchange, or redemption of the securities generally would be treated as ordinary income, and any loss realized
at maturity or upon a sale, exchange, or redemption of the securities generally would be treated as ordinary loss to the extent of the
U.S. Holder’s prior accruals of original issue discount, and as capital loss thereafter.
The IRS released Notice 2008-2 (the “Notice”), which sought
comments from the public on the taxation of financial instruments currently taxed as “prepaid forward contracts.” This Notice
addresses instruments such as the securities. According to the Notice, the IRS and Treasury are considering whether a holder of an instrument
such as the securities should be required to accrue ordinary income on a current basis, regardless of whether any payments are made prior
to maturity. It is not possible to determine what guidance the IRS and Treasury will ultimately issue, if any. Any such future guidance
may affect the amount, timing and character of income, gain, or loss in respect of the securities, possibly with retroactive effect.
The IRS and Treasury are also considering additional issues, including
whether additional gain or loss from such instruments should be treated as ordinary or capital, whether foreign holders of such instruments
should be subject to withholding tax on any deemed income accruals, whether Section 1260 of the Code, concerning certain “constructive
ownership transactions,” generally applies or should generally apply to such instruments, and whether any of these determinations
depend on the nature of the underlying asset.
In addition, proposed Treasury regulations require the accrual of income
on a current basis for contingent payments made under certain notional principal contracts. The preamble to the regulations states that
the “wait and see” method of accounting does not properly reflect the economic accrual of income on those contracts, and requires
current accrual of income for some contracts already in existence. While the proposed regulations do not apply to prepaid forward contracts,
the preamble to the proposed regulations expresses the view that similar timing issues exist in the case of prepaid forward contracts.
If the IRS or Treasury publishes future guidance requiring current economic accrual for contingent payments on prepaid forward contracts,
it is possible that you could be required to accrue income over the term of the securities.
Because of the absence of authority regarding the appropriate tax characterization
of the securities, it is also possible that the IRS could seek to characterize the securities in a manner that results in tax consequences
that are different from those described above. For example, the IRS could possibly assert that any gain or loss that a holder may recognize
at maturity or upon the sale, exchange, or redemption of the securities should be treated as ordinary gain or loss.
Because each underlying index is an index that periodically rebalances,
it is possible that the securities could be treated as a series of single financial contracts, each of which matures on the next rebalancing
date. If the securities were properly characterized in such a manner, a U.S. Holder would be treated as disposing of the securities on
each rebalancing date in return for new securities that mature on the next rebalancing date, and a U.S. Holder would accordingly likely
recognize capital gain or loss on each rebalancing date equal to the difference between the holder’s tax basis in the securities
(which would be adjusted to take into account any prior recognition of gain or loss) and the fair market value of the securities on such
date.
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Non-U.S. Holders
Except as discussed below, a Non-U.S. Holder generally will not be subject
to U.S. federal income or withholding tax for amounts paid in respect of the securities provided that the Non-U.S. Holder complies with
applicable certification requirements and that the payment is not effectively connected with the conduct by the Non-U.S. Holder of a U.S.
trade or business. Notwithstanding the foregoing, gain from the sale, exchange, or redemption of the securities or their settlement at
maturity may be subject to U.S. federal income tax if that Non-U.S. Holder is a non-resident alien individual and is present in the U.S.
for 183 days or more during the taxable year of the sale, exchange, redemption, or settlement and certain other conditions are satisfied.
If a Non-U.S. Holder of the securities is engaged in the conduct of
a trade or business within the U.S. and if any gain realized on the settlement at maturity, or upon sale, exchange, or redemption of the
securities, is effectively connected with the conduct of such trade or business (and, if certain tax treaties apply, is attributable to
a permanent establishment maintained by the Non-U.S. Holder in the U.S.), the Non-U.S. Holder, although exempt from U.S. federal withholding
tax, generally will be subject to U.S. federal income tax on such gain on a net income basis in the same manner as if it were a U.S. Holder.
Such Non-U.S. Holders should read the material under the heading “—U.S. Holders,” for a description of the U.S. federal
income tax consequences of acquiring, owning, and disposing of the securities. In addition, if such Non-U.S. Holder is a foreign corporation,
it may also be subject to a branch profits tax equal to 30% (or such lower rate provided by any applicable tax treaty) of a portion of
its earnings and profits for the taxable year that are effectively connected with its conduct of a trade or business in the U.S., subject
to certain adjustments.
