SNDK · MU · IREN · NBIS Structured Products

Thesis

Five secondary-market Outperformance Certificates on MU, IREN, SNDK, NBIS and NBIS². MU/NBIS/NBIS² are AT CAP — gains locked. Profit at expiry if spot stays here: NBIS² +83% · SNDK +15% · MU +45% · NBIS +30% · IREN +2%. NBIS² leads at +83%; NBIS² offers the widest buffer (−39% to BE). All carry 100% downside participation below fix — IREN is below fix, so its cert tracks the stock 1:1.

Best Profit at Expiry

+83%

NBIS² — per $100K ↓

NBIS² buffer to breakeven

−39%

Widest safety buffer ↓

Product Parameters

Parameter	SNDK XS3334497495 +15%	MU XS3334497651 +45%🔒	NBIS XS3218808510 +30%🔒	NBIS² XS3302504371 +83%🔒	IREN XS3334497818 +2%
Rank	#4	#2	#3	#1 BEST	#5
Type	Outperf Bonus 200%	Outperf Bonus 200%	Outperf Bonus 150%	Booster 200%	Outperf Bonus 200%
Participation	200% up / 100% dn	200% up / 100% dn	150% up / 100% dn	200% up / 100% dn	200% up / 100% dn
Entry / Strike	$1,290	$609	$81	$110	$50
Ref Price (today)	$1,575	$920	$200	$200	$41
Above Entry	+22%	+51%	+147%	+82%	−18%
Maturity	12 May 2027	12 May 2027	29 Dec 2026	28 Jun 2027	12 May 2027
Max Redemption (Cap)	246%	192%	254%	220%	213%
Cap Trigger (underlying)	$2,232 (+42%)	$889 (AT CAP)	$164 (AT CAP)	$176 (AT CAP)	$78 (+90%)
Can buy now at	125.00%	133.00%	195.00%	120.00%	80.00%
Value at expiry (current spot)	144%	192%CAP	254%CAP	220%CAP	82%
Profit at maturity (%)	+15%	+45%	+30%	+83%	+2%
Profit at maturity (% p.a.)	+18% p.a.	+53% p.a.	+63% p.a.	+86% p.a.	+3% p.a.
Discount to Fair Value	+19.2pp	+59.3pp	+58.8pp	+100.2pp	+2.0pp
Breakeven (from ref)	$1,451 (−8%)	$709 (−23%)	$132 (−34%)	$121 (−39%)	$40 (−2%)
Issuer	Marex Financial (BBB/S&P)	Marex Financial (BBB/S&P)	Marex Financial (BBB/S&P)	Morgan Stanley (A+/S&P)	Marex Financial (BBB/S&P)

Theo = if Ref ≥ Fix: MIN(Max Red, 100 + Part × (Ref/Fix − 1)); if Ref < Fix: 100 × Ref/Fix (100% downside, 1:1). Spot (Yahoo EOD 07 Jul 2026): MU $920 · IREN $41 · SNDK $1,575 · NBIS/NBIS² $200. Offer (07 Jul 2026, incl. distribution fee): MU 133.00% · IREN 80.00% · SNDK 125.00% · NBIS 195.00% · NBIS² 120.00%.

Payoff Scenarios (at maturity, per $100K invested)

SNDKXS3334497495

Outperf 200% · May 2027

0 +15% cap +97%

+15%

+$15,349

Entry $1,290 ·Ref $1,575 ·BE $1,451 (−8%)

SNDK +20% → $1,890+54%

SNDK +10% → $1,733+35%

Today $1,575 (+22%)+15%

BE: SNDK −8% → $1,4510.0%

SNDK −10% → $1,418−4%

SNDK −20% → $1,260−22%

MUXS3334497651

Outperf 200% · May 2027

0 +45% 🔒 CAP +45%

+45%

+$44,586

Entry $609 ·Ref $920 ·BE $709 (−23%)

MU +20% → $1,104 (CAP)+45%CAP

MU +10% → $1,012 (CAP)+45%CAP

Today $920 (AT CAP)+45%CAP

Б/У: MU −23% → $7090.0%

MU −10% → $828+29%

MU −20% → $736+7%

NBISXS3218808510

Outperf 150% · Dec 2026

0 +30% 🔒 CAP +30%

+30%

+$30,128

Entry $81 ·Ref $200 ·BE $132 (−34%)

NBIS +20% → $240 (CAP)+30%CAP

NBIS +10% → $220 (CAP)+30%CAP

Today $200 (AT CAP)+30%CAP

BE: NBIS −34% → $1320.0%

NBIS −10% → $180 (CAP)+30%CAP

NBIS −20% → $160+26%

NBIS²XS3302504371

Booster 200% · Jun 2027 · MS

0 +83%🔒 +83%

+83%

+$83,483

Entry $110 ·Ref $200 ·BE $121 (−39%)

NBIS² +20% → $240 (CAP)+83%CAP

NBIS² +10% → $220 (CAP)+83%CAP

Today $200 (AT CAP)+83%CAP

Б/У: NBIS² −39% → $1210.0%

NBIS² −10% → $180 (CAP)+83%CAP

NBIS² −20% → $160+59%

IRENXS3334497818

Outperf 200% · May 2027

0 +2% cap +166%

+2%

+$2,500

Entry $50 ·Ref $41 ·BE $40 (−2%)

IREN +20% → $49+23%

IREN +10% → $45+13%

Today $41 (−18%)+2%

BE: IREN −2% → $400.0%

IREN −10% → $37−8%

IREN −20% → $33−18%

📌 Key Takeaways

●NBIS² leads at +83% ($200, AT CAP). SNDK +15% ($1,575, off cap). MU +45% AT CAP. NBIS +30% AT CAP. IREN +2% ($41, below fix). Widest buffer: NBIS² (−39% to BE).

