[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
J.P. Morgan Chase Financial Company LLC, guaranteed by J.P. Morgan Chase & Co., plans to issue 3-year Uncapped Dual Directional Buffered Return Enhanced Notes linked to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index.
The notes will be priced on 31 July 2025 and mature on 3 August 2028. Investors purchase in $1,000 denominations and receive a single payment at maturity determined by the “Least Performing Underlying”.
- Upside Leverage: at least 1.21× on any positive Least Performing Underlying Return.
- Dual Directional Feature: If the Least Performing Underlying Return is negative but not worse than –20%, investors still earn a positive return equal to the absolute decline, capped at 20% (maximum $1,200 per note).
- 20% Buffer: First 20% of downside is absorbed; losses begin only if any index falls more than 20% from its initial level.
- Credit Risk: Repayment depends on JPMorgan Chase Financial Company LLC and its parent’s ability to pay.
- Estimated value at pricing: not less than $900 per $1,000 note, reflecting dealer margins and internal funding rates.
- No coupons, dividends or voting rights. Secondary market liquidity is limited; JPMS may—but is not obliged to—make markets.
If any index finishes below its initial level by more than 20%, investors lose principal on a 1-for-1 basis beyond the buffer. The structure therefore suits investors seeking leveraged equity exposure with partial downside protection and willingness to assume issuer credit and liquidity risk.
J.P. Morgan Chase Financial Company LLC, garantita da J.P. Morgan Chase & Co., prevede di emettere note a 3 anni denominate Uncapped Dual Directional Buffered Return Enhanced Notes collegate al Dow Jones Industrial Average, Russell 2000 Index e S&P 500 Index.
Le note saranno quotate il 31 luglio 2025 e scadranno il 3 agosto 2028. Gli investitori possono acquistare tagli da $1.000 e riceveranno un pagamento unico alla scadenza, calcolato in base al “Least Performing Underlying” (l’indice con la performance peggiore).
- Leva al rialzo: almeno 1,21× su qualsiasi rendimento positivo del Least Performing Underlying.
- Caratteristica dual directional: se il rendimento del Least Performing Underlying è negativo ma non inferiore a –20%, gli investitori ottengono comunque un rendimento positivo pari al valore assoluto della perdita, fino a un massimo del 20% (massimo $1.200 per nota).
- Buffer del 20%: il primo 20% di ribasso è assorbito; le perdite iniziano solo se un indice scende più del 20% rispetto al livello iniziale.
- Rischio di credito: il rimborso dipende dalla capacità di pagamento di JPMorgan Chase Financial Company LLC e della sua controllante.
- Valore stimato alla quotazione: non inferiore a $900 per ogni nota da $1.000, considerando i margini del dealer e i tassi di finanziamento interni.
- Nessun coupon, dividendi o diritto di voto. La liquidità sul mercato secondario è limitata; JPMS può, ma non è obbligata, a fare mercato.
Se uno qualsiasi degli indici termina sotto il livello iniziale di oltre il 20%, gli investitori perdono capitale in proporzione 1 a 1 oltre il buffer. La struttura è quindi adatta a investitori che cercano un’esposizione azionaria con leva e protezione parziale dal ribasso, accettando però i rischi di credito e liquidità dell’emittente.
J.P. Morgan Chase Financial Company LLC, garantizada por J.P. Morgan Chase & Co., planea emitir notas a 3 años denominadas Uncapped Dual Directional Buffered Return Enhanced Notes vinculadas al Dow Jones Industrial Average, Russell 2000 Index y S&P 500 Index.
Las notas se valorarán el 31 de julio de 2025 y vencerán el 3 de agosto de 2028. Los inversores pueden comprar en denominaciones de $1,000 y recibirán un pago único al vencimiento determinado por el “Least Performing Underlying” (el activo subyacente con peor desempeño).
- Apalancamiento al alza: al menos 1,21× sobre cualquier rendimiento positivo del Least Performing Underlying.
- Función bidireccional: si el rendimiento del Least Performing Underlying es negativo pero no peor que –20%, los inversores aún obtienen un retorno positivo igual a la caída absoluta, limitado al 20% (máximo $1,200 por nota).
- Buffer del 20%: el primer 20% de la caída es absorbido; las pérdidas comienzan solo si algún índice cae más del 20% desde su nivel inicial.
