[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is marketing Dual Directional Buffered PLUS notes linked to the Russell 2000 Index (RTY). Each note has a $1,000 stated principal and a 2-year tenor, pricing on or about 17 Jul 2025 and maturing 4 Aug 2027.
Payoff structure:
- Upside: 150% participation in any positive RTY return, capped at an indicative 118.80% of principal (max gain 18.8%).
- Flat to modest decline (0% to –15%): investors receive a 1% positive return for each 1% negative index move, up to the 15% buffer, again limited to the $1,150 maximum.
- Decline beyond –15%: repayment equals (index performance factor × $1,000) + $150, exposing investors to losses down to a worst-case –85%. However, the embedded feature guarantees a $150 minimum redemption.
Key terms: 15% downside buffer, 150% leverage factor, CUSIP 48136E6Y6, minimum estimated value ≥ $940, issue price $1,000. Secondary liquidity will be provided by J.P. Morgan Securities but may be limited, and the notes do not pay periodic interest.
Risks: Investors face issuer and guarantor credit risk, capped upside, potential 85% principal loss, pricing at a premium to estimated value, uncertain tax treatment, and exposure to small-cap equity volatility. The product is intended for sophisticated investors seeking range-bound or moderately bullish exposure to the Russell 2000 with partial downside protection.
JPMorgan Chase Financial Company LLC, garantita completamente da JPMorgan Chase & Co., sta proponendo note Dual Directional Buffered PLUS collegate all'indice Russell 2000 (RTY). Ogni nota ha un capitale nominale di $1.000 e una durata di 2 anni, con prezzo previsto intorno al 17 lug 2025 e scadenza il 4 ago 2027.
Struttura del rendimento:
- Rendimento positivo: partecipazione del 150% su qualsiasi ritorno positivo dell'RTY, con un limite indicativo al 118,80% del capitale (guadagno massimo 18,8%).
- Movimento piatto o modesto calo (0% a –15%): gli investitori ricevono un rendimento positivo dell'1% per ogni 1% di ribasso dell'indice, fino al buffer del 15%, con un limite massimo di $1.150.
- Calò oltre il –15%: il rimborso corrisponde a (fattore di performance dell'indice × $1.000) + $150, esponendo gli investitori a perdite fino a un massimo del –85%. Tuttavia, la caratteristica incorporata garantisce un rimborso minimo di $150.
Termini principali: buffer di downside del 15%, fattore di leva 150%, CUSIP 48136E6Y6, valore stimato minimo ≥ $940, prezzo di emissione $1.000. La liquidità secondaria sarà fornita da J.P. Morgan Securities ma potrebbe essere limitata, e le note non pagano interessi periodici.
Rischi: gli investitori affrontano il rischio di credito emittente e garante, rendimento limitato al rialzo, possibile perdita del 85% del capitale, prezzo superiore al valore stimato, trattamento fiscale incerto ed esposizione alla volatilità delle azioni small cap. Il prodotto è destinato a investitori sofisticati che cercano un'esposizione moderatamente rialzista o limitata all'indice Russell 2000 con protezione parziale al ribasso.
JPMorgan Chase Financial Company LLC, completamente garantizada por JPMorgan Chase & Co., está comercializando notas Dual Directional Buffered PLUS vinculadas al índice Russell 2000 (RTY). Cada nota tiene un principal declarado de $1,000 y un plazo de 2 años, con precio alrededor del 17 de julio de 2025 y vencimiento el 4 de agosto de 2027.
Estructura de pago:
- Subida: participación del 150% en cualquier retorno positivo del RTY, con un tope indicativo del 118.80% del principal (ganancia máxima 18.8%).
- Movimiento plano o descenso moderado (0% a –15%): los inversores reciben un retorno positivo del 1% por cada 1% de caída negativa del índice, hasta el buffer del 15%, limitado nuevamente a un máximo de $1,150.
- Caída más allá del –15%: el reembolso es igual a (factor de desempeño del índice × $1,000) + $150, exponiendo a los inversores a pérdidas de hasta un –85% en el peor caso. Sin embargo, la característica incorporada garantiza un reembolso mínimo de $150.
