SPDR Dow Jones Industrial Average ETF

SPDR S&P 500 ETF Trust

Invesco QQQ Trust Series 1

Super Micro Computer, Inc. engages in the distribution and manufacture of information technology solutions and other computer products. Its products include twin solutions, MP servers, GPU and coprocessor, MicroCloud, AMD solutions, power supplies, SuperServer, storage, motherboards, chassis, super workstations, accessories, SuperRack and server management products. The company was founded by Charles Liang, Yih-Shyan Liaw, Sara Liu, and Chiu-Chu Liu Liang in September 1993 and is headquartered in San Jose, CA.

Super Micro Computer Inc

Super Micro Computer is facing significant investor alarm following the arrest of a co-founder and two associates for allegedly smuggling high-performance hardware to China, fueling concerns about governance, future partnership stability, and potential regulatory repercussions. The community is actively debating whether the company is a victim of rogue insider activity or if the pattern of leadership and compliance failures makes the stock fundamentally uninvestable.

SSgA Active Trust - State Street SPDR S&P 500 ETF Trust

SPY is experiencing significant volatility driven by escalating geopolitical tensions in the Middle East and concerns over global energy supply disruptions. Community members are actively debating the potential for a market bottom, with sentiment split between those capitalizing on dip-buying opportunities and those bracing for deeper corrections amidst concerns over the macro environment and potential further military escalations.

Tesla, Inc. engages in the design, development, manufacture, and sale of electric vehicles and energy generation and storage systems. It operates through the Automotive and Energy Generation and Storage segments. The Automotive segment includes the design, development, manufacture, sale, and lease of electric vehicles as well as sales of automotive regulatory credits. The Energy Generation and Storage segment is involved in the design, manufacture, installation, sale, and lease of solar energy generation, energy storage products, and related services and sales of solar energy systems incentives. The company was founded by Jeffrey B. Straubel, Elon Reeve Musk, Martin Eberhard, and Marc Tarpenning on July 1, 2003 and is headquartered in Austin, TX.

Tesla Inc

Tesla is facing a wave of bearish sentiment and heightened volatility as traders weigh the impact of an expanded federal safety probe into its self-driving technology against recent news of a multibillion-dollar investment in solar manufacturing. The community is deeply polarized, with many investors debating the company's long-term valuation and AI-driven growth narrative while others brace for further downside amid broader market concerns over energy prices and geopolitical instability.

Fundrise Innovation Fund LLC. - Common Shares of Limited Liability Company Interests

Fundrise Innovation Fund 

VCX is experiencing significant volatility and trading volume following its recent NYSE debut, with the community actively debating whether the stock's premium valuation is justified by its underlying private tech holdings. Investors are closely monitoring the impact of a six-month share lock-up period, which many believe is acting as a catalyst for the stock's aggressive price swings and high-frequency halts.

Tidal Trust II - Defiance Daily Target 2x Long SMCI ETF

Defiance Daily Target 2X Long SMCI ETF

The SMCX ETF is facing intense scrutiny as investors grapple with significant value decay and a recent reverse stock split, sparking heated debates among retail traders about whether to hold the 'falling knife' or exit entirely. The community remains deeply divided, with many expressing frustration over the persistent downward pressure on the underlying SMCI stock, while contrarian traders continue to hunt for entry points during extreme volatility.

Planet Labs PBC provides daily data and insights about earth. It offers a web-geo platform with satellite data available and foundational analytics to derive insights to make decisions. The company is founded by William S. Marshall and Robert H. Schingler in 2010 and is headquartered in San Francisco, CA.

Planet Labs PBC - Ordinary Shares - Class A

Planet Labs PBC

Planet Labs is experiencing high engagement and strong institutional interest following a significant earnings beat and revenue growth, with the community closely tracking its role in national security and potential as a leader in the expanding space infrastructure sector. Investors are particularly focused on the company's backlog growth and its strategic partnerships as they weigh potential near-term price momentum against broader macroeconomic volatility.

FedEx Corp. is a holding company, which engages in the provision of transportation, e-commerce, business services, and business solutions. It operates through the following segments: FedEx Express, FedEx Freight, Corporate, Other, and Eliminations. The FedEx Express segment offers transportation and delivery services. The FedEx Freight segment refers to freight transportation services to business and residences. The FedEx Services segment includes sales, marketing, information technology, communications, customer service, technical support, billing and collection services, and certain back-office functions that support the company's operating segments. The Corporate, Other, and Eliminations segment is involved in the corporate headquarters costs for executive officers and certain legal and finance functions, as well as certain other costs and credits not attributed to the firm's core business. The company was founded by Frederick Wallace Smith on June 18, 1971, and is headquartered in Memphis, TN.

