[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus
J.P. Morgan is marketing 13-month Capped Dual Directional Buffered Equity Notes linked to the Russell 2000 (RTY) and S&P 500 (SPX) indices. The $1,000-denominated notes price on July 31 2025, observe the underlying levels on August 31 2026 and mature on September 3 2026.
Key payoff mechanics
- Upside participation: If both indices finish above their initial levels, the note pays principal plus the lesser performing index’s return, capped by a Maximum Upside Return of at least 16%.
- Dual-directional feature: If the lesser performer is flat or down ≤10% (the Buffer Amount), investors receive a positive payoff equal to the absolute return of that index, effectively turning modest losses into gains, but still capped at 10% when the index is negative.
- Downside risk: If either index declines by more than 10%, principal is reduced on a 1-for-1 basis beyond the buffer (e.g., a –25% lesser return results in a –15% loss).
- Credit exposure: Payments depend on the creditworthiness of JPMorgan Chase Financial Company LLC (issuer) and JPMorgan Chase & Co. (guarantor).
Valuation & liquidity
- Estimated issue value will be no less than $900 per $1,000 note, implying an embedded dealer spread of ≤10%.
- J.P. Morgan Securities may make a secondary market but is not obligated; early sale could realise a substantial discount due to market factors and issuer credit spread.
Principal risks
- Limited upside versus direct equity exposure (max 16% if indices rise).
- Potential loss of up to 100% of principal beyond the 10% buffer.
- Exposure to small-cap volatility via RTY and concentration risk because JPM is an S&P 500 constituent.
- Product complexity, tax uncertainty and potential conflicts of interest in pricing and hedging.
These notes may suit investors with a short-term range-bound or moderately bullish/bearish view on RTY/SPX who require partial downside protection but are willing to forgo equity-like upside and accept JPM credit risk.
J.P. Morgan offre Note Azionarie Buffered Dual Directional con durata di 13 mesi legate agli indici Russell 2000 (RTY) e S&P 500 (SPX). Le note denominate $1.000 saranno emesse il 31 luglio 2025, osserveranno i livelli degli indici il 31 agosto 2026 e scadranno il 3 settembre 2026.
Meccanismi chiave del rendimento
- Partecipazione al rialzo: Se entrambi gli indici chiudono sopra i livelli iniziali, la nota paga il capitale più il rendimento dell’indice con la performance minore, limitato da un Rendimento Massimo al Rialzo di almeno il 16%.
- Caratteristica dual-directional: Se l’indice con la performance minore è stabile o scende fino al 10% (il Buffer), l’investitore riceve un rendimento positivo pari al valore assoluto di tale rendimento, trasformando perdite modeste in guadagni, con un limite massimo del 10% in caso di rendimento negativo.
- Rischio al ribasso: Se uno degli indici scende oltre il 10%, il capitale viene ridotto in misura pari alla perdita eccedente il buffer (ad esempio, un rendimento di –25% comporta una perdita del 15%).
- Esposizione al rischio di credito: I pagamenti dipendono dalla solidità creditizia di JPMorgan Chase Financial Company LLC (emittente) e JPMorgan Chase & Co. (garante).
Valutazione e liquidità
- Il valore stimato di emissione sarà non inferiore a $900 per ogni nota da $1.000, implicando uno spread dealer incorporato ≤10%.
- J.P. Morgan Securities potrà creare un mercato secondario ma non è obbligata; una vendita anticipata può comportare uno sconto significativo a causa di fattori di mercato e dello spread di credito dell’emittente.
Principali rischi
- Rendimento limitato rispetto a un’esposizione diretta alle azioni (massimo 16% se gli indici salgono).
- Possibile perdita fino al 100% del capitale oltre il buffer del 10%.
- Volatilità dei titoli small-cap attraverso RTY e rischio di concentrazione dato che JPM è componente dell’S&P 500.
- Complessità del prodotto, incertezza fiscale e possibili conflitti di interesse nella determinazione del prezzo e nella copertura.
Queste note possono essere adatte a investitori con una visione a breve termine, range-bound o moderatamente rialzista/ribassista su RTY/SPX, che desiderano una protezione parziale al ribasso ma sono disposti a rinunciare a un rendimento azionario pieno e ad accettare il rischio di credito JPM.
