[8-K] Arts-Way Manufacturing Co Inc Reports Material Event
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year Uncapped Dual Directional Accelerated Barrier Notes linked to the S&P 500 Futures Excess Return Index (CUSIP 48136FNJ7).
- Key dates: Pricing 25-Jul-2025, Observation 25-Jul-2030, Maturity 30-Jul-2030.
- Denomination: $1,000 minimum.
- Upside Leverage Factor: not less than 1.655; no stated cap when the Index appreciates.
- Barrier: 60 % of the Initial Value (40 % downside).
- Payment at Maturity:
- Index 鈫� > Initial 鈫� $1,000 + (Index Return 脳 Leverage).
- Index between 0 % and 鈭�40 % 鈫� $1,000 + absolute Index Return (capped at 40 %).
- Index 鈫� < 鈭�40 % 鈫� full downside exposure; potential total loss.
- Maximum gain when Index is negative: $1,400 per $1,000 note (40 %).
- Estimated value at pricing: 鈮�$950 per $1,000 (鈮�95 % of issue price).
The notes pay no periodic interest, are subject to the credit risk of both issuing entities, and may be illiquid鈥擩.P. Morgan Securities LLC is not obliged to make a secondary market. Additional risks include potential conflicts of interest in pricing/hedging, negative roll yields inherent in futures-based indices, tax uncertainty, and loss of the barrier benefit after the single observation date.
JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., offre note a 5 anni Uncapped Dual Directional Accelerated Barrier collegate all'Indice S&P 500 Futures Excess Return (CUSIP 48136FNJ7).
- Date chiave: Prezzo 25-lug-2025, Osservazione 25-lug-2030, Scadenza 30-lug-2030.
- Taglio minimo: $1.000.
- Fattore di leva al rialzo: almeno 1,655; nessun limite massimo in caso di apprezzamento dell'indice.
- Barriera: 60% del valore iniziale (40% di ribasso).
- Pagamento a scadenza:
- Indice 鈫� > Iniziale 鈫� $1.000 + (Rendimento indice 脳 leva).
- Indice tra 0% e 鈭�40% 鈫� $1.000 + rendimento assoluto dell'indice (fino al 40%).
- Indice 鈫� < 鈭�40% 鈫� esposizione totale al ribasso; possibile perdita totale.
- Guadagno massimo con indice negativo: $1.400 per ogni nota da $1.000 (40%).
- Valore stimato al prezzo: 鈮�$950 per $1.000 (circa 95% del prezzo di emissione).
Le note non pagano interessi periodici, sono soggette al rischio di credito di entrambe le entit脿 emittenti e potrebbero essere illiquide鈥擩.P. Morgan Securities LLC non 猫 obbligata a garantire un mercato secondario. Altri rischi includono potenziali conflitti di interesse nella determinazione del prezzo e copertura, rendimenti negativi da roll-over negli indici basati su futures, incertezza fiscale e perdita del beneficio della barriera dopo la data di osservazione unica.
JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., ofrece notas a 5 a帽os Uncapped Dual Directional Accelerated Barrier vinculadas al 脥ndice S&P 500 Futures Excess Return (CUSIP 48136FNJ7).
- Fechas clave: Precio 25-jul-2025, Observaci贸n 25-jul-2030, Vencimiento 30-jul-2030.
- 顿别苍辞尘颈苍补肠颈贸苍: m铆nimo $1,000.
- Factor de apalancamiento al alza: no menos de 1.655; sin l铆mite cuando el 铆ndice se aprecia.
- Barrera: 60% del valor inicial (40% a la baja).
- Pago al vencimiento:
- 脥ndice 鈫� > Inicial 鈫� $1,000 + (Retorno del 铆ndice 脳 apalancamiento).
- 脥ndice entre 0% y 鈭�40% 鈫� $1,000 + retorno absoluto del 铆ndice (m谩ximo 40%).
- 脥ndice 鈫� < 鈭�40% 鈫� exposici贸n total a la baja; posible p茅rdida total.
- Ganancia m谩xima con 铆ndice negativo: $1,400 por cada nota de $1,000 (40%).
