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

J.P. Morgan Chase Financial Company LLC is offering 2-year Uncapped Dual Directional Buffered Return Enhanced Notes linked to the Russell 2000 Index (RTY) and the S&P 500 Index (SPX). Each $1,000 note:

• Pricing Date: 31 Jul 2025  |  Maturity: 05 Aug 2027
• Upside Leverage: at least 1.19× on the lesser-performing index when both indices finish above their initial levels.
• 10% Downside Buffer: First 10% decline in either index is absorbed; losses begin once the lesser performer falls >10%.
• Dual-direction feature: If the lesser performer is down ≤10%, investors receive an absolute positive return (capped at 10%).
• Maximum gain when lesser performer is negative: $1,100 per $1,000 note (10%).
• Estimated value at issuance: ≥$900 per $1,000, lower than purchase price.

Payout scenarios

• Both indices positive: $1,000 + ($1,000 × lesser-performing return × leverage).
• One or both indices 0% to –10%: $1,000 + ($1,000 × |lesser-performing return|), up to $1,100.
• Lesser performer < –10%: Principal reduced dollar-for-dollar beyond the 10% buffer.

Key risks

• No periodic coupons, dividends, or voting rights.
• Subject to the credit risk of JPMorgan Chase Financial Company LLC and its parent guarantor.
• Liquidity is limited; J.P. Morgan Securities LLC may, but need not, create a secondary market.
• Estimated value uses an internal funding rate and may vary from secondary-market pricing.
• Tax treatment is uncertain; investors should consult a tax adviser.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Capped Dual Directional Buffered Equity Notes linked to the Russell 2000 Index (RTY) and the S&P 500 Index (SPX).

• Principal terms: $1,000 minimum denomination; Pricing Date – 30 Jul 2025; Observation Date – 1 Feb 2027; Maturity – 4 Feb 2027 (≈18 months).
• Upside participation: If both indices finish above their initial levels, investors receive principal plus the lesser-performing underlying return, capped at the Maximum Upside Return (≥28%).
• Dual-directional feature: If the lesser-performing return is between 0% and -10%, investors receive the absolute value of that negative move, effectively capping the gain at 10% in this scenario (maximum $1,100 per note).
• Downside buffer: First 10% of loss on the lesser-performing index is absorbed; losses beyond -10% reduce principal 1-for-1 after the buffer.
• Estimated value: ≥ $900 per $1,000 note at pricing (reflects issuer’s internal funding rate).
• Credit & liquidity: Payment depends on the credit of JPMorgan Chase Financial Company LLC (issuer) and JPMorgan Chase & Co. (guarantor). JPMS may make a secondary market but is not obligated, creating potential illiquidity and price concessions.
• Investor considerations: No coupons, dividends or voting rights; product may be unsuitable for buy-and-hold equity investors seeking uncapped equity exposure. Tax treatment is uncertain; investors should consult advisers.

The notes are registered under SEC Rule 433 (FWP). Investors should review the prospectus, supplements and preliminary pricing supplement (CUSIP 48136FFS6) for full risk factors and pricing details.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 2-year Capped Dual Directional Buffered Return Enhanced Notes linked equally to the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX). The notes are unsecured, senior obligations and expose investors to the credit risk of both entities.

Key economic terms

• Principal denomination: $1,000 per note
• Pricing date: 31 Jul 2025; Observation date: 02 Aug 2027; Maturity: 05 Aug 2027
• Upside leverage: 2.00× on the lesser-performing underlying when both indices finish above their initial values, subject to a Maximum Upside Return ≥ 22.50%
• Buffer: 10.00% protection on downside losses
• Dual-directional feature: If the lesser-performing index is flat or down ≤ 10%, investors receive a positive payoff equal to the absolute return of that index, effectively capping gains at 10.00% in these scenarios
• Estimated value on pricing date: ≥ $900 (90% of face), lower than the $1,000 purchase price
• CUSIP: 48136FFR8

