Important Information

Index definitions:

The S&P 500 Index is an unmanaged broad-based index that is used as representation of the U.S. stock market. It includes 500 widely held common stocks. Total return figures reflect the reinvestment of dividends. “S&P500” is a trademark of Standard and Poor’s Corporation.

We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice.

The views, opinions, estimates and strategies expressed herein constitutes the author's judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.

Any companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context.

JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. Information presented on these webpages is not intended to provide, and should not be relied on for tax, legal and accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.

RISK CONSIDERATIONS 

• Past performance is no guarantee of future results. It is not possible to invest directly in an index.
• The price of equity securities may rise or fall due to the changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Share values can rise with strong earnings or positive market expectations, but they can also fall due to weak earnings or negative sentiment, and dividends are not guaranteed.
• Investing in fixed income products (such as bonds) is subject to certain risks, including, but not limited to, interest rate, credit, inflation, call, default, prepayment and reinvestment risk. Any fixed income security sold or redeemed prior to maturity may be subject to substantial gain or loss.
• Investors should carefully read the prospectus or other offering documents which include information on the investment objectives, risks, charges and expenses along with other information about the fund before investing.
• Investors should understand the potential tax liabilities surrounding a municipal bond purchase. Certain municipal bonds are federally taxed if the holder is subject to alternative minimum tax. Capital gains, if any, are federally taxable. The investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and the alternative minimum tax (AMT).
• International investments may not be suitable for all investors. International investing involves a greater degree of risk and increased volatility. Some international markets may not be politically or economically stable. Foreign holdings are subject to currency risk, as fluctuations in exchange rates between the investment’s foreign currency and the holder’s domestic currency can affect the value of the investment.           
• Investing in emerging markets involves a greater degree of risk and increased volatility compared to developed markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the investor’s jurisdiction can raise or lower returns. Some markets may not be as politically and economically stable, in addition to differences in taxation policies, and legal systems outside the investor’s jurisdiction may create additional risks. Investors should carefully consider these risks and consult with financial and legal advisors before investing in emerging markets.
• Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss.     
• Real Estate Investment Trusts (REITs) are subject to risks such as fluctuations in property values and changes in economic conditions. Additionally, REITs may face risks from interest rate changes, regulatory shifts, and limited diversification if concentrated in specific sectors or geographic areas.
• Investing in alternative assets involves higher risks than traditional investments, including, without limitation, limited liquidity and valuation risk, and is suitable only for investors with sufficient knowledge and sophistication to evaluate the merits and risks of such investments. Alternative investments should not be deemed a complete investment program and distributions are not guaranteed. They may not be tax efficient, and an investor should consult with their tax professional prior to investing. Alternative investments often have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the investment loss or gain--including risk of loss of the entire investment. For comprehensive details around unique set of risks for specific alternative investments, please consult the offering memorandum.
• Structured product involves derivatives and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment. The most common risks include, but are not limited to, risk of adverse or unanticipated market developments, issuer credit quality risk, risk of lack of uniform standard pricing, risk of adverse events involving any underlying reference obligations, risk of high volatility, risk of illiquidity/little to no secondary market, and conflicts of interest. Any payments on a structured product are subject to the credit risk of the issuer and/or guarantor. Investors may lose their entire investment, i.e., incur an unlimited loss. Before investing in a structured product, investors should review the accompanying offering document, prospectus or prospectus supplement to understand the actual terms and key risks associated with each individual structured product. For a more comprehensive list of the risks involved with a particular product, please refer to the relevant risk disclosure booklet or speak to your J.P. Morgan team.  If you are in any doubt about the risks involved in the product, you may clarify with the intermediary or seek independent professional advice.
• Private investment funds (including, without limitation, hedge funds, funds of hedge funds, private equity funds, real estate funds, etc.) are subject to special risks, including risk of loss of the entire investment and is suitable only for investors with sufficient knowledge and sophistication to evaluate the merits and risks of such investments. As a reminder, private investment funds often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. These investments can be highly illiquid, and may not be required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distributing important tax information. Distributions are not guaranteed and may be modified at the Fund Board’s discretion. These investments are not subject to the same regulatory requirements as mutual funds; and often charge high fees (performance fees in addition to management fees). Further, any number of conflicts of interest may exist in the context of the management and/or operation of any such fund. For comprehensive details around unique set of risks for specific alternative investments, please refer to the applicable offering memorandum.
• Investments in digital assets and cryptocurrencies, or other investment vehicles holding or referencing digital assets, are highly speculative and involve significant risks, including, but not limited to, increased volatility, ongoing regulatory uncertainty including lack of clear precedent in various jurisdictions surrounding digital assets, cybersecurity risk relating to digital asset holdings, and increased sensitivity to news, speculation and manipulation. Likewise, various digital assets may differ from one another in their technological characteristics, regulatory treatment, market convention and performance. There is limited data on the performance of digital assets and products referencing digital assets (although in no case should historical performance be taken as an indication of future performance). You should consider these unique characteristics and whether these assets are suitable for you when making an investment decision.
• The prices and rates of return are indicative, as they may vary over time based on market conditions.
• Additional risk considerations exist for all strategies.
• The information provided herein is not intended as a recommendation of or an offer or solicitation to purchase or sell any investment product or service.
• Opinions expressed herein may differ from the opinions expressed by other areas of J.P. Morgan. This material should not be regarded as investment research or a J.P. Morgan investment research report.