[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement
JPMorgan Chase Financial Company LLC is offering Digital Buffered Notes linked to the S&P 500® Index that will mature on 29 July 2026. The preliminary terms (to be finalized on or about 11 July 2025) establish a Contingent Digital Return of at least 8.26%. Investors receive this fixed return if, at maturity, the Ending Index Level is (i) at or above the Initial Index Level or (ii) below the Initial Index Level by up to the 10% Buffer Amount.
If the Index falls by more than 10%, principal is lost on a leveraged basis: for every 1% decline beyond the buffer, the loss equals 1.11111% of principal. Consequently, a 50% Index drop would return only $555.56 per $1,000 note, and a complete Index collapse would wipe out the investment. Upside is capped at the Contingent Digital Return; any Index gain above 8.26% does not increase the payout.
The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial Co. and are fully and unconditionally guaranteed by JPMorgan Chase & Co. Credit risk, therefore, rests on both entities. Minimum investment is $10,000, with integral $1,000 multiples. JPMS will act as selling agent and calculation agent; total selling commissions will not exceed $10 per $1,000 note.
The issuer estimates the note’s value at approximately $985.80 (and not less than $970) per $1,000 at pricing—below the public offer price—because of embedded selling, structuring and hedging costs. The notes will not be listed on an exchange, and secondary liquidity will rely solely on JPMS, which is not obligated to make a market.
Key risks highlighted include potential principal loss, capped upside, issuer/guarantor credit exposure, valuation opacity, and limited liquidity. Tax treatment is expected to follow “open transaction” principles, but the IRS could challenge that view. Section 871(m) withholding is not expected to apply, subject to future guidance.
JPMorgan Chase Financial Company LLC offre Digital Buffered Notes collegati all'indice S&P 500®, con scadenza il 29 luglio 2026. I termini preliminari (da finalizzare intorno all'11 luglio 2025) prevedono un Rendimento Digitale Contingente di almeno l'8,26%. Gli investitori ricevono questo rendimento fisso se, alla scadenza, il livello finale dell'indice è (i) pari o superiore al livello iniziale o (ii) inferiore al livello iniziale fino al 10% di buffer.
Se l'indice scende oltre il 10%, il capitale si perde su base leva: per ogni ulteriore calo dell'1% oltre il buffer, la perdita corrisponde al 1,11111% del capitale. Di conseguenza, un calo del 50% dell'indice restituirebbe solo 555,56$ per ogni nota da 1.000$, mentre un crollo totale dell'indice azzererebbe l'investimento. Il guadagno massimo è limitato al rendimento digitale contingente; qualsiasi aumento dell'indice superiore all'8,26% non incrementa il pagamento.
Le note sono obbligazioni non garantite e non subordinate di JPMorgan Chase Financial Co. e sono completamente garantite da JPMorgan Chase & Co. Il rischio di credito riguarda quindi entrambe le entità. L'investimento minimo è di 10.000$, con multipli integrali da 1.000$. JPMS agirà come agente di vendita e di calcolo; le commissioni di vendita totali non supereranno i 10$ per ogni nota da 1.000$.
L'emittente stima il valore della nota intorno a 985,80$ (e non meno di 970$) per ogni 1.000$ al momento della quotazione, inferiore al prezzo pubblico, a causa dei costi incorporati di vendita, strutturazione e copertura. Le note non saranno quotate in borsa e la liquidità secondaria dipenderà esclusivamente da JPMS, che non è obbligata a mantenere un mercato.
Rischi chiave evidenziati includono la possibile perdita del capitale, il limite al guadagno, l'esposizione al rischio di credito dell'emittente/garante, la scarsa trasparenza nella valutazione e la limitata liquidità. Il trattamento fiscale dovrebbe seguire i principi della “open transaction”, ma l'IRS potrebbe contestare tale interpretazione. Non è previsto l'applicarsi della ritenuta della Sezione 871(m), salvo future indicazioni.
JPMorgan Chase Financial Company LLC ofrece Digital Buffered Notes vinculadas al índice S&P 500®, con vencimiento el 29 julio 2026. Los términos preliminares (a finalizarse alrededor del 11 julio 2025) establecen un Retorno Digital Contingente de al menos 8.26%. Los inversores reciben este rendimiento fijo si, al vencimiento, el nivel final del índice está (i) igual o por encima del nivel inicial o (ii) por debajo del nivel inicial hasta el 10% de buffer.
Si el índice cae más del 10%, se pierde capital en base apalancada: por cada 1% de caída adicional más allá del buffer, la pérdida equivale al 1.11111% del capital. Por lo tanto, una caída del 50% del índice retornaría solo $555.56 por cada nota de $1,000, y un colapso total del índice eliminaría la inversión. El potencial de ganancia está limitado al Retorno Digital Contingente; cualquier ganancia del índice superior al 8.26% no incrementa el pago.
Las notas son obligaciones no garantizadas y no subordinadas de JPMorgan Chase Financial Co., y están completamente garantizadas por JPMorgan Chase & Co. El riesgo crediticio recae en ambas entidades. La inversión mínima es de $10,000, con múltiplos integrales de $1,000. JPMS actuará como agente de venta y cálculo; las comisiones totales de venta no excederán $10 por nota de $1,000.
