[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
J.P. Morgan Chase Financial Company LLC is offering 2-year Uncapped Dual Directional Buffered Return Enhanced Notes linked to the Russell 2000 Index (RTY) and the S&P 500 Index (SPX). Each $1,000 note:
- Pricing Date: 31 Jul 2025 | Maturity: 05 Aug 2027
- Upside Leverage: at least 1.19× on the lesser-performing index when both indices finish above their initial levels.
- 10% Downside Buffer: First 10% decline in either index is absorbed; losses begin once the lesser performer falls >10%.
- Dual-direction feature: If the lesser performer is down ≤10%, investors receive an absolute positive return (capped at 10%).
- Maximum gain when lesser performer is negative: $1,100 per $1,000 note (10%).
- Estimated value at issuance: ≥$900 per $1,000, lower than purchase price.
Payout scenarios
- Both indices positive: $1,000 + ($1,000 × lesser-performing return × leverage).
- One or both indices 0% to –10%: $1,000 + ($1,000 × |lesser-performing return|), up to $1,100.
- Lesser performer < –10%: Principal reduced dollar-for-dollar beyond the 10% buffer.
Key risks
- No periodic coupons, dividends, or voting rights.
- Subject to the credit risk of JPMorgan Chase Financial Company LLC and its parent guarantor.
- Liquidity is limited; J.P. Morgan Securities LLC may, but need not, create a secondary market.
- Estimated value uses an internal funding rate and may vary from secondary-market pricing.
- Tax treatment is uncertain; investors should consult a tax adviser.
J.P. Morgan Chase Financial Company LLC propone note a 2 anni denominate Uncapped Dual Directional Buffered Return Enhanced Notes collegate agli indici Russell 2000 (RTY) e S&P 500 (SPX). Ogni nota da $1.000:
- Data di prezzo: 31 lug 2025 | Scadenza: 05 ago 2027
- Leva al rialzo: almeno 1,19× sull'indice con la performance minore se entrambi gli indici chiudono sopra i livelli iniziali.
- Buffer al ribasso del 10%: il primo calo del 10% di uno degli indici è assorbito; le perdite iniziano se l'indice peggiore scende oltre il 10%.
- Caratteristica a doppia direzione: se l'indice peggiore cala fino al 10%, gli investitori ricevono un rendimento assoluto positivo (massimo 10%).
- Guadagno massimo se l'indice peggiore è negativo: $1.100 per ogni nota da $1.000 (10%).
- Valore stimato all'emissione: ≥$900 per ogni $1.000, inferiore al prezzo di acquisto.
Scenari di pagamento
- Entrambi gli indici positivi: $1.000 + ($1.000 × rendimento dell'indice peggiore × leva).
- Uno o entrambi gli indici tra 0% e –10%: $1.000 + ($1.000 × valore assoluto del rendimento dell'indice peggiore), fino a $1.100.
- Indice peggiore inferiore a –10%: capitale ridotto dollaro per dollaro oltre il buffer del 10%.
Principali rischi
- Nessun coupon periodico, dividendi o diritto di voto.
- Rischio di credito legato a JPMorgan Chase Financial Company LLC e al suo garante principale.
- Liquidità limitata; J.P. Morgan Securities LLC può, ma non è obbligata, a creare un mercato secondario.
- Il valore stimato si basa su un tasso interno di finanziamento e può differire dai prezzi di mercato secondario.
- Trattamento fiscale incerto; si consiglia di consultare un consulente fiscale.
J.P. Morgan Chase Financial Company LLC ofrece notas a 2 años denominadas Uncapped Dual Directional Buffered Return Enhanced Notes vinculadas a los índices Russell 2000 (RTY) y S&P 500 (SPX). Cada nota de $1,000:
- Fecha de precio: 31 jul 2025 | Vencimiento: 05 ago 2027
- Apalancamiento al alza: al menos 1.19× sobre el índice con peor desempeño cuando ambos índices terminan por encima de sus niveles iniciales.
- Protección a la baja del 10%: La primera caída del 10% en cualquiera de los índices es absorbida; las pérdidas comienzan si el índice con peor desempeño cae más del 10%.
