Registration Statement
No. 333-199966
Dated July 31, 2015
Rule 433
JPMorgan Chase & Co.
Structured
Investments
Uncapped Buffered Return Enhanced Notes
Linked to the S&P 500® Index due August 30, 2019 |
●
|
The
notes are designed for investors who seek a return of at least 1.025 times any appreciation of the S&P 500®
Index. |
●
|
Investors
should be willing to forgo interest and dividend payments and be willing to lose up to 85%
of their principal. |
●
|
The
notes are unsecured and unsubordinated obligations of JPMorgan Chase & Co. Any payment on the notes is subject
to the credit risk of JPMorgan Chase & Co. |
●
|
Minimum
denominations of $1,000 and integral multiples thereof |
●
|
The
notes are expected to price on or about August
26, 2015 and are expected to settle on or about August
31, 2015. |
●
|
CUSIP:
48125UG48 |
Investing in the notes involves a number of risks.
See “Risk Factors” beginning on page PS-8 of the accompanying product supplement no. 4a-I, “Risk Factors”
beginning on page US-2 of the accompanying underlying supplement no. 1a-I and “Selected Risk Considerations” beginning
on page TS-3 of this term sheet.
Neither the Securities and Exchange Commission (the
“SEC”) nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or
the adequacy of this term sheet or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus.
Any representation to the contrary is a criminal offense.
|
Price to Public (1) |
Fees and Commissions (2) |
Proceeds to Issuer |
Per note |
$1,000 |
$ |
$ |
Total |
$ |
$ |
$ |
(1). See “Supplemental Use of Proceeds”
in this term sheet for information about the components of the price to public of the notes.
(2). J.P. Morgan Securities LLC, which we refer to
as JPMS, acting as agent for JPMorgan Chase & Co., will pay all of the selling commissions it receives from us to other affiliated
or unaffiliated dealers. In no event will these selling commissions exceed $7.50 per $1,000 principal amount note. See “Plan
of Distribution (Conflicts of Interest)” beginning on page PS-87 of the accompanying product supplement no. 4a-I. |
If the notes priced today, the estimated value of
the notes as determined by JPMS would be approximately $988.20 per $1,000 principal amount note. JPMS’s estimated value of
the notes, when the terms of the notes are set, will be provided by JPMS in the pricing supplement and will not be less than $960.00
per $1,000 principal amount note. See “JPMS’s Estimated Value of the Notes” in this term sheet for additional
information.
The notes are not bank deposits, are not insured
by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
Term sheet to product supplement no. 4a-I dated
November 7, 2014, underlying supplement no. 1a-I dated November 7, 2014
and the prospectus and prospectus supplement, each dated November 7, 2014
Key Terms
Index: The
S&P 500® Index
(Bloomberg ticker: SPX)
Buffer Amount:
15%
Upside Leverage Factor: At
least 1.025
Pricing Date: On
or about August 26, 2015
Original Issue Date (Settlement Date):
On or about August 31, 2015
Observation Date*: August
27, 2019
Maturity Date*: August
30, 2019
* Subject
to postponement in the event of a market disruption event and as described under “General Terms of Notes — Postponement
of a Determination Date — Notes Linked to a Single Underlying” and “General Terms of Notes — Postponement
of a Payment Date” in the accompanying product supplement no. 4a-I |
|
Index Return:
(Final Value – Initial Value)
Initial Value
Initial Value: The
closing level of the Index on the Pricing Date
Final Value:
The closing
level of the Index on the Observation Date
Payment at Maturity: If
the Final Value is greater than the Initial Value, at maturity you will receive a cash payment that provides you with a return
per $1,000 principal amount note calculated as follows:
$1,000
+ [$1,000 × (Index Return
× Upside Leverage Factor)],
If the
Final Value is equal to the Initial Value or is less than the Initial Value by up to the Buffer Amount, you will receive the principal
amount of your notes at maturity.
