iPath® B S&P 500® VIX Md-Trm Futs™ ETN SEC Filings

JPMorgan Chase Financial Company LLC is offering $951,000 of Capped Accelerated Barrier Notes maturing on July 5, 2030. The notes are unsecured obligations, fully and unconditionally guaranteed by JPMorgan Chase & Co., and are linked to the least-performing of three major U.S. equity indices: the Dow Jones Industrial Average (INDU), Russell 2000 (RTY) and Nasdaq-100 (NDX).

Key economic terms

• Upside participation: 4.0× any positive return of the worst index, capped at 88.25% (max payment = $1,882.50 per $1,000).
• Barrier protection: 70% of initial level for each index (30% buffer). If any index closes below its barrier on the July 1, 2030 observation date, principal is reduced 1-for-1 with the worst index.
• Pricing date: July 1 2025; settlement: on/about July 7 2025; maturity: July 5 2030.
• Issue price: $1,000; selling commission: $11.25 (1.125%); net proceeds: $988.75.
• Estimated value: $970.40 (reflects internal funding rate and hedging costs, ~2.96% below issue price).
• Minimum denomination: $1,000; CUSIP 48136FCJ9; no exchange listing.

Payoff profile

• Upside scenario: If all three indices finish above their initial values, investors receive 4× the least-performing index return, up to 88.25%.
• Par scenario: If any index is ≤ initial but all three are ≥ barrier, principal is returned.
• Downside scenario: If any index is below its barrier, redemption value = $1,000 + ($1,000 × worst-index return); losses exceed 30% and may reach 100%.

Principal risks include full downside exposure below the 70% barrier, credit risk of both JPMorgan entities, limited upside, lack of secondary-market liquidity, and an issue price above estimated value. The notes pay no coupons and provide no dividend exposure.

Offering overview: Barclays Bank PLC is marketing $1,000-denominated Callable Contingent Coupon Notes due 6 Jul 2029 that are linked to the least-performing of three equity benchmarks: Nasdaq-100 Technology Sector Index (NDXT), Energy Select Sector SPDR Fund (XLE) and Financial Select Sector SPDR Fund (XLF).

Income mechanics: Investors can earn a monthly contingent coupon of 1.0667 % (12.80 % p.a.) only when each reference asset closes at or above 70 % of its initial level on the relevant observation date. Missed coupons are not recaptured.

Principal repayment: • Issuer may redeem the notes in whole, monthly, after one year at par plus coupon. • If not called, principal is returned at maturity only when the worst performer is ≥ 60 % of its initial value; otherwise the redemption amount equals $1,000 × (1 + worst-asset return), exposing investors to losses up to 100 %.

Pricing & costs: Initial issue price is 100 % of face; Barclays’ estimated fair value is $901.60–$971.60, implying up to a 9.8 % premium. Selling commissions can reach 0.85 %. Notes will not be exchange-listed; secondary liquidity will depend on Barclays Capital Inc. on a best-efforts basis.

Key risks: contingent coupons may never be paid; full downside below 60 % barrier; early redemption strips upside and forces reinvestment; unsecured exposure to Barclays credit and U.K. bail-in power; complex tax treatment.

Suitability: The product targets investors seeking high contingent income who can tolerate sector concentration, limited liquidity and potential loss of principal.

Barclays Bank PLC is offering a new issuance of Buffered SupertrackSM Notes linked to the S&P 500® Index, registered on Form 424(b)(2). The notes are unsecured, unsubordinated obligations that mature on 2 July 2031 (six-year tenor) and are issued in $1,000 denominations.

Return profile: At maturity, each $1,000 note pays (i) par plus the lesser of the Index return or a 78 % “Maximum Return” if the Index finishes at or above its initial level; (ii) full principal repayment if the Index declines by up to the 20 % Buffer; or (iii) a loss of 1 % of principal for every 1 >% the Index falls beyond the 20 % buffer, exposing investors to a maximum 80 % loss. Because upside is capped and downside beyond –20 % is proportionate, the product is neither principal-protected nor open-ended on gains.

