locate an office

office near you

Investment Strategy

5 considerations to make the most of market volatility

There is no question that the market environment has changed.

Obviously, stock prices are lower. The S&P 500 is currently -6% below its all-time high reached in the middle of July, Europe is down more than 8% from its highs, and Japanese stocks endured a full bear market over the course of two weeks.

Bond yields are also lower. Ten-year U.S. Treasury yields are down by -30 basis points (bps) over the last two weeks. Two-year yields, which are more sensitive to changes in the outlook for Federal Reserve policy, have collapsed by nearly -50 bps over the same time frame.

Implied volatility is also higher. The S&P 500 needs to move 1.5% in either direction daily for the next month to justify the currently level of implied volatility (VIX Index) versus just an 0.8% daily move two weeks ago.

We believe these changes are driven by three main factors that drove investors to flee crowded positions:

Growth scare: There is a higher risk of U.S. recession now than there was just two weeks ago. The jobs data released at the beginning of August were weak and triggered the “Sahm Rule”, which has coincided with every recession since 1970. We don’t believe the economy is currently in recession, and still believe the most likely outcome is continued expansion. Layoffs are low, corporate profits are rising, margins are healthy, and output is solid. That said, the Fed likely doesn’t have the flexibility to wait and see. We think it’s on the precipice of a material easing cycle. The message for investors is clear: Cash is likely set to underperform bonds, as it has in 11 of the 12 easing cycles over the last 50 years.
AI skepticism: There is more skepticism around the earnings benefits from artificial intelligence (AI). Earnings season from the perceived “AI winners” was solid yet unspectacular. This is part of the problem. Investors had grown more optimistic that AI would start to show a more pronounced return on investment. If there was an “AI premium” embedded in the market, it is largely gone. The tech-heavy Nasdaq 100 is now underperforming the broad market year-to-date. The forward price-to-earnings ratios for three of the four “hyperscalers” are lower now than when they were at the start of the year. We believe AI has the potential to drive meaningful economic, productivity and earnings benefits over the next decade. The stocks that could be best positioned to benefit are trading at a premium to the market, but don’t look too stretched relative to their own history.
The U.S. election: Long-term investors are probably best served to focus more on strategic asset allocation and implementation decisions than shifting perceptions of election outcomes, but they do seem to drive markets in the short term. Since the middle of July, implied election odds have moved back to an effective toss-up from the previous greater-than-70% chance President Trump would be re-elected. The stock market is not reacting to one candidate or another as much as it is reacting to a more uncertain outlook for the outcome in November. That necessitates lower valuations.

We still have a constructive view on markets despite a more pronounced risk of a more material growth slowdown. As we move through the end of the summer and into the autumn, we will likely view increased volatility as an opportunity to put money to work across asset classes.

Spotlight: Five considerations to make the most of market volatility

Market volatility may be normal, but it should still spark action. In the rest of today’s note, we list five approaches we think investors can consider to make the most of the sell-off.

This chart shows the MSCI World calendar year price returns and maximum intra-year drawdowns from 1980 to August 2024. In 1980, the calendar year price return was 21% and the maximum intra-year drawdown was -16%. In 1981, the calendar year price return was -8% and the maximum intra-year drawdown was -18%. In 1982, the calendar year price return was 6% and the maximum intra-year drawdown was -20%. In 1983, the calendar year price return was 19% and the maximum intra-year drawdown was -6%. In 1984, the calendar year price return was 2% and the maximum intra-year drawdown was -14%. In 1985, the calendar year price return was 37% and the maximum intra-year drawdown was -5%. In 1986, the calendar year price return was 39% and the maximum intra-year drawdown was -9%. In 1987, the calendar year price return was 14% and the maximum intra-year drawdown was -24%. In 1988, the calendar year price return was 21% and the maximum intra-year drawdown was -9%. In 1989, the calendar year price return was 15% and the maximum intra-year drawdown was -7%. In 1990, the calendar year price return was -19% and the maximum intra-year drawdown was -26%. In 1991, the calendar year price return was 16% and the maximum intra-year drawdown was -11%. In 1992, the calendar year price return was -7% and the maximum intra-year drawdown was -14%. In 1993, the calendar year price return was 20% and the maximum intra-year drawdown was -6%. In 1994, the calendar year price return was 3% and the maximum intra-year drawdown was -8%. In 1995, the calendar year price return was 19% and the maximum intra-year drawdown was -4%. In 1996, the calendar year price return was 12% and the maximum intra-year drawdown was -6%. In 1997, the calendar year price return was 14% and the maximum intra-year drawdown was -10%. In 1998, the calendar year price return was 23% and the maximum intra-year drawdown was -21%. In 1999, the calendar year price return was 24% and the maximum intra-year drawdown was -7%. In 2000, the calendar year price return was -14% and the maximum intra-year drawdown was -19%. In 2001, the calendar year price return was -18% and the maximum intra-year drawdown was -31%. In 2002, the calendar year price return was -21% and the maximum intra-year drawdown was -31%. In 2003, the calendar year price return was 31% and the maximum intra-year drawdown was -14%. In 2004, the calendar year price return was 13% and the maximum intra-year drawdown was -8%. In 2005, the calendar year price return was 8% and the maximum intra-year drawdown was -7%. In 2006, the calendar year price return was 18% and the maximum intra-year drawdown was -12%. In 2007, the calendar year price return was 7% and the maximum intra-year drawdown was -11%. In 2008, the calendar year price return was -42% and the maximum intra-year drawdown was -51%. In 2009, the calendar year price return was 27% and the maximum intra-year drawdown was -27%. In 2010, the calendar year price return was 10% and the maximum intra-year drawdown was -17%. In 2011, the calendar year price return was -8% and the maximum intra-year drawdown was -23%. In 2012, the calendar year price return was 13% and the maximum intra-year drawdown was -13%. In 2013, the calendar year price return was 24% and the maximum intra-year drawdown was -8%. In 2014, the calendar year price return was 3% and the maximum intra-year drawdown was -10%. In 2015, the calendar year price return was -3% and the maximum intra-year drawdown was -14%. In 2016, the calendar year price return was 5% and the maximum intra-year drawdown was -12%. In 2017, the calendar year price return was 20% and the maximum intra-year drawdown was -2%. In 2018, the calendar year price return was -10% and the maximum intra-year drawdown was -20%. In 2019, the calendar year price return was 25% and the maximum intra-year drawdown was -6%. In 2020, the calendar year price return was 14% and the maximum intra-year drawdown was -34%. In 2021, the calendar year price return was 20% and the maximum intra-year drawdown was -6%. In 2022, the calendar year price return was -19% and the maximum intra-year drawdown was -27%. In 2023, the calendar year price return was 22% and the maximum intra-year drawdown was -11%. The last data point is as of August 2024, where the year-to-date price return was 9% and the maximum year to date drawdown was -8%.

