Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-199966
Dated June 9, 2015
GRAPHIC |
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The results obtained from "back-testing" information should not be considered indicative of the actual results that might be obtained from an investment or participation in a financial instrument or transaction referencing any index. JPMorgan provides no assurance or guarantee that the investments linked to any index will operate or would have operated in the past in a manner consistent with this Website. The hypothetical historical levels presented herein have not been verified by an independent third party, and such hypothetical historical levels have inherent limitations. Alternative simulations, techniques, modeling or assumptions might produce significantly different results and prove to be more appropriate. Hypothetical back-tested results are neither an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the simulated returns presented in this Website. Copyright (c) 2015. JPMorgan Chase and Co. All rights reserved. I hereby confirm that I am (i) an "eligible contract participant" within the meaning of the U.S. Commodity and Exchange Act and (ii) a "qualified institutional buyer" within the meaning of Rule 144A of the U.S. Securities Act of 1933; and I have read and accepted the terms and conditions set out above. |
J.P. Morganlnvestable lnd1ces ~~ me Indices About us Logout Strategy Quick Viewer 1 MONTH 3 MONTHS 6 MONTHS 1 YEAR 5 YEARS All Chart Index Name Bloomberg Ticker level Date Month to Date Return Year To Date Return Return View all Strategies Footnotes |
J.P. Morganlnvestable Indices Home Indices About us Logout Footnotes level: Level refers to the closing level of the 1ndex as of the trading day immediately preceding the date you have accessed this websue. Date: Date refers to the first date in the relevant measurement period used to calculate the Return displayed on this web page. Return: Return is the trailing return of the applicable Index over the custom period seleaed. lW Return: is the trailing return of the applicable index over the past week. There is no guarantee that the index will achieve the one week return in the future. 1M Return: is the trailing return of the applicable index over the past month. There is no guarantee that the appl icable index will achieve the one month return in the future. 3 Month Return: is the trailing return of the index over the past 3 month period ending in the last trading day immediately preceding the date. The 3 Month Return may be based on hypothetical, historical index levels and not actual index levels. There is no guarantee that the Index will achieve the 3 Month Return in the future. Past performance is not ind1cative of future returns. 6 Month Return: is the trailing return of the index over the past 6 month period ending in the last trading day immediately preceding the date. The 6 Month Return may be based on hypothetical, historcal index levels and not actual index levels. There is no guarantee that the Index will achieve the 6 Month Return in the future. Past performance is not mdicative of future returns. 1 Year Return: is the trailing return of the index over the past 1 Year period ending in the last trading day immediately preceding the date. The 1 Year Return may be based on hypothetical, historical index levels and not actual index levels. There is no guarantee that the Index w1ll ach1eve the 1 Year Return in the future. Past performance is not indicative of future returns. 3 Year Return: The 3 Year Return is the uaihng return of Index from the trading day that occurs on or immediately preceding the date occurring three years pnor to the specified end date to the specified end date, provided thatlfthe specified end date is today?s date or not a trading day, to the trading day immediaiely preceding the specified end dateland IS not annualized). The 3 Year Return rr:ay be based on hypothetical, historical Index levels and not aauallndex levels. There is no guarantee that the Index wil achieve the 3 Year Re: urn in : he future. Past performance []s not mdJCauve of future returns. 5Y Return: is the trailing return of index over the past 5 year penod ending in the last trading day immediately preceding the date, and IS not annualized. The 5 Year Return may be based on hypo:h erical, historical index levels and nor aaual index levels. There is no guarantee that the Index will achieve the 5 Year Return in the future. Pas: performance is not 1nd1cauve of future returns. Normalized Index Performance: Normalized Index Performance reflects the return of the applicable Index calculated from the ' Selected Start Date' to the "Selected End date' calculated arithmetically and not compot.nded. The Normalized Index Performance may be based on hypothetical, historical index levels and not actual index levels. There is no guarantee that the applicable mdex will outperform any other index or invest'Tlent strategy displayed in the chart. |
