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src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-email-scalable.png" alt="" style="width:30px; height:auto;" /></div> <div class="mega-text"> <p class="bold txt-s txt-gray2 txt-12 mt-5 mb-0 lead-125pc">To find the small business<br /> retirement plan that works<br /> for you, contact:</p> </div> </div> </div> </div> </div> <div class="pt-5 pl-25 pr-25 pb-35">  <a class="ifaYes hide" target="_blank" rel="noopener noreferrer" href="mailto:franchise@bankofamerica.com?subject=Re%3A%20IFA%20franchise%20retirement%20solutions&body=Thank%20you%20for%20your%20interest%20in%20learning%20more%20about%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20for%20your%20franchise.%20We%20can%20help%20you%20choose%20a%20plan%20that%E2%80%99s%20right%20for%20you%20and%20your%20employees.%0D%0A%0D%0ATo%20better%20serve%20you%2C%20please%20provide%20the%20following%20required%20information%20so%20we%20can%20contact%20you%3A%0D%0A%0D%0ABusiness%20owner%E2%80%99s%20full%20name%3A%0D%0A%0D%0AName%20of%20the%20business%3A%0D%0A%0D%0APhone%20number%3A%0D%0A%0D%0AZip%20code%3A%0D%0A%0D%0ADo%20you%20currently%20have%20a%20retirement%20plan%20for%20your%20business%3F%0D%0A%0D%0A%0D%0ABy%20responding%20to%20this%20email%20you%20are%20consenting%20to%20being%20contacted%20by%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20advisor(s)%20to%20discuss%20your%20retirement%20needs%20at%20the%20phone%20number%20and%2For%20e-mail%20address%20you%20provided%20above%20regardless%20of%20any%20previously%20made%20privacy%20or%20contact%20preferences.%20Please%20note%20this%20consent%20will%20remain%20in%20effect%20for%2090%20days%3B%20unless%20you%20revoke%20your%20consent%20prior%20to%20this%20date.">franchise@bankofamerica.com</a><br />  </div> </div> <div class="fsa-incontext mt-15 pt-15 pr-20 pb-20 pl-25"> <div class="mb-15" style="display:flex;"> <span class="fsa-photo fsa-placement"></span> <div style="display:flex; flex-direction:column; justify-content:center;"> <p class="bold mb-5 w-145"><a class="fsa-website" href="" target="_self"><span class="fsa-firstname"></span> <span class="fsa-lastname"></span></a></p> <p class="fsa-functionaltitle mt-0 mb-10"></p> <p class="fsa-phone bold mt-0 mb-0"></p> <p class="fsa-extension bold mt-0 mb-0"></p> </div> </div> <div><a class="fsa-scheduleappointment cta orange mb-10" href="" target="_self"><span>Schedule an appointment</span></a></div> <p class="mt-0 mb-0 lead-14">Learn more about an advisor's<br /> background on <a onclick="javascript:OnlineCommonJSFunctions.LoadModalPopupByUrl('/broker-check-modal',null,500,650,null,null,'modal2',true,'pageMask2');return false;" href="javascript:void(0);">FINRA's BrokerCheck</a></p> </div> </div> <style> .mega-flex { align-items:center; display:flex; gap:12px; } .mega-flex.ifa { gap:10px; } .mega-image { align-items:center; display:flex; flex-direction:column; flex-shrink:0; justify-content:flex-end; text-align:center; width:24px; } .mega-image.ifa { width:30px; } .fsa-placement { background-position:center center; background-repeat:no-repeat; background-size:100% auto; display: block; height:65px; margin-right:6px; width:50px; } .fsa-incontext a.cta.orange { background:#0052c2; border-color:#0052c2; } .fsa-incontext a:hover.cta.orange { background:#0073cf; border-color:#0073cf; } </style></div></div><div id="l2INT" class="mega-nav" style="left:;"><div id="INTcol1" class="fl nav mn-col1" style="left:;"><div id="col1INTWrap" class="wrap" style="left:;"><div id="headCol1INT" class="heading" style="left:;">Personal Investing & Trading</div><ul id="col1INT" class="nl-a" style="left:;"><li id="nav1_col1INT" class="" style="left:;"><a href="/investing">Personalized Investment Options</a></li></ul><div 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class="heading">Help When You Want It</div> <div class="fsa-notincontext"> <div> <div class="pt-5 pb-10 pl-25 pr-25">  <div class="ifaNo"> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-phone-call-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Available 24/7</p> <p class="txt-12 bold mb-0"><a name="phoneInvest" id="phoneInvest" href="tel:888.637.3343">888.637.3343</a></p> </div> </div> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-location-fsa-scalable.png" alt="" style="width:18px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Guidance near you</p> <p class="txt-12 bold mb-0"><a name="apptInvest" id="apptInvest" target="_blank" href="https://secure.bankofamerica.com/secure-mycommunications/public/appointments/?marketingCode=MESCHDCNSLT_ECBBA_A3000">Schedule an appointment</a></p> </div> </div> <div class="mega-flex"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-book-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Investing Education</p> <p class="txt-12 bold mb-0"><a name="infoInvest" id="infoInvest" class="lead-16" href="/investor-education">Build your knowledge with<br /> our insights and education</a></p> </div> </div> </div>  <div class="ifaYes hide"> <div class="mega-flex ifa"> <div class="mega-image ifa"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-email-scalable.png" alt="" style="width:30px; height:auto;" /></div> <div class="mega-text"> <p class="bold txt-s txt-gray2 txt-12 mt-5 mb-0 lead-125pc">To find the small business<br /> retirement plan that works<br /> for you, contact:</p> </div> </div> </div> </div> </div> <div class="pt-5 pl-25 pr-25" style="padding-bottom:90px;">  <a class="ifaYes hide" target="_blank" rel="noopener noreferrer" href="mailto:franchise@bankofamerica.com?subject=Re%3A%20IFA%20franchise%20retirement%20solutions&body=Thank%20you%20for%20your%20interest%20in%20learning%20more%20about%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20for%20your%20franchise.%20We%20can%20help%20you%20choose%20a%20plan%20that%E2%80%99s%20right%20for%20you%20and%20your%20employees.%0D%0A%0D%0ATo%20better%20serve%20you%2C%20please%20provide%20the%20following%20required%20information%20so%20we%20can%20contact%20you%3A%0D%0A%0D%0ABusiness%20owner%E2%80%99s%20full%20name%3A%0D%0A%0D%0AName%20of%20the%20business%3A%0D%0A%0D%0APhone%20number%3A%0D%0A%0D%0AZip%20code%3A%0D%0A%0D%0ADo%20you%20currently%20have%20a%20retirement%20plan%20for%20your%20business%3F%0D%0A%0D%0A%0D%0ABy%20responding%20to%20this%20email%20you%20are%20consenting%20to%20being%20contacted%20by%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20advisor(s)%20to%20discuss%20your%20retirement%20needs%20at%20the%20phone%20number%20and%2For%20e-mail%20address%20you%20provided%20above%20regardless%20of%20any%20previously%20made%20privacy%20or%20contact%20preferences.%20Please%20note%20this%20consent%20will%20remain%20in%20effect%20for%2090%20days%3B%20unless%20you%20revoke%20your%20consent%20prior%20to%20this%20date.">franchise@bankofamerica.com</a><br />  </div> </div> <div class="fsa-incontext mt-15 pt-15 pr-20 pb-20 pl-25" style="padding-bottom:95px;"> <div class="mb-15" style="display:flex;"> <span class="fsa-photo fsa-placement"></span> <div style="display:flex; flex-direction:column; justify-content:center;"> <p class="bold mb-5 w-145"><a class="fsa-website" href="" target="_self"><span class="fsa-firstname"></span> <span class="fsa-lastname"></span></a></p> <p class="fsa-functionaltitle mt-0 mb-10"></p> <p class="fsa-phone bold mt-0 mb-0"></p> <p class="fsa-extension bold mt-0 mb-0"></p> </div> </div> <div><a class="fsa-scheduleappointment cta orange mb-10" href="" target="_self"><span>Schedule an appointment</span></a></div> <p class="mt-0 mb-0 lead-14">Learn more about an advisor's<br /> background on <a onclick="javascript:OnlineCommonJSFunctions.LoadModalPopupByUrl('/broker-check-modal',null,500,650,null,null,'modal2',true,'pageMask2');return false;" href="javascript:void(0);">FINRA's BrokerCheck</a></p> </div> </div> <style> .mega-flex { align-items:center; display:flex; gap:12px; } .mega-flex.ifa { gap:10px; } .mega-image { align-items:center; display:flex; flex-direction:column; flex-shrink:0; justify-content:flex-end; text-align:center; width:24px; } .mega-image.ifa { width:30px; } .fsa-placement { background-position:center center; background-repeat:no-repeat; background-size:100% auto; display: block; height:65px; margin-right:6px; width:50px; } .fsa-incontext a.cta.orange { background:#0052c2; border-color:#0052c2; } .fsa-incontext a:hover.cta.orange { background:#0073cf; border-color:#0073cf; } </style></div></div><div id="l2GNR" class="mega-nav" style="left:;"><div id="GNRcol1" class="fl nav mn-col1" style="left:;"><div id="col1GNRWrap" class="wrap" style="left:;"><div id="headSub1Col1GNR" class="heading" style="left:;" href="/guidance/tools">Financial Goal Planning</div><ul id="Sub1col1GNR" class="nl-a" style="left:;"><li id="nav1_sub1col1GNR" class="" style="left:;"><a href="/guidance">Overview</a></li></ul><div id="headSub2Col1GNR" class="heading mt-30" style="left:;" href="/guidance/tools">By Life Stage</div><ul id="Sub2col1GNR" class="nl-a" style="left:;"><li id="nav1_sub2col1GNR" class="" style="left:;"><a href="/guidance/starting-out">Early in Your Career</a></li><li id="nav2_sub2col1GNR" class="" style="left:;"><a href="/guidance/building-wealth">Peak Earning Years</a></li><li id="nav3_sub2col1GNR" class="" style="left:;"><a href="/guidance/nearing-retirement">Nearing Retirement</a></li><li id="nav4_sub2col1GNR" class="" style="left:;"><a href="/guidance/retired">In Retirement</a></li></ul><div id="headSub3Col1GNR" class="heading mt-30" style="left:;" href="/guidance/tools">Tools & Resources</div><ul id="Sub3col1GNR" class="nl-a" style="left:;"><li id="nav1_sub3col1GNR" class="" style="left:;"><a href="/guidance/tools">View all Tools</a></li><li id="nav2_sub3col1GNR" class="" style="left:;"><a href="/guidance/tax-planning">Tax Resources</a></li></ul></div></div><div id="GNRcol2" class="fl nav mn-col3" style="left:;"><div id="col2GNRWrap" class="wrap" style="left:;"><div id="headCol2GNR" class="heading" style="left:;" href="/guidance">Education Planning</div><ul id="col2GNR" class="nl-a" style="left:;"><li id="nav1_col2GNR" class="" style="left:;"><a href="/college-savings">Plan for College</a></li><li id="nav2_col2GNR" class="" style="left:;"><a href="/college-savings/college-cost-calculator">College Cost Calculator</a></li><li id="nav3_col2GNR" class="" style="left:;"><a href="/college-savings/529-state-tax-calculator">529 Plan State Tax Calculator</a></li></ul><div id="headSub1Col2GNR" class="heading mt-30" style="left:;" href="/guidance">Retirement Planning</div><ul id="Sub1col2GNR" class="nl-a" style="left:;"><li id="nav1_Sub1col2GNR" class="" style="left:;"><a href="/retirement-planning">Plan for Retirement</a></li><li id="nav2_Sub1col2GNR" class="" style="left:;"><a href="/retirement/personal-retirement-calculator">Personal Retirement Calculator</a></li><li id="nav3_Sub1col2GNR" class="" style="left:;"><a href="/retirement/ira/selector-tool">Retirement Account Selector Tool</a></li><li id="nav4_Sub1col2GNR" class="" style="left:;"><a href="/retirement/401k-rollover-calculator">401(k) Rollover Calculator</a></li></ul></div></div><div id="GNR_CMS" class="fl cms mn-col4" style="left:;"><div class="wrap" style="padding-bottom:100px;"> <div class="heading">Help When You Want It</div> <div class="fsa-notincontext"> <div> <div class="pt-5 pb-10 pl-25 pr-25">  <div class="ifaNo"> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-phone-call-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Available 24/7</p> <p class="txt-12 bold mb-0"><a name="phoneGuide" id="phoneGuide" href="tel:888.637.3343">888.637.3343</a></p> </div> </div> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-location-fsa-scalable.png" alt="" style="width:18px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Guidance near you</p> <p class="txt-12 bold mb-0"><a name="apptGuide" id="apptGuide" target="_blank" href="https://secure.bankofamerica.com/secure-mycommunications/public/appointments/?marketingCode=MESCHDCNSLT_ECBBA_A3000">Schedule an appointment</a></p> </div> </div> <div class="mega-flex"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-invest-portfolio-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Investing and Trading</p> <p class="txt-12 bold mb-0"><a name="infoGuide" id="infoGuide" class="lead-16" href="/investing">A full range of<br /> investment choices</a></p> </div> </div> </div>  <div class="ifaYes hide"> <div class="mega-flex ifa"> <div class="mega-image ifa"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-email-scalable.png" alt="" style="width:30px; height:auto;" /></div> <div class="mega-text"> <p class="bold txt-s txt-gray2 txt-12 mt-5 mb-0 lead-125pc">To find the small business<br /> retirement plan that works<br /> for you, contact:</p> </div> </div> </div> </div> </div> <div class="pt-5 pl-25 pr-25 pb-20">  <a class="ifaYes hide" target="_blank" rel="noopener noreferrer" href="mailto:franchise@bankofamerica.com?subject=Re%3A%20IFA%20franchise%20retirement%20solutions&body=Thank%20you%20for%20your%20interest%20in%20learning%20more%20about%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20for%20your%20franchise.%20We%20can%20help%20you%20choose%20a%20plan%20that%E2%80%99s%20right%20for%20you%20and%20your%20employees.%0D%0A%0D%0ATo%20better%20serve%20you%2C%20please%20provide%20the%20following%20required%20information%20so%20we%20can%20contact%20you%3A%0D%0A%0D%0ABusiness%20owner%E2%80%99s%20full%20name%3A%0D%0A%0D%0AName%20of%20the%20business%3A%0D%0A%0D%0APhone%20number%3A%0D%0A%0D%0AZip%20code%3A%0D%0A%0D%0ADo%20you%20currently%20have%20a%20retirement%20plan%20for%20your%20business%3F%0D%0A%0D%0A%0D%0ABy%20responding%20to%20this%20email%20you%20are%20consenting%20to%20being%20contacted%20by%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20advisor(s)%20to%20discuss%20your%20retirement%20needs%20at%20the%20phone%20number%20and%2For%20e-mail%20address%20you%20provided%20above%20regardless%20of%20any%20previously%20made%20privacy%20or%20contact%20preferences.