STOCK TITAN

[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus

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Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is marketing 3-year (no-call for six months) Contingent Income Auto-Callable Securities linked equally to the Nasdaq-100 (NDX), S&P 500 (SPX) and EURO STOXX 50 (SX5E) indices. The notes pay a contingent quarterly coupon of at least $22.125 (≥2.2125% of principal) only when all three indices remain at or above 75 % of their initial values on every day in the monitoring period. Beginning with the second determination date, if each index closes at or above its initial level, the notes are automatically redeemed at par plus any earned coupon.

At maturity (July 13 2028), investors receive:

  • Par (and possibly the final coupon) if each index is at or above 65 % of its initial level.
  • A loss proportional to the worst-performing index if any index ends below 65 %; repayment could be less than 65 % of principal, down to zero.
The issue price is $1,000, and the issuer’s estimated value will be ≥$930. Payments depend on the creditworthiness of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor). Investors do not participate in any index appreciation, and secondary market liquidity may be limited.

JPMorgan Chase Financial Company LLC offre titoli a reddito contingente con durata di 3 anni (senza possibilità di rimborso anticipato nei primi sei mesi), collegati in egual misura agli indici Nasdaq-100 (NDX), S&P 500 (SPX) e EURO STOXX 50 (SX5E). Le obbligazioni pagano un coupon trimestrale contingente di almeno $22,125 (≥2,2125% del capitale) solo se tutti e tre gli indici restano al di sopra o pari al 75% del loro valore iniziale in ogni giorno del periodo di monitoraggio. A partire dalla seconda data di determinazione, se ogni indice chiude al di sopra o pari al livello iniziale, le obbligazioni vengono rimborsate automaticamente a valore nominale più eventuali coupon maturati.

Alla scadenza (13 luglio 2028), gli investitori riceveranno:

  • Il valore nominale (e possibilmente l’ultimo coupon) se ogni indice è al di sopra o pari al 65% del valore iniziale.
  • Una perdita proporzionale all’indice peggiore se uno degli indici termina sotto il 65%; il rimborso potrebbe essere inferiore al 65% del capitale, fino a zero.
Il prezzo di emissione è di $1.000, con un valore stimato dall’emittente ≥ $930. I pagamenti dipendono dalla solidità creditizia di JPMorgan Financial (emittente) e JPMorgan Chase & Co. (garante). Gli investitori non partecipano all’apprezzamento degli indici e la liquidità sul mercato secondario potrebbe essere limitata.

JPMorgan Chase Financial Company LLC está comercializando valores contingentes autocancelables a 3 años (sin posibilidad de rescate durante los primeros seis meses), vinculados por igual a los índices Nasdaq-100 (NDX), S&P 500 (SPX) y EURO STOXX 50 (SX5E). Los bonos pagan un cupón trimestral contingente de al menos $22.125 (≥2.2125% del principal) solo cuando los tres índices se mantienen en o por encima del 75% de sus valores iniciales en cada día del período de monitoreo. A partir de la segunda fecha de determinación, si cada índice cierra en o por encima de su nivel inicial, los bonos se redimen automáticamente al valor nominal más cualquier cupón ganado.

Al vencimiento (13 de julio de 2028), los inversores reciben:

  • El valor nominal (y posiblemente el cupón final) si cada índice está en o por encima del 65% de su nivel inicial.
  • Una pérdida proporcional al índice con peor desempeño si algún índice termina por debajo del 65%; el reembolso podría ser menor al 65% del principal, hasta cero.
El precio de emisión es de $1,000, y el valor estimado por el emisor será ≥ $930. Los pagos dependen de la solvencia crediticia de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante). Los inversores no participan en la apreciación de los índices y la liquidez en el mercado secundario puede ser limitada.

JPMorgan Chase Financial Company LLC는 3년 만기(6개월간 콜 불가) 조건부 소득 자동 상환 증권을 나스닥 100(NDX), S&P 500(SPX), EURO STOXX 50(SX5E) 지수에 동일 비율로 연동하여 판매하고 있습니다. 이 노트는 모니터링 기간 동안 매일 세 지수가 모두 최초 가치의 75% 이상을 유지할 때만 분기별로 최소 $22.125(원금의 ≥2.2125%)의 조건부 쿠폰을 지급합니다. 두 번째 평가일 이후부터는 각 지수가 최초 수준 이상으로 마감하면, 노트는 원금과 누적 쿠폰을 포함해 자동으로 상환됩니다.

