Inverse VIX S/T Futs ETNs due Mar22,2045 SEC Filings

Mercer International Inc. (MERC) – Form 4 insider activity

Peter R. Kellogg, identified as a 10 % beneficial owner, reported a series of open-market purchases of MERC common stock on 6 – 10 June 2025 through two indirect entities:

• Non Marital PRK Trust: 60,020 shares acquired at prices ranging from $3.6199 to $3.7492.
• Bermuda Partners: 82,000 shares acquired at prices ranging from $3.6235 to $3.7499.

Total shares purchased: 142,020
Total cash outlay (approx.): US $0.53 million.

Following the transactions, Kellogg reports beneficial ownership of roughly 22.7 million MERC shares across numerous direct and indirect accounts, including 13.475 million shares held via IAT Insurance Co. Ltd. and 1.54 million held by his spouse.

Because Kellogg already holds more than 10 % of Mercer’s outstanding shares, the additional 142 k-share purchase represents only a small incremental increase but signals continued insider confidence at price levels near $3.70.

JPMorgan Chase Financial Company LLC is offering Auto Callable Yield Notes due July 20, 2026 that are fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a minimum interest rate of 22.35% per annum (≈1.8625% monthly) on $1,000 denominations, provided the notes have not been automatically called. Payments are tied to the individual performance of three reference stocks—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) and NVIDIA Corp. (NVDA)—rather than to a basket.

Automatic call feature: Beginning January 15, 2026 and on each monthly Review Date thereafter (except the final one), the notes are called if the closing price of each reference stock is at or above its Initial Value. Upon a call, investors receive $1,000 principal plus the scheduled interest for that month; no further payments are made.

Principal risk: If the notes are not called and the Final Value of any reference stock is below 60% of its Initial Value (the Trigger Value), repayment of principal is reduced by the percentage decline of the worst–performing stock (the “Least Performing Reference Stock”). Investors can lose more than 40% and up to 100% of principal.

• Pricing date: on or about July 15, 2025; settlement July 18, 2025
• Estimated value: approximately $955.70 per $1,000 note today; final estimated value will not be lower than $920.00
• Fees: selling commissions up to $15 per $1,000; original issue price embeds hedging and structuring costs
• Credit exposure: unsecured, unsubordinated obligations of JPMorgan Financial; subject to JPMorgan Chase & Co. credit risk
• Liquidity: not listed; resale depends on JPMS bid, which is expected to be lower than issue price and may be unavailable
• CUSIP: 48136FMR0; minimum purchase $1,000

Illustrative scenarios highlight (1) an 11.175% total return if called on the first Review Date, (2) a 22.35% total return if held to maturity with all stocks above the Trigger, and (3) a −27.65% total return when the worst stock falls 50% below its Initial Value at final valuation.

Key risks disclosed include potential loss of principal, limited upside to interest only, exposure to the worst-performing stock, early-call reinvestment risk, lack of dividend entitlement, secondary-market discounting, and conflicts of interest arising from JPMorgan’s multiple roles. The notes are not FDIC-insured.

JPMorgan Chase Financial Company LLC is marketing Uncapped Accelerated Barrier Notes (Series A medium-term notes) linked individually to the Russell 2000 Index (RTY) and the S&P 500 Index (SPX). The five-year securities, fully guaranteed by JPMorgan Chase & Co., are expected to price on or about 17 July 2025 and mature on 22 July 2030.

Key economics

• Upside Leverage Factor: at least 1.49×; final multiple to be set at pricing.
• Barrier: 65 % of Initial Value for each index. Performance is measured on a final observation-only basis.
• Pay-off:
  • If both indices finish above their initial levels, the holder receives principal plus (Lesser-Performing Index Return × Upside Leverage).
  • If either index is ≤ initial but both are ≥ barrier, 100 % of principal is returned.
  • If either index closes < barrier, repayment equals principal + (principal × Lesser-Performing Index Return); losses accelerate 1-for-1 beyond a 35 % drop and may reach total loss.
• Issue price: $1,000 minimum denomination; fee-based advisory accounts may pay ≥ $994; brokerage sales include ≤ $6 commission per $1,000.
• Estimated value: ~$978.20 today (not less than $950 at pricing), below issue price because of selling commissions, hedging costs and JPMS profit.

