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[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus

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Form Type
FWP
Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering 3-year Contingent Income Auto-Callable Securities linked to Palo Alto Networks (PANW). Investors pay $1,000 per note and may receive:

  • Quarterly coupons of at least $26 (≥2.60%) when PANW closes ≥60% of the initial price on each quarterly determination date.
  • Automatic early redemption at par plus the coupon if PANW closes ≥100% of the initial price on any determination date.
  • At maturity, full principal plus final coupon if PANW is ≥60% of the initial price; otherwise principal is reduced in line with PANW’s decline (stock performance factor), exposing investors to up to 100% loss.

Key terms: downside threshold 60% of initial price; maturity July 21 2028; estimated value ≥$940; issuer and guarantor credit risk applies. Investors do not participate in upside beyond coupons and face early-call, liquidity, valuation and tax risks outlined in the risk factors.

JPMorgan Chase Financial Company LLC offre titoli a reddito contingente autrichiamabili a 3 anni collegati a Palo Alto Networks (PANW). Gli investitori pagano $1.000 per ciascuna nota e possono ricevere:

  • Cedole trimestrali di almeno $26 (≥2,60%) se PANW chiude ≥60% del prezzo iniziale in ciascuna data di determinazione trimestrale.
  • Rimborso anticipato automatico a valore nominale più cedola se PANW chiude ≥100% del prezzo iniziale in qualsiasi data di determinazione.
  • Alla scadenza, il capitale pieno più l’ultima cedola se PANW è ≥60% del prezzo iniziale; altrimenti il capitale è ridotto in base al calo di PANW (fattore di performance azionaria), esponendo gli investitori a una perdita fino al 100%.

Termini chiave: soglia di ribasso 60% del prezzo iniziale; scadenza 21 luglio 2028; valore stimato ≥$940; rischio di credito emittente e garante applicabile. Gli investitori non partecipano all’aumento oltre le cedole e sono soggetti ai rischi di richiamo anticipato, liquidità, valutazione e fiscali descritti nei fattori di rischio.

JPMorgan Chase Financial Company LLC ofrece valores contingentes autocancelables a 3 años vinculados a Palo Alto Networks (PANW). Los inversores pagan $1,000 por nota y pueden recibir:

  • Cupones trimestrales de al menos $26 (≥2.60%) si PANW cierra en ≥60% del precio inicial en cada fecha de determinación trimestral.
  • Redención anticipada automática al valor nominal más el cupón si PANW cierra en ≥100% del precio inicial en cualquier fecha de determinación.
  • Al vencimiento, el capital completo más el cupón final si PANW está ≥60% del precio inicial; de lo contrario, el capital se reduce según la caída de PANW (factor de rendimiento de la acción), exponiendo a los inversores a una pérdida de hasta el 100%.

Términos clave: umbral a la baja 60% del precio inicial; vencimiento 21 de julio de 2028; valor estimado ≥$940; riesgo crediticio del emisor y garante aplicable. Los inversores no participan en la subida más allá de los cupones y enfrentan riesgos de llamada anticipada, liquidez, valoración y fiscales descritos en los factores de riesgo.

JPMorgan Chase Financial Company LLC는 Palo Alto Networks (PANW)에 연계된 3년 만기 조건부 소득 자동 상환 증권을 제공합니다. 투자자는 각 증권당 $1,000를 지불하며 다음과 같은 혜택을 받을 수 있습니다:

  • 분기별 결정일에 PANW가 최초 가격의 60% 이상으로 마감할 경우 최소 $26(≥2.60%)의 분기별 쿠폰 지급.
  • 어느 결정일에든 PANW가 최초 가격의 100% 이상으로 마감하면 원금과 쿠폰을 포함한 자동 조기 상환 발생.
  • 만기 시 PANW가 최초 가격의 60% 이상이면 원금 전액과 마지막 쿠폰 지급; 그렇지 않으면 PANW 하락률에 따라 원금이 감소(주가 성과 지수 적용), 투자자는 최대 100% 손실 위험에 노출.

