Investment Strategy
1 minute read
In the year-end update from our Chief Investment Office, Richard Madigan and Nancy Rooney break down our response and portfolio adjustments following the Federal Reserve’s unexpected moves. They also explore how the election could shape our market positioning and question whether China is now in a bull market.
[MUSIC PLAYING]
Thank you for joining me today, Richard.
A pleasure, as always.
So this year has played out very differently than what most folks were expecting in January, where most economists thought the Fed would have to cut rates very aggressively in order to engineer that soft landing for the economy, or at least slow the economy enough without putting it in recession. But that didn't happen at all. The Fed has only cut once, a far cry from that five to seven that people were thinking about.
Yep.
But you've been very tactical through that pivot, right, especially in your balance between stocks and bonds. And so I would love for you to talk about how you've been shifting risk as the Fed has been changing.
Sure, I'd be happy to. We've had several pockets of opportunity this year, Nancy, and literally taking you back to the start of the year-- the crescendo for the five to seven rate cuts was also built on a narrative of imminent recession. And for the macro research that we were doing as a team, we just never saw as a base case recession risk this year. And, by the way, still don't.
And you know this well, but we spend a lot of time with the companies that we invest in or looking to invest in. And I think c-suite executives across the board coming into the year were cautious, because they should have been, but very constructive on the outlook, and we were as well.
So that put us in mode very quickly to move into overweight positions in credit markets, also in equity markets. And that was a little bit of a contrarian at the point we did that. But we saw real discontinuity or dislocation in pricing that we wanted to take advantage of.
And this is January, February?
Correct.
OK.
We left those positions in place until early July. And then we trimmed them back. So we took that stock-bond blend back to neutral. And a large part of trimming back the equity wasn't a negative on the outlook, it was just recognition that we thought that valuations were ahead of themselves. So having concentrated risk at the right point, we wanted to diversify it.
When we sat there, we started to look at storm clouds brewing on the market in July. And a large part of the discussion for me and my team was, when do we come back in? What's the level we want to add again to equity? And I think, as importantly, what's the funding source?
Having lined all of that up in late July, we found ourselves literally on the market the first week in August buying back stocks. And then that overweight position we've left in place until recently. We've trimmed that back again. And, again, that was predominantly valuation-driven, but geopolitics right now influencing the left tail risk, so concentrating risk when we see opportunity, but making sure that we're diversifying risk really well, either because valuations command it or we're seeing tail risk in the geopolitics that we just want to make sure we're a little more defensively positioned around.
Got it. So stocks and bonds are neutral--
Yes.
Positioning. But are portfolios still more growth focused at this point?
The short answer, yes. We have a lot going on, both in our equity allocations as well as our fixed income. So, yes, pro-cyclically positioned.
And then I guess the other question, right, the Fed went 50 basis points. So does that signal to you that you think we're out of the woods in terms of inflation just yet?
It's a great question. I think that the Fed's done its heavy lifting. So the good news is they've gotten a point that they could have afforded to cut rates. And I'll give you the answer that I gave right before the Fed actually cut. I actually don't think it mattered if they did 25 or 50. What mattered the most is they got moving.
They got it going.
They did the right thing.
Got it. From now till probably mid-November, right, the airwaves are being dominated by election news. And we're still learning more every day about each party's policies. I think for you as an investor, how does the information that you've learned so far factor into the way that you've positioned portfolios?
So I care the most, Nancy, about policies and the outcomes of them. Campaign promises can be entertaining. There's a narrative around it, but they end up being much more salacious for the vote than they are for the impact.
To me, I think if there's a common thread or a narrative that I could put through either the Republican or the Democrats' campaign promise, they're leaning heavily into spending. They're not explaining well how they're going to pay for that.
And so that's across both parties.
It is. But I will tell you, market pundits seem to be focused much more on a Republican Party sweep being good news for markets. We'll see. The proof is going to be in the policy address. There's a big difference between a short-term trade and a fundamental trend.
