The information in this preliminary pricing supplement is
not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek
an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to completion dated May 13, 2025
PRICING SUPPLEMENT NO.
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-270004 and 333-270004-01
Dated May , 2025
JPMorgan Chase Financial Company LLC Barrier Absolute Return Market Linked Notes (with daily barrier observation)
Linked to the S&P 500® Index due on or about April 1, 2026
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
Investment Description |
Barrier Absolute Return Market Linked Notes, which we refer to as the “Notes,” are unsecured and unsubordinated debt securities issued by JPMorgan Chase Financial Company LLC (“JPMorgan Financial”), the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co., with a return linked to the performance of the S&P 500® Index (the “Underlying”). If a Barrier Event has occurred, meaning that the closing level of the Underlying is greater than the Upper Barrier or less than the Lower Barrier on any day during the period from but excluding the Trade Date to and including the Final Valuation Date (the “Observation Period”), JPMorgan Financial will repay only your principal amount at maturity and you will not receive any positive return on the Notes. The Upper Barrier is equal to the Initial Value plus at least 16.10% of the Initial Value and the Lower Barrier is equal to the Initial Value minus at least 16.10% of the Initial Value. If a Barrier Event has not occurred, JPMorgan Financial will repay your principal amount plus an amount reflecting the absolute value of the Underlying Return.
Investing in the Notes involves significant risks. You will not receive dividends or other distributions paid on any stocks included in the Underlying, and the Notes will not pay interest. Because the Upper Barrier is equal to the Initial Value plus at least 16.10% of the Initial Value and the Lower Barrier is equal to the Initial Value minus at least 16.10% of the Initial Value, the maximum payment at maturity is at least $1,161.00 per $1,000 principal amount note. The repayment of principal applies only if you hold the Notes to maturity. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of JPMorgan Financial, as issuer of the Notes, and the creditworthiness of JPMorgan Chase & Co., as guarantor of the Notes. If JPMorgan Financial and JPMorgan Chase & Co. were to default on their payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment.
Features |
q | Range-Bound Growth Potential Only if A Barrier Event Has Not Occurred — If a Barrier Event has not occurred, JPMorgan Financial will repay your principal amount plus an amount reflecting the absolute value of the Underlying Return. |
q | Repayment of Principal at Maturity — If you hold the Notes to maturity, JPMorgan Financial will repay at least your principal amount at maturity. If a Barrier Event has occurred, JPMorgan Financial will repay only your principal amount at maturity and you will not receive any positive return on the Notes. The repayment of principal applies only if you hold the Notes to maturity. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of JPMorgan Financial and JPMorgan Chase & Co. |
Key Dates |
Trade Date1 | May 13, 2025 |
Original Issue Date (Settlement Date)1 | May 16, 2025 |
Final Valuation Date2 | March 27, 2026 |
Maturity Date2 | April 1, 2026 |
1 | Expected. In the event that we make any change to the expected Trade Date and Settlement Date, the Final Valuation Date and/or the Maturity Date will be changed so that the stated term of the Notes remains the same. The Initial Value is the closing level of the Underlying on May 12, 2025 and is not the closing level of the Underlying on the Trade Date. |
2 | Subject to postponement in the event of a market disruption event and as described under “General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Underlying (Other Than a Commodity Index)” and “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement |
YOU MAY RECEIVE ONLY THE FULL PRINCIPAL AMOUNT OF THE NOTES AT MATURITY, AND MAY NOT RECEIVE ANY POSITIVE RETURN ON THE NOTES. THE NOTES ARE EXPOSED TO MARKET RISK SIMILAR TO THE UNDERLYING, IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF JPMORGAN FINANCIAL FULLY AND UNCONDITIONALLY GUARANTEED BY JPMORGAN CHASE & CO. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEY RISKS” BEGINNING ON PAGE 6 OF THIS PRICING SUPPLEMENT, UNDER “RISK FACTORS” BEGINNING ON PAGE S-2 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT, IN ANNEX A TO THE ACCOMPANYING PROSPECTUS ADDENDUM AND UNDER “RISK FACTORS” BEGINNING ON PAGE PS-12 OF THE ACCOMPANYING PRODUCT SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. THE NOTES WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE.
Note Offering |
We are offering Barrier Absolute Return Market Linked Notes linked to the S&P 500® Index. The Notes are offered at a minimum investment of $1,000 in denominations of $1,000 and integral multiples thereof. The Upper Barrier and Lower Barrier will be finalized on the Trade Date and provided in the pricing supplement. The actual Upper Barrier is expected to be, but will not be less than, the minimum Upper Barrier listed below, and the actual Lower Barrier is expected to be, but will not be greater than, the maximum Lower Barrier listed below, but you should be willing to invest in the Notes if the Upper Barrier and Lower Barrier were set equal to the minimum Upper Barrier and the maximum Lower Barrier.
Underlying | Initial Value* | Upper Barrier** | Lower Barrier** | CUSIP/ ISIN |
S&P 500® Index (Bloomberg ticker: SPX) |
5,844.19 | The Initial Value plus at least 16.10% of the Initial Value | The Initial Value minus at least 16.10% of the Initial Value |
48136EHR9 / US48136EHR99 |
*The Initial Value is the closing level of the Underlying on May 12, 2025 and is not the closing level of the Underlying on the Trade Date.
