CALCULATION OF REGISTRATION FEE
|
||
Title of Each Class of
Securities Offered
|
Maximum Aggregate
Offering Price
|
Amount of
Registration Fee
|
Notes
|
$1,423,000
|
$183.28
|
Pricing supplement no. 2377
To prospectus dated November 14, 2011,
prospectus supplement dated November 14, 2011,
product supplement no. 21-II dated April 2, 2013 and
underlying supplement no. 1-I dated November 14, 2011
|
Registration Statement No. 333-177923
Dated April 17, 2014
Rule 424(b)(2)
|
Structured
Investments
|
$1,423,000
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF due October 22, 2015
|
|
·
|
The notes are designed for investors who seek early exit prior to maturity at a premium if, on any Review Date, the Index closing level or closing price, as applicable, of each of the Russell 2000® Index and the iShares® MSCI EAFE ETF is at or above its Call Level. If the notes have not been automatically called, investors will receive their principal back at maturity if the Ending Underlying Value of each Underlying is less than its Initial Underlying Value by up to the Buffer Amount. However, investors will lose some or all of their principal if the Ending Underlying Value of either Underlying is less than its Initial Underlying Value by more than the Buffer Amount. Investors in the notes should be willing to accept this risk of loss and be willing to forgo interest and dividend payments, in exchange for the opportunity to receive a premium payment if the notes are automatically called. Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
|
|
·
|
The first Review Date, and therefore the earliest date on which an automatic call may be initiated, is October 17, 2014*.
|
|
·
|
Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing October 22, 2015*
|
|
·
|
The payment at maturity is not linked to a basket composed of the Underlyings. The payment at maturity is linked to the performance of each of the Underlyings individually, as described below.
|
|
·
|
Minimum denominations of $1,000 and integral multiples thereof
|
|
·
|
The notes priced on April 17, 2014 and are expected to settle on or about April 23, 2014.
|
Underlyings:
|
The Russell 2000® Index (Bloomberg ticker: RTY) (the “Index”) and the iShares® MSCI EAFE ETF (Bloomberg ticker: EFA) (the “Fund”) (each, an “Underlying” and collectively, the “Underlyings”)
|
Automatic Call:
|
If the Index closing level or closing price, as applicable, of each Underlying on any Review Date is greater than or equal to the applicable Call Level, the notes will be automatically called for a cash payment per $1,000 principal amount note that will vary depending on the applicable Review Date and call premium and that will be payable on the applicable Call Settlement Date.
|
Call Level:
|
With respect to each Underlying, an amount that represents 100% of its Initial Underlying Value for each Review Date
|
Payment if Called:
|
For every $1,000 principal amount note, you will receive one payment of $1,000 plus a call premium amount, calculated as follows:
• 5.65% × $1,000 if automatically called on the first Review Date
• 11.30% × $1,000 if automatically called on the second Review Date
• 16.95% × $1,000 if automatically called on the final Review Date
|
Payment at Maturity:
|
If the notes have not been automatically called and the Ending Underlying Value of each Underlying is less than its Initial Underlying Value by up to the Buffer Amount, you will receive the principal amount of your notes at maturity.
If the notes have not been automatically called and the Ending Underlying Value of either Underlying is less than its Initial Underlying Value by more than the Buffer Amount, you will lose 1.25% of the principal amount of your notes for every 1% that the Ending Underlying Value of the Lesser Performing Underlying is less than its Initial Underlying Value by more than the Buffer Amount, and your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + [$1,000 × (Lesser Performing Underlying Return + 20%) × 1.25]
If the notes have not been automatically called and the Ending Underlying Value of either Underlying is less than its Initial Underlying Value by more than the Buffer Amount, you will lose some or all of your principal amount at maturity.
|
Buffer Amount:
|
20%
|
Downside Leverage Factor:
|
1.25
|
Original Issue Date (Settlement Date):
|
On or about April 23, 2014
|
Review Dates**:
|
October 17, 2014 (first Review Date), April 17, 2015 (second Review Date) and October 19, 2015 (final Review Date)
|
Call Settlement Dates**:
|
The third business day after the applicable Review Date, except that the final Call Settlement Date is the Maturity Date
|
Maturity Date*:
|
October 22, 2015
|
CUSIP:
|
48127DFL7
|
Other Key Terms:
|
See “Additional Key Terms” in this pricing supplement
|
* Subject to postponement in the event of a market disruption event and as described under “Description of Notes — Postponement of a Review Date” and “Description of Notes — Payment at Maturity” in the accompanying product supplement no. 21-II
|
Price to Public (1)
|
Fees and Commissions (2)
|
Proceeds to Issuer
|
|
Per note
|
$1,000
|
$1.50
|
$998.50
|
Total
|
$1,423,000
|
$2,134.50
|
$1,420,865.50
|
|
(1)
|
See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the notes.
