[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement
Product overview: JPMorgan Chase Financial Company LLC is offering Uncapped Accelerated Barrier Notes (the “notes”) linked individually to the Dow Jones Industrial Average® (INDU) and the S&P 500® Index (SPX). The notes are senior unsecured obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., and are scheduled to price on or about 28 July 2025, settle on 31 July 2025, and mature on 1 August 2030.
Key economic terms:
- Upside Leverage Factor: at least 1.31× (final level to be set on pricing date).
- Barrier Amount: 70 % of each index’s initial level (i.e., 30 % downside “buffer”).
- Payment at maturity: • If both indices finish above their initial levels, investors receive $1,000 plus 1.31 × the lesser-performing index’s percentage gain. • If either index finishes ≤ initial but both stay ≥ the 70 % barrier, principal is returned. • If either index finishes below the barrier, payoff equals $1,000 + ($1,000 × lesser-performing index return), exposing investors to full downside beyond –30 % and up to 100 % loss.
- Denominations: $1,000 minimums.
- Estimated value: Approximately $954.20 per $1,000 today; final estimate will not be below $920.00, reflecting embedded structuring and hedging costs.
Risk-return profile: The structure offers uncapped leveraged upside on the weaker of the two flagship U.S. equity indices, moderate downside protection to –30 %, and no periodic coupons. Investors face market risk, issuer and guarantor credit risk, liquidity constraints (no exchange listing), price frictions in secondary trading, and potential conflicts of interest arising from JPMorgan’s roles as issuer, hedger, and calculation agent.
Illustrative payouts (assuming 1.31× leverage): • A 10 % gain in the worse index delivers 13.10 % ($1,131). • A –35 % decline triggers a –35 % loss ($650). • Principal is preserved as long as the worse index does not breach the 70 % barrier at final observation.
Investor suitability: Designed for buy-and-hold investors with a moderately bullish view on U.S. large-cap equities over five years who are willing to forgo dividends and coupons, tolerate potential full principal loss, and assume JPMorgan credit exposure.
Additional considerations: The notes are not FDIC-insured, tax treatment is uncertain (expected to be “open transaction”), and Section 871(m) withholding is not expected to apply to most non-U.S. holders. Up-front selling commissions for brokerage accounts may reach $35 per $1,000; fee-based advisory accounts pay a reduced price of at least $965.
Panoramica del prodotto: JPMorgan Chase Financial Company LLC offre Note con Barriera Accelerata Illimitata (le “note”) collegate singolarmente al Dow Jones Industrial Average® (INDU) e all’indice S&P 500® (SPX). Le note sono obbligazioni senior non garantite di JPMorgan Chase Financial, garantite in modo pieno e incondizionato da JPMorgan Chase & Co., con prezzo previsto intorno al 28 luglio 2025, regolamento il 31 luglio 2025 e scadenza al 1 agosto 2030.
Termini economici chiave:
- Fattore di leva al rialzo: almeno 1,31× (livello finale definito alla data di pricing).
- Importo barriera: 70% del livello iniziale di ciascun indice (ossia un “buffer” di ribasso del 30%).
- Pagamento a scadenza: • Se entrambi gli indici chiudono sopra i livelli iniziali, gli investitori ricevono $1.000 più 1,31 × il guadagno percentuale dell’indice peggiore. • Se uno degli indici chiude ≤ livello iniziale ma entrambi rimangono ≥ barriera del 70%, il capitale viene restituito. • Se uno degli indici chiude sotto la barriera, il pagamento è pari a $1.000 + ($1.000 × rendimento dell’indice peggiore), esponendo gli investitori a perdite totali oltre il –30% e fino al 100%.
- Tagli: minimo $1.000.
- Valore stimato: Circa $954,20 per ogni $1.000 oggi; la stima finale non sarà inferiore a $920,00, riflettendo i costi di strutturazione e copertura inclusi.
Profilo rischio-rendimento: La struttura offre un rialzo illimitato con leva sul peggior indice tra i due principali indici azionari USA, protezione moderata fino al –30% e nessuna cedola periodica. Gli investitori affrontano rischi di mercato, rischio di credito dell’emittente e del garante, limiti di liquidità (assenza di quotazione in borsa), frizioni nei prezzi sul mercato secondario e potenziali conflitti di interesse derivanti dai ruoli di JPMorgan come emittente, copritore e agente di calcolo.
Pagamenti illustrativi (con leva 1,31×): • Un guadagno del 10% nell’indice peggiore genera un rendimento del 13,10% ($1.131). • Un calo del –35% comporta una perdita del –35% ($650). • Il capitale è preservato finché l’indice peggiore non scende sotto la barriera del 70% al momento dell’osservazione finale.
Idoneità per gli investitori: Progettato per investitori buy-and-hold con una visione moderatamente rialzista sulle azioni large-cap USA a cinque anni, disposti a rinunciare a dividendi e cedole, tollerare la possibile perdita totale del capitale e assumere l’esposizione al credito di JPMorgan.
Considerazioni aggiuntive: Le note non sono assicurate dalla FDIC, il trattamento fiscale è incerto (si prevede una “transazione aperta”) e la ritenuta ai sensi della Sezione 871(m) non dovrebbe applicarsi alla maggior parte degli investitori non statunitensi. Le commissioni di vendita iniziali per conti di intermediazione possono raggiungere $35 per ogni $1.000; i conti di consulenza con commissioni pagano un prezzo ridotto di almeno $965.