General Disclaimers Investments in products linked to an Index require investors to assess several characteristics and risk factors that may not be present in other types of transactions. In reaching a determination as to the appropriateness of any proposed transaction, clients should undertake a thorough i ndependent review of the legal, regulatory, credit, tax, accounting and economic consequences of such transaction in relation to their particular circumstances. This website contains market data from various sources other than us and our affiliates, and, accordi ngly, we make no representation or warranty as to the market data's accuracy or completeness. All information is subject to change without notice. SEC LEGEND JPMorgan Chase and Co. ('J.P. Morgan' ) has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") for any offering of securities to which these materials relate. Before you invest in any offering of securities by J.P. Morgan, you should read the prospectus in that registration statem~nt and the other documents relating to the offering that J.P. Morgan files with the SEC for more complete information about J.P. Morgan and the offering of securities. You may get these documents without cost by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, J.P. Morgan, any agent, or any dealer participating in the particular offeri ng will arrange to send you the prospectus and the prospectus supplement, as well as any product supplement, underlying supplement and term sheet or pricing supplement, if you so request by calling toll[]free 866[]535-9248. Use of Simulated Returns Back-testing and other statistical analysis material that is provided in connection with the explanations of the potential returns of the products linked to the applicabl~ Index use simulated analysis and hypothetical circumstances and may use assumptions not used in live index lev~l calculations to estimate how it may have performed prior to its actual existence. The results obtai ned from such "back-testing' information should not be considered indicative of the actual results that might be obtain~d from an investment or participation in a financial instrument or transaction referencing the applicable Index. J.P. Morgan provides no assu rance o r guarantee that the products linked to the applicable Index will operate or would have operated in the past in a man ner consistent with these materials. The hypothetical, back-tested, historical levels presented herein have not been verified by an independent third party, and such hypothetical, back-tested, historical levels have inherent limitations. Alternative simulations, techniqu~s. model ing or assu mptions might produce significantly different results and prove to be more appropriate. Hypothetical back-tested results are neither an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the simulated returns presented in this w ebsite. IRS Circular 23D Disclosure We and our affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with J.P. Morgan of any of the matters address herein or for the purpose of avoiding U.S. tax-related penalties. Investment suitability must be determined individually for each investor, and the financial instruments described herein may not be suitable lor all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisors as to thes~ matters. J.Pl\lorgan I c I []. []~' ,- I T~l ll[] til[]~ I ' el-[] c Copyr ight02Dl5JPMorganChaseandCo.AII RightsReserved |
J.P. Morganlnvestable lnd1ces About Us Loaout List of Indices Page 1 of Z Next lndcx Lt)Vel Date: OJ-Jun-205 ~:aasS: Stratesv lY~X~: suategvStvli: R11k Method: R:;ioo,;. =ocus: c~rr~ BOOI!lbW[pound] Tide1: Index lew : 10 'lb CP.G: ltd 'lb CI-IG: YTO'lbCHG: I Yr ldUlT ASSET ENHANCED BETA LIOI.IENTUI.I RSK M N1.1 :!NG -.IE"[]c s USO EEJPUSSE 127.68 -0.34 -0.3 -1.18 vola[] tv'lb: 5.92 |
J.P. Morga.nlnvestable lndtces nrltres About us lC2QUI PrCV J I, \I f))"!,!" rlll I I I....Cpffl~t C .2015 :PUcrftarl (his.to" ~Co fA lllbll!'~ R~fJf 10d |
J.P. Morganlnvestable Indices Home Indices About us Logout Footnotes Index level Data Index level: Index level refers to the clos1ng level of the Index on the Index Level Date. Index level Date: Index level Date refers to the date used to determine the Index level. Return 10% Change: The 10% Change is the return of the index from the trading day that is 2 business days immediately preceding the date you accessed this website to the business day immediately preceding the date you accessed this website. There is no guarantee that the Index will achieve the 10% Change in the future. Past performance is not indicative of future returns. 1M % Change: The 1M% Change is the trailing return of the index over the past one month period ending in the last trad ing day immediately preceding the date you accessed this website. The 1M %Change may be based on hypothetical, historical index levels and not actual index levels. There is no guarantee that the Index will achieve the 1M% Change in the future. Past performance is not indicative of future returns. YTD % Change: The YTD% Change is the return of the index from the first business day of the current calendar year to the trading day immediately preced1ng the date you accessed this website. The YTD% Change may be based on hypothetical, historical index levels and not actual index levels. There is no guaramee that the Index will achieve the YTD% Change 1n the future. Past performance is not indicative of future returns. Risk Measures 1yr Volatility%: Volatility refers to