[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
J.P. Morgan is offering three-year Auto Callable Accelerated Barrier Notes linked to the Dow Jones Industrial Average (INDU) and the S&P 500 Index (SPX). Each $1,000 note provides 1.5× leveraged upside participation if, at maturity, both underlyings finish above their respective initial levels. The notes can be automatically called after one year (Review Date – July 17 2026) if each underlying is at or above 100 % of its initial value, triggering a payment of $1,000 plus a call premium of at least 9.75 %; the upside leverage does not apply if the notes are called.
If not called, principal is protected only as long as the lesser-performing underlying remains above a 70 % barrier (30 % downside) on the July 11 2028 Observation Date. Breaching the barrier results in a 1:1 loss on the lesser-performing index, exposing investors to a potential total loss of principal. The estimated value at pricing will be no less than $940 per $1,000 note, reflecting selling concessions and J.P. Morgan’s internal funding rate.
Key risks include credit exposure to JPMorgan Chase Financial Company LLC (issuer) and JPMorgan Chase & Co. (guarantor), limited secondary-market liquidity, potential conflicts of interest in pricing and hedging, and uncertain tax treatment. Investors receive no periodic coupons, dividends, or voting rights. The product is filed as a Free Writing Prospectus under SEC Rule 433 (Registration Nos. 333-270004 & 333-270004-01).
J.P. Morgan offre Note Accelerate con Barriera Auto Richiamabili a tre anni collegate al Dow Jones Industrial Average (INDU) e all'S&P 500 Index (SPX). Ogni nota da $1.000 garantisce una partecipazione al rialzo con leva 1,5× se, alla scadenza, entrambi gli indici sottostanti risultano superiori ai rispettivi livelli iniziali. Le note possono essere richiamate automaticamente dopo un anno (Data di Revisione – 17 luglio 2026) se ciascun sottostante è pari o superiore al 100% del valore iniziale, attivando un pagamento di $1.000 più un premio di richiamo di almeno il 9,75%; la leva sul rialzo non si applica in caso di richiamo.
Se non richiamate, il capitale è protetto solo se il sottostante con performance minore rimane al di sopra di una barriera del 70% (30% di ribasso) alla Data di Osservazione del 11 luglio 2028. Superare la barriera comporta una perdita 1:1 sul sottostante con performance minore, esponendo gli investitori a una possibile perdita totale del capitale. Il valore stimato al momento della quotazione sarà almeno $940 per ogni nota da $1.000, includendo le commissioni di vendita e il tasso interno di finanziamento di J.P. Morgan.
I principali rischi includono l'esposizione creditizia verso JPMorgan Chase Financial Company LLC (emittente) e JPMorgan Chase & Co. (garante), la liquidità limitata sul mercato secondario, potenziali conflitti di interesse nella determinazione del prezzo e nella copertura, e una tassazione incerta. Gli investitori non ricevono cedole periodiche, dividendi né diritti di voto. Il prodotto è registrato come Free Writing Prospectus secondo la Regola SEC 433 (Numeri di Registrazione 333-270004 e 333-270004-01).
J.P. Morgan ofrece Notas de Barrera Aceleradas Auto Llamables a tres años vinculadas al Dow Jones Industrial Average (INDU) y al índice S&P 500 (SPX). Cada nota de $1,000 brinda una participación apalancada al alza de 1.5× si, al vencimiento, ambos subyacentes terminan por encima de sus niveles iniciales respectivos. Las notas pueden ser llamadas automáticamente después de un año (Fecha de Revisión – 17 de julio de 2026) si cada subyacente está en o por encima del 100% de su valor inicial, lo que activa un pago de $1,000 más una prima de llamada de al menos 9.75%; el apalancamiento al alza no se aplica si las notas son llamadas.
Si no son llamadas, el principal está protegido solo mientras el subyacente con peor desempeño se mantenga por encima de una barrera del 70% (30% a la baja) en la Fecha de Observación del 11 de julio de 2028. Superar la barrera implica una pérdida 1:1 en el índice con peor desempeño, exponiendo a los inversionistas a una posible pérdida total del principal. El valor estimado en la fijación de precio no será inferior a $940 por cada nota de $1,000, reflejando concesiones de venta y la tasa interna de financiamiento de J.P. Morgan.
