# EDGAR Filing Document

**Accession Number:** 0001682472
**File Stem:** 0001918704-25-008741
**Filing Date:** 2025-6
**Character Count:** 171200
**Document Hash:** 420e957eaa6e7dcfc4d2442481139dac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001918704-25-008741.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001918704-25-008741

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BofA Finance LLC
- **CENTRAL INDEX KEY:** 0001682472
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 813167494
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268718-01
- **FILM NUMBER:** 251013641

**BUSINESS ADDRESS:**
- **STREET 1:** 100 NORTH TRYON STREET
- **STREET 2:** NC1-007-06-10
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-386-4175

**MAIL ADDRESS:**
- **STREET 1:** 100 NORTH TRYON STREET
- **STREET 2:** NC1-007-06-10
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF AMERICA CORP /DE/
- **CENTRAL INDEX KEY:** 0000070858
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 560906609
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268718
- **FILM NUMBER:** 251013642

**BUSINESS ADDRESS:**
- **STREET 1:** BANK OF AMERICA CORPORATE CENTER
- **STREET 2:** 100 N TRYON ST
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28255
- **BUSINESS PHONE:** 7043868486

**MAIL ADDRESS:**
- **STREET 1:** BANK OF AMERICA CORPORATE CENTER
- **STREET 2:** 100 N TRYON ST
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28255

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANKAMERICA CORP/DE/
- **DATE OF NAME CHANGE:** 19981022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONSBANK CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCNB CORP
- **DATE OF NAME CHANGE:** 19920107

This pricing supplement, which is not complete and may be changed, relates to an effective Registration Statement under the Securities Act of 1933. This pricing supplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these Notes in any country or jurisdiction where such an offer would not be permitted.

![](image_cover.jpg)

Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

&nbsp;&nbsp;&nbsp;&nbsp;• The Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF, due June 4, 2027 (the "Notes") are expected to price on May 30, 2025 and expected to issue on June 4, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;• Approximate 2 year term if not called prior to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;• Payments on the Notes will depend on the individual performance of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF (each an "Underlying").

&nbsp;&nbsp;&nbsp;&nbsp;• Contingent coupon rate of 12.85% per annum (1.0709% per month) payable monthly if the Observation Value of **each** Underlying on the applicable Observation Date is greater than or equal to 70.00% of its Starting Value, assuming the Notes have not been called. 

&nbsp;&nbsp;&nbsp;&nbsp;• Beginning on September 5, 2025, callable monthly at our option for an amount equal to the principal amount plus the relevant Contingent Coupon Payment, if otherwise payable. 

&nbsp;&nbsp;&nbsp;&nbsp;• Assuming the Notes are not called prior to maturity, if **any** Underlying declines by more than 40% 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, at maturity, you will receive the principal amount. At maturity you will also receive a final Contingent Coupon Payment if the Observation Value of **each** Underlying on the final Observation Date is greater than or equal to 70.00% of its Starting Value. 

&nbsp;&nbsp;&nbsp;&nbsp;• All payments on the Notes are 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.

&nbsp;&nbsp;&nbsp;&nbsp;• The Notes will not be listed on any securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;• CUSIP No. 09711HQ22.

**The initial estimated value of the Notes as of the pricing date is expected to be between $940.00 and $990.00 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-9 of this pricing supplement and "Structuring the Notes" on page PS-30 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-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.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Public Offering Price<sup>(1)</sup>  | &nbsp;&nbsp; Underwriting Discount<sup>(1)(2)</sup>  | &nbsp;&nbsp; Proceeds, before expenses, to BofA Finance<sup>(2)</sup>  |
| &nbsp;&nbsp; Per Note  | &nbsp;&nbsp; $1000.00  | &nbsp;&nbsp; $6.50  | &nbsp;&nbsp; $993.50  |
| &nbsp;&nbsp; Total  |  |  |  |

---

(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 $993.50 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 $6.50, resulting in proceeds, before expenses, to BofA Finance of as low as $993.50 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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; ![](image_002.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Selling Agent**  |

---

------

Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

Terms of the Notes

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Issuer:**  | &nbsp;&nbsp; BofA Finance  |
| &nbsp;&nbsp; **Guarantor:**  | &nbsp;&nbsp; BAC  |
| &nbsp;&nbsp; **Denominations:**  | &nbsp;&nbsp; The Notes will be issued in minimum denominations of $1,000.00 and whole multiples of $1,000.00 in excess thereof.  |
| &nbsp;&nbsp; **Term:**  | &nbsp;&nbsp; Approximately 2 years, unless previously called.  |
| &nbsp;&nbsp; **Underlyings:**  | &nbsp;&nbsp; The Nasdaq-100<sup>®</sup> Technology Sector Index (Bloomberg symbol: "NDXT"), a price return index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF (Bloomberg symbol: "TLT") and the iShares<sup>®</sup> MSCI China ETF (Bloomberg symbol: "MCHI").  |
| &nbsp;&nbsp; **Pricing Date\*:**  | &nbsp;&nbsp; May 30, 2025  |
| &nbsp;&nbsp; **Issue Date\*:**  | &nbsp;&nbsp; June 4, 2025  |
| &nbsp;&nbsp; **Valuation Date\*:**  | &nbsp;&nbsp; June 1, 2027, 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.  |
| &nbsp;&nbsp; **Maturity Date\*:**  | &nbsp;&nbsp; June 4, 2027  |
| &nbsp;&nbsp; **Starting Value:**  | &nbsp;&nbsp; With respect to the NDXT, its closing level on the pricing date. <br> With respect to the TLT, its Closing Market Price on the pricing date. <br> With respect to the MCHI, its Closing Market Price on the pricing date.  |
| &nbsp;&nbsp; **Observation Value:**  | &nbsp;&nbsp; With respect to the NDXT, its closing level on the applicable Observation Date. <br> With respect to the TLT, its Closing Market Price on the applicable Observation Date, multiplied by its Price Multiplier. <br> With respect to the MCHI, its Closing Market Price on the applicable Observation Date, multiplied by its Price Multiplier.  |
| &nbsp;&nbsp; **Ending Value:**  | &nbsp;&nbsp; With respect to each Underlying, its Observation Value on the Valuation Date.  |
| &nbsp;&nbsp; **Price Multiplier:**  | &nbsp;&nbsp; With respect to each of the TLT and the MCHI, 1, subject to adjustment for certain events relating to that Underlying as described in "Description of the Notes — Anti-Dilution and Discontinuance Adjustments Relating to ETFs" beginning on page PS-28 of the accompanying product supplement.  |
| &nbsp;&nbsp; **Coupon Barrier:**  | &nbsp;&nbsp; With respect to each Underlying, 70.00% of its Starting Value.  |
| &nbsp;&nbsp; **Threshold Value:**  | &nbsp;&nbsp; With respect to each Underlying, 60.00% of its Starting Value.  |
| &nbsp;&nbsp; **Contingent Coupon Payment:**  | &nbsp;&nbsp; If, on any monthly Observation Date, the Observation Value of **each** Underlying is greater than or equal to its Coupon Barrier, we will pay a Contingent Coupon Payment of $10.709 per $1,000.00 in principal amount of Notes (equal to a rate of 1.0709% per month or 12.85% per annum) on the applicable Contingent Payment Date (including the Maturity Date).  |
| &nbsp;&nbsp; **Optional Early Redemption:**  | &nbsp;&nbsp; On any monthly Call Payment Date, we have the right to redeem all (but not less than all) of the Notes at the Early Redemption Amount. No further amounts will be payable following an Optional Early Redemption. We will give notice to the trustee at least five business days but not more than 60 calendar days before the applicable Call Payment Date.  |
| &nbsp;&nbsp; **Early Redemption Amount:**  | &nbsp;&nbsp; For each $1,000.00 in principal amount of Notes, $1,000.00, plus the applicable Contingent Coupon Payment if the Observation Value of each Underlying on the corresponding Observation Date is greater than or equal to its Coupon Barrier.  |
| &nbsp;&nbsp; **Redemption Amount:**  | &nbsp;&nbsp; If the Notes have not been called prior to maturity, the Redemption Amount per $1,000.00 in principal amount of Notes will be: <br> a) If the Ending Value of the Least Performing Underlying is greater than or equal to its Threshold Value: <br>|

---

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| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-2 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; ![](image_003.jpg) <br> b) If the Ending Value of the Least Performing Underlying is less than its Threshold Value: <br> ![](image_004.jpg) <br> In this case, the Redemption Amount (excluding any final Contingent Coupon Payment) will be less than 60.00% of the principal amount and you could lose up to 100.00% of your investment in the Notes. <br> The Redemption Amount will also include a final Contingent Coupon Payment if the Ending Value of the Least Performing Underlying is greater than or equal to its Coupon Barrier.  |
| &nbsp;&nbsp; **Observation Dates\*:**  | &nbsp;&nbsp; As set forth beginning on page PS-4  |
| &nbsp;&nbsp; **Contingent Payment Dates\*:**  | &nbsp;&nbsp; As set forth beginning on page PS-4  |
| &nbsp;&nbsp; **Call Payment Dates\*:**  | &nbsp;&nbsp; As set forth beginning on page PS-5. Each Call Payment Date is also a Contingent Payment Date.  |
| &nbsp;&nbsp; **Calculation Agent:**  | &nbsp;&nbsp; BofA Securities, Inc. ("BofAS"), an affiliate of BofA Finance.  |
| &nbsp;&nbsp; **Selling Agent:**  | &nbsp;&nbsp; BofAS  |
| &nbsp;&nbsp; **CUSIP:**  | &nbsp;&nbsp; 09711HQ22  |
| &nbsp;&nbsp; **Underlying Return:**  | &nbsp;&nbsp; With respect to each Underlying, <br> ![](image_005.jpg)  |
| &nbsp;&nbsp; **Least Performing Underlying:**  | &nbsp;&nbsp; The Underlying with the lowest Underlying Return.  |
| &nbsp;&nbsp; **Events of Default and Acceleration:**  | &nbsp;&nbsp; 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. We will also determine whether a final Contingent Coupon Payment is payable based upon the values of the Underlyings on the deemed Valuation Date; any such final Contingent Coupon Payment will be prorated by the calculation agent to reflect the length of the final contingent payment period. 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.  |

---

\* Subject to change.

