[144] Corcept Therapeutics Inc. SEC Filing

Q: What is the ticker for the underlying index of the JPMorgan notes?

The notes reference the J.P. Morgan Dynamic BlendSM Index (Bloomberg: JPUSDYBL Index).

Q: Do the notes protect my principal?

Yes. At maturity you will receive at least the full $1,000 principal per note, subject to JPMorgan’s credit risk.

Q: Are the notes traded on an exchange?

No. The notes will not be listed; any resale depends on J.P. Morgan Securities’ willingness to buy, likely at a discount.

Q: What fees affect the note’s value?

Investors pay a 2.5% selling commission; the index deducts 0.95% per annum; and the note’s estimated value was $945.70 per $1,000 at pricing.

Q: When do the notes mature?

The notes mature on 30 June 2028, three years from settlement.

Q: What are the tax considerations?

JPMorgan intends to treat the notes as contingent payment debt instruments, requiring accrual of OID at a 4.84% comparable yield; consult a tax adviser.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

144

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering $435,000 of three-year Capped Digital Notes linked to the J.P. Morgan Dynamic Blend^SM Index (ticker: JPUSDYBL Index). The notes price at 100% of face value ($1,000 minimum denomination) and settle on or about 2 July 2025, maturing 30 June 2028. JPMorgan Chase & Co. provides a full and unconditional guarantee, but the notes remain senior unsecured obligations subject to the credit risk of both entities.

Payout structure

If the Index’s Final Value ≥ Initial Value (149.94), investors receive principal plus a fixed 24.00% Contingent Digital Return ($1,240 per $1,000 note).
If the Final Value is below the Initial Value, holders receive only par ($1,000). No interest is paid during the term.

This creates a binary payoff: upside is capped at 24% regardless of how far the Index rises, while downside is limited to the opportunity cost of tying up capital.

Economics & fees

Price to public: 100% | Selling commissions: 2.5% ($25 per $1,000) | Proceeds to issuer: 97.5%.
Estimated value at pricing was $945.70 per $1,000, 5.4% below issue price, reflecting embedded costs and hedging.
The Index deducts an explicit 0.95% p.a. fee and targets 3% volatility by dynamically reallocating between S&P 500 futures (equity) and 2-year Treasury futures (bond). Frequent rebalancing and the low volatility target can mute equity upside.

Key risks disclosed

Credit risk of JPMorgan entities; the notes are not FDIC-insured.
No secondary-market listing; liquidity will depend on J.P. Morgan Securities’ bid, likely below issue price.
Upside cap (24%) and index fee drag may cause returns to lag direct equity exposure.
The estimated value relies on an internal funding rate and may differ from observable market prices.

The product suits investors seeking principal protection at maturity and willing to exchange uncapped market participation for a predefined 24% payoff if the index is flat or rises. It does not materially affect JPMorgan Chase & Co.’s financial position given its de-minimis size, but it offers retail investors a structured way to gain conditional exposure to a proprietary, low-volatility index.

JPMorgan Chase Financial Company LLC offre $435.000 di Note Digitali Capped a tre anni collegate all'indice J.P. Morgan Dynamic Blend^SM (ticker: JPUSDYBL Index). Le note sono quotate al 100% del valore nominale (taglio minimo $1.000) e si regolano intorno al 2 luglio 2025, con scadenza il 30 giugno 2028. JPMorgan Chase & Co. fornisce una garanzia piena e incondizionata, ma le note rimangono obbligazioni senior non garantite soggette al rischio di credito di entrambe le entità.

Struttura del rendimento

Se il Valore Finale dell’Indice ≥ Valore Iniziale (149,94), gli investitori ricevono il capitale più un Rendimento Digitale Contingente fisso del 24,00% ($1.240 per nota da $1.000).
Se il Valore Finale è inferiore al Valore Iniziale, i detentori ricevono solo il valore nominale ($1.000). Non viene corrisposto interesse durante la durata.

