Term sheet
To prospectus dated November 14, 2011,
prospectus supplement dated November 14, 2011,
product supplement no. 15-I dated November 17, 2011 and
underlying supplement no. 1-I dated November 14, 2011
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02-#03-2012-R
Term Sheet to
Product Supplement No. 15-I
Registration Statement No. 333-177923
Dated February 7, 2012; Rule 433
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Structured
Investments
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$
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced
Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars, due February 27, 2013
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·
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The notes are designed for investors who seek a return of twice the appreciation of each index in a weighted diversified basket of three international buffered return enhanced components, consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, each of which is converted into U.S. dollars and each of which is subject to a maximum return, as described below. Investors should be willing to forgo interest and dividend payments and, if the Ending Index Level of a Component Index is less than the Initial Index Level of such Component Index by more than 10%, be willing to lose some or all of their principal. Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
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Senior unsecured obligations of JPMorgan Chase & Co. maturing February 27, 2013†
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Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof
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·
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The notes are expected to price on or about February 10, 2012 and are expected to settle on or about February 15, 2012.
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Basket/ Basket Components:
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The notes are linked to a weighted basket consisting of three buffered return enhanced components (each a “Basket Component,” and together, the “Basket Components”), each linked to an international index (each a “Component Index,” and together, the “Component Indices”), converted into U.S. dollars as set forth below:
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Component Index
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Component
Weighting
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Buffer Amount
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Upside Leverage Factor
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Maximum Return*
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Downside Leverage Factor
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EURO STOXX 50® Index
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55%
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10%
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2
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19.50%
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1.1111
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FTSE™ 100 Index
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22%
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10%
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2
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19.50%
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1.1111
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TOPIX® Index
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23%
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10%
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2
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19.50%
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1.1111
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For information about the Component Currency and the calculation of the Exchange Rate for each Component Index, see “Additional Key Terms” on page TS-1 of this term sheet.
* The actual Maximum Return for each Basket Component will be set on the pricing date and will not be less than the applicable percentage set forth in the table above. The maximum payment at maturity, based on the percentages set forth above, is $1,195 per $1,000 principal amount note.
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Payment at Maturity:
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The amount you will receive at maturity is based on the Basket Return, which in turn is based on the performance of the Basket Components. At maturity, your payment per $1,000 principal amount note will be calculated as follows:
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$1,000 + ($1,000 × Basket Return)
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Basket Return:
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The sum of the products of (a) the Component Return of each Basket Component and (b) the Component Weighting of that Basket Component.
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Component Return:
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With respect to each Basket Component, the Component Return will be calculated as follows:
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Ending Index Level
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Component Return
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is greater than the Initial Index Level
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Index Return × upside leverage factor, subject to the Maximum Return
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is equal to the Initial Index Level or less than the Initial Index Level by not more than the buffer amount
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0%
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is less than the Initial Index Level by more than the buffer amount
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(Index Return + buffer amount) × downside leverage factor
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For each Basket Component, if the Ending Index Level for the applicable Component Index is less than the Initial Index Level for that Component Index by more than 10%, your return on the notes at maturity may be adversely affected and you may lose some or all of your investment at maturity.
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Maximum Return:
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With respect to a Basket Component, a percentage that we will determine on the pricing date and that will not be less than the respective percentage set forth above under “Basket/Basket Components.” For example, if the Index Return for the EURO STOXX 50® Index is equal to more than 9.75%, the applicable Component Return will be equal to the applicable Maximum Return for the EURO STOXX 50® Index of
19.50%*.
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Index Return:
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With respect to each Component Index, the performance of the Component Index from the Initial Index Level to the Ending Index Level, calculated as follows:
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Ending Index Level – Initial Index Level
Initial Index Level
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Initial Index Level:
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With respect to each Component Index, the Adjusted Closing Level of that Component Index on the pricing date.
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Ending Index Level:
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With respect to each Component Index, the arithmetic average of the Adjusted Closing Levels of that Component Index on each of the Ending Averaging Dates
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Adjusted Closing Level:
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With respect to a Component Index on any trading day, the closing level of such Component Index on such trading day multiplied by the Exchange Rate of such Component Index on such trading day.
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Ending Averaging Dates†:
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February 15, 2013, February 19, 2013, February 20, 2013, February 21, 2013 and February 22, 2013
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Maturity Date†:
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February 27, 2013
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CUSIP:
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48125VMU1
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Other Key Terms:
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See “Additional Key Terms” in this term sheet.
