Linked to the Least Performing of the EURO STOXX 50®
Index and the Russell 2000® Index
| • | The Auto-Callable Notes Linked
to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index, due July 20, 2029 (the
“Notes”) priced on July 17, 2024 and will issue on July 22, 2024. |
| • | Approximate 5 year term if not
called prior to maturity. |
| • | Payment on the Notes will depend
on the individual performance of the EURO STOXX 50® Index and the Russell 2000® Index (each an “Underlying”). |
| • | Beginning with the October 17,
2024 Call Observation Date, automatically callable quarterly for an amount equal to the applicable Call Amount if, on the applicable
Call Observation Date, the Observation Value of each Underlying is equal to or greater than its Call Value. The Call Observation Dates
and Call Amounts are indicated on page PS-Press CTRL+A and then F9. |
| • | Assuming the Notes are not called
prior to maturity, if the Ending Value of each Underlying is greater than or equal to 100% of its Starting Value, at maturity, you will
receive $1,500.00 per $1,000.00 in principal amount of your Notes. |
| • | However, assuming the Notes
are not called prior to maturity, if either Underlying declines by more than 25% from its Starting Value, at maturity your investment
will be subject to 1:1 downside exposure to decreases in the value of the Least Performing Underlying, with up to 100% of the principal
at risk. Otherwise, if the Notes are not called prior to maturity and the Ending Value of the Least Performing Underlying is less than
100.00% of its Starting Value but greater than or equal to 75% of its Starting Value, at maturity you will receive the principal amount
of your Notes. |
| • | Any payment on the Notes is
subject to the credit risk of BofA Finance LLC (“BofA Finance” or the “Issuer”), as issuer of the Notes, and
Bank of America Corporation (“BAC” or the “Guarantor”), as guarantor of the Notes. |
| • | No periodic interest payments. |
| • | The Notes will not be listed
on any securities exchange. |
The initial estimated value of the
Notes as of the pricing date is $964.10 per $1,000.00 in principal amount of Notes, which is less than the public offering price listed
below. The actual value of your Notes at any time will reflect many factors and cannot be predicted with accuracy. See “Risk
Factors” beginning on page PS-8 of this pricing supplement and “Structuring the Notes” on page PS-18 of this pricing
supplement for additional information.
There are important differences
between the Notes and a conventional debt security. Potential purchasers of the Notes should consider the information in “Risk Factors”
beginning on page PS-8 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.
|
Public offering price(1) |
Underwriting discount(1)(2) |
Proceeds, before expenses, to BofA Finance(2) |
Per Note |
$1,000.00 |
$28.50 |
$971.50 |
Total |
$6,500,000.00 |
$179,270.00 |
$6,320,730.00 |
| (1) | Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some
or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the Notes in these fee-based
advisory accounts may be as low as $971.50 per $1,000.00 in principal amount of Notes. |
| (2) | The underwriting discount per $1,000.00 in principal amount of Notes may be as high as $28.50, resulting
in proceeds, before expenses, to BofA Finance of as low as $971.50 per $1,000.00 in principal amount of Notes. The total underwriting
discount and proceeds, before expenses, to BofA Finance specified above reflect the aggregate of the underwriting discounts per $1,000.00
in principal amount of Notes. |
The Notes and the related guarantee:
Are Not FDIC Insured |
Are Not Bank Guaranteed |
May Lose Value |
|
Selling Agent |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
Terms of the Notes
Issuer: |
BofA Finance |
Guarantor: |
BAC |
Denominations: |
The Notes will be issued in minimum denominations of $1,000.00 and whole multiples of $1,000.00 in excess thereof. |
Term: |
Approximately 5 years, unless previously automatically called. |
Underlyings: |
The EURO STOXX 50® Index (Bloomberg symbol: “SX5E”) and the Russell 2000® Index (Bloomberg symbol: “RTY”), each a price return index. |
Pricing Date: |
July 17, 2024 |
Issue Date: |
July 22, 2024 |
Valuation Date: |
July 17, 2029, subject to postponement as described under “Description of the Notes—Certain Terms of the Notes—Events Relating to Observation Dates” in the accompanying product supplement. |
Maturity Date: |
July 20, 2029 |
Starting Value: |
SX5E: 4,891.46
RTY: 2,239.669 |
Observation Value: |
With respect to each Underlying, its closing level on the applicable Call Observation Date. |
Ending Value: |
With respect to each Underlying, its closing level on the Valuation Date. |
Call Value: |
SX5E: 4,891.46, which is 100.00% of its Starting Value.
RTY: 2,239.669, which is 100.00% of its Starting Value. |
Redemption Barrier: |
SX5E: 4,891.46, which is 100.00% of its Starting Value.
RTY: 2,239.669, which is 100.00% of its Starting Value. |
Threshold Value: |
SX5E: 3,668.60, which is 75.00% of its Starting Value
(rounded to two decimal places).