Términos clave: buffer de downside del 15%, factor de apalancamiento 150%, CUSIP 48136E6Y6, valor estimado mínimo ≥ $940, precio de emisión $1,000. La liquidez secundaria será proporcionada por J.P. Morgan Securities pero puede ser limitada, y las notas no pagan intereses periódicos.
Riesgos: Los inversores enfrentan riesgo de crédito del emisor y garante, ganancia limitada, posible pérdida de hasta el 85% del principal, precio superior al valor estimado, tratamiento fiscal incierto y exposición a la volatilidad de acciones de pequeña capitalización. El producto está dirigido a inversores sofisticados que buscan una exposición moderadamente alcista o acotada al Russell 2000 con protección parcial a la baja.
JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.가 전액 보증하며, 러셀 2000 지수(RTY)에 연계된 Dual Directional Buffered PLUS 노트를 판매하고 있습니다. 각 노트는 $1,000 명목 원금이며 만기는 2년으로, 2025년 7월 17일경에 가격이 책정되고 2027년 8월 4일에 만료됩니다.
지급 구조:
- 상승 시: RTY의 긍정적 수익에 대해 150% 참여하며, 명목 원금의 118.80%까지 상한(최대 수익 18.8%).
- 지수 변동이 0%에서 –15% 사이일 경우: 투자자는 지수 하락 1%당 1%의 긍정적 수익을 받으며, 최대 15% 버퍼까지 적용되고 최대 $1,150로 제한됩니다.
- –15% 이상 하락 시: 상환금은 (지수 성과 계수 × $1,000) + $150이며, 투자자는 최대 –85% 손실 위험에 노출됩니다. 하지만 내장된 기능으로 $150 최소 상환이 보장됩니다.
주요 조건: 15% 하락 버퍼, 150% 레버리지, CUSIP 48136E6Y6, 최소 예상 가치 ≥ $940, 발행가 $1,000. 2차 유동성은 J.P. Morgan Securities가 제공하지만 제한적일 수 있으며, 노트는 정기 이자를 지급하지 않습니다.
위험: 투자자는 발행자 및 보증인의 신용 위험, 상한 수익, 최대 85% 원금 손실 가능성, 예상 가치 대비 프리미엄 가격, 불확실한 세금 처리, 그리고 소형주 변동성에 노출됩니다. 이 상품은 러셀 2000에 대해 범위 제한적이거나 다소 강세 노출을 원하는 전문 투자자를 위한 것입니다.
JPMorgan Chase Financial Company LLC, entièrement garanti par JPMorgan Chase & Co., commercialise des notes Dual Directional Buffered PLUS liées à l'indice Russell 2000 (RTY). Chaque note a un capital nominal de 1 000 $ et une durée de 2 ans, avec une tarification autour du 17 juillet 2025 et une échéance au 4 août 2027.
Structure de paiement :
- Hausse : participation de 150 % à tout rendement positif du RTY, plafonnée à un indicatif de 118,80 % du capital (gain maximal de 18,8 %).
- Stagnation ou baisse modérée (0 % à –15 %) : les investisseurs reçoivent un rendement positif de 1 % pour chaque baisse de 1 % de l'indice, jusqu'à la protection de 15 %, limité à un maximum de 1 150 $.
- Baisse au-delà de –15 % : le remboursement est égal à (facteur de performance de l'indice × 1 000 $) + 150 $, exposant les investisseurs à des pertes pouvant aller jusqu'à –85 % dans le pire des cas. Cependant, la caractéristique intégrée garantit un rachat minimum de 150 $.
Conditions clés : protection à la baisse de 15 %, facteur de levier de 150 %, CUSIP 48136E6Y6, valeur estimée minimale ≥ 940 $, prix d'émission 1 000 $. La liquidité secondaire sera assurée par J.P. Morgan Securities mais pourrait être limitée, et les notes ne versent pas d’intérêts périodiques.
