[Form 4] A.O. Smith Corporation Insider Trading Activity

Q: What is the coupon rate on JPMorgan’s TSLA Auto Callable Notes?

The notes pay a contingent coupon of at least 17.75% per annum (≈1.47917% monthly) when Tesla closes at or above 60% of its initial price on a Review Date.

Q: When can the notes be automatically called?

Starting 15 Oct 2025 , if Tesla’s closing price on any Review Date (excluding the first, second and final) is at or above the initial level, investors receive $1,000 plus the current coupon and the note terminates.

Q: How much principal protection do the notes provide?

Principal is protected unless Tesla’s final closing price is below 50% of the Initial Value . Below that level, repayment equals $1,000 × (Final / Initial), leading to losses greater than 50% and up to 100%.

Q: What is the estimated value versus the price to public?

If issued today, the estimated value is $960.90 per $1,000 note, at least $930 at pricing, reflecting embedded fees and hedging costs; the public offering price is $1,000.

Q: Are the notes listed on an exchange?

No. The securities will not be listed ; liquidity depends on J.P. Morgan Securities LLC buying the notes in secondary transactions.

Q: Who guarantees payment on the notes?

All payments are unsecured obligations of JPMorgan Chase Financial Company LLC and are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Q: Do investors receive Tesla dividends?

No. Holders have no dividend or voting rights in Tesla; all upside is limited to the contingent coupons.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to the common stock of Tesla, Inc. (TSLA), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes combine high coupon potential with conditional principal protection and an automatic call feature.

Key economic terms

Contingent Interest Rate: at least 17.75% p.a. (≈1.47917% monthly), paid only if TSLA closes on the relevant Review Date at or above the Interest Barrier (60% of Initial Value).
Automatic Call: beginning 15 Oct 2025, if TSLA closes on any Review Date (except the 1st, 2nd and final) at or above the Initial Value, investors receive $1,000 principal plus the current coupon and the note terminates.
Trigger Value: 50% of Initial Value. If the note is not called and TSLA closes below this level on the final Review Date, repayment is $1,000 × (Final Value ÷ Initial Value), exposing investors to losses greater than 50% and up to 100% of principal.
Term / Dates: priced on or about 15 Jul 2025, settlement 18 Jul 2025, maturity 21 Jan 2027; 18 scheduled monthly review/payment dates.
Denomination: $1,000; CUSIP: 48136FLF7.
Estimated value at pricing: ≈$960.90 (not less than $930) per $1,000 note, reflecting selling commissions, hedging costs and issuer funding spread.

Illustrative payouts

If TSLA ≥ Initial Value on 3rd Review Date, investor receives $1,044.375 total (4.44% return) and note is redeemed early.
If note runs to maturity with TSLA between 50–100% of Initial Value and above the 60% barrier only twice, investor still earns a positive low-single-digit total return.
If Final Value < 50% of Initial Value, principal is reduced one-for-one with TSLA’s decline (e.g., –60% TSLA → $400 payout).

Principal risks

Loss of >50% of principal if TSLA drops below the Trigger Value at maturity.
No coupons for any month TSLA closes < 60% of Initial Value; coupons are not guaranteed.
Limited upside: maximum return equals cumulative coupons; investors do not participate in TSLA price appreciation.
Credit risk of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
No exchange listing; secondary market liquidity depends on JPMS and may be at materially lower prices than issue.
Original issue price embeds dealer compensation and hedging costs; estimated value is ~3.9% below par.

These notes may suit investors who are moderately bullish to range-bound on TSLA, comfortable with single-stock volatility, and willing to accept credit and liquidity risk in exchange for elevated conditional yield.

JPMorgan Chase Financial Company LLC offre Note a Interesse Contingente con Richiamo Automatico collegate alle azioni ordinarie di Tesla, Inc. (TSLA), garantite in modo pieno e incondizionato da JPMorgan Chase & Co. Queste note combinano un alto potenziale di cedola con protezione condizionata del capitale e una caratteristica di richiamo automatico.

Termini economici principali

Tasso di Interesse Contingente: almeno 17,75% annuo (≈1,47917% mensile), pagato solo se TSLA chiude nella Data di Revisione pertinente al o sopra la Barriera di Interesse (60% del Valore Iniziale).
Richiamo Automatico: a partire dal 15 ottobre 2025, se TSLA chiude in una qualsiasi Data di Revisione (eccetto la 1ª, 2ª e finale) al o sopra il Valore Iniziale, gli investitori ricevono $1.000 di capitale più la cedola corrente e la nota termina.
Valore di Attivazione: 50% del Valore Iniziale. Se la nota non viene richiamata e TSLA chiude sotto questo livello nell’ultima Data di Revisione, il rimborso sarà pari a $1.000 × (Valore Finale ÷ Valore Iniziale), esponendo gli investitori a perdite superiori al 50% e fino al 100% del capitale.
Durata / Date: prezzo intorno al 15 luglio 2025, regolamento 18 luglio 2025, scadenza 21 gennaio 2027; 18 date programmate di revisione/pagamento mensili.
Taglio: $1.000; CUSIP: 48136FLF7.
Valore stimato al pricing: circa $960,90 (non inferiore a $930) per ogni nota da $1.000, riflettendo commissioni di vendita, costi di copertura e spread di finanziamento dell’emittente.

