Welcome to our dedicated page for iPath® B S&P 500® VIX Md-Trm Futs™ ETN SEC filings (Ticker: VXZ), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Bank of Montreal (BMO) is offering senior unsecured Contingent Risk Absolute Return Buffer Notes (Series K) linked to the S&P 500 Index, maturing 7 August 2028. The product is a Rule 433 Free-Writing Prospectus that supplements the March 25 2025 base documents.
Key economic terms
- Denomination: minimum $1,000; CUSIP 06376EP89.
- Upside: 1-to-1 exposure to any index appreciation, capped at a 30% Maximum Redemption Amount ($1,300).
- Absolute-return feature: if the S&P 500 Final Level is ≥ 80% and < 100% of the Initial Level, investors receive a positive return equal to the percentage decline, up to a $1,200 Maximum Downside Redemption Amount (20% gain).
- Downside: if the index falls > 20%, principal is reduced 1-for-1 beyond the 20% buffer, exposing investors to as much as an 80% loss of principal.
- Upside Leverage Factor: 100%; no interest payments.
- Estimated initial value: $976.10 per $1,000 note (potentially as low as $925 on pricing date), reflecting offering costs and hedge charges.
- Pricing Date: 31 July 2025; Settlement: 5 Aug 2025; Valuation: 2 Aug 2028; Maturity: 7 Aug 2028.
- Price to public: 100%; agent (BMOCM) commission: 1%, subject to concessions and fee-based discounts.
- Issuer credit risk: payments rely solely on BMO’s unsecured obligations; notes are not FDIC/CDIC-insured and will not be listed on any exchange.
Risk highlights
- Principal is at risk; investors could lose up to 80% if the index falls substantially.
- Returns are capped at 30%, limiting participation in strong equity rallies.
- Liquidity likely limited; BMOCM is not obligated to make a market.
- Initial estimated value is materially below issue price, creating negative yield-to-worst at inception.
- Product complexity, tax uncertainty (pre-paid derivative treatment), and potential conflicts of interest are disclosed.
This structured note appeals to investors seeking conditional equity exposure with a 20% downside buffer and limited upside, willing to assume BMO credit risk, illiquidity, and a complex payoff profile.
Shell plc (SHEL) has filed a Form 6-K disclosing routine insider transactions triggered by the company’s first-quarter 2025 interim dividend, paid on 23 June 2025. Nine senior executives—classified as Persons Discharging Managerial Responsibilities (PDMRs)—received dividend shares that were automatically credited to their Share Plan Accounts in line with previously vested share-based awards. The largest allocation went to Chief Financial Officer Sinead Gorman, who acquired 2,168.85 ordinary shares on the London Stock Exchange at GBP 25.8122, representing a cash value of approximately GBP 55,983. Other notable recipients include Peter Costello (President, Upstream) with a combined 1,048.93 shares across Amsterdam and London, Cederic Cremers (President, Integrated Gas) with 346.10 shares on Euronext, and Robin Mooldijk (Projects & Technology Director) with 720.85 shares on Euronext. In total, the filing lists 6,131.72 ordinary shares and 21.82 ADSs distributed, across GBP, EUR and USD listings, with individual cash equivalents ranging from EUR 0.18 to EUR 21,858.
The transactions are non-discretionary dividend reinvestments rather than open-market purchases or sales, and therefore do not signal strategic changes in share ownership or corporate outlook. The filing is mainly a regulatory disclosure required under EU/UK Market Abuse Regulations and Rule 13a-16 of the Exchange Act.
Toronto-Dominion Bank (TD) is offering 921,640 Accelerated Return Notes (Series H) linked to the SPDR S&P Biotech ETF (ticker XBI). Each note has a $10 face amount, for a total public offering size of $9.216 million. The notes price on 26 Jun 2025, settle 3 Jul 2025 and mature 28 Aug 2026, giving an effective term of roughly 14 months.
Payoff structure
- Upside: Investors receive 300% of any positive price change in XBI, subject to a maximum redemption of $12.722 per unit (27.22% capped return).
- Downside: 1-to-1 participation in any decline; principal can be completely lost if XBI falls to zero.
