[Form 4] Worthington Enterprises, Inc. Insider Trading Activity

Q: What is the maximum return on JPMorgan's Trigger In-Digital Notes (symbol VYLD)?

If the Final Value of Brent futures is at or above 70 % of the initial level on 25 Sep 2026, holders receive principal plus a fixed 11-12 % Digital Return.

Q: How much principal can I lose on the VYLD 424B2 Notes?

If Brent falls below the Downside Threshold (70 % of initial), your payout declines one-for-one with the futures price and can reach $0 in a worst-case scenario.

Q: Who guarantees payment on these Trigger In-Digital Notes?

The issuer is JPMorgan Chase Financial Company LLC; all payments are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Q: Are the Notes listed on an exchange or insured by the FDIC?

No. The Notes are not exchange-listed and not FDIC-insured; liquidity depends on dealer bids, and investors bear full credit risk.

Q: What is the estimated value compared with the $10 issue price?

On the indicative pricing date, the estimated value is approximately $9.651 and will not be set below $9.50 when terms are finalized.

Q: When will the Digital Return, Initial Value and thresholds be finalized?

They will be fixed on the Trade Date (2 Jul 2025) and disclosed in the final pricing supplement.

Filing Impact

(Low)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is marketing Trigger In-Digital Notes that mature on or about 30 September 2026 and are fully and unconditionally guaranteed by JPMorgan Chase & Co. The Notes are linked to the first-nearby Brent crude oil futures contract (CO1) or, on the expiry day of that contract, the second-nearby contract (CO2).

Key economic terms

Issue price: $10 per Note (minimum purchase 100 Notes).
Term: ≈ 15 months (Trade Date 2 Jul 2025; Maturity 30 Sep 2026).
Digital Return: to be fixed on the Trade Date, expected between 11.00 % – 12.00 %.
Digital Barrier / Downside Threshold: 70 % of the Initial Value (rounded to two decimals).
Payment at maturity: • If Final Value ≥ Barrier → principal + Digital Return. • If Final Value < Barrier → principal reduced dollar-for-dollar with the negative Underlying Return, with a minimum of $0.
No periodic coupons & no interim principal protection.
Secondary market: not exchange-listed; any liquidity relies on J.P. Morgan Securities (JPMS) acting as bid provider.
Fees: selling concession to UBS ≤ $0.20 per $10 Note; proceeds to issuer ≈ $9.80.
Estimated value on pricing date: expected ≥ $9.50 (illustrative $9.651 today), i.e. 3 %–5 % below issue price.

Investor profile — Suitable only for investors who (1) can tolerate full principal loss, (2) expect Brent crude to finish ≥ 70 % of its initial level in September 2026, (3) are comfortable foregoing upside above 11-12 %, and (4) accept credit and liquidity risk from JPMorgan Financial/JPMorgan Chase & Co.

Principal risk highlights

Full downside exposure below the 70 % threshold may result in up to 100 % loss of principal.
Limited upside is capped at the fixed Digital Return even if Brent appreciates far beyond the barrier.
Credit risk of both JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
Liquidity risk: Notes are not listed; secondary bids, if any, likely below issue price and may reflect an internal funding rate.
Estimated value discount to issue price reflects embedded costs (commissions, hedging, structuring) and is expected to amortise over roughly seven months.
Tax uncertainty: treated as an “open transaction” for U.S. tax purposes; IRS could challenge this view.

In short, investors receive a fixed 11-12 % return if Brent does not fall more than 30 % over 15 months, but assume unlimited downside beyond that point and face typical structured-product complexities (valuation opacity, liquidity constraints, credit exposure and tax ambiguity).

JPMorgan Chase Financial Company LLC propone Trigger In-Digital Notes con scadenza prevista intorno al 30 settembre 2026, garantite in modo pieno e incondizionato da JPMorgan Chase & Co. Le Note sono collegate al contratto futures sul petrolio Brent più vicino alla scadenza (CO1) oppure, nel giorno di scadenza di quel contratto, al secondo contratto più vicino (CO2).