Resumen del producto: JPMorgan Chase Financial Company LLC ofrece Notas con Barrera Acelerada Ilimitada (las “notas”) vinculadas individualmente al Dow Jones Industrial Average® (INDU) y al índice S&P 500® (SPX). Las notas son obligaciones senior no garantizadas de JPMorgan Chase Financial, garantizadas total e incondicionalmente por JPMorgan Chase & Co., con precio previsto alrededor del 28 de julio de 2025, liquidación el 31 de julio de 2025 y vencimiento el 1 de agosto de 2030.
Términos económicos clave:
- Factor de apalancamiento al alza: al menos 1,31× (nivel final fijado en la fecha de precio).
- Monto de la barrera: 70% del nivel inicial de cada índice (es decir, un “colchón” de caída del 30%).
- Pago al vencimiento: • Si ambos índices terminan por encima de sus niveles iniciales, los inversores reciben $1,000 más 1,31 × la ganancia porcentual del índice con peor desempeño. • Si cualquiera de los índices termina ≤ nivel inicial pero ambos permanecen ≥ barrera del 70%, se devuelve el principal. • Si cualquiera de los índices termina por debajo de la barrera, el pago es $1,000 + ($1,000 × retorno del índice con peor desempeño), exponiendo a los inversores a pérdidas completas más allá del –30% y hasta el 100% de pérdida.
- Denominaciones: mínimo $1,000.
- Valor estimado: Aproximadamente $954.20 por cada $1,000 hoy; la estimación final no será inferior a $920.00, reflejando costos de estructuración y cobertura incorporados.
Perfil riesgo-rendimiento: La estructura ofrece un alza apalancada ilimitada sobre el índice estadounidense de peor desempeño entre los dos principales índices, protección moderada hasta –30% y sin cupones periódicos. Los inversores enfrentan riesgo de mercado, riesgo crediticio del emisor y garante, limitaciones de liquidez (sin cotización en bolsa), fricciones de precio en el mercado secundario y posibles conflictos de interés derivados de los roles de JPMorgan como emisor, cubridor y agente de cálculo.
Pagos ilustrativos (asumiendo apalancamiento 1,31×): • Una ganancia del 10% en el índice peor genera un rendimiento del 13,10% ($1,131). • Una caída del –35% implica una pérdida del –35% ($650). • El principal se preserva mientras el índice peor no rompa la barrera del 70% en la observación final.
Idoneidad para inversores: Diseñado para inversores buy-and-hold con una visión moderadamente alcista sobre acciones large-cap estadounidenses en cinco años, dispuestos a renunciar a dividendos y cupones, tolerar la posible pérdida total del principal y asumir la exposición crediticia de JPMorgan.
Consideraciones adicionales: Las notas no están aseguradas por la FDIC, el tratamiento fiscal es incierto (se espera que sea una “transacción abierta”) y la retención bajo la Sección 871(m) no debería aplicarse a la mayoría de los tenedores no estadounidenses. Las comisiones de venta iniciales para cuentas de corretaje pueden alcanzar $35 por cada $1,000; las cuentas asesoradas con tarifas pagan un precio reducido de al menos $965.
상품 개요: JPMorgan Chase Financial Company LLC는 Dow Jones Industrial Average® (INDU) 및 S&P 500® 지수(SPX)에 개별적으로 연계된 무제한 가속 배리어 노트(“노트”)를 제공합니다. 이 노트는 JPMorgan Chase Financial의 선순위 무담보 채무이며, JPMorgan Chase & Co.가 전면적이고 무조건적으로 보증합니다. 가격 책정은 2025년 7월 28일경, 결제는 2025년 7월 31일, 만기는 2030년 8월 1일로 예정되어 있습니다.
주요 경제 조건:
- 상승 레버리지 계수: 최소 1.31배 (최종 수준은 가격 책정일에 확정).
- 배리어 금액: 각 지수 초기 수준의 70% (즉, 30% 하락 완충).
- 만기 지급: • 두 지수 모두 초기 수준 이상 마감 시, 투자자는 $1,000에 상승률이 낮은 지수의 퍼센트 상승 × 1.31을 더한 금액을 받습니다. • 어느 한 지수가 초기 수준 이하이지만 두 지수 모두 70% 배리어 이상일 경우 원금이 반환됩니다. • 어느 한 지수가 배리어 아래로 마감하면, 지급액은 $1,000 + ($1,000 × 하락률이 큰 지수 수익률)로, 투자자는 –30% 이상의 하락 위험과 최대 100% 손실에 노출됩니다.
- 단위: 최소 $1,000.
- 추정 가치: 현재 $1,000당 약 $954.20; 최종 추정치는 $920.00 이하가 되지 않으며, 구조화 및 헤지 비용이 반영됩니다.
위험-수익 프로필: 이 구조는 두 주요 미국 주가지수 중 성과가 낮은 지수에 대해 무제한 상승 레버리지를 제공하며, –30%까지의 중간 수준의 하락 보호를 제공하고 정기 쿠폰은 없습니다. 투자자는 시장 위험, 발행자 및 보증인 신용 위험, 유동성 제한(거래소 상장 없음), 2차 거래 시 가격 마찰 및 JPMorgan이 발행자, 헤지 담당자, 계산 대리인 역할을 수행함에 따른 잠재적 이해 상충 위험에 직면합니다.
예시 지급액 (1.31× 레버리지 가정): • 하락률이 큰 지수가 10% 상승 시 13.10% 수익($1,131) 발생. • –35% 하락 시 –35% 손실($650) 발생. • 하락률이 큰 지수가 최종 관찰 시 70% 배리어를 넘지 않으면 원금 보존.
투자자 적합성: 5년간 미국 대형주에 대해 다소 강세를 기대하며 배당금 및 쿠폰을 포기하고, 원금 전액 손실 가능성을 감수하며 JPMorgan 신용 위험을 부담할 의향이 있는 장기 보유 투자자 대상입니다.
