J.P. Morgan Wealth Management
408(b)(2) Fee Disclosure Statement for Retirement Plans
covered under the Employee Retirement Income Security Act of 1974 (ERISA)
Dated July 2024
INVESTMENT PRODUCTS ARE: • NOT FDIC INSURED • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY,
JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS
OF THE PRINCIPAL AMOUNT INVESTED
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CONTENTS
GENERAL/BACKGROUND ......................................................................................................................................................................................... 3
SERVICES PROVIDED ................................................................................................................................................................................................ 3
Brokerage Accounts .............................................................................................................................................................................. 3
Investment Advisory Accounts .............................................................................................................................................................. 3
COMPENSATION ...................................................................................................................................................................................................... 3
FIDUCIARY/INVESTMENT ADVISORY STATUS ........................................................................................................................................................... 4
Status Under ERISA ............................................................................................................................................................................... 4
Status Under The Investment Advisers Act of 1940 and State Law ........................................................................................................ 4
CHANGES ................................................................................................................................................................................................................. 4
CONTACTS ............................................................................................................................................................................................................... 4
FEE DISCLOSURES ..................................................................................................................................................................................................... 5
Brokerage Accounts .............................................................................................................................................................................. 5
Investment Advisory Accounts .............................................................................................................................................................. 7
Miscellaneous Account and Administrative Fees ................................................................................................................................... 8
OTHER IMPORTANT INFORMATION ......................................................................................................................................................................... 9
DISCLOSURE ARRANGEMENTS WITH PAYERS OF INDIRECT COMPENSATION............................................................................................................ 9
Compensation JPMS Receives From Mutual Fund Companies ............................................................................................................... 9
Distribution And/Or Service 12b-1 (Service/12b-1) Fees .............................................................................................................. 9
Administrative Servicing/Recordkeeping Fees ............................................................................................................................. 9
Compensation JPMS Receives From Money Market Fund Companies ................................................................................................... 9
12b-1 Distribution Fees ................................................................................................................................................................ 9
Servicing And Administrative Fees ............................................................................................................................................. 10
Revenue Sharing ........................................................................................................................................................................ 10
Waivers ............................................................................................................................................................................................... 10
Compensation JPMS Receives From Alternative Investments .............................................................................................................. 11
FLOAT .................................................................................................................................................................................................................... 11
NONMONETARY COMPENSATION & SUBSIDES ...................................................................................................................................................... 11
EXTERNAL SOURCES ............................................................................................................................................................................................... 12
NO TAX/LEGAL ADVICE .......................................................................................................................................................................................... 12
PRODUCT EXPENSES .............................................................................................................................................................................................. 12
AFFILIATED PRODUCTS ........................................................................................................................................................................................... 12
RECORDKEEPING AND BROKERAGE SERVICES ........................................................................................................................................................ 12
COMPENSATION FOR TERMINATION OF CONTRACT OR ARRANGEMENT ............................................................................................................... 13
ORDER FLOW, ECNS, TRADING CENTERS ................................................................................................................................................................ 13
REQUESTS FOR ADDITIONAL INFORMATION .......................................................................................................................................................... 13
NO OFFER OR SOLICITATION .................................................................................................................................................................................. 14
APPENDIX A - COMMISSIONS ................................................................................................................................................................................. 15
APPENDIX B - CHANGES AND UPDATES .................................................................................................................................................................. 16
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GENERAL/BACKGROUND
This Disclosure Statement contains information about the services that J.P. Morgan Securities LLC (“JPMS”) offers to your retirement
plan, as well as the compensation JPMS and its affiliates reasonably expect to receive with regard to those services. The information
is being provided to you, as a retirement plan fiduciary, in connection with the Department of Labor’s regulation (the “Regulation”)
under section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and is intended to assist
you in determining the reasonableness of your plan’s contracts or arrangements with JPMS, including the reasonableness of JPMS’s
compensation, and potential conflicts of interest. Please carefully review this information.
SERVICES PROVIDED
Disclosures contained herein apply to the “covered services” provided by JPMS and/or JPMorgan Chase Bank, N.A. (“JPMCB NA”), as
applicable, which are affiliates of JPMorgan Chase & Co. (We refer to JPMS, JPMCB NA, J.P. Morgan Chase & Co. and their affiliates
collectively as “J.P. Morgan.”) Such services are fully described in the agreements entered into and other related documentation you
receive at the time you open the plan’s account(s) (and any amendments you may receive thereafter), as referenced below. Of
course, you may request another copy of these agreements (and amendments) at any time.
Brokerage Accounts
JPMS provides brokerage services (in both “Self-Directed Investing” and “Full Service” brokerage accounts) to retirement plans as
described in the J.P. Morgan Self-Directed Investing Disclosures & Brokerage Account Agreement (for Self-Directed Investing
accounts) or in the J.P. Morgan Securities Customer Agreement (for Full Service brokerage accounts), as applicable, and handles the
brokerage and related functions for your account. This may include but is not limited to holding securities and cash, executing,
clearing and settling transactions, collecting and processing dividends, issuing buy and sell confirmations and client statements and
looking after the various details incidental to the clearing and carrying of brokerage accounts. Unless you have specified otherwise,
JPMS will act as custodian of the property in these brokerage accounts. For additional information regarding the services JPMS
provides with respect to brokerage accounts, please refer to your account agreement or other applicable service-related documents,
any of which may be amended from time to time. You may request additional copies of these agreements or other documents at
any time.
Under certain limited situations specific to Alternative Investments, JPMS provides custody services through JPMCB NA, as described
in the Custody Agreement, sometimes referred to as “Accounts And Services Relating To Assets Held By JPMorgan Chase Bank, N.A.