Risk highlights

• No interim coupons or dividends; investors forgo equity income.
• Principal is not protected; a >35 % decline in the worse index triggers direct capital loss.
• Credit exposure to both JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor); the issuer is a finance subsidiary with limited standalone assets.
• Notes are unlisted and may suffer materially lower secondary prices; liquidity depends on JPMS willingness to bid.
• Estimated value uses an internal funding rate that typically understates secondary value and may diverge from market funding curves.

Strategic positioning

The product targets investors with a bullish to moderately bullish five-year outlook on U.S. equities who are comfortable accepting full downside below a 35 % buffer in exchange for leveraged, uncapped upside. Relative to conventional buffered notes, the structure offers a higher upside multiple but sacrifices any upside cap and exposes holders to single-day barrier risk at maturity. Investors should compare the after-fee profile with lower-cost index ETFs or equity exposure and evaluate credit, liquidity, and tax considerations (open-transaction treatment expected, but IRS guidance could change).

JPMorgan Chase Financial Company LLC is offering unlisted Auto-Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index (ticker MQUSTVA). The notes are expected to price on or about 21 July 2025, settle on or about 24 July 2025, and mature on 25 July 2030, unless automatically called earlier.

The product provides a minimum contingent interest rate of 9.20% p.a. (paid monthly at ≥ 0.76667%) whenever the Index closes at or above 65% of the Initial Value (the “Interest Barrier”) on a given Review Date. Missed coupons are accrued and paid the next time the barrier is met. Beginning with the 12th Review Date (21 July 2026) the notes will be automatically called if the Index closes at or above the Initial Value; investors then receive par plus any due interest.

Principal is protected only down to the 85% Buffer Threshold. If, at final valuation, the Index is below this threshold, repayment equals: $1,000 + [$1,000 × (Index Return + 15%)], exposing holders to up to 85% loss of principal.

Index mechanics: the MerQube index dynamically allocates 0–500% exposure to the Invesco QQQ Trust (QQQ) to target 35% implied volatility. Performance is reduced daily by (1) a 6.0% p.a. index deduction and (2) a notional SOFR+0.50% financing cost applied to QQQ exposure, creating a structural drag versus the underlying.

Key terms and costs:

• Minimum denomination: $1,000.
• Estimated value on pricing date: not less than $900 per $1,000 note (≈ 91.2% if priced today).
• Selling commissions: up to $39 per $1,000 note.
• Credit exposure: senior unsecured obligations of JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co.
• No exchange listing; liquidity relies on J.P. Morgan Securities LLC.

Investor profile: suited to investors seeking high contingent yield and moderate downside buffer in exchange for accepting issuer credit risk, lack of dividend participation, structural index drag, and potential early redemption.

UBS AG is marketing a new five-year, unsecured structured offering titled “Trigger Callable Contingent Yield Notes” that will settle on or about 21 July 2025 (trade date 16 July 2025) and mature on or about 19 July 2030 unless called earlier. The $1,000-denominated notes pay a contingent coupon of 12.00% p.a. (≈1.00% monthly) only when, on a monthly observation date, all three reference indices—the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000—close at or above 75 % of their respective initial levels (the “coupon barrier”). If any index is below its barrier, no coupon is paid for that period.

Issuer call feature: Beginning after eight months, UBS may redeem the notes in whole on any observation date, paying par plus the applicable coupon. Investors therefore face reinvestment risk if coupons remain attractive relative to prevailing rates.

Principal repayment at maturity: If the notes are not called and every index finishes at or above its 75 % downside threshold, investors receive the full $1,000 principal. If even one index finishes below its threshold, repayment is reduced dollar-for-dollar with the worst-performing index, exposing investors to up to a 100 % loss of principal.

Pricing details: • Issue price: $1,000 • Underwriting discount: $4 (0.40 %) • Estimated initial value: $940.10–$970.10 (94.0–97.0 % of par) determined using UBS internal models. The notes will not be listed on any exchange, and secondary liquidity is expected to be limited.
• CUSIP: 90309KCP7; ISIN: US90309KCP75.

