[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
JPMorgan Chase Financial Company LLC is marketing 1.92-year, non-call 3-month (NC3m) Callable Contingent Interest Notes linked to three equity benchmarks: the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The notes are issued in $1,000 denominations, are unconditionally guaranteed by JPMorgan Chase & Co., and are scheduled to mature on May 28 2027, unless redeemed earlier at the issuer’s option on any monthly interest payment date after the second month.
Income profile. Holders receive a contingent monthly coupon set between 0.6875% and 0.85417% (8.25%-10.25% p.a.) only if, on the related review date, the closing level of each underlying remains at or above 70% of its initial level (the Interest Barrier). Missed coupons are not recaptured.
Principal protection. At maturity investors are protected down to a 30% decline (Trigger = 70%). If all three indices close at or above the Trigger on the final review date, holders receive par plus the final coupon. If any index finishes below its Trigger, repayment is reduced one-for-one with the worst-performing index, exposing investors to losses greater than 30% and up to 100% of principal.
Early redemption. Starting in month 3, the issuer may call the notes at par plus the applicable coupon. This limits upside to accrued coupons and may create reinvestment risk for investors if rates fall.
Valuation & liquidity. The estimated value at pricing will not be less than $900 per $1,000 note, reflecting internal funding spreads and structuring costs. Secondary market liquidity is expected to be limited to discretionary bids from J.P. Morgan Securities LLC, often at materially discounted prices.
Key risks. Investors face: (1) credit exposure to JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.; (2) market risk driven by three equity indices, including small-cap (RTY) and non-U.S. tech constituents (NDX); (3) potential loss of principal below the 70% Trigger; (4) contingent, non-cumulative income; and (5) issuer call risk which caps total return.
JPMorgan Chase Financial Company LLC offre note chiamabili a interesse contingente non richiamabili per 3 mesi (NC3m) della durata di 1,92 anni, collegate a tre indici azionari: Nasdaq-100®, Russell 2000® e S&P 500®. Le note sono emesse in tagli da $1.000, garantite incondizionatamente da JPMorgan Chase & Co. e con scadenza prevista il 28 maggio 2027, salvo richiamo anticipato da parte dell'emittente in qualsiasi data di pagamento mensile degli interessi dopo il secondo mese.
Profilo di rendimento. I detentori ricevono una cedola mensile contingente compresa tra lo 0,6875% e lo 0,85417% (8,25%-10,25% annuo) solo se, alla data di revisione, il valore di ognuno degli indici sottostanti rimane pari o superiore al 70% del valore iniziale (la Barriera di Interesse). Le cedole non corrisposte non vengono recuperate.
Protezione del capitale. Alla scadenza, gli investitori sono protetti fino a un calo del 30% (Trigger = 70%). Se tutti e tre gli indici chiudono al di sopra del Trigger alla data finale di revisione, i detentori ricevono il valore nominale più l’ultima cedola. Se anche solo uno degli indici termina sotto il Trigger, il rimborso è ridotto in modo proporzionale alla performance dell’indice peggiore, esponendo gli investitori a perdite superiori al 30% e fino al 100% del capitale.
Richiamo anticipato. A partire dal terzo mese, l’emittente può richiamare le note al valore nominale più la cedola applicabile. Ciò limita il potenziale guadagno alle cedole maturate e può comportare un rischio di reinvestimento per gli investitori in caso di calo dei tassi.
Valutazione e liquidità. Il valore stimato al momento dell’emissione non sarà inferiore a $900 per ogni nota da $1.000, considerando i costi di finanziamento e strutturazione. La liquidità sul mercato secondario è prevista limitata a offerte discrezionali da parte di J.P. Morgan Securities LLC, spesso a prezzi significativamente scontati.
Rischi principali. Gli investitori affrontano: (1) rischio di credito verso JPMorgan Chase Financial Company LLC e JPMorgan Chase & Co.; (2) rischio di mercato legato a tre indici azionari, inclusi small-cap (RTY) e titoli tecnologici non USA (NDX); (3) possibile perdita del capitale sotto il Trigger del 70%; (4) reddito contingente e non cumulativo; (5) rischio di richiamo da parte dell’emittente che limita il rendimento totale.