**Rounded to two decimal places
See “Additional Information about JPMorgan Financial, JPMorgan Chase & Co. and the Notes” in this pricing supplement. The Notes will have the terms specified in the prospectus and the prospectus supplement, each dated April 13, 2023, the prospectus addendum dated June 3, 2024, product supplement no. 3-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023 and this pricing supplement. The terms of the Notes as set forth in this pricing supplement, to the extent they differ or conflict with those set forth in the accompanying product supplement, will supersede the terms set forth in that product supplement.
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus, the accompanying prospectus supplement, the accompanying prospectus addendum, the accompanying product supplement and the accompanying underlying supplement. Any representation to the contrary is a criminal offense.
Price to Public1 | Fees and Commissions2 | Proceeds to Issuer | ||||
Offering of Notes | Total | Per Note | Total | Per Note | Total | Per Note |
Notes Linked to the S&P 500® Index | $1,000.00 | $5.00 | $995.00 |
1 | See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the Notes. |
2 | UBS Financial Services Inc., which we refer to as UBS, will receive selling commissions from us that will not exceed $5.00 per $1,000 principal amount Note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement, as supplemented by “Supplemental Plan of Distribution” in this pricing supplement. |
If the Notes priced today and assuming an Upper Barrier and Lower Barrier equal to the minimum Upper Barrier and the maximum Lower Barrier listed above, the estimated value of the Notes would be approximately $983.40 per $1,000 principal amount Note. The estimated value of the Notes, when the terms of the Notes are set, will be provided in the pricing supplement and will not be less than $950.00 per $1,000 principal amount Note. See “The Estimated Value of the Notes” in this pricing supplement for additional information.
The Notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
UBS Financial Services Inc. | J.P.Morgan |
Additional Information about JPMorgan Financial, JPMorgan Chase & Co. and the Notes |
You may revoke your offer to purchase the Notes at any time prior to the time at which we accept such offer by notifying the agent. We reserve the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any changes to the terms of the Notes, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes, in which case we may reject your offer to purchase.
You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these Notes are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement and the accompanying underlying supplement. This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the Notes involve risks not associated with conventional debt securities.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
t | Product supplement no. 3-I dated April 13, 2023: http://www.sec.gov/Archives/edgar/data/19617/000121390023029706/ea153081_424b2.pdf |
t | Underlying supplement no. 1-I dated April 13, 2023: http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf |
t | Prospectus supplement and prospectus, each dated April 13, 2023: http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf |
t | Prospectus addendum dated June 3, 2024: http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm |
Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing supplement, the “Issuer,” “JPMorgan Financial,” “we,” “us” and “our” refer to JPMorgan Chase Financial Company LLC.
Supplemental Terms of the Notes |
For purposes of the accompanying product supplement, the S&P 500® Index is an “Index.”
Any values of the Underlying, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the Notes. Notwithstanding anything to the contrary in the indenture governing the Notes, that amendment will become effective without consent of the holders of the Notes or any other party.
2
Investor Suitability |
The Notes may be suitable for you if, among other considerations: t You fully understand the risks inherent in an investment in the Notes, including the risk of receiving little or no positive return on your investment. t You understand and accept that your potential return is limited by the Upper Barrier and Lower Barrier if a Barrier Event has not occurred. t You believe that the level of the Underlying will increase or decrease moderately and will not increase above the Upper Barrier and will not decrease below the Lower Barrier during the term of the Notes. t You can tolerate receiving only your principal amount at maturity if a Barrier Event has occurred or if a Barrier Event does not occur and the Final Value is equal to the Initial Value. t You understand and accept that you will only benefit from the absolute value of the Underlying Return if a Barrier Event has not occurred, and you believe that a Barrier Event will not occur. t You would be willing to invest in the Notes if the Upper Barrier and Lower Barrier were set equal to the minimum Upper Barrier and the maximum Lower Barrier indicated on the cover hereof (the actual Upper Barrier and Lower Barrier will be finalized on the Trade Date and provided in the pricing supplement and are expected to be, but will not be less than, the minimum Upper Barrier or greater than the maximum Lower Barrier, as applicable, indicated on the cover hereof). t You can tolerate fluctuations in the price of the Notes prior to maturity that may cause the market value of the Notes to decline. t You do not seek current income from your investment and are willing to forgo dividends paid on the stocks included in the Underlying. t You are willing and able to hold the Notes to maturity. t You accept that there may be little or no secondary market for the Notes and that any secondary market will depend in large part on the price, if any, at which J.P. Morgan Securities LLC, which we refer to as JPMS, is willing to trade the Notes. t You understand and accept the risks associated with the Underlying. t You are willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Notes, and understand that if JPMorgan Financial and JPMorgan Chase & Co. default on their obligations, you may not receive any amounts due to you including any repayment of principal. |
The Notes may not be suitable for you if, among other considerations: t You do not fully understand the risks inherent in an investment in the Notes, including the risk of receiving little or no positive return on your investment. t You seek an investment that has unlimited return potential. t You believe that the level of the Underlying will increase or decrease significantly and will increase above the Upper Barrier or decrease below the Lower Barrier during the term of the Notes. t You cannot tolerate receiving only your principal amount at maturity if a Barrier Event has occurred or if a Barrier Event has not occurred and the Final Value is equal to the Initial Value. t You believe that a Barrier Event will occur. t You would be unwilling to invest in the Notes if the Upper Barrier and Lower Barrier were set equal to the minimum Upper Barrier and the maximum Lower Barrier indicated on the cover hereof (the actual Upper Barrier and Lower Barrier will be finalized on the Trade Date and provided in the pricing supplement and are expected to be, but will not be less than, the minimum Upper Barrier or greater than the maximum Lower Barrier, as applicable, indicated on the cover hereof). t You cannot tolerate fluctuations in the price of the Notes prior to maturity that may cause the market value of the Notes to decline. t You seek current income from your investment or prefer not to forgo dividends paid on the stocks included in the Underlying. t You are unwilling or unable to hold the Notes to maturity or seek an investment for which there will be an active secondary market. t You do not understand or accept the risks associated with the Underlying. t You are not willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Notes, including any repayment of principal. |
The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisers have carefully considered the suitability of an investment in the Notes in light of your particular circumstances. You should also review carefully the “Key Risks” section of this pricing supplement, the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and Annex A to the accompanying prospectus addendum for risks related to an investment in the Notes. For more information on the Underlying, please see the section titled “The Underlying” below.
