Structured Investments & Your Portfolio:

Opportunities for Growth, Income and Stability

What is a Structured Investment?
A Structured Investment combines features of a fixed income security with those of derivatives contracts, typically option contracts. The bulk
of the investment is placed in a fixed income security. The balance is used in option contracts, which, when used in certain combinations, can
potentially enhance returns, provide income or achieve some degree of protection to downside market exposure. Structured Investments can
complement stocks, ETFs, debt and other cash-based securities. Structured Investments do not, however, guarantee any particular return of
your investment and may decline in value in connection with a decline in the underlying reference asset value (the “underlying”).
Structured Investments commonly mature within one to five years, are not designed to be short-term trading instruments, and they are
intended to be held until maturity. There may be no or only a very limited market to sell before the investment reaches maturity. They are
debt instruments in which the payoff is linked to the performance of an underlying reference asset value (the “underlying”), such as a broad
equity index. Similar to other debt instruments, Structured Investments are subject to the issuer’s creditworthiness. If the issuer defaults on
its payment obligations, it could result in the loss of some or all of the amount you invested in Structured Investments, including your
initial investment.
How can you use Structured Investments in your portfolio?
Depending on the specific type of note selected for investment, Structured Investments may be designed with one of the objectives outlined
below. However, the below are not mutually exclusive, and Structured Investments can have combinations and varying degrees of exposures
and protection. In the following pages, we will review hypothetical illustrations of Structured Investments across Growth, Protection and Income.

GROWTH PROTECTION INCOME

• May enhance potential returns based • Certain Structured Investments may • May generate a differentiated source
on market expectations offer full or partial market protection of coupon/yield capitalizing on
• Takes into account investor’s market on your initial investment if held to market view
outlook and market risk tolerance maturity • May potentially provide opportunity
• Provides access to targeted markets • Market protection features may for greater income than a comparable
reduce overall portfolio volatility fixed income instrument
• Certain Structured Investments may
offer leverage features, which can • To implement market protection,
only be fully realized if the investment investments may be subject to a
is held to maturity capped maximum return

Your J.P. Morgan Advisor is available to help you determine whether Structured Investments are right for you, based on your individual
circumstances. It is important that you fully understand the features, fees and costs, and risks along with the potential benefits. Structured
Investments are complex products and are not suitable for all investors.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
• NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES
• SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

For Informational/Educational Purposes Only: JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. You should
consult your own tax, legal and accounting advisors before engaging in any financial transaction. The information presented is not intended to be making
value judgments on the preferred outcome of any government decision.
STRUCTURED INVESTMENTS 2

GROWTH: Return Enhanced Note

Investment Outlook
With Return Enhanced Notes (“Notes”), potential investors are able to express their bullish views of the market and potentially earn returns
greater than those provided by the underying reference asset (the “underlying”).
Return Enhanced Notes may be attractive to eligible investors with a moderately positive outlook on the underlying over the investment horizon.
The Notes are short- to medium-term investments. As long as the underlying does not close below its initial level at maturity, the Notes will pay
at least the principal amount, with leveraged upside participation if the underlying rises in value, up to the cap at maturity. The Notes are not
principal protected. Investors might not obtain any return and might lose some or all of their investment in the Notes.
Investors with a strongly positive outlook, who believe the underlying performance will exceed the level of the cap, may prefer a product with
uncapped upside. Investors with a negative outlook on the underlying should consider investing in a product with downside protection, or
not investing at all.
The Notes are not bank deposits insured or guaranteed by the Federal Deposit Insurance Corporation, or by any other government agency
or deposit protection fund.
Typically, a Return Enhanced Note has the following key parameters: a) an underlying reference asset, b) a cap on the underlying’s return,
which can vary, and c) upside leverage, which can act as a return multiplier that provides enhanced upside participation. It is designed to
generate the following outcomes:
If at maturity,
the underlying... The return realized is… And net proceeds will be…
Increases in value, subject to a cap Upside leverage multiplied by the increase Principal plus return
in the underlying, not exceeding cap
No change Zero return Principal
Decreases in value A loss on underlying; Principal less decline in value
1-for-1 downside participation of underlying

HYPOTHETICAL EXAMPLE: EXAMPLE PAYOFF PROFILE:

A Return Enhanced Note linked to a broad equity index with the following
terms, for example: 2x upside leverage, a cap of 10% on the underlying,
and 1x downside participation.
• As the chart shows, an investor will potentially double the positive 2x Upside 20% Max Return
return on the index, up to a maximum gain of 20%, and will lose Leverage
money at the same rate that the index declines.
• If the index increases by up to 10%, the investor will realize a 2% gain 1x Downside Underlying
for every 1% rise in the index from the initial level, for a maximum Participation Return Potential
return of 20%. The investor will also receive the principal back. If the
index increases more than 10%, investor’s gain is still capped at 20%.
• If the index declines in value, the investor will experience the same
percentage decline as the index and will lose a portion of the principal. Point of 10% Cap
A 9% drop in the index, for example, means that the investor will Investment
receive only 91% of the initial investment, a loss of 9%.
The above is a hypothetical example for illustrative purposes only and
• If the index declines 100%, the investor will lose 100% of the should not be relied upon in making an investment decision. These
initial investment. examples do not reflect actual or future performance results of any specific
vehicle, and are based solely on the hypothetical illustration cited.
RETURN ENHANCED NOTE
KEY BENEFITS • Clients forgo dividends of underlying, if any
• Return Enhanced Notes capitalize on specific market views • Clients are subject to the issuer’s credit risk
to provide enhanced returns
• May have tax considerations (consequences)
• They provide opportunities to amplify returns if market
• See additional Risk Considerations section
expectation is realized at maturity
• Risk of loss if downside performance declines past the buffer
KEY RISKS
zone, and depending on the underlying performance, investors
• If the market index rises above the cap, the investor will forgo
could lose up to their entire investment
the excess gains
• No principal protection if the underlying declines. Investors
might lose some or all of their initial investment, and might
not obtain any return on their initial investment
STRUCTURED INVESTMENTS 3

PROTECTION: Market Protection Note

Investment Outlook
With Market Protection Notes (“Notes”), potential investors are able to participate in the markets while potentially limiting downside market
exposure if the investment is held to maturity. If the issuer defaults, however, the investors may lose some or all of the initial investment. Market
Protection Notes may be attractive to eligible investors with either a moderately positive or conservative outlook on the underlying reference
asset (the “underlying”) over the investment horizon.
The Notes offer investors a method to protect their investment principal in a declining market and realize gains in an appreciating market.
Those with a strongly positive outlook on the underlying may prefer a product with higher upside participation, uncapped maximum return, or
not invest at all.
Note: Market Protection Notes generate phantom income. Investors may be required to declare annually the accrued interest of the Notes as
ordinary income despite not having received the cash flow. The accrual amounts are detailed in the final prospectus.
The Notes are not bank deposits insured or guaranteed by the Federal Deposit Insurance Corporation, or by any other government agency
or deposit protection fund.
Typically, a Market Protection Note has the following key parameters: a) an underlying reference asset, b) a cap on the underlying’s return,
which can vary, and c) a level of market protection, which may be less than 100% of the amount invested. There is usually no upside leverage,
meaning no return multiplier, so the Note will not experience enhanced upside participation. A Market Protection Note is designed to generate
the following outcomes:

If at maturity,
the underlying... The return realized is… And net proceeds will be…
Increases in value, subject to a cap A percentage equal to the increase in Principal plus return
the index, up to a cap
Decreases in value or no change Zero return* Principal*
*In some cases, Market Participation Notes are less than 100% protected, and the holder may be subject to some loss, up to the set protection level. Protection levels are
defined in offering materials.

HYPOTHETICAL EXAMPLE: EXAMPLE PAYOFF PROFILE:

A Market Protection Note linked to a broad equity index, for example,
where the increase in the index is capped at 7% and market protection
is set at 100%.
1-for-1 Upside
• If the index increases by up to 7%, a potential investor will realize the Leverage 7% Max Return
same percentage increase as the index. If the index increases by more 100%
Downside
than 7%, the investor’s return will nonetheless be capped at 7%. Protection
• If the index has declined in value at maturity, the investor will not
experience additional gain and will still receive 100% of the
Underlying
principal, subject to the issuer’s credit risk. Return
• If the issuer defaults on its payment obligations, it could result in the Potential
loss of some or all of the amount invested in Structured Investments,
including the initial investment. Point of 7% Cap
Investment

The above is a hypothetical example for illustrative purposes only and

should not be relied upon in making an investment decision. These
examples do not reflect actual or future performance results of any specific
vehicle, and are based solely on the hypothetical illustration cited.