A “dividend equivalent” payment is treated as a dividend
from sources within the United States and such payments generally would be subject to a 30% U.S. withholding tax if paid to a Non-U.S.
Holder. Under Treasury regulations, payments (including deemed payments) with respect to equity-linked instruments (“ELIs”)
that are “specified ELIs” may be treated as dividend equivalents if such specified ELIs reference an interest in an “underlying
security,” which is generally any interest in an entity taxable as a corporation for U.S. federal income tax purposes if a payment
with respect to such interest could give rise to a U.S. source dividend. However, IRS guidance provides that withholding on dividend equivalent
payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2027. Based on our
determination that the securities are not delta-one instruments, Non-U.S. Holders should not be subject to withholding on dividend equivalent
payments, if any, under the securities. However, it is possible that the securities could be treated as deemed reissued for U.S. federal
income tax purposes upon the occurrence of certain events affecting the underlying indices or the securities, and following such occurrence
the securities could be treated as subject to withholding on dividend equivalent payments. Non-U.S. Holders that enter, or have entered,
into other transactions in respect of the underlying indices or the securities should consult their tax advisors as to the application
of the dividend equivalent withholding tax in the context of the securities and their other transactions. If any payments are treated
as dividend equivalents subject to withholding, we (or the applicable paying agent) would be entitled to withhold taxes without being
required to pay any additional amounts with respect to amounts so withheld.
As discussed above, alternative characterizations of the securities
for U.S. federal income tax purposes are possible. Should an alternative characterization, by reason of change or clarification of the
law, by regulation or otherwise, cause payments as to the securities to become subject to withholding tax, tax will be withheld at the
applicable statutory rate. As discussed above, the IRS has indicated in the Notice that it is considering whether income in respect of
instruments such as the securities should be subject to withholding tax. Prospective Non-U.S. Holders should consult their own tax advisors
regarding the tax consequences of such alternative characterizations.
U.S. Federal Estate Tax. Under current law, while the matter
is not entirely clear, individual Non-U.S. Holders, and entities whose property is potentially includible in those individuals’
gross estates for U.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual
has retained certain interests or powers), should note that, absent an applicable treaty benefit, a Note is likely to be treated as U.S.
situs property, subject to U.S. federal estate tax. These individuals and entities should consult their own tax advisors regarding the
U.S. federal estate tax consequences of investing in a Note.
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Backup Withholding and Information Reporting
Please see the discussion under “U.S. Federal Income Tax Considerations
— General — Backup Withholding and Information Reporting” in the accompanying prospectus for a description of the applicability
of the backup withholding and information reporting rules to payments made on the securities.
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Structuring the securities: |
The securities are our debt securities, the return on which is
linked to the performance of the underlying indices. The related guarantee is BAC’s obligation. As is the case for all of our and
BAC’s respective debt securities, including our market-linked notes, the economic terms of the securities reflect our and BAC’s
actual or perceived creditworthiness at the time of pricing. In addition, because market-linked notes result in increased operational,
funding and liability management costs to us and BAC, BAC typically borrows the funds under these types of notes at a rate, which we refer
to in this pricing supplement as BAC’s internal funding rate, that is more favorable to BAC than the rate that it might pay for
a conventional fixed or floating rate debt security. This generally relatively lower internal funding rate, which is reflected in the
economic terms of the securities, along with the fees and charges associated with market-linked notes, typically results in the initial
estimated value of the securities on the pricing date being less than their price to public.
The initial estimated value range of the securities is set forth
on the cover page of this pricing supplement. The final pricing supplement will set forth the initial estimated value of the securities
as of the pricing date.
In order to meet our payment obligations on the securities, at
the time we issue the securities, we may choose to enter into certain hedging arrangements (which may include call options, put options
or other derivatives) with BofAS or one of our other affiliates. The terms of these hedging arrangements are determined based upon terms
provided by BofAS and its affiliates, and take into account a number of factors, including our and BAC’s creditworthiness, interest
rate movements, the volatility of the underlying indices, the tenor of the securities and the hedging arrangements. The economic terms
of the securities and their initial estimated value depend in part on the terms of these hedging arrangements.
BofAS has advised us that the hedging arrangements will include
hedging related charges, reflecting the costs associated with, and our affiliates’ profit earned from, these hedging arrangements.
Since hedging entails risk and may be influenced by unpredictable market forces, actual profits or losses from these hedging transactions
may be more or less than any expected amounts.
