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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.