2025 Structured Investments Insights Report

ENDNOTES

1. iCapital, with data as of December 31, 2025, and based on availability as of January 31, 2026. The SI data in this report is based upon the notional volume of transactions in structured investment CUSIPs that flowed through the iCapital structured investments platform, which does not reflect the entire universe
of structured investments that were available in the market during this time frame.

2. Bloomberg, iCapital, based on price return and as of December 31, 2025

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The structured investments data in this report is based upon the notional volume of transactions in structured investment CUSIPs that flowed through the iCapital structured investments platform, which does not reflect the entire universe of structured investments that were available in the market during this time frame. Actual structured investments may differ materially from the general overview provided. Some totals in this report may not align with headline figures due to data unavailability for certain CUSIPs, which were excluded from the analysis. Past performance of any products should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied, is made regarding future performance.

STRUCTURED INVESTMENTS ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. Please note that there is no public secondary market for structured investments. Although the issuer may from time to time make a market in certain structured investments, the issuer does not have any obligation to do so, and market making may be discontinued at any time. Accordingly, an investor must be prepared to hold such investments until maturity. Any or all payments are subject to the creditworthiness of the issuer. Before investing in any product, an investor should review the prospectus or other offering documents, which contain important information, including the product’s investment objectives or goals, its strategies for achieving those goals, the principal risks of investing in the product, the product’s fees and expenses, and its past performance.

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