JPM Auto-Callable Barrier Notes: 1.5脳 Upside, 70 % Protection, July 2025 Issue

Q: What is the barrier level for the JPM Auto Callable Accelerated Barrier Notes?

Each index has a 70 % barrier of its Initial Value; falling below it triggers principal loss at maturity.

Q: How soon can the JPM structured notes be automatically called?

The earliest call can occur on the first Review Date, July 31 2026, one year after settlement.

Q: What premiums are paid if the notes are called early?

At least 12.55 % ($125.50) on the first Review Date and 25.10 % ($251.00) on the second, per $1,000 note.

Q: What is the estimated value versus the issue price of the notes?

If priced today, the estimated value is $945.30 per $1,000; final value will not be below $900.00.

Q: Do the notes pay periodic interest or dividends?

No. Investors forgo all coupons and underlying dividends; returns are only via call premiums or maturity payoff.

Q: Are the notes protected by FDIC insurance?

No. They are unsecured, unsubordinated obligations of the issuer and guarantor, not bank deposits.

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Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering Auto Callable Accelerated Barrier Notes linked individually to the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX) indices. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co. Key commercial terms are still preliminary and will be finalized on or about July 28 2025, with settlement expected on July 31 2025 and maturity on August 2 2028.

Automatic call feature: If on any non-final Review Date (July 31 2026 or July 28 2027) the closing level of each index is at or above 100 % of its Initial Value, the notes will be redeemed early for $1,000 plus the applicable Call Premium Amount (鈮� 12.55 % or 鈮� 25.10 %).
Upside participation at maturity: If not called and all three indices finish above their Initial Values on the final Review Date, investors receive 1.50脳 the percentage gain of the worst-performing index (uncapped).
Barrier protection: 70 % of Initial Value for each index. If any index closes below its barrier on the final Review Date, principal is reduced one-for-one with the decline of the worst performer, exposing investors to losses up to 100 %.
Indicative economics: Estimated value today is $945.30 per $1,000 note (minimum 鈮� $900.00), reflecting selling commissions (鈮� $30) and structuring/hedging costs included in the $1,000 issue price.
Liquidity & credit: The notes will not be listed; secondary prices depend on JPMS bid. Payment is subject to the credit of both the issuer and guarantor.

Investors forgo periodic coupons and dividends, face potential early redemption that caps upside, and assume index, market-volatility, credit and liquidity risks as detailed in the extensive 鈥淪elected Risk Considerations.鈥�

JPMorgan Chase Financial Company LLC propone Note Auto Callable Accelerated Barrier collegate singolarmente agli indici Nasdaq-100 (NDX), Russell 2000 (RTY) e S&P 500 (SPX). Le note sono obbligazioni non garantite e non subordinate di JPMorgan Chase Financial, garantite in modo completo e incondizionato da JPMorgan Chase & Co. I termini commerciali principali sono ancora preliminari e saranno definiti intorno al 28 luglio 2025, con regolamento previsto per il 31 luglio 2025 e scadenza il 2 agosto 2028.

Caratteristica di richiamo automatico: Se in una qualsiasi Data di Revisione non finale (31 luglio 2026 o 28 luglio 2027) il livello di chiusura di ciascun indice 猫 pari o superiore al 100% del suo Valore Iniziale, le note saranno rimborsate anticipatamente a $1.000 pi霉 il Premio di Richiamo applicabile (鈮� 12,55% o 鈮� 25,10%).
Partecipazione al rialzo a scadenza: Se non richiamate e tutti e tre gli indici chiudono sopra i loro Valori Iniziali nella Data di Revisione finale, gli investitori ricevono 1,50脳 la percentuale di guadagno dell鈥檌ndice peggiore (senza limite massimo).
Protezione barriera: 70% del Valore Iniziale per ogni indice. Se un qualsiasi indice chiude sotto la barriera nella Data di Revisione finale, il capitale viene ridotto proporzionalmente al calo dell鈥檌ndice peggiore, esponendo gli investitori a perdite fino al 100%.
Economia indicativa: Il valore stimato oggi 猫 di $945,30 per ogni nota da $1.000 (minimo 鈮� $900,00), includendo commissioni di vendita (鈮� $30) e costi di strutturazione/copertura gi脿 compresi nel prezzo di emissione di $1.000.
Liquidit脿 e credito: Le note non saranno quotate; i prezzi secondari dipendono dall鈥檕fferta di JPMS. Il pagamento 猫 soggetto al merito creditizio sia dell鈥檈mittente che del garante.