For further information, see “Risk Factors” beginning
on page 9 above and “Supplemental Use of Proceeds” on page PS-26 of the accompanying product supplement. |
Supplement to the plan of distribution; role of BofAS and conflicts of interest: |
BofAS, a broker-dealer affiliate of ours, is a member of the Financial
Industry Regulatory Authority, Inc. (“FINRA”) and will participate as agent in the distribution of the securities. Accordingly,
the offering of the securities will conform to the requirements of FINRA Rule 5121. BofAS may not make sales in this offering to any of
its discretionary accounts without the prior written approval of the account holder.
We expect to deliver the securities against payment therefor in
New York, New York on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange
Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade
expressly agree otherwise. Accordingly, if the initial settlement of the securities occurs more than one business day from the pricing
date, purchasers who wish to trade the securities more than one business day prior to the original issue date will be required to specify
alternative settlement arrangements to prevent a failed settlement.
Under our distribution agreement with BofAS, BofAS will purchase
the securities from us as principal at the public offering price indicated on the cover of this pricing supplement, less the indicated
underwriting discount, if any. BofAS will sell the securities to other broker-dealers that will participate in the offering and that are
not affiliated with us, at an agreed discount to the principal amount. Each of those broker-dealers may sell the securities to one or
more additional broker-dealers. BofAS has informed us that these discounts may vary from dealer to dealer and that not all dealers will
purchase or repurchase the securities at the same discount. Morgan Stanley Smith Barney LLC (“Morgan Stanley Wealth Management”)
and its financial advisors will collectively receive from the agent, BofAS, a fixed sales commission for each security they sell, and
Morgan Stanley Wealth Management will receive a structuring fee for each security, in each case as specified on the cover page of this
document. The costs included in the original issue price of the securities will include a fee paid by BofAS to LFT Securities, LLC, an
entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform
services with respect to this offering.
BofAS and any of our other broker-dealer affiliates may use this
pricing supplement and the accompanying product supplement, prospectus supplement and prospectus for offers and sales in secondary market
transactions and market-making transactions in the securities. However, they are not obligated to engage in such secondary market transactions
and/or
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market-making transactions. These broker-dealer affiliates may act as principal or agent in these transactions, and any such sales
will be made at prices related to prevailing market conditions at the time of the sale.
At BofAS’s discretion, for a short, undetermined initial
period after the issuance of the securities, BofAS may offer to buy the securities in the secondary market at a price that may exceed
the initial estimated value of the securities. Any price offered by BofAS for the securities will be based on then-prevailing market conditions
and other considerations, including the performance of the underlying indices and the remaining term of the securities. However, none
of us, the guarantor, BofAS or any of our other affiliates is obligated to purchase your securities at any price or at any time, and we
cannot assure you that any party will purchase your securities at a price that equals or exceeds the initial estimated value of the securities.
Any price that BofAS may pay to repurchase the securities will
depend upon then prevailing market conditions, the creditworthiness of us and the guarantor, and transaction costs. At certain times,
this price may be higher than or lower than the initial estimated value of the securities.
Sales Outside of the United States
The securities have not been approved for public sale in any jurisdiction
outside of the United States. There has been no registration or filing as to the securities with any regulatory, securities, banking,
or local authority outside of the United States and no action has been taken by BofA Finance, BAC, BofAS or any other affiliate of BAC,
to offer the securities in any jurisdiction other than the United States. As such, these securities are made available to investors outside
of the United States only in jurisdictions where it is lawful to make such offer or sale and only under circumstances that will result
in compliance with applicable laws and regulations, including private placement requirements.
Further, no offer or sale of the securities is permitted with regards
to the following jurisdictions:
· Australia
· Barbados
· Belgium
· Crimea
· Cuba
· Curacao Sint Maarten
· Gibraltar
· Indonesia
· Iran
· Italy
· Kazakhstan
· Malaysia
· New Zealand
· North Korea
· Norway
· Russia
· Syria
European Economic Area and United Kingdom
None of this pricing supplement, the accompanying product supplement,
the accompanying prospectus or the accompanying prospectus supplement is a prospectus for the purposes of the Prospectus Regulation (as
defined below). This pricing supplement, the accompanying product supplement, the accompanying prospectus and the accompanying prospectus
supplement have been prepared on the basis that any offer of securities in any Member State of the European Economic Area (the “EEA”)
or in the United Kingdom (each, a “Relevant State”) will only be made to a legal entity which is a qualified investor under
the Prospectus Regulation (“Qualified Investors”). Accordingly any person making or intending to make an offer in that Relevant
State of securities which are the subject of the offering contemplated in this pricing supplement, the accompanying product supplement,
the accompanying prospectus and the accompanying prospectus supplement may only do so with respect to Qualified Investors. Neither BofA
Finance nor BAC has authorized, nor does it authorize, the making of any offer of securities other than to Qualified Investors. The expression
“Prospectus Regulation” means Regulation (EU) 2017/1129.
