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 September
28, 2016
JPMorgan Chase Financial Company LLC
|
October 2016
|
Pricing Supplement
Registration Statement Nos. 333-209682
and 333-209682-01
Dated October ,
2016
Filed pursuant to Rule 424(b)(2)
Structured Investments
Opportunities in International Equities
Dual Directional Trigger PLUS Based on the Value
of the EURO STOXX 50
®
Index due November 5, 2019
Trigger Performance Leveraged
Upside Securities
SM
Principal at Risk Securities
Fully and Unconditionally
Guaranteed by JPMorgan Chase & Co.
The
Dual Directional Trigger PLUS, or “Trigger PLUS,” will pay no interest and do not guarantee any return of your principal
at maturity. At maturity, if the underlying index has
appreciated
in value, investors will receive the stated principal
amount of their investment plus leveraged upside performance of the underlying index, subject to a maximum payment at maturity.
If the underlying index has depreciated in value but by no more than 20%, investors will receive at maturity the stated principal
amount of the Trigger PLUS plus an unleveraged positive return equal to the absolute value of the percentage decline, which will
effectively be limited to a positive 20% return. However, if the underlying index has
depreciated
by more than 20% in value,
at maturity investors will be negatively exposed to the full amount of the percentage decline in the underlying index and will
lose 1% of the stated principal amount for every 1% of decline in the value of the underlying index over the term of the Trigger
PLUS. The Trigger PLUS are for investors who seek an equity index-based return and who are willing to risk their principal and
forgo current income and upside above the maximum payment at maturity in exchange for the leverage and absolute return features
that in each case apply to a limited range of the performance of the underlying index. At maturity, an investor will receive an
amount in cash that may be greater than, equal to, or less than the stated principal amount based upon the closing level of the
underlying index on the valuation date
.
The Trigger PLUS are unsecured and unsubordinated obligations of JPMorgan Chase
Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by
JPMorgan Chase & Co., issued as part of JPMorgan Financial’s Medium-Term Notes, Series A, program.
Any payment on
the Trigger
PLUS is subject to the credit risk of JPMorgan Financial, as issuer of the Trigger PLUS, and the credit risk
of JPMorgan Chase & Co., as guarantor of the Trigger PLUS.
The investor may lose some or all of the stated principal
amount of the Trigger PLUS.
SUMMARY TERMS
|
Issuer:
|
JPMorgan Chase Financial Company LLC
|
Guarantor:
|
JPMorgan Chase & Co.
|
Underlying index:
|
EURO STOXX 50
®
Index
|
Aggregate principal amount:
|
$
|
Payment at maturity:
|
If the final index value is
greater than
the initial index value, for each $10 stated principal amount Trigger PLUS:
|
|
$10 + leveraged upside payment
|
|
In no event will the payment at maturity exceed the maximum payment at maturity.
|
|
If the final index value is
less than or equal to
the initial index value but is
greater than or equal to
the trigger level, for each $10 stated principal amount Trigger PLUS:
|
|
$10 + ($10 × absolute index return)
|
|
In this scenario, you will receive a 1% positive return on the Trigger PLUS for each 1% negative return on the underlying index. In no event will this amount exceed the stated principal amount plus $2.00.
|
|
If the final index value is
less than
the trigger level, for each $10 stated principal amount Trigger PLUS:
|
|
$10
× index performance factor
|
|
This amount will be less than the stated principal amount of $10 per Trigger PLUS and will represent a loss of more than 20%, and possibly all, of your investment.
|
Leveraged upside payment:
|
$10 × leverage factor × index percent change
|
Index percent change:
|
(final index value – initial index value) / initial index value
|
Absolute index return:
|
The absolute value of the index percent change. For example, a -5% index percent change will result in a +5% absolute index return.
|
Initial index value:
|
The closing level of the underlying index on the pricing date
|
Final index value:
|
The closing level of the underlying index on the valuation date
|
Trigger level:
|
80% of the initial index value
|
Leverage factor:
|
200%
|
Index performance factor:
|
final index value / initial index value
|
Maximum payment at maturity:
|
At least $15.60 (at least 156.00% of the stated principal amount) per Trigger PLUS. The actual maximum payment at maturity will be provided in the pricing supplement and will not be less than $15.60 per Trigger PLUS.
|
Stated principal amount:
|
$10 per Trigger PLUS
|
Issue price:
|
$10 per Trigger PLUS (see “Commissions and issue price” below)
|
Pricing date:
|
October , 2016 (expected to price on or about October 31, 2016)
|
Original issue date (settlement date):
|
November , 2016 (3 business days after the pricing date)
|
Valuation date:
|
October 31, 2019, subject to postponement in the event of certain market disruption events 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)” in the accompanying product supplement
|
Maturity date:
|
November 5, 2019, subject to postponement in the event of certain market disruption events and as described under “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement
|
CUSIP / ISIN:
|
46646X175 / US46646X1752
|
Listing:
|
The Trigger PLUS will not be listed on any securities exchange.