%20Please%20note%20this%20consent%20will%20remain%20in%20effect%20for%2090%20days%3B%20unless%20you%20revoke%20your%20consent%20prior%20to%20this%20date.">franchise@bankofamerica.com</a><br />  </div> </div> <div class="fsa-incontext mt-15 pt-15 pr-20 pb-20 pl-25" style="padding-bottom:80px;"> <div class="mb-15" style="display:flex;"> <span class="fsa-photo fsa-placement"></span> <div style="display:flex; flex-direction:column; justify-content:center;"> <p class="bold mb-5 w-145"><a class="fsa-website" href="" target="_self"><span class="fsa-firstname"></span> <span class="fsa-lastname"></span></a></p> <p class="fsa-functionaltitle mt-0 mb-10"></p> <p class="fsa-phone bold mt-0 mb-0"></p> <p class="fsa-extension bold mt-0 mb-0"></p> </div> </div> <div><a class="fsa-scheduleappointment cta orange mb-10" href="" target="_self"><span>Schedule an appointment</span></a></div> <p class="mt-0 mb-0 lead-14">Learn more about an advisor's<br /> background on <a onclick="javascript:OnlineCommonJSFunctions.LoadModalPopupByUrl('/broker-check-modal',null,500,650,null,null,'modal2',true,'pageMask2');return false;" href="javascript:void(0);">FINRA's BrokerCheck</a></p> </div> </div> <style> .mega-flex { align-items:center; display:flex; gap:12px; } .mega-flex.ifa { gap:10px; } .mega-image { align-items:center; display:flex; flex-direction:column; flex-shrink:0; justify-content:flex-end; text-align:center; width:24px; } .mega-image.ifa { width:30px; } .fsa-placement { background-position:center center; background-repeat:no-repeat; background-size:100% auto; display: block; height:65px; margin-right:6px; width:50px; } .fsa-incontext a.cta.orange { background:#0052c2; border-color:#0052c2; } .fsa-incontext a:hover.cta.orange { background:#0073cf; border-color:#0073cf; } </style></div></div><div id="l2Research" class="mega-nav" style="left:;"><div id="col1RES" class="fl nav mn-col1" style="left:;"><div id="wrapRES" class="wrap" style="left:;"><div id="headRES" class="heading" style="left:;">Solutions</div><ul id="Col1RES" class="nl-a" style="left:;"><li id="nav2_Col1RES" class="" style="left:;"><a href="/retirement/rollover-ira">Rollover</a></li><li id="nav5_Col1RES" class="" style="left:;"><a href="/retirement/traditional-ira">Traditional IRA</a></li><li id="nav4_Col1RES" class="" style="left:;"><a href="/retirement/roth-ira">Roth IRA</a></li></ul><div id="headCol1Sub1RES" class="heading mt-30" style="left:;">Retirement Resources</div><ul id="Col1Sub1RES" class="nl-a" style="left:;"><li id="nav1_Col1Sub1RES" class="" style="left:;"><a href="/retirement/retirement-income-planning">Income in Retirement</a></li><li id="nav2_Col1Sub1RES" class="" style="left:;"><a href="/retirement-planning">Plan for Retirement</a></li><li id="nav3_Col1Sub1RES" class="" style="left:;"><a href="/retirement">Retirement Account Types</a></li><li id="nav4_Col1Sub1RES" class="" style="left:;"><a href="/guidance/tools/retirement">Retirement Tools</a></li></ul></div></div><div id="col2RES" class="fl nav mn-col2" style="left:;"><div id="wrap2RES" class="wrap" style="left:;"><div id="headRES2" class="heading" style="left:;" href="/research-and-insights">Small Business</div><ul id="Col2RES" class="nl-a" style="left:;"><li id="nav1_Col2RES" class="" style="left:;"><a href="/small-business/401k">Small Business 401(k)</a></li><li id="nav2_Col2RES" class="" style="left:;"><a href="/small-business/individual-401k">Individual 401(k)</a></li><li id="nav3_Col2RES" class="" style="left:;"><a href="/small-business/sep-ira">SEP IRA</a></li><li id="nav4_Col2RES" class="" style="left:;"><a href="/small-business/simple-ira">SIMPLE IRA</a></li><li id="nav5_Col2RES" class="" style="left:;"><a href="/small-business">View All Plans</a></li></ul></div></div><div id="l2Research_CMS" class="fl cms mn-col3" style="left:;"><div class="wrap" style="padding-bottom:100px;"> <div class="heading">Help When You Want It</div> <div class="fsa-notincontext"> <div> <div class="pt-5 pb-10 pl-25 pr-25">  <div class="ifaNo"> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-phone-call-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Available 24/7</p> <p class="txt-12 bold mb-0"><a name="phoneResearch" id="phoneResearch" href="tel:888.637.3343">888.637.3343</a></p> </div> </div> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-location-fsa-scalable.png" alt="" style="width:18px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Guidance near you</p> <p class="txt-12 bold mb-0"><a name="apptResearch" id="apptResearch" target="_blank" href="https://secure.bankofamerica.com/secure-mycommunications/public/appointments/?marketingCode=MESCHDCNSLT_ECBBA_A3000">Schedule an appointment</a></p> </div> </div> <div class="mega-flex"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-goal-target-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Financial Planning</p> <p class="txt-12 bold mb-0"><a name="infoResearch" id="infoResearch" class="lead-16" href="/guidance">Insights to help you<br /> plan for your goals</a></p> </div> </div> </div>  <div class="ifaYes hide"> <div class="mega-flex ifa"> <div class="mega-image ifa"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-email-scalable.png" alt="" style="width:30px; height:auto;" /></div> <div class="mega-text"> <p class="bold txt-s txt-gray2 txt-12 mt-5 mb-0 lead-125pc">To find the small business<br /> retirement plan that works<br /> for you, contact:</p> </div> </div> </div> </div> </div> <div class="pt-5 pl-25 pr-25" style="padding-bottom:90px;">  <a class="ifaYes hide" target="_blank" rel="noopener noreferrer" href="mailto:franchise@bankofamerica.com?subject=Re%3A%20IFA%20franchise%20retirement%20solutions&body=Thank%20you%20for%20your%20interest%20in%20learning%20more%20about%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20for%20your%20franchise.%20We%20can%20help%20you%20choose%20a%20plan%20that%E2%80%99s%20right%20for%20you%20and%20your%20employees.%0D%0A%0D%0ATo%20better%20serve%20you%2C%20please%20provide%20the%20following%20required%20information%20so%20we%20can%20contact%20you%3A%0D%0A%0D%0ABusiness%20owner%E2%80%99s%20full%20name%3A%0D%0A%0D%0AName%20of%20the%20business%3A%0D%0A%0D%0APhone%20number%3A%0D%0A%0D%0AZip%20code%3A%0D%0A%0D%0ADo%20you%20currently%20have%20a%20retirement%20plan%20for%20your%20business%3F%0D%0A%0D%0A%0D%0ABy%20responding%20to%20this%20email%20you%20are%20consenting%20to%20being%20contacted%20by%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20advisor(s)%20to%20discuss%20your%20retirement%20needs%20at%20the%20phone%20number%20and%2For%20e-mail%20address%20you%20provided%20above%20regardless%20of%20any%20previously%20made%20privacy%20or%20contact%20preferences.%20Please%20note%20this%20consent%20will%20remain%20in%20effect%20for%2090%20days%3B%20unless%20you%20revoke%20your%20consent%20prior%20to%20this%20date.">franchise@bankofamerica.com</a><br />  </div> </div> <div class="fsa-incontext mt-15 pt-15 pr-20 pb-20 pl-25" style="padding-bottom:80px;"> <div class="mb-15" style="display:flex;"> <span class="fsa-photo fsa-placement"></span> <div style="display:flex; flex-direction:column; justify-content:center;"> <p class="bold mb-5 w-145"><a class="fsa-website" href="" target="_self"><span class="fsa-firstname"></span> <span class="fsa-lastname"></span></a></p> <p class="fsa-functionaltitle mt-0 mb-10"></p> <p class="fsa-phone bold mt-0 mb-0"></p> <p class="fsa-extension bold mt-0 mb-0"></p> </div> </div> <div><a class="fsa-scheduleappointment cta orange mb-10" href="" target="_self"><span>Schedule an appointment</span></a></div> <p class="mt-0 mb-0 lead-14">Learn more about an advisor's<br /> background on <a onclick="javascript:OnlineCommonJSFunctions.LoadModalPopupByUrl('/broker-check-modal',null,500,650,null,null,'modal2',true,'pageMask2');return false;" href="javascript:void(0);">FINRA's BrokerCheck</a></p> </div> </div> <style> .mega-flex { align-items:center; display:flex; gap:12px; } .mega-flex.ifa { gap:10px; } .mega-image { align-items:center; display:flex; flex-direction:column; flex-shrink:0; justify-content:flex-end; text-align:center; width:24px; } .mega-image.ifa { width:30px; } .fsa-placement { background-position:center center; background-repeat:no-repeat; background-size:100% auto; display: block; height:65px; margin-right:6px; width:50px; } .fsa-incontext a.cta.orange { background:#0052c2; border-color:#0052c2; } .fsa-incontext a:hover.cta.orange { background:#0073cf; border-color:#0073cf; } </style></div></div><div id="l2IE" class="mega-nav" style="left:;"><div id="EDUcol1" class="fl nav mn-col1" style="left:;"><div id="col1EDUWrap" class="wrap" style="left:;"><div id="headCol1EDU" class="heading" style="left:;">Investing Insights & Education</div><ul id="col1EDU" class="nl-a" style="left:;"><li id="nav1_col1EDU" class="" style="left:;"><a href="/investor-education">Overview</a></li><li id="nav2_col1EDU" class="" style="left:;"><a href="/guidance/start-investing">Get Started Investing</a></li><li id="nav3_col1EDU" class="" style="left:;"><a href="/investor-education/investing-basics">Investing Basics</a></li><li id="nav4_col1EDU" class="" style="left:;"><a href="/investor-education/advanced-investing">Advanced Investing</a></li><li id="nav5_col1EDU" class="" style="left:;"><a href="/research/perspectives">Market & Investing Insights</a></li></ul></div></div><div id="EDUcol2" class="fl nav mn-col2" style="left:;"><div id="col2EDUWrap" class="wrap" style="left:;"><div id="headCol2EDU" class="heading" style="left:;" href="/investor-education">Product Education</div><ul id="col2EDU" class="nl-a" style="left:;"><li id="nav3_col2EDU" class="" style="left:;"><a href="/investor-education/understanding-stocks">Stocks</a></li><li id="nav5_col2EDU" class="" style="left:;"><a href="/investor-education/understanding-mutual-funds">Mutual Funds</a></li><li id="nav4_col2EDU" class="" style="left:;"><a href="/investor-education/understanding-etfs">ETFs</a></li><li id="nav6_col2EDU" class="" style="left:;"><a href="/investor-education/understanding-bonds">Fixed Income & Bonds</a></li><li id="nav2_col2EDU" class="" style="left:;"><a href="/investor-education/options-education">Options</a></li></ul></div></div><div id="l2IE_CMS" class="fl cms mn-col4" style="left:;"><div class="wrap" style="padding-bottom:162px;"> <div class="heading">Help When You Want It</div> <div class="fsa-notincontext"> <div> <div class="pt-5 pb-10 pl-25 pr-25">  <div class="ifaNo"> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-phone-call-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Available 24/7</p> <p class="txt-12 bold mb-0"><a name="phoneEd" id="phoneEd" href="tel:888.637.3343">888.637.3343</a></p> </div> </div> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-location-fsa-scalable.png" alt="" style="width:18px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Guidance near you</p> <p class="txt-12 bold mb-0"><a name="apptEd" id="apptEd" target="_blank" href="https://secure.bankofamerica.com/secure-mycommunications/public/appointments/?marketingCode=MESCHDCNSLT_ECBBA_A3000">Schedule an appointment</a></p> </div> </div> <div class="mega-flex"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-award-ribbon-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Investing Solutions</p> <p class="txt-12 bold mb-0"><a name="infoEd" id="infoEd" class="lead-16" href="/why-merrill ">Explore the advantages<br /> of investing with Merrill</a></p> </div> </div> </div>  <div class="ifaYes hide"> <div class="mega-flex ifa"> <div class="mega-image ifa"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-email-scalable.png" alt="" style="width:30px; height:auto;" /></div> <div class="mega-text"> <p class="bold txt-s txt-gray2 txt-12 mt-5 mb-0 lead-125pc">To find the small business<br /> retirement plan that works<br /> for you, contact:</p> </div> </div> </div> </div> </div> <div class="pt-5 pl-25 pr-25 pb-20">  <a class="ifaYes hide" target="_blank" rel="noopener noreferrer" href="mailto:franchise@bankofamerica.com?subject=Re%3A%20IFA%20franchise%20retirement%20solutions&body=Thank%20you%20for%20your%20interest%20in%20learning%20more%20about%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20for%20your%20franchise.%20We%20can%20help%20you%20choose%20a%20plan%20that%E2%80%99s%20right%20for%20you%20and%20your%20employees.%0D%0A%0D%0ATo%20better%20serve%20you%2C%20please%20provide%20the%20following%20required%20information%20so%20we%20can%20contact%20you%3A%0D%0A%0D%0ABusiness%20owner%E2%80%99s%20full%20name%3A%0D%0A%0D%0AName%20of%20the%20business%3A%0D%0A%0D%0APhone%20number%3A%0D%0A%0D%0AZip%20code%3A%0D%0A%0D%0ADo%20you%20currently%20have%20a%20retirement%20plan%20for%20your%20business%3F%0D%0A%0D%0A%0D%0ABy%20responding%20to%20this%20email%20you%20are%20consenting%20to%20being%20contacted%20by%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20advisor(s)%20to%20discuss%20your%20retirement%20needs%20at%20the%20phone%20number%20and%2For%20e-mail%20address%20you%20provided%20above%20regardless%20of%20any%20previously%20made%20privacy%20or%20contact%20preferences.