PROHIBITION OF SALES TO EEA AND UNITED KINGDOM RETAIL INVESTORS – The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the EEA or in the United Kingdom. For these purposes: (a) a retail investor means a person who
is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (“MiFID II”);
or (ii) a customer within the meaning of Directive (EU) 2016/97 (the Insurance Distribution Directive) where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus
Regulation; and (b) the expression “offer” includes the communication in any form and by any means of sufficient information
on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe for the
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securities.
Consequently no key information document required by Regulation (EU) No 1286/2014, as amended (the “PRIIPs Regulation”) for
offering or selling the securities or otherwise making them available to retail investors in the EEA or in the United Kingdom has been
prepared and therefore offering or selling the securities or otherwise making them available to any retail investor in the EEA or in the
United Kingdom may be unlawful under the PRIIPs Regulation.
United Kingdom
The communication of this pricing supplement, the accompanying
product supplement, the accompanying prospectus supplement, the accompanying prospectus and any other document or materials relating to
the issue of the securities offered hereby is not being made, and such documents and/or materials have not been approved, by an authorized
person for the purposes of section 21 of the United Kingdom’s Financial Services and Markets Act 2000, as amended (the “FSMA”).
Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United
Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United
Kingdom who have professional experience in matters relating to investments and who fall within the definition of investment professionals
(as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial
Promotion Order”)), or who fall within Article 49(2)(a) to (d) of the Financial Promotion Order, or who are any other persons to
whom it may otherwise lawfully be made under the Financial Promotion Order (all such persons together being referred to as “relevant
persons”). In the United Kingdom, the securities offered hereby are only available to, and any investment or investment activity
to which this pricing supplement, the accompanying product supplement, the accompanying prospectus supplement and the accompanying prospectus
relates will be engaged in only with, relevant persons. Any person in the United Kingdom that is not a relevant person should not act
or rely on this pricing supplement, the accompanying product supplement, the accompanying prospectus supplement or the accompanying prospectus
or any of their contents.
Any invitation or inducement to engage in investment activity
(within the meaning of Section 21 of the FSMA) in connection with the issue or sale of the securities may only be communicated or caused
to be communicated in circumstances in which Section 21(1) of the FSMA does not apply to BofA Finance, as issuer, or BAC, as guarantor.
All applicable provisions of the FSMA must be complied with in respect
to anything done by any person in relation to the securities in, from or otherwise involving the United Kingdom. |
Where you can find more information: |
This pricing supplement and the accompanying product supplement,
prospectus supplement and prospectus have been filed as part of a registration statement with the SEC, which may, without cost, be accessed
on the SEC website at www.sec.gov or obtained from BofAS by calling 1-800-294-1322. Before you invest, you should read this pricing supplement
and the accompanying product supplement, prospectus supplement and prospectus for information about us, BAC and this offering. Any prior
or contemporaneous oral statements and any other written materials you may have received are superseded by this pricing supplement and
the accompanying product supplement, prospectus supplement and prospectus. Certain terms used but not defined in this pricing supplement
have the meanings set forth in the accompanying product supplement or prospectus supplement.
The terms and risks of the securities are contained in this pricing
supplement and in the following related product supplement, prospectus supplement and prospectus, which can be accessed at the following
links:
● Product Supplement EQUITY-1 dated December 30, 2022: https://www.sec.gov/Archives/edgar/data/1682472/000119312522315473/d429684d424b2.htm
● Series A MTN prospectus supplement dated December 30, 2022 and prospectus dated December 30, 2022: https://www.sec.gov/Archives/edgar/data/70858/000119312522315195/d409418d424b3.htm
Please note that, for purposes of this pricing supplement, references
in the accompanying product supplement EQUITY-1 to “closing level”, “trading day”, “Underlying”, “Index
Publisher”, “Index” and “observation dates” shall be deemed to refer to “index closing value”,
“index business day”, “underlying index”, “underlying index sponsor,” “underlying index”
and “determination dates,” respectively. |
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Annex A—The Russell 2000® Index
The RTY was developed by Russell Investments (“Russell”)
before FTSE International Limited and Russell combined in 2015 to create FTSE Russell, which is wholly owned by London Stock Exchange
Group. Additional information on the RTY is available at the following website: http://www.ftserussell.com. No information on that website
is deemed to be included or incorporated by reference in this pricing supplement.
