[424B3] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Filed Pursuant to Rule 424(b)(3)
Overview: JPMorgan Chase Financial Company LLC is marketing 5-year, USD-denominated Auto-Callable Review Notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The index dynamically allocates 0-500% leveraged exposure to E-Mini S&P 500 futures while targeting a volatility level; its value is reduced by a 6.0% per-annum daily fee.
Key terms: Minimum denomination $1,000; Pricing Date 15-Jul-2025; Daily Review Dates after an initial 1-year non-call period; Final Review 15-Jul-2030; Maturity 18-Jul-2030. Automatic call triggers when the index closes at or above the Call Value (100% of initial level through the 1,003rd Review Date; 60% on the final Review Date). If called, investors receive principal plus a Call Premium Amount calculated from a rate of at least 14.50% p.a., prorated to the call date.
Payout profile: If the notes are not called and the index closes below the 60% Barrier on the final Review Date, repayment equals $1,000 + ($1,000 × Index Return), exposing holders to losses exceeding 40% and potentially up to 100% of principal. Estimated value at issuance will be no less than $880 per $1,000, below issue price due to internal funding and structuring costs.
Principal risks: (1) Full issuer and guarantor credit risk; (2) No coupons, dividends, or voting rights; (3) 6% annual index deduction combined with up to 500% leverage heightens downside; (4) Upside capped at accrued call premium; (5) Secondary-market liquidity is discretionary and may be at a material discount; (6) Complex, uncertain tax treatment; (7) Numerous conflicts of interest, including JPMS acting as calculation agent and index co-developer.
Investor view: The notes may suit investors seeking short-to-medium-term, volatility-managed equity exposure with the possibility of an early, double-digit premium, and who are comfortable with leverage, credit exposure to JPMorgan, and the risk of substantial principal loss.
Panoramica: JPMorgan Chase Financial Company LLC offre Notes Auto-Callable Review a 5 anni, denominate in USD, collegate all'indice MerQube US Large-Cap Vol Advantage (MQUSLVA). L'indice assegna dinamicamente un'esposizione con leva da 0 a 500% sui futures E-Mini S&P 500, mirando a un livello di volatilità; il suo valore è ridotto da una commissione giornaliera dello 6,0% annuo.
Termini chiave: Taglio minimo $1.000; Data di prezzo 15-lug-2025; Date di revisione giornaliere dopo un periodo iniziale di 1 anno senza possibilità di richiamo; Revisione finale 15-lug-2030; Scadenza 18-lug-2030. Il richiamo automatico scatta se l'indice chiude pari o superiore al Valore di Richiamo (100% del livello iniziale fino alla 1.003ª Data di Revisione; 60% alla Revisione finale). Se richiamato, gli investitori ricevono il capitale più un premio di richiamo calcolato su un tasso minimo del 14,50% annuo, proporzionato alla data di richiamo.
Profilo di pagamento: Se le notes non vengono richiamate e l'indice chiude sotto la barriera del 60% alla Revisione finale, il rimborso sarà pari a $1.000 + ($1.000 × Rendimento dell'Indice), esponendo gli investitori a perdite superiori al 40% e potenzialmente fino al 100% del capitale. Il valore stimato all'emissione sarà non inferiore a $880 per ogni $1.000, inferiore al prezzo di emissione a causa dei costi interni di finanziamento e strutturazione.
Rischi principali: (1) Rischio completo di credito dell'emittente e garante; (2) Nessun coupon, dividendi o diritti di voto; (3) Deduzione annua del 6% sull'indice combinata con leva fino a 500% aumenta il rischio al ribasso; (4) Potenziale di guadagno limitato al premio di richiamo maturato; (5) Liquidità sul mercato secondario discrezionale e potenzialmente a sconto rilevante; (6) Trattamento fiscale complesso e incerto; (7) Numerosi conflitti di interesse, incluso JPMS che agisce come agente di calcolo e co-sviluppatore dell'indice.
Visione dell'investitore: Le notes possono essere adatte a investitori che cercano un'esposizione azionaria a breve-medio termine con gestione della volatilità, possibilità di premio anticipato a doppia cifra, e che siano a proprio agio con la leva finanziaria, l'esposizione creditizia a JPMorgan e il rischio di perdita significativa del capitale.
Resumen: JPMorgan Chase Financial Company LLC está comercializando Notas Auto-Callable Review a 5 años, denominadas en USD, vinculadas al índice MerQube US Large-Cap Vol Advantage (MQUSLVA). El índice asigna dinámicamente una exposición apalancada de 0 a 500% a futuros E-Mini S&P 500, buscando un nivel objetivo de volatilidad; su valor se reduce por una comisión diaria del 6.0% anual.