If the
Final Value is less than the Initial Value by more than the Buffer Amount, your payment at maturity per $1,000 principal amount
note will be calculated as follows:
$1,000
+ [$1,000 × (Index Return + Buffer Amount)]
If the Final Value is less
than the Initial Value by more than 15%, you will lose some or most of your principal amount at maturity.
|
TS-1 | Structured Investments Uncapped Buffered Return Enhanced Notes Linked to the S&P 500® Index | |
Hypothetical
Payout Profile
The following table and graph illustrate the
hypothetical total return at maturity on the notes linked to a hypothetical Index. The “total return” as used in this
term sheet is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount
note to $1,000. The hypothetical total returns set forth below assume the following:
●
an Initial Value of 100
●
an Upside Leverage Factor of 1.025
●
the Buffer Amount of 15%.
The hypothetical Initial Value of 100 has been
chosen for illustrative purposes only and may not represent a likely actual Initial Value. The actual Initial Value will be based
on the closing level of the Index on the Pricing Date and will be provided in the pricing supplement. For historical data regarding
the actual closing level of the Index, please see the historical information set forth under “The Index” in this term
sheet.
Each hypothetical total return or hypothetical
payment at maturity set forth below is for illustrative purposes only and may not be the actual total return or payment at maturity
applicable to a purchaser of the notes. The numbers appearing in the following table and graph have been rounded for ease of analysis.
Final Value |
Index Return |
Total Return |
Payment at Maturity |
180.00 |
80.00% |
82.000% |
$1,820.00 |
170.00 |
70.00% |
71.750% |
$1,717.50 |
160.00 |
60.00% |
61.500% |
$1,615.00 |
150.00 |
50.00% |
51.250% |
$1,512.50 |
140.00 |
40.00% |
41.000% |
$1,410.00 |
130.00 |
30.00% |
30.750% |
$1,307.50 |
120.00 |
20.00% |
20.500% |
$1,205.00 |
110.00 |
10.00% |
10.250% |
$1,102.50 |
105.00 |
5.00% |
5.125% |
$1,051.25 |
101.00 |
1.00% |
1.025% |
$1,010.25 |
100.00 |
0.00% |
0.000% |
$1,000.00 |
95.00 |
-5.00% |
0.000% |
$1,000.00 |
90.00 |
-10.00% |
0.000% |
$1,000.00 |
85.00 |
-15.00% |
0.000% |
$1,000.00 |
80.00 |
-20.00% |
-5.000% |
$950.00 |
70.00 |
-30.00% |
-15.000% |
$850.00 |
60.00 |
-40.00% |
-25.000% |
$750.00 |
50.00 |
-50.00% |
-35.000% |
$650.00 |
40.00 |
-60.00% |
-45.000% |
$550.00 |
30.00 |
-70.00% |
-55.000% |
$450.00 |
20.00 |
-80.00% |
-65.000% |
$350.00 |
10.00 |
-90.00% |
-75.000% |
$250.00 |
0.00 |
-100.00% |
-85.000% |
$150.00 |
TS-2 | Structured Investments Uncapped Buffered Return Enhanced Notes Linked to the S&P 500® Index | |
The following graph demonstrates the hypothetical total returns
and hypothetical payments at maturity on the notes at maturity for a sub-set of Index Returns detailed in the table above (-30%
to 30%). Your investment may result in a loss of up to 85% of your principal amount at maturity.
How
the Notes Work
Upside Scenario:
If the Final Value is greater than the Initial
Value, investors will receive at maturity the $1,000 principal amount plus a return equal to 1.025 times the Index Return at maturity.
| ● | If the closing level of the Index increases 10.00%, investors
will receive at maturity a 10.25% return, or $1,102.50 per $1,000 principal amount note. |
Par Scenario:
If the Final Value is equal to the Initial Value
or is less than the Initial Value by up to the Buffer Amount of 15%,
investors will receive at maturity the principal amount of their notes.