Gli investitori rinunciano a cedole periodiche e dividendi, affrontano il rischio di un rimborso anticipato che limita il potenziale guadagno e assumono rischi legati agli indici, alla volatilit脿 di mercato, al credito e alla liquidit脿 come dettagliato nelle ampie 鈥淐onsiderazioni sui Rischi Selezionati.鈥�

JPMorgan Chase Financial Company LLC ofrece Notas Auto Llamables con Barrera Acelerada vinculadas individualmente a los 铆ndices Nasdaq-100 (NDX), Russell 2000 (RTY) y S&P 500 (SPX). Las notas son obligaciones no garantizadas y no subordinadas de JPMorgan Chase Financial, garantizadas total e incondicionalmente por JPMorgan Chase & Co. Los t茅rminos comerciales clave a煤n son preliminares y se finalizar谩n alrededor del 28 de julio de 2025, con liquidaci贸n prevista para el 31 de julio de 2025 y vencimiento el 2 de agosto de 2028.

Funci贸n de llamada autom谩tica: Si en cualquier Fecha de Revisi贸n no final (31 de julio de 2026 o 28 de julio de 2027) el nivel de cierre de cada 铆ndice est谩 en o por encima del 100% de su Valor Inicial, las notas ser谩n redimidas anticipadamente por $1,000 m谩s la Prima de Llamada aplicable (鈮� 12.55% o 鈮� 25.10%).
Participaci贸n al alza al vencimiento: Si no son llamadas y los tres 铆ndices terminan por encima de sus Valores Iniciales en la Fecha de Revisi贸n final, los inversores reciben 1.50脳 la ganancia porcentual del 铆ndice con peor desempe帽o (sin l铆mite).
Protecci贸n de barrera: 70% del Valor Inicial para cada 铆ndice. Si alg煤n 铆ndice cierra por debajo de su barrera en la Fecha de Revisi贸n final, el principal se reduce uno a uno con la ca铆da del peor 铆ndice, exponiendo a los inversores a p茅rdidas de hasta el 100%.
Econom铆a indicativa: El valor estimado hoy es de $945.30 por cada nota de $1,000 (m铆nimo 鈮� $900.00), reflejando comisiones de venta (鈮� $30) y costos de estructuraci贸n/cobertura incluidos en el precio de emisi贸n de $1,000.
Liquidez y cr茅dito: Las notas no estar谩n listadas; los precios secundarios dependen de la oferta de JPMS. El pago est谩 sujeto al cr茅dito tanto del emisor como del garante.

Los inversores renuncian a cupones peri贸dicos y dividendos, enfrentan la posibilidad de redenci贸n anticipada que limita el potencial al alza y asumen riesgos relacionados con 铆ndices, volatilidad del mercado, cr茅dito y liquidez, tal como se detalla en las extensas 鈥淐onsideraciones Seleccionadas de Riesgo.鈥�

JPMorgan Chase Financial Company LLC電� 雮橃姢雼�-100(NDX), 霟厐 2000(RTY), S&P 500(SPX) 歆€靾橃棎臧滊硠鞝侅溂搿� 鞐瓣硠霅� 鞛愲彊靸來櫂臧€靻� 氚半Μ鞏� 雲疙姼毳� 鞝滉车頃╇媹雼�. 鞚� 雲疙姼電� JPMorgan Chase Financial鞚� 氍措嫶氤�, 牍勴泟靾滌渼毂勲鞚措┌ JPMorgan Chase & Co.臧€ 鞝勳暋氚� 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 欤检殧靸侅梾臁瓣贝鞚€ 鞎勳 鞓堧箘雼硠鞚措┌ 2025雲� 7鞗� 28鞚�瓴届棎斓滌 頇曥爼霅� 鞓堨爼鞚措┌, 瓴办牅電� 2025雲� 7鞗� 31鞚�, 毵岅赴電� 2028雲� 8鞗� 2鞚�鞛呺媹雼�.

