[FWP] Bank of Nova Scotia Free Writing Prospectus
JPMorgan Chase Financial Company LLC plans to issue Callable Contingent Interest Notes maturing on July 6, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked individually (not as a basket) to the Dow Jones Industrial Average庐, Nasdaq-100 Index庐 and EURO STOXX 50庐 Index.
Contingent Coupon. Investors will receive a quarterly Contingent Interest Payment of at least $20.00 per $1,000 principal (鈮�8.00% p.a.) only if, on the applicable Review Date, the closing level of each index is at or above 70 % of its initial value (the Interest Barrier). If any index breaches that barrier, the coupon for that quarter is forfeited.
Issuer Call Feature. The issuer may redeem the notes in whole (not in part) on any interest payment date beginning January 5, 2026 for $1,000 plus any earned coupon, exposing holders to reinvestment risk if the notes are called when market yields are lower.
Principal Repayment. At maturity, if not previously called, investors receive: (i) $1,000 plus the final coupon if the final level of each index is 鈮�80 % of its initial level (the Buffer Threshold); or (ii) downside-buffered principal equal to $1,000 + [$1,000 脳 (Least Performing Index Return + 20 %)]. Because the buffer is only 20 %, a decline of more than 20 % in the worst-performing index results in loss of principal, up to 80 %.
Key Dates & Terms.
- Pricing Date: on/about June 30 2025
- Settlement: on/about July 3 2025
- Review Dates: quarterly, beginning Sept 30 2025; 12 dates total
- Denomination: $1,000
- Estimated value if priced today: $977.40 (鈮�97.7 % of face); final estimate will not be below $950.
Risk Highlights. Notes are unsecured, subject to JPMorgan credit risk, pay no fixed coupon or dividends, and can lose up to 80 % of principal. Missing any single index barrier on any Review Date eliminates that quarter鈥檚 interest. Early redemption is at issuer discretion only.
JPMorgan Chase Financial Company LLC prevede di emettere Callable Contingent Interest Notes con scadenza il 6 luglio 2028, garantite in modo pieno e incondizionato da JPMorgan Chase & Co. Le note sono collegate singolarmente (non come un paniere) agli indici Dow Jones Industrial Average庐, Nasdaq-100 Index庐 e EURO STOXX 50庐 Index.
Coupon Condizionato. Gli investitori riceveranno un pagamento trimestrale di interesse condizionato di almeno 20,00 $ per ogni 1.000 $ di capitale (鈮�8,00% annuo) solo se, alla data di revisione applicabile, il livello di chiusura di ciascun indice sar脿 pari o superiore al 70% del suo valore iniziale (la Barriera di Interesse). Se uno qualsiasi degli indici scende al di sotto di questa barriera, il coupon per quel trimestre sar脿 perso.
Opzione di Richiamo da Parte dell鈥橢mittente. L鈥檈mittente pu貌 rimborsare le note integralmente (non parzialmente) in qualsiasi data di pagamento degli interessi a partire dal 5 gennaio 2026 per 1.000 $ pi霉 eventuali interessi maturati, esponendo gli investitori al rischio di reinvestimento qualora le note vengano richiamate in un contesto di rendimenti di mercato inferiori.
Rimborso del Capitale. Alla scadenza, se non richiamate anticipatamente, gli investitori riceveranno: (i) 1.000 $ pi霉 l鈥檜ltimo coupon se il livello finale di ciascun indice sar脿 鈮�80% del valore iniziale (la Soglia di Protezione); oppure (ii) un capitale protetto parzialmente, pari a 1.000 $ + [1.000 $ 脳 (Rendimento dell鈥橧ndice Peggiore + 20%)]. Poich茅 la protezione 猫 solo del 20%, un calo superiore al 20% nell鈥檌ndice con la performance peggiore comporta una perdita sul capitale fino all鈥�80%.
Date e Termini Chiave.
- Data di Prezzo: circa il 30 giugno 2025
- Regolamento: circa il 3 luglio 2025
- Date di Revisione: trimestrali, a partire dal 30 settembre 2025; 12 date in totale
- Taglio: 1.000 $
- Valore stimato se prezzato oggi: 977,40 $ (circa il 97,7% del valore nominale); la stima finale non sar脿 inferiore a 950 $.
Rischi Principali. Le note non sono garantite da asset specifici, sono soggette al rischio di credito di JPMorgan, non pagano coupon fissi n茅 dividendi e possono perdere fino all鈥�80% del capitale. La mancata soglia di uno qualsiasi degli indici in una data di revisione annulla il pagamento degli interessi per quel trimestre. Il richiamo anticipato 猫 a discrezione esclusiva dell鈥檈mittente.
JPMorgan Chase Financial Company LLC planea emitir Callable Contingent Interest Notes con vencimiento el 6 de julio de 2028, garantizadas total y incondicionalmente por JPMorgan Chase & Co. Las notas est谩n vinculadas individualmente (no en conjunto) a los 铆ndices Dow Jones Industrial Average庐, Nasdaq-100 Index庐 y EURO STOXX 50庐 Index.
Cupones Condicionales. Los inversores recibir谩n un pago trimestral de inter茅s condicional de al menos 20,00 $ por cada 1.000 $ de principal (鈮�8,00% anual) solo si, en la fecha de revisi贸n correspondiente, el nivel de cierre de cada 铆ndice es igual o superior al 70% de su valor inicial (la Barrera de Inter茅s). Si alg煤n 铆ndice cae por debajo de esa barrera, el cup贸n de ese trimestre se pierde.
Opci贸n de Recompra por el Emisor. El emisor puede redimir las notas en su totalidad (no parcialmente) en cualquier fecha de pago de intereses a partir del 5 de enero de 2026 por 1.000 $ m谩s cualquier cup贸n devengado, exponiendo a los tenedores al riesgo de reinversi贸n si las notas son llamadas cuando los rendimientos del mercado son m谩s bajos.