%20Please%20note%20this%20consent%20will%20remain%20in%20effect%20for%2090%20days%3B%20unless%20you%20revoke%20your%20consent%20prior%20to%20this%20date.">franchise@bankofamerica.com</a><br />  </div> </div> <div class="fsa-incontext mt-15 pt-15 pr-20 pb-20 pl-25"> <div class="mb-15" style="display:flex;"> <span class="fsa-photo fsa-placement"></span> <div style="display:flex; flex-direction:column; justify-content:center;"> <p class="bold mb-5 w-145"><a class="fsa-website" href="" target="_self"><span class="fsa-firstname"></span> <span class="fsa-lastname"></span></a></p> <p class="fsa-functionaltitle mt-0 mb-10"></p> <p class="fsa-phone bold mt-0 mb-0"></p> <p class="fsa-extension bold mt-0 mb-0"></p> </div> </div> <div><a class="fsa-scheduleappointment cta orange mb-10" href="" target="_self"><span>Schedule an appointment</span></a></div> <p class="mt-0 mb-0 lead-14">Learn more about an advisor's<br /> background on <a onclick="javascript:OnlineCommonJSFunctions.LoadModalPopupByUrl('/broker-check-modal',null,500,650,null,null,'modal2',true,'pageMask2');return false;" href="javascript:void(0);">FINRA's BrokerCheck</a></p> </div> </div> <style> .mega-flex { align-items:center; display:flex; gap:12px; } .mega-flex.ifa { gap:10px; } .mega-image { align-items:center; display:flex; flex-direction:column; flex-shrink:0; justify-content:flex-end; text-align:center; width:24px; } .mega-image.ifa { width:30px; } .fsa-placement { background-position:center center; background-repeat:no-repeat; background-size:100% auto; display: block; height:65px; margin-right:6px; width:50px; } .fsa-incontext a.cta.orange { background:#0052c2; border-color:#0052c2; } .fsa-incontext a:hover.cta.orange { background:#0073cf; border-color:#0073cf; } </style></div></div><div id="l2OAA" class="mega-nav" style="left:;"><div id="OAA_CMS" class="fl cms mn-col1" style="left:;"><div class="wrap" style="padding-bottom:160px;"> <div class="heading">Help When You Want It</div> <div class="fsa-notincontext"> <div> <div class="pt-5 pb-10 pl-25 pr-25">  <div class="ifaNo"> <div class="mega-flex mb-20"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-phone-call-scalable.png" alt="" style="width:24px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Available 24/7</p> <p class="txt-12 bold mb-0"><a name="phoneOAO" id="phoneOAO" href="tel:888.637.3343">888.637.3343</a></p> </div> </div> <div class="mega-flex"> <div class="mega-image"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-location-fsa-scalable.png" alt="" style="width:18px; height:auto;" /></div> <div class="mega-text"> <p class="txt-14 mb-5">Guidance near you</p> <p class="txt-12 bold mb-0"><a name="apptOAO" id="apptOAO" target="_blank" href="https://secure.bankofamerica.com/secure-mycommunications/public/appointments/?marketingCode=MESCHDCNSLT_ECBBA_A3000">Schedule an appointment</a></p> </div> </div> </div>  <div class="ifaYes hide"> <div class="mega-flex ifa"> <div class="mega-image ifa"><img src="/Publish/Content/image/png/GWMOL/ME-icon-rebrand-email-scalable.png" alt="" style="width:30px; height:auto;" /></div> <div class="mega-text"> <p class="bold txt-s txt-gray2 txt-12 mt-5 mb-0 lead-125pc">To find the small business<br /> retirement plan that works<br /> for you, contact:</p> </div> </div> </div> </div> </div> <div class="pt-5 pl-25 pr-25 pb-35">  <a class="ifaYes hide" target="_blank" rel="noopener noreferrer" href="mailto:franchise@bankofamerica.com?subject=Re%3A%20IFA%20franchise%20retirement%20solutions&body=Thank%20you%20for%20your%20interest%20in%20learning%20more%20about%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20for%20your%20franchise.%20We%20can%20help%20you%20choose%20a%20plan%20that%E2%80%99s%20right%20for%20you%20and%20your%20employees.%0D%0A%0D%0ATo%20better%20serve%20you%2C%20please%20provide%20the%20following%20required%20information%20so%20we%20can%20contact%20you%3A%0D%0A%0D%0ABusiness%20owner%E2%80%99s%20full%20name%3A%0D%0A%0D%0AName%20of%20the%20business%3A%0D%0A%0D%0APhone%20number%3A%0D%0A%0D%0AZip%20code%3A%0D%0A%0D%0ADo%20you%20currently%20have%20a%20retirement%20plan%20for%20your%20business%3F%0D%0A%0D%0A%0D%0ABy%20responding%20to%20this%20email%20you%20are%20consenting%20to%20being%20contacted%20by%20Bank%20of%20America%20Merrill%20Lynch%20retirement%20solutions%20advisor(s)%20to%20discuss%20your%20retirement%20needs%20at%20the%20phone%20number%20and%2For%20e-mail%20address%20you%20provided%20above%20regardless%20of%20any%20previously%20made%20privacy%20or%20contact%20preferences.%20Please%20note%20this%20consent%20will%20remain%20in%20effect%20for%2090%20days%3B%20unless%20you%20revoke%20your%20consent%20prior%20to%20this%20date.">franchise@bankofamerica.com</a><br />  </div> </div> <div class="fsa-incontext mt-15 pt-15 pr-20 pb-20 pl-25"> <div class="mb-15" style="display:flex;"> <span class="fsa-photo fsa-placement"></span> <div style="display:flex; flex-direction:column; justify-content:center;"> <p class="bold mb-5 w-145"><a class="fsa-website" href="" target="_self"><span class="fsa-firstname"></span> <span class="fsa-lastname"></span></a></p> <p class="fsa-functionaltitle mt-0 mb-10"></p> <p class="fsa-phone bold mt-0 mb-0"></p> <p class="fsa-extension bold mt-0 mb-0"></p> </div> </div> <div><a class="fsa-scheduleappointment cta orange mb-10" href="" target="_self"><span>Schedule an appointment</span></a></div> <p class="mt-0 mb-0 lead-14">Learn more about an advisor's<br /> background on <a onclick="javascript:OnlineCommonJSFunctions.LoadModalPopupByUrl('/broker-check-modal',null,500,650,null,null,'modal2',true,'pageMask2');return false;" href="javascript:void(0);">FINRA's BrokerCheck</a></p> </div> </div> <style> .mega-flex { align-items:center; display:flex; gap:12px; } .mega-flex.ifa { gap:10px; } .mega-image { align-items:center; display:flex; flex-direction:column; flex-shrink:0; justify-content:flex-end; text-align:center; width:24px; } .mega-image.ifa { width:30px; } .fsa-placement { background-position:center center; background-repeat:no-repeat; background-size:100% auto; display: block; height:65px; margin-right:6px; width:50px; } .fsa-incontext a.cta.orange { background:#0052c2; border-color:#0052c2; } .fsa-incontext a:hover.cta.orange { background:#0073cf; border-color:#0073cf; } </style></div><div id="OAAcol1" class="fl nav mn-col2" style="left:;"><div id="col1OAAWrap" class="wrap" style="left:;"><div id="headCol1OAA" class="heading" style="left:;">General Investing</div><ul id="col1OAA" class="nl-a" style="left:;"><li id="nav1_col1OAA" class="" style="left:;"><a href="/global-oao">Account Options</a></li><li id="nav2_col1OAA" class="" style="left:;"><a href="https://olui2.fs.ml.com/OAO1/BeforeYouBeginA.aspx?accounttype=IndividualCMA&_tps=2BBAA0F4-C6A8-4B73-91AA-7359FAE8EB1A">Individual Investing Account</a></li><li id="nav3_col1OAA" class="" style="left:;"><a href="https://olui2.fs.ml.com/OAO1/BeforeYouBeginA.aspx?accounttype=JointCMA&_tps=2BBAA0F4-C6A8-4B73-91AA-7359FAE8EB1A">Joint Investing Account</a></li><li id="nav4_col1OAA" class="" style="left:;"><a href="https://olui2.fs.ml.com/OAO1/BeforeYouBeginA.aspx?accounttype=CustodialCMA&_tps=2BBAA0F4-C6A8-4B73-91AA-7359FAE8EB1A">Custodial Investing Account</a></li></ul><div id="headSubCol1OAA" class="heading mt-30" style="left:;">Retirement Accounts</div><ul id="subcol1OAA" class="nl-a" style="left:;"><li id="nav1_subcol1OAA" class="" style="left:;"><a href="/global-oao?src_cd=internal&oaochannel=edge_public&oaosource=global_nav_acct_sel&oaounit=rollover_link&oaocampaign=baseline&oaoterm=rollover_baseline">Rollover</a></li><li id="nav2_subcol1OAA" class="" style="left:;"><a href="https://olui2.fs.ml.com/OAO1/BeforeYouBeginA.aspx?accounttype=TraditionalIRA&_tps=2BBAA0F4-C6A8-4B73-91AA-7359FAE8EB1A">Traditional IRA</a></li><li id="nav3_subcol1OAA" class="" style="left:;"><a href="https://olui2.fs.ml.com/OAO1/BeforeYouBeginA.aspx?accounttype=RothIRA&_tps=2BBAA0F4-C6A8-4B73-91AA-7359FAE8EB1A">Roth IRA</a></li></ul><div id="headSubCol4OAA" class="heading mt-30" style="left:;">Inherited IRA</div><ul id="subcol4OAA" class="nl-a" style="left:;"><li id="nav1_subcol4OAA" class="" style="left:;"><a href="https://olui2.fs.ml.com/OAO1/RoleSelection.aspx?AccountType=TraditionalIRA">Traditional Inherited IRA</a></li><li id="nav2_subcol4OAA" class="" style="left:;"><a href="https://olui2.fs.ml.com/OAO1/RoleSelection.aspx?AccountType=RothIRA">Roth Inherited IRA</a></li></ul></div></div><div id="OAAcol2" class="fl nav mn-col3" style="left:;"><div id="col2OAAWrap" class="wrap" style="left:;"><div id="headCol2OAA" class="heading" style="left:;">College Planning 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class="heading mt-30" style="left:;">Simple Flat-Rate Pricing</div><ul id="col3OAA" class="nl-a" style="left:;"><li id="nav1_col3OAA" class="" style="left:;"><a href="/pricing">lnvesting Costs & Fees</a></li></ul></div></div></div></div> </div> <div id="dvClearHeader">  </div> <div id="contentArea" > <div class="site-stage"> <input name="ctl00$ctl00$siteContent$MainContent$PageNameField" type="hidden" id="ctl00_ctl00_siteContent_MainContent_PageNameField" value="margin-trading" /><div id="pageTitle" class="pageTitle" xmlns:xhtml="http://www.w3.org/1999/xhtml"><div class="pt-wrap"><div id="dvPageTitle"><div id="ctl00_ctl00_siteContent_MainContent_cphL2HeaderZone" class="cphL2HeaderZone"> <div id="ctl00_ctl00_siteContent_MainContent_SimpleContentControl1"> <div id="ctl00_ctl00_siteContent_MainContent_SimpleContentControl1_ctl00_ContentPlaceHolder"></div> <span id="ctl00_ctl00_siteContent_MainContent_SimpleContentControl1_ctl00_ECMSContentCtrl1"><div 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else if (urlQ.indexOf(str2) >= 0) { myurl = "https://olui2.fssit2.ml.com"; } else if (urlQ.indexOf(str3) >= 0) { myurl = "https://olui2.fsqa.ml.com"; } $('a#SignIn_header').attr('href', function(i, href) { return myurl + href; }); }); /* $GE.JQ(function() { var is_mobile = false; if( $('#etheader').css('display')!=='none') { is_mobile = true; console.log("Mobile View :: " + is_mobile); } }); */ </script> <div id="etheader"> <div class="menuShell txt-brand"> <div id="mobile-logo"> <div class="site-logo" data-widget="Site Logo"> <a name="mobileHeaderLogo" id="mobileHeaderLogo" href="/" class="site-logo__img"> <span class="ada-hidden">Merrill A Bank of America Company</span> </a> <span class="site-logo__print"> <span class="ada-hidden">Merrill A Bank of America Company</span> </span> </div> </div> <div id="mobile-oao-link"> <a name="mobileHeaderOAO" id="mobileHeaderOAO" href="/global-oao">Open an account</a> </div> <div id="mobile-sign-in"> <a name="SignIn_header" id="SignIn_header" class="mobile-sign-in" href="/login/login.aspx?sgt=3&sitesrc=mobile&_tps=963edc82b68641a49fbca77fd58b2d9b">Login</a> </div> <div id="topmenu"> <a name="Menu_header" id="Menu_header" class="burger-open txt-brand-m" href="#"><span class='adahidden'>Open Menu bar</span></a> </div> </div> </div> <div class="spaced"> </div> <div id="toc"> <ul class="mobileNav level1"> <li><a href="javascript:void(0);" class="linkL1 closed" aria-controls="content-1" aria-expanded="false" id="accordion-control-1">Why Merrill</a> <ul class="level2" aria-hidden="true" id="content-1"> <li><a name="NavWhyMerrill" id="NavWhyMerrill" href="/why-merrill">Overview</a></li> <li><a href="javascript:void(0);" class="linkL2 closed" aria-controls="content-1a" aria-expanded="false" id="accordion-control-1a">How Are We Different?</a> <ul class="level3" aria-hidden="true" id="content-1a"> <li><a name="NavPricing" id="NavPricing" href="/pricing">Pricing & Fees</a></li> <li><a name="NavPR" id="NavPR" href="/preferred-rewards">BofA Preferred Rewards</a></li> <li><a name="NavInsights" id="NavInsights" href="/research/perspectives">Insights</a></li> <li><a name="NavBBI" id="NavBBI" href="/why-merrill/banking-and-investing-connected">Investing & Banking Connected</a></li> <li><a name="NavMobile" id="NavMobile" href="/mobile-investing">Mobile Investing</a></li> <li><a name="NavESG" id="NavESG" href="/sustainable-investing">Sustainable Investing</a></li> <li><a name="NavAwards" id="NavAwards" class="noborder" href="/why-merrill/awards-ratings">Awards & Accolades</a></li> </ul> </li> </ul> </li> <li><a href="javascript:void(0);" class="linkL1 closed" aria-controls="content-2" aria-expanded="false" id="accordion-control-2">Invest</a> <ul class="level2" aria-hidden="true" id="content-2"> <li><a name="NavInvesting" id="NavInvesting" href="/investing">Overview</a></li> <li><a href="javascript:void(0);" class="linkL2 closed" aria-controls="content-2a" aria-expanded="false" id="accordion-control-2a">Ways to Manage Accounts</a> <ul class="level3" aria-hidden="true" id="content-2a"> <li><a name="NavMESD" id="NavMESD" href="/investing/merrill-self-directed-trading">Merrill Edge<sup>®</sup> Self-Directed</a></li> <li><a name="NavMGI" id="NNavMGI" href="/investing/merrill-guided-investing">Merrill Guided Investing</a></li> <li><a name="NavMEAC" id="NavMEAC" href="/investing/merrill-investment-advisor">Investing with an Advisor</a></li> <li><a name="NavWays" id="NavWays" href="/investing/ways-to-manage-investments">Compare all</a></li> </ul> </li> <li><a href="javascript:void(0);" class="linkL2 closed" aria-controls="content-2b" aria-expanded="false" id="accordion-control-2b">Investment Accounts</a> <ul class="level3" aria-hidden="true" id="content-2b"> <li><a name="NavBrokerage" id="NavBrokerage" href="/investing/brokerage-accounts">General Investing</a></li> <li><a name="NavEdu" id="NavEdu" href="/education-savings">Education Accounts</a></li> </ul> </li> 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find the small business retirement plan that works for you, contact:</span> franchise@bankofamerica.com</a></div> </div> </ul> </li> </ul> <div class="ctaNav"><a name="navOAO" id="navOAO" class="cta orange m" href="/global-oao"><span>Open an account<span class="adahidden"> with Merrill</span></span></a></div> </div> <script type="text/javascript"> // Script to create IFA tactic experience Sys.Application.add_init(function () { if (typeof __ETAttr.tactic_id !== 'undefined' && __ETAttr.tactic_id !== null) { var pageTactic = __ETAttr.tactic_id.toUpperCase(); if (pageTactic == 'IFA') { // Show/hide content according to tactic if ($('.ifaNo').length) { $('.ifaNo').css('display', 'none'); } if ($('.ifaYes').length) { $('.ifaYes').css('display', 'block'); } } } }); </script>   <div class="wrapper-2">    <div class="marginBanner"> <div class="wrapper-3"> <h1 class="txt-brand-b">Margin Trading</h1> <h2 class="txt-brand">Consider adding margin to your account </h2> <div class="bannerText">Learn how you can use margin to buy securities and diversify your portfolio with your Merrill Edge Self-Directed account.