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[424B2] MicroSectors Energy 3x Leveraged ETNs Prospectus Supplement

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(Low)
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(Neutral)
Form Type
424B2
Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering Auto Callable Yield Notes due July 20, 2026 that are fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a minimum interest rate of 22.35% per annum (≈1.8625% monthly) on $1,000 denominations, provided the notes have not been automatically called. Payments are tied to the individual performance of three reference stocks—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) and NVIDIA Corp. (NVDA)—rather than to a basket.

Automatic call feature: Beginning January 15, 2026 and on each monthly Review Date thereafter (except the final one), the notes are called if the closing price of each reference stock is at or above its Initial Value. Upon a call, investors receive $1,000 principal plus the scheduled interest for that month; no further payments are made.

Principal risk: If the notes are not called and the Final Value of any reference stock is below 60% of its Initial Value (the Trigger Value), repayment of principal is reduced by the percentage decline of the worst–performing stock (the “Least Performing Reference Stock”). Investors can lose more than 40% and up to 100% of principal.

  • Pricing date: on or about July 15, 2025; settlement July 18, 2025
  • Estimated value: approximately $955.70 per $1,000 note today; final estimated value will not be lower than $920.00
  • Fees: selling commissions up to $15 per $1,000; original issue price embeds hedging and structuring costs
  • Credit exposure: unsecured, unsubordinated obligations of JPMorgan Financial; subject to JPMorgan Chase & Co. credit risk
  • Liquidity: not listed; resale depends on JPMS bid, which is expected to be lower than issue price and may be unavailable
  • CUSIP: 48136FMR0; minimum purchase $1,000

Illustrative scenarios highlight (1) an 11.175% total return if called on the first Review Date, (2) a 22.35% total return if held to maturity with all stocks above the Trigger, and (3) a −27.65% total return when the worst stock falls 50% below its Initial Value at final valuation.

Key risks disclosed include potential loss of principal, limited upside to interest only, exposure to the worst-performing stock, early-call reinvestment risk, lack of dividend entitlement, secondary-market discounting, and conflicts of interest arising from JPMorgan’s multiple roles. The notes are not FDIC-insured.

JPMorgan Chase Financial Company LLC offre Note a Rendimento Autocallable con scadenza il 20 luglio 2026, garantite in modo pieno e incondizionato da JPMorgan Chase & Co. Le note pagano un tasso di interesse minimo del 22,35% annuo (circa 1,8625% mensile) su tagli da $1.000, a condizione che le note non vengano richiamate automaticamente. I pagamenti sono legati alla performance individuale di tre azioni di riferimento—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) e NVIDIA Corp. (NVDA)—e non a un paniere.

Funzione di richiamo automatico: A partire dal 15 gennaio 2026 e in ogni Data di Revisione mensile successiva (eccetto l’ultima), le note vengono richiamate se il prezzo di chiusura di ciascuna azione di riferimento è pari o superiore al suo Valore Iniziale. In caso di richiamo, gli investitori ricevono $1.000 di capitale più l’interesse previsto per quel mese; non sono previsti ulteriori pagamenti.

Rischio sul capitale: Se le note non vengono richiamate e il Valore Finale di qualunque azione di riferimento è inferiore al 60% del suo Valore Iniziale (Valore di Attivazione), il rimborso del capitale viene ridotto in proporzione alla perdita della azione peggior performer (la “Azione di Riferimento Peggiore”). Gli investitori possono perdere più del 40% e fino al 100% del capitale.

  • Data di prezzo: circa 15 luglio 2025; regolamento 18 luglio 2025
  • Valore stimato: circa $955,70 per ogni nota da $1.000 oggi; il valore stimato finale non sarà inferiore a $920,00
  • Commissioni: commissioni di vendita fino a $15 per $1.000; il prezzo di emissione incorpora costi di copertura e strutturazione
  • Esposizione creditizia: obbligazioni non garantite e non subordinate di JPMorgan Financial; soggette al rischio di credito di JPMorgan Chase & Co.
  • Liquidità: non quotate; la rivendita dipende dall’offerta di JPMS, che potrebbe essere inferiore al prezzo di emissione o non disponibile
  • CUSIP: 48136FMR0; acquisto minimo $1.000

Scenari illustrativi evidenziano (1) un rendimento totale dell’11,175% se richiamate alla prima Data di Revisione, (2) un rendimento totale del 22,35% se mantenute fino alla scadenza con tutte le azioni sopra il Valore di Attivazione, e (3) un rendimento totale di −27,65% se l’azione peggiore scende del 50% rispetto al Valore Iniziale alla valutazione finale.

Principali rischi includono potenziali perdite di capitale, rendimento limitato agli interessi, esposizione all’azione peggiore, rischio di reinvestimento in caso di richiamo anticipato, assenza di diritto ai dividendi, sconti nel mercato secondario e conflitti di interesse derivanti dai molteplici ruoli di JPMorgan. Le note non sono assicurate dalla FDIC.

JPMorgan Chase Financial Company LLC ofrece Notas de Rendimiento Autollamables con vencimiento el 20 de julio de 2026, garantizadas total e incondicionalmente por JPMorgan Chase & Co. Las notas pagan una tasa mínima de interés del 22,35% anual (≈1,8625% mensual) sobre denominaciones de $1,000, siempre que las notas no hayan sido llamadas automáticamente. Los pagos están vinculados al desempeño individual de tres acciones de referencia—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) y NVIDIA Corp. (NVDA)—y no a una cesta.

Función de llamada automática: A partir del 15 de enero de 2026 y en cada Fecha de Revisión mensual posterior (excepto la última), las notas se llaman si el precio de cierre de cada acción de referencia está en o por encima de su Valor Inicial. Al ser llamadas, los inversionistas reciben $1,000 de principal más el interés programado para ese mes; no se realizan pagos adicionales.

Riesgo de principal: Si las notas no se llaman y el Valor Final de cualquier acción de referencia está por debajo del 60% de su Valor Inicial (Valor de Activación), el reembolso del principal se reduce en proporción a la caída porcentual de la acción con peor desempeño (la “Acción de Referencia con Peor Desempeño”). Los inversionistas pueden perder más del 40% y hasta el 100% del principal.

