[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement
Bridgewater Bancshares Inc. (symbol: BWBBP) has filed an amended Form D notice (Rule 506(b) exemption) confirming completion of an $80 million private placement of debt securities. The first sale occurred on 24 June 2025 and the entire authorized amount has already been sold, leaving $0 remaining. The offering was limited to 37 investors, each committing at least $100,000. No non-accredited investors participated.
The company engaged three broker-dealers—Piper Sandler & Co., D.A. Davidson & Co., and Hovde Group LLC—and expects to pay a combined $1 million in sales commissions; no finder’s fees were disclosed. The filing states that none of the proceeds will be paid to executive officers, directors, or promoters, addressing potential related-party concerns.
The notice affirms that the offering will not extend beyond one year and is unrelated to any business-combination transaction. Bridgewater Bancshares declines to disclose its revenue range, but classifies itself under the Commercial Banking industry and confirms it is not an investment company under the 1940 Act.
Key implications for investors:
- Completion of a significant non-dilutive capital raise enhances liquidity without issuing equity.
- The use of a well-known Reg D exemption limits public disclosure of terms such as interest rate or maturity.
- Modest commission expense (~1.25% of proceeds) and $0 insider payments suggest prudent capital-raising practices.
Bridgewater Bancshares Inc. (simbolo: BWBBP) ha depositato una notifica modificata del Modulo D (esenzione Regola 506(b)) confermando il completamento di un collocamento privato di titoli di debito per 80 milioni di dollari. La prima vendita è avvenuta il 24 giugno 2025 e l'intero importo autorizzato è già stato venduto, con 0 dollari residui. L'offerta è stata limitata a 37 investitori, ciascuno con un impegno minimo di 100.000 dollari. Non hanno partecipato investitori non accreditati.
La società ha coinvolto tre broker-dealer—Piper Sandler & Co., D.A. Davidson & Co., e Hovde Group LLC—e prevede di pagare complessivamente 1 milione di dollari in commissioni di vendita; non sono state comunicate commissioni di intermediari. Il deposito specifica che nessuno dei proventi sarà corrisposto a dirigenti, membri del consiglio o promotori, affrontando così eventuali preoccupazioni relative a parti correlate.
La notifica conferma che l'offerta non si estenderà oltre un anno e non è collegata a nessuna operazione di fusione o acquisizione. Bridgewater Bancshares non divulga la propria fascia di ricavi, ma si classifica nel settore Banche Commerciali e conferma di non essere una società di investimento ai sensi del 1940 Act.
Principali implicazioni per gli investitori:
- Il completamento di un significativo aumento di capitale non diluitivo migliora la liquidità senza emettere azioni.
- L'uso di una nota esenzione Reg D limita la divulgazione pubblica di termini quali tasso di interesse o scadenza.
- Spese di commissione modeste (~1,25% dei proventi) e nessun pagamento a insider indicano pratiche prudenti nella raccolta di capitale.
Bridgewater Bancshares Inc. (símbolo: BWBBP) ha presentado un aviso enmendado del Formulario D (exención de la Regla 506(b)) que confirma la finalización de una colocación privada de valores de deuda por 80 millones de dólares. La primera venta se realizó el 24 de junio de 2025 y ya se ha vendido la totalidad del monto autorizado, quedando 0 dólares restantes. La oferta estuvo limitada a 37 inversores, cada uno comprometiendo al menos 100,000 dólares. No participaron inversores no acreditados.
La compañía contrató a tres corredores—Piper Sandler & Co., D.A. Davidson & Co. y Hovde Group LLC—y espera pagar un total de 1 millón de dólares en comisiones de venta; no se divulgaron tarifas de intermediarios. El informe indica que ninguno de los ingresos será pagado a ejecutivos, directores o promotores, abordando posibles preocupaciones sobre partes relacionadas.
El aviso afirma que la oferta no se extenderá más allá de un año y no está relacionada con ninguna transacción de combinación empresarial. Bridgewater Bancshares no revela su rango de ingresos, pero se clasifica en la industria de Banca Comercial y confirma que no es una compañía de inversión bajo la Ley de 1940.
Implicaciones clave para los inversores:
- La finalización de una importante captación de capital no dilutiva mejora la liquidez sin emitir acciones.
- El uso de una conocida exención Reg D limita la divulgación pública de términos como tasa de interés o vencimiento.
- Gastos modestos en comisiones (~1.25% de los ingresos) y pagos internos de 0 dólares sugieren prácticas prudentes en la captación de capital.
