# EDGAR Filing Document

**Accession Number:** 0001682472
**File Stem:** 0001918704-25-020768
**Filing Date:** 2025-11
**Character Count:** 71733
**Document Hash:** 669faa3ba4133f360ab77f1418ef26d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001918704-25-020768.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001918704-25-020768

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251536305

**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:** 251536306

**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

**Filed Pursuant to Rule 424(b)(2)** <br>**Registration Statement No. 333-268718 and 333-268718-01** <br>**(To Prospectus dated December 30, 2022,** <br>**Prospectus Supplement dated December 30, 2022 and** <br>**Product Supplement EQUITY STR-1** <br>**dated May 31, 2023)** <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; 1,247,215 Units <br>$10 principal amount per unit <br>CUSIP No. 09711E290 <br> ![](image_001.jpg)  | &nbsp;&nbsp;&nbsp; Pricing Date <br>Settlement Date <br>Maturity Date  | &nbsp;&nbsp; November 25, 2025 <br> December 3, 2025 <br> December 4, 2026  |
| &nbsp;&nbsp;&nbsp; 1,247,215 Units <br>$10 principal amount per unit <br>CUSIP No. 09711E290 <br> ![](image_001.jpg)  |  |  |
| &nbsp;&nbsp; **BofA Finance LLC** <br> **Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs** <br> **Fully and Unconditionally Guaranteed by Bank of America Corporation** <br> ■ <br> Automatically callable if the Observation Level of the Basket on any Observation Date, occurring approximately six, nine and twelve months after the pricing date, is at or above the Starting Value <br>■ <br> In the event of an automatic call, the amount payable per unit will be: <br>■ <br> $10.990 if called on the first Observation Date <br>■ <br> $11.485 if called on the second Observation Date <br>■ <br> $11.980 if called on the final Observation Date <br>■ <br> If not called on the first or second Observation Dates, a maturity of approximately one year <br>■ <br> The Basket was equally weighted on the pricing date and is comprised of the SPDR Gold Shares and the iShares® Silver Trust. <br>■ <br> If not called, 1-to-1 downside exposure to decreases in the Basket, with up to 100% of your principal at risk <br>■ <br> All payments are subject to the credit risk of BofA Finance LLC, as issuer of the notes, and the credit risk of Bank of America Corporation, as guarantor of the notes <br>■ <br> No periodic interest payments <br>■ <br> In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes" <br>■ <br> Limited secondary market liquidity, with no exchange listing  | &nbsp;&nbsp; **BofA Finance LLC** <br> **Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs** <br> **Fully and Unconditionally Guaranteed by Bank of America Corporation** <br> ■ <br> Automatically callable if the Observation Level of the Basket on any Observation Date, occurring approximately six, nine and twelve months after the pricing date, is at or above the Starting Value <br>■ <br> In the event of an automatic call, the amount payable per unit will be: <br>■ <br> $10.990 if called on the first Observation Date <br>■ <br> $11.485 if called on the second Observation Date <br>■ <br> $11.980 if called on the final Observation Date <br>■ <br> If not called on the first or second Observation Dates, a maturity of approximately one year <br>■ <br> The Basket was equally weighted on the pricing date and is comprised of the SPDR Gold Shares and the iShares® Silver Trust. <br>■ <br> If not called, 1-to-1 downside exposure to decreases in the Basket, with up to 100% of your principal at risk <br>■ <br> All payments are subject to the credit risk of BofA Finance LLC, as issuer of the notes, and the credit risk of Bank of America Corporation, as guarantor of the notes <br>■ <br> No periodic interest payments <br>■ <br> In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes" <br>■ <br> Limited secondary market liquidity, with no exchange listing  | &nbsp;&nbsp; **BofA Finance LLC** <br> **Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs** <br> **Fully and Unconditionally Guaranteed by Bank of America Corporation** <br> ■ <br> Automatically callable if the Observation Level of the Basket on any Observation Date, occurring approximately six, nine and twelve months after the pricing date, is at or above the Starting Value <br>■ <br> In the event of an automatic call, the amount payable per unit will be: <br>■ <br> $10.990 if called on the first Observation Date <br>■ <br> $11.485 if called on the second Observation Date <br>■ <br> $11.980 if called on the final Observation Date <br>■ <br> If not called on the first or second Observation Dates, a maturity of approximately one year <br>■ <br> The Basket was equally weighted on the pricing date and is comprised of the SPDR Gold Shares and the iShares® Silver Trust. <br>■ <br> If not called, 1-to-1 downside exposure to decreases in the Basket, with up to 100% of your principal at risk <br>■ <br> All payments are subject to the credit risk of BofA Finance LLC, as issuer of the notes, and the credit risk of Bank of America Corporation, as guarantor of the notes <br>■ <br> No periodic interest payments <br>■ <br> In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes" <br>■ <br> Limited secondary market liquidity, with no exchange listing  |

---

**The notes are being issued by BofA Finance LLC ("BofA Finance") and are fully and unconditionally guaranteed by Bank of America Corporation ("BAC"). There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" and "Additional Risk Factors" beginning on page TS-7 of this term sheet, and "Risk Factors" beginning on page PS-7 of the accompanying product supplement, page S-6 of the accompanying Series A MTN prospectus supplement and page 7 of the accompanying prospectus.**

**The initial estimated value of the notes as of the pricing date is $9.792 per unit, which is less than the public offering price listed below.** See "Summary" on the following page, "Risk Factors" beginning on page TS-7 of this term sheet and "Structuring the Notes" on page TS-19 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.

**_________________________**

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 Note Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.

