[424B3] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Filed Pursuant to Rule 424(b)(3)
J.P. Morgan Chase Financial Company LLC is offering 5-year, quarterly-callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The notes price on July 31, 2025, mature on August 5, 2030 and are guaranteed by J.P. Morgan Chase & Co.
Coupon mechanics: Investors receive a quarterly coupon of at least 3.50 % (14.00 % p.a.) only if, on the relevant review date, the Index is at or above the 60 % Interest Barrier. Missed coupons are not cumulative. The same 60 % level also acts as a Trigger Value for principal protection.
Auto-call feature: If the Index closes at or above its initial level on any review date (other than the first and last), the notes are automatically called and investors receive par plus the applicable coupon; no further payments follow.
Principal repayment scenarios:
- If auto-called, investors receive par plus coupon on the call settlement date.
- If held to maturity and the Index is ≥ 60 % of the initial level, investors receive par plus final coupon.
- If the Index closes < 60 % of the initial level at final valuation, repayment equals par plus the Index return, exposing investors to a loss of more than 40 % and up to 100 % of principal.
Underlying index details: MQUSLVA dynamically allocates 0-500 % leverage to E-Mini S&P 500 futures targeting a volatility level; a 6 % p.a. daily fee is deducted from index performance.
Estimated value: set on the pricing date, it will not be less than $900 per $1,000 note, implying an initial issue premium to investors. Any payment is subject to the credit risk of both the issuer and the parent guarantor.
Key risks highlighted include potential loss of principal, no guaranteed coupons, limited upside versus direct equity exposure, liquidity constraints, leverage and fee drag within the index, tax uncertainty, and multiple conflicts of interest.
J.P. Morgan Chase Financial Company LLC offre Note di Interesse Contingente callable trimestralmente con durata di 5 anni, collegate all'Indice MerQube US Large-Cap Vol Advantage (MQUSLVA). Le note saranno quotate il 31 luglio 2025, con scadenza il 5 agosto 2030 e sono garantite da J.P. Morgan Chase & Co.
Meccanismo del coupon: Gli investitori ricevono un coupon trimestrale minimo del 3,50 % (14,00 % annuo) solo se, alla data di revisione pertinente, l’Indice è pari o superiore alla Barriera di Interesse al 60 %. I coupon non pagati non si accumulano. Lo stesso livello del 60 % funge anche da Valore di Attivazione per la protezione del capitale.
Funzionalità di auto-call: Se l’Indice chiude pari o superiore al livello iniziale in una qualsiasi data di revisione (esclusa la prima e l’ultima), le note vengono richiamate automaticamente e gli investitori ricevono il valore nominale più il coupon applicabile; non sono previste ulteriori erogazioni.
Scenari di rimborso del capitale:
- Se richiamate anticipatamente, gli investitori ricevono il valore nominale più il coupon alla data di regolamento del richiamo.
- Se detenute fino alla scadenza e l’Indice è ≥ 60 % del livello iniziale, gli investitori ricevono il valore nominale più il coupon finale.
- Se alla valutazione finale l’Indice chiude sotto il 60 % del livello iniziale, il rimborso corrisponde al valore nominale più il rendimento dell’Indice, esponendo gli investitori a una perdita superiore al 40 % e fino al 100 % del capitale.
Dettagli sull’indice sottostante: MQUSLVA assegna dinamicamente una leva tra 0 e 500 % ai futures E-Mini S&P 500, mirata a un livello di volatilità; viene detratta una commissione giornaliera del 6 % annuo dalla performance dell’indice.
Valore stimato: fissato alla data di prezzo, non sarà inferiore a 900 $ per ogni nota da 1.000 $, implicando un premio iniziale per gli investitori. Ogni pagamento è soggetto al rischio di credito sia dell’emittente che del garante principale.
Rischi principali evidenziati includono possibile perdita del capitale, assenza di coupon garantiti, rendimento limitato rispetto all’esposizione diretta azionaria, vincoli di liquidità, leva e costi all’interno dell’indice, incertezza fiscale e molteplici conflitti di interesse.
