[Form 4] Verizon Communications Insider Trading Activity

Q: What is the Upside Leverage Factor on the JPMorgan Uncapped Buffered Notes?

The notes credit 1.23 times any positive Index Return, with no cap on gains.

Q: How much principal protection do investors have at maturity?

A 20 % buffer protects against the first 20 % decline; losses begin beyond that and can reach 80 % of principal.

Q: When do the notes mature and what is the term length?

They mature on 6 January 2028 , roughly 3 years and 6 months after settlement.

Q: Why is the estimated value lower than the $1,000 issue price?

The $977.70 estimate excludes selling commissions, hedging profits and structuring costs embedded in the offer price.

Q: Are the notes listed on an exchange?

No. The notes will not be listed ; any resale must occur through J.P. Morgan Securities LLC at prevailing bid prices.

Q: What index underlies the notes and how is it different from the S&P 500?

The notes reference the S&P 500 Futures Excess Return Index , which tracks front-month E-mini futures and excludes dividends, introducing roll-yield effects.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering $481,000 in Uncapped Buffered Return Enhanced Notes linked to the S&P 500® Futures Excess Return Index (SPXFP). The notes priced on 2 July 2025, settle on or about 8 July 2025, and mature on 6 January 2028 (3-year, 6-month tenor). They are unsecured, unsubordinated obligations of JPMorgan Chase Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Pay-off profile

Upside Leverage: 1.23× positive Index Return, with no cap.
Buffer: First 20 % decline in the Index is absorbed; beyond the buffer, investors lose point-for-point down to a maximum loss of 80 %.
No coupons or interim payments.

Key economics

Issue price: $1,000 per note.
Estimated value at pricing: $977.70 (reflects dealer margin and hedging costs).
Selling commission: $9.50 per note (0.95 %).
Issuer proceeds: $990.50 per note.
CUSIP: 48136FDA7.
Initial Index level: 516.24.

Risk highlights

Principal is not protected; a ≥40 % fall in the Index cuts principal dollar-for-dollar beyond the 20 % buffer (e.g., –50 % Index → $700 repayment).
Credit exposure to both the issuer (a finance subsidiary with limited assets) and guarantor.
Liquidity risk: no exchange listing; secondary market, if any, will be made only by JPMS and likely below issue price.
Estimated value below offer price indicates upfront costs embedded in the structure.
Potential conflicts of interest as JPMorgan entities act as issuer, guarantor, calculation agent and hedging counterparty.

Tax treatment: Counsel believes the notes may be treated as “open transactions,” but the IRS could challenge this view; investors should consult advisers.

Who might consider the notes? Investors with a moderately bullish 2½-year view on U.S. equities who can tolerate significant downside, are comfortable with issuer credit risk, and value leveraged uncapped upside combined with a 20 % buffer.

JPMorgan Chase Financial Company LLC offre 481.000 $ in Uncapped Buffered Return Enhanced Notes collegati all'indice S&P 500® Futures Excess Return (SPXFP). Le note sono state quotate il 2 luglio 2025, con regolamento previsto intorno all’8 luglio 2025 e scadenza il 6 gennaio 2028 (durata di 3 anni e 6 mesi). Sono obbligazioni non garantite e non subordinate di JPMorgan Chase Financial, garantite in modo pieno e incondizionato da JPMorgan Chase & Co.

Profilo di rendimento

Leva al rialzo: 1,23× rendimento positivo dell’indice, senza limite massimo.
Buffer: il primo 20% di ribasso dell’indice è assorbito; oltre questa soglia, gli investitori subiscono perdite punto per punto fino a un massimo dell’80%.
Nessun coupon o pagamento intermedio.

Dettagli economici principali

Prezzo di emissione: 1.000 $ per nota.
Valore stimato alla quotazione: 977,70 $ (inclusi margine del dealer e costi di copertura).
Commissione di vendita: 9,50 $ per nota (0,95%).
Proventi per l’emittente: 990,50 $ per nota.
CUSIP: 48136FDA7.
Livello iniziale dell’indice: 516,24.