</div> <div class="bannerCTA"><a name="ctaBanner" id="ctaBanner" class="cta orange m mldLink" href="/SingleClickForms/OnlineFormsPage.aspx?f=Margin"><span>Log in to apply<span class="adahidden"> for margin trading with Merrill</span></span></a></div> <div class="bannerOAO">Not yet a Merrill client? <a name="oaoBanner" id="oaoBanner" href="/global-oao?src_cd=internal&oaochannel=edge_public&oaosource=margin&oaounit=cta_hero_open_acct&oaocampaign=default&oaoterm=default_all"><span class="nowrap">Open an account<span class="adahidden"> with Merrill</span></span></a></div> </div> </div>  <div class="wrapper-3 coolGrayBg-10-05"> <div class="basicsFlex"> <div class="basicsText"> <h2 class="txt-brand">Use margin to help fund your financial goals</h2> <div class="basicsIntro">Margin is an extension of credit that allows you to use margin eligible securities as collateral. You can borrow against the value of your securities to buy additional securities or short sell securities. There are significant risks involved with borrowing on margin. </div> <div class="basicsCTA">Want to get more details about margin lending? Take a look at the <span><a href="https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ME-Margin-Handbook.pdf" target="_blank" name="Handbook2" id="Handbook2" >Merrill Edge Margin Lending Handbook (PDF)</a></span></div> </div> <div class="basicsList"> <h3 class="txt-brand-b">Margin Basics:</h3> <ul class="whyList"> <li>Interest is charged based on the amount of money you borrow</li> <li>You must maintain a required equity level in your account</li> <li>You can repay the loan at any time by depositing cash or selling securities</li> <li>There is no set repayment schedule</li> <li>You must understand the risks before opening a margin account</li> </ul> </div> </div> </div>  <div class="riskShell"> <div class="wrapper-3"> <h2 class="txt-brand">Margin can be a resource for experienced investors who understand all the advantages and risks involved </h2> <div class="riskFlex"> <div> <h3 class="txt-brand">Advantages</h3> <div class="riskContent"> <h4 class="txt-brand-b">Ability to purchase additional securities</h4> <div>Because margin is an extension of credit, you can use your margin loan to purchase additional securities. </div> </div> <div class="riskContent"> <h4 class="txt-brand-b">Increased profit potential thanks to leverage</h4> <div>A margin account may increase your profit potential by leveraging your margin eligible securities to buy additional securities on credit. </div> </div> <div class="riskContent"> <h4 class="txt-brand-b">Access to advance trading strategies</h4> <div>Margin provides access to various advanced trading strategies designed to take advantage of short-term opportunities, generate income or hedge against other investment risks (examples of advanced trading strategies may include certain types of options trading and short selling).</div> </div> </div> <div> <h3 class="txt-brand">Risks</h3> <div class="riskContent"> <h4 class="txt-brand-b">Forced liquidation in response to security value loss</h4> <div>If your securities that are held as margin collateral lose value, it may force the liquidation of securities in your account to satisfy margin calls, and we may do so without contacting you. You are not entitled to choose which securities are liquidated, we can increase our maintenance margin requirements at any time and we are not required to provide you advance written notice. You are not entitled to an extension of time on a margin call. </div> </div> <div class="riskContent"> <h4 class="txt-brand-b">Amplified losses in adverse market conditions </h4> <div>Potential losses may be significantly greater due to leverage if there is adverse market movement. Your losses can potentially be greater than the amount that you invest. </div> </div> <div class="riskContent"> <h4 class="txt-brand-b">Additional risk when using advanced trading strategies</h4> <div>Advanced trading strategies can be subject to significant price volatility, and trading losses can greatly exceed income or profit potential in some cases. </div> </div> </div> </div> </div> </div>  <div class="videoOuter coolGrayBg-10-05"> <div class="wrapper-3 videoFlex"> <div class="videoFile"> <div class="anchorPage"> <div id="transcriptAnchor1"></div> </div> <div class="videoShell"> <div id="kaltura_player_01" class="kaltura_player" entryId="1_3zsuwcy3"></div> <script type="text/javascript" src="/publish/content/assets/js/kaltura_video.js?d=250225_260834"></script> </div>  <div class="transcript"> <a aria-expanded="false" name="transcriptLink1a" id="transcriptLink1a" class="show-hide-open" href="javascript:void(0);"><span class='plusMinus'>[+]</span> View transcript</a> </div> <div class="transcriptContent TC1 hide txt-14 p-15 bg-white"> <div class="mb-5"><strong>On screen copy:</strong></div> <h2 class="txt-c TrsH2">How do I apply for and use Margin?</h2> <div class="mb-5"><strong>Disclosure:</strong></div> <div class="mb-15">Please see important information at the end of this video.</div> <div class="mb-15">As an experienced investor, you've probably heard about traders using Margin to increase their buying power. That said, Margin involves risk, and it isn't for everyone.</div> <div class="mb-15">But if you're curious about learning how to get started, this video is a good way to begin.</div> <div class="mb-15">You can also always find more information on the Margin Education Page at MerrillEdge.com, with even deeper detail available in the Margin handbook.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15"> <ol> <li><h3>Getting Started with Margin</h3></li> <li><h3>Margin Buying Power</h3></li> <li><h3>Day Trade Buying Power</h3></li> </ol> </div> <div class="mb-15">In this video, I'll cover Getting started with Margin, understanding Margin Buying Power, and then understanding Day Trade Buying Power, which is a little different.</div> <div class="mb-15">Feel free to skip ahead by clicking down below if you know which section you're looking for' but right now, let's talk about getting started.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15"><h2>1. Getting Started with Margin</h2></div> <div class="mb-15">The first thing to understand is that opening a Margin account requires approval, and not every account is eligible. So how do you apply for Margin?</div> <div class="mb-15">You can apply for Margin during the account opening process, or you can find the online application by clicking on the Trade tab and selecting 'Apply for Margin.'</div> <div class="mb-15">If you don't see this link, you may already have a Margin account or do not have an eligible account. You'll be able to tell when you get to your accounts page.</div> <div class="mb-15">Once you click to go to the application, your eligible accounts will display in the drop down.</div> <div class="mb-15">Before proceeding with the application process, you'll be required to view and understand the Margin agreement and then follow the prompts to complete your application.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15"><h3>Application for Margin Approved</h3></div> <div class="mb-15">Your Margin account will need to be approved before it's enabled - and it may take a few days for you to get an email confirming approval.</div> <div class="mb-15">But like I mentioned before, not all accounts are eligible for Margin because of the risks involved.</div> <div class="mb-15">Now you have a solid grasp on applying for Margin. Assuming you are approved, the key to using your Margin is understanding your balances. Let's start by looking at how they're displayed.</div> <div class="mb-15">You can access your balances by clicking on the Account tab and selecting 'Balances.' You can click on any term here to see its definition, and at the top of the page you will find the account information details. Here is where you can see if you already have a Margin account.</div> <div class="mb-15">The account information details will display your selected account's credit type: here you'll see cash for a cash account and once your Margin application is approved, you will see Margin and new balance details.</div> <div class="mb-15">Within your account information box, you'll also see your pattern day trader status. If this is a yes - you've made 4 day trades that represent 6% or more of your total trades in a rolling 5 day period and you will see additional balances that we will cover soon.</div> <div class="mb-15">If you see an interest rate here, this means you are holding a Margin loan. Which really means, you are using borrowed funds in your account.</div> <div class="mb-15">The month-to-date interest charges that will come due are also found here. It's important to note that Margin interest is displayed based on the previous day's close and does not include today's Margin interest charges.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Margin Interest<br /> <ul> <li>Accrues Daily</li> <li>Accrues Daily</li> </ul> </div> <div class="mb-15">That's the way it works; Margin interest accrues daily and is charged monthly.</div> <div class="mb-15">So now that you have a Margin account set up and have an overview on Margin loans and interest, let's get into the details of how your balances work.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15"><h2>2. Margin Buying Power</h2></div> <div class="mb-15">Let's look at your new Margin figures. At the top, you will find your total account balance. You can select 'show balance details' to see the figures that are included in the calculation. You can also click on each term to get its Definition.</div> <div class="mb-15">Next you will see your Margin Buying Power. This is the maximum amount that you can purchase of a fully Marginable security (which is normally a security that is trading over $10.00/ share and listed on a major exchange or major exchange subsidiary).</div> <div class="mb-15">Your Margin buying power is determined by what security you intend to trade. Each security has its own requirement. If you are looking to trade various product classes - the max amount you are allowed to trade is displayed here.</div> <div class="mb-15">If you are the type of investor that does not want to create a Margin loan - then you will want to pay attention to cash available to invest. Investing more than this amount will result in a Margin loan - seeing $0.00 in this field is another indication that you are borrowing.</div> <div class="mb-15"><h3>So how is your Margin buying power determined?</h3></div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Margin Buying Power<br /> <ul> <li>Firm Maintenance</li> <li>Regulation T</li> </ul> </div> <div class="mb-15">Your account's Margin Buying Power is driven by one of two requirements which are: Firm Maintenance and Regulation T.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Firm Maintenance<br /> <ul> <li>Determined by Merrill</li> <li>Regulation T</li> </ul> </div> <div class="mb-15">Regulation T<br /> <ul> <li>Federal Requirement</li> <li>Normally 50%</li> </ul> </div> <div class="mb-15">Firm Maintenance is determined by Merrill and Regulation T is a federal requirement. Let's break that down further. Firm Maintenance and Regulation T requirements are security specific - the granular details can be found in the Margin handbook.</div> <div class="mb-15">Regulation T represents your initial requirements - which are normally 50%. That means if you deposit $5,000 into your Margin account, you can purchase up to $10,000 worth of fully Marginable securities because you are required to initially pay for 50% of new purchases. Anything you own in excess of what's required by Regulation T is reflected here, in the Special Memorandum Account or SMA.</div> <div class="mb-15">Firm Maintenance Requirements are different. They're normally 30%. In this same example, if you were to deposit $5,000 into your Margin account, you would be able to purchase $16,666.66 worth of securities based on this requirement, because 5,000 is 30% of that total.</div> <div class="mb-15">Anything you own in excess of the Firm Maintenance requirements is called Firm Maintenance Excess or FME.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Film Maintenance vs. Regulation T<br /> <ul> <li>Lower figure determines Margin Buying Power</li> </ul> </div> <div class="mb-15">Your margin buying power will be based off of the more restrictive requirement, firm maintenance or Regulation-T, when comparing the two.</div> <div class="mb-15">In the example we've been looking at, your Margin buying power would be $10,000. As your portfolio appreciates, your margin buying power may appreciate as well - which means you create the ability to leverage more. This is how Firm Maintenance Excess is created and how your Special Memorandum Account Increases.</div> <div class="mb-15">Firm Maintenance Excess will go down when the market depreciates but your SMA will not. This is how a Margin account switches from being driven by Regulation T requirements to Firm Maintenance Excess.</div> <div class="mb-15">Now let's assume your Margin buying power is driven by firm requirements or FME, how would a purchase affect your balances? </div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">X 100 shares = $9,000 <br />XYZ Stock - $90 per share</div> <div class="mb-15">Let's buy 100 shares of a fictional stock, XYZ at $90.00 a share, spending a total of $9,000.</div> <div class="mb-15">Since XYZ is a fully Marginable security, it has a 30% requirement. The purchase price, dollar-for-dollar will reduce your Margin buying power and the requirement will be subtracted from your Firm Maintenance Excess.</div> <div class="mb-15">In this example, your Margin buying power is reduced by the full purchase price, $9,000, to $1,000 - and you'll see the Firm Maintenance Excess reduced by the requirement, $2,700 (which is 30% of $9,000) down to $300.