Termini economici principali

Prezzo di emissione: 10 $ per Nota (acquisto minimo 100 Note).
Durata: circa 15 mesi (Data di negoziazione 2 luglio 2025; Scadenza 30 settembre 2026).
Rendimento Digitale: fissato alla Data di negoziazione, previsto tra 11,00 % – 12,00 %.
Barriera Digitale / Soglia di Ribasso: 70 % del Valore Iniziale (arrotondato a due decimali).
Pagamento a scadenza: • Se Valore Finale ≥ Barriera → capitale + Rendimento Digitale. • Se Valore Finale < Barriera → capitale ridotto in modo proporzionale alla perdita dell’Underlying, con un minimo di $0.
Non sono previsti coupon periodici né protezione intermedia del capitale.
Mercato secondario: non quotate in borsa; la liquidità dipende dall’intervento di J.P. Morgan Securities (JPMS) come offerente.
Commissioni: concessione di vendita a UBS ≤ 0,20 $ per Nota da 10 $; ricavi per l’emittente circa 9,80 $.
Valore stimato alla data di prezzo: previsto ≥ 9,50 $ (esemplificativo 9,651 $ oggi), cioè 3 %–5 % sotto il prezzo di emissione.

Profilo dell’investitore — Adatto solo a investitori che (1) possono sopportare la perdita totale del capitale, (2) prevedono che il Brent chiuda a settembre 2026 almeno al 70 % del valore iniziale, (3) sono disposti a rinunciare a guadagni superiori all’11-12 %, e (4) accettano il rischio di credito e liquidità legato a JPMorgan Financial/JPMorgan Chase & Co.

Principali rischi

Esposizione totale al ribasso sotto la soglia del 70 %, con possibile perdita fino al 100 % del capitale.
Rendimento limitato massimo al Rendimento Digitale fissato, anche se il Brent cresce molto oltre la barriera.
Rischio di credito legato sia a JPMorgan Financial (emittente) sia a JPMorgan Chase & Co. (garante).
Rischio di liquidità: le Note non sono quotate; eventuali offerte nel mercato secondario probabilmente inferiori al prezzo di emissione e potrebbero riflettere un tasso interno di finanziamento.
Sconto sul valore stimato rispetto al prezzo di emissione riflette costi incorporati (commissioni, coperture, strutturazione) e si prevede venga ammortizzato in circa sette mesi.
Incertezza fiscale: considerate come “transazione aperta” per fini fiscali USA; l’IRS potrebbe contestare questa classificazione.

In sintesi, l’investitore ottiene un rendimento fisso tra l’11 e il 12 % se il Brent non scende oltre il 30 % in 15 mesi, ma assume un rischio illimitato al ribasso oltre tale soglia, affrontando inoltre le complessità tipiche dei prodotti strutturati (opacità nella valutazione, limiti di liquidità, esposizione al credito e incertezze fiscali).

JPMorgan Chase Financial Company LLC está comercializando Trigger In-Digital Notes que vencen aproximadamente el 30 de septiembre de 2026 y están garantizadas de manera total e incondicional por JPMorgan Chase & Co. Las Notas están vinculadas al contrato de futuros de petróleo Brent más cercano a vencimiento (CO1) o, en el día de vencimiento de ese contrato, al segundo contrato más cercano (CO2).

Términos económicos clave

Precio de emisión: $10 por Nota (compra mínima 100 Notas).
Plazo: aproximadamente 15 meses (Fecha de negociación 2 de julio de 2025; Vencimiento 30 de septiembre de 2026).
Retorno Digital: fijado en la Fecha de negociación, esperado entre 11.00 % – 12.00 %.
Barrera Digital / Umbral a la Baja: 70 % del Valor Inicial (redondeado a dos decimales).
Pago al vencimiento: • Si Valor Final ≥ Barrera → principal + Retorno Digital. • Si Valor Final < Barrera → principal reducido dólar por dólar con la pérdida del Subyacente, con un mínimo de $0.
No hay cupones periódicos ni protección intermedia del principal.
Mercado secundario: no cotizado en bolsa; cualquier liquidez depende de J.P. Morgan Securities (JPMS) actuando como proveedor de oferta.
Comisiones: concesión de venta a UBS ≤ $0.20 por Nota de $10; ingresos para el emisor ≈ $9.80.
Valor estimado en la fecha de precio: esperado ≥ $9.50 (ilustrativo $9.651 hoy), es decir, 3 %–5 % por debajo del precio de emisión.

Perfil del inversor — Adecuado solo para inversores que (1) puedan tolerar la pérdida total del principal, (2) esperen que el Brent termine en septiembre de 2026 al menos al 70 % de su nivel inicial, (3) estén cómodos renunciando a ganancias superiores al 11-12 %, y (4) acepten el riesgo de crédito y liquidez de JPMorgan Financial/JPMorgan Chase & Co.

