[FWP] Bank of Nova Scotia Free Writing Prospectus
JPMorgan Chase Financial Company LLC is offering Callable Contingent Interest Notes maturing 21 January 2027 that are linked individually (not as a basket) to the Russell 2000 Index (RTY), the S&P 500 Index (SPX) and the VanEck Gold Miners ETF (GDX). The notes are unsecured, unsubordinated obligations of the issuer and are fully and unconditionally guaranteed by JPMorgan Chase & Co.; all payments therefore carry the credit risk of both entities.
Income profile. Holders will receive a monthly Contingent Interest Payment of at least 0.80417 % (annualised >= 9.65 %) if, on the related Review Date, the closing value of each underlying is at least 70 % of its Initial Value (the Interest Barrier). No interest is paid for that period if any underlying is below its barrier.
Early redemption. JPMorgan may call the notes in full on any Interest Payment Date from 20 October 2025 onward (excluding the final date). The call price equals par plus the applicable Contingent Interest Payment; investors face reinvestment risk if redeemed.
Principal repayment. If not called, two scenarios apply at maturity: (1) If the Final Value of every underlying is at least 65 % of its Initial Value (Trigger Value), investors receive par plus any final Contingent Interest; (2) If the Final Value of any underlying is below 65 %, principal is exposed 1-for-1 to the downside of the worst performer, potentially down to zero.
- Issue price: $1,000 denomination; minimum investment $1,000.
- Indicative estimated value: $955.10 (no lower than $920.00) per $1,000 note, reflecting selling commissions (max $22.25) and hedging costs.
- Pricing date: on or about 15 July 2025; settlement: 18 July 2025; CUSIP 48136FA28.
- 18 scheduled monthly review/interest dates; final review 15 Jan 2027; maturity 21 Jan 2027.
Risk highlights. Investors may lose >35 %—up to 100 %—of principal if any underlying closes <65 % of its Initial Value on the final Review Date. Interest is not guaranteed and may be zero for the entire term. The issuer’s call right limits upside to the sum of contingent coupons. Secondary market liquidity is expected to be limited; notes are not exchange-listed and JPMS will be the only likely bid. The original issue price exceeds the model-derived estimated value, creating negative yield-to-issuer spread at inception.
Sensitivity. Product returns depend on the least-performing asset among small-cap equities (RTY), large-cap equities (SPX) and gold-/silver-miner equities (GDX), exposing holders to equity, commodity-sector, small-capitalisation and currency risks, as well as correlation break-risk across the three underlyings.
JPMorgan Chase Financial Company LLC offre Note a Interesse Contingente Richiamabili con scadenza il 21 gennaio 2027, collegate singolarmente (non in un paniere) all'indice Russell 2000 (RTY), all'indice S&P 500 (SPX) e all'ETF VanEck Gold Miners (GDX). Le note sono obbligazioni non garantite e non subordinate dell'emittente, garantite in modo pieno e incondizionato da JPMorgan Chase & Co.; pertanto, tutti i pagamenti comportano il rischio di credito di entrambe le entità.
Profilo di rendimento. I detentori riceveranno un pagamento mensile di interesse contingente di almeno 0,80417% (annualizzato >= 9,65%) se, alla relativa data di revisione, il valore di chiusura di ciascuno degli sottostanti è almeno il 70% del suo valore iniziale (la barriera di interesse). Nessun interesse viene pagato per quel periodo se anche uno solo degli sottostanti è sotto la barriera.
Rimborso anticipato. JPMorgan può richiamare integralmente le note in qualsiasi data di pagamento degli interessi a partire dal 20 ottobre 2025 (esclusa la data finale). Il prezzo di richiamo corrisponde al valore nominale più il pagamento di interesse contingente applicabile; gli investitori sono quindi esposti al rischio di reinvestimento in caso di richiamo.
Rimborso del capitale. Se non richiamate, alla scadenza si applicano due scenari: (1) se il valore finale di tutti gli sottostanti è almeno il 65% del valore iniziale (valore trigger), gli investitori ricevono il capitale nominale più l’eventuale interesse contingente finale; (2) se il valore finale di anche uno solo degli sottostanti è sotto il 65%, il capitale è esposto in modo diretto alla perdita del peggior sottostante, potenzialmente fino a zero.
- Prezzo di emissione: taglio $1.000; investimento minimo $1.000.
- Valore stimato indicativo: $955,10 (non inferiore a $920,00) per ogni nota da $1.000, comprensivo di commissioni di vendita (massimo $22,25) e costi di copertura.
- Data di prezzo: circa 15 luglio 2025; regolamento: 18 luglio 2025; CUSIP 48136FA28.
- 18 date di revisione/pagamento mensili programmate; revisione finale 15 gennaio 2027; scadenza 21 gennaio 2027.
Rischi principali. Gli investitori possono perdere oltre il 35% fino al 100% del capitale se uno qualsiasi degli sottostanti chiude sotto il 65% del valore iniziale alla data di revisione finale. Gli interessi non sono garantiti e possono essere pari a zero per tutta la durata. Il diritto di richiamo dell’emittente limita il rendimento massimo alla somma dei coupon contingenti. La liquidità sul mercato secondario è prevista limitata; le note non sono quotate in borsa e JPMS sarà probabilmente l’unico offerente. Il prezzo di emissione supera il valore stimato derivato dal modello, generando uno spread di rendimento negativo per l’emittente all’inizio.
Sensibilità. Il rendimento del prodotto dipende dall’asset con la performance peggiore tra azioni small-cap (RTY), azioni large-cap (SPX) e azioni di miniere d’oro/argento (GDX), esponendo i detentori a rischi azionari, settoriali delle materie prime, di capitalizzazione ridotta e di cambio, oltre al rischio di rottura della correlazione tra i tre sottostanti.
JPMorgan Chase Financial Company LLC ofrece Notas de Interés Contingente Rescindibles con vencimiento el 21 de enero de 2027, vinculadas individualmente (no en conjunto) al índice Russell 2000 (RTY), al índice S&P 500 (SPX) y al ETF VanEck Gold Miners (GDX). Las notas son obligaciones no garantizadas y no subordinadas del emisor, garantizadas total e incondicionalmente por JPMorgan Chase & Co.; por lo tanto, todos los pagos conllevan el riesgo crediticio de ambas entidades.