the standard dev1auon of the da1ly logarithmic returns of the index over the time period specified and annualized. Volatility is a w1dely used measure to express the risk of the financial instrument over :he specified time period. Compared to convenuonal anthmetic return calculations, logarithmic returns are generally lower for pos111ve returns and generally have higher magnitude for negative returns. The volatility calculations include hypothetical, hiStorical back[]tested Information that has inherent limitations. No representation is made that 10 the future the Index will have the Volatility shown. Actual annualized Volaulity may varv materially from the analysis implied 1n th1s hypothet[]cal, historical calculation. General Disclaimers Investments in products linked to an Index require mvestors to assess several characteristics and risk factors that may not be present 1n other types of transactions. In reaching a determination as to the appropriateness of any proposed transaction, clients should undertake a thorough independent review of the legal, regulatory, credit, tax, accounting and economic consequences of such transaction in relation to their particular circumstances. This website contains market data from various sources other than us and our affiliates, and, accordingly, we make no representation or warranty as to the market data's accuracy or completeness. All information is subject to change without nouce. J.Pl\lorgan I ,.,,. , ,,,.,, , , ,,1, I '''" "'I [] I [] ' '"'"'P '' [] Copyright ll 2015JPMorgan Chaseandco.AII RightsReserved |
SEC LEGEND JPMorgan Chase and Co. (' J.P. Morgan") has filed a registration statement (including a prospectus) with the Secu rities and Exchange Commission (the "SEC") for any offering of securities to which these materials relate. Before you invest in anv offering of securities by J.P. Morgan, you should read the prospectus in that registration statement and the other documents relating to the offering that J.P. Morgan files with the SEC for more complete information about J.P. Morgan and the offering of securities. You may get these docum ents without cost by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, J.P. Morgan, any agent, or any dealer participating in t'le particular offering wilt arrange to send you the prospectus and the prospectus supplement, as well as any product supplement, underlying supplement and term sheet or pricing supplement, if you so request by calion~ toll[]tree 866[]535-9248. Use of Simulated Returns Back-testing and other statistical analysis material that is provided in connection with the explanations of the potential returns of the products linked to the applicable Index use simulated analysis and hypothetical circumstances and may use assumptions not used in live index level calculations to estimate how it may have performed prior to its actual existence. The results obtained from such "back-testing" information should not be considered indicative of the actual results that might be obta ned from an investment or participation in a financial instrument ~r transaction referencing the applicable Index. J.P. Morgan provides no assurance or guarantee that the products linked to the applicable Index will operate or would have operated in the past in a manner consistent with these materials. The hypothetical, back-tested, historical levels presented herein have not been verified by an independent third party, and such hypothetical, back[]tested, historical levels have inherent limitations. Alternative simulations, techniques, modeling or assumptions might produce significantly different results and prove to be more appropriate. Hypothetical back-tested results are neither an indicator nor guarantee of future returns. Actual results wilt vary, perhaps materially, from the simulated returns presented in this website. IRS Circular 23D Disclosure We and our affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein is not intended or written to be used, and cannot be used, in connecti~n with the promotion, marketing or recommendation by anyone unaffiliated with J.P. Morgan of any of the matters add ress herein or for the purpose of avoiding U.S. tax[] related penalties. Investment suitability must be determined individually for each investor, and the financ at instruments described herein may no: be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisors as to these matters. J.Pl\lorgan I c I \ []~' ,. I T~l ll[] til[]~ I ' el-[] c Copyr ight02Dl5JPMorganChaseandCo.AII RightsReserved |
J.P. Morganlnvestable Indices Home __. Indices __. Index Summary (Summary) Analysis and Comparison Expori Current Statistics II I, .... 1[] JPMorgan ETF Efficiente 5 Index: Jun 07 2014 to Jun 05 2015 J.P l\llorgan I Privacy and Secur rty I Terms of Use I Cook res Polrcy Copyright[C] 2015 JPMorgan Chase and Co. All Rights Reserved |