Ciò crea un payoff binario: il guadagno è limitato al 24% indipendentemente da quanto l’indice salga, mentre la perdita è limitata al costo opportunità del capitale vincolato.

Economia e commissioni

Prezzo al pubblico: 100% | Commissioni di vendita: 2,5% ($25 per $1.000) | Proventi per l’emittente: 97,5%.
Valore stimato al momento del pricing era $945,70 per $1.000, 5,4% sotto il prezzo di emissione, riflettendo costi incorporati e coperture.
L’indice applica una commissione esplicita dello 0,95% annuo e mira a una volatilità del 3% riallocando dinamicamente tra futures sull’S&P 500 (equity) e futures sui Treasury a 2 anni (bond). Il ribilanciamento frequente e il basso target di volatilità possono attenuare i rialzi azionari.

Principali rischi comunicati

Rischio di credito delle entità JPMorgan; le note non sono assicurate FDIC.
Nessuna quotazione sul mercato secondario; la liquidità dipenderà dall’offerta di J.P. Morgan Securities, probabilmente inferiore al prezzo di emissione.
Limite al rialzo (24%) e commissione dell’indice possono far registrare rendimenti inferiori all’esposizione diretta azionaria.
Il valore stimato si basa su un tasso interno di finanziamento e può differire dai prezzi di mercato osservabili.

Il prodotto è adatto a investitori che cercano protezione del capitale a scadenza e sono disposti a rinunciare alla partecipazione illimitata al mercato in cambio di un rendimento prefissato del 24% se l’indice rimane stabile o cresce. Non incide materialmente sulla posizione finanziaria di JPMorgan Chase & Co. data la dimensione minima, ma offre agli investitori retail un modo strutturato per ottenere esposizione condizionata a un indice proprietario a bassa volatilità.

JPMorgan Chase Financial Company LLC ofrece $435,000 en Notas Digitales Capped a tres años vinculadas al índice J.P. Morgan Dynamic Blend^SM (ticker: JPUSDYBL Index). Las notas se cotizan al 100% del valor nominal (denominación mínima de $1,000) y se liquidan alrededor del 2 julio 2025, con vencimiento el 30 junio 2028. JPMorgan Chase & Co. proporciona una garantía completa e incondicional, pero las notas siguen siendo obligaciones senior no garantizadas sujetas al riesgo crediticio de ambas entidades.

Estructura del pago

Si el Valor Final del Índice ≥ Valor Inicial (149.94), los inversores reciben el principal más un Retorno Digital Contingente fijo del 24.00% ($1,240 por nota de $1,000).
Si el Valor Final está por debajo del Valor Inicial, los tenedores reciben solo el valor nominal ($1,000). No se paga interés durante el plazo.

Esto crea un pago binario: la ganancia está limitada al 24% sin importar cuánto suba el índice, mientras que la pérdida se limita al costo de oportunidad del capital comprometido.

Economía y comisiones

Precio al público: 100% | Comisiones de venta: 2.5% ($25 por $1,000) | Ingresos para el emisor: 97.5%.
Valor estimado en el momento del precio fue de $945.70 por $1,000, 5.4% por debajo del precio de emisión, reflejando costos incorporados y coberturas.
El índice deduce una comisión explícita del 0.95% anual y busca una volatilidad del 3% reasignando dinámicamente entre futuros del S&P 500 (acciones) y futuros del Tesoro a 2 años (bonos). El rebalanceo frecuente y el bajo objetivo de volatilidad pueden atenuar las subidas en acciones.

Riesgos clave divulgados

Riesgo crediticio de las entidades JPMorgan; las notas no están aseguradas por la FDIC.
No cotización en mercado secundario; la liquidez dependerá de la oferta de J.P. Morgan Securities, probablemente por debajo del precio de emisión.
Límite al alza (24%) y la comisión del índice pueden hacer que los rendimientos sean inferiores a la exposición directa en acciones.
El valor estimado se basa en una tasa interna de financiación y puede diferir de los precios observables en el mercado.

