Investment Strategy
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What if there was a way to potentially safeguard your portfolio? Would you consider capping your gains in exchange for reducing potential losses? What if there was a way to potentially safeguard your portfolio in a cost-effective way?
Well, there is.
Derivatives can help investors navigate many of today’s pressing investment challenges. These contracts are not without risks, as they can be more complex than traditional investment products. They involve risks such as liquidity, counterparty and credit risks, and investors must meet suitability requirements to trade them. But working with knowledgeable investment partners can help manage these risks, and we believe derivatives can be an important tool for managing your investment portfolio.
Here’s an introduction to help you consider whether, and when, derivatives might be appropriate additions to your investing toolkit to help achieve your goals.
Derivatives are financial instruments that are contracts deriving value from what they’re tied to, including stocks, bonds, commodities, currencies and other tradeable things such as indexes, interest rates—and even the weather. Several factors right now are bringing derivatives to the fore:
Rates are significant drivers of derivative pricing. Higher interest rates can lead to interesting derivative opportunities. (For example, one class of derivatives, structured notes, particularly benefits from high interest rates.) While rates are elevated now, that may not last.
As our 2025 Mid-Year Outlook suggests, we believe the U.S. economy will ultimately prove resilient in an highly uncertain policy environment – supported by pro-growth fiscal agendas mixed with higher tariffs and geopolitical tension. Therefore, global investors are encouraged to build robust portfolios that can withstand various risk scenarios, and derivatives can play a role in helping investors to narrow the range of possible outcomes.
Historically, only the most sophisticated investors could purchase derivatives. Today, at a time when we think there may be particularly interesting opportunities, derivatives have also become more accessible to individual investors—and in bespoke forms.
Whatever your goals, from preserving capital to adding income and more, certain derivatives can be customized to help you achieve them.
Derivatives can be traded on an exchange or in the over-the-counter (OTC) market; each offers different types of derivatives contracts. Investing in derivatives makes you a party to a binding agreement, and they are a flexible product that can be used to achieve multiple goals, but often designed to hedge against various portfolio risks or enhance potential yield.
When considering derivatives, you’ll want to consider your objectives, risk tolerance and need for liquidity, among other factors. Here are a few things derivatives can help you accomplish.
Derivatives can allow you to hedge against risks on both the asset and liability sides of your balance sheet. For equities, you might use derivatives to hedge against a decline in a portfolio or single stock to limit potential losses.
Another derivative, an interest rate swap, allows investors to hedge against fluctuations in interest rate movements by locking in rates or borrowing costs.
An investment’s value can rise or fall, of course. The decision to take on full upside and downside risks can be daunting. But certain derivative strategies can be constructed to adjust that. If, say, you’re looking to reflect certain market views in your portfolio, derivatives can help create a more compelling risk/reward profile than simply holding a traditional long-only cash investment.
For example, a structured note can allow you, for a price, to cap some of your upside potential in exchange for embedding a floor, or maximum loss, on the downside.
Fixed income, a common portfolio staple, has some limitations. Price and yield, for example, are set by the current market environment. You might not want what’s available. A structured note can take other assets—investment grade financials or technology stocks, for example—and turn them into income-producers.
Certain types of derivative products can allow investors to monetize the risk premium embedded in an asset class such as equities and turn it into an income generator. Its payment to the investor reflects equity market risk, plus some embedded downside protection—with the potential to pay more than public fixed income markets.
Derivatives and structured products, like most investment products, come with a degree of risk. Before purchasing such products, make sure you understand their terms. See important disclaimers at the end of this article for more information.
How could a strategy be structured and executed? Among the possibilities, here is an example.
Tom is looking to purchase a vacation home in Switzerland, as he is an avid alpine skier. He thinks the tech sector will return more than the broad market over the short term, and wants to act on this conviction. But with his pending house purchase, he doesn’t have enough liquidity to buy stock up front, and he doesn’t want to sell holdings in his diversified portfolio.
His team helped him choose a growth-focused single tech stock poised to potentially benefit from the rollout of its new artificial intelligence (AI) enhanced product. Given the compelling outlook, he bought a call option that allowed him to potentially buy the stock if it appreciated to a specified level. He only needed to pay a small outlay (the “premium,” or the option’s price), which was less than the value of the underlying stock. His maximum loss on this position was also limited to the premium.
The call option gave Tom the extra tech exposure he wanted, did not disrupt his portfolio’s diversification, and limited his downside risk.
