[FWP] Bank of America Corporation Free Writing Prospectus
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing five-year, auto-callable 鈥淲orst-of鈥� Jump Securities linked to the Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) and Russell 2000 (RTY).
- Issue price: $1,000 per security; estimated value: $956.70 (鈮�4.3% below issue price).
- Auto-call feature: If on the first determination date (5 Aug 2026) each index closes at or above its initial level, the note is redeemed early for $1,197.50-$1,227.50 (鈮�+20-23%) and terminates.
- Participation: 150% of any positive performance of the worst-performing index, payable at maturity if not auto-called.
- Protection: Principal is returned in full provided the worst index does not fall below its 70% downside threshold (-30%) on the final observation date. Below that level, repayment is reduced 1-for-1 with the index decline (e.g., -40% worst index 鈬� $600).
- Maturity & key dates: Pricing 31 Jul 2025; final determination 31 Jul 2030; maturity 5 Aug 2030; CUSIP 61778NCG4.
The securities do not pay periodic interest, are unsecured and unsubordinated MSFL obligations, and will not be listed. Investors face credit risk, market risk, liquidity constraints, and potential tax complexity. The worst-of structure amplifies downside exposure and caps upside via auto-call.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, offre titoli "Worst-of" Jump a cinque anni con opzione di richiamo automatico, collegati al Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) e Russell 2000 (RTY).
- Prezzo di emissione: 1.000$ per titolo; valore stimato: 956,70$ (circa 4,3% sotto il prezzo di emissione).
- Opzione di richiamo automatico: Se alla prima data di determinazione (5 agosto 2026) ciascun indice chiude al di sopra o pari al livello iniziale, il titolo viene rimborsato anticipatamente tra 1.197,50$ e 1.227,50$ (circa +20-23%) e si estingue.
- Partecipazione: 150% della performance positiva dell'indice peggiore, pagabile a scadenza se non richiamato anticipatamente.
- Protezione: Il capitale 猫 restituito integralmente se l'indice peggiore non scende sotto la soglia del 70% (-30%) alla data finale di osservazione. Se scende sotto tale livello, il rimborso si riduce proporzionalmente (ad esempio, -40% dell'indice peggiore 鈬� 600$).
- Scadenza e date chiave: Prezzo al 31 luglio 2025; determinazione finale 31 luglio 2030; scadenza 5 agosto 2030; CUSIP 61778NCG4.
I titoli non pagano interessi periodici, sono obbligazioni MSFL non garantite e non subordinate, e non saranno quotate. Gli investitori sono esposti a rischio di credito, rischio di mercato, limitazioni di liquidit脿 e complessit脿 fiscale potenziale. La struttura "worst-of" aumenta l'esposizione al ribasso e limita il potenziale di guadagno tramite il richiamo automatico.
Morgan Stanley Finance LLC, garantizado por Morgan Stanley, est谩 comercializando valores "Worst-of" Jump a cinco a帽os con opci贸n de rescate autom谩tico, vinculados al Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) y Russell 2000 (RTY).
- Precio de emisi贸n: 1,000$ por valor; valor estimado: 956,70$ (aproximadamente 4.3% por debajo del precio de emisi贸n).
- Funci贸n de rescate autom谩tico: Si en la primera fecha de determinaci贸n (5 de agosto de 2026) cada 铆ndice cierra en o por encima de su nivel inicial, el bono se rescata anticipadamente entre 1,197.50$ y 1,227.50$ (aproximadamente +20-23%) y termina.
- 笔补谤迟颈肠颈辫补肠颈贸苍: 150% del rendimiento positivo del 铆ndice con peor desempe帽o, pagadero al vencimiento si no se rescata anticipadamente.
- 笔谤辞迟别肠肠颈贸苍: El principal se devuelve en su totalidad siempre que el 铆ndice peor no caiga por debajo del umbral del 70% (-30%) en la fecha final de observaci贸n. Por debajo de ese nivel, el reembolso se reduce 1 a 1 con la ca铆da del 铆ndice (ejemplo: -40% en el 铆ndice peor 鈬� 600$).