Perfil de ingresos. Los tenedores recibirán un pago mensual de interés contingente de al menos 0.80417% (anualizado >= 9.65%) si, en la fecha de revisión correspondiente, el valor de cierre de cada subyacente es al menos el 70% de su valor inicial (la barrera de interés). No se paga interés para ese período si cualquier subyacente está por debajo de su barrera.
Redención anticipada. JPMorgan puede rescatar las notas en su totalidad en cualquier fecha de pago de intereses a partir del 20 de octubre de 2025 (excluyendo la fecha final). El precio de rescate es igual al valor nominal más el pago de interés contingente aplicable; los inversores enfrentan riesgo de reinversión si se rescatan.
Reembolso del principal. Si no se rescatan, se aplican dos escenarios al vencimiento: (1) Si el valor final de cada subyacente es al menos el 65% de su valor inicial (valor disparador), los inversores reciben el valor nominal más cualquier interés contingente final; (2) Si el valor final de cualquier subyacente está por debajo del 65%, el principal está expuesto 1 a 1 a la baja del peor desempeño, potencialmente hasta cero.
- Precio de emisión: denominación $1,000; inversión mínima $1,000.
- Valor estimado indicativo: $955.10 (no inferior a $920.00) por cada nota de $1,000, reflejando comisiones de venta (máximo $22.25) y costos de cobertura.
- Fecha de fijación de precio: alrededor del 15 de julio de 2025; liquidación: 18 de julio de 2025; CUSIP 48136FA28.
- 18 fechas programadas de revisión/interés mensuales; revisión final el 15 de enero de 2027; vencimiento el 21 de enero de 2027.
Aspectos destacados de riesgo. Los inversores pueden perder más del 35%, hasta el 100%, del principal si algún subyacente cierra por debajo del 65% de su valor inicial en la fecha de revisión final. Los intereses no están garantizados y pueden ser cero durante todo el plazo. El derecho de rescate del emisor limita el potencial de ganancia a la suma de los cupones contingentes. Se espera que la liquidez en el mercado secundario sea limitada; las notas no están listadas en bolsa y JPMS probablemente será el único comprador. El precio de emisión original excede el valor estimado derivado del modelo, creando un diferencial de rendimiento negativo para el emisor al inicio.
Sensibilidad. Los rendimientos del producto dependen del activo con peor desempeño entre acciones de pequeña capitalización (RTY), acciones de gran capitalización (SPX) y acciones de mineras de oro/plata (GDX), exponiendo a los tenedores a riesgos de acciones, sectoriales de materias primas, de pequeña capitalización y de divisas, así como al riesgo de ruptura de correlación entre los tres subyacentes.
JPMorgan Chase Financial Company LLC는 2027년 1월 21일 만기인 콜 가능 컨틴전트 이자 노트를 개별적으로(바스켓이 아닌) Russell 2000 지수(RTY), S&P 500 지수(SPX), VanEck Gold Miners ETF(GDX)에 연계하여 제공합니다. 이 노트는 발행자의 무담보, 무후순위 채무이며 JPMorgan Chase & Co.가 전액 및 무조건적으로 보증합니다. 따라서 모든 지급은 두 기관의 신용 위험을 수반합니다.
수익 프로필. 보유자는 관련 검토일에 각각의 기초자산 종가가 초기 가치의 최소 70% 이상일 경우 월 최소 0.80417% (연율 환산 >= 9.65%)의 컨틴전트 이자 지급을 받습니다(이자 장벽). 한 기초자산이라도 장벽 미만일 경우 해당 기간에는 이자가 지급되지 않습니다.
조기 상환. JPMorgan은 2025년 10월 20일부터(최종일 제외) 모든 이자 지급일에 노트를 전액 콜할 수 있습니다. 콜 가격은 액면가에 해당 컨틴전트 이자 지급액을 더한 금액이며, 상환 시 투자자는 재투자 위험에 직면합니다.
원금 상환. 콜되지 않은 경우 만기 시 두 가지 시나리오가 적용됩니다: (1) 모든 기초자산의 최종 가치가 초기 가치의 최소 65%(트리거 가치) 이상이면 투자자는 액면가와 최종 컨틴전트 이자를 받습니다; (2) 하나라도 65% 미만이면 원금은 최악의 성과를 보인 기초자산 하락에 1대1로 노출되며, 최악의 경우 0까지 손실이 발생할 수 있습니다.
- 발행 가격: $1,000 단위; 최소 투자 $1,000.
- 예상 추정 가치: $955.10 (최저 $920.00) per $1,000 노트, 판매 수수료(최대 $22.25) 및 헤지 비용 반영.
- 가격 결정일: 2025년 7월 15일경; 결제일: 2025년 7월 18일; CUSIP 48136FA28.
- 18회의 예정된 월간 검토/이자 지급일; 최종 검토일 2027년 1월 15일; 만기 2027년 1월 21일.
위험 요약. 최종 검토일에 기초자산 중 하나라도 초기 가치의 65% 미만으로 마감하면 투자자는 원금의 35% 이상에서 최대 100%까지 손실을 볼 수 있습니다. 이자는 보장되지 않으며 전체 기간 동안 0일 수 있습니다. 발행자의 콜 권리는 수익 상한을 컨틴전트 쿠폰 합계로 제한합니다. 2차 시장 유동성은 제한적일 것으로 예상되며, 노트는 거래소에 상장되어 있지 않고 JPMS가 유일한 매수자가 될 가능성이 높습니다. 최초 발행가는 모델 기반 예상 가치보다 높아 발행 시점에 발행자에 대한 음의 수익률 스프레드를 형성합니다.
민감도. 본 상품의 수익률은 소형주(RTY), 대형주(SPX), 금/은 광산주(GDX) 중 가장 저조한 자산의 성과에 따라 달라지며, 주식, 원자재 섹터, 소형주, 통화 위험과 세 기초자산 간 상관관계 붕괴 위험에 노출됩니다.