</div> <div class="mb-15">Let's pause here and talk a little more about Firm Maintenance Excess. You are generally required to maintain at least 30% equity in your Margin account. However, the requirement is driven by the securities you hold. Firm Maintenance Excess (FME) occurs when the equity in your Margin account exceeds the Maintenance Requirement.</div> <div class="mb-15">When the market value of your securities increase, so does your FME. Your FME will also decrease when the market value of your securities decreases.</div> <div class="mb-15">So what will happen if XYZ were to drop in value from the purchase price of $90 to $80 per share? Well, your total position value will drop from $9,000 to $8,000 - in other words, decreased by $1,000.</div> <div class="mb-15">Your firm maintenance excess will also be reduced. In this example, 70% of the market value decrease - in this case the market value decrease is $1,000 and 70% of $1,000 is $700. Before the decline, the Firm Maintenance Excess was $300.00, we now reduce the excess by $700 and a deficit of $400 is created. This results in a Margin call of $400.</div> <div class="mb-15">It is a best practice to cover your Margin call when issued, however to prevent a liquidation of your securities it is important to resolve the call promptly and no later than the due date. A sell out or liquidation can occur at any time, on any security, regardless of the due date and without notification.</div> <div class="mb-15">Firm Maintenance Excess will go down when the market depreciates but your SMA will not. This is how a Margin account switches from being driven by Regulation T requirements to Firm Maintenance Excess.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">How to resolve a Margin Call<br /> <ul> <li>Selling securities</li> <li>Depositing funds</li> <li>Depositing marginable securities</li> </ul> </div> <div class="mb-15">How can you resolve your Margin Call? There are three ways: you can meet your Margin call by selling securities, depositing funds or Marginable securities.</div> <div class="mb-15">If you chose to meet the call by depositing funds, the exact amount of the call would need to be transferred. In this case, $400. If you chose to meet the call by selling securities, only the requirement of the securities will go towards your call.</div> <div class="mb-15">For example, since XYZ has a 30% requirement, you would need to sell $1,334 worth of XYZ to satisfy a Margin call of $400. (Essentially, 30% of $1,334 is $400, the amount of call.)</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">If any Margin calls become past due, a sellout/liquidation is likely to occur and all of your Margin calls will be satisfied.</div> <div class="mb-15">Another critical thing to know in advance: if you are issued multiple Margin calls and any become past due, a sellout or liquidation is likely to occur without notice and all of your Margin calls -- even the ones that aren't at their due date yet -- will be satisfied upon liquidation.</div> <div class="mb-15">It is important for you to be aware that Merrill has discretion to sell any security at any time without notice.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Concentration Requirements</div> <div class="mb-5"><strong>Disclosure:</strong></div> <div class="mb-15">Merrill may choose to change concentration requirements in addition to the standard 25,000 shares and 25% of Long Market Value/Short Market Value.</div> <div class="mb-15">So in this section, we'll cover what you need to know about Concentration Requirements.</div> <div class="mb-15">What is a concentration requirement? This is a special requirement when you have more than 25,000 shares that make up more than 25% of your account's equity.</div> <div class="mb-5"><strong>Disclosure:</strong></div> <div class="mb-15">Merrill may choose to change concentration requirements in addition to the standard 25,000 shares and 25% of Long Market Value/Short Market Value.</div> <div class="mb-15">And these concentration requirements are determined based on the security you're buying.</div> <div class="mb-15">At Merrill, Higher maintenance requirements apply on positions in excess of 25,000 shares if the concentrated position represents at least 25% of the account's equity long market value or short market value. This will affect both Margin Buying power and Day Trade Buying Power.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">MERRILL EDGE SELF-DIRECTED</div> <div class="mb-15">Margin Handbook</div> <div class="mb-15">You can find the requirements for each product type and concentration positions outlined in detail in the Margin handbook.</div> <div class="mb-15">A few moments ago, I mentioned Margin Buying Power and Day Trade Buying power. However, these two figures are actually calculated very differently. So let's focus in on your buying power as a day trader.</div> <div class="mb-15">If you are designated as a day trader, you will see a 'Yes' under account information. With this designation, you are required to have a minimum equity of $25,000 and a new buying power field will display called day trade buying power. If you intend to day trade, you should look at this figure.</div> <div class="mb-15">The reason for the distinction is that if you open a position that exceeds your day trade buying power and you do not hold it overnight, you will create a day trade call.</div> <div class="mb-15">Your day trade buying power is always determined by your close of business values.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Each morning before you start trading</div> <div class="mb-15">Which really means you will have a new day trade buying power figure each morning before you start trading.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Buy 100 shares of XYZ for $6,000</div> <div class="mb-15">Buy 100 shares of ABC for $4,000</div> <div class="mb-15">For example, if your day trade buying power is $10,000. You can buy 100 XYZ for $6,000, and 100 ABC for $4,000. </div> <div class="mb-15">At that point, your Day Trade buying power of $10,000 is maxed out.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Sell 100 shares of XYZ for $7,000</div> <div class="mb-15">Now later in the day, let's say you sell XYZ for a total of $7,000. You will have the full purchase price, or $6,000, credited back to your day trade buying power. Not the $7,000 sale price.</div> <div class="mb-15">That's because regardless of how much you gained or even lost on the XYZ trade you are only credited back the purchase price. This is sometimes referred to as "Recycle" or "Time and tick."</div> <div class="mb-15">Your gain or loss is reflected in your Margin buying power. This is how unrestricted day traders can trade as many times as they choose, because they are limited to only holding opening transactions no greater than their start-of-day day trade buying power.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Day trade call</div> <div class="mb-15">If you do exceed your day trade buying power, you could get a day trade call if you sell the security purchased.</div> <div class="mb-15">So let's go back to our example. You recall we increased our buy and hold or Margin buying power to $7,000 but our Day trading buying power was only restored to its high watermark of $6,000.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Buy 100 shares of XYZ for $7,000</div> <div class="mb-15">In this example, if you were to decide to make another trade later in the day and reinvest in XYZ with a purchase of $7,000 you will exceed your Day Trade Buying Power by $1,000.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">To avoid a restriction or day trade Call</div> <div class="mb-15">Sell 85 shares of XYZ for $6,000</div> <div class="mb-15">If you intend to day trade and wish to avoid a restriction or day trade call, you are only permitted to sell 85 shares or about $6,000 today - which is equivalent to the amount of Day Trade Buying Power you have remaining for the day. </div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">15 shares of XYZ held overnight</div> <div class="mb-15">The remaining 15 shares must be held overnight.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Merrill will not stop you from selling</div> <div class="mb-15">Your trade ticket will warn you of this, but it is important to note that Merrill will not stop you from selling, so it's your responsibility to keep track of this.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Sell 100 shares of XYZ for $7,000</div> <div class="mb-15">If you do sell your entire position, you will receive a day trade call, which can restrict your account. </div> <div class="mb-15">If you exceed your day trade buying power multiple times through the day, your day trade call is always equivalent to the highest requirement at which you exceeded your day trade buying power. In this example, that would be $300, which is 30% of the $1,000 you went over for the day.</div> <div class="mb-15">You will want to remember that larger requirements can also reduce your day trade buying power.</div> <div class="mb-15">Your account can become restricted in multiple ways. The restriction process and more detailed information can be found in the Margin handbook.</div> <div class="mb-15">So there you have an overview on the things you need to know to apply for and use Margin for trading.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Call </div> <div class="mb-15">888.637.3343</div> <div class="mb-15">Chat Online</div> <div class="mb-15">If you have any questions, or just need a bit more help, give Merrill a call anytime.</div> <div class="mb-5"><strong>On screen copy:</strong></div> <div class="mb-15">Merrill A Bank of America Company logo</div> <div class="mb-15">Bank of America logo</div>  <div class="mb-15 txt-11 txt-c"><strong>Disclosure:</strong></div> <div class="mb-0 txt-10">When you purchase securities, you may pay for the securities in full, or if your account has been established as a margin account with the margin lending program, you may borrow part of the purchase price from Merrill. If you choose to borrow funds for your purchase, Merrill's collateral for the loan will be the securities purchased, other assets in your margin account, and your assets in any other accounts at Merrill. If the securities in your margin account decline in value, so does the value of the collateral supporting your loan, and, as a result, we can take action, such as to issue a margin call and/or sell securities in any of your accounts held with us, in order to maintain the required equity in your account. If your account has a Visa® card and/or checks, you may also create a margin debit if your withdrawals (by Visa card, checks, preauthorized debits, FTS or other transfers) exceed the sum of any available free credit balances plus available money account balances (such as bank deposit balances or money market funds). Please refer to your account documents for more information.</div> <div class="mb-0 txt-10">Before opening a margin account, you should carefully review the terms governing margin loans. For Individual Investor Accounts, these terms are contained in the Margin Lending Program Client Agreement. For all other accounts, the terms are in your account agreement and disclosures. It is important that you fully understand the risks involved in using margin. These risks include the following:</div> <div class="mb-0 txt-10"><strong>You can lose more funds than you deposit in the margin account.</strong> A decline in the value of securities that are bought on margin may require you to provide additional funds to us to avoid the forced sale of those securities or other securities in your account(s).</div> <div class="mb-15 txt-10"><strong>We can force the sale of securities in your account(s).</strong> If the equity in your account falls below the maintenance margin requirements or Merrill's higher "house" requirements, we can sell the securities in any of your accounts held by us to cover the margin deficiency. You also will be responsible for any shortfall in the account after such as sale.</div> <div class="mb-0 txt-10"><strong>We can sell your securities without contacting you.</strong> Some investors mistakenly believe that they must be contacted for a margin call to be valid, and that securities in their accounts cannot be liquidated to meet the call unless they are contacted first. This is not the case. We will attempt to notify you of margin calls, but we are not required to do so. Even if we have contacted you and provided a specific date by which you can meet a margin call, we can still take necessary steps to protect our financial interests, including immediately selling the securities without notice to you.</div> <div class="mb-0 txt-10"><strong>You are not entitled to choose which securities in your account(s) are liquidated or sold to meet a margin call.</strong> Because the securities are collateral for the margin loan, we have the right to decide which security to sell in order to protect our interests.</div> <div class="mb-0 txt-10"><strong>We can increase our "house" maintenance margin requirements at any time and are not required to provide you advance written notice.</strong> These changes in our policy may take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause us to liquidate or sell securities in your account(s).</div> <div class="mb-0 txt-10"><strong>You are not entitled to an extension of time on a margin call.</strong> While an extension of time to meet margin requirements may be available to you under certain conditions, you don't have a right to the extension.