Index Level Data Level Date ------- ------ ----------- Current 127.68 05-Jun-2015 High 133.42 20-Mar-2015 Low 122.47 02-0ct-2014 Start 124.54 06-Jun-2014 End 127.68 05-Jun-2015 Risk Measures Volatility 5.92% Sharpe Ratio 0.49 Sortino Ratio 0.69 Maximum Drawdown -4.3% Monthly Maximum -0.04% Drawdown Return Statistics Annualized Return 2.53% Average Monthly Return 0.23% Average Monthly Return 1.67% (Positive Months) Average Monthly Return []1.45% (Negative Months) # Positive Months 7 # Negative Months 6 Return Daily Return -0.34% Month to Date Return -0.98% Quarter To Date Return -3.35% Year To Date Return -1.18% 3 Month Return -2.52% 6 Month Return -0.15% 1Year Return 2.81% 3 Year Return 15.14% 5 Year Return 35.9% Monthly Return (o/o) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YeaIf ---- ---- ----- ---- ----- ----- ----- ---- ----- ----- ---- --- ---- ----- 2014 0.72 -0.7 2.9,B -3.84 2.87 1.7 0.53 7.21 2015 2.85 -0.75 0.17 -2.04 -0.36 -0.98 -1.18 |
J. P. Morganlnvestable Indices Home Indices About us Logout Footnotes 0) calculation descriptions The first tv.elve columns under Monthly Return(%)" above reflect the performance of the index from the tim uad1ng day of the month displayed to the last trading day of that month. The final column reflects the performance of the index for the year displayed. These returns may be based on hypothetiCal, h1stoncal index levels and not actual index levels. There is no guarantee that the Index will ach1eve the monthly and annual returns displayed in the future. Past performance is not indicative of future returns. [][] [] As of the date shown above, the index was calculated based on a level for such index equal to 100 on the date specified at the "Selected Start Date". Index Level Data Current: Current refers to the closing level of the 1ndex as of the trading day immediately preceding the date you have accessed this website. High: High refers to the highest closing level of the index during the time period selected, wit h the date on which such highest closing level occurs mdicated under the "Date" column next to the High level. The High Level may be a hypothetical, historical level and not an actual level of the Index. There is no guarantee that the Index will achieve the High Level1n the future. Low: Low refers to the lowest closing leve of the mdex dunng the time period selected, with the da:e on which such lowest closing level occurs mdicated under the "Date[] column next to the Low level. The Low Level may be a hypothetical, historical level and not an actual level of the Index. The level of the Index could, in the future, decline below the Low Level displayed on this website. Start: Start refers to the closing level of the mdex on the first tradmg day of the time period indica:ed. End: End refers to the closing level of the mdex on the last trading day of the time period indicated. Risk Measures Volatility: Volatility refers to the standard deviatiOn of the dally logarithmic returns of the index over the time period specified and annualized. Volat1hty IS a widely used measure to express the risk of the financial instrument over the specified time period. Compared to conventional arithmetic return calculations, logarithmic returns are generally lower for pos1t1ve returns and generally have higher magnitude for negative returns. The volatility calculations include hypothetical, historical back[]tested information that has inherent limitations. No representation is made that 1n the future the Index will have the Volatility shown. Actual annualized volatility may vary materially from the analysis implied 1n th1s hypothetical, historical calculation. J.Pl\lorgan 1 1[],,. , , .,,.,.,,,,1, I ''"' dll [] I ' '"'"'P[] Ic , Copyr ight ll 2015JPMorgan Chaseandco.AII Rights Reserved |
J.P. Morganlnvestable Indices Home Indices About us Logout Stiarpe Ratio: The Sharpe Ratio is a measure that atms to capture the potential return of an index per unit of risk. For a given index and a speCified ttme period, it is calculated by dividing the Annualized Return for the specified time period by the Volatility for the spectfied ttme period. The Sharpe Ratio calculation may contain components with hypothetical, historical back[]tested information that have inherent limitations. No representation is made that in the future the Index will have the Sharpe Ratio shown. The actual Annualized Return and the Volatility and, accordingly, the Sharpe Ratio, may vary materially from the analysis implied in any hypothetical, historical calculation. Maximum Orawdown: Maximum Drawdown is the percentage change tn the tndex from the highest value reached over the specified time period to the lowest value reached over the specified time period. The Maximum Drawdown may be based on hypothetical, historical Index levels and not actual Index levels. The Maximum Drawdown could, in the future, be larger than the Maximum Orawdown displayed above. Monthly Maximum Orawdown: Monthly Maximum Drawdown s the h1ghest Maximum Orawdown calculated for each rolling monthly period during the specified ume period. The Monthly Maximum Drawdown may be based on hypothetical, h1stortcal Index levels and not the actual Index levels. The Monthly Maximum Orawdown could, in the future, be larger than the Monthly Max1mum Orawdown displayed above. Embedded Index Fee: The levels of the Index may be reduced by an adJustment factor which may have a considerable impact on the level of the Index. Return Statistics Annualized Return: The Annualized Return is the percentage change in the index from the first day of the specified time period to the last day of the spectfted time period and annualized. The