J.P. Morgan Chase Financial Company LLC ofrece Notas de Interés Contingente con opción de llamado trimestral a 5 años, vinculadas al Índice MerQube US Large-Cap Vol Advantage (MQUSLVA). Las notas se emitirán el 31 de julio de 2025, vencerán el 5 de agosto de 2030 y están garantizadas por J.P. Morgan Chase & Co.
Mecánica del cupón: Los inversores reciben un cupón trimestral mínimo del 3,50 % (14,00 % anual) solo si, en la fecha de revisión correspondiente, el Índice está en o por encima de la Barrera de Interés del 60 %. Los cupones no pagados no son acumulativos. Ese mismo nivel del 60 % también funciona como Valor Disparador para la protección del principal.
Función de auto-llamado: Si el Índice cierra en o por encima de su nivel inicial en cualquier fecha de revisión (excepto la primera y la última), las notas se llaman automáticamente y los inversores reciben el valor nominal más el cupón aplicable; no hay pagos adicionales.
Escenarios de reembolso del principal:
- Si se llama anticipadamente, los inversores reciben el valor nominal más el cupón en la fecha de liquidación del llamado.
- Si se mantienen hasta el vencimiento y el Índice es ≥ 60 % del nivel inicial, los inversores reciben el valor nominal más el cupón final.
- Si en la valoración final el Índice cierra por debajo del 60 % del nivel inicial, el reembolso será igual al valor nominal más el rendimiento del Índice, exponiendo a los inversores a una pérdida de más del 40 % y hasta el 100 % del principal.
Detalles del índice subyacente: MQUSLVA asigna dinámicamente un apalancamiento de 0 a 500 % a futuros E-Mini S&P 500, apuntando a un nivel de volatilidad; se deduce una comisión diaria del 6 % anual del rendimiento del índice.
Valor estimado: fijado en la fecha de precio, no será inferior a $900 por cada nota de $1,000, implicando una prima inicial para los inversores. Cualquier pago está sujeto al riesgo crediticio tanto del emisor como del garante principal.
Riesgos clave destacados incluyen posible pérdida del principal, ausencia de cupones garantizados, rendimiento limitado frente a la exposición directa a acciones, restricciones de liquidez, apalancamiento y costos en el índice, incertidumbre fiscal y múltiples conflictos de interés.
J.P. Morgan Chase Financial Company LLC는 MerQube US Large-Cap Vol Advantage Index (MQUSLVA)에 연동된 5년 만기 분기별 콜 가능 조건부 이자 노트를 제공합니다. 이 노트는 2025년 7월 31일에 가격이 책정되며, 2030년 8월 5일에 만기되고 J.P. Morgan Chase & Co.가 보증합니다.
쿠폰 구조: 투자자는 해당 검토일에 지수가 60% 이자 장벽 이상일 경우에만 분기별 최소 3.50% (연 14.00%) 쿠폰을 받습니다. 미지급 쿠폰은 누적되지 않습니다. 동일한 60% 수준이 원금 보호를 위한 트리거 값 역할도 합니다.
자동 콜 기능: 첫 번째와 마지막 검토일을 제외한 어느 검토일에든 지수가 최초 수준 이상으로 마감되면 노트가 자동으로 콜되고 투자자는 액면가와 해당 쿠폰을 수령하며 추가 지급은 없습니다.
원금 상환 시나리오:
- 자동 콜 시 투자자는 콜 결제일에 액면가와 쿠폰을 받습니다.
- 만기까지 보유하고 지수가 최초 수준의 60% 이상일 경우 투자자는 액면가와 최종 쿠폰을 받습니다.
- 최종 평가일에 지수가 최초 수준의 60% 미만으로 마감되면 상환금은 액면가와 지수 수익률을 합한 금액으로, 투자자는 원금의 40% 이상 최대 100%까지 손실을 입을 수 있습니다.
기초 지수 세부 사항: MQUSLVA는 변동성 목표치를 위해 E-Mini S&P 500 선물에 0~500% 레버리지를 동적으로 할당하며, 연 6% 일일 수수료가 지수 수익률에서 차감됩니다.
추정 가치: 가격 책정일에 설정되며, 1,000달러 노트당 최소 900달러 이상으로 투자자에게 초기 발행 프리미엄을 제공합니다. 모든 지급은 발행자 및 모회사 보증인의 신용 위험에 따릅니다.
