[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
JPMorgan Chase Financial Company LLC is offering three-year, auto-callable contingent income securities linked to the common stock of Bank of America Corp. (BAC). Each $1,000 note may be redeemed quarterly at par plus the applicable coupon if, on any of the 11 observation dates between October 2025 and April 2028, BAC’s closing price is at or above the initial stock price. If not redeemed, the notes mature on 14 July 2028.
Contingent coupon: at least 2.5125% per quarter (≥ 10.05% p.a.) paid only if BAC closes at or above the downside threshold (75 % of the initial price) on the relevant date. Investors receive no coupon for periods in which BAC is below the threshold.
Principal repayment:
- At or above 75 % at maturity – par plus final coupon.
- Below 75 % – repaid in proportion to BAC’s decline (stock performance factor); loss of up to 100 % of principal possible.
Key dates: Pricing expected 11 July 2025; settlement three business days later; quarterly observation dates run until 11 July 2028.
The estimated value will be ≥ $940 per $1,000 note, reflecting dealer discount and hedging costs. Any payment depends on the credit of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor). Secondary liquidity may be limited and offered below issue price.
Main risks: conditional coupons, no upside participation in BAC appreciation, exposure to BAC downside below 75 %, early call risk, issuer/guarantor credit risk, and uncertain U.S. tax treatment.
JPMorgan Chase Financial Company LLC propone titoli di reddito contingente a tre anni, auto-rimborso condizionato, collegati alle azioni ordinarie di Bank of America Corp. (BAC). Ogni titolo da 1.000 $ può essere rimborsato trimestralmente al valore nominale più la cedola applicabile se, in una delle 11 date di osservazione tra ottobre 2025 e aprile 2028, il prezzo di chiusura di BAC è pari o superiore al prezzo iniziale. Se non rimborsati, i titoli scadono il 14 luglio 2028.
Cedola condizionata: almeno 2,5125% per trimestre (≥ 10,05% annuo), pagata solo se BAC chiude al di sopra o pari alla soglia di ribasso (75% del prezzo iniziale) nella data rilevante. Gli investitori non ricevono cedola nei periodi in cui BAC è sotto la soglia.
Rimborso del capitale:
- Alla scadenza pari o superiore al 75% – valore nominale più cedola finale.
- Sotto il 75% – rimborso proporzionale al calo di BAC (fattore di performance azionaria); possibile perdita fino al 100% del capitale.
Date chiave: prezzo atteso l'11 luglio 2025; regolamento tre giorni lavorativi dopo; le date di osservazione trimestrali si estendono fino all'11 luglio 2028.
Il valore stimato sarà ≥ 940 $ per ogni titolo da 1.000 $, riflettendo sconti del dealer e costi di copertura. Ogni pagamento dipende dalla solidità creditizia di JPMorgan Financial (emittente) e JPMorgan Chase & Co. (garante). La liquidità secondaria potrebbe essere limitata e offerta a prezzi inferiori al valore di emissione.
Principali rischi: cedole condizionate, nessuna partecipazione all’aumento di BAC, esposizione al ribasso di BAC sotto il 75%, rischio di richiamo anticipato, rischio creditizio emittente/garante e trattamento fiscale USA incerto.
JPMorgan Chase Financial Company LLC ofrece valores de ingreso contingente autollamables a tres años vinculados a las acciones ordinarias de Bank of America Corp. (BAC). Cada bono de $1,000 puede ser redimido trimestralmente a la par más el cupón aplicable si, en cualquiera de las 11 fechas de observación entre octubre de 2025 y abril de 2028, el precio de cierre de BAC está en o por encima del precio inicial. Si no se redimen, los bonos vencen el 14 de julio de 2028.
Cupón contingente: al menos 2.5125% por trimestre (≥ 10.05% anual) pagado solo si BAC cierra en o por encima del umbral de caída (75% del precio inicial) en la fecha correspondiente. Los inversores no reciben cupón en períodos donde BAC está por debajo del umbral.
Reembolso del principal:
- Al menos 75% al vencimiento – valor nominal más cupón final.
- Por debajo del 75% – reembolso proporcional a la caída de BAC (factor de rendimiento de la acción); posible pérdida de hasta el 100% del principal.
