[Form 4] Progressive Corporation Insider Trading Activity

Q: What is the ticker and underlying for these JPMorgan notes?

The notes reference the Class A common stock of Meta Platforms, Inc. (META) .

Q: How much can I earn if the notes are automatically called in 2026?

You will receive $1,167 per $1,000 note , a 16.7% premium, paid on 22 Jul 2026.

Q: What downside protection do the notes provide at maturity?

A 15% buffer ; losses begin only if META falls more than 15% from the $717.51 initial price.

Q: What is the maximum loss I could face?

If META drops 100%, you receive $150 per $1,000 note , an 85% loss of principal.

Q: Are the notes insured or secured?

No. They are unsecured, unsubordinated obligations of JPMorgan Chase Financial, guaranteed by JPMorgan Chase & Co.

Q: Why is the estimated value lower than the price to public?

It excludes $17.50 selling commission and internal hedging/funding costs, placing estimated value at $976.20 per $1,000.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $1.26 million of Auto Callable Buffered Return Enhanced Notes linked to Meta Platforms, Inc. (META) Class A common stock. The notes price at 100% of face value ($1,000 minimum denomination), settled on or about 16 Jul 2025 and mature 15 Jul 2027, unless automatically called on the Review Date (17 Jul 2026).

Key economic terms

Call Value: 100% of initial price ($717.51).
Call Premium Amount: $167 per $1,000 (16.7% return) if META’s close on the Review Date ≥ Call Value.
Upside Leverage Factor: 1.25× positive stock return at maturity if not called.
Buffer Amount: 15% downside protection; beyond this, investor loses 1% of principal for each additional 1% decline, up to 85% loss.
Estimated value: $976.20 (97.62% of par), below the issue price due to embedded fees and hedging costs.
Fees & commissions: $17.50 per $1,000 (1.75%); net proceeds $982.50 per $1,000.
CUSIP: 48136FRL8.

Payment scenarios

Automatic call: Investor receives $1,167 per $1,000 on 22 Jul 2026; upside leverage does not apply.
Maturity gain: If META rises and notes were not called, payoff = $1,000 + (Stock Return × 1.25 × $1,000).
Par return: Final Value down ≤15% → return of principal.
Loss of principal: Final Value down >15% → principal reduced beyond buffer (e.g., –60% stock = –45% note, or $550 repayment).

Risk highlights

No periodic interest or dividend entitlement.
Unsecured, unsubordinated obligations; subject to the credit risk of both JPMorgan Chase Financial and JPMorgan Chase & Co.
Limited upside: maximum 16.7% if called; upside leverage applies only if not called.
No listing; potentially illiquid secondary market and sale below issue price likely.
Estimated value already below par; secondary values further pressured by internal funding rates and hedging unwind.

These notes provide leveraged exposure to META with a 15% buffer and an early-call feature that caps returns. Investors must be comfortable with equity, issuer credit, liquidity and complex tax risks, and accept potential loss of up to 85% of principal.

JPMorgan Chase Financial Company LLC, garantita integralmente da JPMorgan Chase & Co., offre 1,26 milioni di dollari in Note Auto Callable Buffered Return Enhanced legate alle azioni ordinarie di Classe A di Meta Platforms, Inc. (META). Le note sono quotate al 100% del valore nominale (taglio minimo $1.000), con regolamento previsto intorno al 16 luglio 2025 e scadenza al 15 luglio 2027, salvo richiamo automatico alla Data di Revisione (17 luglio 2026).

Termini economici principali

Valore di richiamo: 100% del prezzo iniziale ($717,51).
Premio di richiamo: $167 per $1.000 (rendimento 16,7%) se il prezzo di chiusura di META alla Data di Revisione è ≥ Valore di richiamo.
Fattore di leva al rialzo: 1,25× rendimento positivo del titolo a scadenza se non richiamato.
Buffer di protezione: protezione del 15% sulle perdite; oltre questa soglia, l’investitore perde l’1% del capitale per ogni ulteriore 1% di ribasso, fino a una perdita massima dell’85%.
Valore stimato: $976,20 (97,62% del valore nominale), inferiore al prezzo di emissione a causa di commissioni e costi di copertura incorporati.
Commissioni: $17,50 per $1.000 (1,75%); ricavo netto $982,50 per $1.000.
CUSIP: 48136FRL8.

