JPMorgan Chase Financial Company LLC Launches Inverse VIX® Short-Term Futures ETNs (NYSE Arca: VYLD)
JPMorgan Chase Financial Company has launched its Inverse VIX® Short-Term Futures ETNs (NYSE: VYLD), which began trading on NYSE Arca. The ETNs, maturing March 22, 2045, track the S&P 500® VIX® Short-Term Futures Points-Change Inverse Daily Index TR.
The ETNs feature a daily investor fee of 0.85% per annum and are fully guaranteed by JPMorgan Chase. They can be redeemed at JPMorgan Financial's discretion after March 21, 2025. The underlying Index increases by 1% when VIX® futures contracts decrease by one point, implementing this through a rolling synthetic short position in front- and second-month VIX® futures contracts.
The Index includes interest accrued at the Secured Overnight Financing Rate (SOFR) and is maintained by S&P Dow Jones Indices , tracked under Bloomberg ticker SPVXSTIT.
JPMorgan Chase Financial Company ha lanciato i suoi ETN a termine inverso VIX® a breve termine (NYSE: VYLD), che hanno iniziato a essere negoziati su NYSE Arca. Gli ETN, con scadenza il 22 marzo 2045, seguono l'Indice TR Inverso Giornaliero del Variazione dei Punti dei Futures a Breve Termine VIX® S&P 500®.
Gli ETN presentano una commissione giornaliera per gli investitori dello 0,85% annuo e sono completamente garantiti da JPMorgan Chase. Possono essere riscattati a discrezione di JPMorgan Financial dopo il 21 marzo 2025. L'indice sottostante aumenta dell'1% quando i contratti futuri VIX® diminuiscono di un punto, implementando questo attraverso una posizione corta sintetica rolling nei contratti futuri VIX® del primo e del secondo mese.
L'indice include gli interessi maturati al tasso di finanziamento overnight garantito (SOFR) ed è mantenuto da S&P Dow Jones Indices, monitorato con il ticker Bloomberg SPVXSTIT.
JPMorgan Chase Financial Company ha lanzado sus ETN de futuros a corto plazo inversos VIX® (NYSE: VYLD), que comenzaron a negociarse en NYSE Arca. Los ETN, que vencen el 22 de marzo de 2045, siguen el Índice TR Inverso Diario del Cambio de Puntos de Futuros a Corto Plazo VIX® S&P 500®.
Los ETN tienen una tarifa diaria para inversores del 0,85% anual y están completamente garantizados por JPMorgan Chase. Pueden ser redimidos a discreción de JPMorgan Financial después del 21 de marzo de 2025. El índice subyacente aumenta en un 1% cuando los contratos de futuros VIX® disminuyen en un punto, implementando esto a través de una posición corta sintética en los contratos de futuros VIX® del primer y segundo mes.
El índice incluye los intereses acumulados al Tasa de Financiación Overnight Asegurada (SOFR) y es mantenido por S&P Dow Jones Indices, rastreado bajo el ticker de Bloomberg SPVXSTIT.
JPMorgan Chase Financial Company는 그들의 인버스 VIX® 단기 선물 ETN(뉴욕증권거래소: VYLD)을 출시하였으며, 이는 NYSE Arca에서 거래를 시작했습니다. 만기일은 2045년 3월 22일이며, S&P 500® VIX® 단기 선물 포인트 변화 인버스 일일 지수 TR를 추적합니다.
ETN은 연 0.85%의 일일 투자자 수수료를 부과하며 JPMorgan Chase의 전적인 보증을 받습니다. 2025년 3월 21일 이후 JPMorgan Financial의 재량에 따라 상환될 수 있습니다. 기초 지수는 VIX® 선물 계약이 1포인트 감소할 때 1% 증가하며, 이는 첫 번째 및 두 번째 달 VIX® 선물 계약의 롤링 합성 단기 포지션을 통해 구현됩니다.
지수에는 보장된 오버나이트 자금 조달 금리(SOFR)로 발생한 이자가 포함되며, S&P 다우존스 인덱스에 의해 유지되며, 블룸버그 티커 SPVXSTIT으로 추적됩니다.
JPMorgan Chase Financial Company a lancé ses ETN de contrats à terme inversés VIX® à court terme (NYSE: VYLD), qui ont commencé à être négociés sur NYSE Arca. Les ETN, arrivant à échéance le 22 mars 2045, suivent l'Indice TR Inversé Quotidien des Points de Changement des Futures à Court Terme VIX® S&P 500®.
Les ETN comportent des frais d'investisseur quotidien de 0,85 % par an et sont entièrement garantis par JPMorgan Chase. Ils peuvent être rachetés à la discrétion de JPMorgan Financial après le 21 mars 2025. L'indice sous-jacent augmente de 1 % lorsque les contrats à terme VIX® diminuent d'un point, mettant en œuvre cela par le biais d'une position courte synthétique roulante dans les contrats à terme VIX® du premier et du deuxième mois.
L'indice inclut les intérêts accumulés au taux de financement overnight sécurisé (SOFR) et est maintenu par S&P Dow Jones Indices, suivi sous le ticker Bloomberg SPVXSTIT.