- Característica de doble dirección: Si el índice con peor desempeño baja ≤10%, los inversionistas reciben un rendimiento absoluto positivo (máximo 10%).
- Ganancia máxima cuando el índice con peor desempeño es negativo: $1,100 por cada nota de $1,000 (10%).
- Valor estimado en la emisión: ≥$900 por cada $1,000, inferior al precio de compra.
Escenarios de pago
- Ambos índices positivos: $1,000 + ($1,000 × rendimiento del índice con peor desempeño × apalancamiento).
- Uno o ambos índices entre 0% y –10%: $1,000 + ($1,000 × valor absoluto del rendimiento del índice con peor desempeño), hasta $1,100.
- Índice con peor desempeño < –10%: principal reducido dólar por dólar más allá del buffer del 10%.
Riesgos clave
- No hay cupones periódicos, dividendos ni derechos de voto.
- Sujeto al riesgo crediticio de JPMorgan Chase Financial Company LLC y su garante principal.
- Liquidez limitada; J.P. Morgan Securities LLC puede, pero no está obligada, a crear un mercado secundario.
- El valor estimado usa una tasa interna de financiamiento y puede variar del precio en el mercado secundario.
- El tratamiento fiscal es incierto; se recomienda consultar a un asesor fiscal.
J.P. Morgan Chase Financial Company LLC는 Russell 2000 지수(RTY)와 S&P 500 지수(SPX)에 연계된 2년 만기 무한 상향 듀얼 방향 버퍼 수익률 향상 노트를 제공합니다. 각 $1,000 노트:
- 가격 결정일: 2025년 7월 31일 | 만기일: 2027년 8월 5일
- 상승 레버리지: 두 지수가 모두 초기 수준 이상으로 마감할 경우 성적이 낮은 지수에 대해 최소 1.19배.
- 10% 하락 버퍼: 어느 한 지수가 처음 10% 하락은 흡수; 성적이 낮은 지수가 10% 이상 하락 시 손실 시작.
- 듀얼 방향 기능: 성적이 낮은 지수가 최대 10% 하락 시 투자자는 절대적으로 양의 수익(최대 10%)을 받음.
- 성적이 낮은 지수가 마이너스일 때 최대 이익: $1,000 노트당 $1,100 (10%).
- 발행 시 예상 가치: $1,000당 ≥$900, 구매 가격보다 낮음.
지급 시나리오
- 두 지수 모두 양호: $1,000 + ($1,000 × 성적이 낮은 지수 수익률 × 레버리지).
- 한 지수 또는 두 지수 모두 0%에서 –10% 사이: $1,000 + ($1,000 × 성적이 낮은 지수 수익률 절대값), 최대 $1,100.
- 성적이 낮은 지수 < –10%: 10% 버퍼를 초과하는 금액만큼 원금이 달러 단위로 감소.
주요 위험
- 정기 쿠폰, 배당금 또는 의결권 없음.
- JPMorgan Chase Financial Company LLC 및 모회사 보증인의 신용 위험에 노출됨.
- 유동성 제한; J.P. Morgan Securities LLC는 2차 시장을 조성할 수 있으나 의무는 아님.
- 예상 가치는 내부 자금 조달 금리를 사용하며 2차 시장 가격과 다를 수 있음.
- 세금 처리 불확실; 투자자는 세무 전문가와 상담 권장.
J.P. Morgan Chase Financial Company LLC propose des notes à 2 ans nommées Uncapped Dual Directional Buffered Return Enhanced Notes liées aux indices Russell 2000 (RTY) et S&P 500 (SPX). Chaque note de 1 000 $ :
- Date de tarification : 31 juil. 2025 | Échéance : 5 août 2027
- Effet de levier à la hausse : au moins 1,19× sur l'indice le moins performant si les deux indices terminent au-dessus de leur niveau initial.
- Protection à la baisse de 10 % : La première baisse de 10 % de l’un des indices est absorbée ; les pertes commencent si l’indice le moins performant chute de plus de 10 %.
- Caractéristique bidirectionnelle : Si l’indice le moins performant baisse ≤10 %, les investisseurs reçoivent un rendement absolu positif (plafonné à 10 %).