추가 고려사항: 노트는 FDIC 보험 대상이 아니며, 세금 처리 방식은 불확실(“오픈 트랜잭션”으로 예상)하며, 871(m) 조항 원천징수는 대부분의 비미국인 보유자에게 적용되지 않을 것으로 보입니다. 중개 계좌의 선취 판매 수수료는 $1,000당 최대 $35에 달할 수 있으며, 수수료 기반 자문 계좌는 최소 $965의 할인된 가격을 지불합니다.
Présentation du produit : JPMorgan Chase Financial Company LLC propose des Notes à Barrière Accélérée Illimitée (les « notes ») liées individuellement au Dow Jones Industrial Average® (INDU) et à l’indice S&P 500® (SPX). Les notes sont des obligations senior non garanties de JPMorgan Chase Financial, garanties de manière pleine et inconditionnelle par JPMorgan Chase & Co., avec une tarification prévue vers le 28 juillet 2025, un règlement le 31 juillet 2025 et une échéance au 1er août 2030.
Principaux termes économiques :
- Facteur de levier à la hausse : au moins 1,31× (niveau final fixé à la date de tarification).
- Montant de la barrière : 70 % du niveau initial de chaque indice (soit une protection de baisse de 30 %).
- Paiement à l’échéance : • Si les deux indices terminent au-dessus de leurs niveaux initiaux, les investisseurs reçoivent 1 000 $ plus 1,31 × la performance en pourcentage de l’indice le moins performant. • Si l’un des indices termine ≤ niveau initial mais que les deux restent ≥ barrière de 70 %, le capital est remboursé. • Si l’un des indices termine sous la barrière, le paiement correspond à 1 000 $ + (1 000 $ × rendement de l’indice le moins performant), exposant les investisseurs à une perte totale au-delà de –30 % et jusqu’à 100 %.
- Couvertures : minimum 1 000 $.
- Valeur estimée : Environ 954,20 $ pour 1 000 $ aujourd’hui ; l’estimation finale ne sera pas inférieure à 920,00 $, reflétant les coûts intégrés de structuration et de couverture.
Profil risque-rendement : La structure offre un potentiel de hausse illimité avec effet de levier sur l’indice américain le plus faible des deux principaux indices, une protection modérée jusqu’à –30 % et aucun coupon périodique. Les investisseurs sont exposés aux risques de marché, au risque de crédit de l’émetteur et du garant, aux contraintes de liquidité (absence de cotation en bourse), aux frictions de prix sur le marché secondaire et aux conflits d’intérêts potentiels liés aux rôles de JPMorgan en tant qu’émetteur, hedger et agent de calcul.
Exemples de paiements (en supposant un levier de 1,31×) : • Un gain de 10 % sur l’indice le plus faible génère un rendement de 13,10 % (1 131 $). • Une baisse de –35 % entraîne une perte de –35 % (650 $). • Le capital est préservé tant que l’indice le plus faible ne franchit pas la barrière de 70 % lors de l’observation finale.
Adéquation pour les investisseurs : Conçu pour les investisseurs buy-and-hold ayant une vision modérément haussière sur les actions américaines large-cap sur cinq ans, prêts à renoncer aux dividendes et coupons, à tolérer une perte totale possible du capital et à assumer l’exposition au crédit de JPMorgan.
Considérations supplémentaires : Les notes ne sont pas assurées par la FDIC, le traitement fiscal est incertain (on s’attend à une « transaction ouverte ») et la retenue à la source en vertu de la Section 871(m) ne devrait pas s’appliquer à la plupart des détenteurs non américains. Les commissions de vente initiales pour les comptes de courtage peuvent atteindre 35 $ par tranche de 1 000 $ ; les comptes de conseil à frais paient un prix réduit d’au moins 965 $.
Produktübersicht: JPMorgan Chase Financial Company LLC bietet Unbegrenzte Beschleunigte Barrieranleihen (die „Notes“) an, die einzeln mit dem Dow Jones Industrial Average® (INDU) und dem S&P 500® Index (SPX) verknüpft sind. Die Notes sind unbesicherte vorrangige Verbindlichkeiten von JPMorgan Chase Financial, die von JPMorgan Chase & Co. vollständig und bedingungslos garantiert werden. Die Preisfestsetzung ist für den 28. Juli 2025 geplant, die Abwicklung für den 31. Juli 2025 und die Fälligkeit für den 1. August 2030.
Wichtige wirtschaftliche Bedingungen:
- Hebelfaktor nach oben: mindestens 1,31× (Endniveau wird am Preissetzungstag festgelegt).
- Barrierebetrag: 70 % des Anfangsniveaus jedes Index (d. h. 30 % Abwärts-Puffer).
- Zahlung bei Fälligkeit: • Wenn beide Indizes über ihren Anfangsniveaus schließen, erhalten Anleger 1.000 $ plus 1,31 × die prozentuale Gewinnrate des schlechter abschneidenden Index. • Wenn ein Index ≤ Anfangsniveau schließt, beide aber ≥ 70 % Barriere bleiben, wird das Kapital zurückgezahlt. • Wenn ein Index unter die Barriere fällt, entspricht die Auszahlung 1.000 $ + (1.000 $ × Rendite des schlechteren Index), wodurch Anleger einem vollständigen Abwärtsrisiko über –30 % hinaus und einem Verlust von bis zu 100 % ausgesetzt sind.
- Nennwerte: Mindestens 1.000 $.
- Geschätzter Wert: Ungefähr 954,20 $ pro 1.000 $ heute; die endgültige Schätzung wird nicht unter 920,00 $ liegen und spiegelt die eingebetteten Strukturierungs- und Absicherungskosten wider.