So portfolios are neutral as far as their stock-bond balance. But when I look through all the positions, it's actually credit that's the largest source of risk. So why did you take credit risk instead of taking equity risk?
I think the easiest way to describe it-- I'm always looking for the biggest bang to the buck in terms of how we take risk. So the goal being, where can I put the highest probability on a return stream, taking the least amount of risk? And right now for me, that's credit markets.
Credit markets and equity markets aren't cheap. And we've talked about valuations and where we are in markets.
And credit markets are things like high yield.
High yield, we have allocations to investment grade credit to high yield. We have allocations in the US as well as Europe. We also own emerging market hard currency debt.
And that combination offers some diversification. But I think, comprehensively, when I look at default risk, the biggest worry on the market coming into this year was that there was an awful lot of refinancing that corporations had to get done.
They've done that. And they've extended maturity profiles. So, to me, that allows me to put less fear in aggregate with regard to what's going to happen in default and a higher probability of return. And to give you some idea, Nancy, yields in the segments that we're investing right now are 7.5% to 8%. So I'm very comfortable with that as an income stream for portfolios.
So somewhat equity-like returns, but taking less risk in fixed income markets. And given that you're comfortable with the economy, it helps balance out the risk of default rates going up.
It's procyclical in terms of positioning, but significantly less downside risk than equity markets right now.
When I look at US equity markets this year, it's almost a repeat of last year in the sense that the breadth of leadership is very narrow, right? Last year, it was the FAANG stocks. This year, it's the Mag Seven.
Now, having said that, you've been able to outpace global equity markets, but in a very diversified way. So if it's not those same types of names, what's driving your returns in the equity portion of portfolios?
So we talked about the toggles between overweights, underweights, between stocks and bonds-- but a lot going on within stocks and bonds. Within stocks, we came into the year still leaning into themes like broad AI-- and so think semiconductors, and that's been a global investment for us. Also think the cloud.
We've been dialing those back as we move through the year, because leaders and laggards have shifted positions. And we've done something very similar in Europe. We came in still playing the luxury theme. As we watched China slowing and challenges in the global economy, we dialed that back. We've actually leaned into, even further, health care. And by "health care," I'm focused much more on growth, pro-cyclical positioning, with a focus on GLP1-- so obesity drugs.
So not health care as in being defensive.
Not defensive, correct.
Gotcha. So I want to bring you back to something you started with, which was AI.
Yes.
Which is part of, I feel like, everything, almost, anymore. But since you raised it, and maybe taking a pivot from your portfolio for a second, how do you use it on your team? You have a large team. How do you think about incorporating it?
So embracing AI is the future, knowing we don't what it has in front of us. And if you don't mind, I want to separate AI, so artificial intelligence, with large language models.
I think the thing we've been doing, which may seem a little bit more pedantic, but it's the processing with efficiency of information. And we're actually working with a dedicated team of technologists within the firm to help us on both counts. AI, I am looking forward to with anticipation two years out, three years out. We have a lot to learn, but I see an awful lot of potential in the discovery.
The large language models end up being a little bit more provincial in their approach. So I'm trying to look at series of broad macro data, how I synthesize that to trends, to correlation benefits. And then think about things like corporate earnings. So we're beginning to look at and how we embrace and synthesize a detailed analysis of corporate earnings.
My end game on this is to make our portfolio managers better informed faster so we can come to ideas, tactical trades, at a far more rapid pace, but equally informed to what we're doing today.
So it's mainly about efficiency for you right now.
Absolutely. And I'm really excited about it.
Yeah, me too. Most portfolios have some exposure to international markets, and we know that's good for portfolio diversification, which brings us down risk across the portfolio over the long-term. But what about China, right? It has rallied sharply, given what they've talked about, what's coming from the fiscal side. And so is this just a bounce? Or are we entering a bull market?
The short answer, we're seeing a technical bounce. And if you look at positioning across from an investor community, both in fixed income and domestic equity markets, investors have been short. If I look at long-only emerging market managers, they've maintained a structural short in China for several years at this point.