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| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-3 <br>|

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------

Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

Observation Dates, Contingent Payment Dates and Call Payment Dates

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Observation Dates\***  | &nbsp;&nbsp; **Contingent Payment Dates**  |
| &nbsp;&nbsp; June 30, 2025  | &nbsp;&nbsp; July 3, 2025  |
| &nbsp;&nbsp; July 30, 2025  | &nbsp;&nbsp; August 4, 2025  |
| &nbsp;&nbsp; September 2, 2025  | &nbsp;&nbsp; September 5, 2025  |
| &nbsp;&nbsp; September 30, 2025  | &nbsp;&nbsp; October 3, 2025  |
| &nbsp;&nbsp; October 30, 2025  | &nbsp;&nbsp; November 4, 2025  |
| &nbsp;&nbsp; December 1, 2025  | &nbsp;&nbsp; December 4, 2025  |
| &nbsp;&nbsp; December 30, 2025  | &nbsp;&nbsp; January 5, 2026  |
| &nbsp;&nbsp; January 30, 2026  | &nbsp;&nbsp; February 4, 2026  |
| &nbsp;&nbsp; March 2, 2026  | &nbsp;&nbsp; March 5, 2026  |
| &nbsp;&nbsp; March 30, 2026  | &nbsp;&nbsp; April 2, 2026  |
| &nbsp;&nbsp; April 30, 2026  | &nbsp;&nbsp; May 5, 2026  |
| &nbsp;&nbsp; June 1, 2026  | &nbsp;&nbsp; June 4, 2026  |
| &nbsp;&nbsp; June 30, 2026  | &nbsp;&nbsp; July 6, 2026  |
| &nbsp;&nbsp; July 30, 2026  | &nbsp;&nbsp; August 4, 2026  |
| &nbsp;&nbsp; August 31, 2026  | &nbsp;&nbsp; September 3, 2026  |
| &nbsp;&nbsp; September 30, 2026  | &nbsp;&nbsp; October 5, 2026  |
| &nbsp;&nbsp; October 30, 2026  | &nbsp;&nbsp; November 4, 2026  |
| &nbsp;&nbsp; November 30, 2026  | &nbsp;&nbsp; December 3, 2026  |
| &nbsp;&nbsp; December 30, 2026  | &nbsp;&nbsp; January 5, 2027  |
| &nbsp;&nbsp; February 1, 2027  | &nbsp;&nbsp; February 4, 2027  |
| &nbsp;&nbsp; March 1, 2027  | &nbsp;&nbsp; March 4, 2027  |
| &nbsp;&nbsp; March 30, 2027  | &nbsp;&nbsp; April 2, 2027  |
| &nbsp;&nbsp; April 30, 2027  | &nbsp;&nbsp; May 5, 2027  |
| &nbsp;&nbsp; June 1, 2027 (the "Valuation Date")  | &nbsp;&nbsp; June 4, 2027 (the "Maturity Date")  |

---

\* The 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.

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| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-4 <br>|

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------

Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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| |
|:---|
| &nbsp;&nbsp; **Call Payment Dates**  |
| &nbsp;&nbsp; September 5, 2025  |
| &nbsp;&nbsp; October 3, 2025  |
| &nbsp;&nbsp; November 4, 2025  |
| &nbsp;&nbsp; December 4, 2025  |
| &nbsp;&nbsp; January 5, 2026  |
| &nbsp;&nbsp; February 4, 2026  |
| &nbsp;&nbsp; March 5, 2026  |
| &nbsp;&nbsp; April 2, 2026  |
| &nbsp;&nbsp; May 5, 2026  |
| &nbsp;&nbsp; June 4, 2026  |
| &nbsp;&nbsp; July 6, 2026  |
| &nbsp;&nbsp; August 4, 2026  |
| &nbsp;&nbsp; September 3, 2026  |
| &nbsp;&nbsp; October 5, 2026  |
| &nbsp;&nbsp; November 4, 2026  |
| &nbsp;&nbsp; December 3, 2026  |
| &nbsp;&nbsp; January 5, 2027  |
| &nbsp;&nbsp; February 4, 2027  |
| &nbsp;&nbsp; March 4, 2027  |
| &nbsp;&nbsp; April 2, 2027  |
| &nbsp;&nbsp; May 5, 2027  |

---

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-9), will reduce 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 pay to purchase the Notes will be greater than the initial estimated value of the Notes as of the pricing date.

The initial estimated value range of the Notes is set forth on the cover page of this pricing supplement. The final pricing supplement will set forth the initial estimated value of the Notes as of the pricing date. For more information about the initial estimated value and the structuring of the Notes, see "Risk Factors" beginning on page PS-9 and "Structuring the Notes" on page PS-30.

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| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-5 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

Contingent Coupon Payment and Redemption Amount Determination

**On each Contingent Payment Date, if the Notes have not been previously called, you may receive a**

**Contingent Coupon Payment per $1,000.00 in principal amount of Notes determined as follows:**

![](image_gt1.jpg)

**Assuming the Notes have not been called,** **on the Maturity Date, you will receive a cash payment per $1,000.00 in principal amount of Notes determined as follows:**

![](image_gt2.jpg)

All payments described above are subject to the credit risk of BofA Finance, as Issuer, and BAC, as Guarantor.

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| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-6 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

Total Contingent Coupon Payment Examples

The table below illustrates the hypothetical total Contingent Coupon Payments per $1,000.00 in principal amount of Notes over the term of the Notes, based on the Contingent Coupon Payment of $10.709, depending on how many Contingent Coupon Payments are payable prior to an Optional Early Redemption or maturity. Depending on the performance of the Underlyings, you may not receive any Contingent Coupon Payments during the term of the Notes.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Number of Contingent Coupon Payments**  | &nbsp;&nbsp; **Total Contingent Coupon Payments**  |
| &nbsp;&nbsp; 0  | &nbsp;&nbsp; $0.000  |
| &nbsp;&nbsp; 2  | &nbsp;&nbsp; $21.418  |
| &nbsp;&nbsp; 4  | &nbsp;&nbsp; $42.836  |
| &nbsp;&nbsp; 6  | &nbsp;&nbsp; $64.254  |
| &nbsp;&nbsp; 8  | &nbsp;&nbsp; $85.672  |
| &nbsp;&nbsp; 10  | &nbsp;&nbsp; $107.090  |
| &nbsp;&nbsp; 12  | &nbsp;&nbsp; $128.508  |
| &nbsp;&nbsp; 14  | &nbsp;&nbsp; $149.926  |
| &nbsp;&nbsp; 16  | &nbsp;&nbsp; $171.344  |
| &nbsp;&nbsp; 18  | &nbsp;&nbsp; $192.762  |
| &nbsp;&nbsp; 20  | &nbsp;&nbsp; $214.180  |
| &nbsp;&nbsp; 22  | &nbsp;&nbsp; $235.598  |
| &nbsp;&nbsp; 24  | &nbsp;&nbsp; $257.016  |

---

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| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-7 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

Hypothetical Payout Profile and Examples of Payments at Maturity

**Contingent Income Issuer Callable Yield Notes Table**

The following table is for purposes of illustration only. It assumes the Notes have not been called prior to maturity and is based on **hypothetical** values and shows **hypothetical** returns on the Notes. The table illustrates the calculation of the Redemption Amount and the return on the Notes based on a hypothetical Starting Value of 100 for the Least Performing Underlying, a hypothetical Coupon Barrier of 70 for the Least Performing Underlying, a hypothetical Threshold Value of 60 for the Least Performing Underlying, the Contingent Coupon Payment of $10.709 per $1,000.00 in principal amount of Notes and a range of hypothetical Ending Values of the Least Performing Underlying. **The actual amount you receive and the resulting return will depend on the actual Starting Values, Coupon Barriers, Threshold Values, Observation Values and Ending Values of the Underlyings, whether the Notes are 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.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Ending Value of the Least Performing Underlying**  | &nbsp;&nbsp; **Underlying Return of the Least Performing Underlying**  | &nbsp;&nbsp; **Redemption Amount per Note (including any final Contingent Coupon Payment)**  | &nbsp;&nbsp; **Return on the Notes<sup>(1)</sup>**  |
| 160.00  | &nbsp;&nbsp; 60.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 150.00  | &nbsp;&nbsp; 50.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 140.00  | &nbsp;&nbsp; 40.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 130.00  | &nbsp;&nbsp; 30.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 120.00  | &nbsp;&nbsp; 20.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 110.00  | &nbsp;&nbsp; 10.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 105.00  | &nbsp;&nbsp; 5.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 102.00  | &nbsp;&nbsp; 2.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 100.00<sup>(2)</sup>  | &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 90.00  | &nbsp;&nbsp; -10.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 80.00  | &nbsp;&nbsp; -20.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 70.00<sup>(3)</sup>  | &nbsp;&nbsp; -30.00%  | &nbsp;&nbsp; $1010.709  | &nbsp;&nbsp; 1.0709%  |
| 69.99  | &nbsp;&nbsp; -30.01%  | &nbsp;&nbsp; $1000.000  | &nbsp;&nbsp; 0.0000%  |
| 60.00<sup>(4)</sup>  | &nbsp;&nbsp; -40.00%  | &nbsp;&nbsp; $1000.000  | &nbsp;&nbsp; 0.0000%  |
| 59.99  | &nbsp;&nbsp; -40.01%  | &nbsp;&nbsp; $599.900  | &nbsp;&nbsp; -40.0100%  |
| 50.00  | &nbsp;&nbsp; -50.00%  | &nbsp;&nbsp; $500.000  | &nbsp;&nbsp; -50.0000%  |
| 0.00  | &nbsp;&nbsp; -100.00%  | &nbsp;&nbsp; $0.000  | &nbsp;&nbsp; -100.0000%  |

---

(1) The "Return on the Notes" is calculated based on the Redemption Amount and potential final Contingent Coupon Payment, not including any Contingent Coupon Payments paid prior to maturity.

(2) The hypothetical Starting Value of 100 used in the table above has been chosen for illustrative purposes only and does not represent a likely Starting Value of any Underlying.

(3) This is the hypothetical Coupon Barrier of the Least Performing Underlying.

(4) This is the hypothetical Threshold Value of the Least Performing Underlying.

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|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-8 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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-35 below.*

**<u>Structure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• **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 called prior to maturity and the Ending Value of **any** 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. 

