$25,361,000 Contingent Income Auto-Callable Yield Notes Linked to the Least Performing of the SPDR S&P Biotech ETF, the SPDR S&P Regional Banking ETF and the Technology Select Sector SPDR Fund due July 26, 2023, priced on July 22, 2021, were issued by BofA Finance LLC. The pricing supplement for this note (CUSIP: 09709UNL8) can be found here.

The notes had a $1,000 face value and paid a quarterly coupon of $33.125, so long as the notes had not been called and SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF all closed above 75% of their July 22, 2021 closing prices on a determination date. If SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF closed below 75% of their July 22, 2021 closing prices on a determination date, the notes did not pay a coupon.

If not previously called, at maturity, the notes returned $1,000 in principal if SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF all closed on the final determination date on July 21, 2023 and above 75% of their July 22, 2021 closing prices. If on July 21, 2023 SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF closed below 75% of their July 22, 2021 closing prices, the notes paid reduced principal euqal to $1,000 multiplied by the lowest ratio of SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF July 21, 2023 closing prices to their July 22, 2021 closing prices.

The notes have matured. They paid one coupon totaling $33.125 and $663.98 repayment per $1,000 note. Investors thus suffered capital losses of $336.02 and net losses of $302.89.^† In the aggregate, investors in this note suffered $8,521,708 in capital losses and $7,681,625 in net losses. See Table 1 and Figure 1.

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† SLCG estimated these losses based on publicly available information. The issuer ultimately determines the amounts paid which may differ from our estimates. Our reference to capital loss and net loss does not imply SLCG's view of how these losses are treated for tax purposes.

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SLCG Economic Consulting, LLC

SLCG Economic Consulting, LLC ("SLCG") provides finance, economics, and investment management consulting services. Our clientele includes law firms, banks, brokerage firms, and individuals embroiled in complex litigation, for whom we offer expert witness services. Our team consists of highly qualified professionals holding PhD and MA-level degrees, with extensive experience across academia, industry, and government. We have provided expert testimony in state and federal courts, and in arbitration forums.

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