J.P. Morgan está comercializando Notas de Capital Buffered Dual Directional con un plazo de 13 meses vinculadas a los índices Russell 2000 (RTY) y S&P 500 (SPX). Las notas denominadas en $1,000 se emitirán el 31 de julio de 2025, observarán los niveles subyacentes el 31 de agosto de 2026 y vencerán el 3 de septiembre de 2026.
Mecánicas clave del rendimiento
- Participación al alza: Si ambos índices terminan por encima de sus niveles iniciales, la nota paga el principal más el rendimiento del índice con menor desempeño, limitado por un Retorno Máximo al Alza de al menos 16%.
- Característica dual-direccional: Si el índice con menor desempeño está plano o cae hasta un 10% (el Buffer), los inversionistas reciben un pago positivo igual al valor absoluto de ese rendimiento, convirtiendo pérdidas modestas en ganancias, pero aún limitado al 10% cuando el índice es negativo.
- Riesgo a la baja: Si cualquiera de los índices cae más del 10%, el principal se reduce en una proporción 1 a 1 más allá del buffer (por ejemplo, un rendimiento menor del –25% resulta en una pérdida del –15%).
- Exposición al riesgo crediticio: Los pagos dependen de la solvencia crediticia de JPMorgan Chase Financial Company LLC (emisor) y JPMorgan Chase & Co. (garante).
Valoración y liquidez
- El valor estimado de emisión no será inferior a $900 por cada nota de $1,000, implicando un spread incorporado de ≤10%.
- J.P. Morgan Securities puede crear un mercado secundario, pero no está obligado; una venta anticipada podría realizarse con un descuento sustancial debido a factores de mercado y al spread crediticio del emisor.
Riesgos principales
- Rendimiento limitado en comparación con una exposición directa a acciones (máximo 16% si los índices suben).
- Pérdida potencial de hasta el 100% del principal más allá del buffer del 10%.
- Exposición a la volatilidad de small caps a través de RTY y riesgo de concentración porque JPM es componente del S&P 500.
- Complejidad del producto, incertidumbre fiscal y posibles conflictos de interés en la fijación de precios y cobertura.
Estas notas pueden ser adecuadas para inversores con una visión a corto plazo, con rango limitado o moderadamente alcista/bajista sobre RTY/SPX que requieran protección parcial a la baja pero estén dispuestos a renunciar a la subida típica de las acciones y aceptar el riesgo crediticio de JPM.
J.P. Morgan은 러셀 2000(RTY) 및 S&P 500(SPX) 지수에 연동된 13개월 만기 캡 듀얼 디렉셔널 버퍼드 주식 노트를 판매하고 있습니다. 1,000달러 단위로 발행되는 이 노트는 2025년 7월 31일에 가격이 책정되며, 2026년 8월 31일 기초지수 수준을 관찰하고 2026년 9월 3일 만기됩니다.
핵심 수익 구조
- 상승 참여: 두 지수 모두 초기 수준보다 상승 마감할 경우, 노트는 원금과 더 낮은 성과를 낸 지수의 수익률을 지급하며, 최대 상승 수익률은 최소 16%로 제한됩니다.
- 듀얼 디렉셔널 기능: 더 낮은 성과 지수가 변동 없이 유지되거나 최대 10%(버퍼 금액)까지 하락할 경우, 투자자는 해당 지수의 절대 수익률에 해당하는 긍정적 수익을 받으며, 이는 소폭 손실을 이익으로 전환하지만, 지수가 마이너스일 때는 최대 10%로 제한됩니다.
- 하락 위험: 어느 한 지수가 10% 이상 하락하면, 버퍼를 초과하는 손실만큼 원금이 1:1 비율로 줄어듭니다(예: –25% 수익률은 –15% 손실을 의미).
- 신용 위험 노출: 지급은 발행사인 JPMorgan Chase Financial Company LLC와 보증사인 JPMorgan Chase & Co.의 신용 상태에 따라 달라집니다.
평가 및 유동성
- 발행 예상 가치는 1,000달러 노트당 최소 900달러 이상으로, 내재 딜러 스프레드는 ≤10%를 의미합니다.
- J.P. Morgan Securities가 2차 시장을 형성할 수 있으나 의무는 없으며, 조기 매도 시 시장 상황과 발행사 신용 스프레드로 인해 상당한 할인 발생 가능성이 있습니다.