RTY: 1,679.752, which is 75.00% of its Starting Value
(rounded to three decimal places). |
Automatic Call: |
Beginning with the October 17, 2024 Call Observation Date, all (but not less than all) of the Notes will be automatically called at an amount equal to the applicable Call Amount if the Observation Value of each Underlying is greater than or equal to its Call Value on any Call Observation Date. If the Notes are automatically called, the applicable Call Amount will be paid on the applicable Call Payment Date. No further amounts will be payable following an Automatic Call. |
Redemption Amount: |
If the Notes have not been automatically called prior
to maturity, the Redemption Amount per $1,000.00 in principal amount of Notes will be:
a) If the Ending Value of the Least Performing Underlying
is greater than or equal to its Redemption Barrier:
$1,500.00; or
b) If the Ending Value of the Least Performing Underlying
is less than its Redemption Barrier but is greater than or equal to its Threshold Value:
$1,000.00; or
c) If the Ending Value of the Least Performing Underlying
is less than its Threshold Value:
|
| AUTO-CALLABLE NOTES | PS-2 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
|
$1,000.00
+ ($1,000.00 × Underlying Return of the Least Performing Underlying)
In this case, the Redemption Amount will be less than
75.00% of the principal amount and you could lose up to 100.00% of your investment in the Notes. |
Call Observation Dates: |
As set forth beginning on page PS-4 |
Call Payment Dates: |
As set forth beginning on page PS-4 |
Call Amounts (per $1,000.00 in principal amount): |
As set forth beginning on page PS-4 |
Calculation Agent: |
BofA Securities, Inc. (“BofAS”), an affiliate of BofA Finance. |
Selling Agent: |
BofAS |
CUSIP: |
09711DVS8 |
Underlying Return: |
With respect to each Underlying,
|
Least Performing Underlying: |
The Underlying with the lowest Underlying Return. |
Events of Default and Acceleration: |
If an Event of Default, as defined in the senior indenture relating to the Notes 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 Notes occurs and is continuing, the amount payable to a holder of the Notes upon any acceleration permitted under the senior indenture will be equal to the amount described under the caption “Redemption Amount” above, calculated as though the date of acceleration were the Maturity Date of the Notes and as though the Valuation Date were the third Trading Day prior to the date of acceleration; provided that, if the event of default occurs on or prior to the Valuation Date (i.e., not during the period from after that Valuation Date to the original maturity date of the Notes), then the payment on the Notes will be determined as described above under the caption “—Automatic Call,” calculated as if the next scheduled Call Observation Date were three Trading Days prior to the date of acceleration, and in such a case, the calculation agent shall pro-rate the applicable Call Amount according to the period of time elapsed between the issue date of the notes and the date of acceleration. In case of a default in the payment of the Notes, whether at their maturity or upon acceleration, the Notes will not bear a default interest rate. |
| AUTO-CALLABLE NOTES | PS-3 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
Call Observation Dates, Call Payment Dates and Call Amounts
Call Observation Dates* |
Call Payment Dates |
Call Amounts (per $1,000.00 in principal
amount) |
October 17, 2024 |
October 22, 2024 |
$1,025.00 |
January 17, 2025 |
January 23, 2025 |
$1,050.00 |
April 17, 2025 |
April 23, 2025 |
$1,075.00 |
July 17, 2025 |
July 22, 2025 |
$1,100.00 |
October 17, 2025 |
October 22, 2025 |
$1,125.00 |
January 20, 2026 |
January 23, 2026 |
$1,150.00 |
April 17, 2026 |
April 22, 2026 |
$1,175.00 |
July 17, 2026 |
July 22, 2026 |
$1,200.00 |
October 19, 2026 |
October 22, 2026 |
$1,225.00 |
January 19, 2027 |
January 22, 2027 |
$1,250.00 |
April 19, 2027 |
April 22, 2027 |
$1,275.00 |
July 19, 2027 |
July 22, 2027 |
$1,300.00 |
October 18, 2027 |
October 21, 2027 |
$1,325.00 |
January 18, 2028 |
January 21, 2028 |
$1,350.00 |
April 18, 2028 |
April 21, 2028 |
$1,375.00 |
July 17, 2028 |
July 20, 2028 |
$1,400.00 |
October 17, 2028 |
October 20, 2028 |
$1,425.00 |
January 17, 2029 |
January 22, 2029 |
$1,450.00 |
April 17, 2029 |
April 20, 2029 |
$1,475.00 |
* The Call Observation 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, with references to “Observation Dates” being read as references to “Call
Observation Dates.”
Any payments on the Notes depend on the credit risk of
BofA Finance, as Issuer, and BAC, as Guarantor, and on the performance of the Underlyings. The economic terms of the Notes 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 underwriting discount, if any, and the hedging related charges described below (see “Risk Factors” beginning
on page PS-8), reduced the economic terms of the Notes to you and the initial estimated value of the Notes. Due to these factors, the
public offering price you are paying to purchase the Notes is greater than the initial estimated value of the Notes as of the pricing
date.
The initial estimated value of the Notes as of the pricing
date is set forth on the cover page of this pricing supplement. For more information about the initial estimated value and the structuring
of the Notes, see “Risk Factors” beginning on page PS-8 and “Structuring the Notes” on page PS-18.
| AUTO-CALLABLE NOTES | PS-4 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
Automatic Call and Redemption Amount Determination
On
each Call Observation Date, your Notes may be automatically called,
determined
as follows:
Assuming
the Notes have not been automatically called, on the Maturity Date, you will receive a cash payment per $1,000.00 in principal amount
of Notes determined as follows:
All payments described above are subject to the credit
risk of BofA Finance, as Issuer, and BAC, as Guarantor.
