2019. The Firm did not retain any senior securities and retained $1.5 billion and $3.0 billion of subordinated securities in certain of its credit card securitization trusts as of December 31, 2020 and 2019, respectively. The Firm’s undivided interests in the credit card trusts and securities retained are eliminated in consolidation. Firm-sponsored mortgage and other securitization trusts The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts. The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to Securitization activity on page 259 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 259-260 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies. (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 259-260 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies. (b) Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties. (c) Excludes the following: retained servicing (refer to Note 15 for a discussion of MSRs); securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (refer to Note 5 for further information on derivatives); senior and subordinated securities of $105 million and $40 million, respectively, at December 31, 2020, and $106 million and $94 million, respectively, at December 31, 2019, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of December 31, 2020 and 2019, 73% and 63%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.3 billion and $1.1 billion of investment-grade retained interests, and $41 million and $72 million of noninvestment-grade retained interests at December 31, 2020 and 2019, respectively. The retained interests in commercial and other securitization trusts consisted of $2.0 billion and $1.2 billion of investment-grade retained interests, and $753 million and $575 million of noninvestment- grade retained interests at December 31, 2020 and 2019, respectively. JPMorgan Chase & Co./2020 Form 10-K 254 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs December 31, 2020 (in millions) Total assets held by securitization VIEs Assets  held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets  Investment securities Other financial assets Total interests held by JPMorgan Chase Securitization-related Residential mortgage: Prime/Alt-A and option ARMs $ 49,644 $ 1,693 $ 41,265 $ 574 $ 724 $ — $ 1,298 Subprime 12,896 46 12,154 9 — — 9 Commercial and other 119,732 — 92,351 955 1,549 262 2,766 Total $ 182,272 $ 1,739 $ 145,770 $ 1,538 $ 2,273 $ 262 $ 4,073 (c)(d)(e) (a) (b) Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs December 31, 2019 (in millions) Total assets held by securitization VIEs Assets  held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets  Investment securities Other financial assets Total interests held by JPMorgan Chase Securitization-related Residential mortgage: Prime/Alt-A and option ARMs $ 60,348 $ 2,796 $ 48,734  $ 535 $ 625 $ — $ 1,160  Subprime 14,661  —  13,490  7  —  —  7  Commercial and other 111,903  —  80,878  785  773  241  1,799  Total $ 186,912 $ 2,796 $ 143,102  $ 1,327 $ 1,398 $ 241 $ 2,966  (c)(d)(e) (a) (b) Notes to consolidated financial statements