U.S. Equities Sales & Trading Disclaimers
For Institutional Investor Use Only
This material is provided to you solely for informational purposes by U.S. Equities Sales & Trading personnel of BofA Securities. This material is not a publication of BofA Global Research and it was not prepared or reviewed by any employee of BofA Global Research. Any summary of BofA Global Research notes and reports, and any reference or link to BofA Global Research notes and reports, are qualified in their entirety by the views of BofA Global Research. BofA Global Research Reports may be found at baml.com/markets.
This information is confidential, for your private use only, and may not be shared with others. This information is not intended to constitute advertising or advice of any kind, and it should not be viewed as a recommendation, offer, or a solicitation to buy or sell securities or any other financial instrument or product. This information is based upon various sources believed to be reliable, but BofA Securities makes no representation, warranty or guarantee, express or implied, concerning this information and its contents, including whether the information (which may include information and statistics obtained from third party sources) is accurate, complete or current. The information herein is provided “as is,” is subject to change at any time, and BofA Securities has no duty to provide you with notice of such changes.
BofA Securities will not be responsible or liable for any losses, whether direct, indirect or consequential, including loss of profits, damages, costs, claims or expenses, relating to or arising from your reliance upon any part of this information. Before determining to use any service or product offered by BofA Securities, you should consult with your independent advisors to review and consider any associated risks and consequences. This information has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. BofA Securities does not render any opinion regarding legal, accounting, regulatory or tax matters.
“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
© 2021 Bank of America Corporation. All rights reserved.
Options involve risk and are not suitable for all investors. Prior to effecting any option transactions, you should have read and understood the current options risk disclosure document provided by the Options Clearing Corporation. The options risk disclosure document can be requested in writing by contacting your BofA Securities Sales Representative or at the following web address: http://optionsclearing.com/publications/risks/riskchap1.jsp.
Indicative Pricing and Valuations
Estimated values provided in the material are "as of" the date indicated and do not represent actual bids or offers by BofAS. Even though the material is based upon publicly available information and news sources that are generally believed to be reliable, there can be no assurance that actual trades could be completed at such value(s). Because these estimated valuations are based on underlying valuations obtained from third party sources we cannot make any representation as to the accuracy or completeness of the valuations. The material is not intended to be a comprehensive summary of all material news, information, events and risks relating to the companies or securities mentioned. BofAS does not make any representation or warranty as to the accuracy or completeness of this material, and, by accepting the material, you agree that BofAS shall not be responsible for any error or omission. References to past prices or quotes do not in any way imply that such prices or quotes will again be available or actionable. These estimates may not be representative of any theoretical or actual internal valuations employed by us for our own purposes, may vary during the course of any particular day and may vary significantly from the estimates or quotations that would be given by another dealer.
ETF Liquidity Risk Disclosure
Investors may obtain prospectuses for the funds described in this report from the ETF distributor. The prospectuses contain more complete and important information about the ETFs and should be read carefully before investing. No offer or sale of the ETFs described may be made except pursuant to the prospectus or offering documents, as applicable.
Exchange-traded funds (“ETFs”) are structured so that individual investors can purchase and sell ETF shares on the applicable listing exchange at the current market price, and large institutional investors known as “authorized participants” can purchase and sell ETF shares directly with an ETF in large blocks (known as “creation units”) at the ETF’s next-determined net asset value. The ability of authorized participants to arbitrage any differences between the net asset value and the market price helps to ensure that the two prices typically will be close to one another during normal market conditions. At times, however, there can be pricing dislocations that result from stressed market conditions or other market disruptions, such as trading halts or errors with trading infrastructure and systems.
Conflicts of Interest
BofA Securities or its affiliates or agents may engage in activities (including financial or other business transactions) that may result in conflicts of interests between BofA Securities and its affiliates and agents’ financial interests on the one hand and your interests on the other hand. In the ordinary course of business activities, BofA Securities or its affiliates or agents may make or hold a broad array of investments and actively trade debt or equity securities (or related derivative securities) and financial instruments (including bank loans) for its account or for the account of its customers. BofA Securities or its affiliates may also publish or express independent research views in respect of a debt or equity security (or related derivative securities), strategy, index or other financial asset or market measure (collectively, “financial products”).
In addition, BofA Securities may engage in trading activities (including hedging activities) and business activities related to financial products or other instruments or derivative products for its proprietary accounts, or in facilitating transactions, including block trades, for its account or for the other accounts under its management. These trading activities may present a conflict of interest between you and BofA Securities or its affiliates, as applicable. These trading activities, if they influence the price/value of the financial products or secondary trading (if any) of financial products, could be adverse to your interests. BofA Securities may also act as underwriter in connection with future offerings of debt or equity securities or other securities or may act as a financial advisor to certain companies or in a commercial banking capacity for companies. Such activities could present certain conflicts of interest, could influence the prices of such securities, and could be adverse to your interests.
In connection with its business activities, BofA Securities may enter into hedging transactions or adjust or close out existing hedging transactions with affiliates or agents to hedge market risks associated with its business activities. BofA Securities will price these hedging transactions with the intent to realize a profit, considering the risks inherent in these hedging activities, however, these hedging activities may result in a profit that is more or less than initially expected, or could result in a loss.
Electronic Communications Disclaimers
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