JPMorgan Chase Financial Company LLC propose des Notes à Intérêt Conditionnel Rappelables arrivant à échéance le 21 janvier 2027, liées individuellement (et non en panier) à l'indice Russell 2000 (RTY), à l'indice S&P 500 (SPX) et à l'ETF VanEck Gold Miners (GDX). Ces notes sont des obligations non sécurisées et non subordonnées de l'émetteur, garanties de manière pleine et inconditionnelle par JPMorgan Chase & Co. ; tous les paiements comportent donc le risque de crédit des deux entités.
Profil de revenu. Les détenteurs recevront un paiement mensuel d'intérêt conditionnel d'au moins 0,80417 % (annualisé >= 9,65 %) si, à la date de revue correspondante, la valeur de clôture de chaque sous-jacent est au moins égale à 70 % de sa valeur initiale (la barrière d'intérêt). Aucun intérêt n'est versé pour cette période si l'un quelconque des sous-jacents est en dessous de sa barrière.
Remboursement anticipé. JPMorgan peut rappeler les notes en totalité à toute date de paiement d'intérêt à partir du 20 octobre 2025 (hors date finale). Le prix de rappel correspond à la valeur nominale plus le paiement d'intérêt conditionnel applicable ; les investisseurs sont exposés au risque de réinvestissement en cas de rappel.
Remboursement du principal. Si non rappelées, deux scénarios s'appliquent à l'échéance : (1) si la valeur finale de chaque sous-jacent est au moins égale à 65 % de sa valeur initiale (valeur déclencheur), les investisseurs reçoivent la valeur nominale plus tout intérêt conditionnel final ; (2) si la valeur finale de l'un quelconque des sous-jacents est inférieure à 65 %, le principal est exposé à la baisse 1 pour 1 de la moins bonne performance, pouvant aller jusqu'à zéro.
- Prix d'émission : coupure de 1 000 $ ; investissement minimum de 1 000 $.
- Valeur indicative estimée : 955,10 $ (pas inférieure à 920,00 $) par note de 1 000 $, reflétant les commissions de vente (max. 22,25 $) et les coûts de couverture.
- Date de tarification : vers le 15 juillet 2025 ; règlement : 18 juillet 2025 ; CUSIP 48136FA28.
- 18 dates prévues de revue/intérêt mensuelles ; revue finale le 15 janvier 2027 ; échéance le 21 janvier 2027.
Points clés de risque. Les investisseurs peuvent perdre plus de 35 %, jusqu'à 100 % du principal si un sous-jacent clôture en dessous de 65 % de sa valeur initiale à la date de revue finale. Les intérêts ne sont pas garantis et peuvent être nuls pendant toute la durée. Le droit de rappel de l'émetteur limite le potentiel de hausse à la somme des coupons conditionnels. La liquidité sur le marché secondaire devrait être limitée ; les notes ne sont pas cotées en bourse et JPMS sera probablement le seul acheteur. Le prix d'émission initial dépasse la valeur estimée par modèle, créant un écart de rendement négatif pour l'émetteur au départ.
Sensibilité. Les rendements du produit dépendent de l'actif le moins performant parmi les actions à petite capitalisation (RTY), les actions à grande capitalisation (SPX) et les actions de mines d'or/argent (GDX), exposant les détenteurs aux risques d'actions, de secteur des matières premières, de petite capitalisation et de change, ainsi qu'au risque de rupture de corrélation entre les trois sous-jacents.
JPMorgan Chase Financial Company LLC bietet Callable Contingent Interest Notes mit Fälligkeit am 21. Januar 2027 an, die einzeln (nicht als Basket) an den Russell 2000 Index (RTY), den S&P 500 Index (SPX) und den VanEck Gold Miners ETF (GDX) gekoppelt sind. Die Notes sind unbesicherte, nicht nachrangige Verbindlichkeiten des Emittenten und werden von JPMorgan Chase & Co. vollständig und bedingungslos garantiert; alle Zahlungen tragen somit das Kreditrisiko beider Unternehmen.
Einkommensprofil. Inhaber erhalten eine monatliche Contingent Interest Zahlung von mindestens 0,80417% (annualisiert >= 9,65%), wenn am jeweiligen Überprüfungstag der Schlusskurs jedes Basiswerts mindestens 70% seines Anfangswerts (Zinsbarriere) beträgt. Wird die Barriere von einem Basiswert unterschritten, erfolgt für diesen Zeitraum keine Zinszahlung.
Vorzeitige Rückzahlung. JPMorgan kann die Notes ab dem 20. Oktober 2025 an jedem Zinszahlungstag vollständig zurückrufen (ausgenommen der letzte Termin). Der Rückkaufpreis entspricht dem Nennwert zuzüglich der anfallenden Contingent Interest Zahlung; Anleger tragen bei Rückruf ein Wiederanlagerisiko.
Kapitalrückzahlung. Wenn nicht zurückgerufen, gelten bei Fälligkeit zwei Szenarien: (1) Liegt der Endwert aller Basiswerte mindestens bei 65% des Anfangswerts (Trigger-Wert), erhalten Anleger den Nennwert zuzüglich etwaiger finaler Contingent Interest Zahlungen; (2) Liegt der Endwert eines Basiswerts unter 65%, ist das Kapital 1:1 dem Abwärtsrisiko des schlechtesten Basiswerts ausgesetzt, mit möglichem Totalverlust.
- Ausgabepreis: $1.000 Nennwert; Mindestanlage $1.000.
- Indikativer Schätzwert: $955,10 (nicht unter $920,00) pro $1.000 Note, unter Berücksichtigung von Verkaufsprovisionen (max. $22,25) und Hedging-Kosten.
- Preisfeststellung: ca. 15. Juli 2025; Abwicklung: 18. Juli 2025; CUSIP 48136FA28.
- 18 geplante monatliche Überprüfungs-/Zinszahlungstermine; finale Überprüfung am 15. Januar 2027; Fälligkeit 21. Januar 2027.