JPMorgan Chase Financial Company LLC está comercializando Notas de Interés Contingente Llamables no rescatables a 3 meses (NC3m) con vencimiento de 1,92 años, vinculadas a tres índices bursátiles: Nasdaq-100®, Russell 2000® y S&P 500®. Las notas se emiten en denominaciones de $1,000, cuentan con garantía incondicional de JPMorgan Chase & Co. y tienen fecha de vencimiento programada para el 28 de mayo de 2027, salvo rescate anticipado a opción del emisor en cualquier fecha de pago mensual de intereses después del segundo mes.
Perfil de ingresos. Los tenedores reciben un cupón mensual contingente entre 0,6875% y 0,85417% (8,25%-10,25% anual) solo si, en la fecha de revisión correspondiente, el nivel de cierre de cada índice subyacente se mantiene igual o por encima del 70% de su nivel inicial (la Barrera de Interés). Los cupones no pagados no se recuperan.
Protección del capital. Al vencimiento, los inversores están protegidos hasta una caída del 30% (Trigger = 70%). Si los tres índices cierran en o por encima del Trigger en la fecha final de revisión, los tenedores reciben el valor nominal más el cupón final. Si cualquier índice termina por debajo del Trigger, el reembolso se reduce uno a uno con el índice de peor desempeño, exponiendo a los inversores a pérdidas superiores al 30% y hasta el 100% del capital.
Rescate anticipado. A partir del tercer mes, el emisor puede llamar a las notas al valor nominal más el cupón aplicable. Esto limita el potencial de ganancia a los cupones acumulados y puede generar riesgo de reinversión para los inversores si las tasas bajan.
Valoración y liquidez. El valor estimado en la emisión no será inferior a $900 por cada nota de $1,000, reflejando los costos internos de financiamiento y estructuración. Se espera que la liquidez en el mercado secundario sea limitada a ofertas discrecionales de J.P. Morgan Securities LLC, a menudo a precios significativamente descontados.
Riesgos clave. Los inversores enfrentan: (1) exposición crediticia a JPMorgan Chase Financial Company LLC y JPMorgan Chase & Co.; (2) riesgo de mercado derivado de tres índices bursátiles, incluyendo small-cap (RTY) y componentes tecnológicos no estadounidenses (NDX); (3) posible pérdida de capital por debajo del Trigger del 70%; (4) ingresos contingentes y no acumulativos; y (5) riesgo de llamada del emisor que limita el rendimiento total.
JPMorgan Chase Financial Company LLC는 나스닥-100 지수®, 러셀 2000® 지수, S&P 500® 지수 등 세 가지 주가지수에 연계된 1.92년 만기, 3개월 비콜(Non-Call) 콜러블 컨틴전트 이자 노트를 마케팅하고 있습니다. 이 노트는 $1,000 단위로 발행되며, JPMorgan Chase & Co.가 무조건적으로 보증하며, 2027년 5월 28일 만기가 예정되어 있으나, 발행자가 2개월 이후 매월 이자 지급일에 조기 상환할 수 있습니다.
수익 프로필. 보유자는 관련 검토일에 각 기초지수가 최초 수준의 70% 이상(이자 장벽)일 경우에만 월별 조건부 쿠폰 0.6875%에서 0.85417%(연 8.25%-10.25%)를 받습니다. 미지급 쿠폰은 회수되지 않습니다.
원금 보호. 만기 시 투자자는 최대 30% 하락까지 보호됩니다(트리거 = 70%). 최종 검토일에 세 지수가 모두 트리거 이상 마감하면 원금과 최종 쿠폰을 받습니다. 어느 하나라도 트리거 아래로 마감하면 최악의 지수 하락률만큼 1:1로 상환액이 줄어들어, 투자자는 30% 이상 최대 100%까지 원금 손실 위험에 노출됩니다.
조기 상환. 3개월 이후부터 발행자는 원금과 해당 쿠폰을 더한 금액으로 노트를 상환할 수 있습니다. 이는 누적 쿠폰 수익을 제한하며, 금리 하락 시 재투자 위험을 초래할 수 있습니다.
