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

JPMorgan Chase & Co. ("JPM") is offering $14.3 million of Callable Fixed Rate Notes due June 23, 2045. The notes are unsecured, unsubordinated senior obligations that pay a fixed 6.05% annual coupon, calculated on a 30/360 basis and paid in arrears each June 23, beginning 2026. The issue settles on June 23, 2025 and matures 20 years later, unless redeemed early.

Call feature: JPM may redeem the notes in whole, but not in part, on any June 23 or December 23 beginning June 23, 2027 through December 23, 2044. Redemption is at par plus accrued interest, with at least five business-day notice to DTC. This creates reinvestment risk for investors should rates fall.

Structuring economics: Notes are offered at $1,000 minimum denominations. The public offering price embeds estimated hedging costs, and selling commissions of $7.314 per $1,000 (0.7314%), netting proceeds of $992.686 per note to JPM. The deal is distributed through J.P. Morgan Securities LLC and other dealers; fee-based accounts may buy at $999.00.

Risk highlights: (i) Credit risk of JPMorgan Chase as unsecured debt; (ii) call risk that could shorten duration; (iii) long-dated maturity increases sensitivity to interest-rate changes; (iv) TLAC classification means notes could absorb losses in a resolution scenario. The notes are not FDIC-insured.

Use of proceeds: General corporate purposes, as part of JPM’s Series E medium-term note program.

Bank of Montreal (BMO) has issued US$1.331 million of Senior Medium-Term Notes, Series K – Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Uber Technologies, Inc. (ticker UBER). The notes were priced on 20 June 2025, settle on 25 June 2025 and mature on 27 July 2026, unless automatically redeemed earlier.

Income features: Investors are eligible for a 1.0667 % monthly contingent coupon (≈12.80 % p.a., US$10.667 per US$1,000) whenever UBER’s closing level on an Observation Date is at least the Coupon Barrier (US$56.13, 67 % of the US$83.78 Initial Level). Missed coupons are not made up.

Autocall feature: From 23 December 2025 onward, if UBER closes above the Call Level (100 % of its Initial Level) on any Observation Date, the notes are automatically redeemed at par plus the due coupon; no further payments accrue thereafter.

Principal repayment: If not called, principal protection depends on a Trigger Level equal to the Coupon Barrier (US$56.13). At maturity:

• If the Final Level is at or above the Trigger Level, investors receive full principal (US$1,000) plus any final coupon.
• If the Final Level is below the Trigger Level, repayment equals US$1,000 plus US$1,000 × Percentage Change, resulting in a point-for-point loss that can reach total principal loss.

Key transaction economics: Issue price is 100 % of principal, but BMO’s estimated initial value is US$960.77, reflecting embedded costs and hedging. Selling concessions total 2.15 %; net proceeds to BMO are 97.85 %. The notes are unsecured, unsubordinated obligations of BMO, subject to its credit risk, and will not be listed on any exchange. Minimum denomination is US$1,000.

Risk disclosures highlight: no guaranteed coupons, no guaranteed principal, potential illiquidity (no listing; dealer market making at discretion), and uncertainty in U.S. tax treatment. Holders bear single-stock exposure to UBER, potential conflicts of interest from BMO’s hedging/trading, and a pricing discrepancy between issue price and estimated value.

JPMorgan Chase & Co. is offering $2,000,000 of Series E Callable Fixed-Rate Notes due June 22, 2040. The notes are unsecured and unsubordinated obligations that pay a fixed 5.75% coupon, calculated on a 30/360 basis. Interest is paid annually on June 23, beginning June 23 2026, and on the maturity date, provided the notes remain outstanding.

Redemption option: The issuer may call the notes in whole, but not in part, on any June 23 or December 23 from June 23 2028 through December 23 2039 (each a “Redemption Date”) at par plus accrued interest. Notice must be given at least five business days in advance. Investors therefore face reinvestment risk and a potentially shorter effective tenor.

Key terms:

• Issue price: $1,000 per note
• Minimum denomination: $1,000
• Net proceeds: $990 per note (1.0% selling commission)
• Business Day Convention: Following; Interest Accrual Convention: Unadjusted
• CUSIP: 48130CU29

Principal is repaid at maturity or upon issuer-initiated call; there is no principal protection in the event of issuer default.

Material risks disclosed include: (1) call risk leading to lower aggregate returns, (2) heightened interest-rate sensitivity due to the 15-year tenor, (3) credit risk of JPMorgan Chase & Co., (4) lack of exchange listing and potentially limited secondary-market liquidity, (5) built-in costs that may depress resale prices, and (6) the notes’ status as loss-absorbing TLAC debt in a resolution scenario.