Russell began
dissemination of the RTY on January 1, 1984. FTSE Russell calculates and publishes the RTY. The RTY was set to 135 as of the close of
business on December 31, 1986. The RTY is designed to track the performance of the small capitalization segment of the U.S. equity market.
As a subset of the Russell 3000® Index, the RTY consists
of the smallest 2,000 companies included in the Russell 3000® Index.
The Russell 3000® Index measures the performance of the
largest 3,000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The RTY is determined, comprised, and
calculated by FTSE Russell without regard to the securities.
Selection of Stocks Comprising the RTY
Each company eligible for inclusion in the RTY must be classified as
a U.S. company under FTSE Russell’s country-assignment methodology. If a company is incorporated, has a stated headquarters location,
and trades in the same country (American Depositary Receipts and American Depositary Shares are not eligible), then the company is assigned
to its country of incorporation. If any of the three factors are not the same, FTSE Russell defines three Home Country Indicators (“HCIs”):
country of incorporation, country of headquarters, and country of the most liquid exchange (as defined by a two-year average daily dollar
trading volume) from all exchanges within a country. Using the HCIs, FTSE Russell compares the primary location of the company’s
assets with the three HCIs. If the primary location of its assets matches any of the HCIs, then the company is assigned to the primary
location of its assets. If there is insufficient information to determine the country in which the company’s assets are primarily
located, FTSE Russell will use the country from which the company’s revenues are primarily derived for the comparison with the three
HCIs in a similar manner. FTSE Russell uses the average of two years of assets or revenues data to reduce potential turnover. If conclusive
country details cannot be derived from assets or revenues data, FTSE Russell will assign the company to the country of its headquarters,
which is defined as the address of the company’s principal executive offices, unless that country is a Benefit Driven Incorporation
(“BDI”) country, in which case the company will be assigned to the country of its most liquid stock exchange. BDI countries
include: Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Channel Islands,
Cook Islands, Curacao, Faroe Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Marshall Islands, Panama, Saba, Sint Eustatius,
Sint Maarten, and Turks and Caicos Islands. For any companies incorporated or headquartered in a U.S. territory, including Puerto Rico,
Guam, and U.S. Virgin Islands, a U.S. HCI is assigned.
All securities eligible for inclusion in the RTY must trade on a major
U.S. exchange. Stocks must have a closing price at or above $1.00 on their primary exchange on the last trading day in May to be eligible
for inclusion during annual reconstitution. However, in order to reduce unnecessary turnover, if an existing member’s closing price
is less than $1.00 on the last day of May, it will be considered eligible if the average of the daily closing prices (from its primary
exchange) during the month of May is equal to or greater than $1.00. Initial public offerings are added each quarter and must have a closing
price at or above $1.00 on the last day of their eligibility period in order to qualify for index inclusion. If an existing stock does
not trade on the “rank day” (typically the last trading day in May but a confirmed timetable is announced each spring) but
does have a closing price at or above $1.00 on another eligible U.S. exchange, that stock will be eligible for inclusion.
An important criterion used to determine the list of securities eligible
for the RTY is total market capitalization, which is defined as the market price as of the last trading day in May for those securities
being considered at annual reconstitution times the total number of shares outstanding. Where applicable, common stock, non-restricted
exchangeable shares and partnership units/membership interests are used to determine market capitalization. Any other form of shares such
as preferred stock, convertible preferred stock, redeemable shares, participating preferred stock, warrants and rights, installment receipts
or trust receipts, are excluded from the calculation. If multiple share classes of common stock exist, they are combined. In cases where
the common stock share classes act independently of each other (e.g., tracking stocks), each class is considered for inclusion separately.
If multiple share classes exist, the pricing vehicle will be designated as the share class with the highest two-year trading volume as
of the rank day in May.