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毵岅赴鞁� 靸侅姽彀胳棳: 靸來櫂霅橃 鞎婈碃靹� 歆€靾� 氇憪斓滌 瓴€韱犾澕鞐� 齑堦赴臧€旃� 鞚挫儊鞙茧 毵堦皭頃橂┐, 韴瀽鞛愲姅斓滌晠鞚� 靹标臣歆€靾� 靸侅姽毳犾潣 1.50氚�(靸來暅鞐嗢潓)毳� 氚涭姷雼堧嫟.
氚半Μ鞏� 氤错樃: 臧� 歆€靾� 齑堦赴臧€旃橃潣 70%. 斓滌 瓴€韱犾澕鞐� 鞏措姁頃� 歆€靾橁皜氚半Μ鞏� 鞎勲灅搿� 毵堦皭頃橂┐, 鞗愱笀鞚€ 斓滌晠鞚� 靹标臣歆€靾� 頃橂澖毳犾棎霐半澕 1:1搿� 臧愳唽頃橃棳韴瀽鞛愲姅斓滊寑 100% 靻愳嫟鞙勴棙鞐� 雲胳稖霅╇媹雼�.
鞓堨儊瓴届牅靹�: 順勳灛於旍爼臧€旃橂姅 $1,000 雲疙姼雼� $945.30 (斓滌唽鈮� $900.00)鞚措┌, 韺愲Г 靾橃垬耄�(鈮� $30)鞕€ 甑“頇�/項れ 牍勳毄鞚� $1,000 氚滍枆臧€鞐� 韽暔霅橃柎鞛堨姷雼堧嫟.
鞙犽彊靹� 氚� 鞁犾毄: 雲疙姼電� 靸侅灔霅橃 鞎婌溂氅�, 2彀� 臧€瓴╈潃 JPMS 鞛呾鞍鞐� 霐半澕雼澕歆戨媹雼�. 歆€旮夓潃氚滍枆鞛� 氚� 氤挫鞚胳潣鞁犾毄靸來儨鞐� 霐半雼堧嫟.

韴瀽鞛愲姅鞝曣赴炜犿彴瓿� 氚半嫻旮堨潉韽赴頃橂┌, 靸來暅鞚� 鞛堧姅臁瓣赴靸來櫂臧€電レ劚鞐� 歆侂┐頃橁碃, 歆€靾�, 鞁滌灔氤€霃欖劚, 鞁犾毄氚� 鞙犽彊靹� 鞙勴棙鞚� 鈥滌劆韮濍悳鞙勴棙瓿犽牑靷暛鈥�鞐� 靸侅劯頌� 氇呾嫓霅� 雽€搿� 臧愳垬頃╇媹雼�.

JPMorgan Chase Financial Company LLC propose des Notes Auto Rappelables avec Barri猫re Acc茅l茅r茅e li茅es individuellement aux indices Nasdaq-100 (NDX), Russell 2000 (RTY) et S&P 500 (SPX). Ces notes sont des obligations non s茅curis茅es et non subordonn茅es de JPMorgan Chase Financial, garanties de mani猫re compl猫te et inconditionnelle par JPMorgan Chase & Co. Les principaux termes commerciaux sont encore pr茅liminaires et seront finalis茅s aux alentours du 28 juillet 2025, avec un r猫glement pr茅vu le 31 juillet 2025 et une 茅ch茅ance le 2 ao没t 2028.