&nbsp;&nbsp;&nbsp;&nbsp;• **Your return on the Notes is limited to the return represented by the Contingent Coupon Payments, if any, over the term of the Notes.** Your return on the Notes is limited to the Contingent Coupon Payments paid over the term of the Notes, regardless of the extent to which the Observation Value or Ending Value of any Underlying exceeds its Coupon Barrier or Starting Value, as applicable. Similarly, the amount payable at maturity or upon an Optional Early Redemption will never exceed the sum of the principal amount and the applicable Contingent Coupon Payment, regardless of the extent to which the Observation Value or Ending Value of any Underlying exceeds its Starting Value. In contrast, a direct investment in an Underlying or in the securities held by or included in an Underlying, as applicable, 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. 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Notes are subject to Optional Early Redemption, which would limit your ability to receive the Contingent Coupon Payments over the full term of the Notes.** On each Call Payment Date, at our option, we may call your Notes in whole, but not in part. If the Notes are called prior to the Maturity Date, you will be entitled to receive the Early Redemption Amount on the applicable Call Payment Date, and no further amounts will be payable on the Notes. In this case, you will lose the opportunity to continue to receive Contingent Coupon Payments after the date of the Optional Early Redemption. 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. Even if we do not exercise our option to call your Notes, our ability to do so may adversely affect the market value of your Notes. It is our sole option whether to call your Notes prior to maturity on any such Call Payment Date and we may or may not exercise this option for any reason. Because of this Optional Early Redemption potential, the term of your Notes could be anywhere between three and twenty-four months. 

&nbsp;&nbsp;&nbsp;&nbsp;• **You may not receive any Contingent Coupon Payments.** The Notes do not provide for any regular fixed coupon payments. Investors in the Notes will not necessarily receive any Contingent Coupon Payments on the Notes. If the Observation Value of any Underlying is less than its Coupon Barrier on an Observation Date, you will not receive the Contingent Coupon Payment applicable to that Observation Date. If the Observation Value of any Underlying is less than its Coupon Barrier on all the Observation Dates during the term of the Notes, you will not receive any Contingent Coupon Payments during the term of the Notes, and will not receive a positive return on the Notes. 

&nbsp;&nbsp;&nbsp;&nbsp;• **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. In addition, if interest rates increase during the term of the Notes, the Contingent Coupon Payment (if any) may be less than the yield on a conventional debt security of comparable maturity. 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Contingent Coupon Payment, Early Redemption Amount or Redemption Amount, as applicable, will not reflect changes in the values of the Underlyings other than on the Observation Dates.** The values of the Underlyings during the term of the Notes other than on the Observation Dates 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 each Contingent Coupon Payment is payable and will calculate the Early Redemption Amount or the Redemption Amount, as applicable, by comparing only the Starting Value, the Coupon Barrier or the Threshold Value, as applicable, to the Observation Value or the Ending Value for each Underlying. No other values of the Underlyings will be taken into account. As a result, if the Notes are not 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 value of each Underlying was always above its Threshold Value prior to the Valuation Date. 

&nbsp;&nbsp;&nbsp;&nbsp;• **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 Coupon Barrier or Threshold Value, as applicable.** Your Notes are linked to the least performing of the Underlyings, and a change in the value of one Underlying may not correlate with changes in the values of the other Underlyings. The Notes are not linked to a basket composed of the Underlyings, where the depreciation in the 

---

| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-9 <br>|

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------

Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

value of one Underlying could be offset to some extent by the appreciation in the values of the other Underlyings. In the case of the Notes, the individual performance of each Underlying would not be combined, and the depreciation in the value of one Underlying would not be offset by any appreciation in the values of the other Underlyings. Even if the Observation Value of an Underlying is at or above its Coupon Barrier on an Observation Date, you will not receive the Contingent Coupon Payment with respect to that Observation Date if the Observation Value of another Underlying is below its Coupon Barrier 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 Threshold Value. <br>

&nbsp;&nbsp;&nbsp;&nbsp;• **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. 

&nbsp;&nbsp;&nbsp;&nbsp;• **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. 

**<u>Valuation and Market-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• **The public offering price you pay for the Notes will exceed their initial estimated value.** The range of initial estimated values of the Notes that is provided on the cover page of this preliminary 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 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 values 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. 

&nbsp;&nbsp;&nbsp;&nbsp;• **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. 

&nbsp;&nbsp;&nbsp;&nbsp;• **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. 

**<u>Conflict-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• **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 shares or units of the Underlyings or the securities held by or included in the Underlyings, as applicable, 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 shares or units of the Underlyings or 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 

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| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-10 <br>|

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------

Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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 values 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 affect the values of the Underlyings. Consequently, the values of the Underlyings may change subsequent to the pricing date, which may adversely affect the market value of the Notes. <br>We, the Guarantor or one or more of our other affiliates, including BofAS, also expect to engage in hedging activities that could affect the values 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 values of the Underlyings, the market value of your Notes prior to maturity or the amounts payable on the Notes. <br>

&nbsp;&nbsp;&nbsp;&nbsp;• **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. 

**<u>Underlying-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• **Adverse conditions in the technology sector may reduce your return on the Notes.** All of the stocks included in the NDXT are issued by companies in the technology sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the NDXT's investments. The prices of stocks of technology companies and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Any of these factors may have an adverse effect on the return on the Notes. Accordingly, by investing in the Notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors. 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Notes are subject to risks associated with foreign securities markets.** The NDXT 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 NDXT 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.

&nbsp;&nbsp;&nbsp;&nbsp;• **The stocks included in the NDXT are concentrated in one sector.** The NDXT includes securities issued by companies in the technology sector. As a result, some of the stocks that will determine the performance of the Notes are concentrated in one sector. Although an investment in the Notes will not give holders any ownership or other direct interests in the securities included in the NDXT, the return on an investment in the Notes will be subject to certain risks associated with a direct equity investment in companies in this sector. Accordingly, by investing in the Notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors. 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Notes provide exposure to the TLT's price performance, which excludes all of the TLT's distributions of interest payments and, therefore, an investment in the Notes involves different considerations than a direct investment in the TLT.** The Notes provide exposure to the price performance of the TLT, not its yield performance. The "price performance" of the TLT will depend solely on 

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| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-11 <br>|

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------

Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

changes in the value of the bonds held by the TLT (as reflected in the TLT's market price) and will exclude all distributions by the TLT of any interest payments on those bonds. By contrast, the overall performance of a direct investment in the TLT would reflect changes in the value of the bonds held by the TLT as well as interest payments on those bonds. We refer to the overall performance of a direct investment in the TLT, taking into account changes in bond values as well as interest payments, as its "yield performance". <br>

In stable market conditions (i.e., conditions with stable interest rates and credit risks, resulting in stable bond values), the overall return on a direct investment in the TLT would be expected to be attributable primarily, if not solely, to distributions by the TLT of interest payments on the bonds held by the TLT. In these conditions, the yield performance of the TLT would be positive, but its price performance, which is the performance relevant to the Notes, would be roughly zero. The price performance of the TLT would be expected to be positive only if market conditions that affect bond values change in a direction that is favorable to bond values. The most significant market conditions affecting bond values are prevailing market interest rates and credit risk. In general, bond values rise when prevailing market interest rates fall and/or when perceptions of issuer creditworthiness improve. Therefore, in order for the TLT to have positive price performance, and in order for the Notes to produce a positive return, prevailing market interest rates would need to fall and/or the perceived creditworthiness of the United States would need to improve over the term of the Notes (in each case without a countervailing unfavorable movement by any other relevant factor). If neither of these circumstances comes to pass, the TLT is unlikely to have positive price performance, and if the opposite circumstances occur (i.e., if prevailing market interest rates rise and/or the perceived creditworthiness of the United States deteriorates), the price performance of the TLT is likely to be negative. In any such case, the price performance of the TLT may be zero or negative even though the yield performance of the TLT over the same period is positive.

&nbsp;&nbsp;&nbsp;&nbsp;• **The value of the Notes may be influenced by unpredictable changes in the markets and economies of the United States.** The value of the TLT, which attempts to track the performance of an index composed of U.S. Treasury bonds, may be influenced by unpredictable changes, or expectations of changes, in the U.S. market. Changes in the U.S. that may influence the value of the Notes include: 

&nbsp;&nbsp;&nbsp;&nbsp;• economic performance, including any financial or economic crises and changes in the gross domestic product, the principal sectors, inflation, employment and labor, and prevailing prices and wages;

&nbsp;&nbsp;&nbsp;&nbsp;• the monetary system, including the monetary policy, the exchange rate policy, the economic and tax policies, banking regulation, credit allocation and exchange controls;

&nbsp;&nbsp;&nbsp;&nbsp;• the external sector, including the amount and types of foreign trade, the geographic distribution of trade, the balance of payments, and reserves and exchange rates; 

&nbsp;&nbsp;&nbsp;&nbsp;• public finance, including the budget process, any entry into or termination of any economic or monetary agreement or union, the prevailing accounting methodology, the measures of fiscal balance, revenues and expenditures, and any government enterprise or privatization program; and

&nbsp;&nbsp;&nbsp;&nbsp;• public debt, including external debt, debt service and the debt record.

These factors interrelate in complex ways, and the effect of one factor on the market value of the bonds underlying the TLT may offset or enhance the effect of another factor. Changes in the value of the TLT may adversely affect any payment on the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;• **The TLT is subject to significant risks, including interest rate-related and credit-related risks.** The TLT invests in U.S. dollar-denominated fixed-income securities. The performance of the TLT that is measured for purposes of the Notes will only reflect changes in the market prices of the bonds held by the TLT and will not reflect interest payments on these bonds. As a result, the performance of the TLT that is measured for purposes of the Notes will be less, and perhaps significantly less, than the return that would be realized by a direct investor in the TLT or a direct investor in the bonds held by the TLT. The market prices of the bonds held by the TLT are volatile and significantly influenced by a number of factors, particularly the yields on these bonds as compared to current market interest rates and the actual or perceived credit quality of the issuers of these bonds. 

In general, the value of bonds is significantly affected by changes in current market interest rates. As interest rates rise, the prices of bonds, including those held by the TLT, are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. The TLT holds U.S. Treasury securities with a remaining maturity of more than 20 years and as a result will be particularly sensitive to interest rate changes. As a result, rising interest rates may cause the value of the bonds held by the TLT and the value of the TLT to decline, possibly significantly.

Interest rates are subject to volatility due to a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;• sentiment regarding underlying strength in the U.S. economy and global economies;

&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding the level of price inflation;

&nbsp;&nbsp;&nbsp;&nbsp;• sentiment regarding credit quality in the U.S. and global credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;• central bank policies regarding interest rates; and

&nbsp;&nbsp;&nbsp;&nbsp;• the performance of U.S. and foreign capital markets.