Risques : les investisseurs sont exposés au risque de crédit de l’émetteur et du garant, à un potentiel de gain plafonné, à une perte possible de 85 % du capital, à un prix supérieur à la valeur estimée, à une fiscalité incertaine et à la volatilité des actions à petite capitalisation. Ce produit s’adresse aux investisseurs avertis recherchant une exposition modérément haussière ou limitée au Russell 2000 avec une protection partielle à la baisse.
JPMorgan Chase Financial Company LLC, vollständig garantiert von JPMorgan Chase & Co., bietet Dual Directional Buffered PLUS-Notes an, die an den Russell 2000 Index (RTY) gekoppelt sind. Jede Note hat einen nominalen Kapitalwert von 1.000 $ und eine Laufzeit von 2 Jahren, mit Preisfestsetzung um den 17. Juli 2025 und Fälligkeit am 4. August 2027.
Auszahlungsstruktur:
- Aufwärtspotenzial: 150% Partizipation an jeglicher positiver RTY-Rendite, begrenzt auf indikativ 118,80% des Kapitals (maximaler Gewinn 18,8%).
- Seitliche bis moderate Rückgänge (0% bis –15%): Anleger erhalten eine positive Rendite von 1% für jeden 1% negativen Indexbewegung, bis zum 15% Puffer, wiederum begrenzt auf maximal 1.150 $.
- Rückgang über –15% hinaus: Rückzahlung entspricht (Index-Performance-Faktor × 1.000 $) + 150 $, wodurch Anleger Verluste bis zu einem Worst-Case von –85% ausgesetzt sind. Die eingebettete Funktion garantiert jedoch eine Mindestrückzahlung von 150 $.
Wesentliche Bedingungen: 15% Downside-Puffer, 150% Hebelfaktor, CUSIP 48136E6Y6, geschätzter Mindestwert ≥ 940 $, Ausgabepreis 1.000 $. Sekundäre Liquidität wird von J.P. Morgan Securities bereitgestellt, kann jedoch eingeschränkt sein. Die Notes zahlen keine periodischen Zinsen.
Risiken: Anleger tragen Emittenten- und Garantiegeber-Kreditrisiko, begrenztes Aufwärtspotenzial, potenziellen Kapitalverlust von 85%, Preisaufschlag gegenüber dem geschätzten Wert, unsichere steuerliche Behandlung sowie Volatilität bei Small-Cap-Aktien. Das Produkt richtet sich an erfahrene Anleger, die eine begrenzte oder moderat bullische Exponierung gegenüber dem Russell 2000 mit teilweisem Abwärtsschutz suchen.
- 15% downside buffer protects against moderate market declines, converting up to –15% index loss into positive principal return.
- 150% leverage on upside offers enhanced participation versus direct RTY exposure until the cap is reached.
- Minimum redemption of $150 guarantees some recovery even in extreme index crashes.
- Short two-year tenor limits long-duration credit and market exposure compared with longer-dated structured notes.
- Upside is capped at 18.8%, limiting gains in a strong small-cap bull market.
- Principal loss of up to 85% possible if RTY declines beyond the 15% buffer.
- Issuer and guarantor credit risk; note value could fall if JPMorgan spreads widen.
- Secondary market likely illiquid and quoted below issue price because estimated value (≥ $940) is lower than the $1,000 offer.
- No periodic interest payments, resulting in negative carry relative to dividend-paying equities.
- Tax treatment uncertain, potentially leading to higher-than-expected liabilities for some investors.
Insights
TL;DR: 15% buffer and 150% upside leverage are offset by an 18.8% cap and 85% loss floor—suitable only for tactical, credit-tolerant buyers.
The Dual Directional Buffered PLUS delivers enhanced upside (1.5×) and a clever short-vol feature that turns the first 15% decline into a positive return, yet investors sacrifice unlimited equity participation and bear issuer credit exposure. The 18.8% cap arrives when RTY rises merely 12.53%, limiting benefit in sustained bull markets. Pricing at ≤ $940 suggests a 6% distribution cost; mark-to-market will likely open below par. While the 15% buffer and $150 minimum outperform plain equity on mild drawdowns, a deep recession could still wipe out 85% of capital. Illiquidity and opaque valuations add execution risk. Overall impact: modestly negative for broad investors, neutral for niche structured-note buyers.