Bridgewater Bancshares Inc. (심볼: BWBBP)는 수정된 Form D 공지서(Rule 506(b) 면제)를 제출하여 8,000만 달러 규모의 사채 사모 발행 완료를 확인했습니다. 첫 판매는 2025년 6월 24일에 이루어졌으며, 전체 승인 금액이 이미 완판되어 잔액 0달러입니다. 이번 발행은 37명의 투자자에게 한정되었으며, 각 투자자는 최소 10만 달러를 투자했습니다. 비공인 투자자는 참여하지 않았습니다.
회사는 세 곳의 중개업체—Piper Sandler & Co., D.A. Davidson & Co., 그리고 Hovde Group LLC—를 고용했으며, 총 100만 달러의 판매 수수료를 지급할 예정입니다; 중개 수수료는 공개되지 않았습니다. 제출서류에는 수익금이 임원, 이사 또는 촉진자에게 지급되지 않는다고 명시되어 관련 당사자 문제를 해소했습니다.
공지서는 이번 발행이 1년을 넘기지 않을 것이며 어떠한 사업 결합 거래와도 관련이 없음을 확인합니다. Bridgewater Bancshares는 매출 범위를 공개하지 않았으나 상업은행업으로 분류되며 1940년 법에 따른 투자회사 아님을 확인했습니다.
투자자에게 중요한 시사점:
- 주식 발행 없이 유동성을 개선하는 비희석성 자본 조달 완료.
- 잘 알려진 Reg D 면제를 사용하여 이자율이나 만기 등의 조건 공개 제한.
- 적은 수수료 비용(~수익의 1.25%)과 내부자 지급 없음으로 신중한 자본 조달 관행을 보여줌.
Bridgewater Bancshares Inc. (symbole : BWBBP) a déposé un avis modifié au formulaire D (exemption de la règle 506(b)) confirmant la réalisation d’un placement privé de titres de dette d’un montant de 80 millions de dollars. La première vente a eu lieu le 24 juin 2025 et la totalité du montant autorisé a déjà été vendue, laissant 0 $ restants. L’offre était limitée à 37 investisseurs, chacun s’engageant pour au moins 100 000 $. Aucun investisseur non accrédité n’a participé.
La société a fait appel à trois courtiers—Piper Sandler & Co., D.A. Davidson & Co., et Hovde Group LLC—et prévoit de verser un total de 1 million de dollars en commissions de vente ; aucun frais d’intermédiaire n’a été divulgué. Le dépôt précise que aucun produit ne sera versé aux dirigeants, administrateurs ou promoteurs, répondant ainsi aux préoccupations potentielles liées aux parties liées.
L’avis confirme que l’offre ne sera pas prolongée au-delà d’un an et qu’elle n’est liée à aucune opération de fusion ou d’acquisition. Bridgewater Bancshares ne divulgue pas sa fourchette de revenus, mais se classe dans le secteur Banque commerciale et confirme qu’elle n’est pas une société d’investissement selon la loi de 1940.
Principales implications pour les investisseurs :
- La réalisation d’une levée de fonds importante non dilutive améliore la liquidité sans émission d’actions.
- L’utilisation d’une exemption Reg D bien connue limite la divulgation publique des conditions telles que le taux d’intérêt ou l’échéance.
- Des frais de commission modestes (~1,25 % des produits) et aucun paiement aux initiés suggèrent des pratiques prudentes de levée de fonds.
Bridgewater Bancshares Inc. (Symbol: BWBBP) hat eine geänderte Form D-Mitteilung (Regel 506(b) Ausnahme) eingereicht, die den Abschluss einer Privatplatzierung von Schuldtiteln im Wert von 80 Millionen US-Dollar bestätigt. Der erste Verkauf fand am 24. Juni 2025 statt, und der gesamte genehmigte Betrag wurde bereits verkauft, so dass 0 US-Dollar verbleiben. Das Angebot war auf 37 Investoren beschränkt, von denen jeder mindestens 100.000 US-Dollar zugesagt hat. Es nahmen keine nicht akkreditierten Investoren teil.
Das Unternehmen beauftragte drei Broker-Dealer—Piper Sandler & Co., D.A. Davidson & Co. und Hovde Group LLC—und erwartet, insgesamt 1 Million US-Dollar an Vertriebskommissionen zu zahlen; Vermittlungsgebühren wurden nicht offengelegt. Die Einreichung stellt klar, dass keiner der Erlöse an Führungskräfte, Direktoren oder Promotoren gezahlt wird, um potenzielle Interessenkonflikte auszuschließen.