만기일(2028년 7월 13일)에는 투자자에게 다음이 지급됩니다:

  • 각 지수가 최초 가치의 65% 이상일 경우 원금(및 최종 쿠폰 가능성).
  • 어느 하나의 지수가 65% 미만으로 마감하면 최저 성과 지수에 비례한 손실; 상환금은 원금의 65% 미만, 심지어 0까지도 될 수 있습니다.
발행가는 $1,000이며, 발행자의 추정 가치는 ≥$930입니다. 지급은 JPMorgan Financial(발행자)과 JPMorgan Chase & Co.(보증인)의 신용도에 따라 달라집니다. 투자자는 지수 상승에 참여하지 않으며, 2차 시장 유동성은 제한될 수 있습니다.

JPMorgan Chase Financial Company LLC commercialise des titres à revenu conditionnel auto-remboursables sur 3 ans (sans possibilité de remboursement anticipé pendant six mois), liés à parts égales aux indices Nasdaq-100 (NDX), S&P 500 (SPX) et EURO STOXX 50 (SX5E). Les notes versent un coupon trimestriel conditionnel d’au moins 22,125 $ (≥2,2125 % du principal) uniquement lorsque les trois indices restent à au moins 75 % de leur valeur initiale chaque jour pendant la période de suivi. À partir de la deuxième date de constatation, si chaque indice clôture à son niveau initial ou au-dessus, les notes sont automatiquement remboursées à leur valeur nominale plus tout coupon acquis.

À l’échéance (13 juillet 2028), les investisseurs recevront :

  • La valeur nominale (et éventuellement le dernier coupon) si chaque indice est à au moins 65 % de son niveau initial.
  • Une perte proportionnelle à l’indice le plus faible si un indice termine en dessous de 65 % ; le remboursement peut être inférieur à 65 % du principal, voire nul.
Le prix d’émission est de 1 000 $, et la valeur estimée par l’émetteur sera ≥930 $. Les paiements dépendent de la solvabilité de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant). Les investisseurs ne bénéficient pas de l’appréciation des indices, et la liquidité sur le marché secondaire peut être limitée.

JPMorgan Chase Financial Company LLC bietet 3-jährige (mit sechsmonatiger Nicht-Kündigungsfrist) bedingte, automatisch kündbare Wertpapiere an, die jeweils gleichgewichtet an die Indizes Nasdaq-100 (NDX), S&P 500 (SPX) und EURO STOXX 50 (SX5E) gekoppelt sind. Die Notes zahlen einen bedingten vierteljährlichen Coupon von mindestens 22,125 $ (≥2,2125 % des Kapitals), und zwar nur, wenn alle drei Indizes an jedem Tag der Beobachtungsperiode mindestens 75 % ihres Anfangswerts erreichen oder übersteigen. Ab dem zweiten Bewertungstermin werden die Notes automatisch zum Nennwert plus etwaiger verdienter Coupons zurückgezahlt, wenn jeder Index auf oder über seinem Anfangsniveau schließt.

Bei Fälligkeit (13. Juli 2028) erhalten Anleger:

  • Den Nennwert (und eventuell den letzten Coupon), wenn jeder Index mindestens 65 % seines Anfangswerts erreicht.
  • Ein Verlust proportional zum schlechtesten Index, falls ein Index unter 65 % schließt; die Rückzahlung kann weniger als 65 % des Kapitals betragen, bis hin zu null.
Der Ausgabepreis beträgt 1.000 $, der geschätzte Wert des Emittenten liegt bei ≥930 $. Zahlungen hängen von der Bonität von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garanten) ab. Anleger partizipieren nicht an einer Wertsteigerung der Indizes, und die Liquidität am Sekundärmarkt kann eingeschränkt sein.

Positive
  • High potential income: contingent coupon of ≥2.2125 % per quarter (≈8.85 % annualised) when all indices meet the barrier.
  • Early redemption feature: automatic call at par plus coupon if indices meet initial-level test, reducing duration and interest-rate exposure.
Negative
  • Principal at risk below 65 %: investors may lose up to 100 % of capital if the worst index falls more than 35 %.
  • No upside participation: returns are capped at coupons; index appreciation does not enhance payout.
  • Multi-index worst-of structure: any single index breaching barriers cancels coupons and drives loss calculation, increasing probability of adverse outcome.
  • Issuer/guarantor credit risk: payments rely on JPMorgan Financial and JPMorgan Chase creditworthiness.