MARKET PROTECTION NOTE

KEY BENEFITS KEY RISKS
• Market Protection Notes offer a return that can be linked to • Investors might not obtain any return, and if the protected
any underlying amount is less than 100%, investors might lose some or all
• They provide the opportunity for upside capture, usually of their investment in the Notes
capped to a pre-set maximum level • Clients forgo dividends of underlying, if any
• They provide a guaranteed minimum return of principal, if • Clients are subject to the issuer’s credit risk
the investment is held to maturity, subject to the credit risk of • May have tax considerations (consequences)
the issuer • See additional Risk Considerations section
STRUCTURED INVESTMENTS 4

GROWTH: Buffered Return Enhanced Note

Investment Outlook
With Buffered Return Enhanced Notes (“Notes”), potential investors are able to express their bullish views in the sector and potentially experience
leveraged returns, while at the same time achieving some degree of protection to downside market exposure if the investment is held to maturity.
Buffered Return Enhanced Notes may be attractive to investors with a moderately positive or range-bound outlook on the underlying reference
asset (the “underlying”) during the investment timeframe, particularly if the investment has downside protection. The Notes are short- to
medium-term investments.
Investors with a strongly positive outlook, who believe the underlying performance will exceed the level of the cap, may prefer a product with
uncapped upside. Investors with a negative outlook on the underlying should consider investing in a product with greater downside protection,
or not investing at all.
The Notes are not bank deposits insured or guaranteed by the Federal Deposit Insurance Corporation, or by any other government agency
or deposit protection fund.
Typically, a Buffered Return Enhanced Note has the following key parameters: a) includes an underlying reference asset, b) upside leverage,
which can act as a return multiplier that provides enhanced upside participation, c) a cap on the underlying’s return, which can vary, d) no
downside market exposure at maturity if the underlying value does not decline below the downside buffer level, and e) a downside participation
factor, which accelerates losses after the index decreases beyond the buffer level.
If at maturity,
the underlying... The return realized is… And net proceeds will be…
Increases in value, subject to a cap Return multiplier times the increase in the 100% principal plus realized returns
underlying, not exceeding cap
No change Zero 100% of principal only
Decreases, but not more than the Zero 100% of principal only
buffer amount
Decreases more than the buffer amount Negative Less than 100% of principal. Downside
participation on loss beyond the buffer
level will be accelerated
HYPOTHETICAL EXAMPLE: EXAMPLE PAYOFF PROFILE:
A Buffered Return Enhanced Note linked to a broad equity index with
the following terms, for example: 10% static buffer, 2x upside leverage 8% Max
2x Upside Return
with a 4% cap (8% maximum return), and 111% downside participation Leverage
[1/(100%–10%)].
• If the index increases, a potential investor will realize a gain two times 10% Buffer
that of the rise, up to the maximum of 8% (should the underlying rise
by 4% or more). 111% Underlying
Downside Return
• If the index decreases by less than the 10% buffer level, the investor Participation Potential
will not experience additional gain and will still receive 100% of the
principal, subject to the issuer’s credit risk.
• If the index decreases beyond the 10% buffer level, for instance at 14%,
the investor will experience downside participation for the amount
beyond the buffer at a 1.11x factor: (10% buffer minus 14% decline) x –10% Point of 4%
1.11. In this scenario, the investor would lose 4.44% of the principal, Buffer Investment Cap
and receive back 95.56% of the original investment. The above is a hypothetical example for illustrative purposes only and
• If the index decreases by 100%, the geared downside participation should not be relied upon in making an investment decision. These
beyond the buffer will cause the investor’s initial investment to go to examples do not reflect actual or future performance results of any specific
zero and therefore lose 100% of the original investment. vehicle, and are based solely on the hypothetical illustration cited.

BUFFERED RETURN ENHANCED NOTE

KEY BENEFITS • In the event the underlying underperforms beyond the buffer level,
• Buffered Return Enhanced Notes offer a return that is linked to client will realize loss
any underlying • The Notes are not principal protected. Investors might not obtain any
• Clients can enhance the upside return to a cap return and might lose some or all of their investment in the Notes
• Clients have protection up to the buffer level in the event of a • Risk of loss if downside performance declines past the buffer zone,
negative performance and depending on the underlying performance, investors could
KEY RISKS lose up to their entire investment
• Clients forgo return beyond the cap amount • May have tax considerations (consequences)
• Clients forgo dividends of underlying, if any • See additional Risk Considerations section
• Clients are subject to the issuer’s credit risk
STRUCTURED INVESTMENTS 5

GROWTH: Buffered Equity Note

Investment Outlook
With Buffered Equity Notes (“Notes”), potential investors are able to express their bullish views in the sector while at the same time
achieving some degree of protection to downside market exposure if the investment is held to maturity.
The Notes may be attractive to investors with a moderately positive outlook on the underlying reference asset (the “underlying”) during
the investment timeframe. The Notes are short- to medium-term investments.
Investors with a strongly positive outlook, who believe the underlying performance will exceed the level of the cap, may prefer a product
with uncapped upside. Investors with a negative outlook on the underlying should consider investing in a product with greater downside
protection, or not investing at all.
The Notes are not bank deposits insured or guaranteed by the Federal Deposit Insurance Corporation, or by any other government agency
or deposit protection fund.
Typically, a Buffered Equity Note has the following key parameters: a) an underlying reference asset, b) a cap on the underlying’s return,
which can vary, c) no downside market exposure at maturity if the underlying value does not decline below the downside buffer level, and
d) a downside participation factor, which accelerates losses after the index decreases beyond the buffer level.