Scenari di pagamento

Richiamo automatico: l’investitore riceve $1.167 per $1.000 il 22 luglio 2026; il fattore di leva al rialzo non si applica.
Guadagno a scadenza: se META sale e la nota non è stata richiamata, il pagamento = $1.000 + (Rendimento azionario × 1,25 × $1.000).
Rimborso a valore nominale: valore finale in calo fino al 15% → rimborso del capitale.
Perdita di capitale: valore finale in calo oltre il 15% → riduzione del capitale oltre il buffer (es. –60% azioni = –45% nota, ovvero rimborso di $550).

Rischi principali

Nessun interesse periodico o diritto a dividendi.
Obbligazioni non garantite e non subordinate; soggette al rischio di credito di JPMorgan Chase Financial e JPMorgan Chase & Co.
Rendimento limitato: massimo 16,7% se richiamate; leva al rialzo valida solo se non richiamate.
Non quotate; mercato secondario potenzialmente illiquido e probabile vendita sotto il prezzo di emissione.
Valore stimato già inferiore al nominale; valori secondari ulteriormente influenzati da costi di finanziamento interni e smobilizzo delle coperture.

Queste note offrono un’esposizione con leva su META con un buffer del 15% e una clausola di richiamo anticipato che limita i rendimenti. Gli investitori devono essere consapevoli dei rischi azionari, di credito dell’emittente, di liquidità e fiscali complessi, accettando una possibile perdita fino all’85% del capitale.

JPMorgan Chase Financial Company LLC, garantizada completamente por JPMorgan Chase & Co., ofrece $1,26 millones en Notas Mejoradas de Retorno Amortiguado con Llamada Automática vinculadas a las acciones ordinarias Clase A de Meta Platforms, Inc. (META). Las notas se cotizan al 100% del valor nominal (denominación mínima $1,000), con liquidación alrededor del 16 de julio de 2025 y vencimiento el 15 de julio de 2027, salvo que sean llamadas automáticamente en la Fecha de Revisión (17 de julio de 2026).

Términos económicos clave

Valor de llamada: 100% del precio inicial ($717.51).
Prima de llamada: $167 por cada $1,000 (retorno del 16.7%) si el cierre de META en la Fecha de Revisión es ≥ Valor de llamada.
Factor de apalancamiento al alza: 1.25× retorno positivo de la acción al vencimiento si no es llamada.
Monto de amortiguación: protección contra caídas del 15%; más allá de esto, el inversor pierde 1% del principal por cada 1% adicional de caída, hasta una pérdida del 85%.
Valor estimado: $976.20 (97.62% del valor nominal), inferior al precio de emisión debido a comisiones y costos de cobertura incluidos.
Comisiones: $17.50 por cada $1,000 (1.75%); ingresos netos $982.50 por $1,000.
CUSIP: 48136FRL8.

Escenarios de pago

Llamada automática: El inversor recibe $1,167 por cada $1,000 el 22 de julio de 2026; el apalancamiento al alza no aplica.
Ganancia al vencimiento: Si META sube y las notas no fueron llamadas, el pago = $1,000 + (Retorno de la acción × 1.25 × $1,000).
Retorno al valor nominal: Valor final bajando ≤15% → devolución del principal.
Pérdida de principal: Valor final bajando >15% → principal reducido más allá del amortiguador (ej. –60% acción = –45% nota, o reembolso de $550).

Aspectos de riesgo

No hay intereses periódicos ni derecho a dividendos.
Obligaciones no garantizadas y no subordinadas; sujetas al riesgo crediticio de JPMorgan Chase Financial y JPMorgan Chase & Co.
Upside limitado: máximo 16.7% si es llamada; apalancamiento al alza solo si no es llamada.
No cotiza; mercado secundario potencialmente ilíquido y probable venta por debajo del precio de emisión.
Valor estimado ya por debajo del nominal; valores secundarios presionados por costos internos de financiamiento y desarme de coberturas.

