FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – This material is from a Sales and Trading department and is not a product of the Research Department.
This material has been prepared by personnel in the Sales and Trading Departments of one or more affiliates of JPMorgan Chase & Co. (together, “J.P. Morgan”) and not by J.P. Morgan’s Research Department and therefore, has not been prepared in accordance with legal requirements to promote the independence of research, including but not limited to, the prohibition on the dealing ahead of the dissemination of investment research. It is not a research report and is not intended as such. It is for distribution to institutional and professional clients only and is not intended for retail customer use.
It is provided on a confidential basis and may not be reproduced, redistributed or disseminated, in whole or in part, without the prior written consent of J.P. Morgan. Any unauthorized use is strictly prohibited.
Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales and Trading area from which it originates and may differ from the views or opinions expressed by other areas of J.P. Morgan, including the Research Department.
This material is provided for information purposes only and does not bind J.P. Morgan in any way. It is not intended as a recommendation (except to the extent it is an “investment recommendation” under MAR (as defined below)) or an offer or solicitation (except to the extent covered by CFTC Rules (as defined below)) for the purchase or sale of any security or financial instrument, or to enter into a transaction involving any financial instrument or trading strategy, or as an official confirmation or official valuation of any transaction mentioned herein. Any pricing information provided is indicative only and does not reflect a level where J.P. Morgan is prepared to execute a trade. J.P. Morgan is not an advisor. Nothing in this material should be construed as investment, tax, legal, accounting, regulatory or other advice (including within the meaning of Section 15B of the Securities Exchange Act of 1934) or as creating a fiduciary relationship.
MAR Disclosure: Where this material is an “investment recommendation” as that term is defined in Article 3(1)(35) of the EU Market Abuse Regulation (“MAR”), distribution of this material is subject to the relevant provisions of MAR. For more information, please consult: www.jpmm.com/#mardisclosures.
Research Disclosure: This material is not, and is not intended to be, a “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide. However, it may constitute “research” as defined in Recital 28 of the Commission Delegated Directive (EU) 2017/593.
Derivatives Disclosure: Where distribution of this material is subject to the rules of the U.S. Commodity Futures Trading Commission (“CFTC”), it is a “solicitation” of derivatives business generally only as that term is used within CFTC Rule 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act (the “CFTC Rules”).
Options Disclosure: Structured securities, options, futures and other derivatives are complex instruments and may involve a high degree of risk. Before entering into any such transactions, please ensure that you have read and understood the Options Clearing Corporation’s Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD) available at: http://www.theocc.com/about/publications/character-risks.jsp
Exchange Traded Fund (“ETF”) Disclosure: Each U.S. registered ETF has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission. Each non-U.S. ETF will have its own offering documents as required by applicable law. No offer or sale of the ETFs described may be made except pursuant to the prospectus or offering documents, as applicable. The ETF’s prospectus and/or offering documents are available through the ETF issuer’s website; you should read these carefully before deciding to invest.
Transactions involving securities, financial instruments and strategies mentioned herein may not be suitable for all investors. You are solely responsible for deciding whether any investment or transaction is suitable for you based upon your investment goals, financial situation and tolerance for risk. If you deem it necessary, you must seek independent professional advice to ascertain the investment, legal, tax, accounting, regulatory or other consequences before investing or transacting.
Past or simulated past performance (including back-testing) is not indicative of future results. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. Any modelling, scenario analysis or other forward-looking information herein (such as projected cashflows, yields or returns) is intended to illustrate hypothetical results based on certain assumptions (not all of which will be specified herein). Actual events or conditions may differ materially from those assumed; therefore, actual results are not guaranteed.
All market prices, data and other information (including that which may be derived from third party sources believed to be reliable) are not warranted as to completeness or accuracy and are subject to change without notice. J.P. Morgan disclaims any responsibility or liability to the fullest extent permitted by applicable law, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. The information contained herein is as of the date and time referenced only, and J.P. Morgan does not undertake any obligation to update such information.
J.P. Morgan may have positions (long or short), effect transactions or make markets in securities or financial instruments mentioned herein (or related instruments), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, the legal entities mentioned herein. The Sales and Trading personnel who prepared this material may be compensated in part based on trading activity. Moreover, Sales and Trading personnel may have acted on the basis of this material either on behalf of J.P. Morgan or, where permitted, in their personal accounts. As such, this material should not be relied upon as either objective or independent from the interests of J.P. Morgan and its associated personnel, which interests may conflict with your interests.
Securities, financial instruments or strategies mentioned herein may not be available in all jurisdictions or to all clients. Clients should contact their salespersons at, and execute transactions through, a J.P. Morgan entity appropriately licensed in the client’s home jurisdiction unless governing law permits otherwise.
Product names, company names and logos mentioned herein are trademarks or registered trademarks of their respective owners.
J.P. Morgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Bank products and services, including certain lending, derivative and other commercial banking activities, are offered by JPMorgan Chase Bank N.A. (JPMCB), including through its authorized branches and other global affiliates registered with local authorities as appropriate. Securities products and services, including execution services, are offered in the United States and in other jurisdictions worldwide by J.P. Morgan Securities LLC (JPMS LLC), in EMEA by J.P. Morgan Securities plc (JPMS plc), J.P. Morgan AG (JPM AG), J.P. Morgan Dublin plc (JPMD) and by other appropriately licensed global affiliates. JPMCB, JPMS LLC and JPMS plc are principal subsidiaries of JPMorgan Chase & Co.
For information on which legal entities offer investment banking products and services in each jurisdiction, please consult: www.jpmorgan.com/ib-legal-entities. For important Singapore disclosures, please consult: https://www.jpmorgan.com/country/GB/EN/disclosures/apac-legal-entity-information#Singapore. For important disclosures in respect of securities transactions, please consult: www.jpmorgan.com/securities-transactions and in respect of over-the-counter equity derivatives transactions, please consult: www.jpmorgan.com/otc-equity-derivative-transactions.