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JPMorgan Chase Financial Company LLC is offering Leveraged Market-Linked Step Up Notes maturing in July 2027 that are linked to a six-index international equity basket. The basket is weighted 40% EURO STOXX 50, 20% FTSE 100, 20% Nikkei 225, 7.5% Swiss Market Index, 7.5% S&P/ASX 200 and 5% FTSE China 50, making European performance—particularly the EURO STOXX 50—the largest driver of returns.

Return profile at maturity

• If the basket is flat or higher, holders receive the greater of: (a) principal plus a Step Up Payment of 16â€�18% ($1.60â€�$1.80 per $10 unit) or (b) principal plus 150% of the positive basket return.
• If the basket declines, investors incur a 1-for-1 loss of principal—up to total loss—based solely on the final basket level.

Key structural terms

• Denomination: $10 per unit; minimum initial order of 10,000 units.
• Tenor: approximately 2 years.
• Issuer credit: unsecured note of JPMorgan Chase Financial Company LLC; fully and unconditionally guaranteed by JPMorgan Chase & Co.
• Fees: $0.20 per unit (sales commission $0.15; structuring fee $0.05).
• Initial estimated value: $9.50â€�$9.715, below the $10 public offering price due to embedded fees and internal funding assumptions.
• Secondary market: none expected; JPMS may offer limited, uncommitted liquidity.

Risk highlights

• Full downside market exposure with no principal protection.
• Performance measured only on the Final Calculation Day; interim gains can be lost.
• Credit risk of both issuer and guarantor; notes are not FDIC-insured.
• Potential conflict of interest as JPMS is calculation agent and hedging counterparty.
• Estimated value discount and fees create negative carry for investors exiting early.

The product suits investors with a bullish or neutral two-year view on the basket who can tolerate full loss of principal, forgo dividends and accept limited liquidity in exchange for enhanced upside participation and a defined minimum positive return.

GS Finance Corp. is offering $1.08 million of Autocallable Contingent Coupon Equity-Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are tied to the performance of Palantir Technologies Inc. (PLTR) Class A common shares and form part of Goldman’s Series F medium-term note program.

Key commercial terms

• Face amount: $1,000 per note (aggregate $1.08 million)
• Issue price: 100% (trade date 30-Jun-2025; settlement 03-Jul-2025)
• Quarterly contingent coupon: $69.625 (6.9625% per quarter, up to 27.85% p.a.) payable only if PLTR closes at or above 60% of the initial price ($136.32) on the relevant observation date.
• Automatic call: If PLTR closes at or above the initial price on any quarterly call observation date from Sep-2025 to Mar-2028, the notes are redeemed at par plus the due coupon.
• Downside protection: 40% buffer. If the final price on 30-Jun-2028 is â‰�60% of the initial price, holders receive par plus any final coupon. If below 60%, repayment equals par plus (index return × par), exposing investors to full downside beyond the buffer.
• Estimated value at pricing: ~$970 per $1,000, reflecting structuring fees and dealer margin; underwriting discount 2%.
• Secondary market: GS & Co. may, but is not obliged to, make a market; bid/ask reflects estimated value plus declining premium (initially $25).
• Credit: senior unsecured obligation of GS Finance Corp. with unconditional guarantee from The Goldman Sachs Group, Inc.; not FDIC insured.

Risk highlights

• Investors may receive no coupons if PLTR trades below the 60% trigger on observation dates.
• If PLTR falls >40% at maturity and the note hasn’t been called, principal loss is one-for-one with the stock’s decline.
• Limited upside: maximum redemption is par plus due coupon; investors do not participate in stock gains above par.
• Market value likely to be below issue price; liquidity limited; pricing sensitive to GS credit spreads, PLTR volatility and interest rates.
• Product complexity, dilution events, market disruption adjustments and discretionary determinations by GS & Co. add additional risks.

The prospectus supplement also details anti-dilution adjustments, default provisions, tax characterization (income-bearing prepaid derivative contract) and extensive hypothetical scenarios illustrating coupon and principal outcomes.

Form 4 filing: On 06/20/2025 Evolv Technologies Holdings, Inc. (EVLV) reported that Director Kimberly H. Sheehy received 27,050 Restricted Stock Units (RSUs). Each RSU converts into one share of Class A common stock and carries no exercise price.

The RSUs vest in full on the earlier of 06/20/2026 or the day immediately preceding the company’s next annual meeting, promoting near-term board alignment. No shares were sold or disposed of, and the entire award is held directly by the reporting person. After the grant, Sheehy beneficially owns 27,050 derivative securities tied to EVLV shares.

This appears to be a routine director compensation grant. While it slightly increases potential share count, the dilution effect is minimal. Nonetheless, the award strengthens the director’s economic stake, which investors may view as a modestly positive governance signal.