Die Mitteilung bestätigt, dass das Angebot nicht länger als ein Jahr dauern wird und nicht mit einer Unternehmenszusammenschluss-Transaktion in Verbindung steht. Bridgewater Bancshares gibt keine Umsatzspanne an, ordnet sich jedoch der Branche Gewerbliche Banken zu und bestätigt, dass es kein Investmentunternehmen nach dem Investment Company Act von 1940 ist.
Wesentliche Auswirkungen für Investoren:
- Abschluss einer bedeutenden nicht verwässernden Kapitalerhöhung zur Verbesserung der Liquidität ohne Ausgabe von Aktien.
- Die Nutzung einer bekannten Reg-D-Ausnahme begrenzt die öffentliche Offenlegung von Bedingungen wie Zinssatz oder Laufzeit.
- Modeste Provisionskosten (~1,25 % der Erlöse) und keine Zahlungen an Insider deuten auf eine vorsichtige Kapitalbeschaffung hin.
- None.
- None.
Insights
TL;DR: Bridgewater closes $80 M debt raise under Reg D; boosts liquidity, raises leverage, no insider payouts.
The filing confirms a fully subscribed $80 million private debt placement completed within weeks of first sale. For a regional bank, this bolsters capital resources without equity dilution, which shareholders often view favorably. The 1.25% commission is reasonable versus market norms and signals efficient execution by the three lead brokers. Absence of insider proceeds removes governance red flags. However, additional leverage—terms undisclosed—could pressure capital ratios if not matched by asset growth. Overall, the transaction looks incrementally positive but impact hinges on cost of debt, which is not provided in the Form D.
TL;DR: Governance clean—no insider payments, transparent broker disclosure, standard Rule 506(b) safeguards.
From a governance stance, the company discloses all key executives and directors and certifies that none will receive proceeds. Rule 506(b) restricts solicitation to accredited investors, reducing retail-investor protection risk. The filing also documents service-of-process acceptance and affirms no disqualifying events under Rule 506(d). These elements limit compliance risk and enhance fiduciary credibility. Because it is an amendment, investors should note any prior changes, but this document alone shows sound governance practices.
Bridgewater Bancshares Inc. (simbolo: BWBBP) ha depositato una notifica modificata del Modulo D (esenzione Regola 506(b)) confermando il completamento di un collocamento privato di titoli di debito per 80 milioni di dollari. La prima vendita è avvenuta il 24 giugno 2025 e l'intero importo autorizzato è già stato venduto, con 0 dollari residui. L'offerta è stata limitata a 37 investitori, ciascuno con un impegno minimo di 100.000 dollari. Non hanno partecipato investitori non accreditati.
La società ha coinvolto tre broker-dealer—Piper Sandler & Co., D.A. Davidson & Co., e Hovde Group LLC—e prevede di pagare complessivamente 1 milione di dollari in commissioni di vendita; non sono state comunicate commissioni di intermediari. Il deposito specifica che nessuno dei proventi sarà corrisposto a dirigenti, membri del consiglio o promotori, affrontando così eventuali preoccupazioni relative a parti correlate.
La notifica conferma che l'offerta non si estenderà oltre un anno e non è collegata a nessuna operazione di fusione o acquisizione. Bridgewater Bancshares non divulga la propria fascia di ricavi, ma si classifica nel settore Banche Commerciali e conferma di non essere una società di investimento ai sensi del 1940 Act.
Principali implicazioni per gli investitori:
- Il completamento di un significativo aumento di capitale non diluitivo migliora la liquidità senza emettere azioni.
- L'uso di una nota esenzione Reg D limita la divulgazione pubblica di termini quali tasso di interesse o scadenza.
- Spese di commissione modeste (~1,25% dei proventi) e nessun pagamento a insider indicano pratiche prudenti nella raccolta di capitale.
Bridgewater Bancshares Inc. (símbolo: BWBBP) ha presentado un aviso enmendado del Formulario D (exención de la Regla 506(b)) que confirma la finalización de una colocación privada de valores de deuda por 80 millones de dólares. La primera venta se realizó el 24 de junio de 2025 y ya se ha vendido la totalidad del monto autorizado, quedando 0 dólares restantes. La oferta estuvo limitada a 37 inversores, cada uno comprometiendo al menos 100,000 dólares. No participaron inversores no acreditados.
La compañía contrató a tres corredores—Piper Sandler & Co., D.A. Davidson & Co. y Hovde Group LLC—y espera pagar un total de 1 millón de dólares en comisiones de venta; no se divulgaron tarifas de intermediarios. El informe indica que ninguno de los ingresos será pagado a ejecutivos, directores o promotores, abordando posibles preocupaciones sobre partes relacionadas.
