[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
J.P. Morgan is marketing 5-year Uncapped Accelerated Barrier Notes linked to the S&P 500 Futures Excess Return Index (CUSIP 48136FDL3). The notes are issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co., with a minimum denomination of $1,000. Key dates include a Pricing Date of 31 Jul 2025, single Observation Date of 31 Jul 2030, and Maturity on 05 Aug 2030.
Pay-off structure:
- Upside participation = Index Return × Upside Leverage Factor (≥ 1.93), uncapped.
- Principal protected only down to a 70 % barrier. If Final Value ≥ Barrier, at minimum par is returned; otherwise investors incur a 1:1 downside loss below the barrier, potentially losing up to 100 % of principal.
Pricing considerations: the bank estimates the fair value at issuance will be ≥ $900 per $1,000 note, implying an initial markup. No periodic coupons are paid. Any repayment depends entirely on the creditworthiness of the issuer and guarantor.
Risk highlights include: full credit risk of JPMorgan entities, absence of interim liquidity or guaranteed secondary market, no interest income, exposure to futures-based index roll costs, potential conflicts in calculation and hedging, and uncertain tax treatment. The prospectus and preliminary pricing supplement linked in the FWP provide fuller risk factor disclosure.
J.P. Morgan offre sul mercato Note Accelerate con Barriera Non Limitata a 5 anni collegate all'Indice S&P 500 Futures Excess Return (CUSIP 48136FDL3). Le note sono emesse da JPMorgan Chase Financial Company LLC e garantite da JPMorgan Chase & Co., con un taglio minimo di $1.000. Le date chiave sono: Data di Prezzo il 31 lug 2025, Data di Osservazione unica il 31 lug 2030 e Scadenza il 05 ago 2030.
Struttura del rendimento:
- Partecipazione al rialzo = Rendimento dell’Indice × Fattore di Leva al Rialzo (≥ 1,93), senza limite massimo.
- Protezione del capitale solo fino a una barriera del 70%. Se il Valore Finale è ≥ Barriera, viene restituito almeno il valore nominale; altrimenti l’investitore subisce una perdita diretta 1:1 sotto la barriera, con possibile perdita totale del capitale.
Considerazioni sul prezzo: la banca stima un valore equo all’emissione ≥ $900 per ogni nota da $1.000, implicando un sovrapprezzo iniziale. Non sono previsti coupon periodici. Il rimborso dipende esclusivamente dalla solvibilità dell’emittente e del garante.
Rischi principali: rischio di credito completo delle entità JPMorgan, assenza di liquidità intermedia o mercato secondario garantito, nessun interesse, esposizione ai costi di rollaggio dell’indice futures, potenziali conflitti nella determinazione e copertura, e trattamento fiscale incerto. Il prospetto e il supplemento preliminare collegati nel FWP forniscono una descrizione più dettagliata dei fattori di rischio.
J.P. Morgan está ofreciendo Notas Aceleradas con Barrera Sin Límite a 5 años vinculadas al Índice S&P 500 Futures Excess Return (CUSIP 48136FDL3). Las notas son emitidas por JPMorgan Chase Financial Company LLC y garantizadas por JPMorgan Chase & Co., con un valor nominal mínimo de $1,000. Las fechas clave incluyen Fecha de Precio el 31 de julio de 2025, Fecha de Observación única el 31 de julio de 2030 y Vencimiento el 5 de agosto de 2030.
Estructura del pago:
- Participación al alza = Retorno del Índice × Factor de Apalancamiento al Alza (≥ 1.93), sin límite máximo.
- Protección del principal solo hasta una barrera del 70%. Si el Valor Final es ≥ Barrera, se devuelve al menos el valor nominal; de lo contrario, el inversor asume una pérdida 1:1 bajo la barrera, pudiendo perder hasta el 100% del capital.
Consideraciones de precio: el banco estima un valor justo en la emisión ≥ $900 por cada nota de $1,000, lo que implica un margen inicial. No se pagan cupones periódicos. El reembolso depende completamente de la solvencia del emisor y garante.
