[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
JPMorgan Chase Financial Company LLC is marketing a three-year structured note titled 3y RAY/SX5E Basket Dual Directional Trigger PLUS. The note is linked to a basket comprising the Russell 3000® Index (40% weight) and the EURO STOXX 50® Index (60% weight). Key commercial terms are as follows:
- Upside participation: 200% leveraged exposure to basket gains, subject to a maximum payment of at least $1,325.50 (132.55% of principal).
- Dual-directional feature: If the basket finishes flat or declines by ≤15%, investors receive a positive return equal to the absolute basket move (e.g., –10% basket change ➔ +10% payout), capped at $1,150.
- Trigger level: 85% of the initial basket value. A close below this level on the valuation date results in loss of principal in line with basket performance, up to total loss.
- Maturity & dates: Pricing expected 1 Jul 2025; valuation 3 Jul 2028; maturity 7 Jul 2028.
- Issue price / estimated value: $1,000 per note; estimated value on pricing date will not be less than $920.
- Credit exposure: Payments depend on the senior unsecured obligations of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
The note provides enhanced upside (2× leverage) and limited downside buffer (15%) but introduces several risks, including capped gains, full downside beyond the trigger, secondary-market illiquidity, and potential issuer credit deterioration. The product is intended for investors with a moderately bullish, range-bound, or slightly bearish three-year view on the basket who can tolerate the possibility of significant capital loss.
JPMorgan Chase Financial Company LLC propone una nota strutturata triennale denominata 3y RAY/SX5E Basket Dual Directional Trigger PLUS. La nota è collegata a un paniere composto dall'indice Russell 3000® (40% di peso) e dall'indice EURO STOXX 50® (60% di peso). I termini commerciali principali sono i seguenti:
- Partecipazione al rialzo: esposizione con leva 200% sui guadagni del paniere, con un pagamento massimo di almeno $1.325,50 (132,55% del capitale).
- Caratteristica a doppia direzione: se il paniere chiude stabile o con un calo ≤15%, gli investitori ricevono un rendimento positivo pari al valore assoluto della variazione del paniere (es. –10% variazione paniere ➔ +10% pagamento), con un tetto a $1.150.
- Livello trigger: 85% del valore iniziale del paniere. Una chiusura sotto questo livello alla data di valutazione comporta una perdita del capitale in linea con la performance del paniere, fino alla perdita totale.
- Scadenza e date: prezzo previsto 1 luglio 2025; valutazione 3 luglio 2028; scadenza 7 luglio 2028.
- Prezzo di emissione / valore stimato: $1.000 per nota; valore stimato alla data di prezzo non inferiore a $920.
- Esposizione creditizia: i pagamenti dipendono dalle obbligazioni senior non garantite di JPMorgan Financial (emittente) e JPMorgan Chase & Co. (garante).
La nota offre un potenziamento del rialzo (leva 2×) e un buffer limitato al ribasso (15%), ma comporta diversi rischi, tra cui guadagni limitati, perdita totale oltre il trigger, illiquidità sul mercato secondario e possibile peggioramento del merito creditizio dell’emittente. Il prodotto è destinato a investitori con una visione moderatamente rialzista, laterale o leggermente ribassista sul paniere a tre anni, disposti a tollerare la possibilità di una perdita significativa del capitale.
JPMorgan Chase Financial Company LLC está comercializando una nota estructurada a tres años titulada 3y RAY/SX5E Basket Dual Directional Trigger PLUS. La nota está vinculada a una cesta que incluye el índice Russell 3000® (40% de peso) y el índice EURO STOXX 50® (60% de peso). Los términos comerciales clave son los siguientes:
- Participación al alza: exposición apalancada al 200% a las ganancias de la cesta, con un pago máximo de al menos $1,325.50 (132.55% del principal).
- Característica bidireccional: si la cesta termina estable o con una caída ≤15%, los inversores reciben un rendimiento positivo igual al movimiento absoluto de la cesta (ej. –10% cambio en la cesta ➔ +10% pago), con un límite de $1,150.