Risikorenditeprofil: Die Struktur bietet einen unbegrenzten Hebel nach oben auf den schwächeren der beiden führenden US-Aktienindizes, einen moderaten Abwärtsschutz bis –30 % und keine periodischen Kupons. Anleger sind Marktrisiken, Emittenten- und Garantiegeber-Kreditrisiken, Liquiditätsbeschränkungen (keine Börsennotierung), Preisfriktionen im Sekundärhandel und potenziellen Interessenkonflikten aufgrund der Rollen von JPMorgan als Emittent, Hedge und Berechnungsstelle ausgesetzt.
Beispielhafte Auszahlungen (bei 1,31× Hebel): • Ein Gewinn von 10 % im schlechteren Index führt zu 13,10 % Rendite (1.131 $). • Ein Rückgang von –35 % führt zu einem Verlust von –35 % (650 $). • Das Kapital bleibt erhalten, solange der schlechtere Index die 70 %-Barriere bei der endgültigen Beobachtung nicht unterschreitet.
Geeignetheit für Anleger: Entwickelt für Buy-and-Hold-Anleger mit einer moderat bullischen Sicht auf US-Großunternehmen über fünf Jahre, die auf Dividenden und Kupons verzichten, einen möglichen Totalverlust des Kapitals tolerieren und das JPMorgan-Kreditrisiko eingehen.
Zusätzliche Hinweise: Die Notes sind nicht FDIC-versichert, die steuerliche Behandlung ist unsicher (erwartet wird eine „offene Transaktion“), und die Quellensteuer nach Abschnitt 871(m) wird voraussichtlich für die meisten Nicht-US-Inhaber nicht anwendbar sein. Vorabverkaufsprovisionen für Brokerage-Konten können bis zu 35 $ pro 1.000 $ betragen; gebührenbasierte Beratungs-Konten zahlen einen reduzierten Preis von mindestens 965 $.
- 1.31× leveraged upside on the lesser-performing index with no cap enhances potential gains versus direct index ownership.
- 30 % barrier provides partial downside protection, returning principal if worst-performing index is not below 70 % at maturity.
- Backed by JPMorgan Chase & Co. guarantee, benefiting from the group’s high investment-grade credit profile.
- Investors can gain equity exposure without margin loans or managing collateral, useful for tax-advantaged accounts.
- Principal is at risk; a decline beyond the 30 % barrier leads to one-for-one losses and potential total loss.
- No interim coupons or dividends; investors forego roughly 1–2 % annual dividend yield of underlying indices.
- Single observation barrier at maturity exposes investors to gap risk on the final fixing date.
- Liquidity constraints: unlisted notes; secondary sales depend on dealer bid, potentially well below fair value.
- Credit & conflict-of-interest risk: payoff depends on JPMorgan Financial and JPMorgan Chase & Co.; issuer also acts as hedge provider and calculation agent.
- Embedded costs (estimated value ~95 % of par) create negative carry if sold before maturity.
Insights
TL;DR – 1.31× upside, 30 % buffer, but full downside after barrier; credit & liquidity risks remain.
The note leverages the weaker of the Dow Jones and S&P 500 by at least 31 % with no cap, giving equity-like upside efficiency. A 30 % barrier offers partial downside protection, a typical quantile for medium-risk U.S. structured notes. Because payoff is driven by the lesser performer, historical correlation (~0.9) means outcome will often approximate broad-market returns, yet investors must still hedge tail risk. Estimated value of 95.4 % of par highlights ~4.6 % embedded costs, reasonable versus comparable five-year structures. Lack of coupons and dividend pass-through means relative performance versus direct index investing will deteriorate by the dividend yield (~1.4 % annually) unless the leverage compensates. Overall impact is moderately positive for investors seeking geared exposure without margin financing, provided they understand credit and liquidity constraints.
TL;DR – Principal not protected; single-day barrier at maturity exposes investor to gap risk and total loss.
Credit-linked, path-independent structures like this disguise substantial tail risk. The 70 % barrier applies only on the observation date, leaving investors exposed to intraday or interim breaches, and the payoff references the lower-performing index, eliminating diversification benefits. Secondary market exit will be at issuer’s bid, likely below theoretical value due to funding adjustments and dealer spreads, so practical liquidity is limited. Estimated value already embeds a ~4–8 % discount; early sales lock in this negative carry. Should JPMorgan’s credit spread widen, note valuations may fall regardless of index performance. From a risk standpoint the instrument is neutral to slightly negative versus simply holding equity ETFs with stop-loss discipline.
Panoramica del prodotto: JPMorgan Chase Financial Company LLC offre Note con Barriera Accelerata Illimitata (le “note”) collegate singolarmente al Dow Jones Industrial Average® (INDU) e all’indice S&P 500® (SPX). Le note sono obbligazioni senior non garantite di JPMorgan Chase Financial, garantite in modo pieno e incondizionato da JPMorgan Chase & Co., con prezzo previsto intorno al 28 luglio 2025, regolamento il 31 luglio 2025 e scadenza al 1 agosto 2030.
Termini economici chiave:
- Fattore di leva al rialzo: almeno 1,31× (livello finale definito alla data di pricing).
- Importo barriera: 70% del livello iniziale di ciascun indice (ossia un “buffer” di ribasso del 30%).