평가 및 유동성. 발행 시 예상 가치는 $1,000 노트당 $900 이하로 떨어지지 않으며, 내부 자금 조달 스프레드와 구조화 비용을 반영합니다. 2차 시장 유동성은 J.P. Morgan Securities LLC의 임의 입찰에 한정되며, 대개 상당한 할인 가격에 거래될 가능성이 높습니다.
주요 리스크. 투자자는 (1) JPMorgan Chase Financial Company LLC 및 JPMorgan Chase & Co.에 대한 신용 위험, (2) 소형주(RTY) 및 비미국 기술주(NDX)를 포함한 세 주가지수에 따른 시장 위험, (3) 70% 트리거 미만 시 원금 손실 가능성, (4) 조건부 비누적 수익, (5) 발행자의 콜 위험으로 인한 총 수익 제한 위험에 직면합니다.
JPMorgan Chase Financial Company LLC commercialise des Notes à Intérêt Contingent Rachetables non appelables à 3 mois (NC3m) d’une durée de 1,92 an, liées à trois indices boursiers : Nasdaq-100®, Russell 2000® et S&P 500®. Les notes sont émises en coupures de 1 000 $, garanties sans condition par JPMorgan Chase & Co., et doivent arriver à échéance le 28 mai 2027, sauf rachat anticipé à la discrétion de l’émetteur à toute date de paiement d’intérêts mensuels après le deuxième mois.
Profil de revenu. Les détenteurs perçoivent un coupon mensuel contingent compris entre 0,6875 % et 0,85417 % (8,25 % à 10,25 % par an) uniquement si, à la date de revue correspondante, le niveau de clôture de chaque indice sous-jacent reste supérieur ou égal à 70 % de son niveau initial (la Barrière d’Intérêt). Les coupons manqués ne sont pas récupérés.
Protection du capital. À l’échéance, les investisseurs sont protégés contre une baisse jusqu’à 30 % (Trigger = 70 %). Si les trois indices clôturent au-dessus ou à égalité du Trigger à la date finale de revue, les détenteurs reçoivent la valeur nominale plus le coupon final. Si un indice termine en dessous du Trigger, le remboursement est réduit au prorata de la performance de l’indice le plus faible, exposant les investisseurs à des pertes supérieures à 30 % et pouvant aller jusqu’à 100 % du capital.
Rachat anticipé. À partir du troisième mois, l’émetteur peut racheter les notes à la valeur nominale plus le coupon applicable. Cela limite le potentiel de gain aux coupons accumulés et peut créer un risque de réinvestissement pour les investisseurs si les taux baissent.
Évaluation et liquidité. La valeur estimée à l’émission ne sera pas inférieure à 900 $ par note de 1 000 $, reflétant les coûts internes de financement et de structuration. La liquidité sur le marché secondaire devrait être limitée à des offres discrétionnaires de J.P. Morgan Securities LLC, souvent à des prix fortement décotés.
Risques clés. Les investisseurs sont exposés à : (1) un risque de crédit envers JPMorgan Chase Financial Company LLC et JPMorgan Chase & Co. ; (2) un risque de marché lié à trois indices boursiers, incluant les small caps (RTY) et les valeurs technologiques non américaines (NDX) ; (3) une perte potentielle du capital en dessous du Trigger à 70 % ; (4) un revenu contingent et non cumulatif ; et (5) un risque de rachat par l’émetteur qui plafonne le rendement total.
Die JPMorgan Chase Financial Company LLC bietet 1,92-jährige, 3-monatige nicht kündbare (NC3m) Callable Contingent Interest Notes an, die an drei Aktienindizes gekoppelt sind: Nasdaq-100®, Russell 2000® und S&P 500®. Die Notes werden in Stückelungen von 1.000 $ ausgegeben, sind bedingungslos von JPMorgan Chase & Co. garantiert und haben eine Fälligkeit am 28. Mai 2027, sofern sie nicht früher vom Emittenten an einem monatlichen Zinszahlungstermin nach dem zweiten Monat zurückgerufen werden.
Einkommensprofil. Die Inhaber erhalten einen bedingten monatlichen Kupon zwischen 0,6875 % und 0,85417 % (8,25 %–10,25 % p.a.), jedoch nur, wenn der Schlusskurs jedes zugrunde liegenden Index am jeweiligen Überprüfungstag mindestens 70 % seines Anfangswerts (die Zinsbarriere) erreicht. Nicht gezahlte Kupons werden nicht nachgeholt.
