JPMORGAN CHASE & CO 4

What Happened

• JPMorgan Chase & Co. (reported as a 10% owner via its subsidiary DNT Trust) reported an intra-entity transfer on 2026-06-02 involving 7,178 Series W-7 Variable Rate Muni Term Preferred Shares (VMTP Shares). The filing shows a simultaneous disposition and acquisition of 7,178 shares (transaction code J), with no price or cash value reported. This reflects a trust-to-trust transfer rather than an open-market buy or sale.

Key Details

• Transaction date: 2026-06-02; Form 4 filed: 2026-06-05 (timely).
• Reported actions: disposition of 7,178 VMTP shares and acquisition of 7,178 VMTP shares (both coded J — "other acquisition or disposition").
• Price/value: N/A (no cash consideration reported).
• Shares owned after transaction: filing indicates DNT Trust retains indirect beneficial ownership via its beneficiary interest in the JPM PD Series 5114 Trust (no net change in beneficial ownership reported).
• Notable footnotes: F1–F3 explain that DNT Trust deposited the shares into the JPM PD Series 5114 Trust (TOB Trust) but, through beneficiary and contractual rights, retains indirect beneficial ownership; JPMorgan files jointly with DNT Trust and holds its interest indirectly via its subsidiary.
• Filing timeliness: filed within typical reporting window; not flagged late.

Context

• Code J transactions commonly indicate transfers (e.g., between trusts or accounts) and do not necessarily signal a change in economic exposure or insider sentiment. This filing documents an internal reclassification/transfer of preferred shares by an institutional 10% owner rather than an executive buy/sell.