If at maturity,
the underlying... The return realized is… And net proceeds will be…
Increases in value, subject to a cap Price performance of the underlying 100% principal plus realized returns
subject to a cap
No change Zero 100% of principal only
Decreases, but not more than the Zero 100% of principal only
buffer amount
Decreases more than the buffer amount Negative Less than 100% of principal. Downside
participation on loss beyond the buffer
level will be accelerated
HYPOTHETICAL EXAMPLE: EXAMPLE PAYOFF PROFILE:
A Buffered Equity Note linked to a broad equity index with the following
terms, for example: 10% static buffer, 1-for-1 upside participation with a
10% cap, and 111% downside participation [1/(100%–10%)]. 1-for-1 Upside
Participation 10% Max
• If the index increases, the investor will realize a gain in the Structured Return
10% Buffer
Investment but with no leverage factor. In other words, if the
underlying appreciates 5%, the note will also appreciate 5%.
111% Underlying
• If the index decreases by less than the 10% buffer level, the investor Downside Return
will not experience additional gain and will still receive 100% of the Participation Potential
principal, subject to the issuer’s credit risk.
• If the index decreases beyond the 10% buffer level, for instance at
14%, the investor will experience downside participation for the
amount beyond the buffer at a 1.11x factor: (10% buffer minus 14% –10% Point of 10%
decline) x 1.11. In this scenario, the investor would lose 4.44% of the Buffer Investment Cap
principal, and receive 95.56% of the original investment back.
• If the index decreases by 100%, the geared downside participation The above is a hypothetical example for illustrative purposes only and
beyond the buffer will cause the investor’s initial investment to go to should not be relied upon in making an investment decision. These
examples do not reflect actual or future performance results of any specific
zero and therefore lose 100% of the original amount invested.
vehicle, and are based solely on the hypothetical illustration cited.

BUFFERED EQUITY NOTE

KEY BENEFITS • In the event the underlying underperforms beyond the buffer
• Buffered Equity Notes offer a return that is linked to any underlying level, client will realize loss
• Clients can participate in a reference asset return to a cap • Risk of loss if downside performance declines past the buffer
• Clients have protection up to the buffer level in the event of zone, and depending on the underlying performance, investors
a negative performance could lose up to their entire investment
KEY RISKS • May have tax considerations (consequences)
• Clients forgo return beyond the cap amount • See additional Risk Considerations section
• Clients forgo dividends of underlying, if any • Clients are subject to the issuer’s credit risk
STRUCTURED INVESTMENTS 6

GROWTH: Dual Directional Buffered Note

Investment Outlook
With Dual Directional Buffered Notes (“Notes”), potential investors may generate positive returns in both positive and moderately negative markets. Notes
will pay, at maturity, the principal amount plus any positive performance of the underlying reference asset (the “underlying”) subject to a stated upside
maximum return, as long as the underlying closes at or above its initial level at maturity. Should the underlying close below its initial level but at or above
the buffer level at maturity, then Notes pay the principal amount plus the absolute value of the performance of the underlying at maturity to a stated
downside maximum return. If the underlying closes below the buffer zone at maturity, investors will experience negative returns consistent with downside
participation rate for the amount beyond the buffer level.
The Notes may be attractive to investors with a moderately positive or conservative outlook on the underlying during the investment timeframe. The Notes
are short- to medium-term investments.
Investors with a strongly positive outlook, who believe the underlying performance will exceed the level of the upside maximum return, may prefer
a product with uncapped upside. Investors with a negative outlook on the underlying should consider investing in a product with a greater degree of
downside protection, or not investing at all.
The Notes are not bank deposits insured or guaranteed by the Federal Deposit Insurance Corporation, or by any other government agency or deposit
protection fund.
Typically, a Buffered Coupon Note has the following key parameters: a) an underlying index or security, b) a maximum return on the underlying reference
asset’s return, which can vary, c) an absolute positive return at maturity if the underlying value declines but does not decline below the downside buffer
level, and d) a downside participation factor, which accelerates losses after the index decreases beyond the buffer level.