El emisor estima el valor de la nota en aproximadamente $985.80 (y no menos de $970) por cada $1,000 al momento de la fijación de precio, por debajo del precio público, debido a los costos incorporados de venta, estructuración y cobertura. Las notas no estarán listadas en bolsa y la liquidez secundaria dependerá únicamente de JPMS, que no está obligado a mantener un mercado.
Riesgos clave destacados incluyen la posible pérdida de capital, ganancia limitada, exposición crediticia del emisor/garante, opacidad en la valoración y liquidez limitada. Se espera que el tratamiento fiscal siga los principios de “open transaction”, aunque el IRS podría cuestionar esta posición. No se espera la aplicación de la retención bajo la Sección 871(m), sujeto a futuras directrices.
JPMorgan Chase Financial Company LLC는 디지털 버퍼드 노트를 S&P 500® 지수에 연계하여 2026년 7월 29일 만기 예정으로 제공합니다. 예비 조건(2025년 7월 11일경 확정 예정)은 최소 8.26%의 조건부 디지털 수익률을 설정합니다. 투자자는 만기 시 지수 종료 수준이 (i) 초기 지수 수준 이상이거나 (ii) 초기 지수 수준보다 최대 10% 버퍼 금액 이내로 하락한 경우 이 고정 수익을 받습니다.
지수가 10% 이상 하락하면 원금 손실이 레버리지 방식으로 발생합니다: 버퍼를 초과하는 1% 하락마다 원금의 1.11111% 손실이 발생합니다. 따라서 지수가 50% 하락하면 1,000달러 노트당 555.56달러만 반환되며, 지수가 완전히 붕괴하면 투자가 전액 손실됩니다. 상승 잠재력은 조건부 디지털 수익률로 제한되며, 8.26% 이상의 지수 상승은 지급액을 증가시키지 않습니다.
이 노트는 JPMorgan Chase Financial Co.의 무담보, 비후순위 채무이며 JPMorgan Chase & Co.가 전액 무조건 보증합니다. 신용 위험은 두 기관에 모두 있습니다. 최소 투자금액은 1만 달러이며 1,000달러 단위로 투자할 수 있습니다. JPMS가 판매 대리인 및 계산 대리인 역할을 하며, 총 판매 수수료는 1,000달러 노트당 10달러를 초과하지 않습니다.
발행자는 가격 책정 시 노트 가치를 약 985.80달러(최소 970달러)로 추정하며, 이는 공모가보다 낮으며 판매, 구조화 및 헤지 비용이 포함되어 있기 때문입니다. 노트는 거래소에 상장되지 않으며, 2차 유동성은 전적으로 JPMS에 의존하며, JPMS는 시장 조성을 의무화하지 않습니다.
주요 위험으로는 원금 손실 가능성, 상한 수익, 발행자/보증인 신용 위험, 평가 불투명성, 제한된 유동성이 포함됩니다. 세금 처리는 “오픈 트랜잭션” 원칙을 따를 것으로 예상되지만 IRS가 이 견해에 이의를 제기할 수 있습니다. 섹션 871(m) 원천징수는 향후 지침에 따라 적용되지 않을 것으로 예상됩니다.
JPMorgan Chase Financial Company LLC propose des Digital Buffered Notes liées à l'indice S&P 500®, arrivant à échéance le 29 juillet 2026. Les conditions préliminaires (à finaliser vers le 11 juillet 2025) établissent un rendement digital conditionnel d'au moins 8,26%. Les investisseurs reçoivent ce rendement fixe si, à l'échéance, le niveau final de l'indice est (i) égal ou supérieur au niveau initial ou (ii) inférieur au niveau initial jusqu'à hauteur du buffer de 10%.
Si l'indice baisse de plus de 10%, le capital est perdu sur une base à effet de levier : pour chaque baisse supplémentaire de 1% au-delà du buffer, la perte correspond à 1,11111% du capital. Par conséquent, une chute de 50% de l'indice ne rapporterait que 555,56$ pour chaque note de 1 000$, et un effondrement total de l'indice anéantirait l'investissement. Le potentiel de gain est plafonné au rendement digital conditionnel ; toute hausse de l'indice supérieure à 8,26% n'augmente pas le paiement.
Les notes sont des obligations non garanties et non subordonnées de JPMorgan Chase Financial Co. et sont entièrement garanties de manière inconditionnelle par JPMorgan Chase & Co. Le risque de crédit repose donc sur les deux entités. L'investissement minimum est de 10 000$, avec des multiples entiers de 1 000$. JPMS agira en tant qu'agent de vente et agent de calcul ; les commissions totales de vente ne dépasseront pas 10$ par note de 1 000$.
L'émetteur estime la valeur de la note à environ 985,80$ (et pas moins de 970$) pour 1 000$ lors de la tarification, inférieure au prix public, en raison des coûts incorporés de vente, de structuration et de couverture. Les notes ne seront pas cotées en bourse et la liquidité secondaire dépendra uniquement de JPMS, qui n'est pas tenu d'assurer un marché.