Estas notas ofrecen exposición apalancada a META con un amortiguador del 15% y una característica de llamada anticipada que limita los retornos. Los inversores deben estar cómodos con riesgos de acciones, crédito del emisor, liquidez y fiscales complejos, y aceptar una posible pérdida de hasta el 85% del principal.

JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.의 전액 보증을 받으며, Meta Platforms, Inc.(META) 클래스 A 보통주와 연계된 1.26백만 달러 규모의 자동 콜 가능 버퍼드 리턴 강화 노트를 제공합니다. 이 노트는 액면가의 100% (최소 1,000달러 단위)로 가격이 책정되며, 2025년 7월 16일경에 결제되고 2027년 7월 15일에 만기되며, 검토일(2026년 7월 17일)에 자동 콜 될 수 있습니다.

주요 경제 조건

콜 가치: 초기 가격의 100% ($717.51).
콜 프리미엄 금액: META가 검토일 종가가 콜 가치 이상일 경우 $1,000당 $167 (16.7% 수익률).
상승 레버리지 계수: 콜되지 않을 경우 만기 시 주가 상승률의 1.25배.
버퍼 금액: 15% 하락 보호; 이 한도를 넘으면 추가 1% 하락마다 원금 1% 손실, 최대 85% 손실 가능.
추정 가치: $976.20 (액면가의 97.62%), 내재 수수료 및 헤징 비용으로 인해 발행가보다 낮음.
수수료 및 커미션: $1,000당 $17.50 (1.75%); 순수익 $982.50.
CUSIP: 48136FRL8.

지급 시나리오

자동 콜: 2026년 7월 22일에 $1,000당 $1,167 지급; 상승 레버리지는 적용되지 않음.
만기 수익: META 주가 상승 시 콜되지 않았다면 지급금 = $1,000 + (주가 수익률 × 1.25 × $1,000).
액면가 반환: 최종 가치가 15% 이하 하락 시 원금 반환.
원금 손실: 최종 가치가 15% 이상 하락 시 버퍼를 초과하는 손실 발생 (예: 주가 –60% = 노트 –45%, $550 지급).

위험 요약

정기 이자나 배당 권리 없음.
무담보, 비후순위 채무; JPMorgan Chase Financial 및 JPMorgan Chase & Co.의 신용 위험에 노출.
상승 한도: 콜 시 최대 16.7%; 콜되지 않을 경우에만 상승 레버리지 적용.
상장되지 않음; 2차 시장 유동성 제한 및 발행가 이하 매도 가능성 높음.
추정 가치가 이미 액면가 이하이며, 내부 자금 조달 비용 및 헤징 해제에 의해 2차 시장 가격 추가 하락 가능.

이 노트는 META에 대한 15% 버퍼와 조기 콜 기능이 있는 레버리지 노출을 제공하며, 수익률 상한이 있습니다. 투자자는 주식, 발행자 신용, 유동성 및 복잡한 세금 위험을 감수하며 최대 85% 원금 손실 가능성을 인지해야 합니다.

JPMorgan Chase Financial Company LLC, entièrement garantie par JPMorgan Chase & Co., propose 1,26 million de dollars de Notes à Rendement Amélioré avec Protection Tampon et Rappel Automatique, liées aux actions ordinaires de Classe A de Meta Platforms, Inc. (META). Les notes sont émises à 100% de la valeur nominale (dénomination minimale de 1 000 $), avec règlement vers le 16 juillet 2025 et échéance au 15 juillet 2027, sauf si elles sont rappelées automatiquement à la Date de Révision (17 juillet 2026).

Principaux termes économiques

Valeur de rappel : 100% du prix initial (717,51 $).
Prime de rappel : 167 $ par tranche de 1 000 $ (rendement de 16,7 %) si la clôture de META à la Date de Révision est ≥ Valeur de rappel.
Facteur de levier à la hausse : 1,25× le rendement positif de l’action à l’échéance si non rappelée.
Montant tampon : protection contre une baisse de 15 % ; au-delà, l’investisseur perd 1 % du principal pour chaque baisse supplémentaire de 1 %, jusqu’à une perte maximale de 85 %.
Valeur estimée : 976,20 $ (97,62 % du pair), inférieure au prix d’émission en raison des frais intégrés et des coûts de couverture.
Frais et commissions : 17,50 $ par tranche de 1 000 $ (1,75 %) ; produit net 982,50 $ par tranche de 1 000 $.
CUSIP : 48136FRL8.

