JPMorgan Chase Financial Company LLC plans to issue Uncapped Accelerated Barrier Notes (UABNs) linked to the S&P 500® Futures Excess Return Index (SPXFP), maturing 5 August 2030. The notes price on or about 31 July 2025 in $1,000 denominations and are fully and unconditionally guaranteed by JPMorgan Chase & Co.
Return profile: investors receive 1.93× (minimum) of any positive index performance at maturity with no cap. If the index is flat or down less than 30 %, principal is returned. Barrier protection is set at 70 % of the initial index level; a close below this level on the single observation date converts losses dollar-for-dollar with index declines, exposing investors to a potential 100 % loss of principal.
Key economics: the indicative estimated value is $957.90 per $1,000 (no lower than $900 when set), reflecting embedded fees, hedging costs and JPMorgan’s internal funding rate. Selling commissions paid to dealers are capped at $11.25 per note. The product offers no interim coupons and will not be listed; liquidity depends on bid prices made by J.P. Morgan Securities LLC (JPMS).
Risk highlights:
- Market risk: a single observation of the SPXFP level determines payout; high volatility, futures roll costs and potential negative roll yield can erode returns.
- Credit risk: payment depends on JPMorgan Financial and the JPMorgan Chase & Co. guarantee; both obligations are senior unsecured.
- Valuation & secondary market: secondary prices will likely trade below issue price because they exclude selling commissions and use JPM’s prevailing funding spread.
- Tax & regulatory: treated as an open transaction for U.S. tax purposes; not subject to CEA protections; Section 871(m) not expected to apply but could change.
Investment thesis: the notes may appeal to investors with a moderately bullish five-year view on U.S. equities who can tolerate full principal loss, do not need liquidity, and value leveraged upside without a cap. They are unsuitable for income-seeking or capital-preservation mandates.
JPMorgan Chase Financial Company LLC is issuing $595,000 principal amount of Capped Buffered Return Enhanced Notes linked to the Nasdaq-100 Index® (NDX). The notes price on 25 June 2025, settle on or about 30 June 2025 and mature on 30 June 2027.
Key economic terms
- Upside Leverage: 1.50× the positive Index return
- Maximum Return: 21.80% (= maximum payment of $1,218 per $1,000 note)
- Buffer: first 10% decline is protected; beyond that, investor loses 1% of principal for every additional 1% drop, exposing up to 90% loss
- No coupons or dividend participation; notes are unsecured, unsubordinated obligations of JPMorgan Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.
- Initial Value: NDX closing level on pricing date (22,237.74)
- Observation Date: 25 June 2027
- Denominations: $1,000; CUSIP 48136EM44
Pricing details
- Price to public: 100% of principal
- Selling commissions: $27 (2.70%) per $1,000 note, paid by JPMS to dealers
- Proceeds to issuer: $973 (97.3%) per $1,000; total net proceeds ≈ $578,935
- Estimated value at pricing: $961.60 per $1,000, reflecting embedded fees and hedging costs
Risk highlights
- Principal not protected: declines of the Index beyond the 10% buffer reduce repayment dollar-for-dollar, up to 90% potential loss.
- Capped upside: returns above 14.5333% Index appreciation are forfeited because of the 21.8% cap.
- Credit exposure: repayment depends on the creditworthiness of both JPMorgan Financial and the parent guarantor.
- Liquidity: the notes will not be listed, and secondary trading depends solely on dealer willingness to bid.
- Estimated value below issue price: indicates ~3.8% issuance premium (1000 – 961.6) covering commissions and structuring margin.
The product targets investors with a moderately bullish view on the Nasdaq-100 over the next two years who can tolerate limited liquidity, no income, and substantial downside risk in exchange for leveraged but capped upside and a 10% buffer.
JPMorgan Chase Financial Company has filed a prospectus for 3-year Auto-Callable Notes linked to the J.P. Morgan Multi-Asset Index (MAX), due August 3, 2028. The notes offer exposure to a dynamic portfolio of up to 10 futures-based indices across equities, fixed income, and commodities in developed markets.
Key features include:
- Minimum denomination of $1,000 with 100% participation rate
- Automatic call feature if index closes above call value on review dates
- Call premium of at least 8.00% per annum
- Full principal protection at maturity if not called early
- Estimated value no less than $900 per $1,000 principal amount
Notable risks include the 1.00% annual index deduction, credit risk of JPMorgan Chase, limited appreciation potential due to early call feature, and risks associated with futures contracts, non-U.S. securities, and commodities. The index employs a momentum strategy with a 4.0% initial volatility threshold.