  • Fecha de precio: alrededor del 15 de julio de 2025; liquidación el 18 de julio de 2025
  • Valor estimado: aproximadamente $955.70 por cada nota de $1,000 hoy; el valor estimado final no será inferior a $920.00
  • Comisiones: comisiones de venta de hasta $15 por cada $1,000; el precio original incluye costos de cobertura y estructuración
  • Exposición crediticia: obligaciones no garantizadas y no subordinadas de JPMorgan Financial; sujeto al riesgo crediticio de JPMorgan Chase & Co.
  • Liquidez: no cotizadas; la reventa depende de la oferta de JPMS, que se espera sea inferior al precio de emisión y puede no estar disponible
  • CUSIP: 48136FMR0; compra mínima $1,000

Escenarios ilustrativos destacan (1) un rendimiento total del 11.175% si se llaman en la primera Fecha de Revisión, (2) un rendimiento total del 22.35% si se mantienen hasta el vencimiento con todas las acciones por encima del Valor de Activación, y (3) un rendimiento total de −27.65% cuando la acción con peor desempeño cae un 50% por debajo de su Valor Inicial en la valoración final.

Riesgos clave divulgados incluyen posible pérdida de principal, ganancia limitada solo a intereses, exposición a la acción con peor desempeño, riesgo de reinversión por llamada anticipada, ausencia de derecho a dividendos, descuentos en el mercado secundario y conflictos de interés derivados de los múltiples roles de JPMorgan. Las notas no están aseguradas por la FDIC.

JPMorgan Chase Financial Company LLC2026년 7월 20일 만기 자동 콜 가능 수익 노트를 제공하며, 이는 JPMorgan Chase & Co.가 전액 무조건적으로 보증합니다. 이 노트는 $1,000 단위로 연 최소 이자율 22.35%(월 약 1.8625%)를 지급하며, 노트가 자동으로 콜되지 않은 경우에 한합니다. 지급은 바스켓이 아닌 세 개 개별 기준 주식—Broadcom Inc.(AVGO), Moderna Inc.(MRNA), NVIDIA Corp.(NVDA)—의 개별 성과에 연동됩니다.

자동 콜 기능: 2026년 1월 15일부터 시작하여 이후 매월 검토일(마지막 제외)마다 각 기준 주식의 종가가 초기 가치 이상일 경우 노트가 콜됩니다. 콜 시 투자자는 $1,000 원금과 해당 월 예정 이자를 받으며, 추가 지급은 없습니다.

원금 위험: 노트가 콜되지 않고 최종 가치가 어느 하나 기준 주식의 초기 가치 대비 60% 미만(트리거 가치)이면, 원금 상환액은 최악 성과 주식(“최저 성과 기준 주식”)의 하락률만큼 줄어듭니다. 투자자는 원금의 40% 이상 최대 100%까지 손실을 입을 수 있습니다.

  • 가격 결정일: 2025년 7월 15일경; 결제일 2025년 7월 18일
  • 예상 가치: 현재 $1,000 노트당 약 $955.70; 최종 예상 가치는 $920.00 이하가 되지 않음
  • 수수료: $1,000당 최대 $15 판매 수수료; 최초 발행가에는 헤지 및 구조화 비용 포함
  • 신용 노출: JPMorgan Financial의 무담보 비후순위 채무; JPMorgan Chase & Co. 신용 위험에 노출
  • 유동성: 상장되지 않음; 재판매는 JPMS의 매수 호가에 의존하며, 이는 발행가보다 낮거나 없을 수 있음
  • CUSIP: 48136FMR0; 최소 구매 $1,000

예시 시나리오는 (1) 첫 검토일 콜 시 총수익 11.175%, (2) 만기까지 보유하며 모든 주식이 트리거 이상일 경우 총수익 22.35%, (3) 최악 주식이 최종 평가 시 초기 가치 대비 50% 하락 시 총수익 −27.65%를 보여줍니다.

주요 위험에는 원금 손실 가능성, 이자 수익만 제한적 상승, 최악 주식 노출, 조기 콜 시 재투자 위험, 배당 권리 없음, 2차 시장 할인, JPMorgan의 다중 역할로 인한 이해 상충 등이 포함됩니다. 노트는 FDIC 보험 대상이 아닙니다.

JPMorgan Chase Financial Company LLC propose des Notes à rendement autocallables arrivant à échéance le 20 juillet 2026, entièrement et inconditionnellement garanties par JPMorgan Chase & Co. Les notes versent un taux d’intérêt minimum de 22,35% par an (environ 1,8625% mensuel) sur des coupures de 1 000 $, à condition que les notes n’aient pas été automatiquement rappelées. Les paiements sont liés à la performance individuelle de trois actions de référence—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) et NVIDIA Corp. (NVDA)—et non à un panier.

Caractéristique de rappel automatique : À partir du 15 janvier 2026 et à chaque date de revue mensuelle suivante (sauf la dernière), les notes sont rappelées si le cours de clôture de chaque action de référence est égal ou supérieur à sa valeur initiale. En cas de rappel, les investisseurs reçoivent 1 000 $ de principal plus l’intérêt prévu pour ce mois ; aucun paiement supplémentaire n’est effectué.

Risque sur le principal : Si les notes ne sont pas rappelées et que la valeur finale de n’importe quelle action de référence est inférieure à 60 % de sa valeur initiale (valeur de déclenchement), le remboursement du principal est réduit du pourcentage de baisse de l’action la moins performante (la « action de référence la moins performante »). Les investisseurs peuvent perdre plus de 40 % et jusqu’à 100 % du principal.

  • Date de tarification : aux alentours du 15 juillet 2025 ; règlement le 18 juillet 2025
  • Valeur estimée : environ 955,70 $ par note de 1 000 $ aujourd’hui ; la valeur estimée finale ne sera pas inférieure à 920,00 $
  • Frais : commissions de vente jusqu’à 15 $ par tranche de 1 000 $ ; le prix d’émission intègre les coûts de couverture et de structuration
  • Exposition au crédit : obligations non garanties et non subordonnées de JPMorgan Financial ; exposées au risque de crédit de JPMorgan Chase & Co.
  • Liquidité : non cotées ; la revente dépend de l’offre de JPMS, qui devrait être inférieure au prix d’émission et peut ne pas être disponible
  • CUSIP : 48136FMR0 ; achat minimum 1 000 $

Les scénarios illustratifs mettent en évidence (1) un rendement total de 11,175 % si rappelé à la première date de revue, (2) un rendement total de 22,35 % si détenu jusqu’à l’échéance avec toutes les actions au-dessus du seuil, et (3) un rendement total de −27,65 % lorsque l’action la moins performante chute de 50 % sous sa valeur initiale lors de la valorisation finale.