- Gain maximal en cas de performance négative de l’indice le moins performant : 1 100 $ par note de 1 000 $ (10 %).
- Valeur estimée à l’émission : ≥900 $ pour 1 000 $, inférieure au prix d’achat.
Scénarios de paiement
- Les deux indices sont positifs : 1 000 $ + (1 000 $ × rendement de l’indice le moins performant × effet de levier).
- Un ou les deux indices entre 0 % et –10 % : 1 000 $ + (1 000 $ × valeur absolue du rendement de l’indice le moins performant), jusqu’à 1 100 $.
- Indice le moins performant < –10 % : le principal est réduit dollar pour dollar au-delà de la protection de 10 %.
Risques clés
- Pas de coupons périodiques, dividendes ou droits de vote.
- Exposé au risque de crédit de JPMorgan Chase Financial Company LLC et de sa société mère garante.
- Liquidité limitée ; J.P. Morgan Securities LLC peut, mais n’est pas tenue de créer un marché secondaire.
- La valeur estimée utilise un taux de financement interne et peut différer des prix du marché secondaire.
- Traitement fiscal incertain ; les investisseurs doivent consulter un conseiller fiscal.
J.P. Morgan Chase Financial Company LLC bietet 2-jährige Uncapped Dual Directional Buffered Return Enhanced Notes an, die an den Russell 2000 Index (RTY) und den S&P 500 Index (SPX) gekoppelt sind. Jede Note im Wert von $1.000:
- Preisfeststellung: 31. Juli 2025 | Fälligkeit: 05. August 2027
- Aufwärtshebel: mindestens 1,19× auf den schwächer performenden Index, wenn beide Indizes über ihrem Anfangsniveau schließen.
- 10% Abwärtspuffer: Der erste 10%-Rückgang eines der Indizes wird absorbiert; Verluste beginnen, wenn der schwächer performende Index mehr als 10% fällt.
- Dual-Richtungsfunktion: Liegt der schwächer performende Index bei ≤10% Verlust, erhalten Anleger eine absolute positive Rendite (maximal 10%).
- Maximaler Gewinn bei negativem schwächerem Index: $1.100 pro $1.000 Note (10%).
- Geschätzter Ausgabewert: ≥$900 pro $1.000, niedriger als der Kaufpreis.
Zahlungsszenarien
- Beide Indizes positiv: $1.000 + ($1.000 × Rendite des schwächer performenden Index × Hebel).
- Ein oder beide Indizes zwischen 0% und –10%: $1.000 + ($1.000 × absoluter Wert der Rendite des schwächer performenden Index), bis zu $1.100.
- Schwächer performender Index < –10%: Kapital wird Dollar für Dollar über den 10%-Puffer hinaus reduziert.
Wesentliche Risiken
- Keine periodischen Kupons, Dividenden oder Stimmrechte.
- Bonitätsrisiko von JPMorgan Chase Financial Company LLC und dessen Muttergesellschaft.
- Begrenzte Liquidität; J.P. Morgan Securities LLC kann, muss aber keinen Sekundärmarkt schaffen.
- Der geschätzte Wert basiert auf einem internen Finanzierungssatz und kann vom Sekundärmarktpreis abweichen.
- Steuerliche Behandlung ist ungewiss; Anleger sollten einen Steuerberater konsultieren.
- 10% downside buffer shields moderate market declines before principal is at risk.
- Upside leverage of at least 1.19× provides amplified gains when both indices appreciate.
- Absolute return feature converts small negative moves (0% to –10%) into positive payouts, offering dual-direction potential.
- Principal loss beyond a 10% drop in either index exposes investors to significant downside.
- No coupons or dividends results in zero interim cash flow and dividend drag versus direct equity ownership.
- Estimated fair value ≥$900 indicates an immediate economic cost of up to 10% at issuance.
- Limited secondary-market liquidity; investors may be forced to hold to maturity or sell at a steep discount.
- Subject to JPMorgan credit risk, adding an additional layer of potential loss unrelated to index performance.
Insights
TL;DR Two-year dual-index note offers 1.19× upside and 10% buffer; loss of principal beyond buffer and limited liquidity temper appeal.