El aviso afirma que la oferta no se extenderá más allá de un año y no está relacionada con ninguna transacción de combinación empresarial. Bridgewater Bancshares no revela su rango de ingresos, pero se clasifica en la industria de Banca Comercial y confirma que no es una compañía de inversión bajo la Ley de 1940.
Implicaciones clave para los inversores:
- La finalización de una importante captación de capital no dilutiva mejora la liquidez sin emitir acciones.
- El uso de una conocida exención Reg D limita la divulgación pública de términos como tasa de interés o vencimiento.
- Gastos modestos en comisiones (~1.25% de los ingresos) y pagos internos de 0 dólares sugieren prácticas prudentes en la captación de capital.
Bridgewater Bancshares Inc. (심볼: BWBBP)는 수정된 Form D 공지서(Rule 506(b) 면제)를 제출하여 8,000만 달러 규모의 사채 사모 발행 완료를 확인했습니다. 첫 판매는 2025년 6월 24일에 이루어졌으며, 전체 승인 금액이 이미 완판되어 잔액 0달러입니다. 이번 발행은 37명의 투자자에게 한정되었으며, 각 투자자는 최소 10만 달러를 투자했습니다. 비공인 투자자는 참여하지 않았습니다.
회사는 세 곳의 중개업체—Piper Sandler & Co., D.A. Davidson & Co., 그리고 Hovde Group LLC—를 고용했으며, 총 100만 달러의 판매 수수료를 지급할 예정입니다; 중개 수수료는 공개되지 않았습니다. 제출서류에는 수익금이 임원, 이사 또는 촉진자에게 지급되지 않는다고 명시되어 관련 당사자 문제를 해소했습니다.
공지서는 이번 발행이 1년을 넘기지 않을 것이며 어떠한 사업 결합 거래와도 관련이 없음을 확인합니다. Bridgewater Bancshares는 매출 범위를 공개하지 않았으나 상업은행업으로 분류되며 1940년 법에 따른 투자회사 아님을 확인했습니다.
투자자에게 중요한 시사점:
- 주식 발행 없이 유동성을 개선하는 비희석성 자본 조달 완료.
- 잘 알려진 Reg D 면제를 사용하여 이자율이나 만기 등의 조건 공개 제한.
- 적은 수수료 비용(~수익의 1.25%)과 내부자 지급 없음으로 신중한 자본 조달 관행을 보여줌.
Bridgewater Bancshares Inc. (symbole : BWBBP) a déposé un avis modifié au formulaire D (exemption de la règle 506(b)) confirmant la réalisation d’un placement privé de titres de dette d’un montant de 80 millions de dollars. La première vente a eu lieu le 24 juin 2025 et la totalité du montant autorisé a déjà été vendue, laissant 0 $ restants. L’offre était limitée à 37 investisseurs, chacun s’engageant pour au moins 100 000 $. Aucun investisseur non accrédité n’a participé.
La société a fait appel à trois courtiers—Piper Sandler & Co., D.A. Davidson & Co., et Hovde Group LLC—et prévoit de verser un total de 1 million de dollars en commissions de vente ; aucun frais d’intermédiaire n’a été divulgué. Le dépôt précise que aucun produit ne sera versé aux dirigeants, administrateurs ou promoteurs, répondant ainsi aux préoccupations potentielles liées aux parties liées.
L’avis confirme que l’offre ne sera pas prolongée au-delà d’un an et qu’elle n’est liée à aucune opération de fusion ou d’acquisition. Bridgewater Bancshares ne divulgue pas sa fourchette de revenus, mais se classe dans le secteur Banque commerciale et confirme qu’elle n’est pas une société d’investissement selon la loi de 1940.
Principales implications pour les investisseurs :
- La réalisation d’une levée de fonds importante non dilutive améliore la liquidité sans émission d’actions.
- L’utilisation d’une exemption Reg D bien connue limite la divulgation publique des conditions telles que le taux d’intérêt ou l’échéance.
- Des frais de commission modestes (~1,25 % des produits) et aucun paiement aux initiés suggèrent des pratiques prudentes de levée de fonds.
Bridgewater Bancshares Inc. (Symbol: BWBBP) hat eine geänderte Form D-Mitteilung (Regel 506(b) Ausnahme) eingereicht, die den Abschluss einer Privatplatzierung von Schuldtiteln im Wert von 80 Millionen US-Dollar bestätigt. Der erste Verkauf fand am 24. Juni 2025 statt, und der gesamte genehmigte Betrag wurde bereits verkauft, so dass 0 US-Dollar verbleiben. Das Angebot war auf 37 Investoren beschränkt, von denen jeder mindestens 100.000 US-Dollar zugesagt hat. Es nahmen keine nicht akkreditierten Investoren teil.