Aspectos clave de riesgo

Exposición total a la baja por debajo del umbral del 70 %, que puede resultar en una pérdida de hasta el 100 % del principal.
Ganancia limitada está limitada al Retorno Digital fijo incluso si el Brent se aprecia mucho más allá de la barrera.
Riesgo crediticio tanto de JPMorgan Financial (emisor) como de JPMorgan Chase & Co. (garante).
Riesgo de liquidez: las Notas no están listadas; las ofertas secundarias, si las hay, probablemente estén por debajo del precio de emisión y pueden reflejar una tasa interna de financiamiento.
Descuento estimado respecto al precio de emisión refleja costos incorporados (comisiones, cobertura, estructuración) y se espera que se amortice en aproximadamente siete meses.
Incertidumbre fiscal: tratadas como una “transacción abierta” para fines fiscales en EE.UU.; el IRS podría cuestionar esta clasificación.

En resumen, los inversores reciben un retorno fijo del 11-12 % si el Brent no cae más del 30 % en 15 meses, pero asumen riesgo ilimitado a la baja más allá de ese punto y enfrentan las complejidades típicas de los productos estructurados (opacidad en la valoración, limitaciones de liquidez, exposición crediticia y ambigüedad fiscal).

JPMorgan Chase Financial Company LLC는 만기일이 2026년 9월 30일경인 Trigger In-Digital Notes를 판매하며, 이는 JPMorgan Chase & Co.가 전액 무조건 보증합니다. 이 노트들은 가장 가까운 만기 브렌트 원유 선물 계약(CO1) 또는 해당 계약 만기일에는 두 번째로 가까운 계약(CO2)에 연동되어 있습니다.

주요 경제 조건

발행 가격: 노트당 10달러 (최소 구매 100노트).
기간: 약 15개월 (거래일 2025년 7월 2일; 만기 2026년 9월 30일).
디지털 수익률: 거래일에 확정되며, 예상 범위는 11.00 % – 12.00 %입니다.
디지털 장벽 / 하락 임계값: 초기 가치의 70 % (소수점 둘째 자리까지 반올림).
만기 지급: • 최종 가치 ≥ 장벽 → 원금 + 디지털 수익률 지급. • 최종 가치 < 장벽 → 기초자산 손실에 따라 원금이 달러 단위로 감소하며, 최소 지급액은 $0입니다.
정기 쿠폰 없음 및 중간 원금 보호 없음.
2차 시장: 상장되지 않음; 유동성은 J.P. Morgan Securities (JPMS)의 매수 호가 제공에 의존.
수수료: UBS에 판매 수수료 최대 $0.20/10달러 노트; 발행자 수익 약 $9.80.
가격 산정일 예상 가치: ≥ $9.50 예상 (오늘 기준 예시 $9.651), 즉 발행가보다 3 %–5 % 낮음.

투자자 프로필 — (1) 원금 전액 손실을 견딜 수 있고, (2) 2026년 9월 브렌트 원유가 초기 가치의 70 % 이상으로 마감할 것으로 예상하며, (3) 11-12 % 이상의 상승 이익을 포기할 수 있고, (4) JPMorgan Financial/JPMorgan Chase & Co.의 신용 및 유동성 위험을 수용할 수 있는 투자자에게 적합합니다.

주요 위험 요약

70 % 임계값 이하에서 전액 손실 위험이 있어 원금 최대 100 % 손실 가능.
상승 이익 제한은 디지털 수익률로 고정되어, 브렌트 가격이 장벽을 훨씬 초과 상승해도 추가 이익 없음.
신용 위험: 발행사 JPMorgan Financial과 보증사 JPMorgan Chase & Co. 모두에 존재.
유동성 위험: 노트가 상장되지 않아 2차 시장 매수 호가가 발행가보다 낮을 수 있으며 내부 자금 조달 비용 반영 가능.
예상 가치 할인은 수수료, 헤지, 구조화 비용을 포함하며 약 7개월에 걸쳐 상각될 예정.
세금 불확실성: 미국 세법상 "개방 거래"로 간주되며, IRS가 이 해석에 이의를 제기할 수 있음.

요약하면, 투자자는 15개월 동안 브렌트 가격이 30 % 이상 하락하지 않으면 11-12 %의 고정 수익을 얻지만, 그 이상 하락 시 무한한 하락 위험을 부담하며, 구조화 상품 특유의 복잡성(평가 불투명성, 유동성 제한, 신용 위험, 세금 불확실성)도 감수해야 합니다.

JPMorgan Chase Financial Company LLC commercialise des Trigger In-Digital Notes arrivant à échéance aux alentours du 30 septembre 2026, entièrement et inconditionnellement garantis par JPMorgan Chase & Co. Ces Notes sont liées au contrat à terme Brent le plus proche (CO1) ou, le jour de l’échéance de ce contrat, au deuxième contrat le plus proche (CO2).