주요 위험
- 직접 주식 투자에 비해 제한된 상승 잠재력(지수 상승 시 최대 16%).
- 10% 버퍼를 초과하는 경우 원금 전액 손실 가능성.
- RTY를 통한 소형주 변동성 노출 및 JPM이 S&P 500 구성 종목이라 인한 집중 위험.
- 상품 복잡성, 세금 불확실성 및 가격 책정과 헤지 과정에서의 이해 상충 가능성.
이 노트는 RTY/SPX에 대해 단기 범위 제한 또는 다소 강세/약세 전망을 가진 투자자에게 적합할 수 있으며, 부분적인 하락 보호를 원하지만 주식과 같은 상승 잠재력을 포기하고 JPM 신용 위험을 감수할 의향이 있는 경우에 적합합니다.
J.P. Morgan commercialise des Notes Actions Buffered Dual Directional plafonnées sur 13 mois, liées aux indices Russell 2000 (RTY) et S&P 500 (SPX). Les notes, d’une valeur nominale de 1 000 $, seront émises le 31 juillet 2025, observeront les niveaux sous-jacents le 31 août 2026 et arriveront à échéance le 3 septembre 2026.
Mécanismes clés de paiement
- Participation à la hausse : Si les deux indices terminent au-dessus de leurs niveaux initiaux, la note verse le principal plus le rendement de l’indice le moins performant, plafonné par un Rendement Maximum à la Hausse d’au moins 16%.
- Caractéristique bidirectionnelle : Si l’indice le moins performant est stable ou baisse jusqu’à 10 % (le Buffer), les investisseurs reçoivent un paiement positif égal au rendement absolu de cet indice, transformant ainsi des pertes modérées en gains, mais plafonné à 10 % lorsque l’indice est négatif.
- Risque à la baisse : Si un des indices baisse de plus de 10 %, le principal est réduit à raison de 1 pour 1 au-delà du buffer (par exemple, un rendement de –25 % entraîne une perte de –15 %).
- Exposition au risque de crédit : Les paiements dépendent de la solvabilité de JPMorgan Chase Financial Company LLC (émetteur) et de JPMorgan Chase & Co. (garant).
Valorisation et liquidité
- La valeur d’émission estimée sera d’au moins 900 $ par note de 1 000 $, impliquant un spread intégré de ≤10 %.
- J.P. Morgan Securities peut créer un marché secondaire mais n’y est pas obligé ; une vente anticipée pourrait entraîner une décote importante en raison des conditions de marché et du spread de crédit de l’émetteur.
Risques principaux
- Potentiel de hausse limité comparé à une exposition directe aux actions (maximum 16 % si les indices montent).
- Perte potentielle allant jusqu’à 100 % du principal au-delà du buffer de 10 %.
- Exposition à la volatilité des petites capitalisations via RTY et risque de concentration car JPM fait partie du S&P 500.
- Complexité du produit, incertitude fiscale et conflits d’intérêts potentiels dans la tarification et la couverture.
Ces notes peuvent convenir aux investisseurs ayant une vision à court terme, stable ou modérément haussière/baissière sur RTY/SPX, qui souhaitent une protection partielle à la baisse mais acceptent de renoncer à un potentiel de hausse similaire à celui des actions et d’assumer le risque de crédit JPM.
J.P. Morgan bietet 13-monatige Capped Dual Directional Buffered Equity Notes an, die an die Indizes Russell 2000 (RTY) und S&P 500 (SPX) gekoppelt sind. Die auf 1.000 USD lautenden Notes werden am 31. Juli 2025 bepreist, beobachten die zugrunde liegenden Indexstände am 31. August 2026 und laufen am 3. September 2026 aus.
Wesentliche Auszahlungsmechanismen
- Aufwärtsbeteiligung: Wenn beide Indizes über ihren Anfangswerten schließen, zahlt die Note den Nennwert plus die Rendite des schwächer performenden Index, begrenzt durch eine Maximale Aufwärtsrendite von mindestens 16%.
- Dual-direktionales Merkmal: Wenn der schwächer performende Index unverändert bleibt oder bis zu 10% (der Buffer-Betrag) fällt, erhalten Anleger eine positive Auszahlung, die der absoluten Rendite dieses Index entspricht, wodurch moderate Verluste in Gewinne umgewandelt werden, jedoch bei negativen Renditen auf 10% begrenzt ist.
