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

Q: What is the maturity date of JPMorgan’s Uncapped Buffered Return Enhanced Notes (CUSIP 48136FVS8)?

July 23, 2030 , with an observation date on July 18, 2030.

Q: How much upside leverage do the notes provide on the Nasdaq-100, Russell 2000, and S&P 500 indices?

At least 1.336 times any positive return of the least-performing index; the exact factor is set at pricing.

Q: What downside protection is offered and what is the maximum potential loss?

A 20% buffer shields initial principal, but investors can lose up to 80% of face value if declines exceed the buffer.

Q: Will the notes pay interest or dividends during the five-year term?

No. The product is zero-coupon; investors also forego any dividends from index constituents.

Q: Can I sell the notes before maturity?

They are not listed ; any resale depends on J.P. Morgan Securities LLC making a bid, often at a discount to par.

Q: Why is the estimated value ($940.40) below the $1,000 issue price?

It excludes selling commissions and hedging costs included in the public offer price, reflecting the note’s intrinsic economic value.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering Uncapped Buffered Return Enhanced Notes (the “notes”) fully and unconditionally guaranteed by JPMorgan Chase & Co. The preliminary pricing supplement (Rule 424(b)(2)) describes a five-year structured product linked separately to the Nasdaq-100 Index® (NDX), Russell 2000® Index (RTY) and S&P 500® Index (SPX). Payments are based on the performance of the least-performing index, not on an equal-weighted basket.

Key economic terms

Upside participation: at least 1.336× any positive return of the least-performing index; the exact factor will be set on the pricing date (on or about 18 Jul 2025).
Downside buffer: investors are protected against the first 20% decline of each index. Losses beyond the buffer are linear, exposing principal to a maximum 80% loss.
Maturity: 23 Jul 2030; observation date 18 Jul 2030.
Denomination: $1,000 minimum and integral multiples.
Fees: selling commissions up to $41.25 per $1,000.
Estimated value: approximately $940.40 today; final estimate disclosed at pricing but not below $900.
CUSIP: 48136FVS8. The notes will not be listed on any exchange.

Payout mechanics

If the final level of each index exceeds its initial level, payment = $1,000 + (Least-Performing Index Return × Upside Factor × $1,000). Because the product is uncapped, gains are unlimited.
If any index finishes ≤ its initial level but not lower by more than 20%, investors receive par.
If any index falls by >20%, payment = $1,000 + [$1,000 × (Least-Performing Index Return + 20%)], resulting in up to 80% principal loss.

Illustrative examples (Upside Factor 1.336, buffer 20%): a 10% gain in the least-performing index yields a 13.36% total return ($1,133.60); a 40% decline produces a 20% loss ($800); a 60% decline produces a 40% loss ($600).

Risk disclosures highlight (i) credit exposure to both JPMorgan entities, (ii) lack of periodic interest or dividends, (iii) potential conflicts arising from JPMorgan’s hedging and secondary-market activities, (iv) liquidity risk because the notes are unlisted and any resale depends on J.P. Morgan Securities LLC’s bid, (v) estimated value below issue price, and (vi) U.S. tax treatment subject to confirmation; Section 871(m) is expected not to apply.

Indices overview (historic closes on 14 Jul 2025): NDX 22,855.63; RTY 2,249.729; SPX 6,268.56. Past performance is not indicative of future results.

JPMorgan Chase Financial Company LLC offre Note Potenziate a Rendimento Buffered Illimitato (le “note”) garantite in modo pieno e incondizionato da JPMorgan Chase & Co. Il supplemento di prezzo preliminare (Regola 424(b)(2)) descrive un prodotto strutturato quinquennale collegato separatamente all'Indice Nasdaq-100® (NDX), all'Indice Russell 2000® (RTY) e all'Indice S&P 500® (SPX). I pagamenti si basano sulla performance dell'indice meno performante, non su un paniere a ponderazione uguale.