- Riesgo crediticio: el reembolso depende de la capacidad de pago de JPMorgan Chase Financial Company LLC y su matriz.
- Valor estimado al precio: no menos de $900 por cada nota de $1,000, reflejando los márgenes del distribuidor y las tasas internas de financiamiento.
- Sin cupones, dividendos ni derechos de voto. La liquidez en el mercado secundario es limitada; JPMS puede, pero no está obligado a, hacer mercado.
Si algún índice termina más de un 20% por debajo de su nivel inicial, los inversores pierden capital en una proporción 1 a 1 más allá del buffer. Por lo tanto, esta estructura es adecuada para inversores que buscan exposición apalancada a acciones con protección parcial a la baja y dispuestos a asumir riesgos crediticios y de liquidez del emisor.
J.P. Morgan Chase Financial Company LLC는 J.P. Morgan Chase & Co.가 보증하며, Dow Jones Industrial Average, Russell 2000 Index 및 S&P 500 Index에 연계된 3년 만기 Uncapped Dual Directional Buffered Return Enhanced Notes를 발행할 계획입니다.
이 노트는 2025년 7월 31일에 가격이 책정되며 2028년 8월 3일에 만기됩니다. 투자자들은 $1,000 단위로 구매할 수 있으며, 만기 시 “최저 성과 기초자산(Least Performing Underlying)”에 따라 단일 지급을 받습니다.
- 상승 레버리지: 최저 성과 기초자산의 양수 수익률에 대해 최소 1.21배 적용.
- 양방향 기능: 최저 성과 기초자산의 수익률이 음수이지만 –20%보다 나쁘지 않은 경우, 투자자는 절대 하락폭과 동일한 양의 수익을 얻으며 최대 20%(노트당 최대 $1,200)로 제한됩니다.
- 20% 버퍼: 최초 20% 하락분은 흡수되며, 지수가 초기 수준에서 20% 이상 하락할 경우에만 손실이 발생합니다.
- 신용 위험: 상환은 JPMorgan Chase Financial Company LLC 및 모회사의 지급 능력에 달려 있습니다.
- 가격 책정 시 추정 가치: 딜러 마진 및 내부 자금 조달 금리를 반영하여 $1,000 노트당 최소 $900 이상.
- 쿠폰, 배당금 또는 의결권 없음. 2차 시장 유동성은 제한적이며, JPMS는 시장 조성을 할 수 있으나 의무는 아닙니다.
어떤 지수가 초기 수준보다 20% 이상 하락하면, 투자자는 버퍼를 초과하는 금액에 대해 1대1로 원금 손실을 입습니다. 따라서 이 구조는 부분적인 하방 보호와 레버리지 주식 노출을 원하는 투자자에게 적합하며, 발행자의 신용 및 유동성 위험을 감수할 의향이 있어야 합니다.
J.P. Morgan Chase Financial Company LLC, garantie par J.P. Morgan Chase & Co., prévoit d’émettre des Uncapped Dual Directional Buffered Return Enhanced Notes à 3 ans liées au Dow Jones Industrial Average, Russell 2000 Index et S&P 500 Index.
Les notes seront valorisées le 31 juillet 2025 et arriveront à échéance le 3 août 2028. Les investisseurs peuvent acheter par tranches de 1 000 $ et recevront un paiement unique à l’échéance déterminé par le « Least Performing Underlying » (l’actif sous-jacent ayant la moins bonne performance).
- Effet de levier à la hausse : au moins 1,21× sur tout rendement positif du Least Performing Underlying.
- Caractéristique bidirectionnelle : si le rendement du Least Performing Underlying est négatif mais supérieur à –20 %, les investisseurs perçoivent néanmoins un rendement positif égal à la baisse absolue, plafonné à 20 % (maximum 1 200 $ par note).
- Buffer de 20 % : les 20 % premiers de baisse sont absorbés ; les pertes commencent uniquement si un indice chute de plus de 20 % par rapport à son niveau initial.
- Risque de crédit : le remboursement dépend de la capacité de paiement de JPMorgan Chase Financial Company LLC et de sa société mère.
- Valeur estimée à la valorisation : pas inférieure à 900 $ par note de 1 000 $, reflétant les marges du teneur de marché et les taux de financement internes.