Aspectos de riesgo: riesgo crediticio completo de las entidades JPMorgan, ausencia de liquidez intermedia o mercado secundario garantizado, sin ingresos por intereses, exposición a costos de roll-over del índice de futuros, posibles conflictos en el cálculo y cobertura, y tratamiento fiscal incierto. El prospecto y el suplemento preliminar vinculados en el FWP ofrecen una divulgación más completa de los factores de riesgo.
J.P. Morgan은 S&P 500 Futures Excess Return 지수(CUSIP 48136FDL3)에 연계된 5년 만기 무상한 가속형 배리어 노트를 판매하고 있습니다. 이 노트는 JPMorgan Chase Financial Company LLC가 발행하며 JPMorgan Chase & Co.가 보증하며, 최소 액면가는 $1,000입니다. 주요 일정은 가격 결정일 2025년 7월 31일, 단일 관측일 2030년 7월 31일, 만기일 2030년 8월 5일입니다.
수익 구조:
- 상승 참여 = 지수 수익률 × 상승 레버리지 계수(≥ 1.93), 상한 없음.
- 원금 보호는 70% 배리어까지입니다. 최종 가치가 배리어 이상이면 최소 원금이 반환되며, 그렇지 않으면 배리어 이하 손실은 1:1 비율로 발생하여 최대 원금 전액 손실 가능성이 있습니다.
가격 고려사항: 은행은 발행 시 공정가치를 $1,000 노트당 ≥ $900로 추정하며, 초기 프리미엄이 포함됩니다. 정기 쿠폰은 지급되지 않습니다. 상환은 전적으로 발행자 및 보증인의 신용도에 달려 있습니다.
주요 위험 요소: JPMorgan 관련 기관의 전면적인 신용 위험, 중간 유동성 또는 보장된 2차 시장 부재, 이자 수입 없음, 선물 기반 지수 롤오버 비용 노출, 계산 및 헤징상의 잠재적 이해 상충, 불확실한 세금 처리 등이 포함됩니다. FWP에 연결된 설명서와 예비 가격 보충 자료에서 더 상세한 위험 요소를 확인할 수 있습니다.
J.P. Morgan commercialise des Notes Barrières Accélérées Non Plafonnées de 5 ans liées à l'Indice S&P 500 Futures Excess Return (CUSIP 48136FDL3). Les notes sont émises par JPMorgan Chase Financial Company LLC et garanties par JPMorgan Chase & Co., avec une valeur nominale minimale de 1 000 $. Les dates clés sont : Date de tarification le 31 juillet 2025, Date d’observation unique le 31 juillet 2030 et Échéance le 5 août 2030.
Structure du rendement :
- Participation à la hausse = Rendement de l’indice × Facteur de levier à la hausse (≥ 1,93), sans plafond.
- Protection du capital uniquement jusqu’à une barrière à 70 %. Si la valeur finale est ≥ barrière, le capital nominal est remboursé au minimum ; sinon, l’investisseur subit une perte 1:1 en dessous de la barrière, pouvant aller jusqu’à la perte totale du capital.
Considérations tarifaires : la banque estime que la juste valeur à l’émission sera ≥ 900 $ pour une note de 1 000 $, impliquant une prime initiale. Aucun coupon périodique n’est versé. Le remboursement dépend entièrement de la solvabilité de l’émetteur et du garant.
Points clés de risque : risque de crédit complet des entités JPMorgan, absence de liquidité intermédiaire ou de marché secondaire garanti, absence de revenu d’intérêts, exposition aux coûts de roulement de l’indice à terme, conflits potentiels dans le calcul et la couverture, et traitement fiscal incertain. Le prospectus et le supplément tarifaire préliminaire liés dans le FWP fournissent une divulgation plus complète des facteurs de risque.