Termini economici chiave

Partecipazione al rialzo: almeno 1,336× qualsiasi rendimento positivo dell'indice meno performante; il fattore esatto sarà definito alla data di prezzo (intorno al 18 lug 2025).
Buffer al ribasso: gli investitori sono protetti dalla prima perdita del 20% di ciascun indice. Le perdite oltre il buffer sono lineari, esponendo il capitale a una perdita massima dell'80%.
Scadenza: 23 lug 2030; data di osservazione 18 lug 2030.
Taglio minimo: $1.000 e multipli interi.
Commissioni: commissioni di vendita fino a $41,25 per $1.000.
Valore stimato: circa $940,40 oggi; la stima finale sarà comunicata al prezzo ma non sarà inferiore a $900.
CUSIP: 48136FVS8. Le note non saranno quotate in alcuna borsa.

Meccanica del pagamento

Se il livello finale di ogni indice supera il livello iniziale, il pagamento = $1.000 + (Rendimento dell'indice meno performante × Fattore di rialzo × $1.000). Poiché il prodotto non ha un limite massimo, i guadagni sono illimitati.
Se un indice termina ≤ al livello iniziale ma non scende oltre il 20%, gli investitori ricevono il valore nominale.
Se un indice scende di oltre il 20%, il pagamento = $1.000 + [$1.000 × (Rendimento dell'indice meno performante + 20%)], con una perdita massima dell'80% del capitale.

Esempi illustrativi (Fattore di rialzo 1,336, buffer 20%): un guadagno del 10% nell'indice meno performante produce un rendimento totale del 13,36% ($1.133,60); una perdita del 40% comporta una perdita del 20% ($800); una perdita del 60% comporta una perdita del 40% ($600).

Avvertenze sui rischi evidenziano (i) esposizione creditizia verso entrambe le entità JPMorgan, (ii) assenza di interessi o dividendi periodici, (iii) potenziali conflitti derivanti dalle attività di copertura e di mercato secondario di JPMorgan, (iv) rischio di liquidità poiché le note non sono quotate e ogni rivendita dipende dall'offerta di J.P. Morgan Securities LLC, (v) valore stimato inferiore al prezzo di emissione, e (vi) trattamento fiscale statunitense soggetto a conferma; si prevede che la Sezione 871(m) non si applichi.

Panoramica degli indici (chiusure storiche al 14 lug 2025): NDX 22.855,63; RTY 2.249,729; SPX 6.268,56. Le performance passate non sono indicative di risultati futuri.

JPMorgan Chase Financial Company LLC ofrece Notas Mejoradas de Retorno Buffered Sin Límite (las “notas”) garantizadas total e incondicionalmente por JPMorgan Chase & Co. El suplemento preliminar de precios (Regla 424(b)(2)) describe un producto estructurado a cinco años vinculado por separado al Índice Nasdaq-100® (NDX), Índice Russell 2000® (RTY) y Índice S&P 500® (SPX). Los pagos se basan en el desempeño del índice con peor rendimiento, no en una cesta ponderada por igual.

Términos económicos clave

Participación al alza: al menos 1,336× cualquier retorno positivo del índice con peor rendimiento; el factor exacto se establecerá en la fecha de precio (aproximadamente el 18 jul 2025).
Buffer a la baja: los inversionistas están protegidos contra la primera caída del 20% de cada índice. Las pérdidas más allá del buffer son lineales, exponiendo el principal a una pérdida máxima del 80%.
Vencimiento: 23 jul 2030; fecha de observación 18 jul 2030.
Denominación: mínimo $1,000 y múltiplos enteros.
Comisiones: comisiones de venta hasta $41.25 por cada $1,000.
Valor estimado: aproximadamente $940.40 hoy; la estimación final se revelará en la fijación de precio pero no será inferior a $900.
CUSIP: 48136FVS8. Las notas no estarán listadas en ninguna bolsa.

Mecánica de pago

Si el nivel final de cada índice supera su nivel inicial, el pago = $1,000 + (Retorno del índice con peor rendimiento × Factor de alza × $1,000). Debido a que el producto no tiene límite, las ganancias son ilimitadas.
Si algún índice termina ≤ a su nivel inicial pero no baja más del 20%, los inversionistas reciben el valor nominal.
Si algún índice cae más del 20%, el pago = $1,000 + [$1,000 × (Retorno del índice con peor rendimiento + 20%)], resultando en una pérdida máxima del 80% del principal.