Option de rappel automatique : Si, 脿 une date de revue non finale (31 juillet 2026 ou 28 juillet 2027), le niveau de cl么ture de chaque indice est 茅gal ou sup茅rieur 脿 100 % de sa valeur initiale, les notes seront rembours茅es par anticipation 脿 1 000 $ plus la prime de rappel applicable (鈮� 12,55 % ou 鈮� 25,10 %).
Participation 脿 la hausse 脿 l鈥櫭ヽh茅ance : Si les notes ne sont pas rappel茅es et que les trois indices terminent au-dessus de leurs valeurs initiales 脿 la date de revue finale, les investisseurs recevront 1,50脳 le pourcentage de gain de l鈥檌ndice le moins performant (sans plafond).
Protection barri猫re : 70 % de la valeur initiale pour chaque indice. Si un indice cl么ture en dessous de sa barri猫re 脿 la date de revue finale, le capital est r茅duit au prorata de la baisse de l鈥檌ndice le moins performant, exposant les investisseurs 脿 des pertes pouvant aller jusqu鈥櫭� 100 %.
Aspects 茅conomiques indicatifs : La valeur estim茅e aujourd鈥檋ui est de 945,30 $ par note de 1 000 $ (minimum 鈮� 900,00 $), refl茅tant les commissions de vente (鈮� 30 $) et les co没ts de structuration/couverture inclus dans le prix d鈥櫭﹎ission de 1 000 $.
Liquidit茅 et cr茅dit : Les notes ne seront pas cot茅es ; les prix secondaires d茅pendent des offres de JPMS. Le paiement est soumis 脿 la solvabilit茅 de l鈥櫭﹎etteur et du garant.

Les investisseurs renoncent aux coupons p茅riodiques et aux dividendes, s鈥檈xposent 脿 un remboursement anticip茅 potentiel limitant le potentiel de gain, et assument les risques li茅s aux indices, 脿 la volatilit茅 du march茅, au cr茅dit et 脿 la liquidit茅 comme d茅taill茅 dans les larges 芦 Consid茅rations S茅lectives sur les Risques 禄.

JPMorgan Chase Financial Company LLC bietet Auto Callable Accelerated Barrier Notes an, die einzeln an die Indizes Nasdaq-100 (NDX), Russell 2000 (RTY) und S&P 500 (SPX) gekoppelt sind. Die Notes sind unbesicherte, nicht nachrangige Verbindlichkeiten von JPMorgan Chase Financial und werden von JPMorgan Chase & Co. vollst盲ndig und bedingungslos garantiert. Die wesentlichen kommerziellen Bedingungen sind noch vorl盲ufig und werden etwa am 28. Juli 2025 finalisiert, mit einer Abwicklung voraussichtlich am 31. Juli 2025 und F盲lligkeit am 2. August 2028.

Automatische R眉ckruf-Funktion: Wenn an einem nicht abschlie脽enden Pr眉fungstermin (31. Juli 2026 oder 28. Juli 2027) der Schlussstand jedes Index auf oder 眉ber 100 % seines Anfangswerts liegt, werden die Notes vorzeitig zum Preis von $1.000 zuz眉glich der anwendbaren R眉ckrufpr盲mie (鈮� 12,55 % oder 鈮� 25,10 %) zur眉ckgezahlt.
Aufw盲rtsteilnahme bei F盲lligkeit: Wenn die Notes nicht zur眉ckgerufen werden und alle drei Indizes am finalen Pr眉fungstermin 眉ber ihren Anfangswerten schlie脽en, erhalten Anleger das 1,50-fache der prozentualen Wertsteigerung des schlechtesten Index (ohne Obergrenze).
Barriere-Schutz: 70 % des Anfangswerts f眉r jeden Index. Schlie脽t ein Index am finalen Pr眉fungstermin unter seiner Barriere, wird das Kapital eins zu eins entsprechend dem R眉ckgang des schlechtesten Index reduziert, was Anlegern Verluste von bis zu 100 % aussetzt.
Indikative Wirtschaftlichkeit: Der heutige gesch盲tzte Wert betr盲gt $945,30 pro $1.000 Note (Mindestwert 鈮� $900,00), inklusive Verkaufsprovisionen (鈮� $30) sowie Strukturierungs-/Absicherungskosten, die im Ausgabepreis von $1.000 enthalten sind.
Liquidit盲t & Kredit: Die Notes werden nicht notiert; Sekund盲rpreise h盲ngen vom Gebot von JPMS ab. Zahlungen unterliegen der Bonit盲t sowohl des Emittenten als auch des Garanten.