Reembolso del Principal. Al vencimiento, si no se han redimido antes, los inversores recibir谩n: (i) 1.000 $ m谩s el cup贸n final si el nivel final de cada 铆ndice es 鈮�80% de su nivel inicial (el Umbral de Protecci贸n); o (ii) principal con protecci贸n parcial igual a 1.000 $ + [1.000 $ 脳 (Rendimiento del 脥ndice con Peor Desempe帽o + 20%)]. Dado que la protecci贸n es solo del 20%, una ca铆da superior al 20% en el 铆ndice con peor rendimiento resultar谩 en una p茅rdida de principal de hasta el 80%.
Fechas y T茅rminos Clave.
- Fecha de Precio: alrededor del 30 de junio de 2025
- Liquidaci贸n: alrededor del 3 de julio de 2025
- Fechas de Revisi贸n: trimestrales, comenzando el 30 de septiembre de 2025; 12 fechas en total
- Denominaci贸n: 1.000 $
- Valor estimado si se cotiza hoy: 977,40 $ (aproximadamente 97,7% del valor nominal); la estimaci贸n final no ser谩 inferior a 950 $.
Aspectos Clave de Riesgo. Las notas no est谩n garantizadas, est谩n sujetas al riesgo crediticio de JPMorgan, no pagan cup贸n fijo ni dividendos, y pueden perder hasta el 80% del principal. No alcanzar la barrera de cualquiera de los 铆ndices en una fecha de revisi贸n elimina el inter茅s de ese trimestre. La redenci贸n anticipada es a discreci贸n exclusiva del emisor.
JPMorgan Chase Financial Company LLC电� 2028雲� 7鞗� 6鞚� 毵岅赴鞚� Callable Contingent Interest Notes毳� 氚滍枆頃� 瓿勴殟鞚措┌, 鞚吹鐢 JPMorgan Chase & Co.臧� 鞝勳暋 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 鞚� 雲疙姼霌れ潃 Dow Jones Industrial Average庐, Nasdaq-100 Index庐, EURO STOXX 50庐 Index 臧侁皝鞐� 臧滊硠鞝侅溂搿�(氚旍姢旒撿澊 鞎勲媽) 鞐半彊霅╇媹雼�.
臁瓣贝攵� 鞚挫瀽 歆�旮�. 韴瀽鞛惖鐢 頃措嫻 瓴�韱犾澕鞐� 臧� 歆�靾橁皜 齑堦赴 臧掛潣 70% 鞚挫儊(鞚错晿 鞚挫瀽 鞛ル步)鞐� 鞛堨潉 瓴届毎鞐愲 攵勱赴氤勲 1,000雼煬 鞗愱笀雼� 斓滌唽 20.00雼煬(鞐� 8.00% 鞚挫儊)鞚� 臁瓣贝攵� 鞚挫瀽毳� 氚涥矊 霅╇媹雼�. 毵岇暯 鞏措姁 頃橂倶鞚� 歆�靾橁皜 鞚� 鞛ル步鞚� 頃橅殞頃橂┐ 頃措嫻 攵勱赴鞚� 鞚挫瀽电� 歆�旮夒悩歆� 鞎婌姷雼堧嫟.
氚滍枆鞛� 旖� 鞓奠厴. 氚滍枆鞛惖鐢 2026雲� 1鞗� 5鞚�攵�韯� 鞁滌瀾霅樀鐢 鞚挫瀽 歆�旮夓澕鞐� 雲疙姼毳� 鞝勲秬(攵�攵勳爜鞙茧电� 鞎勲嫎) 靸來櫂頃� 靾� 鞛堨溂氅�, 靸來櫂 旮堨暋鞚� 1,000雼煬鞐� 鞚措 氚滌儩頃� 鞚挫瀽毳� 雿旐暅 旮堨暋鞛呺媹雼�. 鞚� 瓴届毎 鞁滌灔 靾橃澋毳犾澊 雮潉 霑� 雲疙姼臧� 旖滊悹 瓴届毎 鞛埇鞛� 鞙勴棙鞐� 雲胳稖霅� 靾� 鞛堨姷雼堧嫟.
鞗愱笀 靸來櫂. 毵岅赴 鞁� 臁瓣赴 靸來櫂霅橃 鞎婌晿雼る┐ 韴瀽鞛惖鐢 雼れ潓 欷� 頃橂倶毳� 氚涭姷雼堧嫟: (i) 臧� 歆�靾橃潣 斓滌 靾橃鞚� 齑堦赴 靾橃鞚� 80% 鞚挫儊(鞚错晿 氤错樃 鞛勱硠旃�)鞚� 瓴届毎 1,000雼煬鞕� 斓滌 鞚挫瀽; 霕惖鐢 (ii) 鞗愱笀 氤错樃臧� 攵�攵勳爜鞙茧 鞝侅毄霅橃柎 1,000雼煬 + [1,000雼煬 脳 (臧�鞛� 攵�歆勴暅 歆�靾� 靾橃澋毳� + 20%)]毳� 氚涭姷雼堧嫟. 氤错樃臧� 20%鞐� 攵堦臣頃橁赴 霑岆鞐� 臧�鞛� 攵�歆勴暅 歆�靾橁皜 20% 鞚挫儊 頃橂澖頃橂┐ 斓滊寑 80%旯岇 鞗愱笀 靻愳嫟鞚� 氚滌儩頃� 靾� 鞛堨姷雼堧嫟.
欤检殧 雮犾 氚� 臁瓣贝.
- 臧�瓴� 瓴办爼鞚�: 2025雲� 6鞗� 30鞚缄步
- 瓴办牅鞚�: 2025雲� 7鞗� 3鞚缄步
- 瓴�韱犾澕: 2025雲� 9鞗� 30鞚茧秬韯� 攵勱赴氤�, 齑� 12須�
- 鞎‰┐臧�: 1,000雼煬
- 順勳灛 臧�瓴� 靷办稖 鞁� 鞓堨儊 臧�旃�: 977.40雼煬(鞎‰┐臧�鞚� 鞎� 97.7%); 斓滌 鞓堨儊 臧�旃樀鐢 950雼煬 鞚错晿搿� 雮措牑臧�歆� 鞎婌潉 鞓堨爼鞛呺媹雼�.