Key risks highlighted by UBS include market declines in any index, missed coupons, early call at the issuer’s discretion, credit risk of UBS, limited secondary market, potential mis-pricing versus model value, and complex tax treatment. Sector-specific risks apply to technology (NDXT) and small-cap (RTY) exposures.

The Bank of Nova Scotia (BNS) is marketing unsecured Autocallable Contingent Coupon Trigger Notes linked to Amazon.com, Inc. common stock (AMZN) that mature on August 26, 2026. The notes are issued under the Bank’s Senior Note Program, Series A (CUSIP 06418VF41) and are expected to price on July 21, 2025 (T+3 settlement July 24, 2025). Minimum investment is US$1,000.

Key economic terms

• Original issue price: 100% of principal. Initial estimated value: US$925–US$955 (4.5-7.5% discount to issue price).
• Monthly contingent coupon: 0.8667% (≈10.40% p.a.) paid only if AMZN closes ≥73% of the initial price on the relevant observation date.
• Coupon/trigger barrier: 73% of the initial price; automatic call if AMZN closes ≥100% of the initial price on any monthly call observation date from Jan 2026 to Jul 2026.
• Principal repayment: If not called and final AMZN price ≥73% of initial, investor receives par plus final coupon. If <73%, investor receives physical delivery of AMZN shares worth <73% of par, resulting in substantial or total loss of principal.
• Observation dates: 21st calendar day of each month Aug 2025–Aug 2026; coupon paid three business days later.
• Fees: Up to 2.15% underwriting/structuring; dealers may receive up to 1.50% selling concession and 0.65% structuring fee; hedging costs further reduce secondary-market value.

Investor considerations & risks

• Credit risk of BNS; notes are unsecured, unsubordinated, not CDIC or FDIC insured.
• Downside risk equals owning AMZN below the 73% trigger without upside participation above par; maximum positive return is limited to coupons.
• Liquidity risk: no exchange listing; market making at dealer’s discretion and likely at a material discount reflecting internal funding spreads and bid/ask.
• Initial estimated value below issue price reflects selling commissions, structuring fees, and the Bank’s lower internal funding rate.
• Tax redemption clause allows early redemption if withholding tax laws change.

Target investors: Short-term yield seekers comfortable with equity risk in AMZN, willing to accept potential illiquidity and loss of principal, and confident in BNS credit.

JPMorgan Chase Financial Company LLC is offering $987,000 of Capped Notes linked to the S&P 500® Index (CUSIP 48136FJR4) that mature on 12 January 2027 and are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Key economic terms

• Principal protection: 100% repayment at maturity, subject to issuer and guarantor credit risk.
• Upside participation: 100% of any positive Index return, capped at a Maximum Amount of $75 per $1,000 note (7.50% total return).
• No downside exposure: If the Index return is zero or negative, investors receive only the $1,000 principal.
• Pricing date: 7 July 2025 | Settlement: on or about 10 July 2025.
• Observation date: 7 January 2027.
• Estimated value at pricing: $981.20 per $1,000 note, below the $1,000 issue price.
• Fees: $14 selling commission per $1,000 (1.40%); net proceeds $986 per note.

Payout mechanics

At maturity investors receive $1,000 plus the Additional Amount = $1,000 × Index Return × 100%, subject to the $75 cap. The cap is reached once the Index closes at ≥107.5% of the initial level (6,229.98). Hypothetical scenarios show identical $1,075 redemption for any Index gain of 7.5% or more.

Risk highlights

• Limited upside: returns above 7.5% are forgone.
• No interest/dividends: investors sacrifice coupon income and S&P 500 dividends.
• Credit exposure: payment depends on the creditworthiness of both JPMorgan Financial (a financing subsidiary with limited assets) and JPMorgan Chase & Co.
• Liquidity risk: notes will not be listed; secondary market, if any, depends on JPMS bid.
• Valuation gap: estimated value ($981.20) is lower than issue price due to embedded costs.

Tax treatment: Davis Polk & Wardwell LLP opines that the notes are contingent payment debt instruments; investors must accrue OID based on a comparable yield of 4.69% and a projected payment of $1,072.32.

