[8-K] Targa Resources Corp. Reports Material Event
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 3-year Partial Principal at Risk Capped Notes linked to the Dow Jones Industrial Average (INDU).
- Key dates: Pricing 31 Jul 2025, Observation 31 Jul 2028, Maturity 03 Aug 2028.
- Denomination: $1,000 per note; minimum investment one note.
- Upside participation: 100% of any positive index return, but the Additional Amount is capped at a Maximum Amount of at least $246.50 (24.65% total return) per $1,000.
- Downside risk: If the index ends below its initial level, investors receive $1,000 + ($1,000 脳 Index Return), but never less than $950; maximum loss is therefore 5% of principal.
- Estimated value at issue: not less than $900 per $1,000 note, reflecting internal funding rates and dealer margins.
- Payments subject to credit risk of the issuer and guarantor; no interest, dividends or voting rights.
Risks highlighted include credit exposure to JPMorgan entities, limited secondary-market liquidity (dealer is not obligated to bid), potential conflicts in pricing and hedging, a gain cap that restricts upside, possible tax complexity, and the likelihood that secondary prices will be below issue price.
JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., offre note a 3 anni Partial Principal at Risk Capped Notes collegate al Dow Jones Industrial Average (INDU).
- Date chiave: Prezzo 31 lug 2025, Osservazione 31 lug 2028, Scadenza 03 ago 2028.
- Taglio: $1.000 per nota; investimento minimo di una nota.
- Partecipazione al rialzo: 100% di qualsiasi rendimento positivo dell'indice, ma l'Importo Aggiuntivo 猫 limitato a un Importo Massimo di almeno $246,50 (24,65% di rendimento totale) per ogni $1.000.
- Rischio al ribasso: Se l'indice termina sotto il livello iniziale, gli investitori ricevono $1.000 + ($1.000 脳 Rendimento Indice), ma mai meno di $950; la perdita massima 猫 quindi il 5% del capitale.
- Valore stimato all'emissione: non inferiore a $900 per ogni nota da $1.000, riflettendo i tassi di finanziamento interni e i margini del dealer.
- I pagamenti sono soggetti al rischio di credito dell'emittente e del garante; non prevedono interessi, dividendi o diritti di voto.
Rischi evidenziati includono l'esposizione creditizia verso le entit脿 JPMorgan, la limitata liquidit脿 sul mercato secondario (il dealer non 猫 obbligato a fare offerte), potenziali conflitti nella determinazione del prezzo e copertura, un limite al guadagno che restringe il potenziale rialzo, possibili complessit脿 fiscali e la probabilit脿 che i prezzi secondari siano inferiori al prezzo di emissione.
JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., ofrece notas a 3 a帽os Partial Principal at Risk Capped Notes vinculadas al Dow Jones Industrial Average (INDU).
- Fechas clave: Precio 31 jul 2025, Observaci贸n 31 jul 2028, Vencimiento 03 ago 2028.
- 顿别苍辞尘颈苍补肠颈贸苍: $1,000 por nota; inversi贸n m铆nima de una nota.
- Participaci贸n al alza: 100% de cualquier rendimiento positivo del 铆ndice, pero el Monto Adicional est谩 limitado a un Monto M谩ximo de al menos $246.50 (24.65% de rendimiento total) por cada $1,000.
- Riesgo a la baja: Si el 铆ndice termina por debajo de su nivel inicial, los inversores reciben $1,000 + ($1,000 脳 Retorno del 脥ndice), pero nunca menos de $950; la p茅rdida m谩xima es por lo tanto del 5% del principal.
- Valor estimado en emisi贸n: no menos de $900 por cada nota de $1,000, reflejando tasas internas de financiamiento y m谩rgenes del distribuidor.
- Los pagos est谩n sujetos al riesgo crediticio del emisor y garante; no incluyen intereses, dividendos ni derechos de voto.
