[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 3-year Contingent Income Auto-Callable Securities linked to the common stock of Citigroup Inc. (ticker: C). Each $1,000 note may pay a contingent quarterly coupon of at least $25.00 (≥2.50%) if, on the relevant determination date, Citigroup’s closing price is at or above the 65% downside threshold of the initial stock price. If the stock closes at or above the initial price on any observation date (other than the final one), the notes will be automatically redeemed at par plus the applicable coupon, ending all future payments.
At maturity on 30 Jun 2028, investors receive: (i) par plus the final coupon if Citigroup stock is ≥65% of the initial level, or (ii) par multiplied by the stock performance factor if the stock is below 65%, exposing principal to a one-for-one loss that could reach 100%.
Key dates include 12 quarterly determination dates beginning 29 Sep 2025 and matching payment dates three business days later. The estimated value on the pricing date will be ≥$940 per $1,000 note, below the $1,000 issue price, reflecting fees and the issuer’s internal funding rate. Any payment is subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
Major risks highlighted in the FWP: no guaranteed return of principal, potential for missed coupons, early redemption at the issuer’s option, limited secondary liquidity, issuer/guarantor credit exposure, uncertain tax treatment, and lack of participation in any upside of Citigroup stock.
JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., offre titoli Contingent Income Auto-Callable a 3 anni collegati alle azioni ordinarie di Citigroup Inc. (ticker: C). Ogni nota da $1.000 può corrispondere un coupon trimestrale condizionato di almeno $25,00 (≥2,50%) se, alla data di determinazione rilevante, il prezzo di chiusura di Citigroup è pari o superiore alla soglia di ribasso del 65% rispetto al prezzo iniziale. Se il titolo chiude al prezzo iniziale o superiore in una qualsiasi data di osservazione (esclusa quella finale), le note saranno rimborsate automaticamente a valore nominale più il coupon applicabile, terminando ogni pagamento futuro.
Alla scadenza del 30 giugno 2028, gli investitori riceveranno: (i) il valore nominale più l’ultimo coupon se il titolo Citigroup è ≥65% del livello iniziale, oppure (ii) il valore nominale moltiplicato per il fattore di performance azionaria se il titolo è sotto il 65%, esponendo il capitale a una perdita diretta che può arrivare fino al 100%.
Le date chiave comprendono 12 date trimestrali di determinazione a partire dal 29 settembre 2025 e corrispondenti date di pagamento tre giorni lavorativi dopo. Il valore stimato alla data di prezzo sarà ≥$940 per ogni nota da $1.000, inferiore al prezzo di emissione di $1.000, riflettendo commissioni e il tasso interno di finanziamento dell’emittente. Ogni pagamento è soggetto al rischio di credito di JPMorgan Financial e JPMorgan Chase & Co.
I principali rischi evidenziati nel FWP includono: nessuna garanzia di restituzione del capitale, potenziali mancati pagamenti dei coupon, rimborso anticipato a discrezione dell’emittente, liquidità secondaria limitata, esposizione al rischio di credito dell’emittente/garante, trattamento fiscale incerto e assenza di partecipazione a eventuali rialzi del titolo Citigroup.
JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., ofrece valores Contingent Income Auto-Callable a 3 años vinculados a las acciones ordinarias de Citigroup Inc. (símbolo: C). Cada nota de $1,000 puede pagar un cupón trimestral contingente de al menos $25.00 (≥2.50%) si, en la fecha de determinación correspondiente, el precio de cierre de Citigroup está en o por encima del umbral de caída del 65% respecto al precio inicial. Si la acción cierra en o por encima del precio inicial en cualquier fecha de observación (excepto la final), las notas serán redimidas automáticamente a valor nominal más el cupón aplicable, finalizando todos los pagos futuros.
Al vencimiento el 30 de junio de 2028, los inversores recibirán: (i) el valor nominal más el cupón final si la acción de Citigroup está ≥65% del nivel inicial, o (ii) el valor nominal multiplicado por el factor de rendimiento de la acción si la acción está por debajo del 65%, exponiendo el capital a una pérdida directa que podría alcanzar el 100%.
