[144] Compass, Inc. SEC Filing
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 una nota.
- Partecipazione al rialzo: 100% di qualsiasi rendimento positivo dell鈥檌ndice, con un importo aggiuntivo limitato a un massimo di almeno $246,50 (24,65% rendimento totale) per ogni $1.000 investiti.
- Rischio al ribasso: Se l鈥檌ndice chiude sotto il livello iniziale, gli investitori ricevono $1.000 + ($1.000 脳 Rendimento Indice), ma mai meno di $950; la perdita massima 猫 quindi del 5% del capitale.
- Valore stimato all鈥檈missione: non inferiore a $900 per ogni nota da $1.000, considerando i tassi interni di finanziamento e i margini del dealer.
- Pagamenti soggetti al rischio di credito dell鈥檈mittente e del garante; nessun interesse, dividendi o diritti di voto.
I rischi evidenziati includono l鈥檈sposizione creditizia verso entit脿 JPMorgan, la liquidit脿 limitata nel mercato secondario (il dealer non 猫 obbligato ad acquistare), potenziali conflitti nella determinazione del prezzo e nella copertura, un limite ai guadagni che riduce 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 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 inversionistas 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 la emisi贸n: no menos de $900 por cada nota de $1,000, reflejando tasas internas de financiamiento y m谩rgenes del distribuidor.
- Pagos sujetos al riesgo crediticio del emisor y garante; sin intereses, dividendos ni derechos de voto.
Los 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 en las ganancias 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� 鞐半彊霅� 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 雼渼電� 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 頃滊弰鞚� $246.50 鞚挫儊 (齑� 24.65% 靾橃澋毳�)搿� 鞝滍暅霅�.
- 頃橂澖 鞙勴棙: 歆�靾橁皜 齑堦赴 靾橃 鞎勲灅搿� 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�; 斓滊寑 靻愳嫟鞚� 鞗愱笀鞚� 5%鞛�.
- 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; 鞚挫瀽, 氚半嫻旮� 霕愲姅 鞚橁舶甓� 鞐嗢潓.
臧曥“霅� 鞙勴棙 鞖旍唽搿滊姅 JPMorgan 甏�霠� 鞁犾毄 雲胳稖, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹�(霐滊煬電� 毵れ垬 鞚橂 鞐嗢潓), 臧�瓴� 毂呾爼 氚� 項れ 甏�霠� 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, 靹鸽 氤奠灐靹� 臧�電レ劚, 2彀� 鞁滌灔 臧�瓴╈澊 氚滍枆臧� 鞚错晿鞚� 臧�電レ劚 霌膘澊 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s 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 03 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 suppl茅mentaire 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 capital.
- 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.
Les risques soulign茅s comprennent l鈥檈xposition au cr茅dit des 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鈥檃cheter), des conflits potentiels dans la tarification et la couverture, un plafond de gain limitant le potentiel 脿 la hausse, une complexit茅 fiscale possible et 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: Preisfestsetzung 31. Juli 2025, Beobachtung 31. Juli 2028, F盲lligkeit 03. August 2028.
- Nennwert: $1.000 pro Note; Mindestanlage eine Note.
- 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: 100% der positiven Indexrendite, jedoch ist der zus盲tzliche Betrag auf mindestens $246,50 (24,65% Gesamtrendite) pro $1.000 begrenzt.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Liegt der Index am 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 weniger als $900 pro $1.000 Note, basierend auf internen Finanzierungskosten und H盲ndleraufschl盲gen.
- Zahlungen unterliegen dem Kreditrisiko des Emittenten und Garanten; keine Zinsen, Dividenden oder Stimmrechte.
Hervorgehobene Risiken umfassen Kreditrisiken gegen眉ber JPMorgan-Einheiten, eingeschr盲nkte Liquidit盲t am Sekund盲rmarkt (H盲ndler ist nicht zum Kauf verpflichtet), potenzielle Interessenkonflikte bei Preisgestaltung und Absicherung, eine Gewinnobergrenze, die das Aufw盲rtspotenzial begrenzt, m枚gliche steuerliche Komplexit盲t sowie die Wahrscheinlichkeit, dass Sekund盲rpreise unter dem Ausgabepreis liegen.
