[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., intends to issue Dual Directional Trigger Jump Securities linked to the iShares MSCI Emerging Markets ETF (EEM). Each $1,000 note offers three possible outcomes at maturity (5 Jan 2027):
- If EEM is ≥ the initial price: investor receives $1,000 plus an upside payment of at least $141 (≥ 14.1%), capping total redemption at ≥ $1,141.
- If EEM is below the initial price but ≥ the 90 % trigger: every 1 % decline in EEM creates a 1 % positive return on the note, up to the same $1,100 cap, effectively providing a 10 % downside buffer.
- If EEM closes below the trigger: payoff equals $1,000 × (EEM final⁄EEM initial), exposing principal one-for-one to losses beyond 10 % and potentially to total loss.
Key terms: pricing date 30 Jun 2025; settlement three business days later; valuation date 30 Dec 2026. Estimated value on the pricing date will be ≥ $940 per note and disclosed in the final pricing supplement. The securities pay no periodic coupon, have limited secondary liquidity, and all payments depend on the credit of both the issuer and guarantor.
Principal risks highlighted in the filing include: fixed and limited upside, possibility of losing more than 10 % (up to 100 %) of principal, exposure to emerging-market equity, currency and geopolitical risks embedded in EEM, uncertain tax treatment, potential conflicts of interest from JPMorgan’s hedging/trading, and market value likely below issue price in secondary trading.
JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., intende emettere Dual Directional Trigger Jump Securities collegati all'iShares MSCI Emerging Markets ETF (EEM). Ogni nota da $1.000 offre tre possibili esiti alla scadenza (5 gen 2027):
- Se EEM è ≥ al prezzo iniziale: l'investitore riceve $1.000 più un pagamento aggiuntivo di almeno $141 (≥ 14,1%), con un rimborso totale massimo di ≥ $1.141.
- Se EEM è inferiore al prezzo iniziale ma ≥ al trigger del 90%: ogni calo dell'1% di EEM genera un rendimento positivo dell'1% sulla nota, fino al limite di $1.100, offrendo di fatto un margine di protezione del 10% al ribasso.
- Se EEM chiude sotto il trigger: il pagamento sarà pari a $1.000 × (valore finale EEM⁄valore iniziale EEM), esponendo il capitale a perdite dirette superiori al 10% e potenzialmente alla perdita totale.
Termini chiave: data di pricing 30 giu 2025; regolamento tre giorni lavorativi dopo; data di valutazione 30 dic 2026. Il valore stimato alla data di pricing sarà ≥ $940 per nota e sarà indicato nel supplemento finale. I titoli non pagano cedole periodiche, hanno liquidità secondaria limitata e tutti i pagamenti dipendono dalla solidità creditizia sia dell'emittente che del garante.
Rischi principali evidenziati nel documento includono: rendimento limitato e fisso al rialzo, possibilità di perdere oltre il 10% (fino al 100%) del capitale, esposizione ai mercati emergenti, rischi valutari e geopolitici legati a EEM, trattamento fiscale incerto, potenziali conflitti di interesse derivanti dalle attività di copertura/commerciali di JPMorgan e valore di mercato probabilmente inferiore al prezzo di emissione nel mercato secondario.
JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., tiene previsto emitir Dual Directional Trigger Jump Securities vinculados al iShares MSCI Emerging Markets ETF (EEM). Cada nota de $1,000 ofrece tres posibles resultados al vencimiento (5 de enero de 2027):
- Si EEM está ≥ al precio inicial: el inversor recibe $1,000 más un pago adicional de al menos $141 (≥ 14.1%), con un reembolso total máximo de ≥ $1,141.
- Si EEM está por debajo del precio inicial pero ≥ al disparador del 90%: cada caída del 1% en EEM genera un retorno positivo del 1% en la nota, hasta el límite de $1,100, proporcionando efectivamente un margen de protección del 10% a la baja.
- Si EEM cierra por debajo del disparador: el pago será igual a $1,000 × (EEM final⁄EEM inicial), exponiendo el capital a pérdidas directas superiores al 10% y potencialmente a una pérdida total.