|
Agent:
|
J.P. Morgan Securities LLC (“JPMS”)
|
Commissions and issue price:
|
Price to public
(1)
|
Fees and commissions
|
Proceeds to issuer
|
Per Trigger PLUS
|
$10.00
|
$0.25
(2)
|
$9.70
|
|
|
$0.05
(3)
|
|
Total
|
$
|
$
|
$
|
|
(1)
|
See “Additional Information about the Trigger PLUS — Supplemental use of proceeds and hedging” in this
document for information about the components of the price to public of the Trigger PLUS.
|
|
(2)
|
JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to Morgan Stanley
Smith Barney LLC (“Morgan Stanley Wealth Management”). In no event will these selling commissions exceed $0.25 per
$10 stated principal amount Trigger PLUS. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product
supplement.
|
|
(3)
|
Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $0.05 for each
$10 stated principal amount Trigger PLUS
|
If the Trigger PLUS priced today, the estimated value of the Trigger
PLUS would be approximately $9.739 per $10 stated principal amount Trigger PLUS. The estimated value of the Trigger PLUS on the
pricing date will be provided in the pricing supplement and will not be less than $9.60 per $10 stated principal amount Trigger
PLUS.
See “Additional Information about the Trigger PLUS — The estimated value of the Trigger PLUS” in this
document for additional information.
Investing in the Trigger PLUS involves a number of risks. See “Risk
Factors” beginning on page PS-10 of the accompanying product supplement, “Risk Factors” beginning on page US-2
of the accompanying underlying supplement and “Risk Factors” beginning on page 6 of this document.
Neither the Securities and Exchange Commission (the “SEC”)
nor any state securities commission has approved or disapproved of the Trigger PLUS or passed upon the accuracy or the adequacy
of this document or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus. Any representation
to the contrary is a criminal offense.
The Trigger PLUS 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.
You should read this document together with
the related product supplement, underlying supplement, prospectus supplement and prospectus, each of which can be accessed via
the hyperlinks below. Please also see “Additional Information about the Trigger PLUS” at the end of this document.
Product supplement no. MS-1-I dated June 3,
2016:
http://www.sec.gov/Archives/edgar/data/19617/000095010316013935/crt_dp64833-424b2.pdf
Underlying supplement no. 1-I dated April 15,
2016:
http://www.sec.gov/Archives/edgar/data/19617/000095010316012649/crt-dp64909_424b2.pdf
Prospectus supplement
and
prospectus, each dated April 15, 2016:
http://www.sec.gov/Archives/edgar/data/19617/000095010316012636/crt_dp64952-424b2.pdf
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
Investment
Summary
Trigger Performance Leveraged Upside
Securities
Principal at Risk Securities
The Dual Directional Trigger PLUS Based on the Value of
the EURO STOXX 50
®
Index due November 5, 2019 (the “Trigger PLUS”) can be used:
|
§
|
As an alternative to direct exposure to the underlying index that enhances returns for a certain range of positive performance
of the underlying index.
|
|
§
|
To enhance returns and potentially outperform the underlying index in a moderately bullish scenario.
|
|
§
|
To potentially achieve similar levels of upside exposure to the underlying index as a direct investment, subject to the maximum
payment at maturity, while using fewer dollars by taking advantage of the leverage factor.
|
|
§
|
To provide an unleveraged positive return in the event of a decline of the underlying index but only if the final index value
is
greater than or equal to
the trigger level.
|
Maturity:
|
Approximately 3 years
|
Leverage factor:
|
200% (applicable only if the final index value is greater than the initial index value)
|
Trigger level:
|
80% of the initial index value
|
Maximum payment at maturity:
|
At least $15.60 (at least 156.00% of the stated principal amount) per Trigger PLUS. The actual maximum payment at maturity will be provided in the pricing supplement.
|
Minimum payment at maturity:
|
None. Investors may lose their entire initial investment in the Trigger PLUS.
|
Supplemental Terms of the Trigger PLUS
For purposes of the accompanying product supplement, the underlying
index is an “Index.”
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
Key Investment Rationale
Trigger PLUS offer leveraged upside exposure to an underlying
asset and the opportunity, through the absolute return feature, to earn a positive return
at maturity
for a limited range of negative performance of the underlying asset. At maturity, if the underlying asset has
appreciated
,
investors will receive the stated principal amount of their investment plus leveraged upside performance of the underlying asset,
subject to the maximum payment at maturity. At maturity, if the underlying asset has
depreciated
in value but by no more
than 20%, investors will receive the stated principal amount of their investment plus an unleveraged positive return equal to the
absolute value of the percentage decline in the underlying asset, which will effectively be limited to a positive 20% return. However,
at maturity, if the underlying asset has
depreciated
in value by more than 20%, investors will be negatively exposed to
the full amount of the percentage decline in the underlying asset and will lose 1% of the stated principal amount for every 1%
of decline, without any buffer.
Investors may lose some or all of the stated principal amount of the Trigger PLUS.