Pagamenti esemplificativi

Se TSLA ≥ Valore Iniziale alla 3ª Data di Revisione, l’investitore riceve un totale di $1.044,375 (rendimento 4,44%) e la nota viene rimborsata anticipatamente.
Se la nota arriva a scadenza con TSLA tra il 50% e il 100% del Valore Iniziale e sopra la barriera del 60% solo due volte, l’investitore ottiene comunque un rendimento totale positivo a una cifra bassa.
Se il Valore Finale è inferiore al 50% del Valore Iniziale, il capitale viene ridotto proporzionalmente al calo di TSLA (es. –60% TSLA → pagamento di $400).

Rischi principali

Perdita superiore al 50% del capitale se TSLA scende sotto il Valore di Attivazione alla scadenza.
Nessuna cedola per i mesi in cui TSLA chiude sotto il 60% del Valore Iniziale; le cedole non sono garantite.
Potenziale di guadagno limitato: il rendimento massimo è dato dalle cedole cumulative; gli investitori non partecipano all’apprezzamento del prezzo di TSLA.
Rischio di credito dell’emittente JPMorgan Financial e del garante JPMorgan Chase & Co.
Assenza di quotazione in borsa; la liquidità sul mercato secondario dipende da JPMS e può avvenire a prezzi significativamente inferiori a quelli di emissione.
Il prezzo iniziale include compensi per i dealer e costi di copertura; il valore stimato è circa il 3,9% sotto la pari.

Queste note possono essere adatte a investitori moderatamente rialzisti o con aspettative di oscillazione limitata su TSLA, che accettano la volatilità di un singolo titolo e sono disposti ad assumersi rischi di credito e liquidità in cambio di un rendimento condizionato elevato.

JPMorgan Chase Financial Company LLC ofrece Notas de Interés Contingente con Llamado Automático vinculadas a las acciones comunes de Tesla, Inc. (TSLA), garantizadas total e incondicionalmente por JPMorgan Chase & Co. Estas notas combinan un alto potencial de cupón con protección condicional del principal y una característica de llamado automático.

Términos económicos clave

Tasa de Interés Contingente: al menos 17.75% anual (≈1.47917% mensual), pagada solo si TSLA cierra en la Fecha de Revisión correspondiente en o por encima de la Barrera de Interés (60% del Valor Inicial).
Llamado Automático: desde el 15 de octubre de 2025, si TSLA cierra en cualquier Fecha de Revisión (excepto la 1ª, 2ª y final) en o por encima del Valor Inicial, los inversionistas reciben $1,000 de principal más el cupón actual y la nota termina.
Valor de Activación: 50% del Valor Inicial. Si la nota no es llamada y TSLA cierra por debajo de este nivel en la Fecha de Revisión final, el reembolso será $1,000 × (Valor Final ÷ Valor Inicial), exponiendo a los inversionistas a pérdidas mayores al 50% y hasta el 100% del principal.
Plazo / Fechas: precio alrededor del 15 de julio de 2025, liquidación 18 de julio de 2025, vencimiento 21 de enero de 2027; 18 fechas programadas de revisión/pago mensuales.
Denominación: $1,000; CUSIP: 48136FLF7.
Valor estimado al precio: aproximadamente $960.90 (no menos de $930) por cada nota de $1,000, reflejando comisiones de venta, costos de cobertura y margen de financiamiento del emisor.

Pagos ilustrativos

Si TSLA ≥ Valor Inicial en la 3ª Fecha de Revisión, el inversionista recibe un total de $1,044.375 (retorno del 4.44%) y la nota se redime anticipadamente.
Si la nota llega a vencimiento con TSLA entre 50% y 100% del Valor Inicial y por encima de la barrera del 60% solo dos veces, el inversionista aún obtiene un retorno total positivo de un solo dígito bajo.
Si el Valor Final < 50% del Valor Inicial, el principal se reduce uno a uno con la caída de TSLA (por ejemplo, –60% TSLA → pago de $400).

Riesgos principales

Pérdida de más del 50% del principal si TSLA cae por debajo del Valor de Activación al vencimiento.
No hay cupones para cualquier mes que TSLA cierre por debajo del 60% del Valor Inicial; los cupones no están garantizados.
Potencial limitado al alza: el rendimiento máximo es igual a los cupones acumulados; los inversionistas no participan en la apreciación del precio de TSLA.
Riesgo crediticio de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante).
No cotización en bolsa; la liquidez en el mercado secundario depende de JPMS y puede ser a precios significativamente inferiores a los de emisión.
El precio original de emisión incluye compensación para los distribuidores y costos de cobertura; el valor estimado es aproximadamente un 3.9% por debajo del valor nominal.