주요 위험 사항으로는 원금 손실 가능성, 쿠폰 미보장, 직접 주식 투자 대비 제한된 상승 잠재력, 유동성 제약, 지수 내 레버리지 및 수수료 부담, 세금 불확실성, 그리고 다수의 이해 상충이 포함됩니다.
J.P. Morgan Chase Financial Company LLC propose des billets à intérêt conditionnel remboursables trimestriellement sur 5 ans, liés à l'Indice MerQube US Large-Cap Vol Advantage (MQUSLVA). Les billets seront émis le 31 juillet 2025, arriveront à échéance le 5 août 2030 et sont garantis par J.P. Morgan Chase & Co.
Mécanique du coupon : Les investisseurs reçoivent un coupon trimestriel d’au moins 3,50 % (14,00 % par an) uniquement si, à la date de révision concernée, l’Indice est au-dessus ou égal à la barrière d’intérêt de 60 %. Les coupons non versés ne sont pas cumulables. Ce même niveau de 60 % sert également de valeur déclencheur pour la protection du capital.
Fonction d’auto-call : Si l’Indice clôture à son niveau initial ou au-dessus lors de toute date de révision (sauf la première et la dernière), les billets sont automatiquement rappelés et les investisseurs reçoivent la valeur nominale plus le coupon applicable ; aucun paiement supplémentaire n’est effectué.
Scénarios de remboursement du capital :
- En cas d’auto-call, les investisseurs reçoivent la valeur nominale plus le coupon à la date de règlement du rappel.
- Si détenus jusqu’à l’échéance et que l’Indice est ≥ 60 % du niveau initial, les investisseurs reçoivent la valeur nominale plus le coupon final.
- Si à la valorisation finale l’Indice clôture en dessous de 60 % du niveau initial, le remboursement correspond à la valeur nominale plus la performance de l’Indice, exposant les investisseurs à une perte de plus de 40 % et jusqu’à 100 % du capital.
Détails de l’indice sous-jacent : MQUSLVA alloue dynamiquement un levier de 0 à 500 % aux contrats à terme E-Mini S&P 500, visant un niveau de volatilité ; une commission quotidienne de 6 % par an est déduite de la performance de l’indice.
Valeur estimée : fixée à la date de tarification, elle ne sera pas inférieure à 900 $ par billet de 1 000 $, impliquant une prime initiale pour les investisseurs. Tout paiement est soumis au risque de crédit de l’émetteur et du garant principal.
Principaux risques soulignés incluent la perte potentielle du capital, l’absence de coupons garantis, un potentiel de hausse limité par rapport à une exposition directe aux actions, des contraintes de liquidité, l’effet de levier et les frais dans l’indice, l’incertitude fiscale et de multiples conflits d’intérêts.
J.P. Morgan Chase Financial Company LLC bietet 5-jährige, vierteljährlich kündbare Contingent Interest Notes, die mit dem MerQube US Large-Cap Vol Advantage Index (MQUSLVA) verknüpft sind. Die Notes werden am 31. Juli 2025 begeben, laufen bis zum 5. August 2030 und sind durch J.P. Morgan Chase & Co. garantiert.
Kuponmechanik: Investoren erhalten nur dann einen vierteljährlichen Kupon von mindestens 3,50 % (14,00 % p.a.), wenn der Index am jeweiligen Überprüfungstag auf oder über der 60 %-Zinsbarriere steht. Ausgefallene Kupons werden nicht kumuliert. Dieselbe 60 %-Marke dient auch als Auslösewert für den Kapitalschutz.
Auto-Call-Funktion: Schließt der Index an einem Überprüfungstag (außer dem ersten und letzten) auf oder über dem Anfangswert, werden die Notes automatisch zurückgerufen und Investoren erhalten den Nennwert plus den entsprechenden Kupon; weitere Zahlungen entfallen.
Rückzahlungsszenarien:
- Bei vorzeitigem Rückruf erhalten Investoren den Nennwert plus Kupon am Rückzahlungstag.
- Bei Halt bis zur Fälligkeit und einem Indexstand ≥ 60 % des Anfangswerts erhalten Investoren den Nennwert plus den letzten Kupon.