Annualized Return may be based on hypothetical, historical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the Annualized Return 1n the future. Past performance is not indicative of future returns. Average Monthly Return: Average Monthly Return is the arithmetic average of the Monthly Returns for each full calendar month during the specified time period. For a given monthly period the Monthly Return is the percentage change in the index during the monthly period. The Average Monthly Return may be based on hypot']:tical, historical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the Average Monthly Return in the future. Past performance is not indicative of future returns. Average Monthly Return (Positive Months): Average Monthly Return (Positive Months) is calculated in the same manner as the Average Monthly Return, as described above, but only taking into account those monthly returns that are greater than or equal to zero. The Average Monthly Return (Positive Months) may be based on hypothetical, historical levels and not an actual level of the Index. There is no guarantee that the Average Monthly Return (Positive Months) for a financial instrument linked to the performance of the Index will achieve the Average Monthly Return (Positive Months) displayed on this website. Average Monthly Return (Negative Months): Average Monthly Return (Negative Months) is calculated in the same manner as the Average Monthly Return, as described above, but only taking into account those monthly returns that are less than zero. The Average Monthly Return (Negative Months) may be based on hypothetical, historical levels and not actual levels of the Index. The Average Monthly Return (Negative Months) could, in the future, decline below the Average Monthly Return (Negative Months) displayed on thts webs1te. Number of Positive Months: The Number of Positive Months 1s the number of full calendar months during the specified time period in which the index had returns that are greater than or equal to zero. The Number of Positive Months may be based on hypothetical, historical levels and not on an actual level of the Index. There is no guarantee that the Number of Pos1tive Months that occur durtng the term of the financial in).rumem will achieve the Number of Positive Months displayed on this webs1te. Number of Negative Months: The Number of Negative Months is the number of full calendar months during the specified time period []n which the index had returns that less than zero. The Number of Negative Months may be based on hypothetiCal, historical levels and not actual levels of the Index. The Number of Negative Months during the term of a financial instrument ltnked to the performance of the Index may be greater than the Number of Negative Months displayed on this website. Return Daily Return: J.P.l\lorgan I I' 1' []' , []' '[]" '" '', I 1" " "' 11 ' I """ '"' P ll ' [] Copyright ll 2015 JPMorgan Chase and Co. All Rights Reserved |
J.P. Morganinvestable Indices Home Indices About Us Logout The Daily Return is the return of the Index from the trading day immediately preceding the specified end date to the specified end date, provided that if the specified end dare is today's date or not a trading day, the Daily Return is the return of the Index from the trading day thai is two trading days immediately preceding the specified end date to the trading day immediately preceding the specified end date. The Daily Return may be based on hypothetical, historical index levels and nor actual index levels. There is no guarantee that the Index will achieve the Daily Return in the future. Past performance is not indicative of future returns. Month to Date Return: The Month to Date Return is the retu rn of the Index from t he last trading day of the month that occurs prior to the specified end date to the specified end date, provided that if the specified end date is today's date or not a trading day, to the trading day immediately preceding the specified end date. The Month to Date Return may be based on hypothetical, historical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the Month to Date Return in the future. Past performance is not indicative of future returns. Quarter to Date Return: The Quan:er to Date Return is the return of the Index from the last trading day of rhe quarrer that occurs prior to the specified end date to the specified end date, provided thai if the specified end date is today's date or not a trading day, to the trad ing day immediately preceding the specified end date. The Quarter to Date Return may be based on hypothetical, historical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the Quarter to Date Return in the future. Past performance is not indicative of future returns. Year to Date Return: The Year to Dare Return is the return of the Index from the last trading day of the year that occurs prior to the specified end date to the specified end date, provided that if the specified end date is today's date or not a trading day, to the trading day immediately preceding the specified end date. The Year to Date Return may be based on hypothetical, historical Index levels and not acruallndex levels. There is no guarantee that the Index will achieve rhe Year to Date Return in the future. Past performance is not indicative of future returns. 