Scénarios de paiement

Rappel automatique : L’investisseur reçoit 1 167 $ par tranche de 1 000 $ le 22 juillet 2026 ; le levier à la hausse ne s’applique pas.
Gain à l’échéance : Si META augmente et que les notes n’ont pas été rappelées, le paiement = 1 000 $ + (Rendement de l’action × 1,25 × 1 000 $).
Remboursement au pair : Valeur finale en baisse ≤15 % → remboursement du principal.
Perte en capital : Valeur finale en baisse >15 % → réduction du principal au-delà du tampon (ex. –60 % action = –45 % note, soit remboursement de 550 $).

Points clés de risque

Pas d’intérêts périodiques ni droit aux dividendes.
Obligations non garanties et non subordonnées ; soumises au risque de crédit de JPMorgan Chase Financial et JPMorgan Chase & Co.
Potentiel de gain limité : maximum 16,7 % en cas de rappel ; levier à la hausse applicable uniquement si non rappelé.
Non cotées ; marché secondaire potentiellement illiquide et probable vente sous le prix d’émission.
Valeur estimée déjà inférieure au pair ; valeurs secondaires sous pression supplémentaire des taux de financement internes et du dénouement des couvertures.

Ces notes offrent une exposition à effet de levier sur META avec un tampon de 15 % et une option de rappel anticipé qui plafonne les rendements. Les investisseurs doivent être à l’aise avec les risques actions, crédit émetteur, liquidité et fiscaux complexes, et accepter une perte potentielle allant jusqu’à 85 % du principal.

JPMorgan Chase Financial Company LLC, vollständig garantiert von JPMorgan Chase & Co., bietet 1,26 Millionen US-Dollar in Auto Callable Buffered Return Enhanced Notes, die an Meta Platforms, Inc. (META) Class A Stammaktien gekoppelt sind. Die Notes werden zu 100% des Nennwerts (Mindeststückelung 1.000 USD) bepreist, mit Abwicklung etwa am 16. Juli 2025 und Fälligkeit am 15. Juli 2027, sofern sie nicht am Überprüfungstermin (17. Juli 2026) automatisch zurückgerufen werden.

Wesentliche wirtschaftliche Bedingungen

Rückrufwert: 100% des Anfangspreises (717,51 USD).
Rückrufprämie: 167 USD je 1.000 USD (16,7% Rendite), falls META-Schlusskurs am Überprüfungstermin ≥ Rückrufwert.
Hebelfaktor für Kurssteigerung: 1,25× positive Aktienrendite bei Fälligkeit, falls nicht zurückgerufen.
Schutzpuffer: 15% Abwärtsschutz; darüber hinaus verliert der Anleger 1% des Kapitals für jeden weiteren 1% Kursrückgang, bis zu einem Verlust von 85%.
Geschätzter Wert: 976,20 USD (97,62% des Nennwerts), unter dem Ausgabepreis aufgrund eingebetteter Gebühren und Absicherungskosten.
Gebühren & Provisionen: 17,50 USD je 1.000 USD (1,75%); Nettoerlös 982,50 USD je 1.000 USD.
CUSIP: 48136FRL8.

Zahlungsszenarien

Automatischer Rückruf: Anleger erhält am 22. Juli 2026 1.167 USD je 1.000 USD; Hebelwirkung auf Kurssteigerung gilt nicht.
Gewinn bei Fälligkeit: Steigt META und wurde nicht zurückgerufen, beträgt die Auszahlung = 1.000 USD + (Aktienrendite × 1,25 × 1.000 USD).
Rückzahlung zum Nennwert: Endwert fällt ≤15% → Rückzahlung des Kapitals.
Kapitalverlust: Endwert fällt >15% → Kapitalminderung über den Puffer hinaus (z.B. –60% Aktie = –45% Note, Rückzahlung 550 USD).

