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

Wayfair Inc. (NYSE: W) – Form 4 Insider Transaction Summary

CEO, Co-Founder and 10% owner Niraj Shah reported the sale of 30,000 Class A shares on 20 June 2025 under a pre-arranged Rule 10b5-1 trading plan adopted 15 Aug 2024.

• Shares sold: 29,078 at a weighted-average price of $49.41 and 922 at a weighted-average price of $49.99.
• Total proceeds: ≈ $1.49 million.
• Remaining ownership: 439,137 shares held directly and 22,857 shares held indirectly through SK Ventures LLC, for an aggregate of 461,994 shares.
• The sale represents roughly 6.5 % of Shah’s directly held position.

No derivative transactions were reported. The filing states the CEO will furnish detailed price breakdowns upon request, indicating standard compliance practices.

Investor takeaway: While insider sales can raise concerns, execution under a previously disclosed 10b5-1 plan and Shah’s continued sizeable stake mitigate governance risk. The transaction appears routine and does not alter Wayfair’s fundamental outlook.

On 20 June 2025, JPMorgan Chase Financial Company LLC priced $500,000 of Uncapped Accelerated Barrier Notes (UABNs) linked to the MerQube US Tech+ Vol Advantage Index (MQUSTVA). The notes settle on 24 June 2025 and mature on 25 June 2030.

Key economic terms

• Upside participation: 2.83× any positive Index return, uncapped.
• Barrier: 50 % of the Initial Value (5,156.54). If the Final Value is below this level, the investor participates one-for-one in all losses.
• Initial Value: 10,313.08 | Observation Date: 20 June 2030.
• Price to public: 100 % | Selling commission: 2 % | Net proceeds: 98 %.
• Estimated value: $950.50 per $1,000 (≈ 4.9 % below issue price).

Index mechanics and structural drag

• Weekly volatility targeting seeks 35 % implied volatility with exposure between 0 % and 500 % to the QQQ Fund.
• Two daily deductions: (1) 6 % p.a. index fee and (2) a notional financing rate (SOFR + 0.50 %). Both reduce returns and magnify leveraged losses.

Risk profile

• No coupons or dividends; investors face up to 100 % capital loss if the Index declines more than 50 %.
• Senior unsecured obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.; repayment is subject to issuer/guarantor credit risk.
• Small issuance size and bespoke index imply limited secondary liquidity; structuring margin reflected in the estimated value.

The notes target investors seeking leveraged upside to a tech-heavy, volatility-managed index with conditional protection. However, high index deductions, leverage and barrier mechanics introduce significant path-dependent risk that may erode or eliminate returns.

JPMorgan Chase Financial Company LLC is offering Callable Contingent Interest Notes due 28 June 2030 that are linked separately to the Russell 2000® Index (RTY) and the S&P 500® Index (SPX).

• Contingent interest: at least 6.55% p.a. (0.54583% monthly). Paid only if on each monthly Review Date the closing level of each index is ≥ 75% of its Initial Value (the “Interest Barrier”).
• Principal buffer: 15%. If, at maturity, either index is < 85% of its Initial Value, investors lose 1% of principal for every 1% decline beyond the 15% buffer (max loss ≈ 85%).
• Issuer call: JPMorgan may redeem the notes in whole on any monthly Interest Payment Date from 30 June 2026 onward (except the final date). Early redemption pays par plus the applicable contingent coupon; no further payments are made.
• Credit exposure: Unsecured, unsubordinated obligations of JPMorgan Chase Financial; fully and unconditionally guaranteed by JPMorgan Chase & Co.
• Issue economics: Minimum denomination US$1,000. Estimated value if priced today ≈ $940.90 (94.09% of par) and will not be set below $900.00. Selling commissions ≤ $37.50 per $1,000.
• Key dates: Pricing ~25 Jun 2025; settlement 30 Jun 2025; first possible call 30 Jun 2026; maturity 28 Jun 2030. Sixty scheduled monthly review/interest dates.
• Liquidity: No exchange listing; secondary market, if any, only through J.P. Morgan Securities LLC (JPMS) at prices likely below par.

Main risks include potential loss up to 85% of principal, non-payment of any interest if either index breaches its barrier on a review date, issuer’s unilateral call risk, and dependence on JPMorgan’s creditworthiness. The estimated value and any secondary price will reflect dealer fees, hedging costs, and internal funding rates that can depress resale value.