Revisit your plan. Use this period of market volatility as an opportunity to revisit a comprehensive wealth plan. This ensures that financial goals are clearly defined and aligned with your long-term objectives. When portfolios are properly aligned with intent, it is likely they are also designed to withstand this type of volatility. Don’t have a plan? Use the sell-off to put a holistic plan in place. It could help relieve the trepidation associated with the next one.

Rebalance your portfolio. Review and rebalance portfolios to maintain your strategic asset allocation. Equities have pulled back and fixed income has rallied, which may result in unwanted drift. Last week, to maintain proper levels of exposure, we added to equities in portfolios that we manage on behalf of clients.

Put idle cash to work. Using stock market pullbacks to increase equity exposure can be a prudent strategy. Average returns for the S&P 500 12 months after a 5% pullback are nearly 12%, and markets are higher nearly 75% of the time. Nervous about more volatility? Consider structured investments. Structured products are typically misunderstood as overly complex and risky financial instruments. But when used correctly, derivatives can enhance a portfolio by offering the potential to participate in some market appreciation with an inbuilt downside buffer.

Lock in yields. Yields are falling fast now that it seems the global cutting cycle might come faster than previously expected. Investment grade yields in excess of 5% in the U.S. and 3.5% in Europe are elevated compared to what we saw over the last decade, but may not be there for long. History suggests that core bonds have outperformed cash by an average of 14% over the last 12 Fed cutting cycles.

Keep things in perspective. The global stock market has returned nearly 10% this year and has sold off by over 5% from prior all-time highs. The average year that ends with a gain comes with a 15% peak-to-trough drawdown. The cost of outsized returns from equity markets is this type of volatility. Also, if the bull market that started in October 2022 is really over, it would be the shortest on record. Instead, it seems more likely to us that this bull market will extend toward the median gain of 110% over four years from its current length of 40% in less than two years.

Volatility can be uncomfortable. Your J.P. Morgan team is here to help you make the most of it.

All market and economic data as of August 2024 and sourced from Bloomberg Finance L.P. and FactSet unless otherwise stated.

We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice.

Structured products involve derivatives and risks that may not be suitable for all investors. The most common risks include, but are not limited to, risk of adverse or unanticipated market developments, issuer credit quality risk, risk of lack of uniform standard pricing, risk of adverse events involving any underlying reference obligations, risk of high volatility, risk of illiquidity/little to no secondary market, and conflicts of interest. Before investing in a structured product, investors should review the accompanying offering document, prospectus or prospectus supplement to understand the actual terms and key risks associated with each individual structured product. Any payments on a structured product are subject to the credit risk of the issuer and/or guarantor. Investors may lose their entire investment, i.e., incur an unlimited loss.

The risks listed above are not complete. For a more comprehensive list of the risks involved with this particular product, please speak to your J.P. Morgan team.

Fluctuations are no reason to sit still. Here are some actions investors can take.

Jacob Manoukian U.S. Head of Investment Strategy

Published Aug 12, 2024

EXPERIENCE THE FULL POSSIBILITY OF YOUR WEALTH

We can help you navigate a complex financial landscape. Reach out today to learn how.

