[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., plans to issue $1,000-denominated Market Linked Securities linked to the Class A common stock of Reddit, Inc. (RDDT) that mature on July 1, 2026.
The notes pay a contingent monthly coupon of at least 30.70% per annum whenever the Reddit stock closing price on the relevant calculation day is at or above the 65% threshold. Missed coupons are not lost: thanks to a memory feature they are paid on the next observation date that satisfies the threshold.
Beginning December 2025 the notes can be automatically called on any monthly calculation day that RDDT closes at or above the starting price; investors then receive par plus the final (and any accrued) coupon, ending the trade early.
If the notes are not called, principal is protected only when the final stock price is at least 65% of the starting price. Otherwise investors are fully exposed to downside, losing more than 35% – up to their entire investment.
The estimated initial value is roughly $961.30 per note (96.1% of par) and will not be less than $930.00, reflecting underwriting fees of up to 1.575% and JPMS’s internal funding rate. The securities are senior unsecured obligations subject to JPMorgan’s credit risk, lack secondary market liquidity and do not provide dividends or voting rights in Reddit shares. Detailed tax, valuation and risk disclosures appear in the accompanying preliminary pricing supplement.
JPMorgan Chase Financial Company LLC, garantita integralmente da JPMorgan Chase & Co., prevede di emettere titoli Market Linked denominati $1.000, collegati alle azioni ordinarie di classe A di Reddit, Inc. (RDDT), con scadenza il 1° luglio 2026.
I titoli pagano un coupon mensile condizionato di almeno il 30,70% annuo ogni volta che il prezzo di chiusura delle azioni Reddit nel giorno di calcolo rilevante è pari o superiore alla soglia del 65%. I coupon non pagati non vanno persi: grazie a una funzione di memoria, vengono corrisposti nella successiva data di osservazione che soddisfa la soglia.
A partire da dicembre 2025, i titoli possono essere richiamati automaticamente in qualsiasi giorno di calcolo mensile in cui RDDT chiuda al prezzo di partenza o superiore; gli investitori ricevono quindi il valore nominale più il coupon finale (e eventuali coupon maturati), con la chiusura anticipata dell’operazione.
Se i titoli non vengono richiamati, il capitale è protetto solo se il prezzo finale dell’azione è almeno il 65% del prezzo iniziale. In caso contrario, gli investitori sono esposti a perdite che possono superare il 35%, fino a perdere l’intero investimento.
Il valore iniziale stimato è di circa $961,30 per titolo (96,1% del valore nominale) e non sarà inferiore a $930,00, riflettendo commissioni di sottoscrizione fino all’1,575% e il tasso interno di finanziamento di JPMS. I titoli sono obbligazioni senior non garantite soggette al rischio di credito di JPMorgan, non hanno liquidità sul mercato secondario e non danno diritto a dividendi o voti nelle azioni Reddit. Informazioni dettagliate su tasse, valutazione e rischi sono disponibili nel supplemento preliminare di prezzo allegato.
JPMorgan Chase Financial Company LLC, totalmente garantizada por JPMorgan Chase & Co., planea emitir valores Market Linked denominados en $1,000, vinculados a las acciones ordinarias Clase A de Reddit, Inc. (RDDT), que vencen el 1 de julio de 2026.
Los bonos pagan un cupón mensual contingente de al menos 30.70% anual siempre que el precio de cierre de las acciones de Reddit en el día de cálculo relevante esté en o por encima del umbral del 65%. Los cupones no pagados no se pierden: gracias a una función de memoria, se pagan en la siguiente fecha de observación que cumpla con el umbral.
A partir de diciembre de 2025, los bonos pueden ser llamados automáticamente en cualquier día de cálculo mensual en que RDDT cierre al precio inicial o superior; los inversores reciben entonces el valor nominal más el cupón final (y cualquier cupón acumulado), terminando la operación anticipadamente.
Si los bonos no son llamados, el principal está protegido solo cuando el precio final de la acción es al menos el 65% del precio inicial. De lo contrario, los inversores están completamente expuestos a pérdidas, perdiendo más del 35%, hasta la totalidad de su inversión.