**_________________________**

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| | | |
|:---|:---|:---|
|  | <u>Per Unit</u>  | <u>Total</u>  |
| Public offering price<sup>(1)</sup>  | $10.000  | $12457466.58  |
| Underwriting discount<sup>(1)</sup>  | $0.125  | $141218.45  |
| Proceeds, before expenses, to BofA Finance  | $9.875  | $12316248.12 <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The public offering price and the underwriting discount for an aggregate of 587,337 units purchased in a transaction of 300,000 units or more in a single transaction by an individual investor or in combined transactions with the investor's household is $9.975 per unit and $0.10 per unit, respectively. See "Supplement to the Plan of Distribution; Conflicts of Interest" below. 

**The notes and the related guarantee:**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Are Not FDIC Insured**  | &nbsp;&nbsp; **Are Not Bank Guaranteed**  | &nbsp;&nbsp; **May Lose Value**  |

---

**BofA Securities**

November 25, 2025

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<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

Summary

The Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 (the "notes") are our senior unsecured debt securities. 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 BofA Finance's other unsecured and unsubordinated obligations, and the related guarantee will rank equally in right of payment with all of BAC's other unsecured and unsubordinated obligations, in each case, except obligations that are subject to any priorities or preferences by law. Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of BofA Finance, as issuer, and BAC, as guarantor.** The notes will be automatically called at the applicable Call Amount if the Observation Level of the Market Measure, which is a Basket of Two ETFs (the "Basket"), on any Observation Date is equal to or greater than the Starting Value. If your notes are not called, you will lose all or a portion of the principal amount of your notes. Payments on the notes, including the amount you receive at maturity or upon an automatic call, will be calculated based on the $10 principal amount per unit and will depend on the performance of the Basket, subject to our and BAC's credit risk. See "Terms of the Notes" below.

The Basket was equally weighted on the pricing date and is comprised of the SPDR Gold Shares and the iShares<sup>®</sup> Silver Trust (each a "Basket Component").

The economic terms of the notes (including the Call Amounts and Call Premiums) 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 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 and the hedging related charge described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on the pricing date. Due to these factors, the public offering price you are paying to purchase the notes is greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our, BAC's and our other affiliates' pricing models, which take into consideration BAC's internal funding rate and the market prices for the hedging arrangements related to the notes. The notes are subject to an automatic call, and the initial estimated value is based on an assumed tenor of the notes. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS-19.

---

| | | |
|:---|:---|:---|
|  Terms of the Notes  | Terms of the Notes  | Payment Determination  |
| &nbsp;&nbsp; **Issuer:**  | &nbsp;&nbsp; BofA Finance LLC ("BofA Finance")  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Guarantor:**  | &nbsp;&nbsp; Bank of America Corporation ("BAC")  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Principal Amount:**  | &nbsp;&nbsp; $10.00 per unit  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Term:**  | &nbsp;&nbsp; Approximately one year, if not called on the first or second Observation Dates  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Market Measure:**  | &nbsp;&nbsp; An equally weighted ETF basket comprised of the SPDR Gold Shares (Bloomberg symbol: "GLD") and the iShares<sup>®</sup> Silver Trust (Bloomberg symbol: "SLV").  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Starting Value:**  | 100.00  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Ending Value:**  | &nbsp;&nbsp; The Observation Level of the Market Measure on the final Observation Date  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Observation Level:**  | &nbsp;&nbsp; The value of the Market Measure on the applicable Observation Date  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Observation Dates:**  | &nbsp;&nbsp; May 22, 2026, August 21, 2026 and November 27, 2026 (the final Observation Date), approximately six, nine and twelve months after the pricing date. <br> The Observation Dates are subject to postponement in the event of Market Disruption Events, as described on page PS-23 of the accompanying product supplement.  | **Automatic Call Provision:** <br> ![](image_002.jpg) <br> **Redemption Amount Determination:** <br> If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows: <br> ![](image_007.jpg)  |
| &nbsp;&nbsp; **Call Level:**  | 100.00 (100% of the Starting Value).  | &nbsp;&nbsp; ***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.***  |
| &nbsp;&nbsp; **Call Amounts (per Unit) and Call Premiums:**  | &nbsp;&nbsp; $10.990, representing a Call Premium of 9.90% of the principal amount, if called on the first Observation Date; <br> $11.485, representing a Call Premium of 14.85% of the principal amount, if called on the second Observation Date; and $11.980, representing a Call Premium of 19.80% of the principal amount, if called on the final Observation Date. <br>|  |
| &nbsp;&nbsp; **Call Settlement Dates:**  | &nbsp;&nbsp; Approximately the fifth business day following the applicable Observation Date, subject to postponement as described on page PS-21 of the accompanying product supplement; provided however, that the Call Settlement Date related to the final Observation Date will be the maturity date.  |  |
| &nbsp;&nbsp; **Threshold Value:**  | &nbsp;&nbsp; 100 (100% of the Starting Value).  |  |
| &nbsp;&nbsp; **Price Multiplier:**  | &nbsp;&nbsp; 1 for each Basket Component subject to adjustment for certain corporate events relating to that Basket Component, as described on page PS-32 of the accompanying product supplement..  |  |
| &nbsp;&nbsp; **Fees and Charges:**  | &nbsp;&nbsp; The underwriting discount of $0.125 per unit listed on the cover page and the hedging related charge of $0.05 per unit described in "Structuring the Notes" on page TS-19.  |  |
| &nbsp;&nbsp; **Calculation Agent:**  | &nbsp;&nbsp; BofA Securities, Inc. ("BofAS"), an affiliate of BofA Finance.  |  |

---

Strategic Accelerated Redemption Securities<sup>®</sup> TS-2

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

The terms and risks of the notes are contained in this term sheet and in the following:

■ Product supplement No. EQUITY STR-1 dated May 31, 2023:

[https://www.sec.gov/Archives/edgar/data/70858/000119312523158526/d500728d424b2.htm](http://www.sec.gov/Archives/edgar/data/70858/000119312523158526/d500728d424b2.htm)

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

These documents (together, the "Note 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 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322.

