[8-K] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Reports Material Event

Q: What return do the BMO Digital Return Buffer Notes provide at maturity?

Investors receive $1,104 per $1,000 note (a 10.40% gain) if the worst of the S&P 500, NASDAQ-100 or Russell 2000 ends at or above 85% of its initial level.

Q: How much principal protection do the notes offer?

The notes include a 15% buffer; losses begin only if the worst index is more than 15% below its initial level, after which loss is 1-for-1 down to an 85% maximum loss.

Q: When do the notes mature and what are the key dates?

Pricing Date: 27 Jun 2025; Settlement Date: 2 Jul 2025; Valuation Date: 29 Jul 2026; Maturity Date: 3 Aug 2026.

Q: Are the notes listed or tradable on an exchange?

No. The notes will not be listed; any resale depends on dealer quotes from BMOCM, which may be limited and at a discount.

Q: What is the estimated initial value versus the issue price?

BMO estimates the initial value at $981.99 per $1,000 note, below the $1,000 price, reflecting commissions and hedging costs.

Q: What are the U.S. federal tax considerations?

BMO intends to treat the notes as pre-paid derivative contracts; however, the IRS could assert a different treatment. Investors should consult tax advisors.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Bank of Montreal (BMO) is offering US$425,000 of Senior Medium-Term Notes, Series K – “Digital Return Buffer Notes” – maturing 3 August 2026. The notes are linked to the worst performer of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Russell 2000 (each a “Reference Asset”).

Key economic terms:

Digital Return: 10.40% payable at maturity if the closing level of the Least Performing Reference Asset on 29 July 2026 (the Valuation Date) is ≥ 85% of its 27 June 2025 Initial Level (“Digital Barrier”).
Buffer: first 15% downside is absorbed. If the Least Performing Reference Asset drops >15%, principal is reduced point-for-point beyond the buffer, exposing investors to a maximum loss of 85%.
No periodic coupons; single payment at maturity.
Issue price: 100%; agent’s commission 0.375%; estimated initial value: $981.99 per $1,000, reflecting embedded fees and hedging costs.
Credit exposure: unsecured, unsubordinated obligations of BMO; CUSIP 06376EMN9; not FDIC or CDIC insured; not exchange-listed.

Illustrative payouts: any Final Level ≥ 85% triggers a fixed $1,104 per $1,000 note (10.40% gain). A Final Level of 80% returns $950 (-5%); 60% returns $750 (-25%); 0% returns $150 (-85%). Upside is capped at 10.40% irrespective of index performance.

Risk considerations include potential loss of up to 85% of principal, limited upside versus direct index exposure, secondary-market illiquidity (no listing; dealer market making discretionary), BMO credit risk, tax uncertainty (treated as prepaid derivative contracts), and a price-to-public that exceeds the bank’s modeled value.

The product may appeal to investors with a moderately bullish to sideways view on large-, mega- and small-cap U.S. equities over the next ~13 months who are willing to trade upside beyond 10.40% for a 15% buffer and accept issuer credit and liquidity risk.

Bank of Montreal (BMO) offre 425.000 USD di Senior Medium-Term Notes, Serie K – "Digital Return Buffer Notes" – con scadenza il 3 agosto 2026. Le note sono collegate al titolo peggiore tra tre indici azionari statunitensi: S&P 500, NASDAQ-100 e Russell 2000 (ognuno un "Reference Asset").

Termini economici principali:

Rendimento Digitale: 10,40% pagabile alla scadenza se il livello di chiusura dell'asset meno performante al 29 luglio 2026 (Data di Valutazione) è ≥ 85% del livello iniziale del 27 giugno 2025 ("Barriera Digitale").
Buffer: il primo 15% di ribasso è assorbito. Se l'asset meno performante scende oltre il 15%, il capitale viene ridotto punto per punto oltre il buffer, esponendo gli investitori a una perdita massima dell'85%.
Nessuna cedola periodica; pagamento unico a scadenza.
Prezzo di emissione: 100%; commissione agente 0,375%; valore iniziale stimato: 981,99 USD per 1.000 USD, che riflette costi impliciti e di copertura.
Rischio di credito: obbligazioni non garantite e non subordinate di BMO; CUSIP 06376EMN9; non assicurate FDIC o CDIC; non quotate in borsa.