Riesgos destacados incluyen exposici贸n crediticia a entidades JPMorgan, liquidez limitada en el mercado secundario (el distribuidor no est谩 obligado a ofertar), posibles conflictos en la fijaci贸n de precios y cobertura, un l铆mite de ganancia que restringe el potencial al alza, posible complejidad fiscal y la probabilidad de que los precios secundarios est茅n por debajo del precio de emisi贸n.
JPMorgan Chase Financial Company LLC電� JPMorgan Chase & Co.臧� 氤挫頃橂┌, Dow Jones Industrial Average (INDU)鞐� 鞐瓣硠霅� 3雲� 毵岅赴 Partial Principal at Risk Capped Notes毳� 鞝滉车頃╇媹雼�.
- 欤检殧 鞚检爼: 臧�瓴� 瓴办爼 2025雲� 7鞗� 31鞚�, 甏�彀办澕 2028雲� 7鞗� 31鞚�, 毵岅赴 2028雲� 8鞗� 3鞚�.
- 鞎‰┐臧赌: 雲疙姼雼� $1,000; 斓滌唽 韴瀽 靾橂焿鞚� 1雲疙姼.
- 靸侅姽 彀胳棳鞙�: 歆�靾橃潣 旮嶌爼鞝� 靾橃澋毳� 100% 彀胳棳, 雼� 於旉皜 旮堨暋鞚� 斓滊寑 $246.50 (齑� 24.65% 靾橃澋毳�)搿� 鞝滍暅霅╇媹雼� (雲疙姼雼� $1,000 旮办).
- 頃橂澖 鞙勴棙: 歆�靾橁皜 齑堦赴 靾橃 鞚错晿搿� 毵堦皭頃� 瓴届毎, 韴瀽鞛愲姅 $1,000 + ($1,000 脳 歆�靾� 靾橃澋毳�)毳� 氚涭毵�, 斓滌唽 $950電� 氤挫灔霅╇媹雼�; 斓滊寑 靻愳嫟鞚� 鞗愱笀鞚� 5%鞛呺媹雼�.
- 氚滍枆 鞁� 鞓堨儊 臧�旃�: 雮措秬 鞛愱笀 臁半嫭 牍勳毄瓿� 霐滊煬 毵堨鞚� 氚橃榿頃橃棳 雲疙姼雼� $900 鞚挫儊.
- 歆�旮夓潃 氚滍枆鞛� 氚� 氤挫鞚胳潣 鞁犾毄 鞙勴棙鞐� 霐半ゴ氅� 鞚挫瀽, 氚半嫻旮�, 鞚橁舶甓岇潃 鞐嗢姷雼堧嫟.
欤检殧 鞙勴棙 鞖旍唽搿滊姅 JPMorgan 甏�霠� 旮瓣磤鞐� 雽�頃� 鞁犾毄 雲胳稖, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹�(霐滊煬臧� 鞛呾鞍 鞚橂 鞐嗢潓), 臧�瓴� 毂呾爼 氚� 項れ鞐愳劀鞚� 鞛犾灛鞝� 鞚错暣 靸侅订, 鞚挫澋 靸來暅鞙茧 鞚疙暅 靸侅姽 鞝滍暅, 氤奠灐頃� 靹鸽 氍胳牅 臧�電レ劚, 攴鸽Μ瓿� 2彀� 鞁滌灔 臧�瓴╈澊 氚滍枆臧� 鞚错晿鞚� 臧�電レ劚鞚� 韽暔霅╇媹雼�.
JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., propose des Partial Principal at Risk Capped Notes 脿 3 ans li茅es au Dow Jones Industrial Average (INDU).
- Dates cl茅s : Prix au 31 juil. 2025, Observation au 31 juil. 2028, 脡ch茅ance au 3 ao没t 2028.
- Valeur nominale : 1 000 $ par note ; investissement minimum d鈥檜ne note.