Payout mechanics

• Both indices up: $1,000 + $1,000 × (Lesser-performing return × 2.0), capped by Maximum Upside Return
• Either index ≤ Initial and ≥ –10%: $1,000 + $1,000 × |Lesser-performing return| (effective cap 10%)
• Either index < –10%: $1,000 + $1,000 × (Lesser-performing return + 10%), leading to partial to full principal loss

Investor considerations & risks

• No interim coupon, dividend, or voting rights
• Return is capped on both the upside (≥ 22.5%) and the dual-directional feature (10%)
• Downside risk beyond the 10% buffer can result in significant loss of principal
• Secondary market is limited; J.P. Morgan Securities LLC may—but is not obliged to—provide liquidity
• Pricing includes an internal funding rate; the estimated value is below issue price, creating an upfront cost to investors
• Potential conflicts of interest as JPMorgan acts as issuer, guarantor, calculation agent, and hedger
• Complex tax treatment; investors should consult advisers

The notes may appeal to investors seeking short-term, equity-linked exposure with modest downside protection and a leveraged upside, but they carry credit, market, liquidity, and structural cap risks that can materially limit returns or erode principal.

J.P. Morgan is marketing 13-month Capped Dual Directional Buffered Equity Notes linked to the Russell 2000 (RTY) and S&P 500 (SPX) indices. The $1,000-denominated notes price on July 31 2025, observe the underlying levels on August 31 2026 and mature on September 3 2026.

Key payoff mechanics

• Upside participation: If both indices finish above their initial levels, the note pays principal plus the lesser performing index’s return, capped by a Maximum Upside Return of at least 16%.
• Dual-directional feature: If the lesser performer is flat or down ≤10% (the Buffer Amount), investors receive a positive payoff equal to the absolute return of that index, effectively turning modest losses into gains, but still capped at 10% when the index is negative.
• Downside risk: If either index declines by more than 10%, principal is reduced on a 1-for-1 basis beyond the buffer (e.g., a –25% lesser return results in a –15% loss).
• Credit exposure: Payments depend on the creditworthiness of JPMorgan Chase Financial Company LLC (issuer) and JPMorgan Chase & Co. (guarantor).

Valuation & liquidity

• Estimated issue value will be no less than $900 per $1,000 note, implying an embedded dealer spread of ≤10%.
• J.P. Morgan Securities may make a secondary market but is not obligated; early sale could realise a substantial discount due to market factors and issuer credit spread.

Principal risks

• Limited upside versus direct equity exposure (max 16% if indices rise).
• Potential loss of up to 100% of principal beyond the 10% buffer.
• Exposure to small-cap volatility via RTY and concentration risk because JPM is an S&P 500 constituent.
• Product complexity, tax uncertainty and potential conflicts of interest in pricing and hedging.

These notes may suit investors with a short-term range-bound or moderately bullish/bearish view on RTY/SPX who require partial downside protection but are willing to forgo equity-like upside and accept JPM credit risk.

JPMorgan Chase Financial Company LLC is offering $83,000 of Step-Up Auto Callable Notes due 6 July 2028 that are fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes provide:

• Automatic call opportunity: if the S&P Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER (“the Index”) closes at or above the Call Value on any Review Date – 101.15% of the Initial Value on 30 Jun 2026 or 102.30% on 30 Jun 2027 – investors receive principal plus a 10 % / 20 % Call Premium and the trade terminates early.
• Uncapped upside at maturity: if not called and the Index appreciates, holders receive 100 % participation in the positive Index return; if the Index is flat or down, principal is repaid in full.
• Capital protection at maturity (but no interim interest) and minimum denomination of $1,000.
• Credit exposure to both the issuer and the guarantor; the notes are unsecured and unsubordinated.

Key economics

• Issue price: $1,000 per note; selling fees $9.5783; net proceeds $990.4217.
• Estimated value on the pricing date: $956.90 (95.69 % of par), highlighting a sizable issuer/structuring margin.
• Index initial level: 115.92; annual 0.50 % index deduction and daily financing cost reduce headline performance.
• Callable from year 1; final maturity 3 years if never called.

