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

ServiceNow, Inc. (NYSE: NOW) – Form 144 filing

The filing discloses that Anita M. Sands intends to sell up to 239 common shares of ServiceNow through broker Fidelity Brokerage Services LLC. Based on the stated market price, the shares have an aggregate market value of $250,950. The planned sale date is 03 July 2025. ServiceNow has approximately 207 million shares outstanding, so the proposed sale represents less than 0.00012 % of shares outstanding.

The form also details Ms. Sands’ recent activity:

• 05 May 2025 – sold 428 shares for gross proceeds of $433,825.08
• 02 Jun 2025 – sold 248 shares for gross proceeds of $250,266.72

The 239 shares to be sold were acquired via stock-option exercise on 09 Nov 2021 and paid for in cash. The filer certifies that no undisclosed material adverse information is known, as required under Rule 144, and no Rule 10b5-1 trading plan date is provided.

Because the transaction size is immaterial relative to ServiceNow’s float and daily trading volume, the filing is mainly a routine disclosure of insider disposition rather than a signal of fundamental change. Investors typically monitor Form 144 filings for patterns of larger or repeated insider sales that could suggest shifting insider sentiment.

Royal Bank of Canada (RY) is marketing senior unsecured Barrier Digital Notes maturing 13 July 2028 that are linked to the Class A subordinate voting shares of Shopify Inc. (SHOP). For each $1,000 note, investors receive one of two payouts at maturity:

• Fixed digital return of 43% ($1,430) if Shopify’s closing price on the 10 July 2028 valuation date is at least 50% of the initial price.
• Principal loss equal to the full downside percentage if the closing price is below the 50% barrier (e.g., a 60% share decline delivers $400).

Key structural terms include: no periodic coupons; minimum denomination $1,000; trade date 9 July 2025; issue price 100%; underwriting discount 2.5%; and an initial estimated value of $905-$955, reflecting hedging costs and RBC’s lower internal funding rate. The notes will not be listed, and secondary liquidity will depend solely on RBC Capital Markets. All payments rely on RBC’s creditworthiness; the product is not CDIC/FDIC insured and is exempt from Canadian bail-in rules.

Investment profile: the structure offers a generous 50% protection buffer and a pre-defined 43% upside over roughly three years, but exposes investors to (1) 1-for-1 downside below the barrier, (2) opportunity cost if Shopify outperforms 43%, (3) credit risk, and (4) potential liquidity and pricing frictions in the secondary market. The tax treatment is uncertain; counsel currently views the notes as prepaid open contracts, but the IRS could take a different view.

This security suits investors with a moderately bullish to range-bound view on Shopify who can hold to maturity, accept capped upside, and tolerate issuer and liquidity risk.

JPMorgan Chase Financial Company LLC is offering three-year, auto-callable contingent income securities linked to the common stock of Bank of America Corp. (BAC). Each $1,000 note may be redeemed quarterly at par plus the applicable coupon if, on any of the 11 observation dates between October 2025 and April 2028, BAC’s closing price is at or above the initial stock price. If not redeemed, the notes mature on 14 July 2028.

Contingent coupon: at least 2.5125% per quarter (≥ 10.05% p.a.) paid only if BAC closes at or above the downside threshold (75 % of the initial price) on the relevant date. Investors receive no coupon for periods in which BAC is below the threshold.

Principal repayment:

• At or above 75 % at maturity – par plus final coupon.
• Below 75 % – repaid in proportion to BAC’s decline (stock performance factor); loss of up to 100 % of principal possible.

Key dates: Pricing expected 11 July 2025; settlement three business days later; quarterly observation dates run until 11 July 2028.

The estimated value will be ≥ $940 per $1,000 note, reflecting dealer discount and hedging costs. Any payment depends on the credit of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor). Secondary liquidity may be limited and offered below issue price.

Main risks: conditional coupons, no upside participation in BAC appreciation, exposure to BAC downside below 75 %, early call risk, issuer/guarantor credit risk, and uncertain U.S. tax treatment.

MKS Instruments, Inc. (symbol: MKSI) has filed a Form 144, indicating the planned sale of restricted stock that has recently vested. The filing covers a total of 2,000 common shares—sourced from four separate restricted-stock vesting events between February 2021 and February 2022—representing approximately 0.003% of the company’s 67.07 million shares outstanding.

Key details of the proposed sale:

• Share amount: 2,000 common shares
• Estimated market value: US $210,000
• Broker: Fidelity Brokerage Services LLC, Smithfield, RI
• Planned execution date: on or about 03 July 2025
• Exchange: NASDAQ

The seller attests that no material non-public adverse information is known and that the transaction complies with Rule 144 conditions. The form shows no prior sales within the last three months, suggesting this is the first liquidation step for this block of vested stock. Given the small size relative to MKSI’s float and market capitalization, the filing is generally viewed as routine administrative disclosure rather than a market-moving event.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., plans to issue 5-year S&P 500® Uncapped Accelerated Barrier Notes (CUSIP 48136FDX7). The notes will price on 31 July 2025 and mature on 5 August 2030. Investors buy in $1,000 denominations.