Fedex Corp

FedEx is trending following a strong quarterly earnings beat and upwardly revised guidance that signals resilience in its core parcel business. The community is actively debating the sustainability of this momentum, contrasting the company's cost-cutting successes and Freight spin-off prospects against persistent concerns over macroeconomic headwinds, geopolitical risks, and fluctuating fuel prices.

Unusual Machines, Inc. is a development stage technology company, which engages in the provision of drone solutions with a focus on first-person view (FPV) technology. It offers products to entertainment, recreation, and competitive racing industries. The company was founded on July 11, 2019, and is headquartered in Orlando, FL.

Unusual Machines Inc

Unusual Machines is currently trending as investors weigh its role as a key domestic manufacturer in the expanding U.S. drone sector against concerns over ongoing share dilution from its capital-raising activities. The community remains deeply divided, with some highlighting its strategic position in the 'Drone Dominance' supply chain and ties to high-profile board members, while critics express frustration over the impact of frequent offerings on long-term shareholder value.

AXT, Inc. engages in the design, development, manufacture and distribution of compound and single element semiconductor substrates. It also sells specialty material substrates and raw materials used to make substrates and other related products. The company was founded by Morris S. Young and Davis Zhang in 1986 and is headquartered in Fremont, CA.

AXT Inc

AXTI is currently experiencing intense market volatility and a sharp price surge fueled by its status as a critical supplier of indium phosphide, a key bottleneck material for AI-driven optical infrastructure. The community is sharply divided, with bulls highlighting the stock's role in the photonics supply chain and long-term scaling potential, while skeptics warn of a speculative bubble, excessive insider selling, and potential dilution risks.

Microsoft Corp. engages in the development and support of software, services, devices, and solutions. It operates through the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment is composed of products and services relating to productivity, communication, and information services such as Office Commercial, Office Consumer, LinkedIn, and Dynamics business solutions. The Intelligent Cloud segment consists of public, private, and hybrid server products and cloud services for businesses and developers, as well as enterprise and partner services. The More Personal Computing segment refers to products and services including Windows operating system, Windows cloud services, Surface, HoloLens, personal computer accessories, Xbox hardware, Xbox Cloud Gaming, Microsoft News, and Microsoft Edge. The company was founded by Paul Gardner Allen and William Henry Gates, III in 1975 and is headquartered in Redmond, WA.

Microsoft Corporation

Microsoft Corp

Microsoft is experiencing intense selling pressure and high volatility, with investors expressing frustration over the stock's inability to maintain gains compared to broader market indices. Community discussion is heavily focused on the company's aggressive AI capital expenditures, the potential for legal conflict over cloud agreements, and concerns regarding structural weakness that has kept the stock trading significantly below its recent highs.