Kapitalschutz. Am Laufzeitende sind Anleger bis zu einem Rückgang von 30 % geschützt (Trigger = 70 %). Schließen alle drei Indizes am letzten Überprüfungstag auf oder über dem Trigger, erhalten die Inhaber den Nennwert plus den letzten Kupon. Schließt ein Index unter seinem Trigger, wird die Rückzahlung entsprechend der schlechtesten Indexentwicklung eins-zu-eins reduziert, was Verluste von mehr als 30 % bis hin zu 100 % des Kapitals bedeuten kann.
Vorzeitige Rückzahlung. Ab dem dritten Monat kann der Emittent die Notes zum Nennwert plus dem jeweiligen Kupon zurückrufen. Dies begrenzt das Aufwärtspotenzial auf die angesammelten Kupons und kann ein Wiederanlagerisiko für Anleger darstellen, falls die Zinsen fallen.
Bewertung & Liquidität. Der geschätzte Wert bei Emission wird nicht unter 900 $ pro 1.000 $-Note liegen, was interne Finanzierungskosten und Strukturierungskosten widerspiegelt. Die Liquidität am Sekundärmarkt wird voraussichtlich auf diskretionäre Gebote von J.P. Morgan Securities LLC beschränkt sein, oft zu deutlich reduzierten Preisen.
Hauptrisiken. Anleger sind ausgesetzt: (1) Kreditrisiko gegenüber JPMorgan Chase Financial Company LLC und JPMorgan Chase & Co.; (2) Marktrisiko durch drei Aktienindizes, einschließlich Small-Cap (RTY) und nicht-US-Technologiewerte (NDX); (3) möglichem Kapitalverlust unterhalb des 70 % Triggers; (4) bedingtem, nicht kumulativem Einkommen; und (5) Emittenten-Kündigungsrisiko, das die Gesamtrendite begrenzt.
- Attractive headline yield of 8.25%-10.25% per annum, paid monthly when conditions are met.
- 30% downside buffer at maturity provides partial principal protection versus moderate market declines.
- Early call at par can shorten duration if equity markets trade strongly, allowing faster capital recycling.
- Contingent, non-cumulative coupons; income ceases if any index breaches the 70% barrier on a review date.
- Principal loss below 70% trigger; investors participate fully in further downside of the worst-performing index.
- Issuer call option limits upside and introduces reinvestment risk aligned to JPMorgan’s funding needs, not investor preference.
- Estimated value < issue price; upfront cost implies an immediate 10% economic haircut.
- Credit and liquidity risk tied to JPMorgan entities with no obligation for secondary market making.
Insights
TL;DR: High coupon lures, but 30% buffer, issuer call and triple-index trigger embed meaningful downside and reinvestment risk.
The structure offers an eye-catching 8.25%-10.25% annual coupon, yet investors must recognise that payments are contingent on all three indices staying above a 30% drawdown threshold each month. Historical correlation breakdowns—especially between large-cap tech (NDX) and small-caps (RTY)—can easily shut off income. Should any index finish below 70% at maturity, capital is eroded one-for-one beyond the buffer. Estimated value of ≤90% of face implies a 10%+ distribution cost, and the issuer’s unilateral call feature further skews economics in JPM’s favour. Overall, neutral for JPM equity but risk-laden for retail note buyers.
TL;DR: Product concentrates equity, credit and liquidity risk; suitable only as small tactical satellite exposure for yield-seeking accounts.
From a portfolio-level viewpoint, the note replaces equity upside with capped income while retaining significant tail risk. A simultaneous 30% drawdown across three indices is rare but plausible in systemic events; correlation spikes then negate the perceived diversification. Because coupons are non-cumulative, break-even probability depends heavily on early-cycle market stability and issuer not exercising the call. Given the 90% fair value, investors effectively pre-pay expected coupon. Without secondary liquidity commitments, exit may require deep discount sales. Hence, risk/return looks skewed unless the buyer has a strong, short-term sideways-to-upward equity view.