- 95% principal protection limits maximum loss to 5% at maturity.
- 100% participation rate on index upside until the cap is reached.
- Issuer and guarantor are investment-grade JPMorgan entities, reducing default probability.
- Upside capped at a minimum 24.65%, limiting gains in strong markets.
- Investors face credit risk of JPMorgan; note value sensitive to spread widening.
- Estimated value ($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 una nota.
- Partecipazione al rialzo: 100% di qualsiasi rendimento positivo dell鈥檌ndice, con un importo aggiuntivo limitato a un massimo di almeno $246,50 (24,65% rendimento totale) per ogni $1.000 investiti.
- Rischio al ribasso: Se l鈥檌ndice chiude sotto il livello iniziale, gli investitori ricevono $1.000 + ($1.000 脳 Rendimento Indice), ma mai meno di $950; la perdita massima 猫 quindi del 5% del capitale.
- Valore stimato all鈥檈missione: non inferiore a $900 per ogni nota da $1.000, considerando i tassi interni di finanziamento e i margini del dealer.
- Pagamenti soggetti al rischio di credito dell鈥檈mittente e del garante; nessun interesse, dividendi o diritti di voto.
I rischi evidenziati includono l鈥檈sposizione creditizia verso entit脿 JPMorgan, la liquidit脿 limitata nel mercato secondario (il dealer non 猫 obbligato ad acquistare), potenziali conflitti nella determinazione del prezzo e nella copertura, un limite ai guadagni che riduce 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 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 inversionistas 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 la emisi贸n: no menos de $900 por cada nota de $1,000, reflejando tasas internas de financiamiento y m谩rgenes del distribuidor.
- Pagos sujetos al riesgo crediticio del emisor y garante; sin intereses, dividendos ni derechos de voto.
Los 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 en las ganancias 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� 鞐半彊霅� 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 雼渼電� 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 頃滊弰鞚� $246.50 鞚挫儊 (齑� 24.65% 靾橃澋毳�)搿� 鞝滍暅霅�.
- 頃橂澖 鞙勴棙: 歆�靾橁皜 齑堦赴 靾橃 鞎勲灅搿� 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�; 斓滊寑 靻愳嫟鞚� 鞗愱笀鞚� 5%鞛�.
- 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; 鞚挫瀽, 氚半嫻旮� 霕愲姅 鞚橁舶甓� 鞐嗢潓.
臧曥“霅� 鞙勴棙 鞖旍唽搿滊姅 JPMorgan 甏�霠� 鞁犾毄 雲胳稖, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹�(霐滊煬電� 毵れ垬 鞚橂 鞐嗢潓), 臧�瓴� 毂呾爼 氚� 項れ 甏�霠� 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, 靹鸽 氤奠灐靹� 臧�電レ劚, 2彀� 鞁滌灔 臧�瓴╈澊 氚滍枆臧� 鞚错晿鞚� 臧�電レ劚 霌膘澊 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s 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 03 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 suppl茅mentaire 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 capital.
- 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.
Les risques soulign茅s comprennent l鈥檈xposition au cr茅dit des 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鈥檃cheter), des conflits potentiels dans la tarification et la couverture, un plafond de gain limitant le potentiel 脿 la hausse, une complexit茅 fiscale possible et 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: Preisfestsetzung 31. Juli 2025, Beobachtung 31. Juli 2028, F盲lligkeit 03. August 2028.
- Nennwert: $1.000 pro Note; Mindestanlage eine Note.
- 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: 100% der positiven Indexrendite, jedoch ist der zus盲tzliche Betrag auf mindestens $246,50 (24,65% Gesamtrendite) pro $1.000 begrenzt.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Liegt der Index am 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 weniger als $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, eingeschr盲nkte Liquidit盲t am Sekund盲rmarkt (H盲ndler ist nicht zum Kauf 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rpreise 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?
