Trade Summary:

In September 2024, Ancorato bought a 3-year growth note tied to Fortinet (FTNT), AMD, and RTX, with a participation rate of 567%. Although the note was set to run until 2027, we sold it early on September 16, 2025, locking in a 40% gain in just over one year, despite the worst performing stock only returning 4% from issuance.

The note performed well, but our outlook for Fortinet weakened. In its Q2 2025 update, management said they were already halfway through a major product upgrade cycle, meaning most of the near-term growth was likely behind them. Since Fortinet was a key driver of the note, we saw less upside going forward and were able to capitalize on the protection and upside of the note structure, prior to maturity by selling the note at a 40% gain.

Conclusion:

The FTNT/AMD/RTX note did exactly what we wanted—delivered strong returns quickly. By exiting early, we locked in profits and freed up capital for better opportunities, reflecting our commitment to active management and maximizing returns.

Past performance is no guarantee of future results

Why We Highlighted This Note:

This trade shows Ancorato’s approach in action:

· Active decision-making – we don’t wait for maturity if the growth outlook changes.

· Flexibility – we adapt when company fundamentals shift.

· Protecting gains – we turned a strong paper profit into a realized return, avoiding the risk of giving it back.

AI Armor Growth Note