BGI 819-6 PDF

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Unlike the index fee, the rebalancing adjustment factor is not a per annum fee.

Because, at a minimum, eight Index Business Days will elapse from a change in the relative level of the VIX Index and the weighted average price of the relevant VIX futures contracts before the synthetic short position can be fully activated or deactivated, the Index is subject to a time lag. The notes are expected to price on or about March 25, and are expected to settle on or about March 28, We obtained the Index closing levels below from Bloomberg Financial Markets, without independent verification.

See the immediately following risk factor for additional information. You may also choose to reject such changes in which case we may reject your offer to purchase. For example, if the level of the VIX Index is greater than 70 which corresponds to the highest rate of 0. If we do not accept your request to repurchase your notes, you may be unable to sell your notes prior to maturity.

The level of the Index and the value of the notes will be adversely affected, perhaps significantly, if the performance of the synthetic long position and the contingent synthetic short position in the relevant VIX futures contracts, determined based on the official settlement prices of the relevant VIX futures contracts, is not sufficient to offset the daily deduction of the index fee and the daily rebalancing adjustment amount. Prospectus supplement dated November 14, As a result, the level of the Index and the value of the notes may be adversely affected.

Investing in the notes is not equivalent to investing directly in the Index or any of its component futures contracts.

The following graph sets forth the historical daily performance of the VIX Index from January 2, through February 26, Any research, opinions or recommendations expressed by JPMS or its affiliates may not be consistent with each other and may be modified from time to time without notice.

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You will lose some or all of your initial investment at maturity or upon early repurchase if, between the Inception Date and the relevant Valuation Date, the level of the Index decreases or, in the bgu of an early repurchase, does not increase sufficiently to offset the Repurchase Fee Amount. When the relevant VIX futures contracts are in backwardation, the Index seeks to progressively 81-96 the synthetic short position.

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The notes are offered pursuant to an exemption from regulation under the Commodity Exchange Act that is big to securities that have one or more payments indexed to the value, level or rate of one or more commodities, which is set out in section 2 f of that statute.

In addition, the number of notes outstanding or held by persons other than our affiliates could be reduced at any time due to early repurchases of the notes.

Furthermore, ggi we accept your repurchase request, our obligation to repurchase the notes prior to maturity may be postponed upon the occurrence of a market disruption event.

Calculation and Publication of Index Levels — B. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income including any mandated accruals realized by non-U. As a result, and as a general matter, the price, if any, at which JPMS will be willing to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price and any sale prior to the maturity date could result in a substantial loss to you.

VIX futures contracts allow investors the ability to invest in forward equity volatility based on their view of the future direction of movement of the VIX Index, which is a benchmark index designed to measure the market price of volatility in large cap U. Conversely, we expect the level of the Index, and therefore the value of the notes, to decrease in any one of the following hgi situations:. You will not benefit, with respect to the notes, from any of the advantages of a diversified investment and will bear the risks of a highly concentrated investment.

Because there is no limit to possible increases in bgo value of the VIX futures contracts underlying the synthetic short position, the potential losses as a result of short exposure are unlimited; bgo, in no event will you lose more than your entire investment in the notes.

While bgk intend to accept all requests for early repurchase of notes, we are not obligated to accept any repurchase request. Investing in the Return Notes involves a number of risks. You may request that we repurchase your notes on a daily basis in a minimum denomination equal to the Principal Amount, subject to our acceptance of your request and your compliance with the procedural requirements described below. Accordingly, the Index Return will be negative if the performance of the VIX futures contracts included in hgi Index, based on their official settlement prices, is not sufficient to offset the deduction of the index fee and the daily rebalancing adjustment amount.

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While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect.

The VIX Index is a benchmark index designed to bfi the market price of volatility in large cap U. If we do not receive such notice or we bi our affiliates do not acknowledge receipt of such notice which means we have declined to accept your repurchase requestyour repurchase request will not be effective and we will not repurchase your notes on the corresponding Repurchase Date.

DTC and any relevant sub-account:. 8196- should regularly monitor their investment in the notes to ensure that it remains consistent with their investment objectives. You may revoke your offer to purchase the notes at any time prior to the time at which byi accept such offer by notifying vgi applicable agent.

JPMS and its affiliates may have published research or other opinions that call into question the investment view implicit in an investment in the notes. When the market big VIX futures contracts is in backwardation, the price of VIX futures contracts will increase as the contracts move nearer to maturity.

April Official Canvass

However, when the synthetic short position is activated, only the relative performance of the two synthetic positions matter. I acknowledge that the notes specified above will not be repurchased unless all of the requirements specified in the Supplement are satisfied, including the acknowledgment by you or your affiliate of the receipt of this notice on the date hereof which acknowledgment will serve as evidence of your acceptance of my repurchase request.

As a result, you will be exposed to market risk in the event the market fluctuates after we accept your request that we repurchase your notes, and prior to the relevant Repurchase Date.

Fees and Commissions 2. Conversely, under these market conditions, bhi the synthetic short position is activated, although the price return of each VIX futures contract that composes the synthetic short position generally will also be negative, because this is a synthetic short position, the negative price return of the relevant VIX futures contracts will generate a positive return for the synthetic bbgi position.

While we intend to accept all requests for early repurchase of notes, notwithstanding anything to the contrary in the accompanying product supplement no. We are not committed to purchasing any note at a particular time or price.