JPMorgan Chase Financial filed a 424B2 prospectus supplement for Auto-Callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index, due 28 June 2030 and expected to trade under ticker VYLD. The notes are fully and unconditionally guaranteed by JPMorgan Chase & Co. and will be issued in $1,000 denominations, pricing on or about 25 June 2025 and settling 30 June 2025.
The structure pays a contingent coupon of at least 12% per annum (1% monthly) only if the Index closes on each monthly review date at or above a 64% interest barrier. Missed coupons accrue and may be paid when the barrier is later met. Notes are automatically called quarterly once the Index closes at or above its initial level, returning par plus any accrued coupons. If not called, principal is protected at maturity only when the final index level is at or above a 50% trigger value; otherwise, repayment is reduced in line with the Index’s decline, exposing investors to potential loss of up to 100% of capital.
The underlying Index deducts 6.0% per annum daily, creating persistent performance drag. The preliminary estimated value is $927.30 per $1,000 note, versus a $1,000 issue price, reflecting embedded dealer commissions of up to $8.50 per note and structuring costs. Payments are subject to the unsecured credit of JPMorgan Chase Financial (issuer) and JPMorgan Chase & Co. (guarantor). The SEC has neither approved nor disapproved the securities.