Key economic terms: Initial valuation date 27 June 2025; issue price 100 % of face; Barclays Capital Inc. selling commission up to 4.30 %; net proceeds 95.70 % before other costs. Barclays’ internal models estimate the fair value at $859–$939 per $1,000, materially below the issue price, reflecting embedded dealer margin and hedging costs.

Risk considerations: Investors bear Barclays Bank PLC credit risk and explicit consent to the U.K. Bail-in Power, allowing a resolution authority to write down, convert or cancel the notes. The securities will not be listed, limiting secondary-market liquidity. They are not FDIC-insured or covered by the U.K. Financial Services Compensation Scheme.

Overall, the notes are designed for investors seeking capped upside participation in the S&P 500 with a 20 % buffer and who are comfortable with issuer credit risk, liquidity constraints and potential large principal losses.

Barclays Bank PLC has filed a pricing supplement for Capped Barrier Digital Plus Notes linked to PayPal Holdings (PYPL) stock, due December 31, 2026. The notes offer unique investment features:

Key terms include:

• $1,000 minimum denomination
• 10.00% Digital Percentage
• 33.15% Maximum Return cap
• 70% Barrier Value of Initial Underlier Value
• Issue Date: July 1, 2025

The notes do not pay interest or guarantee principal return. If PayPal stock stays above the Barrier Value, investors receive the greater of 10% or the capped stock return (max 33.15%). If below the Barrier, investors receive PayPal shares likely worth less than their investment. The estimated value ($922-$972 per $1,000 note) is below the issue price, reflecting commissions and costs. Notes are subject to Barclays' creditworthiness and U.K. Bail-in Power risks.

Barclays Bank PLC has filed a pricing supplement for Digital Notes due July 1, 2027, linked to the performance of the Nasdaq-100 Index and S&P 500 Index. The notes offer a 12.20% digital return at maturity if the lesser-performing index remains flat or appreciates from its initial value.

Key features of the offering:

• Minimum denomination of $1,000
• Notes do not pay periodic interest
• Full principal protection if the lesser-performing index declines
• Issue Date: July 2, 2025
• Maturity Date: July 1, 2027

The estimated value of the Notes on the Initial Valuation Date is expected to be between $929.60 and $979.60 per $1,000 principal amount, below the initial issue price. Barclays Capital will receive commissions up to $10.00 per $1,000 note. The notes are subject to the U.K. Bail-in Power and are not listed on any U.S. securities exchange.

Barclays Bank PLC plans to issue unsecured, unsubordinated AutoCallable Notes (Global Medium-Term Notes, Series A) maturing 28 June 2028. The notes are linked to the S&P 500, Russell 2000 and Nasdaq-100; the investor is exposed to the Least Performing Reference Asset.

The notes are callable monthly after the first year. If on any Call Valuation Date all three indices close at or above their respective Call Value (100 % of initial), the notes are automatically redeemed for $1,000 principal plus a Call Premium. The Periodic Call Premium is $91.50 (9.15 % p.a.), compounded by the number of years elapsed.

At maturity, if not previously called: (i) investors receive $1,000 if the Least Performing index closes ≥ Call Value; (ii) full principal if it is ≥ Barrier Value (50 % of initial); (iii) otherwise they receive $1,000 × (1 + index return), exposing them to up to a 100 % loss.

Key commercial terms: $1,000 minimum; issue price 100 %; selling concession 2.75 %; estimated economic value $906.80-$966.80, below issue price. The notes are not exchange-listed; liquidity will rely on dealer willingness to repurchase. All payments depend on Barclays Bank PLC credit and are subject to potential U.K. Bail-in Power.

Barclays Bank PLC is offering Contingent Income Auto-Callable Securities maturing 28 June 2028 that reference the worse-performing share between NVIDIA (NVDA) and Tesla (TSLA). The $1,000-denominated notes can redeem early on any of 12 quarterly determination dates if both shares close at or above their respective initial prices; investors then receive principal plus the scheduled coupon.

The coupon is a contingent quarterly payment of at least 5.00% ($50), payable only when both shares settle above 50% of their initial value (the “downside threshold”). Missed coupons are not lost but accrue and are paid when conditions are next satisfied or at maturity if the notes remain outstanding.