Rischi principali

Il capitale non è protetto; un ribasso ≥40% dell’indice comporta una perdita proporzionale sul capitale oltre il buffer del 20% (es. –50% indice → rimborso di 700 $).
Rischio di credito sia sull’emittente (una controllata finanziaria con asset limitati) che sul garante.
Rischio di liquidità: nessuna quotazione in borsa; il mercato secondario, se presente, sarà gestito solo da JPMS e probabilmente a prezzi inferiori a quelli di emissione.
Il valore stimato inferiore al prezzo di offerta indica costi iniziali incorporati nella struttura.
Possibili conflitti di interesse poiché entità JPMorgan agiscono come emittente, garante, agente di calcolo e controparte di copertura.

Trattamento fiscale: I consulenti ritengono che le note possano essere considerate “transazioni aperte”, ma l’IRS potrebbe contestare questa interpretazione; si consiglia agli investitori di consultare i propri consulenti.

Chi potrebbe considerare queste note? Investitori con una visione moderatamente rialzista di 2 anni e mezzo sulle azioni USA, che tollerano un significativo rischio di ribasso, sono a loro agio con il rischio di credito dell’emittente e apprezzano un potenziale rialzo senza limite con leva 1,23× e un buffer del 20%.

JPMorgan Chase Financial Company LLC ofrece 481,000 $ en Notas Mejoradas con Retorno Amortiguado Sin Límite vinculadas al índice S&P 500® Futures Excess Return (SPXFP). Las notas se emitieron el 2 de julio de 2025, se liquidan aproximadamente el 8 de julio de 2025 y vencen el 6 de enero de 2028 (plazo de 3 años y 6 meses). Son obligaciones no garantizadas y no subordinadas de JPMorgan Chase Financial, garantizadas total y condicionalmente por JPMorgan Chase & Co.

Perfil de pago

Apalancamiento al alza: 1,23× retorno positivo del índice, sin límite máximo.
Amortiguador: se absorbe la primera caída del 20% del índice; más allá de este amortiguador, los inversores pierden punto por punto hasta un máximo del 80%.
No hay cupones ni pagos intermedios.

Aspectos económicos clave

Precio de emisión: 1,000 $ por nota.
Valor estimado en la emisión: 977.70 $ (incluye margen del distribuidor y costos de cobertura).
Comisión de venta: 9.50 $ por nota (0.95%).
Ingresos para el emisor: 990.50 $ por nota.
CUSIP: 48136FDA7.
Nivel inicial del índice: 516.24.

Aspectos de riesgo

El principal no está protegido; una caída ≥40% del índice reduce el principal punto por punto más allá del amortiguador del 20% (ejemplo: –50% índice → reembolso de 700 $).
Exposición crediticia tanto al emisor (una subsidiaria financiera con activos limitados) como al garante.
Riesgo de liquidez: no cotiza en bolsa; el mercado secundario, si existe, será gestionado solo por JPMS y probablemente a precios inferiores al de emisión.
El valor estimado por debajo del precio de oferta indica costos iniciales incorporados en la estructura.
Posibles conflictos de interés ya que entidades de JPMorgan actúan como emisor, garante, agente de cálculo y contraparte de cobertura.

Tratamiento fiscal: Los asesores creen que las notas pueden tratarse como “transacciones abiertas”, pero el IRS podría cuestionar esta postura; se recomienda a los inversores consultar con sus asesores.

¿Quién podría considerar estas notas? Inversores con una visión moderadamente alcista de 2 años y medio sobre acciones estadounidenses, que toleren un riesgo significativo a la baja, estén cómodos con el riesgo crediticio del emisor y valoren un potencial alza apalancada sin límite con un amortiguador del 20%.

JPMorgan Chase Financial Company LLC는 S&P 500® 선물 초과 수익 지수(SPXFP)에 연계된 무제한 버퍼드 리턴 향상 노트 481,000달러를 제공합니다. 이 노트는 2025년 7월 2일에 가격이 책정되었으며, 2025년 7월 8일경에 결제되고, 2028년 1월 6일에 만기됩니다(3년 6개월 만기). 이들은 JPMorgan Chase Financial의 무담보, 비후순위 채무이며 JPMorgan Chase & Co.가 전면적이고 무조건적으로 보증합니다.

