[FWP] Morgan Stanley Free Writing Prospectus

Q: What is the Upside Leverage Factor on JPMorgan's capped buffered notes?

Investors receive 2.00× any positive Index return, subject to the 109% maximum total return.

Q: How does the 20% buffer protect my principal at maturity?

If the Index ends up to 20% below the Initial Value, you still receive 100% of principal; losses begin only beyond that threshold.

Q: What is the maximum payment I can receive at maturity?

At least $2,090 per $1,000 note, translating to a 109% total return, once the Index rises ≈ 54.5% or more.

Q: When do these structured notes mature?

They are scheduled to mature on July 11, 2030, five years after the expected settlement date.

Q: Are the notes insured or protected by the FDIC?

No. The notes are uninsured, unsecured obligations; payment depends solely on JPMorgan Financial and its guarantor.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

FWP

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is marketing Capped Buffered Return Enhanced Notes linked to the S&P 500® Futures Excess Return Index (ticker: SPXFP). The five-year notes are unsecured, unsubordinated obligations of JPMorgan Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co., exposing investors to the credit risk of both entities.

Key economic terms

Upside Leverage: 2.00× any positive Index return.
Maximum Return: at least 109.00%, capping the maturity payment at ≥ $2,090 per $1,000 note.
Downside Buffer: first 20.00% of Index decline absorbed; beyond that, investors lose 1% of principal for every 1% additional decline, up to an 80% maximum loss.
Tenor: Priced on or about 8 Jul 2025, settle 11 Jul 2025, mature 11 Jul 2030; single observation on 8 Jul 2030.
Denominations: $1,000 and integral multiples.
Estimated Value: ~ $976.40 per $1,000 at today’s indicative levels; final estimate will not be below $950.00, highlighting an initial value discount vs. the $1,000 issue price.
Fees & commissions: selling concession ≤ $11.25 per note; full fee breakdown to appear in final pricing supplement.

Payout mechanics

If the Index rises, investors receive principal plus 2× the Index return, but no more than the Maximum Return. If the Index is flat or down ≤ 20%, principal is returned. Declines > 20% erode principal dollar-for-dollar beyond the buffer, potentially leaving as little as $200 per $1,000 at maturity.

Risk highlights

No periodic coupons; total return realized only at maturity.
Capped upside limits participation in strong rallies.
Credit exposure to JPMorgan Chase entities; no FDIC insurance.
Secondary market is not exchange-listed; liquidity will depend solely on bid prices, if any, from JPMS.
Estimated value below issue price reflects embedded fees, hedging costs and an internal funding rate, meaning an immediate mark-to-market discount.
The underlying excess-return futures index may materially underperform the cash S&P 500® owing to dividend drag, financing costs and negative roll yield.

These characteristics make the notes suitable only for investors who (1) are moderately bullish on U.S. equities over a five-year horizon, (2) can tolerate the risk of substantial capital loss, (3) are comfortable with the 109% return cap, and (4) understand the credit and liquidity risks inherent in a bespoke structured product.

JPMorgan Chase Financial Company LLC propone Note Capped Buffered Return Enhanced legate all'indice S&P 500® Futures Excess Return Index (ticker: SPXFP). Le note quinquennali sono obbligazioni non garantite e non subordinate di JPMorgan Financial e sono garantite in modo pieno e incondizionato da JPMorgan Chase & Co., esponendo gli investitori al rischio di credito di entrambe le entità.

Principali termini economici

Leva sull’aumento: 2,00× qualsiasi rendimento positivo dell’indice.
Rendimento massimo: almeno 109,00%, con un pagamento a scadenza massimo di ≥ $2.090 per ogni nota da $1.000.
Buffer al ribasso: assorbe il primo 20,00% di calo dell’indice; oltre tale soglia, gli investitori perdono l’1% del capitale per ogni ulteriore 1% di ribasso, fino a una perdita massima dell’80%.
Durata: quotazione intorno all’8 luglio 2025, regolamento 11 luglio 2025, scadenza 11 luglio 2030; osservazione unica l’8 luglio 2030.
Tagli: $1.000 e multipli interi.
Valore stimato: circa $976,40 per ogni $1.000 alle quotazioni indicative attuali; la stima finale non sarà inferiore a $950,00, evidenziando uno sconto iniziale rispetto al prezzo di emissione di $1.000.
Commissioni: concessione di vendita ≤ $11,25 per nota; dettaglio completo delle commissioni nel supplemento finale di prezzo.