Términos clave: Denominación mínima $1,000; Fecha de precio 15-jul-2025; Fechas de revisión diarias tras un período inicial de 1 año sin opción de llamada; Revisión final 15-jul-2030; Vencimiento 18-jul-2030. El llamado automático se activa si el índice cierra igual o por encima del Valor de Llamada (100% del nivel inicial hasta la 1,003ª fecha de revisión; 60% en la revisión final). Si se llama, los inversores reciben el principal más una prima de llamada calculada a una tasa mínima del 14.50% anual, prorrateada hasta la fecha de llamada.
Perfil de pago: Si las notas no son llamadas y el índice cierra por debajo de la barrera del 60% en la revisión final, el reembolso será $1,000 + ($1,000 × Retorno del Índice), exponiendo a los tenedores a pérdidas superiores al 40% y potencialmente hasta el 100% del principal. El valor estimado en emisión no será inferior a $880 por cada $1,000, inferior al precio de emisión debido a costos internos de financiamiento y estructuración.
Riesgos principales: (1) Riesgo total de crédito del emisor y garante; (2) Sin cupones, dividendos ni derechos de voto; (3) Deducción anual del 6% del índice combinada con apalancamiento de hasta 500% aumenta la exposición a la baja; (4) Ganancia máxima limitada a la prima de llamada acumulada; (5) Liquidez en mercado secundario discrecional y puede ser con descuento significativo; (6) Tratamiento fiscal complejo e incierto; (7) Numerosos conflictos de interés, incluyendo JPMS como agente de cálculo y co-desarrollador del índice.
Perspectiva del inversor: Las notas pueden ser adecuadas para inversores que buscan exposición a acciones a corto-medio plazo con gestión de volatilidad, posibilidad de prima anticipada de dos dígitos, y que estén cómodos con apalancamiento, exposición crediticia a JPMorgan y riesgo de pérdida sustancial de capital.
개요: JPMorgan Chase Financial Company LLC는 MerQube US Large-Cap Vol Advantage 지수(MQUSLVA)에 연동된 5년 만기 USD 표시 자동 콜 가능 리뷰 노트를 판매하고 있습니다. 이 지수는 E-Mini S&P 500 선물에 대해 0~500% 레버리지 노출을 동적으로 할당하며 변동성 수준을 목표로 합니다. 지수 가치는 연 6.0%의 일일 수수료로 감소합니다.
주요 조건: 최소 액면가 $1,000; 가격 결정일 2025년 7월 15일; 1년간 콜 불가 기간 이후 매일 리뷰 날짜; 최종 리뷰 2030년 7월 15일; 만기 2030년 7월 18일. 자동 콜은 지수가 콜 가치 이상(초기 수준의 100%, 1,003번째 리뷰 날짜까지; 최종 리뷰 날짜에는 60%)으로 마감될 때 발동됩니다. 콜이 발동되면 투자자는 원금과 최소 연 14.50%의 콜 프리미엄이 콜 날짜까지 비례 배분된 금액을 받습니다.
지급 구조: 노트가 콜되지 않고 최종 리뷰 날짜에 지수가 60% 장벽 아래로 마감되면 상환금은 $1,000 + ($1,000 × 지수 수익률)로, 투자자는 40% 이상의 손실과 최대 원금 전액 손실 위험에 노출됩니다. 발행 시 추정 가치는 $1,000당 최소 $880으로, 내부 자금 조달 및 구조화 비용으로 인해 발행가보다 낮습니다.
주요 위험: (1) 발행자 및 보증인의 전면 신용 위험; (2) 쿠폰, 배당금, 의결권 없음; (3) 연 6% 지수 공제와 최대 500% 레버리지로 하방 위험 증가; (4) 상승 잠재력은 누적 콜 프리미엄으로 제한됨; (5) 2차 시장 유동성은 임의적이며 상당한 할인 가능성 있음; (6) 복잡하고 불확실한 세금 처리; (7) JPMS가 계산 대리인 및 지수 공동 개발자로서 다수의 이해 상충 존재.
투자자 관점: 이 노트는 단기~중기 변동성 관리 주식 노출과 조기 두 자릿수 프리미엄 가능성을 추구하며, 레버리지, JPMorgan 신용 위험 및 원금 상당 손실 위험을 감수할 수 있는 투자자에게 적합할 수 있습니다.
Présentation : JPMorgan Chase Financial Company LLC propose des Notes Auto-Callable Review à 5 ans, libellées en USD, liées à l'indice MerQube US Large-Cap Vol Advantage (MQUSLVA). L'indice alloue dynamiquement une exposition à effet de levier de 0 à 500 % sur les futures E-Mini S&P 500 tout en ciblant un niveau de volatilité ; sa valeur est réduite par une commission quotidienne de 6,0 % par an.
