Free Writing Prospectus 12month Callable Yield Note |
North America Structured Investments
May be appropriate for investors seeking interest payments during the term of the notes. Investors are exposed to full downside exposure to the lesser performing of the Underlyings if either Underlying declines by more than the applicable Protection Amount from the Pricing Date to the Observation Date. The notes are callable quarterly at par at the issuers discretion.
The payment at maturity will be paid in cash based on the lesser performing of the Underlyings.
Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
Summary of Terms | |
Issuer: | JPMorgan Chase & Co. |
Par: | $1,000.00 |
Underlyings: | S&P 500® Index, Russell 2000® Index |
Pricing Date: | On or about September 14, 2011 |
Settlement Date: | On or about September 21, 2011 (T+5) |
Observation Date*: | September 14, 2012 |
Maturity Date*: | September 21, 2012 |
Optional Call Date(s)*: | December 21, 2011, March 21, 2012, June 21, 2012 |
Interest Rate: | 11%- 12%** per annum, paid monthly |
Protection Amount: | For each Underlying, 25% of the closing level of that Underlying on the Pricing Date |
CUSIP: | 48125XZ41 |
****Reflects a Protection Amount of 25% and assumes an interest rate of 11.0% per annum for illustrative purposes. Assumes the note is not called on any Optional Call Date and a $1,000 investment.
Hypothetical Payments on the Notes***
Hypothetical Closing Level on the | Total payments |
Observation Date of the lesser | over term of the |
performing Underlying as % of | note**** |
Closing Level on Pricing Date | |
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200% | $1,110.00 |
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105% | $1,110.00 |
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100% | $1,110.00 |
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90% | $1,110.00 |
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75% | $1,110.00 |
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50% | $610.00 |
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20% | $310.00 |
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0% | $110.00 |
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Return Profile
Interest will be payable monthly in arrears. If an interest payment date is not a business day, payment will be made on the next business day immediately following such day, but no additional interest will accrue as a result of the delayed payment.
Payment at maturity for each $1,000 principal amount note will be a cash payment of $1,000 or, if either of the Underlyings declined by more than the Protection Amount from the Pricing Date to the Observation Date, a cash payment of less than $1,000 that reflects the negative return of the lesser performing Underlying. In the event both Underlyings appreciate relative to their initial values, the investor will receive $1,000 for each $1,000 principal amount invested, subject to the credit risk of JPMorgan Chase & Co. In all cases, payment will include any accrued and unpaid interest.
If the notes are called by the issuer, the investor will receive a cash payment of $1,000 for each $1,000 principal amount note, plus any accrued and unpaid interest.
12month Callable Yield Note |
North America Structured Investments
Selected Benefits
The notes offer a higher interest rate than the yield currently available on debt securities of comparable maturity issued by the Issuer or an issuer with a comparable credit rating
Monthly interest payments
The Protection Amount offers some contingent protection against a decrease in the prices of the Underlyings
Minimum denomination of $1,000 and integral multiples thereof
Selected Risks
Your investment in the notes may result in a loss. If either of the Underlyings declines by more than the applicable Protection Amount from the Pricing Date to the Observation Date, you could lose up to $890.00 for each $1,000 note.
Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co. Therefore the value of the notes prior to maturity are subject to changes in the markets view of JPMorgan Chase & Co.s creditworthiness.
Return is limited to the principal amount plus accrued interest regardless of any appreciation of the Underlyings.
You are exposed to the risks associated with small capitalization companies.
You are exposed to the risks of the decline in the closing level of each Underlying.
Your payment at maturity may be determined by the lesser performing of the Underlyings.
No dividend payments or ownership rights or affiliation with the Underlyings.
The optional call feature may force a potential early exit. There is no guarantee you will be able to reinvest the proceeds at a comparable interest rate for a similar level of risk.
Lack of liquidity: JPMorgan Securities LLC, acting as agent for the Issuer (and 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.