- Vencimiento y fechas clave: Precio al 31 de julio de 2025; determinaci贸n final 31 de julio de 2030; vencimiento 5 de agosto de 2030; CUSIP 61778NCG4.
Los valores no pagan intereses peri贸dicos, son obligaciones MSFL no garantizadas y no subordinadas, y no estar谩n listados. Los inversores enfrentan riesgo crediticio, riesgo de mercado, limitaciones de liquidez y posible complejidad fiscal. La estructura "worst-of" amplifica la exposici贸n a p茅rdidas y limita las ganancias mediante el rescate autom谩tico.
Morgan Stanley Finance LLC電� Morgan Stanley臧� 氤挫頃橂┌, Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX), Russell 2000 (RTY)鞕� 鞐瓣硠霅� 5雲� 毵岅赴 鞛愲彊靸來櫂 "Worst-of" 鞝愴攧 歃濌秾鞚� 韺愲Г 欷戩瀰雼堧嫟.
- 氚滍枆臧赌: 歃濌秾雼� 1,000雼煬; 於旍爼 臧�旃�: 956.70雼煬 (氚滍枆臧� 雽�牍� 鞎� 4.3% 雮潓).
- 鞛愲彊靸來櫂 旮半姤: 觳� 氩堨Ц 韽夑皜鞚�(2026雲� 8鞗� 5鞚�)鞐� 臧� 歆�靾橁皜 斓滌磮 靾橃 鞚挫儊鞙茧 毵堦皭頃橂┐, 歃濌秾鞚� 臁瓣赴 靸來櫂霅橃柎 1,197.50词1,227.50雼煬(鞎� +20~23%)毳� 歆�旮夗晿氅� 毵岆霅╇媹雼�.
- 彀胳棳鞙�: 斓滌爛 靹标臣 歆�靾橃潣 鞏�(+) 靹标臣鞐� 雽�頃� 150% 彀胳棳, 鞛愲彊靸來櫂霅橃 鞎婌潉 瓴届毎 毵岅赴 鞁� 歆�旮�.
- 氤错樃鞛レ箻: 斓滌爛 歆�靾橁皜 斓滌 甏�旄§澕鞐� 70% 頃橂澖 鞛勱硠鞝�(-30%) 鞎勲灅搿� 霒柎歆�歆� 鞎婌溂氅� 鞗愱笀 鞝勳暋 氚橅櫂. 鞚� 靾橃 鞎勲灅搿� 霒柎歆�氅� 歆�靾� 頃橂澖毳犽韥� 1雽�1搿� 靸來櫂鞎� 臧愳唽 (鞓�: 斓滌爛 歆�靾� -40% 鈬� 600雼煬 歆�旮�).
- 毵岅赴 氚� 欤检殧 鞚检爼: 臧�瓴� 毂呾爼 2025雲� 7鞗� 31鞚�; 斓滌 韽夑皜 2030雲� 7鞗� 31鞚�; 毵岅赴 2030雲� 8鞗� 5鞚�; CUSIP 61778NCG4.
鞚� 歃濌秾鞚� 鞝曣赴 鞚挫瀽毳� 歆�旮夗晿歆� 鞎婌溂氅�, 氍措嫶氤� 氚� 牍勴泟靾滌渼 MSFL 毂勲搿� 靸侅灔霅橃 鞎婌姷雼堧嫟. 韴瀽鞛愲姅 鞁犾毄 鞙勴棙, 鞁滌灔 鞙勴棙, 鞙犽彊靹� 鞝滍暅, 靹鸽 氤奠灐靹�鞐� 雲胳稖霅╇媹雼�. Worst-of 甑“電� 頃橂澖 鞙勴棙鞚� 頇曤寑頃橁碃 鞛愲彊靸來櫂鞙茧 靸侅姽 鞛犾灛霠レ潉 鞝滍暅頃╇媹雼�.