- Pagamento a scadenza: • Se entrambi gli indici chiudono sopra i livelli iniziali, gli investitori ricevono $1.000 più 1,31 × il guadagno percentuale dell’indice peggiore. • Se uno degli indici chiude ≤ livello iniziale ma entrambi rimangono ≥ barriera del 70%, il capitale viene restituito. • Se uno degli indici chiude sotto la barriera, il pagamento è pari a $1.000 + ($1.000 × rendimento dell’indice peggiore), esponendo gli investitori a perdite totali oltre il –30% e fino al 100%.
- Tagli: minimo $1.000.
- Valore stimato: Circa $954,20 per ogni $1.000 oggi; la stima finale non sarà inferiore a $920,00, riflettendo i costi di strutturazione e copertura inclusi.
Profilo rischio-rendimento: La struttura offre un rialzo illimitato con leva sul peggior indice tra i due principali indici azionari USA, protezione moderata fino al –30% e nessuna cedola periodica. Gli investitori affrontano rischi di mercato, rischio di credito dell’emittente e del garante, limiti di liquidità (assenza di quotazione in borsa), frizioni nei prezzi sul mercato secondario e potenziali conflitti di interesse derivanti dai ruoli di JPMorgan come emittente, copritore e agente di calcolo.
Pagamenti illustrativi (con leva 1,31×): • Un guadagno del 10% nell’indice peggiore genera un rendimento del 13,10% ($1.131). • Un calo del –35% comporta una perdita del –35% ($650). • Il capitale è preservato finché l’indice peggiore non scende sotto la barriera del 70% al momento dell’osservazione finale.
Idoneità per gli investitori: Progettato per investitori buy-and-hold con una visione moderatamente rialzista sulle azioni large-cap USA a cinque anni, disposti a rinunciare a dividendi e cedole, tollerare la possibile perdita totale del capitale e assumere l’esposizione al credito di JPMorgan.
Considerazioni aggiuntive: Le note non sono assicurate dalla FDIC, il trattamento fiscale è incerto (si prevede una “transazione aperta”) e la ritenuta ai sensi della Sezione 871(m) non dovrebbe applicarsi alla maggior parte degli investitori non statunitensi. Le commissioni di vendita iniziali per conti di intermediazione possono raggiungere $35 per ogni $1.000; i conti di consulenza con commissioni pagano un prezzo ridotto di almeno $965.
Resumen del producto: JPMorgan Chase Financial Company LLC ofrece Notas con Barrera Acelerada Ilimitada (las “notas”) vinculadas individualmente al Dow Jones Industrial Average® (INDU) y al índice S&P 500® (SPX). Las notas son obligaciones senior no garantizadas de JPMorgan Chase Financial, garantizadas total e incondicionalmente por JPMorgan Chase & Co., con precio previsto alrededor del 28 de julio de 2025, liquidación el 31 de julio de 2025 y vencimiento el 1 de agosto de 2030.
Términos económicos clave:
- Factor de apalancamiento al alza: al menos 1,31× (nivel final fijado en la fecha de precio).
- Monto de la barrera: 70% del nivel inicial de cada índice (es decir, un “colchón” de caída del 30%).
- Pago al vencimiento: • Si ambos índices terminan por encima de sus niveles iniciales, los inversores reciben $1,000 más 1,31 × la ganancia porcentual del índice con peor desempeño. • Si cualquiera de los índices termina ≤ nivel inicial pero ambos permanecen ≥ barrera del 70%, se devuelve el principal. • Si cualquiera de los índices termina por debajo de la barrera, el pago es $1,000 + ($1,000 × retorno del índice con peor desempeño), exponiendo a los inversores a pérdidas completas más allá del –30% y hasta el 100% de pérdida.
- Denominaciones: mínimo $1,000.
- Valor estimado: Aproximadamente $954.20 por cada $1,000 hoy; la estimación final no será inferior a $920.00, reflejando costos de estructuración y cobertura incorporados.
Perfil riesgo-rendimiento: La estructura ofrece un alza apalancada ilimitada sobre el índice estadounidense de peor desempeño entre los dos principales índices, protección moderada hasta –30% y sin cupones periódicos. Los inversores enfrentan riesgo de mercado, riesgo crediticio del emisor y garante, limitaciones de liquidez (sin cotización en bolsa), fricciones de precio en el mercado secundario y posibles conflictos de interés derivados de los roles de JPMorgan como emisor, cubridor y agente de cálculo.
Pagos ilustrativos (asumiendo apalancamiento 1,31×): • Una ganancia del 10% en el índice peor genera un rendimiento del 13,10% ($1,131). • Una caída del –35% implica una pérdida del –35% ($650). • El principal se preserva mientras el índice peor no rompa la barrera del 70% en la observación final.
Idoneidad para inversores: Diseñado para inversores buy-and-hold con una visión moderadamente alcista sobre acciones large-cap estadounidenses en cinco años, dispuestos a renunciar a dividendos y cupones, tolerar la posible pérdida total del principal y asumir la exposición crediticia de JPMorgan.
Consideraciones adicionales: Las notas no están aseguradas por la FDIC, el tratamiento fiscal es incierto (se espera que sea una “transacción abierta”) y la retención bajo la Sección 871(m) no debería aplicarse a la mayoría de los tenedores no estadounidenses. Las comisiones de venta iniciales para cuentas de corretaje pueden alcanzar $35 por cada $1,000; las cuentas asesoradas con tarifas pagan un precio reducido de al menos $965.
상품 개요: JPMorgan Chase Financial Company LLC는 Dow Jones Industrial Average® (INDU) 및 S&P 500® 지수(SPX)에 개별적으로 연계된 무제한 가속 배리어 노트(“노트”)를 제공합니다. 이 노트는 JPMorgan Chase Financial의 선순위 무담보 채무이며, JPMorgan Chase & Co.가 전면적이고 무조건적으로 보증합니다. 가격 책정은 2025년 7월 28일경, 결제는 2025년 7월 31일, 만기는 2030년 8월 1일로 예정되어 있습니다.