Risikohinweise. Anleger können mehr als 35% bis zu 100% des Kapitals verlieren, wenn ein Basiswert am finalen Überprüfungstag unter 65% seines Anfangswerts schließt. Zinsen sind nicht garantiert und können über die gesamte Laufzeit null betragen. Das Rückrufrecht des Emittenten begrenzt die Aufwärtsrendite auf die Summe der contingenten Kupons. Die Liquidität am Sekundärmarkt wird voraussichtlich eingeschränkt sein; die Notes sind nicht börsennotiert und JPMS wird wahrscheinlich der einzige Käufer sein. Der ursprüngliche Ausgabepreis liegt über dem modellbasierten Schätzwert, was zu einem negativen Renditespread für den Emittenten bei Emission führt.
Sensitivität. Die Renditen des Produkts hängen von der am schlechtesten performenden Anlage unter Small-Cap-Aktien (RTY), Large-Cap-Aktien (SPX) und Gold-/Silberminenaktien (GDX) ab, wodurch Anleger Risiken aus Aktien, Rohstoffsektor, Small-Cap und Währung sowie dem Risiko einer Korrelationsverschiebung zwischen den drei Basiswerten ausgesetzt sind.
- Headline contingent yield of at least 9.65 % p.a.—materially above current investment-grade bond coupons.
- 35 % downside buffer at maturity via 65 % trigger mitigates moderate market declines.
- Monthly observation schedule offers 18 opportunities to earn coupon and for issuer to call, enhancing early cash-back likelihood.
- Principal is at full risk; a drop of any underlying below 65 % at final observation leads to 1-for-1 loss beyond buffer, potentially 100 %.
- Interest is contingent; if any underlying is below the 70 % barrier on a review date, that month’s coupon is forfeited.
- Issuer call option limits upside and introduces reinvestment risk for investors.
- Unsecured credit exposure to JPMorgan Financial & JPMorgan Chase & Co.; default would jeopardise all payments.
- Estimated fair value ($955.10) is 4.5 % below issue price, reflecting fees and hedging costs—immediate negative mark-to-market.
- Notes are illiquid and unlisted; secondary sale likely at a discount set by JPMS.
Insights
TL;DR: High 9.65 % contingent yield offset by 35 % buffer and issuer call; principal at risk below 65 %, interest not guaranteed.
The note provides double-digit headline income in today’s rate environment, contingent on all three underlyings holding above 70 % of initial levels. The 35 % downside buffer is typical for JPMorgan retail structured notes and protects only at maturity; interim breaches do not matter unless the issuer is below the barrier on a review date for interest. A three-month non-call period is relatively short, so investors should assume the note may be called quickly in a constructive market, truncating income. Because the pricing supplement shows an estimated value of $955.10—4.5 % below issue price—investors incur negative carry from day one. For yield-seeking buyers willing to accept equity-sector risk and potential capital loss, the structure may be attractive relative to fixed-rate corporates, but it is not suitable for principal-protection objectives.
TL;DR: Significant tail risk from single-asset under-performance; unsecured credit exposure; limited liquidity.
Because payoff hinges on the worst-performing underlying, idiosyncratic shocks in small-caps or gold-miners can drive large losses even if the S&P 500 performs well. Historical volatility of GDX and RTY exceeds that of SPX, raising probability of barrier breaches; a 65 % trigger offers only modest comfort over a 1.5-year horizon. The note is callable solely at issuer discretion—an asymmetric feature that benefits JPMorgan by capping its liability when scenarios are favourable. Investors, conversely, retain full downside. Secondary valuations will embed JPMorgan’s internal funding curve, typically wider than market OIS, making exit costly. Overall risk-adjusted return is mediocre, warranting neutral-to-negative impact score.
JPMorgan Chase Financial Company LLC offre Note a Interesse Contingente Richiamabili con scadenza il 21 gennaio 2027, collegate singolarmente (non in un paniere) all'indice Russell 2000 (RTY), all'indice S&P 500 (SPX) e all'ETF VanEck Gold Miners (GDX). Le note sono obbligazioni non garantite e non subordinate dell'emittente, garantite in modo pieno e incondizionato da JPMorgan Chase & Co.; pertanto, tutti i pagamenti comportano il rischio di credito di entrambe le entità.
Profilo di rendimento. I detentori riceveranno un pagamento mensile di interesse contingente di almeno 0,80417% (annualizzato >= 9,65%) se, alla relativa data di revisione, il valore di chiusura di ciascuno degli sottostanti è almeno il 70% del suo valore iniziale (la barriera di interesse). Nessun interesse viene pagato per quel periodo se anche uno solo degli sottostanti è sotto la barriera.
Rimborso anticipato. JPMorgan può richiamare integralmente le note in qualsiasi data di pagamento degli interessi a partire dal 20 ottobre 2025 (esclusa la data finale). Il prezzo di richiamo corrisponde al valore nominale più il pagamento di interesse contingente applicabile; gli investitori sono quindi esposti al rischio di reinvestimento in caso di richiamo.
Rimborso del capitale. Se non richiamate, alla scadenza si applicano due scenari: (1) se il valore finale di tutti gli sottostanti è almeno il 65% del valore iniziale (valore trigger), gli investitori ricevono il capitale nominale più l’eventuale interesse contingente finale; (2) se il valore finale di anche uno solo degli sottostanti è sotto il 65%, il capitale è esposto in modo diretto alla perdita del peggior sottostante, potenzialmente fino a zero.
- Prezzo di emissione: taglio $1.000; investimento minimo $1.000.
- Valore stimato indicativo: $955,10 (non inferiore a $920,00) per ogni nota da $1.000, comprensivo di commissioni di vendita (massimo $22,25) e costi di copertura.
- Data di prezzo: circa 15 luglio 2025; regolamento: 18 luglio 2025; CUSIP 48136FA28.
- 18 date di revisione/pagamento mensili programmate; revisione finale 15 gennaio 2027; scadenza 21 gennaio 2027.
Rischi principali. Gli investitori possono perdere oltre il 35% fino al 100% del capitale se uno qualsiasi degli sottostanti chiude sotto il 65% del valore iniziale alla data di revisione finale. Gli interessi non sono garantiti e possono essere pari a zero per tutta la durata. Il diritto di richiamo dell’emittente limita il rendimento massimo alla somma dei coupon contingenti. La liquidità sul mercato secondario è prevista limitata; le note non sono quotate in borsa e JPMS sarà probabilmente l’unico offerente. Il prezzo di emissione supera il valore stimato derivato dal modello, generando uno spread di rendimento negativo per l’emittente all’inizio.
