[424B3] National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) Prospectus Filed Pursuant to Rule 424(b)(3)

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

424B3

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC (fully guaranteed by JPMorgan Chase & Co.) intends to issue Callable Contingent Interest Notes due 20 July 2028 that are individually linked to the Nasdaq-100, Russell 2000 and S&P 500 Indices rather than to a composite basket. The preliminary pricing supplement (dated 11 July 2025) outlines the following key terms:

Principal & Denominations: $1,000 minimum, CUSIP 48136FTB8.
Contingent Interest: At least 7.00% p.a. (鈮�0.58333% monthly). A coupon is paid only if the closing level of each index on the relevant Review Date is 鈮� 65 % of its initial level (the 鈥淚nterest Barrier鈥�).
Interest/Review Schedule: 36 monthly Review Dates from 18 Aug 2025 to 17 Jul 2028, with payments three business days later.
Early Redemption: JPMorgan may call the notes in whole on any Interest Payment Date from 22 Jan 2026 onward (excluding the first five and final dates). Redemption price equals par plus the due contingent coupon.
Principal Protection: None. If not called and the final level of any index is < 65 % of its initial level (the 鈥淭rigger Value鈥�), repayment is par 脳 (1 + Least-Performing Index Return), exposing investors to a loss of more than 35 % and up to 100 % of principal.
Estimated Value: About $950.90 per $1,000 at launch; will not be less than $900.00. The difference from issue price reflects selling commissions (鈮� $29.50) and hedging/structuring costs.
Credit Risk: Unsecured, unsubordinated obligations of JPMorgan Chase Financial Co. LLC; performance depends on the credit of both the issuer and JPMorgan Chase & Co.
Key Risks Highlighted: potential loss of principal, possibility of zero coupons, issuer call risk, liquidity constraints (no listing), non-participation in index upside, small-cap and non-U.S. equity exposure, valuation and secondary-market price uncertainty, tax uncertainty and withholding for non-U.S. holders.

The product targets investors comfortable with index-linked downside risk in exchange for a high conditional coupon and possible early redemption. The first settlement is expected 21 July 2025 under SEC Registration Statement Nos. 333-270004 & -01.

JPMorgan Chase Financial Company LLC (interamente garantita da JPMorgan Chase & Co.) intende emettere Note a Interesse Contingente Richiamabili con scadenza 20 luglio 2028, collegate singolarmente agli indici Nasdaq-100, Russell 2000 e S&P 500, anzich茅 a un paniere composito. Il supplemento preliminare di prezzo (datato 11 luglio 2025) riporta i seguenti termini chiave:

Capitale e Tagli: minimo $1.000, CUSIP 48136FTB8.
Interesse Contingente: almeno 7,00% annuo (鈮�0,58333% mensile). Il coupon viene pagato solo se il livello di chiusura di ciascun indice nella data di revisione rilevante 猫鈮� 65% del livello iniziale (la 鈥淏arriera di Interesse鈥�).
Calendario Interessi/Revisione: 36 date di revisione mensili dal 18 agosto 2025 al 17 luglio 2028, con pagamenti tre giorni lavorativi dopo.
Rimborso Anticipato: JPMorgan pu貌 richiamare integralmente le note in qualsiasi data di pagamento degli interessi dal 22 gennaio 2026 in poi (escluse le prime cinque e l鈥檜ltima data). Il prezzo di rimborso 猫 pari al valore nominale pi霉 il coupon contingente dovuto.
Protezione del Capitale: Assente. Se non richiamate e il livello finale di qualunque indice 猫 inferiore al 65% del livello iniziale (il 鈥淰alore Trigger鈥�), il rimborso sar脿 pari a valore nominale 脳 (1 + rendimento dell鈥檌ndice meno performante), esponendo gli investitori a perdite superiori al 35% e fino al 100% del capitale.
Valore Stimato: Circa $950,90 per $1.000 all鈥檈missione; non sar脿 inferiore a $900,00. La differenza rispetto al prezzo di emissione riflette commissioni di vendita (鈮� $29,50) e costi di copertura/strutturazione.
Rischio di Credito: Obbligazioni non garantite e non subordinate di JPMorgan Chase Financial Co. LLC; la performance dipende dalla solvibilit脿 sia dell鈥檈mittente che di JPMorgan Chase & Co.
Principali Rischi Evidenziati: possibile perdita del capitale, possibilit脿 di coupon zero, rischio di richiamo da parte dell鈥檈mittente, limitazioni di liquidit脿 (assenza di quotazione), mancata partecipazione all鈥檃umento degli indici, esposizione a azioni small-cap e non statunitensi, incertezza di valutazione e prezzo sul mercato secondario, incertezza fiscale e ritenute per investitori non statunitensi.