Companies with a total market capitalization of less than $30 million
are not eligible for the RTY. Similarly, companies with only 5% or less of their shares available in the marketplace are not eligible
for the RTY. Royalty trusts, limited liability companies, closed-end investment companies (companies that are required to report Acquired
Fund Fees and Expenses, as defined by the SEC, including business development companies), blank check companies, special purpose acquisition
companies, and limited partnerships are also ineligible for inclusion. Bulletin board, pink sheets, and over-the-counter traded securities
are not eligible for inclusion. Exchange traded funds and mutual funds are also excluded.
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Annual reconstitution is a process by which the RTY is completely rebuilt.
Based on closing levels of the company’s common stock on its primary exchange on the rank day of May of each year, FTSE Russell
reconstitutes the composition of the RTY using the then existing market capitalizations of eligible companies. Reconstitution of the RTY
occurs on the last Friday in June or, when the last Friday in June is the 29th or 30th, reconstitution occurs on the prior Friday. In
addition, FTSE Russell adds initial public offerings to the RTY on a quarterly basis based on total market capitalization ranking within
the market-adjusted capitalization breaks established during the most recent reconstitution. After membership is determined, a security’s
shares are adjusted to include only those shares available to the public. This is often referred to as “free float.” The purpose
of the adjustment is to exclude from market calculations the capitalization that is not available for purchase and is not part of the
investable opportunity set.
License Agreement
“Russell 2000®” and “Russell 3000®”
are trademarks of FTSE Russell and have been licensed for use by our affiliate, Merrill Lynch, Pierce, Fenner & Smith Incorporated.
The securities are not sponsored, endorsed, sold, or promoted by FTSE Russell, and FTSE Russell makes no representation regarding the
advisability of investing in the securities.
FTSE Russell and Merrill Lynch, Pierce, Fenner & Smith Incorporated
have entered into a non-exclusive license agreement providing for the license to Merrill Lynch, Pierce, Fenner & Smith Incorporated
and its affiliates, including us, in exchange for a fee, of the right to use indices owned and published by FTSE Russell in connection
with some securities, including the securities. The license agreement provides that the following language must be stated in this pricing
supplement:
The securities are not sponsored, endorsed, sold, or promoted by FTSE
Russell. FTSE Russell makes no representation or warranty, express or implied, to the holders of the securities or any member of the public
regarding the advisability of investing in securities generally or in the securities particularly or the ability of the RTY to track general
stock market performance or a segment of the same. FTSE Russell’s publication of the RTY in no way suggests or implies an opinion
by FTSE Russell as to the advisability of investment in any or all of the securities upon which the RTY is based. FTSE Russell’s
only relationship to Merrill Lynch, Pierce, Fenner & Smith Incorporated and to us is the licensing of certain trademarks and trade
names of FTSE Russell and of the RTY, which is determined, composed, and calculated by FTSE Russell without regard to Merrill Lynch, Pierce,
Fenner & Smith Incorporated, us, or the securities. FTSE Russell is not responsible for and has not reviewed the securities nor any
associated literature or publications and FTSE Russell makes no representation or warranty express or implied as to their accuracy or
completeness, or otherwise. FTSE Russell reserves the right, at any time and without notice, to alter, amend, terminate, or in any way
change the RTY. FTSE Russell has no obligation or liability in connection with the administration, marketing, or trading of the securities.
FTSE RUSSELL DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS
OF THE RTY OR ANY DATA INCLUDED THEREIN AND FTSE RUSSELL SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.
FTSE RUSSELL MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
US, BAC, BOFAS, HOLDERS OF THE NOTES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE RTY OR ANY DATA INCLUDED THEREIN. FTSE RUSSELL
MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR USE WITH RESPECT TO THE RTY OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL FTSE RUSSELL HAVE
ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY
OF SUCH DAMAGES.
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Annex B—The S&P 500® Index
The SPX includes a representative sample of 500 companies in
leading industries of the U.S. economy. The SPX is intended to provide an indication of the pattern of common stock price movement. The
calculation of the level of the SPX is based on the relative value of the aggregate market value of the common stocks of 500 companies
as of a particular time compared to the aggregate average market value of the common stocks of 500 similar companies during the base period
of the years 1941 through 1943.
The SPX includes companies from eleven main groups: Communication
Services; Consumer Discretionary; Consumer Staples; Energy; Financials; Health Care; Industrials; Information Technology; Real Estate;
Materials; and Utilities. S&P Dow Jones Indices LLC (“SPDJI”), the sponsor of the SPX, may from time to time, in its sole
discretion, add companies to, or delete companies from, the SPX to achieve the objectives stated above.