Anleger verzichten auf periodische Kupons und Dividenden, tragen das Risiko einer potenziellen vorzeitigen R眉ckzahlung, die das Aufw盲rtspotenzial begrenzt, und 眉bernehmen Index-, Marktvolatilit盲ts-, Kredit- und Liquidit盲tsrisiken, wie in den ausf眉hrlichen 鈥濧usgew盲hlten Risikohinweisen鈥� beschrieben.

Positive

1.50脳 upside participation on the worst-performing index if held to maturity and not called, providing uncapped appreciation potential.
Conditional principal protection down to a 30 % decline via the 70 % barrier on each index.
Attractive call premiums of at least 12.55 % and 25.10 % enable double-digit returns in as little as one year if indices stay flat or rise modestly.

Negative

Principal loss risk: any index finishing below the 70 % barrier results in one-for-one loss, up to total capital erosion.
Early call truncates upside: automatic redemption caps gains at the fixed premium, eliminating the 1.5脳 leverage for strong markets.
Pricing drag: estimated value is $945.30 vs. $1,000 issue price, reflecting ~5 % embedded costs.
No liquidity listing: secondary sales depend solely on JPMS bids, which may be well below theoretical value.
Credit exposure: payments rely on JPMorgan Chase Financial and JPMorgan Chase & Co. creditworthiness.

Insights

TL;DR 鈥� Structured note offers 1.5脳 upside and 70 % barrier but early call limits gains; credit & pricing drag apply.

The product combines three popular U.S. equity benchmarks with an auto-call profile frequently used to monetise near-term market strength. Investors receive at least 12.55 % or 25.10 % premiums if all indices breach par in years 1 or 2, but lose the 1.5脳 multiplier in such scenarios. The 70 % barrier provides conditional principal protection; however historic drawdowns (e.g., March 2020) show breaches are plausible, especially for the higher-beta RTY. The indicative fair value (94.5 % of par) reveals roughly 5.5 % embedded fees at launch, a typical margin for retail structured notes. Absence of coupons and likely limited liquidity make the instrument suitable only for investors with a defined tactical view and high risk tolerance. Credit exposure to JPMorgan is investment-grade but non-trivial for a 3-year horizon.

TL;DR 鈥� From a portfolio view, note is a leveraged equity bet with asymmetric payoff; neutral for JPM, niche for investors.

The note鈥檚 payoff effectively sells downside beyond 鈥�30 % while buying 1.5脳 upside above breakeven, with an automatic call acting like a short volatility overlay. This structure may complement income-seeking portfolios starved of yield, yet the early-call risk truncates tail gains, making total expected return modest after fees. For JPMorgan Chase & Co., issuance is routine treasury activity, generating spread income and hedging flows; the transaction is not material to corporate financials. Impact on broad markets is negligible, so I classify the event as not impactful for the issuer.

Caratteristica di richiamo automatico: Se in una qualsiasi Data di Revisione non finale (31 luglio 2026 o 28 luglio 2027) il livello di chiusura di ciascun indice 猫 pari o superiore al 100% del suo Valore Iniziale, le note saranno rimborsate anticipatamente a $1.000 pi霉 il Premio di Richiamo applicabile (鈮� 12,55% o 鈮� 25,10%).
Partecipazione al rialzo a scadenza: Se non richiamate e tutti e tre gli indici chiudono sopra i loro Valori Iniziali nella Data di Revisione finale, gli investitori ricevono 1,50脳 la percentuale di guadagno dell鈥檌ndice peggiore (senza limite massimo).
Protezione barriera: 70% del Valore Iniziale per ogni indice. Se un qualsiasi indice chiude sotto la barriera nella Data di Revisione finale, il capitale viene ridotto proporzionalmente al calo dell鈥檌ndice peggiore, esponendo gli investitori a perdite fino al 100%.
Economia indicativa: Il valore stimato oggi 猫 di $945,30 per ogni nota da $1.000 (minimo 鈮� $900,00), includendo commissioni di vendita (鈮� $30) e costi di strutturazione/copertura gi脿 compresi nel prezzo di emissione di $1.000.
Liquidit脿 e credito: Le note non saranno quotate; i prezzi secondari dipendono dall鈥檕fferta di JPMS. Il pagamento 猫 soggetto al merito creditizio sia dell鈥檈mittente che del garante.