Insights

TL;DR – High coupon potential but full downside below 65 % and no upside.

The security offers an attractive headline coupon (≥8.85 % annualized) and frequent auto-call opportunities that could shorten duration. However, coupon visibility is low because all three indices must stay above the 75 % barrier every day; a single breach cancels that quarter’s payment. Principal protection is soft – below a 35 % decline in any index at maturity, investors share losses one-for-one with the worst performer. Investors also forgo any index gains, making the risk-reward profile skewed: limited upside, significant downside, and issuer credit exposure. Suitable only for investors comfortable with multi-asset correlation risk and long-dated credit exposure to JPMorgan.

TL;DR – Multi-index worst-of structure amplifies probability of missed coupons.

Linking payouts to the worst performer across NDX, SPX and SX5E materially increases the likelihood of both coupon suspension and capital loss versus a single-index note. Historical volatility and correlation data indicate at least one index often trades below a 25 % drawdown during a 3-year window, suggesting high coupon uncertainty. The 65 % threshold leaves investors exposed to deep bear-market scenarios comparable to 2008 or early 2020. Credit risk is investment-grade (JPM A1/A-), but note value will still widen if spreads move. Overall impact: neutral to slightly negative for conservative portfolios.

JPMorgan Chase Financial Company LLC offre titoli a reddito contingente con durata di 3 anni (senza possibilità di rimborso anticipato nei primi sei mesi), collegati in egual misura agli indici Nasdaq-100 (NDX), S&P 500 (SPX) e EURO STOXX 50 (SX5E). Le obbligazioni pagano un coupon trimestrale contingente di almeno $22,125 (≥2,2125% del capitale) solo se tutti e tre gli indici restano al di sopra o pari al 75% del loro valore iniziale in ogni giorno del periodo di monitoraggio. A partire dalla seconda data di determinazione, se ogni indice chiude al di sopra o pari al livello iniziale, le obbligazioni vengono rimborsate automaticamente a valore nominale più eventuali coupon maturati.

Alla scadenza (13 luglio 2028), gli investitori riceveranno:

  • Il valore nominale (e possibilmente l’ultimo coupon) se ogni indice è al di sopra o pari al 65% del valore iniziale.
  • Una perdita proporzionale all’indice peggiore se uno degli indici termina sotto il 65%; il rimborso potrebbe essere inferiore al 65% del capitale, fino a zero.
Il prezzo di emissione è di $1.000, con un valore stimato dall’emittente ≥ $930. I pagamenti dipendono dalla solidità creditizia di JPMorgan Financial (emittente) e JPMorgan Chase & Co. (garante). Gli investitori non partecipano all’apprezzamento degli indici e la liquidità sul mercato secondario potrebbe essere limitata.

JPMorgan Chase Financial Company LLC está comercializando valores contingentes autocancelables a 3 años (sin posibilidad de rescate durante los primeros seis meses), vinculados por igual a los índices Nasdaq-100 (NDX), S&P 500 (SPX) y EURO STOXX 50 (SX5E). Los bonos pagan un cupón trimestral contingente de al menos $22.125 (≥2.2125% del principal) solo cuando los tres índices se mantienen en o por encima del 75% de sus valores iniciales en cada día del período de monitoreo. A partir de la segunda fecha de determinación, si cada índice cierra en o por encima de su nivel inicial, los bonos se redimen automáticamente al valor nominal más cualquier cupón ganado.

Al vencimiento (13 de julio de 2028), los inversores reciben:

  • El valor nominal (y posiblemente el cupón final) si cada índice está en o por encima del 65% de su nivel inicial.
  • Una pérdida proporcional al índice con peor desempeño si algún índice termina por debajo del 65%; el reembolso podría ser menor al 65% del principal, hasta cero.
El precio de emisión es de $1,000, y el valor estimado por el emisor será ≥ $930. Los pagos dependen de la solvencia crediticia de JPMorgan Financial (emisor) y JPMorgan Chase & Co. (garante). Los inversores no participan en la apreciación de los índices y la liquidez en el mercado secundario puede ser limitada.