Principaux risques divulgués incluent la perte potentielle du principal, un gain limité aux seuls intérêts, une exposition à l’action la moins performante, un risque de réinvestissement en cas de rappel anticipé, l’absence de droits aux dividendes, des décotes sur le marché secondaire et des conflits d’intérêts liés aux multiples rôles de JPMorgan. Les notes ne sont pas assurées par la FDIC.

JPMorgan Chase Financial Company LLC bietet Auto Callable Yield Notes mit Fälligkeit am 20. Juli 2026 an, die von JPMorgan Chase & Co. vollständig und bedingungslos garantiert werden. Die Notes zahlen einen Mindestzinssatz von 22,35% pro Jahr (ca. 1,8625% monatlich) auf Stückelungen von $1.000, sofern die Notes nicht automatisch zurückgerufen wurden. Die Zahlungen sind an die individuelle Performance von drei Referenzaktien – Broadcom Inc. (AVGO), Moderna Inc. (MRNA) und NVIDIA Corp. (NVDA) – gebunden, nicht an einen Korb.

Automatische Rückruf-Funktion: Ab dem 15. Januar 2026 und an jedem folgenden monatlichen Überprüfungstermin (außer dem letzten) werden die Notes zurückgerufen, wenn der Schlusskurs jedes Referenzwerts auf oder über seinem Anfangswert liegt. Bei einem Rückruf erhalten Anleger $1.000 Kapital plus die für diesen Monat fälligen Zinsen; weitere Zahlungen erfolgen nicht.

Kapitalrisiko: Wenn die Notes nicht zurückgerufen werden und der Endwert einer Referenzaktie unter 60% ihres Anfangswerts (Auslösewert) liegt, wird die Rückzahlung des Kapitals um den prozentualen Rückgang der schlechtesten Aktie (die „Schlechteste Referenzaktie“) reduziert. Anleger können mehr als 40% und bis zu 100% ihres Kapitals verlieren.

  • Preisfeststellung: ca. 15. Juli 2025; Abwicklung 18. Juli 2025
  • Geschätzter Wert: heute ca. $955,70 pro $1.000 Note; der endgültige geschätzte Wert wird nicht unter $920,00 liegen
  • Gebühren: Verkaufsprovisionen bis zu $15 pro $1.000; der Ausgabepreis beinhaltet Absicherungs- und Strukturierungskosten
  • Kreditrisiko: ungesicherte, nicht nachrangige Verbindlichkeiten von JPMorgan Financial; unterliegen dem Kreditrisiko von JPMorgan Chase & Co.
  • Liquidität: nicht börsennotiert; Wiederverkauf hängt vom Gebot von JPMS ab, das voraussichtlich unter dem Ausgabepreis liegt und möglicherweise nicht verfügbar ist
  • CUSIP: 48136FMR0; Mindestkauf $1.000

Illustrierende Szenarien zeigen (1) eine Gesamtrendite von 11,175% bei Rückruf am ersten Überprüfungstermin, (2) eine Gesamtrendite von 22,35%, wenn bis zur Fälligkeit gehalten wird und alle Aktien über dem Auslösewert liegen, und (3) eine Gesamtrendite von −27,65%, wenn die schlechteste Aktie bei der Endbewertung 50% unter ihrem Anfangswert liegt.

Wesentliche Risiken umfassen potenzielle Kapitalverluste, begrenztes Aufwärtspotenzial nur auf Zinsen, Exponierung gegenüber der schlechtesten Aktie, Reinvestitionsrisiko bei vorzeitigem Rückruf, fehlende Dividendenansprüche, Abschläge im Sekundärmarkt und Interessenkonflikte durch JPMorgans mehrere Rollen. Die Notes sind nicht FDIC-versichert.

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Insights

TL;DR High 22.35% coupon offsets significant principal-at-risk tied to worst stock; upside capped, downside open below 60% barrier.

The structure targets yield-seeking investors comfortable exchanging equity upside for fixed, above-market income. Monthly interest of at least 1.8625% continues until an automatic call, which can occur as early as six months after issue if all three stocks meet or exceed initial prices. Early call locks in gains but creates reinvestment risk at lower yields.

Principal protection is conditional: if any stock is below 60% of its Initial Value on the final Review Date, repayment is proportionally reduced, leading to potentially steep losses. Historical volatility of MRNA and NVDA in particular raises the probability of breaching the 40% buffer.

The embedded derivative value is marked at $955.70, indicating an initial 4.4% premium over estimated fair value, driven by distribution costs and hedging. Investors should also weigh JPMorgan credit exposure and limited secondary liquidity.

Overall, the note offers attractive cash flow in a low-rate environment but is best suited for investors with a constructive view on all three equities and tolerance for significant downside.

JPMorgan Chase Financial Company LLC offre Note a Rendimento Autocallable con scadenza il 20 luglio 2026, garantite in modo pieno e incondizionato da JPMorgan Chase & Co. Le note pagano un tasso di interesse minimo del 22,35% annuo (circa 1,8625% mensile) su tagli da $1.000, a condizione che le note non vengano richiamate automaticamente. I pagamenti sono legati alla performance individuale di tre azioni di riferimento—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) e NVIDIA Corp. (NVDA)—e non a un paniere.

Funzione di richiamo automatico: A partire dal 15 gennaio 2026 e in ogni Data di Revisione mensile successiva (eccetto l’ultima), le note vengono richiamate se il prezzo di chiusura di ciascuna azione di riferimento è pari o superiore al suo Valore Iniziale. In caso di richiamo, gli investitori ricevono $1.000 di capitale più l’interesse previsto per quel mese; non sono previsti ulteriori pagamenti.

Rischio sul capitale: Se le note non vengono richiamate e il Valore Finale di qualunque azione di riferimento è inferiore al 60% del suo Valore Iniziale (Valore di Attivazione), il rimborso del capitale viene ridotto in proporzione alla perdita della azione peggior performer (la “Azione di Riferimento Peggiore”). Gli investitori possono perdere più del 40% e fino al 100% del capitale.