Downside Scenario:
If the Final Value is less than the Initial Value
by more than the Buffer Amount of 15%,
investors will lose 1% of the principal amount of their notes for every 1% that the Final Value is less than the Initial Value
by more than the Buffer Amount.
| ● | For example, if the closing level of the Index declines 50.00%,
investors will lose 35.00% of
their principal amount and receive only $650.00
per $1,000 principal amount note at maturity. |
The hypothetical returns and hypothetical payments
on the notes shown above apply only if you hold the notes for their entire term. These hypotheticals do not reflect the
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.
Selected
Risk Considerations
An investment in the notes involves significant
risks. These risks are explained in more detail in the “Risk Factors” sections of the accompanying product supplement
and underlying supplement.
| ● | YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS
— |
The
notes do not guarantee any return of principal. If the Final Value is less than the Initial Value by more than 15%,
you will lose 1% of the principal amount of your notes for every 1% that the Final Value is less than the Initial Value by more
than 15%. Accordingly, you may
lose up to 85% of your principal
amount at maturity.
| ● | CREDIT RISK OF JPMORGAN CHASE & CO. — |
Investors
are dependent on JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change
in our creditworthiness or credit spreads, as determined by the market for taking our credit risk, is likely to adversely affect
the value of the notes. If we were to default on our payment obligations, you may not receive any amounts owed to you under the
notes and you could lose your entire investment.
TS-3 | Structured Investments Uncapped Buffered Return Enhanced Notes Linked to the S&P 500® Index | |
We
and our affiliates play a variety of roles in connection with the notes. In performing these duties, our economic interests are
potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading activities of ours or
our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value of the
notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying
product supplement.
| ● | THE NOTES DO NOT PAY INTEREST. |
| ● | YOU WILL NOT RECEIVE DIVIDENDS ON THE SECURITIES INCLUDED
IN THE INDEX OR HAVE ANY RIGHTS WITH RESPECT TO THOSE SECURITIES. |
| ● | WE ARE CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE
INDEX, |
but
we will not have any obligation to consider your interests in taking any corporate action that might affect the level of the Index.
The
notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is likely
to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes are
not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
| ● | THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED
IN THE PRICING SUPPLEMENT — |
You
should consider your potential investment in the notes based on the minimums for JPMS’s estimated value.
| ● | JPMS’S ESTIMATED VALUE OF THE NOTES WILL BE LOWER
THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES — |
JPMS’s
estimated value is only an estimate using several factors. The original issue price of the notes will exceed JPMS’s estimated
value because costs associated with selling, structuring and hedging the notes are included in the original issue price of the
notes. These costs include the selling commissions, the projected profits, if any, that our affiliates expect to realize for assuming
risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. See
“JPMS’s Estimated Value of the Notes” in this term sheet.
| ● | JPMS'S ESTIMATED VALUE DOES NOT REPRESENT FUTURE VALUES
OF THE NOTES AND MAY DIFFER FROM OTHERS' ESTIMATES — |
See
“JPMS’s Estimated Value of the Notes” in this term sheet.
| ● | JPMS’S ESTIMATED VALUE IS NOT DETERMINED BY REFERENCE
TO CREDIT SPREADS FOR OUR CONVENTIONAL FIXED-RATE DEBT — |
The
internal funding rate used in the determination of JPMS’s estimated value generally represents a discount from the credit
spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the
notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs
for our conventional fixed-rate debt. If JPMS were to use the interest rate implied by our conventional fixed-rate credit spreads,
we would expect the economic terms of the notes to be more favorable to you. Consequently, our use of an internal funding rate
would have an adverse effect on the terms of the notes and any secondary market prices of the notes. See “JPMS’s Estimated
Value of the Notes” in this term sheet.
| ● | THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH
MAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS) MAY BE HIGHER THAN JPMS’S THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR
A LIMITED TIME PERIOD — |
We
generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in
connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.