- Valor estimado en la fijaci贸n de precio: 鈮�$950 por $1,000 (aprox. 95% del precio de emisi贸n).
Las notas no pagan intereses peri贸dicos, est谩n sujetas al riesgo crediticio de ambas entidades emisoras y pueden ser il铆quidas鈥擩.P. Morgan Securities LLC no est谩 obligada a mantener un mercado secundario. Riesgos adicionales incluyen posibles conflictos de inter茅s en la fijaci贸n de precios y cobertura, rendimientos negativos por rollover en 铆ndices basados en futuros, incertidumbre fiscal y p茅rdida del beneficio de la barrera tras la 煤nica fecha de observaci贸n.
JPMorgan Chase Financial Company LLC电� JPMorgan Chase & Co.鞚� 氤挫鞚� 氚涭晞 S&P 500 靹犽 齑堦臣靾橃澋 歆�靾�(CUSIP 48136FNJ7)鞐� 鞐瓣硠霅� 5雲� 毵岅赴 氍挫儊頃� 鞚挫 氚╉枼 臧�靻� 鞛ル步 雲疙姼毳� 鞝滉车頃╇媹雼�.
- 欤检殧 雮犾: 臧�瓴� 瓴办爼 2025雲� 7鞗� 25鞚�, 甏�彀办澕 2030雲� 7鞗� 25鞚�, 毵岅赴 2030雲� 7鞗� 30鞚�.
- 鞎‰┐臧赌: 斓滌唽 $1,000.
- 靸侅姽 霠堧矂毽 瓿勳垬: 斓滌唽 1.655; 歆�靾橁皜 靸侅姽頃� 霑� 靸來暅 鞐嗢潓.
- 鞛ル步: 齑堦赴 臧�旃橃潣 60% (頃橂澖 40%).
- 毵岅赴 歆�旮�:
- 歆�靾� 靸侅姽 > 齑堦赴 鈫� $1,000 + (歆�靾� 靾橃澋毳� 脳 霠堧矂毽).
- 歆�靾橁皜 0%鞐愳劀 鈭�40% 靷澊 鈫� $1,000 + 歆�靾� 鞝堧寑 靾橃澋毳� (斓滊寑 40%).
- 歆�靾� 頃橂澖 < 鈭�40% 鈫� 鞝勲┐ 頃橂澖 雲胳稖; 鞝勳暋 靻愳嫟 臧�電レ劚.
- 歆�靾橁皜 攵�鞝曥爜鞚� 霑� 斓滊寑 鞚挫澋: $1,000 雲疙姼雼� $1,400 (40%).
- 臧�瓴� 毂呾爼 鞁� 鞓堨儊 臧�旃�: $1,000雼� 鈮�$950 (鞎� 95% 氚滍枆臧�).
鞚� 雲疙姼电� 鞝曣赴 鞚挫瀽 歆�旮夓澊 鞐嗢溂氅�, 霊� 氚滍枆 旮瓣磤鞚� 鞁犾毄 鞙勴棙鞐� 雲胳稖霅橃柎 鞛堦碃 鞙犽彊靹膘澊 雮潉 靾� 鞛堨姷雼堧嫟鈥擩.P. Morgan Securities LLC电� 2彀� 鞁滌灔鞚� 鞝滉车頃� 鞚橂臧� 鞐嗢姷雼堧嫟. 於旉皜 鞙勴棙鞙茧电� 臧�瓴� 毂呾爼 氚� 項れ鞐愳劀鞚� 鞚错暣 靸侅订 臧�電レ劚, 靹犽 旮半皹 歆�靾橃潣 鞚岇潣 搿れ槫氩� 靾橃澋毳�, 靹戈笀 攵堩檿鞁れ劚, 雼澕 甏�彀办澕 鞚错泟 鞛ル步 順滍儩 靸侅嫟 霌膘澊 鞛堨姷雼堧嫟.
JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., propose des billets 脿 5 ans Uncapped Dual Directional Accelerated Barrier li茅s 脿 l'Indice S&P 500 Futures Excess Return (CUSIP 48136FNJ7).
- Dates cl茅s : Prix 25-juil-2025, Observation 25-juil-2030, 脡ch茅ance 30-juil-2030.