The prices of the bonds held by the TLT are also significantly influenced by the creditworthiness of the issuer of the bonds (i.e., the U.S. government). The bonds held by the TLT may have their credit ratings downgraded or have their credit spreads widen significantly. Following a ratings downgrade or the widening of credit spreads, some or all of such bonds may suffer significant and rapid price

---

| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-12 <br>|

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------

Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

declines. Any such decline may have a material adverse effect on the value of the TLT and the value of your Notes.

&nbsp;&nbsp;&nbsp;&nbsp;• **Your investment is subject to concentration risks.** The TLT invests in U.S. Treasury bonds that are all obligations of the United States. As a result, the TLT is concentrated in the performance of bonds issued by a single issuer that have the same general tenor and terms. Although your investment in the Notes will not result in the ownership or other direct interest in the U.S. Treasury bonds held by the TLT, the return on your investment in the Notes will be subject to certain risks similar to those associated with direct investment in a U.S. Treasury bonds. This increases the risk that any downgrade of the credit ratings of the U.S. government from its current ratings, any increase in risk perceived by the market that the U.S. Treasury may default on its obligations (whether for credit or legislative process reasons), any actual default by the U.S. Treasury on its obligations or any other market events that create a decrease in demand for U.S. Treasury bonds would significantly adversely affect the TLT and may adversely affect your return on the Notes. 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Notes are subject to risks associated with foreign securities markets.** The MCHI 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 MCHI 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.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Notes are subject to foreign currency exchange rate risk.** The MCHI holds securities traded outside of the United States. The MCHI's share price will fluctuate based upon its net asset value, which will in turn depend in part upon changes in the value of the currencies in which the securities held by the MCHI are traded. Accordingly, investors in the Notes will be exposed to currency exchange rate risk with respect to each of the currencies in which the securities held by the MCHI are traded. An investor's net exposure will depend on the extent to which these currencies strengthen or weaken against the U.S. dollar. If the dollar strengthens against these currencies, the net asset value of the MCHI will be adversely affected and the price of the MCHI may decrease. 

&nbsp;&nbsp;&nbsp;&nbsp;• **There are risks associated with emerging markets.** An investment in the Notes will involve risks not generally associated with investments which have no emerging market component. In particular, many emerging nations are undergoing rapid change, involving the restructuring of economic, political, financial and legal systems. Regulatory and tax environments may be subject to change without review or appeal. Many emerging markets suffer from underdevelopment of capital markets and tax regulation. The risk of expropriation and nationalization remains a threat. Guarding against such risks is made more difficult by low levels of corporate disclosure and unreliability of economic and financial data. 

&nbsp;&nbsp;&nbsp;&nbsp;• **Recent executive orders may adversely affect the performance of the MCHI.** Pursuant to recent executive orders, U.S. persons are prohibited from engaging in transactions in, or possession of, publicly traded securities of certain companies that are determined to be linked to the People's Republic of China military, intelligence and security apparatus, or securities that are derivative of, or are designed to provide investment exposure to, those securities. If the issuer of any of the equity securities held by the MCHI is in the future designated as such a prohibited company, the value of that company may be adversely affected, perhaps significantly, which would adversely affect the performance of the MCHI. In addition, under these circumstances, the MCHI is expected to remove the equity securities of that company from the MCHI. Any changes to the composition of the MCHI in response to these executive orders could adversely affect the performance of the MCHI. 

&nbsp;&nbsp;&nbsp;&nbsp;• **The performance of the TLT or the MCHI may not correlate with the performance of its respective underlying index (each an "underlying index") as well as its respective net asset value per share or unit, especially during periods of market volatility.** The performance of the TLT or the MCHI and that of its respective underlying index generally will vary due to, for example, transaction costs, management fees, certain corporate actions, and timing variances. Moreover, it is also possible that the performance of the TLT or the MCHI may not fully replicate or may, in certain circumstances, diverge significantly from the performance of its underlying index. This could be due to, for example, the TLT or the MCHI not holding all or substantially all of the underlying assets included in its underlying index and/or holding assets that are not included in its underlying index, the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments held by the TLT or the MCHI, differences in trading hours between the TLT or the MCHI (or its respective underlying assets) and its respective underlying index, or other circumstances. This variation in performance is called the "tracking error," and, at times, the tracking error may be significant. In addition, because the shares or units of each of the TLT and the MCHI are traded on a securities exchange and are subject to market supply and investor demand, the market price of one share or unit of the TLT or the MCHI may differ from its respective net asset value per share or unit; shares or units of the TLT or the MCHI may trade at, above, or below its respective net asset value per share or unit. During periods of market volatility, securities held by the TLT or the MCHI may be unavailable in the secondary market, market participants may be unable to calculate accurately the respective net asset value per share or unit of the TLT or the MCHI and the liquidity of the TLT or the MCHI may be adversely affected. Market volatility may also disrupt the ability of market participants to trade shares or units of the TLT or the MCHI. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell shares or units of the TLT or the MCHI. As a result, under these circumstances, the market value of shares or units of the TLT or the MCHI may vary substantially from its respective net asset value per share or unit. 

&nbsp;&nbsp;&nbsp;&nbsp;• **The anti-dilution adjustments will be limited.** The calculation agent may adjust the Price Multiplier of each of the TLT or the MCHI and other terms of the Notes to reflect certain actions by that Underlying, as described in the section "Description of the Notes—Anti-Dilution 

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-13 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

and Discontinuance Adjustments Relating to ETFs" in the accompanying product supplement. The calculation agent will not be required to make an adjustment for every event that may affect the TLT or the MCHI and will have broad discretion to determine whether and to what extent an adjustment is required. <br>

&nbsp;&nbsp;&nbsp;&nbsp;• **The publisher or the sponsor or investment advisor of an Underlying may adjust that Underlying in a way that affects its values, and the publisher or the sponsor or investment advisor has no obligation to consider your interests.** The publisher or the sponsor or investment advisor of an Underlying can add, delete, or substitute the components included in that Underlying or make other methodological changes that could change its value. Any of these actions could adversely affect the value of your Notes. 

**<u>Tax-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• **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 contingent income-bearing 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 income, 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.** 

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|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-14 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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 NDXT, the investment advisor of the TLT and the investment advisor of the MCHI (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" and "Description of the Notes — Anti-Dilution and Discontinuance Adjustments Relating to ETFs — Discontinuance of or Material Change to an ETF" 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 underlying. 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 Nasdaq-100<sup>®</sup> Technology Sector Index**

The NDXT is intended to measure the performance of the technology companies in the Nasdaq-100<sup>®</sup> Index ("NDX"). The NDX is designed to measure the performance of the 100 largest domestic and international non-financial securities listed on The Nasdaq Stock Market ("NASDAQ") based on market capitalization. Each issuer of a stock in the NDXT is classified as a Technology company according to the Industry Classification Benchmark ("ICB").

The NDXT began trading on February 22, 2006 at a base value of 1,000.00. The NDXT is calculated and published by The Nasdaq OMX Group, Inc. ("Nasdaq OMX"). In administering the NDXT, Nasdaq OMX will exercise reasonable discretion as it deems appropriate.

***Security Eligibility Criteria and Selection***

In order to be eligible for the NDXT, a security must be included in the NDX. A company must be classified as a Technology company (any company classified under the Technology Industry) according to the ICB.

All securities that meet the security eligibility criteria are included in the NDXT.

***Constituent Weighting***

The NDXT is an equal-weighted index. The NDXT is rebalanced quarterly such that all issuers within the NDXT have an equal index market value. The NDXT follows the same reconstitution and rebalance schedule as the NDX. For issuers represented by multiple securities, the index market values are equally apportioned across their respective index securities. Index shares are calculated by dividing each index security's resulting index market value by its last sale price.

***NDXT Index Calculation***

The value of the NDXT equals the NDXT market value divided by the NDXT divisor. The overall NDXT market value is the aggregate of each NDXT stock's market value, adjusted by the NDXT stock's equal-weighting factor used to assign an equal weight at the previous rebalancing, as may be adjusted for any corporate actions. A NDXT stock's market value is determined by multiplying the last sale price by the number of shares of the index security included in the NDX. In other words, the value of the NDXT is equal to (i) the sum of the products of (a) the index shares of each of the NDXT stocks multiplied by (b) each such stock's last sale price (adjusted for corporate actions, if any) multiplied by (c) such stock's equal weighting factor, divided by (ii) the divisor of the NDXT.

The price return NDXT divisor is calculated as the ratio of (i) the start of day market value of the NDXT divided by (ii) the previous day NDXT value.

If an index security does not trade on the relevant Nasdaq exchange on a given day or the relevant Nasdaq exchange has not opened for trading, the previous index calculation day's closing price for index security (adjusted for corporate actions occurring prior to market open on the current day, if any) is used. If an index security is halted during the trading day, the most recent last sale price is used until trading resumes. For securities where NASDAQ is the relevant Nasdaq exchange, the last sale price may be the Nasdaq Official Closing Price when it is closed.

***NDXT Maintenance***

*Deletion Policy*

If a component of the NDXT is removed from the NDX for any reason, it is also removed from the NDXT at the same time.

*Replacement Policy*

When a component of the NDX that is classified as Technology according to ICB is removed from the NDX, it is also removed from the NDXT. As such, if the replacement company being added to the NDX is classified as Technology according to ICB, it is added to the NDXT and will assume the weight of the removed company on the index effective date.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-15 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

When a component of the NDX that is not classified as Technology according to ICB is removed and the replacement company being added to the NDX is classified as Technology according to ICB, the replacement company is considered for addition to the NDXT at the next quarterly rebalance.

When a component of the NDX that is classified as Technology according to ICB is removed from the NDX and the replacement company being added to the NDX is not classified as Technology according to ICB, the company is removed from the NDXT and the divisor of the NDXT is adjusted to ensure index continuity.

*Additions Policy*

If a security is added to the NDX for any reason, it may be added to the NDXT at the same time.

*Corporate Actions*

In the interim periods between scheduled index reconstitution and rebalance events, individual Index securities may be the subject to a variety of corporate actions and events that require maintenance and adjustments to the index.

In certain cases, corporate actions and events are handled according to the weighting scheme or other index construction techniques employed. Wherever alternate methods are described, the index will follow the "Non-Market Cap Corporate Action Method."

*Index Share Adjustments*

Other than as a direct result of corporate actions, the NDXT does not normally experience share adjustments between scheduled index rebalance and reconstitution events.

**The Nasdaq-100<sup>®</sup> Index**

The NDX is intended to measure the performance of the 100 largest domestic and international non-financial securities listed on NASDAQ based on market capitalization. The NDX reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

The NDX began trading on January 31, 1985 at a base value of 125.00. The NDX is calculated and published by Nasdaq, Inc. In administering the NDX, Nasdaq, Inc. will exercise reasonable discretion as it deems appropriate.

