Alerian MLP Index ETNs due January 28 2044 424B Filings

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $1,317,000 of Auto Callable Contingent Interest Notes linked to the common stock of Blackstone Inc., scheduled to mature on December 9, 2027.

The notes pay a contingent interest of $30.00 per $1,000 principal amount each quarter (a 12.00% annual rate) for any review date on which Blackstone’s closing share price is at least 65.00% of the $152.15 initial value, and they may be automatically called starting June 5, 2026 if the share price on a review date (other than the first and final) is at or above the initial value.

If the notes are not called and the final share price is below the 65.00% trigger, investors receive $1,000 plus $1,000 times the stock return and can lose more than 35.00% of principal, up to their entire investment, while also facing JPMorgan credit risk, no dividend rights on Blackstone stock, and limited liquidity.

JPMorgan Chase Financial Company LLC is issuing $1,000,000 of callable contingent interest notes due December 9, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index.

The notes pay a 9.00% per annum contingent interest only on Review Dates when the closing level of each index is at least 80.00% of its Initial Value, and may pay no interest over their life. If held to maturity and any index finishes below its 80.00% Buffer Threshold, investors lose 1% of principal for each 1% drop beyond the 20.00% buffer, up to an 80.00% loss. JPMorgan may redeem the notes early on certain dates starting June 10, 2026. The price to public is $1,000 per note, with an estimated value of $979.90, reflecting selling commissions and hedging costs, and the notes are unsecured and not FDIC insured.

JPMorgan Chase Financial Company LLC is offering auto callable barrier notes linked to the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The $1,000-denomination notes may be automatically called as early as December 16, 2026 if each index closes at or above 100.00% of its Initial Value, paying back principal plus a Call Premium Amount of at least 12.50% to 31.25% depending on the Review Date.

If the notes are not called and the Final Value of each index on the final Review Date in December 2028 is greater than its Initial Value, investors receive $1,000 plus the Least Performing Index Return, providing uncapped, unleveraged upside to the least performing index. If any index finishes between 70.00% and 100.00% of its Initial Value, principal is returned; if any index closes below 70.00%, repayment is reduced in line with the Least Performing Index Return and investors can lose more than 30.00% or all of their principal. The notes are unsecured, pay no interest or dividends, are not FDIC insured, and an example estimated value is $952.40 per $1,000, with the final estimated value at pricing not less than $900.00.

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked separately to the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index, maturing on December 17, 2030. Investors may receive monthly contingent interest, at a rate that will be at least 7.25% per annum, for each review date on which all three indices close at or above 75.00% of their initial levels.

The notes are automatically called quarterly if each index is at or above its initial level, returning the $1,000 principal per note plus the applicable interest coupon, with no further payments. If the notes are not called and any index finishes below 70.00% of its initial level at maturity, principal is reduced in line with that decline and investors can lose most or all of their investment. The current estimated value is $932.40 per $1,000 note, and the final estimated value will not be less than $900.00, reflecting embedded selling, structuring and hedging costs in the issue price.

JPMorgan Chase Financial Company LLC is offering Contingent Income Callable Securities due December 23, 2027, linked to the worst performing of the Nasdaq-100 Index, the S&P 500 Index and the Russell 2000 Index. Each $1,000 security can pay a contingent quarterly coupon of at least $27.50 (at least 2.75%) for any quarter when the closing level of every index on each day stays at or above 75% of its initial level, called the downside threshold.

If any index closes below its downside threshold on a day in a quarter, no coupon is paid for that period. JPMorgan may, at its discretion, redeem the notes on any quarterly payment date before maturity for $1,000 plus any due coupon, after which no further payments are made. At maturity, if not redeemed and every index finishes at or above its downside threshold, investors receive $1,000 per security and possibly the final coupon; otherwise they receive $1,000 multiplied by the worst index’s performance ratio, which can be less than 75% of principal and could be zero. The notes are unsecured, not listed on an exchange, and an example estimated value of approximately $960 per $1,000 is given, with the estimated value on the pricing date stated as not less than $940.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured “Review Notes” linked to the MerQube US Gold Vol Advantage Index and maturing around December 13, 2030. The notes can be automatically called as early as December 11, 2026 if the index closes at or above 90% of its initial level, in which case holders receive $1,000 plus a call premium of at least 15.25% of principal on the first review date, rising in steps up to at least 76.25% on the final review date.