- Schließt der Index bei der Endbewertung unter 60 % des Anfangswerts, entspricht die Rückzahlung dem Nennwert plus der Indexrendite, was Investoren einem Verlust von mehr als 40 % bis zu 100 % des Kapitals aussetzt.
Details zum zugrunde liegenden Index: MQUSLVA weist dynamisch einen Hebel von 0 bis 500 % auf E-Mini S&P 500 Futures zu, um ein Volatilitätsziel zu erreichen; eine tägliche Gebühr von 6 % p.a. wird von der Indexperformance abgezogen.
Geschätzter Wert: Festgelegt am Preisstellungstag, wird er nicht unter 900 $ pro 1.000 $ Note liegen, was einen anfänglichen Ausgabeaufschlag für Investoren bedeutet. Zahlungen unterliegen dem Kreditrisiko des Emittenten und des Hauptgaranten.
Wesentliche Risiken umfassen potenziellen Kapitalverlust, keine garantierten Kupons, begrenztes Aufwärtspotenzial gegenüber direktem Aktienengagement, Liquiditätsbeschränkungen, Hebel- und Gebührenbelastungen im Index, steuerliche Unsicherheiten sowie mehrere Interessenkonflikte.
- Attractive headline yield: contingent interest rate of at least 14 % p.a. surpasses traditional fixed-income coupons.
- 40 % downside buffer: principal is protected unless the Index falls below 60 % of initial level at final valuation.
- Quarterly auto-call: potential early exit with full principal and accrued coupon if the Index recovers to or exceeds its initial level.
- Principal at risk: breach of the 60 % trigger results in a loss of 1 % of principal for every 1 % Index decline below the initial value, up to total loss.
- Limited upside: returns are capped at coupon payments; investors forego any appreciation of the Index beyond par.
- Index drag and leverage: MQUSLVA deducts a 6 % annual fee and can employ up to 5× futures leverage, increasing volatility and downside probability.
- Issue premium: estimated value is ≤ $900 vs. $1,000 issue price, embedding a ~10 % structuring cost to investors.
- Credit & liquidity risk: payments depend on JPMorgan creditworthiness; secondary market is at dealer discretion and may be illiquid.
Insights
TL;DR High coupon and 40 % buffer attract yield seekers, but leverage, fee drag and credit risk create meaningful downside.
The 14 % contingent coupon is well above investment-grade yields, yet investors are implicitly short a down-and-out put on MQUSLVA. The 60 % trigger offers a 40 % buffer, but the index itself incurs a 6 % annual fee and can employ up to 5× futures leverage, amplifying drawdowns. Historical back-tests of MQUSLVA show periods of >40 % peak-to-trough declines, so breach risk is non-trivial. Automatic call likelihood is high in benign markets, capping returns to one or two coupons. The estimated value (≤ 90 % of par) indicates a sizeable structuring spread. Credit exposure to JPMorgan remains investment-grade but is still subordinate to depositors. Overall, investors are swapping upside for yield; suitable only for those comfortable with equity-linked downside and issuer risk.
TL;DR Product is yield-enhanced but complex; worst-case scenarios expose portfolios to leveraged equity risk and liquidity gaps.
From a portfolio construction view, these notes introduce non-linear, path-dependent exposure. The embedded leverage within MQUSLVA plus the 6 % fee means the trigger could be breached faster than with a traditional 60 % equity barrier. Liquidity is dealer-driven; in stress, bid-offered spreads can widen materially. The auto-call adds reinvestment risk—income streams may cease during low-vol regimes when yield replacement is hardest. Tax treatment remains uncertain, potentially categorising coupons as ordinary income. Impact on diversified portfolios is likely neutral, but concentration in structured products could elevate tail risk.
J.P. Morgan Chase Financial Company LLC offre Note di Interesse Contingente callable trimestralmente con durata di 5 anni, collegate all'Indice MerQube US Large-Cap Vol Advantage (MQUSLVA). Le note saranno quotate il 31 luglio 2025, con scadenza il 5 agosto 2030 e sono garantite da J.P. Morgan Chase & Co.