Principaux termes : Valeur nominale minimale de 1 000 $ ; date de tarification 15 juil. 2025 ; dates de revue quotidiennes après une période initiale d’un an sans possibilité de rappel ; revue finale le 15 juil. 2030 ; échéance le 18 juil. 2030. Le rappel automatique est déclenché lorsque l’indice clôture à ou au-dessus de la Valeur de Rappel (100 % du niveau initial jusqu’à la 1 003e date de revue ; 60 % à la revue finale). En cas de rappel, les investisseurs reçoivent le principal plus une prime de rappel calculée sur la base d’un taux d’au moins 14,50 % par an, au prorata jusqu’à la date de rappel.
Profil de paiement : Si les notes ne sont pas rappelées et que l’indice clôture en dessous de la barrière à 60 % à la revue finale, le remboursement est égal à 1 000 $ + (1 000 $ × rendement de l’indice), exposant les détenteurs à des pertes supérieures à 40 % et potentiellement jusqu’à 100 % du principal. La valeur estimée à l’émission sera d’au moins 880 $ pour 1 000 $, inférieure au prix d’émission en raison des coûts internes de financement et de structuration.
Risques principaux : (1) Risque de crédit complet de l’émetteur et du garant ; (2) Pas de coupons, dividendes ou droits de vote ; (3) Déduction annuelle de 6 % sur l’indice combinée à un effet de levier pouvant atteindre 500 % augmente le risque à la baisse ; (4) Potentiel de hausse plafonné à la prime de rappel accumulée ; (5) Liquidité sur le marché secondaire discrétionnaire et pouvant se négocier avec une décote significative ; (6) Traitement fiscal complexe et incertain ; (7) Nombreux conflits d’intérêts, y compris JPMS agissant en tant qu’agent de calcul et co-développeur de l’indice.
Point de vue de l’investisseur : Ces notes peuvent convenir aux investisseurs recherchant une exposition actions à court ou moyen terme gérée en volatilité, avec la possibilité d’une prime anticipée à deux chiffres, et qui sont à l’aise avec l’effet de levier, l’exposition au crédit JPMorgan et le risque de perte substantielle du capital.
Übersicht: Die JPMorgan Chase Financial Company LLC vermarktet 5-jährige, in USD denominierte Auto-Callable Review Notes, die an den MerQube US Large-Cap Vol Advantage Index (MQUSLVA) gekoppelt sind. Der Index weist dynamisch eine Hebelwirkung von 0-500% auf E-Mini S&P 500 Futures zu und zielt auf ein bestimmtes Volatilitätsniveau ab; sein Wert wird durch eine tägliche Gebühr von 6,0% p.a. reduziert.
Wesentliche Bedingungen: Mindeststückelung $1.000; Preisfeststellung am 15. Juli 2025; tägliche Überprüfungstermine nach einer anfänglichen 1-jährigen Nicht-Kündigungsperiode; letzte Überprüfung am 15. Juli 2030; Fälligkeit am 18. Juli 2030. Automatische Rückzahlung erfolgt, wenn der Index an einem Überprüfungstag auf oder über dem Rückzahlungswert schließt (100% des Anfangswerts bis zum 1.003. Überprüfungstag; 60% am letzten Überprüfungstag). Bei Rückzahlung erhalten Anleger das Kapital plus eine Rückzahlungsprämie, die auf einem jährlichen Satz von mindestens 14,50% basiert und anteilig bis zum Rückzahlungstag berechnet wird.
Auszahlungsprofil: Werden die Notes nicht zurückgezahlt und schließt der Index am letzten Überprüfungstag unter der 60%-Barriere, erfolgt die Rückzahlung in Höhe von $1.000 + ($1.000 × Indexrendite), wodurch Anleger Verluste von mehr als 40% und potenziell bis zu 100% des Kapitals ausgesetzt sind. Der geschätzte Ausgabewert liegt bei mindestens $880 pro $1.000, was unter dem Ausgabepreis liegt aufgrund interner Finanzierungs- und Strukturierungskosten.
Hauptsächliche Risiken: (1) Volles Emittenten- und Garantiegeber-Kreditrisiko; (2) Keine Coupons, Dividenden oder Stimmrechte; (3) 6% jährliche Indexgebühr kombiniert mit bis zu 500% Hebelwirkung erhöht das Abwärtsrisiko; (4) Obergrenze des Aufwärtspotenzials durch aufgelaufene Rückzahlungsprämie; (5) Liquidität am Sekundärmarkt ist diskretionär und kann mit erheblichen Abschlägen erfolgen; (6) Komplexe und unsichere steuerliche Behandlung; (7) Zahlreiche Interessenkonflikte, einschließlich JPMS als Berechnungsagent und Mitentwickler des Index.
