[424B3] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Filed Pursuant to Rule 424(b)(3)
JPMorgan Chase Financial Company LLC is offering 7-year, auto-callable notes linked 1:1 to the J.P. Morgan Multi-Asset Index (ticker MAX). The notes are issued in $1,000 denominations, priced on 28-Jul-2025 and maturing on 28-Jul-2032, with JPMorgan Chase & Co. acting as guarantor.
The Index dynamically allocates among up to 10 excess-return, futures-based sub-indices across equities, fixed income and commodities, subject to a 4.0 % volatility target and a 1.00 % p.a. daily deduction. Participation in any positive Index return at maturity is 100 %.
Automatic call: on each annual Review Date the notes are redeemed early if the Index closes at or above a rising Call Value (Initial Value +1 % per year). Investors then receive their $1,000 principal plus a minimum 10 % per-annum Call Premium. If not called, principal is fully repaid at maturity and any positive Index performance is added, but negative Index performance does not reduce principal.
Estimated value will be no less than $900 per $1,000 note, reflecting dealer margin and funding costs. Payments are unsecured and subject to the credit risk of both the issuer and guarantor. The offering is made under prospectus dated 13-Apr-2023 and Rule 424(b)(3) filing dated 27-Jun-2025.
JPMorgan Chase Financial Company LLC offre note autrichiamabili a 7 anni collegate 1:1 al J.P. Morgan Multi-Asset Index (ticker MAX). Le note sono emesse in tagli da $1.000, quotate il 28-lug-2025 e con scadenza il 28-lug-2032, con JPMorgan Chase & Co. come garante.
L'indice si rialloca dinamicamente tra fino a 10 sottoindici futuri a rendimento eccedente su azioni, obbligazioni e materie prime, con un obiettivo di volatilità del 4,0% e una deduzione giornaliera dell'1,00% annuo. La partecipazione a qualsiasi rendimento positivo dell'indice a scadenza è del 100%.
Richiamo automatico: in ciascuna data di revisione annuale, le note vengono rimborsate anticipatamente se l'indice chiude pari o superiore al valore di richiamo crescente (Valore Iniziale + 1% annuo). Gli investitori ricevono quindi il capitale di $1.000 più un premio minimo di richiamo del 10% annuo. Se non richiamate, il capitale viene rimborsato integralmente a scadenza e qualsiasi performance positiva dell'indice viene aggiunta, mentre una performance negativa non riduce il capitale.
Il valore stimato sarà almeno pari a $900 per ogni nota da $1.000, tenendo conto del margine del dealer e dei costi di finanziamento. I pagamenti non sono garantiti e sono soggetti al rischio di credito sia dell'emittente che del garante. L'offerta è effettuata in base al prospetto datato 13-apr-2023 e al deposito Rule 424(b)(3) del 27-giu-2025.
JPMorgan Chase Financial Company LLC ofrece notas autocancelables a 7 años vinculadas 1:1 al Índice Multi-Activo J.P. Morgan (ticker MAX). Las notas se emiten en denominaciones de $1,000, con precio el 28-jul-2025 y vencimiento el 28-jul-2032, con JPMorgan Chase & Co. como garante.
El índice asigna dinámicamente entre hasta 10 subíndices basados en futuros con rendimiento excedente en acciones, renta fija y materias primas, sujeto a un objetivo de volatilidad del 4,0% y una deducción diaria del 1,00% anual. La participación en cualquier rendimiento positivo del índice al vencimiento es del 100%.
Llamada automática: en cada fecha de revisión anual, las notas se redimen anticipadamente si el índice cierra en o por encima de un valor de llamada creciente (Valor Inicial + 1% anual). Los inversores reciben entonces su principal de $1,000 más una prima de llamada mínima del 10% anual. Si no se llama, el principal se reembolsa completamente al vencimiento y cualquier rendimiento positivo del índice se añade, pero el rendimiento negativo no reduce el principal.
El valor estimado no será inferior a $900 por cada nota de $1,000, reflejando margen del dealer y costos de financiamiento. Los pagos no están garantizados y están sujetos al riesgo crediticio tanto del emisor como del garante. La oferta se realiza bajo el prospecto fechado el 13-abr-2023 y la presentación Rule 424(b)(3) del 27-jun-2025.
