Philanthropy
1 minute read
Join Jamie Hackleman, U.S. Team Lead of The Philanthropy Centre, J.P. Morgan Private Bank, and Michael Thatcher, President and CEO, Charity Navigator, as they delve into the intricacies of effective charitable giving in this part of our Guide to Giving series.
Key topics include:
This is intended for informational purposes only. Opinions expressed herein are those of the speakers and may differ from those of other JP Morgan employees and affiliates. Historical information and outlooks are not guarantees of future results. Any views and strategies described may not be appropriate for all participants and should not be intended as personal investment, financial, or other advice. As a reminder, investment products are not FDIC insured, do not have bank guarantee, and they may lose value.
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Hi. I'm Jamie Hackleman, the US team lead of The Philanthropy Center, one of our key advice teams here at the private bank. Through the philanthropy center, we provide personalized guidance to help our clients advance their giving plans and strategies. Today, I'm joined here by Michael Thatcher, President and CEO of Charity Navigator.
And we want to use this opportunity to talk about ways that donors can effectively find and evaluate nonprofit organizations. In both of our roles, we are often talking to donors around the things that are working or not working when it comes to giving money to charity. And what we frequently hear is that it can be daunting to find opportunities that align with the donor's mission and interests, and how to sift through hundreds of thousands of organizations in a given issue area.
So we want to use today's conversation to talk about the practices and strategies for effectively finding and funding these nonprofit organizations. So to start with finding organizations, Michael, there are more than 1.5 million charities in the US. How do donors go about just getting started in thinking about narrowing their interests to find organizations to give to?
Thank you, Jamie. I think a donor said this to me once. And it's always resonated and is causes grab you by the heart and you have to go do something about it. And so I think giving is emotional. Start with your heart. What do you care about? What's really important to you? What do you want to change? What do you want to preserve?
And then from that, you're going to have a cause area, your area of focus. That's your starting point. So you've already eliminated about 90% of the nonprofit sector at that point, right? So from there, you've got to go the 10%, which is still huge. And then I would start getting really specific. So from a cause, then it's, what about that cause? Where can I get specific?
And then I would use third-party intermediaries. I would use the internet. Charity Navigator's set up to help you get super refined in how you do your selection. And I would take it from there.
Where do you think about going to source organizations?
So again, you can use the internet and just a simple search. What we try and do at Charity Navigator is help reduce that complexity. So you can search by category. We set up lists where we'll put together a curated list of highly rated-- and I'll talk about our ratings eventually. But we're trying to help you find not just what you're looking for, but an organization that's actually having an impact. And I think that's something to really keep top of mind.
It's not just about giving money. It's about creating social change. So you're investing, you're investing in a future that is better than the one that we have right now.
Absolutely. And what about giving in times of crisis? I think we're talking about really proactive giving here. You're learning about these areas. You're finding organizations. But we also know that donors are incredibly responsive to natural disasters, humanitarian crises, conflict, et cetera. And it can be really challenging to find vetted organizations in those circumstances. What sources can donors turn to when it comes to giving in times of crisis?
So again, in a time of crisis, there's also a certain emotional charge that comes with that, particularly if it's a crisis that affects you personally in some way or form. It's your family, it's your background, where you come from. It's a part of the world that you care about or it's just you've been devastated by the images that you've seen.
So one of the concerns and one of the things that happens during a time of crisis is you can have predatorial behavior. You can have lookalike charities. You can have just bad actors that are trying to divert your resources to them and not to the cause. So I would say that's probably-- it's a reactive time of giving.
And it's definitely a time where you want to use a third party. You want to you're giving to a real charity. That's super important. You want to it is the name that it is, right? So you want to look it up. You want to look up its insurance tax status. And you also want to that they can handle the situation. A lot of crisis situations require interventions in countries that might be at war.
That's not necessarily achievable by small organizations, little pop ups. Sometimes you need to go to well-established organizations.
That makes sense.