- Nivel de activación: 85% del valor inicial de la cesta. Un cierre por debajo de este nivel en la fecha de valoración implica pérdida de principal acorde al rendimiento de la cesta, hasta la pérdida total.
- Vencimiento y fechas: precio esperado 1 de julio de 2025; valoración 3 de julio de 2028; vencimiento 7 de julio de 2028.
- Precio de emisión / valor estimado: $1,000 por nota; valor estimado en la fecha de precio no inferior a $920.
- Exposición crediticia: los pagos dependen de las obligaciones senior no garantizadas de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante).
La nota ofrece un mayor potencial al alza (apalancamiento 2×) y un buffer limitado a la baja (15%), pero introduce varios riesgos, incluyendo ganancias limitadas, pérdida total más allá del trigger, iliquidez en el mercado secundario y posible deterioro crediticio del emisor. El producto está dirigido a inversores con una visión moderadamente alcista, lateral o ligeramente bajista a tres años sobre la cesta que puedan tolerar la posibilidad de una pérdida significativa de capital.
JPMorgan Chase Financial Company LLC는 3년 만기 RAY/SX5E 바스켓 이중 방향 트리거 PLUS라는 3년 만기 구조화 노트를 출시하고 있습니다. 이 노트는 Russell 3000® 지수(40% 비중)와 EURO STOXX 50® 지수(60% 비중)로 구성된 바스켓에 연동됩니다. 주요 상업 조건은 다음과 같습니다:
- 상승 참여: 바스켓 상승에 대해 200% 레버리지 노출, 최소 $1,325.50(원금의 132.55%)의 최대 지급액이 보장됩니다.
- 이중 방향 기능: 바스켓이 변동 없이 마감하거나 최대 15% 하락할 경우, 투자자는 바스켓 변동폭의 절대값만큼 긍정적인 수익을 받습니다(예: –10% 바스켓 변동 ➔ +10% 지급), 최대 지급액은 $1,150입니다.
- 트리거 레벨: 초기 바스켓 가치의 85%. 평가일에 이 수준 아래로 마감하면 바스켓 성과에 따라 원금 손실이 발생하며, 최대 전액 손실까지 가능합니다.
- 만기 및 날짜: 가격 책정 예상일 2025년 7월 1일; 평가일 2028년 7월 3일; 만기일 2028년 7월 7일.
- 발행가 / 예상 가치: 노트당 $1,000; 가격 책정일 예상 가치는 최소 $920 이상입니다.
- 신용 노출: 지급은 JPMorgan Financial(발행자)와 JPMorgan Chase & Co.(보증인)의 선순위 무담보 채무에 따라 달라집니다.
이 노트는 상승에 대해 2배 레버리지와 15% 제한된 하락 완충 기능을 제공하지만, 이익 제한, 트리거 이하 전액 손실 가능성, 2차 시장 유동성 부족, 발행자 신용 악화 위험 등 여러 위험을 내포하고 있습니다. 이 상품은 3년간 바스켓에 대해 다소 강세, 횡보 또는 약세 전망을 가진 투자자 중 상당한 자본 손실 가능성을 감내할 수 있는 분들을 위한 제품입니다.
JPMorgan Chase Financial Company LLC commercialise une note structurée de trois ans intitulée 3y RAY/SX5E Basket Dual Directional Trigger PLUS. La note est liée à un panier composé de l'indice Russell 3000® (40 % de pondération) et de l'indice EURO STOXX 50® (60 % de pondération). Les principaux termes commerciaux sont les suivants :
- Participation à la hausse : exposition à effet de levier de 200 % sur les gains du panier, avec un paiement maximal d'au moins 1 325,50 $ (132,55 % du capital).
- Caractéristique bidirectionnelle : si le panier termine stable ou en baisse ≤15 %, les investisseurs reçoivent un rendement positif égal à la variation absolue du panier (ex. : –10 % variation du panier ➔ +10 % paiement), plafonné à 1 150 $.