- Abwärtsrisiko: Fällt einer der Indizes um mehr als 10%, wird der Nennwert um den Betrag der Verluste über dem Buffer hinaus im Verhältnis 1:1 reduziert (z. B. führt eine Rendite von –25% zu einem Verlust von –15%).
- Kreditrisiko: Zahlungen hängen von der Bonität der JPMorgan Chase Financial Company LLC (Emittent) und JPMorgan Chase & Co. (Garantiegeber) ab.
Bewertung & Liquidität
- Der geschätzte Ausgabepreis wird nicht unter 900 USD pro 1.000-USD-Note liegen, was einen eingebetteten Händler-Spread von ≤10% impliziert.
- J.P. Morgan Securities kann einen Sekundärmarkt stellen, ist dazu jedoch nicht verpflichtet; ein vorzeitiger Verkauf kann aufgrund von Marktbedingungen und Kreditspread des Emittenten zu erheblichen Abschlägen führen.
Hauptsächliche Risiken
- Begrenztes Aufwärtspotenzial im Vergleich zu direktem Aktienengagement (maximal 16% bei steigendem Index).
- Potentieller Verlust von bis zu 100% des Kapitals über den 10%-Buffer hinaus.
- Exponierung gegenüber Small-Cap-Volatilität durch RTY und Konzentrationsrisiko, da JPM ein Bestandteil des S&P 500 ist.
- Produktkomplexität, steuerliche Unsicherheiten und mögliche Interessenkonflikte bei Preisbildung und Absicherung.
Diese Notes könnten für Anleger geeignet sein, die eine kurzfristige, seitwärts gerichtete oder moderat bullische/bärische Sicht auf RTY/SPX haben, einen teilweisen Schutz vor Verlusten wünschen, aber auf ein aktienähnliches Aufwärtspotenzial verzichten und das JPM-Kreditrisiko akzeptieren.
- None.
- None.
Insights
TL;DR – 10% buffer offers modest protection; upside capped at ≥16%; credit & liquidity risks remain.
The structure combines a dual-directional absolute-return feature within a 10% corridor and a traditional buffer. Investors can profit from mild declines but sacrifice gains above the cap. The ≥16% cap is competitive versus peers with similar terms, yet still materially below historical one-year equity returns. The embedded spread of up to 10% highlights distribution costs and option premiums purchased by the issuer. Suitability hinges on an investor’s neutral-to-range-bound view over 13 months and comfort with JPM senior unsecured credit exposure.
TL;DR – Downside beyond 10% is unbuffered; limited liquidity magnifies mark-to-market risk.
While the 10% buffer mitigates modest shocks, historical drawdowns for RTY and SPX often exceed this threshold; a −25% lesser return equates to a −15% capital loss. Credit spread widening can erode secondary prices even if underlyings are unchanged. The product’s complexity and lack of interim coupons heighten reinvestment and opportunity costs. Overall risk-reward skews slightly negative for investors seeking equity-like returns; better suited for those prioritising partial principal protection within a defined horizon.
J.P. Morgan offre Note Azionarie Buffered Dual Directional con durata di 13 mesi legate agli indici Russell 2000 (RTY) e S&P 500 (SPX). Le note denominate $1.000 saranno emesse il 31 luglio 2025, osserveranno i livelli degli indici il 31 agosto 2026 e scadranno il 3 settembre 2026.
Meccanismi chiave del rendimento
- Partecipazione al rialzo: Se entrambi gli indici chiudono sopra i livelli iniziali, la nota paga il capitale più il rendimento dell’indice con la performance minore, limitato da un Rendimento Massimo al Rialzo di almeno il 16%.
- Caratteristica dual-directional: Se l’indice con la performance minore è stabile o scende fino al 10% (il Buffer), l’investitore riceve un rendimento positivo pari al valore assoluto di tale rendimento, trasformando perdite modeste in guadagni, con un limite massimo del 10% in caso di rendimento negativo.
- Rischio al ribasso: Se uno degli indici scende oltre il 10%, il capitale viene ridotto in misura pari alla perdita eccedente il buffer (ad esempio, un rendimento di –25% comporta una perdita del 15%).
- Esposizione al rischio di credito: I pagamenti dipendono dalla solidità creditizia di JPMorgan Chase Financial Company LLC (emittente) e JPMorgan Chase & Co. (garante).