Términos clave: fecha de fijación de precio 30 de junio de 2025; liquidación tres días hábiles después; fecha de valoración 30 de diciembre de 2026. El valor estimado en la fecha de fijación de precio será ≥ $940 por nota y se divulgará en el suplemento final. Los valores no pagan cupón periódico, tienen liquidez secundaria limitada y todos los pagos dependen del crédito tanto del emisor como del garante.
Principales riesgos destacados en el archivo incluyen: rendimiento fijo y limitado al alza, posibilidad de perder más del 10% (hasta el 100%) del capital, exposición a mercados emergentes, riesgos de moneda y geopolíticos inherentes a EEM, tratamiento fiscal incierto, posibles conflictos de interés derivados de las operaciones de cobertura/comercio de JPMorgan y valor de mercado probablemente inferior al precio de emisión en el mercado secundario.
JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.의 보증을 받아 iShares MSCI Emerging Markets ETF(EEM)와 연계된 Dual Directional Trigger Jump Securities를 발행할 예정입니다. 각 $1,000 노트는 만기일(2027년 1월 5일)에 세 가지 가능한 결과를 제공합니다:
- EEM이 초기 가격 이상일 경우: 투자자는 $1,000에 최소 $141의 추가 수익(≥ 14.1%)을 받아 총 상환금이 ≥ $1,141로 제한됩니다.
- EEM이 초기 가격보다 낮지만 90% 트리거 이상일 경우: EEM이 1% 하락할 때마다 노트에 1%의 긍정적인 수익이 발생하며, 최대 $1,100까지 제한되어 10% 하락에 대한 완충 역할을 합니다.
- EEM이 트리거 이하로 마감할 경우: 상환금은 $1,000 × (최종 EEM⁄초기 EEM)으로, 10% 이상의 손실에 대해 원금이 1대1로 노출되며 전액 손실 가능성도 있습니다.
주요 조건: 가격 결정일 2025년 6월 30일; 결제는 3 영업일 후; 평가일 2026년 12월 30일. 가격 결정일의 예상 가치는 노트당 ≥ $940이며 최종 가격 보충서에 공개됩니다. 증권은 정기 쿠폰을 지급하지 않으며, 2차 유동성이 제한적이고 모든 지급은 발행자와 보증인의 신용도에 따라 달라집니다.
주요 위험으로는 고정적이고 제한된 상승 잠재력, 원금의 10% 이상(최대 100%) 손실 가능성, 신흥시장 주식, 환율 및 지정학적 위험, 불확실한 세무 처리, JPMorgan의 헤징/트레이딩 관련 이해 상충 가능성, 2차 시장에서 발행가 이하의 시장 가치 등이 있습니다.
JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., prévoit d’émettre des Dual Directional Trigger Jump Securities liés à l’iShares MSCI Emerging Markets ETF (EEM). Chaque note de 1 000 $ offre trois résultats possibles à l’échéance (5 janv. 2027) :
- Si EEM est ≥ au prix initial : l’investisseur reçoit 1 000 $ plus un paiement supplémentaire d’au moins 141 $ (≥ 14,1 %), plafonnant le remboursement total à ≥ 1 141 $.
- Si EEM est en dessous du prix initial mais ≥ au seuil de déclenchement à 90 % : chaque baisse de 1 % d’EEM génère un rendement positif de 1 % sur la note, jusqu’au même plafond de 1 100 $, offrant ainsi une protection contre une baisse de 10 %.
- Si EEM clôture en dessous du seuil : le remboursement est égal à 1 000 $ × (EEM final⁄EEM initial), exposant le capital à des pertes au-delà de 10 % et potentiellement à une perte totale.
Conditions clés : date de fixation du prix le 30 juin 2025 ; règlement trois jours ouvrés plus tard ; date d’évaluation le 30 déc. 2026. La valeur estimée à la date de fixation sera ≥ 940 $ par note et sera divulguée dans le supplément final. Les titres ne versent pas de coupon périodique, ont une liquidité secondaire limitée et tous les paiements dépendent de la solvabilité de l’émetteur et du garant.