- Niveau de déclenchement : 85 % de la valeur initiale du panier. Une clôture en dessous de ce niveau à la date d'évaluation entraîne une perte en capital en ligne avec la performance du panier, pouvant aller jusqu'à la perte totale.
- Échéance et dates : tarification prévue le 1er juillet 2025 ; évaluation le 3 juillet 2028 ; échéance le 7 juillet 2028.
- Prix d'émission / valeur estimée : 1 000 $ par note ; valeur estimée à la date de tarification ne devant pas être inférieure à 920 $.
- Exposition au crédit : les paiements dépendent des obligations senior non garanties de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant).
La note offre un potentiel de hausse renforcé (levier 2×) et une protection limitée à la baisse (15 %), mais comporte plusieurs risques, notamment des gains plafonnés, une perte totale au-delà du niveau de déclenchement, une illiquidité sur le marché secondaire et une possible dégradation du crédit de l'émetteur. Ce produit s'adresse aux investisseurs ayant une vision modérément haussière, latérale ou légèrement baissière sur le panier à trois ans, capables de supporter la possibilité d'une perte importante en capital.
JPMorgan Chase Financial Company LLC bietet eine dreijährige strukturierte Note mit dem Titel 3y RAY/SX5E Basket Dual Directional Trigger PLUS an. Die Note ist an einen Korb gebunden, der den Russell 3000® Index (40% Gewicht) und den EURO STOXX 50® Index (60% Gewicht) umfasst. Die wichtigsten kommerziellen Bedingungen sind wie folgt:
- Aufwärtsteilnahme: 200% gehebelte Beteiligung an den Gewinnen des Korbs, mit einer maximalen Auszahlung von mindestens 1.325,50 $ (132,55 % des Kapitals).
- Bidirektionales Merkmal: Wenn der Korb unverändert schließt oder um ≤15 % fällt, erhalten Anleger eine positive Rendite in Höhe der absoluten Korbbewegung (z. B. –10 % Korbänderung ➔ +10 % Auszahlung), begrenzt auf 1.150 $.
- Trigger-Level: 85 % des Anfangswerts des Korbs. Ein Schlusskurs unter diesem Level am Bewertungstag führt zu einem Kapitalverlust entsprechend der Korbperformance, bis hin zum Totalverlust.
- Fälligkeit & Termine: Preisfestsetzung voraussichtlich 1. Juli 2025; Bewertung 3. Juli 2028; Fälligkeit 7. Juli 2028.
- Ausgabepreis / geschätzter Wert: 1.000 $ pro Note; geschätzter Wert am Preisfestsetzungstag nicht unter 920 $.
- Kreditrisiko: Zahlungen hängen von den unbesicherten Seniorverbindlichkeiten von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garantiegeber) ab.
Die Note bietet eine verstärkte Aufwärtschance (2× Hebel) und einen begrenzten Abwärtspuffer (15 %), bringt jedoch mehrere Risiken mit sich, darunter begrenzte Gewinne, vollständiger Verlust bei Unterschreitung des Triggers, Illiquidität am Sekundärmarkt und potenzielle Verschlechterung der Emittentenbonität. Das Produkt richtet sich an Anleger mit einer moderat bullischen, seitwärts gerichteten oder leicht bärischen Dreijahresprognose für den Korb, die die Möglichkeit eines erheblichen Kapitalverlusts tolerieren können.
- 200% leveraged upside participation on basket gains, enhancing potential returns versus direct index exposure.
- Dual-directional feature converts declines up to 15% into positive payouts, providing a limited downside buffer.
- Defined maximum premium: minimum upside cap disclosed (132.55%), offering clarity on risk/reward profile.
- Upside is capped at roughly 32.55%, limiting gains in strong equity rallies.
- Loss of principal beyond a 15% decline; a severe market downturn can lead to substantial or total loss.
- Estimated issue value ($≤920) is below purchase price, implying an immediate economic drag for investors.
- Credit risk of JPMorgan Financial and JPMorgan Chase & Co.; note is an unsecured obligation.
- Secondary-market illiquidity may result in unfavorable pricing before maturity.