Meccanismo di pagamento

Se l’indice sale, gli investitori ricevono il capitale più 2× il rendimento dell’indice, fino al rendimento massimo. Se l’indice è stabile o scende fino al 20%, il capitale viene restituito. Calo superiore al 20% erode il capitale in proporzione oltre il buffer, potenzialmente lasciando solo $200 per ogni $1.000 a scadenza.

Rischi principali

Nessuna cedola periodica; rendimento totale realizzato solo a scadenza.
Il limite massimo di rendimento riduce la partecipazione in forti rialzi.
Esposizione al rischio di credito delle entità JPMorgan Chase; nessuna assicurazione FDIC.
Il mercato secondario non è quotato in borsa; la liquidità dipenderà esclusivamente dalle offerte, se presenti, di JPMS.
Il valore stimato inferiore al prezzo di emissione riflette commissioni incorporate, costi di copertura e un tasso interno di finanziamento, comportando uno sconto immediato di mercato.
L’indice futures a rendimento in eccesso sottostante può sottoperformare significativamente l’S&P 500® cash a causa di dividendi, costi di finanziamento e rendimento negativo da roll-over.

Queste caratteristiche rendono le note adatte solo a investitori che (1) sono moderatamente rialzisti sulle azioni USA su un orizzonte di cinque anni, (2) possono tollerare il rischio di perdite di capitale significative, (3) accettano il limite di rendimento del 109%, e (4) comprendono i rischi di credito e liquidità tipici di un prodotto strutturato su misura.

JPMorgan Chase Financial Company LLC está comercializando Notas Mejoradas con Retorno Limitado y Amortiguado vinculadas al Índice S&P 500® Futures Excess Return (símbolo: SPXFP). Las notas a cinco años son obligaciones no garantizadas y no subordinadas de JPMorgan Financial y están total y incondicionalmente garantizadas por JPMorgan Chase & Co., exponiendo a los inversores al riesgo crediticio de ambas entidades.

Términos económicos clave

Apalancamiento al alza: 2,00× cualquier retorno positivo del índice.
Retorno máximo: al menos 109,00%, limitando el pago al vencimiento a ≥ $2,090 por cada nota de $1,000.
Amortiguador a la baja: absorbe la primera caída del 20,00% del índice; más allá de eso, los inversores pierden el 1% del principal por cada 1% adicional de caída, hasta una pérdida máxima del 80%.
Plazo: precio alrededor del 8 de julio de 2025, liquidación el 11 de julio de 2025, vencimiento el 11 de julio de 2030; observación única el 8 de julio de 2030.
Denominaciones: $1,000 y múltiplos enteros.
Valor estimado: ~ $976.40 por cada $1,000 a niveles indicativos actuales; la estimación final no será inferior a $950.00, mostrando un descuento inicial respecto al precio de emisión de $1,000.
Comisiones: concesión de venta ≤ $11.25 por nota; desglose completo de comisiones en el suplemento final de precios.

Mecánica de pago

Si el índice sube, los inversores reciben el principal más 2× el retorno del índice, pero no más que el Retorno Máximo. Si el índice está plano o baja ≤ 20%, se devuelve el principal. Caídas > 20% erosionan el principal dólar a dólar más allá del amortiguador, dejando potencialmente tan solo $200 por cada $1,000 al vencimiento.

Aspectos destacados de riesgo

No hay cupones periódicos; el retorno total se realiza solo al vencimiento.
El límite máximo restringe la participación en fuertes repuntes.
Exposición crediticia a entidades JPMorgan Chase; sin seguro FDIC.
El mercado secundario no está listado en bolsa; la liquidez dependerá únicamente de las ofertas, si las hay, de JPMS.
El valor estimado por debajo del precio de emisión refleja comisiones incorporadas, costos de cobertura y una tasa interna de financiamiento, lo que implica un descuento inmediato de mercado.
El índice de futuros de retorno en exceso subyacente puede tener un desempeño significativamente inferior al S&P 500® en efectivo debido a arrastre de dividendos, costos de financiamiento y rendimiento negativo por roll-over.