  • Data di prezzo: circa 15 luglio 2025; regolamento 18 luglio 2025
  • Valore stimato: circa $955,70 per ogni nota da $1.000 oggi; il valore stimato finale non sarà inferiore a $920,00
  • Commissioni: commissioni di vendita fino a $15 per $1.000; il prezzo di emissione incorpora costi di copertura e strutturazione
  • Esposizione creditizia: obbligazioni non garantite e non subordinate di JPMorgan Financial; soggette al rischio di credito di JPMorgan Chase & Co.
  • Liquidità: non quotate; la rivendita dipende dall’offerta di JPMS, che potrebbe essere inferiore al prezzo di emissione o non disponibile
  • CUSIP: 48136FMR0; acquisto minimo $1.000

Scenari illustrativi evidenziano (1) un rendimento totale dell’11,175% se richiamate alla prima Data di Revisione, (2) un rendimento totale del 22,35% se mantenute fino alla scadenza con tutte le azioni sopra il Valore di Attivazione, e (3) un rendimento totale di −27,65% se l’azione peggiore scende del 50% rispetto al Valore Iniziale alla valutazione finale.

Principali rischi includono potenziali perdite di capitale, rendimento limitato agli interessi, esposizione all’azione peggiore, rischio di reinvestimento in caso di richiamo anticipato, assenza di diritto ai dividendi, sconti nel mercato secondario e conflitti di interesse derivanti dai molteplici ruoli di JPMorgan. Le note non sono assicurate dalla FDIC.

JPMorgan Chase Financial Company LLC ofrece Notas de Rendimiento Autollamables con vencimiento el 20 de julio de 2026, garantizadas total e incondicionalmente por JPMorgan Chase & Co. Las notas pagan una tasa mínima de interés del 22,35% anual (≈1,8625% mensual) sobre denominaciones de $1,000, siempre que las notas no hayan sido llamadas automáticamente. Los pagos están vinculados al desempeño individual de tres acciones de referencia—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) y NVIDIA Corp. (NVDA)—y no a una cesta.

Función de llamada automática: A partir del 15 de enero de 2026 y en cada Fecha de Revisión mensual posterior (excepto la última), las notas se llaman si el precio de cierre de cada acción de referencia está en o por encima de su Valor Inicial. Al ser llamadas, los inversionistas reciben $1,000 de principal más el interés programado para ese mes; no se realizan pagos adicionales.

Riesgo de principal: Si las notas no se llaman y el Valor Final de cualquier acción de referencia está por debajo del 60% de su Valor Inicial (Valor de Activación), el reembolso del principal se reduce en proporción a la caída porcentual de la acción con peor desempeño (la “Acción de Referencia con Peor Desempeño”). Los inversionistas pueden perder más del 40% y hasta el 100% del principal.

  • Fecha de precio: alrededor del 15 de julio de 2025; liquidación el 18 de julio de 2025
  • Valor estimado: aproximadamente $955.70 por cada nota de $1,000 hoy; el valor estimado final no será inferior a $920.00
  • Comisiones: comisiones de venta de hasta $15 por cada $1,000; el precio original incluye costos de cobertura y estructuración
  • Exposición crediticia: obligaciones no garantizadas y no subordinadas de JPMorgan Financial; sujeto al riesgo crediticio de JPMorgan Chase & Co.
  • Liquidez: no cotizadas; la reventa depende de la oferta de JPMS, que se espera sea inferior al precio de emisión y puede no estar disponible
  • CUSIP: 48136FMR0; compra mínima $1,000

Escenarios ilustrativos destacan (1) un rendimiento total del 11.175% si se llaman en la primera Fecha de Revisión, (2) un rendimiento total del 22.35% si se mantienen hasta el vencimiento con todas las acciones por encima del Valor de Activación, y (3) un rendimiento total de −27.65% cuando la acción con peor desempeño cae un 50% por debajo de su Valor Inicial en la valoración final.

Riesgos clave divulgados incluyen posible pérdida de principal, ganancia limitada solo a intereses, exposición a la acción con peor desempeño, riesgo de reinversión por llamada anticipada, ausencia de derecho a dividendos, descuentos en el mercado secundario y conflictos de interés derivados de los múltiples roles de JPMorgan. Las notas no están aseguradas por la FDIC.

JPMorgan Chase Financial Company LLC2026년 7월 20일 만기 자동 콜 가능 수익 노트를 제공하며, 이는 JPMorgan Chase & Co.가 전액 무조건적으로 보증합니다. 이 노트는 $1,000 단위로 연 최소 이자율 22.35%(월 약 1.8625%)를 지급하며, 노트가 자동으로 콜되지 않은 경우에 한합니다. 지급은 바스켓이 아닌 세 개 개별 기준 주식—Broadcom Inc.(AVGO), Moderna Inc.(MRNA), NVIDIA Corp.(NVDA)—의 개별 성과에 연동됩니다.

자동 콜 기능: 2026년 1월 15일부터 시작하여 이후 매월 검토일(마지막 제외)마다 각 기준 주식의 종가가 초기 가치 이상일 경우 노트가 콜됩니다. 콜 시 투자자는 $1,000 원금과 해당 월 예정 이자를 받으며, 추가 지급은 없습니다.

원금 위험: 노트가 콜되지 않고 최종 가치가 어느 하나 기준 주식의 초기 가치 대비 60% 미만(트리거 가치)이면, 원금 상환액은 최악 성과 주식(“최저 성과 기준 주식”)의 하락률만큼 줄어듭니다. 투자자는 원금의 40% 이상 최대 100%까지 손실을 입을 수 있습니다.

  • 가격 결정일: 2025년 7월 15일경; 결제일 2025년 7월 18일
  • 예상 가치: 현재 $1,000 노트당 약 $955.70; 최종 예상 가치는 $920.00 이하가 되지 않음
  • 수수료: $1,000당 최대 $15 판매 수수료; 최초 발행가에는 헤지 및 구조화 비용 포함
  • 신용 노출: JPMorgan Financial의 무담보 비후순위 채무; JPMorgan Chase & Co. 신용 위험에 노출
  • 유동성: 상장되지 않음; 재판매는 JPMS의 매수 호가에 의존하며, 이는 발행가보다 낮거나 없을 수 있음
  • CUSIP: 48136FMR0; 최소 구매 $1,000

예시 시나리오는 (1) 첫 검토일 콜 시 총수익 11.175%, (2) 만기까지 보유하며 모든 주식이 트리거 이상일 경우 총수익 22.35%, (3) 최악 주식이 최종 평가 시 초기 가치 대비 50% 하락 시 총수익 −27.65%를 보여줍니다.