Insights
TL;DR Structured note offers 2× upside and 15% downside buffer but caps gains; credit and liquidity risks persist.
The Dual Directional Trigger PLUS provides an attractive 200% participation rate and a rare opportunity to gain from moderate declines—features suited to investors expecting low-to-mid-teens range-bound performance. However, the upside cap of roughly 32.55% limits returns if equity markets rally strongly, while any basket drop beyond –15% exposes investors to uncapped losses. The embedded derivative value (≥$920 vs. $1,000 issue price) implies a ~8% upfront premium, typical for retail structured notes but a drag on risk-adjusted return. Credit exposure to JPMorgan is investment-grade but non-trivial for a three-year horizon. Overall, the product is neutral from a portfolio perspective: it may complement yield-enhancement strategies yet offers no clear advantage over cheaper hedging or outright equity positions.
TL;DR Main risks: capped upside, loss beyond 15% trigger, secondary-market illiquidity, and issuer credit.
Investors must weigh the 15% buffer against tail-risk scenarios; a 30% basket drop halves principal, and a 50% drop erases half the investment. Liquidity is dealer-driven—bid/ask spreads can widen, especially in stress periods, amplifying mark-to-market losses. The product’s value is sensitive to volatility, funding curves, and correlation between the U.S. and Eurozone equities; adverse dynamics could depress secondary prices well below theoretical value. Tax treatment is uncertain, potentially subject to ordinary income rather than capital gains. Given these considerations, the note is best suited for sophisticated investors comfortable with structured-product nuances.
JPMorgan Chase Financial Company LLC propone una nota strutturata triennale denominata 3y RAY/SX5E Basket Dual Directional Trigger PLUS. La nota è collegata a un paniere composto dall'indice Russell 3000® (40% di peso) e dall'indice EURO STOXX 50® (60% di peso). I termini commerciali principali sono i seguenti:
- Partecipazione al rialzo: esposizione con leva 200% sui guadagni del paniere, con un pagamento massimo di almeno $1.325,50 (132,55% del capitale).
- Caratteristica a doppia direzione: se il paniere chiude stabile o con un calo ≤15%, gli investitori ricevono un rendimento positivo pari al valore assoluto della variazione del paniere (es. –10% variazione paniere ➔ +10% pagamento), con un tetto a $1.150.
- Livello trigger: 85% del valore iniziale del paniere. Una chiusura sotto questo livello alla data di valutazione comporta una perdita del capitale in linea con la performance del paniere, fino alla perdita totale.
- Scadenza e date: prezzo previsto 1 luglio 2025; valutazione 3 luglio 2028; scadenza 7 luglio 2028.
- Prezzo di emissione / valore stimato: $1.000 per nota; valore stimato alla data di prezzo non inferiore a $920.
- Esposizione creditizia: i pagamenti dipendono dalle obbligazioni senior non garantite di JPMorgan Financial (emittente) e JPMorgan Chase & Co. (garante).
La nota offre un potenziamento del rialzo (leva 2×) e un buffer limitato al ribasso (15%), ma comporta diversi rischi, tra cui guadagni limitati, perdita totale oltre il trigger, illiquidità sul mercato secondario e possibile peggioramento del merito creditizio dell’emittente. Il prodotto è destinato a investitori con una visione moderatamente rialzista, laterale o leggermente ribassista sul paniere a tre anni, disposti a tollerare la possibilità di una perdita significativa del capitale.
JPMorgan Chase Financial Company LLC está comercializando una nota estructurada a tres años titulada 3y RAY/SX5E Basket Dual Directional Trigger PLUS. La nota está vinculada a una cesta que incluye el índice Russell 3000® (40% de peso) y el índice EURO STOXX 50® (60% de peso). Los términos comerciales clave son los siguientes:
- Participación al alza: exposición apalancada al 200% a las ganancias de la cesta, con un pago máximo de al menos $1,325.50 (132.55% del principal).
- Característica bidireccional: si la cesta termina estable o con una caída ≤15%, los inversores reciben un rendimiento positivo igual al movimiento absoluto de la cesta (ej. –10% cambio en la cesta ➔ +10% pago), con un límite de $1,150.