CAMP4 Therapeutics (CAMP) filed a Form 4 disclosing the award of 9,000 non-qualified stock options to director Ravi I. Thadhani on 25 Jun 2025. The options carry an exercise price of $1.56 and expire on 24 Jun 2035. They vest in full on the earlier of one year from grant or the company’s next annual shareholder meeting, contingent on continued board service. No shares were bought or sold, and Mr. Thadhani’s total beneficial ownership now reflects these newly granted options. The filing represents routine director compensation and does not involve open-market transactions or changes to outstanding share count.

JPMorgan Chase Financial Company LLC has filed a preliminary 424(b)(2) pricing supplement for an offering of Auto Callable Contingent Interest Notes due January 5, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked individually (not as a basket) to the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX) indices. They target investors seeking high current income but who can tolerate equity-market and issuer credit risk.

Key economic terms: the Contingent Interest Rate will be at least 9.50% p.a. (0.79167% monthly). A Contingent Interest Payment is made for any Review Date on which the closing level of each index is at or above 70% of its Initial Value (the “Interest Barrier”). The same 70% threshold is the Trigger Value used to determine principal repayment at maturity. Automatic call can occur quarterly beginning December 30, 2025 if all three indices close at or above their Initial Values. Upon call, investors receive par plus the relevant interest coupon and the note terminates.

Principal at risk: If the notes are not called and any index finishes below its 70% Trigger on the final Review Date, repayment is reduced by the percentage decline of the worst-performing index (the “Least Performing Index”). Investors may lose more than 30% and up to 100% of principal. No fixed coupons are promised; months in which any index closes below its Interest Barrier pay nothing.

Timing & mechanics: Minimum denomination is $1,000. Pricing is expected June 30, 2025; settlement July 3, 2025. There are 18 scheduled monthly Review Dates and corresponding Interest Payment Dates. The indicative valuation date estimate is $973.30 per $1,000, and final estimated value will not be less than $900, signalling an issuer/broker discount of roughly 2.7%–10% versus fair value. Selling commissions will not exceed $4.50 per $1,000. The notes are senior unsecured obligations, rank pari passu with JPMorgan Financial’s other unsecured debt, and are not FDIC-insured.

Investor considerations: Attractive headline yield is offset by equity downside exposure, potential zero-coupon periods, issuer credit risk and limited liquidity typical of structured notes. The automatic call feature may shorten the investment horizon if markets perform well, capping upside to par plus accrued coupon. Because performance is determined by the least performing index, diversification benefits are limited; a sharp sell-off in small caps (RTY) could negate strong performance in large-caps (SPX/NDX). Prospective buyers should carefully review product supplement no. 4-I, underlying supplement no. 1-I and the extensive risk factors referenced in the filing.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., plans to issue three-year Auto-Callable Contingent Interest Notes linked to three equity benchmarks: iShares Russell 2000 ETF (IWM), the S&P 500 Index (SPX) and the EURO STOXX 50 Index (SX5E). The notes are offered in $1,000 minimum denominations and price on 27 June 2025, with quarterly observation dates through final maturity on 30 June 2028.

Coupon mechanics: Investors may receive a contingent coupon of at least 10.00% p.a. (paid 2.50% quarterly) whenever the closing value of each underlying is at or above 70% of its initial level (the “Interest Barrier”). If, on any non-initial/non-final review date, all three underlyings close at or above their initial levels, the notes are automatically called, returning par plus that quarter’s coupon.

Principal repayment: At maturity, if not previously called, (i) full principal plus the final coupon is returned provided every underlying is at or above the 70% trigger; (ii) otherwise, repayment is reduced one-for-one with the worst-performing underlying (the “Least Performing Underlying Return”), exposing investors to losses greater than 30% and up to 100% of principal.

Estimated value & credit: The bank’s estimated value will be no lower than $950 per $1,000 note at pricing, reflecting internal funding costs and hedging assumptions. All payments are subject to the senior unsecured credit risk of the issuer and guarantor.

Key risks disclosed include: potential loss of principal, non-payment of interest, limited upside (coupons only), exposure to small-cap and non-U.S. equities, liquidity constraints, secondary-market price discounts, potential conflicts of interest in pricing and hedging, and uncertain tax treatment.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Market Linked Securities that mature on July 9, 2026. The $1,000-denominated notes provide leveraged upside participation of at least 127.35% in the lowest performing of four equity indices (S&P 500, Dow Jones Industrial Average, Nasdaq-100, EURO STOXX 50). Investors receive: (1) par plus leveraged upside if that index ends above its start level; (2) full principal return if the index ends between 85% and 100% of its start level; or (3) a dollar-for-dollar loss beyond a 15% buffer, exposing holders to up to 85% principal loss.