- Participation 脿 la hausse : 100 % de tout rendement positif de l鈥檌ndice, mais le montant additionnel est plafonn茅 脿 un montant maximum d鈥檃u moins 246,50 $ (24,65 % de rendement total) par tranche de 1 000 $.
- Risque 脿 la baisse : Si l鈥檌ndice termine en dessous de son niveau initial, les investisseurs re莽oivent 1 000 $ + (1 000 $ 脳 rendement de l鈥檌ndice), mais jamais moins de 950 $ ; la perte maximale est donc de 5 % du principal.
- Valeur estim茅e 脿 l鈥櫭﹎ission : pas moins de 900 $ par note de 1 000 $, refl茅tant les taux de financement internes et les marges du distributeur.
- Les paiements sont soumis au risque de cr茅dit de l鈥櫭﹎etteur et du garant ; pas d鈥檌nt茅r锚ts, de dividendes ni de droits de vote.
Risques soulign茅s incluent l鈥檈xposition au cr茅dit envers les entit茅s JPMorgan, une liquidit茅 limit茅e sur le march茅 secondaire (le distributeur n鈥檈st pas oblig茅 d鈥檈nch茅rir), des conflits potentiels dans la tarification et la couverture, un plafond de gain limitant le potentiel 脿 la hausse, une possible complexit茅 fiscale, ainsi que la probabilit茅 que les prix secondaires soient inf茅rieurs au prix d鈥櫭﹎ission.
JPMorgan Chase Financial Company LLC, garantiert von JPMorgan Chase & Co., bietet 3-j盲hrige Partial Principal at Risk Capped Notes an, die an den Dow Jones Industrial Average (INDU) gekoppelt sind.
- Wichtige Termine: Preisfeststellung 31. Juli 2025, Beobachtung 31. Juli 2028, F盲lligkeit 3. August 2028.
- Nennwert: 1.000 $ pro Note; Mindestanlage eine Note.
- Teilnahme am Aufw盲rtspotenzial: 100 % eines positiven Indexertrags, jedoch ist der zus盲tzliche Betrag gedeckelt bei einem Maximalbetrag von mindestens 246,50 $ (24,65 % Gesamtrendite) pro 1.000 $.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Liegt der Index zum Ende unter dem Anfangsniveau, erhalten Anleger 1.000 $ + (1.000 $ 脳 Indexrendite), jedoch niemals weniger als 950 $; der maximale Verlust betr盲gt somit 5 % des Kapitals.
- Gesch盲tzter Ausgabewert: nicht unter 900 $ pro 1.000 $-Note, basierend auf internen Finanzierungskosten und H盲ndleraufschl盲gen.
- Zahlungen unterliegen dem Kreditrisiko des Emittenten und Garanten; keine Zinsen, Dividenden oder Stimmrechte.
Hervorgehobene Risiken umfassen Kreditrisiken gegen眉ber JPMorgan-Einheiten, begrenzte Liquidit盲t am Sekund盲rmarkt (H盲ndler ist nicht zum Gebot verpflichtet), potenzielle Interessenkonflikte bei Preisgestaltung und Absicherung, eine Gewinnobergrenze, die das Aufw盲rtspotenzial begrenzt, m枚gliche steuerliche Komplexit盲t sowie die Wahrscheinlichkeit, dass Sekund盲rmarktpreise unter dem Ausgabepreis liegen.
- 95% principal protection limits maximum loss to 5% at maturity.
- 100% participation rate on index upside until the cap is reached.
- Issuer and guarantor are investment-grade JPMorgan entities, reducing default probability.
- Upside capped at a minimum 24.65%, limiting gains in strong markets.
- Investors face credit risk of JPMorgan; note value sensitive to spread widening.
- Estimated value ($鈮�900) below issue price implies immediate mark-to-market discount.
- Limited liquidity; dealer is not obliged to make a market, exposing holders to wider spreads.
- No interest, dividends or voting rights, reducing total return versus direct equity ownership.