JPMorgan Chase Financial Company LLC offre note chiamabili a interesse contingente non richiamabili per 3 mesi (NC3m) della durata di 1,92 anni, collegate a tre indici azionari: Nasdaq-100®, Russell 2000® e S&P 500®. Le note sono emesse in tagli da $1.000, garantite incondizionatamente da JPMorgan Chase & Co. e con scadenza prevista il 28 maggio 2027, salvo richiamo anticipato da parte dell'emittente in qualsiasi data di pagamento mensile degli interessi dopo il secondo mese.
Profilo di rendimento. I detentori ricevono una cedola mensile contingente compresa tra lo 0,6875% e lo 0,85417% (8,25%-10,25% annuo) solo se, alla data di revisione, il valore di ognuno degli indici sottostanti rimane pari o superiore al 70% del valore iniziale (la Barriera di Interesse). Le cedole non corrisposte non vengono recuperate.
Protezione del capitale. Alla scadenza, gli investitori sono protetti fino a un calo del 30% (Trigger = 70%). Se tutti e tre gli indici chiudono al di sopra del Trigger alla data finale di revisione, i detentori ricevono il valore nominale più l’ultima cedola. Se anche solo uno degli indici termina sotto il Trigger, il rimborso è ridotto in modo proporzionale alla performance dell’indice peggiore, esponendo gli investitori a perdite superiori al 30% e fino al 100% del capitale.
Richiamo anticipato. A partire dal terzo mese, l’emittente può richiamare le note al valore nominale più la cedola applicabile. Ciò limita il potenziale guadagno alle cedole maturate e può comportare un rischio di reinvestimento per gli investitori in caso di calo dei tassi.
Valutazione e liquidità. Il valore stimato al momento dell’emissione non sarà inferiore a $900 per ogni nota da $1.000, considerando i costi di finanziamento e strutturazione. La liquidità sul mercato secondario è prevista limitata a offerte discrezionali da parte di J.P. Morgan Securities LLC, spesso a prezzi significativamente scontati.
Rischi principali. Gli investitori affrontano: (1) rischio di credito verso JPMorgan Chase Financial Company LLC e JPMorgan Chase & Co.; (2) rischio di mercato legato a tre indici azionari, inclusi small-cap (RTY) e titoli tecnologici non USA (NDX); (3) possibile perdita del capitale sotto il Trigger del 70%; (4) reddito contingente e non cumulativo; (5) rischio di richiamo da parte dell’emittente che limita il rendimento totale.
JPMorgan Chase Financial Company LLC está comercializando Notas de Interés Contingente Llamables no rescatables a 3 meses (NC3m) con vencimiento de 1,92 años, vinculadas a tres índices bursátiles: Nasdaq-100®, Russell 2000® y S&P 500®. Las notas se emiten en denominaciones de $1,000, cuentan con garantía incondicional de JPMorgan Chase & Co. y tienen fecha de vencimiento programada para el 28 de mayo de 2027, salvo rescate anticipado a opción del emisor en cualquier fecha de pago mensual de intereses después del segundo mes.
Perfil de ingresos. Los tenedores reciben un cupón mensual contingente entre 0,6875% y 0,85417% (8,25%-10,25% anual) solo si, en la fecha de revisión correspondiente, el nivel de cierre de cada índice subyacente se mantiene igual o por encima del 70% de su nivel inicial (la Barrera de Interés). Los cupones no pagados no se recuperan.
Protección del capital. Al vencimiento, los inversores están protegidos hasta una caída del 30% (Trigger = 70%). Si los tres índices cierran en o por encima del Trigger en la fecha final de revisión, los tenedores reciben el valor nominal más el cupón final. Si cualquier índice termina por debajo del Trigger, el reembolso se reduce uno a uno con el índice de peor desempeño, exponiendo a los inversores a pérdidas superiores al 30% y hasta el 100% del capital.
Rescate anticipado. A partir del tercer mes, el emisor puede llamar a las notas al valor nominal más el cupón aplicable. Esto limita el potencial de ganancia a los cupones acumulados y puede generar riesgo de reinversión para los inversores si las tasas bajan.
Valoración y liquidez. El valor estimado en la emisión no será inferior a $900 por cada nota de $1,000, reflejando los costos internos de financiamiento y estructuración. Se espera que la liquidez en el mercado secundario sea limitada a ofertas discrecionales de J.P. Morgan Securities LLC, a menudo a precios significativamente descontados.