3
Indicative Terms |
Issuer: | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. | |
Guarantor: | JPMorgan Chase & Co. | |
Issue Price: | $1,000 per Note | |
Principal Amount: | $1,000 per Note. The payment at maturity will be based on the principal amount. | |
Underlying: | S&P 500® Index | |
Term1: | Approximately 10.5 months | |
Payment at Maturity (per $1,000 principal amount Note): |
If a Barrier Event has occurred, JPMorgan Financial will pay you a cash payment at maturity of $1,000 per $1,000 principal amount Note. If a Barrier Event has not occurred, JPMorgan Financial will pay you a cash payment at maturity per $1,000 principal amount Note equal to: $1,000 + ($1,000 × absolute value of the Underlying Return) Because the payment at maturity will not reflect the absolute value of the Underlying Return if a Barrier Event has occurred, the Upper Barrier and the Lower Barrier are effectively a cap on your return at maturity. Because the Upper Barrier is equal to the Initial Value plus at least 16.10% of the Initial Value and the Lower Barrier is equal to the Initial Value minus at least 16.10% of the Initial Value, the maximum payment at maturity is at least $1,161.00 per $1,000 principal amount Note.
| |
Underlying Return: |
(Final Value – Initial Value) Initial Value | |
Barrier Event: | A Barrier Event occurs if, on any day during the Observation Period, the closing level of the Underlying is greater than the Upper Barrier or less than the Lower Barrier. | |
Upper Barrier2: | Equal to the Initial Value plus at least 16.10% of the Initial Value | |
Lower Barrier2: | Equal to the Initial Value minus at least 16.10% of the Initial Value | |
Observation Period: | The period from but excluding the Trade Date to and including the Final Valuation Date | |
Initial Value: | The closing level of the Underlying on May 12, 2025, as specified on the cover of this pricing supplement. The Initial Value is not the closing level of the Underlying on the Trade Date. | |
Final Value: | The closing level of the Underlying on the Final Valuation Date |
1 See footnote 1 under “Key Dates” on the front cover. 2 Rounded to two decimal places |
Investment Timeline |
May 12, 2025 | The closing level of the Underlying (Initial Value) is observed. | |
![]() |
||
Trade Date
|
The Upper Barrier and the Lower Barrier are finalized. | |
![]() |
||
Every Day during the Observation Period | The closing level of the Underlying is observed. | |
![]() |
||
Maturity Date |
The Final Value and the Underlying Return are determined on the Final Valuation Date. If a Barrier Event has occurred, JPMorgan Financial will pay you a cash payment at maturity of $1,000 per $1,000 principal amount Note. If a Barrier Event has not occurred, JPMorgan Financial will pay you a cash payment at maturity per $1,000 principal amount Note equal to: $1,000 + ($1,000 × absolute value of the Underlying Return)
|
INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. ANY PAYMENT ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE CREDITWORTHINESS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. IF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. WERE TO DEFAULT ON THEIR PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. |
4
What Are the Tax Consequences of the Notes? |
Tax Treatment
You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences,” and in particular the subsection thereof entitled “— Tax Consequences to U.S. Holders — Notes with a Term of Not More than One Year,” in the accompanying product supplement no. 3-I. In the opinion of our special tax counsel, Davis Polk & Wardwell LLP, the Notes will be treated as “short-term obligations” for U.S. federal income tax purposes as described in the section entitled “Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes with a Term of Not More than One Year” in the accompanying product supplement. No statutory, judicial or administrative authority directly addresses the treatment of the Notes or instruments similar to the Notes for U.S. federal income tax purposes, and no ruling is being requested from the Internal Revenue Service with respect to the Notes. As a result, certain aspects of the tax treatment of an investment in the Notes are uncertain. If you hold your Notes to maturity, any gain you realize should be treated as ordinary income. The discussions herein and in the accompanying product supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Code. Purchasers who are not initial purchasers of the Notes at the issue price should consult their tax advisers with respect to the tax consequences of an investment in the Notes.
Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying Security”). Based on certain determinations made by us, we expect that Section 871(m) will not apply to the Notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If necessary, further information regarding the potential application of Section 871(m) will be provided in the pricing supplement for the Notes. You should consult your tax adviser regarding the potential application of Section 871(m) to the Notes.
The discussion in the preceding paragraph, when read in combination with the section entitled “Material U.S. Federal Income Tax Consequences” (and in particular the subsection thereof entitled “— Tax Consequences to U.S. Holders — Notes with a Term of Not More than One Year”) in the accompanying product supplement, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal income tax consequences of owning and disposing of Notes.
5
Key Risks |
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Underlying. These risks are explained in more detail in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum. We also urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes.