Before you invest, you should read the Note Prospectus, including this term sheet, 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 the Note Prospectus. Certain terms used but not defined in this term sheet have the meanings set forth in the accompanying product 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.

Investor Considerations

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| | |
|:---|:---|
| **You may wish to consider an investment in the notes if:**  | **The notes may not be an appropriate investment for you if:**  |
| ■ <br> You anticipate that the value of the Basket on any of the Observation Dates will be equal to or greater than the Starting Value and, in that case, you accept an early exit from your investment. <br>■ <br> You accept that the return on the notes will be limited to the return represented by the applicable Call Premium even if the percentage change in the value of the Basket is significantly greater than the applicable Call Premium. <br>■ <br> If the notes are not called, you accept that your investment will result in a loss, which could be significant, if the Ending Value is below the Threshold Value. <br>■ <br> You are willing to forgo the interest payments that are paid on conventional interest bearing debt securities. <br>■ <br> You are willing to forgo dividends or other benefits of owning the Basket Components or the assets held by the Basket Components. <br>■ <br> You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our and BAC's actual and perceived creditworthiness, BAC's internal funding rate and fees and charges on the notes. <br>■ <br> You are willing to assume our credit risk, as issuer of the notes, and BAC's credit risk, as guarantor of the notes, for all payments under the notes, including the Call Amounts and the Redemption Amount. <br>| ■ <br> You wish to make an investment that cannot be automatically called prior to maturity. <br>■ <br> You believe that the notes will not be automatically called and the value of the Basket will decrease from the Starting Value to the Ending Value. <br>■ <br> You anticipate that the Observation Level will be less than the Call Level on each Observation Date. <br>■ <br> You seek an uncapped return on your investment. <br>■ <br> You seek principal repayment or preservation of capital. <br>■ <br> You seek interest payments or other current income on your investment. <br>■ <br> You want to receive dividends or other benefits of owning the Basket Components or the assets held by the Basket Components. <br>■ <br> You seek an investment for which there will be a liquid secondary market. <br>■ <br> You are unwilling or are unable to take market risk on the notes or to take our credit risk as issuer of the notes or to take BAC's credit risk, as guarantor of the notes. <br>|

---

We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.

Strategic Accelerated Redemption Securities<sup>®</sup> TS-3

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<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

Examples of Hypothetical Payments

The following examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** returns on the notes. They illustrate the calculation of the Call Amount or Redemption Amount, as applicable, based on the hypothetical terms set forth below. **The actual amount you receive and the resulting return will depend on the actual Observation Levels, and the term of your investment.** The following examples do not take into account any tax consequences from investing in the notes. These examples are based on:

1) the Starting Value of 100.00;

2) the Threshold Value of 100.00;

3) the Call Level of 100.00;

4) an expected term of the notes of approximately one year, if the notes are not called on the first or second Observation Dates;

5) the Call Premium of 9.90% of the principal amount if the notes are called on the first Observation Date, 14.85% if called on the second Observation Date, and 19.80% if called on the final Observation Date; and 

6) Observation Dates occurring approximately six, nine, and twelve months after the pricing date.

For recent actual prices of the Basket Components, see "The Basket Components" section below. The Observation Levels and the Ending Value will not include any income generated by dividends paid on the Basket Components or the assets held by the Basket Components, which you would otherwise be entitled to receive if you invested in any of the Basket Components directly. In addition, all payments on the notes are subject to issuer and guarantor credit risk.

Strategic Accelerated Redemption Securities<sup>®</sup> TS-4

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<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

*<u>Notes Are Called on an Observation Date</u>*

The notes will be called at $10.00 plus the applicable Call Premium on one of the Observation Dates if the relevant Observation Level is equal to or greater than the Call Level.

**Example 1** - The Observation Level on the first Observation Date is 110.00. Therefore, the notes will be called at $10.000 plus the Call Premium of $0.99 = $10.99 per unit. After the notes are called, they will no longer remain outstanding and there will not be any further payments on the notes.

**Example 2** - The Observation Level on the first Observation Date is below the Call Level, but the Observation Level on the second Observation Date is 110.00. Therefore, the notes will be called at $10.000 plus the Call Premium of $1.485 = $11.485 per unit. After the notes are called, they will no longer remain outstanding and there will not be any further payments on the notes.

**Example 3** - The Observation Levels on the first and second Observation Dates are below the Call Level, but the Observation Level on the third and final Observation Date is 105.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $1.98 = $11.98 per unit.