JPMorgan Chase Financial Company LLC는 J.P. Morgan Multi-Asset Index (티커 MAX)에 1:1로 연동된 7년 만기 자동콜 노트를 제공합니다. 노트는 $1,000 단위로 발행되며, 2025년 7월 28일에 가격이 책정되고 2032년 7월 28일에 만기되며, JPMorgan Chase & Co.가 보증인으로 참여합니다.
이 지수는 주식, 채권 및 원자재를 포함한 최대 10개의 초과 수익 선물 기반 하위 지수 간에 동적으로 할당되며, 4.0% 변동성 목표와 연 1.00% 일일 공제가 적용됩니다. 만기 시 긍정적인 지수 수익에 대해 100% 참여합니다.
자동 콜: 매년 검토일에 지수가 상승하는 콜 가치(초기 가치 + 연 1%) 이상으로 마감하면 노트가 조기 상환됩니다. 투자자는 $1,000 원금과 함께 최소 연 10% 콜 프리미엄을 받습니다. 콜되지 않을 경우, 원금은 만기 시 전액 상환되며 긍정적인 지수 수익은 추가되지만, 부정적인 지수 수익은 원금을 감소시키지 않습니다.
예상 가치는 딜러 마진과 자금 조달 비용을 반영하여 $1,000 노트당 최소 $900 이상입니다. 지급은 무담보이며 발행자와 보증인의 신용 위험에 따릅니다. 이 상품은 2023년 4월 13일자 설명서와 2025년 6월 27일 Rule 424(b)(3) 제출에 따라 제공됩니다.
JPMorgan Chase Financial Company LLC propose des notes autocallables à 7 ans liées en 1:1 à l'Indice Multi-Actifs J.P. Morgan (symbole MAX). Les notes sont émises en coupures de 1 000 $, cotées le 28-juil-2025 et arrivant à échéance le 28-juil-2032, avec JPMorgan Chase & Co. en tant que garant.
L’indice alloue dynamiquement entre jusqu’à 10 sous-indices basés sur des contrats à terme à rendement excédentaire couvrant actions, obligations et matières premières, avec un objectif de volatilité de 4,0% et une déduction quotidienne de 1,00 % par an. La participation à tout rendement positif de l’indice à l’échéance est de 100%.
Rappel automatique : à chaque date de revue annuelle, les notes sont remboursées par anticipation si l’indice clôture au-dessus ou à égalité d’une valeur de rappel croissante (valeur initiale + 1 % par an). Les investisseurs reçoivent alors leur principal de 1 000 $ plus une prime de rappel minimale de 10 % par an. Si le rappel n’a pas lieu, le principal est intégralement remboursé à l’échéance et toute performance positive de l’indice est ajoutée, tandis qu’une performance négative ne réduit pas le principal.
La valeur estimée sera d’au moins 900 $ par note de 1 000 $, tenant compte de la marge du teneur de marché et des coûts de financement. Les paiements ne sont pas garantis et sont soumis au risque de crédit de l’émetteur et du garant. L’offre est faite selon le prospectus daté du 13-avr-2023 et le dépôt Rule 424(b)(3) du 27-juin-2025.
JPMorgan Chase Financial Company LLC bietet 7-jährige, automatisch kündbare Notes, die 1:1 an den J.P. Morgan Multi-Asset Index (Ticker MAX) gekoppelt sind. Die Notes werden in Stückelungen von $1.000 ausgegeben, am 28. Juli 2025 bepreist und laufen am 28. Juli 2032 aus, wobei JPMorgan Chase & Co. als Garant fungiert.
Der Index verteilt dynamisch auf bis zu 10 überschussrendite-basierte Futures-Subindizes in Aktien, festverzinslichen Wertpapieren und Rohstoffen, mit einem Volatilitätsziel von 4,0% und einem täglichen Abzug von 1,00% p.a.. Die Teilnahme an positiven Indexrenditen bei Fälligkeit beträgt 100%.
Automatischer Rückruf: An jedem jährlichen Überprüfungstermin werden die Notes vorzeitig zurückgezahlt, wenn der Index bei oder über einem steigenden Rückrufwert schließt (Anfangswert + 1% pro Jahr). Anleger erhalten dann ihr $1.000 Kapital plus eine mindestens 10% jährliche Rückrufprämie. Wird nicht zurückgerufen, wird das Kapital bei Fälligkeit vollständig zurückgezahlt und positive Indexerträge werden hinzugefügt, negative Indexerträge reduzieren jedoch das Kapital nicht.
