[144] On Holding AG SEC Filing

Q: What is the minimum coupon rate on the JPM Auto Callable Contingent Interest Notes?

The notes pay a contingent coupon of at least 1.05% per month (≥12.60% per year) when the Index is at or above the 60% barrier on the relevant Review Date.

Q: When can the notes linked to the MerQube US Large-Cap Vol Advantage Index be automatically called?

The earliest automatic call date is 5 January 2026; thereafter any monthly Review Date (excluding the first five and final) where the Index closes at or above its initial level triggers redemption.

Q: How much principal could I lose at maturity?

If the Final Index level is below 60% of the Initial Value, repayment equals $1,000 + ($1,000 × Index Return), so losses can exceed 40% and reach 100% in a worst-case scenario.

Q: Why does the estimated value differ from the $1,000 purchase price?

The estimated value (≈$951.50) excludes selling commissions and hedging costs embedded in the offering price, so it is lower than the Price to Public of $1,000.

Q: Does the 6% per-annum deduction affect my coupons?

Yes. The daily deduction reduces Index performance, making it harder for the Index to stay above the 60% Interest Barrier and thus lowering the probability of receiving coupons.

Q: Are the notes FDIC-insured?

No. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial Company LLC and are not backed by FDIC insurance.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

144

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated Auto-Callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index (“the Index”). The notes are expected to price on or about 3 July 2025, settle on 9 July 2025 and mature on 7 July 2028, unless automatically called earlier.

Coupon mechanics: Investors receive a monthly Contingent Interest Payment of at least 1.05% (≥12.60% p.a.) for each Review Date on which the Index closes at or above the Interest Barrier (60% of the Initial Value). No coupon is paid for months in which the barrier is breached.

Automatic call: Beginning 5 January 2026, if the Index closes on any Review Date (excluding the first five and the final Review Date) at or above its Initial Value, the notes are redeemed for $1,000 principal + accrued coupon. Early redemption shortens the maximum 3-year term.

Principal repayment: • If not called and the Index closes on the final Review Date at or above the Trigger Value (also 60% of the Initial Value), investors receive principal plus final coupon.
• If the final Index level is below the Trigger, repayment equals $1,000 + ($1,000 × Index Return), exposing holders to a loss of more than 40% – up to 100% – of principal.

Underlying index features: The Index is a rules-based strategy targeting 35% implied volatility through variable (0-500%) exposure to E-mini S&P 500 futures. Performance is reduced by a 6.0% per-annum daily deduction, creating a structural drag relative to a similar index without the fee.

Key risk disclosures (verbatim from filing):

No principal protection; substantial loss possible if Index falls >40%.
Coupons are contingent; investors may receive no interest at all.
6% daily deduction can erode Index performance.
Credit risk of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
Notes will not be listed; liquidity depends on JPMS’ willingness to make a market.
Estimated value on pricing is expected to be ≈$951.50 (not less than $930) per $1,000 note, below the public offering price, reflecting selling commissions and hedging costs.

Economic terms snapshot:

Denomination: $1,000.
Contingent Interest Rate: ≥12.60% p.a. (monthly).
Interest Barrier / Trigger Value: 60% of Initial Value.
First potential call: 5 Jan 2026.
CUSIP: 48136FEW8.

These structured notes suit investors seeking high contingent income and willing to accept equity-linked downside, Index methodology risk, daily deduction drag and issuer credit exposure.

JPMorgan Chase Financial Company LLC offre note non garantite e non subordinate denominate Auto-Callable Contingent Interest Notes collegate all'indice MerQube US Large-Cap Vol Advantage (“l'Indice”). Le note sono previste in emissione intorno al 3 luglio 2025, con regolamento il 9 luglio 2025 e scadenza il 7 luglio 2028, salvo richiamo anticipato automatico.

Meccanismo cedolare: Gli investitori ricevono un pagamento mensile di interesse condizionato di almeno l’1,05% (≥12,60% annuo) per ogni data di revisione in cui l’Indice chiude pari o superiore alla Barriera d’Interesse (60% del valore iniziale). Nessun interesse è corrisposto nei mesi in cui la barriera viene violata.

Richiamo automatico: Dal 5 gennaio 2026, se l’Indice chiude in qualsiasi data di revisione (escluse le prime cinque e l’ultima) pari o superiore al valore iniziale, le note saranno rimborsate a $1.000 di capitale più interessi maturati. Il rimborso anticipato riduce la durata massima di 3 anni.