Risks Relating to the Notes Generally
t | The Notes May Not Pay More Than the Principal Amount at Maturity — You may receive a lower payment at maturity than you would have received if you had invested in a traditional fixed-rated debt security of a similar term from us or if you had invested directly in the Underlying, the securities included in the Underlying or contracts relating to the Underlying for which there is an active secondary market. If a Barrier Event has occurred or if a Barrier Event has not occurred and the Final Value is equal to the Initial Value, you will receive only the principal amount of your Notes at maturity, and you will not be compensated for any loss in value due to inflation and other factors relating to the value of money over time. |
t | Credit Risks of JPMorgan Financial and JPMorgan Chase & Co. — The Notes are unsecured and unsubordinated debt obligations of the Issuer, JPMorgan Chase Financial Company LLC, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. The Notes will rank pari passu with all of our other unsecured and unsubordinated obligations, and the related guarantee by JPMorgan Chase & Co. will rank pari passu with all of JPMorgan Chase & Co.’s other unsecured and unsubordinated obligations. The Notes and related guarantees are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Notes, including any repayment of principal, depends on the ability of JPMorgan Financial and JPMorgan Chase & Co. to satisfy their obligations as they come due. As a result, the actual and perceived creditworthiness of JPMorgan Financial and JPMorgan Chase & Co. may affect the market value of the Notes and, in the event JPMorgan Financial and JPMorgan Chase & Co. were to default on their obligations, you may not receive any amounts owed to you under the terms of the Notes and you could lose your entire investment. |
t | As a Finance Subsidiary, JPMorgan Financial Has No Independent Operations and Limited Assets — As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase & Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase & Co. to meet our obligations under the Notes. We are not a key operating subsidiary of JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in respect of the Notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make payments on the Notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more information, see the accompanying prospectus addendum. |
t | The Appreciation Potential of the Notes Is Limited by the Upper Barrier and the Lower Barrier If a Barrier Event Has Not Occurred — Because the payment at maturity will not reflect the absolute value of the Underlying Return if a Barrier Event has occurred, the Upper Barrier and the Lower Barrier are effectively a cap on your return at maturity. Because the Upper Barrier is equal to the Initial Value plus at least 16.10% of the Initial Value and the Lower Barrier is equal to the Initial Value minus at least 16.10% of the Initial Value, the maximum payment at maturity is at least $1,161.00 per $1,000 principal amount Note. |
t | A Barrier Event May Occur on Any Day During the Observation Period — If, on any day during the Observation Period, the closing level of the Underlying is greater than the Upper Barrier or less than the Lower Barrier (i.e., a Barrier Event occurs), you will receive at maturity only the principal amount of your Notes and you will not participate in the absolute value of the Underlying Return, regardless of any appreciation or depreciation of the Underlying, which may be significant. |
t | The Repayment of Principal Applies Only If You Hold the Notes to Maturity — You should be willing to hold your Notes to maturity. If you are able to sell your Notes in the secondary market, if any, prior to maturity, you may have to sell them at a loss relative to your initial investment even if the closing level of the Underlying is above the Initial Value. If you hold the Notes to maturity, JPMorgan Financial will repay your principal amount. The repayment of principal applies only if you hold your Notes to maturity. |
t | No Interest Payments — JPMorgan Financial will not make any interest payments to you with respect to the Notes. |
t | The Probability That a Barrier Event Will Occur Will Depend on the Volatility of the Underlying — “Volatility” refers to the frequency and magnitude of changes in the level of the Underlying. Greater expected volatility with respect to the Underlying reflects a higher expectation as of the Trade Date that a Barrier Event will occur during the Observation Period, resulting in the loss of the opportunity to earn a return on the Notes at maturity based on the absolute value of the Underlying Return. However, the Underlying’s volatility can change significantly over the term of the Notes. The level of the Underlying could rise or fall sharply, which could trigger a Barrier Event and result in your receiving only your principal amount at maturity. |
t | Investing in the Notes Is Not Equivalent to Investing in the Stocks Composing the Underlying — Investing in the Notes is not equivalent to investing in the stocks included in the Underlying. As an investor in the Notes, you will not have any ownership interest or rights in the stocks included in the Underlying, such as voting rights, dividend payments or other distributions. |
t | We Cannot Control Actions by the Sponsor of the Underlying and That Sponsor Has No Obligation to Consider Your Interests — We and our affiliates are not affiliated with the sponsor of the Underlying and have no ability to control or predict its actions, including any errors in or discontinuation of public disclosure regarding methods or policies relating to the calculation of the Underlying. The sponsor of the Underlying is not involved in this Note offering in any way and has no obligation to consider your interest as an owner of the Notes in taking any actions that might affect the market value of your Notes. |
6
t | Your Return on the Notes Will Not Reflect Dividends on the Stocks Composing the Underlying — Your return on the Notes will not reflect the return you would realize if you actually owned the stocks included in the Underlying and received the dividends on the stocks included in the Underlying. This is because the calculation agent will calculate the amount payable to you at maturity of the Notes by reference to the Final Value, which reflects the closing level of the Underlying on the Final Valuation Date without taking into consideration the value of dividends on the stocks included in the Underlying. |
t | Lack of Liquidity — The Notes will not be listed on any securities exchange. JPMS intends to offer to purchase the Notes in the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which JPMS is willing to buy the Notes. |
t | Tax Treatment — Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax adviser about your tax situation. |
t | The Final Terms and Valuation of the Notes Will Be Finalized on the Trade Date and Provided in the Pricing Supplement — The final terms of the Notes will be based on relevant market conditions when the terms of the Notes are set and will be finalized on the Trade Date and provided in the pricing supplement. In particular, each of the estimated value of the Notes and the Upper Barrier will be finalized on the Trade Date and provided in the pricing supplement and each may be as low as the minimums set forth on the cover of this pricing supplement. In addition, the Lower Barrier will be finalized on the Trade Date and provided in the pricing supplement and may be as high as the maximum Lower Barrier set forth on the cover of this pricing supplement. Accordingly, you should consider your potential investment in the Notes based on the minimums for the estimated value of the Notes and the Upper Barrier and the maximum for the Lower Barrier. |