Morgan Stanley Finance LLC, garanti par Morgan Stanley, commercialise des titres "Worst-of" Jump 脿 cinq ans avec option de remboursement anticip茅 automatique, li茅s au Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) et Russell 2000 (RTY).
- Prix d'茅mission : 1 000 $ par titre ; valeur estim茅e : 956,70 $ (environ 4,3 % en dessous du prix d'茅mission).
- Option de remboursement automatique : Si 脿 la premi猫re date de constatation (5 ao没t 2026) chaque indice cl么ture au-dessus ou 脿 son niveau initial, la note est rembours茅e par anticipation entre 1 197,50 $ et 1 227,50 $ (environ +20-23 %) et prend fin.
- Participation : 150 % de la performance positive de l'indice le plus faible, payable 脿 l'茅ch茅ance si non rembours茅 automatiquement.
- Protection : Le capital est int茅gralement rembours茅 脿 condition que l'indice le plus faible ne soit pas inf茅rieur au seuil de 70 % (-30 %) 脿 la date d'observation finale. En dessous de ce seuil, le remboursement est r茅duit 脿 raison de 1 pour 1 avec la baisse de l'indice (exemple : -40 % 鈬� 600 $).
- 脡ch茅ance et dates cl茅s : Prix au 31 juillet 2025 ; constatation finale au 31 juillet 2030 ; 茅ch茅ance au 5 ao没t 2030 ; CUSIP 61778NCG4.
Les titres ne versent pas d鈥檌nt茅r锚ts p茅riodiques, sont des obligations MSFL non garanties et non subordonn茅es, et ne seront pas cot茅s. Les investisseurs sont expos茅s 脿 des risques de cr茅dit, de march茅, de liquidit茅 et 脿 une complexit茅 fiscale potentielle. La structure "worst-of" amplifie le risque 脿 la baisse et limite le potentiel de gain via le remboursement automatique.
Morgan Stanley Finance LLC, garantiert von Morgan Stanley, bietet f眉nfj盲hrige, automatisch k眉ndbare "Worst-of" Jump Securities an, die an den Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) und Russell 2000 (RTY) gekoppelt sind.
- Ausgabepreis: 1.000$ pro Wertpapier; gesch盲tzter Wert: 956,70$ (ca. 4,3% unter dem Ausgabepreis).
- Automatische K眉ndigungsfunktion: Wenn am ersten Feststellungstag (5. Aug. 2026) jeder Index auf oder 眉ber seinem Anfangsniveau schlie脽t, wird die Note fr眉hzeitig zu 1.197,50$鈥�1.227,50$ (ca. +20鈥�23%) zur眉ckgezahlt und endet.
- Partizipation: 150% der positiven Performance des schlechtesten Index, zahlbar bei F盲lligkeit, falls keine automatische K眉ndigung erfolgt.
- Schutz: Das Kapital wird vollst盲ndig zur眉ckgezahlt, sofern der schlechteste Index am letzten Beobachtungstag nicht unter die 70%-Schwelle (-30%) f盲llt. Liegt er darunter, reduziert sich die R眉ckzahlung 1:1 mit dem Indexverlust (z.B. -40% 鈬� 600$).
- F盲lligkeit & wichtige Daten: Preisfeststellung 31. Juli 2025; endg眉ltige Feststellung 31. Juli 2030; F盲lligkeit 5. Aug. 2030; CUSIP 61778NCG4.
Die Wertpapiere zahlen keine periodischen Zinsen, sind ungesicherte und nicht nachrangige MSFL-Verbindlichkeiten und werden nicht b枚rslich gehandelt. Anleger tragen Kreditrisiko, Marktrisiko, Liquidit盲tsbeschr盲nkungen und potenzielle steuerliche Komplexit盲t. Die Worst-of-Struktur verst盲rkt das Abw盲rtsrisiko und begrenzt den Aufw盲rtsspielraum durch die automatische K眉ndigung.