Meccanismo del coupon: Gli investitori ricevono un coupon trimestrale minimo del 3,50 % (14,00 % annuo) solo se, alla data di revisione pertinente, l’Indice è pari o superiore alla Barriera di Interesse al 60 %. I coupon non pagati non si accumulano. Lo stesso livello del 60 % funge anche da Valore di Attivazione per la protezione del capitale.
Funzionalità di auto-call: Se l’Indice chiude pari o superiore al livello iniziale in una qualsiasi data di revisione (esclusa la prima e l’ultima), le note vengono richiamate automaticamente e gli investitori ricevono il valore nominale più il coupon applicabile; non sono previste ulteriori erogazioni.
Scenari di rimborso del capitale:
- Se richiamate anticipatamente, gli investitori ricevono il valore nominale più il coupon alla data di regolamento del richiamo.
- Se detenute fino alla scadenza e l’Indice è ≥ 60 % del livello iniziale, gli investitori ricevono il valore nominale più il coupon finale.
- Se alla valutazione finale l’Indice chiude sotto il 60 % del livello iniziale, il rimborso corrisponde al valore nominale più il rendimento dell’Indice, esponendo gli investitori a una perdita superiore al 40 % e fino al 100 % del capitale.
Dettagli sull’indice sottostante: MQUSLVA assegna dinamicamente una leva tra 0 e 500 % ai futures E-Mini S&P 500, mirata a un livello di volatilità; viene detratta una commissione giornaliera del 6 % annuo dalla performance dell’indice.
Valore stimato: fissato alla data di prezzo, non sarà inferiore a 900 $ per ogni nota da 1.000 $, implicando un premio iniziale per gli investitori. Ogni pagamento è soggetto al rischio di credito sia dell’emittente che del garante principale.
Rischi principali evidenziati includono possibile perdita del capitale, assenza di coupon garantiti, rendimento limitato rispetto all’esposizione diretta azionaria, vincoli di liquidità, leva e costi all’interno dell’indice, incertezza fiscale e molteplici conflitti di interesse.
J.P. Morgan Chase Financial Company LLC ofrece Notas de Interés Contingente con opción de llamado trimestral a 5 años, vinculadas al Índice MerQube US Large-Cap Vol Advantage (MQUSLVA). Las notas se emitirán el 31 de julio de 2025, vencerán el 5 de agosto de 2030 y están garantizadas por J.P. Morgan Chase & Co.
Mecánica del cupón: Los inversores reciben un cupón trimestral mínimo del 3,50 % (14,00 % anual) solo si, en la fecha de revisión correspondiente, el Índice está en o por encima de la Barrera de Interés del 60 %. Los cupones no pagados no son acumulativos. Ese mismo nivel del 60 % también funciona como Valor Disparador para la protección del principal.
Función de auto-llamado: Si el Índice cierra en o por encima de su nivel inicial en cualquier fecha de revisión (excepto la primera y la última), las notas se llaman automáticamente y los inversores reciben el valor nominal más el cupón aplicable; no hay pagos adicionales.
Escenarios de reembolso del principal:
- Si se llama anticipadamente, los inversores reciben el valor nominal más el cupón en la fecha de liquidación del llamado.
- Si se mantienen hasta el vencimiento y el Índice es ≥ 60 % del nivel inicial, los inversores reciben el valor nominal más el cupón final.
- Si en la valoración final el Índice cierra por debajo del 60 % del nivel inicial, el reembolso será igual al valor nominal más el rendimiento del Índice, exponiendo a los inversores a una pérdida de más del 40 % y hasta el 100 % del principal.
Detalles del índice subyacente: MQUSLVA asigna dinámicamente un apalancamiento de 0 a 500 % a futuros E-Mini S&P 500, apuntando a un nivel de volatilidad; se deduce una comisión diaria del 6 % anual del rendimiento del índice.
Valor estimado: fijado en la fecha de precio, no será inferior a $900 por cada nota de $1,000, implicando una prima inicial para los inversores. Cualquier pago está sujeto al riesgo crediticio tanto del emisor como del garante principal.
Riesgos clave destacados incluyen posible pérdida del principal, ausencia de cupones garantizados, rendimiento limitado frente a la exposición directa a acciones, restricciones de liquidez, apalancamiento y costos en el índice, incertidumbre fiscal y múltiples conflictos de interés.