Investorensicht: Die Notes können für Anleger geeignet sein, die eine kurzfristige bis mittelfristige, volatilitätsgesteuerte Aktienexposition mit der Möglichkeit einer vorzeitigen zweistelligen Prämie suchen und die mit Hebelwirkung, Kreditrisiko gegenüber JPMorgan und dem Risiko erheblicher Kapitalverluste vertraut sind.
- Minimum 14.50% annualized call premium provides an attractive, predefined return if the index holds at or above initial level.
- 60% barrier offers conditional downside buffer until final review, mitigating moderate market dips.
- Daily automatic call feature after year one allows early monetization, shortening duration and credit exposure.
- Principal at risk: investors may lose more than 40% and up to 100% if barrier is breached at maturity.
- 6% annual index deduction and up to 500% leverage amplify negative carry and downside volatility.
- Credit and liquidity risk: repayment depends on JPMorgan credit quality, and secondary trading is discretionary with potential deep discounts.
Insights
TL;DR – Callable structure offers attractive headline premium but risk-return is highly asymmetric.
The at-least-14.5% annualized call premium is competitive versus peers and the 60% barrier provides moderate downside cushioning until final review. However, the embedded 6% annual index fee and potential 500% leverage create a steep path-dependent decay that erodes value in sideways or falling markets. Investors surrender upside beyond the premium while facing full delta exposure if the barrier is breached at maturity. Given the notes’ estimated value (≤ 88% of par) and credit spread of JPMorgan, the product prices in roughly 120 bp of annual structuring cost. Liquidity is dealer-driven, so exit before a call could crystallize additional discount. Overall impact on existing JPMorgan securities is negligible, but for buyers the instrument is a tactical rather than core holding.
TL;DR – Leverage, fee drag and credit risk materially elevate downside.
With exposure up to 5× futures, a 20% adverse move in the S&P 500 could translate into a 100% index decline, wiping out protection. The daily 6% fee guarantees negative carry unless futures performance offsets it. Because the call trigger stays at 100% until late in the term, probability-weighted outcomes skew toward either early redemption or deep capital loss—little middle ground. The 60% final-only barrier means one bad day can override four‐plus years of modest moves. Investors need to stress liquidity: JPMS has no obligation to make a market and bid-offer spreads on bespoke notes can exceed 3-5 points. From a portfolio perspective, treat this as a speculative ticket rather than a bond surrogate.
Panoramica: JPMorgan Chase Financial Company LLC offre Notes Auto-Callable Review a 5 anni, denominate in USD, collegate all'indice MerQube US Large-Cap Vol Advantage (MQUSLVA). L'indice assegna dinamicamente un'esposizione con leva da 0 a 500% sui futures E-Mini S&P 500, mirando a un livello di volatilità; il suo valore è ridotto da una commissione giornaliera dello 6,0% annuo.
Termini chiave: Taglio minimo $1.000; Data di prezzo 15-lug-2025; Date di revisione giornaliere dopo un periodo iniziale di 1 anno senza possibilità di richiamo; Revisione finale 15-lug-2030; Scadenza 18-lug-2030. Il richiamo automatico scatta se l'indice chiude pari o superiore al Valore di Richiamo (100% del livello iniziale fino alla 1.003ª Data di Revisione; 60% alla Revisione finale). Se richiamato, gli investitori ricevono il capitale più un premio di richiamo calcolato su un tasso minimo del 14,50% annuo, proporzionato alla data di richiamo.
Profilo di pagamento: Se le notes non vengono richiamate e l'indice chiude sotto la barriera del 60% alla Revisione finale, il rimborso sarà pari a $1.000 + ($1.000 × Rendimento dell'Indice), esponendo gli investitori a perdite superiori al 40% e potenzialmente fino al 100% del capitale. Il valore stimato all'emissione sarà non inferiore a $880 per ogni $1.000, inferiore al prezzo di emissione a causa dei costi interni di finanziamento e strutturazione.
Rischi principali: (1) Rischio completo di credito dell'emittente e garante; (2) Nessun coupon, dividendi o diritti di voto; (3) Deduzione annua del 6% sull'indice combinata con leva fino a 500% aumenta il rischio al ribasso; (4) Potenziale di guadagno limitato al premio di richiamo maturato; (5) Liquidità sul mercato secondario discrezionale e potenzialmente a sconto rilevante; (6) Trattamento fiscale complesso e incerto; (7) Numerosi conflitti di interesse, incluso JPMS che agisce come agente di calcolo e co-sviluppatore dell'indice.
Visione dell'investitore: Le notes possono essere adatte a investitori che cercano un'esposizione azionaria a breve-medio termine con gestione della volatilità, possibilità di premio anticipato a doppia cifra, e che siano a proprio agio con la leva finanziaria, l'esposizione creditizia a JPMorgan e il rischio di perdita significativa del capitale.