- 150% participation amplifies upside versus underlying indices if note is not auto-called.
- Early redemption payment of $1,197.50-$1,227.50 offers a potential 20-23% return after only one year, attractive in a flat or modestly rising market.
- Contingent principal protection up to a 30% decline in the worst-performing index shields investors from moderate market pullbacks.
- No principal guarantee; losses accelerate 1:1 once any index closes below 70% of its initial level.
- Worst-of structure exposes holders to the weakest of three indices, increasing probability of principal loss.
- Auto-call feature limits upside to one observation date, reducing long-term growth potential.
- Estimated value ($956.70) is 鈮�4.3% below issue price, indicating embedded fees and negative carry from day one.
- Unlisted, illiquid securities could trade at wide spreads; exit prior to call or maturity may be costly.
- Credit risk of Morgan Stanley and its finance subsidiary directly affects repayment.
Insights
TL;DR 鈥� High coupon-like auto-call but material downside after 鈭�30%, worst-of triple-index risk and 4% issue premium make this a niche tactical trade.
The note offers an attractive 20-23% absolute return after one year if all three equity benchmarks are flat or positive, plus 150% upside participation thereafter. However, the payoff is materially capped by the single auto-call date; any rally beyond August 2026 forfeits additional upside. The 70% barrier provides only contingent protection鈥攊nvestors could lose up to 100% in a severe bear market. Pricing is standard for Morgan Stanley retail flow: an estimated value 4% below par and no exchange listing, implying potential 4-6% bid/offer friction. Because proceeds are immaterial to Morgan Stanley鈥檚 capital structure, the filing is not impactful to MS equity, but is relevant for yield-seeking retail investors.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, offre titoli "Worst-of" Jump a cinque anni con opzione di richiamo automatico, collegati al Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) e Russell 2000 (RTY).
- Prezzo di emissione: 1.000$ per titolo; valore stimato: 956,70$ (circa 4,3% sotto il prezzo di emissione).
- Opzione di richiamo automatico: Se alla prima data di determinazione (5 agosto 2026) ciascun indice chiude al di sopra o pari al livello iniziale, il titolo viene rimborsato anticipatamente tra 1.197,50$ e 1.227,50$ (circa +20-23%) e si estingue.
- Partecipazione: 150% della performance positiva dell'indice peggiore, pagabile a scadenza se non richiamato anticipatamente.
- Protezione: Il capitale 猫 restituito integralmente se l'indice peggiore non scende sotto la soglia del 70% (-30%) alla data finale di osservazione. Se scende sotto tale livello, il rimborso si riduce proporzionalmente (ad esempio, -40% dell'indice peggiore 鈬� 600$).
- Scadenza e date chiave: Prezzo al 31 luglio 2025; determinazione finale 31 luglio 2030; scadenza 5 agosto 2030; CUSIP 61778NCG4.
I titoli non pagano interessi periodici, sono obbligazioni MSFL non garantite e non subordinate, e non saranno quotate. Gli investitori sono esposti a rischio di credito, rischio di mercato, limitazioni di liquidit脿 e complessit脿 fiscale potenziale. La struttura "worst-of" aumenta l'esposizione al ribasso e limita il potenziale di guadagno tramite il richiamo automatico.
Morgan Stanley Finance LLC, garantizado por Morgan Stanley, est谩 comercializando valores "Worst-of" Jump a cinco a帽os con opci贸n de rescate autom谩tico, vinculados al Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) y Russell 2000 (RTY).
- Precio de emisi贸n: 1,000$ por valor; valor estimado: 956,70$ (aproximadamente 4.3% por debajo del precio de emisi贸n).
- Funci贸n de rescate autom谩tico: Si en la primera fecha de determinaci贸n (5 de agosto de 2026) cada 铆ndice cierra en o por encima de su nivel inicial, el bono se rescata anticipadamente entre 1,197.50$ y 1,227.50$ (aproximadamente +20-23%) y termina.