Esempi di pagamenti: qualsiasi livello finale ≥ 85% comporta un pagamento fisso di 1.104 USD per ogni nota da 1.000 USD (guadagno del 10,40%). Un livello finale dell'80% restituisce 950 USD (-5%); 60% restituisce 750 USD (-25%); 0% restituisce 150 USD (-85%). Il guadagno massimo è limitato al 10,40% indipendentemente dalla performance dell'indice.

Considerazioni sul rischio: possibile perdita fino all'85% del capitale, rendimento limitato rispetto all'esposizione diretta agli indici, illiquidità sul mercato secondario (nessuna quotazione; market making discrezionale da parte dei dealer), rischio di credito di BMO, incertezza fiscale (trattati come contratti derivati prepagati) e prezzo al pubblico superiore al valore modellato dalla banca.

Il prodotto può interessare investitori con una visione moderatamente rialzista o laterale sulle azioni large-, mega- e small-cap USA nei prossimi circa 13 mesi, disposti a scambiare un potenziale guadagno oltre il 10,40% per un buffer del 15% e ad accettare i rischi di credito dell'emittente e di liquidità.

Bank of Montreal (BMO) ofrece US$425,000 en Senior Medium-Term Notes, Serie K – "Digital Return Buffer Notes" – con vencimiento el 3 de agosto de 2026. Las notas están vinculadas al peor desempeño de tres índices bursátiles estadounidenses: S&P 500, NASDAQ-100 y Russell 2000 (cada uno un "Reference Asset").

Términos económicos clave:

Retorno Digital: 10,40% pagadero al vencimiento si el nivel de cierre del activo de peor desempeño el 29 de julio de 2026 (Fecha de Valoración) es ≥ 85% de su nivel inicial del 27 de junio de 2025 ("Barrera Digital").
Buffer: se absorbe la primera caída del 15%. Si el activo de peor desempeño cae más del 15%, el principal se reduce punto por punto más allá del buffer, exponiendo a los inversores a una pérdida máxima del 85%.
No hay cupones periódicos; pago único al vencimiento.
Precio de emisión: 100%; comisión del agente 0,375%; valor inicial estimado: $981.99 por cada $1,000, reflejando costos incorporados y de cobertura.
Exposición crediticia: obligaciones no garantizadas y no subordinadas de BMO; CUSIP 06376EMN9; no aseguradas por FDIC o CDIC; no cotizadas en bolsa.

Pagos ilustrativos: cualquier nivel final ≥ 85% activa un pago fijo de $1,104 por cada nota de $1,000 (ganancia del 10,40%). Un nivel final del 80% devuelve $950 (-5%); 60% devuelve $750 (-25%); 0% devuelve $150 (-85%). La ganancia máxima está limitada al 10,40% independientemente del rendimiento del índice.

Consideraciones de riesgo incluyen posible pérdida de hasta el 85% del principal, ganancia limitada frente a la exposición directa al índice, iliquidez en el mercado secundario (sin cotización; creación de mercado discrecional por dealers), riesgo crediticio de BMO, incertidumbre fiscal (tratados como contratos derivados prepagados) y precio al público superior al valor modelado por el banco.

El producto puede atraer a inversores con una visión moderadamente alcista o lateral sobre acciones estadounidenses de gran, mega y pequeña capitalización durante los próximos ~13 meses que estén dispuestos a sacrificar ganancias superiores al 10,40% a cambio de un buffer del 15% y aceptar riesgos de crédito del emisor y de liquidez.

뱅크 오브 몬트리올(BMO)은 2026년 8월 3일 만기인 Senior Medium-Term Notes, Series K – “Digital Return Buffer Notes” – 미화 425,000달러를 제공합니다. 이 노트는 미국 3대 주식 벤치마크 중 최악의 성과를 보인 지수인 S&P 500, NASDAQ-100, Russell 2000(각각 “기준 자산”)에 연동됩니다.