If at maturity,
the underlying... The return realized is… And net proceeds will be…
Increases in value, subject to Price performance of the underlying or 100% principal plus realized returns
maximum return maximum return
No change Zero 100% of principal only
Decreases, but not more than the Absolute price performance of the 100% of principal plus positive (absolute)
buffer amount underlying return of decline in underlying
Decreases more than the buffer amount Negative Downside participation on loss beyond the
buffer level will be accelerated
HYPOTHETICAL EXAMPLE: EXAMPLE PAYOFF PROFILE:
• A Dual Directional Buffered Note linked to an underlying with the following terms, for
10% Buffer
example: 10% static buffer, 1-for-1 upside participation with a 10% maximum return, and 1- for 1 Postive Return 1- for 1 Upside
111% downside participation beyond the buffer level [1/(100%–10%)]. Participation Max Return

• If the underlying increases, the investor will realize a gain in the Note consistent with the
underlying up to a stated maximum return. In other words, if the underlying appreciates 11% Downside
5%, the Note will also appreciate 5% and return principal. Participation

• If the underlying decreases up to the 10% buffer level, the investor will realize a gain in the
Note on an absolute basis up to the buffer level. In other words, if the underlying declines
5%, the Note returns principal, plus a positive 5%. Buffer
Level Cap
• If the underlying decreases beyond the 10% buffer level, for instance at 14%, the investor
will experience downside participation at a 1.11x factor for the decline beyond the buffer
level: (10% buffer minus 14% decline) x 1.11. In this scenario, the investor would lose The above is a hypothetical example for illustrative purposes
4.44% of the principal, and receive 95.56% of the original investment back. only and should not be relied upon in making an investment
• If the underlying decreases by 100%, the geared downside participation beyond the buffer decision. These examples do not reflect actual or future
performance results of any specific vehicle, and are based solely
will cause the investor’s initial investment to go to zero and therefore lose 100% of the on the hypothetical illustration cited.
original amount invested.
BUFFERED COUPON NOTE
KEY BENEFITS KEY RISKS
• Notes offer a return that is linked to any underlying asset • In the event the underlying underperforms beyond the buffer
• Clients can participate in a positive return of the underlying level, client will realize loss
subject to a maximum return • Clients are subject to the issuer’s credit risk
• Monetize partial downside movement in the reference asset by • Clients forgo return beyond the maximum return amount
providing the absolute return up to the buffer level • Clients forgo dividends of underlying, if any
• May have tax considerations (consequences)
• See additional Risk Considerations section
STRUCTURED INVESTMENTS 7

INCOME: Buffered Coupon Note

Investment Outlook
With Buffered Coupon Notes (“Notes”), potential investors may still be able to generate their target income even in a moderate market. Buffered
Coupon Notes may be attractive to investors with a moderately positive outlook on the underlying reference asset (the “underlying”) throughout
the investment horizon. As long as the underlying does not close below its set buffer level at maturity, the Notes will pay a fixed coupon plus the
principal amount at maturity.
Investors with a strongly positive outlook, who believe the underlying performance will exceed the level of the cap, may prefer a product with
uncapped upside. Investors with a negative outlook on the underlying should consider investing in a product with greater downside protection,
or not investing at all.
The Notes are not bank deposits insured or guaranteed by the Federal Deposit Insurance Corporation, or by any other government agency
or deposit protection fund.
Typically, a Buffered Coupon Note has the following key parameters: a) a fixed predetermined coupon rate, b) an underlying reference asset, c) no
downside market exposure at maturity if the underlying value does not decline below the downside buffer level, and d) a downside participation factor,
which accelerates losses after the index decreases beyond the buffer level. A Buffered Coupon Note is designed to generate the following outcomes

If at maturity,
the underlying... The return realized is… And net proceeds will be…
Increases in value A fixed coupon rate 100% of principal plus fixed coupon
No change A fixed coupon rate 100% of principal plus fixed coupon
Decreases in value but not more than A fixed coupon rate 100% of principal plus fixed coupon
the buffer
Decreases in value by more than Negative Less than 100% of principal. Downside
the buffer amount participation on loss beyond the buffer
level will be accelerated

HYPOTHETICAL EXAMPLE: EXAMPLE PAYOFF PROFILE:

A Buffered Coupon Note linked to a broad market index with the
6% Max
following terms, for example: 6% coupon, 15% downside buffer, and Return
117% downside participation [1/(100%–15%)].
Coupon
• If the index increases, the investor will receive a 6% coupon and the Level = 6%
full return of the principal.
Downside
• If the index declines no more than 15% (i.e., within the buffer zone), Participation Underlying
the Note will still return the full principal and the 6% coupon at at 1.17x Return
Potential
maturity.
• If the index falls below the 15% buffer level, however, and realizes,
for instance, a 19% decline, the investor will experience downside
participation for the amount beyond the buffer at a 1.17x factor: (15%
buffer minus 19% decline) x 1.17 = -4.68% principal loss or 95.32% of –15% Point of
principal returned. Buffer Investment