- Pas de coupons, dividendes ni droits de vote. La liquidité sur le marché secondaire est limitée ; JPMS peut, mais n’est pas obligé, d’assurer la tenue de marché.
Si un indice termine plus de 20 % en dessous de son niveau initial, les investisseurs perdent le principal au-delà du buffer sur une base 1 pour 1. Cette structure convient donc aux investisseurs recherchant une exposition actions à effet de levier avec une protection partielle à la baisse et acceptant le risque de crédit et de liquidité de l’émetteur.
J.P. Morgan Chase Financial Company LLC, garantiert von J.P. Morgan Chase & Co., plant die Emission von 3-jährigen Uncapped Dual Directional Buffered Return Enhanced Notes, die an den Dow Jones Industrial Average, den Russell 2000 Index und den S&P 500 Index gekoppelt sind.
Die Notes werden am 31. Juli 2025 bepreist und laufen am 3. August 2028 aus. Anleger können in Stückelungen von $1.000 kaufen und erhalten eine einmalige Zahlung bei Fälligkeit, die durch den „Least Performing Underlying“ bestimmt wird.
- Aufwärtshebel: mindestens das 1,21-fache bei positivem Ergebnis des Least Performing Underlying.
- Dual Directional Feature: Ist die Rendite des Least Performing Underlying negativ, aber nicht schlechter als –20%, erhalten Anleger dennoch eine positive Rendite in Höhe des absoluten Rückgangs, begrenzt auf 20% (maximal $1.200 pro Note).
- 20% Puffer: Die ersten 20% des Kursrückgangs werden absorbiert; Verluste beginnen erst, wenn ein Index mehr als 20% unter sein Anfangsniveau fällt.
- Kreditrisiko: Die Rückzahlung hängt von der Zahlungsfähigkeit der JPMorgan Chase Financial Company LLC und deren Muttergesellschaft ab.
- Geschätzter Wert bei Preisstellung: nicht unter $900 pro $1.000 Note, unter Berücksichtigung von Händlermargen und internen Finanzierungskosten.
- Keine Coupons, Dividenden oder Stimmrechte. Die Liquidität am Sekundärmarkt ist begrenzt; JPMS kann, ist aber nicht verpflichtet, Marktpreise stellen.
Fällt ein Index um mehr als 20% unter sein Anfangsniveau, verlieren Anleger Kapital im Verhältnis 1:1 über den Puffer hinaus. Die Struktur eignet sich daher für Anleger, die eine gehebelte Aktienexponierung mit teilweisem Abwärtsschutz suchen und bereit sind, Emittenten-Kredit- und Liquiditätsrisiken zu tragen.
- None.
- None.
Insights
TL;DR Balanced payoff: 1.21× upside, 20% buffer, but principal loss beyond –20% and full JPM credit risk.
The note offers an enhanced upside multiple and an unusual dual-directional feature that converts moderate index declines into positive returns, effectively creating a volatility-selling profile. However, the benefit is capped at 20%, while extreme downside participates fully after the buffer, exposing investors to potentially large losses. Because performance is based on the worst of three broad indices, correlation risk can erode returns. The embedded credit spread (estimated value ≥ $900) and limited secondary liquidity mean investors pay a premium and may face mark-to-market losses before maturity. Overall impact on JPMorgan itself is negligible; for investors the product is neither clearly superior nor inferior to other market-linked notes.
J.P. Morgan Chase Financial Company LLC, garantita da J.P. Morgan Chase & Co., prevede di emettere note a 3 anni denominate Uncapped Dual Directional Buffered Return Enhanced Notes collegate al Dow Jones Industrial Average, Russell 2000 Index e S&P 500 Index.
Le note saranno quotate il 31 luglio 2025 e scadranno il 3 agosto 2028. Gli investitori possono acquistare tagli da $1.000 e riceveranno un pagamento unico alla scadenza, calcolato in base al “Least Performing Underlying” (l’indice con la performance peggiore).
- Leva al rialzo: almeno 1,21× su qualsiasi rendimento positivo del Least Performing Underlying.
- Caratteristica dual directional: se il rendimento del Least Performing Underlying è negativo ma non inferiore a –20%, gli investitori ottengono comunque un rendimento positivo pari al valore assoluto della perdita, fino a un massimo del 20% (massimo $1.200 per nota).
