FYI, to nostr:nprofile1qqsqfjg4mth7uwp307nng3z2em3ep2pxnljczzezg8j7dhf58ha7ejgeyqy52 and nostr:nprofile1qqsywt6ypu57lxtwj2scdwxnyrl3sry9typcstje65x7rw9a2e5nq8sutzslp , JPMorgan makes money on their IBIT product by building their commission into the price. It's called an "up front" and they probably charge 3% for that 3-year product. For instance, it (potentially, and if my memory serves) pays a 16% coupon if it doesn't get called back. They could pay, say 19%, but only pay 16% and the 3% is their commission. The client's just likely never see it. That's how these structured products work.