Risques clés soulignés : perte potentielle de capital, plafonnement du gain, exposition au risque de crédit de l'émetteur/garant, opacité de la valorisation et liquidité limitée. Le traitement fiscal devrait suivre les principes de la « transaction ouverte », mais l'IRS pourrait contester cette interprétation. La retenue à la source selon la section 871(m) n'est pas attendue, sous réserve de directives futures.
JPMorgan Chase Financial Company LLC bietet Digital Buffered Notes an, die an den S&P 500®-Index gekoppelt sind und am 29. Juli 2026 fällig werden. Die vorläufigen Bedingungen (voraussichtlich am oder um den 11. Juli 2025 endgültig festgelegt) sehen eine bedingt digitale Rendite von mindestens 8,26% vor. Anleger erhalten diese feste Rendite, wenn der Endindexstand bei Fälligkeit (i) auf oder über dem Anfangsindexstand liegt oder (ii) bis zu 10% unter dem Anfangsindexstand bleibt.
Fällt der Index um mehr als 10%, geht das Kapital auf Hebelbasis verloren: Für jeden weiteren 1%igen Rückgang über den Puffer hinaus entspricht der Verlust 1,11111% des Kapitals. Folglich würde ein Indexrückgang von 50% nur 555,56$ pro 1.000$-Note zurückzahlen, und ein kompletter Indexzusammenbruch würde die Investition vernichten. Die Aufwärtsrendite ist auf die bedingte digitale Rendite begrenzt; Gewinne über 8,26% hinaus erhöhen die Auszahlung nicht.
Die Notes sind ungesicherte, nicht nachrangige Verbindlichkeiten von JPMorgan Chase Financial Co. und werden vollständig und bedingungslos von JPMorgan Chase & Co. garantiert. Das Kreditrisiko liegt somit bei beiden Unternehmen. Die Mindestanlage beträgt 10.000$, mit ganzzahligen 1.000$-Schritten. JPMS fungiert als Verkaufs- und Berechnungsagent; die gesamten Vertriebskommissionen überschreiten 10$ pro 1.000$-Note nicht.
Der Emittent schätzt den Wert der Note bei der Preisfestsetzung auf etwa 985,80$ (nicht weniger als 970$) pro 1.000$, unter dem öffentlichen Angebotspreis, aufgrund eingebetteter Verkaufs-, Strukturierungs- und Absicherungskosten. Die Notes werden nicht an einer Börse notiert, und die Sekundärliquidität hängt ausschließlich von JPMS ab, die nicht verpflichtet ist, einen Markt zu stellen.
Wesentliche Risiken umfassen potenziellen Kapitalverlust, begrenzte Aufwärtschancen, Kreditrisiko des Emittenten/Garanten, Bewertungsintransparenz und eingeschränkte Liquidität. Die steuerliche Behandlung wird voraussichtlich den Prinzipien der „Open Transaction“ folgen, jedoch könnte das IRS diese Ansicht anfechten. Eine Quellensteuer gemäß Abschnitt 871(m) wird nicht erwartet, vorbehaltlich zukünftiger Richtlinien.
- Contingent Digital Return ≥8.26% provides a fixed gain in flat or moderately negative market scenarios.
- 10% Buffer offers partial principal protection against modest market declines.
- Full and unconditional guarantee by JPMorgan Chase & Co. adds a high-grade credit backstop.
- Upside is strictly capped at 8.26%, regardless of larger S&P 500 appreciation.
- Leveraged downside loss (1.11111×) beyond the 10% buffer can erase substantial principal.
- Notes are unsecured; payment depends on JPMorgan’s creditworthiness.
- No secondary-market listing; liquidity hinges on JPMS’s willingness to repurchase.
- Estimated fair value (≈$985.80) is below issue price, reflecting embedded costs.
Insights
TL;DR: Fixed 8.26% upside, 10% buffer, leveraged downside thereafter; credit and liquidity risks keep overall impact neutral.
The filing outlines a standard digital buffered note. While the 8.26% contingent return exceeds current short-dated Treasury yields, the payoff is binary and caps upside well below historical S&P 500 returns. The 10% buffer offers limited protection; downside leverage (1.11111×) quickly erodes capital in a sustained sell-off. From a credit standpoint, investors take on JPMorgan senior unsecured risk. Estimated value (≈$985.80) underscores a ~1.4% initial mark-up, and the lack of exchange listing limits exit flexibility. Overall, this is a yield-enhancement tool rather than a core equity substitute.
JPMorgan Chase Financial Company LLC offre Digital Buffered Notes collegati all'indice S&P 500®, con scadenza il 29 luglio 2026. I termini preliminari (da finalizzare intorno all'11 luglio 2025) prevedono un Rendimento Digitale Contingente di almeno l'8,26%. Gli investitori ricevono questo rendimento fisso se, alla scadenza, il livello finale dell'indice è (i) pari o superiore al livello iniziale o (ii) inferiore al livello iniziale fino al 10% di buffer.