Rimborso del capitale: • Se non richiamate e l’Indice chiude nell’ultima data di revisione pari o superiore al valore di trigger (anch’esso 60% del valore iniziale), gli investitori ricevono capitale più cedola finale.
• Se l’Indice finale è sotto il trigger, il rimborso sarà pari a $1.000 + ($1.000 × rendimento dell’Indice), esponendo gli investitori a perdite superiori al 40%, fino al 100% del capitale.

Caratteristiche dell’indice sottostante: L’Indice è una strategia basata su regole che mira a una volatilità implicita del 35% attraverso un’esposizione variabile (0-500%) ai futures E-mini S&P 500. La performance è ridotta da una deduzione giornaliera del 6,0% annuo, creando un effetto negativo strutturale rispetto a un indice simile senza commissioni.

Principali rischi (testuali dalla documentazione):

Nessuna protezione del capitale; possibile perdita sostanziale se l’Indice scende oltre il 40%.
Le cedole sono condizionate; gli investitori potrebbero non ricevere alcun interesse.
La deduzione del 6% giornaliera può erodere la performance dell’Indice.
Rischio di credito di JPMorgan Financial (emittente) e JPMorgan Chase & Co. (garante).
Le note non saranno quotate; la liquidità dipende dalla disponibilità di JPMS a fare mercato.
Il valore stimato al prezzo di emissione è circa $951,50 (mai inferiore a $930) per ogni nota da $1.000, inferiore al prezzo di offerta pubblica, riflettendo commissioni di vendita e costi di copertura.

Riepilogo condizioni economiche:

Taglio nominale: $1.000.
Tasso di interesse condizionato: ≥12,60% annuo (mensile).
Barriera d’Interesse / Valore di Trigger: 60% del valore iniziale.
Prima possibile data di richiamo: 5 gennaio 2026.
CUSIP: 48136FEW8.

Queste note strutturate sono adatte a investitori che cercano un elevato reddito condizionato e sono disposti ad accettare il rischio di ribasso legato all’equity, la metodologia dell’Indice, l’effetto della deduzione giornaliera e l’esposizione al rischio di credito dell’emittente.

JPMorgan Chase Financial Company LLC ofrece notas no garantizadas y no subordinadas denominadas Auto-Callable Contingent Interest Notes vinculadas al índice MerQube US Large-Cap Vol Advantage (“el Índice”). Se espera que las notas se valoren aproximadamente el 3 de julio de 2025, liquiden el 9 de julio de 2025 y venzan el 7 de julio de 2028, salvo que se ejerza un llamado automático anticipado.

Mecánica del cupón: Los inversores reciben un pago mensual de interés contingente de al menos 1,05% (≥12,60% anual) por cada fecha de revisión en que el Índice cierre en o por encima de la Barrera de Interés (60% del valor inicial). No se paga cupón en los meses en que se infrinja la barrera.

Llamado automático: A partir del 5 de enero de 2026, si el Índice cierra en cualquier fecha de revisión (excluyendo las primeras cinco y la última) en o por encima de su valor inicial, las notas se redimen por $1,000 de principal más cupón acumulado. El reembolso anticipado reduce el plazo máximo de 3 años.

Reembolso del principal: • Si no son llamadas y el Índice cierra en la última fecha de revisión en o por encima del valor de activación (también 60% del valor inicial), los inversores reciben el principal más el cupón final.
• Si el nivel final del Índice está por debajo del activador, el reembolso será $1,000 + ($1,000 × rendimiento del Índice), exponiendo a los tenedores a una pérdida superior al 40%, hasta el 100% del principal.

Características del índice subyacente: El Índice es una estrategia basada en reglas que busca una volatilidad implícita del 35% mediante una exposición variable (0-500%) a futuros E-mini S&P 500. El rendimiento se reduce por una deducción diaria del 6,0% anual, creando una carga estructural en comparación con un índice similar sin esta comisión.

Divulgaciones clave de riesgo (textuales del documento):

No hay protección del principal; es posible una pérdida sustancial si el Índice cae más del 40%.
Los cupones son contingentes; los inversores pueden no recibir ningún interés.
La deducción diaria del 6% puede erosionar el rendimiento del Índice.
Riesgo crediticio de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante).
Las notas no estarán listadas; la liquidez depende de la voluntad de JPMS para hacer mercado.
El valor estimado al precio de emisión se espera sea aproximadamente $951.50 (no menos de $930) por cada nota de $1,000, inferior al precio de oferta pública, reflejando comisiones de venta y costos de cobertura.