Ejemplos ilustrativos (Factor de alza 1.336, buffer 20%): una ganancia del 10% en el índice con peor rendimiento genera un retorno total del 13.36% ($1,133.60); una caída del 40% produce una pérdida del 20% ($800); una caída del 60% produce una pérdida del 40% ($600).

Divulgaciones de riesgo destacan (i) exposición crediticia a ambas entidades JPMorgan, (ii) ausencia de intereses o dividendos periódicos, (iii) posibles conflictos derivados de las actividades de cobertura y mercado secundario de JPMorgan, (iv) riesgo de liquidez porque las notas no están listadas y cualquier reventa depende de la oferta de J.P. Morgan Securities LLC, (v) valor estimado por debajo del precio de emisión, y (vi) tratamiento fiscal estadounidense sujeto a confirmación; se espera que la Sección 871(m) no aplique.

Resumen de índices (cierres históricos al 14 jul 2025): NDX 22,855.63; RTY 2,249.729; SPX 6,268.56. El rendimiento pasado no indica resultados futuros.

JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.가 전액 및 무조건적으로 보증하는 무제한 버퍼드 리턴 향상 노트(이하 “노트”)를 제공합니다. 예비 가격 보충서(규칙 424(b)(2))는 나스닥-100 지수® (NDX), 러셀 2000® 지수 (RTY), S&P 500® 지수 (SPX)에 각각 연계된 5년 구조화 상품을 설명합니다. 지급은 균등 가중 바스켓이 아닌 최저 성과 지수의 성과를 기준으로 합니다.

주요 경제 조건

상승 참여율: 최저 성과 지수의 양(+) 수익률에 대해 최소 1.336배; 정확한 배수는 가격 결정일(2025년 7월 18일경)에 확정됩니다.
하락 버퍼: 투자자는 각 지수의 첫 20% 하락에 대해 보호받습니다. 버퍼를 초과하는 손실은 선형적으로 적용되어 원금 최대 80% 손실 위험이 있습니다.
만기: 2030년 7월 23일; 관찰일 2030년 7월 18일.
액면가: 최소 $1,000 및 정수 배수.
수수료: $1,000당 최대 $41.25의 판매 수수료.
추정 가치: 현재 약 $940.40; 최종 추정치는 가격 결정 시 공개되며 $900 이하로는 되지 않습니다.
CUSIP: 48136FVS8. 노트는 어떤 거래소에도 상장되지 않습니다.

지급 메커니즘

각 지수의 최종 지수가 초기 지수보다 높으면 지급금 = $1,000 + (최저 성과 지수 수익률 × 상승 배수 × $1,000). 무제한 상품이므로 수익에 상한이 없습니다.
어떤 지수라도 초기 수준 이하이지만 20% 이상 하락하지 않으면 투자자는 원금($1,000)을 받습니다.
어떤 지수가 20% 이상 하락하면 지급금 = $1,000 + [$1,000 × (최저 성과 지수 수익률 + 20%)], 최대 80% 원금 손실이 발생합니다.

예시 (상승 배수 1.336, 버퍼 20%): 최저 성과 지수가 10% 상승하면 총 수익률은 13.36% ($1,133.60); 40% 하락 시 20% 손실 ($800); 60% 하락 시 40% 손실 ($600).

위험 고지사항는 (i) 두 JPMorgan 법인에 대한 신용 노출, (ii) 정기 이자 또는 배당금 미지급, (iii) JPMorgan의 헤징 및 2차 시장 활동에서 발생할 수 있는 이해 상충, (iv) 노트가 비상장되어 유동성 위험 존재 및 재판매는 J.P. Morgan Securities LLC의 매수 호가에 의존, (v) 발행가 이하의 추정 가치, (vi) 미국 세무 처리 확인 필요; 섹션 871(m)은 적용되지 않을 것으로 예상됨을 강조합니다.

지수 개요 (2025년 7월 14일 종가 기준): NDX 22,855.63; RTY 2,249.729; SPX 6,268.56. 과거 실적은 미래 결과를 보장하지 않습니다.