|
|
(2)
|
J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., will pay all of the selling commissions of $1.50 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. See “Plan of Distribution (Conflicts of Interest)” beginning on page PS-61 of the accompanying product supplement no. 21-II.
|
·
|
Product supplement no. 21-II dated April 2, 2013:
|
·
|
Underlying supplement no. 1-I dated November 14, 2011:
|
·
|
Prospectus supplement dated November 14, 2011:
|
·
|
Prospectus dated November 14, 2011:
|
Underlying Return:
|
With respect to each Underlying:
(Ending Underlying Value – Initial Underlying Value)
Initial Underlying Value
|
Initial Underlying Value:
|
With respect to the Index, the Index closing level of the Index on the pricing date, which was 1,137.899. With respect to the Fund, the closing price of one share of the Fund on the pricing date, which was $67.53, divided by the Share Adjustment Factor
|
Share Adjustment Factor:
|
With respect to the Fund, set equal to 1.0 on the Pricing Date and subject to adjustment under certain circumstances. See “General Terms of Notes — Additional Fund Provisions — Anti-Dilution Adjustments” in the accompanying product supplement no. 21-II.
|
Ending Underlying Value:
|
With respect to each Underlying, the Index closing level or closing price, as applicable, of that Underlying on the final Review Date
|
Lesser Performing Underlying:
|
The Underlying with the Lesser Performing Underlying Return
|
Lesser Performing Underlying Return:
|
The lower of the Underlying Returns of the Underlyings
|
|
·
|
FIXED APPRECIATION POTENTIAL — If the Index closing level or closing price, as applicable, of each Underlying is greater than or equal to the applicable Call Level on any Review Date, your investment will yield a payment per $1,000 principal amount note of $1,000 plus: (i) 5.65% × $1,000 if automatically called on the first Review Date, (ii) 11.30% × $1,000 if automatically called on the second Review Date or (iii) 16.95% × $1,000 if automatically called on the final Review Date. Because the notes are our unsecured and unsubordinated obligations, payment of any amount on the notes is subject to our ability to pay our obligations as they become due.
|
JPMorgan Structured Investments —
|
PS-1
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
|
·
|
POTENTIAL EARLY EXIT WITH APPRECIATION AS A RESULT OF AUTOMATIC CALL FEATURE — While the original term of the notes is approximately eighteen months, the notes will be automatically called before maturity if the Index closing level or closing price, as applicable, of each Underlying is at or above the applicable Call Level on any Review Date and you will be entitled to the applicable payment corresponding to that Review Date as set forth on the cover of this pricing supplement.
|
|
·
|
LIMITED PROTECTION AGAINST LOSS — If the notes have not been automatically called, we will pay you your principal back at maturity if the Ending Underlying Value of each Underlying is less than its Initial Underlying Value by up to the Buffer Amount. If the notes have not been automatically called and the Ending Underlying Value of either Underlying is less than its Initial Underlying Value by more than the Buffer Amount, you will lose 1.25% of the principal amount of your notes for every 1% that the Ending Underlying Value of the Lesser Performing Underlying is less than its Initial Underlying Value by more than the Buffer Amount. Accordingly, you could lose some or all of your principal amount at maturity.
|
|
·
|
EXPOSURE TO EACH OF THE UNDERLYINGS — The return on the notes is linked to the Lesser Performing Underlying, which will be either the Russell 2000® Index or the iShares® MSCI EAFE ETF.
|
|
·
|
CAPITAL GAINS TAX TREATMENT — You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 21-II. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes.