- No interim coupons; all cash flows occur at maturity.
Key economic terms
- Starting Value: $83.68 (XBI closing price on pricing date)
- Participation Rate: 300%
- Price Multiplier: 1
- Fees: $0.175 underwriting discount + $0.05 hedging-related charge per unit (total 2.25% of face)
- Initial estimated value: $9.818 (1.82% below issue price) based on TD’s internal models and funding rate.
Credit & liquidity considerations
- The notes are senior unsecured obligations of TD and rank equally with its other senior debt. Payments depend on TD’s creditworthiness.
- No exchange listing; BofA Securities and TD are not required to make a secondary market, so liquidity may be limited and prices may trade below intrinsic value.
Risk highlights
- Full principal at risk with sector-specific exposure; XBI concentrates in biotechnology equities.
- Return is capped, so large rallies in biotech will not be fully captured.
- The offering price exceeds the bank’s model value, reflecting distribution costs and hedging profits.
- Investors forgo dividends/distributions paid by XBI and assume tax-structure uncertainty outlined in the term sheet.
Investor profile: Suitable only for investors who expect moderate upside in biotech over 14 months, can tolerate complete principal loss, do not need current income, and are comfortable with TD credit exposure and limited liquidity.
Barclays Bank PLC is offering $8.322 million of Autocallable Fixed Coupon Notes due July 1, 2027 linked to the worst performer of Broadcom Inc. (AVGO) common stock and Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) ADRs. The securities are issued under the Global Medium-Term Notes, Series A program and are sold pursuant to a Rule 424(b)(2) prospectus supplement dated June 26, 2025.
Key commercial terms
- Coupon: fixed $33.80 per $1,000 note (13.52% p.a.) payable quarterly on eight scheduled dates from Oct 1 2025 through maturity.
- Automatic call: beginning Sept 26 2025, if the closing price of each reference asset is at or above its Initial Value on a Call Valuation Date, holders receive the $1,000 principal plus the current coupon and the notes are redeemed; no further payments accrue.
- Barrier protection: at maturity, if not previously called and the Final Value of the Least Performing asset is ≥ 60% of its Initial Value, principal is repaid; otherwise investors receive (a) cash reflecting the full negative return or (b) at the issuer’s option, a delivery of shares (and cash for fractions) of the worst performer, exposing holders to up to 100 % loss of principal.
- Initial values & barriers: AVGO $270.17 (barrier $162.10); TSM $224.01 (barrier $134.41).
- Issue price: $1,000; estimated value: $981 (1.9% below issue price).
- Fees: 1.75% selling commission ($145,635 in aggregate) yielding net proceeds of $8.176 million.
- Credit exposure: senior unsecured obligations of Barclays Bank PLC subject to U.K. bail-in powers; not FDIC-insured or guaranteed by third parties.
- Liquidity: no exchange listing; any secondary trading will be on a best-efforts basis by Barclays Capital Inc. and may be discontinued at any time.
Risk highlights
- Full downside exposure below the 60% barrier; investors may lose the entire principal.
- No participation in any upside of AVGO or TSM; return capped at the fixed coupons.
- Issuer’s physical settlement option may result in delivery of depreciated shares instead of cash.
- Estimated value is below purchase price, reflecting distribution fees, hedging costs and Barclays’ internal funding spread.
- Subject to early redemption after ~3 months, creating reinvestment uncertainty.
- Exposure to Barclays credit risk and potential write-down or conversion under U.K. bail-in regime.
The notes target investors seeking enhanced income and willing to assume equity, issuer-credit and structural risks in exchange for a 13.52% annual coupon and conditional principal protection at a 40% drawdown threshold.
Barclays Bank PLC is offering unsecured, unsubordinated Global Medium-Term Notes, Series A, due 3 August 2028, linked to the least-performing of the S&P 500® Index (SPX) and the Dow Jones Industrial Average® (INDU).
Principal protection: at maturity investors will receive no less than 100 % of face value; downside exposure to the indices is limited to foregone return, not loss of principal, subject to Barclays’ credit and U.K. bail-in risk.