Principaux risques soulignés dans le dossier comprennent : un potentiel de hausse fixe et limité, la possibilité de perdre plus de 10 % (jusqu’à 100 %) du capital, une exposition aux marchés émergents, des risques de change et géopolitiques liés à EEM, un traitement fiscal incertain, des conflits d’intérêts potentiels liés aux activités de couverture/négociation de JPMorgan, et une valeur de marché probablement inférieure au prix d’émission sur le marché secondaire.
JPMorgan Chase Financial Company LLC, garantiert durch JPMorgan Chase & Co., beabsichtigt die Emission von Dual Directional Trigger Jump Securities, die an den iShares MSCI Emerging Markets ETF (EEM) gekoppelt sind. Jede $1.000-Anleihe bietet drei mögliche Ergebnisse bei Fälligkeit (5. Jan 2027):
- Wenn EEM ≥ dem Anfangspreis ist: erhält der Anleger $1.000 plus eine Aufwärtszahlung von mindestens $141 (≥ 14,1%), womit die Gesamtrückzahlung bei ≥ $1.141 gedeckelt ist.
- Wenn EEM unter dem Anfangspreis, aber ≥ dem 90%-Trigger liegt: führt jeder 1% Rückgang von EEM zu einer positiven Rendite von 1% auf die Anleihe, bis zum gleichen $1.100 Limit, was effektiv eine 10%ige Absicherung gegen Verluste bietet.
- Wenn EEM unter dem Trigger schließt: beträgt die Auszahlung $1.000 × (EEM Schlusskurs⁄EEM Anfangskurs), wodurch das Kapital eins zu eins Verlustrisiken über 10% ausgesetzt ist und sogar ein Totalverlust möglich ist.
Wichtige Bedingungen: Preisfeststellung am 30. Juni 2025; Abwicklung drei Geschäftstage später; Bewertung am 30. Dez 2026. Der geschätzte Wert am Preisfeststellungstag wird ≥ $940 pro Anleihe betragen und im endgültigen Preiszusatz veröffentlicht. Die Wertpapiere zahlen keine regelmäßigen Kupons, haben eine begrenzte Sekundärliquidität und alle Zahlungen hängen von der Bonität des Emittenten und des Garanten ab.
Hauptrisiken, die in der Anmeldung hervorgehoben werden, umfassen: begrenzte und feste Aufwärtschancen, Möglichkeit eines Verlusts von mehr als 10% (bis zu 100%) des Kapitals, Exponierung gegenüber Schwellenländeraktien, Währungs- und geopolitische Risiken, unsichere steuerliche Behandlung, potenzielle Interessenkonflikte durch JPMorgans Absicherungs-/Handelsaktivitäten sowie einen Marktwert, der im Sekundärhandel wahrscheinlich unter dem Ausgabepreis liegt.
- Guaranteed minimum upside of ≥ 14.1 % if EEM is flat or positive, offering attractive return in sideways markets.
- Dual-direction feature converts up to 10 % negative EEM performance into equivalent positive note return, creating a limited downside buffer.
- Short 18-month tenor reduces long-term credit-exposure horizon compared with longer structured notes.
- Estimated value disclosure ≥ $940 provides transparency on embedded fees and fair value.
- Upside is capped at $1,141 per note, forfeiting gains if EEM rallies more than ~14 %.
- Principal fully at risk once EEM falls below the 90 % trigger, potentially resulting in total loss.
- No coupons or dividend participation, leading to negative carry versus holding EEM directly.
- Limited secondary market and issuer bid-only liquidity can make early exit costly; market value likely below issue price.
Insights
TL;DR Limited-upside structured note offers 10 % buffer but full downside thereafter; credit and liquidity risks remain key.