주요 위험에는 원금 손실 가능성, 이자 수익만 제한적 상승, 최악 주식 노출, 조기 콜 시 재투자 위험, 배당 권리 없음, 2차 시장 할인, JPMorgan의 다중 역할로 인한 이해 상충 등이 포함됩니다. 노트는 FDIC 보험 대상이 아닙니다.

JPMorgan Chase Financial Company LLC propose des Notes à rendement autocallables arrivant à échéance le 20 juillet 2026, entièrement et inconditionnellement garanties par JPMorgan Chase & Co. Les notes versent un taux d’intérêt minimum de 22,35% par an (environ 1,8625% mensuel) sur des coupures de 1 000 $, à condition que les notes n’aient pas été automatiquement rappelées. Les paiements sont liés à la performance individuelle de trois actions de référence—Broadcom Inc. (AVGO), Moderna Inc. (MRNA) et NVIDIA Corp. (NVDA)—et non à un panier.

Caractéristique de rappel automatique : À partir du 15 janvier 2026 et à chaque date de revue mensuelle suivante (sauf la dernière), les notes sont rappelées si le cours de clôture de chaque action de référence est égal ou supérieur à sa valeur initiale. En cas de rappel, les investisseurs reçoivent 1 000 $ de principal plus l’intérêt prévu pour ce mois ; aucun paiement supplémentaire n’est effectué.

Risque sur le principal : Si les notes ne sont pas rappelées et que la valeur finale de n’importe quelle action de référence est inférieure à 60 % de sa valeur initiale (valeur de déclenchement), le remboursement du principal est réduit du pourcentage de baisse de l’action la moins performante (la « action de référence la moins performante »). Les investisseurs peuvent perdre plus de 40 % et jusqu’à 100 % du principal.

  • Date de tarification : aux alentours du 15 juillet 2025 ; règlement le 18 juillet 2025
  • Valeur estimée : environ 955,70 $ par note de 1 000 $ aujourd’hui ; la valeur estimée finale ne sera pas inférieure à 920,00 $
  • Frais : commissions de vente jusqu’à 15 $ par tranche de 1 000 $ ; le prix d’émission intègre les coûts de couverture et de structuration
  • Exposition au crédit : obligations non garanties et non subordonnées de JPMorgan Financial ; exposées au risque de crédit de JPMorgan Chase & Co.
  • Liquidité : non cotées ; la revente dépend de l’offre de JPMS, qui devrait être inférieure au prix d’émission et peut ne pas être disponible
  • CUSIP : 48136FMR0 ; achat minimum 1 000 $

Les scénarios illustratifs mettent en évidence (1) un rendement total de 11,175 % si rappelé à la première date de revue, (2) un rendement total de 22,35 % si détenu jusqu’à l’échéance avec toutes les actions au-dessus du seuil, et (3) un rendement total de −27,65 % lorsque l’action la moins performante chute de 50 % sous sa valeur initiale lors de la valorisation finale.

Principaux risques divulgués incluent la perte potentielle du principal, un gain limité aux seuls intérêts, une exposition à l’action la moins performante, un risque de réinvestissement en cas de rappel anticipé, l’absence de droits aux dividendes, des décotes sur le marché secondaire et des conflits d’intérêts liés aux multiples rôles de JPMorgan. Les notes ne sont pas assurées par la FDIC.

JPMorgan Chase Financial Company LLC bietet Auto Callable Yield Notes mit Fälligkeit am 20. Juli 2026 an, die von JPMorgan Chase & Co. vollständig und bedingungslos garantiert werden. Die Notes zahlen einen Mindestzinssatz von 22,35% pro Jahr (ca. 1,8625% monatlich) auf Stückelungen von $1.000, sofern die Notes nicht automatisch zurückgerufen wurden. Die Zahlungen sind an die individuelle Performance von drei Referenzaktien – Broadcom Inc. (AVGO), Moderna Inc. (MRNA) und NVIDIA Corp. (NVDA) – gebunden, nicht an einen Korb.

Automatische Rückruf-Funktion: Ab dem 15. Januar 2026 und an jedem folgenden monatlichen Überprüfungstermin (außer dem letzten) werden die Notes zurückgerufen, wenn der Schlusskurs jedes Referenzwerts auf oder über seinem Anfangswert liegt. Bei einem Rückruf erhalten Anleger $1.000 Kapital plus die für diesen Monat fälligen Zinsen; weitere Zahlungen erfolgen nicht.

Kapitalrisiko: Wenn die Notes nicht zurückgerufen werden und der Endwert einer Referenzaktie unter 60% ihres Anfangswerts (Auslösewert) liegt, wird die Rückzahlung des Kapitals um den prozentualen Rückgang der schlechtesten Aktie (die „Schlechteste Referenzaktie“) reduziert. Anleger können mehr als 40% und bis zu 100% ihres Kapitals verlieren.

  • Preisfeststellung: ca. 15. Juli 2025; Abwicklung 18. Juli 2025
  • Geschätzter Wert: heute ca. $955,70 pro $1.000 Note; der endgültige geschätzte Wert wird nicht unter $920,00 liegen
  • Gebühren: Verkaufsprovisionen bis zu $15 pro $1.000; der Ausgabepreis beinhaltet Absicherungs- und Strukturierungskosten
  • Kreditrisiko: ungesicherte, nicht nachrangige Verbindlichkeiten von JPMorgan Financial; unterliegen dem Kreditrisiko von JPMorgan Chase & Co.
  • Liquidität: nicht börsennotiert; Wiederverkauf hängt vom Gebot von JPMS ab, das voraussichtlich unter dem Ausgabepreis liegt und möglicherweise nicht verfügbar ist
  • CUSIP: 48136FMR0; Mindestkauf $1.000

Illustrierende Szenarien zeigen (1) eine Gesamtrendite von 11,175% bei Rückruf am ersten Überprüfungstermin, (2) eine Gesamtrendite von 22,35%, wenn bis zur Fälligkeit gehalten wird und alle Aktien über dem Auslösewert liegen, und (3) eine Gesamtrendite von −27,65%, wenn die schlechteste Aktie bei der Endbewertung 50% unter ihrem Anfangswert liegt.