Resumen: JPMorgan Chase Financial Company LLC está comercializando Notas Auto-Callable Review a 5 años, denominadas en USD, vinculadas al índice MerQube US Large-Cap Vol Advantage (MQUSLVA). El índice asigna dinámicamente una exposición apalancada de 0 a 500% a futuros E-Mini S&P 500, buscando un nivel objetivo de volatilidad; su valor se reduce por una comisión diaria del 6.0% anual.
Términos clave: Denominación mínima $1,000; Fecha de precio 15-jul-2025; Fechas de revisión diarias tras un período inicial de 1 año sin opción de llamada; Revisión final 15-jul-2030; Vencimiento 18-jul-2030. El llamado automático se activa si el índice cierra igual o por encima del Valor de Llamada (100% del nivel inicial hasta la 1,003ª fecha de revisión; 60% en la revisión final). Si se llama, los inversores reciben el principal más una prima de llamada calculada a una tasa mínima del 14.50% anual, prorrateada hasta la fecha de llamada.
Perfil de pago: Si las notas no son llamadas y el índice cierra por debajo de la barrera del 60% en la revisión final, el reembolso será $1,000 + ($1,000 × Retorno del Índice), exponiendo a los tenedores a pérdidas superiores al 40% y potencialmente hasta el 100% del principal. El valor estimado en emisión no será inferior a $880 por cada $1,000, inferior al precio de emisión debido a costos internos de financiamiento y estructuración.
Riesgos principales: (1) Riesgo total de crédito del emisor y garante; (2) Sin cupones, dividendos ni derechos de voto; (3) Deducción anual del 6% del índice combinada con apalancamiento de hasta 500% aumenta la exposición a la baja; (4) Ganancia máxima limitada a la prima de llamada acumulada; (5) Liquidez en mercado secundario discrecional y puede ser con descuento significativo; (6) Tratamiento fiscal complejo e incierto; (7) Numerosos conflictos de interés, incluyendo JPMS como agente de cálculo y co-desarrollador del índice.
Perspectiva del inversor: Las notas pueden ser adecuadas para inversores que buscan exposición a acciones a corto-medio plazo con gestión de volatilidad, posibilidad de prima anticipada de dos dígitos, y que estén cómodos con apalancamiento, exposición crediticia a JPMorgan y riesgo de pérdida sustancial de capital.
개요: JPMorgan Chase Financial Company LLC는 MerQube US Large-Cap Vol Advantage 지수(MQUSLVA)에 연동된 5년 만기 USD 표시 자동 콜 가능 리뷰 노트를 판매하고 있습니다. 이 지수는 E-Mini S&P 500 선물에 대해 0~500% 레버리지 노출을 동적으로 할당하며 변동성 수준을 목표로 합니다. 지수 가치는 연 6.0%의 일일 수수료로 감소합니다.
주요 조건: 최소 액면가 $1,000; 가격 결정일 2025년 7월 15일; 1년간 콜 불가 기간 이후 매일 리뷰 날짜; 최종 리뷰 2030년 7월 15일; 만기 2030년 7월 18일. 자동 콜은 지수가 콜 가치 이상(초기 수준의 100%, 1,003번째 리뷰 날짜까지; 최종 리뷰 날짜에는 60%)으로 마감될 때 발동됩니다. 콜이 발동되면 투자자는 원금과 최소 연 14.50%의 콜 프리미엄이 콜 날짜까지 비례 배분된 금액을 받습니다.
지급 구조: 노트가 콜되지 않고 최종 리뷰 날짜에 지수가 60% 장벽 아래로 마감되면 상환금은 $1,000 + ($1,000 × 지수 수익률)로, 투자자는 40% 이상의 손실과 최대 원금 전액 손실 위험에 노출됩니다. 발행 시 추정 가치는 $1,000당 최소 $880으로, 내부 자금 조달 및 구조화 비용으로 인해 발행가보다 낮습니다.
주요 위험: (1) 발행자 및 보증인의 전면 신용 위험; (2) 쿠폰, 배당금, 의결권 없음; (3) 연 6% 지수 공제와 최대 500% 레버리지로 하방 위험 증가; (4) 상승 잠재력은 누적 콜 프리미엄으로 제한됨; (5) 2차 시장 유동성은 임의적이며 상당한 할인 가능성 있음; (6) 복잡하고 불확실한 세금 처리; (7) JPMS가 계산 대리인 및 지수 공동 개발자로서 다수의 이해 상충 존재.
투자자 관점: 이 노트는 단기~중기 변동성 관리 주식 노출과 조기 두 자릿수 프리미엄 가능성을 추구하며, 레버리지, JPMorgan 신용 위험 및 원금 상당 손실 위험을 감수할 수 있는 투자자에게 적합할 수 있습니다.