El producto es adecuado para inversores que buscan protección del principal al vencimiento y están dispuestos a renunciar a la participación ilimitada en el mercado a cambio de un pago predefinido del 24% si el índice se mantiene estable o sube. No afecta materialmente la posición financiera de JPMorgan Chase & Co. dada su tamaño mínimo, pero ofrece a los inversores minoristas una forma estructurada de obtener exposición condicional a un índice propietario de baja volatilidad.

JPMorgan Chase Financial Company LLC는 J.P. Morgan Dynamic Blend^SM 지수(티커: JPUSDYBL Index)에 연동된 3년 만기 캡디지털노트 435,000달러를 제공합니다. 이 노트는 액면가 100%로 가격이 책정되며(최소 액면가 $1,000), 2025년 7월 2일경에 결제되어 2028년 6월 30일 만기됩니다. JPMorgan Chase & Co.가 완전하고 무조건적인 보증을 제공하지만, 이 노트는 두 기관의 신용 위험에 노출된 선순위 무담보 채무로 남아 있습니다.

지급 구조

지수의 최종 가치 ≥ 초기 가치 (149.94)인 경우 투자자는 원금과 함께 고정된 24.00% 조건부 디지털 수익을 받습니다(1,000달러 노트당 $1,240).
최종 가치가 초기 가치보다 낮으면 보유자는 원금만 받으며($1,000), 기간 동안 이자는 지급되지 않습니다.

이는 이진형 수익 구조를 형성하며, 상승 수익은 지수가 얼마나 상승하든 24%로 제한되고, 하락 위험은 자본 기회비용으로 제한됩니다.

경제성 및 수수료

공개 가격: 100% | 판매 수수료: 2.5% ($1,000당 $25) | 발행자 수익: 97.5%.
가격 책정 시 추정 가치는 $1,000당 $945.70로, 발행 가격보다 5.4% 낮으며 내재 비용과 헤징을 반영합니다.
지수는 명시적 연 0.95% 수수료를 공제하며, S&P 500 선물(주식)과 2년 만기 국채 선물(채권) 간을 동적으로 재배분하여 3% 변동성을 목표로 합니다. 잦은 리밸런싱과 낮은 변동성 목표는 주식 상승을 제한할 수 있습니다.

주요 공시 위험

JPMorgan 기관의 신용 위험; 노트는 FDIC 보험이 적용되지 않습니다.
2차 시장 상장 없음; 유동성은 J.P. Morgan Securities의 매수 호가에 따라 달라지며, 발행가보다 낮을 가능성이 높습니다.
상승 한도(24%)와 지수 수수료로 인해 수익률이 직접 주식 노출보다 낮을 수 있습니다.
추정 가치는 내부 자금 조달 금리에 기반하며 관측 가능한 시장 가격과 다를 수 있습니다.

이 상품은 만기 시 원금 보호를 원하며, 지수가 횡보하거나 상승할 경우 미리 정해진 24% 수익을 위해 무제한 시장 참여를 포기할 의향이 있는 투자자에게 적합합니다. 규모가 미미하여 JPMorgan Chase & Co.의 재무 상태에 실질적 영향을 미치지 않지만, 소매 투자자에게 독점적이고 저변동성 지수에 조건부로 노출될 수 있는 구조화된 방식을 제공합니다.

JPMorgan Chase Financial Company LLC propose 435 000 $ de Notes Digitales Capped à trois ans liées à l’indice J.P. Morgan Dynamic Blend^SM (symbole : JPUSDYBL Index). Les notes sont cotées à 100 % de la valeur nominale (valeur nominale minimale de 1 000 $) et se règlent vers le 2 juillet 2025, avec échéance au 30 juin 2028. JPMorgan Chase & Co. fournit une garantie pleine et inconditionnelle, mais les notes restent des obligations senior non garanties soumises au risque de crédit des deux entités.