The notes are unsecured, unsubordinated obligations of the issuer and carry both issuer and guarantor credit risk. An indicative estimated value of $961.90 (96.19% of par) highlights built-in selling concessions and hedging costs. Up-front distribution fees reach 2.325%; selected dealers may receive additional 0.20% for marketing.

Key risks disclosed include potential loss of principal, lack of periodic interest, limited secondary liquidity, pricing transparency concerns, uncertain tax treatment, and potential conflicts of interest—as well as the structural reliance on the worst-performing index. Investors should review the accompanying preliminary pricing supplement, prospectus and risk factors before investing.

JPMorgan Chase Financial Company LLC is marketing preliminary Digital Contingent Buffered Notes linked to the S&P 500® Index that mature on July 9, 2026. The notes are unsecured, unsubordinated obligations of the issuer and are fully and unconditionally guaranteed by JPMorgan Chase & Co.; payments are therefore subject to the credit risk of both entities.

Key payout mechanics

• Contingent Digital Return: not less than 7.85 % of principal, representing the maximum payoff.
• Trigger for fixed payoff: Investor receives the full 7.85 % if, on the Valuation Date (July 6 2026), the S&P 500® closing level is (a) at or above the Index Strike Level (set on June 20 2025) or (b) below the strike by up to the 25 % Contingent Buffer.
• Downside exposure: If the Index has fallen by more than 25 %, principal is reduced 1 % for each 1 % drop. A 40 % decline, for example, would return 60 % of principal; a 100 % decline would wipe out the investment.

Economic terms

• Denominations: minimum US $10,000, increments of US $1,000.
• Estimated value today: approximately $989.90 per $1,000 note; the final estimate will be no lower than $970.00.
• Selling commissions: up to $5.00 per $1,000 note, paid by J.P. Morgan Securities LLC to dealers.
• CUSIP: 48136E3W3.

Illustrative outcomes

• Index +10 %, 0 %, –20 % → investor receives $1,078.50 per $1,000.
• Index –30 % → investor receives $700 per $1,000.
• Index –50 % → investor receives $500 per $1,000.

Investor considerations: The product offers modest upside in exchange for dividend forfeiture and material downside beyond the 25 % buffer. Because the maximum return is capped at 7.85 %, investors expecting strong equity appreciation may find the risk-reward unattractive. The notes are not FDIC-insured, may be difficult to trade, and are meant to be held to maturity. Potential buyers should review the extensive risk disclosures in the prospectus suite referenced in the supplement.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Buffered Return Enhanced Notes (the “notes”) linked to the S&P 500® Index, maturing on July 7, 2028. The product is a Rule 424(b)(2) preliminary pricing supplement that will be finalized on or about July 3, 2025 and settle around July 9, 2025 (CUSIP 48136E4X0; minimum denomination US$1,000).

Key Economic Terms

• Underlying: S&P 500® Index (SPX)
• Upside Leverage: 2.00× positive index performance
• Maximum Return: ≥ 33.50 % (cash payout ≥ US$1,335 per US$1,000 note)
• Downside Buffer: first 10 % decline protected; losses beyond buffer are 1-for-1, exposing investors to up to 90 % principal loss
• No periodic coupons or dividends; payment occurs only at maturity
• Estimated value if priced today: US$990.40 (97.04 % of par); final estimated value will not be below US$970

Payoff Profile

• If Final Index Value > Initial Value: Payment = Par + 2 × Index Return, capped at the Maximum Return
• If Final Index Value is 0 % to –10 %: Return of principal only
• If Final Index Value < –10 %: Payment = Par + [Par × (Index Return + 10 %)] ⇒ up to 90 % loss at –100 % index move

Illustrative Outcomes (assume 100 initial): a 5 % index rise yields 10 % note return (US$1,100); ≥ 16.75 % index rise hits the 33.5 % cap (US$1,335); a 30 % decline results in a 20 % loss (US$800).

Risk Highlights

• Principal is not protected; investors may lose most of their investment
• Upside is capped, limiting participation in strong equity rallies
• Credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.
• No interest, no dividend entitlement, and no listing; secondary liquidity depends solely on JPMS
• Potential conflicts: issuer, guarantor, and affiliates may hedge or trade the underlying for their own benefit

Structural Considerations

• Product targeted to fee-based advisory accounts; brokers forgo traditional commissions
• Supplemental use-of-proceeds disclosure indicates the price to public includes hedging and structuring costs
• Tax treatment remains subject to confirmation by special tax counsel at pricing

The filing does not provide sales volume, expected proceeds, or historical index data; those will appear in the final pricing supplement. Investors must weigh the 2× leveraged but capped upside against significant downside exposure and issuer/guarantor credit risk.