• If the index decreases by 100%, the geared downside participation The above is a hypothetical example for illustrative purposes only and
beyond the buffer will cause the investor’s initial investment to go to should not be relied upon in making an investment decision. These
zero and therefore lose 100% of the original investment. examples do not reflect actual or future performance results of any specific
vehicle, and are based solely on the hypothetical illustration cited.
BUFFERED COUPON NOTE
KEY BENEFITS • Clients are subject to the issuer’s credit risk
• Buffered Coupon Notes provide a fixed, predetermined return, • Clients forgo return beyond the cap amount
as long as the index stays above a threshold • Clients forgo dividends of underlying, if any
• Allows a market view to generate income, even in a moderately • May have tax considerations (consequences)
declining market
• See additional Risk Considerations section
KEY RISKS
• Risk of loss if downside performance declines past the
• Potential for loss of income and capital
buffer zone, and depending on the underlying performance,
• In the event the underlying underperforms beyond the buffer investors could lose up to their entire investment
level, client will realize loss
STRUCTURED INVESTMENTS 8

Glossary of terms
The following are general definitions of certain terms commonly Maximum Return: The maximum potential return of a Structured
used with regard to Structured Investments. You should consult Investment regardless of the performance of the reference asset.
the relevant offering documentation to understand the terms of It is expressed net of any leverage.
a specific Structured Investment. All payments to the holder of a
Gearing: If a Structured Investment has a non-contingent buffer
Structured Investment, regardless of the investment’s terms and
and the reference asset depreciates from its initial level by a
features, are subject to the credit risk of the issuer.
percentage greater than such buffer, the terms of the Structured
The definitions also assume for the purpose of illustration that Investment may also reflect decreases in the level of the reference
positive return on the Structured Investment corresponds to asset in the amount payable at maturity at a rate greater than 1-to-1.
positive performance (appreciation) of the reference asset, and This increased downside participation rate is known as gearing.
negative return on the Structured Investment corresponds to The maximum loss for each Structured Investment is 100%.
negative performance (depreciation) of the reference asset.
Underlying Reference Asset: The underlying asset to which the
However, Structured Investments may also be designed to reflect
performance of the Structured Investment is linked.
the opposite view of the reference asset.
Leverage: If a Structured Investment has a leverage feature on
Tenor: the length of the security, as typically measured from strike
upside and/or downside participation, changes in the level of the
date to maturity date.
reference asset are reflected in the amount payable at maturity at
Buffer: If a Structured Investment has a buffer, the barrier a rate greater than 1-to-1. It is typically expressed as a percentage
represents the maximum percentage by which the reference (e.g., 200% leverage means that changes in the level of the
asset can depreciate from its initial level without triggering a reference asset are reflected in the amount payable at maturity at
reduction in the amount payable at maturity. The buffer thus a rate of 2-to-1). The maximum loss for each Structured Investment
reduces the investor’s downside market exposure. The buffer is is 100%.
typically expressed as an absolute fixed percent. Depending on
Coupon: A periodic or at maturity payment by the issuer of
the terms of the Structured Investment, if the reference asset
the Structured Investment to the investor. For some Structured
depreciates from its initial level by a percentage greater than
Investments, coupon payment may be contingent on the
the buffer, the amount payable at maturity may reflect the full
performance of the reference asset or other factors. Not all
depreciation from the reference asset’s initial level (a “contingent”
Structured Investments offer coupons.
buffer), or only the depreciation beyond the buffer (a non-contingent
buffer). The buffer level of a structured investment is also
equivalent to (1 – Barrier).
Barrier: If a Structured Investment has a buffer and the reference
asset depreciates from its initial level, the barrier represents
the level beyond which the buffer’s market protection will no
longer apply. If the barrier is breached, the amount payable at
maturity will decrease. The barrier is typically expressed as a fixed
percentage of the initial price of the reference asset. It is equivalent
to (1 – Buffer).
Cap: If a Structured Investment has a cap and the reference
asset appreciates from its initial level, the cap represents the
level beyond which no additional increase will be triggered in the
amount payable at maturity. The cap thus reduces the investor’s
upside market exposure.
STRUCTURED INVESTMENTS 9