Important Information

The MSCI World Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31, 1969. MXWO includes developed world markets, and does not include emerging markets. MXWD includes both emerging and developed markets.
The S&P 500 is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.
The EURO STOXX 50 Index, Europe's leading blue-chip index for the Eurozone, provides a blue-chip representation of supersector leaders in the region. The index covers 50 stocks from 11 Eurozone countries. The index is licensed to financial institutions to serve as an underlying for a wide range of investment products such as exchange-traded funds (ETFs), futures, options and structured products.
The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.
The VIX Index is a financial benchmark designed to be an up-to-the-minute market estimate of the expected volatility of the S&P 500 Index, and is calculated by using the midpoint of real-time S&P 500 Index (SPX) option bid/ask quotes.

KEY RISKS

This material is for information purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations.

Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.

GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

IMPORTANT INFORMATION ABOUT YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST

Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio’s investment objective.

As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.

The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.

LEGAL ENTITY, BRAND & REGULATORY INFORMATION

In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.

In Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). In Luxembourg, this material is issued by J.P. Morgan SE—Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF); registered under R.C.S Luxembourg B255938. In the United Kingdom, this material is issued by J.P. Morgan SE—London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by J.P. Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE, Sucursal en España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of J.P. Morgan SE under code 1567. In Italy, this material is distributed by J.P. Morgan SE—Milan Branch, with its registered office at Via Cordusio, n.3, Milan 20123, Italy, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB); registered with Bank of Italy as a branch of J.P. Morgan SE under code 8076; Milan Chamber of Commerce Registered Number: REA MI 2536325. In the Netherlands, this material is distributed by J.P. Morgan SE—Amsterdam Branch, with registered office at World Trade Centre, Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Amsterdam Branch is also supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan SE under registration number 72610220. In Denmark, this material is distributed by J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland, with registered office at Kalvebod Brygge 39-41, 1560 København V, Denmark, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of J.P. Morgan SE under code 29010. In Sweden, this material is distributed by J.P. Morgan SE—Stockholm Bankfilial, with registered office at Hamngatan 15, Stockholm, 11147, Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Stockholm Bankfilial is also supervised by Finansinspektionen (Swedish FSA); registered with Finansinspektionen as a branch of J.P. Morgan SE. In Belgium, this material is distributed by J.P. Morgan SE – Brussels Branch with registered office at 35 Boulevard du Régent, 1000, Brussels, Belgium, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE Brussels Branch is also supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) in Belgium; registered with the NBB under registration number 0715.622.844. In Greece, this material is distributed by J.P. Morgan SE – Athens Branch, with its registered office at 3 Haritos Street, Athens, 10675, Greece, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – Athens Branch is also supervised by Bank of Greece; registered with Bank of Greece as a branch of J.P. Morgan SE under code 124; Athens Chamber of Commerce Registered Number 158683760001; VAT Number 99676577. In France, this material is distributed by J.P. Morgan SE – Paris Branch, with its registered office at 14, Place Vendome 75001 Paris, France, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB) under code 842 422 972; J.P. Morgan SE –Paris Branch is also supervised by the French banking authorities the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). In Switzerland, this material is distributed by J.P. Morgan (Suisse) SA, with registered address at rue du Rhône, 35, 1204, Geneva, Switzerland, which is authorized and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and a securities dealer in Switzerland.

This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (MIFID II) and the Swiss Financial Services Act (FINSA). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required).

In Hong Kong, material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/ Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Hong Kong/ Singapore Branch (as notified to you). The contents of this site have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore. You are advised to exercise caution in relation to this site. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. JPMorgan Chase Bank, N.A., a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder’s liability is limited.

With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction.

JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 43 074 112 011/AFS Licence No: 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to “wholesale clients” only. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under U.S. laws, which differ from Australian laws. Material provided by JPMS in Australia is to “wholesale clients” only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

This material has not been prepared specifically for Australian investors. It:

May contain references to dollar amounts which are not Australian dollars;
May contain financial information which is not prepared in accordance with Australian law or practices;
May not address risks associated with investment in foreign currency denominated investments; and
Does not address Australian tax issues.

Choose a regional site for content and services specific to your location.

FEATURED SERVICE

FEATURED SERVICE

FEATURED SERVICE

FEATURED SERVICE

What's Trending

TRENDING INSIGHT

WHAT'S TRENDING

WHAT'S TRENDING

WHAT'S TRENDING

What's Trending

What's Trending

What's Trending

locate an office

offices near you

office near you

How can we help?

Choose a regional site for content and services specific to your location.

5 considerations to make the most of market volatility

Spotlight: Five considerations to make the most of market volatility

TAGS

In this article

you may also like

EXPERIENCE THE FULL POSSIBILITY OF YOUR WEALTH

Three big surprises that could drive markets in the second half

Trending Insights

Important Information

You're Now Leaving J.P. Morgan

What's Trending

What's Trending

What's Trending

locate an office

offices near you

office near you

How can we help?

5 considerations to make the most of market volatility

Spotlight: Five considerations to make the most of market volatility

TAGS

Share

In this article

you may also like

EXPERIENCE THE FULL POSSIBILITY OF YOUR WEALTH

Three big surprises that could drive markets in the second half

Trending Insights

Important Information