Welcome to our dedicated page for Inverse VIX Short-Term Futures ETNs due March 22, 2045 SEC filings (Ticker: VYLD), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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 $965,000 aggregate principal of five-year, unlisted Structured “Review Notes” linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The notes are fully and unconditionally guaranteed by JPMorgan Chase & Co.
Key economics
- Issue price: $1,000 per note; trade date 25-Jun-2025; settlement 30-Jun-2025; CUSIP 48136ERA5.
- Automatic call: evaluated on five annual Review Dates (2026-2030). If the Index closes at or above the Call Value (100% of initial level), investors receive par plus a rich, preset Call Premium Amount that steps up from 26% to 130% of par (i.e., $260–$1,300 per note).
- If never called, repayment at maturity (28-Jun-2030) depends on the final index level: • ≥50% of initial level (Barrier) – return of principal only • <50% – linear loss of principal, down to full loss at zero.
- Initial Index level: 3,310.94; Barrier: 1,655.47.
- Estimated value: $900.30 (≈ 90.0% of issue price) reflecting selling commission (~4.1%) and internal funding spread.
Strategic features
- The index employs a 35% target-volatility overlay on rolling E-mini S&P 500 futures, with exposure capped at 500% long and floored at 0%. A 6.0% p.a. daily deduction drags performance versus a comparable non-deduct index.
- Generous call coupons compensate for both the deduction and the embedded issuer/market risk, creating potential IRRs of ~23–26% if called in earlier years, but no participation in excess upside beyond preset premiums.
- Credit risk resides with JPMorgan Financial and JPMorgan Chase & Co.; the notes rank pari passu with other senior unsecured debt.
Principal risks
- Capital is at risk below the 50% barrier; a 60% index drop would translate into a 60% principal loss.
- The 6% daily deduction can erode index levels even in benign markets, increasing the call trigger/ barrier breach probability.
- Notes are not exchange-listed; secondary liquidity relies solely on JPMS and will likely be at a meaningful discount, especially given the estimated value/commission overhang.
- The issuer/affiliates helped design the index and own 10% of the sponsor, creating structural conflicts of interest.
- Early automatic call may occur as soon as year-1, forcing reinvestment at potentially lower rates.
Investor profile: suited only for sophisticated investors comfortable with complex payoff structures, high volatility leverage, credit exposure to JPMorgan, and illiquidity, who also believe the index can stay flat-to-positive on annual observation dates yet unlikely to fall >50% in five years.