주요 조건: 하락 임계값 최초 가격의 60%; 만기일 2028년 7월 21일; 예상 가치 ≥$940; 발행자 및 보증인 신용 위험 적용. 투자자는 쿠폰을 초과하는 상승 수익에 참여하지 않으며, 조기 상환, 유동성, 평가 및 세금 위험이 위험 요소에 명시되어 있습니다.

JPMorgan Chase Financial Company LLC propose des titres à revenu conditionnel autoconvertibles sur 3 ans liés à Palo Alto Networks (PANW). Les investisseurs paient 1 000 $ par note et peuvent recevoir :

  • Coupons trimestriels d’au moins 26 $ (≥2,60 %) lorsque PANW clôture à ≥60 % du prix initial à chaque date de détermination trimestrielle.
  • Remboursement anticipé automatique au pair plus le coupon si PANW clôture à ≥100 % du prix initial à une date de détermination.
  • À l’échéance, le capital intégral plus le coupon final si PANW est ≥60 % du prix initial ; sinon, le capital est réduit proportionnellement à la baisse de PANW (facteur de performance de l’action), exposant les investisseurs à une perte pouvant atteindre 100 %.

Conditions clés : seuil de baisse à 60 % du prix initial ; échéance le 21 juillet 2028 ; valeur estimée ≥940 $ ; risque de crédit de l’émetteur et du garant applicable. Les investisseurs ne participent pas à la hausse au-delà des coupons et sont exposés aux risques de rappel anticipé, de liquidité, d’évaluation et fiscaux décrits dans les facteurs de risque.

JPMorgan Chase Financial Company LLC bietet 3-jährige bedingte einkommensabhängige, automatisch rückzahlbare Wertpapiere, die an Palo Alto Networks (PANW) gekoppelt sind. Anleger zahlen $1.000 pro Note und können erhalten:

  • Vierteljährliche Kupons von mindestens $26 (≥2,60%), wenn PANW an jedem quartalsweisen Feststellungstag ≥60% des Anfangspreises schließt.
  • Automatische vorzeitige Rückzahlung zum Nennwert plus Kupon, wenn PANW an einem Feststellungstag ≥100% des Anfangspreises schließt.
  • Bei Fälligkeit vollständiges Kapital plus letzte Kuponzahlung, wenn PANW ≥60% des Anfangspreises ist; andernfalls wird das Kapital entsprechend dem Rückgang von PANW (Aktienperformancefaktor) reduziert, wodurch Anleger einem Verlust von bis zu 100% ausgesetzt sind.

Wichtige Bedingungen: Abwärtsschwelle 60% des Anfangspreises; Fälligkeit 21. Juli 2028; geschätzter Wert ≥$940; Emittenten- und Garantiegeber-Kreditrisiko gilt. Anleger partizipieren nicht an Kurssteigerungen über die Kupons hinaus und sind Risiken wie vorzeitiger Rückruf, Liquidität, Bewertung und Steuern ausgesetzt, die in den Risikofaktoren beschrieben sind.

Positive
  • Attractive contingent coupon of ≥2.60% quarterly (≥10.4% annualized) when conditions met.
  • 60% downside barrier provides moderate protection compared with typical 70–80% structures.
  • Automatic redemption returns full principal plus coupon if PANW closes ≥initial price on any observation.
  • Estimated issue value ≥94% of face indicates lower initial mark-up than many structured notes.
Negative
  • Principal loss begins with PANW decline beyond 40%; losses can reach 100%.
  • No participation in any upside appreciation of PANW stock.
  • Coupons are contingent; investors may receive few or no payments if PANW trades weakly.
  • Early call risk limits potential income and may force reinvestment at lower rates.
  • Credit exposure to JPMorgan Financial and JPMorgan Chase & Co., not FDIC-insured.
  • Secondary market expected to be illiquid and priced below issue price.