지급 구조

상승 레버리지: 지수 수익률의 1.23배, 상한 없음.
버퍼: 지수가 처음 20% 하락하는 부분은 흡수하며, 버퍼를 넘는 부분부터 투자자는 최대 80% 손실까지 1:1로 손실을 입습니다.
쿠폰이나 중간 지급 없음.

주요 경제 조건

발행 가격: 노트당 1,000달러.
가격 책정 시 예상 가치: 977.70달러 (딜러 마진 및 헤징 비용 반영).
판매 수수료: 노트당 9.50달러 (0.95%).
발행자 수익: 노트당 990.50달러.
CUSIP: 48136FDA7.
초기 지수 수준: 516.24.

위험 요약

원금은 보호되지 않음; 지수가 40% 이상 하락하면 20% 버퍼를 초과하는 부분에 대해 원금이 1:1로 손실됩니다(예: 지수 –50% → 700달러 상환).
발행자(자산이 제한된 금융 자회사) 및 보증인에 대한 신용 위험.
유동성 위험: 거래소 상장 없음; 2차 시장은 JPMS가 유일하게 운영하며 발행가 이하일 가능성 높음.
예상 가치가 제안 가격보다 낮아 구조 내 선취 비용이 포함됨을 나타냄.
JPMorgan 계열사가 발행자, 보증인, 계산 대리인, 헤징 상대방 역할을 하여 잠재적 이해 상충 가능성 있음.

세무 처리: 자문에 따르면 노트는 “개방 거래(open transactions)”로 처리될 수 있으나 IRS가 이 견해에 이의를 제기할 수 있으므로 투자자는 전문가와 상담해야 합니다.

누가 이 노트를 고려할 수 있나요? 미국 주식에 대해 2년 반 정도의 보통 정도의 강세 전망을 가지고 있으며, 상당한 하락 위험을 감수할 수 있고, 발행자 신용 위험에 대해 편안하며, 20% 버퍼와 결합된 무제한 레버리지 상승 잠재력을 중시하는 투자자에게 적합합니다.

JPMorgan Chase Financial Company LLC propose 481 000 $ de Notes Améliorées à Rendement Tamponné Illimité liées à l’indice S&P 500® Futures Excess Return (SPXFP). Les notes ont été émises le 2 juillet 2025, réglées vers le 8 juillet 2025 et arrivent à échéance le 6 janvier 2028 (durée de 3 ans et 6 mois). Ce sont des obligations non sécurisées et non subordonnées de JPMorgan Chase Financial, garanties pleinement et inconditionnellement par JPMorgan Chase & Co.

Profil de paiement

Effet de levier à la hausse : 1,23× le rendement positif de l’indice, sans plafond.
Tampon : les 20 % premiers de baisse de l’indice sont absorbés ; au-delà, les investisseurs subissent des pertes au point près jusqu’à un maximum de 80 %.
Pas de coupons ni de paiements intermédiaires.

Principaux aspects économiques

Prix d’émission : 1 000 $ par note.
Valeur estimée à la souscription : 977,70 $ (inclut la marge du dealer et les coûts de couverture).
Commission de vente : 9,50 $ par note (0,95 %).
Produits pour l’émetteur : 990,50 $ par note.
CUSIP : 48136FDA7.
Niveau initial de l’indice : 516,24.

Principaux risques

Le capital n’est pas protégé ; une baisse ≥40 % de l’indice entraîne une perte en capital au point près au-delà du tampon de 20 % (ex. : –50 % indice → remboursement de 700 $).
Exposition au risque de crédit vis-à-vis de l’émetteur (filiale financière aux actifs limités) et du garant.
Risque de liquidité : pas de cotation en bourse ; le marché secondaire, s’il existe, sera assuré uniquement par JPMS et probablement à un prix inférieur au prix d’émission.
La valeur estimée inférieure au prix d’offre reflète des coûts initiaux intégrés dans la structure.
Conflits d’intérêts potentiels car les entités JPMorgan agissent comme émetteur, garant, agent de calcul et contrepartie de couverture.