Structure du paiement

Si la Valeur Finale de l’Indice ≥ Valeur Initiale (149,94), les investisseurs reçoivent le principal plus un Rendement Digital Conditionnel fixe de 24,00 % (1 240 $ par note de 1 000 $).
Si la Valeur Finale est inférieure à la Valeur Initiale, les détenteurs ne reçoivent que la valeur nominale (1 000 $). Aucun intérêt n’est versé pendant la durée.

Ce mécanisme crée un paiement binaire : le gain est plafonné à 24 % quel que soit le niveau atteint par l’indice, tandis que la perte est limitée au coût d’opportunité du capital immobilisé.

Économie et frais

Prix public : 100 % | Commissions de vente : 2,5 % (25 $ par 1 000 $) | Produit pour l’émetteur : 97,5 %.
Valeur estimée lors de la tarification : 945,70 $ par 1 000 $, soit 5,4 % en dessous du prix d’émission, reflétant les coûts intégrés et la couverture.
L’indice déduit une commission explicite de 0,95 % par an et vise une volatilité de 3 % en réallouant dynamiquement entre les contrats à terme S&P 500 (actions) et les contrats à terme du Trésor à 2 ans (obligations). Le rééquilibrage fréquent et l’objectif de faible volatilité peuvent atténuer la hausse des actions.

Principaux risques divulgués

Risque de crédit des entités JPMorgan ; les notes ne sont pas assurées par la FDIC.
Pas de cotation sur le marché secondaire ; la liquidité dépendra des offres de J.P. Morgan Securities, probablement inférieures au prix d’émission.
Plafond de gain (24 %) et frais d’indice peuvent entraîner des rendements inférieurs à une exposition directe aux actions.
La valeur estimée repose sur un taux de financement interne et peut différer des prix observables sur le marché.

Ce produit convient aux investisseurs recherchant une protection du capital à l’échéance et prêts à échanger une participation illimitée au marché contre un rendement prédéfini de 24 % si l’indice reste stable ou augmente. Il n’affecte pas matériellement la position financière de JPMorgan Chase & Co. en raison de sa taille minime, mais offre aux investisseurs particuliers un moyen structuré d’obtenir une exposition conditionnelle à un indice propriétaire à faible volatilité.

JPMorgan Chase Financial Company LLC bietet 435.000 USD an dreijährigen Capped Digital Notes an, die an den J.P. Morgan Dynamic Blend^SM Index (Ticker: JPUSDYBL Index) gekoppelt sind. Die Notes werden zum 100 % des Nennwerts (Mindeststückelung 1.000 USD) bepreist und werden etwa am 2. Juli 2025 abgerechnet, mit Fälligkeit am 30. Juni 2028. JPMorgan Chase & Co. bietet eine volle und bedingungslose Garantie, die Notes bleiben jedoch unbesicherte vorrangige Verbindlichkeiten, die dem Kreditrisiko beider Gesellschaften unterliegen.

Auszahlungsstruktur

Wenn der Endwert des Index ≥ Anfangswert (149,94) ist, erhalten Anleger den Kapitalbetrag plus eine feste 24,00 % bedingte digitale Rendite (1.240 USD pro 1.000-USD-Note).
Liegt der Endwert unter dem Anfangswert, erhalten Inhaber nur den Nennwert (1.000 USD). Während der Laufzeit werden keine Zinsen gezahlt.

Dies schafft eine binäre Auszahlung: Die Obergrenze des Gewinns liegt bei 24 %, unabhängig davon, wie stark der Index steigt, während das Risiko auf die Opportunitätskosten des gebundenen Kapitals begrenzt ist.

Wirtschaftlichkeit & Gebühren

Preis für die Öffentlichkeit: 100 % | Verkaufsprovisionen: 2,5 % (25 USD pro 1.000 USD) | Einnahmen für den Emittenten: 97,5 %.
Geschätzter Wert zum Zeitpunkt der Preisfestsetzung lag bei 945,70 USD pro 1.000 USD, 5,4 % unter dem Ausgabepreis, was eingebaute Kosten und Absicherungen widerspiegelt.
Der Index zieht eine explizite 0,95 % p.a. Gebühr ab und zielt auf eine Volatilität von 3 % ab, indem er dynamisch zwischen S&P 500-Futures (Aktien) und 2-jährigen Treasury-Futures (Anleihen) umschichtet. Häufiges Rebalancing und das niedrige Volatilitätsziel können Kursanstiege bei Aktien dämpfen.