Valutazione e liquidità
- Il valore stimato di emissione sarà non inferiore a $900 per ogni nota da $1.000, implicando uno spread dealer incorporato ≤10%.
- J.P. Morgan Securities potrà creare un mercato secondario ma non è obbligata; una vendita anticipata può comportare uno sconto significativo a causa di fattori di mercato e dello spread di credito dell’emittente.
Principali rischi
- Rendimento limitato rispetto a un’esposizione diretta alle azioni (massimo 16% se gli indici salgono).
- Possibile perdita fino al 100% del capitale oltre il buffer del 10%.
- Volatilità dei titoli small-cap attraverso RTY e rischio di concentrazione dato che JPM è componente dell’S&P 500.
- Complessità del prodotto, incertezza fiscale e possibili conflitti di interesse nella determinazione del prezzo e nella copertura.
Queste note possono essere adatte a investitori con una visione a breve termine, range-bound o moderatamente rialzista/ribassista su RTY/SPX, che desiderano una protezione parziale al ribasso ma sono disposti a rinunciare a un rendimento azionario pieno e ad accettare il rischio di credito JPM.
J.P. Morgan está comercializando Notas de Capital Buffered Dual Directional con un plazo de 13 meses vinculadas a los índices Russell 2000 (RTY) y S&P 500 (SPX). Las notas denominadas en $1,000 se emitirán el 31 de julio de 2025, observarán los niveles subyacentes el 31 de agosto de 2026 y vencerán el 3 de septiembre de 2026.
Mecánicas clave del rendimiento
- Participación al alza: Si ambos índices terminan por encima de sus niveles iniciales, la nota paga el principal más el rendimiento del índice con menor desempeño, limitado por un Retorno Máximo al Alza de al menos 16%.
- Característica dual-direccional: Si el índice con menor desempeño está plano o cae hasta un 10% (el Buffer), los inversionistas reciben un pago positivo igual al valor absoluto de ese rendimiento, convirtiendo pérdidas modestas en ganancias, pero aún limitado al 10% cuando el índice es negativo.
- Riesgo a la baja: Si cualquiera de los índices cae más del 10%, el principal se reduce en una proporción 1 a 1 más allá del buffer (por ejemplo, un rendimiento menor del –25% resulta en una pérdida del –15%).
- Exposición al riesgo crediticio: Los pagos dependen de la solvencia crediticia de JPMorgan Chase Financial Company LLC (emisor) y JPMorgan Chase & Co. (garante).
Valoración y liquidez
- El valor estimado de emisión no será inferior a $900 por cada nota de $1,000, implicando un spread incorporado de ≤10%.
- J.P. Morgan Securities puede crear un mercado secundario, pero no está obligado; una venta anticipada podría realizarse con un descuento sustancial debido a factores de mercado y al spread crediticio del emisor.
Riesgos principales
- Rendimiento limitado en comparación con una exposición directa a acciones (máximo 16% si los índices suben).
- Pérdida potencial de hasta el 100% del principal más allá del buffer del 10%.
- Exposición a la volatilidad de small caps a través de RTY y riesgo de concentración porque JPM es componente del S&P 500.
- Complejidad del producto, incertidumbre fiscal y posibles conflictos de interés en la fijación de precios y cobertura.
Estas notas pueden ser adecuadas para inversores con una visión a corto plazo, con rango limitado o moderadamente alcista/bajista sobre RTY/SPX que requieran protección parcial a la baja pero estén dispuestos a renunciar a la subida típica de las acciones y aceptar el riesgo crediticio de JPM.
J.P. Morgan은 러셀 2000(RTY) 및 S&P 500(SPX) 지수에 연동된 13개월 만기 캡 듀얼 디렉셔널 버퍼드 주식 노트를 판매하고 있습니다. 1,000달러 단위로 발행되는 이 노트는 2025년 7월 31일에 가격이 책정되며, 2026년 8월 31일 기초지수 수준을 관찰하고 2026년 9월 3일 만기됩니다.
핵심 수익 구조
- 상승 참여: 두 지수 모두 초기 수준보다 상승 마감할 경우, 노트는 원금과 더 낮은 성과를 낸 지수의 수익률을 지급하며, 최대 상승 수익률은 최소 16%로 제한됩니다.