Das Unternehmen beauftragte drei Broker-Dealer—Piper Sandler & Co., D.A. Davidson & Co. und Hovde Group LLC—und erwartet, insgesamt 1 Million US-Dollar an Vertriebskommissionen zu zahlen; Vermittlungsgebühren wurden nicht offengelegt. Die Einreichung stellt klar, dass keiner der Erlöse an Führungskräfte, Direktoren oder Promotoren gezahlt wird, um potenzielle Interessenkonflikte auszuschließen.
Die Mitteilung bestätigt, dass das Angebot nicht länger als ein Jahr dauern wird und nicht mit einer Unternehmenszusammenschluss-Transaktion in Verbindung steht. Bridgewater Bancshares gibt keine Umsatzspanne an, ordnet sich jedoch der Branche Gewerbliche Banken zu und bestätigt, dass es kein Investmentunternehmen nach dem Investment Company Act von 1940 ist.
Wesentliche Auswirkungen für Investoren:
- Abschluss einer bedeutenden nicht verwässernden Kapitalerhöhung zur Verbesserung der Liquidität ohne Ausgabe von Aktien.
- Die Nutzung einer bekannten Reg-D-Ausnahme begrenzt die öffentliche Offenlegung von Bedingungen wie Zinssatz oder Laufzeit.
- Modeste Provisionskosten (~1,25 % der Erlöse) und keine Zahlungen an Insider deuten auf eine vorsichtige Kapitalbeschaffung hin.
The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to completion dated July 9, 2025
July , 2025 Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)
JPMorgan Chase Financial Company LLC
Structured Investments
Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index due July 30, 2029
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
●The notes are designed for investors who seek uncapped, unleveraged exposure to any appreciation of the lesser performing of the S&P 500® Index and the Russell 2000® Index, which we refer to as the Indices, at maturity, subject to a contingent minimum return of at least 45.20%, which we refer to as the Contingent Digital Return.
●Investors should be willing to forgo interest and dividend payments and be willing to lose a significant portion or all of their principal amount at maturity.
●The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes.
●Payments on the notes are not linked to a basket composed of the Indices. Payments on the notes are linked to the performance of each of the Indices individually, as described below.
●Minimum denominations of $1,000 and integral multiples thereof
●The notes are expected to price on or about July 25, 2025 and are expected to settle on or about July 30, 2025.
●CUSIP: 48136FNM0
Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, “Risk Factors” beginning on page PS-11 of the accompanying product supplement and “Selected Risk Considerations” beginning on page PS-4 of this pricing supplement.
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense.
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Price to Public (1) |
Fees and Commissions (2)(3) |
Proceeds to Issuer |
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Per note |
$1,000 |
— |
$1,000 |
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Total |
$ |
— |
$ |
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(1) See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the notes. (2) All sales of the notes will be made to certain fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an investment adviser. These broker-dealers will forgo any commissions related to these sales. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement. (3) J.P. Morgan Securities LLC, which we refer to as JPMS, may pay a structuring fee of $8.00 per $1,000 principal amount note with respect to some or all of the notes to other affiliated or unaffiliated dealers. |
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If the notes priced today, the estimated value of the notes would be approximately $969.30 per $1,000 principal amount note. The estimated value of the notes, when the terms of the notes are set, will be provided in the pricing supplement and will not be less than $900.00 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this pricing supplement for additional information.
The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
Pricing supplement to product supplement no. 4-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023, the prospectus and prospectus supplement, each dated April 13, 2023, and the prospectus addendum dated June 3, 2024
Key Terms
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Issuer: JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. Guarantor: JPMorgan Chase & Co. Indices: The S&P 500® Index (Bloomberg ticker: SPX) and the Russell 2000® Index (Bloomberg ticker: RTY) Contingent Digital Return: At least 45.20% (to be provided in the pricing supplement) Barrier Amount: With respect to each Index, 75.00% of its Initial Value Pricing Date: On or about July 25, 2025 Original Issue Date (Settlement Date): On or about July 30, 2025 Observation Date*: July 25, 2029 Maturity Date*: July 30, 2029
* Subject to postponement in the event of a market disruption event and as described under “General Terms of Notes — Postponement of a Determination Date — Notes Linked to Multiple Underlyings” and “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement |
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Payment at Maturity: If the Final Value of each Index is greater than or equal to its Initial Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 × greater of (a) Contingent Digital Return and (b) Lesser Performing Index Return) If the Final Value of either Index is less than its Initial Value but the Final Value of each Index is greater than or equal to its Barrier Amount, you will receive the principal amount of your notes at maturity. If the Final Value of either Index is less than its Barrier Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 × Lesser Performing Index Return) If the Final Value of either Index is less than its Barrier Amount, you will lose more than 25.00% of your principal amount at maturity and could lose all of your principal amount at maturity. Lesser Performing Index: The Index with the Lesser Performing Index Return Lesser Performing Index Return: The lower of the Index Returns of the Indices Index Return: With respect to each Index, (Final Value – Initial Value) Initial Value: With respect to each Index, the closing level of that Index on the Pricing Date Final Value: With respect to each Index, the closing level of that Index on the Observation Date
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PS-1 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
Supplemental Terms of the Notes
Any values of the Indices, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of the notes or any other party.