Company additions to the SPX must have an unadjusted company
market capitalization of $18.0 billion or more (an increase from the previous requirement of an unadjusted company market capitalization
of $15.8 billion or more).
SPDJI calculates the SPX by reference to the prices of the constituent
stocks of the SPX without taking account of the value of dividends paid on those stocks. As a result, the return on the securities will
not reflect the return you would realize if you actually owned the SPX constituent stocks and received the dividends paid on those stocks.
Computation of the SPX
While SPDJI currently employs the following methodology to calculate
the SPX, no assurance can be given that SPDJI will not modify or change this methodology in a manner that may affect payments on the securities.
Historically, the market value of any component stock of the
SPX was calculated as the product of the market price per share and the number of then outstanding shares of such component stock. In
March 2005, SPDJI began shifting the SPX halfway from a market capitalization weighted formula to a float-adjusted formula, before moving
the SPX to full float adjustment on September 16, 2005. SPDJI’s criteria for selecting stocks for the SPX did not change with the
shift to float adjustment. However, the adjustment affects each company’s weight in the SPX.
Under float adjustment, the share counts used in calculating
the SPX reflect only those shares that are available to investors, not all of a company’s outstanding shares. Float adjustment excludes
shares that are closely held by control groups, other publicly traded companies or government agencies.
In September 2012, all shareholdings representing more than 5%
of a stock’s outstanding shares, other than holdings by “block owners,” were removed from the float for purposes of
calculating the SPX. Generally, these “control holders” will include officers and directors, private equity, venture capital
and special equity firms, other publicly traded companies that hold shares for control, strategic partners, holders of restricted shares,
ESOPs, employee and family trusts, foundations associated with the company, holders of unlisted share classes of stock, government entities
at all levels (other than government retirement/pension funds) and any individual person who controls a 5% or greater stake in a company
as reported in regulatory filings. However, holdings by block owners, such as depositary banks, pension funds, mutual funds and ETF providers,
401(k) plans of the company, government retirement/pension funds, investment funds of insurance companies, asset managers and investment
funds, independent foundations and savings and investment plans, will ordinarily be considered part of the float.
Treasury stock, stock options, restricted shares, equity participation
units, warrants, preferred stock, convertible stock, and rights are not part of the float. Shares held in a trust to allow investors in
countries outside the country of domicile, such as depositary shares and Canadian exchangeable shares, are normally part of the float
unless those shares form a control block. If a company has multiple classes of stock outstanding, shares in an unlisted or non-traded
class are treated as a control block.
For each stock, an investable weight factor (“IWF”)
is calculated by dividing the available float shares by the total shares outstanding. Available float shares are defined as the total
shares outstanding less shares held by control holders. This calculation is subject to a 5% minimum threshold for control blocks. For
example, if a company’s officers and directors hold 3% of the company’s shares, and no other control group holds 5% of the
company’s shares, SPDJI would assign that company an IWF of 1.00, as no control group meets the 5% threshold. However, if a company’s
officers and directors hold 3% of the company’s shares and another control group holds 20% of the company’s shares, SPDJI
would assign an IWF of 0.77, reflecting the fact that 23% of the company’s outstanding shares are considered to be held for control.
As of July 31, 2017, companies with multiple share class lines are no longer eligible for inclusion in the SPX. Constituents of the SPX
prior to July 31, 2017 with multiple share class lines will be grandfathered in and continue to be included in the SPX. If a constituent
company of the SPX reorganizes into a multiple share class line structure, that company will remain in the SPX at the discretion of the
S&P Index Committee in order to minimize turnover.
The SPX is calculated using a base-weighted aggregate methodology.
The level of the SPX reflects the total market value of all component stocks relative to the base period of the years 1941 through 1943.
An indexed number is used to represent the results of this calculation in order to make the level easier to work with and track over time.
The actual total market value of the component stocks during the base period of the years 1941 through 1943 has been set to an indexed
level of 10. This is often indicated by the notation 1941- 43 = 10. In practice, the daily calculation of the SPX is computed by dividing
the total market value of the component stocks by the “index divisor.” By itself, the index divisor is an arbitrary number.
However, in the context of the calculation of the SPX, it serves as a link to the original base period level of the SPX. The index divisor
keeps the SPX comparable over time and is the manipulation point for all adjustments to the SPX, which is index maintenance.