| AUTO-CALLABLE NOTES | PS-5 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
Hypothetical Payout Profile and Examples of Payments on the Notes
Examples and Auto-Callable Notes Table
The following examples and table are for purposes of
illustration only. They are based on hypothetical values and show hypothetical returns on the Notes. The examples and table
illustrate payments on the Notes based on a hypothetical Starting Value of 100 for each Underlying, a hypothetical Call Value of 100 for
each Underlying, a hypothetical Redemption Barrier of 100 for the Least Performing Underlying, a hypothetical Threshold Value of 75 for
the Least Performing Underlying, Call Amounts as indicated on page PS-4, the Redemption Amount of $1,500.00 per $1,000.00 in principal
amount of Notes if the Ending Value of the Least Performing Underlying is greater than or equal to its Redemption Barrier and a range
of hypothetical Observation Values and Ending Values of the Least Performing Underlying. The actual amount you receive and the resulting
return will depend on the actual Starting Values, Call Values, Redemption Barriers, Threshold Values, Observation Values and Ending Values
of the Underlyings, whether the Notes are automatically called prior to maturity, and whether you hold the Notes to maturity. The
following examples do not take into account any tax consequences from investing in the Notes.
For recent actual values of the Underlyings, see “The
Underlyings” section below. The Ending Value of each Underlying will not include any income generated by dividends or other distributions
paid with respect to shares or units of that Underlying or on the securities included in that Underlying, as applicable. In addition,
all payments on the Notes are subject to Issuer and Guarantor credit risk.
If the Notes Are Called Prior to Maturity
The Notes will be called at an amount equal to the applicable
Call Amount if on any Call Observation Date the Observation Value of each Underlying is greater than or equal to its Call Value. After
the Notes are called, they will no longer remain outstanding and there will not be any further payments on the Notes.
Example 1 - The Observation Value of each Underlying
on the first Call Observation Date is 105.00. Therefore, the Notes will be called at $1,025.00 per $1,000.00 in principal amount of Notes.
Example 2 - The Observation Value of each Underlying
on each of the first eighteen Call Observation Dates is below its respective Call Value, but the Observation Value of each Underlying
on the nineteenth Call Observation Date is 110.00. Therefore, the Notes will be called at $1,475.00 per $1,000.00 in principal amount
of Notes.
| AUTO-CALLABLE NOTES | PS-6 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
If the Notes Are Not Called Prior to Maturity
Ending Value of the Least Performing
Underlying |
Underlying Return of the Least
Performing Underlying |
Redemption Amount per
Note |
Return on the Notes(1) |
160.00 |
60.00% |
$1,500.00 |
50.00% |
150.00 |
50.00% |
$1,500.00 |
50.00% |
140.00 |
40.00% |
$1,500.00 |
50.00% |
130.00 |
30.00% |
$1,500.00 |
50.00% |
120.00 |
20.00% |
$1,500.00 |
50.00% |
110.00 |
10.00% |
$1,500.00 |
50.00% |
105.00 |
5.00% |
$1,500.00 |
50.00% |
102.00 |
2.00% |
$1,500.00 |
50.00% |
100.00(2)(3) |
0.00% |
$1,500.00 |
50.00% |
99.99 |
-0.01% |
$1,000.00 |
0.00% |
90.00 |
-10.00% |
$1,000.00 |
0.00% |
80.00 |
-20.00% |
$1,000.00 |
0.00% |
75.00(4) |
-25.00% |
$1,000.00 |
0.00% |
74.99 |
-25.01% |
$749.90 |
-25.01% |
70.00 |
-30.00% |
$700.00 |
-30.00% |
60.00 |
-40.00% |
$600.00 |
-40.00% |
50.00 |
-50.00% |
$500.00 |
-50.00% |
0.00 |
-100.00% |
$0.00 |
-100.00% |
(1) |
The “Return on the Notes” is calculated based on the Redemption Amount. |
(2) |
The hypothetical Starting Value of 100 used in the table above has been chosen for illustrative purposes only. The actual Starting Value of each Underlying is set forth on page PS-2 above. |
(3) |
This is the hypothetical Redemption Barrier of the Least Performing Underlying. |
(4) |
This is the hypothetical Threshold Value of the Least Performing Underlying. |
| AUTO-CALLABLE NOTES | PS-7 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
Risk Factors
Your investment in the Notes entails significant risks,
many of which differ from those of a conventional debt security. Your decision to purchase the Notes should be made only after carefully
considering the risks of an investment in the Notes, including those discussed below, with your advisors in light of your particular circumstances.
The Notes are not an appropriate investment for you if you are not knowledgeable about significant elements of the Notes or financial
matters in general. You should carefully review the more detailed explanation of risks relating to the Notes 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 page PS-22 below.
Structure-related Risks
| • | Your investment may result
in a loss; there is no guaranteed return of principal. There is no fixed principal repayment amount on the Notes at maturity. If
the Notes are not automatically called prior to maturity and the Ending Value of either Underlying is less than its Threshold
Value, at maturity, your investment will be subject to 1:1 downside exposure to decreases in the value of the Least Performing Underlying
and you will lose 1% of the principal amount for each 1% that the Ending Value of the Least Performing Underlying is less than its Starting
Value. In that case, you will lose a significant portion or all of your investment in the Notes. |
| • | Any positive investment return
on the Notes is limited. You will not participate in any increase in the level of any Underlying. Any positive investment return
is limited to the applicable Call Amount or the maximum Redemption Amount of $1,500.00 per $1,000.00 in principal amount of Notes, as
applicable, if the Observation Value or Ending Value of each Underlying is greater than or equal to its Call Value or Redemption Barrier,
as applicable, on any Call Observation Date or the Valuation Date, as applicable. In contrast, a direct investment in the securities
included in one or more of the Underlyings would allow you to receive the benefit of any appreciation in their values. Any return on
the Notes 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 Notes may be less than a comparable investment directly in the securities held by or included in the
Underlyings. There is no guarantee that the Notes 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 Notes. |
| • | The Notes do not bear interest.