Estas notas pueden ser adecuadas para inversionistas moderadamente alcistas o con expectativas de rango limitado sobre TSLA, que estén cómodos con la volatilidad de una sola acción y dispuestos a aceptar riesgos de crédito y liquidez a cambio de un rendimiento condicional elevado.

JPMorgan Chase Financial Company LLC는 Tesla, Inc. (TSLA) 보통주에 연계된 자동 상환 조건부 이자 노트를 제공하며, 이는 JPMorgan Chase & Co.가 전액 및 무조건 보증합니다. 이 노트는 높은 쿠폰 잠재력과 조건부 원금 보호, 자동 상환 기능을 결합합니다.

주요 경제 조건

조건부 이자율: 연 최소 17.75% (월 약 1.47917%), TSLA가 해당 검토일에 이자 장벽(초기 가치의 60%) 이상으로 마감할 경우에만 지급됩니다.
자동 상환: 2025년 10월 15일부터, TSLA가 첫 번째, 두 번째 및 최종 검토일을 제외한 어느 검토일에든 초기 가치 이상으로 마감하면 투자자는 $1,000의 원금과 현재 쿠폰을 받고 노트가 종료됩니다.
트리거 가치: 초기 가치의 50%. 노트가 상환되지 않고 최종 검토일에 TSLA가 이 수준 아래로 마감하면 상환금은 $1,000 × (최종 가치 ÷ 초기 가치)로, 투자자는 50% 이상 최대 100%까지 원금 손실 위험에 노출됩니다.
만기 / 날짜: 2025년 7월 15일경 가격 책정, 2025년 7월 18일 결제, 2027년 1월 21일 만기; 18회의 예정된 월간 검토/지급일.
단위액면가: $1,000; CUSIP: 48136FLF7.
가격 책정 시 예상 가치: $1,000 노트당 약 $960.90 (최소 $930), 판매 수수료, 헤지 비용 및 발행자 자금 조달 스프레드를 반영.

예시 지급

TSLA가 3번째 검토일에 초기 가치 이상이면 투자자는 총 $1,044.375(4.44% 수익)를 받고 노트가 조기 상환됩니다.
만기까지 TSLA가 초기 가치의 50~100% 사이이고 60% 장벽 이상을 두 번만 넘으면 투자자는 낮은 한 자릿수의 총 수익을 얻습니다.
최종 가치가 초기 가치의 50% 미만이면 원금은 TSLA 하락률에 따라 1:1로 감액됩니다(예: TSLA –60% → $400 지급).

주요 위험

만기 시 TSLA가 트리거 가치 아래로 떨어지면 원금의 50% 이상 손실 위험.
TSLA가 초기 가치의 60% 미만으로 마감하는 달에는 쿠폰 미지급; 쿠폰은 보장되지 않음.
상승 잠재력 제한: 최대 수익은 누적 쿠폰과 같으며, 투자자는 TSLA 주가 상승에 참여하지 않습니다.
발행자인 JPMorgan Financial과 보증인 JPMorgan Chase & Co.의 신용 위험.
거래소 상장 없음; 2차 시장 유동성은 JPMS에 의존하며 발행가보다 현저히 낮은 가격일 수 있음.
초기 발행 가격은 딜러 보상 및 헤지 비용을 포함하며, 예상 가치는 액면가보다 약 3.9% 낮음.

이 노트는 TSLA에 대해 적당히 강세이거나 횡보할 것으로 예상하는 투자자, 개별 주식 변동성에 익숙하며, 높은 조건부 수익을 위해 신용 및 유동성 위험을 감수할 의향이 있는 투자자에게 적합할 수 있습니다.

JPMorgan Chase Financial Company LLC propose des Notes à Intérêt Conditionnel avec Rappel Automatique liées aux actions ordinaires de Tesla, Inc. (TSLA), garanties de manière totale et inconditionnelle par JPMorgan Chase & Co. Ces notes combinent un potentiel élevé de coupon avec une protection conditionnelle du capital et une fonction de rappel automatique.

Principaux termes économiques

Taux d’Intérêt Conditionnel : au moins 17,75% par an (≈1,47917% mensuel), payé uniquement si TSLA clôture à la date de revue pertinente au-dessus ou égal à la Barrière d’Intérêt (60% de la Valeur Initiale).
Rappel Automatique : à partir du 15 octobre 2025, si TSLA clôture à une date de revue (sauf la 1ère, 2ème et finale) au-dessus ou égal à la Valeur Initiale, les investisseurs reçoivent 1 000 $ de principal plus le coupon courant et la note prend fin.
Valeur de Déclenchement : 50% de la Valeur Initiale. Si la note n’est pas rappelée et que TSLA clôture en dessous de ce niveau à la date de revue finale, le remboursement sera de 1 000 $ × (Valeur Finale ÷ Valeur Initiale), exposant les investisseurs à des pertes supérieures à 50% et pouvant aller jusqu’à 100% du principal.
Durée / Dates : prix autour du 15 juillet 2025, règlement le 18 juillet 2025, échéance le 21 janvier 2027 ; 18 dates de revue/paiement mensuelles programmées.
Nominal : 1 000 $ ; CUSIP : 48136FLF7.
Valeur estimée au prix : environ 960,90 $ (pas moins de 930 $) par note de 1 000 $, reflétant les commissions de vente, les coûts de couverture et la marge de financement de l’émetteur.