Présentation : JPMorgan Chase Financial Company LLC propose des Notes Auto-Callable Review à 5 ans, libellées en USD, liées à l'indice MerQube US Large-Cap Vol Advantage (MQUSLVA). L'indice alloue dynamiquement une exposition à effet de levier de 0 à 500 % sur les futures E-Mini S&P 500 tout en ciblant un niveau de volatilité ; sa valeur est réduite par une commission quotidienne de 6,0 % par an.
Principaux termes : Valeur nominale minimale de 1 000 $ ; date de tarification 15 juil. 2025 ; dates de revue quotidiennes après une période initiale d’un an sans possibilité de rappel ; revue finale le 15 juil. 2030 ; échéance le 18 juil. 2030. Le rappel automatique est déclenché lorsque l’indice clôture à ou au-dessus de la Valeur de Rappel (100 % du niveau initial jusqu’à la 1 003e date de revue ; 60 % à la revue finale). En cas de rappel, les investisseurs reçoivent le principal plus une prime de rappel calculée sur la base d’un taux d’au moins 14,50 % par an, au prorata jusqu’à la date de rappel.
Profil de paiement : Si les notes ne sont pas rappelées et que l’indice clôture en dessous de la barrière à 60 % à la revue finale, le remboursement est égal à 1 000 $ + (1 000 $ × rendement de l’indice), exposant les détenteurs à des pertes supérieures à 40 % et potentiellement jusqu’à 100 % du principal. La valeur estimée à l’émission sera d’au moins 880 $ pour 1 000 $, inférieure au prix d’émission en raison des coûts internes de financement et de structuration.
Risques principaux : (1) Risque de crédit complet de l’émetteur et du garant ; (2) Pas de coupons, dividendes ou droits de vote ; (3) Déduction annuelle de 6 % sur l’indice combinée à un effet de levier pouvant atteindre 500 % augmente le risque à la baisse ; (4) Potentiel de hausse plafonné à la prime de rappel accumulée ; (5) Liquidité sur le marché secondaire discrétionnaire et pouvant se négocier avec une décote significative ; (6) Traitement fiscal complexe et incertain ; (7) Nombreux conflits d’intérêts, y compris JPMS agissant en tant qu’agent de calcul et co-développeur de l’indice.
Point de vue de l’investisseur : Ces notes peuvent convenir aux investisseurs recherchant une exposition actions à court ou moyen terme gérée en volatilité, avec la possibilité d’une prime anticipée à deux chiffres, et qui sont à l’aise avec l’effet de levier, l’exposition au crédit JPMorgan et le risque de perte substantielle du capital.
Übersicht: Die JPMorgan Chase Financial Company LLC vermarktet 5-jährige, in USD denominierte Auto-Callable Review Notes, die an den MerQube US Large-Cap Vol Advantage Index (MQUSLVA) gekoppelt sind. Der Index weist dynamisch eine Hebelwirkung von 0-500% auf E-Mini S&P 500 Futures zu und zielt auf ein bestimmtes Volatilitätsniveau ab; sein Wert wird durch eine tägliche Gebühr von 6,0% p.a. reduziert.
Wesentliche Bedingungen: Mindeststückelung $1.000; Preisfeststellung am 15. Juli 2025; tägliche Überprüfungstermine nach einer anfänglichen 1-jährigen Nicht-Kündigungsperiode; letzte Überprüfung am 15. Juli 2030; Fälligkeit am 18. Juli 2030. Automatische Rückzahlung erfolgt, wenn der Index an einem Überprüfungstag auf oder über dem Rückzahlungswert schließt (100% des Anfangswerts bis zum 1.003. Überprüfungstag; 60% am letzten Überprüfungstag). Bei Rückzahlung erhalten Anleger das Kapital plus eine Rückzahlungsprämie, die auf einem jährlichen Satz von mindestens 14,50% basiert und anteilig bis zum Rückzahlungstag berechnet wird.
Auszahlungsprofil: Werden die Notes nicht zurückgezahlt und schließt der Index am letzten Überprüfungstag unter der 60%-Barriere, erfolgt die Rückzahlung in Höhe von $1.000 + ($1.000 × Indexrendite), wodurch Anleger Verluste von mehr als 40% und potenziell bis zu 100% des Kapitals ausgesetzt sind. Der geschätzte Ausgabewert liegt bei mindestens $880 pro $1.000, was unter dem Ausgabepreis liegt aufgrund interner Finanzierungs- und Strukturierungskosten.