欤检殧 鞙勴棙 靷暛. 雲疙姼电� 氍措嫶氤挫澊氅� JPMorgan鞚� 鞁犾毄 鞙勴棙鞐� 雲胳稖霅橃柎 鞛堦碃, 瓿犾爼 鞚挫瀽雮� 氚半嫻旮堨潉 歆�旮夗晿歆� 鞎婌溂氅�, 斓滊寑 80%鞚� 鞗愱笀 靻愳嫟 鞙勴棙鞚� 鞛堨姷雼堧嫟. 鞏措姁 頃� 歆�靾橂澕霃� 瓴�韱犾澕鞐� 鞛ル步鞚� 雱橃 氇豁晿氅� 頃措嫻 攵勱赴鞚� 鞚挫瀽 歆�旮夓澊 鞐嗢溂氅�, 臁瓣赴 靸來櫂鞚� 氚滍枆鞛愳潣 鞛焿鞐� 霐半雼堧嫟.
JPMorgan Chase Financial Company LLC pr茅voit d鈥櫭﹎ettre des Callable Contingent Interest Notes arrivant 脿 茅ch茅ance le 6 juillet 2028, enti猫rement et inconditionnellement garanties par JPMorgan Chase & Co. Les notes sont li茅es individuellement (et non en panier) aux indices Dow Jones Industrial Average庐, Nasdaq-100 Index庐 et EURO STOXX 50庐 Index.
Coupon conditionnel. Les investisseurs recevront un paiement d鈥檌nt茅r锚t conditionnel trimestriel d鈥檃u moins 20,00 $ par tranche de 1 000 $ de principal (鈮�8,00 % par an) uniquement si, 脿 la date de revue applicable, le niveau de cl么ture de chaque indice est 茅gal ou sup茅rieur 脿 70 % de sa valeur initiale (la barri猫re d鈥檌nt茅r锚t). Si un indice franchit cette barri猫re 脿 la baisse, le coupon de ce trimestre est perdu.
Option de rachat par l鈥櫭﹎etteur. L鈥櫭﹎etteur peut racheter les notes en totalit茅 (et non partiellement) 脿 n鈥檌mporte quelle date de paiement des int茅r锚ts 脿 partir du 5 janvier 2026 pour 1 000 $ plus tout coupon acquis, exposant ainsi les d茅tenteurs 脿 un risque de r茅investissement si les notes sont rappel茅es lorsque les rendements du march茅 sont plus faibles.
Remboursement du principal. 脌 l鈥櫭ヽh茅ance, si les notes n鈥檕nt pas 茅t茅 rappel茅es auparavant, les investisseurs recevront : (i) 1 000 $ plus le coupon final si le niveau final de chaque indice est 鈮�80 % de son niveau initial (le seuil de protection) ; ou (ii) un capital partiellement prot茅g茅 茅gal 脿 1 000 $ + [1 000 $ 脳 (Performance de l鈥檌ndice le plus faible + 20 %)]. 脡tant donn茅 que la protection n鈥檈st que de 20 %, une baisse de plus de 20 % de l鈥檌ndice le moins performant entra卯ne une perte en capital pouvant aller jusqu鈥櫭� 80 %.
Dates et conditions cl茅s.
- Date de tarification : vers le 30 juin 2025
- R猫glement : vers le 3 juillet 2025
- Dates de revue : trimestrielles, 脿 partir du 30 septembre 2025 ; 12 dates au total
- Valeur nominale : 1 000 $
- Valeur estim茅e si tarif茅e aujourd鈥檋ui : 977,40 $ (environ 97,7 % de la valeur nominale) ; l鈥檈stimation finale ne sera pas inf茅rieure 脿 950 $.
Points cl茅s de risque. Les notes ne sont pas garanties, sont soumises au risque de cr茅dit de JPMorgan, ne versent pas de coupon fixe ni de dividendes, et peuvent perdre jusqu鈥櫭� 80 % du principal. Le non-respect de la barri猫re d鈥檜n indice 脿 une date de revue 茅limine le paiement des int茅r锚ts pour ce trimestre. Le rachat anticip茅 est 脿 la seule discr茅tion de l鈥櫭﹎etteur.
JPMorgan Chase Financial Company LLC plant die Emission von Callable Contingent Interest Notes mit F盲lligkeit am 6. Juli 2028, die vollst盲ndig und bedingungslos von JPMorgan Chase & Co. garantiert werden. Die Notes sind einzeln (nicht als Korb) an den Dow Jones Industrial Average庐, Nasdaq-100 Index庐 und EURO STOXX 50庐 Index gekoppelt.
Bedingter Kupon. Investoren erhalten nur dann eine viertelj盲hrliche bedingte Zinszahlung von mindestens 20,00 $ pro 1.000 $ Nennwert (鈮�8,00 % p.a.), wenn der Schlusskurs jedes Index am jeweiligen 脺berpr眉fungstag mindestens 70 % seines Anfangswerts erreicht (die Zinsbarriere). 脺berschreitet ein Index diese Barriere nicht, verf盲llt der Kupon f眉r dieses Quartal.
贰尘颈迟迟别苍迟别苍-碍眉苍诲颈驳耻苍驳蝉谤别肠丑迟. Der Emittent kann die Notes ganz (nicht teilweise) an jedem Zinszahlungstermin ab dem 5. Januar 2026 f眉r 1.000 $ plus aufgelaufene Zinsen zur眉ckzahlen, wodurch die Inhaber einem Wiederanlagerisiko ausgesetzt sind, falls die Notes bei niedrigeren Marktrenditen gek眉ndigt werden.
碍补辫颈迟补濒谤眉肠办锄补丑濒耻苍驳. Bei F盲lligkeit, sofern nicht vorher gek眉ndigt, erhalten Investoren: (i) 1.000 $ plus den letzten Kupon, wenn der Endstand jedes Index 鈮�80 % des Anfangswerts betr盲gt (die Schwelle f眉r den Schutzpuffer); oder (ii) eine teilgesch眉tzte R眉ckzahlung des Kapitals in H枚he von 1.000 $ + [1.000 $ 脳 (Rendite des am schlechtesten performenden Index + 20 %)]. Da der Schutzpuffer nur 20 % betr盲gt, f眉hrt ein R眉ckgang von mehr als 20 % beim schlechtesten Index zu einem Kapitalverlust von bis zu 80 %.
Wichtige Daten und Bedingungen.