JPMorgan Chase Financial Company hat seine Inverse VIX® Short-Term Futures ETNs (NYSE: VYLD) eingeführt, die an der NYSE Arca gehandelt werden. Die ETNs haben eine Fälligkeit am 22. März 2045 und verfolgen den S&P 500® VIX® Short-Term Futures Punkte-Änderungs-Inversen Tagesindex TR.
Die ETNs haben eine tägliche Anlegergebühr von 0,85 % pro Jahr und sind vollständig von JPMorgan Chase garantiert. Sie können nach dem 21. März 2025 nach Ermessen von JPMorgan Financial eingelöst werden. Der zugrunde liegende Index steigt um 1 %, wenn die VIX®-Futures-Kontrakte um einen Punkt fallen, indem dies durch eine rollierende synthetische Short-Position in den VIX®-Futures-Kontrakten des ersten und zweiten Monats umgesetzt wird.
Der Index umfasst die aufgelaufenen Zinsen zum gesicherten Übernachtfinanzierungssatz (SOFR) und wird von S&P Dow Jones Indices verwaltet, verfolgt unter dem Bloomberg-Ticker SPVXSTIT.
- Launch of new investment product expanding JPM's ETN offerings
- Full guarantee by JPMorgan Chase enhancing product security
- 0.85% annual fee reducing investor returns
- Complex product structure with significant investment risks
- Early redemption risk at issuer's discretion after March 2025
Insights
JPMorgan Chase Financial has launched a new exchange-traded note (ETN) called the Inverse VIX® Short-Term Futures ETNs (NYSE: VYLD), representing an expansion of JPM's structured product offerings. This product gives sophisticated investors a tool to gain inverse exposure to short-term VIX futures—essentially allowing them to bet against market volatility.
The mechanics of this product are complex but important: VYLD tracks an index that increases 1% when VIX futures decrease by one point. This points-change methodology (rather than percentage-based) creates a unique risk-return profile compared to other volatility products. With a
Two key structural features deserve attention: First, these ETNs carry JPMorgan Chase's full guarantee, reducing counterparty risk concerns. Second, JPM maintains redemption rights after March 2025, providing the bank with an important risk control mechanism should market conditions warrant.
While this product expands JPM's fee-generating capabilities in the volatility trading space, it represents a relatively minor business line given the bank's
The ETNs seek to provide exposure to the daily returns of the S&P 500® VIX® Short-Term Futures Points-Change Inverse Daily Index TR (the “Index”), subject to the daily investor fee deduction at a rate of
The Index is designed such that its level on a given day will increase or decrease by
The Index has been developed by S&P Dow Jones Indices LLC, as index sponsor, and is maintained and calculated by S&P Dow Jones Indices LLC, as index calculation agent. The Index is reported on a real-time basis under Bloomberg ticker symbol “SPVXSTIT.”
Selected Risk Considerations
The ETNs may not be suitable for all investors and should be purchased only by investors with sophistication and knowledge necessary to understand the risks and potential consequences of investing in the ETNs, including the risks inherent in the Index, the underlying VIX® futures contracts and short investments in volatility as an asset class generally. Investors should actively manage and monitor their investments in the ETNs.
The ETNs are subject to the credit risk of JPMorgan Financial, as issuer of the ETNs, and the credit risk of JPMorgan Chase, as guarantor of the ETNs. Investing in the ETNs is not equivalent to taking a long position directly in the Index or taking a short position directly in the VIX® futures contracts underlying the Index or the Cboe Volatility Index®. The ETNs do not provide direct short exposure to the Cboe Volatility Index®. The Investors in the ETNs do not have any ownership interests or rights with respect to the assets included in the Index, the VIX® futures contracts underlying the Index, the Cboe Volatility Index® or the S&P 500® Index.
An investment in the ETNs involves other significant risks. For further information regarding risks, please see the section entitled “Risk Factors” in the applicable pricing supplement.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in
Investment suitability must be determined individually for each investor, and the ETNs may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice.
Investors should consult with their own advisors as to these matters.
JPMorgan Chase & Co. and JPMorgan Chase Financial Company LLC have filed a registration statement (including a prospectus) with the SEC for any offerings to which these materials relate. Before you invest, you should read the prospectus in that registration statement and the other documents relating to any offerings to which these materials relate that JPMorgan Chase & Co. and JPMorgan Chase Financial Company LLC have filed with the SEC for more complete information about JPMorgan Chase & Co., JPMorgan Chase Financial Company LLC and any offering to which these materials relate. You may get these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, JPMorgan Chase & Co., JPMorgan Chase Financial Company LLC or any agent or any dealer participating in the any offerings to which these materials relate will arrange to send you the prospectus and each prospectus supplement as well as any underlying supplement and preliminary pricing supplement if you so request by calling toll-free 1-800-576-3529.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250320676411/en/
Questions? Contact: J.P. Morgan Structured Investments Team at 1-800-576-3529 or at jpm.structured.investments.team@jpmchase.com
Source: JPMorgan Chase & Co.
FAQ
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Who guarantees JPMorgan's VYLD ETNs?