Leveraged Upside Performance
|
The Trigger PLUS offer investors an opportunity to capture enhanced returns for a certain range of positive performance relative to a direct investment in the underlying index.
|
Absolute Return Feature
|
The Trigger PLUS offer investors an opportunity to earn an unleveraged positive return if the final index value is less than or equal to the initial index value
but
is greater than or equal to the trigger level.
|
Upside Scenario if the Underlying Index Appreciates
|
The final index value is greater than the initial index value and, at maturity, the Trigger PLUS pay the stated principal amount of $10
plus
a return equal to 200% of the index percent change, subject to the maximum payment at maturity of at least $15.60 (at least 156.00% of the stated principal amount) per Trigger PLUS. The actual maximum payment at maturity will be provided in the pricing supplement.
|
Absolute Return Scenario
|
The final index value is less than or equal to the initial index value but is greater than or equal to the trigger level, which is 80% of the initial index value. In this case, the Trigger PLUS pay a 1% positive return for each 1% negative return of the underlying index. For example, if the final index value is 5% less than the initial index value, the Trigger PLUS will provide a total positive return of 5% at maturity. The maximum return you may receive in this scenario is a positive 20% return at maturity.
|
Downside Scenario
|
The final index value is less than the trigger level. In this case, the Trigger PLUS pay an amount that is over 20% less than the stated principal amount and this decrease will be by an amount that is proportionate to the percentage decline in the final index value from the initial index value. (Example: if the underlying index decreases in value by 30%, the Trigger PLUS will pay an amount that is less than the stated principal amount by 30%, or $7 per Trigger PLUS.)
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
How the Dual Directional Trigger PLUS Work
Payoff Diagram
The payoff diagram below illustrates the payment at maturity
on the Trigger PLUS based on the following terms:
Stated principal amount:
|
$10 per Trigger PLUS
|
Leverage factor:
|
200%
|
Trigger level:
|
80% of the initial index value
|
Hypothetical maximum payment at maturity:
|
$15.60 (156.00% of the stated principal amount) per Trigger PLUS (which represents the lowest hypothetical maximum payment at maturity)*
|
*The actual maximum payment at maturity will be provided
in the pricing supplement and will not be less than $15.60 per Trigger PLUS.
Dual
Directional Trigger PLUS Payoff Diagram
|
|
How
it works
|
§
|
Upside
Scenario.
If the final index value is greater than the initial index value, for each $10 principal amount Trigger PLUS,
investors will receive the $10 stated principal amount
plus
a return equal to 200% of the appreciation of the underlying
index over the term of the Trigger PLUS, subject to the maximum payment at maturity. Under the hypothetical terms of the Trigger
PLUS, an investor will realize the hypothetical maximum payment at maturity at a final index value of 128.00% of the initial index
value.
|
|
§
|
For example, if the underlying index appreciates 5%, investors
will receive a 10% return, or $11.00 per Trigger PLUS.
|
|
§
|
Absolute
Return Scenario.
If the final index value is less than or equal to the initial index value but is greater than or equal
to the trigger level, investors will receive a 1% positive return on the Trigger PLUS for each 1% negative return of the underlying
index.
|
|
§
|
For example, if the underlying
index depreciates 5%, investors will receive a 5% return, or $10.50 per Trigger PLUS.
|
|
§
|
The maximum return you may
receive in this scenario is a positive 20% return at maturity.
|
|
§
|
Downside
Scenario.
If the final index value is less than
the trigger level, investors will receive
an amount that is significantly less than the stated principal amount by an amount proportionate to the percentage decrease of
the final index value from the initial index value. This amount will be less than 80% of the stated principal amount per Trigger
PLUS.
|
|
§
|
For example, if the underlying index depreciates 50%,
investors will lose 50% of their principal and receive only $5 per Trigger PLUS at maturity, or 50% of the stated principal amount.
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
The hypothetical returns and hypothetical
payments on the Trigger PLUS shown above apply
only if you hold the Trigger PLUS 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.
Risk Factors
The following
is a non-exhaustive list of certain key risk factors for investors in the Trigger PLUS.
For further discussion of
these and other risks, you should read the sections entitled “Risk Factors” of the accompanying product supplement
and the accompanying underlying supplement. We urge you to consult your investment, legal, tax, accounting and other advisers in
connection with your investment in the Trigger PLUS.
|
§
|
The
Trigger PLUS do not pay interest or guarantee return of any principal and your investment in the Trigger PLUS may result in a
loss.
The terms of the Trigger PLUS differ from those of ordinary debt securities in that the Trigger PLUS do not pay
interest or guarantee the payment of any principal amount at maturity. If the final index value is less than the trigger level
(which is 80% of the initial index value), the absolute return feature will no longer be available and the payment at maturity
will be an amount in cash that is over 20% less than the stated principal amount of each Trigger PLUS, and this decrease will
be by an amount that is proportionate to the decrease in the value of the underlying index and may be zero. There is no minimum
payment at maturity on the Trigger PLUS, and, accordingly, you could lose your entire initial investment in the Trigger PLUS.
|
|
§
|
The appreciation potential of the Trigger PLUS is limited by the
maximum payment at maturity.
The appreciation potential of Trigger PLUS is limited by the
maximum payment at maturity of at least $15.60 (at least 156.00% of the stated principal amount) per Trigger PLUS. The actual maximum
payment at maturity will be provided in the pricing supplement. Although the leverage factor provides 200% exposure to any increase
in the final index value as compared to the initial index value on the valuation date, because the maximum payment at maturity
will be limited to at least 156.00% of the stated principal amount for the Trigger PLUS, any increase in the final index value
by more than 28.00% (if the maximum payment at maturity is set at 156.00% of the stated principal amount) will not further increase
the return on the Trigger PLUS. The actual maximum payment at maturity will be provided in the pricing supplement.
|
|
§
|
Your maximum downside gain on the Trigger PLUS is limited by the
trigger level.