J.P. Morgan bietet 5-jährige Unbegrenzte Beschleunigte Barrier Notes an, die mit dem S&P 500 Futures Excess Return Index (CUSIP 48136FDL3) verknüpft sind. Die Notes werden von der JPMorgan Chase Financial Company LLC ausgegeben und von JPMorgan Chase & Co. garantiert, mit einem Mindestnennwert von 1.000 USD. Wichtige Termine sind der Preisfeststellungstag am 31. Juli 2025, der einzelne Beobachtungstag am 31. Juli 2030 und die Fälligkeit am 5. August 2030.
Auszahlungsstruktur:
- Aufwärtsbeteiligung = Indexrendite × Aufwärtshebel-Faktor (≥ 1,93), ohne Obergrenze.
- Kapitalschutz nur bis zu einer 70 % Barriere. Liegt der Endwert ≥ Barriere, wird mindestens der Nennwert zurückgezahlt; andernfalls erleiden Anleger unterhalb der Barriere einen 1:1-Verlust, was einen Totalverlust des Kapitals bedeuten kann.
Preisüberlegungen: Die Bank schätzt den fairen Wert bei Ausgabe auf ≥ 900 USD pro 1.000 USD Note, was einen anfänglichen Aufschlag impliziert. Es werden keine periodischen Kupons gezahlt. Die Rückzahlung hängt vollständig von der Kreditwürdigkeit des Emittenten und Garanten ab.
Risikohighlights umfassen: volles Kreditrisiko der JPMorgan-Einheiten, fehlende Zwischenliquidität oder garantierten Sekundärmarkt, keine Zinseinnahmen, Exponierung gegenüber Rollkosten des Futures-basierten Index, potenzielle Interessenkonflikte bei Berechnung und Absicherung sowie unsichere steuerliche Behandlung. Das im FWP verlinkte Prospekt und der vorläufige Preiszusatz bieten eine ausführlichere Darstellung der Risikofaktoren.
- Leveraged upside participation (≥ 1.93×) with no cap provides enhanced return potential versus direct index exposure.
- 70 % barrier offers partial downside buffer, preserving principal if the index does not fall more than 30 % over five years.
- Investment-grade guarantor (JPMorgan Chase & Co.) backs payment obligations.
- No principal protection below the 70 % barrier; investors can lose up to 100 % of invested capital.
- Estimated fair value ≥ $900 indicates an immediate economic loss versus the $1,000 issue price.
- No periodic coupon means zero carry and negative time value if the index remains flat.
- Liquidity risk: secondary market making is discretionary and may be at deep discounts.
- Full issuer and guarantor credit risk, ranking as unsecured obligations.
Insights
TL;DR – Upside leverage ≥1.93 attractive, but 30 % soft protection, no coupons, and issuer credit risk temper appeal.
The structure offers leveraged, uncapped participation if the S&P 500 futures index rises, which may fit bullish views over a five-year horizon. The 70 % barrier gives some downside cushion, yet once breached losses accelerate 1:1, leaving investors exposed to severe drawdowns. Estimated value of ≥ $900 signals a roughly 10 % sales concession/hedging cost versus issue price. Absence of coupons reduces carry, so total return is purely price-based. Investors must also weigh JPMorgan’s credit profile, though currently investment-grade. Liquidity will rely on JPMS’s discretionary market-making, often at a meaningful discount. Overall, risk-reward skews positive only for investors seeking equity upside with moderate buffer, and who can tolerate both mark-to-market volatility and credit exposure.
TL;DR – Product is capital-markets driven; downside, liquidity and valuation risks are material.
The note embeds a short put struck at 70 % and a leveraged call on the S&P 500 futures ER index. Investors effectively lend unsecured to JPMorgan and sell downside protection while buying amplified upside. From a credit perspective, JPM remains robust, but subordinated exposure through a structured note is inherently riskier than senior deposits. Liquidity risk is high: JPMS may not bid, and early exits can crystallize large discounts. The internal funding-rate valuation means initial fair value is below par, creating negative carry for buy-and-hold investors. Impact of negative futures roll could further erode index performance relative to spot S&P 500.