And I think your observation on fiscal stimulus, that really was the game-changer. But, again, we've only heard the words. We actually haven't seen what the government intends to deliver. If it ends up being something substantive, so we can see how much, and, most importantly, where it's being spent. I think that can trend that technical bounce into something more meaningful and lasting-- and not just with regard to China, Nancy, also with regard to European equity markets and, more broadly, emerging markets.
So you haven't seen enough yet to convince you to start investing there, but there's enough of interest that you're continuing to keep it on the horizon. Is that fair?
Watching it incredibly closely, I guess no one has seen what they intend to. And the only reason I say that is the government's been very reticent to lean into fiscal stimulus. So this really is something we have not seen in many years out of China.
And I would imagine would certainly help some of your exposure in Europe as well as a major trading partner.
Absolutely.
And probably the biggest question that I get from clients, and it's a great way to wrap today, it brings me back to where I started, which is I am basically at or very close to equity market highs again. And yet, at the same time, we still have some clients who have cash on the sidelines. And they're pausing, right, because of how much the market has run these last two years.
But when I look at you as a portfolio manager that allocates risk, you are fully risked in your portfolio. So what gives you that confidence given how much the market has run?
First and foremost, we're constructive on the outlook. So back to the recession dynamic-- we're not seeing or foreseeing recession in the US. We're seeing the global economy that's slowing, but that's the starting point.
The other one is talking about how we're toggling risk between stocks and bonds. And I'm neutral in our allocations because I feel confident that I'm going to reach a client's long-term goal starting at that point. And I'm not seeing anything on the horizon that would want to make me underweight risk right now.
We've talked an awful lot about what we've been doing within credit in fixed income and why, and also a lot of the sectors that we're favoring that are still pro-cyclical. And on that comprehensive allocation, I feel really good about how we're positioned right now. If markets go bump, we'll take advantage of it.
So you're not concerned so much about the outlook. You see enough kind of stability with--
I'm always concerned about the outlook--
Yes.
But not negatively.
Not in a negative way. OK, that's fair. So let me take the other side of it, then. So what are you most excited about over the next 12 months?
Can I say Thanksgiving? Because that's my starting point.
Not exactly.
Looking through it, and for all the rhetoric and narrative around the elections, I think the thing I'm the most looking forward to is once we're through the election and we see the construct of Congress, what are the policies that are going to come out of the next administration? Because that's got the potential to set the course for markets for the next several years.
So as sad as it is to sound, I'm excited about politics, I'm excited about the outcome of politics to see where we go.
And the ending of it.
It never ends.
Yes. Thank you, Richard.
Pleasure, as always.
Appreciate it. Thanks.
[MUSIC PLAYING]
(DESCRIPTION)
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(SPEECH)
[MUSIC PLAYING]
(DESCRIPTION)
A shimmering strip of gold-plated handwriting swirls elegantly across a dark surface. It spells JP Morgan.
Text: Ideas and insights.
(SPEECH)
Thank you for joining me today, Richard.
A pleasure, as always.
So
(DESCRIPTION)
The background is a plain light-colored wall. A calligraphy style logo of JP Morgan is on the wall. A woman with straight shoulder-length blonde hair parted to the side wears a dark blazer with gold buttons and a dark blouse underneath. She wears rounded gold earrings. She sits at a table with Richard Madigan. Text: Nancy Rooney, Head of Portfolio Advisory Group, J.P. Morgan Private Bank and Wealth Management.
(SPEECH)
this year has played out very differently than what most folks were expecting in January, where most economists thought the Fed would have to cut rates very aggressively in order to engineer that soft landing for the economy, or at least slow the economy enough without putting it in recession. But
(DESCRIPTION)
Text: How did we position portfolios with a changing Fed?
(SPEECH)
that didn't happen at all. The Fed has only cut once, a far cry from that five to seven that people were thinking about.
Yep.
But you've been very tactical through that pivot, right, especially in your balance between stocks and bonds. And so I would love for you to talk about how you've been shifting risk as the Fed has been changing.