Funci贸n de llamada autom谩tica: Si en cualquier Fecha de Revisi贸n no final (31 de julio de 2026 o 28 de julio de 2027) el nivel de cierre de cada 铆ndice est谩 en o por encima del 100% de su Valor Inicial, las notas ser谩n redimidas anticipadamente por $1,000 m谩s la Prima de Llamada aplicable (鈮� 12.55% o 鈮� 25.10%).
Participaci贸n al alza al vencimiento: Si no son llamadas y los tres 铆ndices terminan por encima de sus Valores Iniciales en la Fecha de Revisi贸n final, los inversores reciben 1.50脳 la ganancia porcentual del 铆ndice con peor desempe帽o (sin l铆mite).
Protecci贸n de barrera: 70% del Valor Inicial para cada 铆ndice. Si alg煤n 铆ndice cierra por debajo de su barrera en la Fecha de Revisi贸n final, el principal se reduce uno a uno con la ca铆da del peor 铆ndice, exponiendo a los inversores a p茅rdidas de hasta el 100%.
Econom铆a indicativa: El valor estimado hoy es de $945.30 por cada nota de $1,000 (m铆nimo 鈮� $900.00), reflejando comisiones de venta (鈮� $30) y costos de estructuraci贸n/cobertura incluidos en el precio de emisi贸n de $1,000.
Liquidez y cr茅dito: Las notas no estar谩n listadas; los precios secundarios dependen de la oferta de JPMS. El pago est谩 sujeto al cr茅dito tanto del emisor como del garante.

鞛愲彊靸來櫂旮半姤: 牍勳禍膦� 瓴€韱犾澕(2026雲� 7鞗� 31鞚� 霕愲姅 2027雲� 7鞗� 28鞚�)鞐� 臧侁皝 歆€靾橃潣膦呹皜臧€ 齑堦赴臧€旃橃潣 100% 鞚挫儊鞚� 瓴届毎, 雲疙姼電� $1,000鞕€ 頃措嫻旖� 頂勲Μ氙胳梽旮堨暋(鈮� 12.55% 霕愲姅鈮� 25.10%)瓿� 頃粯臁瓣赴靸來櫂霅╇媹雼�.
毵岅赴鞁� 靸侅姽彀胳棳: 靸來櫂霅橃 鞎婈碃靹� 歆€靾� 氇憪斓滌 瓴€韱犾澕鞐� 齑堦赴臧€旃� 鞚挫儊鞙茧 毵堦皭頃橂┐, 韴瀽鞛愲姅斓滌晠鞚� 靹标臣歆€靾� 靸侅姽毳犾潣 1.50氚�(靸來暅鞐嗢潓)毳� 氚涭姷雼堧嫟.
氚半Μ鞏� 氤错樃: 臧� 歆€靾� 齑堦赴臧€旃橃潣 70%. 斓滌 瓴€韱犾澕鞐� 鞏措姁頃� 歆€靾橁皜氚半Μ鞏� 鞎勲灅搿� 毵堦皭頃橂┐, 鞗愱笀鞚€ 斓滌晠鞚� 靹标臣歆€靾� 頃橂澖毳犾棎霐半澕 1:1搿� 臧愳唽頃橃棳韴瀽鞛愲姅斓滊寑 100% 靻愳嫟鞙勴棙鞐� 雲胳稖霅╇媹雼�.
鞓堨儊瓴届牅靹�: 順勳灛於旍爼臧€旃橂姅 $1,000 雲疙姼雼� $945.30 (斓滌唽鈮� $900.00)鞚措┌, 韺愲Г 靾橃垬耄�(鈮� $30)鞕€ 甑“頇�/項れ 牍勳毄鞚� $1,000 氚滍枆臧€鞐� 韽暔霅橃柎鞛堨姷雼堧嫟.
鞙犽彊靹� 氚� 鞁犾毄: 雲疙姼電� 靸侅灔霅橃 鞎婌溂氅�, 2彀� 臧€瓴╈潃 JPMS 鞛呾鞍鞐� 霐半澕雼澕歆戨媹雼�. 歆€旮夓潃氚滍枆鞛� 氚� 氤挫鞚胳潣鞁犾毄靸來儨鞐� 霐半雼堧嫟.

