JP Morgan Chase Bank briefly became a significant minority shareholder in Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos) on September 15, only to then reduce it below the 5% threshold three days later.

The airline said in a stock market filing that "certain entities controlled by JP Morgan" acquired nearly 8.8 million preferred shares on September 15, which nearly doubled the bank's holdings from 3.92% to 6.54%. However, the same entities sold almost 7.4 million preferred shares on September 18, which reduced JP Morgan's stake in Azul to 4.35%.

While the value of the transactions was not disclosed, Azul was trading at USD8.15 per share on the New York Stock Exchange on September 15 (giving the buy transaction a nominal value of USD71.6 million) and at USD8.58 on September 18 (USD63.3 million nominally for the sell transaction).

Azul's largest identified shareholders are United Airlines Holdings (7.76% total economic share), former shareholders of merged carrier TRIP Linhas Aéreas (5.05%), and founder David Neeleman (4.49%).