*<u>Notes Are Not Called on Any Observation Date</u>*

**Example 4** - The notes are not called on any Observation Date and the Ending Value is less than the Threshold Value. The Redemption Amount will be less, and possibly significantly less, than the principal amount. For example, if the Ending Value is 85.00, the Redemption Amount per unit will be:

![](image_003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Summary of the Hypothetical Examples**  | **Summary of the Hypothetical Examples**  | **Summary of the Hypothetical Examples**  | **Summary of the Hypothetical Examples**  | **Summary of the Hypothetical Examples**  |
|  | **Notes Are Called on an Observation Date**  | **Notes Are Called on an Observation Date**  | **Notes Are Called on an Observation Date**  | **Notes Are Not Called on Any** <br>**Observation Date**  |
|  | **Example 1**  | **Example 2**  | **Example 3**  | **Example 4**  |
| Starting Value  | 100.00  | 100.00  | 100.00  | 100.00  |
| Call Level  | 100.00  | 100.00  | 100.00  | 100.00  |
| Threshold Value  | 100.00  | 100.00  | 100.00  | 100.00  |
| Observation Level on the First Observation Date  | 110.00  | 90.00  | 90.00  | 88.00  |
| Observation Level on the Second Observation Date  | N/A  | 110.00  | 83.00  | 78.00  |
| Observation Level on the Final Observation Date  | N/A  | N/A  | 105.00  | 85.00  |
| Return of the Basket  | 10.00%  | 10.00%  | 5.00%  | -15.00%  |
| Return of the Notes  | 9.90%  | 14.85%  | 19.80%  | -15.00%  |
| Call Amount / <br> Redemption Amount per Unit  | $10.990  | $11.485  | $11.980  | $8.500  |

---

Strategic Accelerated Redemption Securities<sup>®</sup> TS-5

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<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

Risk Factors

*There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk Factors" sections beginning on page PS-7 of the accompanying product supplement, page S-6 of the Series A MTN prospectus supplement, and page 7 of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.*

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

■ If the notes are not automatically called, your investment will result in a loss; there is no guaranteed return of principal.

■ Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.

■ Payments on the notes are subject to our credit risk, and the credit risk of BAC, and any actual or perceived changes in our or BAC's creditworthiness are expected to affect the value of the notes. If we and BAC become insolvent or are unable to pay our respective obligations, you may lose your entire investment.

■ Your investment return is limited to the return represented by the applicable Call Premium and may be less than a comparable investment directly in the Basket Components or the assets included in the Basket Components.

■ Changes in the prices of the Basket Components may offset each other.

■ We are a finance subsidiary and, as such, have no independent assets, operations or revenues.

■ BAC's obligations under its guarantee of the notes will be structurally subordinated to liabilities of its subsidiaries.

■ The notes issued by us will not have the benefit of any cross-default or cross-acceleration with other indebtedness of BofA Finance or BAC; events of bankruptcy or insolvency or resolution proceedings relating to BAC and covenant breach by BAC will not constitute an event of default with respect to the notes.

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

■ The initial estimated value of the notes considers certain assumptions and variables and relies in part on certain forecasts about future events, which may prove to be incorrect. The initial estimated value of the notes is an estimate only, determined as of the pricing date by reference to our and our affiliates' pricing models. These pricing models consider certain assumptions and variables, including our credit spreads and those of BAC, BAC's internal funding rate on the pricing date, mid-market terms on hedging transactions, expectations on interest rates 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.

■ The public offering price you are paying for the notes exceeds the initial estimated value. 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 the initial estimated value. This is due to, among other things, changes in the value of the Basket, changes in BAC's internal funding rate, and the inclusion in the public offering price of the underwriting discount and the hedging related charge, all as further described in "Structuring the Notes" on page TS-19. These factors, together with various credit, market and economic factors over the term of the notes, are expected to reduce the price at which you may be able to sell the notes in any secondary market and will affect the value of the notes in complex and unpredictable ways.

■ The initial estimated value does not represent a minimum or maximum price at which we, BAC, MLPF&S, 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 Basket, our and BAC's creditworthiness and changes in market conditions.

■ A trading market is not expected to develop for the notes. None of us, BAC, MLPF&S or BofAS is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market.

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

■ BAC and its affiliates' hedging and trading activities (including trades in shares of the Basket Components or the assets included in the Basket Components) and any hedging and trading activities BAC or its affiliates engage in that are not for your account or on your behalf, may affect the market value and return of the notes and may create conflicts of interest with you.

■ 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.

**<u>Market Measure-related Risks</u>**

■ The sponsor and investment advisor of each Basket Component may adjust each Basket Component in a way that affects its price, and has no obligation to consider your interests.

■ You will have no rights of a holder of the Basket Components or the assets held by the Basket Components, and you will not be entitled to receive dividends or other distributions on the Basket Components.

Strategic Accelerated Redemption Securities<sup>®</sup> TS-6

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

■ There are liquidity and management risks associated with the Basket Components.

■ The performance of the Basket Components may not correlate with the performance of the assets held by the Basket Components as well as the net asset value per share of the Basket Components, especially during periods of market volatility when the liquidity and the market price of shares of the Basket Components and/or the assets held by the Basket Components may be adversely affected, sometimes materially.

■ Risks associated with the Basket Components or the underlying assets of the Basket Components will affect the share price of the Basket Components and hence, the value of the notes.

■ The payments on the notes will not be adjusted for all corporate events that could affect the Basket Components. See "Description of the Notes—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds" beginning on page PS-32 of the accompanying product supplement.

■ The notes will not be regulated by the U.S. Commodity Futures Trading Commission.

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

■ The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See "Summary Tax Consequences" below and "U.S. Federal Income Tax Summary" beginning on page PS-41 of the accompanying product supplement.

Additional Risk Factors

**Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally.** Each of the GLD and the SLV are linked to a single commodity and not to a diverse basket of commodities or a broad-based commodity index. The GLD and the SLV's respective underlying commodity may not correlate to the price of commodities generally and may diverge significantly from the prices of commodities generally. As a result, the Notes carry greater risk and may be more volatile than securities linked to the prices of more commodities or a broad-based commodity index.