Riesgos clave. Los inversores enfrentan: (1) exposición crediticia a JPMorgan Chase Financial Company LLC y JPMorgan Chase & Co.; (2) riesgo de mercado derivado de tres índices bursátiles, incluyendo small-cap (RTY) y componentes tecnológicos no estadounidenses (NDX); (3) posible pérdida de capital por debajo del Trigger del 70%; (4) ingresos contingentes y no acumulativos; y (5) riesgo de llamada del emisor que limita el rendimiento total.
JPMorgan Chase Financial Company LLC는 나스닥-100 지수®, 러셀 2000® 지수, S&P 500® 지수 등 세 가지 주가지수에 연계된 1.92년 만기, 3개월 비콜(Non-Call) 콜러블 컨틴전트 이자 노트를 마케팅하고 있습니다. 이 노트는 $1,000 단위로 발행되며, JPMorgan Chase & Co.가 무조건적으로 보증하며, 2027년 5월 28일 만기가 예정되어 있으나, 발행자가 2개월 이후 매월 이자 지급일에 조기 상환할 수 있습니다.
수익 프로필. 보유자는 관련 검토일에 각 기초지수가 최초 수준의 70% 이상(이자 장벽)일 경우에만 월별 조건부 쿠폰 0.6875%에서 0.85417%(연 8.25%-10.25%)를 받습니다. 미지급 쿠폰은 회수되지 않습니다.
원금 보호. 만기 시 투자자는 최대 30% 하락까지 보호됩니다(트리거 = 70%). 최종 검토일에 세 지수가 모두 트리거 이상 마감하면 원금과 최종 쿠폰을 받습니다. 어느 하나라도 트리거 아래로 마감하면 최악의 지수 하락률만큼 1:1로 상환액이 줄어들어, 투자자는 30% 이상 최대 100%까지 원금 손실 위험에 노출됩니다.
조기 상환. 3개월 이후부터 발행자는 원금과 해당 쿠폰을 더한 금액으로 노트를 상환할 수 있습니다. 이는 누적 쿠폰 수익을 제한하며, 금리 하락 시 재투자 위험을 초래할 수 있습니다.
평가 및 유동성. 발행 시 예상 가치는 $1,000 노트당 $900 이하로 떨어지지 않으며, 내부 자금 조달 스프레드와 구조화 비용을 반영합니다. 2차 시장 유동성은 J.P. Morgan Securities LLC의 임의 입찰에 한정되며, 대개 상당한 할인 가격에 거래될 가능성이 높습니다.
주요 리스크. 투자자는 (1) JPMorgan Chase Financial Company LLC 및 JPMorgan Chase & Co.에 대한 신용 위험, (2) 소형주(RTY) 및 비미국 기술주(NDX)를 포함한 세 주가지수에 따른 시장 위험, (3) 70% 트리거 미만 시 원금 손실 가능성, (4) 조건부 비누적 수익, (5) 발행자의 콜 위험으로 인한 총 수익 제한 위험에 직면합니다.
JPMorgan Chase Financial Company LLC commercialise des Notes à Intérêt Contingent Rachetables non appelables à 3 mois (NC3m) d’une durée de 1,92 an, liées à trois indices boursiers : Nasdaq-100®, Russell 2000® et S&P 500®. Les notes sont émises en coupures de 1 000 $, garanties sans condition par JPMorgan Chase & Co., et doivent arriver à échéance le 28 mai 2027, sauf rachat anticipé à la discrétion de l’émetteur à toute date de paiement d’intérêts mensuels après le deuxième mois.
Profil de revenu. Les détenteurs perçoivent un coupon mensuel contingent compris entre 0,6875 % et 0,85417 % (8,25 % à 10,25 % par an) uniquement si, à la date de revue correspondante, le niveau de clôture de chaque indice sous-jacent reste supérieur ou égal à 70 % de son niveau initial (la Barrière d’Intérêt). Les coupons manqués ne sont pas récupérés.