- Valeur nominale : minimum 1 000 $.
- Facteur de levier 脿 la hausse : au moins 1,655 ; pas de plafond en cas d鈥檃ppr茅ciation de l鈥檌ndice.
- 叠补谤谤颈猫谤别 : 60 % de la valeur initiale (40 % de baisse).
- Paiement 脿 l鈥櫭ヽh茅ance :
- Indice 鈫� > initial 鈫� 1 000 $ + (rendement de l鈥檌ndice 脳 levier).
- Indice entre 0 % et 鈭�40 % 鈫� 1 000 $ + rendement absolu de l鈥檌ndice (plafonn茅 脿 40 %).
- Indice 鈫� < 鈭�40 % 鈫� exposition totale 脿 la baisse ; perte potentielle totale.
- Gain maximal en cas d鈥檌ndice n茅gatif : 1 400 $ par billet de 1 000 $ (40 %).
- Valeur estim茅e 脿 la fixation du prix : 鈮�950 $ pour 1 000 $ (environ 95 % du prix d鈥櫭﹎ission).
Ces billets ne versent aucun int茅r锚t p茅riodique, sont soumis au risque de cr茅dit des deux 茅metteurs et peuvent 锚tre illiquides鈥擩.P. Morgan Securities LLC n鈥檈st pas tenue d鈥檃ssurer un march茅 secondaire. Les risques suppl茅mentaires incluent des conflits d鈥檌nt茅r锚ts potentiels dans la fixation des prix et la couverture, des rendements n茅gatifs li茅s au roulement des indices bas茅s sur les futures, une incertitude fiscale et la perte de l鈥檃vantage de la barri猫re apr猫s la date d鈥檕bservation unique.
JPMorgan Chase Financial Company LLC, garantiert von JPMorgan Chase & Co., bietet 5-j盲hrige Uncapped Dual Directional Accelerated Barrier Notes an, die an den S&P 500 Futures Excess Return Index (CUSIP 48136FNJ7) gekoppelt sind.
- Wichtige Termine: Preisfeststellung 25. Juli 2025, Beobachtung 25. Juli 2030, F盲lligkeit 30. Juli 2030.
- 厂迟眉肠办别濒耻苍驳: Mindestens $1.000.
- Upside-Leverage-Faktor: nicht weniger als 1,655; keine Obergrenze bei Indexsteigerungen.
- Barriere: 60 % des Anfangswerts (40 % Abw盲rtsrisiko).
- Zahlung bei F盲lligkeit:
- Index 鈫� > Anfang 鈫� $1.000 + (Indexrendite 脳 Hebel).
- Index zwischen 0 % und 鈭�40 % 鈫� $1.000 + absoluter Indexertrag (max. 40 %).
- Index 鈫� < 鈭�40 % 鈫� volles Abw盲rtsrisiko; m枚glicher Totalverlust.
- Maximaler Gewinn bei negativem Index: $1.400 pro $1.000 Note (40 %).
- Gesch盲tzter Wert bei Preisfeststellung: 鈮�$950 pro $1.000 (ca. 95 % des Ausgabepreises).
Die Notes zahlen keine periodischen Zinsen, unterliegen dem Kreditrisiko beider Emittenten und k枚nnen illiquide sein鈥擩.P. Morgan Securities LLC ist nicht verpflichtet, einen Sekund盲rmarkt bereitzustellen. Weitere Risiken umfassen potenzielle Interessenkonflikte bei Preisfestsetzung und Absicherung, negative Rollrenditen bei futuresbasierten Indizes, steuerliche Unsicherheiten und den Verlust des Barrierevorteils nach dem einmaligen Beobachtungstermin.
- Leverage of at least 1.655脳 provides enhanced upside participation if the S&P 500 Futures Excess Return Index rises.
- 40 % downside barrier converts moderate negative index performance into a positive absolute return at maturity.
- Full guarantee by JPMorgan Chase & Co., an investment-grade financial institution, reduces counterparty concerns relative to non-guaranteed issuers.
- Principal loss beyond a 40 % index decline; investors could lose the entire investment at maturity.
- No periodic interest payments; total return realized only after five years.