Fechas clave: precio esperado el 11 de julio de 2025; liquidación tres días hábiles después; fechas de observación trimestrales hasta el 11 de julio de 2028.
El valor estimado será ≥ $940 por bono de $1,000, reflejando descuento del distribuidor y costos de cobertura. Cualquier pago depende del crédito de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante). La liquidez secundaria puede ser limitada y ofrecida por debajo del precio de emisión.
Riesgos principales: cupones condicionales, sin participación en la apreciación de BAC, exposición a la caída de BAC bajo 75%, riesgo de llamada anticipada, riesgo crediticio del emisor/garante y tratamiento fiscal estadounidense incierto.
JPMorgan Chase Financial Company LLC는 Bank of America Corp. (BAC)의 보통주에 연계된 3년 만기 자동상환형 조건부 수익증권을 제공합니다. 각 $1,000 노트는 2025년 10월부터 2028년 4월까지 11회의 관찰일 중 어느 날에라도 BAC 종가가 최초 주가 이상일 경우, 해당 분기마다 액면가와 해당 쿠폰을 지급하며 상환될 수 있습니다. 상환되지 않을 경우, 만기일은 2028년 7월 14일입니다.
조건부 쿠폰: 분기별 최소 2.5125% (연간 10.05% 이상)로, 해당 날짜에 BAC가 하락 임계값(초기 가격의 75%) 이상으로 마감할 때만 지급됩니다. BAC가 임계값 아래일 경우 쿠폰이 지급되지 않습니다.
원금 상환:
- 만기 시 75% 이상 – 액면가와 최종 쿠폰 지급.
- 75% 미만 – BAC 주가 하락 비율에 따라 원금 비례 상환; 최대 100% 원금 손실 가능.
주요 일정: 2025년 7월 11일 가격 결정 예정; 3영업일 후 결제; 분기별 관찰일은 2028년 7월 11일까지 진행됩니다.
예상 가치는 딜러 할인 및 헤지 비용을 반영하여 $1,000 노트당 최소 $940 이상입니다. 모든 지급은 JPMorgan Financial(발행자)과 JPMorgan Chase & Co.(보증인)의 신용에 의존합니다. 2차 유동성은 제한적일 수 있으며 발행가 이하로 제공될 수 있습니다.
주요 위험: 조건부 쿠폰, BAC 주가 상승에 대한 이익 참여 없음, BAC 75% 이하 하락 노출, 조기 상환 위험, 발행자/보증인 신용 위험, 미국 세금 처리 불확실성.
JPMorgan Chase Financial Company LLC propose des titres de revenu conditionnel auto-remboursables sur trois ans, liés aux actions ordinaires de Bank of America Corp. (BAC). Chaque note de 1 000 $ peut être remboursée trimestriellement à la valeur nominale plus le coupon applicable si, à l’une des 11 dates d’observation entre octobre 2025 et avril 2028, le cours de clôture de BAC est égal ou supérieur au prix initial. En cas de non-remboursement, les notes arrivent à échéance le 14 juillet 2028.
Coupon conditionnel : au moins 2,5125 % par trimestre (≥ 10,05 % par an), versé uniquement si BAC clôture au-dessus ou égal au seuil de baisse (75 % du prix initial) à la date concernée. Aucun coupon n’est versé lorsque BAC est en dessous du seuil.
Remboursement du principal :
- À l’échéance à 75 % ou plus – valeur nominale plus coupon final.
- En dessous de 75 % – remboursement proportionnel à la baisse de BAC (facteur de performance de l’action) ; perte possible jusqu’à 100 % du capital.
Dates clés : fixation du prix prévue le 11 juillet 2025 ; règlement trois jours ouvrés plus tard ; dates d’observation trimestrielles jusqu’au 11 juillet 2028.
La valeur estimée sera ≥ 940 $ par note de 1 000 $, reflétant la décote du vendeur et les coûts de couverture. Tout paiement dépend de la solvabilité de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant). La liquidité secondaire peut être limitée et proposée en dessous du prix d’émission.