The note’s design suits investors seeking modest, capped appreciation with a small protective buffer and a unique dual-direction feature that converts a ≤ 10 % EEM decline into a positive payoff. However, upside is hard-capped at 14.1 % despite unlimited ETF appreciation, meaning opportunity cost rises in bullish markets. Once the 90 % trigger is breached, losses mirror EEM’s drop, eliminating protection. No coupons are paid, so total return hinges on the final valuation date, adding reinvestment risk. The estimated value (≥ $940) signals a 6 % fee load, typical for retail structured products. Liquidity is issuer-driven and spreads can widen, lowering exit values before maturity. Credit exposure to JPMorgan is investment-grade but non-negligible over the 18-month tenor. Overall, neutral impact: attractive to yield-seeking retail investors in range-bound markets but not materially affecting JPM’s fundamentals.
TL;DR Note repackages EEM exposure with 10 % buffer; caps upside, amplifies downside past trigger—useful only for specific range-bound views.
From an allocation perspective, this security replaces direct EEM ownership with a path-dependent payoff. The 14.1 % guaranteed upside if EEM is flat or higher appeals in low-volatility outlooks. Yet emerging-market equities historically swing well beyond ±10 % over 18 months; probability of breaching the trigger is non-trivial. Investors lose dividends (~2.5 % yield on EEM) and voting rights, while assuming issuer credit risk. With limited secondary liquidity, tactical exit is difficult. Consequently, the structure is niche and does not materially change EM exposure strategies. Impact rating: neutral.
JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., intende emettere Dual Directional Trigger Jump Securities collegati all'iShares MSCI Emerging Markets ETF (EEM). Ogni nota da $1.000 offre tre possibili esiti alla scadenza (5 gen 2027):
- Se EEM è ≥ al prezzo iniziale: l'investitore riceve $1.000 più un pagamento aggiuntivo di almeno $141 (≥ 14,1%), con un rimborso totale massimo di ≥ $1.141.
- Se EEM è inferiore al prezzo iniziale ma ≥ al trigger del 90%: ogni calo dell'1% di EEM genera un rendimento positivo dell'1% sulla nota, fino al limite di $1.100, offrendo di fatto un margine di protezione del 10% al ribasso.
- Se EEM chiude sotto il trigger: il pagamento sarà pari a $1.000 × (valore finale EEM⁄valore iniziale EEM), esponendo il capitale a perdite dirette superiori al 10% e potenzialmente alla perdita totale.
Termini chiave: data di pricing 30 giu 2025; regolamento tre giorni lavorativi dopo; data di valutazione 30 dic 2026. Il valore stimato alla data di pricing sarà ≥ $940 per nota e sarà indicato nel supplemento finale. I titoli non pagano cedole periodiche, hanno liquidità secondaria limitata e tutti i pagamenti dipendono dalla solidità creditizia sia dell'emittente che del garante.
Rischi principali evidenziati nel documento includono: rendimento limitato e fisso al rialzo, possibilità di perdere oltre il 10% (fino al 100%) del capitale, esposizione ai mercati emergenti, rischi valutari e geopolitici legati a EEM, trattamento fiscale incerto, potenziali conflitti di interesse derivanti dalle attività di copertura/commerciali di JPMorgan e valore di mercato probabilmente inferiore al prezzo di emissione nel mercato secondario.
JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., tiene previsto emitir Dual Directional Trigger Jump Securities vinculados al iShares MSCI Emerging Markets ETF (EEM). Cada nota de $1,000 ofrece tres posibles resultados al vencimiento (5 de enero de 2027):
- Si EEM está ≥ al precio inicial: el inversor recibe $1,000 más un pago adicional de al menos $141 (≥ 14.1%), con un reembolso total máximo de ≥ $1,141.
- Si EEM está por debajo del precio inicial pero ≥ al disparador del 90%: cada caída del 1% en EEM genera un retorno positivo del 1% en la nota, hasta el límite de $1,100, proporcionando efectivamente un margen de protección del 10% a la baja.
- Si EEM cierra por debajo del disparador: el pago será igual a $1,000 × (EEM final⁄EEM inicial), exponiendo el capital a pérdidas directas superiores al 10% y potencialmente a una pérdida total.