주요 경제 조건:

디지털 수익률: 10.40%는 2026년 7월 29일(평가일) 최저 성과 기준 자산의 종가가 2025년 6월 27일 초기 수준의 85% 이상(“디지털 장벽”)일 경우 만기 시 지급됩니다.
버퍼: 최초 15% 하락분은 흡수됩니다. 최저 성과 기준 자산이 15% 이상 하락하면, 버퍼를 초과하는 부분에 대해 원금이 점진적으로 감액되어 최대 85% 손실 위험이 있습니다.
정기 쿠폰 없음; 만기 시 일시 지급.
발행가: 100%; 중개 수수료 0.375%; 예상 초기 가치: $981.99 (1,000달러당), 내재 수수료 및 헤지 비용 반영.
신용 노출: BMO의 무담보 비후순위 채무; CUSIP 06376EMN9; FDIC 또는 CDIC 보험 미적용; 거래소 비상장.

예시 지급액: 최종 수준이 85% 이상이면 1,000달러당 1,104달러 고정 지급(10.40% 수익). 최종 수준 80%는 950달러(–5%), 60%는 750달러(–25%), 0%는 150달러(–85%) 지급. 수익률은 지수 성과와 무관하게 최대 10.40%로 제한됩니다.

위험 고려사항에는 최대 85% 원금 손실 가능성, 지수 직접 투자 대비 제한된 상승 잠재력, 2차 시장 유동성 부족(비상장, 딜러 재량에 따른 마켓 메이킹), BMO 신용 위험, 세금 불확실성(선불 파생상품 계약으로 취급), 은행 모델 가치 초과 가격 등이 포함됩니다.

이 상품은 향후 약 13개월간 미국 대형주, 메가캡, 소형주에 대해 다소 강세 또는 횡보 전망을 가진 투자자 중 10.40% 이상의 상승을 포기하고 15% 버퍼를 수용하며 발행자 신용 및 유동성 위험을 감수할 의향이 있는 투자자에게 적합할 수 있습니다.

La Banque de Montréal (BMO) propose 425 000 USD de Senior Medium-Term Notes, Série K – « Digital Return Buffer Notes » – arrivant à échéance le 3 août 2026. Les notes sont liées à la moins bonne performance de trois indices boursiers américains : le S&P 500, le NASDAQ-100 et le Russell 2000 (chacun un « actif de référence »).

Principaux termes économiques :

Retour numérique : 10,40% payable à l’échéance si le niveau de clôture de l’actif de référence le moins performant au 29 juillet 2026 (date d’évaluation) est ≥ 85 % de son niveau initial du 27 juin 2025 (« barrière numérique »).
Buffer : les 15 % de baisse initiaux sont absorbés. Si l’actif de référence le moins performant chute de plus de 15 %, le principal est réduit point par point au-delà du buffer, exposant les investisseurs à une perte maximale de 85 %.
Pas de coupons périodiques ; paiement unique à l’échéance.
Prix d’émission : 100 % ; commission de l’agent 0,375 % ; valeur initiale estimée : 981,99 $ par tranche de 1 000 $, reflétant les frais incorporés et les coûts de couverture.
Exposition au crédit : obligations non garanties et non subordonnées de BMO ; CUSIP 06376EMN9 ; non assurées par la FDIC ou la CDIC ; non cotées en bourse.

Exemples de paiements : tout niveau final ≥ 85 % déclenche un paiement fixe de 1 104 $ par note de 1 000 $ (gain de 10,40 %). Un niveau final à 80 % rapporte 950 $ (-5 %) ; 60 % rapporte 750 $ (-25 %) ; 0 % rapporte 150 $ (-85 %). Le gain maximal est plafonné à 10,40 % quelle que soit la performance de l’indice.

Considérations de risque : perte potentielle allant jusqu’à 85 % du capital, gain limité par rapport à une exposition directe à l’indice, illiquidité sur le marché secondaire (pas de cotation ; création de marché discrétionnaire par les teneurs de marché), risque de crédit de BMO, incertitude fiscale (traité comme des contrats dérivés prépayés) et un prix public supérieur à la valeur modélisée par la banque.

Ce produit peut intéresser les investisseurs ayant une vision modérément haussière à neutre sur les actions américaines large, méga et small caps sur les ~13 prochains mois, prêts à échanger un gain supérieur à 10,40 % contre un buffer de 15 % et à accepter les risques de crédit de l’émetteur et de liquidité.

Die Bank of Montreal (BMO) bietet Senior Medium-Term Notes, Serie K – „Digital Return Buffer Notes“ – im Wert von 425.000 US-Dollar mit Fälligkeit am 3. August 2026 an. Die Notes sind an die schlechteste Performance von drei US-Aktienbenchmarks gekoppelt: S&P 500, NASDAQ-100 und Russell 2000 (jeweils ein „Referenzwert“).