Los riesgos clave incluyen exposición crediticia a JPMorgan Chase Financial Company LLC (emisor) y JPMorgan Chase & Co. (garante), liquidez limitada en el mercado secundario, posibles conflictos de interés en la fijación de precios y cobertura, y tratamiento fiscal incierto. Los inversionistas no reciben cupones periódicos, dividendos ni derechos de voto. El producto está registrado como un Free Writing Prospectus bajo la Regla SEC 433 (Números de Registro 333-270004 y 333-270004-01).
J.P. Morgan은 다우존스 산업평균지수(Dow Jones Industrial Average, INDU)와 S&P 500 지수(SPX)에 연계된 3년 만기 자동 상환 가속 장벽 노트를 제공합니다. 각 $1,000 노트는 만기 시 두 기초자산 모두가 초기 수준 이상일 경우 1.5배 레버리지 상승 참여를 제공합니다. 노트는 1년 후(검토일 – 2026년 7월 17일)에 각 기초자산이 초기 가치의 100% 이상일 경우 자동으로 상환될 수 있으며, 이 경우 $1,000 원금과 최소 9.75%의 상환 프리미엄이 지급됩니다; 상환 시에는 상승 레버리지가 적용되지 않습니다.
상환되지 않은 경우, 원금 보호는 성과가 낮은 기초자산이 2028년 7월 11일 관찰일에 70% 장벽(30% 하락) 이상을 유지하는 경우에만 적용됩니다. 장벽을 하회하면 성과가 낮은 지수에 대해 1:1 손실이 발생하여 투자자는 원금 전액 손실 위험에 노출됩니다. 가격 책정 시 추정 가치는 판매 수수료 및 J.P. Morgan의 내부 자금 조달 금리를 반영하여 $1,000 노트당 최소 $940입니다.
주요 위험으로는 JPMorgan Chase Financial Company LLC(발행자)와 JPMorgan Chase & Co.(보증인)에 대한 신용 위험, 제한된 2차 시장 유동성, 가격 책정 및 헤징 관련 잠재적 이해 상충, 불확실한 세금 처리 등이 있습니다. 투자자는 정기 쿠폰, 배당금 또는 의결권을 받지 않습니다. 이 상품은 SEC 규칙 433(등록 번호 333-270004 및 333-270004-01)에 따라 Free Writing Prospectus로 등록되어 있습니다.
J.P. Morgan propose des Notes à Barrière Accélérée Auto Rappelables sur trois ans liées au Dow Jones Industrial Average (INDU) et à l'indice S&P 500 (SPX). Chaque note de 1 000 $ offre une participation à la hausse avec un effet de levier de 1,5× si, à l'échéance, les deux sous-jacents terminent au-dessus de leurs niveaux initiaux respectifs. Les notes peuvent être appelées automatiquement après un an (date de revue – 17 juillet 2026) si chaque sous-jacent est au moins à 100 % de sa valeur initiale, déclenchant un paiement de 1 000 $ plus une prime d'appel d'au moins 9,75 % ; l'effet de levier à la hausse ne s'applique pas en cas d'appel.
Si elles ne sont pas appelées, le capital est protégé uniquement tant que le sous-jacent le moins performant reste au-dessus d'une barrière à 70 % (30 % de baisse) à la date d'observation du 11 juillet 2028. Le franchissement de la barrière entraîne une perte au pair sur l'indice le moins performant, exposant les investisseurs à une perte totale potentielle du capital. La valeur estimée à la tarification sera au moins de 940 $ par note de 1 000 $, reflétant les concessions de vente et le taux de financement interne de J.P. Morgan.
Les principaux risques incluent l'exposition au crédit envers JPMorgan Chase Financial Company LLC (émetteur) et JPMorgan Chase & Co. (garant), une liquidité secondaire limitée, des conflits d'intérêts potentiels dans la tarification et la couverture, ainsi qu'un traitement fiscal incertain. Les investisseurs ne reçoivent ni coupons périodiques, ni dividendes, ni droits de vote. Le produit est enregistré en tant que Free Writing Prospectus selon la règle SEC 433 (numéros d'enregistrement 333-270004 et 333-270004-01).