If the final index value is less than or equal to the initial index value and greater than or equal to
the trigger level, you will receive at maturity $10
plus
a return equal to the absolute index return, which will reflect
a 1% positive return for each 1% negative return on the underlying index, subject to an effective limit of 20%. Because you
will not receive a positive return if the underlying index has depreciated below the trigger level, your maximum downside payment
will be $12.00 per $10.00 stated principal amount Trigger PLUS.
|
|
§
|
The
Trigger PLUS 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
Trigger PLUS.
Investors are dependent on our and JPMorgan Chase & Co.’s ability to pay all amounts due on
the Trigger PLUS. Any actual or anticipated decline in our or JPMorgan Chase & Co.’s credit ratings or increase in our
or JPMorgan Chase & Co.’s credit spreads determined by the market for taking that credit risk is likely to adversely
affect the market value of the Trigger PLUS. If we and JPMorgan Chase & Co. were to default on our payment obligations, you
may not receive any amounts owed to you under the Trigger PLUS and you could lose your entire investment.
|
|
§
|
As a finance subsidiary, JPMorgan Financial has no independent operations
and has limited assets.
As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond
the issuance and administration of our securities. Aside from the initial capital contribution from JPMorgan Chase & Co., substantially
all of our assets relate to obligations of our affiliates to make payments under loans made by us or other intercompany agreements.
As a result, we are dependent upon payments from our affiliates to meet our obligations under the Trigger PLUS. If these affiliates
do not make payments to us and we fail to make payments on the Trigger PLUS, 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.
|
|
§
|
Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of the Trigger PLUS and
other affiliates of the issuer may be different from those of investors.
We
and our affiliates play a variety of roles in connection with the issuance of the Trigger PLUS, including acting as calculation
agent and as an agent of the offering of the Trigger PLUS, hedging our obligations under the Trigger PLUS and making the assumptions
used to determine the pricing of the Trigger PLUS and the estimated value of the Trigger PLUS, which we refer to as the estimated
value of the Trigger PLUS. In performing these duties, our and JPMorgan Chase & Co.’s economic interests and the economic
interests
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
of the
calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Trigger
PLUS. The calculation agent will determine the initial index value and the final index value and will calculate the amount of
payment you will receive at maturity, if any. Determinations made by the calculation agent, including with respect to the
occurrence or non-occurrence of market disruption events, the selection of a successor to the underlying index or calculation
of the final index value in the event of a discontinuation or material change in method of calculation of the underlying
index, may affect the payment to you at maturity.
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 Trigger PLUS and the value of the Trigger PLUS. It is
possible that hedging or trading activities of ours or our affiliates in connection with the Trigger PLUS could result in
substantial returns for us or our affiliates while the value of the Trigger PLUS declines. Please refer to “Risk
Factors — Risks Relating to Conflicts of Interest” in the accompanying product supplement for additional
information about these risks.
|
§
|
The benefit provided by the trigger level may terminate on the valuation
date.
If the final index value is less than the trigger level, the benefit provided by the
trigger level will terminate and you will be fully exposed to any depreciation of the underlying index.
|
|
§
|
The estimated value of the Trigger PLUS will be lower than the original
issue price (price to public) of the Trigger PLUS.
The estimated value of the Trigger PLUS
is only an estimate determined by reference to several factors. The original issue price of the Trigger PLUS will exceed the estimated
value of the Trigger PLUS because costs associated with selling, structuring and hedging the Trigger PLUS are included in the original
issue price of the Trigger PLUS. These costs include the selling commissions, the structuring fee, the projected profits, if any,
that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Trigger PLUS and the estimated
cost of hedging our obligations under the Trigger PLUS. See “Additional Information about the Trigger PLUS — The estimated
value of the Trigger PLUS” in this document.
|
|
§
|
The estimated value of the Trigger PLUS does not represent future
values of the Trigger PLUS and may differ from others’ estimates. The estimated value of the Trigger PLUS is determined by
reference to internal pricing models of our affiliates.
This estimated value of the Trigger
PLUS is based on market conditions and other relevant factors existing at the time of pricing 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 Trigger PLUS that are greater than or less than the estimated value of the Trigger PLUS. 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 Trigger PLUS 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 Trigger PLUS from you in secondary market transactions. See “Additional
Information about the Trigger PLUS — The estimated value of the Trigger PLUS” in this document.
|
|
§
|
The estimated value of the Trigger PLUS is derived by reference
to an internal funding rate.
The internal funding rate used in the determination of the estimated
value of the Trigger PLUS is based on, among other things, our and our affiliates’ view of the funding value of the Trigger
PLUS as well as the higher issuance, operational and ongoing liability management costs of the Trigger PLUS
in comparison
to those costs for the conventional fixed-rate debt of JPMorgan Chase & Co
.
The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the Trigger
PLUS and any secondary market prices of the Trigger PLUS. See “Additional Information about the Trigger PLUS — The
estimated value of the Trigger PLUS” in this document.
|
|
§
|
The value of the Trigger PLUS as published by JPMS (and which may
be reflected on customer account statements) may be higher than the then-current estimated value of the Trigger PLUS for a limited
time period.