And Affiliated Banks,” which is part of the Combined Terms and Conditions. Pursuant to that agreement, such services generally
include recording, on our books, the plan’s interest in property that JPMCB NA holds directly or indirectly for the account as
custodial agent. JPMCB NA may also make purchases, sales, and deliveries in accordance with instructions given by the plan sponsor.
Investment Advisory Accounts
JPMS offers a number of non-discretionary and discretionary investment advisory programs (“Programs”) to its retirement plan
clients, including the Strategic Investment Services Program (“STRATIS”), the Investment Counseling Service Program (“ICS”), the
Unified Managed Account Program (“UMA”), the Portfolio Advisor Program (“PA”), the Portfolio Manager Program (“PM”), the J.P.
Morgan Core Advisory Portfolio Program (“JPMCAP”), and the Customized Bond Portfolios Program (“CBP”). Full details of the
services that JPMS provides in connection with the Programs, and the fees associated with the Programs, are provided in the client
agreement and Form ADV Disclosure Brochure (“Program Brochure”). Current copies of the Program Brochure are available free of
charge online at https://www.jpmorgan.com/wealth-management/wealth-partners/securities/adv
or from your J.P. Morgan Wealth
Advisors and J.P. Morgan Wealth Partners (collectively, “advisors”).
Information regarding the specific fees payable by your plan to JPMS for these services is available on your account statements. Your
advisor can provide your plan’s specific Program fee information or a copy of the client agreement at any time.
COMPENSATION
Under the Regulation, we are required to disclose so-called “direct compensation” JPMS or its affiliates receives from your plan. We
are also required to disclose “indirect compensation,” which is generally defined to include compensation JPMS or its affiliates
receive from any source other than your covered plan or the plan sponsor. For example, JPMS or its affiliates may earn indirect
compensation from clients’ investments in mutual funds, or through arrangements with investment managers and other service
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providers (including investment managers and service providers that are affiliated with JPMS). JPMS may receive such indirect
compensation in connection with the applicable services described herein and in the plan’s account agreements, as indicated above.
The sections below describe the compensation that may be earned in connection with various services and investments that JPMS
may make available to retirement plan clients through brokerage and investment advisory accounts.
FIDUCIARY/INVESTMENT ADVISORY STATUS
Status Under ERISA
JPMS provides services as a fiduciary under ERISA in each of the Programs, as described in the relevant investment advisory program
documents that clients receive before opening an investment advisory account with JPMS (as amended from time to time). Similarly,
whether or not any third-party portfolio managers (which may include affiliates of JPMS) available in the STRATIS, ICS, UMA, PA, PM,
JPMCAP and CBP programs are providing any services as a fiduciary under ERISA is described in the relevant program client
agreement (as amended) and/or your direct agreement with such manager (if applicable). Pursuant to certain arrangements
between JPMS and any third-party portfolio managers (which may include affiliates of JPMS), such portfolio managers may also be
required to notify you directly if they are providing services to your plan as an ERISA fiduciary.
Furthermore, when we provide “investment advice” to you regarding your qualified retirement plan account(s) (within the
meaning of ERISA) outside of the investment advisory programs referenced above, we are fiduciaries under that law governing
such accounts. The way we make money creates some conflicts with your interests, so when providing such investment advice,
including rollover and transfer recommendations for your plan account(s) and investment recommendations for your Full
Service brokerage plan account(s), we operate under a special rule requiring us to act in your best interest and not put our
interest ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice) to you;
• Never put our financial interests ahead of yours when making investment recommendations (give loyal advice) to you;
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than what is reasonable for our services;
• Give you basic information about conflicts of interest.
On the other hand, JPMS does not act as a discretionary manager or provide investment advice (within the meaning of ERISA) in
connection with its provision of Self-Directed Investing brokerage services. Therefore, JPMS is not considered a fiduciary under ERISA
when providing such services.
Status Under the Investment Advisers Act of 1940 and State Law
JPMS is dually registered with the U.S. Securities and Exchange Commission as a broker-dealer and investment adviser. Accordingly,
JPMS acts as an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), in
connection with the investment advisory services it provides in its Programs (described above), but not with respect to any of the
services it provides to brokerage accounts. Similarly, all of the third-party portfolio managers (which may include affiliates of JPMS)
available in the STRATIS, ICS, UMA, PA, PM, JPMCAP and CBP programs act as investment advisers registered under the Advisers Act
in connection with the portfolio management services they provide in such programs.
CHANGES
You should expect to receive periodic notices or other communications regarding changes, if any, to the compensation and service
information described herein. Please visit the J.P. Morgan Securities Retirement Disclosures website at
https://www.jpmorgan.com/securities/legal/mutual-fund-disclosures
on a regular basis in order to view any recent changes.
CONTACTS
Please contact your advisor or other J.P. Morgan Representative to request additional information.
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FEE DISCLOSURES
Brokerage Accounts
Unless otherwise indicated, all compensation is earned by JPMS.
To view the “direct compensation” JPMS receives on certain products or services that are available to you through:
• Self-Directed Investing accounts go to the following link: Fee and Commission Schedule
.
• Full Service brokerage accounts, please see the following table.
These disclosures reflect standard charges associated with certain products or services that may be made available to you through
your brokerage account. Note that fees and charges may vary from one account to another based on a variety of factors. All such
fees and charges are deducted from your account and are subject to change periodically.
To view the “indirect compensation” JPMS receives on certain products or services that are available to you through your brokerage
account, please see “Other Important Information,” below.