- Nivel de activación: 85% del valor inicial de la cesta. Un cierre por debajo de este nivel en la fecha de valoración implica pérdida de principal acorde al rendimiento de la cesta, hasta la pérdida total.
- Vencimiento y fechas: precio esperado 1 de julio de 2025; valoración 3 de julio de 2028; vencimiento 7 de julio de 2028.
- Precio de emisión / valor estimado: $1,000 por nota; valor estimado en la fecha de precio no inferior a $920.
- Exposición crediticia: los pagos dependen de las obligaciones senior no garantizadas de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante).
La nota ofrece un mayor potencial al alza (apalancamiento 2×) y un buffer limitado a la baja (15%), pero introduce varios riesgos, incluyendo ganancias limitadas, pérdida total más allá del trigger, iliquidez en el mercado secundario y posible deterioro crediticio del emisor. El producto está dirigido a inversores con una visión moderadamente alcista, lateral o ligeramente bajista a tres años sobre la cesta que puedan tolerar la posibilidad de una pérdida significativa de capital.
JPMorgan Chase Financial Company LLC는 3년 만기 RAY/SX5E 바스켓 이중 방향 트리거 PLUS라는 3년 만기 구조화 노트를 출시하고 있습니다. 이 노트는 Russell 3000® 지수(40% 비중)와 EURO STOXX 50® 지수(60% 비중)로 구성된 바스켓에 연동됩니다. 주요 상업 조건은 다음과 같습니다:
- 상승 참여: 바스켓 상승에 대해 200% 레버리지 노출, 최소 $1,325.50(원금의 132.55%)의 최대 지급액이 보장됩니다.
- 이중 방향 기능: 바스켓이 변동 없이 마감하거나 최대 15% 하락할 경우, 투자자는 바스켓 변동폭의 절대값만큼 긍정적인 수익을 받습니다(예: –10% 바스켓 변동 ➔ +10% 지급), 최대 지급액은 $1,150입니다.
- 트리거 레벨: 초기 바스켓 가치의 85%. 평가일에 이 수준 아래로 마감하면 바스켓 성과에 따라 원금 손실이 발생하며, 최대 전액 손실까지 가능합니다.
- 만기 및 날짜: 가격 책정 예상일 2025년 7월 1일; 평가일 2028년 7월 3일; 만기일 2028년 7월 7일.
- 발행가 / 예상 가치: 노트당 $1,000; 가격 책정일 예상 가치는 최소 $920 이상입니다.
- 신용 노출: 지급은 JPMorgan Financial(발행자)와 JPMorgan Chase & Co.(보증인)의 선순위 무담보 채무에 따라 달라집니다.
이 노트는 상승에 대해 2배 레버리지와 15% 제한된 하락 완충 기능을 제공하지만, 이익 제한, 트리거 이하 전액 손실 가능성, 2차 시장 유동성 부족, 발행자 신용 악화 위험 등 여러 위험을 내포하고 있습니다. 이 상품은 3년간 바스켓에 대해 다소 강세, 횡보 또는 약세 전망을 가진 투자자 중 상당한 자본 손실 가능성을 감내할 수 있는 분들을 위한 제품입니다.
JPMorgan Chase Financial Company LLC commercialise une note structurée de trois ans intitulée 3y RAY/SX5E Basket Dual Directional Trigger PLUS. La note est liée à un panier composé de l'indice Russell 3000® (40 % de pondération) et de l'indice EURO STOXX 50® (60 % de pondération). Les principaux termes commerciaux sont les suivants :
- Participation à la hausse : exposition à effet de levier de 200 % sur les gains du panier, avec un paiement maximal d'au moins 1 325,50 $ (132,55 % du capital).
- Caractéristique bidirectionnelle : si le panier termine stable ou en baisse ≤15 %, les investisseurs reçoivent un rendement positif égal à la variation absolue du panier (ex. : –10 % variation du panier ➔ +10 % paiement), plafonné à 1 150 $.