- Buffer del 20%: il primo 20% di ribasso è assorbito; le perdite iniziano solo se un indice scende più del 20% rispetto al livello iniziale.
- Rischio di credito: il rimborso dipende dalla capacità di pagamento di JPMorgan Chase Financial Company LLC e della sua controllante.
- Valore stimato alla quotazione: non inferiore a $900 per ogni nota da $1.000, considerando i margini del dealer e i tassi di finanziamento interni.
- Nessun coupon, dividendi o diritto di voto. La liquidità sul mercato secondario è limitata; JPMS può, ma non è obbligata, a fare mercato.
Se uno qualsiasi degli indici termina sotto il livello iniziale di oltre il 20%, gli investitori perdono capitale in proporzione 1 a 1 oltre il buffer. La struttura è quindi adatta a investitori che cercano un’esposizione azionaria con leva e protezione parziale dal ribasso, accettando però i rischi di credito e liquidità dell’emittente.
J.P. Morgan Chase Financial Company LLC, garantizada por J.P. Morgan Chase & Co., planea emitir notas a 3 años denominadas Uncapped Dual Directional Buffered Return Enhanced Notes vinculadas al Dow Jones Industrial Average, Russell 2000 Index y S&P 500 Index.
Las notas se valorarán el 31 de julio de 2025 y vencerán el 3 de agosto de 2028. Los inversores pueden comprar en denominaciones de $1,000 y recibirán un pago único al vencimiento determinado por el “Least Performing Underlying” (el activo subyacente con peor desempeño).
- Apalancamiento al alza: al menos 1,21× sobre cualquier rendimiento positivo del Least Performing Underlying.
- Función bidireccional: si el rendimiento del Least Performing Underlying es negativo pero no peor que –20%, los inversores aún obtienen un retorno positivo igual a la caída absoluta, limitado al 20% (máximo $1,200 por nota).
- Buffer del 20%: el primer 20% de la caída es absorbido; las pérdidas comienzan solo si algún índice cae más del 20% desde su nivel inicial.
- Riesgo crediticio: el reembolso depende de la capacidad de pago de JPMorgan Chase Financial Company LLC y su matriz.
- Valor estimado al precio: no menos de $900 por cada nota de $1,000, reflejando los márgenes del distribuidor y las tasas internas de financiamiento.
- Sin cupones, dividendos ni derechos de voto. La liquidez en el mercado secundario es limitada; JPMS puede, pero no está obligado a, hacer mercado.
Si algún índice termina más de un 20% por debajo de su nivel inicial, los inversores pierden capital en una proporción 1 a 1 más allá del buffer. Por lo tanto, esta estructura es adecuada para inversores que buscan exposición apalancada a acciones con protección parcial a la baja y dispuestos a asumir riesgos crediticios y de liquidez del emisor.
J.P. Morgan Chase Financial Company LLC는 J.P. Morgan Chase & Co.가 보증하며, Dow Jones Industrial Average, Russell 2000 Index 및 S&P 500 Index에 연계된 3년 만기 Uncapped Dual Directional Buffered Return Enhanced Notes를 발행할 계획입니다.
이 노트는 2025년 7월 31일에 가격이 책정되며 2028년 8월 3일에 만기됩니다. 투자자들은 $1,000 단위로 구매할 수 있으며, 만기 시 “최저 성과 기초자산(Least Performing Underlying)”에 따라 단일 지급을 받습니다.
- 상승 레버리지: 최저 성과 기초자산의 양수 수익률에 대해 최소 1.21배 적용.
- 양방향 기능: 최저 성과 기초자산의 수익률이 음수이지만 –20%보다 나쁘지 않은 경우, 투자자는 절대 하락폭과 동일한 양의 수익을 얻으며 최대 20%(노트당 최대 $1,200)로 제한됩니다.
- 20% 버퍼: 최초 20% 하락분은 흡수되며, 지수가 초기 수준에서 20% 이상 하락할 경우에만 손실이 발생합니다.
- 신용 위험: 상환은 JPMorgan Chase Financial Company LLC 및 모회사의 지급 능력에 달려 있습니다.