J.P. Morgan bietet dreijährige Auto Callable Accelerated Barrier Notes an, die mit dem Dow Jones Industrial Average (INDU) und dem S&P 500 Index (SPX) verbunden sind. Jede Note im Wert von 1.000 $ bietet eine 1,5-fach gehebelte Aufwärtsbeteiligung, falls zum Laufzeitende beide Basiswerte über ihren jeweiligen Anfangsniveaus liegen. Die Notes können nach einem Jahr automatisch zurückgerufen werden (Bewertungsdatum – 17. Juli 2026), sofern jeder Basiswert mindestens 100 % seines Anfangswerts erreicht, wodurch eine Zahlung von 1.000 $ zuzüglich einer Rückrufprämie von mindestens 9,75 % ausgelöst wird; der Hebel auf die Aufwärtsbewegung gilt nicht bei Rückruf.
Werden die Notes nicht zurückgerufen, ist das Kapital nur geschützt, solange der schwächer performende Basiswert am Beobachtungstag, dem 11. Juli 2028, über einer 70 %-Barriere (30 % Abwärtsbewegung) bleibt. Wird die Barriere unterschritten, entsteht ein 1:1-Verlust auf dem schwächer performenden Index, was Anleger einem möglichen Totalverlust des Kapitals aussetzt. Der geschätzte Wert bei der Preisfestsetzung liegt nicht unter 940 $ pro 1.000 $-Note und berücksichtigt Verkaufsprovisionen sowie den internen Finanzierungssatz von J.P. Morgan.
Wesentliche Risiken umfassen Kreditrisiken gegenüber JPMorgan Chase Financial Company LLC (Emittent) und JPMorgan Chase & Co. (Garantiegeber), eingeschränkte Liquidität am Sekundärmarkt, potenzielle Interessenkonflikte bei Preisgestaltung und Absicherung sowie unsichere steuerliche Behandlung. Anleger erhalten keine periodischen Kupons, Dividenden oder Stimmrechte. Das Produkt ist als Free Writing Prospectus gemäß SEC-Regel 433 registriert (Registrierungsnummern 333-270004 & 333-270004-01).
- Upside Leverage: 1.5× participation if both INDU and SPX rise, enhancing potential equity upside.
- Early Call Premium: Investors may receive at least a 9.75 % gain after only one year if indices are flat or higher.
- 30 % Buffer: Barrier set at 70 % of initial levels provides conditional principal protection against moderate market declines.
- Principal at Risk: A drop of more than 30 % in either index on the observation date triggers 1:1 loss, up to full principal.
- Return Cap: Automatic call eliminates 1.5× leverage, limiting upside versus direct equity exposure.
- Credit & Liquidity Risk: Payment depends on JPM credit; secondary-market support is discretionary and may be at significant discounts.
- Estimated Value Discount: Indicative value (≥$940) below issue price embeds ~6 % fees and funding spread.
- Tax Uncertainty: Undefined U.S. federal tax treatment may create unexpected liabilities.
Insights
TL;DR: Equity-linked notes offer 1.5× upside and 70 % barrier, but early call caps return and credit/liquidity risks remain.
The structure targets yield-seeking investors willing to accept equity and issuer credit risk. A 9.75 % call premium after year 1 equates to ~9.75 % CAGR if triggered, but investors sacrifice further upside due to the loss of the 1.5× leverage on a call. The 70 % barrier is standard for three-year tenor, yet the single observation date concentrates downside risk; a sharp sell-off near July 2028 could erase principal. Estimated value of ≥$940 implies a 6 % fee/embedded spread. Absent a liquid market, exit pricing will likely be below theoretical value. Overall, neutral product economics typical of retail structured notes.
TL;DR: Barrier breach and call structure create asymmetric risk skewed against investors.
The payoff profile is negatively convex: upside is limited by the call mechanism, while downside is open-ended below the 70 % barrier. Credit risk to JPM is investment-grade but non-trivial over three years; any widening in JPM CDS could pressure secondary prices. Liquidity risk is material because JPMS is sole dealer and is not obligated to make markets. Tax treatment under U.S. law is uncertain, adding after-tax unpredictability. Given these factors, the note may be unsuitable for risk-averse investors or those needing interim liquidity.