Risikohighlights

Keine periodischen Zinsen oder Dividendenansprüche.
Unbesicherte, unbestrengte Verbindlichkeiten; unterliegen dem Kreditrisiko von JPMorgan Chase Financial und JPMorgan Chase & Co.
Begrenztes Aufwärtspotenzial: maximal 16,7% bei Rückruf; Hebelwirkung nur bei Nicht-Rückruf.
Nicht börsennotiert; potenziell illiquider Sekundärmarkt und wahrscheinlich Verkauf unter Ausgabepreis.
Geschätzter Wert bereits unter Nominal; Sekundärwerte zusätzlich belastet durch interne Finanzierungskosten und Absicherungsauflösung.

Diese Notes bieten gehebelte Exponierung auf META mit einem 15% Puffer und einer vorzeitigen Rückrufoption, die Renditen begrenzt. Anleger müssen mit Aktien-, Emittenten-Kredit-, Liquiditäts- und komplexen Steuer-Risiken vertraut sein und einen möglichen Verlust von bis zu 85% des Kapitals akzeptieren.

Positive

16.7% fixed call premium delivers notable yield if META is flat or positive on the Review Date.
1.25× upside leverage above initial price offers uncapped participation at maturity (if not called).
15% downside buffer provides partial protection against moderate declines in META’s share price.
Full JPMorgan Chase & Co. guarantee provides investment-grade backing to the issuer subsidiary.

Negative

Principal at risk up to 85%; buffer limited to first 15% decline in META.
Automatic call caps upside at 16.7% and removes leverage benefit if META appreciates strongly before 2027.
No interest or dividend payments, causing negative carry versus holding META or bonds.
Estimated value (97.62% of par) below issue price, reflecting fees and hedging costs borne by investor.
Unsecured credit exposure to JPMorgan entities; adverse credit moves lower secondary prices.
Illiquidity risk; notes are not exchange-listed and resale depends on JPMS bid, likely below issuance price.

Insights

TL;DR Moderate upside (16.7%–31.3%), 15% buffer, but high principal risk, credit exposure and liquidity constraints render impact neutral.

The product offers a clear risk-return trade-off: a 16.7% fixed premium if META is flat or up by July 2026, or 1.25× leveraged participation at maturity. With META’s historical volatility, the 15% buffer provides limited downside cover; a 25% stock drop still costs investors 10% of principal. The automatic-call feature caps gains and accelerates reinvestment risk. Economically, investors pay ~2.4% above the estimated value and forgo dividends (~0.4% yield). Credit exposure to JPMorgan is investment-grade but non-negligible. Overall, the notes suit tactical, yield-seeking investors, but add complexity without compelling asymmetry versus owning shares directly.

TL;DR Credit-linked, illiquid note; downside up to 85% and value below par make risk profile skew negative.

Because the notes are senior unsecured obligations, any deterioration in JPMorgan’s spreads directly erodes secondary pricing. The embedded selling commission (1.75%) and funding spread mean break-even is above par on day one, while JPMS is sole liquidity provider. Secondary bids typically trail estimated value, which itself trails issue price, exposing early sellers to double discounting. The 15% buffer is shallow relative to META’s historic 30-day peak-to-trough swings. Should volatility spike, hedging costs and internal marks may widen bid-offer further. Consequently, from a risk standpoint, the structure is acceptable only for investors able to hold to maturity and absorb large mark-to-market swings.

Termini economici principali

Valore di richiamo: 100% del prezzo iniziale ($717,51).
Premio di richiamo: $167 per $1.000 (rendimento 16,7%) se il prezzo di chiusura di META alla Data di Revisione è ≥ Valore di richiamo.
Fattore di leva al rialzo: 1,25× rendimento positivo del titolo a scadenza se non richiamato.
Buffer di protezione: protezione del 15% sulle perdite; oltre questa soglia, l’investitore perde l’1% del capitale per ogni ulteriore 1% di ribasso, fino a una perdita massima dell’85%.
Valore stimato: $976,20 (97,62% del valore nominale), inferiore al prezzo di emissione a causa di commissioni e costi di copertura incorporati.
Commissioni: $17,50 per $1.000 (1,75%); ricavo netto $982,50 per $1.000.
CUSIP: 48136FRL8.