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$BCII for distribution (e.g., for the month of July, X Tokens will be available to be earned). These Tokens are
then allocated pro-rata to consumers based on their share of the total value6 contributed to the network that
day. Specifically, a consumer’s reward (rₙ) is calculated as:
where vₙ represents the individual consumer’s value7 and Vₙ represents the total network value8 created
during the period (n). This framework ensures rewards are activity-based and proportional to measurable
contributions.
The pro-rata formula for Tokens distributed in any given time period (Rₙ) governs the allocation of
rewards and is applied uniformly across all consumers. The methodology will be published in advance to
ensure transparency and consistency with consumptive behavior. Because the Token reward is earned based
on a consumer’s quantifiable energy actions (i.e., shifting kWh, consuming/generating kWh, or making
DERs available for use), and the formula is applied uniformly, the model reinforces the Token’s
consumptive utility and market forces act to limit the number of rewards that a consumer can earn in a
given time period. The Fuse Network will have a fixed maximum supply of 10 billion Tokens, distributed
progressively over a 25-year period in accordance with the rewards formula set forth above. Fuse Tokens
awarded in accordance with the formula above, are earned solely based on a consumer’s activity in relation
to the energy grid, and neither represent a claim on, nor are correlated in any way to, Fuse’s income,
business or profits.
Once earned, consumers will have the ability to claim earned Tokens to their self-custodial wallet
within the Fuse App, from which they can freely transfer the Tokens to a third party self-custodial wallet
of their choosing.
iii. Redeeming Rewards
The Tokens will be redeemable solely within the Fuse App to receive discounts or rebates on costs
related to participation in the Fuse Network (“Fuse Goods and Services”) not otherwise available to other
consumers within the Fuse App. For example, consumers will be able to redeem their Token for exclusive
discounts on purchases of EV chargers, installation of batteries or other DERs, and to offset monthly
electricity bills in markets where Fuse is the consumers’ electricity supplier. While Tokens do not expire
until redeemed, they can only be redeemed for Fuse Goods and Services outstanding or procured at the time
of redemption and cannot be used to offset future costs (for example, as a credit toward future electricity
bills not yet incurred). This means that the earned Tokens have consumptive utility and purpose, allowing
the user to receive tangible benefits for their prior actions.
The redemption value of the Tokens for Fuse Goods and Services will be based on the average
market price of the Tokens on third-party unaffiliated digital asset markets at the time of the redemption,
ensuring fair and market-reflective conversion. However, the discount that a consumer may receive will
6 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
7 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
8 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
November 19, 2025
Page 8
necessarily be capped by market forces (i.e., the discount will not exceed Fuse’s profit margins on such
goods or services), and the maximum discount will be clearly publicized to consumers during their
redemption in the Fuse App. The redemption limitation is designed to encourage smart energy consumption
on the part of consumers (i.e. shifting demand to align with grid needs or generating and storing energy for
peak times) rather than excess generation, as any Tokens received that exceed a consumer’s electricity
usage and household DER capacity (and so, available discounts on Fuse Goods and Services) would be
subject to diminishing returns, including the economic realities of the secondary market described below.
To redeem their Tokens, consumers will execute a burn transaction for the requisite number of
Tokens, removing them from circulation – once that transaction is validated, the discount on the applicable
Fuse Goods and Services will be applied within the Fuse App. The number of Tokens to be burned will be
based on the dollar amount of the effective discount being applied for the applicable Fuse Goods and
Services (not to exceed Fuse’s profit margin on such goods or services), with the price per Token based on
the average market price of the Tokens on third-party unaffiliated digital asset markets at the time of
redemption. Fuse will retain operational control over the redemption system to ensure it functions
effectively and aligns with the Fuse Network’s Grid-Support Objectives.
iv. Secondary Markets
Tokens earned by consumers will also be freely transferable and tradable on third-party unaffiliated
digital asset markets. The secondary market would allow consumers who may have generated rewards in
excess of the discounts for Fuse Goods and Services of which they may wish to avail themselves to convert
their Tokens into cash – similar to how the holder of a coupon may choose to sell it if they have a surplus
for a specific product.
Again, similar to the market for discount coupons, the underlying economic reality acts to limit
market speculation in the Tokens, disincentivizing rational actors from treating the Tokens as an investment
vehicle and limiting rational demand to consumers who are looking to redeem the Tokens for Fuse Goods
and Services but do not have sufficient DER resources or flexibility to earn sufficient Tokens for their
needs. This is primarily achieved in two ways (i) the capped redemption – as the discount amount for each
consumer is necessarily capped by the market and Fuse’s profit margins on such goods or services – and
(ii) the redemption value of each Tokens will be based on the average market price of the Tokens on third-
party unaffiliated digital asset markets at the time of the redemption. That is, if the price of Fuse Tokens
were to exceed the applicable discount a consumer could apply in the Fuse App, rational consumers who
have not already earned Tokens would not seek to purchase Tokens on the secondary market, rather opting
to pay for their Fuse Goods and Services at full price out of pocket, therefore limiting demand for the
Tokens. In the same way that discount coupons would not be expected to trade above their face value, the
value of the Tokens on the secondary market would necessarily be limited by this redemption cap.
Furthermore, as detailed above, given the natural limits on the amount of DERs any one household
is incentivized to install, a consumer will be limited in the number of Tokens they are likely to earn.
Moreover, because the redemption value of the Tokens is indifferent to the success of the Fuse Network,
the typical “network effects” sought by investors in other crypto assets would be absent with respect to the
Tokens.
e. Building Adoption and Fuse Network Utility
Consumer participation in the VPP contributes to grid stability and efficiency, making the Token a
direct incentive for positive energy behavior within the Fuse Network. Increased participation in grid-
related programs and services (like VPPs and demand response) by consumers enhances the Token’s
November 19, 2025
Page 9
attractiveness to such consumers, leading to organic adoption and reinforcing its role as a reward
mechanism.
The rollout of additional decentralized energy generation and smart grid technologies creates a
growing need for incentives that drive intelligent energy usage. The Tokens align with this trend by offering
a flexible, scalable consumptive rewards system that benefits both users and the energy infrastructure.
Unlike traditional cash incentives, the Token creates alignment among VPP contributors by fostering a
sense of collective purpose and long-term engagement among consumers. This growing network of aligned
participants drives better grid optimization, as a VPP only succeeds with coordination of at least thousands
of households, more efficient generation and consumption, energy cost savings for consumers, and
increased demand for rewards, reinforcing the positive feedback loop.
By ensuring that the Token maintains real-world applicability, Fuse fosters an ecosystem where the
value of the Tokens is derived from its consumptive use rather than speculative investment. As additional
consumers join the Fuse Network and introduce additional DERs, the grid system becomes more distributed
and provides new outlets for coordinated action to address the needs of the grid – the Fuse Network follows
the principle that wholesale electricity prices are driven lower by energy efficiency and abundance and
incentivizes it accordingly. In return, consumers benefit directly from lower electricity prices and usage, as
well as through the incentives provided by the Tokens.
II. Legal Analysis
For the reasons set forth below, we are of the opinion that Fuse’s proposed transactions in the
Tokens, if conducted in the manner and under the circumstances described above, will not involve the offer
and sale of a “security” within the meaning of Section 2(a)(1) of the Securities Act or Section 3(a)(10) of
the Exchange Act9 and, therefore, that registration under the Securities Acts is not required. In particular,
we conclude that the Token is not an investment contract, and consequently not a security, because
consumers will earn Tokens for their own consumption and not based on a reasonable expectation of profit
from the efforts of Fuse or others.