Return profile: if the S&P 500 Final Value exceeds the Initial Value, the note pays $1,000 + ($1,000 × Index Return × Upside Leverage Factor), where the Upside Leverage Factor will be ≥ 1.045. If the index is flat or down but not below the 70 % barrier, principal is returned. Should the index close below 70 % of the Initial Value on the 31 July 2030 observation date, principal is reduced one-for-one with the index loss, exposing investors to up to 100 % capital loss.

Valuation & liquidity: the preliminary estimated value at pricing will be ≥ $900 per $1,000, reflecting dealer margins and hedging costs; secondary-market liquidity depends solely on J.P. Morgan Securities LLC and may be at materially discounted prices.

Key risks highlighted include: full credit exposure to JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.; loss of principal below the barrier; no interest, dividends, or voting rights; potential conflicts as calculation agent and hedger; uncertain tax treatment; and pricing based on an internal funding rate that lowers estimated value.

These notes suit investors comfortable with JPM credit risk, limited upside leverage, a 5-year horizon, and the possibility of significant loss if the S&P 500 falls more than 30 % from the initial level.

Turkcell (TKC) has filed a Form 6-K announcing the on-schedule redemption of its short-term financing bond (ISIN TRFTCEL72513). The 97-day bill, issued on 27 March 2025 for TRY 230 million at a fixed annual simple rate of 46.00%, was fully repaid on 2 July 2025. The company disbursed TRY 28.12 million in interest and returned the entire principal amount to investors.

The security was part of a broader TRY 8 billion domestic debt programme aimed at qualified investors, with Ziraat Yatırım acting as intermediary and Merkezi Kayit Kuruluşu serving as depository. Turkcell retains a AAA (trk) long-term national rating from JCR Avrasya, reaffirming its investment-grade credit profile.

The timely settlement underscores Turkcell’s adequate short-term liquidity and ability to access local capital markets, though the elevated 46% coupon reflects the high cost of Turkish-lira funding. No guidance changes, refinancing details, or additional capital-raising plans were disclosed in this filing.

• Principal repaid: TRY 230 million
• Interest paid: TRY 28.12 million
• Maturity: 97 days (27 Mar 2025 – 2 Jul 2025)
• Programme limit: TRY 8 billion
• Credit rating: AAA (trk) by JCR Avrasya

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., plans to issue $1,000-denominated Market Linked Securities that combine an auto-call feature, 100% upside participation and a 10% fixed downside buffer. The notes are linked to the S&P 500 Index and the Dow Jones Industrial Average; investors are exposed to the lowest-performing of the two indices at every measurement date.

• Pricing date: 18 Jul 2025  |  Issue date: 23 Jul 2025
• Potential automatic call: 23 Jul 2026 if the worst index is at or above its starting level; investors then receive principal plus a ≥10.40% call premium.
• Maturity: 21 Jul 2028. If not called, payout depends on the worst index on the final calculation day:
  • Above start level – principal plus full upside.
  • Between 90% and 100% of start – principal only.
  • Below 90% of start – 1-for-1 downside beyond the 10% buffer (losses up to 90%).
• Estimated value: ≈$960.80 per $1,000 note today; final estimate to be ≥$940 in the pricing supplement.
• Fees: Up to 2.575% selling concession (incl. Wells Fargo and other dealers); JPMS may pay up to 0.30% additional distribution fees.
• Credit exposure: unsecured obligations of JPMorgan Financial, guaranteed by JPMorgan Chase & Co.

The accompanying documents highlight key risks: capped upside if auto-called, potential 90% principal loss at maturity, reinvestment risk, liquidity constraints, valuation discounts versus issue price, tax uncertainty and reliance on JPM’s creditworthiness.

Form 4 snapshot: On 06/30/2025, director John H. C. Pinsent received 8,440 Class A Ordinary Shares of New Horizon Aircraft Ltd. (HOVR) through a transaction coded “A,” indicating a cost-free grant/award rather than an open-market purchase. The filing reports a price of $0.00 per share.

After the grant, Pinsent’s direct holding rises to 56,654 shares. No derivative securities were acquired or disposed of, and there were no other insider participants in this filing.

Because the award is modest relative to likely shares outstanding and was not made with personal capital, market impact should be minimal. Still, the incremental ownership marginally strengthens insider–shareholder alignment.

Centene Corporation (CNC) Form 4 filing: Director Frederick H. Eppinger reported the acquisition of 463 shares of common stock on 06/30/2025 at a stated price of $0.00, indicating an equity award rather than an open-market purchase. Following the transaction, Eppinger directly owns 359,042.658 shares, which includes 5,965 restricted stock units (RSUs) subject to future vesting. No derivative securities transactions were reported. The filing was signed by attorney-in-fact Christopher A. Koster on 07/02/2025.

The transaction modestly increases the director’s stake by approximately 0.13%, providing incremental alignment with shareholder interests but does not represent a market-based purchase. No other insider transactions or material events were disclosed in this short-form filing.