Upside mechanics: if the Final Value of the worst-performing index is ≥ its Initial Value, payment equals $1,000 plus the lesser of (a) that index’s return and (b) the Maximum Return of 25 %. Consequently, the best possible redemption is $1,250 per $1,000 note.
Key commercial terms include: denomination $1,000; Initial Valuation Date 31 July 2025; Issue Date 5 August 2025; Final Valuation Date 31 July 2028; Calculation Agent Barclays; CUSIP 06746CFL8. The notes will not list on any exchange.
Pricing economics: public offer price is 100 %. Barclays’ estimated value on the pricing date is expected between $913.10 and $973.10, implying an upfront value differential of roughly 2.7-8.7 % that covers distribution fees (agent commission up to 0.80 %) and hedging/structuring costs.
Risks highlighted include: capped upside, no interim interest, exposure to each reference asset individually (no basket averaging), limited liquidity, possible early acceleration on change-in-law, taxation as contingent payment debt instruments requiring current income accrual, and potential write-down or conversion under U.K. Bail-in Power.
Barclays Bank PLC is offering unsecured, unsubordinated Global Medium-Term Notes, Series A, due 3 August 2028, linked to the least-performing of the S&P 500® Index (SPX) and the Dow Jones Industrial Average® (INDU).
Principal protection: at maturity investors will receive no less than 100 % of face value; downside exposure to the indices is limited to foregone return, not loss of principal, subject to Barclays’ credit and U.K. bail-in risk.
Upside mechanics: if the Final Value of the worst-performing index is ≥ its Initial Value, payment equals $1,000 plus the lesser of (a) that index’s return and (b) the Maximum Return of 25 %. Consequently, the best possible redemption is $1,250 per $1,000 note.
Key commercial terms include: denomination $1,000; Initial Valuation Date 31 July 2025; Issue Date 5 August 2025; Final Valuation Date 31 July 2028; Calculation Agent Barclays; CUSIP 06746CFL8. The notes will not list on any exchange.
Pricing economics: public offer price is 100 %. Barclays’ estimated value on the pricing date is expected between $913.10 and $973.10, implying an upfront value differential of roughly 2.7-8.7 % that covers distribution fees (agent commission up to 0.80 %) and hedging/structuring costs.
Risks highlighted include: capped upside, no interim interest, exposure to each reference asset individually (no basket averaging), limited liquidity, possible early acceleration on change-in-law, taxation as contingent payment debt instruments requiring current income accrual, and potential write-down or conversion under U.K. Bail-in Power.
Barclays Bank PLC is offering unsecured, unsubordinated Global Medium-Term Notes, Series A, due 3 August 2028, linked to the least-performing of the S&P 500® Index (SPX) and the Dow Jones Industrial Average® (INDU).
Principal protection: at maturity investors will receive no less than 100 % of face value; downside exposure to the indices is limited to foregone return, not loss of principal, subject to Barclays’ credit and U.K. bail-in risk.
Upside mechanics: if the Final Value of the worst-performing index is ≥ its Initial Value, payment equals $1,000 plus the lesser of (a) that index’s return and (b) the Maximum Return of 25 %. Consequently, the best possible redemption is $1,250 per $1,000 note.
Key commercial terms include: denomination $1,000; Initial Valuation Date 31 July 2025; Issue Date 5 August 2025; Final Valuation Date 31 July 2028; Calculation Agent Barclays; CUSIP 06746CFL8. The notes will not list on any exchange.
Pricing economics: public offer price is 100 %. Barclays’ estimated value on the pricing date is expected between $913.10 and $973.10, implying an upfront value differential of roughly 2.7-8.7 % that covers distribution fees (agent commission up to 0.80 %) and hedging/structuring costs.
Risks highlighted include: capped upside, no interim interest, exposure to each reference asset individually (no basket averaging), limited liquidity, possible early acceleration on change-in-law, taxation as contingent payment debt instruments requiring current income accrual, and potential write-down or conversion under U.K. Bail-in Power.