Service/
Product
Compensation
Description
Compensation
Type
Amount / Rate
Manner of
Receipt
Timing of
Payment
Payer (of
Indirect
Compensation)
Additional Disclosures
Trading
Stocks,
Exchange
Traded Funds,
Fixed Income,
Options
Commissions
(Full Service Only)
Direct See Appendix A
for Standard
Commission
Schedules
Deducted
from account
Time of
transaction
N/A Commissions reflected in
Appendix A represent the
standard rates charged to
brokerage accounts.
Please refer to your trade
confirmations or contact
your advisor for
information on the
specific rates payable at
any given point in time.
Mutual Funds –
Load Waived
(see below for
money market
funds (including
sweep funds or
direct money
market mutual
funds
purchases))
- 12b-1 Distribution
Fee
- Servicing and
Administrative Fees
Indirect See “Other
Important
Information”
below
See “Other
Important
Information”
below
12b-1
Distribution
Fee: Paid
monthly or
quarterly
Servicing and
Administrative
Fees: Paid
monthly or
quarterly
Fund distributor,
fund adviser or
other fund affiliate
See “Other Important
Information” below.
For detailed disclosures
about JPMS’s
compensation on mutual
funds, please visit the J.P.
Morgan Securities
Retirement Plan
Disclosures for Plan
Sponsors website at
https://www.jpmorgan.co
m/wealth-
management/wealth-
partners/legal/mutual-
fund-disclosures and click
on the link to the Mutual
Fund Compensation
Disclosures.
Money Market
Mutual Funds
(including
sweep funds or
direct money
market mutual
funds
purchases)
- 12b-1 Distribution
Fee
- Servicing and
Administrative Fees
- Revenue Sharing
Indirect See “Other
Important
Information”
below
See “Other
Important
Information”
below
12b-1
Distribution
Fee: Paid
monthly or
quarterly
Servicing and
Administrative
Fees: Paid
monthly or
quarterly
Revenue
Sharing: Paid
Fund distributor,
fund adviser or
other fund
affiliate
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Service/
Product
Compensation
Description
Compensation
Type
Amount / Rate Manner of
Receipt
Timing of
Payment
Payer (of
Indirect
Compensation)
Additional Disclosures
monthly or
quarterly
Structured
Products
(Full Service
Only)
Placement agent
fees (commissions);
Hedging revenue
Placement
Agent Fees:
Direct
Hedging
Revenue:
Indirect
Placement Agent
Fees: The
maximum fee is
1% with a one
year tenor, and
0.50% for each
additional year
(pro-rated for
periods of less
than a year),
calculated with
reference to the
price of the note.
Generally, this fee
is capped at a
maximum of 3%.
See “Additional
Disclosures”
Hedging
Revenue: The
terms of
(including the
revenue
associated with)
hedging
transactions are
negotiated
separately from
the Structured
Product by a J.P.
Morgan team
distinct from the
Placement Agent.
See “Additional
Disclosures”
Placement
Agent Fees:
Deducted
from account
Hedging
Revenue:
Embedded in
the terms of
the hedging
transaction.
See
“Additional
Disclosures”
Placement
Agent Fees:
Upfront
payment at
time of
investment
Hedging
Revenue:
Dependent on
terms of
hedging
transaction.
See “Additional
Disclosures”
Placement Ag
ent
Fees: N/A
Hedging
Revenue: Issuer
of the Structured
Product or an
affiliate of the
issuer. See
“Additional
Disclosures”
For specific compensation
earned by JPMS or its
affiliate for the sale and
distribution of Structured
Products, please refer to
your term sheet, or
contact your advisor.
Hedging Revenue: For
certain Structured
Products issued by third
parties, JPMS or its
affiliate may cause the
issuer to conduct up to
50% of its hedging
activities in respect of
such Structured Product
with JPMS or its affiliate –
a practice known as “split
hedging”.
For expected hedging
revenue associated with
“split hedging”, a
reasonable methodology
to calculate the revenue
JPMS or its affiliate would
receive is as follows:
[Par Value of Notional
Invested minus
Distribution Fees minus
Estimated Value]
multiplied by 50% of the
Notional Invested.
The actual revenue JPMS
or its affiliate receives
from the split hedge may
be different from the
formula above due to
differences in each
issuer’s calculation of
estimated value, internal
model differences, and
credit related charges on a
Alternative
Investments
Hedge Funds,
Private Equity
Funds and Real
Estate Funds
Placement Fees;
Origination Fees;
Withdrawal
Reductions (certain
hedge funds); Co-
Investment Access
Fees (certain
private equity and
real estate funds)
Placement Fees:
Indirect
Origination
Fees:
Direct
Co-Investment
Access Fees:
Direct
See “Other
Important
Information”
below
Placement
Fees: Paid to
JPMS by
investment
manager or
fund
Origination
Fees:
Deducted
from account
Placement
Fees:
Generally,
upfront
payment and
quarterly
payments
thereafter
Origination
Fees: Upfront
payment at
See “Additional
Disclosures”
JPMS does not generally
offer private equity funds,
real estate funds, or
hedge funds to ERISA plan
clients, though certain
plan clients as of July 1,
2012 may continue to
hold prior investments.