주요 경제 조건:
- 상승 레버리지 계수: 최소 1.31배 (최종 수준은 가격 책정일에 확정).
- 배리어 금액: 각 지수 초기 수준의 70% (즉, 30% 하락 완충).
- 만기 지급: • 두 지수 모두 초기 수준 이상 마감 시, 투자자는 $1,000에 상승률이 낮은 지수의 퍼센트 상승 × 1.31을 더한 금액을 받습니다. • 어느 한 지수가 초기 수준 이하이지만 두 지수 모두 70% 배리어 이상일 경우 원금이 반환됩니다. • 어느 한 지수가 배리어 아래로 마감하면, 지급액은 $1,000 + ($1,000 × 하락률이 큰 지수 수익률)로, 투자자는 –30% 이상의 하락 위험과 최대 100% 손실에 노출됩니다.
- 단위: 최소 $1,000.
- 추정 가치: 현재 $1,000당 약 $954.20; 최종 추정치는 $920.00 이하가 되지 않으며, 구조화 및 헤지 비용이 반영됩니다.
위험-수익 프로필: 이 구조는 두 주요 미국 주가지수 중 성과가 낮은 지수에 대해 무제한 상승 레버리지를 제공하며, –30%까지의 중간 수준의 하락 보호를 제공하고 정기 쿠폰은 없습니다. 투자자는 시장 위험, 발행자 및 보증인 신용 위험, 유동성 제한(거래소 상장 없음), 2차 거래 시 가격 마찰 및 JPMorgan이 발행자, 헤지 담당자, 계산 대리인 역할을 수행함에 따른 잠재적 이해 상충 위험에 직면합니다.
예시 지급액 (1.31× 레버리지 가정): • 하락률이 큰 지수가 10% 상승 시 13.10% 수익($1,131) 발생. • –35% 하락 시 –35% 손실($650) 발생. • 하락률이 큰 지수가 최종 관찰 시 70% 배리어를 넘지 않으면 원금 보존.
투자자 적합성: 5년간 미국 대형주에 대해 다소 강세를 기대하며 배당금 및 쿠폰을 포기하고, 원금 전액 손실 가능성을 감수하며 JPMorgan 신용 위험을 부담할 의향이 있는 장기 보유 투자자 대상입니다.
추가 고려사항: 노트는 FDIC 보험 대상이 아니며, 세금 처리 방식은 불확실(“오픈 트랜잭션”으로 예상)하며, 871(m) 조항 원천징수는 대부분의 비미국인 보유자에게 적용되지 않을 것으로 보입니다. 중개 계좌의 선취 판매 수수료는 $1,000당 최대 $35에 달할 수 있으며, 수수료 기반 자문 계좌는 최소 $965의 할인된 가격을 지불합니다.
Présentation du produit : JPMorgan Chase Financial Company LLC propose des Notes à Barrière Accélérée Illimitée (les « notes ») liées individuellement au Dow Jones Industrial Average® (INDU) et à l’indice S&P 500® (SPX). Les notes sont des obligations senior non garanties de JPMorgan Chase Financial, garanties de manière pleine et inconditionnelle par JPMorgan Chase & Co., avec une tarification prévue vers le 28 juillet 2025, un règlement le 31 juillet 2025 et une échéance au 1er août 2030.
Principaux termes économiques :
- Facteur de levier à la hausse : au moins 1,31× (niveau final fixé à la date de tarification).
- Montant de la barrière : 70 % du niveau initial de chaque indice (soit une protection de baisse de 30 %).
- Paiement à l’échéance : • Si les deux indices terminent au-dessus de leurs niveaux initiaux, les investisseurs reçoivent 1 000 $ plus 1,31 × la performance en pourcentage de l’indice le moins performant. • Si l’un des indices termine ≤ niveau initial mais que les deux restent ≥ barrière de 70 %, le capital est remboursé. • Si l’un des indices termine sous la barrière, le paiement correspond à 1 000 $ + (1 000 $ × rendement de l’indice le moins performant), exposant les investisseurs à une perte totale au-delà de –30 % et jusqu’à 100 %.
- Couvertures : minimum 1 000 $.
- Valeur estimée : Environ 954,20 $ pour 1 000 $ aujourd’hui ; l’estimation finale ne sera pas inférieure à 920,00 $, reflétant les coûts intégrés de structuration et de couverture.
Profil risque-rendement : La structure offre un potentiel de hausse illimité avec effet de levier sur l’indice américain le plus faible des deux principaux indices, une protection modérée jusqu’à –30 % et aucun coupon périodique. Les investisseurs sont exposés aux risques de marché, au risque de crédit de l’émetteur et du garant, aux contraintes de liquidité (absence de cotation en bourse), aux frictions de prix sur le marché secondaire et aux conflits d’intérêts potentiels liés aux rôles de JPMorgan en tant qu’émetteur, hedger et agent de calcul.
Exemples de paiements (en supposant un levier de 1,31×) : • Un gain de 10 % sur l’indice le plus faible génère un rendement de 13,10 % (1 131 $). • Une baisse de –35 % entraîne une perte de –35 % (650 $). • Le capital est préservé tant que l’indice le plus faible ne franchit pas la barrière de 70 % lors de l’observation finale.
Adéquation pour les investisseurs : Conçu pour les investisseurs buy-and-hold ayant une vision modérément haussière sur les actions américaines large-cap sur cinq ans, prêts à renoncer aux dividendes et coupons, à tolérer une perte totale possible du capital et à assumer l’exposition au crédit de JPMorgan.