- 笔补谤迟颈肠颈辫补肠颈贸苍: 150% del rendimiento positivo del 铆ndice con peor desempe帽o, pagadero al vencimiento si no se rescata anticipadamente.
- 笔谤辞迟别肠肠颈贸苍: El principal se devuelve en su totalidad siempre que el 铆ndice peor no caiga por debajo del umbral del 70% (-30%) en la fecha final de observaci贸n. Por debajo de ese nivel, el reembolso se reduce 1 a 1 con la ca铆da del 铆ndice (ejemplo: -40% en el 铆ndice peor 鈬� 600$).
- Vencimiento y fechas clave: Precio al 31 de julio de 2025; determinaci贸n final 31 de julio de 2030; vencimiento 5 de agosto de 2030; CUSIP 61778NCG4.
Los valores no pagan intereses peri贸dicos, son obligaciones MSFL no garantizadas y no subordinadas, y no estar谩n listados. Los inversores enfrentan riesgo crediticio, riesgo de mercado, limitaciones de liquidez y posible complejidad fiscal. La estructura "worst-of" amplifica la exposici贸n a p茅rdidas y limita las ganancias mediante el rescate autom谩tico.
Morgan Stanley Finance LLC電� Morgan Stanley臧� 氤挫頃橂┌, Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX), Russell 2000 (RTY)鞕� 鞐瓣硠霅� 5雲� 毵岅赴 鞛愲彊靸來櫂 "Worst-of" 鞝愴攧 歃濌秾鞚� 韺愲Г 欷戩瀰雼堧嫟.
- 氚滍枆臧赌: 歃濌秾雼� 1,000雼煬; 於旍爼 臧�旃�: 956.70雼煬 (氚滍枆臧� 雽�牍� 鞎� 4.3% 雮潓).
- 鞛愲彊靸來櫂 旮半姤: 觳� 氩堨Ц 韽夑皜鞚�(2026雲� 8鞗� 5鞚�)鞐� 臧� 歆�靾橁皜 斓滌磮 靾橃 鞚挫儊鞙茧 毵堦皭頃橂┐, 歃濌秾鞚� 臁瓣赴 靸來櫂霅橃柎 1,197.50词1,227.50雼煬(鞎� +20~23%)毳� 歆�旮夗晿氅� 毵岆霅╇媹雼�.
- 彀胳棳鞙�: 斓滌爛 靹标臣 歆�靾橃潣 鞏�(+) 靹标臣鞐� 雽�頃� 150% 彀胳棳, 鞛愲彊靸來櫂霅橃 鞎婌潉 瓴届毎 毵岅赴 鞁� 歆�旮�.
- 氤错樃鞛レ箻: 斓滌爛 歆�靾橁皜 斓滌 甏�旄§澕鞐� 70% 頃橂澖 鞛勱硠鞝�(-30%) 鞎勲灅搿� 霒柎歆�歆� 鞎婌溂氅� 鞗愱笀 鞝勳暋 氚橅櫂. 鞚� 靾橃 鞎勲灅搿� 霒柎歆�氅� 歆�靾� 頃橂澖毳犽韥� 1雽�1搿� 靸來櫂鞎� 臧愳唽 (鞓�: 斓滌爛 歆�靾� -40% 鈬� 600雼煬 歆�旮�).
- 毵岅赴 氚� 欤检殧 鞚检爼: 臧�瓴� 毂呾爼 2025雲� 7鞗� 31鞚�; 斓滌 韽夑皜 2030雲� 7鞗� 31鞚�; 毵岅赴 2030雲� 8鞗� 5鞚�; CUSIP 61778NCG4.