J.P. Morgan offre Note Accelerate con Barriera Auto Richiamabili a tre anni collegate al Dow Jones Industrial Average (INDU) e all'S&P 500 Index (SPX). Ogni nota da $1.000 garantisce una partecipazione al rialzo con leva 1,5× se, alla scadenza, entrambi gli indici sottostanti risultano superiori ai rispettivi livelli iniziali. Le note possono essere richiamate automaticamente dopo un anno (Data di Revisione – 17 luglio 2026) se ciascun sottostante è pari o superiore al 100% del valore iniziale, attivando un pagamento di $1.000 più un premio di richiamo di almeno il 9,75%; la leva sul rialzo non si applica in caso di richiamo.
Se non richiamate, il capitale è protetto solo se il sottostante con performance minore rimane al di sopra di una barriera del 70% (30% di ribasso) alla Data di Osservazione del 11 luglio 2028. Superare la barriera comporta una perdita 1:1 sul sottostante con performance minore, esponendo gli investitori a una possibile perdita totale del capitale. Il valore stimato al momento della quotazione sarà almeno $940 per ogni nota da $1.000, includendo le commissioni di vendita e il tasso interno di finanziamento di J.P. Morgan.
I principali rischi includono l'esposizione creditizia verso JPMorgan Chase Financial Company LLC (emittente) e JPMorgan Chase & Co. (garante), la liquidità limitata sul mercato secondario, potenziali conflitti di interesse nella determinazione del prezzo e nella copertura, e una tassazione incerta. Gli investitori non ricevono cedole periodiche, dividendi né diritti di voto. Il prodotto è registrato come Free Writing Prospectus secondo la Regola SEC 433 (Numeri di Registrazione 333-270004 e 333-270004-01).
J.P. Morgan ofrece Notas de Barrera Aceleradas Auto Llamables a tres años vinculadas al Dow Jones Industrial Average (INDU) y al índice S&P 500 (SPX). Cada nota de $1,000 brinda una participación apalancada al alza de 1.5× si, al vencimiento, ambos subyacentes terminan por encima de sus niveles iniciales respectivos. Las notas pueden ser llamadas automáticamente después de un año (Fecha de Revisión – 17 de julio de 2026) si cada subyacente está en o por encima del 100% de su valor inicial, lo que activa un pago de $1,000 más una prima de llamada de al menos 9.75%; el apalancamiento al alza no se aplica si las notas son llamadas.
Si no son llamadas, el principal está protegido solo mientras el subyacente con peor desempeño se mantenga por encima de una barrera del 70% (30% a la baja) en la Fecha de Observación del 11 de julio de 2028. Superar la barrera implica una pérdida 1:1 en el índice con peor desempeño, exponiendo a los inversionistas a una posible pérdida total del principal. El valor estimado en la fijación de precio no será inferior a $940 por cada nota de $1,000, reflejando concesiones de venta y la tasa interna de financiamiento de J.P. Morgan.
Los riesgos clave incluyen exposición crediticia a JPMorgan Chase Financial Company LLC (emisor) y JPMorgan Chase & Co. (garante), liquidez limitada en el mercado secundario, posibles conflictos de interés en la fijación de precios y cobertura, y tratamiento fiscal incierto. Los inversionistas no reciben cupones periódicos, dividendos ni derechos de voto. El producto está registrado como un Free Writing Prospectus bajo la Regla SEC 433 (Números de Registro 333-270004 y 333-270004-01).
J.P. Morgan은 다우존스 산업평균지수(Dow Jones Industrial Average, INDU)와 S&P 500 지수(SPX)에 연계된 3년 만기 자동 상환 가속 장벽 노트를 제공합니다. 각 $1,000 노트는 만기 시 두 기초자산 모두가 초기 수준 이상일 경우 1.5배 레버리지 상승 참여를 제공합니다. 노트는 1년 후(검토일 – 2026년 7월 17일)에 각 기초자산이 초기 가치의 100% 이상일 경우 자동으로 상환될 수 있으며, 이 경우 $1,000 원금과 최소 9.75%의 상환 프리미엄이 지급됩니다; 상환 시에는 상승 레버리지가 적용되지 않습니다.
상환되지 않은 경우, 원금 보호는 성과가 낮은 기초자산이 2028년 7월 11일 관찰일에 70% 장벽(30% 하락) 이상을 유지하는 경우에만 적용됩니다. 장벽을 하회하면 성과가 낮은 지수에 대해 1:1 손실이 발생하여 투자자는 원금 전액 손실 위험에 노출됩니다. 가격 책정 시 추정 가치는 판매 수수료 및 J.P. Morgan의 내부 자금 조달 금리를 반영하여 $1,000 노트당 최소 $940입니다.