**The performance of the GLD and the SLV may be influenced by gold and silver prices.** To the extent the price of gold or silver has a limited effect, if any, on the performance of the GLD and the SLV, gold prices and silver prices are subject to volatile price movements over short periods of time, represent trading in commodities markets, which are substantially different from equities markets, and are affected by numerous factors. These include economic factors, including the structure of and confidence in the global monetary system, expectations of the future rate of inflation, the relative strength of, and confidence in, the U.S. dollar (the currency in which the prices of gold and silver are generally quoted), interest rates and gold and silver borrowing and lending rates, and global or regional economic, financial, political, regulatory, judicial, or other events.

Gold prices and silver prices may also be affected by industry factors such as industrial and jewelry demand, lending, sales and purchases of gold and silver by the official sector, including central banks and other governmental agencies and multilateral institutions which hold gold and silver, levels of gold and silver production and production costs, and short-term changes in supply and demand because of trading activities in the gold and silver markets. It is not possible to predict the aggregate effects of all or any combination of these factors. Any negative developments with respect to these factors may have an adverse effect on gold and silver prices and, as a result, on the prices of the GLD and the SLV and, therefore, the return on the Notes.

**There are risks associated with commodities trading on the London Bullion Market Association.** The investment objective of each of the GLD and the SLV is to reflect generally the price of gold and silver, respectively, before the payment of expenses and liabilities. The prices of gold and silver are determined by the London Bullion Market Association (the "LBMA") or an independent service provider appointed by the LBMA. The LBMA is a self-regulatory association of bullion market participants. Although all market-making members of the LBMA are supervised by the Bank of England and are required to satisfy a capital adequacy test, the LBMA itself is not a regulated entity. If the LBMA should cease operations, or if bullion trading should become subject to a value added tax or other tax or any other form of regulation currently not in place, the role of the LBMA gold and silver prices as a global benchmark for the value of gold and silver may be adversely affected. The LBMA is a principals' market that operates in a manner more closely analogous to an over-the-counter physical commodity market than a regulated futures market, and certain features of U.S. futures contracts are not present in the context of LBMA trading. For example, there are no daily price limits on the LBMA that would otherwise restrict fluctuations in the prices of LBMA contracts. In a declining market, it is possible that prices would continue to decline without limitation within a trading day or over a period of trading days. The LBMA may alter, discontinue or suspend calculation or dissemination of the LBMA gold and silver prices, which could adversely affect the value of the Notes. The LBMA, or an independent service provider appointed by the LBMA, will have no obligation to consider your interests in calculating or revising the LBMA gold and silver prices. All of these factors could adversely affect the price of the GLD or the SLV and, therefore, the return on the Notes.

**The Notes are subject to risks associated with silver.**

The SLV seeks to reflect generally the performance of the price of silver, less the SLV's expenses and liabilities. The price of silver is primarily affected by global demand for and supply of silver. Silver prices can fluctuate widely and may be affected by numerous factors. These include general economic trends, increases in silver hedging activity by silver producers, significant changes in attitude

Strategic Accelerated Redemption Securities<sup>®</sup> TS-7

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

by speculators and investors in silver, technical developments, substitution issues and regulation, as well as specific factors including industrial and jewelry demand, expectations with respect to the rate of inflation, the relative strength of the U.S. dollar (the currency in which the price of silver is generally quoted) and other currencies, interest rates, central bank sales, forward sales by producers, global or regional political or economic events and production costs and disruptions in major silver-producing countries, such as Mexico, China and Peru. The demand for and supply of silver affect silver prices, but not necessarily in the same manner as supply and demand affect the prices of other commodities. The supply of silver consists of a combination of new mine production and existing stocks of bullion and fabricated silver held by governments, public and private financial institutions, industrial organizations and private individuals. In addition, the price of silver has on occasion been subject to very rapid short-term changes due to speculative activities. From time to time, above-ground inventories of silver may also influence the market. The major end uses for silver include industrial applications, jewelry and silverware. It is not possible to predict the aggregate effect of all or any combination of these factors.

**Gold prices are characterized by high and unpredictable volatility, which could lead to high and unpredictable volatility in the GLD.** The investment objective of the GLD is to reflect the performance of the price of gold bullion, less the GLD's expenses. The price of gold is primarily affected by the global demand for and supply of gold. The market for gold bullion is global, and gold prices are subject to volatile price movements over short periods of time and are affected by numerous factors, including macroeconomic factors, such as the structure of and confidence in the global monetary system, expectations regarding the future rate of inflation, the relative strength of, and confidence in, the U.S. dollar (the currency in which the price of gold is usually quoted), interest rates, gold borrowing and lending rates and global or regional economic, financial, political, regulatory, judicial or other events. Gold prices may be affected by industry factors, such as industrial and jewelry demand as well as lending, sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions that hold gold. Additionally, gold prices may be affected by levels of gold production, production costs and short-term changes in supply and demand due to trading activities in the gold market. From time to time, above-ground inventories of gold may also influence the market. It is not possible to predict the aggregate effect of all or any combination of these factors. The price of gold has recently been, and may continue to be, extremely volatile. Consequently, the performance of the GLD and the return on the Notes could be adversely affected.