- Preisfeststellung: ca. 30. Juni 2025
- Abwicklung: ca. 3. Juli 2025
- 脺berpr眉fungstermine: viertelj盲hrlich, beginnend am 30. September 2025; insgesamt 12 Termine
- Nennwert: 1.000 $
- Gesch盲tzter Wert bei heutiger Preisfeststellung: 977,40 $ (ca. 97,7 % des Nennwerts); der endg眉ltige Wert wird nicht unter 950 $ liegen.
Risikohinweise. Die Notes sind unbesichert, unterliegen dem Kreditrisiko von JPMorgan, zahlen keine festen Kupons oder Dividenden und k枚nnen bis zu 80 % des Kapitals verlieren. Wird die Barriere eines Index an einem 脺berpr眉fungstag nicht erreicht, entf盲llt der Zins f眉r dieses Quartal. Eine vorzeitige R眉ckzahlung erfolgt ausschlie脽lich nach Ermessen des Emittenten.
- Contingent coupon of at least 8 % per annum offers above-market income potential if equity indices remain within the 30 % drawdown band.
- 20 % principal buffer provides limited downside protection compared to direct equity exposure.
- Quarterly observation schedule allows 12 opportunities to earn coupons and for the issuer to call, potentially delivering income sooner.
- Up to 80 % principal loss possible if any index falls more than 20 % by final valuation.
- Coupon is not guaranteed; a breach by any single index on an observation date results in zero interest for that quarter.
- Issuer call option caps upside and subjects investors to reinvestment risk if redeemed when conditions are favorable.
- Estimated value is 97.7 % of face, reflecting fees/hedging costs embedded at issuance.
- Unsecured credit exposure to JPMorgan Chase Financial and JPMorgan Chase & Co. with no FDIC insurance.
Insights
TL;DR 鈥� 8 % contingent coupon with 20 % buffer; high payoff uncertainty and issuer call risk.
The notes package a relatively attractive headline coupon (鈮�8 % p.a.) with significant conditionality. Because the coupon requires all three equity benchmarks to remain above a 30 % drawdown, correlation becomes the investor鈥檚 enemy鈥攐ne index dip cancels the payment. The 20 % downside buffer is modest for a three-year tenor and leaves investors exposed to up to 80 % loss if equities correct sharply. The issuer call option further caps upside; if equity markets stay strong, JPMorgan will likely redeem early, truncating coupon streams. The secondary market value is also limited by the 97.7 % estimated initial value, embedding roughly 2.3 % in fees/hedging costs. Overall, suitable only for investors comfortable trading principal protection for contingent yield.
TL;DR 鈥� Credit-linked, unsecured note; moderate fee drag and material principal risk.
The instrument is an unsecured obligation of JPMorgan Chase Financial, guaranteed by JPMorgan Chase & Co. While JPM鈥檚 credit quality is strong, default is not impossible; no FDIC insurance applies. The embedded issuer option (call) and estimated value discount (鈮�$22.60 per $1,000) tilt economics toward JPMorgan. Stress scenarios in which the Nasdaq-100 or Euro STOXX 50 drops >30 %鈥攏ot uncommon over three years鈥攚ould eliminate interest and trigger capital losses once declines exceed 20 %. Correlation among the three indices can raise tail risk because only one needs to underperform. From a risk-return standpoint the note is chiefly attractive to investors seeking enhanced yield in a range-bound equity market and who accept both credit and market risk.
JPMorgan Chase Financial Company LLC prevede di emettere Callable Contingent Interest Notes con scadenza il 6 luglio 2028, garantite in modo pieno e incondizionato da JPMorgan Chase & Co. Le note sono collegate singolarmente (non come un paniere) agli indici Dow Jones Industrial Average庐, Nasdaq-100 Index庐 e EURO STOXX 50庐 Index.
Coupon Condizionato. Gli investitori riceveranno un pagamento trimestrale di interesse condizionato di almeno 20,00 $ per ogni 1.000 $ di capitale (鈮�8,00% annuo) solo se, alla data di revisione applicabile, il livello di chiusura di ciascun indice sar脿 pari o superiore al 70% del suo valore iniziale (la Barriera di Interesse). Se uno qualsiasi degli indici scende al di sotto di questa barriera, il coupon per quel trimestre sar脿 perso.
Opzione di Richiamo da Parte dell鈥橢mittente. L鈥檈mittente pu貌 rimborsare le note integralmente (non parzialmente) in qualsiasi data di pagamento degli interessi a partire dal 5 gennaio 2026 per 1.000 $ pi霉 eventuali interessi maturati, esponendo gli investitori al rischio di reinvestimento qualora le note vengano richiamate in un contesto di rendimenti di mercato inferiori.
Rimborso del Capitale. Alla scadenza, se non richiamate anticipatamente, gli investitori riceveranno: (i) 1.000 $ pi霉 l鈥檜ltimo coupon se il livello finale di ciascun indice sar脿 鈮�80% del valore iniziale (la Soglia di Protezione); oppure (ii) un capitale protetto parzialmente, pari a 1.000 $ + [1.000 $ 脳 (Rendimento dell鈥橧ndice Peggiore + 20%)]. Poich茅 la protezione 猫 solo del 20%, un calo superiore al 20% nell鈥檌ndice con la performance peggiore comporta una perdita sul capitale fino all鈥�80%.
Date e Termini Chiave.
- Data di Prezzo: circa il 30 giugno 2025
- Regolamento: circa il 3 luglio 2025
- Date di Revisione: trimestrali, a partire dal 30 settembre 2025; 12 date in totale
- Taglio: 1.000 $
- Valore stimato se prezzato oggi: 977,40 $ (circa il 97,7% del valore nominale); la stima finale non sar脿 inferiore a 950 $.
Rischi Principali. Le note non sono garantite da asset specifici, sono soggette al rischio di credito di JPMorgan, non pagano coupon fissi n茅 dividendi e possono perdere fino all鈥�80% del capitale. La mancata soglia di uno qualsiasi degli indici in una data di revisione annulla il pagamento degli interessi per quel trimestre. Il richiamo anticipato 猫 a discrezione esclusiva dell鈥檈mittente.