Wesentliche Risiken

Kreditrisiko der JPMorgan-Einheiten; die Notes sind nicht FDIC-versichert.
Keine Notierung am Sekundärmarkt; die Liquidität hängt vom Gebot von J.P. Morgan Securities ab, das wahrscheinlich unter dem Ausgabepreis liegt.
Gewinnobergrenze (24 %) und Indexgebühr können dazu führen, dass die Renditen hinter einer direkten Aktienanlage zurückbleiben.
Der geschätzte Wert basiert auf einem internen Finanzierungssatz und kann von beobachtbaren Marktpreisen abweichen.

Das Produkt eignet sich für Anleger, die Kapitalschutz bei Fälligkeit suchen und bereit sind, eine unbegrenzte Marktbeteiligung gegen eine vordefinierte Auszahlung von 24 % einzutauschen, falls der Index stabil bleibt oder steigt. Aufgrund der geringen Größe wirkt sich dies nicht wesentlich auf die Finanzlage von JPMorgan Chase & Co. aus, bietet aber Privatanlegern eine strukturierte Möglichkeit, bedingte Exponierung gegenüber einem proprietären, volatilitätsarmen Index zu erhalten.

Positive

100% principal protection at maturity regardless of index performance.
Fixed 24% return achieved with any non-negative index outcome, providing clarity on maximum gain.
Full and unconditional guarantee by JPMorgan Chase & Co., a large, investment-grade institution.

Negative

Upside capped at 24%, forfeiting further gains if the index rises strongly.
Investors receive no periodic interest, creating opportunity cost versus other fixed-income instruments.
Estimated value (94.57%) materially below issue price, indicating ~5% structural cost to investors.
Product is illiquid; no exchange listing and secondary prices depend solely on dealer bids.
Performance drag from 0.95% annual index fee and low 3% target volatility may hinder index appreciation.

Insights

TL;DR Three-year digital note offers 24% capped upside with full principal protection; small size, standard risk disclosures, neutral issuer impact.

The note is a classic digital call with capital preservation. Investors win a fixed 24% if the proprietary Dynamic Blend Index merely closes flat or higher in June 2028; otherwise they get par. The embedded option, dealer margin and 0.95% index fee push the estimated value to 94.6% of par, implying an all-in cost ≈5.4%. Because the target volatility is only 3%, the index historically underperforms in bull markets, increasing the probability that the note finishes at par. Size is $0.4 million, immaterial to JPM. Overall, product is neutral from a credit perspective but offers asymmetric risk/return for retail investors who prioritise downside protection.

TL;DR Capital-protected note with limited upside trades off yield and liquidity; credit exposure to JPM, upside capped.

With U.S. Treasuries near 4-5% yields, locking funds for three years with zero coupons and only a contingent 24% terminal payoff is a steep opportunity-cost trade, especially given the product’s illiquidity. The break-even scenario requires the index to be ≥ Initial Value—plausible but not assured given the daily fee drag and low-vol target. The structure may appeal to tax-sensitive investors, yet the CPDI treatment forces accrual of OID at a 4.84% comparable yield, dulling tax efficiency. For diversified portfolios, risk/reward appears neutral to slightly unattractive.

Struttura del rendimento

Se il Valore Finale dell’Indice ≥ Valore Iniziale (149,94), gli investitori ricevono il capitale più un Rendimento Digitale Contingente fisso del 24,00% ($1.240 per nota da $1.000).
Se il Valore Finale è inferiore al Valore Iniziale, i detentori ricevono solo il valore nominale ($1.000). Non viene corrisposto interesse durante la durata.

Ciò crea un payoff binario: il guadagno è limitato al 24% indipendentemente da quanto l’indice salga, mentre la perdita è limitata al costo opportunità del capitale vincolato.