TL;DR: Product offers asymmetric payoffs but introduces issuer risk and may distort portfolio beta.
From a portfolio-construction view, the note replaces direct small-cap equity with a path-dependent instrument. The capped upside truncates beta, forcing investors to time exits if RTY rallies strongly. The 15% buffer provides limited tail protection relative to a put spread, yet the minimum redemption of $150 is largely symbolic in systemic sell-offs. Credit risk to JPMorgan (A/A-) increases correlation during stress. Given the 2-year maturity, carry is negative (no coupons) and expected value depends on implied volatility; current RTY 2-year variance suggests fair value near $930, confirming issuance premium. Impact assessed as neutral to slightly negative unless used tactically.
JPMorgan Chase Financial Company LLC, garantita completamente da JPMorgan Chase & Co., sta proponendo note Dual Directional Buffered PLUS collegate all'indice Russell 2000 (RTY). Ogni nota ha un capitale nominale di $1.000 e una durata di 2 anni, con prezzo previsto intorno al 17 lug 2025 e scadenza il 4 ago 2027.
Struttura del rendimento:
- Rendimento positivo: partecipazione del 150% su qualsiasi ritorno positivo dell'RTY, con un limite indicativo al 118,80% del capitale (guadagno massimo 18,8%).
- Movimento piatto o modesto calo (0% a –15%): gli investitori ricevono un rendimento positivo dell'1% per ogni 1% di ribasso dell'indice, fino al buffer del 15%, con un limite massimo di $1.150.
- Calò oltre il –15%: il rimborso corrisponde a (fattore di performance dell'indice × $1.000) + $150, esponendo gli investitori a perdite fino a un massimo del –85%. Tuttavia, la caratteristica incorporata garantisce un rimborso minimo di $150.
Termini principali: buffer di downside del 15%, fattore di leva 150%, CUSIP 48136E6Y6, valore stimato minimo ≥ $940, prezzo di emissione $1.000. La liquidità secondaria sarà fornita da J.P. Morgan Securities ma potrebbe essere limitata, e le note non pagano interessi periodici.
Rischi: gli investitori affrontano il rischio di credito emittente e garante, rendimento limitato al rialzo, possibile perdita del 85% del capitale, prezzo superiore al valore stimato, trattamento fiscale incerto ed esposizione alla volatilità delle azioni small cap. Il prodotto è destinato a investitori sofisticati che cercano un'esposizione moderatamente rialzista o limitata all'indice Russell 2000 con protezione parziale al ribasso.
JPMorgan Chase Financial Company LLC, completamente garantizada por JPMorgan Chase & Co., está comercializando notas Dual Directional Buffered PLUS vinculadas al índice Russell 2000 (RTY). Cada nota tiene un principal declarado de $1,000 y un plazo de 2 años, con precio alrededor del 17 de julio de 2025 y vencimiento el 4 de agosto de 2027.
Estructura de pago:
- Subida: participación del 150% en cualquier retorno positivo del RTY, con un tope indicativo del 118.80% del principal (ganancia máxima 18.8%).
- Movimiento plano o descenso moderado (0% a –15%): los inversores reciben un retorno positivo del 1% por cada 1% de caída negativa del índice, hasta el buffer del 15%, limitado nuevamente a un máximo de $1,150.
- Caída más allá del –15%: el reembolso es igual a (factor de desempeño del índice × $1,000) + $150, exponiendo a los inversores a pérdidas de hasta un –85% en el peor caso. Sin embargo, la característica incorporada garantiza un reembolso mínimo de $150.
Términos clave: buffer de downside del 15%, factor de apalancamiento 150%, CUSIP 48136E6Y6, valor estimado mínimo ≥ $940, precio de emisión $1,000. La liquidez secundaria será proporcionada por J.P. Morgan Securities pero puede ser limitada, y las notas no pagan intereses periódicos.