Sure,
(DESCRIPTION)
A man with short gray hair wears dark rounded glasses and a dark blazer over a light blue collared shirt. Text: Richard Madigan, Chief Investment Officer, J.P. Morgan Private Bank and Wealth Management.
(SPEECH)
I'd be happy to. We've had several pockets of opportunity this year, Nancy, and literally taking you back to the start of the year-- the crescendo for the five to seven rate cuts was also built on a narrative of imminent recession. And for the macro research that we were doing as a team, we just never saw as a base case recession risk this year. And, by the way, still don't.
And you know this well, but we spend a lot of time with the companies that we invest in or looking to invest in. And I think c-suite executives across the board coming into the year were cautious, because they should have been, but very constructive on the outlook, and we were as well.
So that put us in mode very quickly to move into overweight positions in credit markets, also in equity markets. And that was a little bit of a contrarian at the point we did that. But we saw real discontinuity or dislocation in pricing that we wanted to take advantage of.
And this is January, February?
Correct.
OK.
We left those positions in place until early July. And then we trimmed them back. So we took that stock-bond blend back to neutral. And a large part of trimming back the equity wasn't a negative on the outlook, it was just recognition that we thought that valuations were ahead of themselves. So having concentrated risk at the right point, we wanted to diversify it.
When we sat there, we started to look at storm clouds brewing on the market in July. And a large part of the discussion for me and my team was, when do we come back in? What's the level we want to add again to equity? And I think, as importantly, what's the funding source?
Having lined all of that up in late July, we found ourselves literally on the market the first week in August buying back stocks. And then that overweight position we've left in place until recently. We've trimmed that back again. And, again, that was predominantly valuation-driven, but geopolitics right now influencing the left tail risk, so concentrating risk when we see opportunity, but making sure that we're diversifying risk really well, either because valuations command it or we're seeing tail risk in the geopolitics that we just want to make sure we're a little more defensively positioned around.
Got it. So stocks and bonds are neutral--
Yes.
Positioning. But are portfolios still more growth focused at this point?
The short answer, yes. We have a lot going on, both in our equity allocations as well as our fixed income. So, yes, pro-cyclically positioned.
And then I guess the other question, right, the Fed went 50 basis points. So does that signal to you that you think we're out of the woods in terms of inflation just yet?
It's a great question. I think that the Fed's done its heavy lifting. So the good news is they've gotten a point that they could have afforded to cut rates. And I'll give you the answer that I gave right before the Fed actually cut. I actually don't think it mattered if they did 25 or 50. What mattered the most is they got moving.
They got it going.
They did the right thing.
Got it. From
(DESCRIPTION)
Text: What are the portfolio implications with the upcoming election?
(SPEECH)
now till probably mid-November, right, the airwaves are being dominated by election news. And we're still learning more every day about each party's policies. I think for you as an investor, how does the information that you've learned so far factor into the way that you've positioned portfolios?
So I care the most, Nancy, about policies and the outcomes of them. Campaign promises can be entertaining. There's a narrative around it, but they end up being much more salacious for the vote than they are for the impact.
To me, I think if there's a common thread or a narrative that I could put through either the Republican or the Democrats' campaign promise, they're leaning heavily into spending. They're not explaining well how they're going to pay for that.
And so that's across both parties.
It is. But I will tell you, market pundits seem to be focused much more on a Republican Party sweep being good news for markets. We'll see. The proof is going to be in the policy address. There's a big difference between a short-term trade and a fundamental trend.
(DESCRIPTION)
Text: Why choose credit risk over equity risk?
(SPEECH)
So portfolios are neutral as far as their stock-bond balance. But when I look through all the positions, it's actually credit that's the largest source of risk. So why did you take credit risk instead of taking equity risk?
I think the easiest way to describe it-- I'm always looking for the biggest bang to the buck in terms of how we take risk. So the goal being, where can I put the highest probability on a return stream, taking the least amount of risk? And right now for me, that's credit markets.
Credit markets and equity markets aren't cheap. And we've talked about valuations and where we are in markets.