You have organizations like the Center for Disaster Philanthropy that's a great source in a time of crisis. Charity Navigator will always put together a crisis list for a specific issue. We get them up within 24 hours. And we'll list high-rated organizations. So they're legitimate and they're also high-performing organizations that are working in those areas.
You also have the internet, a broad internet search. But again, start there and then refine it, make sure you're giving to a good organization. And then the last thing I'll say about crisis giving is this is something that, sadly, we're having more and more environmental and human-related crises right now. As you budget for your philanthropy, and you should budget for your philanthropy, leave some money for unexpected situations because they're the things that you care about that you deeply want to support on an annual basis.
And then something's going to happen in March or in November that's not planned. And you're going to want to do something about it and make sure you have the resources to do something about it.
Yeah, that's a great point. I think that's a conversation that we often have with donors is that the majority of your giving can be proactive, but reserve some ability to be responsive and reactive so that you can respond to current events. And it's not going to derail your giving plans over the course of a given year, and your budget, and all of that.
Maybe just one last point on proactive versus reactive giving. How does this extend to the types of donations that you could make such as recurring donations?
It's a great question. And I think when I look at my planned giving, so areas that I care deeply about-- and that's not going to change probably maybe for a decade or so-- that's a great example for me of really building a relationship with an organization that I support, signing up for a recurring gift. So that could be a recurring gift off my credit card. There are other ways of doing that.
It's a monthly gift. It could be a quarterly gift. Organizations love that because a lot of giving happens at the end of the year. If you sign up for monthly donations, they know they have a steady stream of income that's coming on a regular basis that they can actually count on and they work towards. I would reserve disaster giving as a one-time gift. And I would also even consider giving anonymously because these may be organizations that you don't necessarily want to be solicited from after that disaster.
Yes.
And so using anonymity in your giving is something that's-- it's a choice that you have. If you're unsure about an organization, you're getting started and you're giving to a specific cause area, it is one great way of actually getting going. You call the shots that way.
Yeah, absolutely.
I think that's really important.
Yeah, that's really helpful to hear. Great advice. Let's shift gears to evaluating organizations. So you've found an organization in your interest area. And you want to make sure that you're putting your money where you can have the most impact. What are some important factors to consider when assessing an organization?
I think I would start with mission alignment. And this is personal. Do I personally align with the organization's mission? Assuming that's true, I would then look for what they do. Does that align with the mission statement? So does their strategy align? And are they doing that? And then you really look for articulated impact and results on how they're achieving what they say they're doing.
So what's the cause they're trying to affect in the world or the difference? And are they doing that? The other elements-- and I'll give 30 seconds on how we evaluate an organization-- is we want to know their articulated plans so that they have strength of leadership. So you want to believe in the CEO. You want to know if they have impact.
Are they effective at that? And are they efficient at that? The other thing we look at is what we call culture and community. And one of the elements of giving, or let's say the nonprofit sector that's different than the commercial sector is the purchaser is not the consumer. So you're making a gift. But you're not actually receiving the goods that are being provided.
So we look at feedback mechanisms and how the organization interfaces and gets feedback from the people served, by the constituents, or the beneficiaries. Very important actually understanding if there's a difference being made and if it's being perceived as such. We also look at financials. You want to know that you have a sound financial organization. And you also want to that they have good governance.
So an independent board of directors is a really key thing to look at, otherwise things could go all over the place. Those would be starting points. And ultimately, are they making the difference that they say they're making?
Absolutely. And if you had to ask three key questions of an organization when you're assessing an opportunity, what would they be? I would start with mission statement. What's your mission? What's your plan to achieve that mission? What have you accomplished so far?
And if I had a fourth question, and I always have more than three, I would ask them what they've learned--
Oh, interesting.
--over the years because you want to be investing in a learning organization because the reality of giving and the reality of social interventions is they're really hard.
Absolutely.
I think sometimes we have a false expectation as a donor that my money's got to go to a perfect result. The fact of the matter is nonprofits are picking up areas that commercial business doesn't see value in because it can't make money, and government hasn't been able to provide a service.