Risk Considerations
Investing in Structured Notes involves a number of significant Derivatives/hedging risk: The issuer may at any time establish,
risks. Below, we have set forth certain risk factors and other maintain, adjust or unwind hedge positions in respect of its
investment considerations relating to the investment. For a obligations under the product, but it is not obligated to do
complete assessment of the risks associated with a Structured so. Hedging activity may adversely affect the value of assets
Note investment, you should review the offering circular/ underlying the product and the performance of the product.
prospectus, term sheet and other related documentation for a
No dividend or interest payments or voting rights, and tax
particular trade, which fully describe all terms, conditions and
consequences of investing in Structured Notes: Holders of a
risks. Not all investments are suitable for all investors. You should
Structured Note do not have voting rights. There are no dividends
analyze Structured Notes based on your individual circumstances,
or interest payments paid during the term of a Structured Note.
taking into account such factors as investment objectives,
You may, however, have to pay income taxes on any imputed
tolerance for risk, and liquidity needs.
annual income even though no payment is received until maturity.
Buy and hold to maturity instruments: Structured Notes are J.P. Morgan Securities LLC (JPMS) does not provide tax advice. You
not designed to be short-term trading instruments, but rather should review the issuer’s offering material and consult with your
investments that should be held until maturity. own tax advisor.
Costs and fees: There are certain costs and fees associated with No government or other insurance protection: Structured
investing in Structured Notes. You should consider these prior Notes are not bank deposits insured or guaranteed by the
to investing. Details are contained in the offering materials for a Federal Deposit Insurance Corporation (FDIC), or by any other
particular investment. governmental agency or deposit protection fund.
Risk of loss: Structured Notes do not guarantee any particular Early redemption: Structured Notes may be redeemed before the
return of your investment. Structured Notes may decline in value scheduled maturity date or as a result of a decision by the issuer.
in connection with a decline in the underlying asset value. Certain events may result in an early redemption of Structured
Notes. If Structured Notes are redeemed early following such
Liquidity risk: As Structured Notes are intended to be held to
an event, you may receive less than your original investment.
maturity, there may be no or only a very limited secondary
The amount payable to you on an early redemption may also
market, which means you may be unable to sell before the
factor in the issuer’s costs of terminating hedging and funding
product reaches maturity. Even if a secondary market can be
arrangements associated with Structured Notes.
found, the limits of the secondary market, a lack of liquidity
and/or the low trading volume in the market for Structured Market disruption and economic factors: The trading market
Notes would decrease the market value of Structured Notes. for Structured Notes might be volatile and might be disrupted or
Thus, even if a secondary market exists, you may lose significant adversely affected by many events. There can be no assurance
value if sold prior to maturity. that events in the United States or elsewhere will not cause
market volatility or that such volatility will not adversely affect the
Credit and default risk: Structured Notes are unsecured debt
price of Structured Notes, or that economic and market conditions
obligations of the issuing company and thus subject to credit
will not adversely affect the price of Structured Notes or that
risk and default by the issuer. A decline in the creditworthiness
economic and market conditions will not have any other adverse
of the issuer may affect its ability to meet its obligations,
effect. Market disruption can adversely affect the performance of
including the issuer’s ability to pay interest and repay principal.
Structured Notes.
A default by an issuer could result in the loss of some or all of
the amount you invest, even for Structured Notes denoted as In addition to the level of the underlying on any day, the value
“principal protected.” Therefore, the financial condition and of the Structured Investment will be affected by a number of
creditworthiness of the issuer are important considerations. economic and market factors, including the implied volatility of
the underlier, the time to maturity, dividend rates, interest rates,
Volatility risk: The performance of Structured Notes may change
issuer creditworthiness and macroeconomic factors, such as
unpredictably. This volatility may be influenced by the market
financial, political, regulatory or judicial events.
and/or external factors, including financial, political, regulatory,
economic events and other conditions.
STRUCTURED INVESTMENTS 10

Risk Considerations (continued)

Potential conflicts: When playing multiple roles and performing Use of derivatives: The purchasing of Structured Investments
duties, JPMS’s and JPMorgan Chase & Co.’s economic interests and involve derivatives and risk factors that may not be suitable for all
your economic interests in Structured Notes potentially could be investors. Before investing in a Structured Investment, investors
adverse. It is also possible that JPMS’s or its affiliates’ hedging or should review the accompanying prospectus and prospectus
trading activities in connection with Structured Notes could result supplement to understand the actual terms and risks associated
in substantial returns for JPMS or its affiliates while the value of with specific structured products. In certain transactions,
Structured Notes decline. investors may lose their entire investment.
Capped returns: The return on Structured Notes may be limited by Principal at risk: Structured Products do not guarantee any
a specific maximum return, coupon or upside participation level. return of your investment. Holders may lose 100% of their
initial investment. A Structured Product may specify a level of
Currency/exchange risk: Where Structured Notes are
protection at maturity, subject to the issuer’s credit risk. Notes
benchmarked to a foreign currency, changes in various factors,
that offer principal protection are only protected up to the
including rates of exchange, may have an adverse effect on the
specified protected amount
value of the investment.
The above is not an exhaustive list of all the risks or other
No direct claim and no investment in the underlying: Investors
investment considerations relating to the product.
have no claim to the underlying index or basket of securities.
STRUCTURED INVESTMENTS 11