The note appeals to investors seeking short-dated equity exposure with modest downside protection. A 10% buffer cushions moderate market pullbacks, and the leverage factor (≥1.19) amplifies gains when both RTY and SPX rise. However, performance hinges on the lesser-performing index; a single index decline >10% triggers loss of principal despite the other index’s strength. The product offers no income and caps gains at 10% whenever the lesser performer is negative, constraining returns in volatile sideways markets. Credit exposure to JPMorgan Chase is non-trivial over the two-year horizon, and the estimated value (≤90% of face) embeds an immediate economic haircut. Secondary-market liquidity is discretionary and likely at a significant discount, raising hold-to-maturity risk. Overall impact: neutral for JPM shareholders but tactically useful for niche structured-note investors.
TL;DR Product provides buffered equity exposure but risk-adjusted payoff is inferior to plain equity plus options; limited use in diversified portfolios.
From a portfolio construction standpoint, the note combines a 10% put spread with a leveraged call on the weaker index—effectively selling outperformance of the stronger leg. Comparable exposures can be replicated more flexibly via listed options at lower implied funding costs. The capped 10% upside in negative-return cases curtails convexity, while the 1.19× leverage is modest relative to typical call spreads. The lack of distributions diminishes total-return parity versus direct index ownership, particularly as SPX includes dividends (~1.4% yield). Credit and liquidity frictions further erode attractiveness. Consequently, I view the instrument as neutral to mildly negative for most balanced portfolios; situationally appropriate only for investors with precise views on correlated index stability and who can hold to maturity.
J.P. Morgan Chase Financial Company LLC propone note a 2 anni denominate Uncapped Dual Directional Buffered Return Enhanced Notes collegate agli indici Russell 2000 (RTY) e S&P 500 (SPX). Ogni nota da $1.000:
- Data di prezzo: 31 lug 2025 | Scadenza: 05 ago 2027
- Leva al rialzo: almeno 1,19× sull'indice con la performance minore se entrambi gli indici chiudono sopra i livelli iniziali.
- Buffer al ribasso del 10%: il primo calo del 10% di uno degli indici è assorbito; le perdite iniziano se l'indice peggiore scende oltre il 10%.
- Caratteristica a doppia direzione: se l'indice peggiore cala fino al 10%, gli investitori ricevono un rendimento assoluto positivo (massimo 10%).
- Guadagno massimo se l'indice peggiore è negativo: $1.100 per ogni nota da $1.000 (10%).
- Valore stimato all'emissione: ≥$900 per ogni $1.000, inferiore al prezzo di acquisto.
Scenari di pagamento
- Entrambi gli indici positivi: $1.000 + ($1.000 × rendimento dell'indice peggiore × leva).
- Uno o entrambi gli indici tra 0% e –10%: $1.000 + ($1.000 × valore assoluto del rendimento dell'indice peggiore), fino a $1.100.
- Indice peggiore inferiore a –10%: capitale ridotto dollaro per dollaro oltre il buffer del 10%.
Principali rischi
- Nessun coupon periodico, dividendi o diritto di voto.
- Rischio di credito legato a JPMorgan Chase Financial Company LLC e al suo garante principale.
- Liquidità limitata; J.P. Morgan Securities LLC può, ma non è obbligata, a creare un mercato secondario.
- Il valore stimato si basa su un tasso interno di finanziamento e può differire dai prezzi di mercato secondario.
- Trattamento fiscale incerto; si consiglia di consultare un consulente fiscale.
J.P. Morgan Chase Financial Company LLC ofrece notas a 2 años denominadas Uncapped Dual Directional Buffered Return Enhanced Notes vinculadas a los índices Russell 2000 (RTY) y S&P 500 (SPX). Cada nota de $1,000:
- Fecha de precio: 31 jul 2025 | Vencimiento: 05 ago 2027
- Apalancamiento al alza: al menos 1.19× sobre el índice con peor desempeño cuando ambos índices terminan por encima de sus niveles iniciales.
- Protección a la baja del 10%: La primera caída del 10% en cualquiera de los índices es absorbida; las pérdidas comienzan si el índice con peor desempeño cae más del 10%.
- Característica de doble dirección: Si el índice con peor desempeño baja ≤10%, los inversionistas reciben un rendimiento absoluto positivo (máximo 10%).