Términos clave: fecha de fijación de precio 30 de junio de 2025; liquidación tres días hábiles después; fecha de valoración 30 de diciembre de 2026. El valor estimado en la fecha de fijación de precio será ≥ $940 por nota y se divulgará en el suplemento final. Los valores no pagan cupón periódico, tienen liquidez secundaria limitada y todos los pagos dependen del crédito tanto del emisor como del garante.
Principales riesgos destacados en el archivo incluyen: rendimiento fijo y limitado al alza, posibilidad de perder más del 10% (hasta el 100%) del capital, exposición a mercados emergentes, riesgos de moneda y geopolíticos inherentes a EEM, tratamiento fiscal incierto, posibles conflictos de interés derivados de las operaciones de cobertura/comercio de JPMorgan y valor de mercado probablemente inferior al precio de emisión en el mercado secundario.
JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.의 보증을 받아 iShares MSCI Emerging Markets ETF(EEM)와 연계된 Dual Directional Trigger Jump Securities를 발행할 예정입니다. 각 $1,000 노트는 만기일(2027년 1월 5일)에 세 가지 가능한 결과를 제공합니다:
- EEM이 초기 가격 이상일 경우: 투자자는 $1,000에 최소 $141의 추가 수익(≥ 14.1%)을 받아 총 상환금이 ≥ $1,141로 제한됩니다.
- EEM이 초기 가격보다 낮지만 90% 트리거 이상일 경우: EEM이 1% 하락할 때마다 노트에 1%의 긍정적인 수익이 발생하며, 최대 $1,100까지 제한되어 10% 하락에 대한 완충 역할을 합니다.
- EEM이 트리거 이하로 마감할 경우: 상환금은 $1,000 × (최종 EEM⁄초기 EEM)으로, 10% 이상의 손실에 대해 원금이 1대1로 노출되며 전액 손실 가능성도 있습니다.
주요 조건: 가격 결정일 2025년 6월 30일; 결제는 3 영업일 후; 평가일 2026년 12월 30일. 가격 결정일의 예상 가치는 노트당 ≥ $940이며 최종 가격 보충서에 공개됩니다. 증권은 정기 쿠폰을 지급하지 않으며, 2차 유동성이 제한적이고 모든 지급은 발행자와 보증인의 신용도에 따라 달라집니다.
주요 위험으로는 고정적이고 제한된 상승 잠재력, 원금의 10% 이상(최대 100%) 손실 가능성, 신흥시장 주식, 환율 및 지정학적 위험, 불확실한 세무 처리, JPMorgan의 헤징/트레이딩 관련 이해 상충 가능성, 2차 시장에서 발행가 이하의 시장 가치 등이 있습니다.
JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., prévoit d’émettre des Dual Directional Trigger Jump Securities liés à l’iShares MSCI Emerging Markets ETF (EEM). Chaque note de 1 000 $ offre trois résultats possibles à l’échéance (5 janv. 2027) :
- Si EEM est ≥ au prix initial : l’investisseur reçoit 1 000 $ plus un paiement supplémentaire d’au moins 141 $ (≥ 14,1 %), plafonnant le remboursement total à ≥ 1 141 $.
- Si EEM est en dessous du prix initial mais ≥ au seuil de déclenchement à 90 % : chaque baisse de 1 % d’EEM génère un rendement positif de 1 % sur la note, jusqu’au même plafond de 1 100 $, offrant ainsi une protection contre une baisse de 10 %.
- Si EEM clôture en dessous du seuil : le remboursement est égal à 1 000 $ × (EEM final⁄EEM initial), exposant le capital à des pertes au-delà de 10 % et potentiellement à une perte totale.
Conditions clés : date de fixation du prix le 30 juin 2025 ; règlement trois jours ouvrés plus tard ; date d’évaluation le 30 déc. 2026. La valeur estimée à la date de fixation sera ≥ 940 $ par note et sera divulguée dans le supplément final. Les titres ne versent pas de coupon périodique, ont une liquidité secondaire limitée et tous les paiements dépendent de la solvabilité de l’émetteur et du garant.