JPMorgan Chase Financial Company LLC planea emitir Callable Contingent Interest Notes con vencimiento el 6 de julio de 2028, garantizadas total y incondicionalmente por JPMorgan Chase & Co. Las notas est谩n vinculadas individualmente (no en conjunto) a los 铆ndices Dow Jones Industrial Average庐, Nasdaq-100 Index庐 y EURO STOXX 50庐 Index.
Cupones Condicionales. Los inversores recibir谩n un pago trimestral de inter茅s condicional de al menos 20,00 $ por cada 1.000 $ de principal (鈮�8,00% anual) solo si, en la fecha de revisi贸n correspondiente, el nivel de cierre de cada 铆ndice es igual o superior al 70% de su valor inicial (la Barrera de Inter茅s). Si alg煤n 铆ndice cae por debajo de esa barrera, el cup贸n de ese trimestre se pierde.
Opci贸n de Recompra por el Emisor. El emisor puede redimir las notas en su totalidad (no parcialmente) en cualquier fecha de pago de intereses a partir del 5 de enero de 2026 por 1.000 $ m谩s cualquier cup贸n devengado, exponiendo a los tenedores al riesgo de reinversi贸n si las notas son llamadas cuando los rendimientos del mercado son m谩s bajos.
Reembolso del Principal. Al vencimiento, si no se han redimido antes, los inversores recibir谩n: (i) 1.000 $ m谩s el cup贸n final si el nivel final de cada 铆ndice es 鈮�80% de su nivel inicial (el Umbral de Protecci贸n); o (ii) principal con protecci贸n parcial igual a 1.000 $ + [1.000 $ 脳 (Rendimiento del 脥ndice con Peor Desempe帽o + 20%)]. Dado que la protecci贸n es solo del 20%, una ca铆da superior al 20% en el 铆ndice con peor rendimiento resultar谩 en una p茅rdida de principal de hasta el 80%.
Fechas y T茅rminos Clave.
- Fecha de Precio: alrededor del 30 de junio de 2025
- Liquidaci贸n: alrededor del 3 de julio de 2025
- Fechas de Revisi贸n: trimestrales, comenzando el 30 de septiembre de 2025; 12 fechas en total
- Denominaci贸n: 1.000 $
- Valor estimado si se cotiza hoy: 977,40 $ (aproximadamente 97,7% del valor nominal); la estimaci贸n final no ser谩 inferior a 950 $.
Aspectos Clave de Riesgo. Las notas no est谩n garantizadas, est谩n sujetas al riesgo crediticio de JPMorgan, no pagan cup贸n fijo ni dividendos, y pueden perder hasta el 80% del principal. No alcanzar la barrera de cualquiera de los 铆ndices en una fecha de revisi贸n elimina el inter茅s de ese trimestre. La redenci贸n anticipada es a discreci贸n exclusiva del emisor.
JPMorgan Chase Financial Company LLC电� 2028雲� 7鞗� 6鞚� 毵岅赴鞚� Callable Contingent Interest Notes毳� 氚滍枆頃� 瓿勴殟鞚措┌, 鞚吹鐢 JPMorgan Chase & Co.臧� 鞝勳暋 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 鞚� 雲疙姼霌れ潃 Dow Jones Industrial Average庐, Nasdaq-100 Index庐, EURO STOXX 50庐 Index 臧侁皝鞐� 臧滊硠鞝侅溂搿�(氚旍姢旒撿澊 鞎勲媽) 鞐半彊霅╇媹雼�.
臁瓣贝攵� 鞚挫瀽 歆�旮�. 韴瀽鞛惖鐢 頃措嫻 瓴�韱犾澕鞐� 臧� 歆�靾橁皜 齑堦赴 臧掛潣 70% 鞚挫儊(鞚错晿 鞚挫瀽 鞛ル步)鞐� 鞛堨潉 瓴届毎鞐愲 攵勱赴氤勲 1,000雼煬 鞗愱笀雼� 斓滌唽 20.00雼煬(鞐� 8.00% 鞚挫儊)鞚� 臁瓣贝攵� 鞚挫瀽毳� 氚涥矊 霅╇媹雼�. 毵岇暯 鞏措姁 頃橂倶鞚� 歆�靾橁皜 鞚� 鞛ル步鞚� 頃橅殞頃橂┐ 頃措嫻 攵勱赴鞚� 鞚挫瀽电� 歆�旮夒悩歆� 鞎婌姷雼堧嫟.
氚滍枆鞛� 旖� 鞓奠厴. 氚滍枆鞛惖鐢 2026雲� 1鞗� 5鞚�攵�韯� 鞁滌瀾霅樀鐢 鞚挫瀽 歆�旮夓澕鞐� 雲疙姼毳� 鞝勲秬(攵�攵勳爜鞙茧电� 鞎勲嫎) 靸來櫂頃� 靾� 鞛堨溂氅�, 靸來櫂 旮堨暋鞚� 1,000雼煬鞐� 鞚措 氚滌儩頃� 鞚挫瀽毳� 雿旐暅 旮堨暋鞛呺媹雼�. 鞚� 瓴届毎 鞁滌灔 靾橃澋毳犾澊 雮潉 霑� 雲疙姼臧� 旖滊悹 瓴届毎 鞛埇鞛� 鞙勴棙鞐� 雲胳稖霅� 靾� 鞛堨姷雼堧嫟.
鞗愱笀 靸來櫂. 毵岅赴 鞁� 臁瓣赴 靸來櫂霅橃 鞎婌晿雼る┐ 韴瀽鞛惖鐢 雼れ潓 欷� 頃橂倶毳� 氚涭姷雼堧嫟: (i) 臧� 歆�靾橃潣 斓滌 靾橃鞚� 齑堦赴 靾橃鞚� 80% 鞚挫儊(鞚错晿 氤错樃 鞛勱硠旃�)鞚� 瓴届毎 1,000雼煬鞕� 斓滌 鞚挫瀽; 霕惖鐢 (ii) 鞗愱笀 氤错樃臧� 攵�攵勳爜鞙茧 鞝侅毄霅橃柎 1,000雼煬 + [1,000雼煬 脳 (臧�鞛� 攵�歆勴暅 歆�靾� 靾橃澋毳� + 20%)]毳� 氚涭姷雼堧嫟. 氤错樃臧� 20%鞐� 攵堦臣頃橁赴 霑岆鞐� 臧�鞛� 攵�歆勴暅 歆�靾橁皜 20% 鞚挫儊 頃橂澖頃橂┐ 斓滊寑 80%旯岇 鞗愱笀 靻愳嫟鞚� 氚滌儩頃� 靾� 鞛堨姷雼堧嫟.