Risks Relating to Conflicts of Interest
t | Potential Conflicts — We and our affiliates play a variety of roles in connection with the issuance of the 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, which we refer to as the estimated value of the Notes. In performing these duties, our and JPMorgan Chase & Co.’s economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes. In addition, our and JPMorgan Chase & Co.’s business activities, including hedging and trading activities, could cause our and JPMorgan Chase & Co.’s economic interests to be adverse to yours and could adversely affect any payment on the Notes and the value of the Notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the Notes could result in substantial returns for us or our affiliates while the value of the Notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product supplement for additional information about these risks. |
t | Potentially Inconsistent Research, Opinions or Recommendations by JPMS, UBS or Their Affiliates — JPMS, UBS or their affiliates may publish research, express opinions or provide recommendations that are inconsistent with investing in or holding the Notes, and that may be revised at any time. Any such research, opinions or recommendations may or may not recommend that investors buy or hold investments linked to the Underlying and could affect the value of the Underlying, and therefore the market value of the Notes. |
t | Potential JPMorgan Financial Impact on the Market Price of the Underlying — Trading or transactions by JPMorgan Financial or its affiliates in the Underlying or in futures, options or other derivative products on the Underlying may adversely affect the market value of the Underlying and, therefore, the market value of the Notes. |
Risks Relating to the Estimated Value and Secondary Market Prices of the Notes
t | 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 only an estimate determined by reference to several factors. The original issue price of the Notes will exceed the estimated value of the Notes because costs associated with selling, structuring and hedging the Notes are included in the original issue price of the Notes. These costs include the selling commissions, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Notes and the estimated cost of hedging our obligations under the Notes. See “The Estimated Value of the Notes” in this pricing supplement. |
t | The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others’ Estimates — The estimated value of the Notes is determined by reference to internal pricing models of our affiliates when the terms of the Notes are set. This estimated value of the Notes is based on market conditions and other relevant factors existing at that time and assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the Notes that are greater than or less than the estimated value of the Notes. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On future dates, the value of the Notes could change significantly based on, among other things, changes in market conditions, our or JPMorgan Chase & Co.’s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at which JPMS would be willing to buy Notes from you in secondary market transactions. See “The Estimated Value of the Notes” in this pricing supplement. |
t | The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate — The internal funding rate used in the determination of the estimated value of the Notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’ view of the funding value of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the Notes. The use of an internal funding rate and any potential changes to that rate |
7
may have an adverse effect on the terms of the Notes and any secondary market prices of the Notes. See “The Estimated Value of the Notes” in this pricing supplement. |
t | The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period — We generally expect that some of the costs included in the original issue price of the Notes will be partially paid back to you in connection with any repurchases of your Notes by JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include selling commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt issuances. See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this initial period. Accordingly, the estimated value of your Notes during this initial period may be lower than the value of the Notes as published by JPMS (and which may be shown on your customer account statements). |
t | Secondary Market Prices of the Notes Will Likely Be Lower Than the Original Issue Price of the Notes — Any secondary market prices of the Notes will likely be lower than the original issue price of the Notes because, among other things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and, also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the Notes. As a result, the price, if any, at which JPMS will be willing to buy Notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the Maturity Date could result in a substantial loss to you. See the immediately following risk factor for information about additional factors that will impact any secondary market prices of the Notes. |
The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity. See “— Risks Relating to the Notes Generally — Lack of Liquidity” above.
t | Many Economic and Market Factors Will Impact the Value of the Notes — As described under “The Estimated Value of the Notes” in this pricing supplement, the Notes can be thought of as Notes that combine a fixed-income debt component with one or more derivatives. As a result, the factors that influence the values of fixed-income debt and derivative instruments will also influence the terms of the Notes at issuance and their value in the secondary market. Accordingly, the secondary market price of the Notes during their term will be impacted by a number of economic and market factors, which may either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging costs and the level of the Underlying, including: |
t | any actual or potential change in our or JPMorgan Chase & Co.’s creditworthiness or credit spreads; |
t | customary bid-ask spreads for similarly sized trades; |
t | our internal secondary market funding rates for structured debt issuances; |
t | the actual and expected volatility in the level of the Underlying; |
t | the time to maturity of the Notes; |
t | the dividend rates on the equity securities included in the Underlying; |
t | interest and yield rates in the market generally; and |
t | a variety of other economic, financial, political, regulatory and judicial events. |
Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the Notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of the Notes, if any, at which JPMS may be willing to purchase your Notes in the secondary market.
Risks Relating to the Underlying
¨ | JPMorgan Chase & Co. Is Currently One of the Companies that Make Up the Underlying — JPMorgan Chase & Co. is currently one of the companies that make up the Underlying. JPMorgan Chase & Co. will not have any obligation to consider your interests as a holder of the Notes in taking any corporate action that might affect the value of the Underlying and the Notes. |
8
Hypothetical Examples and Return Table |
Hypothetical terms only. Actual terms may vary. See the cover page for actual offering terms.