</div> <div class="mb-0 txt-10">If you have any questions or concerns about margin and the margin lending program, please contact the Merrill Investment Center at 855.332.5920</div> <div class="mb-0 txt-10"><script type="text/javascript"> var tradeSUP="";</script>  <div class="disclaimer" > <script>if(tradeSUP){ document.write(tradeSUP.sup()); }</script> <span id="D6028">Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, Member SIPC, and a wholly-owned subsidiary of BofA Corp.<br /><br /> Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC, and wholly owned subsidiaries of BofA Corp.<br /><br />  <script type="text/javascript"> var tradeSUP="";</script>  <div class="disclaimer" > <SCRIPT>if(tradeSUP){ document.write(tradeSUP.sup()); }</SCRIPT>Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill's obligations will differ among these services. The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC, and other affiliated banks. </div>  Trust and fiduciary services are provided by Bank of America, N.A., Member FDIC, a wholly owned subsidiary of BofA Corp.</span> </div> </div>  <div class="mb-15">Investment products:</div> <table class="TBL"> <tr> <td>Are Not FDIC Insured</td> <td>Are Not Bank Guaranteed</td> <td>May Lose Value</td> </tr> </table> <div class="txt-10">© 2025 Bank of America Corporation. All rights reserved.</div> <div class="transcript"> <a aria-expanded="true" name="transcriptLink1b" id="transcriptLink1b" class="transcriptAcc show-hide-close" href="#transcriptAnchor1"><span class='plusMinus'>[-]</span> Close transcript</a> </div> </div>  </div> <div class="videoText"> <h2 class="txt-brand">Learn how to apply for and use margin </h2> <div>This video will walk you through the basics of applying for and using margin.</div> </div> </div> </div>  <div class="resourceShell"> <div class="wrapper-3"> <h2 class="txt-brand txt-c">Explore more resources for margin trading</h2> <div class="resourceFlex txt-brand-l"> <a name="Resource1" id="Resource1" href="/guidance/what-is-margin-lending-infographic"> <span class="adahidden">Learn more about</span> <div>What is margin lending?</div> </a> <a name="Resource2" id="Resource2" href="/article/what-is-a-margin-call"> <span class="adahidden">Learn more about</span> <div>What is a margin call and how do I avoid them?</div> </a> <a name="Resource3" id="Resource3" href="/trade/violations"> <span class="adahidden">Learn more about</span> <div>What are trading violations?</div> </a> </div> </div> </div>  <div class="readyHull coolGrayBg-10-05"> <div class="wrapper-3"> <h2 class="txt-brand">Ready to apply for margin?</h2> <div class="readyIntro">If your Merrill Edge Self-Directed account has at least $2,000 in cash or margin eligible securities, you just need to log in to start the application process.</div> <a class="cta orange m mldLink" name="ctaReady" id="ctaReady" href="/SingleClickForms/OnlineFormsPage.aspx?f=Margin"><span>Log in to apply<span class="adahidden"> for margin with Merrill</span></span></a> <div class="pb-15">Not yet a Merrill client? <a name="readyOAO" id="readyOAO" href="/global-oao?src_cd=internal&oaochannel=edge_public&oaosource=margin&oaounit=cta_bottom_oao_button&oaocampaign=default&oaoterm=default_all">Open an account<span class="adahidden"> with Merrill</span></a></div> <div>If you have questions, give us a call at <a name="readyTel" id="readyTel" href="tel:888.637.3343">888.637.3343</a></div> </div> </div>  <div class="wrapper-3 mgiFaqBg"> <div class="mgiFaqs"> <h2 class="txt-brand txt-c">Frequently Asked Questions</h2> <div class="sg-unit"> <div class="acd-a"> <div class="acd-a-panels"> <div class="acd-a-cmd"> <a href="javascript:void(0);" class="jq_expColAll" data-aaclickevent="true">Expand all</a> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-1" aria-expanded="false" id="accordion-control-1" data-aaclickevent="true">What methods can I use to reduce or pay off my debit balance/loan?</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-1"> You can reduce or pay off your debit balance (which includes margin interest accrued) by depositing cash into your account or by liquidating securities. The proceeds from the liquidation will be applied to your debit balance. </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-2" aria-expanded="false" id="accordion-control-2" data-aaclickevent="true">When can I begin to trade using margin?</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-2"> Margin trading can begin once the account is fully approved, and your account is updated to reflect margin buying power. </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-3" aria-expanded="false" id="accordion-control-3" data-aaclickevent="true">What is collateral?</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-3"> Margin is an extension of credit, using margin eligible securities held as collateral. Loss in value of securities held as margin collateral may force the liquidation of securities in your account to satisfy margin calls, and we may do so without contacting you; in addition, margin interest charges will increase your margin debit balance and will decrease your account's value. </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-4" aria-expanded="false" id="accordion-control-4" data-aaclickevent="true">What is the margin repayment schedule and what is the cost of using margin?</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-4"> In general, there is no set repayment schedule. You can repay any loan amount at any time by making a deposit or selling securities, as long as you maintain the required level of equity in your account. Margin interest is charged on the money you borrow over the time the loan remains outstanding. Margin interest rates are based on the total loan amount and are subject to change at any time. </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-5" aria-expanded="false" id="accordion-control-5" data-aaclickevent="true">What are margin eligible securities?</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-5"> Most brokerages have rules about the kind of securities you can use as collateral for a margin loan. Usually, this includes a minimum price per share, specific exchanges and market capitalization. For example, shares from a Fortune 500 company would likely be margin eligible while a penny stock would not. </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-6" aria-expanded="false" id="accordion-control-6" data-aaclickevent="true">What is Merrill's pricing for margin?</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-6"> <div class="pb-10">Margin interest rates are determined by a few factors, including the base lending rate (which resets weekly), your debit balance and your overall relationship with Bank of America<sup>庐</sup> and Merrill<sup>庐</sup>.</div> <div>For specific margin rates and our latest offers, please call us at 888.637.3343.</div> </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-7" aria-expanded="false" id="accordion-control-7" data-aaclickevent="true">When must my loan be paid?</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-7"> Your loan, or debit balance, is an open-ended collateralized loan. You may keep the loan open for as long as you choose, provided you comply with the terms of the account and Merrill is satisfied with the conditions of your margin account. </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-8" aria-expanded="false" id="accordion-control-8" data-aaclickevent="true">How can I use Margin loans</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-8"> <div class="pb-30">You can use Margin Loans for Investment financing, Market opportunities, Portfolio diversification<span class="adahidden">Footnote </span>*, Advanced trading strategies<span class="adahidden">Footnote </span>**, overdraft protection (Visa card and Checks, Bill Pay transactions), or short-term borrowing for unexpected expenses. </div> <div class="txt-14 pb-10"><span class="adahidden">Footnote </span>* Diversification does not ensure a profit or protect against loss in declining markets.</div> <div class="txt-14" style="max-width:950px;"><span class="adahidden">Footnote </span>** Examples of advanced trading strategies may include certain types of options trading and short selling. For more information, please refer to the <a href="https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ME-Margin-Handbook.pdf" target="_blank" name="Handbook2" id="Handbook2" data-aaclickevent="true">Merrill Margin Handbook (PDF)</a>.</div> </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-9" aria-expanded="false" id="accordion-control-9" data-aaclickevent="true">Why does my margin account show a debit balance following a recent trade which I have cash to cover? </a></h3> <div class="acd-a-content" aria-hidden="true" id="content-9"> Margin balances include credits and debits from unsettled trades. Available cash is automatically swept from a bank deposit program to cover settled margin debit balances. No margin interest is accrued on unsettled margin balances. </div> </div> <div class="acd-a-close acd-a-shell"> <h3><a class="acd-a-head" href="javascript:void(0);" aria-controls="content-10" aria-expanded="false" id="accordion-control-10" data-aaclickevent="true">Why does my margin account show a margin credit balance following a recent trade or deposit?</a></h3> <div class="acd-a-content" aria-hidden="true" id="content-10"> Margin account balances include credits and debits from unsettled trades, deposits, dividends, etc. If your account has a bank deposit program as an automatic cash sweep, excess available cash in your margin account will be automatically swept into the bank deposit program following settlement of the related transaction. </div> </div> </div> </div> </div> </div> </div>   <div class="wrapper-3 bg-white"> <div id="etdisclosure"> <strong>Options involve risk and are not suitable for all investors. Certain requirements must be met to trade options. Before engaging in the purchase or sale of options, investors should understand the nature of and extent of their rights and obligations and be aware of the risks involved in investing with options. Prior to buying or selling an option, clients must receive the options disclosure document "Characteristics and Risks of Standardized Options." Call the Investment Center at 1.877.653.4732 for a copy. A separate client agreement is needed. Supporting documentation for any claims, comparison, recommendations, statistics, or other technical data, will be supplied upon request.</strong> <br /><br />  <script type="text/javascript"> var tradeSUP="";</script>  <div class="disclaimer" > <style> ul.listA.marginDisc { margin:10px 0 10px 15px; } .rwdWrapper ul.listA.marginDisc { margin:10px 0 10px 0; } ul.listA.marginDisc li { margin:0 0 5px 0; padding-bottom:0; } ul.listA.marginDisc li:last-of-type { margin:0; } </style> <script>if(tradeSUP){ document.write(tradeSUP.sup()); }</script> When you purchase securities, you may pay for the securities in full, or if your account has been established as a margin account with the margin lending program, you may borrow part of the purchase price from Merrill. If you choose to borrow funds for your purchase, Merrill's collateral for the loan will be the securities purchased, other assets in your margin account, and your assets in any other accounts at Merrill. If the securities in your margin account decline in value, so does the value of the collateral supporting your loan, and, as a result, we can take action, such as to issue a margin call and/or sell securities in any of your accounts held with us, in order to maintain the required equity in your account. If your account has a Visa<sup>®</sup> card and/or checks, you may also create a margin debit if your withdrawals (by Visa card, checks, preauthorized debits, FTS or other transfers) exceed the sum of any available free credit balances plus available money account balances (such as bank deposit balances or money market funds). Please refer to your account documents for more information.<br /><br /> Before opening a margin account, you should carefully review the terms governing margin loans. For Individual Investor Accounts, these terms are contained in the Margin Lending Program Client Agreement. For all other accounts, the terms are in your account agreement and disclosures. It is important that you fully understand the risks involved in using margin. These risks include the following: <ul class="listA marginDisc"> <li><strong>You can lose more funds than you deposit in the margin account.</strong> A decline in the value of securities that are bought on margin may require you to provide additional funds to us to avoid the forced sale of those securities or other securities in your account(s).</li> <li><strong>We can force the sale of securities in your account(s).</strong> If the equity in your account falls below the maintenance margin requirements or Merrill's higher "house" requirements, we can sell the securities in any of your accounts held by us to cover the margin deficiency. You also will be responsible for any shortfall in the account after such as sale.</li> <li><strong>We can sell your securities without contacting you.</strong> Some investors mistakenly believe that they must be contacted for a margin call to be valid, and that securities in their accounts cannot be liquidated to meet the call unless they are contacted first. This is not the case. We will attempt to notify you of margin calls, but we are not required to do so. Even if we have contacted you and provided a specific date by which you can meet a margin call, we can still take necessary steps to protect our financial interests, including immediately selling the securities without notice to you.</li> <li><strong>You are not entitled to choose which securities in your account(s) are liquidated or sold to meet a margin call.</strong> Because the securities are collateral for the margin loan, we have the right to decide which security to sell in order to protect our interests.