Riesgos: Los inversores enfrentan riesgo de crédito del emisor y garante, ganancia limitada, posible pérdida de hasta el 85% del principal, precio superior al valor estimado, tratamiento fiscal incierto y exposición a la volatilidad de acciones de pequeña capitalización. El producto está dirigido a inversores sofisticados que buscan una exposición moderadamente alcista o acotada al Russell 2000 con protección parcial a la baja.
JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.가 전액 보증하며, 러셀 2000 지수(RTY)에 연계된 Dual Directional Buffered PLUS 노트를 판매하고 있습니다. 각 노트는 $1,000 명목 원금이며 만기는 2년으로, 2025년 7월 17일경에 가격이 책정되고 2027년 8월 4일에 만료됩니다.
지급 구조:
- 상승 시: RTY의 긍정적 수익에 대해 150% 참여하며, 명목 원금의 118.80%까지 상한(최대 수익 18.8%).
- 지수 변동이 0%에서 –15% 사이일 경우: 투자자는 지수 하락 1%당 1%의 긍정적 수익을 받으며, 최대 15% 버퍼까지 적용되고 최대 $1,150로 제한됩니다.
- –15% 이상 하락 시: 상환금은 (지수 성과 계수 × $1,000) + $150이며, 투자자는 최대 –85% 손실 위험에 노출됩니다. 하지만 내장된 기능으로 $150 최소 상환이 보장됩니다.
주요 조건: 15% 하락 버퍼, 150% 레버리지, CUSIP 48136E6Y6, 최소 예상 가치 ≥ $940, 발행가 $1,000. 2차 유동성은 J.P. Morgan Securities가 제공하지만 제한적일 수 있으며, 노트는 정기 이자를 지급하지 않습니다.
위험: 투자자는 발행자 및 보증인의 신용 위험, 상한 수익, 최대 85% 원금 손실 가능성, 예상 가치 대비 프리미엄 가격, 불확실한 세금 처리, 그리고 소형주 변동성에 노출됩니다. 이 상품은 러셀 2000에 대해 범위 제한적이거나 다소 강세 노출을 원하는 전문 투자자를 위한 것입니다.
JPMorgan Chase Financial Company LLC, entièrement garanti par JPMorgan Chase & Co., commercialise des notes Dual Directional Buffered PLUS liées à l'indice Russell 2000 (RTY). Chaque note a un capital nominal de 1 000 $ et une durée de 2 ans, avec une tarification autour du 17 juillet 2025 et une échéance au 4 août 2027.
Structure de paiement :
- Hausse : participation de 150 % à tout rendement positif du RTY, plafonnée à un indicatif de 118,80 % du capital (gain maximal de 18,8 %).
- Stagnation ou baisse modérée (0 % à –15 %) : les investisseurs reçoivent un rendement positif de 1 % pour chaque baisse de 1 % de l'indice, jusqu'à la protection de 15 %, limité à un maximum de 1 150 $.
- Baisse au-delà de –15 % : le remboursement est égal à (facteur de performance de l'indice × 1 000 $) + 150 $, exposant les investisseurs à des pertes pouvant aller jusqu'à –85 % dans le pire des cas. Cependant, la caractéristique intégrée garantit un rachat minimum de 150 $.
Conditions clés : protection à la baisse de 15 %, facteur de levier de 150 %, CUSIP 48136E6Y6, valeur estimée minimale ≥ 940 $, prix d'émission 1 000 $. La liquidité secondaire sera assurée par J.P. Morgan Securities mais pourrait être limitée, et les notes ne versent pas d’intérêts périodiques.
Risques : les investisseurs sont exposés au risque de crédit de l’émetteur et du garant, à un potentiel de gain plafonné, à une perte possible de 85 % du capital, à un prix supérieur à la valeur estimée, à une fiscalité incertaine et à la volatilité des actions à petite capitalisation. Ce produit s’adresse aux investisseurs avertis recherchant une exposition modérément haussière ou limitée au Russell 2000 avec une protection partielle à la baisse.