See “Secondary Market Prices of the Notes” in this term sheet for additional information relating to this initial
period. Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as
published by JPMS (and which may be shown on your customer account statements).
| ● | SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER
THAN THE ORIGINAL ISSUE PRICE OF THE NOTES — |
TS-4 | Structured Investments Uncapped Buffered Return Enhanced Notes Linked to the S&P 500® Index | |
Any
secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other things,
secondary market prices take into account our secondary market credit spreads for structured debt issuances and, also, because
secondary market prices (a) exclude selling commissions and (b) may exclude projected hedging profits, if any, and estimated hedging
costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing
to buy the notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any
sale by you prior to the Maturity Date could result in a substantial loss to you.
| ● | SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED
BY MANY ECONOMIC AND MARKET FACTORS — |
The
secondary market price of the notes during their term will be impacted by a number of economic and market factors, which may either
offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging costs and
the level of the Index. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the
notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price
of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See “Risk Factors —
Risks Relating to the Estimated Value of Secondary Market Prices of the Notes — Secondary market prices of the notes will
be impacted by many economic and market factors” in the accompanying product supplement.
TS-5 | Structured Investments Uncapped Buffered Return Enhanced Notes Linked to the S&P 500® Index | |
The
Index
The Index consists of stocks of 500 companies
selected to provide a performance benchmark for the U.S. equity markets. For additional information about the S&P 500®
Index, see "Equity Index Descriptions — The S&P 500® Index" in the accompanying underlying supplement.
Historical Information
The following graph sets forth the historical
performance of the Index based on the weekly historical closing levels of the Index from January 8, 2010 through July 24, 2015.
The closing level of the Index on July 30, 2015 was 2,108.63. We obtained the closing levels below from the Bloomberg Professional®
service (“Bloomberg”), without independent verification.
The historical closing levels of the Index should
not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Index on the
Pricing Date or the Observation Date. We cannot give you assurance that the performance of the Index will result in the return
of any of your principal amount in excess of $150
per $1,000 principal amount note, subject to the credit risk of JPMorgan Chase & Co.
|
Historical Performance
of S&P 500® Index
Source: Bloomberg
|
|
Capital
Gains Tax Treatment
You should review carefully the section entitled
“Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 4a-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 notes.
Based on current market conditions, in the opinion
of our special tax counsel it is reasonable to treat the notes 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 no. 4a-I. Assuming this treatment is respected, the gain or loss on your notes should be treated as long-term
capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes at the issue
price. However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss
on the notes 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
TS-6 | Structured Investments Uncapped Buffered Return Enhanced Notes Linked to the S&P 500® Index | |
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 notes, possibly with retroactive
effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes, including
possible alternative treatments and the issues presented by this notice.
Withholding under legislation commonly referred
to as “FATCA” may (if the notes are recharacterized as debt instruments) apply to amounts treated as interest paid
with respect to the notes, as well as to the payment of gross proceeds of a sale of a note occurring after December 31, 2016 (including
redemption at maturity). You should consult your tax adviser regarding the potential application of FATCA to the notes.
JPMS’s
Estimated Value of the Notes
JPMS’s estimated value of the notes set
forth on the cover of this term sheet is equal to the sum of the values of the following hypothetical components: (1) a fixed-income
debt component with the same maturity as the notes, valued using our internal funding rate for structured debt described below,
and (2) the derivative or derivatives underlying the economic terms of the notes. JPMS’s estimated value does not represent
a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The internal
funding rate used in the determination of JPMS’s estimated value generally represents a discount from the credit spreads
for our conventional fixed-rate debt. For additional information, see “Selected Risk Considerations — JPMS’s
Estimated Value Is Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt.”
The value of the derivative or derivatives underlying
the economic terms of the notes is derived from JPMS’s internal pricing models. 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, JPMS’s estimated value of the notes is determined when the terms of the notes are
set based on market conditions and other relevant factors and assumptions existing at that time.