●MU/IREN/SNDK/NBIS²: 200% / 100% participation. NBIS: 150% / 100%. Max redemptions: MU 192%, IREN 213%, SNDK 246%, NBIS 254%, NBIS² 220%. At cap: SNDK +97%, MU +45% (AT CAP), IREN +166%, NBIS +30% (AT CAP), NBIS² +83% (AT CAP). No downside protection below fix.

●Breakeven: SNDK $1,451 (−8%) / MU $709 (−23%) / NBIS $132 (−34%) / NBIS² $121 (−39%) / IREN $40 (−2%). Widest buffers: NBIS/NBIS².

●NBIS² at cap: +83%. SNDK today: +15%. MU AT CAP: +45%. NBIS AT CAP: +30%. IREN below fix: +2%. All per $100K at offer (07 Jul 2026).

IREN (NASDAQ: IREN)

BTC Mining · AI Compute

▼

IREN Ltd (formerly Iris Energy, NASDAQ: IREN) is a Bitcoin mining and AI cloud compute company headquartered in Vancouver. The company operates large-scale, renewable-powered data centers and is aggressively expanding its GPU cluster capacity for AI workloads. IREN benefits from the dual tailwind of BTC appreciation and surging demand for AI compute.

Vancouver

Listed

NASDAQ

Sector

BTC + AI

Entry

$50

Ref

$41

Above Entry

−18%

Today

$41

−18% below entry

Entry (Strike)

$50

Fixing level

Analyst	Firm	Target	Rating
D. Holt	HC Wainwright	$28 › upd	BUY
Research	Canaccord	upd	BUY
Research	Roth MKM	upd	BUY

Note: analyst targets shown are from public sources and may be outdated. Verify current consensus at Perplexity ↗

Micron Technology (NASDAQ: MU)

Memory · DRAM · HBM

▼

Micron Technology (NASDAQ: MU) is a leading global DRAM and NAND flash memory manufacturer. Micron is a direct beneficiary of the AI infrastructure build-out through its High Bandwidth Memory (HBM) chips used in NVIDIA GPUs and AI accelerators. As AI model sizes scale, HBM demand is accelerating well ahead of supply.

Boise, ID

Listed

NASDAQ

Sector

Semis · Memory

Entry

$610

Ref

$920

Above Entry

+51%

Today

$920

+51% above entry

Entry (Strike)

$610

Fixing level

Analyst	Firm	Target	Rating
Harlan Sur	JPMorgan	upd	BUY
Joseph Moore	Morgan Stanley	upd	OW
Vijay Rakesh	Mizuho	upd	BUY
C.J. Muse	Evercore ISI	upd	OW

Note: analyst targets require current update. MU is widely covered (~30 analysts). Verify at Perplexity ↗

Sandisk (NASDAQ: SNDK)

NAND Flash · SSDs

▼

Sandisk Corporation (NASDAQ: SNDK) is a pure-play NAND flash memory and SSD company, spun off from Western Digital in early 2025. Sandisk designs and manufactures flash storage products for consumer, enterprise, and data center markets. As the AI storage layer expands, enterprise SSD demand is expected to accelerate alongside compute growth.

Milpitas, CA

Listed

NASDAQ

Sector

NAND · Storage

Entry

$1,289

Ref

$1,575

Above Entry

+22%

Today

$1,575

+22% above entry

Entry (Strike)

$1,289

Fixing level

Analyst	Firm	Target	Rating
Research	Wells Fargo	upd	OW
Research	Bank of America	upd	BUY
Research	UBS	upd	NEUTRAL

Note: SNDK coverage is evolving post-spinoff. Targets need current update. Verify at Perplexity ↗

Nebius Group (NASDAQ: NBIS)

AI Cloud · GPU Infrastructure

▼

Nebius Group (NASDAQ: NBIS) is an AI-native cloud company headquartered in Amsterdam. Formerly Yandex N.V., Nebius provides full-stack GPU infrastructure for AI builders — large-scale GPU clusters, cloud services, and developer tools. Subsidiaries include Toloka AI (data for GenAI), TripleTen (tech re-skilling), and Avride (autonomous driving). Q1 2026 revenue: $399M, up 684% YoY.

Amsterdam

Listed

NASDAQ

Sector

AI Cloud · GPU

Entry

$81

Ref

$200

Above Entry

+147%

Today

$200

+147% above entry >CAP

Entry (Strike)

$81

Fixing level

Analyst	Firm	Target	Rating
Research	Citi	$287	BUY
Research	Morgan Stanley	$144	EW
Research	DA Davidson	$250	NEUTRAL

Note: 11 analysts, Buy consensus. Avg target ~$175. Citi $287 (Buy) · MS $144 (EW) · DA Davidson $250 (Neutral). Verify at Perplexity ↗

Summary

Five secondary-market Structured Certificates on MU, IREN, SNDK, NBIS and NBIS². Profit at maturity: NBIS² +83% (AT CAP), SNDK +15%, MU +45% (AT CAP), NBIS +30% (AT CAP), IREN +2% (below fix) — per $100K. Widest buffer: NBIS −34% / NBIS² −39% to BE. Reference prices and Decentia offers as of 07 Jul 2026.

Prepared by Blanc Wealth Management · @blanc_charts
Disclaimer: For informational purposes only. Not investment advice. Based on reference prices and Decentia offers as of 07 Jul 2026 and term sheet conditions. Structured products carry capital loss risk — 100% downside participation applies below entry. Analyst data sourced from public filings; current targets should be verified independently.

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