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JPMorgan Chase Financial Company LLC is marketing Uncapped Accelerated Barrier Notes (Series A medium-term notes) linked individually to the Russell 2000 Index (RTY) and the S&P 500 Index (SPX). The five-year securities, fully guaranteed by JPMorgan Chase & Co., are expected to price on or about 17 July 2025 and mature on 22 July 2030.
Key economics
- Upside Leverage Factor: at least 1.49×; final multiple to be set at pricing.
- Barrier: 65 % of Initial Value for each index. Performance is measured on a final observation-only basis.
- Pay-off:
- If both indices finish above their initial levels, the holder receives principal plus (Lesser-Performing Index Return × Upside Leverage).
- If either index is ≤ initial but both are ≥ barrier, 100 % of principal is returned.
- If either index closes < barrier, repayment equals principal + (principal × Lesser-Performing Index Return); losses accelerate 1-for-1 beyond a 35 % drop and may reach total loss.
- Issue price: $1,000 minimum denomination; fee-based advisory accounts may pay ≥ $994; brokerage sales include ≤ $6 commission per $1,000.
- Estimated value: ~$978.20 today (not less than $950 at pricing), below issue price because of selling commissions, hedging costs and JPMS profit.
Risk highlights
- No interim coupons or dividends; investors forgo equity income.
- Principal is not protected; a >35 % decline in the worse index triggers direct capital loss.
- Credit exposure to both JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor); the issuer is a finance subsidiary with limited standalone assets.
- Notes are unlisted and may suffer materially lower secondary prices; liquidity depends on JPMS willingness to bid.
- Estimated value uses an internal funding rate that typically understates secondary value and may diverge from market funding curves.
Strategic positioning
The product targets investors with a bullish to moderately bullish five-year outlook on U.S. equities who are comfortable accepting full downside below a 35 % buffer in exchange for leveraged, uncapped upside. Relative to conventional buffered notes, the structure offers a higher upside multiple but sacrifices any upside cap and exposes holders to single-day barrier risk at maturity. Investors should compare the after-fee profile with lower-cost index ETFs or equity exposure and evaluate credit, liquidity, and tax considerations (open-transaction treatment expected, but IRS guidance could change).
FAQ
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