Hypothetical Payout Profile
The following table and graph illustrate the hypothetical total return and payment at maturity on the notes linked to two hypothetical Indices. The “total return” as used in this pricing supplement is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000. The hypothetical total returns and payments set forth below assume the following:
●an Initial Value for the Lesser Performing Index of 100.00;
●a Contingent Digital Return of 45.20%; and
●a Barrier Amount for the Lesser Performing Index of 75.00 (equal to 75.00% of its hypothetical Initial Value).
The hypothetical Initial Value of the Lesser Performing Index of 100.00 has been chosen for illustrative purposes only and may not represent a likely actual Initial Value of either Index. The actual Initial Value of each Index will be the closing level of that Index on the Pricing Date and will be provided in the pricing supplement. For historical data regarding the actual closing levels of each Index, please see the historical information set forth under “The Indices” in this pricing supplement.
Each hypothetical total return or hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the actual total return or payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and graph have been rounded for ease of analysis.
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Final Value of the Lesser Performing Index |
Lesser Performing Index Return |
Total Return on the Notes |
Payment at Maturity |
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180.00 |
80.00% |
80.00% |
$1,800.00 |
|
165.00 |
65.00% |
65.00% |
$1,650.00 |
|
150.00 |
50.00% |
50.00% |
$1,500.00 |
|
145.20 |
45.20% |
45.20% |
$1,452.00 |
|
140.00 |
40.00% |
45.20% |
$1,452.00 |
|
130.00 |
30.00% |
45.20% |
$1,452.00 |
|
120.00 |
20.00% |
45.20% |
$1,452.00 |
|
110.00 |
10.00% |
45.20% |
$1,452.00 |
|
105.00 |
5.00% |
45.20% |
$1,452.00 |
|
101.00 |
1.00% |
45.20% |
$1,452.00 |
|
100.00 |
0.00% |
45.20% |
$1,452.00 |
|
99.99 |
-0.01% |
0.00% |
$1,000.00 |
|
95.00 |
-5.00% |
0.00% |
$1,000.00 |
|
90.00 |
-10.00% |
0.00% |
$1,000.00 |
|
80.00 |
-20.00% |
0.00% |
$1,000.00 |
|
75.00 |
-25.00% |
0.00% |
$1,000.00 |
|
74.99 |
-25.01% |
-25.01% |
$749.90 |
|
70.00 |
-30.00% |
-30.00% |
$700.00 |
|
60.00 |
-40.00% |
-40.00% |
$600.00 |
|
50.00 |
-50.00% |
-50.00% |
$500.00 |
|
40.00 |
-60.00% |
-60.00% |
$400.00 |
|
30.00 |
-70.00% |
-70.00% |
$300.00 |
|
20.00 |
-80.00% |
-80.00% |
$200.00 |
|
10.00 |
-90.00% |
-90.00% |
$100.00 |
|
0.00 |
-100.00% |
-100.00% |
$0.00 |
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PS-2 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
The following graph demonstrates the hypothetical payments at maturity on the notes for a range of Lesser Performing Index Returns. There can be no assurance that the performance of the Lesser Performing Index will result in the return of any of your principal amount.
How the Notes Work
Upside Scenario:
If the Final Value of each Index is greater than or equal to its Initial Value, investors will receive at maturity the $1,000 principal amount plus a return equal to the greater of (a) the Contingent Digital Return of at least 45.20% and (b) the Lesser Performing Index Return.
●Assuming a hypothetical Contingent Digital Return of 45.20%, if the closing level of the Lesser Performing Index increases 10.00%, investors will receive at maturity a return equal to 45.20%, or $1,452.00 per $1,000 principal amount note.