Estas características hacen que las notas sean adecuadas solo para inversores que (1) sean moderadamente optimistas sobre acciones estadounidenses en un horizonte de cinco años, (2) puedan tolerar el riesgo de pérdidas significativas de capital, (3) estén cómodos con el límite de retorno del 109%, y (4) comprendan los riesgos de crédito y liquidez inherentes a un producto estructurado a medida.

JPMorgan Chase Financial Company LLC는 S&P 500® 선물 초과 수익 지수(티커: SPXFP)에 연동된 캡드 버퍼드 리턴 인핸스드 노트를 마케팅하고 있습니다. 5년 만기 노트는 JPMorgan Financial의 무담보, 비후순위 채무이며, JPMorgan Chase & Co.가 전액 및 무조건적으로 보증하여 투자자는 두 기관의 신용 위험에 노출됩니다.

주요 경제 조건

상승 레버리지: 지수 상승 시 2.00배의 수익.
최대 수익: 최소 109.00%로, 만기 지급액은 $1,000 노트당 ≥ $2,090로 제한.
하락 버퍼: 지수 하락의 첫 20.00%는 흡수; 그 이상 하락 시 투자자는 추가 하락 1%마다 원금 1% 손실, 최대 80% 손실까지 가능.
만기: 2025년 7월 8일경 가격 결정, 7월 11일 결제, 2030년 7월 11일 만기; 2030년 7월 8일 단일 관찰.
액면가: $1,000 및 정수 배수.
추정 가치: 현재 지표 수준에서 $1,000당 약 $976.40; 최종 추정치는 $950.00 이하가 아니며, $1,000 발행가 대비 초기 가치 할인 반영.
수수료 및 커미션: 노트당 최대 $11.25 판매 수수료; 최종 가격 보충 자료에 전체 수수료 내역 포함.

지급 메커니즘

지수가 상승하면 투자자는 원금과 지수 수익의 2배를 받지만 최대 수익을 초과하지 않습니다. 지수가 변동 없거나 20% 이하 하락 시 원금이 반환됩니다. 20% 초과 하락 시 버퍼를 넘는 손실은 원금에서 1:1로 차감되어 만기 시 $1,000당 최소 $200까지 손실될 수 있습니다.

위험 요약

정기 쿠폰 없음; 총 수익은 만기 시 실현.
상한 수익은 강한 랠리 시 참여 제한.
JPMorgan Chase 기관에 대한 신용 노출; FDIC 보험 없음.
이차 시장은 거래소 상장 아님; 유동성은 JPMS의 매수 호가에 전적으로 의존.
발행가 이하의 추정 가치는 내재 수수료, 헤지 비용 및 내부 자금 조달 비용 반영으로 즉각적인 시가 할인 의미.
기초 초과 수익 선물 지수는 배당 손실, 금융 비용 및 롤 수익률 마이너스 영향으로 현금 S&P 500® 대비 성과가 크게 저조할 수 있음.

이러한 특징으로 인해 본 노트는 (1) 5년 투자 기간 동안 미국 주식에 대해 다소 강세를 예상하고, (2) 상당한 자본 손실 위험을 감수할 수 있으며, (3) 109% 수익 상한에 동의하고, (4) 맞춤형 구조화 상품에 내재된 신용 및 유동성 위험을 이해하는 투자자에게만 적합합니다.

JPMorgan Chase Financial Company LLC propose des Notes Améliorées à Rendement Capped Buffered liées à l'Indice S&P 500® Futures Excess Return (symbole : SPXFP). Ces notes sur cinq ans sont des obligations non garanties et non subordonnées de JPMorgan Financial, entièrement et inconditionnellement garanties par JPMorgan Chase & Co., exposant les investisseurs au risque de crédit des deux entités.

Principaux termes économiques

Effet de levier à la hausse : 2,00× tout rendement positif de l’indice.
Rendement maximum : au moins 109,00 %, plafonnant le paiement à l’échéance à ≥ 2 090 $ par note de 1 000 $.
Buffer à la baisse : absorbe les 20,00 % premiers de la baisse de l’indice ; au-delà, les investisseurs perdent 1 % du principal pour chaque baisse supplémentaire de 1 %, jusqu’à une perte maximale de 80 %.
Durée : prix autour du 8 juillet 2025, règlement le 11 juillet 2025, échéance le 11 juillet 2030 ; observation unique le 8 juillet 2030.
Montants : 1 000 $ et multiples entiers.
Valeur estimée : ~ 976,40 $ pour 1 000 $ aux niveaux indicatifs actuels ; l’estimation finale ne sera pas inférieure à 950,00 $, soulignant une décote initiale par rapport au prix d’émission de 1 000 $.
Frais et commissions : concession de vente ≤ 11,25 $ par note ; détail complet des frais dans le supplément final de tarification.