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†
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Subject to postponement in the event of a market disruption event or currency disruption event and as described under “Description of Notes — Postponement of a Determination Date” and “Description of Notes — Payment at Maturity” in the accompanying product supplement no. 15-I
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Price to Public (1)
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Fees and Commissions (2)
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Proceeds to Us
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Per note
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$
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$
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$
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Total
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$
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$
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$
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(1)
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The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates, which includes our affiliates’ expected cost of providing such hedge as well as the profit our affiliates expect to realize in consideration for assuming the risks inherent in providing such hedge. For additional related information, please see “Use of Proceeds and Hedging” beginning on page PS-23 of the accompanying product supplement no. 15-I.
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(2)
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Please see “Supplemental Plan of Distribution” in this term sheet for information about fees and commissions.
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Product supplement no. 15-I dated November 17, 2011:
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Underlying supplement no. 1-I dated November 14, 2011:
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Prospectus supplement dated November 14, 2011:
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Prospectus dated November 14, 2011:
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The following table sets forth the Component Currency, the applicable Reuters Page, the Exchange Rate, the closing level on the pricing date and the Initial Index Level for each Component Index:
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Component Index
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Component Currency
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Reuters Page
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Exchange Rate on the pricing date††
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Closing level on the pricing date††
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Initial Index Level††
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EURO STOXX 50® Index
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European Union euro (EUR)
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WMRSPOT05
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FTSE™ 100 Index
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British pound sterling (GBP)
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WMRSPOT07
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TOPIX® Index
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Japanese yen (JPY)
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WMRSPOT12
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††The Exchange Rate and the closing level of each Component Index on the pricing date and the Initial Index Level of each Component Index will be determined on the pricing date.
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Exchange Rate:
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With respect to the EURO STOXX 50® Index and the FTSE™ 100 Index, the “Exchange Rate” on any relevant day will equal an exchange rate of U.S. dollars per one unit of the Component Currency of the applicable Component Index, as determined by the calculation agent, expressed as the amount of U.S. dollars per one unit of the Component Currency of the applicable Component Index, as reported by Reuters Group PLC (“Reuters”) on the relevant page specified above, or any substitution page, at approximately 4:00 p.m. Greenwich Mean Time. With respect to the TOPIX® Index, the “Exchange Rate” on any relevant day will equal an exchange rate of U.S. dollars per one unit of the Component Currency of such Component Index, as determined by the calculation agent, expressed as one divided by the amount of Component Currency of such Component Index per U.S. dollar, as reported by Reuters on the relevant page specified above, or any substitution page, at approximately 4:00 p.m. Greenwich Mean Time.
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Currency Business Day:
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With respect to a Component Index, a “currency business day” is a day on which (a) dealings in foreign currency in accordance with the practice of the foreign exchange market occur in The City of New York and the principal financial center for the applicable Component Currency (London, England with respect to the European Union euro and the British pound sterling and Tokyo, Japan with respect to the Japanese yen) and (b) banking institutions in The City of New York and that principal financial center are not otherwise authorized or required by law, regulation or executive order to close.