- Limited liquidity鈥攄ealer not obligated to make a secondary market, potentially forcing sales at deep discounts.
- Estimated issue value 鈮�95 % of par indicates upfront costs and negative carry for buy-and-hold investors.
- Credit exposure to JPMorgan entities; widening credit spreads may depress secondary-market prices.
- Tax treatment unclear; investors must consult advisers for potential U.S. federal income tax implications.
Insights
TL;DR 鈥� Leveraged upside and partial downside buffer, routine structured note; neutral issuer impact.
The note delivers 1.655脳 upside exposure without a cap, which may attract bullish investors seeking leveraged equity participation. The 60 % barrier offers limited protection against moderate declines while still allowing a 40 % positive payout if the index finishes down by up to that amount. From the issuer鈥檚 standpoint, this is a standard funding trade with embedded derivatives; therefore, it carries minimal balance-sheet impact and is neutral to JPMorgan鈥檚 equity story.
TL;DR 鈥� Principal at risk beyond 40 % drop, illiquid and credit-sensitive; conservative investors should be cautious.
Investors bear three layers of risk: market risk on the S&P 500 futures index, structural risk from the single observation barrier, and credit risk on JPMorgan entities. A steep decline exceeding 40 % wipes out the buffer and subjects holders to full losses, and the estimated value (鈮�95 % of par) reveals meaningful fees. Absence of coupons, uncertain tax treatment, and discretionary secondary-market support further weaken the risk-reward profile. For risk-averse investors, the product skews negatively.
JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., offre note a 5 anni Uncapped Dual Directional Accelerated Barrier collegate all'Indice S&P 500 Futures Excess Return (CUSIP 48136FNJ7).
- Date chiave: Prezzo 25-lug-2025, Osservazione 25-lug-2030, Scadenza 30-lug-2030.
- Taglio minimo: $1.000.
- Fattore di leva al rialzo: almeno 1,655; nessun limite massimo in caso di apprezzamento dell'indice.
- Barriera: 60% del valore iniziale (40% di ribasso).
- Pagamento a scadenza:
- Indice 鈫� > Iniziale 鈫� $1.000 + (Rendimento indice 脳 leva).
- Indice tra 0% e 鈭�40% 鈫� $1.000 + rendimento assoluto dell'indice (fino al 40%).
- Indice 鈫� < 鈭�40% 鈫� esposizione totale al ribasso; possibile perdita totale.
- Guadagno massimo con indice negativo: $1.400 per ogni nota da $1.000 (40%).
- Valore stimato al prezzo: 鈮�$950 per $1.000 (circa 95% del prezzo di emissione).
Le note non pagano interessi periodici, sono soggette al rischio di credito di entrambe le entit脿 emittenti e potrebbero essere illiquide鈥擩.P. Morgan Securities LLC non 猫 obbligata a garantire un mercato secondario. Altri rischi includono potenziali conflitti di interesse nella determinazione del prezzo e copertura, rendimenti negativi da roll-over negli indici basati su futures, incertezza fiscale e perdita del beneficio della barriera dopo la data di osservazione unica.
JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., ofrece notas a 5 a帽os Uncapped Dual Directional Accelerated Barrier vinculadas al 脥ndice S&P 500 Futures Excess Return (CUSIP 48136FNJ7).
- Fechas clave: Precio 25-jul-2025, Observaci贸n 25-jul-2030, Vencimiento 30-jul-2030.
- 顿别苍辞尘颈苍补肠颈贸苍: m铆nimo $1,000.
- Factor de apalancamiento al alza: no menos de 1.655; sin l铆mite cuando el 铆ndice se aprecia.
- Barrera: 60% del valor inicial (40% a la baja).
- Pago al vencimiento:
- 脥ndice 鈫� > Inicial 鈫� $1,000 + (Retorno del 铆ndice 脳 apalancamiento).
- 脥ndice entre 0% y 鈭�40% 鈫� $1,000 + retorno absoluto del 铆ndice (m谩ximo 40%).
- 脥ndice 鈫� < 鈭�40% 鈫� exposici贸n total a la baja; posible p茅rdida total.