Right, like big market failures.
Huge market failures. We are the safety net, the nonprofit sector. So there are going to be mistakes. And we should be celebrating mistakes in the social sector the same way we do with startups as they learn, their mistakes for learning so that we can actually achieve real results that make a difference.
You're enhancing and improving what you're doing overall based on that learning.
And I think on that last point, I want to emphasize that in the sense that when you think about your giving, think about, what's your risk tolerance? Are you willing to give to an organization that's trying to figure something out and may make mistakes? And for some people, that's exciting. For some people, that's--
Terrifying.
--I can't go there. And that should influence your choices.
Yes, that's a great point. That's a really great point. I think the risk aversion is so key here because we don't want to waste our money, our charitable dollars necessarily. But to your point of social innovation and what we can learn from it, it's going to happen. So what's your tolerance there?
What about red flags, warning signs that donors should be looking out for?
I think I would look for excessive turnover in an organization, particularly at the leadership level. Is there something going on? I think you could do a simple internet search on the organization you're thinking of supporting and seeing, is there something going on?
Yes, reputation, right?
Reputation. If reputation is important to you, track that. The other thing-- and again, Charity Navigator provides this for you. And again, we're a free service. We're a free website with ratings and information. We have an alert system. It's four levels of alerts where we look at things from a major media investigation's happened regarding an organization, or there's an attorney general's investigation going on, or there's confirmed wrongdoing from an attorney general's office.
That's important information. That should influence your choices. We'll let you know what's happened. We simply give you the information that's publicly available. And then you make a choice based on that. The other thing that we also do, which is important, particularly in a crisis, is when we find a fake charity or something that often happens is an organization will go out of business. But they'll keep soliciting.
Yes.
We don't want you and we actually won't let you on our site give to an organization that is out of business. That's not philanthropy.
That's a great preventative strategy, absolutely. In our last few minutes, can we talk about impact? I want to make sure that we touch on it because you found an organization. You evaluated them. You gave your money to them. Now what? How do you think about the impact of your gift?
I think the way our evaluations look at impact today is in certain areas where there's a known social intervention, where there's good academic literature saying the intervention leads to a certain result, whether it's planting trees for carbon reduction, cataract surgery to eliminate blindness. You have a known outcome. You have a known intervention for it.
And then what we do is we average out all other sort of externalities. And we come up with a cost per outcome analysis. And we say that for $10 at this organization, you get this many interventions versus for $10 you get less at another or more at another. And so we're looking at it in that respect. So it's a known outcome with a direct, measurable financial output at that point.
The other thing that I would look at is in areas which don't measure so easily. So look at something like policy intervention where you're trying to shift laws to protect the environment or to change a certain or enable certain things in the world. Those interventions are much more difficult to evaluate. So I would look for learning. I would look for feedback. And those are some of the things that we're trying to measure as well.
That's really helpful. Before we go, one final question. If you had one last piece of advice around finding and assessing nonprofit organizations, what would it be?
I would say stick to-- always be generous. Be forgiving in your giving and follow your gifts. In other words, when I think of giving, actually, I love to give. But I'm investing in a future. I'm investing in a better future for myself and for other people in the world and other creatures in the world.
And so it's about staying engaged. Stay with what you support, and then be tolerant for mistakes, but always look for learning.
I love that. That's great advice. Thank you for sharing your insights.
Thank you, Jamie.
We hope that today's conversation can provide you an actionable framework for ways to support meaningful giving opportunities. Thank you for joining us.
Prior to making financial or investment decisions, you should speak with a qualified professional in your JP Morgan team.
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This
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is intended for informational purposes only. Opinions expressed herein are those of the speakers and may differ from those of other JP Morgan employees and affiliates. Historical information and outlooks are not guarantees of future results. Any views and strategies described may not be appropriate for all participants and should not be intended as personal investment, financial, or other advice. As a reminder, investment products are not FDIC insured, do not have bank guarantee, and they may lose value.