JPMorgan Chase Financial Company LLC는 3년 만기(6개월간 콜 불가) 조건부 소득 자동 상환 증권을 나스닥 100(NDX), S&P 500(SPX), EURO STOXX 50(SX5E) 지수에 동일 비율로 연동하여 판매하고 있습니다. 이 노트는 모니터링 기간 동안 매일 세 지수가 모두 최초 가치의 75% 이상을 유지할 때만 분기별로 최소 $22.125(원금의 ≥2.2125%)의 조건부 쿠폰을 지급합니다. 두 번째 평가일 이후부터는 각 지수가 최초 수준 이상으로 마감하면, 노트는 원금과 누적 쿠폰을 포함해 자동으로 상환됩니다.

만기일(2028년 7월 13일)에는 투자자에게 다음이 지급됩니다:

  • 각 지수가 최초 가치의 65% 이상일 경우 원금(및 최종 쿠폰 가능성).
  • 어느 하나의 지수가 65% 미만으로 마감하면 최저 성과 지수에 비례한 손실; 상환금은 원금의 65% 미만, 심지어 0까지도 될 수 있습니다.
발행가는 $1,000이며, 발행자의 추정 가치는 ≥$930입니다. 지급은 JPMorgan Financial(발행자)과 JPMorgan Chase & Co.(보증인)의 신용도에 따라 달라집니다. 투자자는 지수 상승에 참여하지 않으며, 2차 시장 유동성은 제한될 수 있습니다.

JPMorgan Chase Financial Company LLC commercialise des titres à revenu conditionnel auto-remboursables sur 3 ans (sans possibilité de remboursement anticipé pendant six mois), liés à parts égales aux indices Nasdaq-100 (NDX), S&P 500 (SPX) et EURO STOXX 50 (SX5E). Les notes versent un coupon trimestriel conditionnel d’au moins 22,125 $ (≥2,2125 % du principal) uniquement lorsque les trois indices restent à au moins 75 % de leur valeur initiale chaque jour pendant la période de suivi. À partir de la deuxième date de constatation, si chaque indice clôture à son niveau initial ou au-dessus, les notes sont automatiquement remboursées à leur valeur nominale plus tout coupon acquis.

À l’échéance (13 juillet 2028), les investisseurs recevront :

  • La valeur nominale (et éventuellement le dernier coupon) si chaque indice est à au moins 65 % de son niveau initial.
  • Une perte proportionnelle à l’indice le plus faible si un indice termine en dessous de 65 % ; le remboursement peut être inférieur à 65 % du principal, voire nul.
Le prix d’émission est de 1 000 $, et la valeur estimée par l’émetteur sera ≥930 $. Les paiements dépendent de la solvabilité de JPMorgan Financial (émetteur) et JPMorgan Chase & Co. (garant). Les investisseurs ne bénéficient pas de l’appréciation des indices, et la liquidité sur le marché secondaire peut être limitée.

JPMorgan Chase Financial Company LLC bietet 3-jährige (mit sechsmonatiger Nicht-Kündigungsfrist) bedingte, automatisch kündbare Wertpapiere an, die jeweils gleichgewichtet an die Indizes Nasdaq-100 (NDX), S&P 500 (SPX) und EURO STOXX 50 (SX5E) gekoppelt sind. Die Notes zahlen einen bedingten vierteljährlichen Coupon von mindestens 22,125 $ (≥2,2125 % des Kapitals), und zwar nur, wenn alle drei Indizes an jedem Tag der Beobachtungsperiode mindestens 75 % ihres Anfangswerts erreichen oder übersteigen. Ab dem zweiten Bewertungstermin werden die Notes automatisch zum Nennwert plus etwaiger verdienter Coupons zurückgezahlt, wenn jeder Index auf oder über seinem Anfangsniveau schließt.

Bei Fälligkeit (13. Juli 2028) erhalten Anleger:

  • Den Nennwert (und eventuell den letzten Coupon), wenn jeder Index mindestens 65 % seines Anfangswerts erreicht.
  • Ein Verlust proportional zum schlechtesten Index, falls ein Index unter 65 % schließt; die Rückzahlung kann weniger als 65 % des Kapitals betragen, bis hin zu null.
Der Ausgabepreis beträgt 1.000 $, der geschätzte Wert des Emittenten liegt bei ≥930 $. Zahlungen hängen von der Bonität von JPMorgan Financial (Emittent) und JPMorgan Chase & Co. (Garanten) ab. Anleger partizipieren nicht an einer Wertsteigerung der Indizes, und die Liquidität am Sekundärmarkt kann eingeschränkt sein.

