Welcome to our dedicated page for Inverse VIX S/T Futs ETNs due Mar22,2045 SEC filings (Ticker: VYLD), 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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iShares Trust – iShares GNMA Bond ETF (CIK: 0001100663) filed its monthly Form N-PORT report covering the period ended 30 April 2025.
Balance sheet: Total assets stand at $369.9 million against liabilities of $19.5 million, producing net assets of $350.4 million (liabilities ≈ 5.3 % of assets).
Performance: The ETF recorded three consecutive positive months:
- Feb 2025: +2.42 %
- Mar 2025: +0.05 %
- Apr 2025: +0.06 %
Cash flows: Share-transaction data show mixed demand. February produced a marginal net inflow of $10 k (sales $2.19 m vs redemptions $2.18 m), while April saw a $4.34 m net outflow. No transactions were reported for January.
Risk metrics (USD DV01 / DV100): A 1-bp parallel move shifts portfolio value by $74.5 k at the 10-year point; a 100-bp move would shift value by $7.45 m. Credit exposure is overwhelmingly investment grade with a modest 5-year CS01 of $169.6 k; there is no non-investment-grade exposure reported.
Realised & unrealised results: February delivered realised gains of $369 k and unrealised gains of $6.85 m. March and April show combined realised/unrealised losses of roughly $2.46 m.
No borrowings, preferred shares, or off-balance-sheet leverage were reported. Securities-lending activity used non-cash collateral, but quantitative details were not provided. Highly Liquid Investment Minimum data were marked “N/A”, and derivatives-specific VaR information was not included.
Take-away: The fund remains moderately sized, maintains investment-grade credit quality, and exhibits limited leverage. Performance has been mildly positive year-to-date, but April redemptions and recent unrealised losses warrant monitoring.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is marketing Dual Directional Buffered PLUS notes linked to the Russell 2000 Index (RTY). Each note has a $1,000 stated principal and a 2-year tenor, pricing on or about 17 Jul 2025 and maturing 4 Aug 2027.
Payoff structure:
- Upside: 150% participation in any positive RTY return, capped at an indicative 118.80% of principal (max gain 18.8%).
- Flat to modest decline (0% to –15%): investors receive a 1% positive return for each 1% negative index move, up to the 15% buffer, again limited to the $1,150 maximum.
- Decline beyond –15%: repayment equals (index performance factor × $1,000) + $150, exposing investors to losses down to a worst-case –85%. However, the embedded feature guarantees a $150 minimum redemption.
Key terms: 15% downside buffer, 150% leverage factor, CUSIP 48136E6Y6, minimum estimated value ≥ $940, issue price $1,000. Secondary liquidity will be provided by J.P. Morgan Securities but may be limited, and the notes do not pay periodic interest.
Risks: Investors face issuer and guarantor credit risk, capped upside, potential 85% principal loss, pricing at a premium to estimated value, uncertain tax treatment, and exposure to small-cap equity volatility. The product is intended for sophisticated investors seeking range-bound or moderately bullish exposure to the Russell 2000 with partial downside protection.
Toronto-Dominion Bank is offering $711,000 aggregate principal amount of Callable Contingent Interest Barrier Notes maturing on 30 June 2028. The Notes are linked to the least-performing of three major U.S. equity benchmarks: Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX). They are senior, unsecured debt obligations of TD and are subject to the bank’s credit risk.
The Notes pay a contingent coupon of ~9.70% p.a. (calculated monthly) only when, on the corresponding observation date, the closing level of each index is at least 70 % of its initial level (the Contingent Interest Barrier). TD may call the Notes in whole, at its discretion, on any monthly payment date starting with the sixth coupon date; if called, investors receive the $1,000 principal plus any earned coupon, and no further payments.
If the Notes are not called, repayment at maturity depends on index performance. Full principal is returned only when the final level of each index is at least 60 % of its initial level (Barrier Value). If any index closes below its Barrier Value, investors incur a loss equal to the percentage decline of the worst-performing index and could lose up to 100 % of their investment.
- Issue price: $1,000 per Note; underwriting discount: $7.00; net proceeds to TD: $993.00.
- Estimated value on the pricing date: $986.10 per Note, below the public offering price.
- Denominations: $1,000 and integral multiples thereof; CUSIP 89115HH42.
- No exchange listing; secondary trading may be limited and subject to differing prices.
The product offers high conditional income and 40 % downside barrier, balanced against equity market, call, credit and liquidity risks.
JPMorgan Chase Financial Company LLC is issuing $8.32 million of Step Down Trigger Autocallable Notes (the “Notes”) linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The Notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.
Key structural terms
- Trade / Issue / Maturity: 26 Jun 2025 / 30 Jun 2025 / 28 Jun 2028 (3-year tenor).