Insights
TL;DR 95% principal protection with 24.65% upside cap; credit and liquidity risks place product in neutral risk-reward territory.
The note offers modest risk mitigation by guaranteeing at least $950 at maturity, attractive for investors seeking limited downside. A full 100% participation rate provides equity exposure, yet the upside is materially capped; even a 40% Dow gain is clipped to 24.65%. Estimated value bottoms at $900, implying a 10% placement premium that investors must overcome before profits. Credit exposure to JPMorgan remains investment-grade but is non-trivial over three years. Secondary liquidity relies solely on JPMS and may involve meaningful bid鈥揳sk spreads. Overall, neither structurally advantaged nor unduly risky, the note suits investors comfortable exchanging potential equity upside for slight principal protection.
TL;DR Limited 5% loss buffer is small; gain cap, credit exposure and valuation discount reduce attractiveness versus direct index investment.
From a risk perspective, the 5% buffer protects only shallow declines; any bear-market scenario beyond 5% leaves investors worse than holding plain equities. The gain cap truncates positive tail outcomes, impairing risk-adjusted returns. A 10% initial value discount signals embedded fees and hedging costs that investors effectively pre-pay. Should JPMorgan鈥檚 credit spread widen, note prices may fall independent of index performance. Liquidity contingency on a single dealer further compounds exit risk. Consequently, while outright capital loss is capped, the asymmetric payoff may not compensate for embedded costs and idiosyncratic issuer risk.
JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., offre note a 3 anni Partial Principal at Risk Capped Notes collegate al Dow Jones Industrial Average (INDU).
- Date chiave: Prezzo 31 lug 2025, Osservazione 31 lug 2028, Scadenza 03 ago 2028.
- Taglio: $1.000 per nota; investimento minimo di una nota.
- Partecipazione al rialzo: 100% di qualsiasi rendimento positivo dell'indice, ma l'Importo Aggiuntivo 猫 limitato a un Importo Massimo di almeno $246,50 (24,65% di rendimento totale) per ogni $1.000.
- Rischio al ribasso: Se l'indice termina sotto il livello iniziale, gli investitori ricevono $1.000 + ($1.000 脳 Rendimento Indice), ma mai meno di $950; la perdita massima 猫 quindi il 5% del capitale.
- Valore stimato all'emissione: non inferiore a $900 per ogni nota da $1.000, riflettendo i tassi di finanziamento interni e i margini del dealer.
- I pagamenti sono soggetti al rischio di credito dell'emittente e del garante; non prevedono interessi, dividendi o diritti di voto.
Rischi evidenziati includono l'esposizione creditizia verso le entit脿 JPMorgan, la limitata liquidit脿 sul mercato secondario (il dealer non 猫 obbligato a fare offerte), potenziali conflitti nella determinazione del prezzo e copertura, un limite al guadagno che restringe il potenziale rialzo, possibili complessit脿 fiscali e la probabilit脿 che i prezzi secondari siano inferiori al prezzo di emissione.
JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., ofrece notas a 3 a帽os Partial Principal at Risk Capped Notes vinculadas al Dow Jones Industrial Average (INDU).
- Fechas clave: Precio 31 jul 2025, Observaci贸n 31 jul 2028, Vencimiento 03 ago 2028.
- 顿别苍辞尘颈苍补肠颈贸苍: $1,000 por nota; inversi贸n m铆nima de una nota.
- Participaci贸n al alza: 100% de cualquier rendimiento positivo del 铆ndice, pero el Monto Adicional est谩 limitado a un Monto M谩ximo de al menos $246.50 (24.65% de rendimiento total) por cada $1,000.
- Riesgo a la baja: Si el 铆ndice termina por debajo de su nivel inicial, los inversores reciben $1,000 + ($1,000 脳 Retorno del 脥ndice), pero nunca menos de $950; la p茅rdida m谩xima es por lo tanto del 5% del principal.