Resumen de términos económicos:

Denominación: $1,000.
Tasa de interés contingente: ≥12.60% anual (mensual).
Barrera de interés / Valor de activación: 60% del valor inicial.
Primera posible llamada: 5 de enero de 2026.
CUSIP: 48136FEW8.

Estas notas estructuradas son adecuadas para inversores que buscan altos ingresos contingentes y están dispuestos a aceptar el riesgo de caída vinculado a la renta variable, la metodología del índice, la carga por deducción diaria y la exposición al riesgo crediticio del emisor.

JPMorgan Chase Financial Company LLC는 MerQube US Large-Cap Vol Advantage 지수(“지수”)에 연동된 무담보, 비후순위 자동 상환 조건부 이자 노트를 제공합니다. 이 노트는 2025년 7월 3일경에 가격이 책정되고, 2025년 7월 9일에 결제되며, 자동 상환이 없을 경우 2028년 7월 7일에 만기됩니다.

쿠폰 메커니즘: 투자자는 지수가 이자 장벽(초기 가치의 60%) 이상으로 마감하는 각 검토일마다 월별 최소 1.05% (연 12.60% 이상)의 조건부 이자를 받습니다. 장벽이 breached된 월에는 쿠폰이 지급되지 않습니다.

자동 상환: 2026년 1월 5일부터 지수가 첫 다섯 검토일과 최종 검토일을 제외한 어느 검토일에든 초기 가치 이상으로 마감하면, 노트는 원금 $1,000 + 누적 쿠폰으로 상환됩니다. 조기 상환 시 최대 3년 만기가 단축됩니다.

원금 상환: • 상환되지 않고 최종 검토일에 지수가 트리거 값(초기 가치의 60%) 이상으로 마감하면, 투자자는 원금과 최종 쿠폰을 받습니다.
• 최종 지수 수준이 트리거 아래일 경우, 상환액은 $1,000 + ($1,000 × 지수 수익률)이며, 이는 투자자가 원금의 40% 이상 최대 100% 손실 위험에 노출됨을 의미합니다.

기초 지수 특징: 이 지수는 규칙 기반 전략으로, E-mini S&P 500 선물에 0-500% 가변 노출을 통해 35%의 내재 변동성을 목표로 합니다. 연 6.0%의 일일 공제가 성과를 감소시켜 수수료가 없는 유사 지수 대비 구조적 부담을 만듭니다.

주요 위험 공시(원문 발췌):

원금 보호 없음; 지수가 40% 이상 하락 시 상당한 손실 가능.
쿠폰은 조건부이며, 투자자는 이자를 전혀 받지 못할 수 있음.
6% 일일 공제가 지수 성과를 저하시킬 수 있음.
발행사 JPMorgan Financial 및 보증인 JPMorgan Chase & Co.의 신용 위험.
노트는 상장되지 않으며, 유동성은 JPMS의 시장 조성 의지에 달려 있음.
발행 시 예상 가치는 $1,000 노트당 약 $951.50(최소 $930)로, 공모가보다 낮으며 판매 수수료 및 헤지 비용을 반영함.

경제 조건 요약:

액면가: $1,000.
조건부 이자율: 연 12.60% 이상(월별).
이자 장벽 / 트리거 값: 초기 가치의 60%.
첫 상환 가능일: 2026년 1월 5일.
CUSIP: 48136FEW8.

이 구조화 노트는 높은 조건부 수익을 추구하며 주식 연동 하락 위험, 지수 방법론 위험, 일일 공제 부담, 발행사 신용 위험을 감수할 투자자에게 적합합니다.

JPMorgan Chase Financial Company LLC propose des Auto-Callable Contingent Interest Notes non garanties et non subordonnées, liées à l'indice MerQube US Large-Cap Vol Advantage (« l'Indice »). Les notes devraient être émises aux alentours du 3 juillet 2025, réglées le 9 juillet 2025 et arriver à échéance le 7 juillet 2028, sauf rappel automatique anticipé.

Mécanique du coupon : Les investisseurs reçoivent un paiement d’intérêt conditionnel mensuel d’au moins 1,05 % (≥12,60 % par an) pour chaque date d’examen où l’Indice clôture à ou au-dessus de la barrière d’intérêt (60 % de la valeur initiale). Aucun coupon n’est versé les mois où la barrière est franchie à la baisse.