Scenari di pagamento

Richiamo automatico: l’investitore riceve $1.167 per $1.000 il 22 luglio 2026; il fattore di leva al rialzo non si applica.
Guadagno a scadenza: se META sale e la nota non è stata richiamata, il pagamento = $1.000 + (Rendimento azionario × 1,25 × $1.000).
Rimborso a valore nominale: valore finale in calo fino al 15% → rimborso del capitale.
Perdita di capitale: valore finale in calo oltre il 15% → riduzione del capitale oltre il buffer (es. –60% azioni = –45% nota, ovvero rimborso di $550).

Rischi principali

Nessun interesse periodico o diritto a dividendi.
Obbligazioni non garantite e non subordinate; soggette al rischio di credito di JPMorgan Chase Financial e JPMorgan Chase & Co.
Rendimento limitato: massimo 16,7% se richiamate; leva al rialzo valida solo se non richiamate.
Non quotate; mercato secondario potenzialmente illiquido e probabile vendita sotto il prezzo di emissione.
Valore stimato già inferiore al nominale; valori secondari ulteriormente influenzati da costi di finanziamento interni e smobilizzo delle coperture.

Términos económicos clave

Valor de llamada: 100% del precio inicial ($717.51).
Prima de llamada: $167 por cada $1,000 (retorno del 16.7%) si el cierre de META en la Fecha de Revisión es ≥ Valor de llamada.
Factor de apalancamiento al alza: 1.25× retorno positivo de la acción al vencimiento si no es llamada.
Monto de amortiguación: protección contra caídas del 15%; más allá de esto, el inversor pierde 1% del principal por cada 1% adicional de caída, hasta una pérdida del 85%.
Valor estimado: $976.20 (97.62% del valor nominal), inferior al precio de emisión debido a comisiones y costos de cobertura incluidos.
Comisiones: $17.50 por cada $1,000 (1.75%); ingresos netos $982.50 por $1,000.
CUSIP: 48136FRL8.

Escenarios de pago

Llamada automática: El inversor recibe $1,167 por cada $1,000 el 22 de julio de 2026; el apalancamiento al alza no aplica.
Ganancia al vencimiento: Si META sube y las notas no fueron llamadas, el pago = $1,000 + (Retorno de la acción × 1.25 × $1,000).
Retorno al valor nominal: Valor final bajando ≤15% → devolución del principal.
Pérdida de principal: Valor final bajando >15% → principal reducido más allá del amortiguador (ej. –60% acción = –45% nota, o reembolso de $550).

Aspectos de riesgo

No hay intereses periódicos ni derecho a dividendos.
Obligaciones no garantizadas y no subordinadas; sujetas al riesgo crediticio de JPMorgan Chase Financial y JPMorgan Chase & Co.
Upside limitado: máximo 16.7% si es llamada; apalancamiento al alza solo si no es llamada.
No cotiza; mercado secundario potencialmente ilíquido y probable venta por debajo del precio de emisión.
Valor estimado ya por debajo del nominal; valores secundarios presionados por costos internos de financiamiento y desarme de coberturas.

주요 경제 조건

콜 가치: 초기 가격의 100% ($717.51).
콜 프리미엄 금액: META가 검토일 종가가 콜 가치 이상일 경우 $1,000당 $167 (16.7% 수익률).
상승 레버리지 계수: 콜되지 않을 경우 만기 시 주가 상승률의 1.25배.
버퍼 금액: 15% 하락 보호; 이 한도를 넘으면 추가 1% 하락마다 원금 1% 손실, 최대 85% 손실 가능.
추정 가치: $976.20 (액면가의 97.62%), 내재 수수료 및 헤징 비용으로 인해 발행가보다 낮음.
수수료 및 커미션: $1,000당 $17.50 (1.75%); 순수익 $982.50.
CUSIP: 48136FRL8.