Insights

TL;DR: High coupons but principal at risk below 60% PANW level; no upside participation; credit and early-call risks.

The note offers an attractive headline yield of ≥10.4% annualized, contingent on PANW staying above a generous 60% barrier. The 100% call trigger may shorten duration, capping income and forcing reinvestment risk. Failure to breach the 60% barrier on any observation eliminates that quarter’s payment, reducing effective yield. Because investors give up equity upside and accept losses one-for-one below –40%, the product suits income-seeking investors with moderately bullish views on PANW and tolerance for downside risk. Secondary liquidity will rely on JPMS bid indications, typically at a discount, and the note’s estimated value (≥94% of face) confirms an issuer spread of ~60 bp. Overall, risk-reward is balanced; rating 0 (neutral).

JPMorgan Chase Financial Company LLC offre titoli a reddito contingente autrichiamabili a 3 anni collegati a Palo Alto Networks (PANW). Gli investitori pagano $1.000 per ciascuna nota e possono ricevere:

  • Cedole trimestrali di almeno $26 (≥2,60%) se PANW chiude ≥60% del prezzo iniziale in ciascuna data di determinazione trimestrale.
  • Rimborso anticipato automatico a valore nominale più cedola se PANW chiude ≥100% del prezzo iniziale in qualsiasi data di determinazione.
  • Alla scadenza, il capitale pieno più l’ultima cedola se PANW è ≥60% del prezzo iniziale; altrimenti il capitale è ridotto in base al calo di PANW (fattore di performance azionaria), esponendo gli investitori a una perdita fino al 100%.

Termini chiave: soglia di ribasso 60% del prezzo iniziale; scadenza 21 luglio 2028; valore stimato ≥$940; rischio di credito emittente e garante applicabile. Gli investitori non partecipano all’aumento oltre le cedole e sono soggetti ai rischi di richiamo anticipato, liquidità, valutazione e fiscali descritti nei fattori di rischio.

JPMorgan Chase Financial Company LLC ofrece valores contingentes autocancelables a 3 años vinculados a Palo Alto Networks (PANW). Los inversores pagan $1,000 por nota y pueden recibir:

  • Cupones trimestrales de al menos $26 (≥2.60%) si PANW cierra en ≥60% del precio inicial en cada fecha de determinación trimestral.
  • Redención anticipada automática al valor nominal más el cupón si PANW cierra en ≥100% del precio inicial en cualquier fecha de determinación.
  • Al vencimiento, el capital completo más el cupón final si PANW está ≥60% del precio inicial; de lo contrario, el capital se reduce según la caída de PANW (factor de rendimiento de la acción), exponiendo a los inversores a una pérdida de hasta el 100%.

Términos clave: umbral a la baja 60% del precio inicial; vencimiento 21 de julio de 2028; valor estimado ≥$940; riesgo crediticio del emisor y garante aplicable. Los inversores no participan en la subida más allá de los cupones y enfrentan riesgos de llamada anticipada, liquidez, valoración y fiscales descritos en los factores de riesgo.

JPMorgan Chase Financial Company LLC는 Palo Alto Networks (PANW)에 연계된 3년 만기 조건부 소득 자동 상환 증권을 제공합니다. 투자자는 각 증권당 $1,000를 지불하며 다음과 같은 혜택을 받을 수 있습니다:

  • 분기별 결정일에 PANW가 최초 가격의 60% 이상으로 마감할 경우 최소 $26(≥2.60%)의 분기별 쿠폰 지급.
  • 어느 결정일에든 PANW가 최초 가격의 100% 이상으로 마감하면 원금과 쿠폰을 포함한 자동 조기 상환 발생.
  • 만기 시 PANW가 최초 가격의 60% 이상이면 원금 전액과 마지막 쿠폰 지급; 그렇지 않으면 PANW 하락률에 따라 원금이 감소(주가 성과 지수 적용), 투자자는 최대 100% 손실 위험에 노출.