Mécanique de paiement

Si l’indice augmente, les investisseurs reçoivent le principal plus 2× le rendement de l’indice, sans dépasser le rendement maximum. Si l’indice est stable ou baisse ≤ 20 %, le principal est remboursé. Les baisses > 20 % réduisent le principal dollar pour dollar au-delà du buffer, pouvant laisser aussi peu que 200 $ pour 1 000 $ à l’échéance.

Points clés de risque

Pas de coupons périodiques ; rendement total réalisé uniquement à l’échéance.
Le plafond limite la participation en cas de fortes hausses.
Exposition au risque de crédit des entités JPMorgan Chase ; pas d’assurance FDIC.
Le marché secondaire n’est pas coté en bourse ; la liquidité dépendra uniquement des offres, le cas échéant, de JPMS.
La valeur estimée inférieure au prix d’émission reflète des frais intégrés, des coûts de couverture et un taux interne de financement, impliquant une décote immédiate sur le marché.
L’indice futures à rendement excédentaire sous-jacent peut sous-performer significativement le S&P 500® cash en raison de l’impact des dividendes, des coûts de financement et du rendement négatif du roulement.

Ces caractéristiques rendent les notes adaptées uniquement aux investisseurs qui (1) sont modérément optimistes sur les actions américaines sur un horizon de cinq ans, (2) peuvent tolérer un risque important de perte en capital, (3) acceptent le plafond de rendement de 109 %, et (4) comprennent les risques de crédit et de liquidité inhérents à un produit structuré sur mesure.

JPMorgan Chase Financial Company LLC bietet Capped Buffered Return Enhanced Notes an, die an den S&P 500® Futures Excess Return Index (Ticker: SPXFP) gekoppelt sind. Die fünfjährigen Notes sind unbesicherte, nicht nachrangige Verbindlichkeiten von JPMorgan Financial und werden von JPMorgan Chase & Co. vollständig und bedingungslos garantiert, wodurch Investoren dem Kreditrisiko beider Unternehmen ausgesetzt sind.

Wesentliche wirtschaftliche Bedingungen

Upside-Hebel: 2,00× jegliche positive Indexrendite.
Maximalrendite: mindestens 109,00 %, begrenzt die Rückzahlung bei Fälligkeit auf ≥ 2.090 $ pro 1.000 $ Note.
Downside-Puffer: die ersten 20,00 % des Indexrückgangs werden absorbiert; darüber hinaus verlieren Anleger 1 % des Kapitals für jeden weiteren 1 % Rückgang, bis zu einem maximalen Verlust von 80 %.
Laufzeit: Preisfeststellung ca. 8. Juli 2025, Abwicklung 11. Juli 2025, Fälligkeit 11. Juli 2030; einmalige Beobachtung am 8. Juli 2030.
Nennwerte: 1.000 $ und ganzzahlige Vielfache.
Geschätzter Wert: ca. 976,40 $ pro 1.000 $ bei den heutigen indikativen Kursen; die endgültige Schätzung wird nicht unter 950,00 $ liegen, was einen anfänglichen Wertabschlag gegenüber dem Ausgabepreis von 1.000 $ hervorhebt.
Gebühren & Provisionen: Verkaufsprovision ≤ 11,25 $ pro Note; vollständige Gebührenaufstellung im endgültigen Preiszusatz.

Auszahlungsmechanik

Steigt der Index, erhalten Anleger das Kapital plus das 2-fache der Indexrendite, jedoch nicht mehr als die Maximalrendite. Bleibt der Index unverändert oder fällt ≤ 20 %, wird das Kapital zurückgezahlt. Rückgänge > 20 % mindern das Kapital über den Puffer hinaus im Verhältnis 1:1, sodass bei Fälligkeit möglicherweise nur noch 200 $ pro 1.000 $ verbleiben.