Unlike a conventional debt security, no interest payments will be paid over the term of the Notes, regardless of the extent to which
the Observation Value or Ending Value of the Least Performing Underlying exceeds its Starting Value, Redemption Barrier, Call Value or
Threshold Value. |
| • | The Notes are subject to a potential Automatic Call, which would limit
your ability to receive further payment on the Notes. The Notes are subject to a potential Automatic Call. The Notes will be
automatically called if, on any Call Observation Date, the Observation Value of each Underlying is greater than or equal to its Call
Value. If the Notes are automatically called prior to the Maturity Date, you will be entitled to receive the applicable Call Amount
with respect to the applicable Call Observation Date and no further amounts will be payable following the Automatic Call. In this
case, you will lose the opportunity to receive payment of any higher Call Amount or Redemption Amount that otherwise would be
payable after the date of the Automatic Call. If the Notes are called 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 Notes. |
| • | Your return on the Notes may
be less than the yield on a conventional debt security of comparable maturity. Any return that you receive on the Notes 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 Notes may not reflect the full opportunity cost to you when you consider factors, such as inflation, that affect the time value
of money. |
| • | The Call Amount or Redemption
Amount, as applicable, will not reflect changes in the levels of the Underlyings other than on the Call Observation Dates or Valuation
Date, as applicable. The levels of the Underlyings during the term of the Notes other than on the Call Observation Dates or Valuation
Date, as applicable, will not affect payments on the Notes. Notwithstanding the foregoing, investors should generally be aware of the
performance of the Underlyings while holding the Notes, as the performance of the Underlyings may influence the market value of the Notes.
The calculation agent will determine whether the Notes will be automatically called and will calculate the Call Amount or the Redemption
Amount, as applicable, by comparing only the Starting Value, the Call Value, the Redemption Barrier or the Threshold Value, as applicable,
to the Observation Value or the Ending Value for each Underlying. No other levels of the Underlyings will be taken into account. As a
result, if the Notes are not automatically called prior to maturity and the Ending Value of the Least Performing Underlying is less than
its Threshold Value, you will receive less than the principal amount at maturity even if the level of each Underlying was always above
its Threshold Value prior to the Valuation Date. |
| • | Because the Notes are linked
to the least performing (and not the average performance) of the Underlyings, you may not receive any return on the Notes and may lose
a significant portion or all of your investment in the Notes even if the Observation Value or Ending Value of one Underlying is greater
than or equal to its Call Value, Redemption Barrier or Threshold Value, as applicable. Your Notes are linked to the least performing
of the Underlyings, and a change in the level of one Underlying may not correlate with changes in the level of the other Underlying.
The Notes are not linked to a basket composed of the Underlyings, where the depreciation in the level of one Underlying could be offset
to some extent by the appreciation in the level of the other Underlying. In the case of the Notes, the individual performance of each
Underlying would not be combined, and the depreciation in the level of one Underlying would not be offset by any appreciation in the
level of the other Underlying. Even if the Observation Value of an Underlying is at or above its Call Value on a Call Observation Date,
your Notes will not be automatically called if the Observation Value of another Underlying is below its Call Value on that day. In addition,
even if the Ending Value of an Underlying is at or above its Threshold Value, you will lose a significant portion or all of your investment
in the Notes if the Ending Value of the Least Performing Underlying is below its |
| AUTO-CALLABLE NOTES | PS-8 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
Threshold Value.
| • | Any payments on the Notes 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 Notes. The Notes are our senior unsecured debt securities. Any payment on
the Notes will be fully and unconditionally guaranteed by the Guarantor. The Notes are not guaranteed by any entity other than the Guarantor.
As a result, your receipt of any payments on the Notes will be dependent upon our ability and the ability of the Guarantor to repay our
respective obligations under the Notes on the applicable payment date, regardless of the performance of the Underlyings. 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 Notes. 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 Notes.
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 Notes.
However, because your return on the Notes 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 Underlyings, an improvement in our or the Guarantor’s credit ratings will not
reduce the other investment risks related to the Notes. |
| • | 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 Notes in the ordinary course. Therefore,
our ability to make payments on the Notes may be limited. |
Valuation and Market-related Risks
| • | The public offering price you
are paying for the Notes exceeds their initial estimated value. The initial estimated value of the Notes that is provided on the
cover page of this pricing supplement is an estimate only, determined as of the pricing date 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 Notes. These pricing models rely in part on certain forecasts about
future events, which may prove to be incorrect. If you attempt to sell the Notes 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 Underlyings, changes in the Guarantor’s internal funding rate, and the inclusion in the public offering price of the underwriting
discount, if any, and the hedging related charges, all as further described in “Structuring the Notes” below. These factors,
together with various credit, market and economic factors over the term of the Notes, are expected to reduce the price at which you may
be able to sell the Notes in any secondary market and will affect the value of the Notes 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
Notes in any secondary market (if any exists) at any time. The value of your Notes at any time after issuance will vary based on
many factors that cannot be predicted with accuracy, including the performance of the Underlyings, our and BAC’s creditworthiness
and changes in market conditions. |
| • | We cannot assure you that a
trading market for your Notes will ever develop or be maintained. We will not list the Notes on any securities exchange. We cannot
predict how the Notes will trade in any secondary market or whether that market will be liquid or illiquid. |
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 Notes 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 Underlyings, or futures or options contracts or exchange traded instruments on the Underlyings
or those securities, or other instruments whose value is derived from the Underlyings 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 Underlyings, except to
the extent that BAC’s common stock may be included in the Underlyings, we, the Guarantor and our other affiliates, including BofAS,
do not control any company included in the Underlyings, 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 Notes. These transactions may present a conflict of interest between
your interest in the Notes 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 Underlyings in a manner that could be adverse to your investment
in the Notes. 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 Notes), may have affected the levels of the Underlyings. Consequently, the levels of the Underlyings may change subsequent to the
pricing date, which may adversely affect the market value of the Notes.