Sensibilità. Il rendimento del prodotto dipende dall’asset con la performance peggiore tra azioni small-cap (RTY), azioni large-cap (SPX) e azioni di miniere d’oro/argento (GDX), esponendo i detentori a rischi azionari, settoriali delle materie prime, di capitalizzazione ridotta e di cambio, oltre al rischio di rottura della correlazione tra i tre sottostanti.
JPMorgan Chase Financial Company LLC ofrece Notas de Interés Contingente Rescindibles con vencimiento el 21 de enero de 2027, vinculadas individualmente (no en conjunto) al índice Russell 2000 (RTY), al índice S&P 500 (SPX) y al ETF VanEck Gold Miners (GDX). Las notas son obligaciones no garantizadas y no subordinadas del emisor, garantizadas total e incondicionalmente por JPMorgan Chase & Co.; por lo tanto, todos los pagos conllevan el riesgo crediticio de ambas entidades.
Perfil de ingresos. Los tenedores recibirán un pago mensual de interés contingente de al menos 0.80417% (anualizado >= 9.65%) si, en la fecha de revisión correspondiente, el valor de cierre de cada subyacente es al menos el 70% de su valor inicial (la barrera de interés). No se paga interés para ese período si cualquier subyacente está por debajo de su barrera.
Redención anticipada. JPMorgan puede rescatar las notas en su totalidad en cualquier fecha de pago de intereses a partir del 20 de octubre de 2025 (excluyendo la fecha final). El precio de rescate es igual al valor nominal más el pago de interés contingente aplicable; los inversores enfrentan riesgo de reinversión si se rescatan.
Reembolso del principal. Si no se rescatan, se aplican dos escenarios al vencimiento: (1) Si el valor final de cada subyacente es al menos el 65% de su valor inicial (valor disparador), los inversores reciben el valor nominal más cualquier interés contingente final; (2) Si el valor final de cualquier subyacente está por debajo del 65%, el principal está expuesto 1 a 1 a la baja del peor desempeño, potencialmente hasta cero.
- Precio de emisión: denominación $1,000; inversión mínima $1,000.
- Valor estimado indicativo: $955.10 (no inferior a $920.00) por cada nota de $1,000, reflejando comisiones de venta (máximo $22.25) y costos de cobertura.
- Fecha de fijación de precio: alrededor del 15 de julio de 2025; liquidación: 18 de julio de 2025; CUSIP 48136FA28.
- 18 fechas programadas de revisión/interés mensuales; revisión final el 15 de enero de 2027; vencimiento el 21 de enero de 2027.
Aspectos destacados de riesgo. Los inversores pueden perder más del 35%, hasta el 100%, del principal si algún subyacente cierra por debajo del 65% de su valor inicial en la fecha de revisión final. Los intereses no están garantizados y pueden ser cero durante todo el plazo. El derecho de rescate del emisor limita el potencial de ganancia a la suma de los cupones contingentes. Se espera que la liquidez en el mercado secundario sea limitada; las notas no están listadas en bolsa y JPMS probablemente será el único comprador. El precio de emisión original excede el valor estimado derivado del modelo, creando un diferencial de rendimiento negativo para el emisor al inicio.
Sensibilidad. Los rendimientos del producto dependen del activo con peor desempeño entre acciones de pequeña capitalización (RTY), acciones de gran capitalización (SPX) y acciones de mineras de oro/plata (GDX), exponiendo a los tenedores a riesgos de acciones, sectoriales de materias primas, de pequeña capitalización y de divisas, así como al riesgo de ruptura de correlación entre los tres subyacentes.
JPMorgan Chase Financial Company LLC는 2027년 1월 21일 만기인 콜 가능 컨틴전트 이자 노트를 개별적으로(바스켓이 아닌) Russell 2000 지수(RTY), S&P 500 지수(SPX), VanEck Gold Miners ETF(GDX)에 연계하여 제공합니다. 이 노트는 발행자의 무담보, 무후순위 채무이며 JPMorgan Chase & Co.가 전액 및 무조건적으로 보증합니다. 따라서 모든 지급은 두 기관의 신용 위험을 수반합니다.
수익 프로필. 보유자는 관련 검토일에 각각의 기초자산 종가가 초기 가치의 최소 70% 이상일 경우 월 최소 0.80417% (연율 환산 >= 9.65%)의 컨틴전트 이자 지급을 받습니다(이자 장벽). 한 기초자산이라도 장벽 미만일 경우 해당 기간에는 이자가 지급되지 않습니다.
조기 상환. JPMorgan은 2025년 10월 20일부터(최종일 제외) 모든 이자 지급일에 노트를 전액 콜할 수 있습니다. 콜 가격은 액면가에 해당 컨틴전트 이자 지급액을 더한 금액이며, 상환 시 투자자는 재투자 위험에 직면합니다.
원금 상환. 콜되지 않은 경우 만기 시 두 가지 시나리오가 적용됩니다: (1) 모든 기초자산의 최종 가치가 초기 가치의 최소 65%(트리거 가치) 이상이면 투자자는 액면가와 최종 컨틴전트 이자를 받습니다; (2) 하나라도 65% 미만이면 원금은 최악의 성과를 보인 기초자산 하락에 1대1로 노출되며, 최악의 경우 0까지 손실이 발생할 수 있습니다.
- 발행 가격: $1,000 단위; 최소 투자 $1,000.
- 예상 추정 가치: $955.10 (최저 $920.00) per $1,000 노트, 판매 수수료(최대 $22.25) 및 헤지 비용 반영.
- 가격 결정일: 2025년 7월 15일경; 결제일: 2025년 7월 18일; CUSIP 48136FA28.
- 18회의 예정된 월간 검토/이자 지급일; 최종 검토일 2027년 1월 15일; 만기 2027년 1월 21일.
