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JPMorgan Chase Financial Company LLC is offering Callable Contingent Interest Notes maturing 21 January 2027 that are linked individually (not as a basket) to the Russell 2000 Index (RTY), the S&P 500 Index (SPX) and the VanEck Gold Miners ETF (GDX). The notes are unsecured, unsubordinated obligations of the issuer and are fully and unconditionally guaranteed by JPMorgan Chase & Co.; all payments therefore carry the credit risk of both entities.

Income profile. Holders will receive a monthly Contingent Interest Payment of at least 0.80417 % (annualised >= 9.65 %) if, on the related Review Date, the closing value of each underlying is at least 70 % of its Initial Value (the Interest Barrier). No interest is paid for that period if any underlying is below its barrier.

Early redemption. JPMorgan may call the notes in full on any Interest Payment Date from 20 October 2025 onward (excluding the final date). The call price equals par plus the applicable Contingent Interest Payment; investors face reinvestment risk if redeemed.

Principal repayment. If not called, two scenarios apply at maturity: (1) If the Final Value of every underlying is at least 65 % of its Initial Value (Trigger Value), investors receive par plus any final Contingent Interest; (2) If the Final Value of any underlying is below 65 %, principal is exposed 1-for-1 to the downside of the worst performer, potentially down to zero.

• Issue price: $1,000 denomination; minimum investment $1,000.
• Indicative estimated value: $955.10 (no lower than $920.00) per $1,000 note, reflecting selling commissions (max $22.25) and hedging costs.
• Pricing date: on or about 15 July 2025; settlement: 18 July 2025; CUSIP 48136FA28.
• 18 scheduled monthly review/interest dates; final review 15 Jan 2027; maturity 21 Jan 2027.

Risk highlights. Investors may lose >35 %鈥攗p to 100 %鈥攐f principal if any underlying closes <65 % of its Initial Value on the final Review Date. Interest is not guaranteed and may be zero for the entire term. The issuer鈥檚 call right limits upside to the sum of contingent coupons. Secondary market liquidity is expected to be limited; notes are not exchange-listed and JPMS will be the only likely bid. The original issue price exceeds the model-derived estimated value, creating negative yield-to-issuer spread at inception.

Sensitivity. Product returns depend on the least-performing asset among small-cap equities (RTY), large-cap equities (SPX) and gold-/silver-miner equities (GDX), exposing holders to equity, commodity-sector, small-capitalisation and currency risks, as well as correlation break-risk across the three underlyings.

The Bank of Nova Scotia (BNS) is marketing a one-year, principal-at-risk structured note linked to Apple Inc. (AAPL) common stock. The Contingent Income Auto-Callable Securities, issued under BNS鈥檚 Senior Note Program (Series A), are expected to settle on 16 July 2025 and mature on 16 July 2026 unless called earlier.

Key commercial terms

• Denomination: $1,000 per security; minimum investment $1,000.
• Contingent quarterly coupon: $28.20 (11.28% p.a.) paid if AAPL鈥檚 closing price on a determination date is 鈮� 80% of the initial share price (鈥渄ownside threshold鈥�). Missed coupons accrue under a memory feature.
• Automatic call: If on any observation date (other than the final) AAPL closes 鈮� 100% of the initial share price (鈥渃all threshold鈥�), the note is redeemed for par plus the applicable coupon(s). First call can occur after ~3 months.
• Principal repayment at maturity:
  • If final share price 鈮� 80% of initial: return of par plus due coupon(s).
  • If final share price < 80%: physical delivery of AAPL shares (exchange ratio = $1,000 梅 initial price) whose value may be substantially below par; fractional shares paid in cash.
• Initial estimated value: $946.40 鈥� $976.40 (94.6%鈥�97.6% of issue price) reflecting selling & structuring costs and BNS鈥檚 internal funding rate.
• Secondary market / listing: none; any liquidity to be provided by Scotia Capital (USA) Inc., but not guaranteed.
• Credit: senior unsecured obligation of BNS; subject to issuer default risk; not CDIC or FDIC insured and not bail-inable.
• CUSIP/ISIN: 06419DAQ6 / US06419DAQ60.