El valor inicial estimado es aproximadamente $961.30 por bono (96.1% del valor nominal) y no será inferior a $930.00, reflejando comisiones de suscripción de hasta 1.575% y la tasa interna de financiamiento de JPMS. Los valores son obligaciones senior no garantizadas sujetas al riesgo crediticio de JPMorgan, carecen de liquidez en el mercado secundario y no otorgan dividendos ni derechos de voto en las acciones de Reddit. Las divulgaciones detalladas sobre impuestos, valoración y riesgos aparecen en el suplemento preliminar de precios adjunto.
JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.가 전액 보증하며, 2026년 7월 1일 만기인 Reddit, Inc.(RDDT)의 클래스 A 보통주와 연계된 $1,000 단위 시장 연계 증권을 발행할 계획입니다.
이 노트는 관련 계산일에 Reddit 주식 종가가 65% 기준선 이상일 경우 최소 연 30.70%의 조건부 월별 쿠폰을 지급합니다. 미지급 쿠폰은 소멸되지 않고, 기억 기능 덕분에 기준선을 충족하는 다음 관찰일에 지급됩니다.
2025년 12월부터는 RDDT가 시작 가격 이상으로 마감하는 월별 계산일에 자동 조기 상환될 수 있으며, 투자자는 원금과 최종(및 누적) 쿠폰을 받으며 조기 거래 종료됩니다.
노트가 상환되지 않을 경우, 만기 시 주가가 시작 가격의 최소 65% 이상일 때만 원금이 보호됩니다. 그렇지 않으면 투자자는 최대 전액 손실까지 35% 이상 하락 위험에 전적으로 노출됩니다.
초기 예상 가치는 약 노트당 $961.30(액면가의 96.1%)이며, $930.00 이하로는 떨어지지 않으며, 최대 1.575%의 인수 수수료와 JPMS 내부 자금 조달 금리가 반영되어 있습니다. 이 증권은 JPMorgan의 신용 위험에 노출된 무담보 선순위 채무이며, 이차 시장 유동성이 없고 Reddit 주식에 대한 배당금이나 의결권을 제공하지 않습니다. 세금, 평가 및 위험에 관한 자세한 공시는 첨부된 예비 가격 보충서에서 확인할 수 있습니다.
JPMorgan Chase Financial Company LLC, entièrement garantie par JPMorgan Chase & Co., prévoit d’émettre des titres Market Linked d’une valeur nominale de 1 000 $ liés aux actions ordinaires de classe A de Reddit, Inc. (RDDT), arrivant à échéance le 1er juillet 2026.
Les notes versent un coupon mensuel conditionnel d’au moins 30,70% par an chaque fois que le cours de clôture de l’action Reddit, à la date de calcul pertinente, est égal ou supérieur au seuil de 65%. Les coupons non versés ne sont pas perdus : grâce à une fonction mémoire, ils sont payés à la prochaine date d’observation satisfaisant le seuil.
À partir de décembre 2025, les notes peuvent être appelées automatiquement à toute date de calcul mensuelle où RDDT clôture au prix de départ ou au-dessus ; les investisseurs reçoivent alors le pair plus le coupon final (et tout coupon accumulé), mettant fin prématurément à l’opération.
Si les notes ne sont pas appelées, le principal est protégé uniquement si le prix final de l’action est au moins égal à 65% du prix de départ. Sinon, les investisseurs sont exposés à une perte pouvant dépasser 35%, jusqu’à la totalité de leur investissement.
La valeur initiale estimée est d’environ 961,30 $ par note (96,1% du pair) et ne sera pas inférieure à 930,00 $, reflétant des frais de souscription allant jusqu’à 1,575% et le taux de financement interne de JPMS. Les titres sont des obligations non garanties senior soumises au risque de crédit de JPMorgan, ne disposent pas de liquidité sur le marché secondaire et n’octroient ni dividendes ni droits de vote sur les actions Reddit. Des informations détaillées sur la fiscalité, l’évaluation et les risques figurent dans le supplément préliminaire de prix joint.