J.P. Morgan offre sul mercato Note Accelerate con Barriera Non Limitata a 5 anni collegate all'Indice S&P 500 Futures Excess Return (CUSIP 48136FDL3). Le note sono emesse da JPMorgan Chase Financial Company LLC e garantite da JPMorgan Chase & Co., con un taglio minimo di $1.000. Le date chiave sono: Data di Prezzo il 31 lug 2025, Data di Osservazione unica il 31 lug 2030 e Scadenza il 05 ago 2030.
Struttura del rendimento:
- Partecipazione al rialzo = Rendimento dell’Indice × Fattore di Leva al Rialzo (≥ 1,93), senza limite massimo.
- Protezione del capitale solo fino a una barriera del 70%. Se il Valore Finale è ≥ Barriera, viene restituito almeno il valore nominale; altrimenti l’investitore subisce una perdita diretta 1:1 sotto la barriera, con possibile perdita totale del capitale.
Considerazioni sul prezzo: la banca stima un valore equo all’emissione ≥ $900 per ogni nota da $1.000, implicando un sovrapprezzo iniziale. Non sono previsti coupon periodici. Il rimborso dipende esclusivamente dalla solvibilità dell’emittente e del garante.
Rischi principali: rischio di credito completo delle entità JPMorgan, assenza di liquidità intermedia o mercato secondario garantito, nessun interesse, esposizione ai costi di rollaggio dell’indice futures, potenziali conflitti nella determinazione e copertura, e trattamento fiscale incerto. Il prospetto e il supplemento preliminare collegati nel FWP forniscono una descrizione più dettagliata dei fattori di rischio.
J.P. Morgan está ofreciendo Notas Aceleradas con Barrera Sin Límite a 5 años vinculadas al Índice S&P 500 Futures Excess Return (CUSIP 48136FDL3). Las notas son emitidas por JPMorgan Chase Financial Company LLC y garantizadas por JPMorgan Chase & Co., con un valor nominal mínimo de $1,000. Las fechas clave incluyen Fecha de Precio el 31 de julio de 2025, Fecha de Observación única el 31 de julio de 2030 y Vencimiento el 5 de agosto de 2030.
Estructura del pago:
- Participación al alza = Retorno del Índice × Factor de Apalancamiento al Alza (≥ 1.93), sin límite máximo.
- Protección del principal solo hasta una barrera del 70%. Si el Valor Final es ≥ Barrera, se devuelve al menos el valor nominal; de lo contrario, el inversor asume una pérdida 1:1 bajo la barrera, pudiendo perder hasta el 100% del capital.
Consideraciones de precio: el banco estima un valor justo en la emisión ≥ $900 por cada nota de $1,000, lo que implica un margen inicial. No se pagan cupones periódicos. El reembolso depende completamente de la solvencia del emisor y garante.
Aspectos de riesgo: riesgo crediticio completo de las entidades JPMorgan, ausencia de liquidez intermedia o mercado secundario garantizado, sin ingresos por intereses, exposición a costos de roll-over del índice de futuros, posibles conflictos en el cálculo y cobertura, y tratamiento fiscal incierto. El prospecto y el suplemento preliminar vinculados en el FWP ofrecen una divulgación más completa de los factores de riesgo.
J.P. Morgan은 S&P 500 Futures Excess Return 지수(CUSIP 48136FDL3)에 연계된 5년 만기 무상한 가속형 배리어 노트를 판매하고 있습니다. 이 노트는 JPMorgan Chase Financial Company LLC가 발행하며 JPMorgan Chase & Co.가 보증하며, 최소 액면가는 $1,000입니다. 주요 일정은 가격 결정일 2025년 7월 31일, 단일 관측일 2030년 7월 31일, 만기일 2030년 8월 5일입니다.
수익 구조:
- 상승 참여 = 지수 수익률 × 상승 레버리지 계수(≥ 1.93), 상한 없음.
- 원금 보호는 70% 배리어까지입니다. 최종 가치가 배리어 이상이면 최소 원금이 반환되며, 그렇지 않으면 배리어 이하 손실은 1:1 비율로 발생하여 최대 원금 전액 손실 가능성이 있습니다.