3 Month Return: The 3 Month Return is the trailing return of the Index from the trading day that occurs on or immediarely preceding the date occurring three months prior to the specified end date to the specified end date, provided that if the specified end date is today's date or not a trading day, to the trading day immediately preceding the specified end date. The 3 Month Return may be based on hypothetical, historical Index levels and not actual Index levels. There is no guarantee that rhe Index will achieve the 3 Month Return in the future. Past performance is not indicative of future retu rns. 6 Month Return: The 6 Month Return is rhe trailing return of the Index from the trad ing day that occurs on or immediately preceding the date occurring six months prior to the specified end date to the specified end date, provided that if the specified end date is today's date or not a trading day, to the trading day immediately preceding the specified end date. The 6 Month Return may be based on hypothetical, historical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the 6 Month Return in the future. Past performance is not indicative of future returns. 1 Year Return: The I Year Rew rn is the trailing return of the Index from the trading day that occurs on or immediately preceding the date occurring one year prior to the specified end date to the specified end date. provided that if the specified end date is today's date or not a trading day, to the trading day immediately preceding the specified end date. The I Year Return may be based on hypothetical, histor ical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the I Year Return in the future. Past performance is not indicative of future returns. 3 Year Return: The 3 Year Retu rn is the trailing return of Index from the trading day that occurs on or immediately preceding the date occurring three years prior to the specified end date to the specified end date, provided that if the specified end date is today?s date or not a trading day, to the trading day immediately preced ing the specified end dateland is not annualized]. The 3 Year Return may be based on hypothetical, historical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the 3 Year Return in the future. Past performance is not indicative of future returns. 5Y Return: The 5 Year Return is the trailing return of the Index from the trading day that occurs on or immediately preceding the date occurri ng five years prior to the specified end date to the specified end date, provided that if the specified end date is today's date or not a rrading day, to the trading day immediately preceding the specified end date. and is not annualized. The 5 Year Return may be based on hypothetical, historical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the 5 Year Return in the future. Past performance is not indicative of future returns. Analysis and Comparison Current level: Index Level refers to the closing level of Ehe Index on the Index Level Date. Index Level Date: Index Level Date refers to rhe date used to determine the Index Level. J.P JV1organ I Pmacy and Secur~ty I Term( of lhe I Lookres Pul~ey Copyright il 2015 JPMorgan Chase and Co. All Rights Reserved |
J.P. Morganlnvestable Indices Home Indices About Us Logout Annualized Return: The Annualized Return is the percentage change tn the index from the first day of the specified time period to the last day of the specifted ttme period and annualized. The Annualized Return may be based on hypothetical, historical Index levels and not actual Index levels. There is no guarantee that the Index will achieve the Annualized Return in the future. Past performance is not indicative of future returns. Return for Period: The Return for Period is the trailing return of the tndex over the time period specified. The Return for Period may be based on hypotheucal, htstoncal index levels and not actual index levels. There is no guarantee that :he Index will achieve the Return for Period in the future. Best Month Return: The Best Month Return is the h[]ghes1 Monthly Return of the Index of all full calendar months during the specified time penod. For a gtven monthly period :he Monthly Return is the percentage change in the tndex during rhe monthly period. TheBeS! Month Return may be based on a hypothetical, historical performance and not actual performance of the Index. There is no guarantee tha; the Index will achieve the Best Month Return tn rhe future. Worst Month Return: The Worst Mon;h Return is the lowest Monthly Return of the Index of all full calendar months during the specified time penod. For a gtven monthly period the Monthly Return is the percentage change in the tndex during ;he monthly period over a gNen period of ume. The Wors: Month Return may be based on hypo:hetical. h[]storical performance and not actual performance o' the Index. The performance of the Index could, in the future, genera;e a return that []s lower than the Worst Month Re:urn dtsplayed on thts website. Number of Positive Months: The Number of Positive Months is the number of full calendar months during the specified time period in which the index had returns that are greater than or equal to zero. The