Principaux termes économiques

Prix d’émission : 10 $ par Note (achat minimum 100 Notes).
Durée : environ 15 mois (Date de transaction 2 juillet 2025 ; Échéance 30 septembre 2026).
Rendement Digital : fixé à la Date de transaction, attendu entre 11,00 % – 12,00 %.
Barrière Digitale / Seuil de baisse : 70 % de la Valeur Initiale (arrondi à deux décimales).
Paiement à l’échéance : • Si Valeur Finale ≥ Barrière → capital + Rendement Digital. • Si Valeur Finale < Barrière → capital réduit dollar pour dollar selon la perte du Sous-jacent, avec un minimum de 0 $.
Pas de coupons périodiques ni de protection intermédiaire du capital.
Marché secondaire : non coté en bourse ; toute liquidité dépendra de J.P. Morgan Securities (JPMS) agissant comme teneur de marché.
Frais : concession de vente à UBS ≤ 0,20 $ par Note de 10 $ ; produit pour l’émetteur ≈ 9,80 $.
Valeur estimée à la date de tarification : attendue ≥ 9,50 $ (exemple 9,651 $ aujourd’hui), soit 3 %–5 % en dessous du prix d’émission.

Profil de l’investisseur — Convient uniquement aux investisseurs qui (1) peuvent supporter une perte totale du capital, (2) s’attendent à ce que le Brent termine en septembre 2026 à au moins 70 % de son niveau initial, (3) acceptent de renoncer à un gain supérieur à 11-12 %, et (4) acceptent le risque de crédit et de liquidité lié à JPMorgan Financial/JPMorgan Chase & Co.

Principaux risques

Exposition totale à la baisse en dessous du seuil de 70 %, pouvant entraîner une perte totale du capital.
Gain limité plafonné au Rendement Digital fixe, même si le Brent s’apprécie bien au-delà de la barrière.
Risque de crédit de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant).
Risque de liquidité : Notes non cotées ; les offres secondaires, si elles existent, seront probablement inférieures au prix d’émission et pourraient refléter un taux de financement interne.
Décote estimée par rapport au prix d’émission reflète les coûts incorporés (commissions, couverture, structuration) et devrait s’amortir sur environ sept mois.
Incertitude fiscale : traitées comme une « transaction ouverte » aux fins fiscales américaines ; l’IRS pourrait contester cette qualification.

En résumé, les investisseurs bénéficient d’un rendement fixe de 11-12 % si le Brent ne baisse pas de plus de 30 % en 15 mois, mais assument un risque illimité à la baisse au-delà de ce seuil et doivent faire face aux complexités typiques des produits structurés (opacité de valorisation, contraintes de liquidité, exposition au crédit et incertitudes fiscales).

JPMorgan Chase Financial Company LLC bietet Trigger In-Digital Notes an, die am oder um den 30. September 2026 fällig werden und vollständig und bedingungslos von JPMorgan Chase & Co. garantiert sind. Die Notes sind an den nächstfälligen Brent-Rohöl-Futures-Kontrakt (CO1) oder am Verfallstag dieses Kontrakts an den zweitnächstfälligen Kontrakt (CO2) gekoppelt.

Wesentliche wirtschaftliche Bedingungen

Ausgabepreis: 10 $ pro Note (Mindestkauf 100 Notes).
Laufzeit: ca. 15 Monate (Handelstag 2. Juli 2025; Fälligkeit 30. September 2026).
Digitaler Ertrag: am Handelstag festgelegt, erwartet zwischen 11,00 % – 12,00 %.
Digitale Barriere / Abwärts-Schwelle: 70 % des Anfangswerts (auf zwei Dezimalstellen gerundet).
Zahlung bei Fälligkeit: • Wenn Endwert ≥ Barriere → Kapital + digitaler Ertrag. • Wenn Endwert < Barriere → Kapital um den negativen Basiswertverlust dollarweise reduziert, mindestens jedoch $0.
Keine periodischen Kupons und kein Zwischenschutz des Kapitals.
Sekundärmarkt: nicht börsennotiert; jegliche Liquidität hängt davon ab, dass J.P. Morgan Securities (JPMS) als Käufer auftritt.
Gebühren: Verkaufsprovision an UBS ≤ 0,20 $ pro 10 $ Note; Erlöse für den Emittenten ca. 9,80 $.
Geschätzter Wert am Preisstellungstag: erwartet ≥ 9,50 $ (heute illustrativ 9,651 $), d.h. 3 %–5 % unter dem Ausgabepreis.