Option de rappel automatique : Si, 脿 une date de revue non finale (31 juillet 2026 ou 28 juillet 2027), le niveau de cl么ture de chaque indice est 茅gal ou sup茅rieur 脿 100 % de sa valeur initiale, les notes seront rembours茅es par anticipation 脿 1 000 $ plus la prime de rappel applicable (鈮� 12,55 % ou 鈮� 25,10 %).
Participation 脿 la hausse 脿 l鈥櫭ヽh茅ance : Si les notes ne sont pas rappel茅es et que les trois indices terminent au-dessus de leurs valeurs initiales 脿 la date de revue finale, les investisseurs recevront 1,50脳 le pourcentage de gain de l鈥檌ndice le moins performant (sans plafond).
Protection barri猫re : 70 % de la valeur initiale pour chaque indice. Si un indice cl么ture en dessous de sa barri猫re 脿 la date de revue finale, le capital est r茅duit au prorata de la baisse de l鈥檌ndice le moins performant, exposant les investisseurs 脿 des pertes pouvant aller jusqu鈥櫭� 100 %.
Aspects 茅conomiques indicatifs : La valeur estim茅e aujourd鈥檋ui est de 945,30 $ par note de 1 000 $ (minimum 鈮� 900,00 $), refl茅tant les commissions de vente (鈮� 30 $) et les co没ts de structuration/couverture inclus dans le prix d鈥櫭﹎ission de 1 000 $.
Liquidit茅 et cr茅dit : Les notes ne seront pas cot茅es ; les prix secondaires d茅pendent des offres de JPMS. Le paiement est soumis 脿 la solvabilit茅 de l鈥櫭﹎etteur et du garant.

Automatische R眉ckruf-Funktion: Wenn an einem nicht abschlie脽enden Pr眉fungstermin (31. Juli 2026 oder 28. Juli 2027) der Schlussstand jedes Index auf oder 眉ber 100 % seines Anfangswerts liegt, werden die Notes vorzeitig zum Preis von $1.000 zuz眉glich der anwendbaren R眉ckrufpr盲mie (鈮� 12,55 % oder 鈮� 25,10 %) zur眉ckgezahlt.
Aufw盲rtsteilnahme bei F盲lligkeit: Wenn die Notes nicht zur眉ckgerufen werden und alle drei Indizes am finalen Pr眉fungstermin 眉ber ihren Anfangswerten schlie脽en, erhalten Anleger das 1,50-fache der prozentualen Wertsteigerung des schlechtesten Index (ohne Obergrenze).
Barriere-Schutz: 70 % des Anfangswerts f眉r jeden Index. Schlie脽t ein Index am finalen Pr眉fungstermin unter seiner Barriere, wird das Kapital eins zu eins entsprechend dem R眉ckgang des schlechtesten Index reduziert, was Anlegern Verluste von bis zu 100 % aussetzt.
Indikative Wirtschaftlichkeit: Der heutige gesch盲tzte Wert betr盲gt $945,30 pro $1.000 Note (Mindestwert 鈮� $900,00), inklusive Verkaufsprovisionen (鈮� $30) sowie Strukturierungs-/Absicherungskosten, die im Ausgabepreis von $1.000 enthalten sind.
Liquidit盲t & Kredit: Die Notes werden nicht notiert; Sekund盲rpreise h盲ngen vom Gebot von JPMS ab. Zahlungen unterliegen der Bonit盲t sowohl des Emittenten als auch des Garanten.