J.P. Morgan Chase Financial Company LLC는 MerQube US Large-Cap Vol Advantage Index (MQUSLVA)에 연동된 5년 만기 분기별 콜 가능 조건부 이자 노트를 제공합니다. 이 노트는 2025년 7월 31일에 가격이 책정되며, 2030년 8월 5일에 만기되고 J.P. Morgan Chase & Co.가 보증합니다.
쿠폰 구조: 투자자는 해당 검토일에 지수가 60% 이자 장벽 이상일 경우에만 분기별 최소 3.50% (연 14.00%) 쿠폰을 받습니다. 미지급 쿠폰은 누적되지 않습니다. 동일한 60% 수준이 원금 보호를 위한 트리거 값 역할도 합니다.
자동 콜 기능: 첫 번째와 마지막 검토일을 제외한 어느 검토일에든 지수가 최초 수준 이상으로 마감되면 노트가 자동으로 콜되고 투자자는 액면가와 해당 쿠폰을 수령하며 추가 지급은 없습니다.
원금 상환 시나리오:
- 자동 콜 시 투자자는 콜 결제일에 액면가와 쿠폰을 받습니다.
- 만기까지 보유하고 지수가 최초 수준의 60% 이상일 경우 투자자는 액면가와 최종 쿠폰을 받습니다.
- 최종 평가일에 지수가 최초 수준의 60% 미만으로 마감되면 상환금은 액면가와 지수 수익률을 합한 금액으로, 투자자는 원금의 40% 이상 최대 100%까지 손실을 입을 수 있습니다.
기초 지수 세부 사항: MQUSLVA는 변동성 목표치를 위해 E-Mini S&P 500 선물에 0~500% 레버리지를 동적으로 할당하며, 연 6% 일일 수수료가 지수 수익률에서 차감됩니다.
추정 가치: 가격 책정일에 설정되며, 1,000달러 노트당 최소 900달러 이상으로 투자자에게 초기 발행 프리미엄을 제공합니다. 모든 지급은 발행자 및 모회사 보증인의 신용 위험에 따릅니다.
주요 위험 사항으로는 원금 손실 가능성, 쿠폰 미보장, 직접 주식 투자 대비 제한된 상승 잠재력, 유동성 제약, 지수 내 레버리지 및 수수료 부담, 세금 불확실성, 그리고 다수의 이해 상충이 포함됩니다.
J.P. Morgan Chase Financial Company LLC propose des billets à intérêt conditionnel remboursables trimestriellement sur 5 ans, liés à l'Indice MerQube US Large-Cap Vol Advantage (MQUSLVA). Les billets seront émis le 31 juillet 2025, arriveront à échéance le 5 août 2030 et sont garantis par J.P. Morgan Chase & Co.
Mécanique du coupon : Les investisseurs reçoivent un coupon trimestriel d’au moins 3,50 % (14,00 % par an) uniquement si, à la date de révision concernée, l’Indice est au-dessus ou égal à la barrière d’intérêt de 60 %. Les coupons non versés ne sont pas cumulables. Ce même niveau de 60 % sert également de valeur déclencheur pour la protection du capital.
Fonction d’auto-call : Si l’Indice clôture à son niveau initial ou au-dessus lors de toute date de révision (sauf la première et la dernière), les billets sont automatiquement rappelés et les investisseurs reçoivent la valeur nominale plus le coupon applicable ; aucun paiement supplémentaire n’est effectué.
Scénarios de remboursement du capital :
- En cas d’auto-call, les investisseurs reçoivent la valeur nominale plus le coupon à la date de règlement du rappel.
- Si détenus jusqu’à l’échéance et que l’Indice est ≥ 60 % du niveau initial, les investisseurs reçoivent la valeur nominale plus le coupon final.
- Si à la valorisation finale l’Indice clôture en dessous de 60 % du niveau initial, le remboursement correspond à la valeur nominale plus la performance de l’Indice, exposant les investisseurs à une perte de plus de 40 % et jusqu’à 100 % du capital.
Détails de l’indice sous-jacent : MQUSLVA alloue dynamiquement un levier de 0 à 500 % aux contrats à terme E-Mini S&P 500, visant un niveau de volatilité ; une commission quotidienne de 6 % par an est déduite de la performance de l’indice.