- Non-call period: 1 year; quarterly observation dates thereafter. If all three indices close at or above their Initial Value on any observation date, or at/above the Downside Threshold (65% of Initial Value) on the Final Valuation Date, the Notes are automatically called.
- Call Return: 9.00% per annum, accruing the longer the Notes remain outstanding. Investors do not participate in index upside beyond this fixed Call Return.
- Downside protection: Contingent only; if any index closes below its 65% Downside Threshold on the Final Valuation Date and the Notes have not been called, principal is repaid at a rate proportionate to the worst-performing index, exposing investors to up to 100% loss.
- Issue price / Estimated value: $10.00 vs. estimated fair value of $9.633, implying an initial value discount of roughly 3.7% (before secondary-market liquidity considerations).
- Fees: Selling commissions of $0.15 per $10 note (1.5%); proceeds to issuer $9.85 per note.
- Minimum investment: $1,000 (denomination $10).
Risk highlights
- No periodic interest payments and no index upside participation.
- Full principal at risk below the 65% threshold; adverse move in only one index triggers loss.
- Credit exposure to JPMorgan Chase Financial and JPMorgan Chase & Co.; Notes are not FDIC-insured.
- Limited or no secondary market; valuation may be volatile and dependent on dealer quotes.
Investor profile: Suitable only for investors who (1) understand structured-product risk, (2) can tolerate loss of principal, (3) are comfortable with exposure to three equity indices, and (4) are willing to forego dividends and conventional bond coupons in exchange for a capped, contingent return.
JPMorgan Chase Financial Company LLC is offering $1.579 million of Capped Buffer GEARS (Growth Enhanced Asset Return Securities) linked to the Nikkei 225 Index. The notes are senior, unsecured obligations of JPMorgan Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.
Key economic terms: the holder receives 3.0× leveraged exposure to any positive index performance, capped at a 34.50 % maximum gain. If the index return is zero or negative but the final index level remains at or above the Downside Threshold of 85 % of the Initial Value (buffer 15 %), principal is fully repaid. Should the index close below the threshold on the final valuation date (27 Dec 2027), repayment is reduced 1 % for each 1 % decline beyond the 15 % buffer, exposing investors to a potential loss of up to 85 % of principal.
Key dates: Trade Date 26 Jun 2025; Issue Date 30 Jun 2025; Final Valuation Date 27 Dec 2027; Maturity 30 Dec 2027. Minimum investment is $1,000 (denominations of $10).
Pricing & fees: Public offering price $10.00 per note; selling commission $0.225 (2.25 %) paid to UBS Financial Services; net proceeds $9.775. The estimated value determined by the issuer is $9.709, reflecting issuer profit and hedging costs. Notes will not be listed on any exchange and are expected to trade only through JPMS on a limited, best-efforts basis.
Risk highlights: (1) downside market risk up to 85 % of principal, (2) no interim interest or dividend payments, (3) capped upside limits participation in strong rallies, (4) full exposure to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., (5) liquidity risk due to lack of listing, and (6) potential early acceleration upon change-in-law events.
JPMorgan Chase Financial Company LLC is offering $503,000 in Review Notes Linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes price at $1,000 per unit, carry $39 in selling commissions and net proceeds of $961 to the issuer. The estimated value on the pricing date is $909.70, reflecting embedded costs and dealer margins.
The product is a seven-year, autocallable structure:
- Automatic call: first possible call 6 Jul 2026 if the Index closes ≥ 100% of its initial level (10,956.37). Call premiums start at 17.0% of par and step up to 119.0% by the final review date.
- Downside buffer: 20%. If not called and the Index falls ≤ 20%, principal is returned at maturity (1 Jul 2032). Below that threshold, investors lose principal 1-for-1 beyond the buffer, up to an 80% maximum loss.
- No coupons or dividends; investors forgo any income during the term.
The underlying MerQube index offers leveraged (0-500%) exposure to the Invesco QQQ Trust, rebalanced weekly to target volatility, but its performance is reduced by a 6.0% per-annum fee and a daily financing cost on the QQQ position—factors that will cause the index to trail a comparable fee-free benchmark.
Key risks: investors face JPMorgan credit risk; market risk in the tech-heavy index; structural drag from daily deductions; and limited liquidity. The small issue size ($503k) makes the filing immaterial to JPM’s consolidated financials but relevant to retail structured-product investors seeking equity-linked yield with partial downside protection.