07/02/2025 - 04:53 PM

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

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

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

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

1. Name and Address of Reporting Person^*

Cox James S

(Last)

(First)

(Middle)

C/O CLEARWATER ANALYTICS HOLDINGS, INC.

777 W. MAIN STREET, SUITE 900

(Street)

BOISE

83702

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Clearwater Analytics Holdings, Inc. [ CWAN ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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)
Class A Common Stock	06/30/2025		M		7,812⁽¹⁾	A	$0.00	356,697	D
Class A Common Stock	06/30/2025		M		3,125⁽¹⁾	A	$0.00	359,822	D
Class A Common Stock	06/30/2025		S		4,184⁽²⁾	D	$21.6732	355,638	D
Class A Common Stock	06/30/2025		S		1,674⁽²⁾	D	$21.6732	353,964	D

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)
Restricted Stock Unit	$0.00	06/30/2025		M			3,125	⁽³⁾	02/28/2034	Class A Common Stock	3,125	$0.00	31,250	D
Restricted Stock Unit	$0.00	06/30/2025		M			7,812	⁽⁴⁾	02/13/2035	Class A Common Stock	7,812	$0.00	109,375	D

Explanation of Responses:

1. These shares represent shares acquired upon the vesting of Restricted Stock Units ("RSUs").

2. The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of Restricted Stock Units. The sale is mandated by the Issuer's election to require the satisfaction of tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary transaction by the Reporting Person.

3. 6.25% of the Restricted Stock Units shall vest at the end of each 3-month period for the next 4 years following January 1, 2024, and will settle within thirty days of the applicable vesting date.

4. 6.25% of the Restricted Stock Units shall vest at the end of each 3-month period for the next 4 years following January 1, 2025, and will settle within thirty days of the applicable vesting date.

Remarks:

	/s/ Alphonse Valbrune, as Attorney-in-Fact, for Jim Cox	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:

FAQ

What is the barrier level for the JPM Auto Callable Accelerated Barrier Notes?

Each index has a 70 % barrier of its Initial Value; falling below it triggers principal loss at maturity.

How soon can the JPM structured notes be automatically called?

The earliest call can occur on the first Review Date, July 31 2026, one year after settlement.

What premiums are paid if the notes are called early?

At least 12.55 % ($125.50) on the first Review Date and 25.10 % ($251.00) on the second, per $1,000 note.

What is the estimated value versus the issue price of the notes?

If priced today, the estimated value is $945.30 per $1,000; final value will not be below $900.00.

Do the notes pay periodic interest or dividends?

No. Investors forgo all coupons and underlying dividends; returns are only via call premiums or maturity payoff.

Are the notes protected by FDIC insurance?

No. They are unsecured, unsubordinated obligations of the issuer and guarantor, not bank deposits.

AG真人官方

[Form 4] Clearwater Analytics Holdings, Inc. Insider Trading Activity

Insights

FAQ

What is the barrier level for the JPM Auto Callable Accelerated Barrier Notes?

How soon can the JPM structured notes be automatically called?

What premiums are paid if the notes are called early?

What is the estimated value versus the issue price of the notes?

Do the notes pay periodic interest or dividends?

Are the notes protected by FDIC insurance?

NYSE:CWAN

CWAN Rankings

CWAN Latest News

CWAN Latest SEC Filings

CWAN Stock Data

AG真人官方

Trending News

[Form 4] Clearwater Analytics Holdings, Inc. Insider Trading Activity

Insights

Structured Products Analyst neutral

Portfolio Manager neutral

FAQ

What is the barrier level for the JPM Auto Callable Accelerated Barrier Notes?

How soon can the JPM structured notes be automatically called?

What premiums are paid if the notes are called early?

What is the estimated value versus the issue price of the notes?

Do the notes pay periodic interest or dividends?

Are the notes protected by FDIC insurance?

NYSE:CWAN

CWAN Rankings

CWAN Latest News

CWAN Latest SEC Filings

CWAN Stock Data