Traitement fiscal : Les conseillers estiment que les notes peuvent être considérées comme des « transactions ouvertes », mais l’IRS pourrait contester cette interprétation ; les investisseurs doivent consulter leurs conseillers.

À qui s’adressent ces notes ? Aux investisseurs modérément haussiers sur les actions américaines sur 2 ans et demi, pouvant tolérer un risque de baisse significatif, à l’aise avec le risque de crédit de l’émetteur et appréciant un potentiel de hausse illimité avec un levier de 1,23× et un tampon de 20 %.

JPMorgan Chase Financial Company LLC bietet 481.000 $ in Uncapped Buffered Return Enhanced Notes an, die an den S&P 500® Futures Excess Return Index (SPXFP) gekoppelt sind. Die Notes wurden am 2. Juli 2025 bepreist, werden etwa am 8. Juli 2025 abgerechnet und laufen am 6. Januar 2028 ab (Laufzeit 3 Jahre und 6 Monate). Es handelt sich um unbesicherte, nicht nachrangige Verbindlichkeiten von JPMorgan Chase Financial, die vollständig und bedingungslos von JPMorgan Chase & Co. garantiert werden.

Auszahlungsprofil

Aufwärtshebel: 1,23× positive Indexrendite, ohne Obergrenze.
Buffer: Die ersten 20 % Rückgang des Index werden absorbiert; darüber hinaus erleiden Anleger Punkt-zu-Punkt-Verluste bis zu maximal 80 %.
Keine Kupons oder Zwischenzahlungen.

Wesentliche wirtschaftliche Eckdaten

Ausgabepreis: 1.000 $ pro Note.
Geschätzter Wert bei Preisfestsetzung: 977,70 $ (berücksichtigt Händler-Marge und Absicherungskosten).
Verkaufsprovision: 9,50 $ pro Note (0,95 %).
Emittentenerlöse: 990,50 $ pro Note.
CUSIP: 48136FDA7.
Initialer Indexstand: 516,24.

Risikohinweise

Das Kapital ist nicht geschützt; ein Rückgang des Index um ≥40 % führt zu einem Dollar-für-Dollar-Verlust des Kapitals über den 20 % Buffer hinaus (z.B. –50 % Index → Rückzahlung von 700 $).
Kreditrisiko gegenüber Emittent (eine Finanztochter mit begrenzten Vermögenswerten) und Garant.
Liquiditätsrisiko: keine Börsennotierung; der Sekundärmarkt, falls vorhanden, wird ausschließlich von JPMS gestellt und wahrscheinlich unter dem Ausgabepreis liegen.
Der geschätzte Wert unter dem Angebotspreis weist auf eingebettete Anfangskosten in der Struktur hin.
Mögliche Interessenkonflikte, da JPMorgan-Einheiten als Emittent, Garant, Berechnungsstelle und Absicherungspartner fungieren.

Steuerliche Behandlung: Rechtsberater gehen davon aus, dass die Notes als „offene Transaktionen“ behandelt werden können, jedoch könnte das IRS diese Ansicht anfechten; Anleger sollten ihre Berater konsultieren.

Für wen sind die Notes geeignet? Für Anleger mit moderat bullischer Sicht auf US-Aktien über 2½ Jahre, die bedeutende Abwärtsrisiken tolerieren, mit dem Kreditrisiko des Emittenten vertraut sind und einen gehebelten, unbegrenzten Aufwärtsspielraum mit 20 % Buffer schätzen.

Positive

20 % downside buffer offers partial principal protection against moderate market declines.
1.23× uncapped upside participation allows leveraged gains if the Index rises over the 2.5-year term.
Full guarantee by JPMorgan Chase & Co. provides investment-grade credit backing.