***Underlying Stock Eligibility Criteria***

NDX eligibility is limited to specific security types only. The security types eligible for the NDX include foreign or domestic common stocks, ordinary shares, ADRs and tracking stocks. Security types not included in the NDX are closed-end funds, convertible debt securities, exchange traded funds, limited liability companies, limited partnership interests, preferred stocks, rights, shares or units of beneficial interest, warrants, units, and other derivative securities. The NDX does not contain securities of investment companies. For purposes of the NDX eligibility criteria, if the security is a depositary receipt representing a security of a non-U.S. issuer, then references to the "issuer" are references to the issuer of the underlying security.

*Initial Eligibility Criteria*

To be eligible for initial inclusion in the NDX, a security must be listed on NASDAQ and meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;• the security's U.S. listing must be exclusively on the Nasdaq Global Select Market or the Nasdaq Global Market (unless the security was dually listed on another U.S. market prior to January 1, 2004 and has continuously maintained such listing);

&nbsp;&nbsp;&nbsp;&nbsp;• the security must be of a non-financial company;

&nbsp;&nbsp;&nbsp;&nbsp;• the security may not be issued by an issuer currently in bankruptcy proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;• the security must have a minimum three-month average daily trading volume of at least 200,000 shares;

&nbsp;&nbsp;&nbsp;&nbsp;• if the issuer of the security is organized under the laws of a jurisdiction outside the U.S., then such security must have listed options on a recognized options market in the U.S. or be eligible for listed-options trading on a recognized options market in the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the security may not have entered into a definitive agreement or other arrangement which would likely result in the security no longer being eligible for inclusion in the NDX;

&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the security may not have annual financial statements with an audit opinion that is currently withdrawn; and

&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the security must have "seasoned" on NASDAQ, the New York Stock Exchange or NYSE Amex. Generally, a company is considered to be seasoned if it has been listed on a market for at least three full months (excluding the first month of initial listing).

*Continued Eligibility Criteria*

In addition, to be eligible for continued inclusion in the NDX, the following criteria apply:

&nbsp;&nbsp;&nbsp;&nbsp;• the security's U.S. listing must be exclusively on the Nasdaq Global Select Market or the Nasdaq Global Market;

&nbsp;&nbsp;&nbsp;&nbsp;• the security must be of a non-financial company;

&nbsp;&nbsp;&nbsp;&nbsp;• the security may not be issued by an issuer currently in bankruptcy proceedings;

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-16 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

&nbsp;&nbsp;&nbsp;&nbsp;• the security must have a minimum three-month average daily trading volume of at least 200,000 shares;

&nbsp;&nbsp;&nbsp;&nbsp;• if the issuer of the security is organized under the laws of a jurisdiction outside the U.S., then such security must have listed options on a recognized options market in the U.S. or be eligible for listed-options trading on a recognized options market in the U.S. (measured annually during the ranking review process); 

&nbsp;&nbsp;&nbsp;&nbsp;• the security must have an adjusted market capitalization equal to or exceeding 0.10% of the aggregate adjusted market capitalization of the NDX at each month-end. In the event a company does not meet this criterion for two consecutive month-ends, it will be removed from the NDX effective after the close of trading on the third Friday of the following month; and 

&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the security may not have annual financial statements with an audit opinion that is currently withdrawn.

***Computation of the NDX***

The value of the NDX equals the aggregate value of the NDX share weights (the "NDX Shares") of each of the NDX securities multiplied by each such security's last sale price (last sale price refers to the last sale price on NASDAQ), and divided by the divisor of the NDX. If trading in an NDX security is halted while the market is open, the last traded price for that security is used for all NDX computations until trading resumes. If trading is halted before the market is open, the previous day's last sale price is used. The formula for determining the NDX value is as follows:

![](image_009.jpg)

The NDX is ordinarily calculated without regard to cash dividends on NDX securities. The NDX is calculated during the trading day and is disseminated once per second from 09:30:01 to 17:16:00 ET. The closing level of the NDX may change up until 17:15:00 ET due to corrections to the last sale price of the NDX securities. The official closing value of the NDX is ordinarily disseminated at 17:16:00 ET.

***NDX Maintenance***

*Changes to NDX Constituents*

Changes to the NDX constituents may be made during the annual ranking review. In addition, if at any time during the year other than the annual review, it is determined that an NDX security issuer no longer meets the criteria for continued inclusion in the NDX, or is otherwise determined to have become ineligible for continued inclusion in the NDX, it is replaced with the largest market capitalization issuer not currently in the NDX that meets the applicable eligibility criteria for initial inclusion in the NDX.

Ordinarily, a security will be removed from the NDX at its last sale price. However, if at the time of its removal the NDX security is halted from trading on its primary listing market and an official closing price cannot readily be determined, the NDX security may, in Nasdaq, Inc.'s discretion, be removed at a price of $0.00000001 ("zero price"). This zero price will be applied to the NDX security after the close of the market but prior to the time the official closing value of the NDX is disseminated.

*Divisor Adjustments*

The divisor is adjusted to ensure that changes in the NDX constituents either by corporate actions (that adjust either the price or shares of an NDX security) or NDX participation outside of trading hours do not affect the value of the NDX. All divisor changes occur after the close of the applicable index security markets.

*Quarterly NDX Rebalancing*

The NDX will be rebalanced on a quarterly basis if it is determined that (1) the current weight of the single NDX security with the largest market capitalization is greater than 24.0% of the NDX or (2) the collective weight of those securities whose individual current weights are in excess of 4.5% exceeds 48.0% of the NDX. In addition, a "special rebalancing" of the NDX may be conducted at any time if Nasdaq, Inc. determines it necessary to maintain the integrity and continuity of the NDX. If either one or both of the above weight distribution conditions are met upon quarterly review, or Nasdaq, Inc. determines that a special rebalancing is necessary, a weight rebalancing will be performed.

If the first weight distribution condition is met and the current weight of the single NDX security with the largest market capitalization is greater than 24.0%, then the weights of all securities with current weights greater than 1.0% ("large securities") will be scaled down proportionately toward 1.0% until the adjusted weight of the single largest NDX security reaches 20.0%.

If the second weight distribution condition is met and the collective weight of those securities whose individual current weights are in excess of 4.5% (or adjusted weights in accordance with the previous step, if applicable) exceeds 48.0% of the NDX, then the weights of all such large securities in that group will be scaled down proportionately toward 1.0% until their collective weight, so adjusted, is equal to 40.0%.

The aggregate weight reduction among the large securities resulting from either or both of the rebalancing steps above will then be redistributed to those securities with weightings of less than 1.0% ("small securities") in the following manner. In the first iteration, the weight of the largest small security will be scaled upwards by a factor which sets it equal to the average NDX weight of 1.0%. The weights of each of the smaller remaining small securities will be scaled up by the same factor reduced in relation to each security's relative ranking among the small securities such that the smaller the NDX security

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-17 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

in the ranking, the less its weight will be scaled upward. This is intended to reduce the market impact of the weight rebalancing on the smallest component securities in the NDX.

In the second iteration of the small security rebalancing, the weight of the second largest small security, already adjusted in the first iteration, will be scaled upwards by a factor which sets it equal to the average NDX weight of 1.0%. The weights of each of the smaller remaining small securities will be scaled up by this same factor reduced in relation to each security's relative ranking among the small securities such that, once again, the smaller the security in the ranking, the less its weight will be scaled upward. Additional iterations will be performed until the accumulated increase in weight among the small securities equals the aggregate weight reduction among the large securities that resulted from the rebalancing in accordance with the two weight distribution conditions discussed above.

Finally, to complete the rebalancing process, once the final weighting percentages for each NDX security have been set, the NDX Shares will be determined anew based upon the last sale prices and aggregate capitalization of the NDX at the close of trading on the last calendar day in February, May, August and November. Changes to the NDX Shares will be made effective after the close of trading on the third Friday in March, June, September and December, and an adjustment to the divisor is made to ensure continuity of the NDX. Ordinarily, new rebalanced NDX Shares will be determined by applying the above procedures to the current NDX Shares. However, Nasdaq, Inc. may, from time to time, determine rebalanced weights, if necessary, by applying the above procedure to the actual current market capitalization of the NDX components. In such instances, Nasdaq, Inc. would announce the different basis for rebalancing prior to its implementation.

During the quarterly rebalancing, data is cutoff as of the previous month end and no changes are made to the NDX from that cutoff until the quarterly index share change effective date, except in the case of changes due to corporate actions with an ex-date.

***Adjustments for Corporate Actions***

Changes in the price and/or NDX Shares driven by corporate events such as stock dividends, splits, and certain spin-offs and rights issuances will be adjusted on the ex-date. If the change in total shares outstanding arising from other corporate actions is greater than or equal to 10.0%, the change will be made as soon as practicable. Otherwise, if the change in total shares outstanding is less than 10.0%, then all such changes are accumulated and made effective at one time on a quarterly basis after the close of trading on the third Friday in each of March, June, September, and December. The NDX Shares are derived from the security's total shares outstanding. The NDX Shares are adjusted by the same percentage amount by which the total shares outstanding have changed.

**Historical Performance of the NDXT**

The following graph sets forth the daily historical performance of the NDXT in the period from January 2, 2020 through May 23, 2025. 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 May 23, 2025, the closing level of the NDXT was 10,466.48.

![](image_0010.jpg)

This historical data on the NDXT is not necessarily indicative of the future performance of the NDXT or what the value of the Notes may be. Any historical upward or downward trend in the closing level of the NDXT during any period set forth above is not an indication that the closing level of the NDXT is more or less likely to increase or decrease at any time over the term of the Notes.

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|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-18 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

Before investing in the Notes, you should consult publicly available sources for the closing levels of the NDXT.

***License Agreement***

The Notes are not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, Inc., with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Notes. The Corporations make no representation or warranty, express or implied, to the owners 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 NDXT to track general stock market performance. The Corporations' only relationship to our affiliate, Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Licensee") is in the licensing of the NASDAQ<sup>®</sup>, OMX<sup>®</sup>, NASDAQ OMX<sup>®</sup>, and NDXT registered trademarks, and certain trade names of the Corporations or their licensor and the use of the NDXT which is determined, composed and calculated by Nasdaq, Inc. without regard to Licensee or the Notes. Nasdaq, Inc. has no obligation to take the needs of the Licensee or the owners of the Notes into consideration in determining, composing or calculating the NDXT. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Notes to be issued or in the determination or calculation of the equation by which the Notes are to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Notes.