Target investor profile: buy-and-hold investors seeking principal protection with modest equity upside over 18 months and who are comfortable with unsecured JPMorgan credit risk and lack of liquidity.

JPMorgan Chase Financial Company LLC is offering $335,000 of Buffered Digital Notes maturing 12 Aug 2026, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes provide a single, fixed payout profile that depends on the least-performing of three U.S. equity indices: the Dow Jones Industrial Average (INDU), Russell 2000 (RTY) and S&P 500 (SPX).

• Contingent Digital Return: 7.05% ($70.50 per $1,000) if, on the 7 Aug 2026 observation date, every index is at or above its 7 Jul 2025 initial level, or has declined by ≤20%.
• Downside Buffer: First 20% decline in the worst index is absorbed. Beyond that, investors lose 1% of principal for every additional 1% decline, exposing up to 80% capital loss.
• Coupon / Interest: none; return is paid only at maturity.
• Issue price: $1,000; estimated value: $983.30 (reflects internal funding rate and hedging costs).
• Fees & commissions: $7.25 per $1,000 (0.725%) paid to distributors; net proceeds $992.75.
• Credit exposure: unsecured, unsubordinated obligations of the issuer and guarantor; ratings and spreads of JPMorgan Chase will directly influence secondary pricing.
• Liquidity: not exchange-listed; resale dependent on J.P. Morgan Securities (JPMS) bid, likely below issue price, especially after the initial 6-month period when built-in distribution costs amortise.

Investor profile. The structure suits investors with a moderately bullish to range-bound view on large- and small-cap U.S. equities over 13 months, who are willing to sacrifice dividends and upside beyond 7.05% in exchange for a 20% buffer. Given the short tenor, the 7.05% headline return equates to roughly 6.5% annualised; however, the payoff is digital and binary: any breach of the 20% buffer on a single index forfeits the entire upside and re-introduces full downside exposure after the buffer.

Key risks. Limited upside versus equity market potential; potential loss of up to 80% of principal; valuation premium over estimated value; issuer/guarantor credit risk; tax treatment uncertainty (open-transaction approach); and lack of secondary liquidity. Investors should scrutinise the Selected Risk Considerations and the internal funding-rate methodology that depresses estimated value.

JPMorgan Chase Financial Company LLC is offering $1.532 million of Auto-Callable Dual Directional Accelerated Barrier Notes linked to Alphabet Inc. (GOOGL) Class A.

• Issue / Settlement: Priced 7 Jul 2025; settles on or about 10 Jul 2025 (CUSIP 48136EZ73).
• Tenor: 2-years final maturity (12 Jul 2027) but subject to automatic call after ~1 year (Review Date – 13 Jul 2026) if GOOGL ≥ 100% of Initial Value.
• Automatic Call Payment: $1,000 principal + $151 Call Premium (15.1%). Upside leverage and absolute-return features do not apply if called early.
• Upside at Maturity (if not called): 2× positive stock return; unlimited.
• Moderate Downside (if not called): If Final Value ≥ 75% of Initial (Barrier), investors receive absolute return of negative move (max +25%); principal protected only down to barrier.
• Barrier: 75% of Initial Value (Initial = $176.79 ➔ Barrier = $132.5925).
• Severe Downside: If Final Value < Barrier, principal loss is linear with stock decline (could lose 100%).
• Estimated Value: $983.40 per $1,000, 1.66% below issue price, reflecting structuring and hedging costs.
• Credit: Unsecured senior obligations of JPMorgan Chase Financial LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co.
• Liquidity: Not exchange-listed; secondary trading solely through JPMS on a best-efforts basis.
• Risk Highlights: full principal at risk below barrier; capped return if stock declines; early call risk; no dividends; credit risk; estimated value discount; potential conflicts in pricing and hedging.

These notes target investors comfortable with (1) JPMorgan credit exposure, (2) moderate short-term view that GOOGL remains ≥ 75% of today’s price over two years, and (3) the possibility of an early redemption that limits upside. They are not suitable for investors requiring capital preservation, income, or daily liquidity.