Las fechas clave incluyen 12 fechas trimestrales de determinación a partir del 29 de septiembre de 2025 y fechas de pago correspondientes tres días hábiles después. El valor estimado en la fecha de precio será ≥$940 por cada nota de $1,000, por debajo del precio de emisión de $1,000, reflejando comisiones y la tasa interna de financiación del emisor. Cualquier pago está sujeto al riesgo crediticio de JPMorgan Financial y JPMorgan Chase & Co.
Los riesgos principales destacados en el FWP incluyen: no hay garantía de devolución del capital, posibilidad de cupones no pagados, redención anticipada a opción del emisor, liquidez secundaria limitada, exposición al riesgo crediticio del emisor/garante, tratamiento fiscal incierto y falta de participación en cualquier apreciación de la acción de Citigroup.
JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.의 보증을 받아 Citigroup Inc. (티커: C)의 보통주와 연계된 3년 만기 조건부 소득 자동 상환 증권을 제공합니다. 각 $1,000 채권은 해당 결정일에 Citigroup 주가가 초기 주가의 65% 하락 한계선 이상일 경우 분기별 최소 $25.00(≥2.50%)의 조건부 쿠폰을 지급할 수 있습니다. 만약 주가가 (최종일 제외) 관찰일에 초기 주가 이상으로 마감하면, 채권은 액면가 및 해당 쿠폰과 함께 자동 상환되어 이후 모든 지급이 종료됩니다.
2028년 6월 30일 만기 시 투자자는 다음을 받습니다: (i) Citigroup 주가가 초기 수준의 65% 이상이면 액면가와 최종 쿠폰, 또는 (ii) 주가가 65% 미만이면 주가 성과 지수를 곱한 액면가로, 원금 손실 위험이 최대 100%까지 발생할 수 있습니다.
주요 일정은 2025년 9월 29일부터 시작하는 12개 분기별 결정일과 3영업일 후 지급일입니다. 가격 산정일의 예상 가치는 $1,000 채권당 ≥$940로, $1,000 발행가보다 낮으며 수수료와 발행자의 내부 자금 조달 비용을 반영합니다. 모든 지급은 JPMorgan Financial 및 JPMorgan Chase & Co.의 신용 위험에 따릅니다.
FWP에서 강조된 주요 위험은 원금 보장 없음, 쿠폰 미지급 가능성, 발행자 선택에 따른 조기 상환, 제한된 2차 유동성, 발행자/보증인 신용 위험, 불확실한 세금 처리, Citigroup 주가 상승에 대한 참여 불가 등이 포함됩니다.
JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., propose des titres Contingent Income Auto-Callable sur 3 ans liés aux actions ordinaires de Citigroup Inc. (symbole : C). Chaque note de 1 000 $ peut verser un coupon trimestriel conditionnel d’au moins 25,00 $ (≥2,50%) si, à la date de détermination pertinente, le cours de clôture de Citigroup est égal ou supérieur au seuil de baisse de 65% par rapport au prix initial. Si l’action clôture au prix initial ou au-dessus à une date d’observation (autre que la dernière), les notes seront remboursées automatiquement à leur valeur nominale plus le coupon applicable, mettant fin à tous les paiements futurs.
À l’échéance le 30 juin 2028, les investisseurs recevront : (i) la valeur nominale plus le dernier coupon si l’action Citigroup est ≥65% du niveau initial, ou (ii) la valeur nominale multipliée par le facteur de performance de l’action si l’action est inférieure à 65%, exposant le capital à une perte directe pouvant atteindre 100%.
Les dates clés comprennent 12 dates de détermination trimestrielles à partir du 29 septembre 2025 et les dates de paiement correspondantes trois jours ouvrés plus tard. La valeur estimée à la date de tarification sera ≥940 $ par note de 1 000 $, inférieure au prix d’émission de 1 000 $, reflétant les frais et le taux de financement interne de l’émetteur. Tout paiement est soumis au risque de crédit de JPMorgan Financial et JPMorgan Chase & Co.