Il prodotto 猫 rivolto a investitori disposti ad accettare il rischio di ribasso legato agli indici in cambio di un elevato coupon condizionato e della possibilit脿 di rimborso anticipato. Il primo regolamento 猫 previsto per il 21 luglio 2025 ai sensi delle dichiarazioni di registrazione SEC n. 333-270004 & -01.

JPMorgan Chase Financial Company LLC (totalmente garantizada por JPMorgan Chase & Co.) tiene la intenci贸n de emitir Notas de Inter茅s Contingente Rescindibles con vencimiento el 20 de julio de 2028, vinculadas individualmente a los 铆ndices Nasdaq-100, Russell 2000 y S&P 500, en lugar de a una cesta compuesta. El suplemento preliminar de precios (fechado el 11 de julio de 2025) detalla los siguientes t茅rminos clave:

Principal y Denominaciones: m铆nimo $1,000, CUSIP 48136FTB8.
Inter茅s Contingente: al menos 7.00% anual (鈮�0.58333% mensual). Se paga un cup贸n solo si el nivel de cierre de cada 铆ndice en la fecha de revisi贸n relevante es 鈮� 65% de su nivel inicial (la 鈥淏arrera de Inter茅s鈥�).
Calendario de Intereses/Revisi贸n: 36 fechas de revisi贸n mensuales desde el 18 de agosto de 2025 hasta el 17 de julio de 2028, con pagos tres d铆as h谩biles despu茅s.
Redenci贸n Anticipada: JPMorgan puede rescindir completamente las notas en cualquier fecha de pago de intereses desde el 22 de enero de 2026 en adelante (excluyendo las primeras cinco y la 煤ltima fecha). El precio de redenci贸n es igual al valor nominal m谩s el cup贸n contingente adeudado.
Protecci贸n del Principal: Ninguna. Si no se rescinde y el nivel final de cualquier 铆ndice es inferior al 65% de su nivel inicial (el 鈥淰alor Disparador鈥�), el reembolso ser谩 valor nominal 脳 (1 + rendimiento del 铆ndice con peor desempe帽o), exponiendo a los inversores a una p茅rdida superior al 35% y hasta el 100% del principal.
Valor Estimado: Aproximadamente $950.90 por cada $1,000 al lanzamiento; no ser谩 inferior a $900.00. La diferencia respecto al precio de emisi贸n refleja comisiones de venta (鈮� $29.50) y costos de cobertura/estructuraci贸n.
Riesgo de Cr茅dito: Obligaciones no garantizadas y no subordinadas de JPMorgan Chase Financial Co. LLC; el desempe帽o depende de la solvencia tanto del emisor como de JPMorgan Chase & Co.
Riesgos Clave Destacados: posible p茅rdida del principal, posibilidad de cupones cero, riesgo de rescate por parte del emisor, restricciones de liquidez (sin cotizaci贸n), no participaci贸n en la subida de los 铆ndices, exposici贸n a acciones de peque帽a capitalizaci贸n y no estadounidenses, incertidumbre en valoraci贸n y precio en el mercado secundario, incertidumbre fiscal y retenciones para titulares no estadounidenses.

El producto est谩 dirigido a inversores dispuestos a aceptar el riesgo a la baja vinculado a los 铆ndices a cambio de un cup贸n condicional alto y posible redenci贸n anticipada. El primer asentamiento se espera para el 21 de julio de 2025 bajo los registros de la SEC n煤meros 333-270004 & -01.