JPMorgan Chase Financial Company LLC, vollständig garantiert von JPMorgan Chase & Co., plant die Emission von Market Linked Securities mit einem Nennwert von 1.000 USD, die an die Stammaktien der Klasse A von Reddit, Inc. (RDDT) gekoppelt sind und am 1. Juli 2026 fällig werden.
Die Schuldverschreibungen zahlen einen bedingten monatlichen Kupon von mindestens 30,70% p.a., sofern der Schlusskurs der Reddit-Aktie am jeweiligen Berechnungstag auf oder über der 65%-Schwelle liegt. Verpasste Kupons gehen nicht verloren: Dank einer Memory-Funktion werden sie am nächsten Beobachtungstag ausgezahlt, der die Schwelle erfüllt.
Ab Dezember 2025 können die Schuldverschreibungen an jedem monatlichen Berechnungstag, an dem RDDT zum Startpreis oder höher schließt, automatisch zurückgerufen werden; Anleger erhalten dann den Nennwert plus den letzten (und etwaige aufgelaufene) Kupon und beenden das Investment vorzeitig.
Werden die Schuldverschreibungen nicht zurückgerufen, ist das Kapital nur geschützt, wenn der Endkurs der Aktie mindestens 65% des Startpreises beträgt. Andernfalls sind Anleger dem Abwärtsrisiko voll ausgesetzt und können mehr als 35% verlieren – bis hin zum Totalverlust ihrer Investition.
Der geschätzte Anfangswert liegt bei etwa 961,30 USD pro Note (96,1% des Nennwerts) und wird nicht unter 930,00 USD fallen, was Zeichnungsgebühren von bis zu 1,575% und den internen Finanzierungssatz von JPMS berücksichtigt. Die Wertpapiere sind unbesicherte Seniorverbindlichkeiten, die dem Kreditrisiko von JPMorgan unterliegen, verfügen über keine Liquidität am Sekundärmarkt und gewähren keine Dividenden oder Stimmrechte an Reddit-Aktien. Detaillierte steuerliche, Bewertungs- und Risikoangaben finden sich im beigefügten vorläufigen Preiszusatz.
- High contingent coupon of at least 30.70% per annum, enhanced by a coupon-memory feature.
- Monthly auto-call starting December 2025 can return principal early while locking in accrued income.
- 65% downside barrier offers conditional protection if Reddit shares decline less than 35% by maturity.
- Principal at risk: investors lose 1-for-1 below the 65% barrier, up to full investment loss.
- Upside capped: no participation in Reddit share appreciation beyond coupon payments.
- Estimated value discount: preliminary value of $961.30 implies a ~3.9% mark-up plus fees of up to 1.575%.
- Credit exposure: payments depend on JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.
- Liquidity risk: secondary market likely limited; exit prices may be materially below theoretical value.
- Single-stock concentration: performance tied solely to Reddit, a company with limited trading history.
- Tax uncertainty: U.S. federal tax consequences are unsettled and may be adverse to holders.
Insights
TL;DR 30.7% coupon and memory feature tempt yield hunters; upside capped, 65% barrier still leaves material tail risk.
The note offers a headline yield well above prevailing rates, with monthly observations that improve the chance of earning coupons. The memory feature further enhances cash-flow visibility, and an auto-call from December 2025 could shorten duration if Reddit shares perform. However, investors forfeit all price appreciation above coupon payouts and face a full equity downside below the barrier. An initial value of 96.1% and selling concession of up to 1.575% embed negative carry before trading begins. Liquidity is dealer-driven and may be costly. Strategically, the issuance is routine for JPMorgan and immaterial to its balance sheet; the relevance is primarily to retail buyers seeking yield with controlled maturity.
TL;DR Single-stock exposure, one-time barrier test and JPM credit risk create asymmetric downside versus capped upside.
The 65% threshold is observed only at maturity, eliminating interim protection. Reddit is a relatively new listing with limited price history and potential post-lock-up volatility. Should the stock breach the barrier, investors experience dollar-for-dollar losses, potentially 100% of principal. Credit deterioration at JPMorgan would directly impair recovery given the notes’ unsecured status. The estimated value discount signals day-one mark-to-market losses, and thin secondary liquidity magnifies exit costs. Tax treatment remains uncertain, compounding risk. From a portfolio standpoint, the product carries high tail risk disproportionate to its headline yield.
