Welcome to our dedicated page for Inverse VIX Short-Term Futures ETNs due March 22, 2045 SEC filings (Ticker: VYLD), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The SEC filings page for Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) brings together U.S. regulatory documents in which this security is formally identified. In multiple Form 8-K current reports filed by JPMorgan Chase & Co., VYLD appears in the table of securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934.
In those filings, the Title of each class is given as the Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLC, the Trading Symbol is listed as VYLD, and the Name of each exchange on which registered is NYSE Arca, Inc. The same tables also list JPMorgan Chase & Co. common stock, depositary shares representing interests in various preferred stock series, and other guaranteed notes and ETNs.
Through this page, users can access the underlying Form 8-K reports and related exhibits where VYLD is mentioned. These filings may cover topics such as earnings releases, changes to by-laws, or the closing of public offerings of other notes and subordinated debt, with VYLD included in the standardized disclosure of registered securities.
Stock Titan enhances these filings with AI-powered summaries that explain the main points of each document in plain language, while still preserving access to the full official text from EDGAR. Users can quickly see where VYLD appears in the filing, understand the context of the report, and navigate to other securities listed in the same disclosure table.
For deeper analysis, investors can review successive filings over time to confirm that VYLD remains listed as a registered security and to see how it is grouped with other instruments issued or guaranteed by JPMorgan Chase & Co. and JPMorgan Chase Financial Company LLC.
J.P. Morgan has filed an index supplement for exchange-traded notes (ETNs) linked to the MerQube US Small-Cap Vol Advantage Index. The document combines the prospectus dated April 13 2023 and subsequent addenda and is offered under Rule 424(b)(3).
Index profile. The Index was launched on June 21 2022 and applies a systematic volatility-target strategy to U.S. small-cap equity futures. A 6.0% per-annum daily fee is deducted from the level. Performance data include:
- Hypothetical back-tested returns from Jan 7 2005 to Jun 17 2022
- Actual returns from Jun 21 2022 to Jun 30 2025
- Large annual dispersion: +62.46% (2012) to –35.22% (2007) and –28.53% (2017)
Key structural details.
- Index may employ significant leverage and can remain partially uninvested.
- It is calculated on an excess-return basis; cash interest is not reflected.
- JPMS collaborated with MerQube in designing the methodology and holds an exclusive license.
Selected risk highlights (verbatim from filing):
- Limited operating history and potential deviation from target volatility.
- Daily 6% deduction reduces returns even in favorable markets.
- Exposure to futures roll risk, margin changes, and trading suspensions.
- Small-capitalization concentration and use of leverage increase volatility.
- Index Sponsor may adjust rules without regard to note-holders’ interests.
The filing stresses that historical and back-tested results are not indicative of future performance and that the notes are unsecured, non-FDIC-insured obligations of J.P. Morgan.
JPMorgan has filed a Rule 424(b)(3) index supplement updating investors on the MerQube US Large-Cap Vol Advantage Index, the reference underlying for certain structured notes/ETNs. The filing combines back-tested data (Jan 2005–10 Feb 2022) with actual live performance from 11 Feb 2022 through 30 Jun 2025. During the live period the index delivered 30.15% in 2022, 25.01% in 2023 and -6.00% YTD 2024. Monthly figures highlight the strategy’s high volatility, with single-month moves ranging from +18.61% (Mar 2022) to –19.13% (Feb 2019).
The index applies a 6.0% p.a. daily deduction, targets a defined volatility level and can employ significant leverage; it is therefore classified as an “excess-return” index, meaning cash yields are not included. JPMorgan Securities LLC co-developed the index with MerQube and benefits from an exclusive license. Investors should note that the index has a limited live track record (est. 11 Feb 2022); back-tested results were produced retroactively by MerQube and have not been independently verified.
Key risk disclosures
- 6% annual fee drag directly reduces index level.
- Use of leverage and futures contracts amplifies volatility and may cause the index to deviate from its volatility target.
- Concentration, roll-yield, liquidity and non-U.S. securities exposure can all negatively affect returns.
- The index may become materially uninvested, limiting upside in rapidly rising markets.
- JPMorgan’s dual role as licensee and note distributor creates potential conflicts of interest; neither JPM nor MerQube owes fiduciary duties to note holders.
Overall, the document is primarily a risk and performance disclosure rather than an earnings or transaction announcement. It equips prospective investors with historical context and a detailed enumeration of structural risks before purchasing notes linked to the index.
JPMorgan Chase Financial Company LLC is offering $15.85 million of unsecured, unsubordinated Yield Notes that mature on 11 September 2026 and are fully guaranteed by JPMorgan Chase & Co. The notes pay a fixed 7.00 % annual coupon (0.58333 % monthly), producing total scheduled interest of $81.6667 per $1,000 over the 26-month term. Investors trade dividend rights and upside market participation for this income stream.
The repayment of principal is linked separately to the S&P 500 Index (SPX) and the Nasdaq-100 Index (NDX). On the 8 September 2026 observation date:
- If each index closes above or no more than 20 % below its strike level (6,225.52 for SPX; 22,702.25 for NDX), investors receive par plus the final coupon.
- If either index closes >20 % below its strike, the note redeems for $1,000 + [$1,000 ×(Index Return+20 %)×1.25], exposing holders to 1.25× downside beyond the 20 % buffer. A 60 % drop in the weaker index would cut total value to roughly $581.67.
The pricing supplement shows an estimated note value of $996.90, below the $1,000 offer price, reflecting structuring and hedging costs. Sales are limited to fee-based advisory accounts; no selling commissions are charged. The notes are not listed, may be illiquid, and are subject to the credit risk of both the issuer and guarantor.
Key risks highlighted include potential loss of principal, limited upside (interest only), exposure to the worst-performing index, lack of dividends, secondary-market discounts, and multiple conflicts of interest. The product is aimed at investors willing to accept equity-linked downside and issuer credit risk in exchange for enhanced yield and a 20 % buffer.