JPMorgan Chase Financial Company LLC, vollständig garantiert von JPMorgan Chase & Co., bietet Dual Directional Buffered PLUS-Notes an, die an den Russell 2000 Index (RTY) gekoppelt sind. Jede Note hat einen nominalen Kapitalwert von 1.000 $ und eine Laufzeit von 2 Jahren, mit Preisfestsetzung um den 17. Juli 2025 und Fälligkeit am 4. August 2027.
Auszahlungsstruktur:
- Aufwärtspotenzial: 150% Partizipation an jeglicher positiver RTY-Rendite, begrenzt auf indikativ 118,80% des Kapitals (maximaler Gewinn 18,8%).
- Seitliche bis moderate Rückgänge (0% bis –15%): Anleger erhalten eine positive Rendite von 1% für jeden 1% negativen Indexbewegung, bis zum 15% Puffer, wiederum begrenzt auf maximal 1.150 $.
- Rückgang über –15% hinaus: Rückzahlung entspricht (Index-Performance-Faktor × 1.000 $) + 150 $, wodurch Anleger Verluste bis zu einem Worst-Case von –85% ausgesetzt sind. Die eingebettete Funktion garantiert jedoch eine Mindestrückzahlung von 150 $.
Wesentliche Bedingungen: 15% Downside-Puffer, 150% Hebelfaktor, CUSIP 48136E6Y6, geschätzter Mindestwert ≥ 940 $, Ausgabepreis 1.000 $. Sekundäre Liquidität wird von J.P. Morgan Securities bereitgestellt, kann jedoch eingeschränkt sein. Die Notes zahlen keine periodischen Zinsen.
Risiken: Anleger tragen Emittenten- und Garantiegeber-Kreditrisiko, begrenztes Aufwärtspotenzial, potenziellen Kapitalverlust von 85%, Preisaufschlag gegenüber dem geschätzten Wert, unsichere steuerliche Behandlung sowie Volatilität bei Small-Cap-Aktien. Das Produkt richtet sich an erfahrene Anleger, die eine begrenzte oder moderat bullische Exponierung gegenüber dem Russell 2000 mit teilweisem Abwärtsschutz suchen.
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
2y RTY Dual Directional Buffered PLUS
This document provides a summary of the terms of the Dual Directional Buffered PLUS, which we refer to as the Buffered 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. |
| Underlying index: | Russell 2000® Index (Bloomberg ticker: RTY Index) |
| Payment at maturity: |
If the final index value is greater than the initial index value, for each $1,000 stated principal amount Buffered PLUS, $1,000 + leveraged upside payment In no event will the payment at maturity exceed the maximum payment at maturity. If the final index value is equal to the initial index value or is less than the initial index value but has decreased from the initial index value by an amount less than or equal to the buffer amount of 15.00%, for each $1,000 stated principal amount Buffered PLUS, $1,000 + ($1,000 × absolute index return) In this scenario, you will receive a 1% positive return on the Buffered 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 Buffered PLUS. If the final index value is less than the initial index value and has decreased from the initial index value by an amount greater than the buffer amount of 15.00%, for each $1,000 stated principal amount Buffered PLUS, ($1,000 × index performance factor) + $150.00 This amount will be less than the stated principal amount of $1,000 per Buffered PLUS. However, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., under no circumstances will the Buffered PLUS pay less than $150.00 per Buffered PLUS at maturity. |
| Leveraged upside payment: | $1,000 × leverage factor × index percent change |
| Index percent change: | (final index value – initial index value) / initial index value |
| Initial index value: | The closing level of the underlying index on the pricing date |
| Final index value: | The closing level of the underlying index on the valuation date |
| Leverage factor: | 150% |
| Absolute index return: | The absolute value of the index percent change. For example, a -5% index percent change will result in a +5% absolute index return. |
| Buffer amount: | 15.00% |
| Index performance factor: | final index value / initial index value |
| Maximum payment at maturity: | At least $1,188.00 (at least 118.80% of the stated principal amount) per Buffered PLUS |
| Minimum payment at maturity: | $150.00 per Buffered PLUS (15.00% of the stated principal amount) |
| Stated principal amount: | $1,000 per Buffered PLUS |
| Issue price: | $1,000 per Buffered PLUS |
| Pricing date: | Expected to be July 17, 2025 |
| Original issue date (settlement date): | 3 business days after the pricing date |
| Valuation date†: | July 30, 2027 |
| Maturity date†: | August 4, 2027 |
| CUSIP / ISIN: | 48136E6Y6 / US48136E6Y60 |
| Preliminary pricing supplement: | http://www.sec.gov/Archives/edgar/data/ 19617/000121390025059215/ea0247416-01_424b2.htm |
†Subject to postponement
The estimated value of the Buffered PLUS 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 Buffered PLUS.