Principaux risques : coupons conditionnels, absence de participation à la hausse de BAC, exposition à la baisse sous 75 %, risque de rappel anticipé, risque de crédit émetteur/garant et incertitude fiscale américaine.
JPMorgan Chase Financial Company LLC bietet dreijährige, auto-kündbare bedingte Einkommenswerte an, die mit den Stammaktien der Bank of America Corp. (BAC) verbunden sind. Jede 1.000-$-Anleihe kann vierteljährlich zum Nennwert plus dem entsprechenden Kupon zurückgezahlt werden, wenn an einem der 11 Beobachtungstermine zwischen Oktober 2025 und April 2028 der Schlusskurs von BAC auf oder über dem Anfangskurs liegt. Wenn nicht zurückgezahlt, laufen die Anleihen am 14. Juli 2028 aus.
Bedingter Kupon: mindestens 2,5125% pro Quartal (≥ 10,05% p.a.), zahlbar nur, wenn BAC am relevanten Datum auf oder über der Abwärtsgrenze (75 % des Anfangskurses) schließt. Anleger erhalten keinen Kupon für Perioden, in denen BAC unter der Grenze liegt.
Kapitalrückzahlung:
- Bei mindestens 75 % zum Laufzeitende – Nennwert plus finaler Kupon.
- Unter 75 % – Rückzahlung proportional zum Kursrückgang von BAC (Aktienperformancefaktor); Verlust von bis zu 100 % des Kapitals möglich.
Wichtige Termine: Preisfestsetzung voraussichtlich am 11. Juli 2025; Abwicklung drei Geschäftstage später; vierteljährliche Beobachtungstermine bis zum 11. Juli 2028.
Der geschätzte Wert liegt bei ≥ 940 $ pro 1.000 $-Anleihe, was Händlerabschläge und Absicherungskosten berücksichtigt. Zahlungen hängen von der Bonität von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garanten) ab. Die Sekundärliquidität kann begrenzt sein und unter dem Ausgabepreis liegen.
Hauptrisiken: bedingte Kupons, keine Beteiligung an BAC-Kurssteigerungen, Risiko eines Kursrückgangs von BAC unter 75 %, Risiko eines vorzeitigen Rückrufs, Emittenten-/Garanten-Kreditrisiko und unsichere US-Steuerbehandlung.
- High conditional yield: at least 10.05% annualized coupon when BAC remains at or above the 75% threshold.
- 25% downside buffer: first-loss protection until BAC falls more than 25% from initial level.
- Credit support: payments guaranteed by JPMorgan Chase & Co., one of the highest-rated U.S. banks.
- Full downside participation below 75%: principal reduced one-for-one with BAC declines; loss can reach 100%.
- No upside participation: returns capped at coupon income; early auto-call at par forfeits further gains.
- Conditional income: coupons skipped whenever BAC closes below the threshold, potentially for multiple quarters.
- Issuer credit & liquidity risk: value depends on JPMorgan’s credit; secondary market likely at a discount.
- Estimated value $940: investors pay an implied ~6% premium over fair value at issuance.
Insights
TL;DR – 10%+ yield if BAC holds above 75%, but investors absorb full equity downside below threshold and forfeit upside.
The note targets yield-seeking investors willing to cap upside in exchange for a high, conditional coupon. At ≥ 2.5125 % quarterly, the coupon is attractive versus short-dated IG credit, but payment is suspended whenever BAC trades below the 75 % barrier. Because the note auto-calls at par once BAC merely matches its initial price, holders are likely to be redeemed during favorable markets, truncating income when equity performance is strong. Conversely, in a bearish scenario investors face unmitigated equity downside beyond a modest 25 % buffer. The minimum valuation of $940 indicates a ~6 % initial premium paid by investors for structuring and hedging. Credit exposure to JPMorgan is low-risk relative to market, yet non-trivial over three years. Overall the payoff is income-oriented but asymmetric; impact neutral given trade-off between carry and tail risk.
TL;DR – Product shifts left-tail risk to investor; limited liquidity and no diversification benefit.