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Index Maintenance
Index maintenance includes monitoring and completing the adjustments
for company additions and deletions, share changes, stock splits, stock dividends, and stock price adjustments due to company restructuring
or spinoffs. Some corporate actions, such as stock splits and stock dividends, require changes in the common shares outstanding and the
stock prices of the companies in the SPX, and do not require index divisor adjustments.
To prevent the level of the SPX from changing due to corporate
actions, corporate actions which affect the total market value of the SPX require an index divisor adjustment. By adjusting the index
divisor for the change in market value, the level of the SPX remains constant and does not reflect the corporate actions of individual
companies in the SPX. Index divisor adjustments are made after the close of trading and after the calculation of the SPX closing value.
Changes in a company’s shares outstanding of 5.00% or more
due to mergers, acquisitions, public offerings, tender offers, Dutch auctions, or exchange offers are made as soon as reasonably possible.
Share changes due to mergers or acquisitions of publicly held companies that trade on a major exchange are implemented when the transaction
occurs, even if both of the companies are not in the same headline index, and regardless of the size of the change. All other changes
of 5.00% or more (due to, for example, company stock repurchases, private placements, redemptions, exercise of options, warrants, conversion
of preferred stock, notes, debt, equity participation units, at-the-market offerings, or other recapitalizations) are made weekly and
are announced on Fridays for implementation after the close of trading on the following Friday. Changes of less than 5.00% are accumulated
and made quarterly on the third Friday of March, June, September, and December, and are usually announced two to five days prior.
If a change in a company’s shares outstanding of 5.00%
or more causes a company’s IWF to change by five percentage points or more, the IWF is updated at the same time as the share change.
IWF changes resulting from partial tender offers are considered on a case by case basis.
License Agreement
S&P® is a registered trademark of Standard
& Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones
Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed for use by S&P Dow Jones Indices LLC. “Standard
& Poor’s®,” “S&P 500®” and “S&P®” are trademarks
of S&P. These trademarks have been sublicensed for certain purposes by our affiliate, Merrill Lynch, Pierce, Fenner & Smith Incorporated.
The SPX is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Merrill Lynch, Pierce, Fenner
& Smith Incorporated.
The securities are not sponsored, endorsed, sold or promoted
by S&P Dow Jones Indices LLC, Dow Jones, S&P or any of their respective affiliates (collectively, “S&P Dow Jones Indices”).
S&P Dow Jones Indices make no representation or warranty, express or implied, to the holders of the securities or any member of the
public regarding the advisability of investing in securities generally or in the securities particularly or the ability of the SPX to
track general market performance. S&P Dow Jones Indices’ only relationship to Merrill Lynch, Pierce, Fenner & Smith Incorporated
with respect to the SPX is the licensing of the SPX and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices
and/or its third party licensors. The SPX is determined, composed and calculated by S&P Dow Jones Indices without regard to us, Merrill
Lynch, Pierce, Fenner & Smith Incorporated, or the securities. S&P Dow Jones Indices have no obligation to take our needs, BAC’s
needs or the needs of Merrill Lynch, Pierce, Fenner & Smith Incorporated or holders of the securities into consideration in determining,
composing or calculating the SPX. S&P Dow Jones Indices are not responsible for and have not participated in the determination of
the prices and amount of the securities or the timing of the issuance or sale of the securities or in the determination or calculation
of the equation by which the securities are to be converted into cash. S&P Dow Jones Indices have no obligation or liability in connection
with the administration, marketing or trading of the securities. There is no assurance that investment products based on the SPX will
accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC and its subsidiaries are not
investment advisors. Inclusion of a security or futures contract within an index is not a recommendation by S&P Dow Jones Indices
to buy, sell, or hold such security or futures contract, nor is it considered to be investment advice. Notwithstanding the foregoing,
CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to the securities currently being
issued by us, but which may be similar to and competitive with the securities. In addition, CME Group Inc. and its affiliates may trade
financial products which are linked to the performance of the SPX. It is possible that this trading activity will affect the value of
the securities.
S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY,
TIMELINESS AND/OR THE COMPLETENESS OF THE SPX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR
WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY
DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND
EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY US,
BAC, BOFAS, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, HOLDERS OF THE SECURITIES, OR ANY OTHER PERSON OR ENTITY FROM THE
USE OF THE SPX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P
DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS
OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT,
TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES
INDICES AND MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
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