**The value of the GLD may not fully replicate the price of gold.** The performance of the GLD may not fully replicate the price of gold due to the fees and expenses charged by the GLD, restrictions on access to gold or other circumstances. The GLD does not generate any income and as the GLD regularly sells gold to pay for its ongoing expenses, the amount of gold represented by the GLD has gradually declined over time. The GLD sells gold to pay expenses on an ongoing basis irrespective of whether the trading price of the GLD rises or falls in response to changes in the price of gold. The sale of the GLD's gold to pay expenses at a time of low gold prices could adversely affect the value of the GLD. Additionally, there is a risk that part or all of the GLD's gold could be lost, damaged or stolen due to war, terrorism, theft, natural disaster or otherwise.

Strategic Accelerated Redemption Securities<sup>®</sup> TS-8

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

The Basket

The Basket is designed to allow investors to participate in the percentage changes in the prices of the Basket Components from the Starting Value to the Ending Value of the Basket. The Basket Components are described in the section "The Basket Components" below. Each Basket Component was assigned an initial weight on the pricing date, as set forth in the table below.

For more information on the calculation of the value of the Basket, please see the section entitled "Description of the Notes–Basket Market Measures" beginning on page PS-36 of the accompanying product supplement.

On the pricing date, for each Basket Component, the Initial Component Weight, the Closing Market Price, the Component Ratio and the initial contribution to the Basket value are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Basket Component**  | &nbsp;&nbsp; **Bloomberg Symbol**  | &nbsp;&nbsp; **Initial Component Weight**  | &nbsp;&nbsp; **Closing Market Price<sup>(1)</sup>**  | &nbsp;&nbsp; **Component Ratio<sup>(1)(</sup><sup>2</sup><sup>)</sup>**  | &nbsp;&nbsp; **Initial Basket Value Contribution**  |
| &nbsp;&nbsp; SPDR Gold Shares  | &nbsp;&nbsp; GLD  | 50.00  | 380.08  | 0.13155125  | 50.00  |
| &nbsp;&nbsp; iShares<sup>®</sup> Silver Trust  | &nbsp;&nbsp; SLV  | 50.00  | 46.67  | 1.07135205  | 50.00  |
|  |  |  |  | &nbsp;&nbsp; **Starting Value**  | 100.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) These were the Closing Market Prices of the Basket Components on the pricing date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Component Ratio equals the Initial Component Weight of the relevant Basket Component (as a percentage) multiplied by 100, and then divided by the Closing Market Price of that Basket Component on the pricing date and rounded to eight decimal places. 

The calculation agent will calculate the value of the Basket by summing the products of the Closing Market Price for each Basket Component (multiplied by its Price Multiplier) on the applicable Observation Date and the Component Ratio applicable to such Basket Component. If a Market Disruption Event or non-Market Measure Business Day occurs as to any Basket Component on a scheduled Observation Date, the Closing Market Price of that Basket Component will be determined as more fully described beginning on page PS-26 of the accompanying product supplement in the section "Description of the Notes–Basket Market Measures—Observation Level of the Basket."

Strategic Accelerated Redemption Securities<sup>®</sup> TS-9

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

***While actual historical information on the Basket did not exist before the pricing date, the following graph sets forth the hypothetical historical daily performance of the Basket from January 1, 2015 through the pricing date. The graph is based upon actual daily historical Closing Market Prices of the Basket Components, hypothetical Component Ratios based on the Closing Market Prices of the Basket Components as of December 31, 2014, and a Basket value of 100.00 as of that date. This hypothetical historical data on the Basket is not necessarily indicative of the future performance of the Basket or what the value of the notes may be. Any hypothetical historical upward or downward trend in the value of the Basket during any period set forth below is not an indication that the value of the Basket is more or less likely to increase or decrease at any time over the term of the notes.***

**Hypothetical Historical Performance of the Basket**

![](image_004.jpg)

Strategic Accelerated Redemption Securities<sup>®</sup> TS-10

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

The Basket Components

All disclosures contained in this term sheet regarding the Basket Components, 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, World Gold Trust Services, LLC, the sponsor of the GLD, and iShares Delaware Trust Sponsor LCC,, the sponsor of the SLV. The sponsors, which license the copyright and all other rights to each Basket Component, have no obligation to continue to publish, and may discontinue or suspend the publication of, a Basket Component at any time. The consequences of the sponsors discontinuing publication of a Basket Component are discussed in the section entitled "Description of the Notes – Discontinuance of or material change to an Underlying Fund" on page PS-35 of the accompanying product supplement. None of us, BAC, the calculation agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance, or publication of any Basket Component or any successor underlying fund.

**The SPDR Gold Shares**

The SPDR Gold Trust (the "trust") issues SPDR<sup>®</sup> Gold Shares (the "Shares"), which represent units of fractional undivided beneficial interest in and ownership of the trust. World Gold Trust Services, LLC is the sponsor of the trust, BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee of the trust, HSBC Bank plc is the custodian of the trust, and State Street Global Advisors Funds Distributors, LLC (formerly State Street Global Markets, LLC) is the marketing agent of the trust. The trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and its sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator, or a commodity trading advisor.

The Shares trade under the ticker symbol "GLD" on NYSE Arca, Inc., or NYSE Arca. Information provided to or filed with the SEC by the trust pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, can be located by reference to SEC file numbers 333-267520 and 001-32356, respectively, through the SEC's website at www.sec.gov. Information on that website is not included or incorporated by reference in this document. According to the GLD's prospectus, the trust is not an investment company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder. The trust is not a commodity pool withing the meaning of the Commodity Exchange Act of 1936, as amended, and is not subject to regulation thereunder, and none of the sponsor, the trustee or the marketing agent is subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor in connection with the Shares.