Investorprofil — Geeignet nur für Anleger, die (1) einen vollständigen Kapitalverlust tolerieren können, (2) erwarten, dass Brent im September 2026 mindestens 70 % des Anfangswerts erreicht, (3) auf Kursgewinne über 11-12 % verzichten können und (4) Kredit- und Liquiditätsrisiken von JPMorgan Financial/JPMorgan Chase & Co. akzeptieren.

Wesentliche Risikohighlights

Volle Abwärtsrisiken unterhalb der 70 %-Schwelle mit einem möglichen Totalverlust des Kapitals.
Begrenzte Aufwärtschancen, da der Ertrag auf den festen Digital Return begrenzt ist, selbst wenn Brent weit über die Barriere steigt.
Kreditrisiko sowohl des Emittenten JPMorgan Financial als auch des Garanten JPMorgan Chase & Co.
Liquiditätsrisiko: Notes sind nicht börsennotiert; Sekundärmarktangebote, falls vorhanden, liegen wahrscheinlich unter dem Ausgabepreis und spiegeln möglicherweise eine interne Finanzierungskostenrate wider.
Geschätzter Wertabschlag gegenüber dem Ausgabepreis spiegelt eingebaute Kosten (Provisionen, Absicherung, Strukturierung) wider und soll über etwa sieben Monate abgeschrieben werden.
Steuerliche Unsicherheit: Für US-Steuerzwecke als „offene Transaktion“ behandelt; IRS könnte diese Sichtweise anfechten.

Kurz gesagt, Anleger erhalten eine feste Rendite von 11-12 %, wenn Brent in 15 Monaten nicht mehr als 30 % fällt, tragen jedoch unbegrenztes Abwärtsrisiko darüber hinaus und müssen die typischen Komplexitäten strukturierter Produkte (Bewertungsunklarheit, Liquiditätsbeschränkungen, Kreditrisiko und steuerliche Unsicherheiten) akzeptieren.

Positive

11-12 % fixed return available in approximately 15 months if Brent futures remain ≥ 70 % of initial value.
30 % downside cushion before any principal is at risk offers limited protection versus spot exposure.
Obligations are guaranteed by JPMorgan Chase & Co., a large investment-grade institution.

Negative

Unlimited downside below 70 % barrier could lead to total loss of principal.
Upside capped at Digital Return; investors forego any Brent appreciation beyond ~12 %.
Estimated value (≥ $9.50) is materially below issue price, reflecting embedded fees and hedging costs.
No exchange listing; secondary liquidity depends solely on JPMS and likely at a discount.
Credit exposure to JPMorgan Financial/JPMorgan Chase & Co. adds issuer default risk.
Tax treatment uncertain; IRS may not respect open-transaction characterization.

Insights

TL;DR: 15-month digital note offers 11-12 % upside if Brent ≥ 70 %, but exposes holders to full downside and liquidity, credit, tax risks.

The structure is a short-dated, single-barrier digital linked to Brent futures. From a risk-reward standpoint, investors are writing a put on Brent at 70 % moneyness while capping upside at roughly 11.5 %. Volatility in energy markets remains elevated, and the 30 % cushion may appear generous, yet historical drawdowns (e.g., 2020) demonstrate the realistic possibility of breaches. The 11-12 % headline return equates to ~8-9 % annualised, before credit risk. With the embedded costs (≈ $0.50) and an estimated value at ~96.5 % of face, secondary marks will likely open below $9.65 and require Brent stability plus time decay for parity. The product may suit tactical investors seeking yield uncorrelated to interest rates, but requires high conviction that Brent will not collapse and that JPM counterparty risk is acceptable.

TL;DR: Downside exceeds upside; credit, commodity and liquidity risks dominate value proposition.

Key risk is asymmetric payoff: holders gain a fixed 11-12 % but can lose up to 100 % if Brent drops ≥ 30 %. Historical Brent volatility shows sub-70 % levels on several occasions the past decade. Credit risk is non-trivial given long-dated JPM senior unsecured exposure. Lack of listing and dealer-driven markets mean exit costs could exceed 3-5 %. Estimated value below par highlights immediate mark-to-market drag. Tax treatment remains unsettled. Overall impact to broad markets is negligible; for individual portfolios the note should be sized conservatively and viewed as a speculative, illiquid trade rather than a bond substitute.