Principaux risques soulignés dans le dossier comprennent : un potentiel de hausse fixe et limité, la possibilité de perdre plus de 10 % (jusqu’à 100 %) du capital, une exposition aux marchés émergents, des risques de change et géopolitiques liés à EEM, un traitement fiscal incertain, des conflits d’intérêts potentiels liés aux activités de couverture/négociation de JPMorgan, et une valeur de marché probablement inférieure au prix d’émission sur le marché secondaire.
JPMorgan Chase Financial Company LLC, garantiert durch JPMorgan Chase & Co., beabsichtigt die Emission von Dual Directional Trigger Jump Securities, die an den iShares MSCI Emerging Markets ETF (EEM) gekoppelt sind. Jede $1.000-Anleihe bietet drei mögliche Ergebnisse bei Fälligkeit (5. Jan 2027):
- Wenn EEM ≥ dem Anfangspreis ist: erhält der Anleger $1.000 plus eine Aufwärtszahlung von mindestens $141 (≥ 14,1%), womit die Gesamtrückzahlung bei ≥ $1.141 gedeckelt ist.
- Wenn EEM unter dem Anfangspreis, aber ≥ dem 90%-Trigger liegt: führt jeder 1% Rückgang von EEM zu einer positiven Rendite von 1% auf die Anleihe, bis zum gleichen $1.100 Limit, was effektiv eine 10%ige Absicherung gegen Verluste bietet.
- Wenn EEM unter dem Trigger schließt: beträgt die Auszahlung $1.000 × (EEM Schlusskurs⁄EEM Anfangskurs), wodurch das Kapital eins zu eins Verlustrisiken über 10% ausgesetzt ist und sogar ein Totalverlust möglich ist.
Wichtige Bedingungen: Preisfeststellung am 30. Juni 2025; Abwicklung drei Geschäftstage später; Bewertung am 30. Dez 2026. Der geschätzte Wert am Preisfeststellungstag wird ≥ $940 pro Anleihe betragen und im endgültigen Preiszusatz veröffentlicht. Die Wertpapiere zahlen keine regelmäßigen Kupons, haben eine begrenzte Sekundärliquidität und alle Zahlungen hängen von der Bonität des Emittenten und des Garanten ab.
Hauptrisiken, die in der Anmeldung hervorgehoben werden, umfassen: begrenzte und feste Aufwärtschancen, Möglichkeit eines Verlusts von mehr als 10% (bis zu 100%) des Kapitals, Exponierung gegenüber Schwellenländeraktien, Währungs- und geopolitische Risiken, unsichere steuerliche Behandlung, potenzielle Interessenkonflikte durch JPMorgans Absicherungs-/Handelsaktivitäten sowie einen Marktwert, der im Sekundärhandel wahrscheinlich unter dem Ausgabepreis liegt.
JPMorgan Chase Financial Company LLC
Free Writing Prospectus Filed Pursuant to Rule 433
Registration Statement Nos. 333-270004 and 333-270004-01
Dated June 25, 2025
18m EEM Dual Directional Trigger Jump Securities
This document provides a summary of the terms of the securities. 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. |
| ETF Shares: | Shares of the iShares® MSCI Emerging Markets ETF (Bloomberg ticker: EEM UP Equity) |
| Payment at maturity: |
If the final share price is greater than or equal to the initial share price, for each $1,000 stated principal amount security: $1,000 + upside payment If the final share price is less than the initial share price but greater than or equal to the trigger level, for each $1,000 stated principal amount security: $1,000 + ($1,000 × absolute share return) In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the ETF Shares. In no event will this amount exceed the stated principal amount plus $100.00. Accordingly, the maximum downside payment at maturity is $1,100.00 per security. If the final share price is less than the trigger level, for each $1,000 stated principal amount security: $1,000 × share performance factor This amount will be less than the stated principal amount of $1,000, and will represent a loss of more than 10%, and possibly all, of your principal amount. |
| Upside payment: | At least $141.00 per $1,000 stated principal amount security (at least 14.10% of the stated principal amount) |
| Share percent change: | (final share price – initial share price) / initial share price |
| Absolute share return | The absolute value of the share percent change. For example, a -5% share percent change will result in a +5% absolute share return. |
| Initial share price: | The closing price of one ETF Share on the pricing date |