Exemples de paiements

Si TSLA ≥ Valeur Initiale à la 3ème date de revue, l’investisseur reçoit un total de 1 044,375 $ (rendement de 4,44 %) et la note est remboursée par anticipation.
Si la note arrive à échéance avec TSLA entre 50 % et 100 % de la Valeur Initiale et au-dessus de la barrière de 60 % seulement deux fois, l’investisseur réalise tout de même un rendement total positif à un chiffre faible.
Si la Valeur Finale < 50 % de la Valeur Initiale, le principal est réduit au prorata de la baisse de TSLA (ex. : –60 % TSLA → paiement de 400 $).

Risques principaux

Perte de plus de 50 % du principal si TSLA tombe sous la Valeur de Déclenchement à l’échéance.
Pas de coupons pour les mois où TSLA clôture sous 60 % de la Valeur Initiale ; les coupons ne sont pas garantis.
Potentiel de hausse limité : le rendement maximal correspond aux coupons cumulés ; les investisseurs ne participent pas à l’appréciation du cours de TSLA.
Risque de crédit de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant).
Pas de cotation en bourse ; la liquidité sur le marché secondaire dépend de JPMS et peut se faire à des prix nettement inférieurs au prix d’émission.
Le prix d’émission initial inclut la rémunération des intermédiaires et les coûts de couverture ; la valeur estimée est d’environ 3,9 % inférieure à la valeur nominale.

Ces notes peuvent convenir aux investisseurs modérément haussiers ou anticipant une stabilité sur TSLA, à l’aise avec la volatilité d’une action unique et prêts à accepter les risques de crédit et de liquidité en échange d’un rendement conditionnel élevé.

JPMorgan Chase Financial Company LLC bietet Auto Callable Contingent Interest Notes an, die an die Stammaktien von Tesla, Inc. (TSLA) gekoppelt sind und von JPMorgan Chase & Co. vollständig und bedingungslos garantiert werden. Die Notes vereinen hohes Kuponpotenzial mit bedingtem Kapitalschutz und einer automatischen Rückrufoption.

Wesentliche wirtschaftliche Bedingungen

Bedingter Zinssatz: mindestens 17,75% p.a. (≈1,47917% monatlich), zahlbar nur, wenn TSLA am jeweiligen Überprüfungstag auf oder über der Zinsbarriere (60% des Anfangswerts) schließt.
Automatischer Rückruf: ab dem 15. Oktober 2025, wenn TSLA an einem beliebigen Überprüfungstag (außer dem 1., 2. und letzten) auf oder über dem Anfangswert schließt, erhalten Investoren den Nennwert von 1.000 $ plus den aktuellen Kupon, und die Note endet.
Auslösewert: 50% des Anfangswerts. Wenn die Note nicht zurückgerufen wird und TSLA am letzten Überprüfungstag unter diesem Wert schließt, erfolgt die Rückzahlung mit 1.000 $ × (Endwert ÷ Anfangswert), was Verluste von mehr als 50% und bis zu 100% des Kapitals bedeuten kann.
Laufzeit / Termine: Preisstellung etwa am 15. Juli 2025, Abrechnung am 18. Juli 2025, Fälligkeit am 21. Januar 2027; 18 geplante monatliche Überprüfungs-/Zahlungstermine.
Nennwert: 1.000 $; CUSIP: 48136FLF7.
Geschätzter Wert bei Preisstellung: ca. 960,90 $ (nicht weniger als 930 $) pro 1.000 $ Note, unter Berücksichtigung von Verkaufsprovisionen, Absicherungskosten und Emittentenspread.

Beispielhafte Auszahlungen

Wenn TSLA am 3. Überprüfungstag ≥ Anfangswert schließt, erhält der Investor insgesamt 1.044,375 $ (4,44% Rendite) und die Note wird vorzeitig zurückgezahlt.
Wenn die Note bis zur Fälligkeit läuft und TSLA zwischen 50–100% des Anfangswerts liegt und nur zweimal über der 60%-Barriere schließt, erzielt der Investor trotzdem eine positive, niedrige einstellige Gesamtrendite.
Wenn der Endwert < 50% des Anfangswerts beträgt, wird das Kapital eins zu eins mit dem Rückgang von TSLA reduziert (z. B. –60% TSLA → Auszahlung von 400 $).