Wesentliche Risiken umfassen potenzielle Kapitalverluste, begrenztes Aufwärtspotenzial nur auf Zinsen, Exponierung gegenüber der schlechtesten Aktie, Reinvestitionsrisiko bei vorzeitigem Rückruf, fehlende Dividendenansprüche, Abschläge im Sekundärmarkt und Interessenkonflikte durch JPMorgans mehrere Rollen. Die Notes sind nicht FDIC-versichert.

 

Pricing Supplement dated July 8, 2025

(To Product Supplement No. RLN-1 dated March 25, 2025, Prospectus

Supplement dated March 25, 2025 and Prospectus dated March 25, 2025)

Filed Pursuant to Rule 424(b)(2)

Registration Statement No. 333-285508

 

 

$788,000
Senior Medium-Term Notes, Series K
Redeemable Fixed Rate Notes, Due July 10, 2028

 

Terms of the Notes
Issuer: Bank of Montreal
Principal Amount: $1,000 per Note
Trade Date: July 8, 2025
Issue Date: July 10, 2025
Stated Maturity Date: July 10, 2028. The Notes are subject to redemption by Bank of Montreal prior to the Stated Maturity Date as set forth below under “Optional Redemption.” The Notes are not subject to repayment at the option of any holder of the Notes prior to the Stated Maturity Date.
Payment at Maturity: Unless redeemed prior to maturity by Bank of Montreal, a holder will receive on the Stated Maturity Date a cash payment in U.S. dollars equal to $1,000 per Note, plus any accrued and unpaid interest.
Interest Payment Dates: Semi-annually on the 10th day of each January and July, commencing January 10, 2026, and ending on the Stated Maturity Date or Optional Redemption Date, if applicable.
Interest Period: With respect to an Interest Payment Date, the period from, and including, the immediately preceding Interest Payment Date (or, in the case of the first Interest Period, the Issue Date) to, but excluding, that Interest Payment Date.
Interest Rate: 4.53% per annum. See “General Terms of the Notes—Fixed Rate Notes” in the accompanying product supplement for a discussion of the manner in which interest on the Notes will be calculated, accrued and paid.
Optional Redemption: The Notes are redeemable by Bank of Montreal, in whole, but not in part, on the Optional Redemption Dates, at 100% of their Principal Amount plus accrued and unpaid interest to, but excluding, the redemption date. Bank of Montreal will give notice to the holders of the Notes at least 5 business days and not more than 30 business days prior to the Optional Redemption Date in the manner described in the accompanying prospectus supplement under “Description of the Notes We May Offer—Notices.”
Optional Redemption Dates: Semi-annually on the 10th day of each January and July, commencing January 10, 2026 and ending January 10, 2028.
Day Count Convention: 30/360; Unadjusted
Listing: The Notes will not be listed on any securities exchange.
Denominations: $1,000 and any integral multiples of $1,000
CUSIP: 06376DNM2
Bail-inable Notes: The Notes are bail-inable notes (as defined in the accompanying prospectus supplement) and are subject to conversion in whole or in part—by means of a transaction or series of transactions and in one or more steps—into common shares of Bank of Montreal or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes.

The Notes involve risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” beginning on page PS-4 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of the prospectus supplement and page 9 of the prospectus.

The Notes are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the Notes are subject to the credit risk of Bank of Montreal. If Bank of Montreal defaults on its obligations, you could lose some or all of your investment. The Notes are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency.

Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these Notes or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

    Original Issue Price(1) Underwriting Discount(2)   Proceeds to Bank of Montreal(2)
Per Note $1,000.00 $3.00 $997.00
Total $788,000.00 $2,364.00 $785,636.00
(1)The original issue price for an eligible institutional investor and an investor purchasing the Notes in a fee-based advisory account will vary based on then-current market conditions and the negotiated price determined at the time of each sale; provided, however, the original issue price for such investors will not be less than $997.00 per Note and will not be more than $1,000 per Note. The original issue price for such investors reflects a foregone selling concession with respect to such sales as described below. The total price to public in the table above assumes a price to public of $1,000 per Note for each Note sold in this offering.
(2)BMO Capital Markets Corp. (“BMOCM”) and Citigroup Global Markets Inc. (“CGMI”) are the agents in connection with the sale of the notes. The agents will receive discounts and commissions of up to $3.00 per Note, and from such underwriting discount will allow selected dealers a selling concession of up to $3.00 per Note depending on market conditions that are relevant to the value of the Notes at the time an order to purchase the Notes is submitted to such agent. Dealers who purchase the Notes for sales to eligible institutional investors and fee-based advisory accounts may forgo some or all selling concessions.  The per Note discounts and commissions in the table above represents the maximum discounts and commissions payable per Note and the per Note proceeds to the Issuer represents the minimum proceeds to the Issuer per Note (based on the maximum discounts and commissions). The total discounts and commissions in the table above reflects the difference between the assumed total price to public described above and the actual proceeds to the Issuer. See “Supplemental Plan of Distribution” below.

 

BMO CAPITAL MARKETS

CITIGROUP GLOBAL MARKETS

 

   
 

 

ADDITIONAL INFORMATION ABOUT THE ISSUER AND THE NOTES

 

You should read this pricing supplement together with product supplement no. RLN-1 dated March 25, 2025, the prospectus supplement dated March 25, 2025 and the prospectus dated March 25, 2025 for additional information about the Notes. To the extent that disclosure in this pricing supplement is inconsistent with the disclosure in the product supplement, prospectus supplement or prospectus, the disclosure in this pricing supplement will control. Certain defined terms used but not defined herein have the meanings set forth in the product supplement, prospectus supplement or prospectus.

 

Our Central Index Key, or CIK, on the SEC website is 927971. When we refer to “we,” “us” or “our” in this pricing supplement, we refer only to Bank of Montreal.