Termini economici principali

Prezzo di emissione: 10 $ per Nota (acquisto minimo 100 Note).
Durata: circa 15 mesi (Data di negoziazione 2 luglio 2025; Scadenza 30 settembre 2026).
Rendimento Digitale: fissato alla Data di negoziazione, previsto tra 11,00 % – 12,00 %.
Barriera Digitale / Soglia di Ribasso: 70 % del Valore Iniziale (arrotondato a due decimali).
Pagamento a scadenza: • Se Valore Finale ≥ Barriera → capitale + Rendimento Digitale. • Se Valore Finale < Barriera → capitale ridotto in modo proporzionale alla perdita dell’Underlying, con un minimo di $0.
Non sono previsti coupon periodici né protezione intermedia del capitale.
Mercato secondario: non quotate in borsa; la liquidità dipende dall’intervento di J.P. Morgan Securities (JPMS) come offerente.
Commissioni: concessione di vendita a UBS ≤ 0,20 $ per Nota da 10 $; ricavi per l’emittente circa 9,80 $.
Valore stimato alla data di prezzo: previsto ≥ 9,50 $ (esemplificativo 9,651 $ oggi), cioè 3 %–5 % sotto il prezzo di emissione.

Principali rischi

Esposizione totale al ribasso sotto la soglia del 70 %, con possibile perdita fino al 100 % del capitale.
Rendimento limitato massimo al Rendimento Digitale fissato, anche se il Brent cresce molto oltre la barriera.
Rischio di credito legato sia a JPMorgan Financial (emittente) sia a JPMorgan Chase & Co. (garante).
Rischio di liquidità: le Note non sono quotate; eventuali offerte nel mercato secondario probabilmente inferiori al prezzo di emissione e potrebbero riflettere un tasso interno di finanziamento.
Sconto sul valore stimato rispetto al prezzo di emissione riflette costi incorporati (commissioni, coperture, strutturazione) e si prevede venga ammortizzato in circa sette mesi.
Incertezza fiscale: considerate come “transazione aperta” per fini fiscali USA; l’IRS potrebbe contestare questa classificazione.

Términos económicos clave

Precio de emisión: $10 por Nota (compra mínima 100 Notas).
Plazo: aproximadamente 15 meses (Fecha de negociación 2 de julio de 2025; Vencimiento 30 de septiembre de 2026).
Retorno Digital: fijado en la Fecha de negociación, esperado entre 11.00 % – 12.00 %.
Barrera Digital / Umbral a la Baja: 70 % del Valor Inicial (redondeado a dos decimales).
Pago al vencimiento: • Si Valor Final ≥ Barrera → principal + Retorno Digital. • Si Valor Final < Barrera → principal reducido dólar por dólar con la pérdida del Subyacente, con un mínimo de $0.
No hay cupones periódicos ni protección intermedia del principal.
Mercado secundario: no cotizado en bolsa; cualquier liquidez depende de J.P. Morgan Securities (JPMS) actuando como proveedor de oferta.
Comisiones: concesión de venta a UBS ≤ $0.20 por Nota de $10; ingresos para el emisor ≈ $9.80.
Valor estimado en la fecha de precio: esperado ≥ $9.50 (ilustrativo $9.651 hoy), es decir, 3 %–5 % por debajo del precio de emisión.

Aspectos clave de riesgo

Exposición total a la baja por debajo del umbral del 70 %, que puede resultar en una pérdida de hasta el 100 % del principal.
Ganancia limitada está limitada al Retorno Digital fijo incluso si el Brent se aprecia mucho más allá de la barrera.
Riesgo crediticio tanto de JPMorgan Financial (emisor) como de JPMorgan Chase & Co. (garante).
Riesgo de liquidez: las Notas no están listadas; las ofertas secundarias, si las hay, probablemente estén por debajo del precio de emisión y pueden reflejar una tasa interna de financiamiento.
Descuento estimado respecto al precio de emisión refleja costos incorporados (comisiones, cobertura, estructuración) y se espera que se amortice en aproximadamente siete meses.
Incertidumbre fiscal: tratadas como una “transacción abierta” para fines fiscales en EE.UU.; el IRS podría cuestionar esta clasificación.

주요 경제 조건

발행 가격: 노트당 10달러 (최소 구매 100노트).
기간: 약 15개월 (거래일 2025년 7월 2일; 만기 2026년 9월 30일).
디지털 수익률: 거래일에 확정되며, 예상 범위는 11.00 % – 12.00 %입니다.
디지털 장벽 / 하락 임계값: 초기 가치의 70 % (소수점 둘째 자리까지 반올림).
만기 지급: • 최종 가치 ≥ 장벽 → 원금 + 디지털 수익률 지급. • 최종 가치 < 장벽 → 기초자산 손실에 따라 원금이 달러 단위로 감소하며, 최소 지급액은 $0입니다.
정기 쿠폰 없음 및 중간 원금 보호 없음.
2차 시장: 상장되지 않음; 유동성은 J.P. Morgan Securities (JPMS)의 매수 호가 제공에 의존.
수수료: UBS에 판매 수수료 최대 $0.20/10달러 노트; 발행자 수익 약 $9.80.
가격 산정일 예상 가치: ≥ $9.50 예상 (오늘 기준 예시 $9.651), 즉 발행가보다 3 %–5 % 낮음.

