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

The Toronto-Dominion Bank (TD) has filed a Rule 424(b)(2) pricing supplement for Digital S&P 500 Index-Linked Notes (Series H) with an expected tenor of 13-15 months and a minimum denomination of $1,000.

Pay-off profile:

• Threshold settlement amount: $1,076.60-$1,089.90 per $1,000 note (7.66%-8.99% fixed return) if the S&P 500 Final Level is at least 90% of the Initial Level on the Valuation Date.
• Downside exposure: If the index declines by >10%, investors lose approximately 1.1111% of principal for every 1% drop below the 90% threshold, potentially resulting in total loss of principal.
• No participation in gains above the threshold settlement amount; upside is capped.

Structural details:

• No periodic interest—return is delivered only at maturity.
• Unsecured senior debt; payments subject to TD’s credit risk and not insured by FDIC or CDIC.
• Initial estimated value: $955.90-$985.90 (4.4%- an 4.4- an emphasis) below the $1,000 offering price, reflecting hedging and distribution costs.
• Public offering price $1,000; underwriting discount $10.90; net proceeds to TD $989.10 per note.
• Notes will not be listed; secondary market liquidity expected to be limited and at prices below the offering price.

Key risks highlighted:

• Principal-at-risk with amplified downside via the 1.1111 multiplier.
• Capped positive return—no exposure to index appreciation beyond the fixed payout.
• Market, liquidity and valuation risk; TD and affiliates may act as market makers but are not obliged to do so.
• Potential conflicts of interest: TD is issuer, calculation agent and hedger; TDS is distributor.
• Complex U.S. and Canadian tax treatment; classification as prepaid derivative contract is assumed but not certain.

Important dates (to be set on the final pricing supplement): Pricing Date (2025), Issue Date (T+5), Valuation Date (13-15 months post-pricing), Maturity Date (two business days after valuation).

Overall, the product offers a short-dated, fixed digital payoff linked to the S&P 500 with limited upside and significant potential downside, suitable only for investors comfortable with TD credit exposure and structured product risk.

Bentley Systems, Incorporated (BSY) has filed a Form 144 indicating that an insider intends to sell up to 20,313 common shares through broker Morgan Stanley Smith Barney LLC. The proposed sale, valued at approximately $1.15 million, is scheduled on or about 07 July 2025 on the NASDAQ exchange. The shares were originally acquired on 01 April 2022 via restricted stock unit (RSU) vesting.

The same account has already sold 19,156 shares on 03 July 2025 for gross proceeds of $1.05 million, as disclosed in the past-three-month sales table. The filer certifies compliance with Rule 144 and affirms no undisclosed material information. A Rule 10b5-1 trading plan appears to be in place, as the prior sale is labelled “10b5-1 Sales.”

No earnings metrics or operational updates accompany this filing; it is strictly a notice of intended share disposition.

Rocket Lab Corporation (NASDAQ: RKLB) has released Definitive Additional Proxy Materials (DEFA14A) ahead of its virtual 2025 Annual Meeting scheduled for August 27, 2025 at 1:30 p.m. PT. Shareholders of record as of the meeting date are asked to vote on four proposals:

• Election of three Class I directors – Jon Olson, Merline Saintil and Alex Slusky – for terms expiring in 2028.
• Ratification of Deloitte & Touche LLP as independent auditor for the fiscal year ending December 31, 2025.
• Advisory (non-binding) vote on named-executive-officer compensation (Say-on-Pay).
• Amendment to the Amended & Restated Certificate of Incorporation of subsidiary Rocket Lab USA, Inc. to remove the recently added pass-through voting provision that currently requires separate approvals by both Rocket Lab Corporation and its shareholders before specified subsidiary actions can occur.

The Board of Directors unanimously recommends “FOR” all items. Voting can be completed online at www.ProxyVote.com until 11:59 p.m. ET on August 26, 2025, or live during the virtual meeting at www.virtualshareholdermeeting.com/RKLB2025. No filing fee was required for this submission.

Fathom Holdings Inc. (NASDAQ: FTHM) has filed a DEFA14A to distribute additional proxy materials for its 2025 Annual Meeting, to be held on 20 August 2025 at the company’s Cary, NC headquarters. Shareholders will be asked to:

• Elect six director nominees to one-year terms ending at the 2026 meeting.
• Approve an amendment to the 2019 Omnibus Stock Incentive Plan that adds 1.3 million shares of common stock to the plan’s reserve.
• Ratify Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending 31 December 2025.
• Address any other business that may properly come before the meeting.

The Board of Directors unanimously recommends a “FOR” vote on Proposals 1-3. No SEC filing fee is required for this notice. Proxy materials, including the 2024 Form 10-K/A and the full 2025 proxy statement, are available online, and shareholders may vote electronically, by QR-enabled mobile device, by proxy card, or in person at the meeting.

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.

J.P. Morgan has filed an index supplement under Rule 424(b)(3) for structured notes linked to the J.P. Morgan Large-Cap Dynamic Blend 3 Index. The document provides (i) a back-tested monthly and annual return series from July 1990 to March 22, 2021, and (ii) actual index returns from March 23, 2021 to June 30, 2025. The historical data illustrate low-volatility, low-return behaviour, with annual performance generally ranging between –4.6 % and +9.2 % and a maximum calendar-year decline of –4.61 % (1993). The index is calculated on an excess-return basis and deducts a 0.95 % annual fee.