The following table and hypothetical examples below illustrate the payment at maturity per $1,000 principal amount Note for a hypothetical range of Underlying Returns from -100.00% to +100.00% on an offering of the Notes linked to a hypothetical Underlying and assume a hypothetical Initial Value of 100, a hypothetical Upper Barrier of 115 (equal to the Initial Value plus 15% of the Initial Value) and a hypothetical Lower Barrier of 85 (equal to the Initial Value minus 15% of the Initial Value). The hypothetical Initial Value of 100 has been chosen for illustrative purposes only and does not represent the actual Initial Value. The actual Initial Value is based on the closing level of the Underlying on May 12, 2025 and is specified on the cover of this pricing supplement. For historical data regarding the actual closing levels of the Underlying, please see the historical information set forth under “The Underlying” in this pricing supplement. The actual Upper Barrier and Lower Barrier will be finalized on the Trade Date and provided in the pricing supplement. The hypothetical payment at maturity examples set forth below are for illustrative purposes only and may not be the actual returns applicable to a purchaser of the Notes. The actual payment at maturity may be more or less than the amounts displayed below and will be determined based on the actual terms of the Notes, including the Initial Value, the Upper Barrier and the Lower Barrier to be finalized on the Trade Date and provided in the pricing supplement and the Final Value on the Final Valuation Date. You should consider carefully whether the Notes are suitable to your investment goals. The numbers appearing in the table below have been rounded for ease of analysis.
Final Value | Underlying Return (%) |
A Barrier Event Has Not Occurred(1) | A Barrier Event Has Occurred (1) | |||
Absolute Value of the Underlying Return |
Payment at Maturity ($) |
Return at Maturity per $1,000 issue price (%) |
Payment at Maturity ($) |
Return at Maturity per $1,000 issue price (%) | ||
200.00 | 100.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
190.00 | 90.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
180.00 | 80.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
170.00 | 70.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
160.00 | 60.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
150.00 | 50.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
140.00 | 40.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
130.00 | 30.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
120.00 | 20.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
115.00 | 15.00% | 15.00% | $1,150.00 | 15.00% | $1,000.00 | 0.00% |
110.00 | 10.00% | 10.00% | $1,100.00 | 10.00% | $1,000.00 | 0.00% |
105.00 | 5.00% | 5.00% | $1,050.00 | 5.00% | $1,000.00 | 0.00% |
102.00 | 2.00% | 2.00% | $1,020.00 | 2.00% | $1,000.00 | 0.00% |
101.00 | 1.00% | 1.00% | $1,010.00 | 1.00% | $1,000.00 | 0.00% |
100.00 | 0.00% | 0.00% | $1,000.00 | 0.00% | $1,000.00 | 0.00% |
99.00 | -1.00% | 1.00% | $1,010.00 | 1.00% | $1,000.00 | 0.00% |
98.00 | -2.00% | 2.00% | $1,020.00 | 2.00% | $1,000.00 | 0.00% |
95.00 | -5.00% | 5.00% | $1,050.00 | 5.00% | $1,000.00 | 0.00% |
90.00 | -10.00% | 10.00% | $1,100.00 | 10.00% | $1,000.00 | 0.00% |
85.00 | -15.00% | 15.00% | $1,150.00 | 15.00% | $1,000.00 | 0.00% |
80.00 | -20.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
70.00 | -30.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
60.00 | -40.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
50.00 | -50.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
40.00 | -60.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
30.00 | -70.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
20.00 | -80.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
10.00 | -90.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
0.00 | -100.00% | N/A | N/A | N/A | $1,000.00 | 0.00% |
(1) A Barrier Event occurs if, on any day during the Observation period, the closing level of the Underlying is greater than the Upper Barrier or less than the Lower Barrier
9
EXAMPLES 1 THROUGH 3 ASSUME THAT A BARRIER EVENT HAS OCCURRED
Example 1 — The level of the Underlying increases by 50% from the Initial Value of 100 to the Final Value of 150. Although the Underlying Return is 50%, because a Barrier Event has occurred, JPMorgan Financial will pay you only your principal amount, resulting in a payment at maturity of $1,000.00 per $1,000 principal amount Note.
Example 2 — The level of the Underlying increases by 10% from the Initial Value of 100 to the Final Value of 110. Although the Underlying Return is 10%, because a Barrier Event has occurred, JPMorgan Financial will pay you only your principal amount, resulting in a payment at maturity of $1,000.00 per $1,000 principal amount Note.
Even though the Final Value is between the Upper Barrier and the Lower Barrier, because a Barrier Event has occurred, you return on the Notes is not determined based on the absolute value of the Underlying Return and is zero.
Example 3 — The level of the Underlying decreases by 10% from the Initial Value of 100 to the Final Value of 90. Although the Underlying Return is negative, because a Barrier Event has occurred, JPMorgan Financial will pay you your principal amount, resulting in a payment at maturity of $1,000.00 per $1,000 principal amount Note.
Even though the Final Value is between the Upper Barrier and the Lower Barrier, because a Barrier Event has occurred, you return on the Notes is not determined based on the absolute value of the Underlying Return and is zero.
