MicroSectors™ Energy 3X Leveraged ETN SEC Filings

Amendment No. 5 to Schedule 13D discloses that the Silver Lake–affiliated reporting persons (Global Blue Holding L.P., SL Globetrotter L.P., SL Globetrotter GP Ltd., Silver Lake Technology Associates III Cayman L.P. and Silver Lake (Offshore) AIV GP III Ltd.) have tendered all of their equity interests in Global Blue Group Holding AG (“GB”) in connection with the cash tender offer launched by Shift4 Payments, Inc. and its Swiss merger subsidiary.

The offer, which commenced on 21 March 2025 and expired one minute after 11:59 p.m. (NYC time) on 2 July 2025, met all conditions. The Silver Lake vehicles tendered:

• 34,871,499 ordinary shares held by Cayman Holdings at $7.50 per share
• 4,939,137 Series A preferred shares (convertible into ordinary shares) at $10.00 per share
• 91,230,811 ordinary shares held by Globetrotter at $7.50 per share
• 11,970,487 Series A preferred shares held by Globetrotter at $10.00 per share

In addition, 2,701,935 Global Blue warrants (Cayman Holdings) and 6,548,415 warrants (Globetrotter) were cashed-out and are no longer exercisable. As a result of these transactions, the reporting persons now report 0 shares beneficially owned (0.0% of the class) and thereby cease to be 5% holders as of 3 July 2025.

Following completion of the offer, director Joseph Osnoss resigned from the Global Blue board. The filing attaches an amended Annex A listing directors of the Silver Lake general partners and adds Exhibit 99.1 containing that information.

This amendment is limited to updating ownership, identity disclosures and purpose-of-transaction details; all other information in prior filings remains unchanged.

Veritex Holdings, Inc. (VBTX) filed a Form 4 disclosing insider transactions by Chief Financial Officer Terry Earley. The filing covers activity on July 1, 2025, one day after Earley’s retirement became effective (June 30, 2025).

• Vesting/Conversion (Code M): 97,204 restricted stock units (RSUs) automatically vested and converted into common shares at a $0 exercise price, reflecting retirement-based acceleration.
• Tax Withholding Sale (Code F): 42,485 shares were disposed of at $26.87 per share to satisfy withholding obligations.
• Post-transaction ownership: Earley now holds 245,259 direct shares and 8,286 indirect shares (IRA), for a total beneficial ownership of 253,545 shares.

The net effect is an increase of roughly 54,700 directly held shares, signalling that the retiring executive retains a sizable equity stake. No derivative securities remain outstanding after the RSU conversion.

While the filing confirms Earley’s retirement and updated ownership, it does not address succession plans or strategic impacts. Investors typically view large insider holdings as alignment of interests, but the departure of a key financial executive can introduce short-term governance and continuity questions.

Magnachip Semiconductor Corp. (MX) filed a Form 4 disclosing that director Ilbok Lee acquired 55,845 shares of common stock on July 1 2025. The transaction was coded "A" (acquisition) and carries a stated price of $0, indicating a grant, award or other non-cash issuance. Following the transaction, Lee’s direct ownership increased to 275,026 shares. No derivative securities were involved, and there were no dispositions.

The filing signals a meaningful expansion of an insider’s equity stake and may be interpreted by investors as a vote of confidence in the company’s prospects.

Royal Bank of Canada (RY) has filed a Free Writing Prospectus for “Barrier Digital Notes” maturing 1 August 2030. The $1,000-denominated notes are linked to the iShares MSCI Emerging Markets ex-China ETF (EMXC) and the EURO STOXX 50 Index (SX5E). At maturity, the payout depends on the Least Performing Underlier:

• Upside: If the final value of the worst-performing underlier is ≥ its initial level, investors receive the greater of (a) the underlier’s total return or (b) a fixed 55 % “Digital Return.”
• Contingent principal protection: If the worst underlier ends between 70 % and 99.99 % of its initial level, principal is merely returned.
• Downside: If the worst underlier closes below 70 % of its initial value, holders lose 1 % of principal for every 1 % decline, up to total loss.

Key dates are Trade Date 28 Jul 2025, Valuation Date 29 Jul 2030 and Maturity 1 Aug 2030. The initial estimated value is $878–$928 per $1,000—well below the public offering price, reflecting distributor compensation and hedging costs. The notes pay no coupon, are unsecured, and carry RBC credit risk. Extensive risk factors cite market volatility, emerging-market exposure, currency dynamics, lack of secondary liquidity, potential conflicts of interest, tax uncertainty and the possibility of accelerated redemption upon regulatory changes.

Overall, the instrument offers leveraged upside up to a 55 % digital cap with conditional downside protection, but investors face meaningful principal risk, illiquidity and valuation drag versus direct ETF or index exposure.

Mersana Therapeutics, Inc. (NASDAQ: MRSN) filed an 8-K to disclose the termination of its October 29, 2021 loan and security agreement with Oxford Finance LLC and other lenders. On July 1, 2025, the company paid approximately $17.9 million, which fully satisfied and discharged all outstanding indebtedness and related obligations under the agreement. As a result, the loan agreement and its related collateral security documents are no longer in effect.

The disclosure was made under Item 1.02 (“Termination of a Material Definitive Agreement”). No other material events, financial results, or operational updates were included in this filing.