JPMorgan Chase Financial Company LLC (JPMorgan Chase & Co.臧€ 鞝勳暋氤挫) 電� 2028雲� 7鞗� 20鞚� 毵岅赴旖� 臧€電� 臁瓣贝攵€ 鞚挫瀽雲疙姼毳� 臧滊硠鞝侅溂搿� Nasdaq-100, Russell 2000 氚� S&P 500 歆€靾橃棎鞐半彊頃橃棳氚滍枆頃� 鞓堨爼鞛呺媹雼�. 氤淀暕氚旍姢旒撿澊鞎勲媽臧滊硠歆€靾� 鞐半彊鞛呺媹雼�. 2025雲� 7鞗� 11鞚检瀽鞓堧箘臧€瓴� 氤挫订靹滌棎電� 雼れ潓欤检殧臁瓣贝鞚� 氇呾嫓霅橃柎鞛堨姷雼堧嫟:

鞗愱笀氚� 鞎‰┐臧€: 斓滌唽 $1,000, CUSIP 48136FTB8.
臁瓣贝攵€ 鞚挫瀽: 鞐� 斓滌唽 7.00% (鞗� 鞎� 0.58333%). 頃措嫻瓴€韱犾澕鞐� 臧� 歆€靾橃潣膦呹皜臧€ 斓滌磮靾橃鞚� 65% 鞚挫儊(鈥滌澊鞛� 鞛ル步鈥�)鞚� 瓴届毎鞐愲 炜犿彴歆€旮�.
鞚挫瀽/瓴€韱� 鞚检爼: 2025雲� 8鞗� 18鞚茧秬韯� 2028雲� 7鞗� 17鞚缄箤歆€ 毵れ洈 36須� 瓴€韱犾澕, 歆€旮夓潃 3鞓侅梾鞚� 頉�.
臁瓣赴靸來櫂: JPMorgan鞚€ 2026雲� 1鞗� 22鞚茧秬韯� (觳橃潓 5須� 氚� 毵堨毵� 雮犾 鞝滌櫢) 氇摖鞚挫瀽歆€旮夓澕鞐� 鞝勳暋旖� 臧€電�. 靸來櫂臧€瓴╈潃鞎‰┐臧€鞕€ 頃措嫻臁瓣贝攵€ 炜犿彴頃╈偘.
鞗愱笀氤错樃: 鞐嗢潓. 旖滊悩歆€ 鞎婈碃斓滌 歆€靾� 欷� 鞏措姁頃橂倶臧€ 斓滌磮靾橃鞚� 65% 氙鸽(鈥滍姼毽卑臧掆€�)鞚措┐ 靸來櫂旮堨潃 鞎‰┐臧€ 脳 (斓滌爛靹标臣歆€靾� 靾橃澋毳� + 1)搿�, 韴瀽鞛愲姅 35% 鞚挫儊斓滊寑 100%旯岇 鞗愱笀靻愳嫟鞙勴棙鞐� 雲胳稖霅�.
於旍爼臧€旃�: 氚滍枆鞁� $1,000雼� 鞎� $950.90; $900.00 氙鸽鞚€ 鞎勲嫎. 氚滍枆臧€瓴╆臣鞚� 彀暋鞚€ 韺愲Г 靾橃垬耄�(鈮� $29.50) 氚� 項れ/甑“頇� 牍勳毄韽暔.
鞁犾毄鞙勴棙: JPMorgan Chase Financial Co. LLC鞚� 氍措嫶氤� 牍勴泟靾滌渼毂勲; 氚滍枆鞛� 氚� JPMorgan Chase & Co.鞚� 鞁犾毄霃勳棎霐半澕靹标臣雼澕歆�.
欤检殧鞙勴棙鞖旍澑: 鞗愱笀靻愳嫟臧€電レ劚, 炜犿彴歆€旮� 攵堧皽臧€電レ劚, 氚滍枆鞛� 旖� 鞙勴棙, 鞙犽彊靹� 鞝滍暅(靸侅灔鞐嗢潓), 歆€靾� 靸侅姽攵� 氙胳案鞐�, 靻岉槙欤� 氚� 牍勲甑� 欤检嫕雲胳稖, 韽夑皜氚� 2彀� 鞁滌灔臧€瓴� 攵堩檿鞁れ劚, 靹戈笀攵堩檿鞁れ劚氚� 牍勲甑� 韴瀽鞛� 鞗愳矞歆曥垬.

鞚� 靸來拡鞚€ 雴掛潃臁瓣贝攵€ 炜犿彴瓿� 臁瓣赴靸來櫂臧€電レ劚鞚� 雽€臧€搿� 歆€靾� 鞐半彊頃橂澖鞙勴棙鞚� 臧愳垬頃� 靾� 鞛堧姅韴瀽鞛愲ゼ雽€靸侅溂搿� 頃╇媹雼�. 觳� 瓴办牅電� 2025雲� 7鞗� 21鞚� SEC 霌彪氩堩樃 333-270004 氚� -01鞐� 霐半澕歆勴枆霅� 鞓堨爼鞛呺媹雼�.