欤检殧 雮犾 氚� 臁瓣贝.
- 臧�瓴� 瓴办爼鞚�: 2025雲� 6鞗� 30鞚缄步
- 瓴办牅鞚�: 2025雲� 7鞗� 3鞚缄步
- 瓴�韱犾澕: 2025雲� 9鞗� 30鞚茧秬韯� 攵勱赴氤�, 齑� 12須�
- 鞎‰┐臧�: 1,000雼煬
- 順勳灛 臧�瓴� 靷办稖 鞁� 鞓堨儊 臧�旃�: 977.40雼煬(鞎‰┐臧�鞚� 鞎� 97.7%); 斓滌 鞓堨儊 臧�旃樀鐢 950雼煬 鞚错晿搿� 雮措牑臧�歆� 鞎婌潉 鞓堨爼鞛呺媹雼�.
欤检殧 鞙勴棙 靷暛. 雲疙姼电� 氍措嫶氤挫澊氅� JPMorgan鞚� 鞁犾毄 鞙勴棙鞐� 雲胳稖霅橃柎 鞛堦碃, 瓿犾爼 鞚挫瀽雮� 氚半嫻旮堨潉 歆�旮夗晿歆� 鞎婌溂氅�, 斓滊寑 80%鞚� 鞗愱笀 靻愳嫟 鞙勴棙鞚� 鞛堨姷雼堧嫟. 鞏措姁 頃� 歆�靾橂澕霃� 瓴�韱犾澕鞐� 鞛ル步鞚� 雱橃 氇豁晿氅� 頃措嫻 攵勱赴鞚� 鞚挫瀽 歆�旮夓澊 鞐嗢溂氅�, 臁瓣赴 靸來櫂鞚� 氚滍枆鞛愳潣 鞛焿鞐� 霐半雼堧嫟.
JPMorgan Chase Financial Company LLC pr茅voit d鈥櫭﹎ettre des Callable Contingent Interest Notes arrivant 脿 茅ch茅ance le 6 juillet 2028, enti猫rement et inconditionnellement garanties par JPMorgan Chase & Co. Les notes sont li茅es individuellement (et non en panier) aux indices Dow Jones Industrial Average庐, Nasdaq-100 Index庐 et EURO STOXX 50庐 Index.
Coupon conditionnel. Les investisseurs recevront un paiement d鈥檌nt茅r锚t conditionnel trimestriel d鈥檃u moins 20,00 $ par tranche de 1 000 $ de principal (鈮�8,00 % par an) uniquement si, 脿 la date de revue applicable, le niveau de cl么ture de chaque indice est 茅gal ou sup茅rieur 脿 70 % de sa valeur initiale (la barri猫re d鈥檌nt茅r锚t). Si un indice franchit cette barri猫re 脿 la baisse, le coupon de ce trimestre est perdu.
Option de rachat par l鈥櫭﹎etteur. L鈥櫭﹎etteur peut racheter les notes en totalit茅 (et non partiellement) 脿 n鈥檌mporte quelle date de paiement des int茅r锚ts 脿 partir du 5 janvier 2026 pour 1 000 $ plus tout coupon acquis, exposant ainsi les d茅tenteurs 脿 un risque de r茅investissement si les notes sont rappel茅es lorsque les rendements du march茅 sont plus faibles.
Remboursement du principal. 脌 l鈥櫭ヽh茅ance, si les notes n鈥檕nt pas 茅t茅 rappel茅es auparavant, les investisseurs recevront : (i) 1 000 $ plus le coupon final si le niveau final de chaque indice est 鈮�80 % de son niveau initial (le seuil de protection) ; ou (ii) un capital partiellement prot茅g茅 茅gal 脿 1 000 $ + [1 000 $ 脳 (Performance de l鈥檌ndice le plus faible + 20 %)]. 脡tant donn茅 que la protection n鈥檈st que de 20 %, une baisse de plus de 20 % de l鈥檌ndice le moins performant entra卯ne une perte en capital pouvant aller jusqu鈥櫭� 80 %.
Dates et conditions cl茅s.
- Date de tarification : vers le 30 juin 2025
- R猫glement : vers le 3 juillet 2025
- Dates de revue : trimestrielles, 脿 partir du 30 septembre 2025 ; 12 dates au total
- Valeur nominale : 1 000 $
- Valeur estim茅e si tarif茅e aujourd鈥檋ui : 977,40 $ (environ 97,7 % de la valeur nominale) ; l鈥檈stimation finale ne sera pas inf茅rieure 脿 950 $.
Points cl茅s de risque. Les notes ne sont pas garanties, sont soumises au risque de cr茅dit de JPMorgan, ne versent pas de coupon fixe ni de dividendes, et peuvent perdre jusqu鈥櫭� 80 % du principal. Le non-respect de la barri猫re d鈥檜n indice 脿 une date de revue 茅limine le paiement des int茅r锚ts pour ce trimestre. Le rachat anticip茅 est 脿 la seule discr茅tion de l鈥櫭﹎etteur.
JPMorgan Chase Financial Company LLC plant die Emission von Callable Contingent Interest Notes mit F盲lligkeit am 6. Juli 2028, die vollst盲ndig und bedingungslos von JPMorgan Chase & Co. garantiert werden. Die Notes sind einzeln (nicht als Korb) an den Dow Jones Industrial Average庐, Nasdaq-100 Index庐 und EURO STOXX 50庐 Index gekoppelt.
Bedingter Kupon. Investoren erhalten nur dann eine viertelj盲hrliche bedingte Zinszahlung von mindestens 20,00 $ pro 1.000 $ Nennwert (鈮�8,00 % p.a.), wenn der Schlusskurs jedes Index am jeweiligen 脺berpr眉fungstag mindestens 70 % seines Anfangswerts erreicht (die Zinsbarriere). 脺berschreitet ein Index diese Barriere nicht, verf盲llt der Kupon f眉r dieses Quartal.