JPMorgan Chase Financial Company LLC propose des Notes Améliorées à Rendement Buffered Illimité (les « notes ») entièrement et inconditionnellement garanties par JPMorgan Chase & Co. Le supplément préliminaire de prix (Règle 424(b)(2)) décrit un produit structuré sur cinq ans lié séparément à l'Indice Nasdaq-100® (NDX), à l'Indice Russell 2000® (RTY) et à l'Indice S&P 500® (SPX). Les paiements sont basés sur la performance de l'indice le moins performant, et non sur un panier pondéré également.

Principaux termes économiques

Participation à la hausse : au moins 1,336× tout rendement positif de l'indice le moins performant ; le facteur exact sera fixé à la date de tarification (vers le 18 juil 2025).
Buffer à la baisse : les investisseurs sont protégés contre la première baisse de 20 % de chaque indice. Les pertes au-delà du buffer sont linéaires, exposant le capital à une perte maximale de 80 %.
Échéance : 23 juil 2030 ; date d'observation 18 juil 2030.
Nominal : minimum 1 000 $ et multiples entiers.
Frais : commissions de vente jusqu’à 41,25 $ pour 1 000 $.
Valeur estimée : environ 940,40 $ aujourd’hui ; l’estimation finale sera communiquée lors de la tarification mais ne sera pas inférieure à 900 $.
CUSIP : 48136FVS8. Les notes ne seront pas cotées en bourse.

Mécanique de paiement

Si le niveau final de chaque indice dépasse son niveau initial, paiement = 1 000 $ + (Rendement de l’indice le moins performant × Facteur de hausse × 1 000 $). Comme le produit est sans plafond, les gains sont illimités.
Si un indice termine ≤ à son niveau initial mais ne baisse pas de plus de 20 %, les investisseurs reçoivent la valeur nominale.
Si un indice chute de plus de 20 %, paiement = 1 000 $ + [1 000 $ × (Rendement de l’indice le moins performant + 20 %)], entraînant une perte maximale de 80 % du capital.

Exemples illustratifs (Facteur de hausse 1,336, buffer 20 %) : un gain de 10 % sur l’indice le moins performant génère un rendement total de 13,36 % (1 133,60 $) ; une baisse de 40 % entraîne une perte de 20 % (800 $) ; une baisse de 60 % entraîne une perte de 40 % (600 $).

Avertissements sur les risques soulignent (i) l’exposition au crédit des deux entités JPMorgan, (ii) l’absence d’intérêts ou dividendes périodiques, (iii) les conflits potentiels découlant des activités de couverture et de marché secondaire de JPMorgan, (iv) le risque de liquidité car les notes ne sont pas cotées et toute revente dépend de l’offre de rachat de J.P. Morgan Securities LLC, (v) la valeur estimée inférieure au prix d’émission, et (vi) le traitement fiscal américain sous réserve de confirmation ; la section 871(m) ne devrait pas s’appliquer.

Vue d’ensemble des indices (clôtures historiques au 14 juil 2025) : NDX 22 855,63 ; RTY 2 249,729 ; SPX 6 268,56. Les performances passées ne préjugent pas des résultats futurs.

JPMorgan Chase Financial Company LLC bietet Unbegrenzte Buffered Return Enhanced Notes (die „Notes“) an, die vollständig und bedingungslos von JPMorgan Chase & Co. garantiert werden. Das vorläufige Preiszusatzblatt (Regel 424(b)(2)) beschreibt ein fünfjähriges strukturiertes Produkt, das separat an den Nasdaq-100 Index® (NDX), den Russell 2000® Index (RTY) und den S&P 500® Index (SPX) gekoppelt ist. Zahlungen basieren auf der Wertentwicklung des schlechtesten Index, nicht auf einem gleichgewichteten Korb.

Wichtige wirtschaftliche Bedingungen

Aufwärtspartizipation: mindestens das 1,336-fache der positiven Rendite des schlechtesten Index; der genaue Faktor wird am Preisfeststellungstag (ca. 18. Juli 2025) festgelegt.
Abwärts-Puffer: Investoren sind gegen die ersten 20% Rückgang jedes Index geschützt. Verluste über den Puffer hinaus sind linear und führen zu einem maximalen Verlust von 80% des Kapitals.
Fälligkeit: 23. Juli 2030; Beobachtungsdatum 18. Juli 2030.
Nennwert: mindestens 1.000 $ und ganzzahlige Vielfache.
Gebühren: Verkaufsprovisionen bis zu 41,25 $ pro 1.000 $.
Geschätzter Wert: heute ca. 940,40 $; der endgültige Wert wird bei der Preisfeststellung bekannt gegeben, jedoch nicht unter 900 $ liegen.
CUSIP: 48136FVS8. Die Notes werden nicht an einer Börse notiert.

Auszahlungsmechanismus

Wenn der Endstand jedes Index über seinem Anfangswert liegt, beträgt die Auszahlung = 1.000 $ + (Rendite des schlechtesten Index × Aufwärtsfaktor × 1.000 $). Da das Produkt unbeschränkt ist, sind die Gewinne unbegrenzt.
Wenn ein Index ≤ seinem Anfangswert schließt, aber nicht mehr als 20% fällt, erhalten Investoren den Nennwert zurück.
Fällt ein Index um mehr als 20%, beträgt die Auszahlung = 1.000 $ + [1.000 $ × (Rendite des schlechtesten Index + 20%)], was zu einem maximalen Kapitalverlust von 80% führt.

Beispielhafte Szenarien (Aufwärtsfaktor 1,336, Puffer 20%): Ein 10%iger Gewinn im schlechtesten Index ergibt eine Gesamtrendite von 13,36 % (1.133,60 $); ein 40%iger Rückgang führt zu einem Verlust von 20 % (800 $); ein 60%iger Rückgang zu einem Verlust von 40 % (600 $).

Risikohinweise heben hervor: (i) Kreditrisiko gegenüber beiden JPMorgan-Einheiten, (ii) keine periodischen Zinsen oder Dividenden, (iii) mögliche Interessenkonflikte durch JPMorgans Absicherungs- und Sekundärmarktaktivitäten, (iv) Liquiditätsrisiko, da die Notes nicht börsennotiert sind und ein Weiterverkauf vom Kaufangebot der J.P. Morgan Securities LLC abhängt, (v) geschätzter Wert unter dem Ausgabepreis und (vi) US-Steuerbehandlung vorbehaltlich Bestätigung; Abschnitt 871(m) wird voraussichtlich nicht anwendbar sein.

Indexübersicht (historische Schlussstände am 14. Juli 2025): NDX 22.855,63; RTY 2.249,729; SPX 6.268,56. Vergangene Wertentwicklungen sind kein Hinweis auf zukünftige Ergebnisse.

Positive

Uncapped upside with a leverage factor of at least 1.336 provides unlimited participation in index appreciation.
20% downside buffer protects principal against moderate market declines across all three indices.
Diversified reference assets (large-cap, tech-heavy, and small-cap U.S. equity indices) reduce single-sector concentration.
Full guarantee by JPMorgan Chase & Co. offers senior unsecured claim on a large, highly rated financial institution.

Negative

Principal at risk up to 80% if any index falls more than 20%—exposure is to the worst performer.
No coupons or dividends; investors forgo income during the five-year term.
Estimated value (≈94% of par) below issue price reflects embedded costs; immediate mark-to-market loss at issuance.
Liquidity risk: notes are unlisted; secondary sales rely on JPMS bids likely below par.
Credit exposure to JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., not to the underlying indices.
Potential conflicts of interest from JPMorgan’s hedging and market-making activities.
Tax treatment uncertain; IRS could challenge ‘open transaction’ status, altering investor returns.

Insights

TL;DR Uncapped leverage of ≥1.336 with 20% buffer is attractive, but investors face credit, liquidity and 80% downside risk.

The offering provides leveraged upside without a cap, which is uncommon for multi-index buffered notes. The 20% buffer is standard, yet the reliance on the worst performer elevates downside probability—particularly with the small-cap RTY component. The preliminary estimated value (94.0% of issue price) implies roughly 60 bps in embedded costs after commissions, reasonable versus peers. However, the note lacks periodic coupons, exposes holders to JPMorgan credit for five years, and is unlisted, so exit liquidity hinges on JPMS’s bid, typically at a meaningful discount. For sophisticated investors comfortable with holding to maturity and forecasting limited drawdowns across all three indices, the risk/return trade-off may be acceptable; for others, conventional equity exposure may be more transparent.

TL;DR Structure offers equity-like upside with partial protection, but high tail-risk, no income and uncertain tax profile keep impact neutral.

From a portfolio construction view, these notes could replace a modest slice of equity allocation for investors seeking enhanced upside and limited first-loss protection. The uncapped feature differentiates them from typical callable range accruals. Yet, the least-performing trigger means one sharp drawdown, especially in RTY, erodes the buffer. Absence of secondary-market listing and a projected value < par make interim liquidity costly. Credit spread widening for JPM can compress valuations even if indices rally. Tax treatment remains an ‘open transaction’ subject to future IRS guidance, adding complexity for U.S. and non-U.S. holders. Overall, impact on JPMorgan securities universe is neutral; the product broadens distribution but is not material to the issuer’s balance sheet.

Termini economici chiave

Partecipazione al rialzo: almeno 1,336× qualsiasi rendimento positivo dell'indice meno performante; il fattore esatto sarà definito alla data di prezzo (intorno al 18 lug 2025).
Buffer al ribasso: gli investitori sono protetti dalla prima perdita del 20% di ciascun indice. Le perdite oltre il buffer sono lineari, esponendo il capitale a una perdita massima dell'80%.
Scadenza: 23 lug 2030; data di osservazione 18 lug 2030.
Taglio minimo: $1.000 e multipli interi.
Commissioni: commissioni di vendita fino a $41,25 per $1.000.
Valore stimato: circa $940,40 oggi; la stima finale sarà comunicata al prezzo ma non sarà inferiore a $900.
CUSIP: 48136FVS8. Le note non saranno quotate in alcuna borsa.

Meccanica del pagamento

Se il livello finale di ogni indice supera il livello iniziale, il pagamento = $1.000 + (Rendimento dell'indice meno performante × Fattore di rialzo × $1.000). Poiché il prodotto non ha un limite massimo, i guadagni sono illimitati.
Se un indice termina ≤ al livello iniziale ma non scende oltre il 20%, gli investitori ricevono il valore nominale.
Se un indice scende di oltre il 20%, il pagamento = $1.000 + [$1.000 × (Rendimento dell'indice meno performante + 20%)], con una perdita massima dell'80% del capitale.

Panoramica degli indici (chiusure storiche al 14 lug 2025): NDX 22.855,63; RTY 2.249,729; SPX 6.268,56. Le performance passate non sono indicative di risultati futuri.

Términos económicos clave

Participación al alza: al menos 1,336× cualquier retorno positivo del índice con peor rendimiento; el factor exacto se establecerá en la fecha de precio (aproximadamente el 18 jul 2025).
Buffer a la baja: los inversionistas están protegidos contra la primera caída del 20% de cada índice. Las pérdidas más allá del buffer son lineales, exponiendo el principal a una pérdida máxima del 80%.
Vencimiento: 23 jul 2030; fecha de observación 18 jul 2030.
Denominación: mínimo $1,000 y múltiplos enteros.
Comisiones: comisiones de venta hasta $41.25 por cada $1,000.
Valor estimado: aproximadamente $940.40 hoy; la estimación final se revelará en la fijación de precio pero no será inferior a $900.
CUSIP: 48136FVS8. Las notas no estarán listadas en ninguna bolsa.

Mecánica de pago

Si el nivel final de cada índice supera su nivel inicial, el pago = $1,000 + (Retorno del índice con peor rendimiento × Factor de alza × $1,000). Debido a que el producto no tiene límite, las ganancias son ilimitadas.
Si algún índice termina ≤ a su nivel inicial pero no baja más del 20%, los inversionistas reciben el valor nominal.
Si algún índice cae más del 20%, el pago = $1,000 + [$1,000 × (Retorno del índice con peor rendimiento + 20%)], resultando en una pérdida máxima del 80% del principal.

Resumen de índices (cierres históricos al 14 jul 2025): NDX 22,855.63; RTY 2,249.729; SPX 6,268.56. El rendimiento pasado no indica resultados futuros.

주요 경제 조건

상승 참여율: 최저 성과 지수의 양(+) 수익률에 대해 최소 1.336배; 정확한 배수는 가격 결정일(2025년 7월 18일경)에 확정됩니다.
하락 버퍼: 투자자는 각 지수의 첫 20% 하락에 대해 보호받습니다. 버퍼를 초과하는 손실은 선형적으로 적용되어 원금 최대 80% 손실 위험이 있습니다.
만기: 2030년 7월 23일; 관찰일 2030년 7월 18일.
액면가: 최소 $1,000 및 정수 배수.
수수료: $1,000당 최대 $41.25의 판매 수수료.
추정 가치: 현재 약 $940.40; 최종 추정치는 가격 결정 시 공개되며 $900 이하로는 되지 않습니다.
CUSIP: 48136FVS8. 노트는 어떤 거래소에도 상장되지 않습니다.

지급 메커니즘

각 지수의 최종 지수가 초기 지수보다 높으면 지급금 = $1,000 + (최저 성과 지수 수익률 × 상승 배수 × $1,000). 무제한 상품이므로 수익에 상한이 없습니다.
어떤 지수라도 초기 수준 이하이지만 20% 이상 하락하지 않으면 투자자는 원금($1,000)을 받습니다.
어떤 지수가 20% 이상 하락하면 지급금 = $1,000 + [$1,000 × (최저 성과 지수 수익률 + 20%)], 최대 80% 원금 손실이 발생합니다.

예시 (상승 배수 1.336, 버퍼 20%): 최저 성과 지수가 10% 상승하면 총 수익률은 13.36% ($1,133.60); 40% 하락 시 20% 손실 ($800); 60% 하락 시 40% 손실 ($600).

지수 개요 (2025년 7월 14일 종가 기준): NDX 22,855.63; RTY 2,249.729; SPX 6,268.56. 과거 실적은 미래 결과를 보장하지 않습니다.

Principaux termes économiques

Participation à la hausse : au moins 1,336× tout rendement positif de l'indice le moins performant ; le facteur exact sera fixé à la date de tarification (vers le 18 juil 2025).
Buffer à la baisse : les investisseurs sont protégés contre la première baisse de 20 % de chaque indice. Les pertes au-delà du buffer sont linéaires, exposant le capital à une perte maximale de 80 %.
Échéance : 23 juil 2030 ; date d'observation 18 juil 2030.
Nominal : minimum 1 000 $ et multiples entiers.
Frais : commissions de vente jusqu’à 41,25 $ pour 1 000 $.
Valeur estimée : environ 940,40 $ aujourd’hui ; l’estimation finale sera communiquée lors de la tarification mais ne sera pas inférieure à 900 $.
CUSIP : 48136FVS8. Les notes ne seront pas cotées en bourse.

Mécanique de paiement

Si le niveau final de chaque indice dépasse son niveau initial, paiement = 1 000 $ + (Rendement de l’indice le moins performant × Facteur de hausse × 1 000 $). Comme le produit est sans plafond, les gains sont illimités.
Si un indice termine ≤ à son niveau initial mais ne baisse pas de plus de 20 %, les investisseurs reçoivent la valeur nominale.
Si un indice chute de plus de 20 %, paiement = 1 000 $ + [1 000 $ × (Rendement de l’indice le moins performant + 20 %)], entraînant une perte maximale de 80 % du capital.

Vue d’ensemble des indices (clôtures historiques au 14 juil 2025) : NDX 22 855,63 ; RTY 2 249,729 ; SPX 6 268,56. Les performances passées ne préjugent pas des résultats futurs.