JPMorgan Chase Financial Company LLC (enti猫rement garantie par JPMorgan Chase & Co.) pr茅voit d鈥櫭﹎ettre des Notes 脿 Int茅r锚t Conditionnel Rachetables arrivant 脿茅ch茅ance le 20 juillet 2028, li茅es individuellement aux indices Nasdaq-100, Russell 2000 et S&P 500, plut么t qu鈥櫭� un panier composite. Le suppl茅ment pr茅liminaire de prix (dat茅 du 11 juillet 2025) pr茅sente les conditions cl茅s suivantes :

Capital et Coupures : minimum 1 000 $, CUSIP 48136FTB8.
Int茅r锚t Conditionnel : au moins 7,00 % par an (鈮�0,58333 % mensuel). Un coupon est vers茅 uniquement si le niveau de cl么ture de chaque indice 脿 la date de revue pertinente est 鈮� 65 % de son niveau initial (la 芦 Barri猫re d鈥橧nt茅r锚t 禄).
Calendrier Int茅r锚ts/Revue : 36 dates de revue mensuelles du 18 ao没t 2025 au 17 juillet 2028, avec paiements trois jours ouvr茅s plus tard.
Remboursement Anticip茅 : JPMorgan peut racheter int茅gralement les notes 脿 toute date de paiement d鈥檌nt茅r锚ts 脿 partir du 22 janvier 2026 (脿 l鈥檈xclusion des cinq premi猫res et de la derni猫re date). Le prix de remboursement correspond 脿 la valeur nominale plus le coupon conditionnel d没.
Protection du Capital : Aucune. Si non rachet茅es et que le niveau final de n鈥檌mporte quel indice est inf茅rieur 脿 65 % de son niveau initial (la 芦 Valeur D茅clencheur 禄), le remboursement sera de valeur nominale 脳 (1 + rendement de l鈥檌ndice le moins performant), exposant les investisseurs 脿 une perte sup茅rieure 脿 35 % et pouvant aller jusqu鈥櫭� 100 % du capital.
Valeur Estim茅e : Environ 950,90 $ pour 1 000 $ au lancement ; ne sera pas inf茅rieure 脿 900,00 $. La diff茅rence par rapport au prix d鈥櫭﹎ission refl猫te les commissions de vente (鈮� 29,50 $) et les co没ts de couverture/structuration.
Risque de Cr茅dit : Obligations non garanties et non subordonn茅es de JPMorgan Chase Financial Co. LLC ; la performance d茅pend de la solvabilit茅 de l鈥櫭﹎etteur et de JPMorgan Chase & Co.
Risques Cl茅s Mis en Avant : perte potentielle du capital, possibilit茅 de coupons nuls, risque de rachat par l鈥櫭﹎etteur, contraintes de liquidit茅 (absence de cotation), non-participation 脿 la hausse des indices, exposition aux actions de petite capitalisation et hors 脡tats-Unis, incertitude d鈥櫭﹙aluation et de prix sur le march茅 secondaire, incertitude fiscale et retenues pour les d茅tenteurs non am茅ricains.

Le produit s鈥檃dresse aux investisseurs pr锚ts 脿 accepter le risque de baisse li茅 aux indices en 茅change d鈥檜n coupon conditionnel 茅lev茅 et d鈥檜n possible remboursement anticip茅. Le premier r猫glement est pr茅vu pour le 21 juillet 2025 sous les num茅ros d鈥檈nregistrement SEC 333-270004 & -01.

JPMorgan Chase Financial Company LLC (vollst盲ndig garantiert von JPMorgan Chase & Co.) beabsichtigt die Ausgabe von Callable Contingent Interest Notes mit F盲lligkeit am 20. Juli 2028, die einzeln an die Nasdaq-100, Russell 2000 und S&P 500 Indizes gekoppelt sind, anstatt an einen zusammengesetzten Korb. Das vorl盲ufige Preiszusatzblatt (vom 11. Juli 2025) enth盲lt folgende Schl眉sselkonditionen:

Nominalbetrag & St眉ckelungen: Mindestens 1.000 USD, CUSIP 48136FTB8.
Kontingenter Zins: Mindestens 7,00 % p.a. (鈮�0,58333 % monatlich). Ein Kupon wird nur gezahlt, wenn der Schlussstand jedes Index am relevanten 脺berpr眉fungstermin 鈮� 65 % des Anfangswerts (die 鈥瀂insbarriere鈥�) betr盲gt.
窜颈苍蝉-/脺产别谤辫谤眉蹿耻苍驳蝉辫濒补苍: 36 monatliche 脺berpr眉fungstermine vom 18. August 2025 bis 17. Juli 2028, mit Zahlungen drei Gesch盲ftstage sp盲ter.
Vorzeitige R眉ckzahlung: JPMorgan kann die Notes an jedem Zinszahlungstermin ab dem 22. Januar 2026 (ausgenommen die ersten f眉nf und den letzten Termin) vollst盲ndig zur眉ckrufen. R眉ckzahlungspreis entspricht dem Nennwert plus dem f盲lligen kontingenten Kupon.
Kapitalschutz: Keiner. Wenn nicht zur眉ckgerufen und der Endstand eines Index unter 65 % des Anfangswerts (der 鈥濧usl枚sewert鈥�) liegt, erfolgt die R眉ckzahlung zu Nennwert 脳 (1 + Rendite des am schlechtesten performenden Index), was Investoren einem Verlust von mehr als 35 % bis hin zu 100 % des Kapitals aussetzt.
Gesch盲tzter Wert: Etwa 950,90 USD pro 1.000 USD bei Ausgabe; nicht unter 900,00 USD. Die Differenz zum Ausgabepreis spiegelt Verkaufsprovisionen (鈮� 29,50 USD) und Absicherungs-/Strukturierungskosten wider.
Kreditrisiko: Unbesicherte, nicht nachrangige Verbindlichkeiten der JPMorgan Chase Financial Co. LLC; die Performance h盲ngt von der Bonit盲t sowohl des Emittenten als auch von JPMorgan Chase & Co. ab.
Hervorgehobene Hauptrisiken: potenzieller Kapitalverlust, M枚glichkeit von Nullkupons, Emittenten-K眉ndigungsrisiko, Liquidit盲tsbeschr盲nkungen (keine B枚rsennotierung), keine Partizipation an Indexsteigerungen, Small-Cap- und Nicht-US-Aktien-Exponierung, Bewertungs- und Sekund盲rmarktpreisunsicherheit, Steuerunsicherheit und Quellensteuer f眉r Nicht-US-Anleger.

Das Produkt richtet sich an Investoren, die bereit sind, indexbezogenes Abw盲rtsrisiko gegen einen hohen bedingten Kupon und m枚gliche vorzeitige R眉ckzahlung einzugehen. Die erste Abwicklung wird f眉r den 21. Juli 2025 erwartet, gem盲脽 SEC-Registrierungsnummern 333-270004 & -01.

Insights

TL;DR: High-coupon note offers 7% p.a. if three indices stay 鈮� 65 %, but capital is at risk if any index falls < 65 % at maturity.

The structure provides monthly income potential well above investment-grade yields, yet investors bear materially asymmetric risk. The 65 % barrier/trigger gives only 35 % downside cushion; historical drawdowns for the Russell 2000 and Nasdaq-100 exceed this. Because the issuer can redeem from January 2026, the effective yield could be far lower than the headline 7 % if markets stay firm. The estimated value (鈮�95.1 % of par) underscores embedded fees and optionality sold by investors. From a credit perspective, JPMorgan is strong (A/A-), but the note鈥檚 value will still trade with both equity volatility and credit spreads. Secondary liquidity is dealer-driven and likely thin. Overall impact: neutral鈥攁ppeals to yield-seekers but risk of capital loss and call uncertainty balance positives.

TL;DR: Attractive coupon, limited upside, material tail risk; suitable only as small satellite position for income-oriented accounts.

Relative to short-dated IG corporates (~4鈥�5 % YTM), the contingent 7 % rate is enticing. However, payoff asymmetry is severe: investors surrender index upside, face 35 % first-loss on any single index, and cannot control call timing. Historical data show simultaneous 35 % drawdowns occurred in 2020; thus probability of principal impairment is non-trivial over three years. Portfolio role is tactical yield enhancement, not core holding. Given rich equity valuations, risk-reward skews negative if bought near cyclical highs. I assign a neutral/0 rating鈥攊mpact is modest and product complexity limits broad portfolio relevance.