Investor profile: suited only for investors who (1) accept full downside risk in exchange for an above-market coupon, (2) can tolerate potential delivery of depreciated AAPL shares, (3) do not require dividends, liquidity or upside participation, and (4) are comfortable with BNS credit exposure.

Principal risks

• Loss of principal: a 鈮�20% decline in AAPL at final observation triggers share delivery worth less than par; loss can reach 100%.
• Coupon uncertainty: coupons are contingent; none may be paid if AAPL trades below the 80% barrier on all observation dates.
• Re-investment risk: early call could limit return to 3鈥�9 months, forcing reinvestment at potentially lower yields.
• Valuation / liquidity: bid prices will reflect dealer models and could be materially below par before maturity.
• Conflict & hedging: BNS and affiliates may hedge or trade AAPL in ways that affect note valuations.
• Tax: intended U.S. treatment as prepaid derivative contracts; coupons taxable as ordinary income; tax results remain uncertain.

Bank of Nova Scotia (BNS) is marketing $1,000 face-value Contingent Income Auto-Callable Securities linked to Eli Lilly & Co. (LLY) common stock, maturing 16 July 2026. The notes are senior unsecured obligations issued under BNS鈥檚 Senior Note Program, Series A, and settle in T+3. They target income-oriented investors prepared to assume both issuer credit risk and equity market risk.

Key commercial terms

• Quarterly contingent coupon: $31.20 (12.48% p.a.) paid only when LLY鈥檚 closing price on the relevant determination date is 鈮�70% of the initial share price (the 鈥渄ownside threshold鈥�). The 鈥渕emory鈥� feature allows previously missed coupons to be caught up if the threshold is later satisfied.
• Automatic redemption: If on any of the first three determination dates the LLY close 鈮�100% of the initial share price (the 鈥渃all threshold鈥�), the notes are redeemed at par plus the applicable coupon and any deferred coupons.
• Maturity settlement: 鈥� If final share price 鈮�70% of initial, holders receive par plus due coupons. 鈥� If <70%, holders receive a fixed number of LLY shares (exchange ratio = $1,000 梅 initial share price) plus cash for any fractional share. This settlement could be worth far less than par, down to zero.
• Determination dates: 13 Oct 2025, 12 Jan 2026, 13 Apr 2026 and 13 Jul 2026 (final). Coupon payment dates fall three business days later, with the last one on maturity.
• Estimated issue-date value: $943.30 鈥� $973.30, below the $1,000 offer price, reflecting selling concessions ($17.50 per note) and internal funding costs.
• Liquidity: No exchange listing; any secondary trading will be on a dealer basis through Scotia Capital (USA) Inc. and is expected to be limited.
• Credit: Payments depend entirely on BNS鈥檚 ability to pay; the notes are not deposit insured or CDIC bail-in-able.

Risk highlights

• Principal at risk: If LLY falls 鈮�30% by final observation, investors are exposed to share delivery and full downside below the initial price.
• Coupon uncertainty: Coupons are contingent; investors may receive few or none if LLY trades below the 70% barrier on observation dates.
• Early redemption risk: The note can be called as early as October 2025, limiting potential coupon accrual and forcing reinvestment at unknown rates.
• Valuation drag: Initial estimated value is up to 5.7% below issue price; bid/ask spreads and dealer fees may further reduce exit values.
• Limited secondary market and possible wide spreads reduce liquidity.

The product suits investors seeking enhanced yield and who hold a moderately bullish to neutral view on LLY over the next 12 months, while being comfortable with equity downside and BNS credit exposure. It is not appropriate for investors needing principal protection, guaranteed income, or ready liquidity.

The Bank of Nova Scotia (BNS) has filed a preliminary 424(b)(2) pricing supplement for $1,000-denomination Autocallable Contingent Buffered Return Enhanced Notes linked to the Nasdaq-100 Index (NDX). These three-year, senior unsecured notes expose investors to the credit risk of BNS and the market performance of the NDX while offering defined upside and downside formulas.