|
| AUTO-CALLABLE NOTES | PS-9 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
| | We, the Guarantor or one or more of our other affiliates, including BofAS, also may have engaged in
hedging activities that could have affected the levels of the Underlyings on the pricing date. In addition, these hedging
activities, including the unwinding of a hedge, may decrease the market value of your Notes prior to maturity, and may affect the
amounts to be paid on the Notes. 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 Notes and may hold or resell the Notes. 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 Underlyings, the market value of your Notes prior to maturity or the amounts payable on the
Notes. |
| • | 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 Notes and, as such, will make a variety of determinations relating
to the Notes, including the amounts that will be paid on the Notes. 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-related Risks
| • | The Notes 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. |
| • | The Notes are subject to risks
associated with foreign securities markets. The SX5E includes certain foreign equity securities. You should be aware that investments
in securities linked to the value of foreign equity securities involve particular risks. The foreign securities markets comprising the
SX5E may have less liquidity and may be more volatile than U.S. or other securities markets and market developments may affect foreign
markets differently from U.S. or other securities markets. Direct or indirect government intervention to stabilize these foreign securities
markets, as well as cross-shareholdings in foreign companies, may affect trading prices and volumes in these markets. Also, there is
generally less publicly available information about foreign companies than about those U.S. companies that are subject to the reporting
requirements of the SEC, and foreign companies are subject to accounting, auditing and financial reporting standards and requirements
that differ from those applicable to U.S. reporting companies. |
Prices of securities in foreign countries
are subject to political, economic, financial and social factors that apply in those geographical regions. These factors, which could
negatively affect those securities markets, include the possibility of recent or future changes in a foreign government’s economic
and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to foreign
companies or investments in foreign equity securities and the possibility of fluctuations in the rate of exchange between currencies,
the possibility of outbreaks of hostility and political instability and the possibility of natural disaster or adverse public health developments
in the region. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in important respects such as growth
of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.
| • | The publisher or the sponsor
of an Underlying may adjust that Underlying in a way that affects its levels, and the publisher or the sponsor has no obligation to consider
your interests. The publisher or the sponsor of an Underlying can add, delete, or substitute the components included in that Underlying
or make other methodological changes that could change its level. Any of these actions could adversely affect the value of your Notes. |
Tax-related Risks
| • | The U.S. federal income tax
consequences of an investment in the Notes are uncertain, and may be adverse to a holder of the Notes. No statutory, judicial, or
administrative authority directly addresses the characterization of the Notes or securities similar to the Notes 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 Notes are not certain.
Under the terms of the Notes, you will have agreed with us to treat the Notes as single financial contracts, as described below under
“U.S. Federal Income Tax Summary—General.” If the Internal Revenue Service (the “IRS”) were successful
in asserting an alternative characterization for the Notes, the timing and character of gain or loss with respect to the Notes may differ.
No ruling will be requested from the IRS with respect to the Notes and no assurance can be given that the IRS will agree with the statements
made in the section entitled “U.S. Federal Income Tax Summary.” 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 Notes. |
| AUTO-CALLABLE NOTES | PS-10 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
The Underlyings
All disclosures contained in this pricing supplement
regarding the Underlyings, 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
SX5E and the sponsor of the RTY (collectively, the “Underlying Sponsors”). The Underlying Sponsors, which license the copyright
and all other rights to the respective Underlyings, have no obligation to continue to publish, and may discontinue publication of, the
Underlyings. The consequences of any Underlying Sponsor discontinuing publication of the applicable Underlying 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 any Underlying 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 Underlyings.
You should make your own investigation into the Underlyings.
The EURO STOXX 50® Index
The SX5E was created by STOXX, which is owned by Deutsche
Börse AG. Publication of the SX5E began in February 1998, based on an initial index level of 1,000 on December 31, 1991.
Index Composition and Maintenance
The SX5E is composed of 50 stocks from 11 Eurozone countries
(Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain) of the STOXX Europe 600
Supersector indices. The STOXX 600 Supersector indices contain the 600 largest stocks traded on the major exchanges of 18 European countries
and are organized into the following 20 Supersectors: automobiles & parts; banks; basic resources; chemicals; construction & materials;
consumer products & services; energy; financial services; food, beverages & tobacco; health care; industrial goods & services;
insurance; media; personal care, drug & grocery stores; real estate; retailers; technology; telecommunications; travel & leisure;
and utilities.