- Valor estimado en emisi贸n: no menos de $900 por cada nota de $1,000, reflejando tasas internas de financiamiento y m谩rgenes del distribuidor.
- Los pagos est谩n sujetos al riesgo crediticio del emisor y garante; no incluyen intereses, dividendos ni derechos de voto.
Riesgos destacados incluyen exposici贸n crediticia a entidades JPMorgan, liquidez limitada en el mercado secundario (el distribuidor no est谩 obligado a ofertar), posibles conflictos en la fijaci贸n de precios y cobertura, un l铆mite de ganancia que restringe el potencial al alza, posible complejidad fiscal y la probabilidad de que los precios secundarios est茅n por debajo del precio de emisi贸n.
JPMorgan Chase Financial Company LLC電� JPMorgan Chase & Co.臧� 氤挫頃橂┌, Dow Jones Industrial Average (INDU)鞐� 鞐瓣硠霅� 3雲� 毵岅赴 Partial Principal at Risk Capped Notes毳� 鞝滉车頃╇媹雼�.
- 欤检殧 鞚检爼: 臧�瓴� 瓴办爼 2025雲� 7鞗� 31鞚�, 甏�彀办澕 2028雲� 7鞗� 31鞚�, 毵岅赴 2028雲� 8鞗� 3鞚�.
- 鞎‰┐臧赌: 雲疙姼雼� $1,000; 斓滌唽 韴瀽 靾橂焿鞚� 1雲疙姼.
- 靸侅姽 彀胳棳鞙�: 歆�靾橃潣 旮嶌爼鞝� 靾橃澋毳� 100% 彀胳棳, 雼� 於旉皜 旮堨暋鞚� 斓滊寑 $246.50 (齑� 24.65% 靾橃澋毳�)搿� 鞝滍暅霅╇媹雼� (雲疙姼雼� $1,000 旮办).
- 頃橂澖 鞙勴棙: 歆�靾橁皜 齑堦赴 靾橃 鞚错晿搿� 毵堦皭頃� 瓴届毎, 韴瀽鞛愲姅 $1,000 + ($1,000 脳 歆�靾� 靾橃澋毳�)毳� 氚涭毵�, 斓滌唽 $950電� 氤挫灔霅╇媹雼�; 斓滊寑 靻愳嫟鞚� 鞗愱笀鞚� 5%鞛呺媹雼�.
- 氚滍枆 鞁� 鞓堨儊 臧�旃�: 雮措秬 鞛愱笀 臁半嫭 牍勳毄瓿� 霐滊煬 毵堨鞚� 氚橃榿頃橃棳 雲疙姼雼� $900 鞚挫儊.
- 歆�旮夓潃 氚滍枆鞛� 氚� 氤挫鞚胳潣 鞁犾毄 鞙勴棙鞐� 霐半ゴ氅� 鞚挫瀽, 氚半嫻旮�, 鞚橁舶甓岇潃 鞐嗢姷雼堧嫟.
欤检殧 鞙勴棙 鞖旍唽搿滊姅 JPMorgan 甏�霠� 旮瓣磤鞐� 雽�頃� 鞁犾毄 雲胳稖, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹�(霐滊煬臧� 鞛呾鞍 鞚橂 鞐嗢潓), 臧�瓴� 毂呾爼 氚� 項れ鞐愳劀鞚� 鞛犾灛鞝� 鞚错暣 靸侅订, 鞚挫澋 靸來暅鞙茧 鞚疙暅 靸侅姽 鞝滍暅, 氤奠灐頃� 靹鸽 氍胳牅 臧�電レ劚, 攴鸽Μ瓿� 2彀� 鞁滌灔 臧�瓴╈澊 氚滍枆臧� 鞚错晿鞚� 臧�電レ劚鞚� 韽暔霅╇媹雼�.
JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., propose des Partial Principal at Risk Capped Notes 脿 3 ans li茅es au Dow Jones Industrial Average (INDU).