We generally expect that some of the costs included in the original issue price
of the Trigger PLUS will be partially paid back to you in connection with any repurchases of your Trigger PLUS by JPMS in an amount
that will decline to zero over an initial predetermined period. These costs can include selling commissions, the structuring fee,
projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding
rates for structured debt issuances. See “Additional Information about the Trigger PLUS — Secondary market prices of
the Trigger PLUS” in
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
this document for additional information relating to this initial period. Accordingly, the estimated
value of your Trigger PLUS
during this initial period may be lower than the value of the Trigger PLUS as published by JPMS (and which may be shown on your
customer account statements).
|
§
|
Secondary market prices of the Trigger PLUS will likely be lower
than the original issue price of the Trigger PLUS.
Any secondary market prices of the Trigger
PLUS will likely be lower than the original issue price of the Trigger PLUS 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 (a) exclude selling commissions and the structuring fee and (b) may exclude projected hedging profits, if any, and estimated
hedging costs that are included in the original issue price of the Trigger PLUS. As a result, the price, if any, at which JPMS
will be willing to buy Trigger PLUS 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 Trigger PLUS.
|
The
Trigger PLUS are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Trigger
PLUS to maturity. See “— Secondary trading may be limited” below.
|
§
|
Secondary market prices of the Trigger PLUS will be impacted by
many economic and market factors.
The secondary market price of the Trigger PLUS 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,
structuring fee, projected hedging profits, if any, estimated hedging costs and the closing level of the underlying index, including:
|
|
o
|
any actual or potential change in our or JPMorgan Chase & Co.’s creditworthiness or credit spreads;
|
|
o
|
customary bid-ask spreads for similarly sized trades;
|
|
o
|
our internal secondary market funding rates for structured debt issuances;
|
|
o
|
the actual and expected volatility of the underlying index;
|
|
o
|
the time to maturity of the Trigger PLUS;
|
|
o
|
the dividend rates on the equity securities included in the underlying index;
|
|
o
|
interest and yield rates in the market generally; and
|
|
o
|
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 Trigger PLUS, which may also be reflected on customer account
statements. This price may be different (higher or lower) than the price of the Trigger PLUS, if any, at which JPMS may be willing
to purchase your Trigger PLUS in the secondary market.
|
§
|
Investing in the Trigger PLUS is not equivalent to investing in
the underlying index.
Investing in the Trigger PLUS is not equivalent to investing in the
underlying index or its component stocks. Investors in the Trigger PLUS will not have voting rights or rights to receive dividends
or other distributions or any other rights with respect to the stocks that constitute the underlying index.
|
|
§
|
Adjustments to the underlying index could adversely affect the value
of the Trigger PLUS.
The underlying index publisher may discontinue or suspend calculation
or publication of the underlying index at any time. In these circumstances, the calculation agent will have the sole discretion
to substitute a successor index that is comparable to the discontinued underlying index and is not precluded from considering indices
that are calculated and published by the calculation agent or any of its affiliates.
|
|
§
|
The Trigger PLUS are subject to risks associated with securities
issued by non-U.S. companies.
The equity securities included in the EURO STOXX 50
®
Index have been issued by non-U.S. companies. Investments in securities linked to the value of such non-U.S. equity securities
involve risks associated with the securities markets in the home countries of the issuers of those non-U.S. equity securities,
including risks of volatility in those markets, governmental intervention in those markets and cross shareholdings in companies
in certain countries. Also, there is generally less publicly available information about companies in some of these jurisdictions
than there is about U.S. companies that are subject to the
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
reporting requirements of the SEC, and generally non-U.S. companies
are subject to accounting, auditing and financial reporting
standards and requirements and securities trading rules different from those applicable to U.S. reporting companies.
|
§
|
The Trigger PLUS are not directly exposed to fluctuations in foreign
exchange rates.
The value of your Trigger PLUS will not be adjusted for exchange rate fluctuations
between the U.S. dollar and the currencies upon which the equity securities included in the EURO STOXX 50
®
Index
are based, although any currency fluctuations could affect the performance of the EURO STOXX 50
®
Index. Therefore,
if the applicable currencies appreciate or depreciate relative to the U.S. dollar over the term of the Trigger PLUS, you will not
receive any additional payment or incur any reduction in any payment on the Trigger PLUS.
|
|
§
|
Hedging and trading activities by the issuer and its affiliates could potentially affect the value of the
Trigger
PLUS
.
The hedging or trading activities of the issuer’s affiliates and of any other hedging counterparty with
respect to the
Trigger PLUS
on
or prior to the pricing date and prior to maturity could adversely affect the value of the underlying index and, as a result, could
decrease the amount an investor may receive on the Trigger PLUS at maturity, if any. Any of these hedging or trading activities
on or prior to the pricing date could potentially affect the initial index value and the trigger level and, therefore, could potentially
increase the level that the final index value must reach before you receive a payment at maturity that exceeds the issue price
of the Trigger PLUS or so that you do not suffer a loss on your initial investment in the Trigger PLUS. Additionally, these hedging
or trading activities during the term of the
Trigger
PLUS
, including on the valuation date, could adversely affect the final index value and, accordingly, the amount of cash
an investor will receive at maturity, if any. It is possible that these hedging or trading activities could result in substantial
returns for us or our affiliates while the value of the Trigger PLUS declines.
|
|
§
|
Secondary trading may be limited.