Methodology highlights: the index dynamically allocates between an equity futures constituent (S&P 500®) and a bond futures constituent, re-weighting daily to maintain a 3 % volatility target. When both constituents exhibit volatility above 3 %, a portion of the index remains uninvested, earning no return. The index began live calculation on 23 Mar 2021; earlier figures are hypothetical back-tests.

Key risks disclosed:

• Conflict of interest: J.P. Morgan Securities LLC acts as index sponsor and calculation agent.
• Performance drag from the 0.95 % daily-accruing fee and from daily rebalancing.
• Potential overweight to the bond leg; equity and bond constituents may become highly correlated in stress periods.
• Limited operating history for the index and its portfolio constituents (live data only since Dec 2020/Mar 2021).
• Target volatility constraint may cap upside and leave the index partially uninvested.
• Investments in notes linked to the index carry J.P. Morgan credit risk and are not FDIC-insured.

Past and back-tested performance is not indicative of future results; suitability must be assessed for each investor.

J.P. Morgan has filed a Rule 424(b)(3) index supplement for structured notes linked to the MerQube US Gold Vol Advantage Index (“the Index”). The document provides investors with back-tested monthly and annual returns from December 2007 to February 2025 and actual performance from 11 Feb 2025 to 30 Jun 2025. Reported calendar-year backtests show double-digit gains in several periods (e.g., 76.74 % in 2009, 60.75 % in 2018, 63.85 % in 2023) but also deep draw-downs (-61.69 % in 2012, -40.54 % in 2014), illustrating the strategy’s high volatility.

The Index is a rules-based, gold futures strategy that seeks to target a defined volatility by adjusting both leverage and cash exposure; however, its level is reduced by a 6 % per-annum daily deduction and represents excess return only (no interest on collateral). It began live calculation on 11 Feb 2025, so most performance data are hypothetical and subject to the limitations of back-testing.

Key risk disclosures highlighted in the filing:

• Index established in 2025; limited live history and potential model risk.
• May not achieve the stated volatility target and can employ significant leverage.
• Potentially large uninvested cash allocations and negative roll yield from futures term structure.
• Concentration in gold futures exposes investors to commodity-specific shocks.
• Daily 6 % fee and excess-return methodology create structural performance drag.
• JPMS helped design the Index and licenses it from MerQube, creating conflicts of interest.

Neither the SEC nor state regulators have approved the notes. They are not FDIC-insured and carry issuer credit risk. Past or back-tested returns are explicitly not indicative of future results. Investors are urged to review the full Risk Factors in the prospectus supplement, product supplement, underlying supplement and any final pricing supplement.

J.P. Morgan has filed an index supplement for exchange-traded notes (ETNs) linked to the MerQube US Small-Cap Vol Advantage Index. The document combines the prospectus dated April 13 2023 and subsequent addenda and is offered under Rule 424(b)(3).

Index profile. The Index was launched on June 21 2022 and applies a systematic volatility-target strategy to U.S. small-cap equity futures. A 6.0% per-annum daily fee is deducted from the level. Performance data include:

• Hypothetical back-tested returns from Jan 7 2005 to Jun 17 2022
• Actual returns from Jun 21 2022 to Jun 30 2025
• Large annual dispersion: +62.46% (2012) to –35.22% (2007) and –28.53% (2017)

Key structural details.

• Index may employ significant leverage and can remain partially uninvested.
• It is calculated on an excess-return basis; cash interest is not reflected.
• JPMS collaborated with MerQube in designing the methodology and holds an exclusive license.

Selected risk highlights (verbatim from filing):

• Limited operating history and potential deviation from target volatility.
• Daily 6% deduction reduces returns even in favorable markets.
• Exposure to futures roll risk, margin changes, and trading suspensions.
• Small-capitalization concentration and use of leverage increase volatility.
• Index Sponsor may adjust rules without regard to note-holders’ interests.

The filing stresses that historical and back-tested results are not indicative of future performance and that the notes are unsecured, non-FDIC-insured obligations of J.P. Morgan.

July 2025 index update: The S&P® Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (ticker SPGLR5TE) was launched on September 18, 2023 to give investors exposure to the S&P Global 100 while capping annualised volatility at 5%. To achieve this, the index re-balances its equity exposure each day and deducts both (i) a 0.50% per-annum fee and (ii) a notional financing cost tied to the Effective Federal Funds Rate. The methodology means the index can at times be significantly uninvested in equities.

Performance snapshot (Jun-15 – Jun-25): 10-year annualised return 1.61% with 4.37% volatility, delivering a Sharpe ratio of 0.37. Over the same period a Domestic 30/70 portfolio (30% S&P 500 / 70% Bloomberg Barclays Agg) returned 3.02% at 6.37% volatility (Sharpe 0.47), while a Global 30/70 mix returned 1.55% at 6.19% volatility (Sharpe 0.25). The index’s actual 1-year return is -1.65%. Monthly data since 2016 show frequent low-single-digit gains or losses, consistent with the volatility cap.

Key risk disclosures: daily deductions reduce growth potential; volatility targeting may prevent full participation in rallies or accentuate declines; the index may fail to meet its 5% volatility goal; JPMorgan Chase & Co. is a constituent of the underlying equity basket, creating a potential conflict of interest. Past and back-tested results are not predictive of future performance.