- Ganancia m谩xima con 铆ndice negativo: $1,400 por cada nota de $1,000 (40%).
- Valor estimado en la fijaci贸n de precio: 鈮�$950 por $1,000 (aprox. 95% del precio de emisi贸n).
Las notas no pagan intereses peri贸dicos, est谩n sujetas al riesgo crediticio de ambas entidades emisoras y pueden ser il铆quidas鈥擩.P. Morgan Securities LLC no est谩 obligada a mantener un mercado secundario. Riesgos adicionales incluyen posibles conflictos de inter茅s en la fijaci贸n de precios y cobertura, rendimientos negativos por rollover en 铆ndices basados en futuros, incertidumbre fiscal y p茅rdida del beneficio de la barrera tras la 煤nica fecha de observaci贸n.
JPMorgan Chase Financial Company LLC电� JPMorgan Chase & Co.鞚� 氤挫鞚� 氚涭晞 S&P 500 靹犽 齑堦臣靾橃澋 歆�靾�(CUSIP 48136FNJ7)鞐� 鞐瓣硠霅� 5雲� 毵岅赴 氍挫儊頃� 鞚挫 氚╉枼 臧�靻� 鞛ル步 雲疙姼毳� 鞝滉车頃╇媹雼�.
- 欤检殧 雮犾: 臧�瓴� 瓴办爼 2025雲� 7鞗� 25鞚�, 甏�彀办澕 2030雲� 7鞗� 25鞚�, 毵岅赴 2030雲� 7鞗� 30鞚�.
- 鞎‰┐臧赌: 斓滌唽 $1,000.
- 靸侅姽 霠堧矂毽 瓿勳垬: 斓滌唽 1.655; 歆�靾橁皜 靸侅姽頃� 霑� 靸來暅 鞐嗢潓.
- 鞛ル步: 齑堦赴 臧�旃橃潣 60% (頃橂澖 40%).
- 毵岅赴 歆�旮�:
- 歆�靾� 靸侅姽 > 齑堦赴 鈫� $1,000 + (歆�靾� 靾橃澋毳� 脳 霠堧矂毽).
- 歆�靾橁皜 0%鞐愳劀 鈭�40% 靷澊 鈫� $1,000 + 歆�靾� 鞝堧寑 靾橃澋毳� (斓滊寑 40%).
- 歆�靾� 頃橂澖 < 鈭�40% 鈫� 鞝勲┐ 頃橂澖 雲胳稖; 鞝勳暋 靻愳嫟 臧�電レ劚.
- 歆�靾橁皜 攵�鞝曥爜鞚� 霑� 斓滊寑 鞚挫澋: $1,000 雲疙姼雼� $1,400 (40%).
- 臧�瓴� 毂呾爼 鞁� 鞓堨儊 臧�旃�: $1,000雼� 鈮�$950 (鞎� 95% 氚滍枆臧�).
鞚� 雲疙姼电� 鞝曣赴 鞚挫瀽 歆�旮夓澊 鞐嗢溂氅�, 霊� 氚滍枆 旮瓣磤鞚� 鞁犾毄 鞙勴棙鞐� 雲胳稖霅橃柎 鞛堦碃 鞙犽彊靹膘澊 雮潉 靾� 鞛堨姷雼堧嫟鈥擩.P. Morgan Securities LLC电� 2彀� 鞁滌灔鞚� 鞝滉车頃� 鞚橂臧� 鞐嗢姷雼堧嫟. 於旉皜 鞙勴棙鞙茧电� 臧�瓴� 毂呾爼 氚� 項れ鞐愳劀鞚� 鞚错暣 靸侅订 臧�電レ劚, 靹犽 旮半皹 歆�靾橃潣 鞚岇潣 搿れ槫氩� 靾橃澋毳�, 靹戈笀 攵堩檿鞁れ劚, 雼澕 甏�彀办澕 鞚错泟 鞛ル步 順滍儩 靸侅嫟 霌膘澊 鞛堨姷雼堧嫟.
JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., propose des billets 脿 5 ans Uncapped Dual Directional Accelerated Barrier li茅s 脿 l'Indice S&P 500 Futures Excess Return (CUSIP 48136FNJ7).
