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

JPMorgan Chase Financial Company LLC is offering $15.85 million of unsecured, unsubordinated Yield Notes that mature on 11 September 2026 and are fully guaranteed by JPMorgan Chase & Co. The notes pay a fixed 7.00 % annual coupon (0.58333 % monthly), producing total scheduled interest of $81.6667 per $1,000 over the 26-month term. Investors trade dividend rights and upside market participation for this income stream.

The repayment of principal is linked separately to the S&P 500 Index (SPX) and the Nasdaq-100 Index (NDX). On the 8 September 2026 observation date:

• If each index closes above or no more than 20 % below its strike level (6,225.52 for SPX; 22,702.25 for NDX), investors receive par plus the final coupon.
• If either index closes >20 % below its strike, the note redeems for $1,000 + [$1,000 ×(Index Return+20 %)×1.25], exposing holders to 1.25× downside beyond the 20 % buffer. A 60 % drop in the weaker index would cut total value to roughly $581.67.

The pricing supplement shows an estimated note value of $996.90, below the $1,000 offer price, reflecting structuring and hedging costs. Sales are limited to fee-based advisory accounts; no selling commissions are charged. The notes are not listed, may be illiquid, and are subject to the credit risk of both the issuer and guarantor.

Key risks highlighted include potential loss of principal, limited upside (interest only), exposure to the worst-performing index, lack of dividends, secondary-market discounts, and multiple conflicts of interest. The product is aimed at investors willing to accept equity-linked downside and issuer credit risk in exchange for enhanced yield and a 20 % buffer.

JPMorgan Chase Financial Company LLC is offering $610,000 in Auto Callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., and settle on or about 14 July 2025.

Coupon mechanics

• Contingent Interest Rate: 8.00% p.a., paid monthly (≈0.66667%/month) only if the Index closes ≥ 50% of the Initial Value (Interest Barrier) on a Review Date.
• No fixed coupon: payments cease for any Review Date on which the Index is < 50% of Initial Value.

Automatic call feature

• From the 12th Review Date (9 Jul 2026) onward, the notes are automatically called if the Index closes ≥ 90% of Initial Value (Call Value) on any Review Date (excluding first-11 and final dates).
• Call payment: principal + current contingent coupon; no further payments thereafter.

Maturity & downside risk

• Maturity: 12 Jul 2030, unless previously called.
• Principal at risk: If not called and Final Value < 50% of Initial Value (Trigger Value), redemption is $1,000 + ($1,000 × Index Return), resulting in a loss of >50%—up to full principal loss.

Key index characteristics

• The Index dynamically allocates up to 500% exposure to E-mini S&P 500® futures to maintain a 35% implied-volatility target, subject to a 6.0% per-annum daily deduction that drags performance.
• Established 11 Feb 2022; JPM affiliates own 10% of the Index Sponsor, creating potential conflicts.

Economics & fees

• Price to public: $1,000 per note; selling commissions $42.75 (4.275%).
• Estimated value: $900.10, ~10% below issue price, reflecting structuring and hedging costs.
• Secondary market liquidity will depend on J.P. Morgan Securities LLC (JPMS); notes are not exchange-listed.

Principal risks

• Credit risk of JPMorgan Financial and JPMorgan Chase & Co.
• No guaranteed interest; potential for zero coupons over the life of the note.
• Index leverage, daily 6% deduction, and roll costs may erode index levels.
• Early call risk limits upside; investors may be forced to reinvest at lower rates.
• Tax treatment uncertain; contingent coupons expected to be ordinary income.

CUSIP: 48136FHV7  |  Minimum denomination: $1,000