지급 시나리오

자동 콜: 2026년 7월 22일에 $1,000당 $1,167 지급; 상승 레버리지는 적용되지 않음.
만기 수익: META 주가 상승 시 콜되지 않았다면 지급금 = $1,000 + (주가 수익률 × 1.25 × $1,000).
액면가 반환: 최종 가치가 15% 이하 하락 시 원금 반환.
원금 손실: 최종 가치가 15% 이상 하락 시 버퍼를 초과하는 손실 발생 (예: 주가 –60% = 노트 –45%, $550 지급).

위험 요약

정기 이자나 배당 권리 없음.
무담보, 비후순위 채무; JPMorgan Chase Financial 및 JPMorgan Chase & Co.의 신용 위험에 노출.
상승 한도: 콜 시 최대 16.7%; 콜되지 않을 경우에만 상승 레버리지 적용.
상장되지 않음; 2차 시장 유동성 제한 및 발행가 이하 매도 가능성 높음.
추정 가치가 이미 액면가 이하이며, 내부 자금 조달 비용 및 헤징 해제에 의해 2차 시장 가격 추가 하락 가능.

Principaux termes économiques

Valeur de rappel : 100% du prix initial (717,51 $).
Prime de rappel : 167 $ par tranche de 1 000 $ (rendement de 16,7 %) si la clôture de META à la Date de Révision est ≥ Valeur de rappel.
Facteur de levier à la hausse : 1,25× le rendement positif de l’action à l’échéance si non rappelée.
Montant tampon : protection contre une baisse de 15 % ; au-delà, l’investisseur perd 1 % du principal pour chaque baisse supplémentaire de 1 %, jusqu’à une perte maximale de 85 %.
Valeur estimée : 976,20 $ (97,62 % du pair), inférieure au prix d’émission en raison des frais intégrés et des coûts de couverture.
Frais et commissions : 17,50 $ par tranche de 1 000 $ (1,75 %) ; produit net 982,50 $ par tranche de 1 000 $.
CUSIP : 48136FRL8.

Scénarios de paiement

Rappel automatique : L’investisseur reçoit 1 167 $ par tranche de 1 000 $ le 22 juillet 2026 ; le levier à la hausse ne s’applique pas.
Gain à l’échéance : Si META augmente et que les notes n’ont pas été rappelées, le paiement = 1 000 $ + (Rendement de l’action × 1,25 × 1 000 $).
Remboursement au pair : Valeur finale en baisse ≤15 % → remboursement du principal.
Perte en capital : Valeur finale en baisse >15 % → réduction du principal au-delà du tampon (ex. –60 % action = –45 % note, soit remboursement de 550 $).

Points clés de risque

Pas d’intérêts périodiques ni droit aux dividendes.
Obligations non garanties et non subordonnées ; soumises au risque de crédit de JPMorgan Chase Financial et JPMorgan Chase & Co.
Potentiel de gain limité : maximum 16,7 % en cas de rappel ; levier à la hausse applicable uniquement si non rappelé.
Non cotées ; marché secondaire potentiellement illiquide et probable vente sous le prix d’émission.
Valeur estimée déjà inférieure au pair ; valeurs secondaires sous pression supplémentaire des taux de financement internes et du dénouement des couvertures.

Wesentliche wirtschaftliche Bedingungen

Rückrufwert: 100% des Anfangspreises (717,51 USD).
Rückrufprämie: 167 USD je 1.000 USD (16,7% Rendite), falls META-Schlusskurs am Überprüfungstermin ≥ Rückrufwert.
Hebelfaktor für Kurssteigerung: 1,25× positive Aktienrendite bei Fälligkeit, falls nicht zurückgerufen.
Schutzpuffer: 15% Abwärtsschutz; darüber hinaus verliert der Anleger 1% des Kapitals für jeden weiteren 1% Kursrückgang, bis zu einem Verlust von 85%.
Geschätzter Wert: 976,20 USD (97,62% des Nennwerts), unter dem Ausgabepreis aufgrund eingebetteter Gebühren und Absicherungskosten.
Gebühren & Provisionen: 17,50 USD je 1.000 USD (1,75%); Nettoerlös 982,50 USD je 1.000 USD.
CUSIP: 48136FRL8.