주요 조건: 하락 임계값 최초 가격의 60%; 만기일 2028년 7월 21일; 예상 가치 ≥$940; 발행자 및 보증인 신용 위험 적용. 투자자는 쿠폰을 초과하는 상승 수익에 참여하지 않으며, 조기 상환, 유동성, 평가 및 세금 위험이 위험 요소에 명시되어 있습니다.

JPMorgan Chase Financial Company LLC propose des titres à revenu conditionnel autoconvertibles sur 3 ans liés à Palo Alto Networks (PANW). Les investisseurs paient 1 000 $ par note et peuvent recevoir :

  • Coupons trimestriels d’au moins 26 $ (≥2,60 %) lorsque PANW clôture à ≥60 % du prix initial à chaque date de détermination trimestrielle.
  • Remboursement anticipé automatique au pair plus le coupon si PANW clôture à ≥100 % du prix initial à une date de détermination.
  • À l’échéance, le capital intégral plus le coupon final si PANW est ≥60 % du prix initial ; sinon, le capital est réduit proportionnellement à la baisse de PANW (facteur de performance de l’action), exposant les investisseurs à une perte pouvant atteindre 100 %.

Conditions clés : seuil de baisse à 60 % du prix initial ; échéance le 21 juillet 2028 ; valeur estimée ≥940 $ ; risque de crédit de l’émetteur et du garant applicable. Les investisseurs ne participent pas à la hausse au-delà des coupons et sont exposés aux risques de rappel anticipé, de liquidité, d’évaluation et fiscaux décrits dans les facteurs de risque.

JPMorgan Chase Financial Company LLC bietet 3-jährige bedingte einkommensabhängige, automatisch rückzahlbare Wertpapiere, die an Palo Alto Networks (PANW) gekoppelt sind. Anleger zahlen $1.000 pro Note und können erhalten:

  • Vierteljährliche Kupons von mindestens $26 (≥2,60%), wenn PANW an jedem quartalsweisen Feststellungstag ≥60% des Anfangspreises schließt.
  • Automatische vorzeitige Rückzahlung zum Nennwert plus Kupon, wenn PANW an einem Feststellungstag ≥100% des Anfangspreises schließt.
  • Bei Fälligkeit vollständiges Kapital plus letzte Kuponzahlung, wenn PANW ≥60% des Anfangspreises ist; andernfalls wird das Kapital entsprechend dem Rückgang von PANW (Aktienperformancefaktor) reduziert, wodurch Anleger einem Verlust von bis zu 100% ausgesetzt sind.

Wichtige Bedingungen: Abwärtsschwelle 60% des Anfangspreises; Fälligkeit 21. Juli 2028; geschätzter Wert ≥$940; Emittenten- und Garantiegeber-Kreditrisiko gilt. Anleger partizipieren nicht an Kurssteigerungen über die Kupons hinaus und sind Risiken wie vorzeitiger Rückruf, Liquidität, Bewertung und Steuern ausgesetzt, die in den Risikofaktoren beschrieben sind.

JPMorgan Chase Financial Company LLC

Free Writing Prospectus Filed Pursuant to Rule 433

Registration Statement Nos. 333-270004 and 333-270004-01

Dated July 11, 2025

3yr PANW Contingent Income Auto-Callable Securities

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, prospectus supplement, prospectus and prospectus addendum and the “Risk Considerations” on the following page, prior to making an investment decision.

SUMMARY TERMS
Issuer: JPMorgan Chase Financial Company LLC (“JPMorgan Financial”)
Guarantor: JPMorgan Chase & Co.
Underlying stock: Common stock of Palo Alto Networks, Inc. (Bloomberg ticker: PANW UW Equity)
Early redemption:

If, on any determination date (other than the final determination date), the closing price of the underlying stock is greater than or equal to the initial stock price, the securities will be automatically redeemed for an early redemption payment on the first contingent payment date immediately following the related determination date. No further payments will be made on the securities once they have been redeemed.