- Niveau de déclenchement : 85 % de la valeur initiale du panier. Une clôture en dessous de ce niveau à la date d'évaluation entraîne une perte en capital en ligne avec la performance du panier, pouvant aller jusqu'à la perte totale.
- Échéance et dates : tarification prévue le 1er juillet 2025 ; évaluation le 3 juillet 2028 ; échéance le 7 juillet 2028.
- Prix d'émission / valeur estimée : 1 000 $ par note ; valeur estimée à la date de tarification ne devant pas être inférieure à 920 $.
- Exposition au crédit : les paiements dépendent des obligations senior non garanties de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant).
La note offre un potentiel de hausse renforcé (levier 2×) et une protection limitée à la baisse (15 %), mais comporte plusieurs risques, notamment des gains plafonnés, une perte totale au-delà du niveau de déclenchement, une illiquidité sur le marché secondaire et une possible dégradation du crédit de l'émetteur. Ce produit s'adresse aux investisseurs ayant une vision modérément haussière, latérale ou légèrement baissière sur le panier à trois ans, capables de supporter la possibilité d'une perte importante en capital.
JPMorgan Chase Financial Company LLC bietet eine dreijährige strukturierte Note mit dem Titel 3y RAY/SX5E Basket Dual Directional Trigger PLUS an. Die Note ist an einen Korb gebunden, der den Russell 3000® Index (40% Gewicht) und den EURO STOXX 50® Index (60% Gewicht) umfasst. Die wichtigsten kommerziellen Bedingungen sind wie folgt:
- Aufwärtsteilnahme: 200% gehebelte Beteiligung an den Gewinnen des Korbs, mit einer maximalen Auszahlung von mindestens 1.325,50 $ (132,55 % des Kapitals).
- Bidirektionales Merkmal: Wenn der Korb unverändert schließt oder um ≤15 % fällt, erhalten Anleger eine positive Rendite in Höhe der absoluten Korbbewegung (z. B. –10 % Korbänderung ➔ +10 % Auszahlung), begrenzt auf 1.150 $.
- Trigger-Level: 85 % des Anfangswerts des Korbs. Ein Schlusskurs unter diesem Level am Bewertungstag führt zu einem Kapitalverlust entsprechend der Korbperformance, bis hin zum Totalverlust.
- Fälligkeit & Termine: Preisfestsetzung voraussichtlich 1. Juli 2025; Bewertung 3. Juli 2028; Fälligkeit 7. Juli 2028.
- Ausgabepreis / geschätzter Wert: 1.000 $ pro Note; geschätzter Wert am Preisfestsetzungstag nicht unter 920 $.
- Kreditrisiko: Zahlungen hängen von den unbesicherten Seniorverbindlichkeiten von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garantiegeber) ab.
Die Note bietet eine verstärkte Aufwärtschance (2× Hebel) und einen begrenzten Abwärtspuffer (15 %), bringt jedoch mehrere Risiken mit sich, darunter begrenzte Gewinne, vollständiger Verlust bei Unterschreitung des Triggers, Illiquidität am Sekundärmarkt und potenzielle Verschlechterung der Emittentenbonität. Das Produkt richtet sich an Anleger mit einer moderat bullischen, seitwärts gerichteten oder leicht bärischen Dreijahresprognose für den Korb, die die Möglichkeit eines erheblichen Kapitalverlusts tolerieren können.
JPMorgan Chase Financial Company LLC
Free Writing Prospectus Filed Pursuant to Rule 433
Registration Statement Nos. 333-270004 and 333-270004-01
Dated June 30, 2025
3y RAY/SX5E Basket Dual Directional Trigger PLUS
This document provides a summary of the terms of the Dual Directional Trigger PLUS, which we refer to as the Trigger PLUS. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum and the “Risk Considerations” on the following page, prior to making an investment decision.