Capitale e Tagli: minimo $1.000, CUSIP 48136FTB8.
Interesse Contingente: almeno 7,00% annuo (鈮�0,58333% mensile). Il coupon viene pagato solo se il livello di chiusura di ciascun indice nella data di revisione rilevante 猫鈮� 65% del livello iniziale (la 鈥淏arriera di Interesse鈥�).
Calendario Interessi/Revisione: 36 date di revisione mensili dal 18 agosto 2025 al 17 luglio 2028, con pagamenti tre giorni lavorativi dopo.
Rimborso Anticipato: JPMorgan pu貌 richiamare integralmente le note in qualsiasi data di pagamento degli interessi dal 22 gennaio 2026 in poi (escluse le prime cinque e l鈥檜ltima data). Il prezzo di rimborso 猫 pari al valore nominale pi霉 il coupon contingente dovuto.
Protezione del Capitale: Assente. Se non richiamate e il livello finale di qualunque indice 猫 inferiore al 65% del livello iniziale (il 鈥淰alore Trigger鈥�), il rimborso sar脿 pari a valore nominale 脳 (1 + rendimento dell鈥檌ndice meno performante), esponendo gli investitori a perdite superiori al 35% e fino al 100% del capitale.
Valore Stimato: Circa $950,90 per $1.000 all鈥檈missione; non sar脿 inferiore a $900,00. La differenza rispetto al prezzo di emissione riflette commissioni di vendita (鈮� $29,50) e costi di copertura/strutturazione.
Rischio di Credito: Obbligazioni non garantite e non subordinate di JPMorgan Chase Financial Co. LLC; la performance dipende dalla solvibilit脿 sia dell鈥檈mittente che di JPMorgan Chase & Co.
Principali Rischi Evidenziati: possibile perdita del capitale, possibilit脿 di coupon zero, rischio di richiamo da parte dell鈥檈mittente, limitazioni di liquidit脿 (assenza di quotazione), mancata partecipazione all鈥檃umento degli indici, esposizione a azioni small-cap e non statunitensi, incertezza di valutazione e prezzo sul mercato secondario, incertezza fiscale e ritenute per investitori non statunitensi.

Principal y Denominaciones: m铆nimo $1,000, CUSIP 48136FTB8.
Inter茅s Contingente: al menos 7.00% anual (鈮�0.58333% mensual). Se paga un cup贸n solo si el nivel de cierre de cada 铆ndice en la fecha de revisi贸n relevante es 鈮� 65% de su nivel inicial (la 鈥淏arrera de Inter茅s鈥�).
Calendario de Intereses/Revisi贸n: 36 fechas de revisi贸n mensuales desde el 18 de agosto de 2025 hasta el 17 de julio de 2028, con pagos tres d铆as h谩biles despu茅s.
Redenci贸n Anticipada: JPMorgan puede rescindir completamente las notas en cualquier fecha de pago de intereses desde el 22 de enero de 2026 en adelante (excluyendo las primeras cinco y la 煤ltima fecha). El precio de redenci贸n es igual al valor nominal m谩s el cup贸n contingente adeudado.
Protecci贸n del Principal: Ninguna. Si no se rescinde y el nivel final de cualquier 铆ndice es inferior al 65% de su nivel inicial (el 鈥淰alor Disparador鈥�), el reembolso ser谩 valor nominal 脳 (1 + rendimiento del 铆ndice con peor desempe帽o), exponiendo a los inversores a una p茅rdida superior al 35% y hasta el 100% del principal.
Valor Estimado: Aproximadamente $950.90 por cada $1,000 al lanzamiento; no ser谩 inferior a $900.00. La diferencia respecto al precio de emisi贸n refleja comisiones de venta (鈮� $29.50) y costos de cobertura/estructuraci贸n.
Riesgo de Cr茅dito: Obligaciones no garantizadas y no subordinadas de JPMorgan Chase Financial Co. LLC; el desempe帽o depende de la solvencia tanto del emisor como de JPMorgan Chase & Co.
Riesgos Clave Destacados: posible p茅rdida del principal, posibilidad de cupones cero, riesgo de rescate por parte del emisor, restricciones de liquidez (sin cotizaci贸n), no participaci贸n en la subida de los 铆ndices, exposici贸n a acciones de peque帽a capitalizaci贸n y no estadounidenses, incertidumbre en valoraci贸n y precio en el mercado secundario, incertidumbre fiscal y retenciones para titulares no estadounidenses.