From a portfolio perspective, the security behaves like a short put on BAC struck at 75 % combined with a callable fixed-rate note. Investors relinquish upside and embed short-vol exposure, receiving compensation only while the underlying is healthy. If volatility spikes or BAC falls sharply, holders lose principal and coupons simultaneously. The callable feature aggravates reinvestment risk, as redemption will likely coincide with compression in option premiums. Illiquidity, bid-offer spreads, and mark-to-market volatility further erode risk-adjusted returns. Given these characteristics, I assign a negative impact score for conservative portfolios.
JPMorgan Chase Financial Company LLC propone titoli di reddito contingente a tre anni, auto-rimborso condizionato, collegati alle azioni ordinarie di Bank of America Corp. (BAC). Ogni titolo da 1.000 $ può essere rimborsato trimestralmente al valore nominale più la cedola applicabile se, in una delle 11 date di osservazione tra ottobre 2025 e aprile 2028, il prezzo di chiusura di BAC è pari o superiore al prezzo iniziale. Se non rimborsati, i titoli scadono il 14 luglio 2028.
Cedola condizionata: almeno 2,5125% per trimestre (≥ 10,05% annuo), pagata solo se BAC chiude al di sopra o pari alla soglia di ribasso (75% del prezzo iniziale) nella data rilevante. Gli investitori non ricevono cedola nei periodi in cui BAC è sotto la soglia.
Rimborso del capitale:
- Alla scadenza pari o superiore al 75% – valore nominale più cedola finale.
- Sotto il 75% – rimborso proporzionale al calo di BAC (fattore di performance azionaria); possibile perdita fino al 100% del capitale.
Date chiave: prezzo atteso l'11 luglio 2025; regolamento tre giorni lavorativi dopo; le date di osservazione trimestrali si estendono fino all'11 luglio 2028.
Il valore stimato sarà ≥ 940 $ per ogni titolo da 1.000 $, riflettendo sconti del dealer e costi di copertura. Ogni pagamento dipende dalla solidità creditizia di JPMorgan Financial (emittente) e JPMorgan Chase & Co. (garante). La liquidità secondaria potrebbe essere limitata e offerta a prezzi inferiori al valore di emissione.
Principali rischi: cedole condizionate, nessuna partecipazione all’aumento di BAC, esposizione al ribasso di BAC sotto il 75%, rischio di richiamo anticipato, rischio creditizio emittente/garante e trattamento fiscale USA incerto.
JPMorgan Chase Financial Company LLC ofrece valores de ingreso contingente autollamables a tres años vinculados a las acciones ordinarias de Bank of America Corp. (BAC). Cada bono de $1,000 puede ser redimido trimestralmente a la par más el cupón aplicable si, en cualquiera de las 11 fechas de observación entre octubre de 2025 y abril de 2028, el precio de cierre de BAC está en o por encima del precio inicial. Si no se redimen, los bonos vencen el 14 de julio de 2028.
Cupón contingente: al menos 2.5125% por trimestre (≥ 10.05% anual) pagado solo si BAC cierra en o por encima del umbral de caída (75% del precio inicial) en la fecha correspondiente. Los inversores no reciben cupón en períodos donde BAC está por debajo del umbral.
Reembolso del principal:
- Al menos 75% al vencimiento – valor nominal más cupón final.
- Por debajo del 75% – reembolso proporcional a la caída de BAC (factor de rendimiento de la acción); posible pérdida de hasta el 100% del principal.
Fechas clave: precio esperado el 11 de julio de 2025; liquidación tres días hábiles después; fechas de observación trimestrales hasta el 11 de julio de 2028.
El valor estimado será ≥ $940 por bono de $1,000, reflejando descuento del distribuidor y costos de cobertura. Cualquier pago depende del crédito de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante). La liquidez secundaria puede ser limitada y ofrecida por debajo del precio de emisión.
Riesgos principales: cupones condicionales, sin participación en la apreciación de BAC, exposición a la caída de BAC bajo 75%, riesgo de llamada anticipada, riesgo crediticio del emisor/garante y tratamiento fiscal estadounidense incierto.
JPMorgan Chase Financial Company LLC는 Bank of America Corp. (BAC)의 보통주에 연계된 3년 만기 자동상환형 조건부 수익증권을 제공합니다. 각 $1,000 노트는 2025년 10월부터 2028년 4월까지 11회의 관찰일 중 어느 날에라도 BAC 종가가 최초 주가 이상일 경우, 해당 분기마다 액면가와 해당 쿠폰을 지급하며 상환될 수 있습니다. 상환되지 않을 경우, 만기일은 2028년 7월 14일입니다.