And credit markets are things like high yield.
High yield, we have allocations to investment grade credit to high yield. We have allocations in the US as well as Europe. We also own emerging market hard currency debt.
And that combination offers some diversification. But I think, comprehensively, when I look at default risk, the biggest worry on the market coming into this year was that there was an awful lot of refinancing that corporations had to get done.
They've done that. And they've extended maturity profiles. So, to me, that allows me to put less fear in aggregate with regard to what's going to happen in default and a higher probability of return. And to give you some idea, Nancy, yields in the segments that we're investing right now are 7.5% to 8%. So I'm very comfortable with that as an income stream for portfolios.
So somewhat equity-like returns, but taking less risk in fixed income markets. And given that you're comfortable with the economy, it helps balance out the risk of default rates going up.
It's procyclical in terms of positioning, but significantly less downside risk than equity markets right now.
When I look at US equity markets this year, it's almost a repeat of last year in the sense that the breadth of leadership is very narrow, right? Last year, it was the FAANG stocks. This year, it's the Mag Seven.
Now, having said that, you've been able to outpace global equity markets, but in a very diversified way. So if it's not those same types of names, what's driving your returns in the equity portion of portfolios?
So we talked about the toggles between overweights, underweights, between stocks and bonds-- but a lot going on within stocks and bonds. Within stocks, we came into the year still leaning into themes like broad AI-- and so think semiconductors, and that's been a global investment for us. Also think the cloud.
We've been dialing those back as we move through the year, because leaders and laggards have shifted positions. And we've done something very similar in Europe. We came in still playing the luxury theme. As we watched China slowing and challenges in the global economy, we dialed that back. We've actually leaned into, even further, health care. And by "health care," I'm focused much more on growth, pro-cyclical positioning, with a focus on GLP1-- so obesity drugs.
So not health care as in being defensive.
Not defensive, correct.
Gotcha. So I want to bring you back to something you started with, which was AI.
Yes.
Which is part of, I feel like, everything, almost, anymore. But since you raised it, and maybe taking a pivot from your portfolio for a second, how do you use it on your team? You have a large team. How do you think about incorporating it?
So embracing AI is the future, knowing we don't what it has in front of us. And if you don't mind, I want to separate AI, so artificial intelligence, with large language models.
I think the thing we've been doing, which may seem a little bit more pedantic, but it's the processing with efficiency of information. And we're actually working with a dedicated team of technologists within the firm to help us on both counts. AI, I am looking forward to with anticipation two years out, three years out. We have a lot to learn, but I see an awful lot of potential in the discovery.
The large language models end up being a little bit more provincial in their approach. So I'm trying to look at series of broad macro data, how I synthesize that to trends, to correlation benefits. And then think about things like corporate earnings. So we're beginning to look at and how we embrace and synthesize a detailed analysis of corporate earnings.
My end game on this is to make our portfolio managers better informed faster so we can come to ideas, tactical trades, at a far more rapid pace, but equally informed to what we're doing today.
So it's mainly about efficiency for you right now.
Absolutely. And I'm really excited about it.
Yeah, me too. Most
(DESCRIPTION)
Text: Is China experiencing a market surge?
(SPEECH)
portfolios have some exposure to international markets, and we know that's good for portfolio diversification, which brings us down risk across the portfolio over the long-term. But what about China, right? It has rallied sharply, given what they've talked about, what's coming from the fiscal side. And so is this just a bounce? Or are we entering a bull market?
The short answer, we're seeing a technical bounce. And if you look at positioning across from an investor community, both in fixed income and domestic equity markets, investors have been short. If I look at long-only emerging market managers, they've maintained a structural short in China for several years at this point.
And I think your observation on fiscal stimulus, that really was the game-changer. But, again, we've only heard the words. We actually haven't seen what the government intends to deliver. If it ends up being something substantive, so we can see how much, and, most importantly, where it's being spent. I think that can trend that technical bounce into something more meaningful and lasting-- and not just with regard to China, Nancy, also with regard to European equity markets and, more broadly, emerging markets.