For such clients, and to
the extent JPMS
otherwise determines to
Page | 7
Service/
Product
Compensation
Description
Compensation
Type
Amount / Rate Manner of
Receipt
Timing of
Payment
Payer (of
Indirect
Compensation)
Additional Disclosures
Co-
Investment
Access Fees:
Where
applicable,
deducted
from account
time of
investment
Co-Investment
Access Fees: At
time of co-
investment
ERISA plan clients in the
future, it is anticipated
that a description of the
specific compensation
received by JPMS in
connection with a client’s
investment in a pooled
alternative investment
vehicle (generally, hedge
funds, private equity
funds and real estate
funds), will be located
within the private
placement memorandum,
subscription agreement
and/or supplemental
disclosure notice or
similar letter associated
with such vehicle (or, in
the case of a Co-
Investment Access Fee,
the supplemental letter
associated with such
investment). Plan
investors will be provided
such documents (and,
therefore, the requisite
compensation
information) reasonably in
advance of entering into
Float Interest earned on
uninvested cash
Indirect See “Other
Important
Information”
below
See “Other
Important
Information”
below
See “Other
Important
Information”
below
See “Other
Important
Information”
below
See “Other Important
Information” below.
Investment Advisory Accounts
Unless otherwise indicated, all investment advisory services are provided by, and all compensation described below is earned by,
JPMS. When opening an investment advisory account, you will receive a client agreement and Form ADV Disclosure Brochure, which
fully describe the nature of JPMS’s services and the fees charged in the Programs for investment advisory services.
JPMS charges an annual asset-based investment advisory fee for the Programs; the maximum fee charged is 2.00%, except that the
maximum fee charged by JPMS for assets invested in the CBP is 0.70%.
Additional fees are charged by Model Portfolio Providers and Portfolio Managers. Portfolio Manager fees range from approximately
0.00% to 1.00% and Model Portfolio Providers fees range from 0.11% to 0.425%.
Current copies of the Program Brochure are available free of charge online at
https://www.jpmorgan.com/wealth-
management/wealth-partners/securities/adv or from your advisor.
Page | 8
Miscellaneous Account and Administrative Fees
The following table lists miscellaneous account and administrative charges associated with your account. All compensation
described below is earned by JPMS. All such fees and charges are subject to change periodically. However, please note that the
Service/Product Trading fees do not apply with respect to Investment Advisory Accounts. Miscellaneous account and administrative
fees for Self-Directed Investing accounts can be found at the following link: Fee and Commission Schedule
Service/ Product Description
Compensatio
n Type
Amount/ Rate
Manner
of
Receipt
Timing of
Payment
Payer (of
Indirect
Compensation)
Additional Disclosures
Trading
Options
Transactions
Transaction
Fee
1
Direct $0.02685 per
contract
Deducted
from
account
Time of
Transaction
N/A
This fee is intended to offset fees
assessed to JPMS by the various
options exchanges. The amount
collected may be more or less than
the amount ultimately paid to the
various regulatory bodies. In the
event of the former, no
reimbursement will be distributed
back to your plan and, in the event
of the latter, there will be no
additional charge made to your
plan.
Trading
Listed Equities and
Options (sells only)
Transaction
Fee
1
Direct $0.000005 of
principal/trade
Deducted
from
account
Time of
Transaction
N/A
This fee is intended to offset fees
charged by various regulatory
bodies. The amount collected may
be more or less than the amount
ultimately paid to the various
regulatory bodies. In the event of
the former, no reimbursement will
be distributed back to your plan
and, in the event of the latter,
there will be no additional charge
made to your plan.
Account Services ACAT
(deliveries
only)
Direct $95 per account Deducted
from
account
Time of
Transaction
N/A
Third-Party
Wire Transfer
Direct $20 per wire Deducted
from
account
Time of
Transaction
N/A
Trade
Confirmations
Direct $5 per
transaction
2
Deducted
from
account
Time of
Transaction
N/A
Retirement
Account
Transfer and
Termination
Direct $95 per wire Deducted
from
account
Time of
Transaction
N/A
Prototype Plan
Account
Money Purchase
Plan or
Profit Sharing Plan
- Distribution
Processing
-1099-R
Reporting
Direct $35 annual fee
$50 termination
fee
3
Deducted
from
account
Each Year
Upon account
termination
N/A
Prototype Plan
Account
Individual (k) Plan
- Distribution
Processing
Direct $50 termination
fee
3
Deducted
from
account
Upon account
termination
N/A Additional details, including fees
payable to the third-party record
keeper in connection with these
Page | 9
Service/ Product
Description
Compensatio
n Type
Amount/ Rate
Manner
of
Receipt
Timing of
Payment
Payer (of
Indirect
Compensation)
Additional Disclosures
services, are contained in the “JP
Morgan Individual(k) Plan
Establishment Kit” that plan clients
receive prior to establishing their
prototype plan.
1. Fee charged only to accounts which do not generate $500 in annual fees and/or commissions, or maintain average equity in the household in excess of
$100,000.
2. The fee is not charged to those who have enabled electronic trade confirmations. Access your account at chase.com or via the Chase Mobile app for information
and instructions on how to go paperless or speak to your advisor.
3. Prototype plan account termination fee applies to all prototype plan types, including Individual(k) Plans. Other fees may be payable to the third-party
recordkeeper with regard to the Individual(k) plan and are contained in the "JP Morgan Individual(k) Plan Establishment Kit" that plan clients receive prior to
establishing the prototype plan.
OTHER IMPORTANT INFORMATION
DISCLOSURE ARRANGEMENTS WITH PAYERS OF INDIRECT COMPENSATION
Compensation JPMS Receives from Mutual Fund Companies
Distribution and/or Service 12b-1 (Service/12b-1) Fees
JPMS receives Service/12b-1 fees from some of the mutual fund companies on its brokerage platform. Like other fees and expenses
in a mutual fund, these fees will reduce investment returns. The exact amount of such fees paid out varies among funds and share
classes but is disclosed in the applicable fund prospectus. The typical ranges of Service/12b-1 fees in mutual funds on the platform
are as follows: A shares: 0.00%–0.50% (most frequently 0.25%); C shares: 0.00%–1.00% (most frequently 1.00%).