가격 고려사항: 은행은 발행 시 공정가치를 $1,000 노트당 ≥ $900로 추정하며, 초기 프리미엄이 포함됩니다. 정기 쿠폰은 지급되지 않습니다. 상환은 전적으로 발행자 및 보증인의 신용도에 달려 있습니다.
주요 위험 요소: JPMorgan 관련 기관의 전면적인 신용 위험, 중간 유동성 또는 보장된 2차 시장 부재, 이자 수입 없음, 선물 기반 지수 롤오버 비용 노출, 계산 및 헤징상의 잠재적 이해 상충, 불확실한 세금 처리 등이 포함됩니다. FWP에 연결된 설명서와 예비 가격 보충 자료에서 더 상세한 위험 요소를 확인할 수 있습니다.
J.P. Morgan commercialise des Notes Barrières Accélérées Non Plafonnées de 5 ans liées à l'Indice S&P 500 Futures Excess Return (CUSIP 48136FDL3). Les notes sont émises par JPMorgan Chase Financial Company LLC et garanties par JPMorgan Chase & Co., avec une valeur nominale minimale de 1 000 $. Les dates clés sont : Date de tarification le 31 juillet 2025, Date d’observation unique le 31 juillet 2030 et Échéance le 5 août 2030.
Structure du rendement :
- Participation à la hausse = Rendement de l’indice × Facteur de levier à la hausse (≥ 1,93), sans plafond.
- Protection du capital uniquement jusqu’à une barrière à 70 %. Si la valeur finale est ≥ barrière, le capital nominal est remboursé au minimum ; sinon, l’investisseur subit une perte 1:1 en dessous de la barrière, pouvant aller jusqu’à la perte totale du capital.
Considérations tarifaires : la banque estime que la juste valeur à l’émission sera ≥ 900 $ pour une note de 1 000 $, impliquant une prime initiale. Aucun coupon périodique n’est versé. Le remboursement dépend entièrement de la solvabilité de l’émetteur et du garant.
Points clés de risque : risque de crédit complet des entités JPMorgan, absence de liquidité intermédiaire ou de marché secondaire garanti, absence de revenu d’intérêts, exposition aux coûts de roulement de l’indice à terme, conflits potentiels dans le calcul et la couverture, et traitement fiscal incertain. Le prospectus et le supplément tarifaire préliminaire liés dans le FWP fournissent une divulgation plus complète des facteurs de risque.
J.P. Morgan bietet 5-jährige Unbegrenzte Beschleunigte Barrier Notes an, die mit dem S&P 500 Futures Excess Return Index (CUSIP 48136FDL3) verknüpft sind. Die Notes werden von der JPMorgan Chase Financial Company LLC ausgegeben und von JPMorgan Chase & Co. garantiert, mit einem Mindestnennwert von 1.000 USD. Wichtige Termine sind der Preisfeststellungstag am 31. Juli 2025, der einzelne Beobachtungstag am 31. Juli 2030 und die Fälligkeit am 5. August 2030.
Auszahlungsstruktur:
- Aufwärtsbeteiligung = Indexrendite × Aufwärtshebel-Faktor (≥ 1,93), ohne Obergrenze.
- Kapitalschutz nur bis zu einer 70 % Barriere. Liegt der Endwert ≥ Barriere, wird mindestens der Nennwert zurückgezahlt; andernfalls erleiden Anleger unterhalb der Barriere einen 1:1-Verlust, was einen Totalverlust des Kapitals bedeuten kann.
Preisüberlegungen: Die Bank schätzt den fairen Wert bei Ausgabe auf ≥ 900 USD pro 1.000 USD Note, was einen anfänglichen Aufschlag impliziert. Es werden keine periodischen Kupons gezahlt. Die Rückzahlung hängt vollständig von der Kreditwürdigkeit des Emittenten und Garanten ab.
