Because fees paid to JPMIM and its affiliates will be offset against the advisory account fee, J.P. In such a case, JPMIM or its affiliates receive a fee for managing the J.P.
Morgan purchases for the client’s portfolio. JPMIM or its affiliates may be sponsors or managers of ETFs and other registered funds (“J.P. Morgan ETFs used in this program may or may not be approved for solicitation in the JPMS full-service brokerage platform. Morgan ETFs for the program will be different from, and may, in certain circumstances, be inconsistent with, the investment decisions made by J.P.
Consequently, investment decisions regarding J.P. Morgan Securities LLC (“JPMS”) serves as an investment adviser. Morgan ETFs in this program are not required to be reviewed or approved by the research process applicable to other programs for which J.P. Morgan will receive more overall fees when J.P. You should not invest in this program if you are not comfortable holding an investment portfolio that is comprised of 100% J.P. The client’s portfolio will contain 100% J.P. Morgan has a conflict of interest when it determines the portfolio’s target asset classes, asset allocation goals or ongoing allocations, because it will allocate only to asset classes where J.P. Morgan ETFs even in cases where there are third-party ETFs that are less expensive, or that have longer track records or superior historical returns. As a result, this program’s portfolio manager will choose J.P. When selecting ETFs for this program, the portfolio manager limits its selection to J.P. Morgan has with other clients or when J.P. Other conflicts will result because of relationships that 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. Morgan receives payment as a result of purchasing an investment product for a client’s account or 4) When J.P. Morgan entity obtains services, including trade execution and trade clearing from an affiliate, 3) When J.P. Morgan invests in an investment product, such as a mutual fund, exchange-traded fund (ETF), structured product, separately-managed account or hedge fund issued or managed by an affiliate, such as J.P. Conflicts will result, for example (to the extent the following activities are permitted in the account): 1) When J.P. Morgan") has an actual or perceived economic or other incentive in its management of clients’ portfolios to act in a way that benefits J.P. or any of its affiliates (together, "J.P. Conflicts of interest will arise whenever J.P.
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