JPMorgan Chase Financial Company LLC, garantita integralmente da JPMorgan Chase & Co., prevede di emettere titoli Market Linked denominati $1.000, collegati alle azioni ordinarie di classe A di Reddit, Inc. (RDDT), con scadenza il 1° luglio 2026.
I titoli pagano un coupon mensile condizionato di almeno il 30,70% annuo ogni volta che il prezzo di chiusura delle azioni Reddit nel giorno di calcolo rilevante è pari o superiore alla soglia del 65%. I coupon non pagati non vanno persi: grazie a una funzione di memoria, vengono corrisposti nella successiva data di osservazione che soddisfa la soglia.
A partire da dicembre 2025, i titoli possono essere richiamati automaticamente in qualsiasi giorno di calcolo mensile in cui RDDT chiuda al prezzo di partenza o superiore; gli investitori ricevono quindi il valore nominale più il coupon finale (e eventuali coupon maturati), con la chiusura anticipata dell’operazione.
Se i titoli non vengono richiamati, il capitale è protetto solo se il prezzo finale dell’azione è almeno il 65% del prezzo iniziale. In caso contrario, gli investitori sono esposti a perdite che possono superare il 35%, fino a perdere l’intero investimento.
Il valore iniziale stimato è di circa $961,30 per titolo (96,1% del valore nominale) e non sarà inferiore a $930,00, riflettendo commissioni di sottoscrizione fino all’1,575% e il tasso interno di finanziamento di JPMS. I titoli sono obbligazioni senior non garantite soggette al rischio di credito di JPMorgan, non hanno liquidità sul mercato secondario e non danno diritto a dividendi o voti nelle azioni Reddit. Informazioni dettagliate su tasse, valutazione e rischi sono disponibili nel supplemento preliminare di prezzo allegato.
JPMorgan Chase Financial Company LLC, totalmente garantizada por JPMorgan Chase & Co., planea emitir valores Market Linked denominados en $1,000, vinculados a las acciones ordinarias Clase A de Reddit, Inc. (RDDT), que vencen el 1 de julio de 2026.
Los bonos pagan un cupón mensual contingente de al menos 30.70% anual siempre que el precio de cierre de las acciones de Reddit en el día de cálculo relevante esté en o por encima del umbral del 65%. Los cupones no pagados no se pierden: gracias a una función de memoria, se pagan en la siguiente fecha de observación que cumpla con el umbral.
A partir de diciembre de 2025, los bonos pueden ser llamados automáticamente en cualquier día de cálculo mensual en que RDDT cierre al precio inicial o superior; los inversores reciben entonces el valor nominal más el cupón final (y cualquier cupón acumulado), terminando la operación anticipadamente.
Si los bonos no son llamados, el principal está protegido solo cuando el precio final de la acción es al menos el 65% del precio inicial. De lo contrario, los inversores están completamente expuestos a pérdidas, perdiendo más del 35%, hasta la totalidad de su inversión.
El valor inicial estimado es aproximadamente $961.30 por bono (96.1% del valor nominal) y no será inferior a $930.00, reflejando comisiones de suscripción de hasta 1.575% y la tasa interna de financiamiento de JPMS. Los valores son obligaciones senior no garantizadas sujetas al riesgo crediticio de JPMorgan, carecen de liquidez en el mercado secundario y no otorgan dividendos ni derechos de voto en las acciones de Reddit. Las divulgaciones detalladas sobre impuestos, valoración y riesgos aparecen en el suplemento preliminar de precios adjunto.
JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.가 전액 보증하며, 2026년 7월 1일 만기인 Reddit, Inc.(RDDT)의 클래스 A 보통주와 연계된 $1,000 단위 시장 연계 증권을 발행할 계획입니다.
이 노트는 관련 계산일에 Reddit 주식 종가가 65% 기준선 이상일 경우 최소 연 30.70%의 조건부 월별 쿠폰을 지급합니다. 미지급 쿠폰은 소멸되지 않고, 기억 기능 덕분에 기준선을 충족하는 다음 관찰일에 지급됩니다.