Les principaux risques mis en avant dans le FWP incluent : absence de garantie de remboursement du capital, possibilité de coupons non versés, remboursement anticipé à la discrétion de l’émetteur, liquidité secondaire limitée, exposition au risque de crédit de l’émetteur/garant, traitement fiscal incertain et absence de participation à toute hausse du cours de l’action Citigroup.
JPMorgan Chase Financial Company LLC, garantiert von JPMorgan Chase & Co., bietet 3-jährige Contingent Income Auto-Callable Securities an, die an die Stammaktien von Citigroup Inc. (Ticker: C) gekoppelt sind. Jede $1.000-Anleihe kann eine bedingte vierteljährliche Kuponzahlung von mindestens $25,00 (≥2,50%) leisten, wenn am jeweiligen Feststellungstag der Schlusskurs von Citigroup auf oder über der 65%-Abschwungschwelle des Anfangskurses liegt. Schließt die Aktie an einem Beobachtungstag (außer dem letzten) auf oder über dem Anfangskurs, werden die Anleihen automatisch zum Nennwert plus Kupon zurückgezahlt, womit alle zukünftigen Zahlungen enden.
Bei Fälligkeit am 30. Juni 2028 erhalten Anleger: (i) Nennwert plus den letzten Kupon, wenn die Citigroup-Aktie ≥65% des Anfangsniveaus ist, oder (ii) Nennwert multipliziert mit dem Aktienperformancefaktor, falls die Aktie unter 65% liegt, was ein direktes Verlustrisiko des Kapitals bis zu 100% bedeutet.
Wichtige Termine sind 12 vierteljährliche Feststellungstermine ab dem 29. September 2025 und entsprechende Zahlungstermine drei Geschäftstage später. Der geschätzte Wert am Preisfeststellungstag wird ≥$940 pro $1.000-Anleihe betragen, unter dem Ausgabepreis von $1.000, was Gebühren und die interne Refinanzierungsrate des Emittenten widerspiegelt. Jede Zahlung unterliegt dem Kreditrisiko von JPMorgan Financial und JPMorgan Chase & Co.
Die im FWP hervorgehobenen Haupt-Risiken umfassen: keine Kapitalgarantie, mögliche Ausfälle bei Kuponzahlungen, vorzeitige Rückzahlung nach Ermessen des Emittenten, eingeschränkte Sekundärliquidität, Kreditrisiko des Emittenten/Garanten, unsichere steuerliche Behandlung und keine Beteiligung an Kurssteigerungen der Citigroup-Aktie.
- At least 2.50% quarterly coupon (≥10% p.a.) payable when Citigroup stock is ≥65% of the initial price.
- Automatic early redemption returns par plus coupon if the stock reaches or exceeds the initial price on any observation date.
- 35% downside buffer protects full principal at maturity unless Citigroup stock declines more than 35%.
- Principal is fully at risk; loss is one-for-one if Citigroup stock finishes below 65% of the initial level at maturity.
- Coupons are contingent; investors may receive few or no payments if the stock trades below the barrier.
- No upside participation beyond coupon and return of par, limiting benefit if Citigroup rallies strongly.
- Issuer and guarantor credit risk could impair payments in a default scenario.
- Estimated value (≥$940) is below issue price, indicating immediate negative carry and likely lower secondary prices.
Insights
TL;DR: 2.5% quarterly coupon with 35% buffer; principal fully at risk below barrier; no upside above par.
The note offers an attractive headline coupon (≥10% annualised) and a 35% downside buffer, which may appeal to yield-seeking investors expecting Citigroup to trade sideways or modestly lower. Automatic call at par plus coupon if the stock simply meets the initial level provides reinvestment flexibility but caps returns. Principal loss begins once Citi falls beyond 35% and is linear to zero, a material risk given the bank’s historical volatility. The embedded issuer spread drives the estimated value to roughly 94 cents on the dollar, implying a sizeable placement fee and negative carry for secondary buyers. Overall risk/return looks balanced; impact on the investment thesis is neutral.