贰尘颈迟迟别苍迟别苍-碍眉苍诲颈驳耻苍驳蝉谤别肠丑迟. Der Emittent kann die Notes ganz (nicht teilweise) an jedem Zinszahlungstermin ab dem 5. Januar 2026 f眉r 1.000 $ plus aufgelaufene Zinsen zur眉ckzahlen, wodurch die Inhaber einem Wiederanlagerisiko ausgesetzt sind, falls die Notes bei niedrigeren Marktrenditen gek眉ndigt werden.
碍补辫颈迟补濒谤眉肠办锄补丑濒耻苍驳. Bei F盲lligkeit, sofern nicht vorher gek眉ndigt, erhalten Investoren: (i) 1.000 $ plus den letzten Kupon, wenn der Endstand jedes Index 鈮�80 % des Anfangswerts betr盲gt (die Schwelle f眉r den Schutzpuffer); oder (ii) eine teilgesch眉tzte R眉ckzahlung des Kapitals in H枚he von 1.000 $ + [1.000 $ 脳 (Rendite des am schlechtesten performenden Index + 20 %)]. Da der Schutzpuffer nur 20 % betr盲gt, f眉hrt ein R眉ckgang von mehr als 20 % beim schlechtesten Index zu einem Kapitalverlust von bis zu 80 %.
Wichtige Daten und Bedingungen.
- Preisfeststellung: ca. 30. Juni 2025
- Abwicklung: ca. 3. Juli 2025
- 脺berpr眉fungstermine: viertelj盲hrlich, beginnend am 30. September 2025; insgesamt 12 Termine
- Nennwert: 1.000 $
- Gesch盲tzter Wert bei heutiger Preisfeststellung: 977,40 $ (ca. 97,7 % des Nennwerts); der endg眉ltige Wert wird nicht unter 950 $ liegen.
Risikohinweise. Die Notes sind unbesichert, unterliegen dem Kreditrisiko von JPMorgan, zahlen keine festen Kupons oder Dividenden und k枚nnen bis zu 80 % des Kapitals verlieren. Wird die Barriere eines Index an einem 脺berpr眉fungstag nicht erreicht, entf盲llt der Zins f眉r dieses Quartal. Eine vorzeitige R眉ckzahlung erfolgt ausschlie脽lich nach Ermessen des Emittenten.
|
|
ISSUER FREE WRITING PROSPECTUS |
|
Filed Pursuant to Rule 433 |
|
|
Registration Statement No. 333-282565 |
|
|
Dated June 25, 2025 |
Auto-Callable Trigger PLUS Based on the Value of the EURO STOXX 50® Index due on or about August 5, 2030
Principal at Risk Securities
This document provides a summary of the terms of the Auto-Callable Trigger Performance Leveraged Upside SecuritiesSM (the “securities”). Investors should carefully review the accompanying preliminary pricing supplement for the securities, the accompanying product supplement, the underlier supplement, the prospectus supplement and the prospectus, as well as the “Risk Considerations” section below, before making an investment decision.
The securities do not guarantee any return of principal at maturity and you could lose significant portion or all of your investment. The securities are senior unsecured debt securities issued by The Bank of Nova Scotia (“BNS”), and all payments on the securities are subject to the credit risk of BNS. As used in this document, “we,” “us,” or “our” refers to BNS.
|
SUMMARY TERMS |
|
|||
|
Issuer: |
The Bank of Nova Scotia |
|||
|
Issue: |
Senior Note Program, Series A |
|||
|
Underlying index: |
EURO STOXX 50® Index (Bloomberg Ticker: “SX5E”) |
|||
|
Stated principal amount: |
$1,000.00 per security |
|||
|
Issue price: |
$1,000.00 per security |
|||
|
Minimum investment: |
$1,000.00 (1 security) |
|||
|
Pricing date: |
July 17, 2025 |
|||
|
Original issue date: |
July 22, 2025 (3 business days after the pricing date; see preliminary pricing supplement). |
|||
|
Final determination date: |
July 31, 2030, as noted below under “Determination dates, Early redemption dates and Early Redemption payment per security” |
|||
|
Maturity date: |
August 5, 2030, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
|||
|
Early redemption: |
If the index closing value of the underlying index on the determination date prior to the final determination date is greater than or equal to the initial index value, the securities will be automatically redeemed for the early redemption payment on the related early redemption date. No further payments will be made on the securities once they have been redeemed. |
|||
|
Determination dates, Early redemption dates and Early redemption payment per security: |
The early redemption payment will be an amount in cash per security for the determination date prior to the final determination date as set forth below. No further payments will be made on the securities once they have been redeemed. |
|||
|
|
Determination Dates* |
Early Redemption Dates |
Early Redemption Payment per Security |
|
|
1st determination date: July 24, 2026 |
July 29, 2026 |
$1,158.50 |
|
|
|
2nd determination date: July 31, 2030 |
Not applicable – See “Payment at maturity per security” below |
|||
|
* Subject to postponement for non-trading days and certain market disruption events (as described under “General Terms of the Notes — Market Disruption Events” and “— Valuation Dates” in the accompanying product supplement). |
||||
|
Payment at maturity per security: |
If the securities are not automatically redeemed prior to maturity, you will receive at maturity a cash payment per security as follows: ￭ If the final index value is greater than the initial index value: $1,000.00 + leveraged upside payment ￭ If the final index value is less than or equal to the initial index value but greater than or equal to the trigger level: $1,000.00 ￭ If the final index value is less than the trigger level: $1,000.00 + ($1,000.00 × underlying return) If the final index value is less than the trigger level, you will lose 1% for every 1% that the final index value falls below the initial index value and you could lose up to your entire investment in the securities. |
|||
|
Underlying return: |
(final index value – initial index value) / initial index value |
|||
|
Leverage factor: |
150.00% (applicable only if the securities are not automatically redeemed prior to maturity and the final index value is greater than the initial index value) |
|||
|
Leveraged upside payment: |
$1,000.00 × leverage factor × underlying return |
|||
|
Trigger level: |
75.00% of the initial index value |
|||
|
Initial index value: |
The index closing value of the underlying index on the pricing date |
|||
|
Final index value: |
The index closing value of the underlying index on the valuation date |
|||
|
CUSIP/ISIN: |
06418VZH0 / US06418VZH04 |
|||
|
Listing: |
The securities will not be listed or displayed on any securities exchange or any electronic communications network. |
|||
|
Commission: |
$32.50 per stated principal amount |
|||
|
Estimated value on the pricing date: |
Expected to be between $924.00 and $954.00 per security. See “Risk Factors” in the preliminary pricing supplement. |
|||
|
Preliminary pricing supplement: |
http://www.sec.gov/Archives/edgar/data/9631/000183988225034522/bns_424b2-18772.htm |
|||
|
HYPOTHETICAL PAYOUT |
The below figures are based on a hypothetical leverage factor of 150.00%, a hypothetical trigger level of 75.00% and are purely hypothetical (the actual terms of your securities will be determined on the pricing date and will be specified in the final pricing supplement).
