[ferros]

I wonder if this will make it easier to build up larger pre-IPO positions.

[WrtCdEvrydy]

That's a good question, if it's a pre-IPO, how did they get shares? Are you just buying/selling paper versions of the stock and they'll buy your shares an IPO goes live?

[ivalm]

Probably JPMorgan actually owns shares in a fund. You buy notes that have the appropriate fractional value of the fund. Presumably they will exchange notes for shares post IPO.

[xmprt]

My best guess is that it's like buying a call option that never expires and a $0 strike price.