Hauptsächliche Risiken

Verlust von über 50% des Kapitals, wenn TSLA bei Fälligkeit unter den Auslösewert fällt.
Keine Kupons für Monate, in denen TSLA unter 60% des Anfangswerts schließt; Kupons sind nicht garantiert.
Begrenztes Aufwärtspotenzial: maximale Rendite entspricht den kumulierten Kupons; Investoren partizipieren nicht an der Kurssteigerung von TSLA.
Kreditrisiko von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garanten).
Keine Börsennotierung; die Liquidität am Sekundärmarkt hängt von JPMS ab und kann deutlich unter dem Ausgabepreis liegen.
Der ursprüngliche Ausgabepreis enthält Händlervergütung und Absicherungskosten; der geschätzte Wert liegt etwa 3,9% unter dem Nennwert.

Diese Notes könnten für Investoren geeignet sein, die mäßig bullisch oder mit Seitwärtsbewegung bei TSLA rechnen, mit Einzelaktienvolatilität vertraut sind und bereit sind, Kredit- und Liquiditätsrisiken für eine erhöhte bedingte Rendite einzugehen.

Positive

Elevated contingent coupon of at least 17.75% p.a. offers meaningful income versus conventional bonds.
Automatic call feature enables early redemption and enhanced annualised return if TSLA stays strong.
Partial downside buffer: principal is protected unless TSLA falls more than 50% by final observation.
Payment guarantee from JPMorgan Chase & Co. adds blue-chip credit support.

Negative

Principal at risk: investors lose dollar-for-dollar below a 50% decline in TSLA, potentially all capital.
Coupons are conditional; no payments if TSLA closes below 60% of initial level on review dates.
No participation in upside; gains capped at cumulative coupons even if TSLA soars.
Liquidity risk: notes are unlisted, secondary prices set solely by JPMS and may be well below par.
Embedded costs: estimated value ($960.90) materially below $1,000 issue price, reflecting fees and hedging spreads.
Concentrated single-stock exposure increases volatility relative to diversified underlyings.

Insights

TL;DR: High 17.75% coupon conditional on TSLA ≥60%; 50% trigger exposes principal; automatic call can shorten tenor.

The structure offers an above-market headline yield driven by Tesla volatility but provides only contingent protection. Automatic call allows rapid monetisation if TSLA remains strong, lowering duration risk. Yet investors face full downside beyond the 50% trigger, receive no upside beyond coupons, and must rely on JPMorgan credit. The 3.9% pricing premium versus estimated value highlights embedded fees. For income-focused investors with a constructive near-term view on TSLA, the trade-off may be acceptable; otherwise risk/reward is neutral.

TL;DR: Concentrated single-name exposure, limited liquidity, and deep tail risk offset attractive coupon.

From a portfolio perspective, the note adds equity-linked yield but amplifies idiosyncratic TSLA risk. Correlation with growth equities could weaken diversification benefits. The 50% trigger seems generous yet Tesla’s historical volatility means breaches are plausible. Lack of exchange listing constrains exit strategies, and credit exposure to JPM’s senior debt could widen under stress. I view the instrument as not impactful to total portfolio return unless position size is carefully scaled.

Termini economici principali

Tasso di Interesse Contingente: almeno 17,75% annuo (≈1,47917% mensile), pagato solo se TSLA chiude nella Data di Revisione pertinente al o sopra la Barriera di Interesse (60% del Valore Iniziale).
Richiamo Automatico: a partire dal 15 ottobre 2025, se TSLA chiude in una qualsiasi Data di Revisione (eccetto la 1ª, 2ª e finale) al o sopra il Valore Iniziale, gli investitori ricevono $1.000 di capitale più la cedola corrente e la nota termina.
Valore di Attivazione: 50% del Valore Iniziale. Se la nota non viene richiamata e TSLA chiude sotto questo livello nell’ultima Data di Revisione, il rimborso sarà pari a $1.000 × (Valore Finale ÷ Valore Iniziale), esponendo gli investitori a perdite superiori al 50% e fino al 100% del capitale.
Durata / Date: prezzo intorno al 15 luglio 2025, regolamento 18 luglio 2025, scadenza 21 gennaio 2027; 18 date programmate di revisione/pagamento mensili.
Taglio: $1.000; CUSIP: 48136FLF7.
Valore stimato al pricing: circa $960,90 (non inferiore a $930) per ogni nota da $1.000, riflettendo commissioni di vendita, costi di copertura e spread di finanziamento dell’emittente.

Pagamenti esemplificativi

Se TSLA ≥ Valore Iniziale alla 3ª Data di Revisione, l’investitore riceve un totale di $1.044,375 (rendimento 4,44%) e la nota viene rimborsata anticipatamente.
Se la nota arriva a scadenza con TSLA tra il 50% e il 100% del Valore Iniziale e sopra la barriera del 60% solo due volte, l’investitore ottiene comunque un rendimento totale positivo a una cifra bassa.
Se il Valore Finale è inferiore al 50% del Valore Iniziale, il capitale viene ridotto proporzionalmente al calo di TSLA (es. –60% TSLA → pagamento di $400).