Economia e commissioni

Prezzo al pubblico: 100% | Commissioni di vendita: 2,5% ($25 per $1.000) | Proventi per l’emittente: 97,5%.
Valore stimato al momento del pricing era $945,70 per $1.000, 5,4% sotto il prezzo di emissione, riflettendo costi incorporati e coperture.
L’indice applica una commissione esplicita dello 0,95% annuo e mira a una volatilità del 3% riallocando dinamicamente tra futures sull’S&P 500 (equity) e futures sui Treasury a 2 anni (bond). Il ribilanciamento frequente e il basso target di volatilità possono attenuare i rialzi azionari.

Principali rischi comunicati

Rischio di credito delle entità JPMorgan; le note non sono assicurate FDIC.
Nessuna quotazione sul mercato secondario; la liquidità dipenderà dall’offerta di J.P. Morgan Securities, probabilmente inferiore al prezzo di emissione.
Limite al rialzo (24%) e commissione dell’indice possono far registrare rendimenti inferiori all’esposizione diretta azionaria.
Il valore stimato si basa su un tasso interno di finanziamento e può differire dai prezzi di mercato osservabili.

Estructura del pago

Si el Valor Final del Índice ≥ Valor Inicial (149.94), los inversores reciben el principal más un Retorno Digital Contingente fijo del 24.00% ($1,240 por nota de $1,000).
Si el Valor Final está por debajo del Valor Inicial, los tenedores reciben solo el valor nominal ($1,000). No se paga interés durante el plazo.

Esto crea un pago binario: la ganancia está limitada al 24% sin importar cuánto suba el índice, mientras que la pérdida se limita al costo de oportunidad del capital comprometido.

Economía y comisiones

Precio al público: 100% | Comisiones de venta: 2.5% ($25 por $1,000) | Ingresos para el emisor: 97.5%.
Valor estimado en el momento del precio fue de $945.70 por $1,000, 5.4% por debajo del precio de emisión, reflejando costos incorporados y coberturas.
El índice deduce una comisión explícita del 0.95% anual y busca una volatilidad del 3% reasignando dinámicamente entre futuros del S&P 500 (acciones) y futuros del Tesoro a 2 años (bonos). El rebalanceo frecuente y el bajo objetivo de volatilidad pueden atenuar las subidas en acciones.

Riesgos clave divulgados

Riesgo crediticio de las entidades JPMorgan; las notas no están aseguradas por la FDIC.
No cotización en mercado secundario; la liquidez dependerá de la oferta de J.P. Morgan Securities, probablemente por debajo del precio de emisión.
Límite al alza (24%) y la comisión del índice pueden hacer que los rendimientos sean inferiores a la exposición directa en acciones.
El valor estimado se basa en una tasa interna de financiación y puede diferir de los precios observables en el mercado.

지급 구조

지수의 최종 가치 ≥ 초기 가치 (149.94)인 경우 투자자는 원금과 함께 고정된 24.00% 조건부 디지털 수익을 받습니다(1,000달러 노트당 $1,240).
최종 가치가 초기 가치보다 낮으면 보유자는 원금만 받으며($1,000), 기간 동안 이자는 지급되지 않습니다.

이는 이진형 수익 구조를 형성하며, 상승 수익은 지수가 얼마나 상승하든 24%로 제한되고, 하락 위험은 자본 기회비용으로 제한됩니다.

경제성 및 수수료

공개 가격: 100% | 판매 수수료: 2.5% ($1,000당 $25) | 발행자 수익: 97.5%.
가격 책정 시 추정 가치는 $1,000당 $945.70로, 발행 가격보다 5.4% 낮으며 내재 비용과 헤징을 반영합니다.
지수는 명시적 연 0.95% 수수료를 공제하며, S&P 500 선물(주식)과 2년 만기 국채 선물(채권) 간을 동적으로 재배분하여 3% 변동성을 목표로 합니다. 잦은 리밸런싱과 낮은 변동성 목표는 주식 상승을 제한할 수 있습니다.