The securities will not be redeemed early on any contingent payment date if the closing price of the underlying stock is below the initial stock price on the related determination date.

Early redemption payment: The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) the contingent quarterly payment with respect to the related determination date.
Contingent quarterly payment:

·  If, on any determination date, the closing price of the underlying stock is greater than or equal to the downside threshold level, we will pay a contingent quarterly payment of at least $26.00 (at least 2.60% of the stated principal amount) per security on the related contingent payment date. The actual contingent quarterly payment will be provided in the pricing supplement.

·  If, on any determination date, the closing price of the underlying stock is less than the downside threshold level, no contingent quarterly payment will be made with respect to that determination date. It is possible that the closing price of the underlying stock will be below the downside threshold level on most or all of the determination dates so that you will receive few or no contingent quarterly payments.

Determination dates†: October 20, 2025, January 20, 2026, April 20, 2026, July 20, 2026, October 19, 2026, January 19, 2027, April 19, 2027, July 19, 2027, October 18, 2027, January 18, 2028, April 18, 2028 and July 18, 2028
Contingent payment dates†: October 23, 2025, January 23, 2026, April 23, 2026, July 23, 2026, October 22, 2026, January 22, 2027, April 22, 2027, July 22, 2027, October 21, 2027, January 21, 2028, April 21, 2028 and the maturity date
Payment at maturity: ·  If the final stock price is greater than or equal to the downside threshold level: (i) the stated principal amount plus (ii) the contingent quarterly payment with respect to the final determination date
  ·  If the final stock price is less than the downside threshold level: (i) the stated principal amount times (ii) the stock performance factor.  This cash payment will be less than 60% of the stated principal amount of the securities and could be zero.
Downside threshold level: 60% of the initial stock price
Initial stock price: The closing price of the underlying stock on the pricing date
Final stock price: The closing price of the underlying stock on the final determination date
Stock adjustment factor: The stock adjustment factor is referenced in determining the closing price of the underlying stock and is set initially at 1.0 on the pricing date.  The stock adjustment factor is subject to adjustment in the event of certain corporate events affecting the underlying stock.
Stock performance factor: final stock price / initial stock price
Stated principal amount: $1,000 per security
Issue price: $1,000 per security
Pricing date: Expected to be July 18, 2025
Original issue date (settlement date): 3 business days after the pricing date
Maturity date†: July 21, 2028
CUSIP / ISIN: 48136FRY0 / US48136FRY06
Preliminary pricing supplement: http://www.sec.gov/Archives/edgar/data/19617/000121390025062881
/ea0248637-01_424b2.htm

†Subject to postponement

The estimated value of the securities on the pricing date will be provided in the pricing supplement and will not be less than $940.00 per $1,000 stated principal amount security. For information about the estimated value of the securities, which likely will be lower than the price you paid for the securities, please see the hyperlink above.

Any payment on the securities is subject to the credit risk of JPMorgan Financial, as issuer of the securities, and the credit risk of JPMorgan Chase & Co., as guarantor of the securities.

Hypothetical Payout at Maturity

(if the securities have not previously been redeemed)

Change in Underlying Stock Payment at Maturity (excluding any coupon payable at maturity)
50.00% $1,000.00
40.00% $1,000.00
30.00% $1,000.00
20.00% $1,000.00
10.00% $1,000.00
5.00% $1,000.00
0.00% $1,000.00
-10.00% $1,000.00
-20.00% $1,000.00
-30.00% $1,000.00
-40.00% $1,000.00
-40.01% $599.90
-50.00% $500.00
-60.00% $400.00
-80.00% $200.00
-100.00% $0.00
 
 

JPMorgan Chase Financial Company LLC

3yr PANW Contingent Income Auto-Callable Securities

Underlying Stock

For more information about the underlying stock, including historical performance information, see the accompanying preliminary pricing supplement.