주요 위험 요약

70 % 임계값 이하에서 전액 손실 위험이 있어 원금 최대 100 % 손실 가능.
상승 이익 제한은 디지털 수익률로 고정되어, 브렌트 가격이 장벽을 훨씬 초과 상승해도 추가 이익 없음.
신용 위험: 발행사 JPMorgan Financial과 보증사 JPMorgan Chase & Co. 모두에 존재.
유동성 위험: 노트가 상장되지 않아 2차 시장 매수 호가가 발행가보다 낮을 수 있으며 내부 자금 조달 비용 반영 가능.
예상 가치 할인은 수수료, 헤지, 구조화 비용을 포함하며 약 7개월에 걸쳐 상각될 예정.
세금 불확실성: 미국 세법상 "개방 거래"로 간주되며, IRS가 이 해석에 이의를 제기할 수 있음.

Principaux termes économiques

Prix d’émission : 10 $ par Note (achat minimum 100 Notes).
Durée : environ 15 mois (Date de transaction 2 juillet 2025 ; Échéance 30 septembre 2026).
Rendement Digital : fixé à la Date de transaction, attendu entre 11,00 % – 12,00 %.
Barrière Digitale / Seuil de baisse : 70 % de la Valeur Initiale (arrondi à deux décimales).
Paiement à l’échéance : • Si Valeur Finale ≥ Barrière → capital + Rendement Digital. • Si Valeur Finale < Barrière → capital réduit dollar pour dollar selon la perte du Sous-jacent, avec un minimum de 0 $.
Pas de coupons périodiques ni de protection intermédiaire du capital.
Marché secondaire : non coté en bourse ; toute liquidité dépendra de J.P. Morgan Securities (JPMS) agissant comme teneur de marché.
Frais : concession de vente à UBS ≤ 0,20 $ par Note de 10 $ ; produit pour l’émetteur ≈ 9,80 $.
Valeur estimée à la date de tarification : attendue ≥ 9,50 $ (exemple 9,651 $ aujourd’hui), soit 3 %–5 % en dessous du prix d’émission.

Principaux risques

Exposition totale à la baisse en dessous du seuil de 70 %, pouvant entraîner une perte totale du capital.
Gain limité plafonné au Rendement Digital fixe, même si le Brent s’apprécie bien au-delà de la barrière.
Risque de crédit de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant).
Risque de liquidité : Notes non cotées ; les offres secondaires, si elles existent, seront probablement inférieures au prix d’émission et pourraient refléter un taux de financement interne.
Décote estimée par rapport au prix d’émission reflète les coûts incorporés (commissions, couverture, structuration) et devrait s’amortir sur environ sept mois.
Incertitude fiscale : traitées comme une « transaction ouverte » aux fins fiscales américaines ; l’IRS pourrait contester cette qualification.

Wesentliche wirtschaftliche Bedingungen

Ausgabepreis: 10 $ pro Note (Mindestkauf 100 Notes).
Laufzeit: ca. 15 Monate (Handelstag 2. Juli 2025; Fälligkeit 30. September 2026).
Digitaler Ertrag: am Handelstag festgelegt, erwartet zwischen 11,00 % – 12,00 %.
Digitale Barriere / Abwärts-Schwelle: 70 % des Anfangswerts (auf zwei Dezimalstellen gerundet).
Zahlung bei Fälligkeit: • Wenn Endwert ≥ Barriere → Kapital + digitaler Ertrag. • Wenn Endwert < Barriere → Kapital um den negativen Basiswertverlust dollarweise reduziert, mindestens jedoch $0.
Keine periodischen Kupons und kein Zwischenschutz des Kapitals.
Sekundärmarkt: nicht börsennotiert; jegliche Liquidität hängt davon ab, dass J.P. Morgan Securities (JPMS) als Käufer auftritt.
Gebühren: Verkaufsprovision an UBS ≤ 0,20 $ pro 10 $ Note; Erlöse für den Emittenten ca. 9,80 $.
Geschätzter Wert am Preisstellungstag: erwartet ≥ 9,50 $ (heute illustrativ 9,651 $), d.h. 3 %–5 % unter dem Ausgabepreis.

