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 $5 million of unlisted, unsecured Digital Notes linked to the 1-Year U.S. Dollar SOFR ICE Swap Rate ("ICE Swap Rate"), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes price on 3 July 2025, settle on or about 9 July 2025 and mature on 22 July 2026 (≈ 13-month tenor). Minimum investment is $10,000 with $1,000 increments.
Pay-off structure
- Contingent Digital Return: a fixed 10.60 % ($106 per $1,000) payable at maturity if the Final Reference Rate is above or not more than 40 % below the Reference Strike Rate (3.874 %).
- Buffer: A 40 % cushion protects principal down to 60 % of the strike rate.
- Downside: If the ICE Swap Rate declines by > 40 %, investors lose 1.66667 % of principal for each additional 1 % decline, up to a 100 % loss if the rate is ≤ 0 %.
- No upside beyond 10.60 %: gains above the digital coupon are not passed through; the maximum payment is $1,106 per $1,000.
Illustrative outcomes (per $1,000):
- Final rate ≥ 2.324 % (60 % of strike): investor receives $1,106.
- Final rate 1.56 % (-60 % move): investor receives $666.67 (-33.33 % total return).
- Final rate 0 % or lower: investor receives $0.
Pricing & fees
- Price to public: $1,000.
- Selling commissions: $10 (1.0 %) retained by dealers; issuer proceeds $990.
- Estimated value: $981.30, reflecting internal funding and hedging costs and therefore $18.70 below the issue price.
Key risks
- Principal at risk: any decline greater than 40 % leads to leveraged losses.
- Credit risk: payments depend on JPMorgan Financial and JPMorgan Chase & Co.; notes are senior unsecured obligations.
- No coupons / liquidity: the notes pay nothing before maturity and will not be listed; secondary market making is discretionary.
- Rate uncertainty: the SOFR ICE Swap Rate has a limited data history (published only since Nov-2021); methodology changes or discontinuation are possible.
- Model value gap: investors pay more than the bank’s estimated economic value; early resale likely at a discount.
Tax considerations: issuer intends to treat the notes as “open transactions” (not debt) for U.S. federal income-tax purposes, but alternative treatments (e.g., contingent payment debt) are possible; investors should consult tax advisers.
Overall, the product targets investors comfortable with SOFR swap-rate risk who seek a one-year, conditional 10.6 % return with 40 % downside buffer, and who can tolerate potential total loss, illiquidity and issuer credit exposure.