Wesentliche wirtschaftliche Bedingungen:

Digitaler Ertrag: 10,40% zahlbar bei Fälligkeit, wenn der Schlusskurs des am schlechtesten performenden Referenzwerts am 29. Juli 2026 (Bewertungstag) ≥ 85 % seines Anfangswerts vom 27. Juni 2025 („Digitale Barriere“) beträgt.
Buffer: Die ersten 15% Kursverluste werden absorbiert. Fällt der am schlechtesten performende Referenzwert um mehr als 15 %, wird der Kapitalbetrag punktgenau über den Buffer hinaus reduziert, wodurch Anleger einem maximalen Verlust von 85 % ausgesetzt sind.
Keine periodischen Coupons; Einmalzahlung bei Fälligkeit.
Ausgabepreis: 100 %; Agenturprovision 0,375 %; geschätzter Anfangswert: 981,99 $ pro 1.000 $, was enthaltene Gebühren und Absicherungskosten widerspiegelt.
Kreditrisiko: unbesicherte, nicht nachrangige Verbindlichkeiten von BMO; CUSIP 06376EMN9; nicht durch FDIC oder CDIC versichert; nicht börsennotiert.

Beispielhafte Auszahlungen: Ein Endstand von ≥ 85 % löst eine feste Zahlung von 1.104 $ pro 1.000 $-Note aus (10,40 % Gewinn). Ein Endstand von 80 % zahlt 950 $ (-5 %); 60 % zahlt 750 $ (-25 %); 0 % zahlt 150 $ (-85 %). Die Obergrenze für den Gewinn liegt bei 10,40 %, unabhängig von der Indexentwicklung.

Risikohinweise umfassen das Risiko eines Verlusts von bis zu 85 % des Kapitals, begrenzte Aufwärtschancen im Vergleich zur direkten Indexanlage, Illiquidität am Sekundärmarkt (keine Börsennotierung; Market Making durch Händler nach Ermessen), BMO-Kreditrisiko, steuerliche Unsicherheiten (Behandlung als vorausbezahlte Derivatekontrakte) und einen öffentlichen Preis, der über dem modellierten Wert der Bank liegt.

Das Produkt könnte für Anleger interessant sein, die in den nächsten ca. 13 Monaten eine moderat bullishe bis seitwärts gerichtete Sicht auf US-Aktien großer, Mega- und Small-Cap-Unternehmen haben, bereit sind, eine Rendite über 10,40 % gegen einen 15 % Buffer zu tauschen und Emittenten-Kredit- sowie Liquiditätsrisiken zu akzeptieren.

Positive

10.40% fixed upside if worst-performing index finishes ≥ 85%, providing an above-market yield in a flat or modestly rising environment.
15% downside buffer mitigates moderate equity declines, offering partial capital protection compared with direct index exposure.
Short 13-month tenor limits long-term market and rate uncertainty.

Negative

Upside capped at 10.40%, materially underperforming equities if indices rally >10.4%.
Potential loss up to 85% of principal if the worst index falls more than 15%.
Issuer credit risk: payments depend solely on Bank of Montreal’s ability to pay.
Liquidity risk: no exchange listing; secondary market, if any, depends on BMOCM’s discretion at likely discounts.
Initial value below issue price ($981.99 vs $1,000) reflects embedded fees and hedging costs, creating negative carry from day one.

Insights

TL;DR Limited-term note offers 10.40% fixed upside with 15% buffer but significant tail-risk and BMO credit exposure.

The design is straightforward: a 13-month digital payoff contingent on the worst of three broad U.S. indices. Statistically, the 85% barrier provides moderate protection, yet historical drawdowns in small-caps (RTY) make breach plausible. Investors forfeit all upside beyond 10.40%, so risk-adjusted appeal depends on one’s view that a <15% decline is more likely than >10.4% appreciation. The 1.88-point markup (price – modeled value) plus 0.375% commission and potential 0.35% referral fee illustrate typical structured-note friction. An estimated breakeven occurs if the worst index ends between 84.999% and 90% of initial, where the buffer or digital feature marginally outperforms passive exposure. Net: product suits yield-seeking allocators comfortable with issuer risk; not compelling for growth-oriented investors.