Administrative Servicing/Recordkeeping Fees
Mutual funds or their fund affiliates may pay us fees for providing certain administrative services, which may include maintaining
and updating separate records for each client, preparing and delivering client statements, tax reporting, proxy voting and
solicitation, processing purchase and redemption orders, processing dividends, distributing prospectuses and other fund reports,
and responding to client inquiries. The fees for these services are typically called “administrative servicing fees,” or “recordkeeping
fees.” These fees may also be referred to as “shareholder servicing fees.” The fees may be based on the number of fund positions
held by JPMS clients (generally in the range of $0–$20 per position) or based on assets, expressed as a percentage (generally in the
range of 0%–0.25%). These fees generally are paid from investor assets in mutual funds, but in some cases are subsidized in part by
affiliates or the distributor of the mutual funds (such affiliate payments may be referred to as “revenue sharing”).
The fee ranges quoted in this “Compensation JPMS Receives from Mutual Fund Companies” section are generally for the funds
approved for purchase in Self-Directed Investing and Full Service brokerage accounts. Similar fees may be received by J.P. Morgan in
connection with other funds that are not approved, but held upon client request, and applicable rates may differ. For detailed
disclosures about JPMS’s compensation on mutual funds, please visit the J.P. Morgan Securities Retirement Plan Disclosures for Plan
Sponsors website at https://www.jpmorgan.com/wealth-management/wealth-partners/legal/mutual-fund-disclosures
and click on
the link to the Mutual Fund Compensation Disclosures.
Compensation JPMS Receives from Money Market Fund Companies
12b-1 Distribution Fees
JPMS may receive 12b-1 distribution fees from the money market funds approved for purchase in Self-Directed Investing and Full
Service brokerage accounts. Like other fees and expenses in a money market fund, 12b-1 distribution fees will reduce investment
returns. The exact amount of such fees paid out varies among funds and share classes but is disclosed in the applicable fund
Page | 10
prospectus. The typical range of 12b-1 distribution fees for approved money market funds is 0% - 0.35%.
Servicing and Administrative Fees
Money market funds or their fund affiliates may pay JPMS fees for providing certain shareholder services, administrative services,
and/or recordkeeping. Shareholder services may include responding to investor inquiries and providing investors information about
their investments. Administrative services and/or recordkeeping may include maintaining and updating separate records for each
client, preparing and delivering client statements, tax reporting, proxy voting and solicitation, processing purchase and redemption
orders, processing dividends, distributing prospectuses and other fund reports, and responding to client inquiries regarding
administrative services and/or recordkeeping. Such fees may be based on the number of positions held by J.P. Morgan clients or
based on assets, expressed as a percentage. Depending upon the share class and specific arrangements with fund families, as
compensation for these shareholder services, administrative services, and/or recordkeeping, JPMS may receive fees payable by fund
companies for these services that may be bundled into one fee, typically between 0% and 0.80% for approved money market funds,
which may include up to a 0.25% service fee whether paid from a 12b-1 plan or outside of a 12b-1 plan. These fees generally are
paid from investor assets in money market funds, but in some cases are subsidized in part by affiliates or the distributor of the funds
(such affiliate payments may be referred to as “revenue sharing”).
The fee ranges quoted in this “Compensation JPMS Receives from Money Market Fund Companies” section are generally for the
funds approved for purchase in Self-Directed Investing and Full Service brokerage accounts. Similar fees may be received by J.P.
Morgan in connection with other funds that are not approved, but held upon client request, and applicable rates may differ. For
detailed disclosures about JPMS’s compensation on money market funds, please visit the J.P. Morgan Securities Retirement Plan
Disclosures for Plan Sponsors website at
https://www.jpmorgan.com/wealth-management/wealth-partners/legal/mutual-fund-
disclosures and click on the link to the Mutual Fund Compensation Disclosures.
Revenue Sharing
Separate from the 12b-1 distribution fees and servicing and administrative fees noted above and described in the fund’s prospectus,
money market fund sponsors or distributors may make additional payments JPMS or its affiliates in certain sales channels for
providing additional marketing, sales and/or support services. These payments are typically called revenue sharing and are paid from
the entity’s revenues or profits, not from the fund’s assets, but the entity’s revenues or profits may reflect fees paid to them by the
fund. JPMS may receive a payment as a percentage per year of the amount held in these money market funds. Percentage payments
generally range from 0% to 0.19% for approved money market funds.
JPMS may allow representatives of all its approved money market funds, including the J.P. Morgan Money Market Funds, access to
its advisors for educational and promotional purposes, subject to conditions imposed by JPMS. Some funds allocate more resources
for these purposes, which could cause advisors to become more familiar with those funds and focus on them when meeting with
clients. Funds or their affiliates may pay for sales meetings, seminars and conferences JPMS holds in conducting its business, subject
to conditions imposed by JPMS. The extent to which a fund is willing to pay for these activities is solely determined by the fund’s
advisers or affiliates, not by JPMS.
The level of payments to JPMS varies in any given year. Payments for sales of one fund’s shares may be more or less than the
payments JPMS receives from other funds’ advisers, distributors or other entities, and in certain instances, the payments could be
significant. While any such payments will not change the net asset value or price of a fund’s shares, the payments create a conflict of
interest, as there may be an incentive to promote and recommend those funds whose sponsors make significant payments.