2025년 12월부터는 RDDT가 시작 가격 이상으로 마감하는 월별 계산일에 자동 조기 상환될 수 있으며, 투자자는 원금과 최종(및 누적) 쿠폰을 받으며 조기 거래 종료됩니다.
노트가 상환되지 않을 경우, 만기 시 주가가 시작 가격의 최소 65% 이상일 때만 원금이 보호됩니다. 그렇지 않으면 투자자는 최대 전액 손실까지 35% 이상 하락 위험에 전적으로 노출됩니다.
초기 예상 가치는 약 노트당 $961.30(액면가의 96.1%)이며, $930.00 이하로는 떨어지지 않으며, 최대 1.575%의 인수 수수료와 JPMS 내부 자금 조달 금리가 반영되어 있습니다. 이 증권은 JPMorgan의 신용 위험에 노출된 무담보 선순위 채무이며, 이차 시장 유동성이 없고 Reddit 주식에 대한 배당금이나 의결권을 제공하지 않습니다. 세금, 평가 및 위험에 관한 자세한 공시는 첨부된 예비 가격 보충서에서 확인할 수 있습니다.
JPMorgan Chase Financial Company LLC, entièrement garantie par JPMorgan Chase & Co., prévoit d’émettre des titres Market Linked d’une valeur nominale de 1 000 $ liés aux actions ordinaires de classe A de Reddit, Inc. (RDDT), arrivant à échéance le 1er juillet 2026.
Les notes versent un coupon mensuel conditionnel d’au moins 30,70% par an chaque fois que le cours de clôture de l’action Reddit, à la date de calcul pertinente, est égal ou supérieur au seuil de 65%. Les coupons non versés ne sont pas perdus : grâce à une fonction mémoire, ils sont payés à la prochaine date d’observation satisfaisant le seuil.
À partir de décembre 2025, les notes peuvent être appelées automatiquement à toute date de calcul mensuelle où RDDT clôture au prix de départ ou au-dessus ; les investisseurs reçoivent alors le pair plus le coupon final (et tout coupon accumulé), mettant fin prématurément à l’opération.
Si les notes ne sont pas appelées, le principal est protégé uniquement si le prix final de l’action est au moins égal à 65% du prix de départ. Sinon, les investisseurs sont exposés à une perte pouvant dépasser 35%, jusqu’à la totalité de leur investissement.
La valeur initiale estimée est d’environ 961,30 $ par note (96,1% du pair) et ne sera pas inférieure à 930,00 $, reflétant des frais de souscription allant jusqu’à 1,575% et le taux de financement interne de JPMS. Les titres sont des obligations non garanties senior soumises au risque de crédit de JPMorgan, ne disposent pas de liquidité sur le marché secondaire et n’octroient ni dividendes ni droits de vote sur les actions Reddit. Des informations détaillées sur la fiscalité, l’évaluation et les risques figurent dans le supplément préliminaire de prix joint.
JPMorgan Chase Financial Company LLC, vollständig garantiert von JPMorgan Chase & Co., plant die Emission von Market Linked Securities mit einem Nennwert von 1.000 USD, die an die Stammaktien der Klasse A von Reddit, Inc. (RDDT) gekoppelt sind und am 1. Juli 2026 fällig werden.
Die Schuldverschreibungen zahlen einen bedingten monatlichen Kupon von mindestens 30,70% p.a., sofern der Schlusskurs der Reddit-Aktie am jeweiligen Berechnungstag auf oder über der 65%-Schwelle liegt. Verpasste Kupons gehen nicht verloren: Dank einer Memory-Funktion werden sie am nächsten Beobachtungstag ausgezahlt, der die Schwelle erfüllt.
Ab Dezember 2025 können die Schuldverschreibungen an jedem monatlichen Berechnungstag, an dem RDDT zum Startpreis oder höher schließt, automatisch zurückgerufen werden; Anleger erhalten dann den Nennwert plus den letzten (und etwaige aufgelaufene) Kupon und beenden das Investment vorzeitig.
