JPMORGAN CHASE & CO

# JPMORGAN CHASE & CO

VYLD is an exchange-traded note listed on the NYSE that provides exposure to a synthetic short volatility strategy. The product tracks the daily points-change return of a rolling position in underlying futures contracts traded on the Cboe Futures Exchange. The structure is designed for investors seeking positive returns when the tracked index appreciates during their holding period, making it suitable for those with bearish views on volatility.

The note functions as a leveraged inverse volatility instrument, allowing investors to profit from declining volatility levels without directly purchasing futures contracts. The synthetic short position in the underlying futures contracts represents the primary mechanism through which the product generates returns. Daily rebalancing based on points-change calculations distinguishes this note's methodology from other volatility products.

As an exchange-traded note rather than a traditional operating company, VYLD does not have traditional business segments, employees, or revenue streams comparable to operating enterprises. The product is issued and managed within JPMorgan Chase's structured products division. The note is accessible to investors on major U.S. exchanges and serves institutional and retail participants in volatility markets.