Risk Considerations

The risks identified below are not exhaustive. Please see “Risk Factors” in the accompanying prospectus supplement, product supplement and preliminary pricing supplement and Annex A to the accompanying prospectus addendum for additional information.

Risks Relating to the Securities Generally

§The securities do not guarantee the return of any principal and your investment in the securities may result in a loss.
§You will not receive any contingent quarterly payment for any quarterly period if the closing price of the underlying stock on the relevant determination date is less than the downside threshold level.
§The contingent quarterly payment is based solely on the closing prices of the underlying stock on the specified determination dates.
§The securities are subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., and any actual or anticipated changes to our or JPMorgan Chase & Co.’s credit ratings or credit spreads may adversely affect the market value of the securities.
§As a finance subsidiary, JPMorgan Financial has no independent operations and has limited assets.
§Investors will not participate in any appreciation of the underlying stock.
§Early redemption risk.
§Secondary trading may be limited.
§The final terms and estimated valuation of the securities will be provided in the pricing supplement.
§The U.S. federal income tax consequences of an investment in the securities are uncertain.

Risks Relating to Conflicts of Interest

§Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of the securities and other affiliates of the issuer may be different from those of investors.
§Hedging and trading activities by the issuer and its affiliates could potentially affect the value of the securities.

Risks Relating to the Estimated Value and Secondary Market Prices of the Securities

§The estimated value of the securities will be lower than the original issue price (price to public) of the securities.
§The estimated value of the securities does not represent future values of the securities and may differ from others’ estimates.
§The estimated value of the securities is derived by reference to an internal funding rate.
§The value of the securities as published by J.P. Morgan Securities LLC (and which may be reflected on customer account statements) may be higher than the then-current estimated value of the securities for a limited time period.
§Secondary market prices of the securities will likely be lower than the original issue price of the securities.
§Secondary market prices of the securities will be impacted by many economic and market factors.

Risks Relating to the Underlying Stock

§Investing in the securities is not equivalent to investing in the underlying stock.
§No affiliation with Palo Alto Networks, Inc.
§We may engage in business with or involving Palo Alto Networks, Inc. without regard to your interests.
§Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the securities. 
§The anti-dilution protection for the underlying stock is limited and may be discretionary.

Tax Considerations

You should review carefully the discussion in the accompanying preliminary pricing supplement under “Additional Information about the Securities — Tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

 

 

 

 

SEC Legend: JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. have filed a registration statement (including a prospectus) with the SEC for any offerings to which these materials relate. Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., any agent or any dealer participating in the this offering will arrange to send you the prospectus and each prospectus supplement as well as any product supplement and preliminary pricing supplement if you so request by calling toll-free 1-866-535-9248.

 

Source: View Original Filing on SEC EDGAR

FAQ

What is the coupon on JPMorgan's 3-year PANW Contingent Income Auto-Callable Securities?

Each note pays a contingent quarterly coupon of at least $26.00 (≥2.60%) when PANW closes ≥60% of its initial price on the observation date.

When can the PANW Auto-Callable Securities be redeemed early?

The notes are automatically called if PANW closes at or above its initial price on any quarterly determination date before maturity.

How much principal could I lose at maturity?

If PANW closes <60% of the initial price on the final date, repayment equals $1,000 × (final/initial price), meaning losses beyond a 40% decline and up to 100% are possible.

Do investors gain from PANW stock appreciation?

No. Investors receive fixed coupons and principal only; any stock upside above the initial price goes to the issuer.

What is the estimated value of the securities at pricing?

JPMorgan expects an estimated value of at least $940 per $1,000 note, reflecting dealer fees and hedging costs.

What credit risk applies to these notes?

Payments depend on the credit of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor); default could result in partial or no recovery.
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Inverse VIX S/T Futs ETNs due Mar22,2045

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[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement
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[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement
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[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement
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[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement
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[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement

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