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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 http://www.jpmorganmarkets.com. 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, https://mm.jpmorgan.com/disclosures/company/. 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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This material is provided for information only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. This material is not a complete analysis of all material facts respecting any issuer, industry or security or of your investment objectives, parameters, needs or financial situation, and therefore is not a sufficient basis alone on which to base an investment decision. J.P. Morgan and its affiliates may have positions (long or short), effect transactions or make markets in securities or financial instruments mentioned herein (or options with respect thereto), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, issuers mentioned herein. Moreover, the trading desk may have acted on the basis of this material. The information contained herein is as of the date and time referenced above and J.P. Morgan does not undertake any obligation to update such information. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Past performance 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. Transactions involving financial instruments mentioned herein may not be suitable for all investors.

Supporting documentation or any claims, comparisons, recommendations, statistics or other technical data will be supplied upon request. J.P. Morgan is the marketing name for the JPMorgan Chase & Co Investment Bank. J.P. Morgan Securities LLC is a member of FINRANYSE 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.

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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