조건부 쿠폰: 분기별 최소 2.5125% (연간 10.05% 이상)로, 해당 날짜에 BAC가 하락 임계값(초기 가격의 75%) 이상으로 마감할 때만 지급됩니다. BAC가 임계값 아래일 경우 쿠폰이 지급되지 않습니다.
원금 상환:
- 만기 시 75% 이상 – 액면가와 최종 쿠폰 지급.
- 75% 미만 – BAC 주가 하락 비율에 따라 원금 비례 상환; 최대 100% 원금 손실 가능.
주요 일정: 2025년 7월 11일 가격 결정 예정; 3영업일 후 결제; 분기별 관찰일은 2028년 7월 11일까지 진행됩니다.
예상 가치는 딜러 할인 및 헤지 비용을 반영하여 $1,000 노트당 최소 $940 이상입니다. 모든 지급은 JPMorgan Financial(발행자)과 JPMorgan Chase & Co.(보증인)의 신용에 의존합니다. 2차 유동성은 제한적일 수 있으며 발행가 이하로 제공될 수 있습니다.
주요 위험: 조건부 쿠폰, BAC 주가 상승에 대한 이익 참여 없음, BAC 75% 이하 하락 노출, 조기 상환 위험, 발행자/보증인 신용 위험, 미국 세금 처리 불확실성.
JPMorgan Chase Financial Company LLC propose des titres de revenu conditionnel auto-remboursables sur trois ans, liés aux actions ordinaires de Bank of America Corp. (BAC). Chaque note de 1 000 $ peut être remboursée trimestriellement à la valeur nominale plus le coupon applicable si, à l’une des 11 dates d’observation entre octobre 2025 et avril 2028, le cours de clôture de BAC est égal ou supérieur au prix initial. En cas de non-remboursement, les notes arrivent à échéance le 14 juillet 2028.
Coupon conditionnel : au moins 2,5125 % par trimestre (≥ 10,05 % par an), versé uniquement si BAC clôture au-dessus ou égal au seuil de baisse (75 % du prix initial) à la date concernée. Aucun coupon n’est versé lorsque BAC est en dessous du seuil.
Remboursement du principal :
- À l’échéance à 75 % ou plus – valeur nominale plus coupon final.
- En dessous de 75 % – remboursement proportionnel à la baisse de BAC (facteur de performance de l’action) ; perte possible jusqu’à 100 % du capital.
Dates clés : fixation du prix prévue le 11 juillet 2025 ; règlement trois jours ouvrés plus tard ; dates d’observation trimestrielles jusqu’au 11 juillet 2028.
La valeur estimée sera ≥ 940 $ par note de 1 000 $, reflétant la décote du vendeur et les coûts de couverture. Tout paiement dépend de la solvabilité de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant). La liquidité secondaire peut être limitée et proposée en dessous du prix d’émission.
Principaux risques : coupons conditionnels, absence de participation à la hausse de BAC, exposition à la baisse sous 75 %, risque de rappel anticipé, risque de crédit émetteur/garant et incertitude fiscale américaine.
JPMorgan Chase Financial Company LLC bietet dreijährige, auto-kündbare bedingte Einkommenswerte an, die mit den Stammaktien der Bank of America Corp. (BAC) verbunden sind. Jede 1.000-$-Anleihe kann vierteljährlich zum Nennwert plus dem entsprechenden Kupon zurückgezahlt werden, wenn an einem der 11 Beobachtungstermine zwischen Oktober 2025 und April 2028 der Schlusskurs von BAC auf oder über dem Anfangskurs liegt. Wenn nicht zurückgezahlt, laufen die Anleihen am 14. Juli 2028 aus.
Bedingter Kupon: mindestens 2,5125% pro Quartal (≥ 10,05% p.a.), zahlbar nur, wenn BAC am relevanten Datum auf oder über der Abwärtsgrenze (75 % des Anfangskurses) schließt. Anleger erhalten keinen Kupon für Perioden, in denen BAC unter der Grenze liegt.