- 듀얼 디렉셔널 기능: 더 낮은 성과 지수가 변동 없이 유지되거나 최대 10%(버퍼 금액)까지 하락할 경우, 투자자는 해당 지수의 절대 수익률에 해당하는 긍정적 수익을 받으며, 이는 소폭 손실을 이익으로 전환하지만, 지수가 마이너스일 때는 최대 10%로 제한됩니다.
- 하락 위험: 어느 한 지수가 10% 이상 하락하면, 버퍼를 초과하는 손실만큼 원금이 1:1 비율로 줄어듭니다(예: –25% 수익률은 –15% 손실을 의미).
- 신용 위험 노출: 지급은 발행사인 JPMorgan Chase Financial Company LLC와 보증사인 JPMorgan Chase & Co.의 신용 상태에 따라 달라집니다.
평가 및 유동성
- 발행 예상 가치는 1,000달러 노트당 최소 900달러 이상으로, 내재 딜러 스프레드는 ≤10%를 의미합니다.
- J.P. Morgan Securities가 2차 시장을 형성할 수 있으나 의무는 없으며, 조기 매도 시 시장 상황과 발행사 신용 스프레드로 인해 상당한 할인 발생 가능성이 있습니다.
주요 위험
- 직접 주식 투자에 비해 제한된 상승 잠재력(지수 상승 시 최대 16%).
- 10% 버퍼를 초과하는 경우 원금 전액 손실 가능성.
- RTY를 통한 소형주 변동성 노출 및 JPM이 S&P 500 구성 종목이라 인한 집중 위험.
- 상품 복잡성, 세금 불확실성 및 가격 책정과 헤지 과정에서의 이해 상충 가능성.
이 노트는 RTY/SPX에 대해 단기 범위 제한 또는 다소 강세/약세 전망을 가진 투자자에게 적합할 수 있으며, 부분적인 하락 보호를 원하지만 주식과 같은 상승 잠재력을 포기하고 JPM 신용 위험을 감수할 의향이 있는 경우에 적합합니다.
J.P. Morgan commercialise des Notes Actions Buffered Dual Directional plafonnées sur 13 mois, liées aux indices Russell 2000 (RTY) et S&P 500 (SPX). Les notes, d’une valeur nominale de 1 000 $, seront émises le 31 juillet 2025, observeront les niveaux sous-jacents le 31 août 2026 et arriveront à échéance le 3 septembre 2026.
Mécanismes clés de paiement
- Participation à la hausse : Si les deux indices terminent au-dessus de leurs niveaux initiaux, la note verse le principal plus le rendement de l’indice le moins performant, plafonné par un Rendement Maximum à la Hausse d’au moins 16%.
- Caractéristique bidirectionnelle : Si l’indice le moins performant est stable ou baisse jusqu’à 10 % (le Buffer), les investisseurs reçoivent un paiement positif égal au rendement absolu de cet indice, transformant ainsi des pertes modérées en gains, mais plafonné à 10 % lorsque l’indice est négatif.
- Risque à la baisse : Si un des indices baisse de plus de 10 %, le principal est réduit à raison de 1 pour 1 au-delà du buffer (par exemple, un rendement de –25 % entraîne une perte de –15 %).
- Exposition au risque de crédit : Les paiements dépendent de la solvabilité de JPMorgan Chase Financial Company LLC (émetteur) et de JPMorgan Chase & Co. (garant).
Valorisation et liquidité
- La valeur d’émission estimée sera d’au moins 900 $ par note de 1 000 $, impliquant un spread intégré de ≤10 %.
- J.P. Morgan Securities peut créer un marché secondaire mais n’y est pas obligé ; une vente anticipée pourrait entraîner une décote importante en raison des conditions de marché et du spread de crédit de l’émetteur.
Risques principaux
- Potentiel de hausse limité comparé à une exposition directe aux actions (maximum 16 % si les indices montent).
- Perte potentielle allant jusqu’à 100 % du principal au-delà du buffer de 10 %.
- Exposition à la volatilité des petites capitalisations via RTY et risque de concentration car JPM fait partie du S&P 500.
- Complexité du produit, incertitude fiscale et conflits d’intérêts potentiels dans la tarification et la couverture.
