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GLOBAL INDEX RESEARCH GROUP DISCLAIMER

This communication is for informational purposes only and is intended solely for your use. No one may reproduce or disseminate the information contained in these materials without the prior written consent of the investment bank of JPMorgan Chase & Co. ("J.P. Morgan").

All information provided herein regarding J.P. Morgan Index products (referred to herein as "Index" or "Indices"), including without limitation, the levels of the Indices, is provided for informational purposes only, and nothing herein constitutes, or forms part of, an offer or a solicitation for the purchase or sale of any financial instrument, or an official confirmation of any transaction, or a valuation or a price for any product referencing the Indices. Nor should anything herein be construed as a recommendation to adopt any investment strategy or as legal, tax or accounting advice. The information contained herein is subject to change without notice. Past performance is not indicative of future returns, which will vary. J.P. Morgan and/or its affiliates and employees may hold positions (long or short), effect transactions or act as market maker in the financial instruments of any issuer data contained herein or act as underwriter, placement agent, advisor, or lender to such issuer.

J.P. Morgan Securities LLC ("JPMS") (the "Index Administrator") does not sponsor, endorse or otherwise promote any security or financial product or transaction (each the "Product") referencing any of the Indices.

Notice to European Union (EU) or United Kingdom (UK) users of an Index

Unless a license or other permission has been obtained from the Global Index Research Group of the Index Administrator, none of the Indices can be used by such supervised entities for any of the following uses specified in Article 3(1)(7)(a) to (d) of Regulation 2016/1011 (the “EU BMR”) and the United Kingdom Benchmarks Regulation (the “UK BMR” and, together with EU BMR, the “Benchmark Regulations”):

  • issuance of a financial instrument that references the Index or a combination of Indices;
  • determination of the amount payable under a financial instrument or a financial contract by referencing the Index or a combination of Indices;
  • being a party to a financial contract that references the Index or a combination of Indices; and
  • providing a borrowing rate (meaning an interest rate expressed as a fixed or a variable percentage applied on an annual basis to the amount of credit drawn down) calculated as a spread or mark-up over the Index or a combination of Indices and that is solely used as a reference in a financial contract to which the creditor is a party.

The Index Administrator makes no representation or warranty, express or implied, regarding the advisability of investing in securities or financial products generally, or in the Product particularly, or the advisability of any of the Indices to track investment opportunities in the financial markets or otherwise achieve their objective. The Index Administrator has no obligation or liability in connection with the administration, marketing or trading of any Product. All Indices are derived from sources, including market prices, data and other information, that are considered reliable, but the Index Administrator does not warrant their completeness or accuracy or any other information furnished in connection with the Indices. 

The Indices are the exclusive property of the Index Administrator, and the Index Administrator retains all property rights therein.

CHANGES TO INTERBANK OFFERED RATES (IBORS) AND OTHER BENCHMARK RATES

As further described in this hyperlink, JPMS LLC wants to draw to the attention of stakeholders and users, the changes in the wider market to interbank offered rates (“IBORs”) and other benchmarks.  JPMS is considering these IBOR reforms in the context of our index inventory and will update, as needed, index methodologies to account for these changes in due course.

If you have any queries on the impact of this updated disclosure for you, please contact your usual J.P. Morgan Sales Contact.

 

JPMS is a member of NASD, NYSE and SIPC. J.P. Morgan is the marketing name for the investment banking activities of JPMorgan Chase Bank, N.A., JPMS, J.P. Morgan Securities plc (authorized by the FCA and member, LSE), and their investment banking affiliates.

Additional information is available upon request.  All inquiries regarding the information contained in this communication should be directed to index.research@jpmorgan.com. Additional information regarding the Indices may be found on www.jpmorganmarkets.com.

Copyright 2020. JPMorgan Chase & Co. All rights reserved.

Global Index Research Group Benchmark Regulations Disclosures