Se l'indice scende oltre il 10%, il capitale si perde su base leva: per ogni ulteriore calo dell'1% oltre il buffer, la perdita corrisponde al 1,11111% del capitale. Di conseguenza, un calo del 50% dell'indice restituirebbe solo 555,56$ per ogni nota da 1.000$, mentre un crollo totale dell'indice azzererebbe l'investimento. Il guadagno massimo è limitato al rendimento digitale contingente; qualsiasi aumento dell'indice superiore all'8,26% non incrementa il pagamento.
Le note sono obbligazioni non garantite e non subordinate di JPMorgan Chase Financial Co. e sono completamente garantite da JPMorgan Chase & Co. Il rischio di credito riguarda quindi entrambe le entità. L'investimento minimo è di 10.000$, con multipli integrali da 1.000$. JPMS agirà come agente di vendita e di calcolo; le commissioni di vendita totali non supereranno i 10$ per ogni nota da 1.000$.
L'emittente stima il valore della nota intorno a 985,80$ (e non meno di 970$) per ogni 1.000$ al momento della quotazione, inferiore al prezzo pubblico, a causa dei costi incorporati di vendita, strutturazione e copertura. Le note non saranno quotate in borsa e la liquidità secondaria dipenderà esclusivamente da JPMS, che non è obbligata a mantenere un mercato.
Rischi chiave evidenziati includono la possibile perdita del capitale, il limite al guadagno, l'esposizione al rischio di credito dell'emittente/garante, la scarsa trasparenza nella valutazione e la limitata liquidità. Il trattamento fiscale dovrebbe seguire i principi della “open transaction”, ma l'IRS potrebbe contestare tale interpretazione. Non è previsto l'applicarsi della ritenuta della Sezione 871(m), salvo future indicazioni.
JPMorgan Chase Financial Company LLC ofrece Digital Buffered Notes vinculadas al índice S&P 500®, con vencimiento el 29 julio 2026. Los términos preliminares (a finalizarse alrededor del 11 julio 2025) establecen un Retorno Digital Contingente de al menos 8.26%. Los inversores reciben este rendimiento fijo si, al vencimiento, el nivel final del índice está (i) igual o por encima del nivel inicial o (ii) por debajo del nivel inicial hasta el 10% de buffer.
Si el índice cae más del 10%, se pierde capital en base apalancada: por cada 1% de caída adicional más allá del buffer, la pérdida equivale al 1.11111% del capital. Por lo tanto, una caída del 50% del índice retornaría solo $555.56 por cada nota de $1,000, y un colapso total del índice eliminaría la inversión. El potencial de ganancia está limitado al Retorno Digital Contingente; cualquier ganancia del índice superior al 8.26% no incrementa el pago.
Las notas son obligaciones no garantizadas y no subordinadas de JPMorgan Chase Financial Co., y están completamente garantizadas por JPMorgan Chase & Co. El riesgo crediticio recae en ambas entidades. La inversión mínima es de $10,000, con múltiplos integrales de $1,000. JPMS actuará como agente de venta y cálculo; las comisiones totales de venta no excederán $10 por nota de $1,000.
El emisor estima el valor de la nota en aproximadamente $985.80 (y no menos de $970) por cada $1,000 al momento de la fijación de precio, por debajo del precio público, debido a los costos incorporados de venta, estructuración y cobertura. Las notas no estarán listadas en bolsa y la liquidez secundaria dependerá únicamente de JPMS, que no está obligado a mantener un mercado.
Riesgos clave destacados incluyen la posible pérdida de capital, ganancia limitada, exposición crediticia del emisor/garante, opacidad en la valoración y liquidez limitada. Se espera que el tratamiento fiscal siga los principios de “open transaction”, aunque el IRS podría cuestionar esta posición. No se espera la aplicación de la retención bajo la Sección 871(m), sujeto a futuras directrices.
JPMorgan Chase Financial Company LLC는 디지털 버퍼드 노트를 S&P 500® 지수에 연계하여 2026년 7월 29일 만기 예정으로 제공합니다. 예비 조건(2025년 7월 11일경 확정 예정)은 최소 8.26%의 조건부 디지털 수익률을 설정합니다. 투자자는 만기 시 지수 종료 수준이 (i) 초기 지수 수준 이상이거나 (ii) 초기 지수 수준보다 최대 10% 버퍼 금액 이내로 하락한 경우 이 고정 수익을 받습니다.
지수가 10% 이상 하락하면 원금 손실이 레버리지 방식으로 발생합니다: 버퍼를 초과하는 1% 하락마다 원금의 1.11111% 손실이 발생합니다. 따라서 지수가 50% 하락하면 1,000달러 노트당 555.56달러만 반환되며, 지수가 완전히 붕괴하면 투자가 전액 손실됩니다. 상승 잠재력은 조건부 디지털 수익률로 제한되며, 8.26% 이상의 지수 상승은 지급액을 증가시키지 않습니다.
이 노트는 JPMorgan Chase Financial Co.의 무담보, 비후순위 채무이며 JPMorgan Chase & Co.가 전액 무조건 보증합니다. 신용 위험은 두 기관에 모두 있습니다. 최소 투자금액은 1만 달러이며 1,000달러 단위로 투자할 수 있습니다. JPMS가 판매 대리인 및 계산 대리인 역할을 하며, 총 판매 수수료는 1,000달러 노트당 10달러를 초과하지 않습니다.