주요 위험으로는 JPMorgan Chase Financial Company LLC(발행자)와 JPMorgan Chase & Co.(보증인)에 대한 신용 위험, 제한된 2차 시장 유동성, 가격 책정 및 헤징 관련 잠재적 이해 상충, 불확실한 세금 처리 등이 있습니다. 투자자는 정기 쿠폰, 배당금 또는 의결권을 받지 않습니다. 이 상품은 SEC 규칙 433(등록 번호 333-270004 및 333-270004-01)에 따라 Free Writing Prospectus로 등록되어 있습니다.
J.P. Morgan propose des Notes à Barrière Accélérée Auto Rappelables sur trois ans liées au Dow Jones Industrial Average (INDU) et à l'indice S&P 500 (SPX). Chaque note de 1 000 $ offre une participation à la hausse avec un effet de levier de 1,5× si, à l'échéance, les deux sous-jacents terminent au-dessus de leurs niveaux initiaux respectifs. Les notes peuvent être appelées automatiquement après un an (date de revue – 17 juillet 2026) si chaque sous-jacent est au moins à 100 % de sa valeur initiale, déclenchant un paiement de 1 000 $ plus une prime d'appel d'au moins 9,75 % ; l'effet de levier à la hausse ne s'applique pas en cas d'appel.
Si elles ne sont pas appelées, le capital est protégé uniquement tant que le sous-jacent le moins performant reste au-dessus d'une barrière à 70 % (30 % de baisse) à la date d'observation du 11 juillet 2028. Le franchissement de la barrière entraîne une perte au pair sur l'indice le moins performant, exposant les investisseurs à une perte totale potentielle du capital. La valeur estimée à la tarification sera au moins de 940 $ par note de 1 000 $, reflétant les concessions de vente et le taux de financement interne de J.P. Morgan.
Les principaux risques incluent l'exposition au crédit envers JPMorgan Chase Financial Company LLC (émetteur) et JPMorgan Chase & Co. (garant), une liquidité secondaire limitée, des conflits d'intérêts potentiels dans la tarification et la couverture, ainsi qu'un traitement fiscal incertain. Les investisseurs ne reçoivent ni coupons périodiques, ni dividendes, ni droits de vote. Le produit est enregistré en tant que Free Writing Prospectus selon la règle SEC 433 (numéros d'enregistrement 333-270004 et 333-270004-01).
J.P. Morgan bietet dreijährige Auto Callable Accelerated Barrier Notes an, die mit dem Dow Jones Industrial Average (INDU) und dem S&P 500 Index (SPX) verbunden sind. Jede Note im Wert von 1.000 $ bietet eine 1,5-fach gehebelte Aufwärtsbeteiligung, falls zum Laufzeitende beide Basiswerte über ihren jeweiligen Anfangsniveaus liegen. Die Notes können nach einem Jahr automatisch zurückgerufen werden (Bewertungsdatum – 17. Juli 2026), sofern jeder Basiswert mindestens 100 % seines Anfangswerts erreicht, wodurch eine Zahlung von 1.000 $ zuzüglich einer Rückrufprämie von mindestens 9,75 % ausgelöst wird; der Hebel auf die Aufwärtsbewegung gilt nicht bei Rückruf.
Werden die Notes nicht zurückgerufen, ist das Kapital nur geschützt, solange der schwächer performende Basiswert am Beobachtungstag, dem 11. Juli 2028, über einer 70 %-Barriere (30 % Abwärtsbewegung) bleibt. Wird die Barriere unterschritten, entsteht ein 1:1-Verlust auf dem schwächer performenden Index, was Anleger einem möglichen Totalverlust des Kapitals aussetzt. Der geschätzte Wert bei der Preisfestsetzung liegt nicht unter 940 $ pro 1.000 $-Note und berücksichtigt Verkaufsprovisionen sowie den internen Finanzierungssatz von J.P. Morgan.
Wesentliche Risiken umfassen Kreditrisiken gegenüber JPMorgan Chase Financial Company LLC (Emittent) und JPMorgan Chase & Co. (Garantiegeber), eingeschränkte Liquidität am Sekundärmarkt, potenzielle Interessenkonflikte bei Preisgestaltung und Absicherung sowie unsichere steuerliche Behandlung. Anleger erhalten keine periodischen Kupons, Dividenden oder Stimmrechte. Das Produkt ist als Free Writing Prospectus gemäß SEC-Regel 433 registriert (Registrierungsnummern 333-270004 & 333-270004-01).