Worthington Enterprises (WOR) filed a Form 4 showing that President & CEO Joseph B. Hayek received three tranches of restricted common stock on 06/26/2025 under the 2024 Long-Term Incentive Plan:
- 14,730 shares vesting after three years
- 6,600 shares vesting after two years
- 3,300 shares vesting after one year
These awards increased Hayek’s direct holdings from 181,138 to 205,768 shares. On 06/27/2025, 400 shares were withheld at $63.81 per share to cover tax obligations upon vesting, leaving 205,368 directly owned shares.
In addition, Hayek holds 2,000 WOR shares in a Merrill Lynch IRA, 1,656 shares in a Vanguard IRA, and 4,546.76 phantom shares in the non-qualified deferred compensation plan, 3.93 of which were credited on 06/27/2025.
No open-market sales occurred; the only disposition was tax-related. Overall, the CEO’s net ownership rose by 24,230 shares at no cost, reinforcing long-term alignment with shareholders.
Franklin Financial Services Corporation (FRAF) filed a Form 4 disclosing that director Daniel J. Fisher acquired 313 common shares on 06/23/2025 at an implied price of $34.60 per share, totaling roughly $10.8 thousand. The shares were issued in lieu of cash compensation for a portion of Fisher’s board fees. Following the transaction, Fisher directly owns 29,276 shares, a figure that includes previously reported unvested restricted stock units. No derivative securities were involved.
The filing represents a routine compensation-related share issuance rather than an open-market purchase, but it still modestly increases insider equity alignment without altering control dynamics or signaling material changes to FRAF’s capital structure.
On 20 June 2025, JPMorgan Chase Financial Company LLC priced $500,000 of Uncapped Accelerated Barrier Notes (UABNs) linked to the MerQube US Tech+ Vol Advantage Index (MQUSTVA). The notes settle on 24 June 2025 and mature on 25 June 2030.
Key economic terms
- Upside participation: 2.83× any positive Index return, uncapped.
- Barrier: 50 % of the Initial Value (5,156.54). If the Final Value is below this level, the investor participates one-for-one in all losses.
- Initial Value: 10,313.08 | Observation Date: 20 June 2030.
- Price to public: 100 % | Selling commission: 2 % | Net proceeds: 98 %.
- Estimated value: $950.50 per $1,000 (≈ 4.9 % below issue price).
Index mechanics and structural drag
- Weekly volatility targeting seeks 35 % implied volatility with exposure between 0 % and 500 % to the QQQ Fund.
- Two daily deductions: (1) 6 % p.a. index fee and (2) a notional financing rate (SOFR + 0.50 %). Both reduce returns and magnify leveraged losses.
Risk profile
- No coupons or dividends; investors face up to 100 % capital loss if the Index declines more than 50 %.
- Senior unsecured obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.; repayment is subject to issuer/guarantor credit risk.
- Small issuance size and bespoke index imply limited secondary liquidity; structuring margin reflected in the estimated value.
The notes target investors seeking leveraged upside to a tech-heavy, volatility-managed index with conditional protection. However, high index deductions, leverage and barrier mechanics introduce significant path-dependent risk that may erode or eliminate returns.
JPMorgan Chase Financial Company LLC plans to issue Callable Contingent Interest Notes maturing on July 6, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked individually (not as a basket) to the Dow Jones Industrial Average®, Nasdaq-100 Index® and EURO STOXX 50® Index.
Contingent Coupon. Investors will receive a quarterly Contingent Interest Payment of at least $20.00 per $1,000 principal (≥8.00% p.a.) only if, on the applicable Review Date, the closing level of each index is at or above 70 % of its initial value (the Interest Barrier). If any index breaches that barrier, the coupon for that quarter is forfeited.
Issuer Call Feature. The issuer may redeem the notes in whole (not in part) on any interest payment date beginning January 5, 2026 for $1,000 plus any earned coupon, exposing holders to reinvestment risk if the notes are called when market yields are lower.
Principal Repayment. At maturity, if not previously called, investors receive: (i) $1,000 plus the final coupon if the final level of each index is ≥80 % of its initial level (the Buffer Threshold); or (ii) downside-buffered principal equal to $1,000 + [$1,000 × (Least Performing Index Return + 20 %)]. Because the buffer is only 20 %, a decline of more than 20 % in the worst-performing index results in loss of principal, up to 80 %.
Key Dates & Terms.
- Pricing Date: on/about June 30 2025
- Settlement: on/about July 3 2025
- Review Dates: quarterly, beginning Sept 30 2025; 12 dates total
- Denomination: $1,000
- Estimated value if priced today: $977.40 (≈97.7 % of face); final estimate will not be below $950.
Risk Highlights. Notes are unsecured, subject to JPMorgan credit risk, pay no fixed coupon or dividends, and can lose up to 80 % of principal. Missing any single index barrier on any Review Date eliminates that quarter’s interest. Early redemption is at issuer discretion only.