URGENT 3-Ticker Arbitrage Opportunity

Secondary Market · Sandisk · Micron · IREN · Outperformance 200% · 22 May 2026
CONFIDENTIAL
Blanc Wealth Management
Thesis
Three secondary-market Outperformance Certificates on SNDK, MU and IREN are priced 17–25% below theoretical fair value. All carry 200% upside / 100% downside participation and 12-month duration. Day-1 MTM gains range from +19.8% (SNDK) to +33.0% (MU). MU now leads on every metric — deepest discount, largest MTM, strongest buffer.
Best Day-1 MTM
+33.0%
MU — per $100K ↓
Max Discount
−24.8%
MU to fair value ↓
Max Buffer (MU)
−14.7%
Drop before loss ↓
Product Parameters
Parameter IREN MU SNDK
Rank #2 #1 BEST ALL #3
ISINXS3334497818XS3334497651XS3334497495
UnderlyingIRENMicron (MU)Sandisk (SNDK)
TypeOutperf Bonus 200%Outperf Bonus 200%Outperf Bonus 200%
Participation200% up / 100% dn200% up / 100% dn200% up / 100% dn
Entry / Strike$50.02$609.80$1,289.01
Ref Price (today)$56.83$751.00$1,478.69
Above Entry+13.6%+23.2%+14.7%
Maturity12 May 202712 May 202712 May 2027
Max Redemption (Cap)213.00%192.30%246.00%
Cap Trigger (underlying)$78.28 (+37.8%)$891 (+18.7%)$2,230 (+50.8%)
Offer (% notional)100.0%110.0%108.0%
Theo Value (current)127.2%146.3%129.4%
GAP (pp)+27.2 pp+36.3 pp+21.4 pp
Discount to Fair Value−21.4%−24.8%−16.5%
Day-1 MTM Gain+27.2%+33.0%+19.8%
Max Gain (at cap)+113.0%+74.8%+127.8%
MTM on $100K+$27,200+$33,000+$19,800
Breakeven (from ref)$50.02 (−12.0%)$640.3 (−14.7%)$1,340.6 (−9.3%)
Theo = 1 + 2 × max(Ref/Entry − 1, 0). Breakeven = entry × (1 + offer%/200). Spot prices: IREN $56.83 · MU $751.00 · SNDK $1,478.69 (Yahoo Finance, 22 May 2026).
Payoff Scenarios (at maturity, per $100K invested)
IRENXS3334497818
Outperf 200% · May 2027
+27.2%
+$27,200
Entry $50.02 ·Ref $56.83 ·BE $50.02 (−12.0%)
Today $56.83 (flat)+27.2%
IREN +20% → $68.20+72.7%
IREN +50% → $85.25+113.0%CAP
BE: IREN −12.0% → $50.020.0%
IREN −20% → $45.46−18.2%
IREN −30% → $39.78−40.9%
MUXS3334497651
Outperf 200% · May 2027
+33.0%
+$33,000
Entry $609.80 ·Ref $751.00 ·BE $640.3 (−14.7%)
Today $751 (flat)+33.0%
MU +20% → $901.2+74.8%CAP
MU +50% → $1,126.5+74.8%CAP
BE: MU −14.7% → $640.30.0%
MU −20% → $600.8−11.8%
MU −30% → $525.7−34.2%
SNDKXS3334497495
Outperf 200% · May 2027
+19.8%
+$19,800
Entry $1,289 ·Ref $1,478.69 ·BE $1,340.6 (−9.3%)
Today $1,478.69 (flat)+19.8%
SNDK +20% → $1,774+62.3%
SNDK +51% → $2,233+127.8%CAP
BE: SNDK −9.3% → $1,340.60.0%
SNDK −10% → $1,331−1.4%
SNDK −20% → $1,183−22.6%
📌 Key Takeaways
●MU is now the standout: +33.0% MTM gain on Day 1, 24.8% discount to fair value, and the deepest buffer (−14.7%). All three metrics rank #1.
●All three products use 200% / 100% participation with individual upside caps (IREN 213%, MU 192.3%, SNDK 246%). Max gains at cap: IREN +113.0%, MU +74.8%, SNDK +127.8%. Below entry: 1:1 loss from current levels — no downside protection.
●Breakeven prices ($50.02 / $640.3 / $1,340.6) imply the underlying must fall 9.3–14.7% from current spot before any loss at maturity.
●At +20% on each underlying: IREN returns +72.7%, MU hits cap at +74.8%, SNDK returns +62.3% — all per $100K invested at offer price.
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.
HQ
Vancouver
Listed
NASDAQ
Sector
BTC + AI
Entry
$50.02
Ref
$56.83
Above Entry
+13.6%
Today
$56.83
+13.6% above entry
Entry (Strike)
$50.02
Fixing level
AnalystFirmTargetRating
D. HoltHC Wainwright$28 › updBUY
ResearchCanaccordupdBUY
ResearchRoth MKMupdBUY
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.
HQ
Boise, ID
Listed
NASDAQ
Sector
Semis · Memory
Entry
$609.80
Ref
$751.00
Above Entry
+23.2%
Today
$751.00
+23.2% above entry
Entry (Strike)
$609.80
Fixing level
AnalystFirmTargetRating
Harlan SurJPMorganupdBUY
Joseph MooreMorgan StanleyupdOW
Vijay RakeshMizuhoupdBUY
C.J. MuseEvercore ISIupdOW
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.
HQ
Milpitas, CA
Listed
NASDAQ
Sector
NAND · Storage
Entry
$1,289
Ref
$1,478.69
Above Entry
+14.7%
Today
$1,478.69
+14.7% above entry
Entry (Strike)
$1,289
Fixing level
AnalystFirmTargetRating
ResearchWells FargoupdOW
ResearchBank of AmericaupdBUY
ResearchUBSupdNEUTRAL
Note: SNDK coverage is evolving post-spinoff. Targets need current update. Verify at Perplexity ↗
Summary
Three secondary-market Outperformance Certificates (200% up / 100% down, 12-month) on SNDK, MU, and IREN are available at 17–25% discounts to fair value. Day-1 MTM gains range from +$19,800 (SNDK) to +$33,000 (MU) per $100K invested. MU ranks #1 on all metrics: largest discount (−24.8%), highest MTM (+33.0%), deepest buffer (−14.7%). Limited secondary-market availability — act now.
Prepared by Blanc Wealth Management · @blanc_charts
Disclaimer: For informational purposes only. Not investment advice. Based on reference prices as of 22 May 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.