For each of the 20 EURO STOXX regional supersector indices,
the stocks are ranked in terms of free-float market capitalization. The largest stocks are added to the selection list until the coverage
is close to, but still less than, 60% of the free-float market capitalization of the corresponding supersector index. If the next highest-ranked
stock brings the coverage closer to 60% in absolute terms, then it is also added to the selection list. All current stocks in the SX5E
are then added to the selection list. All of the stocks on the selection list are then ranked in terms of free-float market capitalization
to produce the final index selection list. The largest 40 stocks on the selection list are selected; the remaining 10 stocks are selected
from the largest remaining current stocks ranked between 41 and 60; if the number of stocks selected is still below 50, then the largest
remaining stocks are selected until there are 50 stocks. In exceptional cases, STOXX’s management board can add stocks to and remove
them from the selection list.
The index components are subject to a capped maximum
index weight of 10%, which is applied on a quarterly basis.
The composition of the SX5E is reviewed annually, based
on the closing stock data on the last trading day in August. Changes in the composition of the SX5E are made to ensure that the SX5E includes
the 50 market sector leaders from within the EURO STOXX® Index.
The free float factors for each component stock used
to calculate the SX5E, as described below, are reviewed, calculated, and implemented on a quarterly basis and are fixed until the next
quarterly review.
The SX5E is subject to a “fast exit rule.”
The index components are monitored for any changes based on the monthly selection list ranking. A stock is deleted from the SX5E if: (a)
it ranks 75 or below on the monthly selection list and (b) it has been ranked 75 or below for a consecutive period of two months in the
monthly selection list. The highest-ranked stock that is not an index component will replace it. Changes will be implemented on the close
of the fifth trading day of the month, and are effective the next trading day.
The SX5E is also subject to a “fast entry rule.”
All stocks on the latest selection lists and initial public offering (IPO) stocks are reviewed for a fast-track addition on a quarterly
basis. A stock is added, if (a) it qualifies for the latest STOXX blue-chip selection list generated end of February, May, August or November
and (b) it ranks within the “lower buffer” on this selection list.
The SX5E is also reviewed on an ongoing monthly basis.
Corporate actions (including initial public offerings, mergers and takeovers, spin-offs, delistings, and bankruptcy) that affect the index
composition are announced immediately, implemented two trading days later and become effective on the next trading day after implementation.
Index Calculation
The SX5E is calculated with the “Laspeyres formula,”
which measures the aggregate price changes in the component stocks against a fixed base quantity weight. The formula for calculating the
index value can be expressed as follows:
| AUTO-CALLABLE NOTES | PS-11 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
The “free float market capitalization of the Index”
is equal to the sum of the product of the price, the number of shares and the free float factor and the weighting cap factor for each
component stock as of the time the SX5E is being calculated.
The SX5E is also subject to a divisor, which is adjusted
to maintain the continuity of the index values across changes due to corporate actions, such as the deletion and addition of stocks, the
substitution of stocks, stock dividends, and stock splits.
Neither we nor any of our affiliates, including Merrill
Lynch, Pierce, Fenner & Smith Incorporated, accepts any responsibility for the calculation, maintenance, or publication of, or for
any error, omission, or disruption in, the SX5E or any successor to the SX5E. STOXX does not guarantee the accuracy or the completeness
of the SX5E or any data included in the SX5E. STOXX assumes no liability for any errors, omissions, or disruption in the calculation and
dissemination of the SX5E. STOXX disclaims all responsibility for any errors or omissions in the calculation and dissemination of the
SX5E or the manner in which the SX5E is applied in determining the amount payable on the Notes.
Historical Performance of the SX5E
The following graph sets forth the daily historical performance
of the SX5E in the period from January 2, 2019 through the pricing date. We obtained this historical data from Bloomberg L.P. We have
not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing
level of the SX5E was 4,891.46.
This historical data on the SX5E is not necessarily indicative
of the future performance of the SX5E or what the value of the Notes may be. Any historical upward or downward trend in the closing level
of the SX5E during any period set forth above is not an indication that the closing level of the SX5E is more or less likely to increase
or decrease at any time over the term of the Notes.
Before investing in the Notes, you should consult publicly
available sources for the closing levels of the SX5E.
License Agreement
One of our affiliates has entered into a non-exclusive
license agreement with STOXX providing for the license to it and certain of its affiliated companies, including us, of the right to use
indices owned and published by STOXX (including the SX5E) in connection with certain securities, including the Notes.
The license agreement requires that the following language
be stated in this pricing supplement:
“STOXX Limited, Deutsche Börse Group and their
licensors, research partners or data providers have no relationship to us other than the licensing of the SX5E and the related trademarks
for use in connection with the Notes.
STOXX, Deutsche Börse Group and their licensors,
research partners or data providers do not:
| • | sponsor, endorse, sell or promote
the Notes. |
| • | recommend that any person invest
in the Notes or any other securities. |
| • | have any responsibility or liability
for or make any decisions about the timing, amount or pricing of the Notes. |
| • | have any responsibility or liability
for the administration, management or marketing of the Notes. |
| • | consider the needs of the Notes
or the owners of the Notes in determining, composing or calculating the SX5E or have any obligation to do so. |
| AUTO-CALLABLE NOTES | PS-12 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
STOXX, Deutsche Börse Group and their licensors,
research partners or data providers give no warranty, and exclude any liability (whether in negligence or otherwise), in connection with
the Notes or their performance.
STOXX does not assume any contractual relationship with
the purchasers of the Notes or any other third parties.