TL;DR: Elevated credit and market risks outweigh coupon; structure favours issuer, not investors.
Investors face triple risk: (1) Citi share volatility, (2) JPMorgan credit exposure, and (3) liquidity constraints. Missed coupons are likely in adverse markets, yet the notes provide no upside participation when Citi rallies—an asymmetric payoff skewed against holders. The early-call feature benefits JPMorgan by truncating high coupon periods once performance is favourable. An initial fair value discount of ≥6% signals immediate mark-to-market loss. Given these structural drawbacks and uncertain macro backdrop for financials, the product carries a negative risk-reward profile.
JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., offre titoli Contingent Income Auto-Callable a 3 anni collegati alle azioni ordinarie di Citigroup Inc. (ticker: C). Ogni nota da $1.000 può corrispondere un coupon trimestrale condizionato di almeno $25,00 (≥2,50%) se, alla data di determinazione rilevante, il prezzo di chiusura di Citigroup è pari o superiore alla soglia di ribasso del 65% rispetto al prezzo iniziale. Se il titolo chiude al prezzo iniziale o superiore in una qualsiasi data di osservazione (esclusa quella finale), le note saranno rimborsate automaticamente a valore nominale più il coupon applicabile, terminando ogni pagamento futuro.
Alla scadenza del 30 giugno 2028, gli investitori riceveranno: (i) il valore nominale più l’ultimo coupon se il titolo Citigroup è ≥65% del livello iniziale, oppure (ii) il valore nominale moltiplicato per il fattore di performance azionaria se il titolo è sotto il 65%, esponendo il capitale a una perdita diretta che può arrivare fino al 100%.
Le date chiave comprendono 12 date trimestrali di determinazione a partire dal 29 settembre 2025 e corrispondenti date di pagamento tre giorni lavorativi dopo. Il valore stimato alla data di prezzo sarà ≥$940 per ogni nota da $1.000, inferiore al prezzo di emissione di $1.000, riflettendo commissioni e il tasso interno di finanziamento dell’emittente. Ogni pagamento è soggetto al rischio di credito di JPMorgan Financial e JPMorgan Chase & Co.
I principali rischi evidenziati nel FWP includono: nessuna garanzia di restituzione del capitale, potenziali mancati pagamenti dei coupon, rimborso anticipato a discrezione dell’emittente, liquidità secondaria limitata, esposizione al rischio di credito dell’emittente/garante, trattamento fiscale incerto e assenza di partecipazione a eventuali rialzi del titolo Citigroup.
JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., ofrece valores Contingent Income Auto-Callable a 3 años vinculados a las acciones ordinarias de Citigroup Inc. (símbolo: C). Cada nota de $1,000 puede pagar un cupón trimestral contingente de al menos $25.00 (≥2.50%) si, en la fecha de determinación correspondiente, el precio de cierre de Citigroup está en o por encima del umbral de caída del 65% respecto al precio inicial. Si la acción cierra en o por encima del precio inicial en cualquier fecha de observación (excepto la final), las notas serán redimidas automáticamente a valor nominal más el cupón aplicable, finalizando todos los pagos futuros.
Al vencimiento el 30 de junio de 2028, los inversores recibirán: (i) el valor nominal más el cupón final si la acción de Citigroup está ≥65% del nivel inicial, o (ii) el valor nominal multiplicado por el factor de rendimiento de la acción si la acción está por debajo del 65%, exponiendo el capital a una pérdida directa que podría alcanzar el 100%.
Las fechas clave incluyen 12 fechas trimestrales de determinación a partir del 29 de septiembre de 2025 y fechas de pago correspondientes tres días hábiles después. El valor estimado en la fecha de precio será ≥$940 por cada nota de $1,000, por debajo del precio de emisión de $1,000, reflejando comisiones y la tasa interna de financiación del emisor. Cualquier pago está sujeto al riesgo crediticio de JPMorgan Financial y JPMorgan Chase & Co.