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Slide, Guide to giving, identifying and evaluating effective nonprofits. Text: Jamie Hackleman, US team lead, the philanthropy center, JP Morgan private bank. Michael Thatcher, president and CEO, charity navigator. Two profile images of the speakers.
(SPEECH)
Hi. I'm Jamie Hackleman, the US team lead of The Philanthropy Center, one of our key advice teams here at the private bank. Through
(DESCRIPTION)
Text: Jamie Hackleman, US team lead, the philanthropy center, JP Morgan private bank. She has long blonde hair and is wearing a white blazer over a dark blue top. She sits at a table with Michael Thatcher. In the background there are vertical strips of grey soundproof material. There is the phrase JP Morgan in a calligraphy style on the wall behind the two speakers.
(SPEECH)
the philanthropy center, we provide personalized guidance to help our clients advance their giving plans and strategies. Today, I'm joined here by Michael Thatcher, President and CEO of Charity Navigator.
And we want to use this opportunity to talk about ways that donors can effectively find and evaluate nonprofit organizations. In both of our roles, we are often talking to donors around the things that are working or not working when it comes to giving money to charity. And what we frequently hear is that it can be daunting to find opportunities that align with the donor's mission and interests, and how to sift through hundreds of thousands of organizations in a given issue area.
So we want to use today's conversation to talk about the practices and strategies for effectively finding and funding these nonprofit organizations. So to start with finding organizations, Michael, there are more than 1.5 million charities in the US. How do donors go about just getting started in thinking about narrowing their interests to find organizations to give to?
(DESCRIPTION)
Text: Michael Thatcher, president and CEO, charity navigator. Michael is wearing a dark blazer over a light blue shirt. He has short blonde hair.
(SPEECH)
Thank you, Jamie. I think a donor said this to me once. And it's always resonated and is causes grab you by the heart and you have to go do something about it. And so I think giving is emotional. Start with your heart. What do you care about? What's really important to you? What do you want to change? What do you want to preserve?
And then from that, you're going to have a cause area, your area of focus. That's your starting point. So you've already eliminated about 90% of the nonprofit sector at that point, right? So from there, you've got to go the 10%, which is still huge. And then I would start getting really specific. So from a cause, then it's, what about that cause? Where can I get specific?
And then I would use third-party intermediaries. I would use the internet. Charity Navigator's set up to help you get super refined in how you do your selection. And I would take it from there.
Where do you think about going to source organizations?
So again, you can use the internet and just a simple search. What we try and do at Charity Navigator is help reduce that complexity. So you can search by category. We set up lists where we'll put together a curated list of highly rated-- and I'll talk about our ratings eventually. But we're trying to help you find not just what you're looking for, but an organization that's actually having an impact. And I think that's something to really keep top of mind.
It's not just about giving money. It's about creating social change. So you're investing, you're investing in a future that is better than the one that we have right now.
Absolutely. And what about giving in times of crisis? I think we're talking about really proactive giving here. You're learning about these areas. You're finding organizations. But we also know that donors are incredibly responsive to natural disasters, humanitarian crises, conflict, et cetera. And it can be really challenging to find vetted organizations in those circumstances. What sources can donors turn to when it comes to giving in times of crisis?
So again, in a time of crisis, there's also a certain emotional charge that comes with that, particularly if it's a crisis that affects you personally in some way or form. It's your family, it's your background, where you come from. It's a part of the world that you care about or it's just you've been devastated by the images that you've seen.
So one of the concerns and one of the things that happens during a time of crisis is you can have predatorial behavior. You can have lookalike charities. You can have just bad actors that are trying to divert your resources to them and not to the cause. So I would say that's probably-- it's a reactive time of giving.
And it's definitely a time where you want to use a third party. You want to you're giving to a real charity. That's super important. You want to it is the name that it is, right? So you want to look it up. You want to look up its insurance tax status. And you also want to that they can handle the situation. A lot of crisis situations require interventions in countries that might be at war.