Ces notes peuvent convenir aux investisseurs ayant une vision à court terme, stable ou modérément haussière/baissière sur RTY/SPX, qui souhaitent une protection partielle à la baisse mais acceptent de renoncer à un potentiel de hausse similaire à celui des actions et d’assumer le risque de crédit JPM.
J.P. Morgan bietet 13-monatige Capped Dual Directional Buffered Equity Notes an, die an die Indizes Russell 2000 (RTY) und S&P 500 (SPX) gekoppelt sind. Die auf 1.000 USD lautenden Notes werden am 31. Juli 2025 bepreist, beobachten die zugrunde liegenden Indexstände am 31. August 2026 und laufen am 3. September 2026 aus.
Wesentliche Auszahlungsmechanismen
- Aufwärtsbeteiligung: Wenn beide Indizes über ihren Anfangswerten schließen, zahlt die Note den Nennwert plus die Rendite des schwächer performenden Index, begrenzt durch eine Maximale Aufwärtsrendite von mindestens 16%.
- Dual-direktionales Merkmal: Wenn der schwächer performende Index unverändert bleibt oder bis zu 10% (der Buffer-Betrag) fällt, erhalten Anleger eine positive Auszahlung, die der absoluten Rendite dieses Index entspricht, wodurch moderate Verluste in Gewinne umgewandelt werden, jedoch bei negativen Renditen auf 10% begrenzt ist.
- Abwärtsrisiko: Fällt einer der Indizes um mehr als 10%, wird der Nennwert um den Betrag der Verluste über dem Buffer hinaus im Verhältnis 1:1 reduziert (z. B. führt eine Rendite von –25% zu einem Verlust von –15%).
- Kreditrisiko: Zahlungen hängen von der Bonität der JPMorgan Chase Financial Company LLC (Emittent) und JPMorgan Chase & Co. (Garantiegeber) ab.
Bewertung & Liquidität
- Der geschätzte Ausgabepreis wird nicht unter 900 USD pro 1.000-USD-Note liegen, was einen eingebetteten Händler-Spread von ≤10% impliziert.
- J.P. Morgan Securities kann einen Sekundärmarkt stellen, ist dazu jedoch nicht verpflichtet; ein vorzeitiger Verkauf kann aufgrund von Marktbedingungen und Kreditspread des Emittenten zu erheblichen Abschlägen führen.
Hauptsächliche Risiken
- Begrenztes Aufwärtspotenzial im Vergleich zu direktem Aktienengagement (maximal 16% bei steigendem Index).
- Potentieller Verlust von bis zu 100% des Kapitals über den 10%-Buffer hinaus.
- Exponierung gegenüber Small-Cap-Volatilität durch RTY und Konzentrationsrisiko, da JPM ein Bestandteil des S&P 500 ist.
- Produktkomplexität, steuerliche Unsicherheiten und mögliche Interessenkonflikte bei Preisbildung und Absicherung.
Diese Notes könnten für Anleger geeignet sein, die eine kurzfristige, seitwärts gerichtete oder moderat bullische/bärische Sicht auf RTY/SPX haben, einen teilweisen Schutz vor Verlusten wünschen, aber auf ein aktienähnliches Aufwärtspotenzial verzichten und das JPM-Kreditrisiko akzeptieren.
North America Structured Investments 13m RTY/SPX Capped Dual Directional Buffered Equity 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: Maximum Upside Return: 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 31, 2026 September 3, 2026 At least 16.00%* 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), subject to the Maximum Upside Return 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. 48136FFQ0 CUSIP: Preliminary Pricing Supplement: http://sp.jpmorgan.com/document/cusip/48136FFQ0/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 Maximum Upside Return will be provided in the pricing supplement and will not be less than 16.00% ** Reflects Maximum Upside Return 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 16.00% N/A 65.00% 16.00% N/A 50.00% 16.00% N/A 30.00% 16.00% N/A 20.00% 16.00% N/A 16.00% 10.00% N/A 10.00% 5.00% 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 13m RTY/SPX Capped Dual Directional Buffered Equity 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 Maximum Upside Return if the Lesser Performing Underlying Return is positive. 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 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 is the maturity date of the JPM RTY/SPX Buffered Equity Notes?
How much downside protection do the notes provide?
What is the maximum return I can earn on these notes?
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Is there a secondary market for these notes?
Do the notes pay periodic coupons or dividends?