鞗愱笀氚� 鞎‰┐臧€: 斓滌唽 $1,000, CUSIP 48136FTB8.
臁瓣贝攵€ 鞚挫瀽: 鞐� 斓滌唽 7.00% (鞗� 鞎� 0.58333%). 頃措嫻瓴€韱犾澕鞐� 臧� 歆€靾橃潣膦呹皜臧€ 斓滌磮靾橃鞚� 65% 鞚挫儊(鈥滌澊鞛� 鞛ル步鈥�)鞚� 瓴届毎鞐愲 炜犿彴歆€旮�.
鞚挫瀽/瓴€韱� 鞚检爼: 2025雲� 8鞗� 18鞚茧秬韯� 2028雲� 7鞗� 17鞚缄箤歆€ 毵れ洈 36須� 瓴€韱犾澕, 歆€旮夓潃 3鞓侅梾鞚� 頉�.
臁瓣赴靸來櫂: JPMorgan鞚€ 2026雲� 1鞗� 22鞚茧秬韯� (觳橃潓 5須� 氚� 毵堨毵� 雮犾 鞝滌櫢) 氇摖鞚挫瀽歆€旮夓澕鞐� 鞝勳暋旖� 臧€電�. 靸來櫂臧€瓴╈潃鞎‰┐臧€鞕€ 頃措嫻臁瓣贝攵€ 炜犿彴頃╈偘.
鞗愱笀氤错樃: 鞐嗢潓. 旖滊悩歆€ 鞎婈碃斓滌 歆€靾� 欷� 鞏措姁頃橂倶臧€ 斓滌磮靾橃鞚� 65% 氙鸽(鈥滍姼毽卑臧掆€�)鞚措┐ 靸來櫂旮堨潃 鞎‰┐臧€ 脳 (斓滌爛靹标臣歆€靾� 靾橃澋毳� + 1)搿�, 韴瀽鞛愲姅 35% 鞚挫儊斓滊寑 100%旯岇 鞗愱笀靻愳嫟鞙勴棙鞐� 雲胳稖霅�.
於旍爼臧€旃�: 氚滍枆鞁� $1,000雼� 鞎� $950.90; $900.00 氙鸽鞚€ 鞎勲嫎. 氚滍枆臧€瓴╆臣鞚� 彀暋鞚€ 韺愲Г 靾橃垬耄�(鈮� $29.50) 氚� 項れ/甑“頇� 牍勳毄韽暔.
鞁犾毄鞙勴棙: JPMorgan Chase Financial Co. LLC鞚� 氍措嫶氤� 牍勴泟靾滌渼毂勲; 氚滍枆鞛� 氚� JPMorgan Chase & Co.鞚� 鞁犾毄霃勳棎霐半澕靹标臣雼澕歆�.
欤检殧鞙勴棙鞖旍澑: 鞗愱笀靻愳嫟臧€電レ劚, 炜犿彴歆€旮� 攵堧皽臧€電レ劚, 氚滍枆鞛� 旖� 鞙勴棙, 鞙犽彊靹� 鞝滍暅(靸侅灔鞐嗢潓), 歆€靾� 靸侅姽攵� 氙胳案鞐�, 靻岉槙欤� 氚� 牍勲甑� 欤检嫕雲胳稖, 韽夑皜氚� 2彀� 鞁滌灔臧€瓴� 攵堩檿鞁れ劚, 靹戈笀攵堩檿鞁れ劚氚� 牍勲甑� 韴瀽鞛� 鞗愳矞歆曥垬.

