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

JPMorgan Chase Co. is issuing notes that pay a fixed 10.00% per annum through June 23, 2027, then a quarterly floating rate that is inversely linked to Compounded SOFR. After the initial periods the Interest Rate for each period equals (7.00% minus the Benchmark Rate) times 1.50, floored at a 0.00% minimum, so high SOFR readings can produce no interest. The notes mature on June 22, 2040 but are callable by the issuer on specified March, June, September and December redemption dates beginning June 23, 2027. Principal is payable at maturity or on a redemption date if called, but all payments are unsecured obligations subject to JPMorgan Chase Co.'s credit risk. The notes are long-dated, not exchange-listed, may be illiquid, and initially reference Compounded SOFR with transition provisions for any benchmark replacement.

Offering summary: These notes are unsecured, unsubordinated obligations of JPMorgan Chase Co. They pay a fixed interest rate of 5.50% per annum, with interest payable annually on June 23 beginning June 23, 2026 through June 23, 2034 and at maturity. The Original Issue Date is June 23, 2025 and the Maturity Date is June 22, 2035. Notes may be purchased in minimum denominations of $1,000 and integral multiples thereafter.

Key mechanics and risks: The issuer may redeem the notes in whole (not in part) on each scheduled Redemption Date (June 23 and December 23 of each year) beginning June 23, 2027 through December 23, 2034, in which case holders receive principal plus accrued interest to but excluding the Redemption Date. Payment at maturity or upon redemption is subject to JPMorgan Chase Co.'s credit risk. The prospectus highlights material risks including potential early call (reinvestment risk), longer-dated interest-rate sensitivity, limited liquidity, potential conflicts of interest, built-in issuance/hedging costs that can depress secondary prices, and loss-absorbing treatment under TLAC rules in resolution.