- Dates cl茅s : Prix 25-juil-2025, Observation 25-juil-2030, 脡ch茅ance 30-juil-2030.
- Valeur nominale : minimum 1 000 $.
- Facteur de levier 脿 la hausse : au moins 1,655 ; pas de plafond en cas d鈥檃ppr茅ciation de l鈥檌ndice.
- 叠补谤谤颈猫谤别 : 60 % de la valeur initiale (40 % de baisse).
- Paiement 脿 l鈥櫭ヽh茅ance :
- Indice 鈫� > initial 鈫� 1 000 $ + (rendement de l鈥檌ndice 脳 levier).
- Indice entre 0 % et 鈭�40 % 鈫� 1 000 $ + rendement absolu de l鈥檌ndice (plafonn茅 脿 40 %).
- Indice 鈫� < 鈭�40 % 鈫� exposition totale 脿 la baisse ; perte potentielle totale.
- Gain maximal en cas d鈥檌ndice n茅gatif : 1 400 $ par billet de 1 000 $ (40 %).
- Valeur estim茅e 脿 la fixation du prix : 鈮�950 $ pour 1 000 $ (environ 95 % du prix d鈥櫭﹎ission).
Ces billets ne versent aucun int茅r锚t p茅riodique, sont soumis au risque de cr茅dit des deux 茅metteurs et peuvent 锚tre illiquides鈥擩.P. Morgan Securities LLC n鈥檈st pas tenue d鈥檃ssurer un march茅 secondaire. Les risques suppl茅mentaires incluent des conflits d鈥檌nt茅r锚ts potentiels dans la fixation des prix et la couverture, des rendements n茅gatifs li茅s au roulement des indices bas茅s sur les futures, une incertitude fiscale et la perte de l鈥檃vantage de la barri猫re apr猫s la date d鈥檕bservation unique.
JPMorgan Chase Financial Company LLC, garantiert von JPMorgan Chase & Co., bietet 5-j盲hrige Uncapped Dual Directional Accelerated Barrier Notes an, die an den S&P 500 Futures Excess Return Index (CUSIP 48136FNJ7) gekoppelt sind.
- Wichtige Termine: Preisfeststellung 25. Juli 2025, Beobachtung 25. Juli 2030, F盲lligkeit 30. Juli 2030.
- 厂迟眉肠办别濒耻苍驳: Mindestens $1.000.
- Upside-Leverage-Faktor: nicht weniger als 1,655; keine Obergrenze bei Indexsteigerungen.
- Barriere: 60 % des Anfangswerts (40 % Abw盲rtsrisiko).
- Zahlung bei F盲lligkeit:
- Index 鈫� > Anfang 鈫� $1.000 + (Indexrendite 脳 Hebel).
- Index zwischen 0 % und 鈭�40 % 鈫� $1.000 + absoluter Indexertrag (max. 40 %).
- Index 鈫� < 鈭�40 % 鈫� volles Abw盲rtsrisiko; m枚glicher Totalverlust.
- Maximaler Gewinn bei negativem Index: $1.400 pro $1.000 Note (40 %).
- Gesch盲tzter Wert bei Preisfeststellung: 鈮�$950 pro $1.000 (ca. 95 % des Ausgabepreises).
Die Notes zahlen keine periodischen Zinsen, unterliegen dem Kreditrisiko beider Emittenten und k枚nnen illiquide sein鈥擩.P. Morgan Securities LLC ist nicht verpflichtet, einen Sekund盲rmarkt bereitzustellen. Weitere Risiken umfassen potenzielle Interessenkonflikte bei Preisfestsetzung und Absicherung, negative Rollrenditen bei futuresbasierten Indizes, steuerliche Unsicherheiten und den Verlust des Barrierevorteils nach dem einmaligen Beobachtungstermin.
FAQ
What is the Upside Leverage Factor on the VYLD structured notes?
Does the VYLD offering guarantee the return of principal?
When do the VYLD notes mature and how long is the investment term?
Is there any cap on positive returns for the VYLD notes?
What happens if the S&P 500 Futures ER Index finishes between 0 % and 鈭�40 %?
Who bears the credit risk for these notes?