Los riesgos principales destacados en el FWP incluyen: no hay garantía de devolución del capital, posibilidad de cupones no pagados, redención anticipada a opción del emisor, liquidez secundaria limitada, exposición al riesgo crediticio del emisor/garante, tratamiento fiscal incierto y falta de participación en cualquier apreciación de la acción de Citigroup.
JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.의 보증을 받아 Citigroup Inc. (티커: C)의 보통주와 연계된 3년 만기 조건부 소득 자동 상환 증권을 제공합니다. 각 $1,000 채권은 해당 결정일에 Citigroup 주가가 초기 주가의 65% 하락 한계선 이상일 경우 분기별 최소 $25.00(≥2.50%)의 조건부 쿠폰을 지급할 수 있습니다. 만약 주가가 (최종일 제외) 관찰일에 초기 주가 이상으로 마감하면, 채권은 액면가 및 해당 쿠폰과 함께 자동 상환되어 이후 모든 지급이 종료됩니다.
2028년 6월 30일 만기 시 투자자는 다음을 받습니다: (i) Citigroup 주가가 초기 수준의 65% 이상이면 액면가와 최종 쿠폰, 또는 (ii) 주가가 65% 미만이면 주가 성과 지수를 곱한 액면가로, 원금 손실 위험이 최대 100%까지 발생할 수 있습니다.
주요 일정은 2025년 9월 29일부터 시작하는 12개 분기별 결정일과 3영업일 후 지급일입니다. 가격 산정일의 예상 가치는 $1,000 채권당 ≥$940로, $1,000 발행가보다 낮으며 수수료와 발행자의 내부 자금 조달 비용을 반영합니다. 모든 지급은 JPMorgan Financial 및 JPMorgan Chase & Co.의 신용 위험에 따릅니다.
FWP에서 강조된 주요 위험은 원금 보장 없음, 쿠폰 미지급 가능성, 발행자 선택에 따른 조기 상환, 제한된 2차 유동성, 발행자/보증인 신용 위험, 불확실한 세금 처리, Citigroup 주가 상승에 대한 참여 불가 등이 포함됩니다.
JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., propose des titres Contingent Income Auto-Callable sur 3 ans liés aux actions ordinaires de Citigroup Inc. (symbole : C). Chaque note de 1 000 $ peut verser un coupon trimestriel conditionnel d’au moins 25,00 $ (≥2,50%) si, à la date de détermination pertinente, le cours de clôture de Citigroup est égal ou supérieur au seuil de baisse de 65% par rapport au prix initial. Si l’action clôture au prix initial ou au-dessus à une date d’observation (autre que la dernière), les notes seront remboursées automatiquement à leur valeur nominale plus le coupon applicable, mettant fin à tous les paiements futurs.
À l’échéance le 30 juin 2028, les investisseurs recevront : (i) la valeur nominale plus le dernier coupon si l’action Citigroup est ≥65% du niveau initial, ou (ii) la valeur nominale multipliée par le facteur de performance de l’action si l’action est inférieure à 65%, exposant le capital à une perte directe pouvant atteindre 100%.
Les dates clés comprennent 12 dates de détermination trimestrielles à partir du 29 septembre 2025 et les dates de paiement correspondantes trois jours ouvrés plus tard. La valeur estimée à la date de tarification sera ≥940 $ par note de 1 000 $, inférieure au prix d’émission de 1 000 $, reflétant les frais et le taux de financement interne de l’émetteur. Tout paiement est soumis au risque de crédit de JPMorgan Financial et JPMorgan Chase & Co.
Les principaux risques mis en avant dans le FWP incluent : absence de garantie de remboursement du capital, possibilité de coupons non versés, remboursement anticipé à la discrétion de l’émetteur, liquidité secondaire limitée, exposition au risque de crédit de l’émetteur/garant, traitement fiscal incertain et absence de participation à toute hausse du cours de l’action Citigroup.
