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This material is prepared by J.P. Morgan Securities LLC for distribution to J.P. Morgan’s institutional clients only. It may not be forwarded to non-institutional clients. It is not a product of J.P. Morgan's Research Departments. This material may include summaries and references to recently published research notes and reports by J.P. Morgan's Research Departments. For complete details on the specific companies mentioned, including analyst certification, valuations, and important investment banking related disclosures, you should refer to the most recently published note or report, which is available through You may also find a link to the complete disclosure information on all companies covered by J.P. Morgan's Equity Research Department on the log-in page of our institutional client website, This material also may include market commentary prepared by the individual author on specific companies or instruments that J.P. Morgan's Research Departments may or may not cover. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and may differ from the views and opinions expressed by J.P. Morgan's Research Departments or other divisions of J.P. Morgan and its affiliates.

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ETF Disclaimer

ETFs listed in this material have been registered with the U.S. Securities and Exchange Commission.  The prospectus for any referenced ETF is available through the ETF issuer’s website. No offer or sale of the ETFs described may be made except pursuant to the prospectus.  To the extent that the foregoing material includes an offer to sell or solicitation of an offer to buy one or more of the ETFs described herein, you should read the applicable ETF’s prospectus carefully before deciding to invest.

Derivatives Research Disclosure

This message has been prepared by personnel in the Sales and Trading Departments of one or more affiliates of JPMorgan Chase & Co. and is not the product of JPMorgan’s Research Department. It is not a research report and is not intended as such.  This material is for the general information of our clients and is a "solicitation" only as that term is used within CFTC Rule 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act.

Tax and Legal Advice Disclaimer

JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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