Der geschätzte Wert wird mindestens $900 pro $1.000 Note betragen, unter Berücksichtigung von Händlermarge und Finanzierungskosten. Zahlungen sind ungesichert und unterliegen dem Kreditrisiko des Emittenten und Garanten. Das Angebot erfolgt gemäß Prospekt vom 13. April 2023 und der Einreichung Rule 424(b)(3) vom 27. Juni 2025.
- Full principal repayment at maturity regardless of Index decline.
- Minimum 10 % per-annum Call Premium provides attractive potential return if called early.
- 100 % participation in any positive Index performance at maturity.
- Diversified, volatility-targeted Index across equities, bonds and commodities may reduce drawdowns.
- Issuer and guarantor credit risk; payments depend on JPMorgan’s solvency.
- Estimated value ≥ $900 implies an immediate 10 % mark-to-model discount.
- Liquidity risk: no exchange listing; secondary bids solely at dealer discretion.
- 1 % daily Index fee suppresses underlying performance over time.
- Rising call thresholds cap upside while early redemption halts further gains.
Insights
TL;DR: Capital protected, 10 % annual call premium, but credit & liquidity risk make overall risk-reward balanced.
Positives: Investors receive full principal at maturity, even if the Index falls, and can earn at least 10 % per year if the auto-call is triggered. The 100 % participation rate preserves upside beyond the call schedule. Diversification across ten futures-based assets aims to smooth volatility.
Negatives: The effective fee drag is high: 1 % daily Index deduction plus an issue-price spread of up to $100. Rising call thresholds (up to 106 % of Initial Value) limit upside; early redemption stops further gains. Secondary-market liquidity is dealer-driven and may be thin, with potential significant bid-offer discounts. All payments rely on JPMorgan’s credit; the notes carry no coupon and no interim cash flow.
TL;DR: Credit exposure to JPM; limited liquidity could erode value despite principal protection.
Because the notes are senior unsecured obligations, their repayment ranks pari passu with other JPMorgan debt. Although JPM is investment-grade, spread widening could reduce secondary pricing well below the embedded $900 estimated value. JPMS acts as sole market-maker; lack of exchange listing heightens liquidity risk. Estimated value disclosure highlights a 10 % premium paid by investors over model value, meaning a break-even of -10 % on day one.
JPMorgan Chase Financial Company LLC offre note autrichiamabili a 7 anni collegate 1:1 al J.P. Morgan Multi-Asset Index (ticker MAX). Le note sono emesse in tagli da $1.000, quotate il 28-lug-2025 e con scadenza il 28-lug-2032, con JPMorgan Chase & Co. come garante.
L'indice si rialloca dinamicamente tra fino a 10 sottoindici futuri a rendimento eccedente su azioni, obbligazioni e materie prime, con un obiettivo di volatilità del 4,0% e una deduzione giornaliera dell'1,00% annuo. La partecipazione a qualsiasi rendimento positivo dell'indice a scadenza è del 100%.
Richiamo automatico: in ciascuna data di revisione annuale, le note vengono rimborsate anticipatamente se l'indice chiude pari o superiore al valore di richiamo crescente (Valore Iniziale + 1% annuo). Gli investitori ricevono quindi il capitale di $1.000 più un premio minimo di richiamo del 10% annuo. Se non richiamate, il capitale viene rimborsato integralmente a scadenza e qualsiasi performance positiva dell'indice viene aggiunta, mentre una performance negativa non riduce il capitale.
Il valore stimato sarà almeno pari a $900 per ogni nota da $1.000, tenendo conto del margine del dealer e dei costi di finanziamento. I pagamenti non sono garantiti e sono soggetti al rischio di credito sia dell'emittente che del garante. L'offerta è effettuata in base al prospetto datato 13-apr-2023 e al deposito Rule 424(b)(3) del 27-giu-2025.
JPMorgan Chase Financial Company LLC ofrece notas autocancelables a 7 años vinculadas 1:1 al Índice Multi-Activo J.P. Morgan (ticker MAX). Las notas se emiten en denominaciones de $1,000, con precio el 28-jul-2025 y vencimiento el 28-jul-2032, con JPMorgan Chase & Co. como garante.