Kapitalrückzahlung:
- Bei mindestens 75 % zum Laufzeitende – Nennwert plus finaler Kupon.
- Unter 75 % – Rückzahlung proportional zum Kursrückgang von BAC (Aktienperformancefaktor); Verlust von bis zu 100 % des Kapitals möglich.
Wichtige Termine: Preisfestsetzung voraussichtlich am 11. Juli 2025; Abwicklung drei Geschäftstage später; vierteljährliche Beobachtungstermine bis zum 11. Juli 2028.
Der geschätzte Wert liegt bei ≥ 940 $ pro 1.000 $-Anleihe, was Händlerabschläge und Absicherungskosten berücksichtigt. Zahlungen hängen von der Bonität von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garanten) ab. Die Sekundärliquidität kann begrenzt sein und unter dem Ausgabepreis liegen.
Hauptrisiken: bedingte Kupons, keine Beteiligung an BAC-Kurssteigerungen, Risiko eines Kursrückgangs von BAC unter 75 %, Risiko eines vorzeitigen Rückrufs, Emittenten-/Garanten-Kreditrisiko und unsichere US-Steuerbehandlung.
JPMorgan Chase Financial Company LLC 3yr BAC Contingent Income Auto - Callable Securities Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated July 1, 2025 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 JPMorgan Chase Financial Company LLC ("JPMorgan Financial") Issuer: JPMorgan Chase & Co. Guarantor: Common stock of Bank of America Corporation (Bloomberg ticker: BAC UN Equity) Underlying stock: 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 Ɣ If, on any determination date, the closing price of the underlying stock is greater payment: than or equal to the downside threshold level, we will pay a contingent quarterly payment of at least $25.125 (at least 2.5125% 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 13, 2025, January 12, 2026, April 13, 2026, July 13, 2026, October 12, 2026, January 11, 2027, April 12, 2027, July 12, 2027, October 11, 2027, January 11, 2028, April 11, 2028 and July 11, 2028 Contingent payment dates † : October 16, 2025, January 15, 2026, April 16, 2026, July 16, 2026, October 15, 2026, January 14, 2027, April 15, 2027, July 15, 2027, October 14, 2027, January 14, 2028, April 17, 2028 and the maturity date Payment at maturity: Ɣ If the final stock price is greater than or equal to the downside threshold level: ● If the final stock price is less than the downside threshold level: (i) the stated principal amount plus (ii) the contingent quarterly payment with respect to the final determination date (i) the stated principal amount times (ii) the stock performance factor. This cash payment will be less than 75% of the stated principal amount of the securities and could be zero. Downside threshold level: 75% 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 final stock price / initial stock price factor: Stated principal $1,000 per security amount: Issue price: $1,000 per security Pricing date: Expected to be July 11, 2025 Original issue date 3 business days after the pricing date (settlement date): Maturity date † : July 14, 2028 CUSIP / ISIN: 48136FJK9 / US48136FJK93 Preliminary pricing supplement: http://sp.jpmorgan.com/document/cusip/48136FJK9/doctype/Product_Termsheet/ document.pdf †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% $1,000.000 40.00% $1,000.000 30.00% $1,000.000 20.00% $1,000.000 10.00% $1,000.000 5.00% $1,000.000 0.00% $1,000.000 - 10.00% $1,000.000 - 20.00% $1,000.000 - 25.00% $1,000.000 - 25.01% $749.900 - 30.00% $700.000 - 40.00% $600.000 - 50.00% $500.000 - 60.00% $400.000 - 80.00% $200.000 - 100.00% $0.000
JPMorgan Chase Financial Company LLC 3yr BAC 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 Bank of America Corporation. ■ We may engage in business with or involving Bank of America Corporation without regard to your interests. ■ The anti - dilution protection for the underlying stock is limited and may be discretionary. ■ Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the securities. 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 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.
FAQ
What is the coupon rate on JPMorgan's BAC contingent income securities?
When can the BAC-linked notes be automatically called?
How much principal protection do investors have?
What is the credit exposure for these securities?
What is the estimated value versus the issue price?
When do the BAC contingent income securities mature?