Number of Positive Months may be based on hypothetical, historical levels and not on an actual level of the Index. There is no guarantee tha: the Number of Posttive Months that occur durmg the term of the financial instrument will achieve the Number of Positive Months displayed on this websue. Annualized Volatility: The Annualized Volatility refers to the standard devtation of the daily logarithmic returns of the index over the time period specified and annualized. Volatility is a widely used measure to express the risk of the financial instrument over the specified time penod. Compared to conventtonal arithmetic return calculations, logarithmic returns are generally lower for postttve returns and generally have higher magnitude for negative returns. The volatilitY calculations include hypothetical, htstoncal back[]tested information that has inherent limitations. No representation is made that 10 the future the Index will have the Volatility shown. Actual annualized Volatility may vary materially from the analysis tmplied tn thts hypothetical, historical calculation. Sharpe Ratio: The Sharpe Ratio is a measure that atms to capture the potential return of an index per unit of risk. For a given index and a speCified time period. tt ts calculated by dividing the Annualizedlleturn for the specified time period by the Volatility for the speCified time period. The Sharpe Ratio calculation may comain components with hypothetical, historical back[]tested information that have inherent limitations. No representation is made that in the future the Index will have the Sharpe Ratto shown. The actual Annualized Return and the Volatility and, accordingly, the Sharpe Ratio, may vary materially from the analysis implied in any hypothetical, historical calculation. Maximum Orawdown: l.laximum Drawdown is the percemage change on the index from the higher. value reached over the specified rime period to the lowest value reached over the specified time period. The l.laximum Drawdown may be based on hypo;hetical. his:oricallndex levels and not actual Index (1) evels. The Maximum Drawdown could, in the future. be larger than the Maxtmum Drawdown displayed on 1his website. Time to Recovery: The Time to Recovery is the longest sub period during the specified time period from any day on which the index begins to decline to the f[]rst dav on wh ch the evel of the index returns to the level i: had at :he begmmng of the decline. This field will be left blank tf the level of the index as of the curren; day is lower than the highest leve reached by the ondex over the speCified time period. The Time to Recovery may be based on hypo:herical. historical performance and not actual performance of the Index. - he lrre to Recovery could. [] n the future, be signtftCantly longer than the - rre to Recovery displayed. Volatility%: Reflects the volatility of the Index for the ume penod selected. The actual one month, three month. six month and one year volatilitY may be much different than the volatilitY displayed for any such period in the chart above Drawdown: Reflects the percentage change tn each tndex dunng the specified timeframe. Each index has the drawdown set at zero percent at the begtnntng of the time penod set forth in rhe chart above. The drawdown may be based on hypothetical, historical index levels and not the actual index levels. The applicable drawdown could, in the future, be larger than the drawndown displayed on this website and, accordingly, could be larger than J.Pl\lorgan I I''"""''"""''' 1 1''"'""11[][] l , ... ,e,,o,p,][],., Copyrightll2015JPMorganChaseandCo.AII Rights Reserved |
J.P. Morganlnvestable Indices Home Indices About Us Logout based on hypothetical, historical index levels and not the actual index le\ els. The appl icable drawdown could, in the future, be larger than the drawndown displayed on this website and, accordingly, could be larger than the drawdown for any other index or investment strategy displayed. (2) Short Summary of the Risks The Index was established on October 29, 2010 and therefore has a limited operating history. Past performance should not be considered indicative of futu re performance. The Index Levels incor porate the daily deduction of a fee of 0.50% per annum. Ther e are risks associated with a momentum-based investment strategy. The Index is different from a strategy that seeks long[]term exposure to a portfolio consisting of constant components with fixed weights. The Index may fail to realize gains that could occu r from holding assets that have experienced price declines, but experience a sudden price spike thereafter. The Index comprises only notional assets and liabilities and therefore there is no actual portfolio of assets to which any person is entitled or in which any person has any ownership. The synthetic investment strategy on which the Index is based may not be successful, may not outperform any alternative strategy, or may not achieve its target volatility of 5%. Correlation of performances among the basket constituents composing the Index may reduce the performance of the Index. Performances among the basket constituents :omposing the Index from time to time (the "Basket Constituents') may become highly correlated from time to time during the term