Risikohighlights

Keine periodischen Kupons; Gesamtrendite wird erst bei Fälligkeit realisiert.
Begrenzte Aufwärtsbeteiligung schränkt die Teilnahme an starken Kursanstiegen ein.
Kreditrisiko gegenüber JPMorgan Chase-Einheiten; keine FDIC-Versicherung.
Der Sekundärmarkt ist nicht börsennotiert; die Liquidität hängt ausschließlich von den Kaufangeboten, falls vorhanden, von JPMS ab.
Der geschätzte Wert unter dem Ausgabepreis spiegelt eingebettete Gebühren, Absicherungskosten und einen internen Finanzierungssatz wider, was einen sofortigen Marktabschlag bedeutet.
Der zugrunde liegende Excess-Return-Futures-Index kann aufgrund von Dividendenabschlägen, Finanzierungskosten und negativem Roll-Return deutlich schlechter abschneiden als der Cash-S&P 500®.

Diese Merkmale machen die Notes nur für Anleger geeignet, die (1) moderat optimistisch gegenüber US-Aktien über einen Fünfjahreshorizont sind, (2) das Risiko erheblicher Kapitalverluste tolerieren können, (3) mit der 109%-Renditeobergrenze einverstanden sind und (4) die Kredit- und Liquiditätsrisiken eines maßgeschneiderten strukturierten Produkts verstehen.

Positive

20% downside buffer cushions moderate market declines, protecting full principal unless losses exceed the buffer.
2× leverage on positive Index moves allows investors to outperform the underlying up to the 109% cap.
Single-payment structure offers known payout formula and simplifies tax treatment relative to coupon notes.

Negative

Maximum gain capped at 109%, limiting participation in strong bull markets.
Principal loss up to 80% if the Index falls more than 20% at observation.
No periodic interest, meaning zero return if Index performance is flat or negative within the buffer.
Estimated value ($976.40) is below issue price, embedding fees and creating an immediate mark-to-market discount.
Credit and liquidity risk: repayment depends on JPMorgan entities, and the notes will not be exchange-listed.

Insights

TL;DR: 2× leveraged upside with a 20% buffer but capped at 109%; value discounted to $976; credit and liquidity risks remain.

The note offers an enhanced payoff profile versus direct index exposure by doubling gains up to the cap and absorbing the first 20% of losses. At an indicative 109% cap, break-even on upside is reached at a 10.5% Index rise; above ~54.5%, the cap is hit. Given the 5-year horizon, this structure appeals to investors expecting mid-single-digit to mid-double-digit index growth. However, opportunity cost from the cap could be meaningful if equities rally strongly. The $23.60 difference between the issue price and estimated value embeds roughly 2.4 pts in fees/hedging, so early resale would likely realize an immediate haircut. Overall impact: neutral for diversified portfolios but useful as a tactical allocation.

TL;DR: Uncapped downside to -80%, no coupons, and reliance on JPM credit make this a high-risk, illiquid instrument.

The single-observation structure concentrates risk: a late-cycle equity drawdown could wipe out up to 80% of principal despite a steady market for most of the term. The excess-return index historically underperforms the cash S&P 500® due to dividend drag and negative roll, raising the probability that gains never breach the cap. Credit spreads for JPM 5-year senior debt currently trade near 70 bp; any widening would pressure secondary values. Lack of exchange listing and the dealer’s right to post a bid/offer at its discretion limit exit strategies. From a risk-adjusted standpoint, the notes are negatively skewed relative to plain-vanilla equities or a buffered ETF.

Principali termini economici

Leva sull’aumento: 2,00× qualsiasi rendimento positivo dell’indice.
Rendimento massimo: almeno 109,00%, con un pagamento a scadenza massimo di ≥ $2.090 per ogni nota da $1.000.
Buffer al ribasso: assorbe il primo 20,00% di calo dell’indice; oltre tale soglia, gli investitori perdono l’1% del capitale per ogni ulteriore 1% di ribasso, fino a una perdita massima dell’80%.
Durata: quotazione intorno all’8 luglio 2025, regolamento 11 luglio 2025, scadenza 11 luglio 2030; osservazione unica l’8 luglio 2030.
Tagli: $1.000 e multipli interi.
Valore stimato: circa $976,40 per ogni $1.000 alle quotazioni indicative attuali; la stima finale non sarà inferiore a $950,00, evidenziando uno sconto iniziale rispetto al prezzo di emissione di $1.000.
Commissioni: concessione di vendita ≤ $11,25 per nota; dettaglio completo delle commissioni nel supplemento finale di prezzo.