 

You may access the product supplement, prospectus supplement and prospectus on the SEC website www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

 

·Product Supplement No. RLN-1 dated March 25, 2025:

https://www.sec.gov/Archives/edgar/data/927971/000121465925004720/u321250424b2.htm

 

·Prospectus Supplement and Prospectus dated March 25, 2025:

https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm

 

 PS-2 
 

 

AGREEMENT WITH RESPECT TO THE EXERCISE OF CANADIAN BAIL-IN POWERS

 

By its acquisition of the Notes, each holder or beneficial owner of that Note is deemed to (i) agree to be bound, in respect of that Note, by the CDIC Act, including the conversion of that Note, in whole or in part—by means of a transaction or series of transactions and in one or more steps— into common shares of Bank of Montreal or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and the variation or extinguishment of that Note in consequence, and by the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to that Note; (ii) attorn and submit to the jurisdiction of the courts in the Province of Ontario with respect to the CDIC Act and those laws; (iii) have represented and warranted that Bank of Montreal has not directly or indirectly provided financing to the holder or beneficial owner of the bail-inable notes for the express purpose of investing in the bail-inable notes; and (iv) acknowledge and agree that the terms referred to in paragraphs (i) and (ii), above, are binding on that holder or beneficial owner despite any provisions in the indenture or that Note, any other law that governs that Note and any other agreement, arrangement or understanding between that holder or beneficial owner and Bank of Montreal with respect to that Note.

 

Holders and beneficial owners of any Note will have no further rights in respect of that Note to the extent that Note is converted in a bail-in conversion, other than those provided under the bail-in regime, and by its acquisition of an interest in any Note, each holder or beneficial owner of that Note is deemed to irrevocably consent to the converted portion of the Principal Amount of that Note and any accrued and unpaid interest thereon being deemed paid in full by Bank of Montreal by the issuance of common shares of Bank of Montreal (or, if applicable, any of its affiliates) upon the occurrence of a bail-in conversion, which bail-in conversion will occur without any further action on the part of that holder or beneficial owner or the trustee; provided that, for the avoidance of doubt, this consent will not limit or otherwise affect any rights that holders or beneficial owners may have under the bail-in regime.

 

See “Risk Factors— The Notes Will Be Subject to Risks, Including Non-payment In Full or, in the Case of Bail-inable Notes, Conversion in Whole or in Part – By Means of a Transaction or Series of Transactions and in One or More Steps – Into Common Shares of the Bank or Any of its Affiliates, Under Canadian Bank Resolution Powers” and “Description of the Notes We May Offer—Special Provisions Related to Bail-inable Notes” in the accompanying prospectus supplement and “Description of Debt Securities—Special Provisions Related to Bail-inable Debt Securities” in the prospectus for a description of provisions applicable to the Notes as a result of Canadian bail-in powers.

 

 PS-3 
 

 

SELECTED RISK CONSIDERATIONS

 

The Notes involve risks not associated with an investment in conventional debt securities. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read the more detailed explanation of the risks relating to the Notes generally in the “Risk Factors” sections of the accompanying product supplement and prospectus supplement. You should reach an investment decision only after you have carefully considered with your advisors the appropriateness of an investment in the Notes in light of your particular circumstances.

 

Risks Relating To The Notes Generally

 

The Amount Of Interest You Receive May Be Less Than The Return You Could Earn On Other Investments.

 

Interest rates may change significantly over the term of the Notes, and it is impossible to predict what interest rates will be at any point in the future. The interest rate payable on the Notes may be more or less than prevailing market interest rates at any time during the term of the Notes. As a result, the amount of interest you receive on the Notes may be less than the return you could earn on other investments.

 

The Per Annum Interest Rate Will Affect Our Decision To Redeem The Notes.

 

It is more likely that we will redeem the Notes prior to the Stated Maturity Date during periods when the remaining interest is to accrue on the Notes at a rate that is greater than that which we would pay on a conventional fixed-rate non-redeemable debt security of comparable maturity. If we redeem the Notes prior to the Stated Maturity Date, you may not be able to invest in other debt securities that yield as much interest as the Notes.

 

The Notes Are Subject To Credit Risk.

 

The Notes are our obligations and are not, either directly or indirectly, an obligation of any third party. Any amounts payable under the Notes are subject to our creditworthiness. As a result, our actual and perceived creditworthiness may affect the value of the Notes and, in the event we were to default on our obligations under the Notes, you may not receive any amounts owed to you under the terms of the Notes.

 

Risks Relating To The Value Of The Notes And Any Secondary Market

 

The Underwriting Discount, Offering Expenses And Certain Hedging Costs Are Likely To Adversely Affect The Price At Which You Can Sell Your Notes.

 

Assuming no changes in market conditions or any other relevant factors, the price, if any, at which you may be able to sell the Notes will likely be lower than the original issue price. The original issue price includes, and any price quoted to you is likely to exclude, the underwriting discount paid in connection with the initial distribution, offering expenses and the projected profit that our hedge counterparty (which may be one of our affiliates) expects to realize in consideration for assuming the risks inherent in hedging our obligations under the Notes. In addition, any such price is also likely to reflect dealer discounts, mark-ups and other transaction costs, such as a discount to account for costs associated with establishing or unwinding any related hedge transaction. The price at which BMOCM or any other potential buyer may be willing to buy your Notes will also be affected by the interest rate provided by the Notes and by the market and other conditions discussed in the next risk factor.

 

The Value Of The Notes Prior To Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.

 

The value of the Notes prior to maturity will be affected by interest rates at that time and a number of other factors, some of which are interrelated in complex ways. The effect of any one factor may be offset or magnified by the effect of another factor. The following factors, which are described in more detail in the accompanying product supplement, are expected to affect the value of the Notes: interest rates and our creditworthiness.

 

The Notes Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Notes To Develop.

 

The Notes will not be listed or displayed on any securities exchange. Although BMOCM and/or its affiliates may purchase the Notes from holders, they are not obligated to do so and are not required to make a market for the Notes. There can be no assurance that a secondary market will develop. Because we do not expect that any market makers will participate in a secondary market for the Notes, the price at which you may be able to sell your Notes is likely to depend on the price, if any, at which BMOCM is willing to buy your Notes.

 

 PS-4 
 

 

If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your Notes prior to maturity. This may affect the price you receive upon such sale. Consequently, you should be willing to hold the Notes to maturity.

 

Risk Relating To Conflicts Of Interest

 

A Dealer Participating In The Offering Of The Notes Or Its Affiliates May Realize Hedging Profits Projected By Its Proprietary Pricing Models In Addition To Any Selling Concession And/Or Other Fee, Creating A Further Incentive For The Participating Dealer To Sell The Notes To You.