Waivers
Please note that the actual amount received by JPMS may be subject to periodic waivers by fund families and such waivers may
significantly reduce the actual amount received by JPMS. Additionally, in some cases, the expense ratio of a mutual fund will be
voluntarily limited by the manager through a fee waiver. Fee waivers allow the fund to set a maximum level on the amount charged
to shareholders. Accordingly, the 12b-1 fees and other compensation described herein and in the “Mutual Fund Compensation
Disclosures” reflect amounts payable to JPMS prior to any waivers or expense caps imposed on the funds, which could, in practice,
result in lower payments to JPMS as compared to the amounts disclosed herein and can be found on the tool located on the J.P.
Page | 11
Morgan Securities Retirement Plan Disclosures for Plan Sponsors website at https://www.jpmorgan.com/wealth-
management/wealth-partners/legal/mutual-fund-disclosures
Compensation JPMS Receives from Alternative Investments
In certain limited situations, JPMS (or a predecessor) has agreed to assist the investment managers of alternative investment funds
by introducing potential investors in the fund. If the fund accepted a subscription from an investor introduced by JPMS (or such
predecessor), such investment manager or, in some cases, the fund pays JPMS a fee, sometimes known as a placement fee or
“revenue sharing” payment.
FLOAT
JPMCB NA or its affiliates may retain, as compensation for the performance of services, your account’s proportionate share of any
interest earned on aggregate cash balances held by J.P. Morgan with respect to “assets awaiting investment or other processing.”
This amount, known as “float,” is earned by J.P. Morgan through investment in a number of short-term investment products and
strategies, including, without limitation, loans to customers and investment securities, with the amount of such earnings retained by
J.P. Morgan, due to the short-term nature of the investments, being generally at the prevailing Federal Funds interest rate (a publicly
available average rate of all Federal Funds transactions entered into by traders in the Federal Funds market on a given date), less
Federal Deposit Insurance Corporation insurance and other associated costs, if any. “Assets awaiting investment or other
processing” for these purposes include, to the extent applicable, new deposits to the account, including interest and dividends, as
well as any uninvested assets held in the account caused by an instruction to purchase and sell securities. J.P. Morgan will generally
earn float until such time as such funds may be automatically swept into a sweep vehicle, or otherwise reinvested. “Assets awaiting
investment or other processing” may also arise when JPMCB NA facilitates a distribution from the account. Thus, pursuant to JPMCB
NA’s standard processes for check disbursement, cash is generally debited from the account on the date on the face of the check
(also called the payable date). Such cash is deposited in a noninterest-bearing omnibus deposit account at JPMCB NA, where it
remains until the earlier of the date the check is presented for payment or the date payment on the check is stopped at the client’s
instruction (in which case the underlying funds are returned to the account). JPMCB NA derives earnings (float) from the use of
funds that may be held in this manner, as described above.
NONMONETARY COMPENSATION & SUBSIDIES
Third-party providers (such as investment managers and recordkeepers), including companies that sponsor investment options
made available to qualified retirement plans through JPMS, may participate in JPMS-sponsored internal training and education
conferences and meetings, and may make payments to, or for the benefit of, JPMS or its advisors to reimburse for certain expenses
incurred for these events. Providers may also sponsor their own educational conferences or due diligence meetings and pay certain
expenses of advisors attending these events. JPMS’s policies require that the training or educational portion of these conferences
comprises substantially all of the event and such conferences and meetings are subject to review and approval. Further, JPMS may
provide sponsorship opportunities and access to our branch offices and advisors to such providers for educational, marketing and
other promotional efforts. Any payments made by providers could lead advisors to focus on products managed by these providers
when recommending products to clients instead of those from other providers that do not commit similar resources to educational,
marketing and other promotional efforts.
J.P. Morgan has implemented policies and procedures intended to ensure that J.P. Morgan and its employees avoid actual or
perceived conflicts of interest when giving or receiving nonmonetary compensation from relevant parties, and comply with all
applicable laws and regulations. To that end, the J.P. Morgan Code of Conduct and other gift-related policies generally restrict or
prohibit acceptance of any gifts, entertainment or other nonmonetary compensation in connection with the services we provide to
any particular client, including any particular plan, or in return for any business of the firm. Exceptions may be made, including for
certain non-cash gifts or promotional items valued at $100 or less. J.P. Morgan’s Code of Conduct and other gift-related policies set
conditions for each of these types of payments, and do not permit any gifts or promotional items unless it is clear that the gift-giving
person is not trying to influence or reward the JPMS employee inappropriately in connection with any business decision or
transaction and the gift is unsolicited.
Providers participating in JPMS programs or otherwise utilized by the firm are not required to make any of these types of payments.
Page | 12
JPMS believes that, under any reasonable method of allocation, the gifts and other nonmonetary compensation or subsidies that may
be attributable to any particular plan are typically of insubstantial value (as any such gifts and other nonmonetary compensation or
subsidies are most often attributable to JPMS’s or J.P. Morgan’s “book of business” as a whole) and, therefore, will generally be
exempt from reporting on the Schedule C for the plan’s Form 5500. Similarly, JPMS does not reasonably anticipate receiving any such
gifts and other nonmonetary compensation or subsidies associated with the services it
provides to any plan in excess of $250 and,
accordingly, does not believe it has reportable nonmonetary compensation for purposes of ERISA section 408(b)(2).
EXTERNAL SOURCES
Certain compensation formulas and other information in this report and the “Mutual Fund Compensation Disclosures” tool located
on the J.P. Morgan Securities Retirement Disclosures website at
https://www.jpmorgan.com/wealth-management/wealth-
partners/legal/mutual-fund-disclosures were obtained from third-party sources that we believe, in good faith and with reasonable
diligence, to be reputable and reliable. Accuracy, completeness and timeliness of data from such sources cannot be guaranteed.