●Assuming a hypothetical Contingent Digital Return of 45.20%, if the closing level of the Lesser Performing Index increases 65.00%, investors will receive at maturity a return equal to 65.00%, or $1,650.00 per $1,000 principal amount note.
Par Scenario:
If the Final Value of either Index is less than its Initial Value but the Final Value of each Index is greater than or equal to its Barrier Amount of 75.00% of its Initial Value, investors will receive at maturity the principal amount of their notes.
Downside Scenario:
If the Final Value of either Index is less than its Barrier Amount of 75.00% of its Initial Value, investors will lose 1% of the principal amount of their notes for every 1% that the Final Value of the Lesser Performing Index is less than its Initial Value.
●For example, if the closing level of the Lesser Performing Index declines 60.00%, investors will lose 60.00% of their principal amount and receive only $400.00 per $1,000 principal amount note at maturity.
The hypothetical returns and hypothetical payments on the notes shown above apply only if you hold the notes for their entire term. These hypotheticals do not reflect the fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payments shown above would likely be lower.
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PS-3 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
Selected Risk Considerations
An investment in the notes involves significant risks. These risks are explained in more detail in the “Risk Factors” sections of the accompanying prospectus supplement and product supplement and in Annex A to the accompanying prospectus addendum.
Risks Relating to the Notes Generally
●YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —
The notes do not guarantee any return of principal. If the Final Value of either Index is less than its Barrier Amount, you will lose 1% of the principal amount of your notes for every 1% that the Final Value of the Lesser Performing Index is less than its Initial Value. Accordingly, under these circumstances, you will lose more than 25.00% of your principal amount at maturity and could lose all of your principal amount at maturity.
●YOUR ABILITY TO RECEIVE THE CONTINGENT DIGITAL RETURN MAY TERMINATE ON THE OBSERVATION DATE —
If the Final Value of either Index is less than its Initial Value, you will not be entitled to receive the Contingent Digital Return at maturity.
●CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. —
Investors are dependent on our and JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change in our or JPMorgan Chase & Co.’s creditworthiness or credit spreads, as determined by the market for taking that credit risk, is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co. were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.
●AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS —
As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase & Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase & Co. to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in respect of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more information, see the accompanying prospectus addendum.
●YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE LEVEL OF EACH INDEX —
Payments on the notes are not linked to a basket composed of the Indices and are contingent upon the performance of each individual Index. Poor performance by either of the Indices over the term of the notes may negatively affect your payment at maturity and will not be offset or mitigated by positive performance by the other Index.
●YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LESSER PERFORMING INDEX.
●THE BENEFIT PROVIDED BY THE BARRIER AMOUNT MAY TERMINATE ON THE OBSERVATION DATE —
If the Final Value of either Index is less than its Barrier Amount, the benefit provided by the Barrier Amount will terminate and you will be fully exposed to any depreciation of the Lesser Performing Index.
●THE NOTES DO NOT PAY INTEREST.
●YOU WILL NOT RECEIVE DIVIDENDS ON THE SECURITIES INCLUDED IN EITHER INDEX OR HAVE ANY RIGHTS WITH RESPECT TO THOSE SECURITIES.
●THE RISK OF THE CLOSING LEVEL OF AN INDEX FALLING BELOW ITS BARRIER AMOUNT IS GREATER IF THE LEVEL OF THAT INDEX IS VOLATILE.
●LACK OF LIQUIDITY —
The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
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PS-4 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
●THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT —
You should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the Contingent Digital Return.
Risks Relating to Conflicts of Interest
●POTENTIAL CONFLICTS —
We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase & Co.’s economic interests are potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product supplement.
Risks Relating to the Estimated Value and Secondary Market Prices of the Notes
●THE ESTIMATED VALUE OF THE NOTES WILL BE LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES —
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the notes will exceed the estimated value of the notes because costs associated with structuring and hedging the notes are included in the original issue price of the notes. These costs include the structuring fee, if any, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. See “The Estimated Value of the Notes” in this pricing supplement.
●THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER FROM OTHERS’ ESTIMATES —
See “The Estimated Value of the Notes” in this pricing supplement.
●THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE —
The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. See “The Estimated Value of the Notes” in this pricing supplement.
●THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME PERIOD —
We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period. See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this initial period. Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published by JPMS (and which may be shown on your customer account statements).
●SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE NOTES —
Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and, also, because secondary market prices (a) exclude the structuring fee, if any, and (b) may exclude projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy the notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the Maturity Date could result in a substantial loss to you.
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PS-5 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
●SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS —
The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which may either offset or magnify each other, aside from the structuring fee, if any, projected hedging profits, if any, estimated hedging costs and the levels of the Indices. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See “Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many economic and market factors” in the accompanying product supplement.