위험 요약. 최종 검토일에 기초자산 중 하나라도 초기 가치의 65% 미만으로 마감하면 투자자는 원금의 35% 이상에서 최대 100%까지 손실을 볼 수 있습니다. 이자는 보장되지 않으며 전체 기간 동안 0일 수 있습니다. 발행자의 콜 권리는 수익 상한을 컨틴전트 쿠폰 합계로 제한합니다. 2차 시장 유동성은 제한적일 것으로 예상되며, 노트는 거래소에 상장되어 있지 않고 JPMS가 유일한 매수자가 될 가능성이 높습니다. 최초 발행가는 모델 기반 예상 가치보다 높아 발행 시점에 발행자에 대한 음의 수익률 스프레드를 형성합니다.
민감도. 본 상품의 수익률은 소형주(RTY), 대형주(SPX), 금/은 광산주(GDX) 중 가장 저조한 자산의 성과에 따라 달라지며, 주식, 원자재 섹터, 소형주, 통화 위험과 세 기초자산 간 상관관계 붕괴 위험에 노출됩니다.
JPMorgan Chase Financial Company LLC propose des Notes à Intérêt Conditionnel Rappelables arrivant à échéance le 21 janvier 2027, liées individuellement (et non en panier) à l'indice Russell 2000 (RTY), à l'indice S&P 500 (SPX) et à l'ETF VanEck Gold Miners (GDX). Ces notes sont des obligations non sécurisées et non subordonnées de l'émetteur, garanties de manière pleine et inconditionnelle par JPMorgan Chase & Co. ; tous les paiements comportent donc le risque de crédit des deux entités.
Profil de revenu. Les détenteurs recevront un paiement mensuel d'intérêt conditionnel d'au moins 0,80417 % (annualisé >= 9,65 %) si, à la date de revue correspondante, la valeur de clôture de chaque sous-jacent est au moins égale à 70 % de sa valeur initiale (la barrière d'intérêt). Aucun intérêt n'est versé pour cette période si l'un quelconque des sous-jacents est en dessous de sa barrière.
Remboursement anticipé. JPMorgan peut rappeler les notes en totalité à toute date de paiement d'intérêt à partir du 20 octobre 2025 (hors date finale). Le prix de rappel correspond à la valeur nominale plus le paiement d'intérêt conditionnel applicable ; les investisseurs sont exposés au risque de réinvestissement en cas de rappel.
Remboursement du principal. Si non rappelées, deux scénarios s'appliquent à l'échéance : (1) si la valeur finale de chaque sous-jacent est au moins égale à 65 % de sa valeur initiale (valeur déclencheur), les investisseurs reçoivent la valeur nominale plus tout intérêt conditionnel final ; (2) si la valeur finale de l'un quelconque des sous-jacents est inférieure à 65 %, le principal est exposé à la baisse 1 pour 1 de la moins bonne performance, pouvant aller jusqu'à zéro.
- Prix d'émission : coupure de 1 000 $ ; investissement minimum de 1 000 $.
- Valeur indicative estimée : 955,10 $ (pas inférieure à 920,00 $) par note de 1 000 $, reflétant les commissions de vente (max. 22,25 $) et les coûts de couverture.
- Date de tarification : vers le 15 juillet 2025 ; règlement : 18 juillet 2025 ; CUSIP 48136FA28.
- 18 dates prévues de revue/intérêt mensuelles ; revue finale le 15 janvier 2027 ; échéance le 21 janvier 2027.
Points clés de risque. Les investisseurs peuvent perdre plus de 35 %, jusqu'à 100 % du principal si un sous-jacent clôture en dessous de 65 % de sa valeur initiale à la date de revue finale. Les intérêts ne sont pas garantis et peuvent être nuls pendant toute la durée. Le droit de rappel de l'émetteur limite le potentiel de hausse à la somme des coupons conditionnels. La liquidité sur le marché secondaire devrait être limitée ; les notes ne sont pas cotées en bourse et JPMS sera probablement le seul acheteur. Le prix d'émission initial dépasse la valeur estimée par modèle, créant un écart de rendement négatif pour l'émetteur au départ.
Sensibilité. Les rendements du produit dépendent de l'actif le moins performant parmi les actions à petite capitalisation (RTY), les actions à grande capitalisation (SPX) et les actions de mines d'or/argent (GDX), exposant les détenteurs aux risques d'actions, de secteur des matières premières, de petite capitalisation et de change, ainsi qu'au risque de rupture de corrélation entre les trois sous-jacents.
JPMorgan Chase Financial Company LLC bietet Callable Contingent Interest Notes mit Fälligkeit am 21. Januar 2027 an, die einzeln (nicht als Basket) an den Russell 2000 Index (RTY), den S&P 500 Index (SPX) und den VanEck Gold Miners ETF (GDX) gekoppelt sind. Die Notes sind unbesicherte, nicht nachrangige Verbindlichkeiten des Emittenten und werden von JPMorgan Chase & Co. vollständig und bedingungslos garantiert; alle Zahlungen tragen somit das Kreditrisiko beider Unternehmen.
Einkommensprofil. Inhaber erhalten eine monatliche Contingent Interest Zahlung von mindestens 0,80417% (annualisiert >= 9,65%), wenn am jeweiligen Überprüfungstag der Schlusskurs jedes Basiswerts mindestens 70% seines Anfangswerts (Zinsbarriere) beträgt. Wird die Barriere von einem Basiswert unterschritten, erfolgt für diesen Zeitraum keine Zinszahlung.
Vorzeitige Rückzahlung. JPMorgan kann die Notes ab dem 20. Oktober 2025 an jedem Zinszahlungstag vollständig zurückrufen (ausgenommen der letzte Termin). Der Rückkaufpreis entspricht dem Nennwert zuzüglich der anfallenden Contingent Interest Zahlung; Anleger tragen bei Rückruf ein Wiederanlagerisiko.
Kapitalrückzahlung. Wenn nicht zurückgerufen, gelten bei Fälligkeit zwei Szenarien: (1) Liegt der Endwert aller Basiswerte mindestens bei 65% des Anfangswerts (Trigger-Wert), erhalten Anleger den Nennwert zuzüglich etwaiger finaler Contingent Interest Zahlungen; (2) Liegt der Endwert eines Basiswerts unter 65%, ist das Kapital 1:1 dem Abwärtsrisiko des schlechtesten Basiswerts ausgesetzt, mit möglichem Totalverlust.
- Ausgabepreis: $1.000 Nennwert; Mindestanlage $1.000.