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NDXT OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE NOTES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NDXT OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NDXT OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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|:---|:---|
| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-19 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

**The iShares<sup>®</sup> 20+ Year Treasury Bond ETF**

**Investment Objective and Strategy**

The TLT seeks to track the investment results of the ICE U.S. Treasury 20+ Years Bond Index (the "Underlying Index"), which is an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years. The TLT generally invests at least 90% of its assets in U.S. Treasury securities that the investment advisor, BlackRock Fund Advisors ("BFA"), believes will help the TLT track the Underlying Index, and at least 95% of its assets in U.S. government bonds. The TLT may invest up to 10% of its assets in U.S. government bonds not included in the Underlying Index, but which BFA believes will help the TLT track the Underlying Index. The TLT also may invest up to 5% of its assets in repurchase agreements collateralized by U.S. government obligations and in cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The TLT seeks to track the investment results of the Underlying Index before fees and expenses of the TLT.

The TLT may lend securities representing up to one-third of the value of its total assets (including the value of any collateral received). The Underlying Index is sponsored by ICE Data Indices, LLC or its affiliates (the "Index Provider"), which is independent of the TLT and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.

The shares of the TLT are registered under the Securities Exchange Act of 1934, as amended. Accordingly, information filed with the SEC relating to the TLT, including its periodic financial reports, may be found on the SEC website.

**Representative Sampling**

BFA uses a representative sampling indexing strategy to manage the TLT. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The TLT may or may not hold all of the securities in the Underlying Index.

**Industry Concentration Policy**

The TLT will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.

**The ICE<sup>®</sup> U.S. Treasury 20+ Year Bond Index**

The Underlying Index includes publicly-issued U.S. Treasury securities that have a remaining maturity greater than twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate and denominated in U.S. dollars.

Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The Underlying Index is weighted by markert capitalization, and the securities in the Underlying Index are updated on the last business day of each month.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-20 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

**Historical Performance of the TLT**

The following graph sets forth the daily historical performance of the TLT in the period from January 2, 2020 through May 23, 2025. 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 May 23, 2025, the Closing Market Price of the TLT was $84.55.

![](image_0011.jpg)

This historical data on the TLT is not necessarily indicative of the future performance of the TLT or what the value of the Notes may be. Any historical upward or downward trend in the Closing Market Price of the TLT during any period set forth above is not an indication that the Closing Market Price of the TLT 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 Market Prices and trading pattern of the TLT.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-21 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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

The shares of the iShares<sup>®</sup> MSCI China ETF (the "MCHI") are issued by iShares Trust, a registered investment company. The MCHI seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Index (the "underlying index"). The MCHI typically earns income dividends from securities held by the MCHI. These amounts, net of expenses and taxes (if applicable), are passed along to the MCHI's shareholders as "ordinary income." In addition, the MCHI realizes capital gains or losses whenever it sells securities. Net long-term capital gains are distributed to shareholders as "capital gain distributions." However, because the Notes are linked only to the share price of the MCHI, you will not be entitled to receive income, dividend, or capital gain distributions from the MCHI or any equivalent payments. The shares of the iShares<sup>®</sup> MSCI China ETF trade on the NYSE Arca under the symbol "MCHI".

The shares of the MCHI are registered under the Securities Exchange Act of 1934, as amended. Accordingly, information filed with the SEC relating to the MCHI, including its periodic financial reports, may be found on the SEC website.

***Investment Objective and Strategy***

The MCHI seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the underlying index. The MCHI's investment objective and the underlying index may be changed at any time without shareholder approval. Notwithstanding the MCHI's investment objective, the return on your Notes will not reflect any dividends paid on the MCHI shares, on the securities purchased by the MCHI or on the securities that comprise the underlying index.

***Representative Sampling***

As investment advisor, BlackRock Fund Advisors ("BFA") uses a representative sampling strategy to track the underlying index. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the underlying index. The MCHI may or may not hold all of the securities that are included in the underlying index.

The MCHI generally will invest at least 80% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index (i.e., depositary receipts representing securities of the underlying index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the underlying index, but which BFA believes will help the MCHI track the underlying index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating investments not included in the underlying index. Also, the MCHI may lend securities representing up to one-third of the value of the MCHI's total assets (including the value of the collateral received).

***The Underlying Index***

The underlying index is a free float-adjusted market capitalization index that is designed to capture large- and mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings (e.g., American depositary receipts). A-shares are securities of companies incorporated in mainland China that trade on the Shanghai Stock Exchange (the "SSE") and the Shenzhen Stock Exchange (the "SZSE"), are quoted in local renminbi and entail foreign investment regulations. B-shares are securities of companies incorporated in mainland China that trade on the SSE (quoted in U.S. dollars) and the SZSE (quoted in Honk Kong dollars) and are open to foreign investors. H-shares are securities of companies incorporated in mainland China that trade on the Hong Kong Stock Exchange (the "HKSE") and other foreign exchanges. Red-chips and P-chips are securities of companies incorporated outside of China that trade on the HKSE. A Red-chip company is a company whose largest shareholder is an organization or enterprise that is owned by the state, provinces, or municipalities of mainland China. A P-chip company is not state-owned, and only P-chips of companies meeting certain thresholds relating to revenue derivation from and asset allocation in mainland China are included in the underlying index. Although the underlying index does include some foreign listings, such securities listed in the United States and resulting from reverse mergers are not eligible for inclusion in the underlying index. In addition, any securities designated with a "special treatment" status by the relevant exchange are excluded from the underlying index. The underlying index covers approximately 85% of the Chinese equity universe set forth above. The Hong Kong dollar price return version of the underlying index is reported by Bloomberg L.P. under the ticker symbol "MXCN."

The underlying index is an "MSCI Index" and an "MSCI Global Investable Market Index", which is a family within the MSCI International Equity Indices.

***MSCI Global Investable Market Index Methodology***

MSCI undertakes an index construction process at an individual market level, which involves: (i) defining the equity universe for each market; (ii) determining the market investable equity universe for each market; (iii) determining market capitalization size segments for each market; (iv) applying index continuity rules for the standard index; and (v) classifying securities under the Global Industry Classification Standard.

*Defining the Equity Universe*

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-22 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

(i) Identifying Eligible Equity Securities: All listed equity securities, including real estate investment trusts ("REIT(s)") and REIT equivalent structures across different countries tracked by MSCI and certain income trusts in Canada are eligible for inclusion in the equity universe. Limited partnerships, limited liability companies and business trusts, which are listed in the U.S. and are not structured to be taxed as limited partnerships, are likewise eligible for inclusion in the equity universe. Conversely, mutual funds, exchange traded funds, equity derivatives and most investment trusts are not eligible for inclusion in the equity universe. Preferred shares that exhibit characteristics of equity securities are eligible.

(ii) Country Classification of Eligible Securities: Each company and its securities (i.e., share classes) are classified in one and only one country, which allows for a distinctive sorting of each company by its respective country.

*Determining the Market Investable Equity Universes*

A market investable equity universe for a market is derived by (i) identifying eligible listings for each security in the equity universe; and (ii) applying investability screens to individual companies and securities in the equity universe that are classified in that market. A market is generally equivalent to a single country. The global investable equity universe is the aggregation of all market investable equity universes.

(i) Identifying Eligible Listings: A security may have a listing in the country where it is classified (a "local listing") and/or in a different country (a "foreign listing"). A security may be represented by either a local listing or a foreign listing (including a depositary receipt) in the global investable equity universe. A security may be represented by a foreign listing only if the security is classified in a country that meets the foreign listing materiality requirement (as described below), and the security's foreign listing is traded on an eligible stock exchange of a developed market country if the security is classified in a developed market country or, if the security is classified in an emerging market country, an eligible stock exchange of a developed market country or an emerging market country.

In order for a country to meet the foreign listing materiality requirement, the following is determined: all securities represented by a foreign listing that would be included in the country's MSCI Country Investable Market Index if foreign listings were eligible from that country. The aggregate free-float adjusted market capitalization for all such securities should represent at least (i) 5% of the free float-adjusted market capitalization of the relevant MSCI Country Investable Market Index and (ii) 0.05% of the free-float adjusted market capitalization of the MSCI ACWI Investable Market Index. If a country does not meet the foreign listing materiality requirement, then securities in that country may not be represented by a foreign listing in the global investable equity universe.

(ii) Applying Investability Screens: The investability screens used to determine the investable equity universe in each market are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Equity Universe Minimum Size Requirement: This investability screen is applied at the company level. In order to be included in a market investable equity universe, a company must have the required minimum full market capitalization. The equity universe minimum size requirement applies to companies in all markets and is derived as follows: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● First, the companies in the developed market equity universe are sorted in descending order of full market capitalization and the cumulative coverage of the free float-adjusted market capitalization of the developed market equity universe is calculated for each company. Each company's free float-adjusted market capitalization is represented by the aggregation of the free float-adjusted market capitalization of the securities of that company in the equity universe. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Second, when the cumulative free float-adjusted market capitalization coverage of 99% of the sorted equity universe is achieved, by adding each company's free float-adjusted market capitalization in descending order, the full market capitalization of the company that reaches the 99% threshold defines the equity universe minimum size requirement. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The rank of this company by descending order of full market capitalization within the developed market equity universe is noted, and will be used in determining the equity universe minimum size requirement at the next rebalance.

As of February 2025, the equity universe minimum size requirement was set at US $443,000,000. Companies with a full market capitalization below this level are not included in the market investable equity universe. The equity universe minimum size requirement is reviewed and, if necessary, revised at each quarterly index review, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Equity Universe Minimum Free Float-Adjusted Market Capitalization Requirement: This investability screen is applied at the individual security level. To be eligible for inclusion in a market investable equity universe, a security must have a free float-adjusted market capitalization equal to or higher than 50% of the equity universe minimum size requirement. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Minimum Liquidity Requirement: This investability screen is applied at the individual security level. To be eligible for inclusion in a market investable equity universe, a security must have at least one eligible listing that has adequate liquidity as measured by its 12-month and 3-month annualized traded value ratio ("ATVR") and 3-month frequency of trading. The ATVR attempts to mitigate the impact of extreme daily trading volumes and takes into account the free float-adjusted market capitalization of securities. A minimum liquidity level of 20% of the 3-month ATVR and 90% of 3-month frequency of trading over the last 4 consecutive quarters, as well as 20% of the 12-month ATVR, are required for inclusion of a security in a market investable equity universe of a developed market. A minimum liquidity level of 15% of the 3-month ATVR and 80% of 3-month frequency of trading over the last 4 consecutive quarters, as well as 15% of the 12-month ATVR, are required for inclusion of a security in a market investable equity universe of an emerging market. In addition to the ATVR and frequency of trading requirements, securities in the underlying index equity universe will not be eligible for inclusion in the market investable equity universe 

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-23 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

if the securities are suspended on the price cutoff date of the index review or have been suspended for 50 consecutive business days or more in the past 12 months.