Davis Polk & Wardwell LLP opines that the notes will be treated as fixed-rate debt instruments for U.S. federal income-tax purposes. Settlement is expected on June 23 2025; the pricing date is June 20 2025.

JPMorgan Chase Financial Company LLC is marketing 1.92-year, non-call 3-month (NC3m) Callable Contingent Interest Notes linked to three equity benchmarks: the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The notes are issued in $1,000 denominations, are unconditionally guaranteed by JPMorgan Chase & Co., and are scheduled to mature on May 28 2027, unless redeemed earlier at the issuer’s option on any monthly interest payment date after the second month.

Income profile. Holders receive a contingent monthly coupon set between 0.6875% and 0.85417% (8.25%-10.25% p.a.) only if, on the related review date, the closing level of each underlying remains at or above 70% of its initial level (the Interest Barrier). Missed coupons are not recaptured.

Principal protection. At maturity investors are protected down to a 30% decline (Trigger = 70%). If all three indices close at or above the Trigger on the final review date, holders receive par plus the final coupon. If any index finishes below its Trigger, repayment is reduced one-for-one with the worst-performing index, exposing investors to losses greater than 30% and up to 100% of principal.

Early redemption. Starting in month 3, the issuer may call the notes at par plus the applicable coupon. This limits upside to accrued coupons and may create reinvestment risk for investors if rates fall.

Valuation & liquidity. The estimated value at pricing will not be less than $900 per $1,000 note, reflecting internal funding spreads and structuring costs. Secondary market liquidity is expected to be limited to discretionary bids from J.P. Morgan Securities LLC, often at materially discounted prices.

Key risks. Investors face: (1) credit exposure to JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.; (2) market risk driven by three equity indices, including small-cap (RTY) and non-U.S. tech constituents (NDX); (3) potential loss of principal below the 70% Trigger; (4) contingent, non-cumulative income; and (5) issuer call risk which caps total return.

JPMorgan Chase & Co. is offering $3.876 million of Callable Fixed-to-Floating Rate Notes due 22 June 2040. These unsecured, unsubordinated, TLAC-eligible notes are issued in $1,000 denominations and carry the full credit risk of the bank.

Coupon profile: Investors receive a 10.00% fixed annual rate for the first eight quarterly periods ending 23 June 2027. From year 3 to maturity, the quarterly coupon resets to (7.00% – Benchmark Rate) × 1.50, floored at 0%. The Benchmark Rate is initially Compounded SOFR; consequently, falling short-term rates lift the coupon while rates at or above 7% eliminate interest.

Call feature: JPMorgan may redeem the notes in whole on the 23rd of March, June, September and December each year from 23 June 2027 to 23 March 2040 at par plus accrued interest, giving the issuer flexibility but capping investor upside and introducing reinvestment risk.

Key economics: Issue price 100%; selling commission 3.2402%; net proceeds 96.7598%. Day-count 30/360; following business-day convention. Minimum coupon 0%. CUSIP 48130CR23. The notes will not be listed, and secondary liquidity will rely primarily on J.P. Morgan Securities.

Principal protection & credit exposure: Principal is returned at maturity or upon redemption provided JPMorgan remains solvent. As TLAC debt, the notes are designed to absorb losses in a resolution scenario and rank behind secured and subsidiary creditors.

Risk highlights: (i) inverse floating rate may pay zero during high-SOFR environments; (ii) long 15-year tenor heightens duration and liquidity risk; (iii) early call can shorten the investment and reduce total return; (iv) taxation as a contingent payment debt instrument generates annual OID; (v) unsecured exposure to JPMorgan credit spreads.

The instrument suits investors seeking high initial income and a view that SOFR will decline or remain moderate, who are comfortable with early-call uncertainty, illiquidity and JPMorgan credit risk.

JPMorgan Chase & Co. is offering $3 million aggregate principal amount of unsecured, unsubordinated Callable Fixed Rate Notes due June 23, 2032. The notes pay a fixed 5.00% annual coupon, calculated on a 30/360 basis and paid in arrears each June 23, beginning 2026. Principal is repaid in full at maturity, provided the notes remain outstanding and the issuer remains solvent.

The issuer may, at its sole discretion, redeem the notes in whole—but not in part—on any 23 June or 23 December from 2027 through 2031. If called, investors receive par plus any accrued interest to, but excluding, the redemption date. Minimum investment is $1,000 (CUSIP 48130CT96); the notes will not be listed on any exchange, and secondary liquidity will rely on J.P. Morgan Securities LLC, which is not obligated to make a market.