</li> <li><strong>We can increase our "house" maintenance margin requirements at any time including on specific securities experiencing significant volatility and are not required to provide you advance written notice.</strong> These changes in our policy may take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause us to liquidate or sell securities in your account(s).</li> <li><strong>You are not entitled to an extension of time on a margin call.</strong> While an extension of time to meet margin requirements may be available to you under certain conditions, you don't have a right to the extension.</li> </ul> If you have any questions or concerns about margin and the margin lending program, please contact the Merrill Investment Center at 855.332.5920. </div>  MAP6148169-07312025 </div> </div> </div>  <script type="application/ld+json">{"@context":"https://schema.org","@type":"FAQPage","name":"Margin Loans: Trading on Margin With Your Merrill Account","url":"https://www.merrilledge.com/investing/margin-trading","description":"Margin lending at Merrill® is a flexible line of credit that can be used for almost any purpose. Learn more about margin loans and trading.","image":"https://www.merrilledge.com/Publish/Content/image/jpeg/GWMOL/merrill-edge-oggeneral.jpeg","keywords":"margin trading,margin loan,margin loans,trading on margin,wfid23947518","mainEntity":[{"@context":"https://schema.org","@type":"Question","name":"What methods can I use to reduce or pay off my debit balance/loan?", "acceptedAnswer":{"@type":"Answer","text":"You can reduce or pay off your debit balance (which includes margin interest accrued) by depositing cash into your account or by liquidating securities. The proceeds from the liquidation will be applied to your debit balance."}},{"@context":"https://schema.org","@type":"Question","name":"When can I begin to trade using margin?", "acceptedAnswer":{"@type":"Answer","text":"Margin trading can begin once the account is fully approved, and your account is updated to reflect margin buying power."}},{"@context":"https://schema.org","@type":"Question","name":"What is collateral?", "acceptedAnswer":{"@type":"Answer","text":"Margin is an extension of credit, using margin eligible securities held as collateral. Loss in value of securities held as margin collateral may force the liquidation of securities in your account to satisfy margin calls, and we may do so without contacting you; in addition, margin interest charges will increase your margin debit balance and will decrease your account's value."}},{"@context":"https://schema.org","@type":"Question","name":"What is the margin repayment schedule and what is the cost of using margin?", "acceptedAnswer":{"@type":"Answer","text":"In general, there is no set repayment schedule. You can repay any loan amount at any time by making a deposit or selling securities, as long as you maintain the required level of equity in your account. Margin interest is charged on the money you borrow over the time the loan remains outstanding. Margin interest rates are based on the total loan amount and are subject to change at any time."}},{"@context":"https://schema.org","@type":"Question","name":"What are margin eligible securities?", "acceptedAnswer":{"@type":"Answer","text":"Most brokerages have rules about the kind of securities you can use as collateral for a margin loan. Usually, this includes a minimum price per share, specific exchanges and market capitalization. For example, shares from a Fortune 500 company would likely be margin eligible while a penny stock would not."}},{"@context":"https://schema.org","@type":"Question","name":"What is Merrill's pricing for margin?", "acceptedAnswer":{"@type":"Answer","text":"<p>Margin interest rates are determined by a few factors, including the base lending rate (which resets weekly), your debit balance and your overall relationship with Bank of America® and Merrill®.</p><p>For specific margin rates and our latest offers, please call us at 888.637.3343.</p>"}},{"@context":"https://schema.org","@type":"Question","name":"When must my loan be paid?", "acceptedAnswer":{"@type":"Answer","text":"Your loan, or debit balance, is an open-ended collateralized loan. You may keep the loan open for as long as you choose, provided you comply with the terms of the account and Merrill is satisfied with the conditions of your margin account."}},{"@context":"https://schema.org","@type":"Question","name":"How can I use margin loans?", "acceptedAnswer":{"@type":"Answer","text":"<p>You can use Margin Loans for Investment financing, Market opportunities, Portfolio diversification, Advanced trading strategies, overdraft protection (Visa card and Checks, Bill Pay transactions), or short-term borrowing for unexpected expenses.</p><p>* Diversification does not ensure a profit or protect against loss in declining markets.</p><p>** Examples of advanced trading strategies may include certain types of options trading and short selling. For more information, please refer to the <a href='https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ME-Margin-Handbook.pdf'>Merrill Margin Handbook (PDF)</a>.</p>"}}]} </script>   <style> a.ot-sdk-show-settings { background-image: url(/Publish/Content/image/png/GWMOL/ME-bofa-icon-opt-out-white.png); background-repeat:no-repeat; background-position: right center; background-size: 20px auto; display:inline-block; padding:0 25px 0 0; } #etdisclosure .disclaimer, #etfooter .disclaimer, .wrapper-2 .disclaimer { background-color:inherit !important; font-size:inherit !important; color:inherit !important; padding:0 0 15px 0; } #etfooter p { margin: 0 0 15px 0; } .shareDesk { display:block; } .shareMobile { display:none; } .adDesk { display:inline; } .adMobile { display:none; } @media only screen and (max-width: 760px) {/* viewport up to 760px */ .shareDesk { display:none; } .shareMobile { display:block; } .adDesk { display:none; } .adMobile { display:inline; } } </style> <script type="text/javascript"> Sys.Application.add_load(function(){ $('.interstitialdesk').on('click', function (evt) { evt.preventDefault(); OnlineCommonJSFunctions.LoadModalPopupByUrl($(this).attr('data-link'), '', '210', '500px'); }); }); Sys.Application.add_load(function(){ $('.interstitialMob').on('click', function (evt) { evt.preventDefault(); window.open($(this).attr('data-link'),"_self"); }); }); </script> <div id="etfooter"> <div class="oflo-hide shareDesk" style="width:103px; margin:0 auto 15px auto;"> <div class="txt-gray2 txt-11 pb-5">Connect with us:</div> <div class="fl" style="padding-right:18px;"><a name="FooterLinkedIn2" id="FooterLinkedIn2" class="interstitialdesk" data-link="/interstitial-linkedin" href="https://www.linkedin.com/company/merrill-edge"><img src="/Publish/Content/image/png/GWMOL/ME-social-icon-LinkedIn-22x20.png" alt="LinkedIn popup" border="0" height="20" width="22" /></a></div> <div class="fl" style="padding-right:20px;"><a name="FooterTwitter2" id="FooterTwitter2" class=" interstitialdesk" data-link="/interstitial-twitter" href="https://twitter.com/merrilledge"><img src="/Publish/Content/image/png/GWMOL/ME-social-icon-X-18x18.png" alt="X popup" border="0" height="18" width="18" /></a></div> <div class="fl" style="padding-top:2px;"><a name="FooterYouTube2" id="FooterYouTube2" class=" interstitialdesk" data-link="/interstitial-youtube" href="https://www.youtube.com/user/MerrillEdge"><img src="/Publish/Content/image/png/GWMOL/ME-social-icon-YouTube-20x14.png" alt="YouTube popup" border="0" height="14" width="20" /></a></div> </div> <div class="oflo-hide shareMobile" style="width:103px; margin:0 auto 15px auto;"> <div class="txt-gray2 txt-11 pb-5">Connect with us:</div> <div class="fl" style="padding-right:18px;"><a name="MobileLinkedIn" id="MobileLinkedIn" class="interstitialMob" data-link="/m/pages/mobile/mobile-interstitial-linked-in.aspx" href="https://www.linkedin.com/company/merrill-edge"><img src="/Publish/Content/image/png/GWMOL/ME-social-icon-LinkedIn-22x20.png" alt="LinkedIn popup" border="0" height="20" width="22" /></a></div> <div class="fl" style="padding-right:20px;"><a name="MobileTwitter" id="MobileTwitter" class="interstitialMob" data-link="/m/pages/mobile/mobile-interstitial-twitter.aspx" href="https://twitter.com/merrilledge"><img src="/Publish/Content/image/png/GWMOL/ME-social-icon-X-18x18.png" alt="X popup" border="0" height="18" width="18" /></a></div> <div class="fl" style="padding-top:2px;"><a name="MobileYouTube" id="MobileYouTube" class="interstitialMob" data-link="/m/pages/mobile/mobile-interstitial-youtube.aspx" href="https://www.youtube.com/user/MerrillEdge"><img src="/Publish/Content/image/png/GWMOL/ME-social-icon-YouTube-20x14.png" alt="YouTube popup" border="0" height="14" width="20" /></a></div> </div> <br /> <strong>Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:</strong><br /> <table class="dtable bold"> <tr> <td>Are Not FDIC Insured</td> <td>Are Not Bank Guaranteed</td> <td>May Lose Value</td> </tr> <tr> <td>Are Not Deposits</td> <td>Are Not Insured by Any Federal Government Agency</td> <td>Are Not a Condition to Any Banking Service or Activity</td> </tr> </table> <br /> <div> <strong>Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.</strong> <br /><br />  <script type="text/javascript"> var tradeSUP = "";</script>  <div class="disclaimer" > <script>if(tradeSUP){ document.write(tradeSUP.sup()); }</script> <span id="D6045"><strong>Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.</strong></span> </div>   <script type="text/javascript"> var tradeSUP = "";</script>  <div class="disclaimer" > <SCRIPT>if(tradeSUP){ document.write(tradeSUP.sup()); }</SCRIPT> <span id="D6018">Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. 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Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit <a name="DiscPricing" id="DiscPricing" href="/pricing">our Pricing page</a>.</span> </div> </strong>  <span class="adahidden">Footer footnote </span><script type="text/javascript"> var tradeSUP = "b";</script>  <div class="disclaimer" > <script>if(tradeSUP){ document.write(tradeSUP.sup()); }</script> Merrill waives its commissions for all online stock, ETF and option trades placed in a Merrill Edge<sup>®</sup> Self-Directed brokerage account. Brokerage fees associated with, but not limited to, margin transactions, special stock registration/gifting, account transfer and processing and termination apply. $0 option trades are subject to a $0.65 per-contract fee. Other fees and restrictions may apply. Pricing is subject to change without advance notice. <br/> <br/> For broker-assisted trades through Merrill Edge, you will be charged a fee equal to the lower of $29.95 or 5.00% of the principal amount of the transaction. Further, there are indirect fees, such as annual management and other similar fees, that are charged by the manager or sponsor of an exchange-traded fund and of a closed-end fund, as disclosed in the product's prospectus. </div>  <div class="txt-gray2" style="letter-spacing:-.1px;"><strong>Investment products offered through Merrill Lynch, Pierce, Fenner & Smith Incorporated, and insurance and annuity products offered through Merrill Lynch Life Agency Inc.:</strong></div> <div class="gov-notice"> <table class="bold" role="presentation"> <tbody> <tr> <td style="text-align:center;">Are Not FDIC Insured</td> <td style="text-align:center;">Are Not Bank Guaranteed</td> <td style="text-align:center;">May Lose Value</td> </tr> <tr> <td style="text-align:center;">Are Not Deposits</td> <td style="text-align:center;">Are Not Insured by Any Federal Government Agency</td> <td style="text-align:center;">Are Not a Condition to Any Banking Service or Activity</td> </tr> </tbody> </table> </div> <p><strong>Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.</strong></p>  <script type="text/javascript"> var tradeSUP = "";</script>  <div class="disclaimer" > <script>if(tradeSUP){ document.write(tradeSUP.sup()); }</script> <span id="D6045"><strong>Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.</strong></span> </div>  <p><strong>The performance data contained herein represents past performance which does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance information current to the most recent month end, please contact us.</strong></p> <p>Net Asset Value (NAV) returns are based on the prior-day closing NAV value at 4 p.m. ET. NAV returns assume the reinvestment of all dividend and capital gain distributions at NAV when paid.</p> <p>Market price returns are based on the prior-day closing market price, which is the average of the midpoint bid-ask prices at 4 p.m. ET. Market price returns do not represent the returns an investor would receive if shares were traded at other times.</p> <p>Returns include fees and applicable loads. Since Inception returns are provided for funds with less than 10 years of history and are as of the fund's inception date. 10 year returns are provided for funds with greater than 10 years of history.</p> <p><strong><em>Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and special risks. This and other information may be found in each fund's prospectus or summary prospectus, if available. Always read the prospectus or summary prospectus carefully before you invest or send money. Prospectuses can be obtained by contacting us.</em></strong></p> <p><strong>Expense Ratio</strong> – Gross Expense Ratio is the total annual operating expense (before waivers or reimbursements) from the fund's most recent prospectus. You should also review the fund's detailed annual fund operating expenses which are provided in the fund's prospectus.</p> <p>This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our <a href="https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/Client_Relationship_Summary_CRS.pdf" target="_blank" name="FormCRS1" id="FormCRS1" rel="nofollow" >Client Relationship Summary (Form CRS) (PDF)</a>.