Many economic and market factors, such as index volatility, time to maturity, interest rates and creditworthiness of the Issuer, will impact the value of the notes prior to maturity.
Investors should be willing to hold their investment until maturity.
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.
Tax consequences of the notes may be uncertain.
SEC Legend: JPMorgan Chase & Co. has filed a registration statement (including a prospectus) with the SEC for any offerings 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 & 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 Web site at www.sec.gov. Alternatively, JPMorgan Chase & Co., any agent or any dealer participating in the this offering will arrange to send you the prospectus and the prospectus supplement as well as any product supplement and term sheet if you so request by calling toll-free 866-535-9248.
IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of 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 Chase & Co. of any of the matters address 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. The products described herein should generally be held to maturity as early unwinds could result in lower than anticipated returns. 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 advisors as to these matters.
This material is not a product of J.P. Morgan Research Departments. J.P. Morgan is the marketing name for JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. J.P. Morgan Securities LLC. is a member of FINRA, NYSE and SIPC. Clients should contact their salespersons at, and execute transactions through, a J.P. Morgan entity qualified in their home jurisdiction unless governing law permits otherwise.
Additional information about the symbols depicted in each cube in the top right-hand corner of this fact sheet can be accessed via the hyperlink to one of our filings with the SEC: http://www.sec.gov/Archives/edgar/data/19617/000095010309000965/symbol_guide.pdf
Term sheet |
Term Sheet |
Structured |
$ 11.00%*-12.00%* per annum Single Observation Callable Yield Notes due September 21, 2012 Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
General
Key Terms
Underlyings: |
The S&P 500® Index and the Russell 2000® Index (each an Underlying, and collectively, the Underlyings) |
Interest Rate: |
Between 11.00%* and 12.00%* per annum over the term of the notes, assuming no Optional Call, paid monthly and calculated on a 30/360 basis |
*The actual Interest Rate will be determined on the Pricing Date and will not be less than 11.00% or greater than 12.00% per annum. | |
The notes may be called, in whole but not in part, at our option (such an event, an Optional Call) on any of the Optional Call Dates set forth below. | |
Protection Amount: |
With respect to each Underlying, an amount that represents 25.00% of the Starting Underlying Level of such Underlying |
Pricing Date: |
On or about September 14, 2011 |
Settlement Date: |
On or about September 21, 2011 |
Observation Date**: |
September 14, 2012 |
Maturity Date**: |
September 21, 2012 |
CUSIP: |
48125XZ41 |
Interest Payment Dates: |
Interest on the notes will be payable monthly in arrears on the 21st calendar day of each month, up to and including the final monthly interest payment, which will be payable on the Maturity Date or the relevant Optional Call Date, as applicable (each such day, an Interest Payment Date), commencing October 21, 2011. See Selected Purchase Considerations Monthly Interest Payments in this term sheet for more information. |
Payment at Maturity: |
If the notes are not called, the payment at maturity, in excess of any accrued and unpaid interest, will be based on whether a Trigger Event has occurred and the performance of the Lesser Performing Underlying. If the notes are not called, for each $1,000 principal amount note, you will receive $1,000 plus any accrued and unpaid interest at maturity, unless a Trigger Event has occurred. |
If the notes are not called and a Trigger Event has occurred, at maturity you will lose 1% of the principal amount of your notes for every 1% that the Ending Underlying Level of the Lesser Performing Underlying is less than the Starting Underlying Level of such Underlying. Under these circumstances, your payment at maturity per $1,000 principal amount note, in addition to any accrued and unpaid interest, will be calculated as follows: | |
$1,000 + ($1,000 × Lesser Performing Underlying Return) | |
You will lose some or all of your principal at maturity if the notes are not called and if a Trigger Event has occurred. | |
Trigger Event: |
A Trigger Event occurs if the Ending Underlying Level of either Underlying is less than the Starting Underlying Level of such Underlying by more than the applicable Protection Amount. |
Underlying Return: |
With respect to each Underlying, the Underlying Return is calculated as follows: |
Ending Underlying Level Starting
Underlying Level |
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Optional Call: |
We, at our election, may call the notes, in whole but not in part, on any of the Optional Call Dates prior to the Maturity Date at a price for each $1,000 principal amount note equal to $1,000 plus any accrued and unpaid interest to but excluding the applicable Optional Call Date. If we intend to call your notes, we will deliver notice to DTC at least five business days before the applicable Optional Call Date. |
Optional Call Dates**: |
December 21, 2011, March 21, 2012 and June 21, 2012 |
Other Key Terms: |
See Additional Key Terms on the next page. |
** |
Subject to postponement as described under Description of Notes Payment at Maturity, Description of NotesPayment upon Optional Call and Description of Notes Postponement of a Determination Date Notes with a maturity of not more than one year, as applicable, in the accompanying product supplement no. 192-A-III |
Investing in the Single Observation Callable Yield Notes involves a number of risks. See Risk Factors beginning on page PS-9 of the accompanying product supplement no. 192-A-III and Selected Risk Considerations beginning on page TS-2 of this term sheet.
