[SCHEDULE 13G/A] JIADE LIMITED Common stock SEC Filing

Rhea-AI Filing Summary

MerQube US Large-Cap Vol Advantage Index (MQUSLVA) – July 2025 performance update

The rules-based index provides 0-500% leveraged exposure to E-Mini S&P 500 futures, re-targeting 35% volatility and applying a 6.0% p.a. daily deduction. It was launched on 11 Feb 2022; data before that date are back-tested.

Performance snapshot: Over Jun 2015-Jun 2025 the index recorded a 10-year annualised return of 11.15% with 30.24% volatility, versus the S&P 500’s 11.64% return and 18.48% volatility. The most recent 1-year return is –10.71% compared with the S&P 500’s +13.63%, underscoring performance dispersion. Monthly returns range from +10.44% (Jun 2016) to –19.13% (Feb 2020).

Current leverage profile: End-of-day exposure fluctuated sharply between 62.5% and 252.2% during Apr-Jun 2025, reflecting the index’s dynamic volatility control.

Structural features & principal risks:

• 6.0% annual fee drag directly reduces index level.
• Use of significant leverage (up to 5×) amplifies gains and losses.
• Excess-return construction excludes cash reinvestment income.
• Methodology may be adjusted at MerQube’s discretion; JPMS co-designed the index and licenses it for structured notes.
• Index has <4 years of live history; back-tested data may not predict future results.

Investments linked to the index are unsecured, not FDIC-insured, and subject to equity, futures, liquidity and concentration risks. Past and hypothetical performance are not indicative of future returns.

Positive

• 10-year annualised return of 11.15% is broadly in line with the S&P 500 despite different construction.
• Dynamic volatility targeting can reduce exposure during high-stress periods and increase it in calmer markets.
• Index methodology and real-time publication on Bloomberg (MQUSLVA) enhance transparency for investors.

Negative

• 6.0% per-annum daily deduction directly erodes index performance.
• Use of up to 500% leverage amplifies both gains and losses, heightening tail risk.
• 1-year actual return of –10.71% significantly lags the S&P 500’s +13.63%.
• Limited live history (since Feb 2022) means heavy reliance on back-tested data.

Insights

Financial Analyst

TL;DR: Long-term back-tests match S&P 500 returns, but recent −10.7% 1-year lag plus 6% fee offset appeal; overall neutral.

The index’s 10-year annualised return of 11.15% roughly equals the S&P 500 while delivering markedly higher volatility (30.24%). Fee drag and high leverage mean investors need strong directional convictions; yet dynamic re-balancing can reduce exposure to market stress. April-June 2025 exposures swung from 62% to 252%, confirming active volatility targeting. Because historical outperformance is back-tested and live data show underperformance, I view the update as informational rather than thesis-changing.

Risk Analyst

TL;DR: 5× leverage, 6% fee and limited live history create material downside risk; caution warranted.

The index layers considerable complexity: excess-return calculation eliminates cash yield, the 6% daily-accrued fee compounds, and leverage can exceed 250% in normal conditions. A single-year drawdown of −10.71% despite a rising S&P 500 highlights path-dependency. Operational risks include sponsor discretion, futures roll cost and potential unavailability of settlement prices. For most portfolios, exposure should be sized conservatively or avoided.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

JIADE Ltd

(Name of Issuer)

Ordinary shares, par value $0.01 per share

(Title of Class of Securities)

G7396L103

(CUSIP Number)

06/10/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G7396L103

1

Names of Reporting Persons

WISMASS INTERNATIONAL HOLDINGS LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. G7396L103

1

Names of Reporting Persons

Ka Fai Koly Chan

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The following constitutes Amendment No. 1 ("Amendment No. 1") to the Schedule 13G jointly filed with the SEC by Wismass International Holdings Limited and Ka Fai Koly Chan (each a "Reporting Person" or collectively, the "Reporting Persons") on November 14, 2024 (the "Schedule 13G"). This Amendment No. 1 amends and supplements the Schedule 13G as specifically set forth herein. The Reporting Persons are filing this Amendment No. 1 to report certain changes in their beneficial ownership of ordinary shares of the issuer as a result of the sale of an aggregate of 1,835,471 ordinary shares. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13G. Information given in response to each Item below shall be deemed incorporated by reference in all other Items where such information is relevant and applicable. Except as set forth herein, the Schedule 13G is unmodified and remains in full force and effect.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: JIADE Ltd
(b)	Address of issuer's principal executive offices: Unit 2-02, Puningdun Business Plaza, No. 1702 and 1706 Minjiang Road, Jinjiang District, Chengdu City, Sichuan Province, China.
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Items 4(a)-(c) is set forth in Rows 5-11 of each Cover Page and is incorporated herein by reference.
(b)	Percent of class:
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote:
	(ii) Shared power to vote or to direct the vote:
	(iii) Sole power to dispose or to direct the disposition of:
	(iv) Shared power to dispose or to direct the disposition of:
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class

Item 10. Certifications:

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

WISMASS INTERNATIONAL HOLDINGS LIMITED

Signature:	/s/ Ka Fai Koly Chan
Name/Title:	Ka Fai Koly Chan
Date:	07/11/2025

Ka Fai Koly Chan

Signature:	/s/ Ka Fai Koly Chan
Name/Title:	Ka Fai Koly Chan, Director
Date:	07/11/2025

FAQ

What is the objective of the MerQube US Large-Cap Vol Advantage Index underlying VYLD?

The index seeks to maintain 35% volatility by adjusting 0-500% leveraged exposure to E-Mini S&P 500 futures while subtracting a 6% p.a. fee.

How has the index performed over the past ten years?

From Jun 2015-Jun 2025 it shows an 11.15% annualised return with 30.24% volatility; data before Feb 2022 are back-tested.

What was the most recent 1-year return for MQUSLVA?

The 1-year return to Jun 2025 is approximately −10.71%.

How much leverage did the index employ in Q2 2025?

End-of-day exposure ranged from about 62.5% to 252.2% during April-June 2025.

What are the main fees embedded in the index?

A 6.0% per-annum deduction accrues daily, reducing the index level regardless of market direction.

Is past performance a reliable indicator for VYLD investors?

No. The document stresses that historical and back-tested results are not indicative of future performance.