Risikohighlights umfassen: volles Kreditrisiko der JPMorgan-Einheiten, fehlende Zwischenliquidität oder garantierten Sekundärmarkt, keine Zinseinnahmen, Exponierung gegenüber Rollkosten des Futures-basierten Index, potenzielle Interessenkonflikte bei Berechnung und Absicherung sowie unsichere steuerliche Behandlung. Das im FWP verlinkte Prospekt und der vorläufige Preiszusatz bieten eine ausführlichere Darstellung der Risikofaktoren.
The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Summary of Terms Issuer: Guarantor: Minimum Denomination: Index: Pricing Date: Observation Date: Maturity Date: Upside Leverage Factor: Barrier Amount: Payment At Maturity: JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 S&P 500 ® Futures Excess Return Index July 31, 2025 July 31, 2030 August 5, 2030 At least 1.93* 70.00% of the Initial Value If the Final Value is greater than the Initial Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Index Return î Upside Leverage Factor) If the Final Value is equal to the Initial Value or is less than the Initial Value but greater than or equal to the Barrier Amount, you will receive the principal amount of your notes at maturity. If the Final Value is less than the Barrier Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Index Return) If the Final Value is less than the Barrier Amount, you will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity. 48136FDL3 CUSIP: Preliminary Pricing Supplement: Estimated Value: http://sp.jpmorgan.com/document/cusip/48136FDL3/doctype/Product_Termsheet/document.pdf 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. 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 actual Upside Leverage Factor will be provided in the pricing supplement and will not be less than 1.93. ** Reflects an Upside Leverage Factor equal to the minimum Upside Leverage Factor set forth herein for illustrative purposes. Capitalized terms used but not defined herein shall have the meanings set forth in the preliminary pricing supplement. 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 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. North America Structured Investments 5y SPXFP Uncapped Accelerated Barrier Notes H Hypothetical Total Returns** Total Return on the Notes Index Return Final Value 125.45% 65.00% 165.00 77.20% 40.00% 140.00 38.60% 20.00% 120.00 19.30% 10.00% 110.00 9.65% 5.00% 105.00 1.93% 1.00% 101.00 0.00% 0.00% 100.00 0.00% - 5.00% 95.00 0.00% - 10.00% 90.00 0.00% - 20.00% 80.00 0.00% - 30.00% 70.00 - 30.01% - 30.01% 69.99 - 40.00% - 40.00% 60.00 - 50.00% - 50.00% 50.00 - 60.00% - 60.00% 40.00 - 80.00% - 80.00% 20.00 - 100.00% - 100.00% 0.00 J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
Selected Risks • Your investment in the notes may result in a loss. The notes do not guarantee any return of principal. • Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan Chase & Co. • As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. • The benefit provided by the Barrier Amount may terminate on the Observation Date. • No interest payments. • You will not have any rights to the E - Mini ® S&P 500 ® Futures Contracts (the “Underlying Futures Contracts”) or the securities included in the index underlying the Underlying Futures Contracts. • JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index, the index underlying the Underlying Futures Contracts of the Index. • The Index is subject to significant risks associated with the Underlying Futures Contracts. • Suspension or disruptions of market trading in the Underlying Futures Contracts may adversely affect the value of your notes. • The performance of the Index will differ from the performance of the index underlying the Underlying Futures Contracts. • Negative roll returns associated with the Underlying Futures Contracts may adversely affect the level of the Index and the value of the notes. • The Index comprises notional assets and liabilities. There is no actual portfolio of assets to which any person is entitled or in which any person has any ownership interest. 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 does not represent future values and may differ from others’ estimates. • The estimated value of the notes is determined by reference to an internal funding rate. • 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. 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 the 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 North America Structured Investments 5y SPXFP Uncapped Accelerated Barrier Notes J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com 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.
FAQ
How does the Upside Leverage Factor work on JPMorgan's 5-year SPX futures barrier notes?
What downside protection do the JPMorgan 5-year barrier notes offer?
Do the notes pay any interest or coupons during the 5-year term?
What is the estimated value versus the $1,000 purchase price?
Can I sell the notes before maturity?
What credit risks apply to these structured notes?
