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

Royal Bank of Canada (RBC) is offering Market-Linked One Look Notes with Enhanced Buffer linked to the Class A common stock of Tesla, Inc. (TSLA). The notes are senior, unsecured debt securities that mature in approximately 14 months (September 2026) and are subject to RBC’s credit risk.

Key terms:

• Principal: $10 per unit; minimum purchase pricing to be set on the pricing date.
• Step Up Payment: between $3.00 and $3.60 per unit (30.00%–36.00%) if the Ending Value of TSLA is ≥ 85% of the Starting Value (the Threshold Value).
• Buffer: First 15% downside is absorbed; below the Threshold Value, investors lose principal on a 1-to-1 basis, exposing up to 85% of capital.
• No interim interest and no dividend participation.
• Credit & liquidity: Unsecured obligations of RBC; no FDIC/CDIC insurance; limited secondary market and no exchange listing.
• Fees: Public offering price $10.00; underwriting discount $0.175; hedging-related charge $0.05. For ≥300,000 units the price/discount improve to $9.95 and $0.125, respectively.
• Initial estimated value: $9.19–$9.69 per unit, below the public price, reflecting RBC’s internal funding rate and hedging costs.

Investors who believe TSLA will stay flat or rise above a 15% draw-down over the 14-month term can earn a fixed 30%–36% return. Conversely, a decline beyond 15% results in proportional losses, and a severe fall could result in an 85% maximum loss. All payments occur only at maturity, and repayment depends on RBC’s ability to pay.

JPMorgan Chase & Co. is offering unsecured, unsubordinated Callable Fixed-Rate Notes due 22 June 2040. The notes pay a fixed coupon of 5.75 % per annum, calculated on a 30/360 basis and payable annually on each 23 June from 2026 through 2039 and at maturity, unless previously redeemed.

• Call feature: At the issuer’s sole discretion, the notes can be redeemed semi-annually on 23 June and 23 December, beginning 23 June 2028 and ending 23 December 2039, at par plus accrued interest, with ≥5 business-day notice.
• Tenor & key dates: Pricing Date 20 Jun 2025; Issue Date 23 Jun 2025; Maturity Date 22 Jun 2040 (≈15 years).
• Denominations: $1,000 minimum, $1,000 multiples; CUSIP 48130CU29.
• Distribution economics: Maximum selling commission of $40 per $1,000; price for certain fee-based accounts may range from $965.10 to $1,000.
• TLAC status: Notes qualify as loss-absorbing capacity; in a resolution, holders rank behind subsidiary creditors and secured claims.

Principal is repaid at maturity or upon a call, subject to JPMorgan’s creditworthiness. The supplement stresses multiple risks: issuer credit risk, reinvestment risk if called, higher interest-rate sensitivity due to long tenor, absence of exchange listing and limited secondary liquidity, potential conflicts of interest, and possible bail-in under U.S. resolution regimes. The product suits investors seeking steady income above current Treasury yields who can tolerate early redemption and hold an illiquid, long-dated bank note to maturity.

JPMorgan Chase & Co. is offering unsecured, unsubordinated Callable Fixed-Rate Notes due June 21, 2030. The securities pay a fixed coupon of 4.75% per annum, calculated on a 30/360 basis and paid annually in arrears on June 23, beginning 2026 and ending 2029, and on the maturity date, provided the notes have not been redeemed earlier.

Issuer call option: On every June 23 and December 23 from June 23 2027 through December 23 2029 (each a “Redemption Date”), the issuer may redeem the notes in whole, at par plus accrued interest. Notice must be given at least five business days before the chosen Redemption Date. Early redemption shortens the income stream and exposes investors to reinvestment risk.

Key terms: Principal denomination $1,000; CUSIP 48130CT88; Pricing Date June 20 2025; Settlement (Original Issue) Date June 23 2025; Maturity Date June 21 2030; Business Day Convention = Following; Interest Accrual Convention = Unadjusted. The offering price is expected to be $1,000 per note; selling commissions to dealers will not exceed $17.50 per $1,000. JPMS intends—but is not obligated—to make a secondary market.

Risk highlights: 1) Call risk—if the notes are redeemed, total cash flow will be lower than a non-call structure of similar maturity. 2) Credit risk—all payments depend on JPMorgan Chase & Co.’s ability to pay, and the notes constitute TLAC-eligible debt that can be written down or converted to equity in a resolution scenario. 3) Liquidity risk—no exchange listing and limited secondary market support may force holders to sell at a discount. 4) Valuation drag—the issue price embeds hedging costs and commissions; secondary prices are expected to be below par initially. 5) Resolution hierarchy—in a JPMorgan resolution, noteholders rank behind subsidiary creditors and secured claims.

Investor profile: Income-oriented investors comfortable with JPMorgan credit exposure who can tolerate potential early redemption, TLAC bail-in risk and limited liquidity. The notes are not designed for short-term trading.

Regulatory status: The preliminary pricing supplement has not yet been declared effective; terms may change before final issuance. The SEC and state regulators have not approved or disapproved the notes.

JPMorgan Chase Financial Company LLC is offering Auto-Callable Accelerated Barrier Notes linked to the STOXX® Europe 600 Index (SXXP). The preliminary terms outline a 5-year tenor (Settlement: 26-Jun-2025; Maturity: 25-Jun-2029) with a single Review Date on 3-Jul-2026. If on that date the Index closes at or above the Call Value (100 % of the Strike), the notes are automatically redeemed for $1,000 principal + a Call Premium of at least $170 (17 %), payable 8-Jul-2026.