That's not necessarily achievable by small organizations, little pop ups. Sometimes you need to go to well-established organizations.
That makes sense.
You have organizations like the Center for Disaster Philanthropy that's a great source in a time of crisis. Charity Navigator will always put together a crisis list for a specific issue. We get them up within 24 hours. And we'll list high-rated organizations. So they're legitimate and they're also high-performing organizations that are working in those areas.
You also have the internet, a broad internet search. But again, start there and then refine it, make sure you're giving to a good organization. And then the last thing I'll say about crisis giving is this is something that, sadly, we're having more and more environmental and human-related crises right now. As you budget for your philanthropy, and you should budget for your philanthropy, leave some money for unexpected situations because they're the things that you care about that you deeply want to support on an annual basis.
And then something's going to happen in March or in November that's not planned. And you're going to want to do something about it and make sure you have the resources to do something about it.
Yeah, that's a great point. I think that's a conversation that we often have with donors is that the majority of your giving can be proactive, but reserve some ability to be responsive and reactive so that you can respond to current events. And it's not going to derail your giving plans over the course of a given year, and your budget, and all of that.
Maybe just one last point on proactive versus reactive giving. How does this extend to the types of donations that you could make such as recurring donations?
It's a great question. And I think when I look at my planned giving, so areas that I care deeply about-- and that's not going to change probably maybe for a decade or so-- that's a great example for me of really building a relationship with an organization that I support, signing up for a recurring gift. So that could be a recurring gift off my credit card. There are other ways of doing that.
It's a monthly gift. It could be a quarterly gift. Organizations love that because a lot of giving happens at the end of the year. If you sign up for monthly donations, they know they have a steady stream of income that's coming on a regular basis that they can actually count on and they work towards. I would reserve disaster giving as a one-time gift. And I would also even consider giving anonymously because these may be organizations that you don't necessarily want to be solicited from after that disaster.
Yes.
And so using anonymity in your giving is something that's-- it's a choice that you have. If you're unsure about an organization, you're getting started and you're giving to a specific cause area, it is one great way of actually getting going. You call the shots that way.
Yeah, absolutely.
I think that's really important.
Yeah, that's really helpful to hear. Great advice. Let's shift gears to evaluating organizations. So you've found an organization in your interest area. And you want to make sure that you're putting your money where you can have the most impact. What are some important factors to consider when assessing an organization?
I think I would start with mission alignment. And this is personal. Do I personally align with the organization's mission? Assuming that's true, I would then look for what they do. Does that align with the mission statement? So does their strategy align? And are they doing that? And then you really look for articulated impact and results on how they're achieving what they say they're doing.
So what's the cause they're trying to affect in the world or the difference? And are they doing that? The other elements-- and I'll give 30 seconds on how we evaluate an organization-- is we want to know their articulated plans so that they have strength of leadership. So you want to believe in the CEO. You want to know if they have impact.
Are they effective at that? And are they efficient at that? The other thing we look at is what we call culture and community. And one of the elements of giving, or let's say the nonprofit sector that's different than the commercial sector is the purchaser is not the consumer. So you're making a gift. But you're not actually receiving the goods that are being provided.
So we look at feedback mechanisms and how the organization interfaces and gets feedback from the people served, by the constituents, or the beneficiaries. Very important actually understanding if there's a difference being made and if it's being perceived as such. We also look at financials. You want to know that you have a sound financial organization. And you also want to that they have good governance.
So an independent board of directors is a really key thing to look at, otherwise things could go all over the place. Those would be starting points. And ultimately, are they making the difference that they say they're making?
Absolutely. And if you had to ask three key questions of an organization when you're assessing an opportunity, what would they be? I would start with mission statement. What's your mission? What's your plan to achieve that mission? What have you accomplished so far?
And if I had a fourth question, and I always have more than three, I would ask them what they've learned--
Oh, interesting.
--over the years because you want to be investing in a learning organization because the reality of giving and the reality of social interventions is they're really hard.