鞚� 歃濌秾鞚� 鞝曣赴 鞚挫瀽毳� 歆�旮夗晿歆� 鞎婌溂氅�, 氍措嫶氤� 氚� 牍勴泟靾滌渼 MSFL 毂勲搿� 靸侅灔霅橃 鞎婌姷雼堧嫟. 韴瀽鞛愲姅 鞁犾毄 鞙勴棙, 鞁滌灔 鞙勴棙, 鞙犽彊靹� 鞝滍暅, 靹鸽 氤奠灐靹�鞐� 雲胳稖霅╇媹雼�. Worst-of 甑“電� 頃橂澖 鞙勴棙鞚� 頇曤寑頃橁碃 鞛愲彊靸來櫂鞙茧 靸侅姽 鞛犾灛霠レ潉 鞝滍暅頃╇媹雼�.
Morgan Stanley Finance LLC, garanti par Morgan Stanley, commercialise des titres "Worst-of" Jump 脿 cinq ans avec option de remboursement anticip茅 automatique, li茅s au Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) et Russell 2000 (RTY).
- Prix d'茅mission : 1 000 $ par titre ; valeur estim茅e : 956,70 $ (environ 4,3 % en dessous du prix d'茅mission).
- Option de remboursement automatique : Si 脿 la premi猫re date de constatation (5 ao没t 2026) chaque indice cl么ture au-dessus ou 脿 son niveau initial, la note est rembours茅e par anticipation entre 1 197,50 $ et 1 227,50 $ (environ +20-23 %) et prend fin.
- Participation : 150 % de la performance positive de l'indice le plus faible, payable 脿 l'茅ch茅ance si non rembours茅 automatiquement.
- Protection : Le capital est int茅gralement rembours茅 脿 condition que l'indice le plus faible ne soit pas inf茅rieur au seuil de 70 % (-30 %) 脿 la date d'observation finale. En dessous de ce seuil, le remboursement est r茅duit 脿 raison de 1 pour 1 avec la baisse de l'indice (exemple : -40 % 鈬� 600 $).
- 脡ch茅ance et dates cl茅s : Prix au 31 juillet 2025 ; constatation finale au 31 juillet 2030 ; 茅ch茅ance au 5 ao没t 2030 ; CUSIP 61778NCG4.
Les titres ne versent pas d鈥檌nt茅r锚ts p茅riodiques, sont des obligations MSFL non garanties et non subordonn茅es, et ne seront pas cot茅s. Les investisseurs sont expos茅s 脿 des risques de cr茅dit, de march茅, de liquidit茅 et 脿 une complexit茅 fiscale potentielle. La structure "worst-of" amplifie le risque 脿 la baisse et limite le potentiel de gain via le remboursement automatique.
Morgan Stanley Finance LLC, garantiert von Morgan Stanley, bietet f眉nfj盲hrige, automatisch k眉ndbare "Worst-of" Jump Securities an, die an den Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) und Russell 2000 (RTY) gekoppelt sind.
- Ausgabepreis: 1.000$ pro Wertpapier; gesch盲tzter Wert: 956,70$ (ca. 4,3% unter dem Ausgabepreis).
- Automatische K眉ndigungsfunktion: Wenn am ersten Feststellungstag (5. Aug. 2026) jeder Index auf oder 眉ber seinem Anfangsniveau schlie脽t, wird die Note fr眉hzeitig zu 1.197,50$鈥�1.227,50$ (ca. +20鈥�23%) zur眉ckgezahlt und endet.
- Partizipation: 150% der positiven Performance des schlechtesten Index, zahlbar bei F盲lligkeit, falls keine automatische K眉ndigung erfolgt.
- Schutz: Das Kapital wird vollst盲ndig zur眉ckgezahlt, sofern der schlechteste Index am letzten Beobachtungstag nicht unter die 70%-Schwelle (-30%) f盲llt. Liegt er darunter, reduziert sich die R眉ckzahlung 1:1 mit dem Indexverlust (z.B. -40% 鈬� 600$).
- F盲lligkeit & wichtige Daten: Preisfeststellung 31. Juli 2025; endg眉ltige Feststellung 31. Juli 2030; F盲lligkeit 5. Aug. 2030; CUSIP 61778NCG4.