Meccanismo di pagamento

Rischi principali

Nessuna cedola periodica; rendimento totale realizzato solo a scadenza.
Il limite massimo di rendimento riduce la partecipazione in forti rialzi.
Esposizione al rischio di credito delle entità JPMorgan Chase; nessuna assicurazione FDIC.
Il mercato secondario non è quotato in borsa; la liquidità dipenderà esclusivamente dalle offerte, se presenti, di JPMS.
Il valore stimato inferiore al prezzo di emissione riflette commissioni incorporate, costi di copertura e un tasso interno di finanziamento, comportando uno sconto immediato di mercato.
L’indice futures a rendimento in eccesso sottostante può sottoperformare significativamente l’S&P 500® cash a causa di dividendi, costi di finanziamento e rendimento negativo da roll-over.

Términos económicos clave

Apalancamiento al alza: 2,00× cualquier retorno positivo del índice.
Retorno máximo: al menos 109,00%, limitando el pago al vencimiento a ≥ $2,090 por cada nota de $1,000.
Amortiguador a la baja: absorbe la primera caída del 20,00% del índice; más allá de eso, los inversores pierden el 1% del principal por cada 1% adicional de caída, hasta una pérdida máxima del 80%.
Plazo: precio alrededor del 8 de julio de 2025, liquidación el 11 de julio de 2025, vencimiento el 11 de julio de 2030; observación única el 8 de julio de 2030.
Denominaciones: $1,000 y múltiplos enteros.
Valor estimado: ~ $976.40 por cada $1,000 a niveles indicativos actuales; la estimación final no será inferior a $950.00, mostrando un descuento inicial respecto al precio de emisión de $1,000.
Comisiones: concesión de venta ≤ $11.25 por nota; desglose completo de comisiones en el suplemento final de precios.

Mecánica de pago

Aspectos destacados de riesgo

No hay cupones periódicos; el retorno total se realiza solo al vencimiento.
El límite máximo restringe la participación en fuertes repuntes.
Exposición crediticia a entidades JPMorgan Chase; sin seguro FDIC.
El mercado secundario no está listado en bolsa; la liquidez dependerá únicamente de las ofertas, si las hay, de JPMS.
El valor estimado por debajo del precio de emisión refleja comisiones incorporadas, costos de cobertura y una tasa interna de financiamiento, lo que implica un descuento inmediato de mercado.
El índice de futuros de retorno en exceso subyacente puede tener un desempeño significativamente inferior al S&P 500® en efectivo debido a arrastre de dividendos, costos de financiamiento y rendimiento negativo por roll-over.

주요 경제 조건

상승 레버리지: 지수 상승 시 2.00배의 수익.
최대 수익: 최소 109.00%로, 만기 지급액은 $1,000 노트당 ≥ $2,090로 제한.
하락 버퍼: 지수 하락의 첫 20.00%는 흡수; 그 이상 하락 시 투자자는 추가 하락 1%마다 원금 1% 손실, 최대 80% 손실까지 가능.
만기: 2025년 7월 8일경 가격 결정, 7월 11일 결제, 2030년 7월 11일 만기; 2030년 7월 8일 단일 관찰.
액면가: $1,000 및 정수 배수.
추정 가치: 현재 지표 수준에서 $1,000당 약 $976.40; 최종 추정치는 $950.00 이하가 아니며, $1,000 발행가 대비 초기 가치 할인 반영.
수수료 및 커미션: 노트당 최대 $11.25 판매 수수료; 최종 가격 보충 자료에 전체 수수료 내역 포함.

지급 메커니즘

위험 요약

정기 쿠폰 없음; 총 수익은 만기 시 실현.
상한 수익은 강한 랠리 시 참여 제한.
JPMorgan Chase 기관에 대한 신용 노출; FDIC 보험 없음.
이차 시장은 거래소 상장 아님; 유동성은 JPMS의 매수 호가에 전적으로 의존.
발행가 이하의 추정 가치는 내재 수수료, 헤지 비용 및 내부 자금 조달 비용 반영으로 즉각적인 시가 할인 의미.
기초 초과 수익 선물 지수는 배당 손실, 금융 비용 및 롤 수익률 마이너스 영향으로 현금 S&P 500® 대비 성과가 크게 저조할 수 있음.