Rischi principali

Perdita superiore al 50% del capitale se TSLA scende sotto il Valore di Attivazione alla scadenza.
Nessuna cedola per i mesi in cui TSLA chiude sotto il 60% del Valore Iniziale; le cedole non sono garantite.
Potenziale di guadagno limitato: il rendimento massimo è dato dalle cedole cumulative; gli investitori non partecipano all’apprezzamento del prezzo di TSLA.
Rischio di credito dell’emittente JPMorgan Financial e del garante JPMorgan Chase & Co.
Assenza di quotazione in borsa; la liquidità sul mercato secondario dipende da JPMS e può avvenire a prezzi significativamente inferiori a quelli di emissione.
Il prezzo iniziale include compensi per i dealer e costi di copertura; il valore stimato è circa il 3,9% sotto la pari.

Términos económicos clave

Tasa de Interés Contingente: al menos 17.75% anual (≈1.47917% mensual), pagada solo si TSLA cierra en la Fecha de Revisión correspondiente en o por encima de la Barrera de Interés (60% del Valor Inicial).
Llamado Automático: desde el 15 de octubre de 2025, si TSLA cierra en cualquier Fecha de Revisión (excepto la 1ª, 2ª y final) en o por encima del Valor Inicial, los inversionistas reciben $1,000 de principal más el cupón actual y la nota termina.
Valor de Activación: 50% del Valor Inicial. Si la nota no es llamada y TSLA cierra por debajo de este nivel en la Fecha de Revisión final, el reembolso será $1,000 × (Valor Final ÷ Valor Inicial), exponiendo a los inversionistas a pérdidas mayores al 50% y hasta el 100% del principal.
Plazo / Fechas: precio alrededor del 15 de julio de 2025, liquidación 18 de julio de 2025, vencimiento 21 de enero de 2027; 18 fechas programadas de revisión/pago mensuales.
Denominación: $1,000; CUSIP: 48136FLF7.
Valor estimado al precio: aproximadamente $960.90 (no menos de $930) por cada nota de $1,000, reflejando comisiones de venta, costos de cobertura y margen de financiamiento del emisor.

Pagos ilustrativos

Si TSLA ≥ Valor Inicial en la 3ª Fecha de Revisión, el inversionista recibe un total de $1,044.375 (retorno del 4.44%) y la nota se redime anticipadamente.
Si la nota llega a vencimiento con TSLA entre 50% y 100% del Valor Inicial y por encima de la barrera del 60% solo dos veces, el inversionista aún obtiene un retorno total positivo de un solo dígito bajo.
Si el Valor Final < 50% del Valor Inicial, el principal se reduce uno a uno con la caída de TSLA (por ejemplo, –60% TSLA → pago de $400).

Riesgos principales

Pérdida de más del 50% del principal si TSLA cae por debajo del Valor de Activación al vencimiento.
No hay cupones para cualquier mes que TSLA cierre por debajo del 60% del Valor Inicial; los cupones no están garantizados.
Potencial limitado al alza: el rendimiento máximo es igual a los cupones acumulados; los inversionistas no participan en la apreciación del precio de TSLA.
Riesgo crediticio de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante).
No cotización en bolsa; la liquidez en el mercado secundario depende de JPMS y puede ser a precios significativamente inferiores a los de emisión.
El precio original de emisión incluye compensación para los distribuidores y costos de cobertura; el valor estimado es aproximadamente un 3.9% por debajo del valor nominal.

주요 경제 조건

조건부 이자율: 연 최소 17.75% (월 약 1.47917%), TSLA가 해당 검토일에 이자 장벽(초기 가치의 60%) 이상으로 마감할 경우에만 지급됩니다.
자동 상환: 2025년 10월 15일부터, TSLA가 첫 번째, 두 번째 및 최종 검토일을 제외한 어느 검토일에든 초기 가치 이상으로 마감하면 투자자는 $1,000의 원금과 현재 쿠폰을 받고 노트가 종료됩니다.
트리거 가치: 초기 가치의 50%. 노트가 상환되지 않고 최종 검토일에 TSLA가 이 수준 아래로 마감하면 상환금은 $1,000 × (최종 가치 ÷ 초기 가치)로, 투자자는 50% 이상 최대 100%까지 원금 손실 위험에 노출됩니다.
만기 / 날짜: 2025년 7월 15일경 가격 책정, 2025년 7월 18일 결제, 2027년 1월 21일 만기; 18회의 예정된 월간 검토/지급일.
단위액면가: $1,000; CUSIP: 48136FLF7.
가격 책정 시 예상 가치: $1,000 노트당 약 $960.90 (최소 $930), 판매 수수료, 헤지 비용 및 발행자 자금 조달 스프레드를 반영.

예시 지급

TSLA가 3번째 검토일에 초기 가치 이상이면 투자자는 총 $1,044.375(4.44% 수익)를 받고 노트가 조기 상환됩니다.
만기까지 TSLA가 초기 가치의 50~100% 사이이고 60% 장벽 이상을 두 번만 넘으면 투자자는 낮은 한 자릿수의 총 수익을 얻습니다.
최종 가치가 초기 가치의 50% 미만이면 원금은 TSLA 하락률에 따라 1:1로 감액됩니다(예: TSLA –60% → $400 지급).