Issue price is 100% of face; selling commissions are $7.50 per $1,000, leaving net proceeds of $992.50 per note to the issuer. The securities qualify as TLAC-eligible “loss-absorbing capacity”; in a resolution scenario, holders could be bailed-in and rank junior to subsidiary creditors. Key investor risks include credit exposure to JPMorgan Chase & Co., reinvestment risk if the notes are called, liquidity constraints, and potential conflicts of interest arising from the issuer’s dual roles as calculation agent, hedger and market-maker.

JPMorgan Chase & Co. is issuing $8 million of Series E Callable Fixed-Rate Notes due 23 June 2032 under its shelf registration (No. 333-270004). The securities are unsecured, unsubordinated senior debt that carry a fixed coupon of 5.00% per annum, paid annually on 23 June, beginning in 2026.

The issuer may, at its sole discretion, redeem the notes in whole on any 23 June or 23 December from 2027 through 2029, and on 23 June or 23 December 2030 – 2031. If called, investors receive par plus accrued interest; otherwise, principal is repaid at maturity on 23 June 2032. Minimum denomination is $1,000 (CUSIP 48130CS97).

Issue price is 100% of face value. Gross proceeds to JPMorgan are $7.938 million after paying aggregate selling commissions of $62,000 (0.775%). The notes qualify as TLAC (total loss-absorbing capacity), meaning they are subject to potential conversion or write-down in a resolution scenario.

Key risks highlighted include: (i) issuer call risk, which may shorten duration and create reinvestment risk; (ii) credit risk of JPMorgan Chase & Co.; (iii) limited liquidity, as the notes are not exchange-listed and secondary market making is discretionary; (iv) bail-in / TLAC exposure that could impose losses ahead of senior subsidiary creditors; and (v) built-in costs that may depress secondary pricing below par.

Tax counsel (Davis Polk & Wardwell LLP) opines the notes will be treated as fixed-rate debt for U.S. federal income-tax purposes. Validity and enforceability are also confirmed subject to customary bankruptcy and equitable-principles carve-outs.

JPMorgan Chase is offering $3.25 million in Callable Fixed Rate Notes due December 23, 2033 with a fixed interest rate of 5.10% per annum. These unsecured and unsubordinated notes feature:

• Minimum denominations of $1,000 with quarterly call options starting June 23, 2027
• Interest payments in arrears on June 23 annually, beginning June 23, 2026
• Principal preservation at maturity or upon redemption, subject to JPMorgan's credit risk
• Price to public of $1,000 per note with selling commissions of $14.213

Key risks include potential early redemption and loss-absorption capacity under TLAC rules. In a resolution scenario under Chapter 11 or Title II of Dodd-Frank, noteholders would have junior position to claims of JPMorgan's subsidiary creditors and secured creditors. Notes qualify as loss-absorbing capacity under Federal Reserve TLAC requirements.

JPMorgan Chase & Co. is offering $3 million of unsecured, unsubordinated Callable Fixed-Rate Notes due 22 June 2035 under its Series E medium-term note program. The notes carry a fixed annual coupon of 5.50%, paid in arrears every 23 June from 2026 through 2034 and at maturity, subject to earlier redemption.

Optional redemption: Beginning 23 June 2027 and every 23 June/23 December thereafter through 23 December 2034, the issuer may redeem the notes in whole at par plus accrued interest, with at least five business days’ notice to DTC. Investors therefore face reinvestment risk if rates fall or credit spreads tighten.

Key structural terms: principal is repaid only if JPMorgan remains solvent; there is no principal protection from third-party agencies, and the notes are not FDIC-insured. They qualify as loss-absorbing TLAC debt, meaning holders could incur losses ahead of senior operating-company creditors in a resolution scenario. Minimum denomination is $1,000 and the notes use a 30/360 day-count; Business Day Convention is Following and Interest Accrual Convention is Unadjusted.

Pricing & distribution: Issue price is 100% ($1,000 per note). J.P. Morgan Securities LLC will distribute the notes, receiving selling commissions of $7.75 per $1,000 (0.775%), leaving net proceeds of $992.25 per note ($2,976,500 total). Eligible institutional or fee-based advisory accounts may purchase at $999.00, forgoing commissions.

Investor considerations:

• Attractive 5.50% fixed yield relative to current short-dated rates.
• Issuer call option can shorten duration and cap upside.
• 10-year tenor increases interest-rate and liquidity risk.
• Unsecured credit exposure to JPMorgan and potential bail-in under TLAC rules.