Th
e Trigger PLUS will not be listed on a securities exchange. There may be little or no secondary market for the
Trigger PLUS. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Trigger
PLUS easily
. JPMS
may act as a market maker
for the Trigger PLUS, but is not required to do so. Because we do not expect that other market makers will participate significantly
in the secondary market for the Trigger PLUS, the price at which you may be able to trade your Trigger PLUS is likely to depend
on the price, if any, at which
JPMS
is willing
to buy the Trigger PLUS. If at any time
JPMS
or another agent does not act as a market maker, it is likely that there would be little or no secondary market for the Trigger
PLUS.
|
|
§
|
The final terms and valuation of the Trigger PLUS will be provided in the pricing
supplement.
The final terms of the Trigger PLUS will be provided in the pricing supplement. In particular, each
of the estimated value of the Trigger PLUS and the maximum payment at maturity will be provided in the pricing supplement and each
may be as low as the applicable minimum set forth on the cover of this document. Accordingly, you should consider your potential
investment in the Trigger PLUS based on the minimums for the estimated value of the Trigger PLUS and the maximum payment at maturity.
|
|
§
|
The tax consequences of an investment in the Trigger PLUS are uncertain.
There is no direct legal authority as to the
proper U.S. federal income tax characterization of the Trigger PLUS, and we do not intend to request a ruling from the IRS. The
IRS might not accept, and a court might not uphold, the treatment of the Trigger PLUS described in “Additional Information
about the Trigger PLUS ― Additional Provisions ― Tax considerations” in this document and in “Material
U.S. Federal Income Tax Consequences” in the accompanying product supplement. If the IRS were successful in asserting an
alternative treatment for the Trigger PLUS, the timing and character of any income or loss on the Trigger PLUS could differ materially
and adversely from our description herein. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the
U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular
on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments
on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors
such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including
any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or
should be subject to the “constructive ownership” regime, which very generally can operate to recharacterize certain
long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate
transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues
could materially and adversely affect the tax consequences of an
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
investment in the Trigger PLUS, possibly with retroactive effect.
You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences”
in the accompanying product supplement and consult your tax adviser regarding the U.S. federal income tax consequences of an investment
in the Trigger PLUS, including possible alternative treatments and the issues presented by this notice.
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
EURO STOXX 50
®
Index Overview
The EURO STOXX 50
®
Index consists of 50 component
stocks of market sector leaders from within the Eurozone. For additional information about the EURO STOXX 50
®
Index,
see the information set forth under “Equity Index Descriptions ― The EURO STOXX 50
®
Index” in
the accompanying underlying supplement.
Information as of market close on September 27, 2016:
Bloomberg Ticker Symbol:
|
SX5E
|
Current Closing Level:
|
2,970.84
|
52 Weeks Ago (on 9/28/2015):
|
3,039.44
|
52 Week High (on 11/30/2015):
|
3,506.45
|
52 Week Low (on 2/11/2016):
|
2,680.35
|
The following table sets forth
the published high and low closing levels, as well as end-of-quarter closing levels, of the underlying index for each quarter in
the period from January 1, 2011 through September 27, 2016. The graph following the table sets forth the daily closing levels of
the underlying index during the same period. The closing level of the underlying index on September 27, 2016 was 2,970.84
.
We obtained the closing level information above and the information in the table and graph below from the Bloomberg Professional
®
service (“Bloomberg”), without independent verification. The historical levels of the underlying index should not be
taken as an indication of future performance, and no assurance can be given as to the closing level of the underlying index on
the valuation date. The payment of dividends on the stocks that constitute the underlying index are not reflected in its closing
level and, therefore, have no effect on the calculation of the payment at maturity.
EURO
STOXX 50
®
Index
|
High
|
Low
|
Period
End
|
2011
|
|
|
|
First Quarter
|
3,068.00
|
2,721.24
|
2,910.91
|
Second Quarter
|
3,011.25
|
2,715.88
|
2,848.53
|
Third Quarter
|
2,875.67
|
1,995.01
|
2,179.66
|
Fourth Quarter
|
2,476.92
|
2,090.25
|
2,316.55
|
2012
|
|
|
|
First Quarter
|
2,608.42
|
2,286.45
|
2,477.28
|
Second Quarter
|
2,501.18
|
2,068.66
|
2,264.72
|
Third Quarter
|
2,594.56
|
2,151.54
|
2,454.26
|
Fourth Quarter
|
2,659.95
|
2,427.32
|
2,635.93
|
2013
|
|
|
|
First Quarter
|
2,749.27
|
2,570.52
|
2,624.02
|
Second Quarter
|
2,835.87
|
2,511.83
|
2,602.59
|
Third Quarter
|
2,936.20
|
2,570.76
|
2,893.15
|
Fourth Quarter
|
3,111.37
|
2,902.12
|
3,109.00
|
2014
|
|
|
|
First Quarter
|
3,172.43
|
2,962.49
|
3,161.60
|
Second Quarter
|
3,314.80
|
3,091.52
|
3,228.24
|
Third Quarter
|
3,289.75
|
3,006.83
|
3,225.93
|
Fourth Quarter
|
3,277.38
|
2,874.65
|
3,146.43
|
2015
|
|
|
|
First Quarter
|
3,731.35
|
3,007.91
|
3,697.38
|
Second Quarter
|
3,828.78
|
3,424.30
|
3,424.30
|
Third Quarter
|
3,686.58
|
3,019.34
|
3,100.67
|
Fourth Quarter
|
3,506.45
|
3,069.05
|
3,267.52
|
2016
|
|
|
|
First Quarter
|
3,178.01
|
2,680.35
|
3,004.93
|
Second Quarter
|
3,151.69
|
2,697.44
|
2,864.74
|
Third Quarter (through September 27, 2016)
|
3,091.66
|
2,761.37
|
2,970.84
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
EURO STOXX 50
®
Index Historical Performance – Daily Closing Levels
January 3, 2011 to
September 27, 2016
|
|
License Agreement.