For information about the estimated value of the Buffered PLUS, which likely will be lower than the price you paid for the Buffered PLUS, please see the hyperlink above.
Any payment on the Buffered PLUS is subject to the credit risk of JPMorgan Financial as issuer of the Buffered PLUS, and the credit risk of JPMorgan Chase & Co., as guarantor of the Buffered PLUS.
| Change in Underlying Index | Return on the Buffered PLUS* |
| 50.00000% | 18.80% |
| 40.00000% | 18.80% |
| 30.00000% | 18.80% |
| 20.00000% | 18.80% |
| 12.53334% | 18.80% |
| 10.00000% | 15.00% |
| 5.00000% | 7.50% |
| 1.00000% | 1.50% |
| 0.00000% | 0.00% |
| -5.00000% | 5.00% |
| -10.00000% | 10.00% |
| -15.00000% | 15.00% |
| -20.00000% | -5.00% |
| -30.00000% | -15.00% |
| -40.00000% | -25.00% |
| -50.00000% | -35.00% |
| -60.00000% | -45.00% |
| -80.00000% | -65.00% |
| -100.00000% | -85.00% |
*Assumes a hypothetical maximum payment at maturity of 118.80% of the stated principal amount
JPMorgan Chase Financial Company LLC
2y RTY Dual Directional Buffered PLUS
Underlying Index
For more information about the 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 Buffered PLUS Generally
| § | Buffered PLUS do not pay interest and you could lose up to 85.00% of your principal at maturity. |
| § | The appreciation potential of the Buffered PLUS if the underlying index has appreciated is limited by the maximum payment at maturity. |
| § | Your maximum downside gain on the Buffered PLUS is limited by the buffer amount. |
| § | The Buffered 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 Buffered PLUS. |
| § | As a finance subsidiary, JPMorgan Financial has no independent operations and has limited assets. |
| § | Secondary trading may be limited. |
| § | The final terms and estimated valuation of the Buffered PLUS will be provided in the pricing supplement. |
| § | The tax consequences of an investment in the Buffered 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 Buffered 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 Buffered PLUS. |
Risks Relating to the Estimated Value and Secondary Market Prices of the Buffered PLUS
| § | The estimated value of the Buffered PLUS will be lower than the original issue price (price to public) of the Buffered PLUS. |
| § | The estimated value of the Buffered PLUS does not represent future values of the Buffered PLUS and may differ from others’ estimates. |
| § | The estimated value of the Buffered PLUS is derived by reference to an internal funding rate. |
| § | The value of the Buffered 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 Buffered PLUS for a limited time period. |
| § | Secondary market prices of the Buffered PLUS will likely be lower than the original issue price of the Buffered PLUS. |
| § | Secondary market prices of the Buffered PLUS will be impacted by many economic and market factors. |
Risks Relating to the Underlying Index
| § | Investing in the Buffered PLUS is not equivalent to investing in the underlying index. |
| § | Adjustments to the underlying index could adversely affect the value of the Buffered PLUS. |
| § | The Buffered PLUS are subject to risks associated with small capitalization stocks. |
| § | Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the Buffered PLUS. |
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under “Additional Information about the Buffered PLUS — Tax considerations” concerning the U.S. federal income tax consequences of an investment in the Buffered 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 is the payoff cap for JPMorgan’s RTY Dual Directional Buffered PLUS?
How much downside protection does the Buffered PLUS provide?
When do the JPMorgan Buffered PLUS notes mature?
What is the estimated value versus the issue price?
Do the notes pay periodic interest or coupons?
What risks should investors consider before buying the Buffered PLUS?