Risks Relating to the Indices
●JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE S&P 500® INDEX,
but JPMorgan Chase & Co. will not have any obligation to consider your interests in taking any corporate action that might affect the level of the S&P 500® Index.
●AN INVESTMENT IN THE NOTES IS SUBJECT TO RISKS ASSOCIATED WITH SMALL CAPITALIZATION STOCKS WITH RESPECT TO THE RUSSELL 2000® INDEX —
Small capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Small capitalization companies are less likely to pay dividends on their stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.
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PS-6 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
The Indices
The S&P 500® Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For additional information about the S&P 500® Index, see “Equity Index Descriptions — The S&P U.S. Indices” in the accompanying underlying supplement.
The Russell 2000® Index consists of the middle 2,000 companies included in the Russell 3000E™ Index and, as a result of the index calculation methodology, consists of the smallest 2,000 companies included in the Russell 3000® Index. The Russell 2000® Index is designed to track the performance of the small capitalization segment of the U.S. equity market. For additional information about the Russell 2000® Index, see “Equity Index Descriptions — The Russell Indices” in the accompanying underlying supplement.
Historical Information
The following graphs set forth the historical performance of each Index based on the weekly historical closing levels from January 3, 2020 through July 3, 2025. The closing level of the S&P 500® Index on July 8, 2025 was 6,225.52. The closing level of the Russell 2000® Index on July 8, 2025 was 2,228.738. We obtained the closing levels above and below from the Bloomberg Professional® service (“Bloomberg”), without independent verification.
The historical closing levels of each Index should not be taken as an indication of future performance, and no assurance can be given as to the closing level of either Index on the Pricing Date or the Observation Date. There can be no assurance that the performance of the Indices will result in the return of any of your principal amount.
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PS-7 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
Tax Treatment
You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 4-I. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes.
Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as “open transactions” that are not debt instruments for U.S. federal income tax purposes, as more fully described in “Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments” in the accompanying product supplement. Assuming this treatment is respected, the gain or loss on your notes should be treated as long-term capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes at the issue price. However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss on the notes could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the “constructive ownership” regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments and the issues presented by this notice.
Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying Security”). Based on certain determinations made by us, we expect that Section 871(m) will not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If necessary, further information regarding the potential application of Section 871(m) will be provided in the pricing supplement for the notes. You should consult your tax adviser regarding the potential application of Section 871(m) to the notes.
The Estimated Value of the Notes
The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the notes does not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. For additional information, see “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate” in this pricing supplement.
The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is
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PS-8 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
determined when the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time.
The estimated value of the notes does not represent future values of the notes and may differ from others’ estimates. Different pricing models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On future dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our or JPMorgan Chase & Co.’s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at which JPMS would be willing to buy notes from you in secondary market transactions.
The estimated value of the notes will be lower than the original issue price of the notes because costs associated with structuring and hedging the notes are included in the original issue price of the notes. These costs include the structuring fee, if any, paid to other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the notes may be allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging profits. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to Public) of the Notes” in this pricing supplement.
Secondary Market Prices of the Notes
For information about factors that will impact any secondary market prices of the notes, see “Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many economic and market factors” in the accompanying product supplement. In addition, we generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt issuances. This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term of the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by our affiliates. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period” in this pricing supplement.
Supplemental Use of Proceeds
The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the notes. See “Hypothetical Payout Profile” and “How the Notes Work” in this pricing supplement for an illustration of the risk-return profile of the notes and “The Indices” in this pricing supplement for a description of the market exposure provided by the notes.
The original issue price of the notes is equal to the estimated value of the notes plus the structuring fee, if any, paid to other affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes.
Supplemental Plan of Distribution
All sales of the notes will be made to certain fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an investment adviser. These broker-dealers will forgo any commissions related to these sales. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
JPMS may pay a structuring fee of $8.00 per $1,000 principal amount note with respect to some or all of the notes to other affiliated or unaffiliated dealers.
Additional Terms Specific to the Notes
You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes, in which case we may reject your offer to purchase.
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PS-9 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these notes are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement and the accompanying underlying supplement. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
●Product supplement no. 4-I dated April 13, 2023:
http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf
●Underlying supplement no. 1-I dated April 13, 2023:
http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf
●Prospectus supplement and prospectus, each dated April 13, 2023:
http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf
●Prospectus addendum dated June 3, 2024:
http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm
Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing supplement, “we,” “us” and “our” refer to JPMorgan Financial.
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PS-10 | Structured Investments Uncapped Digital Barrier Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