- Ganancia máxima cuando el índice con peor desempeño es negativo: $1,100 por cada nota de $1,000 (10%).
- Valor estimado en la emisión: ≥$900 por cada $1,000, inferior al precio de compra.
Escenarios de pago
- Ambos índices positivos: $1,000 + ($1,000 × rendimiento del índice con peor desempeño × apalancamiento).
- Uno o ambos índices entre 0% y –10%: $1,000 + ($1,000 × valor absoluto del rendimiento del índice con peor desempeño), hasta $1,100.
- Índice con peor desempeño < –10%: principal reducido dólar por dólar más allá del buffer del 10%.
Riesgos clave
- No hay cupones periódicos, dividendos ni derechos de voto.
- Sujeto al riesgo crediticio de JPMorgan Chase Financial Company LLC y su garante principal.
- Liquidez limitada; J.P. Morgan Securities LLC puede, pero no está obligada, a crear un mercado secundario.
- El valor estimado usa una tasa interna de financiamiento y puede variar del precio en el mercado secundario.
- El tratamiento fiscal es incierto; se recomienda consultar a un asesor fiscal.
J.P. Morgan Chase Financial Company LLC는 Russell 2000 지수(RTY)와 S&P 500 지수(SPX)에 연계된 2년 만기 무한 상향 듀얼 방향 버퍼 수익률 향상 노트를 제공합니다. 각 $1,000 노트:
- 가격 결정일: 2025년 7월 31일 | 만기일: 2027년 8월 5일
- 상승 레버리지: 두 지수가 모두 초기 수준 이상으로 마감할 경우 성적이 낮은 지수에 대해 최소 1.19배.
- 10% 하락 버퍼: 어느 한 지수가 처음 10% 하락은 흡수; 성적이 낮은 지수가 10% 이상 하락 시 손실 시작.
- 듀얼 방향 기능: 성적이 낮은 지수가 최대 10% 하락 시 투자자는 절대적으로 양의 수익(최대 10%)을 받음.
- 성적이 낮은 지수가 마이너스일 때 최대 이익: $1,000 노트당 $1,100 (10%).
- 발행 시 예상 가치: $1,000당 ≥$900, 구매 가격보다 낮음.
지급 시나리오
- 두 지수 모두 양호: $1,000 + ($1,000 × 성적이 낮은 지수 수익률 × 레버리지).
- 한 지수 또는 두 지수 모두 0%에서 –10% 사이: $1,000 + ($1,000 × 성적이 낮은 지수 수익률 절대값), 최대 $1,100.
- 성적이 낮은 지수 < –10%: 10% 버퍼를 초과하는 금액만큼 원금이 달러 단위로 감소.
주요 위험
- 정기 쿠폰, 배당금 또는 의결권 없음.
- JPMorgan Chase Financial Company LLC 및 모회사 보증인의 신용 위험에 노출됨.
- 유동성 제한; J.P. Morgan Securities LLC는 2차 시장을 조성할 수 있으나 의무는 아님.
- 예상 가치는 내부 자금 조달 금리를 사용하며 2차 시장 가격과 다를 수 있음.
- 세금 처리 불확실; 투자자는 세무 전문가와 상담 권장.
J.P. Morgan Chase Financial Company LLC propose des notes à 2 ans nommées Uncapped Dual Directional Buffered Return Enhanced Notes liées aux indices Russell 2000 (RTY) et S&P 500 (SPX). Chaque note de 1 000 $ :
- Date de tarification : 31 juil. 2025 | Échéance : 5 août 2027
- Effet de levier à la hausse : au moins 1,19× sur l'indice le moins performant si les deux indices terminent au-dessus de leur niveau initial.
- Protection à la baisse de 10 % : La première baisse de 10 % de l’un des indices est absorbée ; les pertes commencent si l’indice le moins performant chute de plus de 10 %.
- Caractéristique bidirectionnelle : Si l’indice le moins performant baisse ≤10 %, les investisseurs reçoivent un rendement absolu positif (plafonné à 10 %).
- Gain maximal en cas de performance négative de l’indice le moins performant : 1 100 $ par note de 1 000 $ (10 %).