JPMorgan Chase Financial Company LLC

Free Writing Prospectus Filed Pursuant to Rule 433

Registration Statement Nos. 333-270004 and 333-270004-01

Dated July 7, 2025

3yrNC6m NDX/SPX/SX5E Contingent Income Auto-Callable Securities

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum and the “Risk Considerations” on the following page, prior to making an investment decision.

 


SUMMARY TERMS

Issuer:

JPMorgan Chase Financial Company LLC (“JPMorgan Financial”)

Guarantor:

JPMorgan Chase & Co.

Underlying indices:

Nasdaq-100 Index® (Bloomberg ticker: NDX Index) (the “NDX Index”), S&P 500® Index (Bloomberg ticker: SPX Index) (the “SPX Index”) and EURO STOXX 50® Index (Bloomberg ticker: SX5E Index) (the “SX5E Index”) (each, an “underlying index”)

Early redemption:

If, on any of the determination dates (other than the first and final determination dates), the closing level of each underlying index is greater than or equal to its initial index value, the securities will be automatically redeemed for an early redemption payment on the first contingent payment date immediately following the related determination date. No further payments will be made on the securities once they have been redeemed.

The securities will not be redeemed early on any contingent payment date if the closing level of any underlying index is below its initial index value on the related determination date.

Early redemption payment:

The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) any contingent quarterly payment otherwise due with respect to the related quarterly monitoring period.

Contingent quarterly payment:

If the closing level of each underlying index is greater than or equal to its coupon barrier level on each day during a quarterly monitoring period, we will pay a contingent quarterly payment of at least $22.125 (at least 2.2125% of the stated principal amount) per security on the related contingent payment date. The actual contingent quarterly payment will be provided in the pricing supplement.

If the closing level of any underlying index is less than its coupon barrier level on any day during a quarterly monitoring period, no contingent quarterly payment will be payable with respect to that quarterly monitoring period. It is possible that the closing level of one or more of the underlying indices will be below their respective coupon barrier levels on at least one day during most or all of the quarterly monitoring periods so that you will receive few or no contingent quarterly payments.

Payment at maturity:

If the final index value of each underlying index is greater than or equal to its downside threshold level:

(i) the stated principal amount plus, (ii) if the closing level of each underlying index on each day during the final quarterly monitoring period is greater than or equal to its coupon barrier level, the contingent quarterly payment with respect to the final quarterly monitoring period

 

If the final index value of any underlying index is less than its downside threshold level:

(i) the stated principal amount times (ii) the index performance factor of the worst performing underlying index. This cash payment will be less than 65% of the stated principal amount of the securities and could be zero.

Coupon barrier level:

With respect to each underlying index, 75% of its initial index value

Downside threshold level:

With respect to each underlying index, 65% of its initial index value

Quarterly monitoring period:

With respect to each contingent payment date, the period from but excluding the second immediately preceding determination date (or, in the case of the first determination date, from but excluding the pricing date) to and including the immediately preceding determination date

 

Initial index value:

With respect to each underlying index, its closing level on the pricing date

Final index value:

With respect to each underlying index, its closing level on the final determination date

Worst performing underlying index:

The underlying index with the worst index performance factor

Index performance factor:

With respect to each underlying index, its final index value divided by its initial index value

Stated principal amount:

$1,000 per security

Issue price:

$1,000 per security

Pricing date:

Expected to be July 8, 2025

Original issue date (settlement date):

3 business days after the pricing date

Determination dates:

October 8, 2025, January 8, 2026, April 8, 2026, July 8, 2026, October 8, 2026, January 8, 2027, April 8, 2027, July 8, 2027, October 8, 2027, January 10, 2028, April 10, 2028 and July 10, 2028

Contingent payment dates:

October 14, 2025, January 13, 2026, April 13, 2026, July 13, 2026, October 14, 2026, January 13, 2027, April 13, 2027, July 13, 2027, October 14, 2027, January 13, 2028, April 13, 2028 and the maturity date

Maturity date:

July 13, 2028

CUSIP / ISIN:

48136FJZ6 / US48136FJZ62

Preliminary pricing supplement:

http://www.sec.gov/Archives/edgar/data/19617/000183988225037306/jpm_424b2-20286.htm

Subject to postponement or early acceleration

The estimated value of the securities on the pricing date will be provided in the pricing supplement and will not be less than $930.00 per $1,000 stated principal amount security. For information about the estimated value of the securities, which likely will be lower than the price you paid for the securities, please see the hyperlink above.