Negative

Up to 80 % principal loss if the Index falls more than 20 % at maturity.
No periodic interest or dividend participation, reducing total return versus direct equity exposure.
Estimated value ($977.70) below offer price highlights embedded fees and dealer margins.
Limited secondary market; liquidity depends solely on JPMS repurchase interest, likely at a discount.
Index roll yield drag could cause underperformance relative to the S&P 500 spot index even in rising markets.

Insights

TL;DR Three-year note offers 1.23× upside with 20 % buffer, but embeds high fees, limited liquidity and 80 % maximum loss.

From a structural viewpoint, this issuance is a classic return-enhanced buffered note. The 1.23 leverage is modest; comparable products often price at 1.25-1.30 for a three-year tenor. Investors pay a 2.2 % premium over the model value (issue price vs. $977.70 estimate), reflecting commission and hedge costs. Given current low-volatility conditions, the 20 % buffer may be consumed quickly if equity markets mean-revert or experience futures-market dislocations. Because the index measures excess-return futures, negative roll yield in contango environments can drag performance versus spot S&P 500. Overall impact: neutral for JPM’s capital structure and earnings; product risk resides with purchasers.

TL;DR Product shifts equity risk to retail buyers; downside far outweighs modest upside leverage under typical drawdown scenarios.

The note removes dividends and compounds roll costs, meaning the underlying historically lags the S&P 500 Total Return by ~250-300 bps annually. Scenario analysis shows breakeven requires a 0.81 % Index gain (issue premium plus funding spread). A one-standard-deviation equity drawdown (~25 %) would leave investors unprotected for 5 % and wipe 4 × that excess beyond the buffer. With no interim liquidity guarantee and JPMS bid-offer spreads likely 2-3 %, early exit could crystallise double-digit losses even in flat markets. For diversified portfolios the asymmetric payoff is better replicated through vanilla futures plus a put spread collar at lower cost. I therefore view investor economics as unattractive.

Profilo di rendimento

Leva al rialzo: 1,23× rendimento positivo dell’indice, senza limite massimo.
Buffer: il primo 20% di ribasso dell’indice è assorbito; oltre questa soglia, gli investitori subiscono perdite punto per punto fino a un massimo dell’80%.
Nessun coupon o pagamento intermedio.

Dettagli economici principali

Prezzo di emissione: 1.000 $ per nota.
Valore stimato alla quotazione: 977,70 $ (inclusi margine del dealer e costi di copertura).
Commissione di vendita: 9,50 $ per nota (0,95%).
Proventi per l’emittente: 990,50 $ per nota.
CUSIP: 48136FDA7.
Livello iniziale dell’indice: 516,24.

Rischi principali

Il capitale non è protetto; un ribasso ≥40% dell’indice comporta una perdita proporzionale sul capitale oltre il buffer del 20% (es. –50% indice → rimborso di 700 $).
Rischio di credito sia sull’emittente (una controllata finanziaria con asset limitati) che sul garante.
Rischio di liquidità: nessuna quotazione in borsa; il mercato secondario, se presente, sarà gestito solo da JPMS e probabilmente a prezzi inferiori a quelli di emissione.
Il valore stimato inferiore al prezzo di offerta indica costi iniziali incorporati nella struttura.
Possibili conflitti di interesse poiché entità JPMorgan agiscono come emittente, garante, agente di calcolo e controparte di copertura.

Perfil de pago

Apalancamiento al alza: 1,23× retorno positivo del índice, sin límite máximo.
Amortiguador: se absorbe la primera caída del 20% del índice; más allá de este amortiguador, los inversores pierden punto por punto hasta un máximo del 80%.
No hay cupones ni pagos intermedios.

Aspectos económicos clave

Precio de emisión: 1,000 $ por nota.
Valor estimado en la emisión: 977.70 $ (incluye margen del distribuidor y costos de cobertura).
Comisión de venta: 9.50 $ por nota (0.95%).
Ingresos para el emisor: 990.50 $ por nota.
CUSIP: 48136FDA7.
Nivel inicial del índice: 516.24.