주요 위험

만기 시 TSLA가 트리거 가치 아래로 떨어지면 원금의 50% 이상 손실 위험.
TSLA가 초기 가치의 60% 미만으로 마감하는 달에는 쿠폰 미지급; 쿠폰은 보장되지 않음.
상승 잠재력 제한: 최대 수익은 누적 쿠폰과 같으며, 투자자는 TSLA 주가 상승에 참여하지 않습니다.
발행자인 JPMorgan Financial과 보증인 JPMorgan Chase & Co.의 신용 위험.
거래소 상장 없음; 2차 시장 유동성은 JPMS에 의존하며 발행가보다 현저히 낮은 가격일 수 있음.
초기 발행 가격은 딜러 보상 및 헤지 비용을 포함하며, 예상 가치는 액면가보다 약 3.9% 낮음.

Principaux termes économiques

Taux d’Intérêt Conditionnel : au moins 17,75% par an (≈1,47917% mensuel), payé uniquement si TSLA clôture à la date de revue pertinente au-dessus ou égal à la Barrière d’Intérêt (60% de la Valeur Initiale).
Rappel Automatique : à partir du 15 octobre 2025, si TSLA clôture à une date de revue (sauf la 1ère, 2ème et finale) au-dessus ou égal à la Valeur Initiale, les investisseurs reçoivent 1 000 $ de principal plus le coupon courant et la note prend fin.
Valeur de Déclenchement : 50% de la Valeur Initiale. Si la note n’est pas rappelée et que TSLA clôture en dessous de ce niveau à la date de revue finale, le remboursement sera de 1 000 $ × (Valeur Finale ÷ Valeur Initiale), exposant les investisseurs à des pertes supérieures à 50% et pouvant aller jusqu’à 100% du principal.
Durée / Dates : prix autour du 15 juillet 2025, règlement le 18 juillet 2025, échéance le 21 janvier 2027 ; 18 dates de revue/paiement mensuelles programmées.
Nominal : 1 000 $ ; CUSIP : 48136FLF7.
Valeur estimée au prix : environ 960,90 $ (pas moins de 930 $) par note de 1 000 $, reflétant les commissions de vente, les coûts de couverture et la marge de financement de l’émetteur.

Exemples de paiements

Si TSLA ≥ Valeur Initiale à la 3ème date de revue, l’investisseur reçoit un total de 1 044,375 $ (rendement de 4,44 %) et la note est remboursée par anticipation.
Si la note arrive à échéance avec TSLA entre 50 % et 100 % de la Valeur Initiale et au-dessus de la barrière de 60 % seulement deux fois, l’investisseur réalise tout de même un rendement total positif à un chiffre faible.
Si la Valeur Finale < 50 % de la Valeur Initiale, le principal est réduit au prorata de la baisse de TSLA (ex. : –60 % TSLA → paiement de 400 $).

Risques principaux

Perte de plus de 50 % du principal si TSLA tombe sous la Valeur de Déclenchement à l’échéance.
Pas de coupons pour les mois où TSLA clôture sous 60 % de la Valeur Initiale ; les coupons ne sont pas garantis.
Potentiel de hausse limité : le rendement maximal correspond aux coupons cumulés ; les investisseurs ne participent pas à l’appréciation du cours de TSLA.
Risque de crédit de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant).
Pas de cotation en bourse ; la liquidité sur le marché secondaire dépend de JPMS et peut se faire à des prix nettement inférieurs au prix d’émission.
Le prix d’émission initial inclut la rémunération des intermédiaires et les coûts de couverture ; la valeur estimée est d’environ 3,9 % inférieure à la valeur nominale.

Wesentliche wirtschaftliche Bedingungen

Bedingter Zinssatz: mindestens 17,75% p.a. (≈1,47917% monatlich), zahlbar nur, wenn TSLA am jeweiligen Überprüfungstag auf oder über der Zinsbarriere (60% des Anfangswerts) schließt.
Automatischer Rückruf: ab dem 15. Oktober 2025, wenn TSLA an einem beliebigen Überprüfungstag (außer dem 1., 2. und letzten) auf oder über dem Anfangswert schließt, erhalten Investoren den Nennwert von 1.000 $ plus den aktuellen Kupon, und die Note endet.
Auslösewert: 50% des Anfangswerts. Wenn die Note nicht zurückgerufen wird und TSLA am letzten Überprüfungstag unter diesem Wert schließt, erfolgt die Rückzahlung mit 1.000 $ × (Endwert ÷ Anfangswert), was Verluste von mehr als 50% und bis zu 100% des Kapitals bedeuten kann.
Laufzeit / Termine: Preisstellung etwa am 15. Juli 2025, Abrechnung am 18. Juli 2025, Fälligkeit am 21. Januar 2027; 18 geplante monatliche Überprüfungs-/Zahlungstermine.
Nennwert: 1.000 $; CUSIP: 48136FLF7.
Geschätzter Wert bei Preisstellung: ca. 960,90 $ (nicht weniger als 930 $) pro 1.000 $ Note, unter Berücksichtigung von Verkaufsprovisionen, Absicherungskosten und Emittentenspread.