Key commercial terms

• Strike Date: 8 Jul 2025  | Trade Date: 9 Jul 2025  | Settlement (T+3): 14 Jul 2025
• Automatic Call: Triggered if the NDX closing value on the single Review Date (9 Jul 2027) is 鈮� 100% of the Initial Value (22,702.25). If called, investors receive $1,215.80 per note (21.58% absolute return) and the trade terminates early.
• Upside at Maturity: If not called and the Final Value > Initial Value, payoff equals principal plus 150% participation in positive NDX return.
• Buffer Protection: A 10% downside buffer (Buffer Value 20,432.03). If Final Value is between 90% and 100% of the Initial Value, principal is returned.
• Downside Leverage: Below the Buffer, losses accelerate at 鈮�1.1111% per 1% additional decline, exposing investors to up to 100% capital loss.
• Coupon/Interest: None; the only cash flows are the call payment or the maturity payment.
• Initial Estimated Value: $940.81鈥�$970.81 per $1,000 note, below the 100% issue price, reflecting selling costs and the Bank鈥檚 internal funding rate.
• Fees: 2.00% placement fee to JPMS/SCUSA (waived for fiduciary accounts); net proceeds to BNS 98% of face.
• Liquidity: Notes will not be listed; secondary market, if any, will be made at SCUSA鈥檚 discretion and may reflect sizable bid/ask spreads.

Risk highlights

• Credit risk: Payments depend on BNS鈥檚 ability to meet its obligations; the notes are not CDIC/FDIC insured.
• Market risk: A single observation of the NDX determines both the call and, if not called, the maturity payoff. Interim index moves offer no protection.
• Valuation risk: The internal pricing discount and limited liquidity may cause significant mark-to-market losses prior to the call/maturity dates.
• Reinvestment & early-call risk: Automatic call after two years could leave investors seeking comparable yield in a different rate environment.
• No income: Investors forego dividends on NDX constituents and receive no periodic coupons.

Overall, the notes offer amplified upside (150% participation) and a 10% buffer at the cost of full downside exposure beyond the buffer, no income, and issuer credit risk. The product is aimed at investors comfortable with equity volatility, early-termination uncertainty, and holding an illiquid structured note to maturity.

Bank of Montreal (BMO) is offering US$3.75 million of three-year Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Memory Coupons. The notes are linked to the least-performing of the S&P 500, Russell 2000 and EURO STOXX 50 indices. Investors receive a contingent quarterly coupon of 2.3375 % (鈮� 9.35 % p.a.) on any Observation Date when the closing level of each index is at or above its respective Coupon Barrier (70 % of the Initial Level). Missed coupons are not lost: the Memory feature pays previously unpaid coupons once the barrier is met on a later date.

Automatic redemption may occur on any quarterly Observation Date starting 7 Jul 2026 if all three indices close at or above 100 % of their Initial Levels. In that case, holders receive par plus any due coupons and the note terminates early.

Principal is at risk. If the note is not called and any index finishes below its 70 % Trigger Level on the 5 Jul 2028 Valuation Date, investors lose 1 % of principal for every 1 % decline of the worst-performing index, potentially losing the entire investment. Otherwise, principal is returned in full at maturity.

Key terms: Initial Levels鈥擲PX 6,227.42; RTY 2,226.377; SX5E 5,318.72. Coupon/Trigger/Barrier levels equal 70 % of each Initial Level. Issue price 100 % of par; estimated initial value 97.683 %; agent鈥檚 commission 0.60 %. Settlement 8 Jul 2025; maturity 10 Jul 2028. The notes are unsecured, unsubordinated obligations of BMO, subject to its credit risk, and will not be listed on any exchange.

The pricing supplement highlights numerous structural, market, liquidity and credit risks, emphasizing that the product suits investors who are comfortable with equity-index downside risk, limited upside (coupons only), potential illiquidity, and dependence on BMO鈥檚 ability to pay.

Product overview: The Bank of Nova Scotia (BNS) is marketing senior unsecured Contingent Income Auto-Callable Securities (Series A) linked to the common stock of Amazon.com, Inc. (AMZN). Each $1,000 security offers a quarterly contingent coupon of $28.70 (11.48% p.a.) as long as AMZN鈥檚 closing price on the relevant determination date is 鈮� 75 % of the Initial Share Price (the 鈥淒ownside Threshold鈥�). A memory feature allows any skipped coupons to be paid at the next qualifying quarter.