All derivatives and structured products offered on our platform go through J.P. Morgan’s rigorous investment strategy process. Reach out to your team to learn more about our platform and to see how our comprehensive derivatives products and strategies, suited to various needs, may align with your portfolio.
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All case studies are shown for illustrative purposes only and are hypothetical. Any name referenced is fictional, and may not be representative of other individual experiences. Information is not a guarantee of future results.
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This material is a product of an Associated Person on the J.P. Morgan Wealth Management Foreign Exchange, Commodity and Rates Product and Solutions group with responsibilities for the marketing and sale of swaps and OTC financial derivatives. This material is not a product of a J.P. Morgan Research Department and is not a research report and is not intended as such, although it may refer to a J.P. Morgan Research report or research analyst. This material is for the general information of our clients and is a “solicitation” only as that term is used within CFTC Rule 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act. The information contained herein is as of the date and time noted above, and J.P. Morgan does not undertake any obligation to update such information and does not warrant its completeness or accuracy. This material does not purport to contain all of the information that an interested party may desire, and may provide only a limited view of a particular market. Transactions involving securities and financial instruments mentioned herein may not be suitable for all investors. Clients should contact their salespersons at, and execute transactions through, a J.P. Morgan entity qualified in their local jurisdiction, unless governing law permits otherwise. J.P. Morgan does not provide, affirm, or opine on the tax treatment of specific securities or derivatives transactions in existence or of a hypothetical nature. For tax‐related advice, clients should consult an independent tax advisor. All questions related to swaps and OTC financial derivatives referenced in these materials must be directed to jpm_pb_fxc@jpmorgan.com.
This information is intended to be a high-level overview of potential hedging strategies that can be executed through OTC options to achieve specific goals. These strategies may not be suitable for all investors. This is not intended as an offer or solicitation for the purchase or sale of any financial instrument. In discussion of options and option strategies, results and risks are based solely on the hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in general, are suitable to their needs. For a complete discussion of risks associated with any investment, please review offering documents and speak with your investment specialists.
This material is intended to help you understand the financial consequences of the concepts and strategies discussed here in very general terms. However, the strategies found herein often involve complex tax and legal issues. Only your own attorney and other tax advisors can help you consider whether the ideas illustrated here are appropriate for your individual circumstances.
Please note that these marketing materials discuss trading over-the-counter (OTC) options. In any OTC transaction with JPMorgan, the client will hold counter-party risk. Additionally, the potential may exist for the transactions discussed in the presentation to be executed in the listed market. Several considerations should be taken into account including strategy, size of position, level of customization, term of transaction and cost. Please consult with your JPMorgan team for more information. Not all option strategies are suitable for investors; certain strategies may expose investors to significant potential losses. We have generally summarized the risks of selected derivative strategies. For additional risk information, please call your JPMorgan team for a copy of “Characteristics and Risks of Standardized Options” or visit: http://www.optionsclearing.com/about/publications/character-risks.jsp. We advise investors to consult their tax advisors and legal counsel about the tax implications of these strategies. Please also refer to option risk disclosure documents. Note: This information is intended to be a high-level overview of potential hedging strategies that can be executed through OTC options to achieve specific goals. These strategies may not be suitable for all investors. This is not intended as an offer or solicitation for the purchase or sale of any financial instrument.
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Key Risks:
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the original investment. The use of derivatives may not be successful, resulting in investment losses, and the cost of such strategies may reduce investment returns. Not all option strategies are suitable for all investors. Certain strategies may expose investors to significant potential risks and losses. For additional risk information, please read the “Characteristics and Risks of Standardized Options” : http://www.optionsclearing.com/about/publications/character-risks.jsp. We advise investors to consult their tax advisors and legal counsel about the tax implications of these strategies. Investors are urged to carefully consider whether options or option-related products or strategies are suitable for their needs.
Investing in Structured Notes involves a number of significant risks. We have set forth certain risk factors and other investment considerations relating to the investment below. Not all investments are suitable (or in the best interest) for all investors. You should analyze the Structured Notes based on your individual circumstances, taking into account such factors as investment objectives, tolerance for risk and liquidity needs.
Structured product involves derivatives. Do not invest in it unless you fully understand and are willing to assume the risks associated with it. 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 representative. If you are in any doubt about the risks involved in the product, you may clarify with the intermediary or seek independent professional advice. 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 representative. If you are in any doubt about the risks involved in the product, you may clarify with the intermediary or seek independent professional advice.
In actual transactions, the client’s counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A. and its affiliates.
Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss.
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Key Risks
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