|
JPMorgan Structured Investments —
|
PS-2
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
|
·
|
YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS — The notes do not guarantee any return of principal. Your investment will be exposed to loss on a leveraged basis if the notes are not automatically called and the Ending Underlying Value of either Underlying is less than its Initial Underlying Value by more than the Buffer Amount. For every 1% that the Ending Underlying Value of the Lesser Performing Underlying is less than its Initial Underlying Value by more than the Buffer Amount, you will lose an amount equal to 1.25% of the principal amount of your notes. Accordingly, you could lose some or all of your principal amount at maturity.
|
|
·
|
CREDIT RISK OF JPMORGAN CHASE & CO. — The notes are subject to the credit risk of JPMorgan Chase & Co., and our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change in our creditworthiness or credit spreads, as determined by the market for taking our credit risk, is likely to adversely affect the value of the notes. If we were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.
|
|
·
|
LIMITED RETURN ON THE NOTES — Your potential gain on the notes will be limited to the call premium applicable to the Review Dates, as set forth on the cover of this pricing supplement, regardless of the appreciation in the value of any Underlying, which may be significant. The Index closing level or closing price, as applicable, of any Underlying at various times during the term of the notes could be higher than on the Review Dates. You may receive a lower payment if the notes were automatically called or at maturity, as the case may be, than you would have if you had invested directly in any Underlying.
|
|
·
|
POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes, hedging our obligations under the notes and making the assumptions used to determine the pricing of the notes and the estimated value of the notes when the terms of the notes are set, which we refer to as JPMS’s estimated value. In performing these duties, our economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition, our business activities, including hedging and trading activities, could cause our economic interests to be adverse to yours and could adversely affect any payment on the notes and the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to “Risk Factors — Risks Relating to the Notes Generally” in the accompanying product supplement no. 21-II for additional information about these risks.
|
|
·
|
YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE VALUE OF EACH UNDERLYING — Your return on the notes and any payment on the notes is not linked to a basket consisting of the Underlyings. If the notes have not been automatically called, your payment at maturity is contingent upon the performance of each individual Underlying such that you will be equally exposed to the risks related to either of the Underlyings. The performance of the Underlyings may not be correlated. Poor performance by either of the Underlyings over the term of the notes could result in the notes not being automatically called on a Review Date, may negatively affect your payment at maturity and will not be offset or mitigated by positive performance by the other Underlying. Accordingly, your investment is subject to the risk of decline in the Index closing level or closing price, as applicable, of each Underlying.
|
|
·
|
YOUR PAYMENT AT MATURITY MAY BE DETERMINED BY THE LESSER PERFORMING UNDERLYING — Because the payment at maturity will be determined based on the performance of the Lesser Performing Underlying, you will not benefit from the performance of the other Underlying. Accordingly, if the notes are not automatically called and the Ending Underlying Value of either Underlying is less than its Initial Underlying Value by more than the Buffer Amount, you will lose some or all of your principal amount at maturity, even if the Ending Underlying Value of the other Underlying is greater than or equal to its Initial Underlying Value.
|
|
·
|
REINVESTMENT RISK — If your notes are automatically called early, the term of the notes may be reduced to as short as approximately six months. There is no guarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar level of risk in the event the notes are automatically called prior to the Maturity Date.
|
|
·
|
JPMS’S ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES — JPMS’s estimated value is only an estimate using several factors. The original issue price of the notes exceeds JPMS’s estimated value because costs associated with selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. See “JPMS’s Estimated Value of the Notes” in this pricing supplement.
|
JPMorgan Structured Investments —
|
PS-3
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
|
·
|
JPMS’S ESTIMATED VALUE DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER FROM OTHERS’ ESTIMATES — JPMS’s estimated value of the notes is determined by reference to JPMS’s internal pricing models when the terms of the notes are set. This estimated value is based on market conditions and other relevant factors existing at that time and JPMS’s assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for notes that are greater than or less than JPMS’s estimated value. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On future dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at which JPMS would be willing to buy notes from you in secondary market transactions. See “JPMS’s Estimated Value of the Notes” in this pricing supplement.
|
|
·
|
JPMS’S ESTIMATED VALUE IS NOT DETERMINED BY REFERENCE TO CREDIT SPREADS FOR OUR CONVENTIONAL FIXED-RATE DEBT — The internal funding rate used in the determination of JPMS’s estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate debt. If JPMS were to use the interest rate implied by our conventional fixed-rate credit spreads, we would expect the economic terms of the notes to be more favorable to you. Consequently, our use of an internal funding rate would have an adverse effect on the terms of the notes and any secondary market prices of the notes. See “JPMS’s Estimated Value of the Notes” in this pricing supplement.