Neither 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, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.
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Price to Public (1) |
Fees and Commissions (2) |
Proceeds to Us |
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Per note |
$ |
$ |
$ |
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Total |
$ |
$ |
$ |
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(1) |
The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates. |
(2) |
If the notes priced today, J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., would receive a commission of approximately $27.50 per $1,000 principal amount note and would use a portion of that commission to allow selling concessions to other affiliated or unaffiliated dealers of approximately $15.00 per $1,000 principal amount note. The concessions of approximately $15.00 per $1,000 principal amount note include concessions to be allowed to selling dealers and concessions to be allowed to any arranging dealer. This commission includes the projected profits that our affiliates expect to realize, some of which may be allowed to other unaffiliated dealers, for assuming risks inherent in hedging our obligations under the notes. The actual commission received by JPMS may be more or less than $27.50 and will depend on market conditions on the Pricing Date. In no event will the commission received by JPMS, which includes concessions and other amounts that may be allowed to other dealers, exceed $40.00 per $1,000 principal amount note. See Plan of Distribution (Conflicts of Interest) beginning on page PS-95 of the accompanying product supplement no. 192-A-III. |
The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
September 8, 2011
JPMorgan Chase & Co. has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or 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. 192-A-III 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 dated November 21, 2008, as supplemented by the prospectus supplement dated November 21, 2008 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. 192-A-III dated March 10, 2011. 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. 192-A-III, 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):
Product supplement no. 192-A-III dated March 10, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211001693/e42021_424b2.pdf
Prospectus supplement dated November 21,
2008:
http://www.sec.gov/Archives/edgar/data/19617/000089109208005661/e33600_424b2.pdf
Prospectus dated November 21, 2008:
http://www.sec.gov/Archives/edgar/data/19617/000089109208005658/e33655_424b2.pdf
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this term sheet, the Company, we, us and our refer to JPMorgan Chase & Co.
Additional Key Terms
Starting Underlying Level: |
With respect to each Underlying, the closing level of such Underlying on the Pricing Date |
Ending Underlying Level: |
With respect to each Underlying, the closing level of such Underlying on the Observation Date |
Lesser Performing Underlying: |
The Underlying with the Lesser Performing Underlying Return |
Lesser Performing Underlying Return: |
The lower of the Underlying Return of the S&P 500® Index and the Underlying Return of the Russell 2000® Index |
Supplemental Terms of the Notes
For purposes of the notes offered by this term sheet, the concept of a Monitoring Period, as described in the accompanying product supplement no. 192-A-III, is not applicable. Instead, whether a Trigger Event has occurred and your payment, at maturity, if any, will depend on the closing level of each Underlying on a single day (the Observation Date) only, which we also refer to as the Ending Underlying Level. See Key Terms Payment at Maturity and Key Terms Trigger Event in this term sheet for more information. Accordingly, you should disregard the definition for the Monitoring Period in the accompanying product supplement no. 192-A-III, and you should deem references in the accompanying product supplement no. 192-A-III to (i) the Monitoring Period to be the Observation Date, and (ii) on any day during the Monitoring Period or during the Monitoring Period to be on the Observation Date.