Hauptsächliche Risiken: (1) Volles Emittenten- und Garantiegeber-Kreditrisiko; (2) Keine Coupons, Dividenden oder Stimmrechte; (3) 6% jährliche Indexgebühr kombiniert mit bis zu 500% Hebelwirkung erhöht das Abwärtsrisiko; (4) Obergrenze des Aufwärtspotenzials durch aufgelaufene Rückzahlungsprämie; (5) Liquidität am Sekundärmarkt ist diskretionär und kann mit erheblichen Abschlägen erfolgen; (6) Komplexe und unsichere steuerliche Behandlung; (7) Zahlreiche Interessenkonflikte, einschließlich JPMS als Berechnungsagent und Mitentwickler des Index.
Investorensicht: Die Notes können für Anleger geeignet sein, die eine kurzfristige bis mittelfristige, volatilitätsgesteuerte Aktienexposition mit der Möglichkeit einer vorzeitigen zweistelligen Prämie suchen und die mit Hebelwirkung, Kreditrisiko gegenüber JPMorgan und dem Risiko erheblicher Kapitalverluste vertraut sind.
The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Index Overview The MerQube US Large - Cap Vol Advantage Index (the “Index”) attempts to provide a dynamic rules - based exposure to an unfunded rolling position in E - Mini ® S&P 500 ® futures (the “Futures Contracts”), which reference the S&P 500 ® Index (the “Constituent”), while targeting a level of implied volatility, with a maximum exposure to the Futures Contracts of 500% and a minimum exposure to t he Futures Contracts of 0%. The Index is subject to a 6.0% per annum daily deduction. The Constituent consists of stocks of 50 0 companies selected to provide a performance benchmark for the U.S. equity markets. Summary of Terms Issuer: JPMorgan Chase Financial Company LLC Guarantor: JPMorgan Chase & Co. Minimum Denomination: $1,000 Index (Index Ticker): The MerQube US Large - Cap Vol Advantage Index (Bloomberg ticker: MQUSLVA). The level of the Index reflects a deduction of 6.0% per annum that accrues daily. Pricing Date: July 15, 2025 Final Review Date: July 15, 2030 Maturity Date: July 18, 2030 Review Dates: Daily (after an initial one - year non - call period) Call Premium Rate: At least 14.50%* Call Value: With respect to the first through 1,003 rd Review Dates: 100.00% of the Initial Value; with respect to the final Review Date: 60.00% of the Initial Value Barrier Amount: 60.00% of the Initial Value CUSIP: 48136E7L3 Preliminary Pricing Supplement: http://sp.jpmorgan.com/document/cusip/48136E7L3/doctype/Product_Termsheet/document.pdf Estimated Value: The estimated value of the notes, when the terms of the notes are set, will not be less than $880.00 per $1,000 principal amount note. For information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, please see the hyperlink above. You may lose a significant portion or all of your principal at maturity. Any payment on the notes is subject to the credit ri sk of JPMorgan Chase Financial Company LLC, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. Automatic Call If the closing level of the Index on any Review Date is greater than or equal to the applicable Call Value, the notes will be au tomatically called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount applicable to that Review Date, payable on the applicable Call Settlement Date. No further payments will be made on the notes . The Call Premium Amount with respect to each Review Date is calculated as follows: $1,000 î Call Premium Rate î N / 252, where N is equal to 253 + the number of Review Dates preceding that Review Date. For example, for the first Review Date, N = 25 3 (equal to 253 + 0), for the second Review Date, N = 254 (equal to 253 + 1) and for the final Review Date, N = 1,256 (equal to 253 + 1,003). Payment at Maturity If the notes have not been automatically called (and therefore the Final Value is less than the Barrier Amount), your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Index Return) If the notes have not been automatically called (and therefore the Final Value is less than the Barrier Amount), you will los e m ore than 40.00% of your principal amount at maturity and could lose all of your principal amount at maturity. Investing in the notes linked to the Index involves a number of risks. See "Selected Risks" on page 2 of this document, "Risk Fa ctors" in the prospectus supplement and the relevant product supplement and underlying supplement, Annex A to the prospectus addendum and " Sel ected Risk Considerations" in the relevant pricing supplement. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes o r p assed upon the accuracy or the adequacy of this document or the relevant product supplement, underlying supplement, prospectus supplement, p ros pectus and prospectus addendum. Any representation to the contrary is a criminal offense. Hypothetical Amount Payable** J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com 5yNC1y Auto Callable Review Notes Linked to the MerQube US Large - Cap Vol Advantage Index North America Structured Investments Total Return at Final Review Date Total Return at First Review Date Index Return at Review Date 72.26984% 14.55754% 100.00% 72.26984% 14.55754% 80.00% 72.26984% 14.55754% 40.00% 72.26984% 14.55754% 20.00% 72.26984% 14.55754% 10.00% 72.26984% 14.55754% 0.00% 72.26984% N/A - 5.00% 72.26984% N/A - 10.00% 72.26984% N/A - 20.00% 72.26984% N/A - 40.00% - 40.01000% N/A - 40.01% - 50.00000% N/A - 50.00% - 60.00000% N/A - 60.00% - 80.00000% N/A - 80.00% - 100.00000% N/A - 100.00% *The actual Call Premium Rate will be provided in the pricing supplement and will not be less than 14.50%. ** Not all Review Dates reflected. Reflects a Call Premium Rate of 14.50%. The Call Premium Rate will be determined on the Pricing Date and will not be less than 14.50%. The “total return” as used above is the number, expressed as a percentage, that results from comparing the payment on the applicable payment date per $1,000 principal amount note to $1,000. The hypothetical returns on the notes shown above apply only if you hold the notes for their entire term or until automatically called. 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 shown above would likely be lower . Capitalized terms used but not defined herein shall have the meaning set forth in the preliminary pricing supplement. Terms supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the product suppleme nt no. 4 - I dated April 13, 2023, the underlying supplement no. 5 - III dated March 5, 2025 and the prospectus addendum dated June 3, 2024 Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated July 7, 2025 Rule 424(b)(3)