Die Wertpapiere zahlen keine periodischen Zinsen, sind ungesicherte und nicht nachrangige MSFL-Verbindlichkeiten und werden nicht b枚rslich gehandelt. Anleger tragen Kreditrisiko, Marktrisiko, Liquidit盲tsbeschr盲nkungen und potenzielle steuerliche Komplexit盲t. Die Worst-of-Struktur verst盲rkt das Abw盲rtsrisiko und begrenzt den Aufw盲rtsspielraum durch die automatische K眉ndigung.
Terms of the Notes
The Contingent Income (with Memory Feature) Issuer Callable Yield Notes Linked to the Least Performing of the Nasdaq-100® Index, the Russell 2000® Index and the S&P 500® Index (the “Notes”) provide a monthly Contingent Coupon Payment of $7.709 on the applicable Contingent Payment Date if, on any monthly Observation Date, the Observation Value of each Underlying is greater than or equal to its Coupon Barrier. The coupon per $1,000 in principal amount of Notes payable on the related Contingent Payment Date, if applicable, will equal (i) the product of $7.709 times the number of Contingent Payment Dates that have occurred up to the relevant Contingent Payment Date (inclusive of the relevant Contingent Payment Date) minus (ii) the sum of all Contingent Coupon Payments previously paid. 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. If the Notes are not called, at maturity you will receive the Redemption Amount, calculated as described under “Redemption Amount Determination”.
| Issuer: | BofA Finance LLC (“BofA Finance”) |
| Guarantor: | Bank of America Corporation (“BAC”) |
| Term: | Approximately 4.75 years, unless previously called. |
| Underlyings: | The Nasdaq-100® Index (Bloomberg symbol: “NDX”), the Russell 2000® Index (Bloomberg symbol: “RTY”) and the S&P 500® Index (Bloomberg symbol: “SPX”), each a price return index. |
| Pricing and Issue Dates*: | July 7, 2025 and July 10, 2025, respectively. |
| Observation Dates†*: | Monthly. Please see the Preliminary Pricing Supplement for further details. |
| Coupon Barrier: | For each Underlying, 80% of its Starting Value. |
| Threshold Value: | For each Underlying, 70% of its Starting Value. |
| Contingent Coupon Payment (with Memory Feature)*: | 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 per $1,000.00 in principal amount of Notes on the applicable Contingent Payment Date (including the Maturity Date) equal to (i) the product of $7.709 times the number of Contingent Payment Dates that have occurred up to the relevant Contingent Payment Date (inclusive of the relevant Contingent Payment Date) minus (ii) the sum of all Contingent Coupon Payments previously paid. |
| Optional Early Redemption: | 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. |
| Early Redemption Amount: | For each $1,000 principal amount of Notes, $1,000 plus the applicable Contingent Coupon Payment. |
| Initial Estimated Value Range: | $930.00-$980.00 per Note. |
| Underwriting Discount*: | $9.00 (0.90% of the public offering price) per Note. |
| CUSIP: | 09711J3N7. |
| Preliminary Pricing Supplement: | https://www.sec.gov/Archives/edgar/data/70858/000191870425010387/form424b2.htm |
* Subject to change prior to the Pricing Date. † Subject to adjustment. Please see the Preliminary Pricing Supplement for further details. |
|
Redemption Amount Determination
(assuming the Notes have not been called)
Hypothetical Returns at Maturity
| Underlying Return of the Least Performing Underlying | Redemption Amount per Note (including any final Contingent Coupon Payment) |
Return on the Notes(1) |
| 60.00% | $1,007.709 | 0.7709% |
| 50.00% | $1,007.709 | 0.7709% |
| 40.00% | $1,007.709 | 0.7709% |
| 30.00% | $1,007.709 | 0.7709% |
| 20.00% | $1,007.709 | 0.7709% |
| 10.00% | $1,007.709 | 0.7709% |
| 5.00% | $1,007.709 | 0.7709% |
| 2.00% | $1,007.709 | 0.7709% |
| 0.00% | $1,007.709 | 0.7709% |
| -10.00% | $1,007.709 | 0.7709% |
| -20.00%(2) | $1,007.709 | 0.7709% |
| -20.01% | $1,000.00 | -0.0000% |
| -30.00%(3) | $1,000.00 | -0.0000% |
| -30.01% | $699.900 | -30.0100% |
| -40.00% | $600.000 | -40.0000% |
| -50.00% | $500.000 | -50.0000% |
| -100.00% | $0.000 | -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) | This is the Underlying Return which corresponds to the Coupon Barrier of the Least Performing Underlying. |