</p>  <script type="text/javascript"> var tradeSUP = "";</script>  <div class="disclaimer" > <SCRIPT>if(tradeSUP){ document.write(tradeSUP.sup()); }</SCRIPT> <span id="D6018">Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.</span> </div>   <script type="text/javascript"> var tradeSUP = "";</script>  <div class="disclaimer" > <script>if(tradeSUP){ document.write(tradeSUP.sup()); }</script> <span id="D6050">Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, <a href="javascript:void(0);" id="DiscSIPC" name="DiscSIPC" onclick="javascript:OnlineCommonJSFunctions.LoadModalPopupByUrl('/sipc-interstitial','','270','280px');return false;">Member Securities Investor Protection (SIPC)<span class="adahidden"> popup</span></a> and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").</span> </div>  <p>Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation ("BofA Corp.").</p> <p>Merrill Lynch Life Agency Inc. ("MLLA") is a licensed insurance agency and wholly owned subsidiary of BofA Corp.</p> </div> <div class="legal"> <div class="left mt-m" style="width: 77%;"> <a class="bookmark" name="Prvcy" id="Prvcy" target="_blank" href="https://www.ml.com/privacy-and-security-center/privacy-and-security.html">Privacy</a> | <a class="bookmark" name="Secrty" id="Secrty" target="_blank" href="/security-center">Security</a> | <a name="SiteMap" id="SiteMap" href="/site-map">Site Map</a> | <a name="Glossary" id="Glossary" href="/glossary">Glossary</a> | <a href="https://olui2.fs.ml.com/SVE/Pages/SoftwareRequirements.aspx?sgt=3" target="_blank" >Software Requirements</a> | <a class="bookmark" name="RteExcns" id="RteExcns" href="https://www.ml.com/legal.html#tag2" target="_blank">Routing & Executions</a> | <a class="bookmark" name="WebAccess" id="WebAccess" href="https://www.bankofamerica.com/accessible-banking/overview/" target="_blank">Accessible Banking</a> <br /> <a name="prModal" id="prModal" onclick="javascript:OnlineCommonJSFunctions.LoadModalPopupByUrl('/advertising-practices-modal','','430','600px');return false;" href="javascript:void(0);">Advertising Practices<span class="adahidden"> popup</span></a> | <a name="FormbLib" id="FormbLib" href="/forms-library">Forms & Applications</a> | <a class="bookmark" name="LegalInfo" id="LegalInfo" href="https://www.ml.com/legal.html" target="_blank">Legal Information</a> | <a class="bookmark" name="BizCntnty" id="BizCntnty" href="https://www.ml.com/privacy-and-security-center/business-continuity-planning.html" target="_blank">Business Continuity</a> | <a href="https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf" target="_blank" name="DepositAccount" id="DepositAccount" rel="nofollow" >Deposit Account & Money Fund Rates (PDF)</a> <br /> <a class="bookmark" name="NewsRm" id="NewsRm" href="https://newsroom.bankofamerica.com/" target="_blank">Bank of America Newsroom</a> | <a href="https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/Client_Relationship_Summary_CRS.pdf" target="_blank" name="FormCRS2" id="FormCRS2" rel="nofollow" >Client Relationship Summary (Form CRS) (PDF)</a> | <a href="javascript:void(0);" id="ot_CCPA_footer" class="ot-sdk-show-settings"></a> </div> <div class="right"> <div class="site-logo" data-widget="Site Logo" style="margin:10px 0;"> <a href="/" class="site-logo__img"> <span class="ada-hidden">Merrill A Bank of America Company</span> </a> <span class="site-logo__print"> <span class="ada-hidden">Merrill A Bank of America Company</span> </span> </div> </div> </div> <div class="copyrights txt-gray2"> <p>© 2025 Bank of America Corporation. 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Please try again.\",\"STES_MULTIPLE_MATCHES\":\"{0:###,###,##0} Match{1} Found\"}","acDelay":1500,"appID":"GQ","completionInterval":1500,"completionListCssClass":"quote_completionListElement","completionListHeight":"250px","completionListItemCssClass":"quote_listItem","completionListItemFirstColumnCssClass":"quote_listItem_firstColumn","completionListItemFooterCssClass":"quote_headerrow","completionListItemSecondColumnCssClass":"quote_listItem_secondColumn","completionSetCount":20,"delimiterCharacters":"","headerRowCssClass":"quote_listItem quote_headerrow","highlightedItemCssClass":"quote_highlightedListItem","id":"bAutoComp","isAutoCompOnPopup":false,"minimumPrefixLength":1,"serviceMethod":"GetSymbolAutoComplete","servicePath":"/m/cse/uiservices/PlatformControlService.asmx","showFooterLink":true,"showFooterLinkByCount":false,"symbolLookupRunParam":"RUN_RISymbolLookUpUI_VendorSymbolLookUp"}, null, null, $get("ctl00_ctl00_siteContent_glQte_txtSymbol")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.GlobalQuote.GlobalQuoteControl, {"hoverQuoteSettings":"{\"Entitlements\":{},\"RUNs\":{\"RUN_Login\":\"https://olui2.fs.ml.com/login/login.aspx?sgt=3\",\"OSE_OAO\":\"/global-oao\"} }","instanceType":0,"isInlineToOtherPopup":false,"isJAWSSupported":true,"isSearchByCompanyNameEnabled":false,"requestTimeOut":7000,"searchLookupURL":"","stringResources":"{\"EnterSymbol\":\"Enter Symbol\",\"EnterSymbolCompanyName\":\"Enter Symbol or Company Name\",\"PleaseEnterSymbol\":\"Please enter a symbol\",\"PleaseEnterSymbolCompanyName\":\"Please enter a symbol or company name\",\"ErrorMessage\":\"There are no securities that match your search parameters.\",\"NoRecordsMessage\":\"We\u0027re sorry, but we\u0027re unable to retrieve data for this security.\",\"NoRecordsFound\":\"No Matches Found\"}","supportedInstrumentTypes":"[2,4,5,6,7,13,15]","webServicePath":"/m/cse/uiservices/PlatformControlService.asmx"}, null, null, $get("ctl00_ctl00_siteContent_glQte_GlobalQuote1")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.ContextualGlossaryTermBehavior, {"Configuration":"{\u0027Width\u0027:\u0027\u0027,\u0027Height\u0027:\u0027\u0027, \u0027_iDsToDecorate\u0027:[]}","Data":"","VisibleCloseLink":true,"id":"ctl00_ctl00_siteContent_ContextualGlossaryTermExtender1"}, null, null, $get("ctl00_ctl00_siteContent_dvCGTContext")); }); Sys.Application.add_init(function() { $create(MerrillLynch.Application.Online.MicroSite.GlobalNavigation.RenderMenu, null, null, null, $get("ctl00_ctl00_siteContent_nmMEMenu")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.MegaNavMenu, {"ApplyNavigationMatrixRule":true,"MegaNavData":"","MegaNavMode":"Default","MegaNavTargetElements":"[{\"ElementId\":\"liMenu_ME_WHYEDGE\",\"NavDataId\":\"ME_WHYEDGE\"},{\"ElementId\":\"liMenu_ME_INVESTINGANDTRADING\",\"NavDataId\":\"ME_INVESTINGANDTRADING\"},{\"ElementId\":\"liMenu_ME_GUIDANCEANDRETIREMENT\",\"NavDataId\":\"ME_GUIDANCEANDRETIREMENT\"},{\"ElementId\":\"liMenu_ME_RESEARCH\",\"NavDataId\":\"ME_RESEARCH\"},{\"ElementId\":\"liMenu_ME_EDUCATION\",\"NavDataId\":\"ME_EDUCATION\"},{\"ElementId\":\"liMenu_ME_OPENANACCOUNT\",\"NavDataId\":\"ME_OPENANACCOUNT\"}]","MegaNavTargetMenuId":"siteNav","RenderMode":0,"hiddenMegaNavDataElements":"[]"}, null, null, $get("MegaNavMenu1")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.ECMSContentCtrl, {"Application":"m","ContentFound":false,"ContentLocations":"","ControlId":"ctl00_ctl00_siteContent_MainContent_SimpleContentControl1_ctl00_ecmsWPRECMSContentCtrl1","DesignParams":null,"Errors":"","ManifestLocation":"","Mode":"real","Page":"margin-trading","RootDocumentCategory":"SIMPLE_HTML","RootDocumentFriendlyName":null,"RootDocumentLevel":null,"RootDocumentName":"RDN_Standard","RuntimeParams":"\u003cspecializations\u003e\u003cspecialization name=\"page\" type=\"passed_in\" description=\"page\"\u003e\u003cspec_param id=\"3\" name=\"page\" required=\"true\"\u003e\u003cspec_value name=\"page\" id=\"3\"\u003emargin-trading\u003c/spec_value\u003e\u003c/spec_param\u003e\u003c/specialization\u003e\u003cspecialization name=\"zone\" type=\"passed_in\" description=\"\"\u003e\u003cspec_param id=\"\" name=\"location\" required=\"\"\u003e\u003cspec_value name=\"location_id\" id=\"\"\u003ecphL2HeaderZone\u003c/spec_value\u003e\u003c/spec_param\u003e\u003c/specialization\u003e\u003c/specializations\u003e","Segment":"DEFAULT","ServicePath":"https://www.merrilledge.com/m/cse/uiservices/ECMSContentService.asmx","Site":"OSE","Specializations":["site","OSE","Page","margin-trading","location","cphL2HeaderZone","Tactic","OTHER"],"SuppressContentOnLoad":"False","SuppressHtmlMarkup":"False"}, null, null, $get("ctl00_ctl00_siteContent_MainContent_SimpleContentControl1_ctl00_ecmsWPRECMSContentCtrl1")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.PlatformContentControl, {"ECMSClientID":"ctl00_ctl00_siteContent_MainContent_SimpleContentControl1_ctl00_ecmsWPRECMSContentCtrl1"}, null, null, $get("ctl00_ctl00_siteContent_MainContent_SimpleContentControl1_ctl00_ECMSContentCtrl1")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.ECMSContentCtrl, {"Application":"m","ContentFound":true,"ContentLocations":"","ControlId":"ctl00_ctl00_siteContent_MainContent_SimpleContentControl2_ctl00_ecmsWPRECMSContentCtrl1","DesignParams":null,"Errors":"","ManifestLocation":"","Mode":"real","Page":"margin-trading","RootDocumentCategory":"SIMPLE_HTML","RootDocumentFriendlyName":null,"RootDocumentLevel":null,"RootDocumentName":"RDN_Standard","RuntimeParams":"\u003cspecializations\u003e\u003cspecialization name=\"page\" type=\"passed_in\" description=\"page\"\u003e\u003cspec_param id=\"3\" name=\"page\" required=\"true\"\u003e\u003cspec_value name=\"page\" id=\"3\"\u003emargin-trading\u003c/spec_value\u003e\u003c/spec_param\u003e\u003c/specialization\u003e\u003cspecialization name=\"zone\" type=\"passed_in\" description=\"\"\u003e\u003cspec_param id=\"\" name=\"location\" required=\"\"\u003e\u003cspec_value name=\"location_id\" id=\"\"\u003ephZone2\u003c/spec_value\u003e\u003c/spec_param\u003e\u003c/specialization\u003e\u003c/specializations\u003e","Segment":"DEFAULT","ServicePath":"https://www.merrilledge.com/m/cse/uiservices/ECMSContentService.asmx","Site":"OSE","Specializations":["site","OSE","Page","margin-trading","location","phZone2","Tactic","OTHER"],"SuppressContentOnLoad":"False","SuppressHtmlMarkup":"False"}, null, null, $get("ctl00_ctl00_siteContent_MainContent_SimpleContentControl2_ctl00_ecmsWPRECMSContentCtrl1")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.PlatformContentControl, {"ECMSClientID":"ctl00_ctl00_siteContent_MainContent_SimpleContentControl2_ctl00_ecmsWPRECMSContentCtrl1"}, null, null, $get("ctl00_ctl00_siteContent_MainContent_SimpleContentControl2_ctl00_ECMSContentCtrl1")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.ECMSContentCtrl, {"Application":"m","ContentFound":false,"ContentLocations":"","ControlId":"ctl00_ctl00_siteContent_MainContent_SimpleContentControl3_ctl00_ecmsWPRECMSContentCtrl1","DesignParams":null,"Errors":"","ManifestLocation":"","Mode":"real","Page":"margin-trading","RootDocumentCategory":"SIMPLE_HTML","RootDocumentFriendlyName":null,"RootDocumentLevel":null,"RootDocumentName":"RDN_Standard","RuntimeParams":"\u003cspecializations\u003e\u003cspecialization name=\"page\" type=\"passed_in\" description=\"page\"\u003e\u003cspec_param id=\"3\" name=\"page\" required=\"true\"\u003e\u003cspec_value name=\"page\" id=\"3\"\u003emargin-trading\u003c/spec_value\u003e\u003c/spec_param\u003e\u003c/specialization\u003e\u003cspecialization name=\"zone\" type=\"passed_in\" description=\"\"\u003e\u003cspec_param id=\"\" name=\"location\" required=\"\"\u003e\u003cspec_value name=\"location_id\" id=\"\"\u003ephZone3\u003c/spec_value\u003e\u003c/spec_param\u003e\u003c/specialization\u003e\u003c/specializations\u003e","Segment":"DEFAULT","ServicePath":"https://www.merrilledge.com/m/cse/uiservices/ECMSContentService.asmx","Site":"OSE","Specializations":["site","OSE","Page","margin-trading","location","phZone3","Tactic","OTHER"],"SuppressContentOnLoad":"False","SuppressHtmlMarkup":"False"}, null, null, $get("ctl00_ctl00_siteContent_MainContent_SimpleContentControl3_ctl00_ecmsWPRECMSContentCtrl1")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.PlatformContentControl, {"ECMSClientID":"ctl00_ctl00_siteContent_MainContent_SimpleContentControl3_ctl00_ecmsWPRECMSContentCtrl1"}, null, null, $get("ctl00_ctl00_siteContent_MainContent_SimpleContentControl3_ctl00_ECMSContentCtrl1")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.ECMSContentCtrl, {"Application":"m","ContentFound":false,"ContentLocations":"","ControlId":"ctl00_ctl00_siteContent_ecmsWPRcctlDisclaimer","DesignParams":null,"Errors":"","ManifestLocation":"","Mode":"real","Page":"margin-trading","RootDocumentCategory":"SIMPLE_HTML","RootDocumentFriendlyName":null,"RootDocumentLevel":null,"RootDocumentName":"RDN_ME_Disclaimer","RuntimeParams":"\u003cspecializations\u003e\u003cspecialization name=\"page\" type=\"passed_in\" description=\"page\"\u003e\u003cspec_param id=\"3\" name=\"page\" required=\"true\"\u003e\u003cspec_value name=\"page\" id=\"3\"\u003emargin-trading\u003c/spec_value\u003e\u003c/spec_param\u003e\u003c/specialization\u003e\u003cspecialization name=\"type\" type=\"\" description=\"\"\u003e\u003c/specialization\u003e\u003c/specializations\u003e","Segment":"DEFAULT","ServicePath":"https://www.merrilledge.com/m/cse/uiservices/ECMSContentService.asmx","Site":"OSE","Specializations":["site","OSE","Page","margin-trading","Tactic","OTHER"],"SuppressContentOnLoad":"False","SuppressHtmlMarkup":"False"}, null, null, $get("ctl00_ctl00_siteContent_ecmsWPRcctlDisclaimer")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.PlatformContentControl, {"ECMSClientID":"ctl00_ctl00_siteContent_ecmsWPRcctlDisclaimer"}, null, null, $get("ctl00_ctl00_siteContent_cctlDisclaimer")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.PlatformContentControl, {"ECMSClientID":"ctl00_ctl00_siteContent_ecmsWPRcctlFooter"}, null, null, $get("ctl00_ctl00_siteContent_cctlFooter")); }); Sys.Application.add_init(function() { $create(Online.Platform.Web.UI.Controls.PlatformContentControl, {"ECMSClientID":"ctl00_ctl00_ecmsWPRcctlSection_Tracking_Tags"}, null, null, $get("ctl00_ctl00_cctlSection_Tracking_Tags")); }); //]]> </script> </form> </body> </html>