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-1
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EURO STOXX 50® Index
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FTSE™ 100 Index
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TOPIX® Index
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Ending Index Level
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Index Return
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Component Return
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Ending Index Level
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Index Return
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Component Return
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Ending Index Level
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Index Return
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Component Return
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5895.000
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80.00%
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19.50%
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16779.60
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80.00%
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19.50%
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18.01800
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80.00%
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19.50%
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5403.750
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65.00%
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19.50%
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15381.30
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65.00%
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19.50%
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16.51650
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65.00%
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19.50%
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4912.500
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50.00%
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19.50%
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13983.00
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50.00%
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19.50%
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15.01500
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50.00%
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19.50%
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4585.000
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40.00%
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19.50%
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13050.80
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40.00%
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19.50%
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14.01400
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40.00%
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19.50%
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4257.500
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30.00%
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19.50%
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12118.60
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30.00%
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19.50%
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13.01300
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30.00%
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19.50%
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3930.000
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20.00%
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19.50%
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11186.40
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20.00%
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19.50%
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12.01200
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20.00%
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19.50%
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3602.500
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10.00%
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19.50%
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10254.20
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10.00%
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19.50%
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11.01100
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10.00%
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19.50%
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3594.313
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9.75%
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19.50%
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10230.90
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9.75%
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19.50%
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10.98598
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9.75%
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19.50%
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3438.750
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5.00%
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10.00%
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9788.10
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5.00%
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10.00%
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10.51050
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5.00%
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10.00%
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3356.875
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2.50%
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5.00%
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9555.05
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2.50%
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5.00%
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10.26025
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2.50%
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5.00%
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3307.750
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1.00%
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2.00%
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9415.22
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1.00%
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2.00%
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10.11010
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1.00%
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2.00%
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3275.000
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0.00%
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0.00%
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9322.00
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0.00%
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0.00%
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10.01000
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0.00%
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0.00%
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3111.250
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-5.00%
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0.00%
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8855.90
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-5.00%
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0.00%
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9.50950
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-5.00%
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0.00%
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2947.500
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-10.00%
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0.00%
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8389.80
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-10.00%
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0.00%
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9.00900
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-10.00%
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0.00%
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2620.000
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-20.00%
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-11.11%
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7457.60
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-20.00%
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-11.11%
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8.00800
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-20.00%
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-11.11%
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2292.500
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-30.00%
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-22.22%
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6525.40
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-30.00%
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-22.22%
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7.00700
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-30.00%
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-22.22%
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1965.000
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-40.00%
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-33.33%
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5593.20
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-40.00%
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-33.33%
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6.00600
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-40.00%
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-33.33%
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1637.500
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-50.00%
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-44.44%
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4661.00
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-50.00%
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-44.44%
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5.00500
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-50.00%
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-44.44%
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1310.000
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-60.00%
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-55.56%
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3728.80
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-60.00%
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-55.56%
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4.00400
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-60.00%
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-55.56%
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982.500
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-70.00%
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-66.67%
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2796.60
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-70.00%
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-66.67%
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3.00300
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-70.00%
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-66.67%
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655.000
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-80.00%
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-77.78%
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1864.40
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-80.00%
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-77.78%
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2.00200
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-80.00%
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-77.78%
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327.500
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-90.00%
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-88.89%
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932.20
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-90.00%
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-88.89%
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1.00100
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-90.00%
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-88.89%
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0.000
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-100.00%
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-100.00%
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0.00
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-100.00%
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-100.00%
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0.00000
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-100.00%
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-100.00%
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-2
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-3
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-4
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·
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APPRECIATION POTENTIAL — The notes provide the opportunity to enhance equity returns by multiplying a positive Index Return for each Component Index by two, including any positive return caused by a change in the applicable Exchange Rate, up to the Maximum Return of at least 19.50% for the EURO STOXX 50® Index, at least 19.50% for the FTSE™ 100 Index and at least 19.50% for the TOPIX® Index. The actual Maximum Returns for the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index will be set on the pricing date and will not be less than 19.50%, 19.50% and 19.50%, respectively, and accordingly, the actual maximum payment at maturity will not be less than $1,195 for every $1,000 principal amount note. Because the notes are our senior unsecured obligations, payment of any amount on the notes is subject to our ability to pay our obligations as they become due.
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LIMITED PROTECTION AGAINST LOSS — We will pay you your principal back at maturity if the Ending Index Level of each Component Index is not less than its Initial Index Level by more than 10%. If the Ending Index Level of a Component Index is less than its Initial Index level by more than 10%, for every 1% that the Ending Index level is less than the Initial Index Level by more than 10%, the Component Return for the Basket Component linked to such Component Index will be reduced by 1.1111%.
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DIVERSIFICATION AMONG THE COMPONENT INDICES — Because the Basket Component linked to the EURO STOXX 50® Index makes up 55% of the Basket, we expect that generally the market value of your notes and your payment at maturity will depend significantly on the performance of the EURO STOXX 50® Index.
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POTENTIAL EXCHANGE RATE GAINS — Appreciation of the applicable Component Currency against the U.S. dollar may increase the Ending Index Level for the applicable Component Index, which is used to calculate the Index Return of such Component Index. Because the Basket Return is based on the Component Return of each Component Index, the Basket Return, and therefore the payment at maturity, is linked to the Ending Index Level for each Component Index, and you will benefit from any such appreciation, unless offset by a decrease in the closing level of one or more of the Component Indices or depreciation of one or more of the other Component Currencies against the U.S. dollar.