EXAMPLES 4 THROUGH 6 ASSUME THAT A BARRIER EVENT HAS NOT OCCURRED
Example 4 — The level of the Underlying increases by 10% from the Initial Value of 100 to the Final Value of 110. Because a Barrier Event has not occurred, JPMorgan Financial will pay you your principal amount plus an amount representing the absolute value of the Underlying Return, which is 10%, resulting in a payment at maturity of $1,100.00 per $1,000 principal amount Note, calculated as follows:
$1,000 + ($1,000 × absolute value of Underlying
Return)
$1,000 + ($1,000 × 10%) = $1,100
Example 5 — The Final Value is equal to the Initial Value. Because a Barrier Event has not occurred, JPMorgan Financial will pay you your principal amount plus an amount representing the absolute value of the Underlying Return, which is 0%, resulting in a payment at maturity of $1,000.00 per $1,000 principal amount Note, calculated as follows:
$1,000 + ($1,000 × absolute value of Underlying
Return)
$1,000 + ($1,000 × 0%) = $1,000
Example 6 — The level of the Underlying decreases by 5% from the Initial Value of 100 to the Final Value of 95. Although the Underlying Return is negative, because a Barrier Event has not occurred, JPMorgan Financial will pay you your principal amount plus an amount representing the absolute value of the Underlying Return, which is 5%, resulting in a payment at maturity of $1,050.00 per $1,000 principal amount Note, calculated as follows:
$1,000 + ($1,000 × absolute value of Underlying
Return)
$1,000 + ($1,000 × 5%) = $1,050
The hypothetical returns and hypothetical payments on the Notes shown above apply only if you hold the Notes for their entire term. 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 and hypothetical payments shown above would likely be lower.
10
The Underlying |
The S&P 500® Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For additional information about the S&P 500® Index, see “Equity Index Descriptions — The S&P U.S. Indices” in the accompanying underlying supplement.
Historical Information
The graph below illustrates the daily performance of the Underlying from January 2, 2015 through May 12, 2025, based on information from the Bloomberg Professional® service (“Bloomberg”), without independent verification. The closing level of the Underlying on May 12, 2025 was 5,844.19. We obtained the closing levels of the Underlying above and below from Bloomberg, without independent verification.
The dotted lines represent a hypothetical Upper Barrier of 6,785.10 and a hypothetical Lower Barrier of 4,903.28, equal to 116.10% and 83.90%, respectively, of the closing level of the Underlying on May 12, 2025. The actual Upper Barrier and Lower Barrier will be finalized on the Trade Date and provided in the pricing supplement and will be equal to the Initial Value plus or minus, respectively, at least 16.10% of the Initial Value.
Past performance of the Underlying is not indicative of the future performance of the Underlying.
The historical performance of the Underlying should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Underlying on the Final Valuation Date. There can be no assurance that the performance of the Underlying will result in the return of more than your principal amount at maturity, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.
Supplemental Plan of Distribution |
We and JPMorgan Chase & Co. have agreed to indemnify UBS and JPMS against liabilities under the Securities Act of 1933, as amended, or to contribute to payments that UBS may be required to make relating to these liabilities as described in the prospectus supplement and the prospectus. We will agree that UBS may sell all or a part of the Notes that it purchases from us to the public or its affiliates at the price to public indicated on the cover hereof.
Subject to regulatory constraints, JPMS intends to offer to purchase the Notes in the secondary market, but it is not required to do so.
We or our affiliates may enter into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Notes, and JPMS and/or an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See “Supplemental Use of Proceeds” in this pricing supplement and “Use of Proceeds and Hedging” in the accompanying product supplement.
The Estimated Value of the Notes |
The estimated value of the Notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component with the same maturity as the Notes, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the Notes. The estimated value of the Notes does not represent a minimum price at which JPMS would be willing to buy your Notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the Notes may differ from the market-implied funding rate for
11
vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’ view of the funding values of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the Notes. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the Notes and any secondary market prices of the Notes. For additional information, see “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate” in this pricing supplement. The value of the derivative or derivatives underlying the economic terms of the Notes is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the Notes is determined when the terms of the Notes are set based on market conditions and other relevant factors and assumptions existing at that time. See “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others’ Estimates” in this pricing supplement.
The estimated value of the Notes will be lower than the original issue price of the Notes because costs associated with selling, structuring and hedging the Notes are included in the original issue price of the Notes. These costs include the selling commissions paid to UBS, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Notes and the estimated cost of hedging our obligations under the Notes. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the Notes. See “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to Public) of the Notes” in this pricing supplement.
Secondary Market Prices of the Notes |
For information about factors that will impact any secondary market prices of the Notes, see “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary Market Prices of the Notes Will Be Impacted by Many Economic and Market Factors” in this pricing supplement. In addition, we generally expect that some of the costs included in the original issue price of the Notes will be partially paid back to you in connection with any repurchases of your Notes by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be up to two months. The length of any such initial period reflects secondary market volumes for the Notes, the structure of the Notes, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the Notes and when these costs are incurred, as determined by our affiliates. See “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period” in this pricing supplement.
Supplemental Use of Proceeds |
The Notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the Notes. See “Hypothetical Examples and Return Table” in this pricing supplement for an illustration of the risk-return profile of the Notes and “The Underlying” in this pricing supplement for a description of the market exposure provided by the Notes.
The original issue price of the Notes is equal to the estimated value of the Notes plus the selling commissions paid to UBS, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Notes, plus the estimated cost of hedging our obligations under the Notes.