Risk highlights

• Pay-out is capped to 10 %/20 % if the note auto-calls, potentially truncating stronger Index gains.
• No interest or dividend payments; investors forgo carry.
• The note is not listed; secondary liquidity depends entirely on J.P. Morgan Securities LLC and is expected at a discount to issue price, particularly because the internal secondary market funding rate differs from par pricing.
• Taxed as a contingent payment debt instrument; holders must accrue OID at a comparable yield of 4.90 % even though cash flows occur only upon call or maturity.
• Product performance may diverge materially from the underlying equity market because the 5 % volatility-target mechanism can leave the Index significantly uninvested.

Overall, the notes suit investors seeking principal protection with modest equity-linked upside and defined call premiums, who can tolerate issuer credit risk, limited liquidity, and complex tax treatment.

JPMorgan Chase Financial Company LLC is offering $85,000 aggregate principal of Auto Callable Contingent Interest Notes linked to the MerQube US Gold Vol Advantage Index (MQUSGVA). The notes pay a 14.25% p.a. contingent coupon (3.5625% quarterly) only if the Index closes on a Review Date at or above the Interest Barrier of 60% of the initial level (1,649.58). If on any Review Date after the first, the Index closes at or above the Initial Value (2,749.30), the notes are automatically called for $1,000 principal plus the current coupon.

If the notes are not called, principal is protected only down to the Trigger Value (60% of the Initial Value). Should the Final Value be below that trigger, investors lose 1% of principal for every 1% decline in the Index, with a potential total loss of principal. Maturity is July 5 2030.

The Index employs a rules-based strategy on gold futures with maximum 500% leverage and a 6% p.a. daily fee, both of which can materially drag performance. The estimated value of each $1,000 note at pricing was $929.50, versus a public offering price of $1,000, reflecting selling commissions ($5 per note) and structuring/hedging costs. The notes are senior unsecured obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., and will not be listed on any exchange.

Key dates: Pricing Date — June 30 2025; Settlement — July 3 2025; first call opportunity — Dec 30 2025; 20 scheduled quarterly Review/Interest Payment dates through maturity. Minimum denomination is $1,000 (CUSIP 48136ERT4).

• Credit risk: payment depends on JPMorgan Financial and JPMorgan Chase & Co.
• Liquidity risk: no listing; secondary trading only through JPMS on a best-efforts basis.
• Conflict of interest: JPM affiliates helped design the Index and hold a 10% stake in the Index Sponsor.

The Bank of Nova Scotia (BNS) is offering US$740,000 of Autocallable Contingent Buffered Return Enhanced Notes linked to an equally weighted basket of seven U.S-listed equities. The unsecured senior notes settle on 7-Jul-2025, have a maximum tenor of roughly 24 months, and will not be listed on any exchange. Key commercial terms are as follows:

• Automatic call: If the Basket Closing Value on the 13-Jul-2026 Review Date is ≥100% of the Initial Basket Value (100), investors receive US$1,162.50 per US$1,000 note (principal plus a 16.25% Call Premium) and the trade terminates early.
• Upside at maturity (if not called): 125% participation in any positive basket return with no cap.
• Downside protection: 20% buffer; if final basket value falls below 80, principal loss is leveraged at 1.25× the decline beyond the buffer, exposing holders to up to a 100% loss.
• Underlying basket (equal 1/7 weights): CEG, META, MRVL, MSFT, NVDA, VRT, VST. Initial component prices were fixed on 30-Jun-2025.
• Credit & liquidity: Notes are unsubordinated but unsecured BNS obligations, not insured by CDIC/FDIC, and will trade only OTC at the discretion of Scotia Capital (USA) Inc. (SCUSA). No periodic coupons are paid.
• Pricing economics: Original issue price 100% of par; initial estimated value US$963.09 (≈96.3% of par) reflects selling costs, hedging and BNS’s internal funding rate. Underwriting/placement fee is 1.50% (forgone on fiduciary accounts).
• Risk disclosures: extensive market, credit, liquidity and tax risks highlighted; investors may lose full principal; secondary market likely to be thin.