| SUMMARY TERMS | |||
| Issuer: | JPMorgan Chase Financial Company LLC (“JPMorgan Financial”) | ||
| Guarantor: | JPMorgan Chase & Co. | ||
| Basket: | Underlying indices | Bloomberg ticker symbol | Basket weighting |
| Russell 3000® Index (the “RAY Index”) | RAY | 40.00% | |
| EURO STOXX 50® Index (the “SX5E Index”) | SX5E | 60.00% | |
| We refer to the RAY Index and the SX5E Index as the underlying indices. | |||
| Payment at maturity: |
If the final basket value is greater than the initial basket value, for each $1,000 stated principal amount Trigger PLUS: $1,000 + leveraged upside payment Under these circumstances, in no event will the payment at maturity exceed the maximum upside payment at maturity. If the final basket value is less than or equal to the initial basket value but is greater than or equal to the trigger level, for each $1,000 stated principal amount Trigger PLUS: $1,000 + ($1,000 × absolute basket return) In this scenario, you will receive a 1% positive return on the Trigger PLUS for each 1% negative return on the underlying index. In no event will this amount exceed the stated principal amount plus $150.00. Accordingly, the maximum downside payment at maturity is $1,150.00 per Trigger PLUS. If the final basket value is less than the trigger level, for each $1,000 stated principal amount Trigger PLUS: $1,000 × basket performance factor This amount will be less than the stated principal amount of $1,000 per Trigger PLUS and will represent a loss of more than 15%, and possibly all, of your investment. | ||
| Leveraged upside payment: | $1,000 × leverage factor × basket percent change | ||
| Basket percent change: | (final basket value – initial basket value) / initial basket value | ||
| Absolute basket return: | The absolute value of the basket percent change. For example, a -5% basket percent change will result in a +5% absolute basket return. | ||
| Initial basket value: | Set equal to 100 on the pricing date | ||
| Final basket value: | The basket closing value on the valuation date | ||
| Initial index value: | With respect to each underlying index, the closing level of that underlying index on the pricing date | ||
| Final index value: | With respect to each underlying index, the closing level of that underlying index on the valuation date | ||
| Trigger level: | 85, which is 85% of the initial basket value | ||
| Leverage factor: | 200% | ||
| Basket performance factor: | final basket value / initial basket value | ||
| Maximum upside payment at maturity: | At least $1,325.50 (at least 132.55% of the stated principal amount) per Trigger PLUS | ||
| Stated principal amount: | $1,000 per Trigger PLUS | ||
| Issue price: | $1,000 per Trigger PLUS | ||
| Pricing date: | Expected to be July 1, 2025 | ||
| Original issue date (settlement date): | 3 business days after the pricing date | ||
| Valuation date†: | July 3, 2028 | ||
| Maturity date†: | July 7, 2028 | ||
| CUSIP / ISIN: | 48136FAR3 / US48136FAR38 | ||
| Preliminary pricing supplement: | http://www.sec.gov/Archives/edgar/data/19617/000121390025059504/ ea0247556-01_424b2.htm | ||
†Subject to postponement or early acceleration
The estimated value of the Trigger PLUS on the pricing date will be provided in the pricing supplement and will not be less than $920.00 per $1,000 stated principal amount Trigger PLUS. For information about the estimated value of the Trigger PLUS, which likely will be lower than the price you paid for the Trigger PLUS, please see the hyperlink above.
Any payment on the Trigger PLUS is subject to the credit risk of JPMorgan Financial, as issuer of the Trigger PLUS, and the credit risk of JPMorgan Chase & Co., as guarantor of the Trigger PLUS.
| Dual Directional Trigger PLUS Payoff Diagram* |
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*The actual maximum upside payment at maturity will be provided in the pricing supplement and will not be less than $1,325.50 per security.