Valeur estimée : fixée à la date de tarification, elle ne sera pas inférieure à 900 $ par billet de 1 000 $, impliquant une prime initiale pour les investisseurs. Tout paiement est soumis au risque de crédit de l’émetteur et du garant principal.
Principaux risques soulignés incluent la perte potentielle du capital, l’absence de coupons garantis, un potentiel de hausse limité par rapport à une exposition directe aux actions, des contraintes de liquidité, l’effet de levier et les frais dans l’indice, l’incertitude fiscale et de multiples conflits d’intérêts.
J.P. Morgan Chase Financial Company LLC bietet 5-jährige, vierteljährlich kündbare Contingent Interest Notes, die mit dem MerQube US Large-Cap Vol Advantage Index (MQUSLVA) verknüpft sind. Die Notes werden am 31. Juli 2025 begeben, laufen bis zum 5. August 2030 und sind durch J.P. Morgan Chase & Co. garantiert.
Kuponmechanik: Investoren erhalten nur dann einen vierteljährlichen Kupon von mindestens 3,50 % (14,00 % p.a.), wenn der Index am jeweiligen Überprüfungstag auf oder über der 60 %-Zinsbarriere steht. Ausgefallene Kupons werden nicht kumuliert. Dieselbe 60 %-Marke dient auch als Auslösewert für den Kapitalschutz.
Auto-Call-Funktion: Schließt der Index an einem Überprüfungstag (außer dem ersten und letzten) auf oder über dem Anfangswert, werden die Notes automatisch zurückgerufen und Investoren erhalten den Nennwert plus den entsprechenden Kupon; weitere Zahlungen entfallen.
Rückzahlungsszenarien:
- Bei vorzeitigem Rückruf erhalten Investoren den Nennwert plus Kupon am Rückzahlungstag.
- Bei Halt bis zur Fälligkeit und einem Indexstand ≥ 60 % des Anfangswerts erhalten Investoren den Nennwert plus den letzten Kupon.
- Schließt der Index bei der Endbewertung unter 60 % des Anfangswerts, entspricht die Rückzahlung dem Nennwert plus der Indexrendite, was Investoren einem Verlust von mehr als 40 % bis zu 100 % des Kapitals aussetzt.
Details zum zugrunde liegenden Index: MQUSLVA weist dynamisch einen Hebel von 0 bis 500 % auf E-Mini S&P 500 Futures zu, um ein Volatilitätsziel zu erreichen; eine tägliche Gebühr von 6 % p.a. wird von der Indexperformance abgezogen.
Geschätzter Wert: Festgelegt am Preisstellungstag, wird er nicht unter 900 $ pro 1.000 $ Note liegen, was einen anfänglichen Ausgabeaufschlag für Investoren bedeutet. Zahlungen unterliegen dem Kreditrisiko des Emittenten und des Hauptgaranten.
Wesentliche Risiken umfassen potenziellen Kapitalverlust, keine garantierten Kupons, begrenztes Aufwärtspotenzial gegenüber direktem Aktienengagement, Liquiditätsbeschränkungen, Hebel- und Gebührenbelastungen im Index, steuerliche Unsicherheiten sowie mehrere Interessenkonflikte.