El índice asigna dinámicamente entre hasta 10 subíndices basados en futuros con rendimiento excedente en acciones, renta fija y materias primas, sujeto a un objetivo de volatilidad del 4,0% y una deducción diaria del 1,00% anual. La participación en cualquier rendimiento positivo del índice al vencimiento es del 100%.
Llamada automática: en cada fecha de revisión anual, las notas se redimen anticipadamente si el índice cierra en o por encima de un valor de llamada creciente (Valor Inicial + 1% anual). Los inversores reciben entonces su principal de $1,000 más una prima de llamada mínima del 10% anual. Si no se llama, el principal se reembolsa completamente al vencimiento y cualquier rendimiento positivo del índice se añade, pero el rendimiento negativo no reduce el principal.
El valor estimado no será inferior a $900 por cada nota de $1,000, reflejando margen del dealer y costos de financiamiento. Los pagos no están garantizados y están sujetos al riesgo crediticio tanto del emisor como del garante. La oferta se realiza bajo el prospecto fechado el 13-abr-2023 y la presentación Rule 424(b)(3) del 27-jun-2025.
JPMorgan Chase Financial Company LLC는 J.P. Morgan Multi-Asset Index (티커 MAX)에 1:1로 연동된 7년 만기 자동콜 노트를 제공합니다. 노트는 $1,000 단위로 발행되며, 2025년 7월 28일에 가격이 책정되고 2032년 7월 28일에 만기되며, JPMorgan Chase & Co.가 보증인으로 참여합니다.
이 지수는 주식, 채권 및 원자재를 포함한 최대 10개의 초과 수익 선물 기반 하위 지수 간에 동적으로 할당되며, 4.0% 변동성 목표와 연 1.00% 일일 공제가 적용됩니다. 만기 시 긍정적인 지수 수익에 대해 100% 참여합니다.
자동 콜: 매년 검토일에 지수가 상승하는 콜 가치(초기 가치 + 연 1%) 이상으로 마감하면 노트가 조기 상환됩니다. 투자자는 $1,000 원금과 함께 최소 연 10% 콜 프리미엄을 받습니다. 콜되지 않을 경우, 원금은 만기 시 전액 상환되며 긍정적인 지수 수익은 추가되지만, 부정적인 지수 수익은 원금을 감소시키지 않습니다.
예상 가치는 딜러 마진과 자금 조달 비용을 반영하여 $1,000 노트당 최소 $900 이상입니다. 지급은 무담보이며 발행자와 보증인의 신용 위험에 따릅니다. 이 상품은 2023년 4월 13일자 설명서와 2025년 6월 27일 Rule 424(b)(3) 제출에 따라 제공됩니다.
JPMorgan Chase Financial Company LLC propose des notes autocallables à 7 ans liées en 1:1 à l'Indice Multi-Actifs J.P. Morgan (symbole MAX). Les notes sont émises en coupures de 1 000 $, cotées le 28-juil-2025 et arrivant à échéance le 28-juil-2032, avec JPMorgan Chase & Co. en tant que garant.
L’indice alloue dynamiquement entre jusqu’à 10 sous-indices basés sur des contrats à terme à rendement excédentaire couvrant actions, obligations et matières premières, avec un objectif de volatilité de 4,0% et une déduction quotidienne de 1,00 % par an. La participation à tout rendement positif de l’indice à l’échéance est de 100%.
Rappel automatique : à chaque date de revue annuelle, les notes sont remboursées par anticipation si l’indice clôture au-dessus ou à égalité d’une valeur de rappel croissante (valeur initiale + 1 % par an). Les investisseurs reçoivent alors leur principal de 1 000 $ plus une prime de rappel minimale de 10 % par an. Si le rappel n’a pas lieu, le principal est intégralement remboursé à l’échéance et toute performance positive de l’indice est ajoutée, tandis qu’une performance négative ne réduit pas le principal.
La valeur estimée sera d’au moins 900 $ par note de 1 000 $, tenant compte de la marge du teneur de marché et des coûts de financement. Les paiements ne sont pas garantis et sont soumis au risque de crédit de l’émetteur et du garant. L’offre est faite selon le prospectus daté du 13-avr-2023 et le dépôt Rule 424(b)(3) du 27-juin-2025.