NO TAX/LEGAL ADVICE
J.P. Morgan does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is
not intended to provide, and should not be relied on for, tax, legal or accounting advice. You are urged to consult your tax, legal and
accounting advisers before opening an account and to understand the tax, ERISA and related consequences of any investments
made under the plan.
PRODUCT EXPENSES
This Disclosure Statement solely covers compensation received by JPMS and its affiliates. Please remember that certain investment
products (such as mutual funds and alternative investments) may have various internal fees, such as management fees, and other
expenses, which are paid by managers or issuers of such products or by the vehicle itself, but which ultimately are borne by the plan
as investor. The compensation described in this Disclosure Statement may, in some cases, also be reflected as a component of such
internal fees and expenses. The prospectus, descriptive brochure, offering memorandum or similar documents for such products
describe these internal fees and expenses in detail. Prospectuses for mutual funds or other registered funds managed by J.P. Morgan
or its affiliates and other fund information may be obtained by calling your J.P. Morgan representative or J.P. Morgan Distribution
Services, Inc. at (800) 480-4111. You may also view and order materials online at www.jpmorganfunds.com
.
AFFILIATED PRODUCTS
Certain sponsors and managers of mutual funds and collective investment vehicles may be affiliated with JPMS. JPMS affiliates may
receive investment management fees for managing an affiliated mutual fund, ETF or other vehicle and/or other forms of
compensation in connection with the operation thereof -- such as shareholder servicing, custody, fund accounting, administration,
distribution, securities lending and other services -- which may not be covered under the Regulation (and, therefore, are not
described in this Disclosure Statement). The prospectus, descriptive brochure, offering memorandum or similar documents for such
products describe these fees and other compensation in detail. The plan will receive no offset against fees by reason of such
additional compensation, except as may be required by applicable law.
RECORDKEEPING AND BROKERAGE SERVICES
For purposes of the Regulation, participant-directed brokerage accounts opened by JPMS are considered brokerage windows, self-
directed brokerage accounts, or similar plan arrangements. JPMS does not offer a platform or similar mechanism through which a
plan may specify – and no investments available within JPMS brokerage accounts shall be considered - “designated investment
alternatives” into which participants and beneficiaries may direct the investment of assets held in, or contributed to, their individual
accounts, even in such situations where the plan sponsor has attempted to restrict the investments into which such participants may
allocate plan assets.
Page | 13
If your plan is an individual account plan (as defined in section 3(34) of ERISA) that permits participants to direct the investment of
their accounts into one or more “designated investment alternatives”(e.g., recordkept through a third-party recordkeeper’s platform
or similar mechanism), in addition to the information set forth in this Disclosure Statement regarding compensation received and
services performed by JPMS, the regulation requires disclosure of certain information with respect to each such designated
investment alternative. Please contact your plan's recordkeeper to ensure you receive such information, which includes: (i) a
description of any compensation that will be charged directly against an investment, such as commissions, sales loads, sales charges,
deferred sales charges, redemption fees, surrender charges, exchange fees, account fees, and purchase fees, and that is not included
in the annual operating expenses of the investment contract, product, or entity; (ii) the total annual operating expenses of the
designated investment alternative; and (iii) certain other information or data about the designated investment alternative that is
required for the covered plan administrator to comply with the disclosure obligations described in 29 CFR 2550.404a–5(d)(1)
(commonly known as the “participant disclosure regulations”).
COMPENSATION FOR TERMINATION OF CONTRACT OR ARRANGEMENT
Unless otherwise specified herein or in your account agreement (or, as appropriate, the prospectus, descriptive brochure, offering
memorandum or similar documents for the products in which the plan invests), you may generally terminate JPMS’s services at any
time without penalty and no compensation is payable in connection with the termination of your plan’s arrangement with JPMS,
except for any accrued but unpaid fees. In addition, as investment advisory fees are generally billed and payable in advance, if the
plan’s investment advisory agreement is terminated prior to the last day of the quarter, a pro rata portion, based on the number of
days remaining in the quarter after the termination date, of the quarterly fee paid in advance will be refunded to the plan. To the
extent such fees are billed and payable in arrears, there would be no prepaid amounts to be refunded upon termination of the
arrangement.
ORDER FLOW, ECNS, TRADING CENTERS
JPMS does not receive payment for order flow from market makers for client orders in equity securities. JPMS receives rebates from
and pays fees to some registered securities exchanges for providing or taking liquidity on those exchanges, according to those
exchanges’ published fee schedules approved by the SEC. Alternative trading systems also charge fees and, in some cases, pay
rebates for the provision or removal of liquidity. In addition, JPMS receives marketing fees from options exchanges under marketing
fee programs sponsored by some exchanges. Under some circumstances, the amount received by JPMS from a trading center over a
period of time may exceed the amount that JPMS is charged by a trading center. These practices are one of many factors that may
impact routing decisions and do not alter JPMS’s policy to route client orders in securities to the trading centers where it believes
clients will receive the best execution, taking into account, among other factors, price, transaction cost, volatility, reliability, market
depth, and speed.
Affiliates of JPMS have ownership interests in some trading centers. Accordingly, JPMS stands to share in any profits that these
trading centers earn from the execution of JPMS client orders on those trading centers. Additional information on the material
aspects of JPMS’s relationships with the primary trading centers to which JPMS routes, including descriptions of arrangements for
payment for order flow and profit-sharing relationships, is available in JPMS’s SEC Rule 606 reports at
https://www.jpmorgan.com/disclosures/sec-order-execution
.