Terms supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the product supplement 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 North America Structured Investments Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated July 2, 2025 Rule 424(b)(3) 5yrNC6m MQUSLVA Auto Callable Contingent Interest Notes 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” or "Underlying") 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 the Futures Contracts of 0%. The Index is subject to a 6.0% per annum daily deduction. The Constituent consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. Summary of Terms Issuer: Guarantor: Minimum Denomination: Underlying: Pricing Date: Final Review Date: Maturity Date: Review Dates: Contingent Interest Rate: Interest Barrier/Trigger Value : CUSIP: Preliminary Pricing Supplement: JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 The MerQube US Large - Cap Vol Advantage Index (Bloomberg ticker: MQUSLVA). The level of the Underlying reflects a deduction of 6.0% per annum that accrues daily. July 31, 2025 July 31, 2030 August 5, 2030 Quarterly At least 14.00%* per annum, paid quarterly at a rate of at least 3.50%*, if applicable 60.00% of the Initial Value 48136FBC5 http://sp.jpmorgan.com/document/cusip/48136FBC5/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 $900.00 per $1,000 principal amount note. For more 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. Automatic Call If on any Review Date (other than the first and final Review Dates) the closing value of the Underlying is greater than or equal to the Initial Value, the notes will be automatically called and you will receive a cash payment for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Contingent Interest Payment applicable to that Review Date, payable on the applicable Call Settlement Date. No further payments will be made on the notes. Payment at Maturity If the notes have not been automatically called and the Final Value is greater than or equal to the Trigger Value, you will receive a cash payment at maturity, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Contingent Interest Payment applicable to the final Review Date. If the notes have not been automatically called and the Final Value is less than the Trigger Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Underlying Return) If the notes have not been automatically called and the Final Value is less than the Trigger Value, you will lose more 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 Underlying involves a number of risks. See "Selected Risks" on page 2 of this document, "Risk Factors" in the prospectus supplement and the relevant product supplement and underlying supplement, Annex A to the prospectus addendum and "Selected 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 or passed upon the accuracy or the adequacy of this document or the relevant product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense. Hypothetical Payment at Maturity** Underlying Return Payment at Maturity (assuming 14.00% per annum Contingent Interest Rate) 60.00% 40.00% 20.00% 5.00% 0.00% - 5.00% - 20.00% - 30.00% - 40.00% - 40.01% - 50.00% - 60.00% - 80.00% - 100.00% $1,035.00 $1,035.00 $1,035.00 $1,035.00 $1,035.00 $1,035.00 $1,035.00 $1,035.00 $1,035.00 $599.90 $500.00 $400.00 $200.00 $0.00 J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com This table does not demonstrate how your interest payments can vary over the term of your notes. Contingent Interest *If the notes have not been automatically called and the closing level of the Underlying on any Review Date is greater than or equal to the Interest Barrier, you will receive on the applicable Interest Payment Date for each $1,000 principal amount note a Contingent Interest Payment equal to at least $35.00 (equivalent to a Contingent Interest Rate of at least 14.00% per annum, payable at a rate of at least 3.50% per quarter). **The hypothetical payments 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 payments shown above would likely be lower . Capitalized terms used but not defined herein shall have the meanings set forth in the preliminary pricing supplement. Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes and the credit risk of JPMorgan Chase & Co . , as guarantor of the notes .
North America Structured Investments 5yrNC6m MQUSLVA Auto Callable Contingent Interest Notes 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 notes do not guarantee the payment of interest and may not pay interest at all. ● The level of the Underlying 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 the sum of any Contingent Interest Payments that may be paid over the term of the notes, regardless of any appreciation of the Underlying, which may be significant. ● The benefit provided by the Trigger Value may terminate on the final Review Date. ● If the notes have not been automatically called and the Final Value is below the Trigger Value, you will lose 1% of your principal for every 1% the Final Value is less than the Initial Value. ● The automatic call feature may force a potential early exit. There is no guarantee you will be able to reinvest the proceeds at a comparable interest rate for a similar level of risk. ● No 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. 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 is determined by reference to an internal funding rate. ● The estimated value of the notes does not represent future values and may differ from others’ estimates. ● 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 Underlying ● The Underlying may not be successful or outperform any alternative strategy. ● The Underlying may not approximate its target volatility. ● The Underlying is subject to risks associated with the use of significant leverage. ● The Underlying may be significantly uninvested. ● The Underlying is an excess return index that does not reflect “total returns.” ● The Underlying was established on February 11, 2022, and may perform in unanticipated ways. ● JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index. ● Concentration risks associated with the Underlying may adversely affect the value of your notes. ● The Underlying may be adversely affected if later futures contracts have higher prices than an expiring futures contract included in the Underlying. ● The Underlying 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 Underlying may adversely affect the value of 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 Underlying. The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable product supplement and underlying supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the applicable preliminary pricing supplement for additional information. Additional Information Any information relating to performance contained in these materials is illustrative and no assurance is given that any indicative 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, superseded 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 presented 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 may 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 of 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 Chase & 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 these matters. This material is not a product of J.P. Morgan Research Departments. J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
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