JPMorgan Chase Financial Company LLC bietet 7-jährige, automatisch kündbare Notes, die 1:1 an den J.P. Morgan Multi-Asset Index (Ticker MAX) gekoppelt sind. Die Notes werden in Stückelungen von $1.000 ausgegeben, am 28. Juli 2025 bepreist und laufen am 28. Juli 2032 aus, wobei JPMorgan Chase & Co. als Garant fungiert.
Der Index verteilt dynamisch auf bis zu 10 überschussrendite-basierte Futures-Subindizes in Aktien, festverzinslichen Wertpapieren und Rohstoffen, mit einem Volatilitätsziel von 4,0% und einem täglichen Abzug von 1,00% p.a.. Die Teilnahme an positiven Indexrenditen bei Fälligkeit beträgt 100%.
Automatischer Rückruf: An jedem jährlichen Überprüfungstermin werden die Notes vorzeitig zurückgezahlt, wenn der Index bei oder über einem steigenden Rückrufwert schließt (Anfangswert + 1% pro Jahr). Anleger erhalten dann ihr $1.000 Kapital plus eine mindestens 10% jährliche Rückrufprämie. Wird nicht zurückgerufen, wird das Kapital bei Fälligkeit vollständig zurückgezahlt und positive Indexerträge werden hinzugefügt, negative Indexerträge reduzieren jedoch das Kapital nicht.
Der geschätzte Wert wird mindestens $900 pro $1.000 Note betragen, unter Berücksichtigung von Händlermarge und Finanzierungskosten. Zahlungen sind ungesichert und unterliegen dem Kreditrisiko des Emittenten und Garanten. Das Angebot erfolgt gemäß Prospekt vom 13. April 2023 und der Einreichung Rule 424(b)(3) vom 27. Juni 2025.
The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Overview The notes provide exposure to the J.P. Morgan Multi - Asset Index (the “Index”), which seeks to provide a dynamic and diversified asset allocation based on a momentum investment strategy, while attempting to maintain a stable level of volatility over time. The Index tracks the return of (a) a dynamic notional portfolio consisting of up to 10 excess return futures - based indices (each a “Constituent,” and collectively the “Constituents”), converted into U.S. dollars (in the case of Constituents not denominated in U.S. dollars), less (b) a 1.00% per annum daily deduction, with an initial volatility threshold of 4.0%. The Constituents represent a broad range of asset classes (equities, fixed income and commodities) and developed markets (the United States, Germany and Japan). Summary of Terms JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 J.P. Morgan Multi - Asset Index MAX 100% July 28, 2025 July 28, 2032 August 2, 2032 Annual 48136FDJ8 http://sp.jpmorgan.com/document/cusip/48136FDJ8/doctype/Product_Termsheet/document.pdf Issuer: Guarantor: Minimum Denomination: Index: Index Ticker: Participation Rate: Pricing Date: Final Review Date: Maturity Date: Review Dates: CUSIP: Preliminary Pricing Supplement: 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 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 the closing level of the Index on any Review Date (other than the final Review Date) is greater than or equal to the Call Value for that Review Date, the notes will be automatically 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 credit risks of JPMorgan Chase Financial LLC and JPMorgan Chase & Co . 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. Investing in the notes linked to the Index 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. 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. Terms supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the product supplement no. 3 - I dated April 13, 2023, the underlying supplement no. 23 - I dated August 28, 2023 and the prospectus addendum dated June 3, 2024 North America Structured Investments 7y Auto Callable J.P. Morgan Multi - Asset Index - Linked Notes J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated June 27, 2025 Rule 424(b)(3) Total Return at Maturity if not Automatically Called Total Return at Sixth Review Date* Total Return at Third Review Date* Total Return at First Review Date* Index Return at Review Date 60.00% 60.00% 30.00% 10.00% 60.00% 40.00% 60.00% 30.00% 10.00% 40.00% 20.00% 60.00% 30.00% 10.00% 20.00% 10.00% 60.00% 30.00% 10.00% 10.00% 6.00% 60.00% 30.00% 10.00% 6.00% 3.00% N/A 30.00% 10.00% 3.00% 1.00% N/A N/A 10.00% 1.00% 0.00% N/A N/A N/A 0.00% 0.00% N/A N/A N/A - 5.00% 0.00% N/A N/A N/A - 10.00% 0.00% N/A N/A N/A - 20.00% 0.00% N/A N/A N/A - 30.00% 0.00% N/A N/A N/A - 50.00% 0.00% N/A N/A N/A - 60.00% 0.00% N/A N/A N/A - 80.00% 0.00% N/A N/A N/A - 100.00% Hypothetical Examples of Amounts Payable Upon Automatic Call or at Maturity** Payment at Maturity If the notes have not been automatically called and the Final Value is greater than the Initial Value, at maturity, you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Index Return multiplied by the Participation Rate. If the notes have not been automatically called and if held to maturity, you will receive a full repayment of principal on the notes, even if the level of the Index declines, subject to N/A – indicates that the notes would not be called on the applicable Review Date and no payment would be made for that date. *Reflects a Call Premium of 10.00% per annum and the applicable maximum Call Values listed in the table to the left. The Call Premium will be provided in the pricing supplement and will not be less than 10.00% per annum. The Call Values will be provided in the pricing supplement and will not be greater than the applicable Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed upon the maximum. **Not all Review Dates are reflected. 