The Shares of the GLD may be purchased only in one or more blocks of 100,000 Shares (a block of 100,000 Shares is called a "Basket"). The trust issues Shares in Baskets to certain authorized participants (the "Authorized Participants"), on an ongoing basis. Baskets are offered continuously at the net asset value (the "NAV"), for 100,000 Shares on the day that an order to create a Basket is accepted by the trustee.

Currently, the trust's only recurring fixed expense is the sponsor's fee, which is accrued daily at an annualized rate equal to 0.40% of the NAV, in exchange for the sponsor assuming the responsibility to pay all ordinary fees and expenses of the trust which include the fees and expenses of the trustee, the fees and expenses of the custodian for the custody of the trust's gold bars, the fees and expenses of the sponsor, certain taxes, the fees of the marketing agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other marketing costs and expenses.

The investment objective of the Underlying Fund is to reflect the performance of the price of gold bullion, less the Underlying Fund's expenses. The Underlying Fund holds gold bars. The trust issues shares in exchange for deposits of gold and distributes gold in connection with the redemption of shares. The Shares of the GLD are intended to offer investors an opportunity to participate in the gold market through an investment in securities. The ownership of the Shares of the GLD is intended to overcome certain barriers to entry in the gold market, such as the logistics of buying, storing and insuring gold.

The Shares represent units of fractional undivided beneficial interest in and ownership of the trust, the primary asset of which is allocated (or secured) gold. The trust is not managed like a corporation or an active investment vehicle. The gold held by the trust will be sold only: (1) on an as-needed basis to pay the trust's expenses, (2) in the event the trust terminates and liquidates its assets or (3) as otherwise required by law or regulation.

**Creation and Redemption**

The trust creates and redeems the Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets requires the delivery to the trust or the distribution by the trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed. The initial amount of gold required for deposit with the trust to create shares for the period from the formation of the trust to the first day of trading of the Shares on the NYSE was 10,000 ounces per Basket. The number of ounces of gold required to create a Basket or to be delivered upon the redemption of a Basket gradually decreases over time, due to the accrual of the trust's expenses and the sale of the trust's gold to pay the trust's expenses. Baskets may be created or redeemed only by authorized participants, who pay a transaction fee for each order to create or redeem Baskets and may sell the Shares included in the Baskets they create to other investors.

**Valuation of Gold; Computation of NAV**

The trustee determines the NAV of the trust on each day that NYSE Arca is open for regular trading at the earlier of (i) the afternoon session of the twice daily determination of the price of an ounce of gold through an auction by the London Bullion Market Association (the "LBMA"), administered by the ICE Benchmark Administration (the "IBA"), which starts at 3:00 PM London, England time, or the LBMA Gold Price PM, or (ii) 12:00 PM New York time. The LBMA Gold Price PM is determined by participants in a physically settled,

Strategic Accelerated Redemption Securities<sup>®</sup> TS-11

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<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

electronic and tradable auction. The LBMA Gold Price PM replaced the previously established London PM Gold Fix on March 20, 2015. The NAV of the trust is the aggregate value of the trust's assets less its estimated accrued but unpaid liabilities (which include accrued expenses). In determining the trust's NAV, the trustee values the gold held by the trust based on the LBMA Gold Price PM for an ounce of gold. The trustee also determines the NAV per Share.

The custodian is responsible for the safekeeping of the trust's gold bars transferred to it in connection with the creation of Baskets by Authorized Participants. The custodian also facilitates the transfer of gold in and out of the trust through gold accounts it maintains for Authorized Participants and the trust. The custodian is a market maker, clearer and approved weigher under the rules of the LBMA.

***The following graph shows the daily historical performance of the GLD in the period from January 1, 2015 through November 25, 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 the pricing date, the Closing Market Price of the GLD was 380.08.***

**Historical Performance of the GLD**

![](image_005.jpg)

***This historical data on the GLD is not necessarily indicative of the future performance of the GLD or what the value of the notes may be. Any historical upward or downward trend in the price per share of the GLD during any period set forth above is not an indication that the price per share of the GLD 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 prices and training pattern of the GLD.

Strategic Accelerated Redemption Securities<sup>®</sup> TS-12

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

**The iShares<sup>®</sup> Silver Trust**

The SLV trades under the ticker symbol "SLV" on NYSE Arca. iShares Delaware Trust Sponsor LLC ("iShares Delaware") is the sponsor of the SLV. The Bank of New York Mellon is the trustee of the SLV, and JPMorgan Chase Bank, N.A., London branch is the custodian of the SLV.

The SLV seeks to reflect generally the price of silver before the payment of its expenses and liabilities. The assets of the SLV consist primarily of silver held by the custodian on behalf of the SLV. The SLV issues shares in exchange for deposits of silver and distributes silver in connection with the redemption of shares. The shares of the SLV are intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver.

The shares of the SLV represent units of fractional undivided beneficial interest in and ownership of the assets of the SLV. The SLV is a passive investment vehicle and the trustee of the SLV does not actively manage the silver held by the SLV. The trustee of the SLV sells silver held by the SLV to pay the SLV's expenses on an as-needed basis irrespective of then-current silver prices. Currently, the SLV's only ordinary recurring expense is expected to be iShares Delaware's fee, which is accrued daily at an annualized rate equal to 0.50% of the net asset value of the SLV and is payable monthly in arrears. The trustee of the SLV will, when directed by iShares Delaware, and, in the absence of such direction, may, in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of iShares Delaware's fee and of SLV expenses or liabilities not assumed by iShares Delaware.