Considérations supplémentaires : Les notes ne sont pas assurées par la FDIC, le traitement fiscal est incertain (on s’attend à une « transaction ouverte ») et la retenue à la source en vertu de la Section 871(m) ne devrait pas s’appliquer à la plupart des détenteurs non américains. Les commissions de vente initiales pour les comptes de courtage peuvent atteindre 35 $ par tranche de 1 000 $ ; les comptes de conseil à frais paient un prix réduit d’au moins 965 $.
Produktübersicht: JPMorgan Chase Financial Company LLC bietet Unbegrenzte Beschleunigte Barrieranleihen (die „Notes“) an, die einzeln mit dem Dow Jones Industrial Average® (INDU) und dem S&P 500® Index (SPX) verknüpft sind. Die Notes sind unbesicherte vorrangige Verbindlichkeiten von JPMorgan Chase Financial, die von JPMorgan Chase & Co. vollständig und bedingungslos garantiert werden. Die Preisfestsetzung ist für den 28. Juli 2025 geplant, die Abwicklung für den 31. Juli 2025 und die Fälligkeit für den 1. August 2030.
Wichtige wirtschaftliche Bedingungen:
- Hebelfaktor nach oben: mindestens 1,31× (Endniveau wird am Preissetzungstag festgelegt).
- Barrierebetrag: 70 % des Anfangsniveaus jedes Index (d. h. 30 % Abwärts-Puffer).
- Zahlung bei Fälligkeit: • Wenn beide Indizes über ihren Anfangsniveaus schließen, erhalten Anleger 1.000 $ plus 1,31 × die prozentuale Gewinnrate des schlechter abschneidenden Index. • Wenn ein Index ≤ Anfangsniveau schließt, beide aber ≥ 70 % Barriere bleiben, wird das Kapital zurückgezahlt. • Wenn ein Index unter die Barriere fällt, entspricht die Auszahlung 1.000 $ + (1.000 $ × Rendite des schlechteren Index), wodurch Anleger einem vollständigen Abwärtsrisiko über –30 % hinaus und einem Verlust von bis zu 100 % ausgesetzt sind.
- Nennwerte: Mindestens 1.000 $.
- Geschätzter Wert: Ungefähr 954,20 $ pro 1.000 $ heute; die endgültige Schätzung wird nicht unter 920,00 $ liegen und spiegelt die eingebetteten Strukturierungs- und Absicherungskosten wider.
Risikorenditeprofil: Die Struktur bietet einen unbegrenzten Hebel nach oben auf den schwächeren der beiden führenden US-Aktienindizes, einen moderaten Abwärtsschutz bis –30 % und keine periodischen Kupons. Anleger sind Marktrisiken, Emittenten- und Garantiegeber-Kreditrisiken, Liquiditätsbeschränkungen (keine Börsennotierung), Preisfriktionen im Sekundärhandel und potenziellen Interessenkonflikten aufgrund der Rollen von JPMorgan als Emittent, Hedge und Berechnungsstelle ausgesetzt.
Beispielhafte Auszahlungen (bei 1,31× Hebel): • Ein Gewinn von 10 % im schlechteren Index führt zu 13,10 % Rendite (1.131 $). • Ein Rückgang von –35 % führt zu einem Verlust von –35 % (650 $). • Das Kapital bleibt erhalten, solange der schlechtere Index die 70 %-Barriere bei der endgültigen Beobachtung nicht unterschreitet.
Geeignetheit für Anleger: Entwickelt für Buy-and-Hold-Anleger mit einer moderat bullischen Sicht auf US-Großunternehmen über fünf Jahre, die auf Dividenden und Kupons verzichten, einen möglichen Totalverlust des Kapitals tolerieren und das JPMorgan-Kreditrisiko eingehen.
Zusätzliche Hinweise: Die Notes sind nicht FDIC-versichert, die steuerliche Behandlung ist unsicher (erwartet wird eine „offene Transaktion“), und die Quellensteuer nach Abschnitt 871(m) wird voraussichtlich für die meisten Nicht-US-Inhaber nicht anwendbar sein. Vorabverkaufsprovisionen für Brokerage-Konten können bis zu 35 $ pro 1.000 $ betragen; gebührenbasierte Beratungs-Konten zahlen einen reduzierten Preis von mindestens 965 $.
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 1, 2025
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July , 2025 |
Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2) |
JPMorgan Chase Financial Company LLC
Structured Investments
Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index due August 1, 2030
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
●The notes are designed for investors who seek an uncapped return of at least 1.31 times any appreciation of the lesser performing of the Dow Jones Industrial Average® and the S&P 500® Index, which we refer to as the Indices, at maturity.
●Investors should be willing to forgo interest and dividend payments and be willing to lose some 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 28, 2025 and are expected to settle on or about July 31, 2025.