Capital et Coupures : minimum 1 000 $, CUSIP 48136FTB8.
Int茅r锚t Conditionnel : au moins 7,00 % par an (鈮�0,58333 % mensuel). Un coupon est vers茅 uniquement si le niveau de cl么ture de chaque indice 脿 la date de revue pertinente est 鈮� 65 % de son niveau initial (la 芦 Barri猫re d鈥橧nt茅r锚t 禄).
Calendrier Int茅r锚ts/Revue : 36 dates de revue mensuelles du 18 ao没t 2025 au 17 juillet 2028, avec paiements trois jours ouvr茅s plus tard.
Remboursement Anticip茅 : JPMorgan peut racheter int茅gralement les notes 脿 toute date de paiement d鈥檌nt茅r锚ts 脿 partir du 22 janvier 2026 (脿 l鈥檈xclusion des cinq premi猫res et de la derni猫re date). Le prix de remboursement correspond 脿 la valeur nominale plus le coupon conditionnel d没.
Protection du Capital : Aucune. Si non rachet茅es et que le niveau final de n鈥檌mporte quel indice est inf茅rieur 脿 65 % de son niveau initial (la 芦 Valeur D茅clencheur 禄), le remboursement sera de valeur nominale 脳 (1 + rendement de l鈥檌ndice le moins performant), exposant les investisseurs 脿 une perte sup茅rieure 脿 35 % et pouvant aller jusqu鈥櫭� 100 % du capital.
Valeur Estim茅e : Environ 950,90 $ pour 1 000 $ au lancement ; ne sera pas inf茅rieure 脿 900,00 $. La diff茅rence par rapport au prix d鈥櫭﹎ission refl猫te les commissions de vente (鈮� 29,50 $) et les co没ts de couverture/structuration.
Risque de Cr茅dit : Obligations non garanties et non subordonn茅es de JPMorgan Chase Financial Co. LLC ; la performance d茅pend de la solvabilit茅 de l鈥櫭﹎etteur et de JPMorgan Chase & Co.
Risques Cl茅s Mis en Avant : perte potentielle du capital, possibilit茅 de coupons nuls, risque de rachat par l鈥櫭﹎etteur, contraintes de liquidit茅 (absence de cotation), non-participation 脿 la hausse des indices, exposition aux actions de petite capitalisation et hors 脡tats-Unis, incertitude d鈥櫭﹙aluation et de prix sur le march茅 secondaire, incertitude fiscale et retenues pour les d茅tenteurs non am茅ricains.

Nominalbetrag & St眉ckelungen: Mindestens 1.000 USD, CUSIP 48136FTB8.
Kontingenter Zins: Mindestens 7,00 % p.a. (鈮�0,58333 % monatlich). Ein Kupon wird nur gezahlt, wenn der Schlussstand jedes Index am relevanten 脺berpr眉fungstermin 鈮� 65 % des Anfangswerts (die 鈥瀂insbarriere鈥�) betr盲gt.
窜颈苍蝉-/脺产别谤辫谤眉蹿耻苍驳蝉辫濒补苍: 36 monatliche 脺berpr眉fungstermine vom 18. August 2025 bis 17. Juli 2028, mit Zahlungen drei Gesch盲ftstage sp盲ter.
Vorzeitige R眉ckzahlung: JPMorgan kann die Notes an jedem Zinszahlungstermin ab dem 22. Januar 2026 (ausgenommen die ersten f眉nf und den letzten Termin) vollst盲ndig zur眉ckrufen. R眉ckzahlungspreis entspricht dem Nennwert plus dem f盲lligen kontingenten Kupon.
Kapitalschutz: Keiner. Wenn nicht zur眉ckgerufen und der Endstand eines Index unter 65 % des Anfangswerts (der 鈥濧usl枚sewert鈥�) liegt, erfolgt die R眉ckzahlung zu Nennwert 脳 (1 + Rendite des am schlechtesten performenden Index), was Investoren einem Verlust von mehr als 35 % bis hin zu 100 % des Kapitals aussetzt.
Gesch盲tzter Wert: Etwa 950,90 USD pro 1.000 USD bei Ausgabe; nicht unter 900,00 USD. Die Differenz zum Ausgabepreis spiegelt Verkaufsprovisionen (鈮� 29,50 USD) und Absicherungs-/Strukturierungskosten wider.
Kreditrisiko: Unbesicherte, nicht nachrangige Verbindlichkeiten der JPMorgan Chase Financial Co. LLC; die Performance h盲ngt von der Bonit盲t sowohl des Emittenten als auch von JPMorgan Chase & Co. ab.
Hervorgehobene Hauptrisiken: potenzieller Kapitalverlust, M枚glichkeit von Nullkupons, Emittenten-K眉ndigungsrisiko, Liquidit盲tsbeschr盲nkungen (keine B枚rsennotierung), keine Partizipation an Indexsteigerungen, Small-Cap- und Nicht-US-Aktien-Exponierung, Bewertungs- und Sekund盲rmarktpreisunsicherheit, Steuerunsicherheit und Quellensteuer f眉r Nicht-US-Anleger.

07/14/2025 - 12:06 PM

Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue


Trade Date			July 10, 2025
Pricing Supplement No.			10295
Pricing Supplement Date			July 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023

Principal Amount			$1,750,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2025
Maturity Date			July 15, 2026
Interest Rate			4.27% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None

Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.

Source:

AG真人官方