Information provided to or filed with the SEC by the SLV pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, can be located by reference to SEC file numbers 333-262440 and 001-32863, respectively, through the SEC's website at http://www.sec.gov. According to the SLV's prospectus, the SLV is not a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder, the SLV is not a commodity pool within the meaning of the Commodity Exchange Act of 1936, as amended, and is not subject to regulation thereunder, and iShares Delaware is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor.

***The following graph shows the daily historical performance of the SLV in the period from January 1, 2015 through November 25, 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 the pricing date, the Closing Market Price of the SLV was 46.67.***

**Historical Performance of the SLV**

![](image_006.jpg)■

***This historical data on the SLV is not necessarily indicative of the future performance of the SLV or what the value of the notes may be. Any historical upward or downward trend in the price per share of the SLV during any period set forth above is not an indication that the price per share of the SLV 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 prices and trading pattern of the SLV

Strategic Accelerated Redemption Securities<sup>®</sup> TS-13

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

Supplement to the Plan of Distribution; Conflicts of Interest

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 term sheet, less the indicated underwriting discount.

MLPF&S will purchase the notes from BofAS for resale, and will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of underwriting discount set forth on the cover of this term sheet.

We will pay a fee to LFT Securities, LLC for providing certain electronic platform services with respect to this offering, which will reduce the economic terms of the Notes to you. An affiliate of BofAS has an ownership interest in LFT Securities, LLC.

MLPF&S and BofAS, each a broker-dealer subsidiary of BAC, are members of the Financial Industry Regulatory Authority, Inc. ("FINRA") and will participate as selling agent in the case of BofAS and as dealer in the case of MLPF&S in the distribution of the notes. Accordingly, offerings of the notes will conform to the requirements of Rule 5121 applicable to FINRA members. Neither BofAS nor MLPF&S may make sales in this offering to any of its discretionary accounts without the prior written approval of the account holder.

We will deliver the notes against payment therefor in New York, New York on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than one business day prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and 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 MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the Basket and the remaining term of the notes. However, neither we nor any of our affiliates is obligated to purchase your notes at any price, or at any time, and we cannot assure you that we or any of our affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.

The value of the notes shown on your account statement will be based on BofAS's estimate of the value of the notes if BofAS or another of our affiliates were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.

Strategic Accelerated Redemption Securities<sup>®</sup> TS-14

------

<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Basket. The related guarantees are BAC's obligations. 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 that is more favorable to BAC than the rate that it might pay for a conventional fixed or floating rate debt security. This rate, which we refer to in this term sheet as BAC's internal funding rate, is typically lower than the rate BAC would pay when it issues conventional fixed or floating rate debt securities. This generally relatively lower internal funding rate, which is reflected in the economic terms of the notes, along with the fees and charges associated with market-linked notes, resulted in the initial estimated value of the notes on the pricing date being less than their public offering price.

Payments on the notes, including the amount you receive at maturity or upon an automatic call, will be calculated based on the performance of the Basket and the $10 per unit principal amount. In order to meet these payment obligations, 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 by seeking bids from market participants, including 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 Basket Components, the tenor of the notes and the tenor of 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 a hedging related charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by BofAS or any third party hedge providers.

For further information, see "Risk Factors" beginning on page PS-8 and "Use of Proceeds" on page PS-24 of the accompanying product supplement.

Validity of the Notes

In the opinion of Sidley Austin LLP, as counsel to BofA Finance and BAC, when the trustee has made the appropriate entries or notations on Schedule 1 to the master global note that represents the Notes (the "Master Note") identifying the Notes offered hereby as supplemental obligations thereunder in accordance with the instructions of BofA Finance, and the Notes have been delivered against payment as contemplated herein, such Notes will be valid and binding obligations of BofA Finance, and the related guarantee will be a valid and binding obligation of BAC, in each case, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the Delaware Limited Liability Company Act, the Delaware General Corporation Law and the laws of the State of New York as in effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and due authentication of the Master Note and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated October 16, 2025 which has been filed as Exhibit 5.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 16, 2025.

Strategic Accelerated Redemption Securities<sup>®</sup> TS-15

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<u> Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to a Basket of Two ETFs, due December 4, 2026 </u>  

Summary Tax Consequences

You should consider the U.S. federal income tax consequences of an investment in the notes, including the following:

■ There is no statutory, judicial, or administrative authority directly addressing the characterization of the notes.

■ You agree with us (in the absence of an administrative determination, or judicial ruling to the contrary) to characterize and treat the notes for all tax purposes as a callable single financial contract with respect to the Basket.

■ Under this characterization and tax treatment of the notes, a U.S. Holder (as defined on page 71 of the prospectus) generally will recognize capital gain or loss upon maturity or upon a sale, exchange, or redemption of the notes prior to maturity. This capital gain or loss generally will be long-term capital gain or loss if you held the notes for more than one year.

■ No assurance can be given that the Internal Revenue Service ("IRS") or any court will agree with this characterization and tax treatment.

■ Under current IRS guidance, withholding on "dividend equivalent" payments (as discussed in the product supplement), if any, will not apply to notes that are issued as of the date of this term sheet unless such notes are "delta-one" instruments.

**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. You should review carefully the discussion under the section entitled "U.S. Federal Income Tax Summary" beginning on page PS-41 of the accompanying product supplement.**

Where You Can Find More Information

We and BAC have filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the Note Prospectus, including this term sheet, and the other documents relating to this offering that we and BAC have filed with the SEC, for more complete information about us, BAC and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling MLPF&S or BofAS toll-free at 1-800-294-1322.

Strategic Accelerated Redemption Securities<sup>®</sup> TS-16

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

**Exhibit 107**

The prospectus to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price for such offering is $12,472,150.00.

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