발행자는 가격 책정 시 노트 가치를 약 985.80달러(최소 970달러)로 추정하며, 이는 공모가보다 낮으며 판매, 구조화 및 헤지 비용이 포함되어 있기 때문입니다. 노트는 거래소에 상장되지 않으며, 2차 유동성은 전적으로 JPMS에 의존하며, JPMS는 시장 조성을 의무화하지 않습니다.
주요 위험으로는 원금 손실 가능성, 상한 수익, 발행자/보증인 신용 위험, 평가 불투명성, 제한된 유동성이 포함됩니다. 세금 처리는 “오픈 트랜잭션” 원칙을 따를 것으로 예상되지만 IRS가 이 견해에 이의를 제기할 수 있습니다. 섹션 871(m) 원천징수는 향후 지침에 따라 적용되지 않을 것으로 예상됩니다.
JPMorgan Chase Financial Company LLC propose des Digital Buffered Notes liées à l'indice S&P 500®, arrivant à échéance le 29 juillet 2026. Les conditions préliminaires (à finaliser vers le 11 juillet 2025) établissent un rendement digital conditionnel d'au moins 8,26%. Les investisseurs reçoivent ce rendement fixe si, à l'échéance, le niveau final de l'indice est (i) égal ou supérieur au niveau initial ou (ii) inférieur au niveau initial jusqu'à hauteur du buffer de 10%.
Si l'indice baisse de plus de 10%, le capital est perdu sur une base à effet de levier : pour chaque baisse supplémentaire de 1% au-delà du buffer, la perte correspond à 1,11111% du capital. Par conséquent, une chute de 50% de l'indice ne rapporterait que 555,56$ pour chaque note de 1 000$, et un effondrement total de l'indice anéantirait l'investissement. Le potentiel de gain est plafonné au rendement digital conditionnel ; toute hausse de l'indice supérieure à 8,26% n'augmente pas le paiement.
Les notes sont des obligations non garanties et non subordonnées de JPMorgan Chase Financial Co. et sont entièrement garanties de manière inconditionnelle par JPMorgan Chase & Co. Le risque de crédit repose donc sur les deux entités. L'investissement minimum est de 10 000$, avec des multiples entiers de 1 000$. JPMS agira en tant qu'agent de vente et agent de calcul ; les commissions totales de vente ne dépasseront pas 10$ par note de 1 000$.
L'émetteur estime la valeur de la note à environ 985,80$ (et pas moins de 970$) pour 1 000$ lors de la tarification, inférieure au prix public, en raison des coûts incorporés de vente, de structuration et de couverture. Les notes ne seront pas cotées en bourse et la liquidité secondaire dépendra uniquement de JPMS, qui n'est pas tenu d'assurer un marché.
Risques clés soulignés : perte potentielle de capital, plafonnement du gain, exposition au risque de crédit de l'émetteur/garant, opacité de la valorisation et liquidité limitée. Le traitement fiscal devrait suivre les principes de la « transaction ouverte », mais l'IRS pourrait contester cette interprétation. La retenue à la source selon la section 871(m) n'est pas attendue, sous réserve de directives futures.
JPMorgan Chase Financial Company LLC bietet Digital Buffered Notes an, die an den S&P 500®-Index gekoppelt sind und am 29. Juli 2026 fällig werden. Die vorläufigen Bedingungen (voraussichtlich am oder um den 11. Juli 2025 endgültig festgelegt) sehen eine bedingt digitale Rendite von mindestens 8,26% vor. Anleger erhalten diese feste Rendite, wenn der Endindexstand bei Fälligkeit (i) auf oder über dem Anfangsindexstand liegt oder (ii) bis zu 10% unter dem Anfangsindexstand bleibt.
Fällt der Index um mehr als 10%, geht das Kapital auf Hebelbasis verloren: Für jeden weiteren 1%igen Rückgang über den Puffer hinaus entspricht der Verlust 1,11111% des Kapitals. Folglich würde ein Indexrückgang von 50% nur 555,56$ pro 1.000$-Note zurückzahlen, und ein kompletter Indexzusammenbruch würde die Investition vernichten. Die Aufwärtsrendite ist auf die bedingte digitale Rendite begrenzt; Gewinne über 8,26% hinaus erhöhen die Auszahlung nicht.
Die Notes sind ungesicherte, nicht nachrangige Verbindlichkeiten von JPMorgan Chase Financial Co. und werden vollständig und bedingungslos von JPMorgan Chase & Co. garantiert. Das Kreditrisiko liegt somit bei beiden Unternehmen. Die Mindestanlage beträgt 10.000$, mit ganzzahligen 1.000$-Schritten. JPMS fungiert als Verkaufs- und Berechnungsagent; die gesamten Vertriebskommissionen überschreiten 10$ pro 1.000$-Note nicht.
Der Emittent schätzt den Wert der Note bei der Preisfestsetzung auf etwa 985,80$ (nicht weniger als 970$) pro 1.000$, unter dem öffentlichen Angebotspreis, aufgrund eingebetteter Verkaufs-, Strukturierungs- und Absicherungskosten. Die Notes werden nicht an einer Börse notiert, und die Sekundärliquidität hängt ausschließlich von JPMS ab, die nicht verpflichtet ist, einen Markt zu stellen.