Wesentliche Risikohighlights

Volle Abwärtsrisiken unterhalb der 70 %-Schwelle mit einem möglichen Totalverlust des Kapitals.
Begrenzte Aufwärtschancen, da der Ertrag auf den festen Digital Return begrenzt ist, selbst wenn Brent weit über die Barriere steigt.
Kreditrisiko sowohl des Emittenten JPMorgan Financial als auch des Garanten JPMorgan Chase & Co.
Liquiditätsrisiko: Notes sind nicht börsennotiert; Sekundärmarktangebote, falls vorhanden, liegen wahrscheinlich unter dem Ausgabepreis und spiegeln möglicherweise eine interne Finanzierungskostenrate wider.
Geschätzter Wertabschlag gegenüber dem Ausgabepreis spiegelt eingebaute Kosten (Provisionen, Absicherung, Strukturierung) wider und soll über etwa sieben Monate abgeschrieben werden.
Steuerliche Unsicherheit: Für US-Steuerzwecke als „offene Transaktion“ behandelt; IRS könnte diese Sichtweise anfechten.

07/02/2025 - 11:47 AM

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^*

HIGGINBOTHAM SONYA L

(Last)

(First)

(Middle)

200 WEST OLD WILSON BRIDGE ROAD

(Street)

COLUMBUS

43085

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
WORTHINGTON ENTERPRISES, INC. [ WOR ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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)
Common Shares	07/01/2025		A		1,258⁽¹⁾	A	$0.00	19,412	D
Common Shares	07/01/2025		F		382⁽²⁾	D	$64.48	19,030	D
Common Shares								440.54⁽³⁾	I	By 401(k)

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)

Explanation of Responses:

1. A long-term performance share award was granted on June 24, 2022 pursuant to the Worthington Industries, Inc. Amended and Restated 1997 Long-Term Incentive Plan. Common Shares were to be earned based on the level of achievement of specified performance objectives over the three-year period ended May 31, 2025. On June 23, 2025, the Compensation Committee of the Company's Board of Directors met and approved the payout of the reported common shares based on the performance of the Company for the three-year period ended May 31, 2025.

2. Represents shares withheld upon the vesting of restricted stock in order to satisfy the reporting person's tax withholding obligation upon such vesting.

3. The information in this report is based on a 401(k) Plan statement as of June 30, 2025.

	/s/Patrick J. Kennedy, as attorney-in-fact for Sonya L. Higginbotham	07/02/2025
	** 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 maximum return on JPMorgan's Trigger In-Digital Notes (symbol VYLD)?

If the Final Value of Brent futures is at or above 70 % of the initial level on 25 Sep 2026, holders receive principal plus a fixed 11-12 % Digital Return.

How much principal can I lose on the VYLD 424B2 Notes?

If Brent falls below the Downside Threshold (70 % of initial), your payout declines one-for-one with the futures price and can reach $0 in a worst-case scenario.

Who guarantees payment on these Trigger In-Digital Notes?

The issuer is JPMorgan Chase Financial Company LLC; all payments are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Are the Notes listed on an exchange or insured by the FDIC?

No. The Notes are not exchange-listed and not FDIC-insured; liquidity depends on dealer bids, and investors bear full credit risk.

What is the estimated value compared with the $10 issue price?

On the indicative pricing date, the estimated value is approximately $9.651 and will not be set below $9.50 when terms are finalized.

When will the Digital Return, Initial Value and thresholds be finalized?

They will be fixed on the Trade Date (2 Jul 2025) and disclosed in the final pricing supplement.

[Form 4] Worthington Enterprises, Inc. Insider Trading Activity

Insights

FAQ

What is the maximum return on JPMorgan's Trigger In-Digital Notes (symbol VYLD)?

How much principal can I lose on the VYLD 424B2 Notes?

Who guarantees payment on these Trigger In-Digital Notes?

Are the Notes listed on an exchange or insured by the FDIC?

What is the estimated value compared with the $10 issue price?

When will the Digital Return, Initial Value and thresholds be finalized?

NYSE:WOR

WOR Rankings

WOR Latest News

WOR Latest SEC Filings

WOR Stock Data

Trending News

[Form 4] Worthington Enterprises, Inc. Insider Trading Activity

Insights

Structured Products Analyst neutral

Risk Analyst neutral

FAQ

What is the maximum return on JPMorgan's Trigger In-Digital Notes (symbol VYLD)?

How much principal can I lose on the VYLD 424B2 Notes?

Who guarantees payment on these Trigger In-Digital Notes?

Are the Notes listed on an exchange or insured by the FDIC?

What is the estimated value compared with the $10 issue price?

When will the Digital Return, Initial Value and thresholds be finalized?

NYSE:WOR

WOR Rankings

WOR Latest News

WOR Latest SEC Filings

WOR Stock Data