JPMS’s estimated value does not represent
future values of the notes and may differ from others’ estimates. Different pricing models and assumptions could provide
valuations for notes that are greater than or less than JPMS’s estimated value. In addition, market conditions and other
relevant factors in the future may change, and any assumptions may prove to be incorrect. On future dates, the value of the notes
could change significantly based on, among other things, changes in market conditions, our creditworthiness, interest rate movements
and other relevant factors, which may impact the price, if any, at which JPMS would be willing to buy notes from you in secondary
market transactions.
JPMS’s estimated value of the notes will
be lower than the original issue price of the notes because costs associated with selling, structuring and hedging the notes are
included in the original issue price of the notes. These costs include the selling commissions paid to JPMS and other affiliated
or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging
our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our obligations
entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less
than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the notes
may be allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging
profits, if any. See “Selected Risk Considerations — JPMS’s Estimated Value of the Notes Will Be Lower Than the
Original Issue Price (Price to Public) of the Notes” in this term sheet.
Secondary
Market Prices of the Notes
For information about factors that will impact
any secondary market prices of the notes, see “Risk Factors — Risks Relating to the Estimated Value and Secondary Market
Prices of the Notes — Secondary market prices of the notes will be impacted by many economic and market factors” in
the accompanying product supplement. In addition, we generally expect that some of the costs included in the original issue price
of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will
decline to zero over an initial predetermined period. These costs can include projected hedging profits, if any, and, in some circumstances,
estimated hedging costs and our secondary market credit spreads for structured debt issuances. This initial predetermined time
period is intended to be the shorter of six months and one-half of the stated term of the notes. The length of any such initial
period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our hedging activities,
the estimated costs of hedging the notes and when these costs are incurred, as determined by JPMS. See “Selected Risk Considerations
— The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than
JPMS’s Then-Current Estimated Value of the Notes for a Limited Time Period.”
TS-7 | Structured Investments Uncapped Buffered Return Enhanced Notes Linked to the S&P 500® Index | |
Supplemental
Use of Proceeds
The notes are offered to meet investor demand
for products that reflect the risk-return profile and market exposure provided by the notes. See “Hypothetical Payout Profile”
and “How the Notes Work” in this term sheet for an illustration of the risk-return profile of the notes and “The
Index” in this term sheet for a description of the market exposure provided by the notes.
The original issue price of the notes is equal
to JPMS’s estimated value of the notes plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers,
plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations
under the notes, plus the estimated cost of hedging our obligations under the notes.
Additional
Terms Specific to the Notes
JPMorgan Chase & Co. has filed a registration
statement (including a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should
read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase &
Co. has filed with the SEC for more complete information about JPMorgan Chase & Co. and this offering. You may get these documents
without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, JPMorgan Chase & Co., any agent or any dealer
participating in this offering will arrange to send you the prospectus, the prospectus supplement, product supplement no. 4a-I,
underlying supplement no. 1a-I and this term sheet if you so request by calling toll-free 866-535-9248.
You may revoke your offer to purchase the notes
at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the
terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any changes to the terms of the notes,
we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject
such changes, in which case we may reject your offer to purchase.
You should read this term sheet together with
the prospectus, as supplemented by the prospectus supplement, each dated November 7, 2014, relating to our Series E medium-term
notes of which these notes are a part, and the more detailed information contained in product supplement no. 4a-I dated November
7, 2014 and underlying supplement no. 1a-I dated November 7, 2014. This term sheet, together with the documents listed below, contains
the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials
including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures,
fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set
forth in “Risk Factors” in the accompanying product supplement no. 4a-I and “Risk Factors” in the accompanying
underlying supplement no. 1a-I, as the notes 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 notes.
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):
Our Central Index Key, or CIK, on the SEC website
is 19617. As used in this term sheet, “we,” “us” and “our” refer to JPMorgan Chase & Co.
TS-8 | Structured Investments Uncapped Buffered Return Enhanced Notes Linked to the S&P 500® Index | |
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