The EURO STOXX 50
®
Index and STOXX
®
are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland
and/or its licensors (the “Licensors”), which are used under license. The securities based on the EURO STOXX 50
®
Index are in no way sponsored, endorsed, sold or promoted by STOXX Limited and its Licensors and neither Stoxx Limited nor any
of its Licensors shall have any liability with respect thereto. See “Equity Index Descriptions — The EURO STOXX 50
®
Index — License Agreement” in the accompanying underlying supplement.
Additional Information about the Trigger
PLUS
Please read this information in conjunction with the summary
terms on the front cover of this document.
Additional Provisions:
|
Postponement of maturity date:
|
If the scheduled maturity date is not a business day, then the maturity date will be the following business day. If the scheduled valuation date is not a trading day or if a market disruption event occurs on that day so that the valuation date is postponed and falls less than three business days prior to the scheduled maturity date, the maturity date of the Trigger PLUS will be postponed to the third business day following the valuation date as postponed.
|
Minimum ticketing size:
|
$1,000 / 100 Trigger PLUS
|
Trustee:
|
Deutsche Bank Trust Company Americas (formerly Bankers Trust Company)
|
Calculation agent:
|
JPMS
|
The estimated value of the Trigger PLUS:
|
The estimated value of the Trigger
PLUS set forth on the cover of this document 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 Trigger PLUS, valued using the internal funding rate described below,
and (2) the derivative or derivatives underlying the economic terms of the Trigger PLUS. The estimated value of the Trigger PLUS
does not represent a minimum price at which JPMS would be willing to buy your Trigger PLUS in any secondary market (if any exists)
at any time. The internal funding rate used in the determination of the estimated value of the Trigger PLUS is based on, among
other things, our and our affiliates’ view of the funding value of the Trigger PLUS as well as the higher issuance, operational
and ongoing liability management costs of the Trigger PLUS in comparison to those costs for the conventional fixed-rate debt of
JPMorgan Chase & Co. For additional information, see “Risk Factors — The estimated value of the Trigger PLUS is
derived by reference to an internal funding rate” in this document. The value of the derivative or derivatives underlying
the economic terms of the Trigger PLUS 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
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
|
value of the Trigger PLUS on the pricing date is based on market conditions and other
relevant factors and assumptions existing at that time. See “Risk Factors — The estimated value of the Trigger PLUS
does not represent future values of the Trigger PLUS and may differ from others’ estimates” in this document.
The estimated value of the Trigger PLUS will be lower
than the original issue price of the Trigger PLUS because costs associated with selling, structuring and hedging the Trigger PLUS
are included in the original issue price of the Trigger PLUS. These costs include the selling commissions paid to JPMS and other
affiliated or unaffiliated dealers, the structuring fee, the projected profits, if any, that our affiliates expect to realize for
assuming risks inherent in hedging our obligations under the Trigger PLUS and the estimated cost of hedging our obligations under
the Trigger PLUS. 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 Trigger PLUS. See “Risk Factors — The estimated
value of the Trigger PLUS will be lower than the original issue price (price to public) of the Trigger PLUS” in this document.
|
Secondary market prices of the Trigger PLUS:
|
For information about factors that will impact any secondary market prices of the Trigger PLUS, see “Risk Factors — Secondary market prices of the Trigger PLUS will be impacted by many economic and market factors” in this document. In addition, we generally expect that some of the costs included in the original issue price of the Trigger PLUS will be partially paid back to you in connection with any repurchases of your Trigger PLUS by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be the shorter of six months and one-half of the stated term of the Trigger PLUS. The length of any such initial period reflects the structure of the Trigger PLUS, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the Trigger PLUS and when these costs are incurred, as determined by our affiliates. See “Risk Factors — The value of the Trigger PLUS as published by JPMS (and which may be reflected on customer account statements) may be higher than the then-current estimated value of the Trigger PLUS for a limited time period.”
|
Tax considerations:
|
You should review carefully the section entitled “Material
U.S. Federal Income Tax Consequences” in the accompanying product supplement no. MS-1-I. The following discussion, when read
in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding
the material U.S. federal income tax consequences of owning and disposing of the Trigger PLUS.