Hypothetical Payment at Maturity if the Securities Are Not Automatically Redeemed Prior to Maturity
|
Underlying Return |
Payment at Maturity |
|
+40.00% |
$1,600.00 |
|
+30.00% |
$1,450.00 |
|
+20.00% |
$1,300.00 |
|
+10.00% |
$1,150.00 |
|
+5.00% |
$1,075.00 |
|
0.00% |
$1,000.00 |
|
-5.00% |
$1,000.00 |
|
-10.00% |
$1,000.00 |
|
-15.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-25.00% |
$1,000.00 |
|
-26.00% |
$740.00 |
|
-30.00% |
$700.00 |
|
-40.00% |
$600.00 |
|
-50.00% |
$500.00 |
|
-90.00% |
$100.00 |
|
-100.00% |
$0.00 |
A-1
You will find a link to the accompanying preliminary pricing supplement for the securities above and links to the accompanying product supplement, underlier supplement, prospectus supplement and prospectus for the securities under “Additional Information About BNS and the Securities” in the preliminary pricing supplement, which you should read and understand prior to investing in the securities.
The issuer has filed a registration statement (including a prospectus as supplemented by a prospectus supplement, underlier supplement, product supplement and the preliminary pricing supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying prospectus in that registration statement and the other documents the issuer has filed with the SEC, including the accompanying preliminary pricing supplement and the accompanying prospectus supplement, underlier supplement and product supplement, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (212) 225-5678. Our Central Index Key, or CIK, on the SEC web site is 0000009631.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to Return Characteristics
▪Risk of significant loss at maturity; you may lose up to your entire investment.
▪The stated payout from the issuer applies only upon an early redemption or at maturity.
▪If the securities are redeemed prior to maturity, the appreciation potential of the securities is limited by the fixed early redemption payment.
▪Greater expected volatility with respect to the underlying index generally reflects a higher return rate represented by the early redemption payment, a higher leverage factor and a lower trigger level, and a higher expectation as of the pricing date that the final index value could be less than the trigger level.
▪The securities are subject to reinvestment risk in the event of an early redemption.
▪The amount payable on the securities is not linked to the value of the underlying index at any time other than the determination dates.
▪Owning the securities is not the same as owning the index constituent stocks.
Risks Relating to Characteristics of the Underlying Index
▪An investment in the securities involves market risk associated with the underlying index.
▪There can be no assurance that the investment view implicit in the securities will be successful.
▪The underlying index reflects price return, not total return.
▪The securities will not be adjusted for changes in exchange rates related to the U.S. dollar.
▪The securities are subject to non-U.S. securities market risk.
▪Changes affecting the underlying index could have an adverse effect on the market value of, and any amount payable on, the securities.
▪There is no affiliation between the index sponsor and BNS, and BNS is not responsible for any disclosure by such index sponsor.
▪Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.
Risks Relating to Estimated Value and Liquidity
▪BNS’ initial estimated value of the securities at the time of pricing (when the terms of your securities are set on the pricing date) will be lower than the issue price of the securities.
▪Neither BNS’ nor SCUSA’s estimated value of the securities at any time is determined by reference to credit spreads or the borrowing rate BNS would pay for its conventional fixed-rate debt securities.
▪BNS’ initial estimated value of the securities does not represent future values of the securities and may differ from others’ (including SCUSA’s) estimates.
▪The securities have limited liquidity.
▪The price at which SCUSA would buy or sell your securities (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA’s estimated value of your securities.
▪The price of the securities prior to maturity will depend on a number of factors and may be substantially less than the stated principal amount.
Risks Relating to General Credit Characteristics
▪Payments on the securities are subject to the credit risk of BNS.
Risks Relating to Hedging Activities and Conflicts of Interest
▪Hedging activities by BNS and SCUSA may negatively impact investors in the securities and cause our respective interests and those of our clients and counterparties to be contrary to those of investors in the securities.
▪We, SCUSA and our other affiliates regularly provide services to, or otherwise have business relationships with, a broad client base, which has included and may include us and the index constituent stock issuers and the market activities by us, SCUSA or our other affiliates for our or their own respective accounts or for our clients could negatively impact investors in the securities.
▪Activities conducted by BNS and its affiliates may impact the value of the underlying index and the value of the securities.
▪The calculation agent will have significant discretion with respect to the securities, which may be exercised in a manner that is adverse to your interests.
▪BNS and its affiliates may publish research or make opinions or recommendations that are inconsistent with an investment in the securities.
Risks Relating to Canadian and U.S. Federal Income Taxation
▪Uncertain tax treatment. Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See “Additional Information About the Securities — Tax Considerations” and “— Material Canadian Income Tax Consequences” in the preliminary pricing supplement.
Underlying Index
For information about the underlying index, including historical performance information, see “Information About the Underlying Index” in the preliminary pricing supplement.
A-2
Source:
FAQ
What contingent interest rate do the JPM notes pay?
How much principal protection do investors have in these JPM Callable Contingent Interest Notes?
When can JPMorgan redeem (call) the notes early?
What is the estimated value of the notes at issuance?
Do the notes pay dividends from the underlying indices?
What happens if any index is below the 70 % barrier on a Review Date?
Are the notes insured or secured?