|
|
·
|
THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS) MAY BE HIGHER THAN JPMS’S THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME PERIOD — We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our secondary market credit spreads for structured debt issuances. See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this initial period. Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published by JPMS (and which may be shown on your customer account statements).
|
|
·
|
SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE NOTES — Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other things, secondary market prices take into account our secondary market credit spreads for structured debt issuances and, also, because secondary market prices (a) exclude selling commissions and (b) may exclude projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the Maturity Date could result in a substantial loss to you. See the immediately following risk consideration for information about additional factors that will impact any secondary market prices of the notes.
|
|
·
|
SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS — The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which may either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging costs and the level or price, as applicable, of the Underlyings, including:
|
|
·
|
any actual or potential change in our creditworthiness or credit spreads;
|
|
·
|
customary bid-ask spreads for similarly sized trades;
|
|
·
|
secondary market credit spreads for structured debt issuances;
|
|
·
|
the actual and expected volatility of the levels or prices, as applicable, of the Underlyings;
|
|
·
|
the time to maturity of the notes;
|
|
·
|
the likelihood of an automatic call being triggered;
|
|
·
|
the dividend rates on the Fund and the equity securities included in or held by the Underlyings;
|
|
·
|
the actual and expected positive or negative correlation between the Underlyings, or the actual or expected absence of any such correlation;
|
|
·
|
interest and yield rates in the market generally;
|
|
·
|
the exchange rates and the volatility of the exchange rates between the U.S. dollar and each of the currencies in which the equity securities held by the Fund trade and the correlation among those rates and the prices of the Fund;
|
JPMorgan Structured Investments —
|
PS-4
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
|
·
|
the occurrence of certain events to the Fund that may or may not require an adjustment to the Share Adjustment Factor; and
|
|
·
|
a variety of other economic, financial, political, regulatory and judicial events.
|
|
·
|
NO INTEREST OR DIVIDEND PAYMENTS OR VOTING RIGHTS — As a holder of the notes, you will not receive interest payments, and you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of shares of the Fund or the securities included in or held by the Underlyings would have.
|
|
·
|
AN INVESTMENT IN THE NOTES IS SUBJECT TO RISKS ASSOCIATED WITH SMALL CAPITALIZATION STOCKS WITH RESPECT TO THE INDEX — The stocks that constitute the Russell 2000® Index are issued by companies with relatively small market capitalization. The stock prices of smaller companies may be more volatile than stock prices of large capitalization companies. Small capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Small capitalization companies are less likely to pay dividends on their stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.
|
|
·
|
THERE ARE RISKS ASSOCIATED WITH THE FUND — Although the shares of the Fund are listed for trading on NYSE Arca and a number of similar products have been traded on NYSE Arca and other securities exchanges for varying periods of time, there is no assurance that an active trading market will continue for the shares of the Fund or that there will be liquidity in the trading market. The Fund is subject to management risk, which is the risk that the investment strategies of the Fund’s investment adviser, the implementation of which is subject to a number of constraints, may not produce the intended results. These constraints could adversely affect the market price of the shares of the Fund and, consequently, the value of the notes.
|
|
·
|
DIFFERENCES BETWEEN THE FUND AND THE UNDERLYING INDEX — The Fund does not fully replicate the Underlying Index and may hold securities not included in the Underlying Index. In addition, the performance of the Fund will reflect additional transaction costs and fees that are not included in the calculation of the Underlying Index. All of these factors may lead to a lack of correlation between the Fund and the Underlying Index. In addition, corporate actions with respect to the equity securities held by the Fund (such as mergers and spin-offs) may impact the variance between the Fund and the Underlying Index. Finally, because the shares of the Fund are traded on NYSE Arca and are subject to market supply and investor demand, the market value of one share of the Fund may differ from the net asset value per share of the Fund. For all of the foregoing reasons, the performance of the Fund may not correlate with the performance of the Underlying Index.
|
|
·
|
NON-U.S. SECURITIES RISK WITH RESPECT TO THE FUND — The equity securities held by the Fund have been issued by non-U.S. companies. Investments in securities linked to the value of such non-U.S. equity securities involve risks associated with the securities markets in the home countries of the issuers of those non-U.S. equity securities, including risks of volatility in those markets, governmental intervention in those markets and cross shareholdings in companies in certain countries. Also, there is generally less publicly available information about companies in some of these jurisdictions than there is about U.S. companies that are subject to the reporting requirements of the SEC.