 

If any dealer participating in the offering of the Notes, which we refer to as a “participating dealer,” or any of its affiliates conducts hedging activities for us in connection with the Notes, that participating dealer or its affiliates will expect to realize a projected profit from such hedging activities, if any, and this projected hedging profit will be in addition to any concession and/or other fee that the participating dealer realizes for the sale of the Notes to you. This additional projected profit may create a further incentive for the participating dealer to sell the Notes to you.

 

 PS-5 
 

 

SUPPLEMENTAL TAX CONSIDERATIONS

 

In the opinion of our counsel, Davis Polk & Wardwell LLP, the Notes should be treated as debt instruments for U.S. federal tax purposes. Based on the facts provided, the Notes should be treated as issued without original issue discount.

 

Both U.S. and non-U.S. holders should read the section of the accompanying product supplement entitled “United States Federal Income Tax Considerations.”

 

You should consult your tax advisor regarding all aspects of the U.S. federal tax consequences of an investment in the Notes, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

 

This discussion supplements the discussion in “United States Federal Income Tax Considerations” in the accompanying product supplement and should be read in conjunction therewith.

 

 PS-6 
 

 

SUPPLEMENTAL PLAN OF DISTRIBUTION

 

BMOCM, a wholly owned subsidiary of Bank of Montreal, and CGMI are the agents for the distribution of the Notes. We have agreed to sell to the agents, and the agents have agreed to purchase from us, all of the Notes at the original issue price less the underwriting discount specified on the cover page of this pricing supplement. The agents may resell the Notes to other securities dealers at the original issue price less a concession not in excess of the underwriting discount. The agents will receive an underwriting discount in the amount indicated on the cover hereof, and from such underwriting discount will allow selected dealers a selling concession in an amount not to exceed such underwriting discount depending on market conditions that are relevant to the value of the Notes at the time an order to purchase the Notes is submitted to such agent. Dealers who purchase the Notes for sales to eligible institutional investors and fee-based advisory accounts may forgo some or all selling concessions.

 

BMOCM or another affiliate of ours expects to realize hedging profits projected by its proprietary pricing models to the extent it assumes the risks inherent in hedging our obligations under the Notes. If any dealer participating in the distribution of the Notes or any of its affiliates conducts hedging activities for us in connection with the Notes, that dealer or its affiliate will expect to realize a profit projected by its proprietary pricing models from such hedging activities. Any such projected profit will be in addition to any discount or concession received in connection with the sale of the Notes to you.

 

If all of the Notes are not sold on the Trade Date at the original offering price, the agents and/or dealers may change the offering price and the other selling terms and thereafter from time to time may offer the Notes for sale in one or more transactions at market prices prevailing at the time of sale, at prices related to market prices or at negotiated prices.

 

BMOCM may, but is not obligated to, make a market in the Notes. BMOCM will determine any secondary market prices that it is prepared to offer in its sole discretion.

 

We may use this pricing supplement in the initial sale of the Notes. In addition, BMOCM or another of our affiliates may use this pricing supplement in market-making transactions in any Notes after their initial sale. Unless BMOCM or we inform you otherwise in the confirmation of sale, this pricing supplement is being used by BMOCM in a market-making transaction.

 

See “Supplemental Plan of Distribution” in the accompanying product supplement, “Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement and “Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus for more information.

 

 PS-7 
 

 

VALIDITY OF THE NOTES

 

In the opinion of Osler, Hoskin & Harcourt LLP, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the Bank of Montreal in conformity with the indenture, and when this pricing supplement has been attached to, and duly notated on, the master note that represents the Notes, the Notes will have been validly executed, authenticated, issued and delivered, to the extent that validity of the Notes is a matter governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein and will be valid obligations of the Bank of Montreal, subject to the following limitations (i) the enforceability of the indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws affecting the enforcement of creditors’ rights generally; (ii) the enforceability of the indenture may be limited by equitable principles, including the principle that equitable remedies such as specific performance and injunction may only be granted in the discretion of a court of competent jurisdiction; (iii) pursuant to the Currency Act (Canada) a judgment by a Canadian court must be awarded in Canadian currency and that such judgment may be based on a rate of exchange in existence on a day other than the day of payment; and (iv) the enforceability of the indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the indenture to be unenforceable as an attempt to vary or exclude a limitation period under that Act. This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject to certain assumptions about (i) the Trustees’ authorization, execution and delivery of the indenture, (ii) the genuineness of signatures and (iii) certain other matters, all as stated in the letter of such counsel dated March 25, 2025, which has been filed as Exhibit 5.3 to Bank of Montreal’s Form 6-K filed with the SEC and dated March 25, 2025.

 

In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to the Bank of Montreal, when the Notes offered by this pricing supplement have been issued by the Bank of Montreal pursuant to the indenture, the trustee has made the appropriate entries or notations to the master global note that represents such Notes (the “master note”), and such Notes have been delivered against payment as contemplated herein, such Notes will be valid and binding obligations of the Bank of Montreal, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors’ rights, provided that such counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law; or (ii) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves matters governed by the laws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand that you are relying upon, the opinion of Osler, Hoskin & Harcourt LLP, Canadian counsel for the Bank of Montreal, set forth above. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP dated March 25, 2025, which has been filed as an exhibit to Bank of Montreal’s report on Form 6-K filed with the SEC on March 25, 2025.

 

 

PS-8

 

 

 

FAQ

What coupon rate do the JPMorgan Auto Callable Yield Notes pay?

The notes pay at least 22.35% per annum, credited monthly at a minimum rate of 1.8625%.

When can the notes be automatically called?

Starting January 15, 2026, the notes are called on any Review Date when each reference stock closes at or above its Initial Value.

How can investors lose principal on these notes?

If the notes are not called and any stock closes below 60% of its Initial Value on the final Review Date, repayment is reduced by that stock’s percentage loss.

What is the maturity date of the notes?

The notes mature on July 20, 2026, unless called earlier.

Which stocks underlie the notes?

Broadcom Inc. (AVGO), Moderna Inc. (MRNA) and NVIDIA Corp. (NVDA).

What is the estimated value versus the issue price?

If priced today, the estimated value is $955.70 per $1,000 note, below the $1,000 issue price; final estimated value will not be less than $920.
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