Barclays Bank PLC is offering $1.149 million of Capped Barrier Digital Plus Notes due 31-Dec-2026 linked to the common stock of PayPal Holdings, Inc. (PYPL). The notes are unsecured, unsubordinated debt and pay no coupons. At maturity investors will receive:
- If PYPL closes at or above the 70% barrier ($51.22): $1,000 plus the higher of (a) a fixed 10% digital return or (b) PYPL’s price return capped at a Maximum Return of 33.15%. The maximum redemption value is therefore $1,331.50 per $1,000.
- If PYPL closes below the barrier: delivery of 13.66680 PYPL shares (or cash equivalent), exposing holders to the full downside of the stock and potential 100% principal loss.
Key economic terms:
- Initial PYPL value: $73.17 (26-Jun-2025)
- Barrier: $51.22 (70% of initial)
- Digital percentage: 10%
- Maximum Return: 33.15%
- Issue price: 100%; estimated value: 98.7% ($987)
- Agent commission: 1.50%; net proceeds to issuer: 98.50%
Risk highlights include potential complete loss of principal if PYPL falls >30%, no interim income, limited upside, valuation and liquidity risks, U.K. bail-in power, and Barclays credit risk. The notes will not be listed, and secondary market making is discretionary.
Barclays Bank PLC is offering $1.566 million of unsecured, unsubordinated Barrier Dual Directional Notes due 29-Jun-2028 that are linked to the S&P 500 Index (SPX). The notes pay no coupons and principal repayment is conditional on index performance:
- Upside scenario: If the Final Underlier Value exceeds the Initial Value of 6,141.02, investors receive $1,000 plus the index gain, capped at a 53.40 % Maximum Upside Return ($1,534 per $1,000 note).
- Moderate downside (0% to –20%): If the index ends ≤ Initial but ≥ Barrier (80 % of initial, 4,912.82), investors earn a positive 1 % for every 1 % the index falls, up to 20 %.
- Severe downside (< –20%): If the index closes below the Barrier, repayment equals $1,000 plus the actual index return, exposing investors to unlimited downside to zero.
Key commercial terms include:
- Issue date: 01-Jul-2025 | Maturity: 29-Jun-2028
- Denomination: $1,000 minimum, integral multiples thereafter
- Maximum payment: $1,534 per $1,000 note
- Estimated value: $975.80 (2.4 % below issue price) driven by internal models and funding costs
- Agent commission: 2 % ($20 per $1,000); net proceeds 98 %
- No exchange listing; secondary market making is discretionary
- Credit exposure: direct to Barclays Bank PLC and subject to potential U.K. Bail-in Power
The pricing supplement emphasises numerous risks: capped upside, conditional principal protection limited to a 20 % decline, lack of liquidity, tax uncertainty, and possible loss of some or all principal if Barclays defaults or if bail-in is triggered. The instrument targets investors who can tolerate equity-like downside, are willing to forgo dividends, and plan to hold to maturity.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes maturing 1 August 2030 that are linked to the EURO STOXX 50® Index. The $1,000-denominated securities pay no periodic interest and expose investors to Morgan Stanley credit risk.
- Upside participation: If the index closes above the initial level on the 29 July 2030 observation date, holders receive principal plus 148-158 % (actual factor set on pricing date) of the index gain.
- Dual-direction feature: If the final level is ≤ initial but ≥ the 70 % downside threshold, investors receive a positive return equal to the absolute index decline, capped at +30 %.
- Principal at risk: If the index closes below 70 % of the initial level, principal is reduced 1 : 1 with the index loss; a complete loss is possible.
- Estimated value: Morgan Stanley estimates the note’s fair value at $919.20—roughly 8 % below the $1,000 issue price—reflecting distribution and hedging costs.
- Liquidity & listing: The notes will not be listed; secondary trading will rely solely on MS & Co.’s discretion, potentially at significant discounts.
- Key dates: Strike & pricing 28 July 2025; settlement 31 July 2025; observation 29 July 2030; maturity 1 August 2030.
The product may appeal to investors who:
- Seek enhanced upside exposure to Eurozone large-cap equities.
- Believe the index will remain above 70 % of its 28 July 2025 level at maturity.
- Can tolerate illiquidity, price opacity and full principal loss risk, and are comfortable with the credit risk of Morgan Stanley.
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