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.

Hypothetical Payout at Maturity

Change in Worst Performing Underlying Index

Payment at Maturity (excluding any contingent quarterly payment payable at maturity)

50.00%

$1,000.00

40.00%

$1,000.00

30.00%

$1,000.00

20.00%

$1,000.00

10.00%

$1,000.00

5.00%

$1,000.00

0.00%

$1,000.00

-10.00%

$1,000.00

-20.00%

$1,000.00

-30.00%

$1,000.00

-35.00%

$1,000.00

-35.01%

$649.90

-40.00%

$600.00

-50.00%

$500.00

-60.00%

$400.00

-80.00%

$200.00

-100.00%

$0.00


 

JPMorgan Chase Financial Company LLC

3yrNC6m NDX/SPX/SX5E Contingent Income Auto-Callable Securities

Underlying Indices

For more information about the underlying indices, including historical performance information, see the accompanying preliminary pricing supplement.

Risk Considerations

The risks identified below are not exhaustive. Please see “Risk Factors” in the accompanying prospectus supplement, product supplement and preliminary pricing supplement and Annex A to the accompanying prospectus addendum for additional information.

Risks Relating to the Securities Generally

The securities do not guarantee the return of any principal and your investment in the securities may result in a loss.

You will not receive any contingent quarterly payment for any quarterly monitoring period if the closing level of any underlying index is less than its coupon barrier level on any day during that quarterly monitoring period.

The contingent quarterly payment is based on the closing levels of the underlying indices during the quarterly monitoring periods.

You are exposed to the price risk of all three underlying indices, with respect to all the contingent quarterly payments, if any, and the payment at maturity, if any.

Because the securities are linked to the performance of the worst performing underlying index, you are exposed to greater risks of no contingent quarterly payments and sustaining a significant loss on your investment than if the securities were linked to just one underlying index.

The securities are subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., and any actual or anticipated changes to our or JPMorgan Chase & Co.’s credit ratings or credit spreads may adversely affect the market value of the securities.

As a finance subsidiary, JPMorgan Financial has no independent operations and has limited assets.

Investors will not participate in any appreciation of any underlying index.

Early redemption risk.

Secondary trading may be limited.

We may accelerate your securities in our sole discretion and the calculation agent may adjust their final payment in good faith and in a commercially reasonable manner if a change-in-law event occurs.

The final terms and estimated valuation of the securities will be provided in the pricing supplement.

The U.S. federal income tax consequences of an investment in the securities are uncertain.

Risks Relating to Conflicts of Interest

Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of the securities and other affiliates of the issuer may be different from those of investors.

Hedging and trading activities by the issuer and its affiliates could potentially affect the value of the securities.

Risks Relating to the Estimated Value and Secondary Market Prices of the Securities

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 J.P. Morgan Securities LLC (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.

Secondary market prices of the securities will be impacted by many economic and market factors.

Risks Relating to the Underlying Indices

JPMorgan Chase & Co. is currently one of the companies that make up the SPX Index.

Investing in the securities is not equivalent to investing in any underlying index.

Adjustments to any underlying index could adversely affect the value of the securities.

The securities are subject to risks associated with securities issued by non-U.S. companies with respect to the NDX Index and the SX5E Index.

The securities are not directly exposed to fluctuations in foreign exchange rates with respect to the SX5E Index.

Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the securities.

Tax Considerations

You should review carefully the discussion in the accompanying preliminary pricing supplement under “Additional Information about the Securities — Tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

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 the 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.

FAQ

What is the coupon barrier level for the JPMorgan contingent income notes?

Each of the NDX, SPX and SX5E must stay at 75 % or more of its initial level throughout the quarter for the coupon to be paid.

When can the securities be automatically redeemed early?

On any determination date after the first, if all three indices close at or above their initial levels; payment occurs on the next coupon date.

How is principal repaid if one index falls 40 % by maturity?

Because the downside threshold is 65 %, a 40 % drop triggers a payout equal to the index performance factor, e.g., $600 on a $1,000 note.

What is the estimated value versus the $1,000 issue price?

The estimated value will be disclosed in the pricing supplement and will be no less than $930 per $1,000 face amount.

Do investors gain from rises in NDX, SPX or SX5E?

No. Upside is limited to received coupons and par repayment; index appreciation above initial levels does not increase returns.
Inverse VIX S/T Futs ETNs due Mar22,2045

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