- Valeur estimée à l’émission : ≥900 $ pour 1 000 $, inférieure au prix d’achat.
Scénarios de paiement
- Les deux indices sont positifs : 1 000 $ + (1 000 $ × rendement de l’indice le moins performant × effet de levier).
- Un ou les deux indices entre 0 % et –10 % : 1 000 $ + (1 000 $ × valeur absolue du rendement de l’indice le moins performant), jusqu’à 1 100 $.
- Indice le moins performant < –10 % : le principal est réduit dollar pour dollar au-delà de la protection de 10 %.
Risques clés
- Pas de coupons périodiques, dividendes ou droits de vote.
- Exposé au risque de crédit de JPMorgan Chase Financial Company LLC et de sa société mère garante.
- Liquidité limitée ; J.P. Morgan Securities LLC peut, mais n’est pas tenue de créer un marché secondaire.
- La valeur estimée utilise un taux de financement interne et peut différer des prix du marché secondaire.
- Traitement fiscal incertain ; les investisseurs doivent consulter un conseiller fiscal.
J.P. Morgan Chase Financial Company LLC bietet 2-jährige Uncapped Dual Directional Buffered Return Enhanced Notes an, die an den Russell 2000 Index (RTY) und den S&P 500 Index (SPX) gekoppelt sind. Jede Note im Wert von $1.000:
- Preisfeststellung: 31. Juli 2025 | Fälligkeit: 05. August 2027
- Aufwärtshebel: mindestens 1,19× auf den schwächer performenden Index, wenn beide Indizes über ihrem Anfangsniveau schließen.
- 10% Abwärtspuffer: Der erste 10%-Rückgang eines der Indizes wird absorbiert; Verluste beginnen, wenn der schwächer performende Index mehr als 10% fällt.
- Dual-Richtungsfunktion: Liegt der schwächer performende Index bei ≤10% Verlust, erhalten Anleger eine absolute positive Rendite (maximal 10%).
- Maximaler Gewinn bei negativem schwächerem Index: $1.100 pro $1.000 Note (10%).
- Geschätzter Ausgabewert: ≥$900 pro $1.000, niedriger als der Kaufpreis.
Zahlungsszenarien
- Beide Indizes positiv: $1.000 + ($1.000 × Rendite des schwächer performenden Index × Hebel).
- Ein oder beide Indizes zwischen 0% und –10%: $1.000 + ($1.000 × absoluter Wert der Rendite des schwächer performenden Index), bis zu $1.100.
- Schwächer performender Index < –10%: Kapital wird Dollar für Dollar über den 10%-Puffer hinaus reduziert.
Wesentliche Risiken
- Keine periodischen Kupons, Dividenden oder Stimmrechte.
- Bonitätsrisiko von JPMorgan Chase Financial Company LLC und dessen Muttergesellschaft.
- Begrenzte Liquidität; J.P. Morgan Securities LLC kann, muss aber keinen Sekundärmarkt schaffen.
- Der geschätzte Wert basiert auf einem internen Finanzierungssatz und kann vom Sekundärmarktpreis abweichen.
- Steuerliche Behandlung ist ungewiss; Anleger sollten einen Steuerberater konsultieren.