Wesentliche Risiken umfassen potenziellen Kapitalverlust, begrenzte Aufwärtschancen, Kreditrisiko des Emittenten/Garanten, Bewertungsintransparenz und eingeschränkte Liquidität. Die steuerliche Behandlung wird voraussichtlich den Prinzipien der „Open Transaction“ folgen, jedoch könnte das IRS diese Ansicht anfechten. Eine Quellensteuer gemäß Abschnitt 871(m) wird nicht erwartet, vorbehaltlich zukünftiger Richtlinien.
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 7, 2025.
|
Pricing supplement |
|
|
To prospectus dated April 13, 2023, prospectus supplement dated April 13, 2023, product supplement no. 4-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023 and prospectus addendum dated June 3, 2024 |
Registration Statement Nos. 333-270004 and 333-270004-01 Dated July , 2025 Rule 424(b)(2) |
|
|
|
JPMorgan Chase Financial Company LLC
|
Structured Investments |
$ Digital Buffered Notes Linked to the S&P 500® Index due July 29, 2026 Fully and Unconditionally Guaranteed by JPMorgan Chase & Co. |
General
●The notes are designed for investors who seek a fixed return of at least 8.26%* if the Ending Index Level of the S&P 500® Index is greater than or equal to the Initial Index Level or is less than the Initial Index Level by up to 10.00%.
●Investors should be willing to forgo interest and dividend payments and, if the Ending Index Level is less than the Initial Index Level by more than 10.00%, 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.
●Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof
Key Terms
|
Issuer: |
JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
|
Guarantor: |
JPMorgan Chase & Co. |
|
Index: |
The S&P 500® Index (Bloomberg ticker: SPX) |
|
Payment at Maturity: |
If the Ending Index Level is greater than or equal to the Initial Index Level or is less than the Initial Index Level by up to the Buffer Amount, at maturity you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Contingent Digital Return. Accordingly, under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: |
|
|
$1,000 + ($1,000 × Contingent Digital Return) |
|
|
If the Ending Index Level is less than the Initial Index Level by more than the Buffer Amount, at maturity you will lose 1.11111% of the principal amount of your notes for every 1% that the Ending Index Level is less than the Initial Index Level by more than the Buffer Amount. Under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: |
|
|
$1,000 + [$1,000 × (Index Return + Buffer Amount) × Downside Leverage Factor] |
|
|
You will lose some or all of your principal amount at maturity if the Ending Index Level is less than the Initial Index Level by more than the Buffer Amount of 10.00%. |
|
Contingent Digital Return: |
At least 8.26%*, which reflects the maximum return on the notes. Accordingly, assuming a Contingent Digital Return of 8.26%, the maximum payment at maturity per $1,000 principal amount note is $1,082.60. |
|
Buffer Amount: |
10.00% |
|
Downside Leverage Factor: |
1.11111 |
|
Index Return: |
(Ending Index Level – Initial Index Level) Initial Index Level |
|
Initial Index Level: |
The closing level of the Index on the Pricing Date. |
|
Ending Index Level: |
The closing level of the Index on the Valuation Date |
|
Pricing Date: |
On or about July 11, 2025 |
|
Original Issue Date (Settlement Date): |
On or about July 16, 2025 |
|
Valuation Date*: |
July 24, 2026 |
|
Maturity Date*: |
July 29, 2026 |
|
CUSIP: |
48136FMM1 |
|
* |
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 a Single Underlying — Notes Linked to a Single Underlying (Other Than a Commodity Index)” and “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement |
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-5 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.
|
|
Price to Public (1) |
Fees and Commissions (2) |
Proceeds to Issuer |
|
Per note |
$1,000 |
$ |
$ |
|
Total |
$ |
$ |
$ |
(1)See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the notes.
(2)J.P. Morgan Securities LLC, which we refer to as 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 $10.00 per $1,000 principal amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
If the notes priced today, the estimated value of the notes would be approximately $985.80 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 $970.00 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.
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.
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.
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.
|
JPMorgan Structured Investments - |
PS - 1 |
Digital Buffered Notes Linked to the S&P 500® Index
What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Index?
The following table and examples illustrate the hypothetical total return and the hypothetical payment at maturity on the notes. 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. Each hypothetical total return or payment at maturity set forth below assumes an Initial Index Level of 100 and a Contingent Digital Return of 8.26% and reflects the Downside Leverage Factor of 1.11111 and the Buffer Amount of 10.00%. The actual Contingent Digital Return will be provided in the pricing supplement and will not be less than 8.26%. Each hypothetical total return or 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 in the examples below have been rounded for ease of analysis.
