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.
JPMorgan Chase Financial Company LLC is offering $610,000 in Auto Callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., and settle on or about 14 July 2025.
Coupon mechanics
- Contingent Interest Rate: 8.00% p.a., paid monthly (≈0.66667%/month) only if the Index closes ≥ 50% of the Initial Value (Interest Barrier) on a Review Date.
- No fixed coupon: payments cease for any Review Date on which the Index is < 50% of Initial Value.
Automatic call feature
- From the 12th Review Date (9 Jul 2026) onward, the notes are automatically called if the Index closes ≥ 90% of Initial Value (Call Value) on any Review Date (excluding first-11 and final dates).
- Call payment: principal + current contingent coupon; no further payments thereafter.
Maturity & downside risk
- Maturity: 12 Jul 2030, unless previously called.
- Principal at risk: If not called and Final Value < 50% of Initial Value (Trigger Value), redemption is $1,000 + ($1,000 × Index Return), resulting in a loss of >50%—up to full principal loss.
Key index characteristics
- The Index dynamically allocates up to 500% exposure to E-mini S&P 500® futures to maintain a 35% implied-volatility target, subject to a 6.0% per-annum daily deduction that drags performance.
- Established 11 Feb 2022; JPM affiliates own 10% of the Index Sponsor, creating potential conflicts.
Economics & fees
- Price to public: $1,000 per note; selling commissions $42.75 (4.275%).
- Estimated value: $900.10, ~10% below issue price, reflecting structuring and hedging costs.
- Secondary market liquidity will depend on J.P. Morgan Securities LLC (JPMS); notes are not exchange-listed.
Principal risks
- Credit risk of JPMorgan Financial and JPMorgan Chase & Co.
- No guaranteed interest; potential for zero coupons over the life of the note.
- Index leverage, daily 6% deduction, and roll costs may erode index levels.
- Early call risk limits upside; investors may be forced to reinvest at lower rates.
- Tax treatment uncertain; contingent coupons expected to be ordinary income.
CUSIP: 48136FHV7 | Minimum denomination: $1,000
JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes that mature on July 23, 2030 and are fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked to the MerQube US Tech+ Vol Advantage Index (MQUSTVA), an excess-return index that tracks leveraged exposure (0-500%) to the Invesco QQQ Trust while deducting 6.0% per annum and a daily notional financing cost. These structural deductions create a persistent drag relative to an identical strategy without such costs.
Key economic terms
- Contingent Interest Rate: at least 9.30% p.a. (0.775% monthly); payable only if the Index closes at or above 80% of the Initial Value (Interest Barrier) on a Review Date.
- Automatic call: triggered if, on any Review Date starting July 20 2026 (12th Review Date), the Index closes ≥ Initial Value. Investors then receive principal plus the current and any unpaid contingent interest; no further payments accrue.
- Downside protection: 25% buffer. If held to maturity and the Index decline exceeds 25% (i.e., Final Value < 75% of Initial Value), principal is reduced one-for-one with Index losses beyond the buffer—maximum loss 75%.
- Credit exposure: unsecured, unsubordinated claims on JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
- Estimated value: ~$913.60 per $1,000 note if priced today; final estimate will not be less than $900. This reflects selling commissions (≤$39), hedging costs and internal funding spreads.
- Liquidity: no exchange listing; secondary trading, if any, will be by negotiation with J.P. Morgan Securities (JPMS) and likely at a substantial discount, especially during the first six months.
Risk highlights
- Interest is not guaranteed; investors may receive no coupons at all if the Index stays below the 80% barrier.
- Significant capital risk; a 60% Index decline at maturity would result in a 35% note loss even with the buffer.
- Performance drag; daily 6% deduction and financing cost mean the Index must materially outperform the Nasdaq-100 to break even.
- Leverage risk; up to 500% exposure amplifies both gains and losses; rebalanced weekly, not daily.
- Conflict of interest; JPMorgan affiliates co-designed and partially own the Index Sponsor, giving rise to methodological and valuation conflicts.
These notes may appeal to income-oriented investors who are moderately bullish to neutral on large-cap tech over the next year yet willing to accept call risk, credit risk, structural performance drag and up to 75% principal loss. They are unsuitable for investors seeking full principal protection or direct Nasdaq-100 upside participation.