So you haven't seen enough yet to convince you to start investing there, but there's enough of interest that you're continuing to keep it on the horizon. Is that fair?
Watching it incredibly closely, I guess no one has seen what they intend to. And the only reason I say that is the government's been very reticent to lean into fiscal stimulus. So this really is something we have not seen in many years out of China.
And I would imagine would certainly help some of your exposure in Europe as well as a major trading partner.
Absolutely.
And
(DESCRIPTION)
Text: How are we positioning portfolios in an elevated stock market?
(SPEECH)
probably the biggest question that I get from clients, and it's a great way to wrap today, it brings me back to where I started, which is I am basically at or very close to equity market highs again. And yet, at the same time, we still have some clients who have cash on the sidelines. And they're pausing, right, because of how much the market has run these last two years.
But when I look at you as a portfolio manager that allocates risk, you are fully risked in your portfolio. So what gives you that confidence given how much the market has run?
First and foremost, we're constructive on the outlook. So back to the recession dynamic-- we're not seeing or foreseeing recession in the US. We're seeing the global economy that's slowing, but that's the starting point.
The other one is talking about how we're toggling risk between stocks and bonds. And I'm neutral in our allocations because I feel confident that I'm going to reach a client's long-term goal starting at that point. And I'm not seeing anything on the horizon that would want to make me underweight risk right now.
We've talked an awful lot about what we've been doing within credit in fixed income and why, and also a lot of the sectors that we're favoring that are still pro-cyclical. And on that comprehensive allocation, I feel really good about how we're positioned right now. If markets go bump, we'll take advantage of it.
So you're not concerned so much about the outlook. You see enough kind of stability with--
I'm always concerned about the outlook--
Yes.
But not negatively.
Not in a negative way. OK, that's fair. So let me take the other side of it, then. So what are you most excited about over the next 12 months?
Can I say Thanksgiving? Because that's my starting point.
Not exactly.
Looking through it, and for all the rhetoric and narrative around the elections, I think the thing I'm the most looking forward to is once we're through the election and we see the construct of Congress, what are the policies that are going to come out of the next administration? Because that's got the potential to set the course for markets for the next several years.
So as sad as it is to sound, I'm excited about politics, I'm excited about the outcome of politics to see where we go.
And the ending of it.
It never ends.
Yes. Thank you, Richard.
Pleasure, as always.
Appreciate it. Thanks.
[MUSIC PLAYING]
(DESCRIPTION)
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Your investments and potential conflicts of interest. 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 and 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.
Legal, entity, brand, and regulatory information. In Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (Taunus Turm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt für Finanzienstleistungsaufsicht (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 Finanzienstleistungsaufsicht (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 Finanzienstleistungsaufsicht (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 Finanzienstleistungsaufsicht (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.
Legal, entity, brand, and regulatory information. 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 Financiele 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 Kebenhavn 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 authorised and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and a securities dealer in Switzerland.
Legal, entity, brand, and regulatory information. 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 is any applicable legal documentation which is or shall be made available in the relevant jurisdictions (as required).
In Hong Kong, this 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, this 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 Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. 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. 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.
LEGAL ENTITY, BRAND & REGULATORY INFORMATION, 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 US 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.
LEGAL ENTITY, BRAND & REGULATORY INFORMATION, References to "J.P. Morgan" are to JPM, its subsidiaries and affiliates worldwide. "J.P. Morgan Private Bank" is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team. © 2024 JPMorgan Chase & Co. All rights reserved.
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All companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context.
All market and economic data as of December 2023 and sourced from Bloomberg Finance L.P. and FactSet unless otherwise stated.
The information presented is not intended to be making value judgments on the preferred outcome of any government decision.
Key Risks
This material is for informational purposes only, and may inform you of certain products and services offered by private banking 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 Vendôme 75001 Paris, France, authorized by the Bundesanstaltfür 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, this 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, this 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 Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. 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. 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:
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JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed 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 JPMorgan Chase & Co. Products not available in all states.
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