| Final share price: | The closing price of one ETF Share on the valuation date |
| Share adjustment factor: | The share adjustment factor is referenced in determining the closing price of one ETF share and is set initially at 1.0 on the pricing date. The share adjustment factor is subject to adjustment in the event of certain events affecting the ETF Shares. See “The Underlyings — Funds — Anti-Dilution Adjustments” in the accompanying product supplement. |
| Trigger level: | 90% of the initial share price |
| Share performance factor: | final share price / initial share price |
| Stated principal amount: | $1,000 per security |
| Issue price: | $1,000 per security |
| Pricing date: | Expected to be June 30, 2025 |
| Original issue date (settlement date): | 3 business days after the pricing date |
| Valuation date†: | December 30, 2026 |
| Maturity date†: | January 5, 2027 |
| CUSIP / ISIN: | 48136E4M4 / US48136E4M41 |
| Preliminary pricing supplement: | http://www.sec.gov/Archives/edgar/data/ 19617/000121390025057583/ea0246935-01_424b2.htm |
†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.
| Dual Directional Trigger Jump Securities Payoff Diagram* |
 |
*The actual upside payment will be provided in the pricing supplement and will not be less than $141.00 per security.
| Change in ETF Shares | Return on the Securities* | |
| 80.00% | 14.10% | |
| 50.00% | 14.10% | |
| 40.00% | 14.10% | |
| 30.00% | 14.10% | |
| 20.00% | 14.10% | |
| 14.10% | 14.10% | |
| 10.00% | 14.10% | |
| 5.00% | 14.10% | |
| 1.00% | 14.10% | |
| 0.00% | 14.10% | |
| -5.00% | 5.00% | |
| -10.00% | 10.00% | |
| -10.01% | -10.01% | |
| -20.00% | -20.00% | |
| -30.00% | -30.00% | |
| -40.00% | -40.00% | |
| -50.00% | -50.00% | |
| -60.00% | -60.00% | |
| -80.00% | -80.00% | |
| -100.00% | -100.00% | |
*Assumes an upside payment of 14.10% of the stated principal amount
JPMorgan Chase Financial Company LLC
18m EEM Dual Directional Trigger Jump Securities
ETF Shares
For more information about the ETF Shares, 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 pay interest or guarantee the return of any principal and your investment in the securities may result in a loss. |
| § | Appreciation potential is fixed and limited. |
| § | Your maximum downside gain on the securities is limited by the trigger level. |
| § | 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. |
| § | The benefit provided by the trigger level may terminate on the valuation date. |
| § | Secondary trading may be limited. |
| § | The final terms and estimated valuation of the securities will be provided in the pricing supplement. |
| § | The 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 ETF Shares
| § | Investing in the securities is not equivalent to investing in the ETF Shares. |
| § | Adjustments to the ETF Shares or the underlying index could adversely affect the value of the securities. |
| § | There are risks associated with the ETF Shares. |
| § | The performance and market value of the ETF Shares, particularly during periods of market volatility, may not correlate with the performance of the underlying index as well as the net asset value per ETF Share. |
| § | The securities are subject to risks associated with securities issued by non-U.S. companies. |
| § | The securities are subject to currency exchange risk. |
| § | The securities entail emerging markets risk. |
| § | Recent executive orders may adversely affect the performance of the ETF Shares. |
| § | Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the securities. |
| § | The anti-dilution protection for the ETF Shares is limited. |
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, underlying supplement and preliminary pricing supplement if you so request by calling toll-free 1-866-535-9248.
FAQ
How does the 10% trigger level affect payoff on JPMorgan's EEM Dual Directional Trigger Jump Securities?
What is the maximum return of the EEM Dual Directional Trigger Jump Securities?
Do the securities pay periodic interest or dividends?
What are the key dates for these JPMorgan structured notes?
What credit risks are investors taking with these securities?