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Blockchain Industries Inc

 for distribution (e.g., for the month of July, X Tokens will be available to be earned). These Tokens are
then allocated pro-rata to consumers based on their share of the total value6 contributed to the network that
day. Specifically, a consumer’s reward (rₙ) is calculated as:
where vₙ represents the individual consumer’s value7 and Vₙ represents the total network value8 created
during the period (n). This framework ensures rewards are activity-based and proportional to measurable
contributions.
The pro-rata formula for Tokens distributed in any given time period (Rₙ) governs the allocation of
rewards and is applied uniformly across all consumers. The methodology will be published in advance to
ensure transparency and consistency with consumptive behavior. Because the Token reward is earned based
on a consumer’s quantifiable energy actions (i.e., shifting kWh, consuming/generating kWh, or making
DERs available for use), and the formula is applied uniformly, the model reinforces the Token’s
consumptive utility and market forces act to limit the number of rewards that a consumer can earn in a
given time period. The Fuse Network will have a fixed maximum supply of 10 billion Tokens, distributed
progressively over a 25-year period in accordance with the rewards formula set forth above. Fuse Tokens
awarded in accordance with the formula above, are earned solely based on a consumer’s activity in relation
to the energy grid, and neither represent a claim on, nor are correlated in any way to, Fuse’s income,
business or profits.
Once earned, consumers will have the ability to claim earned Tokens to their self-custodial wallet
within the Fuse App, from which they can freely transfer the Tokens to a third party self-custodial wallet
of their choosing.
iii. Redeeming Rewards
The Tokens will be redeemable solely within the Fuse App to receive discounts or rebates on costs
related to participation in the Fuse Network (“Fuse Goods and Services”) not otherwise available to other
consumers within the Fuse App. For example, consumers will be able to redeem their Token for exclusive
discounts on purchases of EV chargers, installation of batteries or other DERs, and to offset monthly
electricity bills in markets where Fuse is the consumers’ electricity supplier. While Tokens do not expire
until redeemed, they can only be redeemed for Fuse Goods and Services outstanding or procured at the time
of redemption and cannot be used to offset future costs (for example, as a credit toward future electricity
bills not yet incurred). This means that the earned Tokens have consumptive utility and purpose, allowing
the user to receive tangible benefits for their prior actions.
The redemption value of the Tokens for Fuse Goods and Services will be based on the average
market price of the Tokens on third-party unaffiliated digital asset markets at the time of the redemption,
ensuring fair and market-reflective conversion. However, the discount that a consumer may receive will
6 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
7 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
8 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
November 19, 2025
Page 8
necessarily be capped by market forces (i.e., the discount will not exceed Fuse’s profit margins on such
goods or services), and the maximum discount will be clearly publicized to consumers during their
redemption in the Fuse App. The redemption limitation is designed to encourage smart energy consumption
on the part of consumers (i.e. shifting demand to align with grid needs or generating and storing energy for
peak times) rather than excess generation, as any Tokens received that exceed a consumer’s electricity
usage and household DER capacity (and so, available discounts on Fuse Goods and Services) would be
subject to diminishing returns, including the economic realities of the secondary market described below.
To redeem their Tokens, consumers will execute a burn transaction for the requisite number of
Tokens, removing them from circulation – once that transaction is validated, the discount on the applicable
Fuse Goods and Services will be applied within the Fuse App. The number of Tokens to be burned will be
based on the dollar amount of the effective discount being applied for the applicable Fuse Goods and
Services (not to exceed Fuse’s profit margin on such goods or services), with the price per Token based on
the average market price of the Tokens on third-party unaffiliated digital asset markets at the time of
redemption. Fuse will retain operational control over the redemption system to ensure it functions
effectively and aligns with the Fuse Network’s Grid-Support Objectives.
iv. Secondary Markets