Selected Purchase Considerations
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JPMorgan Structured Investments | TS-1 |
Single Observation Callable Yield Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
The S&P 500® Index consists of 500 component stocks selected to provide a performance benchmark for the U.S. equity markets. For additional information on the S&P 500® Index, see the information set forth under The S&P 500® Index in the accompanying product supplement no. 192-A-III.
The Russell 2000® Index consists of the middle 2,000 companies included in the Russell 3000 Index and, as a result of the index calculation methodology, consists of the smallest 2,000 companies included in the Russell 3000® Index. The Russell 2000® Index is designed to track the performance of the small capitalization segment of the U.S. equity market. For additional information on the Russell 2000® Index, see the information set forth under The Russell 2000® Index in the accompanying product supplement no. 192-A-III.Selected Risk Considerations
An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in either or both of the Underlyings or any equity security included in the Underlyings. These risks are explained in more detail in the Risk Factors section of the accompanying product supplement no. 192-A-III dated March 10, 2011.
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JPMorgan Structured Investments | TS-2 |
Single Observation Callable Yield Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
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JPMorgan Structured Investments | TS-3 |
Single Observation Callable Yield Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
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JPMorgan Structured Investments | TS-4 |
Single Observation Callable Yield Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
Historical Information
The following graphs show the historical weekly performance of the S&P 500® Index and the Russell 2000® Index from January 6, 2006 through September 2, 2011. The closing level of the S&P 500® Index on September 7, 2011 was 1198.62. The closing level of the Russell 2000® Index on September 7, 2011 was 709.47.
We obtained the various closing levels of the Underlyings below from Bloomberg Financial Markets. We make no representation or warranty as to the accuracy or completeness of information obtained from Bloomberg Financial Markets. The historical levels of each Underlying should not be taken as an indication of future performance, and no assurance can be given as to the closing level of any Underlying on the Pricing Date or the Observation Date. We cannot give you assurance that the performance of the Underlyings will result in the return of any of your initial investment.
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JPMorgan Structured Investments | TS-5 |
Single Observation Callable Yield Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Lesser Performing Underlying?
The following table and examples illustrate the hypothetical total return at maturity on the notes. The note total return as used in this term sheet is the number, expressed as a percentage, that results from comparing the payment at maturity plus the interest payments received over the term of the notes per $1,000 principal amount note to $1,000. The table and examples below assume that the notes are not called prior to maturity and that the Lesser Performing Underlying is the S&P 500® Index. We make no representation or warranty as to which of the Underlyings will be the Lesser Performing Underlying for purposes of calculating your actual payment at maturity. In addition, the following table and examples assume a Starting Underlying Level for the Lesser Performing Underlying of 1200 and an Interest Rate of 11.00% per annumover the term of the notes and reflect the Protection Amount of 25.00%. In addition, if the notes are called prior to maturity, your note total return and total payment may be less than the amounts indicated below. The hypothetical note total returns and total payments set forth below are for illustrative purposes only and may not be the actual note total returns or total payments applicable to a purchaser of the notes. The numbers appearing in the following table and examples have been rounded for ease of analysis.