- Dates cl茅s : Prix au 31 juil. 2025, Observation au 31 juil. 2028, 脡ch茅ance au 3 ao没t 2028.
- Valeur nominale : 1 000 $ par note ; investissement minimum d鈥檜ne note.
- Participation 脿 la hausse : 100 % de tout rendement positif de l鈥檌ndice, mais le montant additionnel est plafonn茅 脿 un montant maximum d鈥檃u moins 246,50 $ (24,65 % de rendement total) par tranche de 1 000 $.
- Risque 脿 la baisse : Si l鈥檌ndice termine en dessous de son niveau initial, les investisseurs re莽oivent 1 000 $ + (1 000 $ 脳 rendement de l鈥檌ndice), mais jamais moins de 950 $ ; la perte maximale est donc de 5 % du principal.
- Valeur estim茅e 脿 l鈥櫭﹎ission : pas moins de 900 $ par note de 1 000 $, refl茅tant les taux de financement internes et les marges du distributeur.
- Les paiements sont soumis au risque de cr茅dit de l鈥櫭﹎etteur et du garant ; pas d鈥檌nt茅r锚ts, de dividendes ni de droits de vote.
Risques soulign茅s incluent l鈥檈xposition au cr茅dit envers les entit茅s JPMorgan, une liquidit茅 limit茅e sur le march茅 secondaire (le distributeur n鈥檈st pas oblig茅 d鈥檈nch茅rir), des conflits potentiels dans la tarification et la couverture, un plafond de gain limitant le potentiel 脿 la hausse, une possible complexit茅 fiscale, ainsi que la probabilit茅 que les prix secondaires soient inf茅rieurs au prix d鈥櫭﹎ission.
JPMorgan Chase Financial Company LLC, garantiert von JPMorgan Chase & Co., bietet 3-j盲hrige Partial Principal at Risk Capped Notes an, die an den Dow Jones Industrial Average (INDU) gekoppelt sind.
- Wichtige Termine: Preisfeststellung 31. Juli 2025, Beobachtung 31. Juli 2028, F盲lligkeit 3. August 2028.
- Nennwert: 1.000 $ pro Note; Mindestanlage eine Note.
- Teilnahme am Aufw盲rtspotenzial: 100 % eines positiven Indexertrags, jedoch ist der zus盲tzliche Betrag gedeckelt bei einem Maximalbetrag von mindestens 246,50 $ (24,65 % Gesamtrendite) pro 1.000 $.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Liegt der Index zum Ende unter dem Anfangsniveau, erhalten Anleger 1.000 $ + (1.000 $ 脳 Indexrendite), jedoch niemals weniger als 950 $; der maximale Verlust betr盲gt somit 5 % des Kapitals.
- Gesch盲tzter Ausgabewert: nicht unter 900 $ pro 1.000 $-Note, basierend auf internen Finanzierungskosten und H盲ndleraufschl盲gen.
- Zahlungen unterliegen dem Kreditrisiko des Emittenten und Garanten; keine Zinsen, Dividenden oder Stimmrechte.
Hervorgehobene Risiken umfassen Kreditrisiken gegen眉ber JPMorgan-Einheiten, begrenzte Liquidit盲t am Sekund盲rmarkt (H盲ndler ist nicht zum Gebot verpflichtet), potenzielle Interessenkonflikte bei Preisgestaltung und Absicherung, eine Gewinnobergrenze, die das Aufw盲rtspotenzial begrenzt, m枚gliche steuerliche Komplexit盲t sowie die Wahrscheinlichkeit, dass Sekund盲rmarktpreise unter dem Ausgabepreis liegen.
FAQ
What is the minimum repayment investors will receive at maturity?
How is the upside on the Dow Jones Industrial Average captured?
What is the Maximum Amount on these JPMorgan notes?
Do the notes pay interest or dividends during the three-year term?
Can I sell the notes before August 3, 2028?
What credit risks apply to these Partial Principal at Risk Notes?