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CAPITAL GAINS TAX TREATMENT — You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 15-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.
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-5
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YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS — The notes do not guarantee any return of principal. The return on the notes at maturity is linked to the performance of the Component Indices and changes in the Exchange Rates and will depend on whether, and the extent to which, the Index Return of each Component Index is positive or negative. Your investment will be exposed to loss on a leveraged basis if the Ending Index Level for any Component Index is less than its Initial Index Level by more than 10%, including any decline caused by a change in the applicable Exchange Rate. Under these circumstances, you may lose some or all of your initial investment at maturity.
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CREDIT RISK OF JPMORGAN CHASE & CO. — The notes are subject to the credit risk of JPMorgan Chase & Co. and our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase & Co.’s ability to pay all amounts due on the notes, and therefore investors are subject to our credit risk and to changes in the market’s view of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged 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.
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POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and hedging our obligations under the notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. It is possible that such hedging activities or other trading activities of ours could result in substantial returns for us or our affiliates while the value of the notes declines.
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THE COMPONENT RETURN FOR EACH BASKET COMPONENT IS LIMITED BY THE APPLICABLE MAXIMUM RETURN — If the Ending Index Level of a Component Index is greater than its Initial Index Level, including any increase caused by a change in the applicable Exchange Rate, the Component Return for the Basket Component linked to such Component Index will not exceed a predetermined percentage, regardless of the appreciation in the applicable Component Index, which may be significant. We refer to this percentage for each Basket Component as a Maximum Return, which will be set on the pricing date and will not be less than 19.50%, 19.50% and 19.50% for the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, respectively. Assuming the Maximum Return for each Basket Component is equal to the applicable percentage set forth in the immediately preceding sentence, your payment at maturity will not exceed $1,195 for each $1,000 principal amount note.
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A DECREASE IN THE VALUE OF THE COMPONENT CURRENCIES RELATIVE TO THE U.S. DOLLAR MAY ADVERSELY AFFECT YOUR RETURN ON THE NOTES — The return on the notes is based on the performance of the Component Indices and changes in the Exchange Rates. The Ending Index Level of each Component Index is determined based on the Adjusted Closing Level of such Component Index, which is the closing level of such Component Index, converted into U.S. dollars based on the applicable Exchange Rate. Accordingly, any depreciation in the value of the Component Currencies relative to the U.S. dollar (or conversely, any increase in the value of the U.S. dollar relative to the Component Currencies) may adversely affect your return on the notes.
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CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY THE VALUE OF THE NOTES PRIOR TO MATURITY — While the payment at maturity described in this term sheet is based on the full principal amount of your notes, the original issue price of the notes includes the agent’s commission and the estimated cost of hedging our obligations under the notes. As a result, the price, if any, at which J.P. Morgan Securities LLC, which we refer to as JPMS, will be willing to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price, and any sale prior to the maturity date could result in a substantial loss to you. The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
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MOVEMENTS IN THE LEVELS AND EXCHANGE RATES OR THE COMPONENT INDICES MAY BE HIGHLY CORRELATED — Movements in the levels and Exchange Rates of the Component Indices may be highly correlated over the term of the notes. High correlation during periods of negative returns could have an adverse effect on your return on your investment at maturity. However, the movements in the levels and Exchange Rates of the Component Indices may become uncorrelated in the future. See the immediately following risk factor for more information.
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CHANGES IN THE VALUE AND EXCHANGE RATES OF THE COMPONENT INDICES MAY OFFSET EACH OTHER — The notes are linked to a weighted Basket composed of the Basket Components, each of which is linked to a Component Index and each of which is converted into U.S. dollars. Price movements in the Component Indices may not correlate with each other. At a time when the value of one or more of the Component Indices increases, the value of the other Component Indices may not increase as much or may even decline. Therefore, in calculating the Basket Return, increases in the value of one or more of the Component Indices may be moderated, or more than offset, by lesser increases or declines in the level of one or more of the other Component Indices, particularly if the Component Indices that appreciate are of relatively low weight in the Basket. Similarly, movements in the Exchange Rates of the Component Indices may not correlate with each other. At a time when the Exchange Rate of one of the Component Indices increases, the Exchange Rate of another Component Index may not increase as much or may decline. Therefore, in calculating the Basket Return, increases in the Exchange Rates of one or more of the Component Indices may be moderated, or more than offset, by lesser increases or declines in the Exchange Rates of one or more of the other Component Indices. In addition, price movements in the Component Indices and movements in the Exchange Rates may not correlate with each other. At a time when the value or Exchange Rate of a Component Index increases, the Exchange Rate or value, respectively, of such Component Index may decline. Therefore, in calculating the Basket Return, increases
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-6
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in the value or Exchange Rate of a Component Index may be moderated, or more than offset, by declines in the Exchange Rate or value, respectively, of such Component Index. There can be no assurance that the Ending Index Level of each Component Index will be higher than the Initial Index Level of such Component Index. You may lose some or all of your investment in the notes if the Ending Index Levels of one or more Component Indices are lower than the Initial Index Levels of such Component Indices.