Rappel automatique : À partir du 5 janvier 2026, si l’Indice clôture à une date d’examen (hors les cinq premières et la dernière) à ou au-dessus de sa valeur initiale, les notes sont remboursées à 1 000 $ de principal + coupons accumulés. Le remboursement anticipé raccourcit la durée maximale de 3 ans.

Remboursement du principal : • Si non rappelées et que l’Indice clôture à la dernière date d’examen à ou au-dessus de la valeur de déclenchement (également 60 % de la valeur initiale), les investisseurs reçoivent le principal plus le coupon final.
• Si le niveau final de l’Indice est inférieur au déclencheur, le remboursement sera de 1 000 $ + (1 000 $ × rendement de l’Indice), exposant les détenteurs à une perte de plus de 40 %, pouvant aller jusqu’à 100 % du principal.

Caractéristiques de l’indice sous-jacent : L’Indice est une stratégie basée sur des règles visant une volatilité implicite de 35 % via une exposition variable (0-500 %) aux contrats à terme E-mini S&P 500. La performance est réduite par une déduction journalière de 6,0 % par an, créant une charge structurelle par rapport à un indice similaire sans frais.

Principales divulgations des risques (texte issu du dossier) :

Pas de protection du capital ; perte substantielle possible si l’Indice chute de plus de 40 %.
Les coupons sont conditionnels ; les investisseurs peuvent ne recevoir aucun intérêt.
La déduction journalière de 6 % peut éroder la performance de l’Indice.
Risque de crédit de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant).
Les notes ne seront pas cotées ; la liquidité dépendra de la volonté de JPMS de faire le marché.
La valeur estimée à la tarification est d’environ 951,50 $ (pas moins de 930 $) par note de 1 000 $, inférieure au prix public d’offre, reflétant les commissions de vente et les coûts de couverture.

Résumé des conditions économiques :

Nominal : 1 000 $.
Taux d’intérêt conditionnel : ≥12,60 % par an (mensuel).
Barrière d’intérêt / valeur de déclenchement : 60 % de la valeur initiale.
Premier appel possible : 5 janvier 2026.
CUSIP : 48136FEW8.

Ces notes structurées conviennent aux investisseurs recherchant un revenu conditionnel élevé et acceptant le risque de baisse lié à l’action, le risque méthodologique de l’indice, la charge liée à la déduction journalière et l’exposition au risque de crédit de l’émetteur.

JPMorgan Chase Financial Company LLC bietet unbesicherte, nicht nachrangige Auto-Callable Contingent Interest Notes an, die an den MerQube US Large-Cap Vol Advantage Index („den Index“) gekoppelt sind. Die Notes sollen etwa am 3. Juli 2025 bepreist, am 9. Juli 2025 abgewickelt und am 7. Juli 2028 fällig werden, sofern sie nicht vorher automatisch zurückgerufen werden.

Kuponmechanik: Investoren erhalten für jeden Beobachtungstag, an dem der Index auf oder über der Zinsbarriere (60 % des Anfangswerts) schließt, eine monatliche bedingte Zinszahlung von mindestens 1,05 % (≥12,60 % p.a.). In Monaten, in denen die Barriere unterschritten wird, erfolgt keine Kuponzahlung.

Automatischer Rückruf: Ab dem 5. Januar 2026 werden die Notes automatisch zurückgezahlt, wenn der Index an einem Beobachtungstag (ausgenommen die ersten fünf und den letzten) auf oder über dem Anfangswert schließt. Die Rückzahlung erfolgt mit 1.000 $ Kapital plus aufgelaufene Zinsen. Eine vorzeitige Rückzahlung verkürzt die maximale Laufzeit von 3 Jahren.

Kapitalrückzahlung: • Wenn nicht zurückgerufen und der Index am letzten Beobachtungstag auf oder über dem Auslösewert (ebenfalls 60 % des Anfangswerts) schließt, erhalten Investoren das Kapital plus den letzten Kupon.
• Liegt der Indexstand am Ende unter dem Auslösewert, beträgt die Rückzahlung 1.000 $ + (1.000 $ × Indexrendite), was Verluste von mehr als 40 % bis hin zu 100 % des Kapitals bedeutet.

Merkmale des zugrunde liegenden Index: Der Index ist eine regelbasierte Strategie, die eine implizite Volatilität von 35 % durch variable (0-500 %) Exponierung gegenüber E-mini S&P 500 Futures anstrebt. Die Performance wird durch einen täglichen Abzug von 6,0 % p.a. gemindert, was eine strukturelle Belastung im Vergleich zu einem ähnlichen Index ohne Gebühr darstellt.