|
|
·
|
THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK WITH RESPECT TO THE FUND — Because the prices of the equity securities held by the Fund are converted into U.S. dollars for purposes of calculating the net asset value of the Fund, holders of the notes will be exposed to currency exchange rate risk with respect to each of the currencies in which the equity securities held by the Fund trade. Your net exposure will depend on the extent to which those currencies strengthen or weaken against the U.S. dollar and the relative weight of equity securities held by the Fund denominated in each of those currencies. If, taking into account the relevant weighting, the U.S. dollar strengthens against those currencies, the price of the Fund will be adversely affected and any payment on the notes may be reduced. Of particular importance to potential currency exchange risk are:
|
|
·
|
existing and expected rates of inflation;
|
|
·
|
existing and expected interest rate levels;
|
|
·
|
the balance of payments in the countries issuing those currencies and the United States and between each country and its major trading partners;
|
|
·
|
political, civil or military unrest in the countries issuing those currencies and the United States; and
|
|
·
|
the extent of government surpluses or deficits in the countries issuing those currencies and the United States.
|
JPMorgan Structured Investments —
|
PS-5
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
|
·
|
LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes.
|
|
·
|
THE ANTI-DILUTION PROTECTION FOR THE FUND IS LIMITED — The calculation agent will make adjustments to the Share Adjustment Factor for certain events affecting the shares of the Fund. However, the calculation agent will not make an adjustment in response to all events that could affect the shares of the Fund. If an event occurs that does not require the calculation agent to make an adjustment, the value of the notes may be materially and adversely affected.
|
JPMorgan Structured Investments —
|
PS-6
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
Lesser
Performing
Underlying
Closing Level at
Review Date
|
Lesser
Performing
Underlying
Appreciation/
Depreciation at
Review Date
|
Total Return at
First Review Date
|
Total Return at
Second Review
Date
|
Total Return at
Final Review
Date (1)
|
2,016.00
|
80.00%
|
5.65%
|
11.30%
|
16.95%
|
1,904.00
|
70.00%
|
5.65%
|
11.30%
|
16.95%
|
1,792.00
|
60.00%
|
5.65%
|
11.30%
|
16.95%
|
1,680.00
|
50.00%
|
5.65%
|
11.30%
|
16.95%
|
1,568.00
|
40.00%
|
5.65%
|
11.30%
|
16.95%
|
1,456.00
|
30.00%
|
5.65%
|
11.30%
|
16.95%
|
1,344.00
|
20.00%
|
5.65%
|
11.30%
|
16.95%
|
1,232.00
|
10.00%
|
5.65%
|
11.30%
|
16.95%
|
1,120.00
|
0.00%
|
5.65%
|
11.30%
|
16.95%
|
1,064.00
|
-5.00%
|
N/A
|
N/A
|
0.00%
|
1,008.00
|
-10.00%
|
N/A
|
N/A
|
0.00%
|
952.00
|
-15.00%
|
N/A
|
N/A
|
0.00%
|
896.00
|
-20.00%
|
N/A
|
N/A
|
0.00%
|
784.00
|
-30.00%
|
N/A
|
N/A
|
-12.50%
|
672.00
|
-40.00%
|
N/A
|
N/A
|
-25.00%
|
560.00
|
-50.00%
|
N/A
|
N/A
|
-37.50%
|
448.00
|
-60.00%
|
N/A
|
N/A
|
-50.00%
|
336.00
|
-70.00%
|
N/A
|
N/A
|
-62.50%
|
224.00
|
-80.00%
|
N/A
|
N/A
|
-75.00%
|
112.00
|
-90.00%
|
N/A
|
N/A
|
-87.50%
|
0.00
|
-100.00%
|
N/A
|
N/A
|
-100.00%
|
JPMorgan Structured Investments —
|
PS-7
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
JPMorgan Structured Investments —
|
PS-8
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
JPMorgan Structured Investments —
|
PS-9
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
JPMorgan Structured Investments —
|
PS-10
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|
JPMorgan Structured Investments —
|
PS-11
|
Review Notes Linked to the Lesser Performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF
|