Based on current market conditions, in the opinion
of our special tax counsel, your Trigger PLUS should be treated as “open transactions” that are not debt instruments
for U.S. federal income tax purposes, as more fully described in “Material U.S. Federal Income Tax Consequences — Tax
Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments” in the accompanying
product supplement. Assuming this treatment is respected, the gain or loss on your Trigger PLUS should be treated as long-term
capital gain or loss if you hold your Trigger PLUS for more than a year, whether or not you are an initial purchaser of Trigger
PLUS at the issue price. However, the IRS or a court may not respect this treatment of the Trigger PLUS, in which case the timing
and character of any income or loss on the Trigger PLUS could be materially and adversely affected. In addition, in 2007 Treasury
and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts”
and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income
over the term of their investment. It also asks for comments on a number of related topics, including the character of income or
loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments
are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject
to withholding tax; and whether these instruments are or should be subject to the “constructive ownership” regime,
which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest
charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other
guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment
in the Trigger PLUS, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax
consequences of an investment in the Trigger PLUS, including possible alternative treatments and the issues presented by this notice.
Withholding under legislation commonly referred to
as “FATCA” may (if the Trigger PLUS are recharacterized as debt instruments) apply to amounts treated as interest paid
with respect to the Trigger PLUS, as well as to payments of gross proceeds of a taxable disposition, including redemption at maturity,
of a Trigger PLUS. However, under a recent IRS notice, this regime will not apply to payments of gross proceeds (other than any
amount treated as interest) with respect to dispositions occurring before January 1, 2019. You should consult your tax adviser
regarding the potential application of FATCA to the Trigger PLUS.
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
Supplemental use of proceeds and hedging:
|
The Trigger PLUS are offered to meet investor demand
for products that reflect the risk-return profile and market exposure provided by the Trigger PLUS. See “How the Trigger
PLUS Work” in this document for an illustration of the risk-return profile of the Trigger PLUS and “EURO STOXX 50
®
Index Overview” in this document for a description of the market exposure provided by the Trigger PLUS.
The original issue price of the Trigger PLUS is equal
to the estimated value of the Trigger PLUS plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers,
and the structuring fee, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent
in hedging our obligations under the Trigger PLUS, plus the estimated cost of hedging our obligations under the Trigger PLUS.
|
Benefit plan investor considerations:
|
See “Benefit Plan Investor Considerations” in the accompanying product supplement.
|
Supplemental plan of distribution:
|
Subject to regulatory constraints, JPMS intends to
use its reasonable efforts to offer to purchase the Trigger PLUS in the secondary market, but is not required to do so. JPMS, acting
as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to Morgan Stanley Wealth Management.
In addition, Morgan Stanley Wealth Management will receive a structuring fee as set forth on the cover of this document for each
Trigger PLUS.
We or our affiliate 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 Trigger PLUS 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 and hedging”
above and “Use of Proceeds and Hedging” in the accompanying product supplement.
|
Supplemental Notice to Investors:
|
The Trigger PLUS may cause you to become subject to short position disclosure requirements if they confer a financial advantage on you in the event of a decrease in the price or value of any relevant shares under Regulation (EU) No. 236/2012 (the “Short Selling Regulation"). This will occur if the short position represented by the short exposure provided by the Trigger PLUS, when combined with other long and short positions you may hold, causes you to cross a relevant net short position disclosure threshold under the Short Selling Regulation. It is your responsibility to monitor your net short positions and to comply with the obligations applicable to you under the Short Selling Regulation. You should consult with your own legal and regulatory advisers regarding the Trigger PLUS should you have any concerns about these requirements.
|
Contact:
|
Morgan Stanley Wealth Management clients may contact their local Morgan Stanley branch office or Morgan Stanley’s principal executive offices at 1585 Broadway, New York, New York 10036 (telephone number (800) 869-3326).
|
Where you can find more information:
|
You may revoke your offer to purchase the Trigger PLUS at
any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the
terms of, or reject any offer to purchase, the Trigger PLUS prior to their issuance. In the event of any changes to the terms of
the Trigger PLUS, 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 document together with the accompanying
prospectus, as supplemented by the accompanying prospectus supplement, relating to our Series A medium-term notes of which these
Trigger PLUS are a part, and the more detailed information contained in the accompanying product supplement and the accompanying
underlying supplement.
This document, together with the documents listed below, contains
the terms of the Trigger PLUS 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,
stand-alone 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 product supplement and the accompanying underlying
supplement, as the Trigger PLUS involve risks not associated with conventional debt securities. We urge you to consult your investment,
legal, tax, accounting and other advisers before you invest in the Trigger PLUS.
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):
• Product supplement no. MS-1-I dated June 3, 2016:
http://www.sec.gov/Archives/edgar/data/19617/000095010316013935/crt_dp64833-424b2.pdf
• Underlying supplement no. 1-I dated April
15, 2016:
http://www.sec.gov/Archives/edgar/data/19617/000095010316012649/crt-
|
JPMorgan Chase Financial Company
LLC
Dual
Directional Trigger PLUS Based on the
Value of the EURO STOXX 50
®
Index
due November 5, 2019
Trigger Performance
Leveraged Upside Securities
SM
Principal at Risk Securities
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