Wesentliche Risikohinweise (wortwörtlich aus den Unterlagen):

Kein Kapitalschutz; erhebliche Verluste möglich, wenn der Index mehr als 40 % fällt.
Kupons sind bedingt; Investoren erhalten möglicherweise keine Zinsen.
Der tägliche Abzug von 6 % kann die Indexperformance mindern.
Kreditrisiko von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garanten).
Die Notes werden nicht notiert; die Liquidität hängt von der Bereitschaft von JPMS ab, einen Markt zu stellen.
Der geschätzte Wert bei der Preisfestsetzung liegt bei ca. 951,50 $ (nicht unter 930 $) pro 1.000 $ Note, unter dem öffentlichen Angebotspreis, was Verkaufsprovisionen und Absicherungskosten widerspiegelt.

Übersicht der wirtschaftlichen Bedingungen:

Nennwert: 1.000 $.
Bedingter Zinssatz: ≥12,60 % p.a. (monatlich).
Zinsbarriere / Auslösewert: 60 % des Anfangswerts.
Erster möglicher Rückruf: 5. Januar 2026.
CUSIP: 48136FEW8.

Diese strukturierten Notes eignen sich für Investoren, die ein hohes bedingtes Einkommen suchen und bereit sind, das mit Aktien verbundenen Abwärtsrisiko, das Risiko der Indexmethodik, den täglichen Abzugsnachteil und das Emittenten-Kreditrisiko zu akzeptieren.

Positive

Elevated contingent yield: At least 12.60% per annum if barrier conditions are met.
Early call feature: Potential full principal return plus coupon as soon as six months after pricing.
Dual 60% barriers: Both interest and principal triggers set at 40% downside buffer on observation dates.

Negative

No principal protection: Final repayment can fall below par if the Index declines >40%.
6% annual deduction on Index: Structural performance drag increases barrier breach risk.
Coupons are not guaranteed: Investor may receive zero interest for some or all months.
Liquidity risk: Notes will not be exchange-listed; resale depends on dealer market.
Estimated issue value < par: Investors pay about 5% premium versus estimated fair value.

Insights

TL;DR: High coupon but high risk; 6% daily fee drags index; principal not protected.

The product offers an above-market headline coupon (≥12.6% p.a.) through a barrier-based mechanism. Because coupons stop if the Index dips below 60% on any review date, income reliability is uncertain. The 6% daily deduction materially lowers expected index returns, increasing the likelihood of barrier breaches and principal loss. Automatic call risk means investors may be forced out early, capping potential coupons. Estimated value is roughly 95% of par, so buyers pay a ~5% premium at issuance. Credit exposure to JPMorgan is investment-grade, but still present. Overall impact on JPM earnings is immaterial; relevance is limited to niche yield-seeking investors.

TL;DR: Niche income play; use only as small satellite due to asymmetric payoff.

The note’s payoff is skewed: upside limited to coupons, downside open to full equity loss beyond a 40% cushion. The MerQube Index’s leverage (up to 5× futures) and fee drag increase path risk, making final outcomes hard to model. Liquidity is dealer-driven; exit costs could be significant, especially if volatility spikes. While the monthly barrier offers more coupon opportunities than quarterly structures, frequent observations raise knock-out probability. I would size exposure modestly and pair with higher-quality fixed income to manage portfolio drawdown.

Principali rischi (testuali dalla documentazione):

Nessuna protezione del capitale; possibile perdita sostanziale se l’Indice scende oltre il 40%.
Le cedole sono condizionate; gli investitori potrebbero non ricevere alcun interesse.
La deduzione del 6% giornaliera può erodere la performance dell’Indice.
Rischio di credito di JPMorgan Financial (emittente) e JPMorgan Chase & Co. (garante).
Le note non saranno quotate; la liquidità dipende dalla disponibilità di JPMS a fare mercato.
Il valore stimato al prezzo di emissione è circa $951,50 (mai inferiore a $930) per ogni nota da $1.000, inferiore al prezzo di offerta pubblica, riflettendo commissioni di vendita e costi di copertura.

Riepilogo condizioni economiche:

Taglio nominale: $1.000.
Tasso di interesse condizionato: ≥12,60% annuo (mensile).
Barriera d’Interesse / Valore di Trigger: 60% del valore iniziale.
Prima possibile data di richiamo: 5 gennaio 2026.
CUSIP: 48136FEW8.