| (3) | This is the Underlying Return which corresponds to the Threshold Value of the Least Performing Underlying. |
Risk Factors
| · | Your investment may result in a loss; there is no guaranteed return of principal. |
| · | Your return on the Notes is limited to the return represented by the Contingent Coupon Payments, if any, over the term of the Notes. |
| · | 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. |
| · | You may not receive any Contingent Coupon Payments. |
| · | Your return on the Notes may be less than the yield on a conventional debt security of comparable maturity. |
| · | The Contingent Coupon Payment, Early Redemption Amount or Redemption Amount, as applicable, will not reflect changes in the levels of the Underlyings other than on the Observation Dates. |
| · | 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. |
| · | Any payments on the Notes are subject to the credit risk of BofA Finance and the Guarantor, and actual or perceived changes in BofA Finance’s or the Guarantor’s creditworthiness are expected to affect the value of the Notes. |
| · | The public offering price you pay for the Notes will exceed their initial estimated value. |
| · | Trading and hedging activities by BofA Finance, the Guarantor and any of their other affiliates, including BofAS, may create conflicts of interest with you and may affect your return on the Notes and their market value. |
| · | The Notes are subject to risks associated with small-size capitalization companies. |
| · | The Notes are subject to risks associated with foreign securities markets. |
| · | The publisher or the sponsor of an Underlying may adjust that Underlying in a way that affects its levels, and the publisher or the sponsor has no obligation to consider your interests. |
You may revoke your offer to purchase the Notes at any time prior to the time at which we accept such offer on the date the Notes are priced. We reserve the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any changes to the terms of the Notes, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.
Please see the Preliminary Pricing Supplement for complete product disclosure, including related risks and tax disclosure.
This fact sheet is a summary of the terms of the Notes and factors that you should consider before deciding to invest in the Notes. BofA Finance has filed a registration statement (including preliminary pricing supplement, product supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this fact sheet relates. Before you invest, you should read this fact sheet together with the Preliminary Pricing Supplement dated June 30, 2025, Product Supplement EQUITY-1 dated December 30, 2022 and Prospectus Supplement and Prospectus dated December 30, 2022 to understand fully the terms of the Notes and other considerations that are important in making a decision about investing in the Notes. If the terms described in the applicable Preliminary Pricing Supplement are inconsistent with those described herein, the terms described in the applicable Preliminary Pricing Supplement will control. You may get these documents without cost by visiting EDGAR on the SEC Web site at sec.gov or by clicking on the hyperlinks to each of the respective documents incorporated by reference in the Preliminary Pricing Supplement. Alternatively, BofA Finance, any agent or any dealer participating in this offering will arrange to send you the Preliminary Pricing Supplement, Product Supplement EQUITY-1 and Prospectus Supplement and Prospectus if you so request by calling toll-free at 1-800-294-1322.
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FAQ
What indices back Morgan Stanley鈥檚 Worst-of Jump Securities (CUSIP 61778NCG4)?
How does the auto-call feature work on the MS Jump Securities?
What is the downside protection level on these Morgan Stanley structured notes?
What happens if the worst index falls 40% by the final determination date?
Do the securities pay periodic interest or coupons?
Why is the estimated value ($956.70) below the $1,000 issue price?