JPMorgan Chase Financial Company LLC, garantiert von JPMorgan Chase & Co., bietet 3-jährige Contingent Income Auto-Callable Securities an, die an die Stammaktien von Citigroup Inc. (Ticker: C) gekoppelt sind. Jede $1.000-Anleihe kann eine bedingte vierteljährliche Kuponzahlung von mindestens $25,00 (≥2,50%) leisten, wenn am jeweiligen Feststellungstag der Schlusskurs von Citigroup auf oder über der 65%-Abschwungschwelle des Anfangskurses liegt. Schließt die Aktie an einem Beobachtungstag (außer dem letzten) auf oder über dem Anfangskurs, werden die Anleihen automatisch zum Nennwert plus Kupon zurückgezahlt, womit alle zukünftigen Zahlungen enden.
Bei Fälligkeit am 30. Juni 2028 erhalten Anleger: (i) Nennwert plus den letzten Kupon, wenn die Citigroup-Aktie ≥65% des Anfangsniveaus ist, oder (ii) Nennwert multipliziert mit dem Aktienperformancefaktor, falls die Aktie unter 65% liegt, was ein direktes Verlustrisiko des Kapitals bis zu 100% bedeutet.
Wichtige Termine sind 12 vierteljährliche Feststellungstermine ab dem 29. September 2025 und entsprechende Zahlungstermine drei Geschäftstage später. Der geschätzte Wert am Preisfeststellungstag wird ≥$940 pro $1.000-Anleihe betragen, unter dem Ausgabepreis von $1.000, was Gebühren und die interne Refinanzierungsrate des Emittenten widerspiegelt. Jede Zahlung unterliegt dem Kreditrisiko von JPMorgan Financial und JPMorgan Chase & Co.
Die im FWP hervorgehobenen Haupt-Risiken umfassen: keine Kapitalgarantie, mögliche Ausfälle bei Kuponzahlungen, vorzeitige Rückzahlung nach Ermessen des Emittenten, eingeschränkte Sekundärliquidität, Kreditrisiko des Emittenten/Garanten, unsichere steuerliche Behandlung und keine Beteiligung an Kurssteigerungen der Citigroup-Aktie.
JPMorgan Chase Financial Company LLC 3yr C Contingent Income Auto - Callable Securities Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated June 18, 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 and prospectus 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 Citigroup Inc. (Bloomberg ticker: C 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 $25.00 (at least 2.50% 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 † : September 29, 2025, December 29, 2025, March 27, 2026, June 29, 2026, September 28, 2026, December 28, 2026, March 29, 2027, June 28, 2027, September 27, 2027, December 27, 2027, March 27, 2028 and June 27, 2028 Contingent payment dates † : October 2, 2025, January 2, 2026, April 1, 2026, July 2, 2026, October 1, 2026, December 31, 2026, April 1, 2027, July 1, 2027, September 30, 2027, December 30, 2027, March 30, 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 65% of the stated principal amount of the securities and could be zero. Downside threshold level: 65% 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 June 27, 2025 Original issue date 3 business days after the pricing date (settlement date): Maturity date † : June 30, 2028 CUSIP / ISIN: 48136ET39 / US48136ET396 Preliminary pricing supplement: http://sp.jpmorgan.com/document/cusip/48136ET39/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 - 30.00% $1,000.000 - 35.00% $1,000.000 - 35.01% $649.900 - 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 C 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 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 Citigroup Inc. ■ We may engage in business with or involving Citigroup Inc. 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 the 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 coupon does the JPMorgan 3-year Auto-Callable note pay?
When can the securities be automatically redeemed early?
What happens if Citigroup stock is below 65% of the initial price at maturity?
What is the downside threshold level for these notes?
What is the estimated value of the securities on the pricing date?
Who bears credit risk for payments on the securities?