If the notes are not called and, on the final determination date, either share finishes below its 50% downside threshold, repayment is reduced by the same percentage decline of the worse-performing stock, exposing investors to losses greater than 50% and up to 100% of principal. Investors do not participate in any share price appreciation.

The securities are unsecured, unsubordinated Barclays obligations, subject to issuer credit risk and potential U.K. Bail-in Power. They will not be listed on any exchange, and Barclays estimates the initial fair value at $912.90–$972.90, below the $1,000 issue price. Morgan Stanley Wealth Management earns a $17.50 sales commission and a $5.00 structuring fee per note.

Barclays Bank PLC filed a Rule 424(b)(2) pricing supplement dated 17 June 2025 for $91,000 aggregate principal amount of Phoenix AutoCallable Notes due 21 June 2030. The notes are unsecured, unsubordinated obligations linked to the Dow Jones Industrial Average (INDU), Russell 2000 (RTY) and Nasdaq-100 (NDX).

Key structural terms

• Denomination: $1,000 minimum, integral multiples thereafter.
• Contingent Coupon: $6.25 per $1,000 (7.50% p.a.) paid monthly only if all three indices close ≥ 75 % of their Initial Value on the relevant Observation Date.
• Automatic Call: From June 2026 onward, if each index closes ≥ 95 % of its Initial Value on a Call Valuation Date, investors receive $1,000 plus the current coupon; no further payments accrue.
• Barrier at Maturity: 70 % of Initial Value. If the Least Performing Index closes below its Barrier Value on the Final Valuation Date, principal is reduced one-for-one with the index loss, exposing investors to up to 100 % loss.
• Estimated Value: $944.50 per note, 5.55 % below the $1,000 issue price, reflecting structuring and distribution costs.
• Fees: 3.50 % selling commission; net proceeds 96.50 % of par.
• Credit & Bail-in Risk: Payments depend on Barclays’ ability to pay and are subject to the U.K. Bail-in Power.
• Liquidity: The notes are not exchange-listed; secondary trading will be limited and at negotiated prices.

Timeline: Issue Date 23 June 2025; monthly Observation/Payment cycle begins July 2025; Final Valuation Date 17 June 2030; Maturity 21 June 2030.

Investors seeking enhanced income may find the 7.50 % coupon attractive, but they bear material downside and issuer credit risks, as well as a primary market mark-up and limited liquidity.

Barclays Bank PLC filed a preliminary 424(b)(2) pricing supplement for a new tranche of Global Medium-Term Notes, Series A titled “Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside Principal at Risk.” The $1,000-denominated securities are linked to the lowest performing of three sector ETFs: the Communication Services Select Sector SPDR Fund, the Energy Select Sector SPDR Fund and the Financial Select Sector SPDR Fund. The notes mature on 6 July 2028, but may be automatically called on any quarterly calculation day from December 2025 through March 2028 if the lowest-performing fund closes at or above its starting price. Upon call, investors receive the $1,000 principal plus the applicable contingent coupon.

The product offers a contingent quarterly coupon of at least 11.00% p.a. when, on the relevant calculation day, the lowest-performing fund closes at or above its 70% threshold price. No coupon is paid for any quarter in which this condition is not met; missing all observation dates would result in zero coupon payments over the life of the note.

Principal risk: If the notes are not called and the final fund closing price of the lowest-performing ETF is below its 70% threshold, repayment of principal will be reduced one-for-one with the underlying decline, exposing investors to losses of more than 30% and up to 100% of principal. Investors do not participate in any upside appreciation of the ETFs.

Barclays’ estimated value on the pricing date is expected between $903.60 and $963.60 per note, below the $1,000 offering price, reflecting embedded fees and hedging costs. Proceeds to Barclays are $976.75 per note after an agent discount of up to $23.25 (2.325%). Wells Fargo Securities will distribute the product and may grant selling concessions of $17.50 per note and a $0.75 distribution expense fee to Wells Fargo Advisors.

The notes are unsecured, unsubordinated obligations of Barclays Bank PLC and subject to the U.K. Bail-in Power. They are not FDIC-insured, will not be listed on any exchange, and are intended to be held to maturity. Prospective investors are directed to the “Selected Risk Considerations,” “Risk Factors,” and “Consent to U.K. Bail-in Power” sections for additional details.