Bank of Montreal (BMO) plans to issue Senior Medium-Term Notes, Series K – “Callable Barrier Notes with Contingent Coupons” – maturing 15 July 2027. The notes are linked to the least-performing of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Russell 2000 indices. They are unsecured, unsubordinated obligations of BMO and will not be listed on any exchange, leaving investors reliant on BMO Capital Markets (BMOCM) for secondary liquidity.

Key economic terms

• Principal amount: US$1,000 minimum denomination.
• Contingent Interest Rate: 0.8125 % per month (≈9.75 % p.a.). A coupon is paid only if, on the relevant monthly Observation Date, each index closes at or above 75 % of its Initial Level (“Coupon Barrier”).
• Issuer Call: From 10 July 2026 (≈ 1 year before maturity) BMO may redeem the notes in whole on any Observation Date, returning par plus the coupon due.
• Maturity payment (if not called): Investors receive par unless any index has fallen below 70 % of its Initial Level (“Trigger Level”). If a Trigger Event occurs, payoff = $1,000 × (1 + % change of the worst-performing index), exposing principal to a 1 : 1 downside with losses up to 100 %.
• Pricing Date: 10 July 2025; Settlement Date: 15 July 2025; Valuation Date: 12 July 2027.
• Estimated initial value: $982 per $1,000, reflecting issuance fees and hedging costs; final estimate will not be below $935.

Investor profile & trade-offs

The product targets yield-seeking investors comfortable with equity-market risk and potential early redemption. Coupons are attractive relative to conventional debt, but are contingent and may cease during market stress – the same environment in which principal is most at risk. Because performance is driven by the worst of three indices, diversification benefits are limited; a sharp decline in any single index can both cancel coupons and trigger principal loss.

Key risks highlighted in the filing

• Principal risk: no protection below the 70 % Trigger Level.
• Coupon risk: coupons are skipped whenever any index is below its barrier.
• Call & reinvestment risk: BMO likely to call when market conditions favour the issuer, capping upside and forcing reinvestment at lower rates.
• Liquidity & valuation: no exchange listing; secondary prices likely below issue price and influenced by BMO’s credit spread and hedging costs.
• Credit risk: payments depend on BMO’s ability to pay; notes are not FDIC/CDIC-insured.
• Tax uncertainty: treated as prepaid contingent income-bearing derivative contracts; IRS could challenge this characterization.

Illustrative scenarios show full par repayment when the worst index closes at or above 70 % of its start level, but a proportional loss thereafter (e.g., a 40 % index decline → $600 payoff; 60 % decline → $400; 100 % decline → $0).

Overall, the filing offers detailed disclosure of terms, mechanics and extensive risk factors to satisfy Rule 433 requirements for a Free Writing Prospectus.

comScore, Inc. (SCOR) – Form 4 insider filing

Director Matthew F. McLaughlin received an equity grant of 10,000 restricted stock units (RSUs) on 07/01/2025 under the company’s 2018 Equity and Incentive Compensation Plan. Each RSU represents one share of common stock.

Vesting schedule: the award vests in full on the earliest of (i) the 2026 annual shareholder meeting, (ii) 30 June 2026, or (iii) a change-of-control event, subject to continued board service. Shares are delivered after separation from service or a change of control.

Compensation changes: the grant’s fair-value target is $120,000, calculated by dividing the target amount by a reference price of $12.00. This represents a significant reduction from the prior director compensation formula, which allocated $170,000 divided by the market price at grant (previously $5.07). The Board reduced overall compensation and applied a higher share price to more closely align directors’ incentives with long-term shareholder value.

Post-transaction ownership: McLaughlin now beneficially owns 10,000 derivative securities (RSUs) held directly; no non-derivative common shares were reported.

The filing is routine and involves no open-market transactions, cash outflow, or immediate dilution; it primarily signals a shift in board compensation structure rather than a material operational event.

On 06/30/2025, Monarch Casino & Resort Inc. (MCRI) director Yvette Landau filed a Form 4 reporting an equity award rather than any open-market trade. The filing shows:

• Grant of 6,100 stock options ("Options / Right to Buy") with an exercise price of $86.44 and expiration on 06/30/2035.
• No common-stock purchases or sales were reported; Table I simply restates 24,400 shares held directly.
• Following the grant, Landau beneficially owns the same 24,400 shares plus 61,000 previously issued options with strike prices ranging from $21.85 to $86.44.

The disclosure represents a routine insider option grant and does not indicate any change in control or disposition of Monarch Casino shares.

Garrett Motion Inc. (GTX) – Form 4 insider transaction

Cyrus Capital Partners, L.P., together with its general partner Cyrus Capital Partners GP, L.L.C. and Chief Investment Officer Stephen C. Freidheim (collectively the “Reporting Persons”), disclosed two open-market sales of Garrett Motion common stock while remaining a 10 % beneficial owner.

• 07 / 02 / 2025: 51,865 shares sold at a weighted-average price of $11.003.
• 07 / 03 / 2025: 219,647 shares sold at a weighted-average price of $11.0374.

Following the transactions, the Reporting Persons’ indirect beneficial ownership declined from 23,705,198 to 23,433,686 shares, a reduction of roughly 1.1 % of their position. All shares are held indirectly via several Cyrus-managed investment funds (see Footnote 2). No derivative securities were reported.

The filing indicates routine portfolio activity rather than a strategic exit; the group still holds a substantial block well above the 10 % threshold, maintaining significant influence over GTX.