Specifically,
| • | STOXX, Deutsche Börse Group
and their licensors, research partners or data providers do not give any warranty, express or implied, and exclude any liability about: |
| • | The results to be obtained by the
Notes, the owner of the Notes or any other person in connection with the use of the SX5E and the data included in the SX5E; |
| • | The accuracy, timeliness, and completeness
of the SX5E and its data; |
| • | The merchantability and the fitness
for a particular purpose or use of the SX5E and its data; |
| • | The performance of the Notes generally. |
| • | STOXX, Deutsche Börse Group
and their licensors, research partners or data providers give no warranty and exclude any liability, for any errors, omissions or interruptions
in the SX5E or its data; |
| • | Under no circumstances will STOXX,
Deutsche Börse Group or their licensors, research partners or data providers be liable (whether in negligence or otherwise) for
any lost profits or indirect, punitive, special or consequential damages or losses, arising as a result of such errors, omissions or
interruptions in the SX5E or its data or generally in relation to the Notes, even in circumstances where STOXX, Deutsche Börse Group
or their licensors, research partners or data providers are aware that such loss or damage may occur. |
The licensing agreement discussed above is solely for
our benefit and that of STOXX, and not for the benefit of the owners of the Notes or any other third parties.”
| AUTO-CALLABLE NOTES | PS-13 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
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 Notes.
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.
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.
Historical Performance of the RTY
The following graph sets forth the daily historical performance
of the RTY in the period from January 2, 2019 through the pricing date. We obtained this
| AUTO-CALLABLE NOTES | PS-14 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
historical data from Bloomberg L.P. We have not independently
verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing level of the RTY
was 2,239.669.
This historical data on the RTY is not necessarily indicative
of the future performance of the RTY or what the value of the Notes may be. Any historical upward or downward trend in the closing level
of the RTY during any period set forth above is not an indication that the closing level of the RTY is more or less likely to increase
or decrease at any time over the term of the Notes.
Before investing in the Notes, you should consult publicly
available sources for the closing levels of the RTY.
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 Notes are not sponsored, endorsed, sold, or promoted by FTSE Russell, and FTSE Russell makes no representation
regarding the advisability of investing in the Notes.
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 Notes. The license agreement provides that the following language must be stated in
this pricing supplement:
The Notes 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 Notes or any member of the
public regarding the advisability of investing in securities generally or in the Notes 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 Notes. FTSE Russell is not responsible for and has not reviewed the Notes 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 Notes.
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.
| AUTO-CALLABLE NOTES | PS-15 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
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 selling agent in the distribution of
the Notes. Accordingly, the offering of the Notes 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 will deliver the Notes 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, purchasers who wish to trade the Notes 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 Notes 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 Notes 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 Notes 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 Notes at the same discount. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some
or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the Notes in these fee-based
advisory accounts may be as low as $971.50 per $1,000.00 in principal amount of Notes.
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 Notes. However, they are not obligated to engage in such secondary market transactions
and/or 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 Notes, BofAS may offer to buy the Notes in the secondary market at a price that may exceed the
initial estimated value of the Notes. Any price offered by BofAS for the Notes will be based on then-prevailing market conditions and
other considerations, including the performance of the Underlyings and the remaining term of the Notes. However, none of us, the Guarantor,
BofAS or any of our other affiliates is obligated to purchase your Notes at any price or at any time, and we cannot assure you that any
party will purchase your Notes at a price that equals or exceeds the initial estimated value of the Notes.
Any price that BofAS may pay to repurchase the Notes
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 Notes.
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 Notes 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 Notes 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 Notes 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 Notes 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 Notes to be offered so as to enable an investor
to decide to purchase or subscribe for the Notes. Consequently no key information document required by Regulation (EU) No 1286/2014, as
amended (the “PRIIPs Regulation”) for offering or selling the Notes 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 Notes or otherwise making them available to
any retail investor in the EEA or in the United Kingdom may be unlawful under the PRIIPs Regulation.
| AUTO-CALLABLE NOTES | PS-16 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
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 Notes 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 Notes 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 Notes 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 Notes in, from or otherwise involving the United Kingdom.
| AUTO-CALLABLE NOTES | PS-17 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
Structuring the Notes
The Notes are our debt securities, the return on which
is linked to the performance of the Underlyings. 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 Notes 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
Notes, along with the fees and charges associated with market-linked notes, resulted in the initial estimated value of the Notes on the
pricing date being less than their public offering price.
In order to meet our payment obligations on the Notes,
at the time we issue the Notes, 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 Underlyings, the tenor of the Notes and the hedging arrangements. The economic terms of the Notes
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 PS-5 and “Supplemental Use of Proceeds” on page PS-20 of the accompanying product supplement.