Only one listing per security may be included in the market investable equity universe. In instances where a security has two or more eligible listings that meet the above liquidity requirements, then the following priority rules are used to determine which listing will be used for potential inclusion of the security in the market investable equity universe:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Local listing (if the security has two or more local listings, then the listing with the highest 3-month ATVR will be used).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Foreign listing in the same geographical region (MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas. If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR will be used). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Foreign listing in a different geographical region (if the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR will be used).

Due to liquidity concerns relating to securities trading at very high stock prices, a security that is currently not a constituent of a MSCI Global Investable Markets Index that is trading at a stock price above US$10,000 will fail the liquidity screening and will not be included in any market investable equity universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Global Minimum Foreign Inclusion Factor Requirement: This investability screen is applied at the individual security level. To determine the free float of a security, MSCI considers the proportion of shares of such security available for purchase in the public equity markets by international investors. In practice, limitations on the investment opportunities for international investors include: strategic stakes in a company held by private or public shareholders whose investment objective indicates that the shares held are not likely to be available in the market; limits on the proportion of a security's share capital authorized for purchase by non-domestic investors; or other foreign investment restrictions which materially limit the ability of foreign investors to freely invest in a particular equity market, sector or security. 

MSCI will then derive a "foreign inclusion factor" for the company that reflects the proportion of shares outstanding that is available for purchase in the public equity markets by international investors. MSCI will then "float-adjust" the weight of each constituent company in an index by the company's foreign inclusion factor.

Once the free float factor has been determined for a security, the security's total market capitalization is then adjusted by such free float factor, resulting in the free float-adjusted market capitalization figure for the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Minimum Length of Trading Requirement: This investability screen is applied at the individual security level. For an initial public offering to be eligible for inclusion in a market investable equity universe, the new issue must have started trading at least three months before the implementation of a quarterly index review. This requirement is applicable to small new issues in all markets. Large initial public offerings are not subject to the minimum length of trading requirement and may be included in a market investable equity universe and a standard index, such as the underlying index, outside of a quarterly index review. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Minimum Foreign Room Requirement: This investability screen is applied at the individual security level. For a security that is subject to a foreign ownership limit to be eligible for inclusion in a market investable equity universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as "foreign room") must be at least 15%. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Financial Reporting Requirement: For any companies classified as belonging to the United States, the company must file a Form 10-K/10-Q to be eligible for inclusion in the USA investable equity universe.

*Determining Market Capitalization Size Segments for Each Market*

Once a market investable equity universe is defined, it is segmented into the following size-based indices:

&nbsp;&nbsp;&nbsp;&nbsp;• Investable Market Index (Large Cap + Mid Cap + Small Cap)

&nbsp;&nbsp;&nbsp;&nbsp;• Standard Index (Large Cap + Mid Cap)

&nbsp;&nbsp;&nbsp;&nbsp;• Large Cap Index

&nbsp;&nbsp;&nbsp;&nbsp;• Mid Cap Index

&nbsp;&nbsp;&nbsp;&nbsp;• Small Cap Index

Creating the size segment indices in each market involves the following steps: (i) defining the market coverage target range for each size segment; (ii) determining the global minimum size range for each size segment; (iii) determining the market size segment cutoffs and associated segment number of companies; (iv) assigning companies to the size segments; and (v) applying final size-segment investability requirements. For developed market indices and emerging market indices, the market coverage for a standard index is 85% and 42.5% respectively. As of January 2025, the global minimum size range for a developed market standard index is a full market capitalization of USD 6.18 billion to USD 14.21 billion, and the global minimum size range for an emerging market standard index is a full market capitalization of USD 3.09 billion to USD 7.10 billion.

*Index Continuity Rules for Standard Indices*

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-24 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

In order to achieve index continuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction rules, a minimum number of five constituents will be maintained for a developed market standard index and a minimum number of three constituents will be maintained for an emerging market standard index, and involves the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;• If after the application of the index construction methodology, a developed market standard index contains fewer than five securities or an emerging market standard index contains fewer than three securities, then the largest securities by free float-adjusted market capitalization are added to the underlying index in order to reach the minimum number of required constituents. 

&nbsp;&nbsp;&nbsp;&nbsp;• At subsequent quarterly underlying index reviews, if the minimum number of securities described above is not met, then after the market investable equity universe is identified, the securities are ranked by free float-adjusted market capitalization, however, in order to increase stability the free float-adjusted market capitalization of the existing index constituents (prior to review) is multiplied by 1.50, and securities are added until the desired minimum number of securities is reached. 

*Classifying Securities under the Global Industry Classification Standard*

All securities in the global investable equity universe are assigned to the industry that best describes their business activities. The GICS classification of each security is used by MSCI to construct additional indices.

*Calculation Methodology for the Underlying Index*

*<u>Price Return Methodology</u>*

The performance of the underlying index is a free float weighted average of the U.S. dollar values of its component securities.

Prices used to calculate the component securities are the official exchange closing prices or prices accepted as such in the relevant market. In the case of a market closure, or if a security does not trade on a specific day or during a specific period, MSCI carries the latest available closing price. In the event of a market outage resulting in any component security price to be unavailable, MSCI will generally use the last reported price for such component security for the purpose of performance calculation. If MSCI determines that another price is more appropriate based on the circumstances, an announcement would be sent to clients with the related information. Closing prices are converted into U.S. dollars, as applicable, using the closing spot exchange rates calculated by WMR at 4:00 P.M. London Time.

*<u>Net Daily Total Return Methodology</u>*

The underlying index is a net daily total return index. A daily total return index measures the market performance, including price performance and income from regular cash distributions, while a net daily total return index measures the price performance and income from dividends, net of certain withholding taxes. MSCI calculates withholding taxes using the highest applicable withholding tax rate applicable to institutional investors. This net income is reinvested among all the constituents in the underlying index and thus makes up part of the total index performance. MSCI's net daily total return methodology reinvests net cash dividends in the underlying index the day the security is quoted ex-dividend, or on the ex-date (converted to U.S. dollars, as applicable). Certain dividends, including special/extraordinary dividends and commemorative dividends, are reinvested in the underlying index if, a day prior to the ex-date, the dividend impact on price is less than 5%. If the impact is 5% or more, the dividend will be reinvested in the underlying index through a price adjustment on the ex-date. A specific price adjustment is always applied for stock dividends that are issued at no cost to the shareholders, an extraordinary capital repayment or a dividend paid in the shares of another company. Cash payments related to corporate events, such as mergers and acquisitions, are considered on a case-by-case basis.

*Maintenance of the Underlying Index*

In order to maintain the representativeness of the MSCI Indices, structural changes may be made by adding or deleting component securities. Currently, such changes in the MSCI Indices may generally only be made on four dates throughout the year: after the close of the last business day of each February, May, August and November.

Each country index is maintained with the objective of reflecting, on a timely basis, the evolution of the underlying equity markets. In maintaining each component country index, emphasis is also placed on its continuity, continuous investability of constituents and replicability of the index and on index stability and minimizing turnover.

MSCI classifies index maintenance in three broad categories. The first consists of ongoing event related changes, such as mergers and acquisitions, which are generally implemented in the country indices in which they occur. The second category consists of light rebalancings, aimed at promptly reflecting other significant market events under conditions of market stress. The third category consists of quarterly index reviews that systematically re-assess the various dimensions of the equity universe.

Ongoing event-related changes to the underlying index are the result of mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar corporate events. They can also result from capital reorganizations in the form of rights issues, stock bonus issues, public placements and other similar corporate actions that take place on a continuing basis. MSCI will remove from the index as soon as practicable securities of companies that file for bankruptcy or other protection from their creditors, that are suspended and for which a return to normal business activity and trading is unlikely in the near future, or that fail stock exchange listing requirements with a delisting announcement. Securities may also be considered for early deletion in other significant cases, such as decreases in free float and foreign ownership limits, or when a constituent company acquires or merges with a non-constituent company or spins-off another company. In practice, when a constituent company is involved in a corporate event which results in a significant decrease in the company's free float-adjusted market capitalization or the company decreases its foreign inclusion factor to below 0.15, the securities of that

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-25 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

constituent company are considered for early deletion from the indices simultaneously with the event unless, in either case, it is a standard index constituent with a minimum free float-adjusted market capitalization meeting at least two-thirds of 1.8 *times* one-half of the standard index interim size segment cut-off. Share conversions may also give rise to an early deletion. Changes in number of shares and foreign inclusion factors resulting from primary equity offerings representing at least 5% of the security's pre-event number of shares are implemented as of the close of the first trading day of the new shares, if all necessary information is available at that time. Otherwise, the event is implemented as soon as practicable after the relevant information is made available. MSCI implements pending number of shares and/or free float updates simultaneously with the event, unless the change in number of shares is less than 1% on a post-event number of shares basis, in which case it will be implemented at a subsequent quarterly index review. Changes in the number of shares smaller than 5% are implemented at a subsequent quarterly index review. Secondary offerings/block sales with sizes representing at least 5% of the security's pre-event number of shares are implemented at the time of the event. All changes resulting from corporate events are announced prior to their implementation, provided all necessary information on the event is available.

MSCI's light rebalancing process aims to ensure that the country indices continue to be an accurate reflection of evolving equity markets during conditions of market stress. This goal is achieved by timely reflecting significant market driven changes that were not captured in each index at the time of their actual occurrence and that should not wait until the quarterly index review due to their importance. MSCI will consider switching to a "light rebalancing" in place of the usual quarterly index review only if one of the following two conditions is met within the last ten business days of the month prior to the announcement date of a quarterly index review (the "market monitoring period"): (1) for any 3 days within the market monitoring period, the underlying index-weighted bid-ask spread breaches 0.19% and the underlying index volatility over the past 10 days breaks 0.55 or (2) there are unexpected full day or partial stock exchange closures impacting 20% of underlying index constituents cumulatively over the market monitoring period. The final decision of whether or not to switch to a "light rebalancing" will be taken by relevant MSCI index committee(s). These light rebalancings may result in additions and deletions of component securities from a country index (or a security being removed from one country listing and represented by a different country listing) and changes in "foreign inclusion factors" and in number of shares. Additions and deletions to component securities may result from: the addition of large companies that did not meet the minimum size criterion for inclusion at the time of their initial public offering or secondary offering; the replacement of companies which are no longer suitable industry representatives; the deletion of securities whose overall free float has fallen to less than 15% and that do not meet specified criteria; the deletion of securities that have become very small or illiquid; and the addition or deletion of securities as a result of other market events. During light rebalancings, foreign inclusion factors and number of shares will be reviewed as discussed below. MSCI has noted that consistency is a factor in maintaining each component country index.