of your investment. High correlation during periods of negative returns among Basket Constituents representing any one sector or asset type that have a substantial weighting in the Index could have a material adverse effect on the performance of the Index. The investment strategy involves monthly rebalancing and maximum weighting caps applied to the Basket Constituents and sectors. The Index may be partially uninvested, which could result in a portion or most of the Index reflecting no return. Changes in the value of the Basket Constituents may offset each other. An investment linked to the Index is subject to risks associated with non[]U.S. securities markets, such as emerging markets and currency exchange risk. J.P. Morgan Securities LLC., one of our affiliates, is the sponsor of the JPMorgan Cash Index USD 3 Month and of the index that underlies the iShares JPMorgan USD Emerging Markets Bond Fund. Our affiliate, J.P. Morgan Securities pic ('JPMS pic'), is the calculation agent and may adjust the Index in a way that affects its level. The pol icies and judgments for which JPMS pic is responsible could have an impact, positive or negative, on the level of the Index. JPMS pic is under no obligation to consider your interest as an investor in securities linked to the Index. The risks identified above are not exhaustive. The Index Rules, and not any description in thi; summary of risks, govern the calculation and constitution of the Index and other decisions and actions relating to its maintenance. Add itional information is available upon reQ uest. For more information r egarding the Index, cl ients should contact their J.P. Morgan representative. (3) General Oisclaimers Investments in products linked to an Index reQuire investors to assess se[]1eral characteristics and risk factors that may not be present in other types of transactions. In reaching a determination as to the appropriateness of any proposed transaction, clients should undertake a thorough independent review of the legal, regulatory, credit, tax, accounting and economic conseQuences of such transaction in relation to their particular circumstances. This website contains market data from various sources other than us and our affiliates, and, accordi ngly, we make no representation or warranty as to the market data's accuracy or completeness. All information is subject to change without notice. SEC LEGENO JPMorgan Chase and Co. ('J.P. Morgan' ) has filed a registration statement fjncluding a prospectus) with the Securities and Exchange Commission (the "SEC") for any offering of securities to which these materials relate. Before you invest in any offering of securities by J.P. Morgan, you should read the prospectus in that registration statement and the other documents relating to the offering that J.P. Morgan files with the SEC for more complete information about J.P. Morgan and the offering of securities. You may get these docum ents without cost by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, J.P. Morgan, any agent, or any dealer participating in the particular offeri ng will arrange to send you the prospectus and the prospectus supplement, as well as any product supplement, underlying supplement and term sheet or pricing supplement, if you so reQuest by calling toll[]free 866[]535[]9248. Use of Simulated Returns Back-testing and other statistical analysis material that is provided in connection with the explanations of the potential returns of the products linked to the Index use simulated analysis and hypothetical circu mstances to estimate how it may have performed prior to its actual existence. The results obtained from such 'back-testing" information should not be considered indicative of the actual results that might be obtained from an investment or participation in a financial instrument or transaction refer encing the Index. J.P. Morgan provides no assurance or guarantee that the products linked to the Index will operate or would have operated in the past in a manner consistent with these materials. The hypothetical, back[]tested, historical levels presented herein have not been verified by an independent third party, and such hypothetical, back[]tested, historical levels have inherent limitations. Alternative simulations, techniQues, modeling or assumptions might produce significantly different results and prove to be more appropriate. Hypothetical back[]tested results are neither J.Pl\lorgan I Pr r)ac\ and Security I Ter rmoflloe I CookresPo lrcy Copyright 02015JPMorganChaseandCo.AII RightsReserved |
an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the simulated returns presented in this website. IRS Circular 230 Oisdosure We and our affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax m atters contained herein is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with J.P. Morgan of any of the matters address herein or for the purpose of avoiding U.S. tax-related penalties. Investment suitability must be determined individually for each investor, and the financial irostruments described herei n may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisors as to these matters. J.I~l\lorgan I c I \ c,e. I' I Telll' ill'~ I ' fl~' c CopyrighU l 2015JPMorgan ChaseandCo.AII RightsReserved |