- 가격 책정 시 추정 가치: 딜러 마진 및 내부 자금 조달 금리를 반영하여 $1,000 노트당 최소 $900 이상.
- 쿠폰, 배당금 또는 의결권 없음. 2차 시장 유동성은 제한적이며, JPMS는 시장 조성을 할 수 있으나 의무는 아닙니다.
어떤 지수가 초기 수준보다 20% 이상 하락하면, 투자자는 버퍼를 초과하는 금액에 대해 1대1로 원금 손실을 입습니다. 따라서 이 구조는 부분적인 하방 보호와 레버리지 주식 노출을 원하는 투자자에게 적합하며, 발행자의 신용 및 유동성 위험을 감수할 의향이 있어야 합니다.
J.P. Morgan Chase Financial Company LLC, garantie par J.P. Morgan Chase & Co., prévoit d’émettre des Uncapped Dual Directional Buffered Return Enhanced Notes à 3 ans liées au Dow Jones Industrial Average, Russell 2000 Index et S&P 500 Index.
Les notes seront valorisées le 31 juillet 2025 et arriveront à échéance le 3 août 2028. Les investisseurs peuvent acheter par tranches de 1 000 $ et recevront un paiement unique à l’échéance déterminé par le « Least Performing Underlying » (l’actif sous-jacent ayant la moins bonne performance).
- Effet de levier à la hausse : au moins 1,21× sur tout rendement positif du Least Performing Underlying.
- Caractéristique bidirectionnelle : si le rendement du Least Performing Underlying est négatif mais supérieur à –20 %, les investisseurs perçoivent néanmoins un rendement positif égal à la baisse absolue, plafonné à 20 % (maximum 1 200 $ par note).
- Buffer de 20 % : les 20 % premiers de baisse sont absorbés ; les pertes commencent uniquement si un indice chute de plus de 20 % par rapport à son niveau initial.
- Risque de crédit : le remboursement dépend de la capacité de paiement de JPMorgan Chase Financial Company LLC et de sa société mère.
- Valeur estimée à la valorisation : pas inférieure à 900 $ par note de 1 000 $, reflétant les marges du teneur de marché et les taux de financement internes.
- Pas de coupons, dividendes ni droits de vote. La liquidité sur le marché secondaire est limitée ; JPMS peut, mais n’est pas obligé, d’assurer la tenue de marché.
Si un indice termine plus de 20 % en dessous de son niveau initial, les investisseurs perdent le principal au-delà du buffer sur une base 1 pour 1. Cette structure convient donc aux investisseurs recherchant une exposition actions à effet de levier avec une protection partielle à la baisse et acceptant le risque de crédit et de liquidité de l’émetteur.
J.P. Morgan Chase Financial Company LLC, garantiert von J.P. Morgan Chase & Co., plant die Emission von 3-jährigen Uncapped Dual Directional Buffered Return Enhanced Notes, die an den Dow Jones Industrial Average, den Russell 2000 Index und den S&P 500 Index gekoppelt sind.
Die Notes werden am 31. Juli 2025 bepreist und laufen am 3. August 2028 aus. Anleger können in Stückelungen von $1.000 kaufen und erhalten eine einmalige Zahlung bei Fälligkeit, die durch den „Least Performing Underlying“ bestimmt wird.
- Aufwärtshebel: mindestens das 1,21-fache bei positivem Ergebnis des Least Performing Underlying.
- Dual Directional Feature: Ist die Rendite des Least Performing Underlying negativ, aber nicht schlechter als –20%, erhalten Anleger dennoch eine positive Rendite in Höhe des absoluten Rückgangs, begrenzt auf 20% (maximal $1.200 pro Note).
- 20% Puffer: Die ersten 20% des Kursrückgangs werden absorbiert; Verluste beginnen erst, wenn ein Index mehr als 20% unter sein Anfangsniveau fällt.
- Kreditrisiko: Die Rückzahlung hängt von der Zahlungsfähigkeit der JPMorgan Chase Financial Company LLC und deren Muttergesellschaft ab.
- Geschätzter Wert bei Preisstellung: nicht unter $900 pro $1.000 Note, unter Berücksichtigung von Händlermargen und internen Finanzierungskosten.
- Keine Coupons, Dividenden oder Stimmrechte. Die Liquidität am Sekundärmarkt ist begrenzt; JPMS kann, ist aber nicht verpflichtet, Marktpreise stellen.