Absolutely.
I think sometimes we have a false expectation as a donor that my money's got to go to a perfect result. The fact of the matter is nonprofits are picking up areas that commercial business doesn't see value in because it can't make money, and government hasn't been able to provide a service.
Right, like big market failures.
Huge market failures. We are the safety net, the nonprofit sector. So there are going to be mistakes. And we should be celebrating mistakes in the social sector the same way we do with startups as they learn, their mistakes for learning so that we can actually achieve real results that make a difference.
You're enhancing and improving what you're doing overall based on that learning.
And I think on that last point, I want to emphasize that in the sense that when you think about your giving, think about, what's your risk tolerance? Are you willing to give to an organization that's trying to figure something out and may make mistakes? And for some people, that's exciting. For some people, that's--
Terrifying.
--I can't go there. And that should influence your choices.
Yes, that's a great point. That's a really great point. I think the risk aversion is so key here because we don't want to waste our money, our charitable dollars necessarily. But to your point of social innovation and what we can learn from it, it's going to happen. So what's your tolerance there?
What about red flags, warning signs that donors should be looking out for?
I think I would look for excessive turnover in an organization, particularly at the leadership level. Is there something going on? I think you could do a simple internet search on the organization you're thinking of supporting and seeing, is there something going on?
Yes, reputation, right?
Reputation. If reputation is important to you, track that. The other thing-- and again, Charity Navigator provides this for you. And again, we're a free service. We're a free website with ratings and information. We have an alert system. It's four levels of alerts where we look at things from a major media investigation's happened regarding an organization, or there's an attorney general's investigation going on, or there's confirmed wrongdoing from an attorney general's office.
That's important information. That should influence your choices. We'll let you know what's happened. We simply give you the information that's publicly available. And then you make a choice based on that. The other thing that we also do, which is important, particularly in a crisis, is when we find a fake charity or something that often happens is an organization will go out of business. But they'll keep soliciting.
Yes.
We don't want you and we actually won't let you on our site give to an organization that is out of business. That's not philanthropy.
That's a great preventative strategy, absolutely. In our last few minutes, can we talk about impact? I want to make sure that we touch on it because you found an organization. You evaluated them. You gave your money to them. Now what? How do you think about the impact of your gift?
I think the way our evaluations look at impact today is in certain areas where there's a known social intervention, where there's good academic literature saying the intervention leads to a certain result, whether it's planting trees for carbon reduction, cataract surgery to eliminate blindness. You have a known outcome. You have a known intervention for it.
And then what we do is we average out all other sort of externalities. And we come up with a cost per outcome analysis. And we say that for $10 at this organization, you get this many interventions versus for $10 you get less at another or more at another. And so we're looking at it in that respect. So it's a known outcome with a direct, measurable financial output at that point.
The other thing that I would look at is in areas which don't measure so easily. So look at something like policy intervention where you're trying to shift laws to protect the environment or to change a certain or enable certain things in the world. Those interventions are much more difficult to evaluate. So I would look for learning. I would look for feedback. And those are some of the things that we're trying to measure as well.
That's really helpful. Before we go, one final question. If you had one last piece of advice around finding and assessing nonprofit organizations, what would it be?
I would say stick to-- always be generous. Be forgiving in your giving and follow your gifts. In other words, when I think of giving, actually, I love to give. But I'm investing in a future. I'm investing in a better future for myself and for other people in the world and other creatures in the world.
And so it's about staying engaged. Stay with what you support, and then be tolerant for mistakes, but always look for learning.
I love that. That's great advice. Thank you for sharing your insights.
Thank you, Jamie.
We hope that today's conversation can provide you an actionable framework for ways to support meaningful giving opportunities. Thank you for joining us.
Prior to making financial or investment decisions, you should speak with a qualified professional in your JP Morgan team.
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(DESCRIPTION)
Logo: J.P. Morgan. Disclosures. Key risks. This material is for information 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.
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 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.
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.
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.
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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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.
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