Protection du capital. À l’échéance, les investisseurs sont protégés contre une baisse jusqu’à 30 % (Trigger = 70 %). Si les trois indices clôturent au-dessus ou à égalité du Trigger à la date finale de revue, les détenteurs reçoivent la valeur nominale plus le coupon final. Si un indice termine en dessous du Trigger, le remboursement est réduit au prorata de la performance de l’indice le plus faible, exposant les investisseurs à des pertes supérieures à 30 % et pouvant aller jusqu’à 100 % du capital.
Rachat anticipé. À partir du troisième mois, l’émetteur peut racheter les notes à la valeur nominale plus le coupon applicable. Cela limite le potentiel de gain aux coupons accumulés et peut créer un risque de réinvestissement pour les investisseurs si les taux baissent.
Évaluation et liquidité. La valeur estimée à l’émission ne sera pas inférieure à 900 $ par note de 1 000 $, reflétant les coûts internes de financement et de structuration. La liquidité sur le marché secondaire devrait être limitée à des offres discrétionnaires de J.P. Morgan Securities LLC, souvent à des prix fortement décotés.
Risques clés. Les investisseurs sont exposés à : (1) un risque de crédit envers JPMorgan Chase Financial Company LLC et JPMorgan Chase & Co. ; (2) un risque de marché lié à trois indices boursiers, incluant les small caps (RTY) et les valeurs technologiques non américaines (NDX) ; (3) une perte potentielle du capital en dessous du Trigger à 70 % ; (4) un revenu contingent et non cumulatif ; et (5) un risque de rachat par l’émetteur qui plafonne le rendement total.
Die JPMorgan Chase Financial Company LLC bietet 1,92-jährige, 3-monatige nicht kündbare (NC3m) Callable Contingent Interest Notes an, die an drei Aktienindizes gekoppelt sind: Nasdaq-100®, Russell 2000® und S&P 500®. Die Notes werden in Stückelungen von 1.000 $ ausgegeben, sind bedingungslos von JPMorgan Chase & Co. garantiert und haben eine Fälligkeit am 28. Mai 2027, sofern sie nicht früher vom Emittenten an einem monatlichen Zinszahlungstermin nach dem zweiten Monat zurückgerufen werden.
Einkommensprofil. Die Inhaber erhalten einen bedingten monatlichen Kupon zwischen 0,6875 % und 0,85417 % (8,25 %–10,25 % p.a.), jedoch nur, wenn der Schlusskurs jedes zugrunde liegenden Index am jeweiligen Überprüfungstag mindestens 70 % seines Anfangswerts (die Zinsbarriere) erreicht. Nicht gezahlte Kupons werden nicht nachgeholt.
Kapitalschutz. Am Laufzeitende sind Anleger bis zu einem Rückgang von 30 % geschützt (Trigger = 70 %). Schließen alle drei Indizes am letzten Überprüfungstag auf oder über dem Trigger, erhalten die Inhaber den Nennwert plus den letzten Kupon. Schließt ein Index unter seinem Trigger, wird die Rückzahlung entsprechend der schlechtesten Indexentwicklung eins-zu-eins reduziert, was Verluste von mehr als 30 % bis hin zu 100 % des Kapitals bedeuten kann.
Vorzeitige Rückzahlung. Ab dem dritten Monat kann der Emittent die Notes zum Nennwert plus dem jeweiligen Kupon zurückrufen. Dies begrenzt das Aufwärtspotenzial auf die angesammelten Kupons und kann ein Wiederanlagerisiko für Anleger darstellen, falls die Zinsen fallen.
Bewertung & Liquidität. Der geschätzte Wert bei Emission wird nicht unter 900 $ pro 1.000 $-Note liegen, was interne Finanzierungskosten und Strukturierungskosten widerspiegelt. Die Liquidität am Sekundärmarkt wird voraussichtlich auf diskretionäre Gebote von J.P. Morgan Securities LLC beschränkt sein, oft zu deutlich reduzierten Preisen.
Hauptrisiken. Anleger sind ausgesetzt: (1) Kreditrisiko gegenüber JPMorgan Chase Financial Company LLC und JPMorgan Chase & Co.; (2) Marktrisiko durch drei Aktienindizes, einschließlich Small-Cap (RTY) und nicht-US-Technologiewerte (NDX); (3) möglichem Kapitalverlust unterhalb des 70 % Triggers; (4) bedingtem, nicht kumulativem Einkommen; und (5) Emittenten-Kündigungsrisiko, das die Gesamtrendite begrenzt.