12
: /2Z**R+_1[Z\NVF@\2:
MI8QD#$%O':E%X[&2%FY]S0!6\"?\D\\-?]@JU_\ 12UT%<'X+T+49O OAZ5/
M%FLP(^F6S+%'%9E4!B7Y1N@)P.G))]2:W/\ A'M4_P"ASUS_ +\V7_R/0!T%
M%<__ ,(]JG_0YZY_WYLO_D>C_A'M4_Z'/7/^_-E_\CT =!17/_\ "/:I_P!#
MGKG_ 'YLO_D>C_A'M4_Z'/7/^_-E_P#(] '045S_ /PCVJ?]#GKG_?FR_P#D
M>C_A'M4_Z'/7/^_-E_\ (] '045S_P#PCVJ?]#GKG_?FR_\ D>C_ (1[5/\
MH<]<_P"_-E_\CT =!17/_P#"/:I_T.>N?]^;+_Y'H_X1[5/^ASUS_OS9?_(]
M '045S__ CVJ?\ 0YZY_P!^;+_Y'H_X1[5/^ASUS_OS9?\ R/0!T%%<_P#\
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M CVJ?\ 0YZY_P!^;+_Y'H_X1[5/^ASUS_OS9?\ R/0!T%%<_P#\(]JG_0YZ
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M!17/_P#"/:I_T.>N?]^;+_Y'H_X1[5/^ASUS_OS9?_(] '045S__ CVJ?\
M0YZY_P!^;+_Y'H_X1[5/^ASUS_OS9?\ R/0!T%%<_P#\(]JG_0YZY_WYLO\
MY'H_X1[5/^ASUS_OS9?_ "/0!T%%<_\ \(]JG_0YZY_WYLO_ )'H_P"$>U3_
M *'/7/\ OS9?_(] '045S_\ PCVJ?]#GKG_?FR_^1Z/^$>U3_H<]<_[\V7_R
M/0!T%%<__P (]JG_ $.>N?\ ?FR_^1Z/^$>U3_H<]<_[\V7_ ,CT =!17/\
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M/:I_T.>N?]^;+_Y'H_X1[5/^ASUS_OS9?_(] '045S__ CVJ?\ 0YZY_P!^
M;+_Y'H_X1[5/^ASUS_OS9?\ R/0!T%%<_P#\(]JG_0YZY_WYLO\ Y'H_X1[5
M/^ASUS_OS9?_ "/0!T%%<_\ \(]JG_0YZY_WYLO_ )'H_P"$>U3_ *'/7/\
MOS9?_(] '045S_\ PCVJ?]#GKG_?FR_^1Z/^$>U3_H<]<_[\V7_R/0!T%%<_
M_P (]JG_ $.>N?\ ?FR_^1Z/^$>U3_H<]<_[\V7_ ,CT =!17/\ _"/:I_T.
M>N?]^;+_ .1ZXCXE:WJ?@SP?/J>G>,]3N;T726D:/#9.BR'YF#A8 1\BMW'.
M* .[U;QCX>T+5K72]4U6"UO;H PQ29^8$[0 R>64M_$6_TPL2,=3T Z"G_##X;:/X5TFRU8V ?'N
M/Q!'XGT_4M1M8+)+BP^RK]CNWF1PKLS!F*(?XQQ@CW] #W+P#X_TSQ_I4UW8
MQR036\FR>WD(+)G.TY'4$#]".U4OBOXNTWPOX*OH+R647>IVT]K:)",L7*$;
MNHPJEER?<=:X+X7#5_#NO^(+.'2M'@F%KI,4T-SJ#6P$AMSC&(6W.Y)+# PQ
M/+=:9KOB>X\6_&;POHQTG2Y[K2)9IE\K5'>WE%8$\'O0!H
M_ >]DT?1];TC498H;:T^R7RS2OMVBYA#;22< #:OXL:]IKY;^-1\0:5XDN_M
M=O'96VOQ02W"6UPT\4KP910':-", J2N#U!SR /H**_\6RQ))'HN@NC*"K+K
M4I!!Z'_CUH Z*BO#/BS\0_%>G-'X1MM*@M=2U&%6\VPNFNF>)RZ&-5:%"')'
M4
".QZT ;VG64
M.FZ9:6%LNV"VA2&,>BJ !^@JS7/_ &SQA_T M#_\',W_ ,BT?;/&'_0"T/\
M\',W_P BT =!17/_ &SQA_T M#_\',W_ ,BT?;/&'_0"T/\ \',W_P BT =!
M17/_ &SQA_T M#_\',W_ ,BT?;/&'_0"T/\ \',W_P BT =!17/_ &SQA_T
MM#_\',W_ ,BT?;/&'_0"T/\ \',W_P BT =!17/_ &SQA_T M#_\',W_ ,BT
M?;/&'_0"T/\ \',W_P BT =!17/_ &SQA_T M#_\',W_ ,BT?;/&'_0"T/\
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MT-C"D-KHTQ>%6=V*KY;)M&3S]X9D;6'LF!@C@[N
MY->FT44 %%%% !1110 4444 %%%% !63XB\,Z/XKTY+#6[(7=JDHF5#(R8<
M@'*D'H3^=:U% 'S;\8=)U*\^),VAZ1:RW%WK0L[Q%C]8EEBR3V !)R> !7>_
M"/X83>"I]8NM6B@FNFNO+LI3&A81*&'F*
G6O4]%O%O]*AN5TVYTX/N_T6ZC6.1,$CE5) SC/7H: +]%%% &
M/?>+/#FF7;VFH>(-*M+E,;X;B\CC=