An up-to-date list of all trading centers through which JPMS might trade and in which J.P. Morgan has an ownership interest can be
found at https://www.jpmorgansecurities.com/pages/am/securities/legal/ecn
. Such trading centers (and the extent of J.P. Morgan’s
ownership interest in any trading center) may change from time to time.
REQUESTS FOR ADDITIONAL INFORMATION
Please contact your advisor or other J.P. Morgan Representative to request any other information relating to the compensation
JPMS received in connection with your plan’s contract or arrangement that you may need in order to comply with the reporting and
disclosure requirements of Title I of ERISA and the regulations, forms and schedules issued thereunder (including any information
required for you to file Schedule C of Form 5500, where applicable). Wherever possible, such request should be furnished well in
advance of the date upon which you must comply with the applicable reporting or disclosure requirement.
Page | 14
NO OFFER OR SOLICITATION
This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. In addition, this
document is not itself an agreement for services, it is not intended to replace or amend any agreement or other contract that JPMS
may have with or in respect of a plan, nor is it any guarantee with respect to the pricing of any of our services. In the event of any
discrepancy between the information contained in these materials, on the one hand, and the terms which govern our contractual
relationships with respect to direct relationships with a plan on the other, the latter will govern.
Page | 15
APPENDIX A – COMMISSIONS
The following standard commission schedules for Full Service brokerage accounts (not Self-Directed Investing accounts) detail how
“full rate” commissions are calculated for Stocks, Exchange Traded Funds (ETFs), Options and Fixed Income agency transactions. All
fees and charges, including the following commission rates, are subject to change periodically.
Please refer to your confirm or contact your advisor for the actual commission amount payable by the plan at any given point in time
or with respect to a specific trade.
Stocks and Exchange Traded Funds
1% of Principal
Minimum commission of $25
Stocks and Exchange Traded Funds via Chase.com
$0 per trade
Options
Premium Price
Fee per contract
$0.01-$0.49
$1.00
$0.50-$0.99
$2.00
$1.00 and over
$4.00
Minimum commission of $25.00
Fixed Income*
Asset Class
Maximum Mark-Up ($/Bond)
High Grade
20.00
High Yield
25.00
Treasury Bills
1.00
Treasury Notes/Bonds
6.25
Municipal Bonds
25.00
*JPMS or an affiliate may act as principal on certain transactions. In such cases, JPMS or an affiliate receives an additional payment
by adding a mark-up to purchases, and deducting a mark-down from sales. This mark-up or mark-down will be reflected in the price
when JPMS or an affiliate acts as principal.
Page | 16
APPENDIX B – CHANGES AND UPDATES
Under the Regulation, JPMS, as a covered service provider, is required to disclose any changes to the service and compensation
information provided in this document. The purpose of this Appendix B is to provide you with a summary of the recent applicable
changes that were made to this document since the last restatement date.
Effective
Date
Section
Location
Description
March
2023
Appendix B
– Changes and Updates
N/A
March 2023
reflects when the document was restated
and Appendix
B – Changes and Updates reflects any
future
change(s).
August 2023
Fee Disclosures
– Miscellaneous Account and Administrative Fees
Page 7
The Option Transaction Fee is now $
0.02885 instead of
$0.02905
August 2023
Fee Disclosures
– Miscellaneous Account and Administrative Fees
Page 7
The Option Transaction Fee is now $
0.03005 instead of
$0.
02885
September
2023
Fee Disclosures
– Miscellaneous Account and Administrative Fees
Page 7
The Option
Transaction Fee is now $0.03025 instead of
$0.
03005
September
2023
Fee Disclosures
– Miscellaneous Account and Administrative Fees
Page 7
The Option Transaction Fee is now $
0.03175 instead of
$0.03025
October 2023
Fee Disclosures
– Miscellaneous Account and Administrative Fees
Page 7
The Option Transaction Fee is now $
0.01925 instead of
$
0.03175
November
2023
Fee Disclosures
– Structured Notes
Page 6
Language updated to reflect the most recent offering
November
2023
Fee
Disclosures – Miscellaneous Account and Administrative Fees
Page 8
Retirement Account Transfer and Termination
fees
added
November
2023
Services Provided
- Investment Advisory Accounts
Page 3
Program name updated from
J.P. Morgan Core
Advisory
Program (“JPMCAP”) to J.P. Morgan Core
Advisory Portfolio Program (“JPMCAP”)
January 2024
Fee Disclosures
– Miscellaneous Account and Administrative Fees
Page 8
The Option Transaction Fee is now $
0.02685 instead of
$0.01925
June 2024
Fiduciary/Investment Advisory Status
– Status Under ERISA
Page 4
General language update
June 2024
Structured Notes (Full Service Only)
- Placement Agent Fees
Page 7
Maximum capped fee is updated from 3% to 5%
June 2024
Fiduciary/Investment Advisory Status
– Status Under ERISA - Updated
Page 4
The
update has been reversed to the prior month’s
language
.
June 2024
Structured Notes (Full Service Only)
- Placement Agent Fees
Page 7
The
update has been reversed to the prior month’s
language.
©2024 JPMorgan Chase & Co. All rights reserved. All product names, company names, and logos mentioned herein are trademarks
or registered trademarks of their respective owners.
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. JPMCB and JPMS are
affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
INVESTMENT PRODUCTS ARE: • NOT FDIC INSURED • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY,
JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF
THE PRINCIPAL AMOUNT INVESTED