Aspectos de riesgo

El principal no está protegido; una caída ≥40% del índice reduce el principal punto por punto más allá del amortiguador del 20% (ejemplo: –50% índice → reembolso de 700 $).
Exposición crediticia tanto al emisor (una subsidiaria financiera con activos limitados) como al garante.
Riesgo de liquidez: no cotiza en bolsa; el mercado secundario, si existe, será gestionado solo por JPMS y probablemente a precios inferiores al de emisión.
El valor estimado por debajo del precio de oferta indica costos iniciales incorporados en la estructura.
Posibles conflictos de interés ya que entidades de JPMorgan actúan como emisor, garante, agente de cálculo y contraparte de cobertura.

지급 구조

상승 레버리지: 지수 수익률의 1.23배, 상한 없음.
버퍼: 지수가 처음 20% 하락하는 부분은 흡수하며, 버퍼를 넘는 부분부터 투자자는 최대 80% 손실까지 1:1로 손실을 입습니다.
쿠폰이나 중간 지급 없음.

주요 경제 조건

발행 가격: 노트당 1,000달러.
가격 책정 시 예상 가치: 977.70달러 (딜러 마진 및 헤징 비용 반영).
판매 수수료: 노트당 9.50달러 (0.95%).
발행자 수익: 노트당 990.50달러.
CUSIP: 48136FDA7.
초기 지수 수준: 516.24.

위험 요약

원금은 보호되지 않음; 지수가 40% 이상 하락하면 20% 버퍼를 초과하는 부분에 대해 원금이 1:1로 손실됩니다(예: 지수 –50% → 700달러 상환).
발행자(자산이 제한된 금융 자회사) 및 보증인에 대한 신용 위험.
유동성 위험: 거래소 상장 없음; 2차 시장은 JPMS가 유일하게 운영하며 발행가 이하일 가능성 높음.
예상 가치가 제안 가격보다 낮아 구조 내 선취 비용이 포함됨을 나타냄.
JPMorgan 계열사가 발행자, 보증인, 계산 대리인, 헤징 상대방 역할을 하여 잠재적 이해 상충 가능성 있음.

Profil de paiement

Effet de levier à la hausse : 1,23× le rendement positif de l’indice, sans plafond.
Tampon : les 20 % premiers de baisse de l’indice sont absorbés ; au-delà, les investisseurs subissent des pertes au point près jusqu’à un maximum de 80 %.
Pas de coupons ni de paiements intermédiaires.

Principaux aspects économiques

Prix d’émission : 1 000 $ par note.
Valeur estimée à la souscription : 977,70 $ (inclut la marge du dealer et les coûts de couverture).
Commission de vente : 9,50 $ par note (0,95 %).
Produits pour l’émetteur : 990,50 $ par note.
CUSIP : 48136FDA7.
Niveau initial de l’indice : 516,24.

Principaux risques

Le capital n’est pas protégé ; une baisse ≥40 % de l’indice entraîne une perte en capital au point près au-delà du tampon de 20 % (ex. : –50 % indice → remboursement de 700 $).
Exposition au risque de crédit vis-à-vis de l’émetteur (filiale financière aux actifs limités) et du garant.
Risque de liquidité : pas de cotation en bourse ; le marché secondaire, s’il existe, sera assuré uniquement par JPMS et probablement à un prix inférieur au prix d’émission.
La valeur estimée inférieure au prix d’offre reflète des coûts initiaux intégrés dans la structure.
Conflits d’intérêts potentiels car les entités JPMorgan agissent comme émetteur, garant, agent de calcul et contrepartie de couverture.

Auszahlungsprofil

Aufwärtshebel: 1,23× positive Indexrendite, ohne Obergrenze.
Buffer: Die ersten 20 % Rückgang des Index werden absorbiert; darüber hinaus erleiden Anleger Punkt-zu-Punkt-Verluste bis zu maximal 80 %.
Keine Kupons oder Zwischenzahlungen.