If the notes are not called and the final index level is at or above 60% of the initial level, investors receive back their principal at maturity. If the final level is below this 60% barrier, repayment is reduced one-for-one with the index loss, and investors can lose a substantial portion or all of their principal. The index itself applies a 6.0% per annum daily deduction, which drags on performance, and the estimated value at pricing is expected to be about $900 per $1,000 note, and not less than $880, reflecting embedded costs and hedging.

JPMorgan Chase Financial Company LLC is offering auto callable buffered return enhanced notes linked to the least performing of NVIDIA, Tesla and Meta common stocks, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called as early as December 28, 2026 if each stock is at or above its call value, paying investors the $1,000 principal plus a call premium of at least $826.50 per note. If not called and all three stocks rise by maturity on December 22, 2028, holders receive an uncapped leveraged upside equal to 2.50 times the gain of the worst performer. A 20% downside buffer protects principal against moderate declines, but if any stock falls by more than 20%, investors lose 1% of principal for each additional 1% drop, up to an 80% loss. The preliminary estimated value is approximately $930.10 per $1,000 note and will not be less than $900.00, reflecting embedded selling, structuring and hedging costs. The notes pay no interest or dividends, are unsecured obligations, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the least performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, maturing on September 16, 2027.

The notes pay a monthly contingent coupon of at least 7.10% per annum70% of its initial level$1,000 principal per note plus the applicable coupon.

If the notes are not called and at maturity any index finishes below 65% of its initial level

JPMorgan Chase Financial Company LLC plans to issue structured notes linked to the least performing of three stocks: QUALCOMM, Constellation Energy and Palantir Class A, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on December 20, 2030, are issued in $1,000 denominations and return full principal at maturity, subject to the credit risks of the issuer and guarantor.

At maturity, investors receive $1,000 per note plus an Additional Amount equal to $1,000 multiplied by the worst-performing stock’s return times a participation rate of at least 193.75%, but not less than zero. If any reference stock finishes at or below its initial value, only principal is repaid and no upside is paid. The notes pay no interest, do not provide dividends and are not listed on any exchange, so liquidity may be limited. The indicative estimated value is about $945.20 per $1,000 note and will not be less than $900.00, reflecting embedded selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Accelerated Barrier Notes linked to the S&P 500® Futures Excess Return Index, maturing on December 17, 2030. The notes provide at least 2.045x any positive index performance at maturity, with no upside cap.

If the index finishes at or above 70% of its initial level, investors receive at least their $1,000 principal per note; if it falls below that barrier, principal loss matches the full index decline from the initial level, up to a total loss. The notes pay no interest, are issued in minimum denominations of $1,000, and are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. If priced on the indicated date, the estimated value would be about $974.50 per $1,000 note, and will not be less than $940.00 when finalized.

JPMorgan Chase Financial Company LLC is offering digital barrier notes linked to the lesser performer of the Nasdaq-100 Index and the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature in December 2028 and are designed to pay a fixed return of at least 29.20% at maturity if each index finishes at or above 80% of its initial level, known as the Barrier Amount.

If either index closes below its barrier on the observation date, principal is exposed one-for-one to the decline of the lesser-performing index and investors can lose some or all of their investment. The notes pay no interest or dividends, are unsecured obligations subject to JPMorgan credit risk, are not FDIC insured, and will not be listed on any exchange, so liquidity will rely on JPMS making a market.

The estimated value, if priced on the described date, would be about $980 per $1,000 note and will not be less than $950 per $1,000 at pricing, reflecting embedded structuring and hedging costs and an internal funding rate. A structuring fee of $8 per $1,000 note may be paid to dealers, and secondary market prices are expected to be below the original issue price.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Dual Directional Buffered Equity Notes linked to the S&P 500® Index, maturing on December 16, 2027. Each note has a $1,000 denomination and provides unleveraged exposure to index moves.

At maturity, investors can earn upside one-for-one with the index, capped at a Maximum Upside Return of at least 17.35%. If the S&P 500 declines by up to the 20.00% buffer, the notes pay a positive return equal to the absolute decline, up to a maximum payment of $1,200 per $1,000 note when the index return is negative. If the index falls by more than 20.00%, principal is reduced 1% for each additional 1% drop, with losses up to 80.00% of principal.

The notes pay no interest or dividends, are unsecured and unsubordinated, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They will not be listed on an exchange, and secondary market prices are expected to be below the original issue price. The estimated value would be about $988.10 per $1,000 note if priced on the indicated date and will not be less than $950.00, reflecting selling commissions, hedging costs and issuer funding assumptions.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured “