Inverse VIX S/T Futs ETNs due Mar22,2045 SEC Filings

JPMorgan Chase Financial Company LLC is offering $275,000 principal amount of Uncapped Dual Directional Buffered Return Enhanced Notes (CUSIP 48136FCL4) due 12 July 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked, on an individual, not basket, basis to the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index; the least-performing index at maturity determines payout.

Key economic terms

• Upside Leverage Factor: 1.053×
• Buffer Amount: 20 %
• Observation Date: 7 July 2027  |  Maturity: 12 July 2027
• Issue price: $1,000; estimated fair value: $984.70
• Selling commission: $2.50 per $1,000 (0.25%)

Payout mechanics

• If every index finishes above its initial level, investors receive principal plus 1.053 × Least-Performing Index Return (uncapped).
• If no index falls more than 20 %, investors receive principal plus the absolute downside of the worst-performing index (capped at +20 %, i.e. $1,200 maximum when the index return is negative).
• If any index falls >20 %, principal is reduced 1-for-1 beyond the 20 % buffer; maximum loss is 80 % of principal.

Risk highlights

• No periodic interest or dividend payments; investors rely solely on maturity payment.
• Credit exposure to both JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
• Notes are unlisted; liquidity depends on J.P. Morgan Securities’ willingness to bid and may be materially below issue price.
• Original issue price exceeds estimated value due to embedded fees and hedging costs; secondary prices likely lower.
• Outcome driven by the single worst index; positive performance in other indices offers no offset.

JPMorgan Chase Financial Company LLC is offering $1.2 million aggregate principal amount of Auto-Callable Contingent Interest Notes due 12 July 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co.

• Underlying stocks: Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC).
• Coupon profile: 11.10% p.a. (2.775% quarterly) paid only if the closing price of each reference stock on a Review Date is ≥ 60% of its initial value (the “Interest Barrier”). Missed coupons accumulate and are paid when the barrier is next met.
• Automatic call: If on any non-final Review Date all three stocks are at or above their initial values, investors receive par plus the current coupon (and any unpaid coupons) and the notes terminate early.
• Downside risk: If not called and any stock closes below 60% of its initial value on the final Review Date, repayment = $1,000 × (1 + worst stock return). Investors lose more than 40% of principal at maturity and could lose it all.
• Pricing: Issue price $1,000; estimated value $971.80 (reflecting structuring & hedging costs). Selling fee $22.50 per $1,000; net proceeds $977.50.
• Key dates: Priced 7 Jul 2025; settlement 10 Jul 2025; eight scheduled quarterly Review/Interest dates; maturity 12 Jul 2027.
• Credit exposure: Unsecured, unsubordinated obligations of JPMorgan Financial; subject to the credit risk of both the issuer and JPMorgan Chase & Co.

The structure targets income-oriented investors willing to accept single-stock downside exposure, limited upside (maximum coupons) and potential early redemption. Lack of listing limits liquidity and secondary prices will likely trade below issue price, particularly during the initial hedging-cost amortisation period.

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., intends to issue Buffered Digital Notes maturing 21 January 2027. The notes are linked separately to the Dow Jones Industrial Average®, the Russell 2000® Index and the S&P 500® Index; the least-performing index determines repayment.

• Contingent Digital Return: at least 13.30% of principal ($133.00 per $1,000) if, on the 15 January 2027 observation date, every index closes at or above its initial level, or is down by no more than the 15% buffer.
• Buffer Amount: first 15% of any decline in any index is absorbed by the issuer; losses beyond that are passed through 1-for-1 to investors, exposing purchasers to up to 85% principal loss.
• Payout formulas: • If all indices ≥ initial or within −15%, investor receives $1,000 + digital return.
  • If any index falls > 15%, repayment = $1,000 + [$1,000 × (least-performing index return + 15%)].
• Key dates: Pricing on/around 15 Jul 2025; settlement 18 Jul 2025; observation 15 Jan 2027; maturity 21 Jan 2027.
• Denominations: $1,000 and multiples thereof; CUSIP 48136FMX7.
• Estimated value today: approx. $983.60 per $1,000 (minimum to be disclosed at pricing, not below $900), lower than the $1,000 issue price due to selling commissions, hedging costs and internal funding rate.
• Risks highlighted: no periodic coupons or dividends; capped upside at the digital return; exposure to downside of any single index; credit risk of both JPMorgan Financial and JPMorgan Chase & Co.; no exchange listing, hence limited liquidity; secondary-market prices expected below issue price.

The product targets investors seeking limited upside and a 15% downside buffer in exchange for foregoing uncapped equity participation and accepting issuer/guarantor credit risk.

JPMorgan Chase Financial Company LLC is offering Capped Buffered Return Enhanced Notes linked to the S&P 500 Index (SPX). The notes are senior unsecured obligations of the issuer, fully and unconditionally guaranteed by JPMorgan Chase & Co., and are expected to price on or about July 31 2025, settle on August 5 2025, and mature on August 6 2026.

Key economic terms

• Upside participation: 2.0× any positive Index return.
• Maximum Return: at least 11.25% of principal (i.e. maximum payment of ≥ $1,112.50 per $1,000 note).
• Buffer Amount: 10% – principal protected as long as the Index does not decline by more than 10% from the Initial Value.
• Downside exposure: For losses beyond the 10% buffer, investors lose 1% of principal for every 1% decline in the Index, up to a maximum loss of 90%.
• Denominations: $1,000 and integral multiples.
• CUSIP: 48136FQF2.
• Estimated value (if priced today): $997 per $1,000 note; final estimate will not be below $980.

Payout mechanics

• Positive scenario: If the Final Value ≥ Initial Value, payment = $1,000 + ($1,000 × Index Return × 2.0), capped at the Maximum Return.
• Flat to moderate decline (0% to –10%): principal is returned.
• Decline > 10%: Payment = $1,000 + [$1,000 × (Index Return + 10%)], exposing the investor to a dollar-for-dollar loss beyond the buffer.

Illustrative outcomes

• Index +5% → Investor receives $1,100 (10% return).
• Index +25% → Capped at $1,112.50 (11.25% return).
• Index –15% → Investor receives $950 (–5% return).
• Index –50% → Investor receives $600 (–40% return).

Risk highlights

• Principal risk: up to 90% loss at maturity.
• Return cap: upside limited to ≤ 11.25% despite 2× leverage.
• Credit risk: payments rely on JPMorgan Financial and JPMorgan Chase & Co.
• No periodic interest or dividends; investors forgo S&P 500 dividends.
• Liquidity: notes will not be listed; secondary trading, if any, only through JPMS and likely at prices below issue price.
• Estimated value below issue price reflects hedging and structuring costs.

Fees & distribution

The notes are sold through fee-based advisory accounts; affiliated or unaffiliated broker-dealers will forgo traditional sales commissions. Proceeds to issuer are 100% of face value, but investors should understand that embedded structuring and hedging costs reduce economic value.

Tax treatment

The issuer expects to treat the notes as open transactions (prepaid forward contracts) for U.S. federal income-tax purposes, producing long-term capital gain or loss if held > 1 year, but this treatment is not certain and may change with future IRS guidance. Non-U.S. Holders are expected to be outside the scope of Section 871(m), subject to final confirmation at pricing.

Investor profile

The product targets investors with a moderately bullish view on U.S. large-cap equities over the 1-year term, who are willing to cap upside at ~11% in exchange for a 10% buffer and are comfortable bearing both market and issuer credit risk.

First Busey Corporation (Nasdaq: BUSE) filed a Form 8-K announcing that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The dividend will be paid on July 25, 2025 to shareholders of record at the close of business on July 18, 2025.

No other material events, financial results, or transactional updates were reported in this filing. The announcement reaffirms the company’s commitment to regular shareholder payouts and provides a clear record and payment schedule for income-focused investors.

JPMorgan Chase Financial Company LLC is offering Buffer Autocallable GEARS (Growth Enhanced Asset Return Securities) linked to the Nikkei 225 Index. The unsecured notes combine an automatic call feature, geared upside participation and partial downside protection, but expose investors to significant market and credit risk.

Key commercial terms

• Issue price: $10 per note (minimum $1,000).
• Term: up to 3 years; automatically called if the Nikkei 225 closes ≥ 100 % of the Initial Value on the single Observation Date (23 Jul 2026).
• Call payment: principal + 15 % Call Return (i.e. $11.50 per $10) on 27 Jul 2026; no further upside thereafter.
• If not called and the index is positive at maturity (21 Jul 2028), payment = principal + (Index return × Upside Gearing 1.20–1.55).
• If index return ≤ 0 % and final level ≥ 90 % of Initial Value, principal is repaid.
• If final level < 90 %, repayment = principal + (Index return + 10 % Buffer); loss of 1 % principal for every 1 % decline beyond the buffer, up to a 90 % maximum loss.
• Estimated value on pricing date: between $9.30–$9.605 per $10, below issue price due to fees and hedging costs.
• Secondary market: unlisted; liquidity solely at JPMS’s discretion.

Risk highlights

• Principal at risk: up to 90 % loss if Nikkei 225 falls > 10 % and no call occurs.
• Credit exposure: payments depend on JPMorgan Financial and JPMorgan Chase & Co.; notes are unsecured & unsubordinated.
• Limited upside: 15 % cap if called; geared participation applies only if held to maturity and not called.
• No income: no coupons or dividends; investors forgo Nikkei dividends.
• Liquidity & valuation: estimated value below issue price; secondary market prices likely lower and affected by internal funding rate.

The product may suit investors with a moderately bullish to neutral 1-year view on the Nikkei 225, tolerance for high downside risk, and willingness to hold an illiquid, credit-sensitive note for up to three years.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Trigger Callable Yield Notes that mature on or about 14 October 2026 and are linked to the lesser-performing of the Russell 2000® Index (RTY) and the EURO STOXX 50® Index (SX5E).

Key economic terms

• Issue price: $10 per Note; minimum investment $1,000 (100 Notes).
• Term: 15 months, unless called earlier.
• Coupon rate: expected 7.50 % – 8.15 % p.a., paid monthly ($0.0625 – $0.0679 per $10 principal); coupons paid regardless of index performance while Notes remain outstanding.
• Call feature: after an initial three-month non-call period, issuer may call on any monthly Optional Call Notice Date (beginning 9 Oct 2025). If called, payment equals principal + current coupon; no further coupons.
• Downside protection: contingent only. If not called and the Final Value of each index ≥ 70 % of its Initial Value (Downside Threshold), principal is repaid in full plus final coupon. If either index closes below its threshold, repayment equals $10 × (1 + Lesser Performing Underlying Return) + final coupon, so investors lose 1 % of principal for every 1 % decline below the Initial Value and could lose their entire investment.
• Estimated value: on pricing date will be ≥ $9.50 (illustrative value if priced on 7 Jul 2025: $9.801) per $10 Note, lower than issue price because of selling commissions (≤ $0.10) and hedging costs.
• Secondary market: Notes will not be listed; J.P. Morgan Securities LLC intends, but is not obliged, to make markets.
• Credit exposure: payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co.; Notes are unsecured and unsubordinated.
• Key dates: Trade Date 9 Jul 2025; Settlement 14 Jul 2025; Final Valuation Date 9 Oct 2026 (subject to adjustments); Maturity 14 Oct 2026.

Illustrative outcomes

• Early call (first possible in Oct 2025): investors receive roughly $10.06 plus prior coupons—total return about 1.9 % over three months.
• Not called; both indices above threshold: total coupons (~$0.9375) + principal for ~9.4 % total return over 15 months.
• Not called; one index down 60 %: investor receives only $4.00 principal + coupons for a –50.6 % total return.

Principal risks highlighted

• Full downside exposure to the lower-performing index if it breaches the 70 % threshold.
• Issuer call risk limits total coupon potential and may force reinvestment at lower rates.
• Credit risk of both JPMorgan Financial and the parent guarantor.
• Complex tax treatment; Notes intended to be treated as a unit comprising a put option and a deposit.
• Lack of liquidity; secondary prices expected to be below issue price and influenced by issuer’s internal funding rate.

The pricing supplement emphasises that the Notes are “significantly riskier than conventional debt instruments” and warns that investors should be prepared to lose a substantial portion or all of their principal.

Concentrix Corporation (CNXC) – Form 144 key points

An affiliate of Concentrix has filed a Form 144 indicating an intent to sell up to 300,000 common shares. With 63,025,120 shares outstanding, the proposed sale represents roughly 0.48 % of the public float. The block is valued at $18.15 million (about $60.50 per share) and is slated to be executed through Goldman Sachs & Co. LLC on or around 8 July 2025 on the NASD market.

The seller acquired the shares on 25 September 2023 as consideration in a merger or acquisition, split into two lots of 150,000 shares. In addition, the filing discloses that the same parties have already disposed of 300,000 shares during the past three months through eleven separate trades, generating gross proceeds of approximately $16.63 million.

Form 144 notices signal the intention—but not the obligation—to sell. Nevertheless, the disclosure can create near-term selling pressure and provides investors with visibility into insider disposition activity. The form contains no operating results, guidance, or other financial metrics.

JPMorgan Chase Financial Company LLC is offering $736,000 of three-year "Review Notes" that are linked, individually (not as a basket), to the Dow Jones Industrial Average, the Nasdaq-100 Index and the Russell 2000 Index. The notes are fully and unconditionally guaranteed by JPMorgan Chase & Co. They price at 100% of face value ($1,000 minimum denominations) and settle on or about 9 July 2025.

Key economic terms

• Automatic call feature: If the closing level of each index on any Review Date is ≥ its Call Value (100% of initial), the notes are automatically redeemed for par plus a fixed Call Premium of 12.25%, 24.50% or 36.75% on the first (13 Jul 2026), second (6 Jul 2027) or final (3 Jul 2028) Review Date, respectively.
• Barrier protection: If not called, principal is protected only so long as the final level of every index is ≥ 70% of its initial level. Should any index finish below that 70% Barrier, investors are exposed to the full downside of the worst-performing index (e.g., a −50% index return delivers only $500 per $1,000 note).
• Upside cap: Returns are limited to the fixed Call Premiums; investors do not participate in any additional index appreciation.
• No periodic coupons or dividends: the instrument is zero-coupon; investors forgo index dividends.
• Credit exposure: Payments rely on the unsecured obligations of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
• Issue economics: Estimated value set on pricing date is $948.20 per $1,000 note, implying initial embedded costs of ~5.2% (selling commission $29.50 + structuring/hedging costs).
• Liquidity: The notes will not be listed; secondary trading, if any, will be through JPMS and likely at prices below issue price.

Illustrative payouts show: (1) early call in year 1 yields $1,122.50 per note; (2) call on final Review Date yields $1,367.50; (3) no call & indices ≥ Barrier returns par; (4) no call & worst index at 50% of initial returns $500.

Principal risks highlighted by the issuer include:

• Potential loss of up to 100% of principal if any index breaches the Barrier at maturity.
• Limited upside relative to direct equity exposure.
• Issuer/guarantor credit risk.
• Secondary-market illiquidity and pricing below issue price.
• Estimated value below issue price due to embedded costs and internal funding rate.

Investor profile: Suited to investors comfortable with structured credit exposure to JPMorgan, who seek fixed upside of 12.25–36.75% if indices stay flat or rise, while accepting the risk of significant capital loss if one index falls more than 30% by July 2028.