Principaux termes économiques

Effet de levier à la hausse : 2,00× tout rendement positif de l’indice.
Rendement maximum : au moins 109,00 %, plafonnant le paiement à l’échéance à ≥ 2 090 $ par note de 1 000 $.
Buffer à la baisse : absorbe les 20,00 % premiers de la baisse de l’indice ; au-delà, les investisseurs perdent 1 % du principal pour chaque baisse supplémentaire de 1 %, jusqu’à une perte maximale de 80 %.
Durée : prix autour du 8 juillet 2025, règlement le 11 juillet 2025, échéance le 11 juillet 2030 ; observation unique le 8 juillet 2030.
Montants : 1 000 $ et multiples entiers.
Valeur estimée : ~ 976,40 $ pour 1 000 $ aux niveaux indicatifs actuels ; l’estimation finale ne sera pas inférieure à 950,00 $, soulignant une décote initiale par rapport au prix d’émission de 1 000 $.
Frais et commissions : concession de vente ≤ 11,25 $ par note ; détail complet des frais dans le supplément final de tarification.

Mécanique de paiement

Points clés de risque

Pas de coupons périodiques ; rendement total réalisé uniquement à l’échéance.
Le plafond limite la participation en cas de fortes hausses.
Exposition au risque de crédit des entités JPMorgan Chase ; pas d’assurance FDIC.
Le marché secondaire n’est pas coté en bourse ; la liquidité dépendra uniquement des offres, le cas échéant, de JPMS.
La valeur estimée inférieure au prix d’émission reflète des frais intégrés, des coûts de couverture et un taux interne de financement, impliquant une décote immédiate sur le marché.
L’indice futures à rendement excédentaire sous-jacent peut sous-performer significativement le S&P 500® cash en raison de l’impact des dividendes, des coûts de financement et du rendement négatif du roulement.

Wesentliche wirtschaftliche Bedingungen

Upside-Hebel: 2,00× jegliche positive Indexrendite.
Maximalrendite: mindestens 109,00 %, begrenzt die Rückzahlung bei Fälligkeit auf ≥ 2.090 $ pro 1.000 $ Note.
Downside-Puffer: die ersten 20,00 % des Indexrückgangs werden absorbiert; darüber hinaus verlieren Anleger 1 % des Kapitals für jeden weiteren 1 % Rückgang, bis zu einem maximalen Verlust von 80 %.
Laufzeit: Preisfeststellung ca. 8. Juli 2025, Abwicklung 11. Juli 2025, Fälligkeit 11. Juli 2030; einmalige Beobachtung am 8. Juli 2030.
Nennwerte: 1.000 $ und ganzzahlige Vielfache.
Geschätzter Wert: ca. 976,40 $ pro 1.000 $ bei den heutigen indikativen Kursen; die endgültige Schätzung wird nicht unter 950,00 $ liegen, was einen anfänglichen Wertabschlag gegenüber dem Ausgabepreis von 1.000 $ hervorhebt.
Gebühren & Provisionen: Verkaufsprovision ≤ 11,25 $ pro Note; vollständige Gebührenaufstellung im endgültigen Preiszusatz.

Auszahlungsmechanik

Risikohighlights

Keine periodischen Kupons; Gesamtrendite wird erst bei Fälligkeit realisiert.
Begrenzte Aufwärtsbeteiligung schränkt die Teilnahme an starken Kursanstiegen ein.
Kreditrisiko gegenüber JPMorgan Chase-Einheiten; keine FDIC-Versicherung.
Der Sekundärmarkt ist nicht börsennotiert; die Liquidität hängt ausschließlich von den Kaufangeboten, falls vorhanden, von JPMS ab.
Der geschätzte Wert unter dem Ausgabepreis spiegelt eingebettete Gebühren, Absicherungskosten und einen internen Finanzierungssatz wider, was einen sofortigen Marktabschlag bedeutet.
Der zugrunde liegende Excess-Return-Futures-Index kann aufgrund von Dividendenabschlägen, Finanzierungskosten und negativem Roll-Return deutlich schlechter abschneiden als der Cash-S&P 500®.