KEY RISKS
Fixed income: Bonds are subject to interest rate risk, credit and default risk Non-Reliance
of the issuer. Bond prices generally fall when interest rates rise. Certain information contained in this material is believed to be reliable;
however, JPM does not represent or warrant its accuracy, reliability or
Equities: The price of equity securities may rise or fall due to the changes in
completeness, or accept any liability for any loss or damage (whether direct
the broad market or changes in a company’s financial condition, sometimes
or indirect) arising out of the use of all or any part of this material. No
rapidly or unpredictably. Equity securities are subject to “stock market risk,”
representation or warranty should be made with regard to any computations,
meaning that stock prices in general may decline over short or extended
graphs, tables, diagrams or commentary in this material, which are provided
periods of time.
for illustration/reference purposes only. The views, opinions, estimates and
No direct claim and no investment in the underlying: Investors have no strategies expressed in this material constitute our judgment based on current
claim to the underlying. market conditions and are subject to change without notice. JPM assumes
no duty to update any information in this material in the event that such
Use of derivatives: The purchasing of Structured Investments involve information changes. Views, opinions, estimates and strategies expressed
derivatives and risk factors that may not be suitable for all investors.
Before investing in a Structured Investment, investors should review the for other purposes or in other contexts, and this material should not be
accompanying prospectus and prospectus supplement to understand the regarded as a research report. Any projected results and risks are based
actual terms and risks associated with specific structured products. In solely on hypothetical examples cited, and actual results and risks will vary
certain transactions, investors may lose their entire investment. depending on specific circumstances. Forward-looking statements should not
Principal protection: The Structured Investments are only protected up to be considered as guarantees or predictions of future events.
the protected amount. Investors might lose some of their initial investment Nothing in this document shall be construed as giving rise to any duty of
if the protected amount is less than 100%, and might not obtain any return care owed to, or advisory relationship with, you or any third party. Nothing
on their initial investment.
The above is not an exhaustive list of all the risks or other investment or advice (whether financial, accounting, legal, tax or other) given by
considerations relating to the product. For a complete assessment of the
risks associated with this investment, you should review, with your own
and employees do not provide tax, legal or accounting advice. You should
other related documentation for a particular trade, which fully describe all consult your own tax, legal and accounting advisors before engaging in any
terms, conditions and risks. Not all investments are suitable for all investors. financial transactions.
Investors should analyse products based on their individual circumstances
and taking into account such factors as their investment objectives, tolerance Legal Entity, Brand & Regulatory Information
for risk and liquidity needs. J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which
J.P. Morgan Securities LLC
This material is for information purposes only, and may inform you of (JPMS), a registered broker-dealer and investment advisor, member FINRA
and SIPC. Annuities are made available through Chase Insurance Agency,
businesses, part of JPMorgan Chase & Co. (“JPM”). J.P. Morgan is committed Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance
to making our products and services accessible to meet the financial Agency Services, Inc. in Florida. Certain custody and other services are
services needs of all our clients. If you are a person with a disability and provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are
need additional support, please contact your J.P. Morgan team or email
us at [Link]@[Link] for assistance. Please read all Products not available in all states.
Important Information.
Purpose of This Material
The information expressed is being provided for informational purposes
IMPORTANT INFORMATION
only. It is not intended to provide specific advice or recommendations for
General Risks & Considerations any individual.
Any views, strategies or products discussed in this material may not be
Purchasing Structured Products involve derivatives and a higher degree
appropriate for all individuals and are subject to risks. Investors may get
of risk factors that may not be suitable for all investors. Such risks include
back less than they invested, and past performance is not a reliable
risk of adverse or unanticipated market developments, issuer credit quality
indicator of future results. Asset allocation/diversification does not
risk, risk of counterparty or issuer default, risk of lack of uniform standard
guarantee a profit or protect against loss. Nothing in this material should be
pricing, risk of adverse events involving any underlying reference obligations,
relied upon in isolation for the purpose of making an investment decision. You
entity or other measure, risk of high volatility, and risk of illiquidity/little to
are urged to consider carefully whether the services, products, asset classes
no secondary market. Before investing in a Structured Product, investors
(e.g., equities, fixed income, alternative investments, commodities, etc.)
should review the accompanying prospectus and prospectus supplement to
or strategies discussed are suitable to your needs. You must also consider
understand the actual terms and risks associated with specific Structured
the objectives, risks, charges, and expenses associated with an investment
Products. In certain transactions, investors may lose their entire investment,
service, product or strategy prior to making an investment decision. For this
i.e., incur an unlimited loss. For specific guidance on how this information
and more complete information, including discussion of your goals/situation,
should be applied to your situation, you should consult the appropriate
contact your J.P. Morgan team.
financial professional.

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