North America Structured Investments 3yr INDU/SPX Auto Callable Accelerated Barrier Notes The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Summary of Terms J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 ® ® Dow Jones Industrial Average and S&P 500 Index Issuer: Guarantor: Minimum Denomination: Underlyings: Upside Leverage Factor: Barrier Amount : Pricing Date: Review Date : Observation Date : Maturity Date: CUSIP: Preliminary Pricing Supplement: Estimated Value: 1.50 With respect to each Underlying, 70.00% of its Initial Value July 11, 2025 July 17, 2026 July 11, 2028 July 14, 2028 48136E6D2 http://sp.jpmorgan.com/document/cusip/48136E6D2/doctype/Product_Termsheet/document.pdf The estimated value of the notes, when the terms of the notes are set, will not be less than $940.00 per $1,000 principal amount note. For more information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, please see the hyperlink above. You may lose some or all of your principal at maturity. 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. Automatic Call If the closing value of each Underlying on the Review Date is greater than or equal to its Call Value, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount, payable on the Call Settlement Date. No further payments will be made on the notes. If the notes are automatically called, you will not benefit from the Upside Leverage Factor that applies to the payment at maturity if the Final Value of each Underlying is greater than its Initial Value. Because the Upside Leverage Factor does not apply to the payment upon an automatic call, the payment upon an automatic call may be significantly less than the payment at maturity for the same level of appreciation in the Lesser Performing Underlying. Call Value Call Premium* 100.00% of the Initial Value At least 9.75% Payment At Maturity If the notes have not been automatically called and 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 the notes have not been automatically called and the Final Value of either Underlying is equal to or less than its Initial Value but the Final Value of each Underlying is greater than or equal to its Barrier Amount, you will receive the principal amount of your notes at maturity. If the notes have not been automatically called and the Final Value of either Underlying is less than its Barrier Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Lesser Performing Underlying Return) If the notes have not been automatically called and the Final Value of either Underlying is less than its Barrier Amount, you will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity. Hypothetical Examples of Amounts Payable Upon Automatic Call or at Maturity** Total Return at Maturity if not Automatically Called Total Return at Review Date* Lesser Performing Underlying Return at Review Date/ Observation Date 150.00% 9.75% 100.00% 120.00% 9.75% 80.00% 60.00% 9.75% 40.00% 30.00% 9.75% 20.00% 15.00% 9.75% 10.00% 0.00% 9.75% 0.00% 0.00% N/A - 0.01% 0.00% N/A - 5.00% 0.00% N/A - 10.00% 0.00% N/A - 20.00% 0.00% N/A - 30.00% - 30.01% N/A - 30.01% - 40.00% N/A - 40.00% - 50.00% N/A - 50.00% - 60.00% N/A - 60.00% - 80.00% N/A - 80.00% - 100.00% N/A - 100.00% N/A – indicates that the notes would not be called and no payment would be made. * Reflects a Call Premium of 9.75% per annum. The Call Premium will be determined on the Pricing Date and will not be less than 9.75% per annum. ** The hypothetical returns on the notes shown above apply only if you hold the notes for their entire term or until automatically called. 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.
North America Structured Investments 3yr INDU/SPX Auto Callable Accelerated Barrier Notes Selected Risks Ɣ Ɣ Your investment in the notes may result in a loss. The notes do not guarantee any return of principal. 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. If the notes are automatically called, the appreciation potential of the notes is limited to the Call Premium Amount paid on the notes. You are exposed to the risk of decline in the value of each Underlying. Your payment at maturity will be determined by the Lesser Performing Underlying. The benefit provided by the Barrier Amount may terminate on the Observation Date. The automatic call feature may force a potential early exit. 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 and the Dow Jones Industrial Average ® . As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Selected Risks (continued) 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 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 is the Upside Leverage Factor on the J.P. Morgan Auto Callable Accelerated Barrier Notes?
When can the notes be automatically called and what will investors receive?
How much downside protection do the notes offer?
What is the estimated value of the notes at issuance?
Do the notes pay interest or dividends during the term?
Who bears credit risk on these structured notes?