주요 공시 위험

JPMorgan 기관의 신용 위험; 노트는 FDIC 보험이 적용되지 않습니다.
2차 시장 상장 없음; 유동성은 J.P. Morgan Securities의 매수 호가에 따라 달라지며, 발행가보다 낮을 가능성이 높습니다.
상승 한도(24%)와 지수 수수료로 인해 수익률이 직접 주식 노출보다 낮을 수 있습니다.
추정 가치는 내부 자금 조달 금리에 기반하며 관측 가능한 시장 가격과 다를 수 있습니다.

Structure du paiement

Si la Valeur Finale de l’Indice ≥ Valeur Initiale (149,94), les investisseurs reçoivent le principal plus un Rendement Digital Conditionnel fixe de 24,00 % (1 240 $ par note de 1 000 $).
Si la Valeur Finale est inférieure à la Valeur Initiale, les détenteurs ne reçoivent que la valeur nominale (1 000 $). Aucun intérêt n’est versé pendant la durée.

Économie et frais

Prix public : 100 % | Commissions de vente : 2,5 % (25 $ par 1 000 $) | Produit pour l’émetteur : 97,5 %.
Valeur estimée lors de la tarification : 945,70 $ par 1 000 $, soit 5,4 % en dessous du prix d’émission, reflétant les coûts intégrés et la couverture.
L’indice déduit une commission explicite de 0,95 % par an et vise une volatilité de 3 % en réallouant dynamiquement entre les contrats à terme S&P 500 (actions) et les contrats à terme du Trésor à 2 ans (obligations). Le rééquilibrage fréquent et l’objectif de faible volatilité peuvent atténuer la hausse des actions.

Principaux risques divulgués

Risque de crédit des entités JPMorgan ; les notes ne sont pas assurées par la FDIC.
Pas de cotation sur le marché secondaire ; la liquidité dépendra des offres de J.P. Morgan Securities, probablement inférieures au prix d’émission.
Plafond de gain (24 %) et frais d’indice peuvent entraîner des rendements inférieurs à une exposition directe aux actions.
La valeur estimée repose sur un taux de financement interne et peut différer des prix observables sur le marché.

Auszahlungsstruktur

Wenn der Endwert des Index ≥ Anfangswert (149,94) ist, erhalten Anleger den Kapitalbetrag plus eine feste 24,00 % bedingte digitale Rendite (1.240 USD pro 1.000-USD-Note).
Liegt der Endwert unter dem Anfangswert, erhalten Inhaber nur den Nennwert (1.000 USD). Während der Laufzeit werden keine Zinsen gezahlt.

Wirtschaftlichkeit & Gebühren

Preis für die Öffentlichkeit: 100 % | Verkaufsprovisionen: 2,5 % (25 USD pro 1.000 USD) | Einnahmen für den Emittenten: 97,5 %.
Geschätzter Wert zum Zeitpunkt der Preisfestsetzung lag bei 945,70 USD pro 1.000 USD, 5,4 % unter dem Ausgabepreis, was eingebaute Kosten und Absicherungen widerspiegelt.
Der Index zieht eine explizite 0,95 % p.a. Gebühr ab und zielt auf eine Volatilität von 3 % ab, indem er dynamisch zwischen S&P 500-Futures (Aktien) und 2-jährigen Treasury-Futures (Anleihen) umschichtet. Häufiges Rebalancing und das niedrige Volatilitätsziel können Kursanstiege bei Aktien dämpfen.

Wesentliche Risiken

Kreditrisiko der JPMorgan-Einheiten; die Notes sind nicht FDIC-versichert.
Keine Notierung am Sekundärmarkt; die Liquidität hängt vom Gebot von J.P. Morgan Securities ab, das wahrscheinlich unter dem Ausgabepreis liegt.
Gewinnobergrenze (24 %) und Indexgebühr können dazu führen, dass die Renditen hinter einer direkten Aktienanlage zurückbleiben.
Der geschätzte Wert basiert auf einem internen Finanzierungssatz und kann von beobachtbaren Marktpreisen abweichen.