Administrative details include CUSIP 06419DAA1, trade date 1-Jul-2025, maturity date 7-Jul-2027, and SCUSA/JPMS acting as agents. The product is intended for investors who understand structured notes, can bear full downside, and are comfortable with BNS credit exposure.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Buffered Return Enhanced Notes linked to the S&P 500 Index. Each $1,000 note provides 2.0x leveraged upside on any index gain, but the total payoff is capped by a Maximum Return set on the pricing date (10.40%‒14.40%). The notes include a 10% downside buffer; investors are protected against index losses up to that amount, but will lose 1% of principal for every 1% decline beyond the buffer. Maturity is November 5, 2026 with a single observation date on July 31, 2025.

The estimated value at issuance will be no less than $900 per $1,000 face, reflecting dealer fees and an internal funding rate. Payments depend entirely on JPMorgan’s credit; the notes pay no coupons, dividends, or voting rights. Secondary market liquidity is not guaranteed, and any bid from JPMS may be at a significant discount. Key risks highlighted include potential principal loss, issuer/guarantor credit exposure, valuation opacity, conflicts of interest in hedging/pricing, and uncertain tax treatment.

These securities are intended for investors who seek enhanced—but capped—equity upside, are comfortable with structured credit risk, and can tolerate limited liquidity and tax complexity through a three-year horizon.

JPMorgan Chase Financial Company LLC is marketing Trigger In-Digital Notes that mature on or about 30 September 2026 and are fully and unconditionally guaranteed by JPMorgan Chase & Co. The Notes are linked to the first-nearby Brent crude oil futures contract (CO1) or, on the expiry day of that contract, the second-nearby contract (CO2).

Key economic terms

• Issue price: $10 per Note (minimum purchase 100 Notes).
• Term: ≈ 15 months (Trade Date 2 Jul 2025; Maturity 30 Sep 2026).
• Digital Return: to be fixed on the Trade Date, expected between 11.00 % – 12.00 %.
• Digital Barrier / Downside Threshold: 70 % of the Initial Value (rounded to two decimals).
• Payment at maturity: • If Final Value ≥ Barrier → principal + Digital Return. • If Final Value < Barrier → principal reduced dollar-for-dollar with the negative Underlying Return, with a minimum of $0.
• No periodic coupons & no interim principal protection.
• Secondary market: not exchange-listed; any liquidity relies on J.P. Morgan Securities (JPMS) acting as bid provider.
• Fees: selling concession to UBS ≤ $0.20 per $10 Note; proceeds to issuer ≈ $9.80.
• Estimated value on pricing date: expected ≥ $9.50 (illustrative $9.651 today), i.e. 3 %–5 % below issue price.

Investor profile — Suitable only for investors who (1) can tolerate full principal loss, (2) expect Brent crude to finish ≥ 70 % of its initial level in September 2026, (3) are comfortable foregoing upside above 11-12 %, and (4) accept credit and liquidity risk from JPMorgan Financial/JPMorgan Chase & Co.

Principal risk highlights

• Full downside exposure below the 70 % threshold may result in up to 100 % loss of principal.
• Limited upside is capped at the fixed Digital Return even if Brent appreciates far beyond the barrier.
• Credit risk of both JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
• Liquidity risk: Notes are not listed; secondary bids, if any, likely below issue price and may reflect an internal funding rate.
• Estimated value discount to issue price reflects embedded costs (commissions, hedging, structuring) and is expected to amortise over roughly seven months.
• Tax uncertainty: treated as an “open transaction” for U.S. tax purposes; IRS could challenge this view.

In short, investors receive a fixed 11-12 % return if Brent does not fall more than 30 % over 15 months, but assume unlimited downside beyond that point and face typical structured-product complexities (valuation opacity, liquidity constraints, credit exposure and tax ambiguity).