- Indikativer Schätzwert: $955,10 (nicht unter $920,00) pro $1.000 Note, unter Berücksichtigung von Verkaufsprovisionen (max. $22,25) und Hedging-Kosten.
- Preisfeststellung: ca. 15. Juli 2025; Abwicklung: 18. Juli 2025; CUSIP 48136FA28.
- 18 geplante monatliche Überprüfungs-/Zinszahlungstermine; finale Überprüfung am 15. Januar 2027; Fälligkeit 21. Januar 2027.
Risikohinweise. Anleger können mehr als 35% bis zu 100% des Kapitals verlieren, wenn ein Basiswert am finalen Überprüfungstag unter 65% seines Anfangswerts schließt. Zinsen sind nicht garantiert und können über die gesamte Laufzeit null betragen. Das Rückrufrecht des Emittenten begrenzt die Aufwärtsrendite auf die Summe der contingenten Kupons. Die Liquidität am Sekundärmarkt wird voraussichtlich eingeschränkt sein; die Notes sind nicht börsennotiert und JPMS wird wahrscheinlich der einzige Käufer sein. Der ursprüngliche Ausgabepreis liegt über dem modellbasierten Schätzwert, was zu einem negativen Renditespread für den Emittenten bei Emission führt.
Sensitivität. Die Renditen des Produkts hängen von der am schlechtesten performenden Anlage unter Small-Cap-Aktien (RTY), Large-Cap-Aktien (SPX) und Gold-/Silberminenaktien (GDX) ab, wodurch Anleger Risiken aus Aktien, Rohstoffsektor, Small-Cap und Währung sowie dem Risiko einer Korrelationsverschiebung zwischen den drei Basiswerten ausgesetzt sind.
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ISSUER FREE WRITING PROSPECTUS |
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Filed Pursuant to Rule 433 |
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Registration Statement No. 333-282565 |
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Dated July 9, 2025 |
Contingent Income Auto-Callable Securities due on or about July 16, 2026
Based on the Performance of the Common Stock of Apple Inc.
Principal at Risk Securities
This document provides a summary of the terms of the Contingent Income Auto-Callable Securities (the “securities”). Investors should carefully review the accompanying preliminary pricing supplement for the securities, the accompanying product supplement, the prospectus supplement and the prospectus, as well as the “Risk Considerations” section below, before making an investment decision.
The securities do not guarantee any return of principal at maturity. Investors will not participate in any appreciation of the underlying stock and must be willing to accept the risk of not receiving any contingent quarterly coupons over the term of the securities. The securities are senior unsecured debt securities issued by The Bank of Nova Scotia (“BNS”), and all payments on the securities are subject to the credit risk of BNS. As used in this document, “we,” “us,” or “our” refers to BNS.
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SUMMARY TERMS |
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Issuer: |
The Bank of Nova Scotia |
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Issue: |
Senior Note Program, Series A |
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Underlying stock: |
Common stock of Apple Inc. (Bloomberg Ticker: “AAPL UW”) |
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Stated principal amount: |
$1,000.00 per security |
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Minimum investment: |
$1,000 (1 security) |
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Pricing date: |
July 11, 2025 |
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Original issue date: |
July 16, 2025 (3 business days after the pricing date; see preliminary pricing supplement). |
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Final determination date: |
July 13, 2026, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
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Maturity date: |
July 16, 2026, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
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Early redemption: |
If the closing price of the underlying stock on any determination date other than the final determination date is greater than or equal to the call threshold price, the securities will be automatically redeemed for an amount per security equal to the early redemption payment on the first contingent coupon payment date immediately following the related determination date. No further payments will be made on the securities once they have been redeemed. |
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Early redemption payment: |
The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) the contingent quarterly coupon with respect to the applicable determination date and any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. |
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Contingent quarterly coupon: |
▪If the closing price on any determination date is greater than or equal to the downside threshold price, we will pay on the related contingent coupon payment date a contingent quarterly coupon of $28.20 (equivalent to 11.28% per annum of the stated principal amount) per security, plus any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. ▪If the closing price on any determination date is less than the downside threshold price, we will not pay a contingent quarterly coupon on the related contingent coupon payment date. |
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Memory coupon feature: |
If a contingent quarterly coupon is not paid on a contingent coupon payment date (other than the maturity date) because the closing price of the underlying stock on the related determination date is less than the downside threshold price, such contingent quarterly coupon will be paid on a later contingent coupon payment date if the closing price of the underlying stock on the determination date corresponding to such later contingent coupon payment date is greater than or equal to the downside threshold price. For the avoidance of doubt, once a previously unpaid contingent quarterly coupon has been paid on a later contingent coupon payment date, it will not be made again on any subsequent contingent coupon payment date. If the closing price of the underlying stock on each of the determination dates is less than the downside threshold price, you will receive no contingent quarterly coupons during the term of, and will not receive a positive return on, the securities. |
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Determination dates: |
Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-trading days and certain market disruption events as described in the accompanying product supplement. |
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Contingent coupon payment dates: |
Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-business days and certain market disruption events as described in the accompanying product supplement. |
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Payment at maturity: |
▪If the final share price is greater than or equal to the downside threshold price: (i) the stated principal amount plus (ii) the contingent quarterly coupon with respect to the final determination date and any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature ▪If the final share price is less than the downside threshold price: a number of shares of the underlying stock equal to the exchange ratio, and the cash value of any fractional share included in the exchange ratio (such cash value being equal to (i) the fractional share amount times (ii) the final share price) If the final share price is less than the downside threshold price, you will receive per security a number of shares of the underlying stock equal to the exchange ratio (and the cash value of any fractional share), the value of which is expected to be worth significantly less than the stated principal amount and could be as low as zero, resulting in the loss of your entire investment in the securities. If the exchange ratio is less than 1, your payment at maturity for each security will be the cash value of the fractional share. |
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Exchange ratio: |
The number of shares of the underlying stock per security equal to the quotient of the stated principal amount divided by the initial share price, observed to 4 decimal places We will pay the cash value of any fractional share in an amount equal to the product of that fraction multiplied by the final share price, each as determined by the calculation agent. The exchange ratio may be adjusted in the case of certain adjustment events as described in the accompanying product supplement. |
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Cash value: |
An amount in cash per security equal to the product of the exchange ratio multiplied by the final share price. For the avoidance of doubt, we will pay the cash value if the exchange ratio is less than 1.0000. |
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Call threshold price: |
100.00% of the initial share price, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement |
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Downside threshold price: |
80.00% of the initial share price, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement |
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Initial share price: |
The closing price of the underlying stock on the pricing date, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement. |
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Final share price: |
The closing price of the underlying stock on the final determination date, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement |
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CUSIP / ISIN: |
06419DAQ6 / US06419DAQ60 |
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Listing: |
The securities will not be listed or displayed on any securities exchange or any electronic communications network. |
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Commission: |
$17.50 per stated principal amount. |
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Estimated value on the pricing date: |
Expected to be between $946.40 and $976.40 per security. See “Risk Factors” in the preliminary pricing supplement. |
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Preliminary pricing supplement: |
http://www.sec.gov/Archives/edgar/data/9631/000183988225037991/bns_424b2-20593.htm |
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HYPOTHETICAL PAYOUT |
The below figures are based on a hypothetical downside threshold price of 80.00% of a hypothetical initial share price and are purely hypothetical (the actual terms of your securities will be determined on the pricing date and will be specified in the final pricing supplement).