Wichtige wirtschaftliche Bedingungen

Aufwärtspartizipation: mindestens das 1,336-fache der positiven Rendite des schlechtesten Index; der genaue Faktor wird am Preisfeststellungstag (ca. 18. Juli 2025) festgelegt.
Abwärts-Puffer: Investoren sind gegen die ersten 20% Rückgang jedes Index geschützt. Verluste über den Puffer hinaus sind linear und führen zu einem maximalen Verlust von 80% des Kapitals.
Fälligkeit: 23. Juli 2030; Beobachtungsdatum 18. Juli 2030.
Nennwert: mindestens 1.000 $ und ganzzahlige Vielfache.
Gebühren: Verkaufsprovisionen bis zu 41,25 $ pro 1.000 $.
Geschätzter Wert: heute ca. 940,40 $; der endgültige Wert wird bei der Preisfeststellung bekannt gegeben, jedoch nicht unter 900 $ liegen.
CUSIP: 48136FVS8. Die Notes werden nicht an einer Börse notiert.

Auszahlungsmechanismus

Wenn der Endstand jedes Index über seinem Anfangswert liegt, beträgt die Auszahlung = 1.000 $ + (Rendite des schlechtesten Index × Aufwärtsfaktor × 1.000 $). Da das Produkt unbeschränkt ist, sind die Gewinne unbegrenzt.
Wenn ein Index ≤ seinem Anfangswert schließt, aber nicht mehr als 20% fällt, erhalten Investoren den Nennwert zurück.
Fällt ein Index um mehr als 20%, beträgt die Auszahlung = 1.000 $ + [1.000 $ × (Rendite des schlechtesten Index + 20%)], was zu einem maximalen Kapitalverlust von 80% führt.

Indexübersicht (historische Schlussstände am 14. Juli 2025): NDX 22.855,63; RTY 2.249,729; SPX 6.268,56. Vergangene Wertentwicklungen sind kein Hinweis auf zukünftige Ergebnisse.

07/15/2025 - 10:36 AM

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 15, 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 15, 2025, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) held an investor presentation to review 2025 second quarter earnings.

Exhibit 99 is a copy of slides furnished for, and posted on the Firm’s website in connection with, the presentation. The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed to be “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						JPMorgan Chase & Co. Earnings Presentation Slides – Financial Results – 2Q25
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/ Elena Korablina
			Elena Korablina
			Managing Director and Firmwide Controller
			(Principal Accounting Officer)


Dated:			July 15, 2025

Source: View Original Filing on SEC EDGAR

FAQ

What is the maturity date of JPMorgan’s Uncapped Buffered Return Enhanced Notes (CUSIP 48136FVS8)?

July 23, 2030, with an observation date on July 18, 2030.

How much upside leverage do the notes provide on the Nasdaq-100, Russell 2000, and S&P 500 indices?

At least 1.336 times any positive return of the least-performing index; the exact factor is set at pricing.

What downside protection is offered and what is the maximum potential loss?

A 20% buffer shields initial principal, but investors can lose up to 80% of face value if declines exceed the buffer.

Will the notes pay interest or dividends during the five-year term?

No. The product is zero-coupon; investors also forego any dividends from index constituents.

Can I sell the notes before maturity?

They are not listed; any resale depends on J.P. Morgan Securities LLC making a bid, often at a discount to par.

Why is the estimated value ($940.40) below the $1,000 issue price?

It excludes selling commissions and hedging costs included in the public offer price, reflecting the note’s intrinsic economic value.

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

Insights

FAQ

What is the maturity date of JPMorgan’s Uncapped Buffered Return Enhanced Notes (CUSIP 48136FVS8)?

How much upside leverage do the notes provide on the Nasdaq-100, Russell 2000, and S&P 500 indices?

What downside protection is offered and what is the maximum potential loss?

Will the notes pay interest or dividends during the five-year term?

Can I sell the notes before maturity?

Why is the estimated value ($940.40) below the $1,000 issue price?

NYSE:VYLD

VYLD Rankings

VYLD Latest News

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

Insights

Structured Products Analyst neutral

Fixed-Income Portfolio Manager neutral

FAQ

What is the maturity date of JPMorgan’s Uncapped Buffered Return Enhanced Notes (CUSIP 48136FVS8)?

How much upside leverage do the notes provide on the Nasdaq-100, Russell 2000, and S&P 500 indices?

What downside protection is offered and what is the maximum potential loss?

Will the notes pay interest or dividends during the five-year term?

Can I sell the notes before maturity?

Why is the estimated value ($940.40) below the $1,000 issue price?

NYSE:VYLD

VYLD Rankings

VYLD Latest News

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