TL;DR Attractive headline return, but capped upside, liquidity constraints and small-cap drag temper enthusiasm.

From a portfolio construction angle, the note behaves like a credit-linked call spread: long digital on worst-of basket, short equity upside beyond 10.4%, long put struck at 85%. Correlation among SPX/NDX/RTY means RTY dominates risk; historical vol ≈ 22% vs 15% (SPX) makes buffer less reliable. Duration just over a year mitigates rate risk but heightens reinvestment uncertainty. Lack of listing complicates exit; dealer bids likely 2–4 points under theoretical value, especially after the three-month temporary premium expires. I would size conservatively (<2% of total AUM) and treat as a tactical expression if one has high conviction of sideways markets. Impact on BMO’s credit profile is immaterial given size.

Termini economici principali:

Rendimento Digitale: 10,40% pagabile alla scadenza se il livello di chiusura dell'asset meno performante al 29 luglio 2026 (Data di Valutazione) è ≥ 85% del livello iniziale del 27 giugno 2025 ("Barriera Digitale").
Buffer: il primo 15% di ribasso è assorbito. Se l'asset meno performante scende oltre il 15%, il capitale viene ridotto punto per punto oltre il buffer, esponendo gli investitori a una perdita massima dell'85%.
Nessuna cedola periodica; pagamento unico a scadenza.
Prezzo di emissione: 100%; commissione agente 0,375%; valore iniziale stimato: 981,99 USD per 1.000 USD, che riflette costi impliciti e di copertura.
Rischio di credito: obbligazioni non garantite e non subordinate di BMO; CUSIP 06376EMN9; non assicurate FDIC o CDIC; non quotate in borsa.

Términos económicos clave:

Retorno Digital: 10,40% pagadero al vencimiento si el nivel de cierre del activo de peor desempeño el 29 de julio de 2026 (Fecha de Valoración) es ≥ 85% de su nivel inicial del 27 de junio de 2025 ("Barrera Digital").
Buffer: se absorbe la primera caída del 15%. Si el activo de peor desempeño cae más del 15%, el principal se reduce punto por punto más allá del buffer, exponiendo a los inversores a una pérdida máxima del 85%.
No hay cupones periódicos; pago único al vencimiento.
Precio de emisión: 100%; comisión del agente 0,375%; valor inicial estimado: $981.99 por cada $1,000, reflejando costos incorporados y de cobertura.
Exposición crediticia: obligaciones no garantizadas y no subordinadas de BMO; CUSIP 06376EMN9; no aseguradas por FDIC o CDIC; no cotizadas en bolsa.

주요 경제 조건:

디지털 수익률: 10.40%는 2026년 7월 29일(평가일) 최저 성과 기준 자산의 종가가 2025년 6월 27일 초기 수준의 85% 이상(“디지털 장벽”)일 경우 만기 시 지급됩니다.
버퍼: 최초 15% 하락분은 흡수됩니다. 최저 성과 기준 자산이 15% 이상 하락하면, 버퍼를 초과하는 부분에 대해 원금이 점진적으로 감액되어 최대 85% 손실 위험이 있습니다.
정기 쿠폰 없음; 만기 시 일시 지급.
발행가: 100%; 중개 수수료 0.375%; 예상 초기 가치: $981.99 (1,000달러당), 내재 수수료 및 헤지 비용 반영.
신용 노출: BMO의 무담보 비후순위 채무; CUSIP 06376EMN9; FDIC 또는 CDIC 보험 미적용; 거래소 비상장.

Principaux termes économiques :

Retour numérique : 10,40% payable à l’échéance si le niveau de clôture de l’actif de référence le moins performant au 29 juillet 2026 (date d’évaluation) est ≥ 85 % de son niveau initial du 27 juin 2025 (« barrière numérique »).
Buffer : les 15 % de baisse initiaux sont absorbés. Si l’actif de référence le moins performant chute de plus de 15 %, le principal est réduit point par point au-delà du buffer, exposant les investisseurs à une perte maximale de 85 %.
Pas de coupons périodiques ; paiement unique à l’échéance.
Prix d’émission : 100 % ; commission de l’agent 0,375 % ; valeur initiale estimée : 981,99 $ par tranche de 1 000 $, reflétant les frais incorporés et les coûts de couverture.
Exposition au crédit : obligations non garanties et non subordonnées de BMO ; CUSIP 06376EMN9 ; non assurées par la FDIC ou la CDIC ; non cotées en bourse.