Zahlungsszenarien

Automatischer Rückruf: Anleger erhält am 22. Juli 2026 1.167 USD je 1.000 USD; Hebelwirkung auf Kurssteigerung gilt nicht.
Gewinn bei Fälligkeit: Steigt META und wurde nicht zurückgerufen, beträgt die Auszahlung = 1.000 USD + (Aktienrendite × 1,25 × 1.000 USD).
Rückzahlung zum Nennwert: Endwert fällt ≤15% → Rückzahlung des Kapitals.
Kapitalverlust: Endwert fällt >15% → Kapitalminderung über den Puffer hinaus (z.B. –60% Aktie = –45% Note, Rückzahlung 550 USD).

Risikohighlights

Keine periodischen Zinsen oder Dividendenansprüche.
Unbesicherte, unbestrengte Verbindlichkeiten; unterliegen dem Kreditrisiko von JPMorgan Chase Financial und JPMorgan Chase & Co.
Begrenztes Aufwärtspotenzial: maximal 16,7% bei Rückruf; Hebelwirkung nur bei Nicht-Rückruf.
Nicht börsennotiert; potenziell illiquider Sekundärmarkt und wahrscheinlich Verkauf unter Ausgabepreis.
Geschätzter Wert bereits unter Nominal; Sekundärwerte zusätzlich belastet durch interne Finanzierungskosten und Absicherungsauflösung.

07/15/2025 - 11:05 AM

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^*

Bleser Philip

(Last)

(First)

(Middle)

300 NORTH COMMONS BLVD.

(Street)

MAYFIELD VILLAGE

44143

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
PROGRESSIVE CORP/OH/ [ PGR ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025

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)

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)
Phantom Stock Unit (rest. Stock)	$0⁽¹⁾	07/11/2025		A		9.2295		⁽²⁾	⁽³⁾	Common	9.2295	$0	22,791.8351	D

Explanation of Responses:

1. 1 for 1

2. These units, which were acquired upon the reinvestment of dividend equivalents, will be paid out in cash at the time elected by the reporting person or at such other time determined in accordance with the plan.

3. Expiration Date is the same as the Date Exercisable.

	/s/ Sarah R. D'Amore, By Power of Attorney	07/15/2025
	** 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 ticker and underlying for these JPMorgan notes?

The notes reference the Class A common stock of Meta Platforms, Inc. (META).

How much can I earn if the notes are automatically called in 2026?

You will receive $1,167 per $1,000 note, a 16.7% premium, paid on 22 Jul 2026.

What downside protection do the notes provide at maturity?

A 15% buffer; losses begin only if META falls more than 15% from the $717.51 initial price.

What is the maximum loss I could face?

If META drops 100%, you receive $150 per $1,000 note, an 85% loss of principal.

Are the notes insured or secured?

No. They are unsecured, unsubordinated obligations of JPMorgan Chase Financial, guaranteed by JPMorgan Chase & Co.

Why is the estimated value lower than the price to public?

It excludes $17.50 selling commission and internal hedging/funding costs, placing estimated value at $976.20 per $1,000.

[Form 4] Progressive Corporation Insider Trading Activity

Insights

FAQ

What is the ticker and underlying for these JPMorgan notes?

How much can I earn if the notes are automatically called in 2026?

What downside protection do the notes provide at maturity?

What is the maximum loss I could face?

Are the notes insured or secured?

Why is the estimated value lower than the price to public?

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[Form 4] Progressive Corporation Insider Trading Activity

Insights

Structured-Products Analyst neutral

Credit & Risk Analyst negative

FAQ

What is the ticker and underlying for these JPMorgan notes?

How much can I earn if the notes are automatically called in 2026?

What downside protection do the notes provide at maturity?

What is the maximum loss I could face?

Are the notes insured or secured?

Why is the estimated value lower than the price to public?

NYSE:PGR

PGR Rankings

PGR Latest News

PGR Latest SEC Filings

PGR Stock Data