Early call mechanics: If on any of the first three determination dates (Oct 13 2025; Jan 12 2026; Apr 13 2026) AMZN closes 鈮� 100 % of the Initial Share Price, the note is automatically redeemed at par plus the current coupon and any accumulated unpaid coupons. Investors then forgo future coupons and upside participation.

Maturity scenarios (July 16 2026):

• If AMZN 鈮� 75 % of the Initial Share Price, holders receive par plus the final coupon and any unpaid coupons.
• If AMZN < 75 %, holders receive physical delivery of AMZN shares equal to the Exchange Ratio (Stated Principal 梅 Initial Share Price) and cash for any fractional share. The share package could be worth far less than par鈥攄own to zero.

Key terms:

• Issue price: $1,000; minimum investment: one note.
• Estimated value at pricing: $946.54 鈥� $976.54 (reflects dealer margin & hedging costs).
• Issuer credit risk: senior unsecured claim on BNS; not CDIC-insured or FDIC-insured; CUSIP 06419DAR4.
• The securities will not be listed; secondary liquidity, if any, will depend on Scotia Capital (USA) Inc.

Investor considerations: The note suits investors seeking high coupon income and willing to accept (i) full downside exposure to AMZN below a 25 % buffer, (ii) early-call reinvestment risk, (iii) no participation in AMZN upside, (iv) BNS credit risk, and (v) limited liquidity. Tax treatment is uncertain; BNS and investors agree to treat the notes as prepaid derivatives for U.S. federal tax purposes.

The Bank of Nova Scotia (BNS) is marketing unsecured Autocallable Contingent Coupon Trigger Notes linked to Amazon.com, Inc. common stock (AMZN) that mature on August 26, 2026. The notes are issued under the Bank鈥檚 Senior Note Program, Series A (CUSIP 06418VF41) and are expected to price on July 21, 2025 (T+3 settlement July 24, 2025). Minimum investment is US$1,000.

Key economic terms

• Original issue price: 100% of principal. Initial estimated value: US$925鈥揢S$955 (4.5-7.5% discount to issue price).
• Monthly contingent coupon: 0.8667% (鈮�10.40% p.a.) paid only if AMZN closes ≥73% of the initial price on the relevant observation date.
• Coupon/trigger barrier: 73% of the initial price; automatic call if AMZN closes ≥100% of the initial price on any monthly call observation date from Jan 2026 to Jul 2026.
• Principal repayment: If not called and final AMZN price ≥73% of initial, investor receives par plus final coupon. If <73%, investor receives physical delivery of AMZN shares worth <73% of par, resulting in substantial or total loss of principal.
• Observation dates: 21st calendar day of each month Aug 2025鈥揂ug 2026; coupon paid three business days later.
• Fees: Up to 2.15% underwriting/structuring; dealers may receive up to 1.50% selling concession and 0.65% structuring fee; hedging costs further reduce secondary-market value.

Investor considerations & risks

• Credit risk of BNS; notes are unsecured, unsubordinated, not CDIC or FDIC insured.
• Downside risk equals owning AMZN below the 73% trigger without upside participation above par; maximum positive return is limited to coupons.
• Liquidity risk: no exchange listing; market making at dealer鈥檚 discretion and likely at a material discount reflecting internal funding spreads and bid/ask.
• Initial estimated value below issue price reflects selling commissions, structuring fees, and the Bank鈥檚 lower internal funding rate.
• Tax redemption clause allows early redemption if withholding tax laws change.

Target investors: Short-term yield seekers comfortable with equity risk in AMZN, willing to accept potential illiquidity and loss of principal, and confident in BNS credit.

Offering overview: The Bank of Nova Scotia (BNS) is marketing senior, unsecured Airbag Autocallable Contingent Yield Notes linked to Meta Platforms, Inc. common stock, with a scheduled maturity of 14 July 2026 (鈮�12 months). Each $1,000 Note pays a contingent coupon of 16.32% p.a. ($13.60 monthly) if Meta鈥檚 closing level on an observation date is at or above the Coupon Barrier ($576.54, 80 % of the $720.67 initial level). A 鈥渕emory鈥� feature adds any previously missed coupons once the barrier is regained.

