The following is a summary of the terms of the notes offered by the preliminary pricing supplement highlighted below.
Summary of Terms
Issuer:
JPMorgan Chase Financial Company LLC
Guarantor:
JPMorgan Chase & Co
Minimum Denomination:
Denomination:$1,000
Fund:
VanEck Vectors ® Gold Miners ETF
Pricing Date:
October 30, 2020
Final Review Date:
November 1, 2021
Maturity Date:
November 4, 2021
Review Dates:
Monthly
Contingent Interest Rate:
At least 12.00%* per annum, payable monthly at a rate of at least 1.00%*, if applicable
Interest
Barrier/
Trigger Value:
An amount that represents 70.00% of the Initial Value
CUSIP:
48132PRU0
Preliminary Pricing
Supplement:
http://sp.jpmorgan.com/document/cusip/48132PRU0/doctype/Product_Termsheet/document.pdf
For more information about the estimated value of the notes, which likely will be lower than the price you paid for the notes
, p lease see the hyperlink above.
Automatic Call
If the closing
price of one share of the Fund on any Review Date (other than the first, second and final Review Dates) is greater than or equal to
the Initial Value, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, equal to (a) a)$1 ,000 plus (b)
the Contingent Interest Payment applicable to that Review Date, payable on the applicable Call Settlement Date. No further pa yme nts will be
made on the notes
Payment
at Maturity
If the notes have not been automatically called and the Final Value
is greater than or equal to the Trigger Value, you will receive a cash payment
at maturity, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Contingent Interest Payment applicable t o t he final Review
Date
If the notes have not been automatically called and the Final Value
is less than the Trigger Value, your payment at maturity per $1,000 principal
amount note will be calculated as follows:
$
1,000 + 1,000 ×Fund Return)
If the notes have not been automatically called and the Final Value
is less than the Trigger Value, you will lose more than 30.00% of your
principal amount at maturity and could lose all of your principal amount at maturity.
Capitalized terms used but not defined herein shall have the meanings set forth in the
preliminary pricing supplement.
Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the
notes, and the credit risk of
JPMorgan Chase & Co., as guarantor of the notes.
Hypothetical Payment at Maturity**
J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
12mNC3m
GDX Auto Callable Contingent Interest Notes
North America Structured Investments
Fund Return
Payment At Maturity (assuming
12.00% per annum Contingent
Interest Rate)
60.00%
$1,010.00
40.00%
$1,010.00
20.00%
$1,010.00
5.00%
$1,010.00
0.00%
$1,010.00
-
5.00% $1,010.00
-
10.00% $1,010.00
-
30.00% $
1,010.00
-
30.01% $699.90
-
40.00 $600.00
-
60.00% $400.00
-
100.00 $0.00
This table does not demonstrate how your
interest payments can vary
over the term of your notes.
Contingent Interest
*If the notes have not been
automatically called and the closing price of
one share of the Fund on any Review Date is greater than or equal to
the Interest Barrier, you will receive on the applicable Interest Payment
Date for each $1,000 principal amount note a Contingent Interest
Payment equal to at least $10.00 (equivalent to an interest rate of at
least 12.00% per annum, payable at a rate of at least 1.00% per month).
**The hypothetical
payments on the notes shown above apply only if
you hold the notes for their entire term or until automatically called.
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 payments shown above
would likely be lower.

J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
Selected Risks
•
Your investment in the notes may result in a loss. The notes do not guarantee any return of principal.
•
The notes do not guarantee the payment of interest and may not pay interest at all.
•
Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and
JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in
the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan
Chase & Co.
•
The appreciation potential of the notes is limited to the sum of any Contingent Interest Payments that
may be paid over the term of the notes.
•
The benefit provided by the Trigger Value may terminate on the final Review Date.
•
The automatic call feature may force a potential early exit.
•
No dividend payments or voting rights.
•
The Fund is subject to management risk.
•
The performance and market value of the Fund, particularly during periods of market volatility, may not
correlate with the performance of the Fund’s underlying index as well as the net asset value per share.
•
The notes are subject to risks associated with the gold and silver mining industries.
•
The notes are subject to the risks associated with non U.S. securities.
•
The notes are subject to currency exchange risk.
•
The anti dilution protection for the Fund is limited.
•
As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and
has limited assets .
Selected Risks (continued)
•
The estimated value of the notes will be lower than the original issue price (price to public) of the notes.
•
The estimated value of the notes is determined by reference to an internal funding rate.
•
The estimated value of the notes does not represent future values and may differ from others’ estimates.
•
The value of the notes, which may be reflected in customer account statements, may be higher than the
then current estimated value of the notes for a limited time period.
•
Lack of liquidity: J.P. Morgan Securities LLC (who we refer to as JPMS) intends to offer to purchase the
notes in the secondary market but is not required to do so. The price, if any, at which JPMS will be willing
to purchase notes from you in the secondary market, if at all, may result in a significant loss of your
principal.
•
Potential conflicts: We and our affiliates play a variety of roles in connection with the issuance of notes,
including acting as calculation agent and hedging our obligations under the notes, and making the
assumptions used to determine the pricing of the notes and the estimated value of the notes when the
terms of the notes are set. It is possible that such hedging or other trading activities of J.P. Morgan or its
affiliates could result in substantial returns for J.P. Morgan and its affiliates while the value of the notes
decline.
•
The tax consequences of the notes may be uncertain. You should consult your tax adviser regarding the
U.S. federal income tax consequences of an investment in the notes.
Additional Information
SEC Legend: JPMorgan Chase Financial
Company LLC and JPMorgan Chase & Co. have filed a registration statement (including a prospectus) with the SEC for any offeri ngs to which these materials relate. Before you
invest, you should read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. has filed with the SEC for
more complete information about JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. and this offering. You may get these documents without cost by visiting EDGAR on the SEC we b site at
www.sec.gov. Alternatively, JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., any agent or any dealer participating in the this offering will arrange to se nd you the prospectus and each prospectus
supplement as well as any product supplement, underlying supplement and preliminary pricing supplement if you so request by calling toll free 1 866 535 9248.
IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion o
f U .S. tax matters contained herein (including any attachments) is not intended or written to be
used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Cha se & Co. of any of the matters addressed herein or for the purpose of avoiding U.S.
tax related penalties.
Investment suitability must be determined individually for each investor, and the financial instruments described herein may
not be suitable for all investors. This information is not intended to provide and should not be
relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisers as to the se matters.
This material is not a product of J.P. Morgan Research Departments.
Free Writing Prospectus Filed Pursuant to Rule 433, Registration Statement Nos. 333
236659 and 333 236659 01
North America Structured Investments
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GDX Auto Callable Contingent Interest Notes
The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable prod
uct supplement and underlying supplement and “Selected Risk Considerations” in the
applicable preliminary pricing supplement for additional information.