Fällt ein Index um mehr als 20% unter sein Anfangsniveau, verlieren Anleger Kapital im Verhältnis 1:1 über den Puffer hinaus. Die Struktur eignet sich daher für Anleger, die eine gehebelte Aktienexponierung mit teilweisem Abwärtsschutz suchen und bereit sind, Emittenten-Kredit- und Liquiditätsrisiken zu tragen.
North America Structured Investments 3yr INDU/RTY/SPX Uncapped Dual Directional Buffered Return Enhanced Notes The following is a summary of the terms of the notes offered by the preliminary pricing supplement highlighted below. Summary of Terms Issuer: Guarantor: Minimum Denomination: Underlyings: Pricing Date: Observation Date: Maturity Date: Upside Leverage Factor: Buffer Amount: Payment At Maturity: JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 Dow Jones Industrial Average ® , Russell 2000 ® Index and S&P 500 ® Index July 31, 2025 July 31, 2028 August 3, 2028 At least 1.21* 20.00% If the Final Value of each Underlying is greater than its Initial 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 î Upside Leverage Factor) If (i) the Final Value of one or more Underlyings is greater than its Initial Value and the Final Value of the other Underlying or Underlyings is equal to its Initial Value or is less than its Initial Value by up to the Buffer Amount or (ii) the Final Value of each Underlying is equal to its Initial Value or is less than its Initial Value by up to the Buffer Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Absolute Underlying Return of the Least Performing Underlying) This payout formula results in an effective cap of 20.00% on your return at maturity if the Least Performing Underlying Return is negative. Under these limited circumstances, your maximum payment at maturity is $1,200.00 per $1,000 principal amount note. If the Final Value of any Underlying is less than its Initial Value by more than the Buffer Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + [$1,000 x (Least Performing Underlying Return + Buffer Amount)] If the Final Value of any Underlying is less than its Initial Value by more than the Buffer Amount, you will lose some or most of your principal amount at maturity. 48136FGG1 CUSIP: Preliminary Pricing Supplement: http://sp.jpmorgan.com/document/cusip/48136FGG1/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 information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, see the hyperlink above. * The actual Upside Leverage Factor will be provided in the pricing supplement and will not be less than 1.21 ** Reflects Upside Leverage Factor equal to the minimum set forth herein, for illustrative purposes. 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. - The "total return" as used above is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000. - The hypothetical returns on the Notes shown above apply only at maturity. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns shown above would likely be lower. Hypothetical Returns on the Notes at Maturity** Least Performing Underlying Performance Note Payoff at Maturity Payment at Maturity Least Performing Underlying Return Total Return on the Notes Absolute Underlying Return Least Performing Underlying Return 78.65% N/A 65.00% 60.50% N/A 50.00% 36.30% N/A 30.00% 24.20% N/A 20.00% 12.10% N/A 10.00% 6.05% N/A 5.00% 0.00% 0.00% 0.00% 5.00% 5.00% - 5.00% 10.00% 10.00% - 10.00% 20.00% 20.00% - 20.00% - 10.00% N/A - 30.00% - 20.00% N/A - 40.00% - 40.00% N/A - 60.00% - 60.00% N/A - 80.00% - 80.00% N/A - 100.00% J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
North America Structured Investments 3yr INDU/RTY/SPX Uncapped Dual Directional Buffered Return Enhanced Notes Ɣ Your investment in the notes may result in a loss. The notes do not guarantee any return of principal. Your maximum gain on the notes is limited by the Buffer Amount if the Least Performing Underlying Return is negative. Your payment at maturity will be determined by the Least Performing Underlying. You are exposed to the risk of decline in the value of each Underlying. 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. No interest payments, dividend payments or voting rights. JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index and the Dow Jones Industrial Average . The notes are subject to the risks associated with small capitalization stocks. As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. Selected Risks Selected Risks (continued) Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ 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. Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ 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 is the Upside Leverage Factor on the JPMorgan Dual Directional Buffered Notes?
How much downside protection do the notes provide?
What is the maximum return if the indices fall but not beyond the buffer?
Are interest or dividend payments made during the 3-year term?
What credit risks apply to these structured notes?
Can I sell the notes before maturity?