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Trigger Event Has Not Occurred (1) |
Trigger Event Has Occurred (1) |
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Ending |
Lesser |
Note Total |
Total Payments over the |
Note Total Return |
Total Payments over the |
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2160.00 |
80.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1980.00 |
65.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1800.00 |
50.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1680.00 |
40.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1560.00 |
30.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1440.00 |
20.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1320.00 |
10.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1260.00 |
5.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1200.00 |
0.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1140.00 |
-5.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
1080.00 |
-10.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
960.00 |
-20.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
900.00 |
-25.00% |
11.00% |
$1,110.00 |
N/A |
N/A |
899.88 |
-25.01% |
N/A |
N/A |
-14.01% |
$859.90 |
840.00 |
-30.00% |
N/A |
N/A |
-19.00% |
$810.00 |
720.00 |
-40.00% |
N/A |
N/A |
-29.00% |
$710.00 |
600.00 |
-50.00% |
N/A |
N/A |
-39.00% |
$610.00 |
480.00 |
-60.00% |
N/A |
N/A |
-49.00% |
$510.00 |
360.00 |
-70.00% |
N/A |
N/A |
-59.00% |
$410.00 |
240.00 |
-80.00% |
N/A |
N/A |
-69.00% |
$310.00 |
120.00 |
-90.00% |
N/A |
N/A |
-79.00% |
$210.00 |
0.00 |
-100.00% |
N/A |
N/A |
-89.00% |
$110.00 |
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(1) A Trigger Event occurs if the Ending Underlying Level of either Underlying is less than the Starting Underlying Level of such Underlying by more than 25.00%.
The following examples illustrate how the note total returns and total payments set forth in the table above are calculated.
Example 1: The level of the Lesser Performing Underlying increases from the Starting Underlying Level of 1200 to an Ending Underlying Level of 1260 a Trigger Event has not occurred. Because the notes are not called prior to maturity and a Trigger Event has not occurred, the investor receives total payments of $1,110 per $1,000 principal amount note over the term of the notes, consisting of interest payments of $110 per $1,000 principal amount note over the term of the notes and a payment at maturity of $1,000 per $1,000 principal amount note. This represents the maximum total payment an investor may receive over the term of the notes.
Example 2: The level of the Lesser Performing Underlying decreases from the Starting Underlying Level of 1200 to an Ending Underlying Level of 960 a Trigger Event has not occurred. Because the notes are not called prior to maturity and a Trigger Event has not occurred, even though the Ending Underlying Level of the Lesser Performing Underlying of 960 is less than its Starting Underlying Level of 1200, the investor receives total payments of $1,110 per $1,000 principal amount note over the term of the notes, consisting of interest payments of $110 per $1,000 principal amount note over the term of the notes and a payment at maturity of $1,000 per $1,000 principal amount note. This represents the maximum total payment an investor may receive over the term of the notes.
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JPMorgan Structured Investments | TS-6 |
Single Observation Callable Yield Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |
Example 3: The level of the Lesser Performing Underlying decreases from the Starting Underlying Level of 1200 to an Ending Underlying Level of 720 a Trigger Event has occurred. Because the notes are not called prior to maturity and a Trigger Event has occurred, the investor receives total payments of $710 per $1,000 principal amount note over the term of the notes, consisting of interest payments of $110 per $1,000 principal amount note over the term of the notes and a payment at maturity of $600 per $1,000 principal amount note, calculated as follows:
[$1,000 + ($1,000 × -40%)] + $110 = $710
Example 4: The level of the Lesser Performing Underlying decreases from the Starting Underlying Level of 1200 to an Ending Underlying Level of 0 a Trigger Event has occurred. Because the notes are not called prior to maturity and a Trigger Event has occurred, the investor receives total payments of $110 per $1,000 principal amount note over the term of the notes, consisting solely of interest payments of $110 per $1,000 principal amount note over the term of the notes, calculated as follows:
[$1,000 + ($1,000 × -100%)] + $110 = $110
The hypothetical returns and hypothetical payouts on the notes shown above do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payouts shown above would likely be lower.
Supplemental Plan of Distribution
We expect that delivery of the notes will be made against payment for the notes on or about the settlement date set forth on the front cover of this term sheet, which will be the fifth business day following the expected Pricing Date of the notes (this settlement cycle being referred to as T+5). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in three business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on the Pricing Date or the succeeding business day will be required to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors.
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JPMorgan Structured Investments | TS-7 |
Single Observation Callable Yield Notes Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index |