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·
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NON-U.S. SECURITIES RISK — The foreign equity securities included in the Component Indices have been issued by non-U.S. companies. Investments in notes linked to the value of such non-U.S. equity securities involve risks associated with the securities markets in those countries, 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 about U.S. companies that are subject to the 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.
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EVEN THOUGH THE COMPONENT CURRENCIES TRADE AROUND-THE-CLOCK, THE NOTES WILL NOT — Because the inter-bank market in foreign currencies is a global, around-the-clock market, the hours of trading for the notes, if any, will not conform to the hours during which the Component Currencies are traded. Consequently, significant price and rate movements may take place in the underlying foreign exchange markets that will not be reflected immediately in the price of the notes. Additionally, there is no systematic reporting of last-sale information for foreign currencies which, combined with the limited availability of quotations to individual investors, may make it difficult for many investors to obtain timely and accurate data regarding the state of the underlying foreign exchange markets.
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THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK — Foreign currency exchange rates vary over time, and may vary considerably during the term of the notes. The value of each Component Currency and the U.S. dollar is at any moment a result of the supply and demand for that currency. Changes in foreign currency exchange rates result over time from the interaction of many factors directly or indirectly affecting economic and political conditions in the Component Currencies’ countries, the United States, and economic and political developments in other relevant countries.
Of particular importance to potential currency exchange risk are:
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existing and expected rates of inflation;
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·
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existing and expected interest rate levels;
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·
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the balance of payments in the members nations of the European Union (including the United Kingdom), Japan and the United States and between each country and its major trading partners; and
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·
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the extent of governmental surplus or deficit in the members nations of the European Union (including the United Kingdom), Japan and the United States.
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All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the European Union (including the United Kingdom and other member countries), Japan, the United States and those of other countries important to international trade and finance.
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CURRENCY EXCHANGE RISKS CAN BE EXPECTED TO HEIGHTEN IN PERIODS OF FINANCIAL TURMOIL — In periods of financial turmoil, capital can move quickly out of regions that are perceived to be more vulnerable to the effects of the crisis than others with sudden and severely adverse consequences to the currencies of those regions. In addition, governments around the world, including the United States government and governments of other major world currencies, have recently made, and may be expected to continue to make, very significant interventions in their economies, and sometimes directly in their currencies. Such interventions affect currency exchange rates globally and, in particular, the value of the Component Currencies relative to the U.S. dollar. Further interventions, other government actions or suspensions of actions, as well as other changes in government economic policy or other financial or economic events affecting the currency markets, may cause currency exchange rates to fluctuate sharply in the future, which could have a material adverse effect on the value of the notes and your return on your investment in the notes at maturity.
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NO INTEREST OR DIVIDEND PAYMENTS OR VOTING RIGHTS — As a holder of the notes, you will not receive interest payments, and you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of securities composing any of the Component Indices would have.
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LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes.
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MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES — In addition to the level of the Component Indices and the Exchange Rates on any day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, including:
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the actual and expected volatility of the Component Indices and the Exchange Rates;
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the time to maturity of the notes;
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the dividend rates on the equity securities underlying the Component Indices;
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interest and yield rates in the market generally;
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correlation (or lack thereof) between Component Indices, between Exchange Rates and between Component Indices and Exchange Rates;
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suspension or disruption of market trading in any or all of the Component Currencies or the U.S. dollar;
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a variety of economic, financial, political, regulatory and judicial events; and
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our creditworthiness, including actual or anticipated downgrades in our credit ratings.
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-7
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-8
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-9
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JPMorgan Structured Investments —
Notes Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index, Each Converted into U.S. Dollars
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TS-10
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