07/01/2025 - 02:09 PM

144: Filer Information

Filer CIK

Filer CCC

Is this a LIVE or TEST Filing?

LIVE TEST

Submission Contact Information

Name

Phone

E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold

Name and Address of the Broker

Number of Shares or Other Units To Be Sold

Aggregate Market Value

Number of Shares or Other Units Outstanding

Approximate Date of Sale

Name the Securities Exchange

Common

Stifel Nicolaus & Co. Inc.
501 N. Broadway
St. Louis MO 63102

20000

1468000.00

106040000

07/01/2025

NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class

Date you Acquired

Nature of Acquisition Transaction

Name of Person from Whom Acquired

Is this a Gift?

Date Donor Acquired

Amount of Securities Acquired

Date of Payment

Nature of Payment *

Common

07/01/2025

Stock Option Exercise

Corcept Therapeutics Inc.

20000

07/01/2025

Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller

Title of Securities Sold

Date of Sale

Amount of Securities Sold

Gross Proceeds

Sean Maduck
101 Redwood Shores Parkway
Redwood City CA 94065

Common

05/01/2025

12856

924817.00

Sean Maduck
101 Redwood Shores Parkway
Redwood City CA 94065

Common

04/01/2025

590

67584.00

Sean Maduck
101 Redwood Shores Parkway
Redwood City CA 94065

Common

06/02/2025

20000

1581686.00

Sean Maduck
101 Redwood Shores Parkway
Redwood City CA 94065

Common

05/02/2025

26554

1917950.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

Source: View Original Filing on SEC EDGAR

FAQ

What is the ticker for the underlying index of the JPMorgan notes?

The notes reference the J.P. Morgan Dynamic Blend^SM Index (Bloomberg: JPUSDYBL Index).

How much can I earn from the notes if the index rises?

If the Final Value is at or above the Initial Value, you receive a 24% fixed return ($1,240 per $1,000 note). Gains above this level are not paid.

Do the notes protect my principal?

Yes. At maturity you will receive at least the full $1,000 principal per note, subject to JPMorgan’s credit risk.

Are the notes traded on an exchange?

No. The notes will not be listed; any resale depends on J.P. Morgan Securities’ willingness to buy, likely at a discount.

What fees affect the note’s value?

Investors pay a 2.5% selling commission; the index deducts 0.95% per annum; and the note’s estimated value was $945.70 per $1,000 at pricing.

When do the notes mature?

The notes mature on 30 June 2028, three years from settlement.

What are the tax considerations?

JPMorgan intends to treat the notes as contingent payment debt instruments, requiring accrual of OID at a 4.84% comparable yield; consult a tax adviser.

[144] Corcept Therapeutics Inc. SEC Filing

Insights

144: Filer Information

Submission Contact Information

144: Issuer Information

144: Securities Information

144: Securities To Be Sold

144: Securities Sold During The Past 3 Months

144: Remarks and Signature

ATTENTION:

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is the ticker for the underlying index of the JPMorgan notes?

How much can I earn from the notes if the index rises?

Do the notes protect my principal?

Are the notes traded on an exchange?

What fees affect the note’s value?

When do the notes mature?

What are the tax considerations?

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[144] Corcept Therapeutics Inc. SEC Filing

Insights

Structured Products Analyst neutral

Fixed-Income Portfolio Manager neutral

144: Filer Information

Submission Contact Information

144: Issuer Information

144: Securities Information

144: Securities To Be Sold

144: Securities Sold During The Past 3 Months

144: Remarks and Signature

ATTENTION:

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is the ticker for the underlying index of the JPMorgan notes?

How much can I earn from the notes if the index rises?

Do the notes protect my principal?

Are the notes traded on an exchange?

What fees affect the note’s value?

When do the notes mature?

What are the tax considerations?

NASDAQ:CORT

CORT Rankings

CORT Latest News

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