North America Structured Investments 1.92yrNC3m NDX/RTY/SPX Callable Contingent Interest Notes The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Summary of Terms JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 Nasdaq - 100 Index ® , Russell 2000 ® Index and S&P 500 ® Index June 25, 2025 May 25, 2027 May 28, 2027 Monthly [8.25% - 10.25%]* per annum, paid monthly at a rate of between 0.6875% and 0.85417%*, if applicable With respect to each Underlying, an amount that represents 70.00% of its Initial Value 48136EV44 http://sp.jpmorgan.com/document/cusip/48136EV44/doctype/Product_Termsheet/document.pdf Issuer: Guarantor: Minimum Denomination: Underlyings: Pricing Date: Final Review Date: Maturity Date: Review Dates: Contingent Interest Rate: Interest Barrier/Trigger Value : CUSIP: Preliminary Pricing Supplement: Estimated Value: Payment at Maturity If the notes have not been redeemed early and the Final Value of each Underlying is greater than or equal to its 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 redeemed early and the Final Value of any Underlying is less than its Trigger Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Least Performing Underlying Return) If the notes have not been redeemed early and the Final Value of any Underlying is less than its Trigger Value , you will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity. 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. Hypothetical Payment at Maturity** Least Performing Underlying Return Payment at Maturity (assuming 8.25% per annum Contingent Interest Rate) 60.00% $1,006.875 40.00% $1,006.875 20.00% $1,006.875 5.00% $1,006.875 0.00% $1,006.875 $1,006.875 - 5.00% 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 $1,006.875 - 20.00% be lower than the price you paid for the notes, please see the hyperlink above. $1,006.875 - 30.00% Early Redemption $699.900 - 30.01% We, at our election, may redeem the notes early, in whole but not in part, on any of the Interest Payment Dates (other than the first, second and final Interest Payment Dates) at a price, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Contingent Interest - 40.00% $600.000 - 50.00% $500.000 Payment, if any, applicable to the immediately preceding Review Date. If we intend to redeem your notes early, we will deliver notice to The Depository Trust Company, or DTC, at least three business days before the applicable Interest Payment Date on which the notes are redeemed early. - 60.00% $400.000 - 80.00% $200.000 - 100.00% $0.000 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 previously redeemed early and the closing level of each Underlying on any Review Date is greater than or equal to its Interest Barrier, you will receive on the applicable Interest Payment Date for each $1,000 principal amount note a Contingent Interest Payment equal to between $6.875 and $8.5417 (equivalent to a Contingent Interest Rate of between 8.25% and 10.25% per annum, payable at a rate of between 0.6875% and 0.85417% per month). **The hypothetical payments on the notes shown above apply only if you hold the notes for their entire term or until redeemed early . 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 . J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
North America Structured Investments 1.92yrNC3m NDX/RTY/SPX Callable Contingent Interest Notes ● 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. ● 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. ● 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. ● You are exposed to the risk of decline in the value of each Underlying. ● Your payment at maturity will be determined by the Least Performing Underlying. ● The benefit provided by the Trigger Value may terminate on the final Review Date. ● The optional early redemption feature may force a potential early exit. ● JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index. ● The notes are subject to the risks associated with small capitalization stocks with respect to the Russell 2000 ® Index. ● The notes are subject to risks associated with non - U.S. securities with respect to the Nasdaq - 100 Index ® . ● As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. Selected Risks Selected Risks (continued) ● 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: 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. ● 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, Annex A to the prospectus addendum and “Selected Risk Considerations” in the applicable preliminary pricing supplement for additional information. Additional Information 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 this offering will arrange to send you the prospectus and each prospectus supplement, as well as any product supplement, underlying supplement and preliminary pricing supplement if you so request by calling toll - free 1 - 866 - 535 - 9248. 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. Free Writing Prospectus Filed Pursuant to Rule 433, Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
FAQ
What coupon does the JPM 1.92-year callable contingent interest note pay?
How much downside protection do the notes provide at maturity?
When can JPMorgan redeem the notes early?
What happens if any index falls below the 70% trigger at maturity?
Is secondary market trading expected for these notes?