Wesentliche wirtschaftliche Bedingungen:

Digitaler Ertrag: 10,40% zahlbar bei Fälligkeit, wenn der Schlusskurs des am schlechtesten performenden Referenzwerts am 29. Juli 2026 (Bewertungstag) ≥ 85 % seines Anfangswerts vom 27. Juni 2025 („Digitale Barriere“) beträgt.
Buffer: Die ersten 15% Kursverluste werden absorbiert. Fällt der am schlechtesten performende Referenzwert um mehr als 15 %, wird der Kapitalbetrag punktgenau über den Buffer hinaus reduziert, wodurch Anleger einem maximalen Verlust von 85 % ausgesetzt sind.
Keine periodischen Coupons; Einmalzahlung bei Fälligkeit.
Ausgabepreis: 100 %; Agenturprovision 0,375 %; geschätzter Anfangswert: 981,99 $ pro 1.000 $, was enthaltene Gebühren und Absicherungskosten widerspiegelt.
Kreditrisiko: unbesicherte, nicht nachrangige Verbindlichkeiten von BMO; CUSIP 06376EMN9; nicht durch FDIC oder CDIC versichert; nicht börsennotiert.

07/01/2025 - 04:31 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 1, 2025

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware

1-5805

13-2624428

(State or other jurisdiction of
incorporation or organization)

(Commission File Number)

(I.R.S. employer
identification no.)

383 Madison Avenue,

New York,

New York

10179

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL	JPM PR L	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC	AMJB	NYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLC	VYLD	NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure

On July 1, 2025, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) released the results of its company-run 2025 Dodd-Frank Act Stress Test (“DFAST”) for JPMorganChase and JPMorgan Chase Bank, National Association. A copy of that information is attached as Exhibit 99.

The company-run 2025 DFAST results are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99 shall not be deemed to be incorporated by reference into the filings of the Firm under the Securities Act of 1933.

This Current Report on Form 8-K (including the Exhibit hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorganChase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorganChase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are available on JPMorganChase’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorganChase does not undertake to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibit



Exhibit No.						Description of Exhibit

99						2025 Annual Stress Test Disclosure - DFAST results
101						Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


JPMorgan Chase & Co.
(Registrant)


By:			/s/ Jordan A. Costa
			Jordan A. Costa
			Managing Director


Dated:			July 1, 2025

Source: View Original Filing on SEC EDGAR

FAQ

What return do the BMO Digital Return Buffer Notes provide at maturity?

Investors receive $1,104 per $1,000 note (a 10.40% gain) if the worst of the S&P 500, NASDAQ-100 or Russell 2000 ends at or above 85% of its initial level.

How much principal protection do the notes offer?

The notes include a 15% buffer; losses begin only if the worst index is more than 15% below its initial level, after which loss is 1-for-1 down to an 85% maximum loss.

When do the notes mature and what are the key dates?

Pricing Date: 27 Jun 2025; Settlement Date: 2 Jul 2025; Valuation Date: 29 Jul 2026; Maturity Date: 3 Aug 2026.

Are the notes listed or tradable on an exchange?

No. The notes will not be listed; any resale depends on dealer quotes from BMOCM, which may be limited and at a discount.

What is the estimated initial value versus the issue price?

BMO estimates the initial value at $981.99 per $1,000 note, below the $1,000 price, reflecting commissions and hedging costs.

What are the U.S. federal tax considerations?

BMO intends to treat the notes as pre-paid derivative contracts; however, the IRS could assert a different treatment. Investors should consult tax advisors.

[8-K] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Reports Material Event

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What return do the BMO Digital Return Buffer Notes provide at maturity?

How much principal protection do the notes offer?

When do the notes mature and what are the key dates?

Are the notes listed or tradable on an exchange?

What is the estimated initial value versus the issue price?

What are the U.S. federal tax considerations?

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[8-K] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Reports Material Event

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FAQ

What return do the BMO Digital Return Buffer Notes provide at maturity?

How much principal protection do the notes offer?

When do the notes mature and what are the key dates?

Are the notes listed or tradable on an exchange?

What is the estimated initial value versus the issue price?

What are the U.S. federal tax considerations?

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