Hypothetical Payment at Maturity if No Early Redemption Occurs
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Change in Underlying Stock |
Payment at Maturity (excluding any contingent quarterly coupon payable at maturity) |
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+50.00% |
$1,000.00 |
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+40.00% |
$1,000.00 |
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+30.00% |
$1,000.00 |
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+20.00% |
$1,000.00 |
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+10.00% |
$1,000.00 |
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0.00% |
$1,000.00 |
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-10.00% |
$1,000.00 |
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-20.00% |
$1,000.00 |
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-21.00% |
$790.00 |
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-30.00% |
$700.00 |
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-40.00% |
$600.00 |
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-50.00% |
$500.00 |
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-60.00% |
$400.00 |
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-70.00% |
$300.00 |
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-80.00% |
$200.00 |
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-90.00% |
$100.00 |
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-100.00% |
$0.00 |
A-1
You will find a link to the accompanying preliminary pricing supplement for the securities above and links to the accompanying product supplement and accompanying prospectus for the securities under “Additional Information About BNS and the Securities” in the preliminary pricing supplement, which you should read and understand prior to investing in the securities.
The issuer has filed a registration statement (including a prospectus as supplemented by a prospectus supplement, product supplement and the preliminary pricing supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying prospectus in that registration statement and the other documents the issuer has filed with the SEC, including the accompanying preliminary pricing supplement and the accompanying prospectus supplement and product supplement, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (212) 225-5678. Our Central Index Key, or CIK, on the SEC web site is 0000009631.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to Return Characteristics
▪Risk of significant loss at maturity.
▪Contingent repayment of stated principal amount only at maturity.
▪You may not receive any contingent quarterly coupons.
▪Greater expected volatility with respect to the underlying stock generally reflects a higher contingent quarterly coupon and a higher expectation as of the pricing date that the final share price of the underlying stock could be less than the downside threshold price on the final determination date.
▪The securities are subject to reinvestment risk in the event of an early redemption.
▪The contingent quarterly coupon, if any, is based solely on the closing price or the final share price, as applicable.
▪Your potential return on the securities is limited, you will not participate in any appreciation of the underlying stock and you will not realize a return beyond the returns represented by the contingent quarterly coupons received, if any, during the term of the securities.
Risks Relating to Characteristics of the Underlying Stock
▪The securities are subject to risks associated with investments in single equity securities.
▪There can be no assurance that the investment view implicit in the securities will be successful.
▪There is no affiliation between BNS and the underlying stock issuer.
Risks Relating to Estimated Value and Liquidity
▪BNS’ initial estimated value of the securities at the time of pricing (when the terms of your securities are set on the pricing date) will be lower than the issue price of the securities.
▪Neither BNS’ nor SCUSA’s estimated value of the securities at any time is determined by reference to credit spreads or the borrowing rate BNS would pay for its conventional fixed-rate debt securities.
▪BNS’ initial estimated value of the securities does not represent future values of the securities and may differ from others’ (including SCUSA’s) estimates.
▪The securities have limited liquidity.
▪The price at which SCUSA would buy or sell your securities (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA’s estimated value of your securities.
▪The price of the securities prior to maturity will depend on a number of factors and may be substantially less than the stated principal amount.
Risks Relating to General Credit Characteristics
▪Payments on the securities are subject to the credit risk of BNS.
Risks Relating to Hedging Activities and Conflicts of Interest
▪Hedging activities by BNS and SCUSA may negatively impact investors in the securities and cause our respective interests and those of our clients and counterparties to be contrary to those of investors in the securities.
▪The calculation agent can make antidilution and other adjustments that may adversely affect the market value of, and any amounts payable on, the securities.
▪We, SCUSA and our other affiliates regularly provide services to, or otherwise have business relationships with, a broad client base, which has included and may include us and the underlying stock issuer and the market activities by us, SCUSA or our other affiliates for our or their own respective accounts or for our clients could negatively impact investors in the securities.
▪Activities conducted by BNS and its affiliates may impact the market price of the underlying stock and the value of the securities.
▪The calculation agent will have significant discretion with respect to the securities, which may be exercised in a manner that is adverse to your interests.
▪BNS and its affiliates may publish research or make opinions or recommendations that are inconsistent with an investment in the securities.
Risks Relating to Canadian and U.S. Federal Income Taxation
▪Uncertain tax treatment. Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See “Additional Information About the Securities — Tax Considerations” and “— Material Canadian Income Tax Consequences” in the preliminary pricing supplement.
Underlying Stock
For information about the underlying stock, including historical performance information, see “Information About the Underlying Stock” in the preliminary pricing supplement.
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FAQ
What contingent interest rate do the JPMorgan notes offer?
How is principal protected on these Contingent Interest Notes?
Can JPMorgan redeem the notes early?
What is the estimated value versus the issue price?
Are the notes listed on an exchange?
Which assets determine the note’s performance?
What are key tax considerations for U.S. investors?