Automatic call: If Meta closes 鈮� the initial level on any monthly observation date before final valuation, the Notes are redeemed early for principal plus the due coupon(s); no further payments accrue. This shortens investor exposure but introduces reinvestment risk.

Principal mechanics at maturity: 鈥� If not called and Meta closes 鈮� the Conversion Level (also $576.54), investors receive full principal plus the due coupon(s). 鈥� If Meta closes below the Conversion Level, investors receive a fixed Share Delivery Amount of 1.7345 META shares per Note (cash for fractions). The value of those shares will be below $1,000 whenever Meta is <80 % of its initial level, exposing holders to partial or total loss of capital. The air-bag structure cushions losses between 20 %鈥�42 % declines, but steep drops still translate almost one-for-one into capital loss.

Key parameters:

• Contingent coupon rate: 16.32% p.a.; monthly measurement, memory interest.
• Coupon Barrier / Conversion Level: $576.54 (80 % of initial).
• Initial estimated value: $963.70鈥�$993.70 (3.6 %鈥�0.6 % below issue price).
• No exchange listing; limited or no secondary liquidity.
• Credit exposure: senior unsecured claim on BNS; Canadian bail-in rules do not apply, but noteholders rely on BNS solvency.

Risk highlights: Investors face (i) equity downside risk if Meta falls 鈮�20 %, (ii) possibility of receiving no coupons if the barrier is never breached, (iii) price frictions鈥攊ssue price exceeds model value, and (iv) complex tax treatment (uncertain U.S. characterisation, FATCA, potential 搂871(m) issues). The combination of high coupon and low barriers reflects Meta鈥檚 historical volatility and the credit/market risks embedded in the structure.

Investor profile: Suitable only for sophisticated investors comfortable with: single-stock exposure, potential illiquidity, short-dated structured notes, and the credit risk of BNS. Unsuitable for those seeking principal protection, guaranteed income, or unrestricted upside participation.

The Bank of Nova Scotia (BNS) is offering $1,057,000 of Buffered Enhanced Participation Basket-Linked Notes maturing July 7, 2027. The unsecured senior notes provide no periodic interest and their value at maturity is entirely linked to the performance of a weighted equity basket: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%). The initial basket level is 100; the final level is measured on the valuation date of July 5, 2027.

Return profile:

• If the final basket level > initial level, holders receive principal plus 149% participation of the basket鈥檚 gain.
• If the basket declines 鈮�10% (final level 鈮�90), investors receive full principal (10% buffer).
• If the basket declines >10%, repayment is reduced by approximately 1.1111% for every 1% decline beyond the buffer, exposing investors to up to 100% loss of principal.

The initial estimated value is $968.53 per $1,000 note, below the 100% issue price, reflecting selling commissions (1.50%) and hedging/structuring costs. Proceeds to BNS are 98.5% of face. The notes will not be listed on any exchange; Scotia Capital (USA) Inc. and Goldman Sachs & Co. LLC may make a market but are not obligated.

Key terms:

• Participation rate: 149%
• Buffer level: 90% of initial basket
• Buffer rate: ~111.11%
• Trade date / issue date: Jul 3 2025 / Jul 11 2025 (T+5 settlement)
• Maturity: Jul 7 2027 (鈮�24 months)
• Denominations: $1,000 and multiples thereof
• Calculation agent: Scotia Capital Inc. (affiliate of issuer)

Risks disclosed: credit risk of BNS; market risk of basket components; lack of liquidity; potential total loss beyond the 10% buffer; issuer鈥檚 internal funding rate makes economic terms less favorable than conventional debt; conflicts of interest in hedging and market-making; no dividend participation; currency movements not hedged; initial price exceeds estimated value.

The notes suit investors seeking leveraged upside to a diversified international equity basket, willing to forgo income and accept credit and market risks as well as limited secondary liquidity.