Validity of the Notes
In the opinion of McGuireWoods LLP, as counsel to BofA
Finance, as issuer, and BAC, as guarantor, when the trustee has made the appropriate entries or notations on Schedule 1 to the master
global note that represents the Notes (the “Master Note”) identifying the Notes offered hereby as supplemental obligations
thereunder in accordance with the instructions of BofA Finance, and the Notes have been delivered against payment therefor as contemplated
in this pricing supplement and the related prospectus, prospectus supplement and product supplement, all in accordance with the provisions
of the indenture governing the Notes and the related guarantee, such Notes will be the legal, valid and binding obligations of BofA Finance,
and the related guarantee will be the legal, valid and binding obligation of BAC, subject, in each case, to the effects of applicable
bankruptcy, insolvency (including laws relating to preferences, fraudulent transfers and equitable subordination), reorganization, moratorium
and other similar laws affecting creditors’ rights generally, and to general principles of equity. This opinion is given as of the
date of this pricing supplement and is limited to the Delaware General Corporation Law and the Delaware Limited Liability Company Act
(including the statutory provisions, all applicable provisions of the Delaware Constitution and reported judicial decisions interpreting
either of the foregoing) and the laws of the State of New York as in effect on the date hereof. In addition, this opinion is subject to
customary assumptions about the trustee’s authorization, execution and delivery of the indenture governing the Notes and due authentication
of the Master Note, the validity, binding nature and enforceability of the indenture governing the Notes and the related guarantee with
respect to the trustee, the legal capacity of individuals, the genuineness of signatures, the authenticity of all documents submitted
to McGuireWoods LLP as originals, the conformity to original documents of all documents submitted to McGuireWoods LLP as copies thereof,
the authenticity of the originals of such copies and certain factual matters, all as stated in the opinion letter of McGuireWoods LLP
dated December 8, 2022, which has been filed as an exhibit to the Registration Statement (File Nos. 333-268718 and 333-268718-01) of BAC
and BofA Finance, filed with the SEC on December 8, 2022.
| AUTO-CALLABLE NOTES | PS-18 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
U.S. Federal Income Tax Summary
The following summary of the material U.S. federal income
and estate tax considerations of the acquisition, ownership, and disposition of the Notes 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 Notes 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 Notes upon original issuance and will hold the Notes 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 Notes, 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 Notes, in the opinion of our counsel, Sidley Austin LLP, and based on certain
factual representations received from us, the Notes should be treated as single financial contracts with respect to the Underlyings and
under the terms of the Notes, we and every investor in the Notes agree, in the absence of an administrative determination or judicial
ruling to the contrary, to treat the Notes in accordance with such characterization. This discussion assumes that the Notes constitute
single financial contracts with respect to the Underlyings for U.S. federal income tax purposes. If the Notes did not constitute single
financial contracts, the tax consequences described below would be materially different.
This characterization of the Notes is not binding
on the IRS or the courts. No statutory, judicial, or administrative authority directly addresses the characterization of the Notes 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 Notes 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 Notes, 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 Notes.
We will not attempt to ascertain whether any issuer of
a component stock included in an Underlying 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 were so treated, certain adverse U.S. federal income tax consequences
could possibly apply to a holder of the Notes. You should refer to information filed with the SEC by the issuers of the component stocks
included in each Underlying and consult your tax advisor regarding the possible consequences to you, if any, if any issuer of a component
stock included in an Underlying 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 Notes 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 Notes. A U.S. Holder’s tax basis in the Notes
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 Notes 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 Notes, prospective investors are urged to consult their tax advisors
regarding all possible alternative tax treatments of an investment in the Notes. In particular, the IRS could seek to subject the Notes
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 Notes 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 Notes generally would be treated as ordinary income, and any loss realized at
maturity or upon a sale, exchange, or redemption of the Notes 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.
| AUTO-CALLABLE NOTES | PS-19 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
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 Notes. According to the Notice, the IRS and Treasury are considering whether a holder of
an instrument such as the Notes 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 Notes, 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 Notes.
Because of the absence of authority regarding the appropriate
tax characterization of the Notes, it is also possible that the IRS could seek to characterize the Notes 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 Notes should be treated as ordinary gain or loss.
Because each Underlying is an index that periodically
rebalances, it is possible that the Notes could be treated as a series of single financial contracts, each of which matures on the next
rebalancing date. If the Notes were properly characterized in such a manner, a U.S. Holder would be treated as disposing of the Notes
on each rebalancing date in return for new Notes 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 Notes (which
would be adjusted to take into account any prior recognition of gain or loss) and the fair market value of the Notes on such date.
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 Notes 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 Notes 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 Notes 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 Notes, 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 Notes. 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 Notes are not delta-one instruments, Non-U.S. Holders should not be subject to withholding on dividend equivalent
payments, if any, under the Notes. However, it is possible that the Notes could be treated as deemed reissued for U.S. federal income
tax purposes upon the occurrence of certain events affecting the Underlyings or the Notes, and following such occurrence the Notes 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 Underlyings or the Notes should consult their tax advisors as to the application of the dividend equivalent withholding
tax in the context of the Notes 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.
| AUTO-CALLABLE NOTES | PS-20 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
As discussed above, alternative characterizations of
the Notes 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 Notes 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 Notes 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.
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 Notes.
| AUTO-CALLABLE NOTES | PS-21 |
Auto-Callable Notes Linked to the Least Performing of the EURO STOXX 50® Index and the Russell 2000® Index
Where You Can Find More Information
The terms and risks of the Notes 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:
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. 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.
The Notes are our senior debt securities. Any payments
on the Notes are fully and unconditionally guaranteed by BAC. The Notes and the related guarantee are not insured by the Federal Deposit
Insurance Corporation or secured by collateral. The Notes 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 Notes, including any repayment of the principal
amount, will be subject to the credit risk of BofA Finance, as Issuer, and BAC, as Guarantor.
| AUTO-CALLABLE NOTES | PS-22 |
Exhibit 107.1
The prospectus to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price
for such offering is $6,500,000.00.
Bank of America (NYSE:BML-L)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Bank of America (NYSE:BML-L)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024