North America Structured Investments 2yr RTY/SPX Uncapped Dual Directional Buffered Return Enhanced Notes The following is a summary of the terms of the notes offered by the preliminary pricing supplement highlighted below. Summary of Terms Issuer: Guarantor: Minimum Denomination: Underlyings: Pricing Date: Observation Date: Maturity Date: Upside Leverage Factor: Buffer Amount: Payment At Maturity: JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 Russell 2000 ® Index and S&P 500 ® Index July 31, 2025 August 2, 2027 August 5, 2027 At least 1.19* 10.00% If the Final Value of each Underlying is greater than its Initial Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Lesser Performing Underlying Return î Upside Leverage Factor) If (i) the Final Value of one Underlying is greater than its Initial Value and the Final Value of the other Underlying is equal to its Initial Value or is less than its Initial Value by up to the Buffer Amount or (ii) the Final Value of each Underlying is equal to its Initial Value or is less than its Initial Value by up to the Buffer Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Absolute Underlying Return of the Lesser Performing Underlying) This payout formula results in an effective cap of 10.00% on your return at maturity if the Lesser Performing Underlying Return is negative. Under these limited circumstances, your maximum payment at maturity is $1,100.00 per $1,000 principal amount note. If the Final Value of either Underlying is less than its Initial Value by more than the Buffer Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + [$1,000 x (Lesser Performing Underlying Return + Buffer Amount)] If the Final Value of either Underlying is less than its Initial Value by more than the Buffer Amount, you will lose some or most of your principal amount at maturity. 48136FGC0 CUSIP: Preliminary Pricing Supplement: http://sp.jpmorgan.com/document/cusip/48136FGC0/doctype/Product_Termsheet/document.pdf Estimated Value : The estimated value of the notes, when the terms of the notes are set, will not be less than $900.00 per $1,000 principal amount note. For information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, see the hyperlink above. * The actual Upside Leverage Factor will be provided in the pricing supplement and will not be less than 1.19 ** Reflects Upside Leverage Factor equal to the minimum set forth herein, for illustrative purposes. Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. - The "total return" as used above is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000. - The hypothetical returns on the Notes shown above apply only at maturity. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns shown above would likely be lower. Hypothetical Returns on the Notes at Maturity** Lesser Performing Underlying Performance Note Payoff at Maturity Payment at Maturity Lesser Performing Underlying Return Total Return on the Notes Absolute Underlying Return Lesser Performing Underlying Return 77.35% N/A 65.00% 59.50% N/A 50.00% 35.70% N/A 30.00% 23.80% N/A 20.00% 11.90% N/A 10.00% 5.95% N/A 5.00% 0.00% 0.00% 0.00% 5.00% 5.00% - 5.00% 10.00% 10.00% - 10.00% - 20.00% N/A - 30.00% - 30.00% N/A - 40.00% - 50.00% N/A - 60.00% - 70.00% N/A - 80.00% - 90.00% N/A - 100.00% J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
North America Structured Investments 2yr RTY/SPX Uncapped Dual Directional Buffered Return Enhanced Notes Ɣ Your investment in the notes may result in a loss. The notes do not guarantee any return of principal. Your maximum gain on the notes is limited by the Buffer Amount if the Lesser Performing Underlying Return is negative. Your payment at maturity will be determined by the Lesser Performing Underlying. You are exposed to the risk of decline in the value of each Underlying. Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan Chase & Co. No interest payments, dividend payments or voting rights. JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index. The notes are subject to the risks associated with small capitalization stocks. As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. Selected Risks Selected Risks (continued) Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ The estimated value of the notes will be lower than the original issue price (price to public) of the notes. The estimated value of the notes is determined by reference to an internal funding rate. The estimated value of the notes does not represent future values and may differ from others’ estimates. The value of the notes, which may be reflected in customer account statements, may be higher than the then current estimated value of the notes for a limited time period. Lack of liquidity : J . P . Morgan Securities LLC (who we refer to as JPMS), intends to offer to purchase the notes in the secondary market but is not required to do so . The price, if any, at which JPMS will be willing to purchase notes from you in the secondary market, if at all, may result in a significant loss of your principal . Potential conflicts: We and our affiliates play a variety of roles in connection with the issuance of notes, including acting as calculation agent and hedging our obligations under the notes, and making the assumptions used to determine the pricing of the notes and the estimated value of the notes when the terms of the notes are set. It is possible that such hedging or other trading activities of J.P. Morgan or its affiliates could result in substantial returns for J.P. Morgan and its affiliates while the value of the notes declines. The tax consequences of the notes may be uncertain. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes. Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable product supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the applicable preliminary pricing supplement for additional information. Additional Information 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. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax - related penalties. Investment suitability must be determined individually for each investor, and the financial instruments described herein may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisers as to these matters. This material is not a product of J.P. Morgan Research Departments. Free Writing Prospectus Filed Pursuant to Rule 433, Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
FAQ
What indices underlie the JPM RTY/SPX Dual Directional Buffered Notes?
How much downside protection do the notes offer?
What is the maximum upside on the notes?
Do the notes pay interest or dividends during the 2-year term?
When do the notes mature and what is the minimum denomination?
What credit risks are associated with these notes?