Beispielhafte Auszahlungen

Wenn TSLA am 3. Überprüfungstag ≥ Anfangswert schließt, erhält der Investor insgesamt 1.044,375 $ (4,44% Rendite) und die Note wird vorzeitig zurückgezahlt.
Wenn die Note bis zur Fälligkeit läuft und TSLA zwischen 50–100% des Anfangswerts liegt und nur zweimal über der 60%-Barriere schließt, erzielt der Investor trotzdem eine positive, niedrige einstellige Gesamtrendite.
Wenn der Endwert < 50% des Anfangswerts beträgt, wird das Kapital eins zu eins mit dem Rückgang von TSLA reduziert (z. B. –60% TSLA → Auszahlung von 400 $).

Hauptsächliche Risiken

Verlust von über 50% des Kapitals, wenn TSLA bei Fälligkeit unter den Auslösewert fällt.
Keine Kupons für Monate, in denen TSLA unter 60% des Anfangswerts schließt; Kupons sind nicht garantiert.
Begrenztes Aufwärtspotenzial: maximale Rendite entspricht den kumulierten Kupons; Investoren partizipieren nicht an der Kurssteigerung von TSLA.
Kreditrisiko von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garanten).
Keine Börsennotierung; die Liquidität am Sekundärmarkt hängt von JPMS ab und kann deutlich unter dem Ausgabepreis liegen.
Der ursprüngliche Ausgabepreis enthält Händlervergütung und Absicherungskosten; der geschätzte Wert liegt etwa 3,9% unter dem Nennwert.

07/08/2025 - 02:36 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cheng Ming

(Last)

(First)

(Middle)

A. O. SMITH CORPORATION

11000 WEST PARK PLACE

(Street)

MILWAUKEE

53224

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SMITH A O CORP [ AOS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP, CTO

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								45	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	07/07/2025		A		25,375		⁽²⁾	⁽²⁾	Common Stock	25,375	$0	25,375	D

Explanation of Responses:

1. Each restricted stock unit represents the right to receive, at settlement, one share of Common Stock.

2. The restricted stock units were granted on 07/07/2025 under the A. O. Smith Combined Incentive Compensation Plan, a transaction exempt under Rule 16b-3. The restricted stock units become payable in Common Stock on the vesting date of 07/07/2028.

Remarks:

	James F. Stern, Attorney-in-Fact for Ming Cheng	07/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What is the coupon rate on JPMorgan’s TSLA Auto Callable Notes?

The notes pay a contingent coupon of at least 17.75% per annum (≈1.47917% monthly) when Tesla closes at or above 60% of its initial price on a Review Date.

When can the notes be automatically called?

Starting 15 Oct 2025, if Tesla’s closing price on any Review Date (excluding the first, second and final) is at or above the initial level, investors receive $1,000 plus the current coupon and the note terminates.

How much principal protection do the notes provide?

Principal is protected unless Tesla’s final closing price is below 50% of the Initial Value. Below that level, repayment equals $1,000 × (Final / Initial), leading to losses greater than 50% and up to 100%.

What is the estimated value versus the price to public?

If issued today, the estimated value is $960.90 per $1,000 note, at least $930 at pricing, reflecting embedded fees and hedging costs; the public offering price is $1,000.

Are the notes listed on an exchange?

No. The securities will not be listed; liquidity depends on J.P. Morgan Securities LLC buying the notes in secondary transactions.

Who guarantees payment on the notes?

All payments are unsecured obligations of JPMorgan Chase Financial Company LLC and are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Do investors receive Tesla dividends?

No. Holders have no dividend or voting rights in Tesla; all upside is limited to the contingent coupons.

[Form 4] A.O. Smith Corporation Insider Trading Activity

Insights

FAQ

What is the coupon rate on JPMorgan’s TSLA Auto Callable Notes?

When can the notes be automatically called?

How much principal protection do the notes provide?

What is the estimated value versus the price to public?

Are the notes listed on an exchange?

Who guarantees payment on the notes?

Do investors receive Tesla dividends?

NYSE:AOS

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AOS Latest News

AOS Latest SEC Filings

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Trending News

[Form 4] A.O. Smith Corporation Insider Trading Activity

Insights

Structured Products Analyst neutral

Portfolio Risk Manager neutral

FAQ

What is the coupon rate on JPMorgan’s TSLA Auto Callable Notes?

When can the notes be automatically called?

How much principal protection do the notes provide?

What is the estimated value versus the price to public?

Are the notes listed on an exchange?

Who guarantees payment on the notes?

Do investors receive Tesla dividends?

NYSE:AOS

AOS Rankings

AOS Latest News

AOS Latest SEC Filings

AOS Stock Data