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 would likely be lower. Call Premium* Call Value* Review Date At least 10.00% At most 101.00% of the Initial Value First At least 20.00% At most 102.00% of the Initial Value Second At least 30.00% At most 103.00% of the Initial Value Third At least 40.00% At most 104.00% of the Initial Value Fourth At least 50.00% At most 105.00% of the Initial Value Fifth At least 60.00% At most 106.00% of the Initial Value Sixth
Selected Risks • The notes may not pay more than the principal amount at maturity. • JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index, the reference index underlying the futures contracts included in one of the Equity Constituents. • The Index is subject to a 1.00% per annum daily deduction. • The Index involves risks associated with the Index’s momentum investment strategy, which may not be successful, and the Index may not approximate its initial volatility threshold or outperform an alternative strategy . • No interest payments or voting rights . • Our affiliate, J . P . Morgan Securities LLC (who we refer to as JPMS), the index sponsor and index calculation agent, may adjust the Index in a way that affects its level . Selected Risks (continued) • 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 . • Risks associated with non - U . S . securities market (including currency exchange risks), small capitalization stocks, fixed income securities (including interest rate - related and credit risks), commodity futures, crude oil, gold and the uncertain legal and regulatory regimes that govern commodity futures . • The Call Value for each Review Date is greater than the Initial Value and increases progressively over the term of the notes . • If the notes are automatically called, the appreciation potential of the notes is limited to the applicable Call Premium Amount paid on the notes . • The automatic call feature may force a potential early exit . • As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. • Because the Index may include notional short positions, the notes may be subject to additional risks. • Changes in the values of Constituents may offset each other. • A significant portion of the Index’s exposure may be allocated to the Bond Constituents. • The Constituents are subject to significant risks associated with futures contracts. • Suspension or disruptions of market trading in futures contracts may adversely affect the value of the notes. • An increase in the margin requirements for futures contracts included in the Constituents may adversely affect the level of that Constituent. • Changes in future prices of the futures contracts included in the Constituents relative to their current prices could lead to a decrease in any payment on the notes. • We will have the right to adjust the timing and amount of any payment on the notes if a commodity hedging disruption event occurs. • 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. • Lack of liquidity: 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. • 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. • 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. 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. North America Structured Investments 7y Auto Callable J.P. Morgan Multi - Asset Index - Linked Notes Selected Benefits • The Index seeks to provide a dynamic and diversified asset allocation based on a momentum investment strategy , while attempting to maintain a stable level of volatility over time. The Index tracks the return of (a) a dynamic notional portfolio consisting of up to 10 excess return futures - based indices converted into U.S. dollars (in the case of Constituents not denominated in U.S. dollars), less (b) a 1.00% per annum daily deduction, with an initial volatility threshold of 4.0%. • The Constituents are as follows (see applicable underlying supplement and the preliminary pricing supplement for more information): J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
FAQ
What is the maturity date of the JPM 7-year auto-callable notes (symbol VYLD)?
How does the automatic call feature work on these JPMorgan notes?
Is my principal protected if the J.P. Morgan Multi-Asset Index falls?
What is the estimated value versus price to public for these notes?
What fees or deductions affect Index performance?
Who bears the credit risk on the notes linked to the MAX Index?