MSCI's quarterly index review is designed to systematically reassess the component securities of the index. During each quarterly index review, the universe of component securities is updated and the global minimum size range for the index is recalculated, which is based on the full market capitalization and the cumulative free float-adjusted market capitalization coverage of each security that is eligible to be included in the index. The following index maintenance activities, among others, are undertaken during each quarterly index review: the list of countries in which securities may be represented by foreign listings is reviewed; the component securities are updated by identifying new equity securities that were not part of the index at the time of the previous quarterly index review; the minimum size requirement for the index is updated and new companies are evaluated relative to the new minimum size requirement; existing component securities that do not meet the minimum liquidity requirements of the index may be removed (or, with respect to any such security that has other listings, a determination is made as to whether any such listing can be used to represent the security in the market investable universe); changes in "foreign inclusion factors" are implemented (provided the change in free float is greater than 1%, except in cases of correction); and changes in number of shares are updated. During a quarterly index review, component securities may be added or deleted from a country index for a range of reasons, including the reasons discussed with respect to component securities changes during quarterly index reviews as discussed above. However, no changes in foreign inclusion factors are implemented if the change in free float estimate is less than 1%, except in cases of correction. As discussed above, small changes in the number of shares are generally updated at the quarterly index review rather than at the time of the event, provided that the absolute number of shares change is at least 1,000 shares or the relative number of shares change is at least 0.02%. Foreign listings may become eligible to represent securities only from the countries that met the foreign listing materiality requirement at least two quarterly index reviews prior (this requirement is applied only to countries that do not yet include foreign listed securities). Once a country meets the foreign listing materiality requirement at a given quarterly index review, foreign listings will remain eligible for such country even if the foreign listing materiality requirements are not met in the future.

The results of the quarterly index reviews are announced at least two weeks in advance of their effective implementation dates, which are generally set at the close of the last business day of February, May, August and November.

Underlying index maintenance also includes monitoring and completing adjustments for share changes, stock splits, stock dividends, and stock price adjustments due to company restructurings or spin-offs as well as deleting constituents that enter ineligible alert boards.

These guidelines and the policies implementing the guidelines are the responsibility of, and, ultimately, subject to adjustment by, MSCI.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-26 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

**Historical Performance of the MCHI**

The following graph sets forth the daily historical performance of the MCHI in the period from January 2, 2020 through May 23, 2025. 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 May 23, 2025, the Closing Market Price of the MCHI was $54.78.

![](image_0012.jpg)

This historical data on the MCHI is not necessarily indicative of the future performance of the MCHI or what the value of the Notes may be. Any historical upward or downward trend in the Closing Market Price of the MCHI during any period set forth above is not an indication that the Closing Market Price of the MCHI 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 Market Prices and trading pattern of the MCHI.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-27 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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 expect to 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, if the initial settlement of the Notes occurs more than one business day from the pricing date, 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 $993.50 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.

**United Kingdom**

The communication of this pricing supplement, the accompanying product supplement, the accompanying prospectus supplement, the accompanying

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-28 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-29 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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, typically results 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.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-30 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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, we intend to treat the Notes for all tax purposes as contingent income-bearing 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. In the opinion of our counsel, Sidley Austin LLP, it is reasonable to treat the Notes as contingent income-bearing single financial contracts with respect to the Underlyings. This discussion assumes that the Notes constitute contingent income-bearing single financial contracts with respect to the Underlyings for U.S. federal income tax purposes. If the Notes did not constitute contingent income-bearing 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 the issuer of an Underlying or the issuer of any component stock included in the Underlying that is an 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 an Underlying or the issuer of one or more stocks included in the Underlying that is an index 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 issuer of an Underlying or the issuers of the component stocks included in the Underlying that is an index and consult your tax advisor regarding the possible consequences to you, if any, if the issuer of an Underlying or the issuer of any component stock included in the Underlying that is an index is or becomes a PFIC or is or becomes a United States real property holding corporation.

**U.S. Holders**

Although the U.S. federal income tax treatment of any Contingent Coupon Payment on the Notes is uncertain, we intend to take the position, and the following discussion assumes, that any Contingent Coupon Payment constitutes taxable ordinary income to a U.S. Holder at the time received or accrued in accordance with the U.S. Holder's regular method of accounting. By purchasing the Notes you agree, in the absence of an administrative determination or judicial ruling to the contrary, to treat any Contingent Coupon Payment as described in the preceding sentence.

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 (other than amounts representing any Contingent Coupon Payment, which would be taxed as described above) 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. Subject to the discussion below concerning the possible application of the "constructive ownership" rules of Section 1260 of the Code, 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

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-31 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

deductibility of capital losses is subject to limitations.

*Possible Application of Section 1260 of the Code.* Since some Underlyings are the type of financial assets described under Section 1260 of the Code (including, among others, any equity interest in pass-through entities such as exchange traded funds, regulated investment companies, real estate investment trusts, partnerships, and passive foreign investment companies, each a "Section 1260 Financial Asset"), while the matter is not entirely clear, there may exist a risk that an investment in the Notes will be treated , in whole or in part, as a "constructive ownership transaction" to which Section 1260 of the Code applies. If Section 1260 of the Code applies, all or a portion of any long-term capital gain recognized by a U.S. Holder in respect of the Notes will be recharacterized as ordinary income (the "Excess Gain"). In addition, an interest charge will also apply to any deemed underpayment of tax in respect of any Excess Gain to the extent such gain would have resulted in gross income inclusion for the U.S. Holder in taxable years prior to the taxable year of the sale, exchange, redemption, or settlement (assuming such income accrued at a constant rate equal to the applicable federal rate as of the date of sale, exchange, redemption, or settlement).

If an investment in the Notes is treated as a constructive ownership transaction, it is not clear to what extent any long-term capital gain of a U.S. Holder in respect of the Notes will be recharacterized as ordinary income. It is possible, for example, that the amount of the Excess Gain (if any) that would be recharacterized as ordinary income in respect of the Notes will equal the excess of (i) any long-term capital gain recognized by the U.S. Holder in respect of the Notes and attributable to Section 1260 Financial Assets, over (ii) the "net underlying long-term capital gain" (as defined in Section 1260 of the Code) such U.S. Holder would have had if such U.S. Holder had acquired an amount of the corresponding Section 1260 Financial Assets at fair market value on the original issue date for an amount equal to the portion of the issue price of the Notes attributable to the corresponding Section 1260 Financial Assets and sold such amount of Section 1260 Financial Assets at maturity or upon sale, exchange or redemption of the Notes at fair market value. Unless otherwise established by clear and convincing evidence, the net underlying long-term capital gain is treated as zero and therefore it is possible that all long-term capital gain recognized by a U.S. Holder in respect of the Notes will be recharacterized as ordinary income if Section 1260 of the Code applies to an investment in the Notes. U.S. Holders should consult their tax advisors regarding the potential application of Section 1260 of the Code to an investment in the Notes.

As described below, the IRS, as indicated in Notice 2008-2 (the "Notice"), is considering whether Section 1260 of the Code generally applies or should apply to the Notes, including in situations where the Underlyings are not the type of financial asset described under Section 1260 of the Code.

*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.

In addition, it is possible that the Notes could be treated as a unit consisting of a deposit and a put option written by the Note holder, in which case the timing and character of income on the Notes would be affected significantly.

The Notice 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.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-32 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

Because one Underlying is an index that periodically rebalances, it is possible that the Notes could be treated as a series of contingent income-bearing 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**

Because the U.S. federal income tax treatment of the Notes (including any Contingent Coupon Payment) is uncertain, we (or the applicable paying agent) will withhold U.S. federal income tax at a 30% rate (or at a lower rate under an applicable income tax treaty) on the entire amount of any Contingent Coupon Payment made unless such payments are effectively connected with the conduct by the Non-U.S. Holder of a trade or business in the U.S. (in which case, to avoid withholding, the Non-U.S. Holder will be required to provide a Form W-8ECI). We (or the applicable paying agent) will not pay any additional amounts in respect of such withholding. To claim benefits under an income tax treaty, a Non-U.S. Holder must obtain a taxpayer identification number and certify as to its eligibility under the appropriate treaty's limitations on benefits article, if applicable. In addition, special rules may apply to claims for treaty benefits made by Non-U.S. Holders that are entities rather than individuals. The availability of a lower rate of withholding under an applicable income tax treaty will depend on whether such rate applies to the characterization of the payments under U.S. federal income tax laws. A Non-U.S. Holder that is eligible for a reduced rate of U.S. federal withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by filing an appropriate claim for refund with the IRS.

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 (not including, for the avoidance of doubt, amounts representing any Contingent Coupon Payment which would be subject to the rules discussed in the previous paragraph) upon the sale, exchange, or redemption of the Notes or their settlement at maturity, 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 Contingent Coupon Payment and 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 Contingent Coupon Payment and 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.

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 in addition to the withholding tax described above, tax will be withheld at the applicable statutory rate. 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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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-33 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

**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.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-34 <br>|

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Contingent Income Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100<sup>®</sup> Technology Sector Index, the iShares<sup>®</sup> 20+ Year Treasury Bond ETF and the iShares<sup>®</sup> MSCI China ETF

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Product Supplement EQUITY-1 dated December 30, 2022: <u><br> [https://www.sec.gov/Archives/edgar/data/1682472/000119312522315473/d429684d424b2.htm](http://www.sec.gov/Archives/edgar/data/1682472/000119312522315473/d429684d424b2.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;• Series A MTN prospectus supplement dated December 30, 2022 and prospectus dated December 30, 2022: <u>[https://www.sec.gov/Archives/edgar/data/1682472/000119312522315195/d409418d424b3.htm](http://www.sec.gov/Archives/edgar/data/1682472/000119312522315195/d409418d424b3.htm)</u> 

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.

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| &nbsp;&nbsp; ![](image_001.jpg)  | &nbsp;&nbsp; CONTINGENT INCOME ISSUER CALLABLE YIELD NOTES \| PS-35 <br>|

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