The hypothetical Initial Index Level of 100.00 has been chosen for illustrative purposes only and may not represent a likely actual Initial Index Level. The actual Initial Index Level will be the closing level of the Index on the Pricing Date and will be provided in the pricing supplement. For historical data regarding the actual closing levels of the Index, please see the historical information set forth under “Historical Information” in this pricing supplement.
|
Ending Index Level |
Index Return |
Total Return |
|
180.00 |
80.00% |
8.2600% |
|
170.00 |
70.00% |
8.2600% |
|
160.00 |
60.00% |
8.2600% |
|
150.00 |
50.00% |
8.2600% |
|
140.00 |
40.00% |
8.2600% |
|
130.00 |
30.00% |
8.2600% |
|
120.00 |
20.00% |
8.2600% |
|
115.00 |
15.00% |
8.2600% |
|
110.00 |
10.00% |
8.2600% |
|
108.26 |
8.26% |
8.2600% |
|
105.00 |
5.00% |
8.2600% |
|
102.50 |
2.50% |
8.2600% |
|
100.00 |
0.00% |
8.2600% |
|
97.50 |
-2.50% |
8.2600% |
|
95.00 |
-5.00% |
8.2600% |
|
90.00 |
-10.00% |
8.2600% |
|
80.00 |
-20.00% |
-11.1111% |
|
70.00 |
-30.00% |
-22.2222% |
|
60.00 |
-40.00% |
-33.3333% |
|
50.00 |
-50.00% |
-44.4444% |
|
40.00 |
-60.00% |
-55.5555% |
|
30.00 |
-70.00% |
-66.6666% |
|
20.00 |
-80.00% |
-77.7778% |
|
10.00 |
-90.00% |
-88.8888% |
|
0.00 |
-100.00% |
-100.0000% |
|
|
|
|
|
JPMorgan Structured Investments - |
PS - 2 |
Digital Buffered Notes Linked to the S&P 500® Index
Hypothetical Examples of Amount Payable at Maturity
The following examples illustrate how the payment at maturity in different hypothetical scenarios is calculated.
Example 1: The level of the Index increases from the Initial Index Level of 100.00 to an Ending Index Level of 105.00.
Because the Ending Index Level of 105.00 is greater than the Initial Index Level of 100.00, regardless of the Index Return, the investor receives a payment at maturity of $1,082.60 per $1,000 principal amount note, calculated as follows:
$1,000 + ($1,000 × 8.26%) = $1,082.60
Example 2: The level of the Index decreases from the Initial Index Level of 100.00 to an Ending Index Level of 90.00.
Although the Index Return is negative, because the Ending Index Level of 90.00 is less than the Initial Index Level of 100.00 by up to the Buffer Amount of 10.00%, the investor receives a payment at maturity of $1,082.60 per $1,000 principal amount note, calculated as follows:
$1,000 + ($1,000 × 8.26%) = $1,082.60
Example 3: The level of the Index increases from the Initial Index Level of 100.00 to an Ending Index Level of 140.00.
Because the Ending Index Level of 140.00 is greater than the Initial Index Level of 100.00 and although the Index Return of 40.00% exceeds the Contingent Digital Return of 8.26%, the investor is entitled to only the Contingent Digital Return and receives a payment at maturity of $1,082.60 per $1,000 principal amount note, calculated as follows:
$1,000 + ($1,000 × 8.26%) = $1,082.60
Example 4: The level of the Index decreases from the Initial Index Level of 100.00 to an Ending Index Level of 50.00.
Because the Ending Index Level of 50.00 is less than the Initial Index Level of 100.00 by more than the Buffer Amount of 10.00% and the Index Return is -50.00%, the investor receives a payment at maturity of $555.556 per $1,000 principal amount note, calculated as follows:
$1,000 + [$1,000 × (-50.00% + 10.00%) × 1.11111] = $555.556
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 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.
|
JPMorgan Structured Investments - |
PS - 3 |
Digital Buffered Notes Linked to the S&P 500® Index
Selected Purchase Considerations
●FIXED APPRECIATION POTENTIAL — If the Ending Index Level is greater than or equal to the Initial Index Level or is less than the Initial Index Level by up to the Buffer Amount, you will receive a fixed return equal to the Contingent Digital Return of at least 8.26% at maturity, which also reflects the maximum return on the notes at maturity. The actual Contingent Digital Return will be provided in the pricing supplement and will not be less than 8.26%. Because the notes are our unsecured and unsubordinated obligations, the payment of which is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to our ability to pay our obligations as they become due and JPMorgan Chase & Co.’s ability to pay its obligations as they become due.
●LIMITED PROTECTION AGAINST LOSS — We will pay you at least your principal back at maturity if the Ending Index Level is greater than or equal to the Initial Index Level or is less than the Initial Index Level by up to the Buffer Amount. If the Ending Index Level is less than the Initial Index Level by more than the Buffer Amount, for every 1% that the Ending Index Level is less than the Initial Index Level by more than the Buffer Amount, you will lose an amount equal to 1.11111% of the principal amount of your notes at maturity. Accordingly, you may lose some or all of your principal amount at maturity.
●RETURN DEPENDENT ON THE S&P 500® INDEX — 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.