07/03/2025 - 11:53 AM

Free Writing Prospectus to Preliminary Pricing Supplement No. 9,217

Registration Statement Nos. 333-275587; 333-275587-01

Dated July 3, 2025; Filed pursuant to Rule 433

Morgan Stanley

SPX Jump Securities with Auto-Callable Feature due July 7, 2028

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.


Terms
Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Underlier:	S&P 500® Index (SPX)
Automatic early redemption:	If, on the first determination date, the closing level of the underlier is greater than or equal to the call threshold level, the securities will be automatically redeemed for the early redemption payment. No further payments will be made on the securities once they have been automatically redeemed.
First determination date:	September 28, 2026
Call threshold level:	100% of the initial level
Early redemption payment:	$1,100 per security
Participation rate:	141.50%
Downside threshold level:	80% of the initial level
Pricing date:	July 17, 2025
Final determination date:	July 3, 2028
Maturity date:	July 7, 2028
CUSIP:	61778NHF1
Estimated value:	$960.00 per security, or within $45.00 of that estimate
Preliminary pricing supplement:	https://www.sec.gov/Archives/edgar/data/895421/000183988225037146/ms9217_424b2-20210.htm

1All payments are subject to our credit risk


Hypothetical Payment at Maturity1 (if the securities have not been automatically redeemed prior to maturity)
% Change in Closing Level of the Underlier	Payment at Maturity (per Security)
+60.00%	$1,849.00
+40.00%	$1,566.00
+20.00%	$1,283.00
0.00%	$1,000.00
-20.00%	$1,000.00
-21.00%	$790.00
-40.00%	$600.00
-60.00%	$400.00
-80.00%	$200.00
-100.00%	$0.00

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site 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 toll-free 1-800-584-6837.

Underlier(s)

For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.

Risk Considerations

The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

Risks Relating to an Investment in the Securities

●The securities do not guarantee the return of any principal and do not pay interest.

●If the securities are automatically redeemed prior to maturity, the appreciation potential of the securities is limited by the fixed early redemption payment specified for the first determination date.

●The securities are subject to early redemption risk.

●The market price of the securities may be influenced by many unpredictable factors.

●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.

●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.

●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.

●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.

●The securities will not be listed on any securities exchange and secondary trading may be limited.

●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).

●The U.S. federal income tax consequences of an investment in the securities are uncertain.

Risks Relating to the Underlier(s)

●Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.

oAdjustments to an underlying index could adversely affect the value of the securities.

Risks Relating to Conflicts of Interest

●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.

●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.

Tax Considerations

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

Source: View Original Filing on SEC EDGAR

FAQ

What is the Upside Leverage Factor on JPMorgan's capped buffered notes?

Investors receive 2.00× any positive Index return, subject to the 109% maximum total return.

How does the 20% buffer protect my principal at maturity?

If the Index ends up to 20% below the Initial Value, you still receive 100% of principal; losses begin only beyond that threshold.

What is the maximum payment I can receive at maturity?

At least $2,090 per $1,000 note, translating to a 109% total return, once the Index rises ≈ 54.5% or more.

When do these structured notes mature?

They are scheduled to mature on July 11, 2030, five years after the expected settlement date.

Why is the estimated value lower than the $1,000 issue price?

The $976.40 estimate deducts selling commissions, hedging costs and an internal funding spread, reflecting true economic value.

Are the notes insured or protected by the FDIC?

No. The notes are uninsured, unsecured obligations; payment depends solely on JPMorgan Financial and its guarantor.

[FWP] Morgan Stanley Free Writing Prospectus

Insights

FAQ

What is the Upside Leverage Factor on JPMorgan's capped buffered notes?

How does the 20% buffer protect my principal at maturity?

What is the maximum payment I can receive at maturity?

When do these structured notes mature?

Why is the estimated value lower than the $1,000 issue price?

Are the notes insured or protected by the FDIC?

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[FWP] Morgan Stanley Free Writing Prospectus

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Structured Products Analyst neutral

Risk Analyst negative

FAQ

What is the Upside Leverage Factor on JPMorgan's capped buffered notes?

How does the 20% buffer protect my principal at maturity?

What is the maximum payment I can receive at maturity?

When do these structured notes mature?

Why is the estimated value lower than the $1,000 issue price?

Are the notes insured or protected by the FDIC?

NYSE:MS

MS Rankings

MS Latest News

MS Latest SEC Filings

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