Wesentliche wirtschaftliche Eckdaten

Ausgabepreis: 1.000 $ pro Note.
Geschätzter Wert bei Preisfestsetzung: 977,70 $ (berücksichtigt Händler-Marge und Absicherungskosten).
Verkaufsprovision: 9,50 $ pro Note (0,95 %).
Emittentenerlöse: 990,50 $ pro Note.
CUSIP: 48136FDA7.
Initialer Indexstand: 516,24.

Risikohinweise

Das Kapital ist nicht geschützt; ein Rückgang des Index um ≥40 % führt zu einem Dollar-für-Dollar-Verlust des Kapitals über den 20 % Buffer hinaus (z.B. –50 % Index → Rückzahlung von 700 $).
Kreditrisiko gegenüber Emittent (eine Finanztochter mit begrenzten Vermögenswerten) und Garant.
Liquiditätsrisiko: keine Börsennotierung; der Sekundärmarkt, falls vorhanden, wird ausschließlich von JPMS gestellt und wahrscheinlich unter dem Ausgabepreis liegen.
Der geschätzte Wert unter dem Angebotspreis weist auf eingebettete Anfangskosten in der Struktur hin.
Mögliche Interessenkonflikte, da JPMorgan-Einheiten als Emittent, Garant, Berechnungsstelle und Absicherungspartner fungieren.

07/07/2025 - 01:05 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Vestberg Hans Erik

(Last)

(First)

(Middle)

VERIZON COMMUNICATIONS INC.

1095 AVENUE OF THE AMERICAS

(Street)

NEW YORK

10036

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
VERIZON COMMUNICATIONS INC [ VZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock (unitized)	⁽¹⁾	07/02/2025		A		213.383		⁽¹⁾	⁽¹⁾	Common Stock	61	$12.44	194,903.248⁽²⁾	I	By Deferred Compensation Plan

Explanation of Responses:

1. Each share of phantom stock is the economic equivalent of a portion of one share of common stock and is settled in cash. The shares of phantom stock become payable upon events established by the reporting person in accordance with the deferred compensation plan.

2. Includes phantom stock acquired through dividend reinvestment.

Remarks:

	Evgeniya Berezkina, Attorney-in-fact for Hans Erik Vestberg	07/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What is the Upside Leverage Factor on the JPMorgan Uncapped Buffered Notes?

The notes credit 1.23 times any positive Index Return, with no cap on gains.

How much principal protection do investors have at maturity?

A 20 % buffer protects against the first 20 % decline; losses begin beyond that and can reach 80 % of principal.

When do the notes mature and what is the term length?

They mature on 6 January 2028, roughly 3 years and 6 months after settlement.

Why is the estimated value lower than the $1,000 issue price?

The $977.70 estimate excludes selling commissions, hedging profits and structuring costs embedded in the offer price.

Are the notes listed on an exchange?

No. The notes will not be listed; any resale must occur through J.P. Morgan Securities LLC at prevailing bid prices.

What index underlies the notes and how is it different from the S&P 500?

The notes reference the S&P 500 Futures Excess Return Index, which tracks front-month E-mini futures and excludes dividends, introducing roll-yield effects.

[Form 4] Verizon Communications Insider Trading Activity

Insights

FAQ

What is the Upside Leverage Factor on the JPMorgan Uncapped Buffered Notes?

How much principal protection do investors have at maturity?

When do the notes mature and what is the term length?

Why is the estimated value lower than the $1,000 issue price?

Are the notes listed on an exchange?

What index underlies the notes and how is it different from the S&P 500?

NYSE:VZ

VZ Rankings

VZ Latest News

VZ Latest SEC Filings

VZ Stock Data

Trending News

[Form 4] Verizon Communications Insider Trading Activity

Insights

Structured Products Analyst neutral

Portfolio Risk Manager negative

FAQ

What is the Upside Leverage Factor on the JPMorgan Uncapped Buffered Notes?

How much principal protection do investors have at maturity?

When do the notes mature and what is the term length?

Why is the estimated value lower than the $1,000 issue price?

Are the notes listed on an exchange?

What index underlies the notes and how is it different from the S&P 500?

NYSE:VZ

VZ Rankings

VZ Latest News

VZ Latest SEC Filings

VZ Stock Data