●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.
|
JPMorgan Structured Investments - |
PS - 4 |
Digital Buffered Notes Linked to the S&P 500® Index
Selected Risk Considerations
An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Index or any of the component securities of the Index. These risks are explained in more detail in the “Risk Factors” section 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. The return on the notes at maturity is dependent on the performance of the Index and will depend on whether, and the extent to which, the Ending Index Level is less than the Initial Index Level. Your investment will be exposed to a loss on a leveraged basis if the Ending Index Level is less than the Initial Index Level by more than the Buffer Amount. In this case, for every 1% that the Ending Index Level is less than the Initial Index Level by more than the Buffer Amount, you will lose an amount equal to 1.11111% of the principal amount of your notes. Accordingly, you may lose some or all of your principal amount at maturity.
●YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED TO THE CONTINGENT DIGITAL RETURN — If the Ending Index Level is greater than or equal to the Initial Index Level or is less than the Initial Index Level by up to the Buffer Amount, for each $1,000 principal amount note, you will receive at maturity $1,000 plus an additional return equal to the Contingent Digital Return of at least 8.26%, regardless of any appreciation of the Index, which may be significant. The actual Contingent Digital Return will be provided in the pricing supplement and will not be less than 8.26%.
●YOUR ABILITY TO RECEIVE THE CONTINGENT DIGITAL RETURN MAY TERMINATE ON THE VALUATION DATE — If the Ending Index Level is less than the Initial Index Level by more than the Buffer Amount, you will not be entitled to receive the Contingent Digital Return at maturity. Under these circumstances, you will lose some or all of your principal amount at maturity.
●CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. — The notes are subject to our and JPMorgan Chase & Co.’s credit risks, and our and JPMorgan Chase & Co.’s credit ratings and credit spreads may adversely affect the market value of the notes. 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.
●NO INTEREST OR DIVIDEND PAYMENTS OR VOTING RIGHTS — As a holder of the notes, you will not receive interest payments, and you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of the securities included in the Index would have.
●LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, 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.
●THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT — The final terms of the notes will be based on relevant market conditions when the terms of the notes are set and will be provided in the pricing supplement. In particular, each of the estimated value of the notes and the Contingent Digital Return will be provided in the pricing supplement and each may be as low as the applicable minimum set forth on the cover of this pricing supplement. Accordingly, 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 issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes, hedging our obligations under the notes and making the assumptions used to determine the pricing of the notes and the estimated value of the notes when the terms of the notes are set, which we refer to as the estimated value of the notes. In performing these duties, our and JPMorgan Chase & Co.’s economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition, our and JPMorgan Chase & Co.’s business activities, including hedging and trading activities, could cause our and JPMorgan Chase & Co.’s economic interests to be adverse to
|
JPMorgan Structured Investments - |
PS - 5 |
Digital Buffered Notes Linked to the S&P 500® Index
yours and could adversely affect any payment on the notes and the value of 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 for additional information about these risks.
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 selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions, 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 — The estimated value of the notes is determined by reference to internal pricing models of our affiliates when the terms of the notes are set. This estimated value of the notes is based on market conditions and other relevant factors existing at that time and assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. 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. 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. These costs can include selling commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt issuances. 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, 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 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. See the immediately following risk consideration for information about additional factors that will impact any secondary market prices of the 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. See “— Lack of Liquidity” above.
●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, projected hedging profits, if any, estimated hedging costs and the level of the Index.
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.
|
JPMorgan Structured Investments - |
PS - 6 |
Digital Buffered Notes Linked to the S&P 500® Index
Risks Relating to the Index
●JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE INDEX — JPMorgan Chase & Co. is currently one of the companies that make up the Index, but JPMorgan Chase & Co. will have no obligation to consider your interests as a holder of the notes in taking any corporate action that might affect the value of the Index.
Historical Information
The following graph sets forth the historical performance of the Index based on the weekly historical closing levels of the Index from January 3, 2020 through July 3, 2025. The closing level of the Index on July 3, 2025 was 6,279.35.
We obtained the closing levels of the Index above and below from the Bloomberg Professional® service (“Bloomberg”), without independent verification. The historical levels of the Index should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Index on the Pricing Date or the Valuation Date. There can be no assurance that the performance of the Index will result in the return of any of your principal amount.
|
|
Historical Performance of the S&P 500® Index Source: Bloomberg |
|
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 determined when the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others’ Estimates” in this pricing supplement.
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 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. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the notes. See “Selected Risk Considerations — Risks Relating to the Estimated
|
JPMorgan Structured Investments - |
PS - 7 |
Digital Buffered Notes Linked to the S&P 500® Index
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 “Selected Risk Considerations — 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 this pricing 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 that 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.”
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 “What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Index?” and “Hypothetical Examples of Amount Payable at Maturity” in this pricing supplement for an illustration of the risk-return profile of the notes and “Selected Purchase Considerations — Return Dependent on the S&P 500® Index” 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 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.
|
JPMorgan Structured Investments - |
PS - 8 |
Digital Buffered Notes Linked to the S&P 500® Index
FAQ
What is the maturity date of JPMorgan's Digital Buffered Notes (symbol VYLD)?
How much upside can an investor earn on the VYLD notes?
How does the 10% buffer protect principal?
What happens if the S&P 500 declines more than the buffer amount?
Are these notes insured or secured?
Will the notes trade on an exchange?