If not called, investors participate in Index gains at maturity with a 2.0× upside leverage and no cap. Should the Final Index Value equal or exceed the Strike, payment equals $1,000 plus 2× the Index return. Principal is protected only down to the Barrier Amount set at 75 % of the Strike; a Final Value below the barrier results in 1-for-1 downside exposure, potentially up to 100 % loss.

Key economic inputs include: minimum denomination $1,000; indicative estimated value ≈ $988.10 (not less than $950 at pricing); selling commissions ≤ $6 per note; CUSIP 48136EZ57. The Strike Value will be the Index close on 20-Jun-2025, two trading days before pricing.

Material risks highlighted are (i) full downside below the 25 % buffer, (ii) lack of interim interest or dividends, (iii) credit exposure to JPMorgan Chase Financial Company LLC and guarantor JPMorgan Chase & Co., and (iv) secondary-market illiquidity. The prospectus supplement notes the right to amend Index levels for manifest error and the potential for early acceleration upon a change-in-law event.

JPMorgan Chase Financial Company LLC is offering 5-year no-call 1-year Auto-Callable Accelerated Barrier Notes linked to the MerQube US Tech+ Vol Advantage Index (MQUSTVA). The Index provides rules-based exposure to an unfunded position in the Invesco QQQ Trust, subject to daily 6.0 % deduction and notional financing cost. Index exposure is dynamically adjusted between 0 % and 500 % to target volatility.

Main economic terms

• Minimum denomination: $1,000 (CUSIP 48136ER23).
• Upside leverage factor at maturity: 5.00×.
• Barrier: 50 % of the Initial Value; breach triggers 1-for-1 downside participation.
• Automatic call: assessed on each scheduled trading day from 23 Jun 2026 to 16 Jun 2028. If the Index closes ≥ Call Value (100 % of Initial), investors receive principal plus a Call Premium calculated from a rate of at least 21.50 %.
• Maturity date: 25 Jun 2030; Observation Date: 20 Jun 2030.
• Estimated value on pricing: ≥ $900 per $1,000 note, likely below the issue price.

Payoff profile

• If automatically called: $1,000 + Call Premium; upside leverage does not apply.
• If not called and Final Index > Initial: $1,000 + (Index Return × 5.00 × $1,000).
• If Final Index ≤ Initial but ≥ Barrier: return of principal only.
• If Final Index < Barrier: $1,000 + (Index Return × $1,000); loss exceeds 50 % and may reach 100 %.

Key risks highlighted by the issuer include potential loss of principal, daily 6 % index deduction, leverage risk, limited liquidity, credit risk of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., early call limiting upside, and uncertain tax treatment. The notes pay no coupons or dividends.

J.P. Morgan Chase Financial Company LLC is offering 2.5-year, non-call 6-month, Auto-Callable Contingent Interest Notes linked equally to the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX) indices. The notes are issued in $1,000 denominations (CUSIP 48136EU94) and pay a contingent monthly coupon of 8.00%-10.00% p.a. (0.66667%-0.83333% per month) only if the closing level of every underlying is at or above its Interest Barrier (80 % of initial) on the relevant review date.

An automatic call feature is assessed monthly beginning month 7; if all three indices are at or above initial levels on any call-eligible date, investors receive par plus the current coupon and the note terminates early. If the note is not called, final redemption depends on a Trigger Barrier set at 70 % of initial. Provided each index closes at or above its trigger on the final review date, investors receive par plus the final coupon. If any index finishes below its trigger, principal is reduced one-for-one with the decline of the worst performer, exposing investors to up to 100 % capital loss.

The preliminary estimated value will be <$900 per $1,000 note, reflecting J.P. Morgan’s internal funding rate, and secondary market liquidity is uncertain as JPMS is not obliged to make a market. Key risks outlined include credit exposure to JPMorgan Chase Financial Company LLC and JPMorgan Chase &Co., contingent and limited coupon, early call risk, barrier event risk, potential conflicts in pricing/hedging, tax uncertainty, and market risks associated with large-cap (NDX/SPX) and small-cap (RTY) equity indices.

JPMorgan Chase Financial Company LLC is marketing two-year Digital Barrier Notes linked individually to the Nasdaq-100 Index (NDX) and the Russell 2000 Index (RTY). The notes, fully and unconditionally guaranteed by JPMorgan Chase & Co., will price on or about 2 July 2025 and mature on 6 August 2026 (observation date 3 August 2026).

For each $1,000 note, investors receive at maturity: (i) $1,114 (principal + a fixed Contingent Digital Return of at least 11.40%) if both indices close at or above the 75 % Barrier Amount of their respective initial levels, or (ii) principal reduced 1 %-for-1 % by the Lesser Performing Index Return if either index breaches the barrier, exposing holders to losses that may reach 100 % of principal.

The upside is therefore capped at 11.40 %, while downside begins only after a 25 % index decline but is otherwise uncapped. The preliminary estimated value is $987.60 per $1,000 note (98.76 % of face) and will not be set below $950 at pricing; sales are limited to fee-based advisory accounts, so no upfront commissions are embedded.

Key risks include: (1) principal risk if either NDX or RTY falls below the barrier, (2) credit exposure to JPMorgan Financial and JPMorgan Chase & Co., and (3) opportunity cost, as investors forego index dividends and any appreciation beyond 11.40 %. The notes carry no periodic coupons and are not FDIC-insured.

The structure may appeal to investors with a moderately bullish or sideways view on both indices over the next two years who can tolerate significant downside and limited upside, and who are comfortable with single-name credit risk.

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.