J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com Selected Risks 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 level of the Index will include a 6.0% per annum daily deduction. • Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan Chase & Co. • As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. • The appreciation potential of the notes is limited to any Call Premium Amount paid on the notes. • The benefit provided by the Barrier Amount may terminate on the final Review Date. • The automatic call feature may force a potential early exit. • No interest payments, dividend payments or voting rights. • Lack of liquidity: J.P. Morgan Securities LLC (who we refer to as JPMS) intends to offer to purchase the notes in the secondary market but is not required to do so. The price, if any, at which JPMS will be willing to purchase notes from you in the secondary market, if at all, may result in a significant loss of your principal. • The tax consequences of the notes may be uncertain. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes. Risks Relating to Conflicts of Interest • Potential conflicts: We and our affiliates play a variety of roles in connection with the issuance of notes, including acting as calculation agent and 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. It is possible that such hedging or other trading activities of J.P. Morgan or its affiliates could result in substantial returns for J.P. Morgan and its affiliates while the value of the notes declines. • Our affiliate, JPMS, worked with MerQube in developing the guidelines and policies governing the composition and calculation of the Index. Selected Risks (continued) 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 does not represent future values and may differ from others’ estimates. • The estimated value of the notes is determined by reference to an internal funding rate. • The value of the notes, which may be reflected in customer account statements, may be higher than the then - current estimated value of the notes for a limited time period. Risks Relating to the Index • JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index. • The Index may not be successful or outperform any alternative strategy. • The Index may not approximate its target volatility. • The Index is subject to risks associated with the use of significant leverage. • The Index may be significantly uninvested. • The Index may be adversely affected if later futures contracts have higher prices than an expiring futures contract included in the Index. • The Index is an excess return index that does not reflect “total returns.” • Concentration risks associated with the Index may adversely affect the value of your notes. • The Index is subject to significant risks associated with futures contracts, including volatility. • Suspension or disruptions of market trading in futures contracts may adversely affect the value of your notes. • The official settlement price and intraday trading prices of the relevant futures contracts may not be readily available. • Changes in the margin requirements for the futures contracts included in the Index may adversely affect the value of the notes. • The Index was established on February 11, 2022 and may perform in unanticipated ways. Additional Information Any information relating to performance contained in these materials is illustrative and no assurance is given that any indic ati ve returns, performance or results, whether historical or hypothetical, will be achieved. These terms are subject to change, and J.P. Morgan undertakes no duty to update this information. This document shall be amended, s upe rseded and replaced in its entirety by a subsequent preliminary pricing supplement and/or pricing supplement, and the documents referred to therein. In the event any inconsistency between the information pres ent ed herein and any such preliminary pricing supplement and/or pricing supplement, such preliminary pricing supplement and/or pricing supplement shall govern. Past performance, and especially hypothetical back - tested performance, is not indicative of future results. Actual performance m ay vary significantly from past performance or any hypothetical back - tested performance. This type of information has inherent limitations and you should carefully consider these limitations before placing reliance on such information. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion o f U .S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Cha se & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax - related penalties. Investment suitability must be determined individually for each investor, and the financial instruments described herein may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisers as to the se matters. This material is not a product of J.P. Morgan Research Departments. North America Structured Investments 5yNC1y Auto Callable Review Notes Linked to the MerQube US Large - Cap Vol Advantage Index The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable prod uct supplement and underlying supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the applicable preliminary pricing supplement for additional information.
FAQ
What is the Call Premium Rate on JPMorgan’s 5yNC1y Auto-Callable notes?
How does the 60% Barrier Amount protect my principal?
Can I lose all of my investment in these notes?
When can the notes be automatically called?
Who bears the credit risk for payments on the notes?
Is there a guaranteed secondary market for the notes?