Werden die Schuldverschreibungen nicht zurückgerufen, ist das Kapital nur geschützt, wenn der Endkurs der Aktie mindestens 65% des Startpreises beträgt. Andernfalls sind Anleger dem Abwärtsrisiko voll ausgesetzt und können mehr als 35% verlieren – bis hin zum Totalverlust ihrer Investition.
Der geschätzte Anfangswert liegt bei etwa 961,30 USD pro Note (96,1% des Nennwerts) und wird nicht unter 930,00 USD fallen, was Zeichnungsgebühren von bis zu 1,575% und den internen Finanzierungssatz von JPMS berücksichtigt. Die Wertpapiere sind unbesicherte Seniorverbindlichkeiten, die dem Kreditrisiko von JPMorgan unterliegen, verfügen über keine Liquidität am Sekundärmarkt und gewähren keine Dividenden oder Stimmrechte an Reddit-Aktien. Detaillierte steuerliche, Bewertungs- und Risikoangaben finden sich im beigefügten vorläufigen Preiszusatz.
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JPMorgan Chase Financial Company LLC Fully and Unconditionally Guaranteed by JPMorgan Chase & Co. Market Linked Securities |
Filed Pursuant to Rule 433 Registration Statement Nos. 333-270004 and 333-270004-01
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Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside Principal at Risk Securities Linked to the Class A Common Stock of Reddit, Inc. due July 1, 2026 Fact Sheet dated June 25, 2025 to Preliminary Pricing Supplement dated June 25, 2025 |
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Summary of Terms
| Issuer: | JPMorgan Chase Financial Company LLC |
| Guarantor: | JPMorgan Chase & C0. |
| Underlying Stock: | The Class A common stock of Reddit, Inc. (Bloomberg ticker: RDDT) (the “Underlying Stock”) |
| Pricing Date1: | June 26, 2025 |
| Issue Date1: | July 1, 2025 |
| Stated Maturity Date1, 2: | July 1, 2026 |
| Principal Amount: | $1,000 per security (100% of par) |
| Contingent Coupon Payment: | On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the stock closing price of the Underlying Stock on the related calculation day is greater than or equal to the threshold price. In addition, if the stock closing price of the Underlying Stock on one or more calculation days is less than the threshold price and, on a subsequent calculation day, the stock closing price of the Underlying Stock is greater than or equal to the threshold price, on the contingent coupon payment date related to that subsequent calculation day, you will receive the contingent coupon payment due for that subsequent calculation day plus all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). Each “contingent coupon payment,” if any, will be calculated per security as follows: ($1,000 × contingent coupon rate) / 12 |
| Contingent Coupon Payment Dates1, 2: | Monthly, on the third business day following each calculation day, provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date |
| Contingent Coupon Rate: | At least 30.70% per annum (to be provided in the pricing supplement) |
| Automatic Call: | If the stock closing price of the Underlying Stock on any of the calculation days from December 2025 to May 2026, inclusive, is greater than or equal to the starting price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the principal amount per security plus a final contingent coupon payment and any previously unpaid contingent coupon payments. |
| Calculation Days1, 2: | Monthly, on the 26th day of each month, commencing July 2025 and ending June 2026. We refer to June 26, 2026 as the “final calculation day.” |
| Call Settlement Date1, 2: | Three business days after the applicable calculation day |
| Maturity Payment Amount (per security): | If the securities are not automatically called: · If the ending price is greater than or equal to the threshold price: $1,000; or · If the ending price is less than the threshold price: $1,000 + ($1,000 × stock return) |
| Starting Price: | The stock closing price of the Underlying Stock on the pricing date |
| Ending Price: | The stock closing price of the Underlying Stock on the final calculation day |
Summary of Terms (continued)
| Stock Return: | (ending price – starting price) / starting price |
| Threshold Price: | 65% of the starting price |
| Calculation Agent: | J.P. Morgan Securities LLC (“JPMS”) |
| Denominations: | $1,000 and any integral multiple of $1,000 |
| CUSIP: | 48136E5Z4 |
| Fees and Commissions: | Up to 1.575% for Wells Fargo Securities, LLC (“WFS”); WFS has advised us that dealers, including Wells Fargo Advisors (“WFA”), may receive 1.00% of WFS’s fee, and WFA may also receive a distribution expense fee of 0.075%. In addition, with respect of certain securities sold in this offering, JPMS may pay a fee of up to 0.20% to selected dealers in consideration for marketing and other services in connection with the distribution of the securities to other dealers. |
| Tax Considerations: | See the preliminary pricing supplement. |
1 Subject to change 2 Subject to postponement | |
Hypothetical Payout Profile (Maturity Payment Amount)
If the securities are not automatically called prior to maturity and the ending price is less than the threshold price, you will lose more than 35%, and possibly all, of the principal amount of your securities at maturity.
Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of the Underlying Stock, but you will have full downside exposure to the Underlying Stock on the final calculation day if the ending price is less than the threshold price.
The securities are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. 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.
If the securities priced on the date of the accompanying preliminary pricing supplement, the estimated value of the securities would be approximately $961.30 per security. The estimated value of the securities, when the terms of the securities are set, will be provided in the pricing supplement and will not be less than $930.00 per security. See “The Estimated Value of the Securities” in the preliminary pricing supplement for additional information.
Preliminary Pricing Supplement: http://www.sec.gov/Archives/edgar/data/19617/000121390025057550/ea0246921-01_424b2.htm
The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Risk Factors” in the accompanying prospectus supplement and the accompanying product supplement, Annex A to the accompanying prospectus addendum and “Selected Risk Considerations” in the accompanying preliminary pricing supplement.
The securities are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
THIS FACT SHEET DOES NOT PROVIDE ALL OF THE INFORMATION THAT AN INVESTOR SHOULD CONSIDER PRIOR TO MAKING AN INVESTMENT DECISION. This fact sheet should be read in conjunction with the accompanying preliminary pricing supplement, prospectus, prospectus supplement, prospectus addendum and product supplement.
Selected Risk Considerations
The risks set forth below are discussed in detail in the “Selected Risk Considerations” section in the accompanying preliminary pricing supplement, the “Risk Factors” sections in the accompanying prospectus supplement and product supplement and Annex A to the accompanying prospectus addendum. Please review the risk disclosure carefully.
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· If the Securities Are Not Automatically Called and the Ending Price Is Less Than the Threshold Price, You Will Lose More Than 35%, and Possibly All, of the Principal Amount of Your Securities at Maturity. · The Securities Do Not Guarantee the Payment of Interest and May Not Pay Any Interest at All. · The Potential Return on the Securities Is Limited to the Sum of Any Contingent Coupon Payments and You Will Not Participate in Any Appreciation of the Underlying Stock. · You Will Be Subject to Reinvestment Risk. · The Securities Are Subject to the Credit Risks of JPMorgan Financial and JPMorgan Chase & Co. · As a Finance Subsidiary, JPMorgan Financial Has No Independent Operations and Has Limited Assets. · Higher Contingent Coupon Rates Are Associated with Greater Risk. · The Benefit Provided by the Threshold Price May Terminate on the Final Calculation Day. · No Dividend Payments or Voting Rights · Lack of Liquidity · The Final Terms and Estimated Valuation of the Securities Will Be Provided in the Pricing Supplement. · The U.S. Federal Tax Consequences of the Securities Are Uncertain, and May Be Adverse to a Holder of the Securities. · Potential Conflicts · 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 JPMS (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. · Many Economic and Market Factors Will Impact the Value of the Securities. · No Affiliation with the Underlying Stock Issuer · Limited Trading History · The Anti-Dilution Protection Is Limited and May Be Discretionary. · Any Payment on the Securities Will Depend upon the Performance of the Underlying Stock and Therefore the Securities Are Subject to the Risks Associated with the Underlying Stock, Each as Discussed in the Accompanying Preliminary Pricing Supplement and Product Supplement.
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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 and preliminary pricing supplement if you so request by calling toll-free 1-866-535-9248.
As used in this fact sheet, “we,” “us” and “our” refer to JPMorgan Financial Company LLC. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
FAQ
What is the contingent coupon rate on JPMorgan’s Reddit-linked securities?
When can the notes be automatically called?
How much downside protection do investors have at maturity?
What is the estimated value compared with the $1,000 issue price?
Which risks should investors consider most?
Do holders receive Reddit dividends?