●CUSIP: 48136FHZ8
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-3 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)(2) |
Fees and Commissions (2)(3) |
Proceeds to Issuer |
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Per note |
$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) With respect to notes sold to certain fee based advisory accounts for which an affiliated or unaffiliated broker dealer is an investment adviser, the price to the public will not be lower than $965.00 per $1,000 principal amount note. J.P. Morgan Securities LLC, which we refer to as JPMS, and these broker dealers will forgo any selling commissions related to these sales. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement. (3) With respect to notes sold to brokerage accounts, JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $35.00 per $1,000 principal amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement. |
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If the notes priced today, the estimated value of the notes would be approximately $954.20 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 $920.00 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 Dow Jones Industrial Average® (Bloomberg ticker: INDU) and the S&P 500® Index (Bloomberg ticker: SPX) (each an “Index” and collectively, the “Indices”) Upside Leverage Factor: At least 1.31 (to be provided in the pricing supplement) Barrier Amount: With respect to each Index, 70.00% of its Initial Value Pricing Date: On or about July 28, 2025 Original Issue Date (Settlement Date): On or about July 31, 2025 Observation Date*: July 29, 2030 Maturity Date*: August 1, 2030 * 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 its Initial Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 × Lesser Performing Index Return × Upside Leverage Factor) If the Final Value of either Index is equal to or 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 30.00% 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 Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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Supplemental Terms of the Notes
Any value of any underlier, 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:
●the notes were sold solely to brokerage accounts;
●an Initial Value for the Lesser Performing Index of 100.00;
●an Upside Leverage Factor of 1.31; and
●a Barrier Amount for the Lesser Performing Index of 70.00 (equal to 70.00% 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% |
104.80% |
$2,048.00 |
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170.00 |
70.00% |
91.70% |
$1,917.00 |
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160.00 |
60.00% |
78.60% |
$1,786.00 |
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150.00 |
50.00% |
65.50% |
$1,655.00 |
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140.00 |
40.00% |
52.40% |
$1,524.00 |
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130.00 |
30.00% |
39.30% |
$1,393.00 |
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120.00 |
20.00% |
26.20% |
$1,262.00 |
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110.00 |
10.00% |
13.10% |
$1,131.00 |
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105.00 |
5.00% |
6.55% |
$1,065.50 |
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101.00 |
1.00% |
1.31% |
$1,013.10 |
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100.00 |
0.00% |
0.00% |
$1,000.00 |
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95.00 |
-5.00% |
0.00% |
$1,000.00 |
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90.00 |
-10.00% |
0.00% |
$1,000.00 |
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85.00 |
-15.00% |
0.00% |
$1,000.00 |
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80.00 |
-20.00% |
0.00% |
$1,000.00 |
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70.00 |
-30.00% |
0.00% |
$1,000.00 |
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69.99 |
-30.01% |
-30.01% |
$699.90 |
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60.00 |
-40.00% |
-40.00% |
$600.00 |
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50.00 |
-50.00% |
-50.00% |
$500.00 |
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40.00 |
-60.00% |
-60.00% |
$400.00 |
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30.00 |
-70.00% |
-70.00% |
$300.00 |
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20.00 |
-80.00% |
-80.00% |
$200.00 |
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10.00 |
-90.00% |
-90.00% |
$100.00 |
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0.00 |
-100.00% |
-100.00% |
$0.00 |
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PS-2 | Structured Investments Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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The following graph demonstrates the hypothetical payments at maturity on the notes for a sub-set of Lesser Performing Index Returns detailed in the table above (-50% to 50%). 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 its Initial Value, investors will receive at maturity the $1,000 principal amount plus a return equal to the Lesser Performing Index Return times the Upside Leverage Factor of at least 1.31.
●Assuming a hypothetical Upside Leverage Factor of 1.31, if the closing level of the Lesser Performing Index increases 10.00%, investors will receive at maturity a return of 13.10%, or $1,131.00 per $1,000 principal amount note.
Par Scenario:
If the Final Value of either Index is equal to or is less than its Initial Value but the Final Value of each Index is greater than or equal to its Barrier Amount of 70.00% 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 70.00% 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.
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.
●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 30.00% of your principal amount at maturity and could lose all of your principal amount 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.
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PS-3 | Structured Investments Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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●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.
●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.
●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.
●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.
●JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE DOW JONES INDUSTRIAL AVERAGE® AND 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 Dow Jones Industrial Average® or the level of the S&P 500® Index.
●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.
●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.
●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 Upside Leverage Factor.
●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 selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions, 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.
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PS-4 | Structured Investments Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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●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 may exclude selling commissions, if any, 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.
●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 selling commissions, 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.
The Indices
The Dow Jones Industrial Average® consists of 30 common stocks chosen as representative of the broad market of U.S. industry. For additional information about the Dow Jones Industrial Average®, see “Equity Index Descriptions — The Dow Jones Industrial Average®” in the accompanying underlying supplement.
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.
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PS-5 | Structured Investments Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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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 June 27, 2025. The closing level of the Dow Jones Industrial Average® on June 30, 2025 was 44,094.77. The closing level of the S&P 500® Index on June 30, 2025 was 6,204.95. 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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Historical Performance of the Dow Jones Industrial Average®
Source: Bloomberg |
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Historical Performance of the S&P 500® Index
Source: Bloomberg |
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.
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PS-6 | Structured Investments Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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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 — 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 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.
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PS-7 | Structured Investments Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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The estimated value of the notes will be lower than the original issue price of the notes because costs associated with selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions, if any, paid to JPMS and 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 sold to brokerage accounts 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 — 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 selling commissions, if any, 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 — 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 selling commissions, if any, paid to JPMS and 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
With respect to notes sold to certain fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an investment adviser, the price to the public will not be lower than $965.00 per $1,000 principal amount note. JPMS and these broker-dealers will forgo any selling commissions related to these sales. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
With respect to notes sold to brokerage accounts, JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $35.00 per $1,000 principal amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
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.
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.
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PS-8 | Structured Investments Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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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-9 | Structured Investments Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the Dow Jones Industrial Average® and the S&P 500® Index |
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FAQ
How does the Upside Leverage Factor work on the JPMorgan Uncapped Accelerated Barrier Notes?
What is the barrier level for these notes and what protection does it offer?
When do the notes mature and what is the term length?
Are the notes listed on an exchange or tradeable daily?
What is the estimated value versus the price to the public?
Do investors receive dividends from the Dow Jones or S&P 500 while holding the notes?