Tokens earned by consumers will also be freely transferable and tradable on third-party unaffiliated
digital asset markets. The secondary market would allow consumers who may have generated rewards in
excess of the discounts for Fuse Goods and Services of which they may wish to avail themselves to convert
their Tokens into cash – similar to how the holder of a coupon may choose to sell it if they have a surplus
for a specific product.
Again, similar to the market for discount coupons, the underlying economic reality acts to limit
market speculation in the Tokens, disincentivizing rational actors from treating the Tokens as an investment
vehicle and limiting rational demand to consumers who are looking to redeem the Tokens for Fuse Goods
and Services but do not have sufficient DER resources or flexibility to earn sufficient Tokens for their
needs. This is primarily achieved in two ways (i) the capped redemption – as the discount amount for each
consumer is necessarily capped by the market and Fuse’s profit margins on such goods or services – and
(ii) the redemption value of each Tokens will be based on the average market price of the Tokens on third-
party unaffiliated digital asset markets at the time of the redemption. That is, if the price of Fuse Tokens
were to exceed the applicable discount a consumer could apply in the Fuse App, rational consumers who
have not already earned Tokens would not seek to purchase Tokens on the secondary market, rather opting
to pay for their Fuse Goods and Services at full price out of pocket, therefore limiting demand for the
Tokens. In the same way that discount coupons would not be expected to trade above their face value, the
value of the Tokens on the secondary market would necessarily be limited by this redemption cap.
Furthermore, as detailed above, given the natural limits on the amount of DERs any one household
is incentivized to install, a consumer will be limited in the number of Tokens they are likely to earn.
Moreover, because the redemption value of the Tokens is indifferent to the success of the Fuse Network,
the typical “network effects” sought by investors in other crypto assets would be absent with respect to the
Tokens.
e. Building Adoption and Fuse Network Utility
Consumer participation in the VPP contributes to grid stability and efficiency, making the Token a
direct incentive for positive energy behavior within the Fuse Network. Increased participation in grid-
related programs and services (like VPPs and demand response) by consumers enhances the Token’s
November 19, 2025
Page 9
attractiveness to such consumers, leading to organic adoption and reinforcing its role as a reward
mechanism.
The rollout of additional decentralized energy generation and smart grid technologies creates a
growing need for incentives that drive intelligent energy usage. The Tokens align with this trend by offering
a flexible, scalable consumptive rewards system that benefits both users and the energy infrastructure.
Unlike traditional cash incentives, the Token creates alignment among VPP contributors by fostering a
sense of collective purpose and long-term engagement among consumers. This growing network of aligned
participants drives better grid optimization, as a VPP only succeeds with coordination of at least thousands
of households, more efficient generation and consumption, energy cost savings for consumers, and
increased demand for rewards, reinforcing the positive feedback loop.
By ensuring that the Token maintains real-world applicability, Fuse fosters an ecosystem where the
value of the Tokens is derived from its consumptive use rather than speculative investment. As additional
consumers join the Fuse Network and introduce additional DERs, the grid system becomes more distributed
and provides new outlets for coordinated action to address the needs of the grid – the Fuse Network follows
the principle that wholesale electricity prices are driven lower by energy efficiency and abundance and
incentivizes it accordingly. In return, consumers benefit directly from lower electricity prices and usage, as
well as through the incentives provided by the Tokens.
II. Legal Analysis
For the reasons set forth below, we are of the opinion that Fuse’s proposed transactions in the
Tokens, if conducted in the manner and under the circumstances described above, will not involve the offer
and sale of a “security” within the meaning of Section 2(a)(1) of the Securities Act or Section 3(a)(10) of
the Exchange Act9 and, therefore, that registration under the Securities Acts is not required. In particular,
we conclude that the Token is not an investment contract, and consequently not a security, because
consumers will earn Tokens for their own consumption and not based on a reasonable expectation of profit
from the efforts of Fuse or others.