| Change in Underlying Index | Return on the Trigger PLUS* |
| 50.000% | 32.55% |
| 40.000% | 32.55% |
| 30.000% | 32.55% |
| 20.000% | 32.55% |
| 16.275% | 32.55% |
| 10.000% | 20.00% |
| 5.000% | 10.00% |
| 1.000% | 2.00% |
| 0.000% | 0.00% |
| -5.000% | 5.00% |
| -10.000% | 10.00% |
| -15.000% | 15.00% |
| -15.010% | -15.01% |
| -20.000% | -20.00% |
| -30.000% | -30.00% |
| -40.000% | -40.00% |
| -50.000% | -50.00% |
| -60.000% | -60.00% |
| -80.000% | -80.00% |
| -100.000% | -100.00% |
| *Assumes a maximum upside payment at maturity of 132.55% of the stated principal amount | |
JPMorgan Chase Financial Company LLC
3y RAY/SX5E Basket Dual Directional Trigger PLUS
Basket and Underlying Indices
For more information about either underlying index, 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 Trigger PLUS Generally
| § | The Trigger PLUS do not pay interest or guarantee the return of any principal and your investment in the Trigger PLUS may result in a loss. |
| § | The appreciation potential of the Trigger PLUS is limited by the maximum upside payment at maturity if the basket has appreciated. |
| § | Your maximum downside gain on the Trigger PLUS is limited by the trigger level. |
| § | The Trigger PLUS 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 Trigger PLUS. |
| § | As a finance subsidiary, JPMorgan Financial has no independent operations and has limited assets. |
| § | Correlation (or lack of correlation) of performances between the underlying indices may reduce the performance of the basket, and changes in the values of the underlying indices may offset each other. |
| § | The underlying indices are not equally weighted. |
| § | The benefit provided by the trigger level may terminate on the valuation date. |
| § | Secondary trading may be limited. |
| § | We may accelerate your Trigger PLUS in our sole discretion and the calculation agent may adjust their final payment in good faith and in a commercially reasonable manner if a change-in-law event occurs. |
| § | The final terms and estimated valuation of the Trigger PLUS will be provided in the pricing supplement. |
| § | The tax consequences of an investment in the Trigger PLUS 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 Trigger PLUS 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 Trigger PLUS. |
Risks Relating to the Estimated Value and Secondary Market Prices of the Trigger PLUS
| § | The estimated value of the Trigger PLUS will be lower than the original issue price (price to public) of the Trigger PLUS. |
| § | The estimated value of the Trigger PLUS does not represent future values of the Trigger PLUS and may differ from others’ estimates. |
| § | The estimated value of the Trigger PLUS is derived by reference to an internal funding rate. |
| § | The value of the Trigger PLUS 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 Trigger PLUS for a limited time period. |
| § | Secondary market prices of the Trigger PLUS will likely be lower than the original issue price of the Trigger PLUS. |
| § | Secondary market prices of the Trigger PLUS will be impacted by many economic and market factors. |
Risks Relating to the Underlying Indices
| § | JPMorgan Chase & Co. is currently one of the companies that make up the RAY Index. |
| § | Investing in the Trigger PLUS is not equivalent to investing in the basket or the underlying indices. |
| § | Adjustments to either underlying index could adversely affect the value of the Trigger PLUS. |
| § | An investment in the Trigger PLUS is subject to risks associated with small capitalization stocks with respect to the RAY Index. |
| § | The Trigger PLUS are subject to risks associated with securities issued by non-U.S. companies with respect to the SX5E Index. |
| § | The Trigger PLUS are not directly exposed to fluctuations in foreign exchange rates with respect to the SX5E Index. |
| § | Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the Trigger PLUS. |
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under “Additional Information about the Trigger PLUS — Tax considerations” concerning the U.S. federal income tax consequences of an investment in the Trigger PLUS, and you should consult your tax adviser.
SEC Legend: JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. have filed a registration statement (including a prospectus) with the SEC for any offerings to which these materials relate. Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., any agent or any dealer participating in the this offering will arrange to send you the prospectus and each prospectus supplement as well as any product supplement, underlying supplement and preliminary pricing supplement if you so request by calling toll-free 1-866-535-9248.
FAQ
What indices back the JPMorgan Dual Directional Trigger PLUS?
How much upside can investors earn on the Trigger PLUS?
What happens if the basket falls by less than 15% at maturity?
At what point do investors start losing principal?
When do the Trigger PLUS price and mature?
What is the initial estimated value of the note?