Divulgaciones clave de riesgo (textuales del documento):

No hay protección del principal; es posible una pérdida sustancial si el Índice cae más del 40%.
Los cupones son contingentes; los inversores pueden no recibir ningún interés.
La deducción diaria del 6% puede erosionar el rendimiento del Índice.
Riesgo crediticio de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante).
Las notas no estarán listadas; la liquidez depende de la voluntad de JPMS para hacer mercado.
El valor estimado al precio de emisión se espera sea aproximadamente $951.50 (no menos de $930) por cada nota de $1,000, inferior al precio de oferta pública, reflejando comisiones de venta y costos de cobertura.

Resumen de términos económicos:

Denominación: $1,000.
Tasa de interés contingente: ≥12.60% anual (mensual).
Barrera de interés / Valor de activación: 60% del valor inicial.
Primera posible llamada: 5 de enero de 2026.
CUSIP: 48136FEW8.

주요 위험 공시(원문 발췌):

원금 보호 없음; 지수가 40% 이상 하락 시 상당한 손실 가능.
쿠폰은 조건부이며, 투자자는 이자를 전혀 받지 못할 수 있음.
6% 일일 공제가 지수 성과를 저하시킬 수 있음.
발행사 JPMorgan Financial 및 보증인 JPMorgan Chase & Co.의 신용 위험.
노트는 상장되지 않으며, 유동성은 JPMS의 시장 조성 의지에 달려 있음.
발행 시 예상 가치는 $1,000 노트당 약 $951.50(최소 $930)로, 공모가보다 낮으며 판매 수수료 및 헤지 비용을 반영함.

경제 조건 요약:

액면가: $1,000.
조건부 이자율: 연 12.60% 이상(월별).
이자 장벽 / 트리거 값: 초기 가치의 60%.
첫 상환 가능일: 2026년 1월 5일.
CUSIP: 48136FEW8.

Principales divulgations des risques (texte issu du dossier) :

Pas de protection du capital ; perte substantielle possible si l’Indice chute de plus de 40 %.
Les coupons sont conditionnels ; les investisseurs peuvent ne recevoir aucun intérêt.
La déduction journalière de 6 % peut éroder la performance de l’Indice.
Risque de crédit de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant).
Les notes ne seront pas cotées ; la liquidité dépendra de la volonté de JPMS de faire le marché.
La valeur estimée à la tarification est d’environ 951,50 $ (pas moins de 930 $) par note de 1 000 $, inférieure au prix public d’offre, reflétant les commissions de vente et les coûts de couverture.

Résumé des conditions économiques :

Nominal : 1 000 $.
Taux d’intérêt conditionnel : ≥12,60 % par an (mensuel).
Barrière d’intérêt / valeur de déclenchement : 60 % de la valeur initiale.
Premier appel possible : 5 janvier 2026.
CUSIP : 48136FEW8.

Wesentliche Risikohinweise (wortwörtlich aus den Unterlagen):

Kein Kapitalschutz; erhebliche Verluste möglich, wenn der Index mehr als 40 % fällt.
Kupons sind bedingt; Investoren erhalten möglicherweise keine Zinsen.
Der tägliche Abzug von 6 % kann die Indexperformance mindern.
Kreditrisiko von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garanten).
Die Notes werden nicht notiert; die Liquidität hängt von der Bereitschaft von JPMS ab, einen Markt zu stellen.
Der geschätzte Wert bei der Preisfestsetzung liegt bei ca. 951,50 $ (nicht unter 930 $) pro 1.000 $ Note, unter dem öffentlichen Angebotspreis, was Verkaufsprovisionen und Absicherungskosten widerspiegelt.

Übersicht der wirtschaftlichen Bedingungen:

Nennwert: 1.000 $.
Bedingter Zinssatz: ≥12,60 % p.a. (monatlich).
Zinsbarriere / Auslösewert: 60 % des Anfangswerts.
Erster möglicher Rückruf: 5. Januar 2026.
CUSIP: 48136FEW8.

06/30/2025 - 04:44 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

Class A Ordinary Shares

Goldman Sachs & Co. LLC
200 West Street
New York NY 10282

61810

3217210.5

289296343

06/30/2025

NYSE

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 *

Class A Ordinary Shares

12/21/2017

Acquired from Issuer in private transaction

Issuer

61810

12/21/2017

* 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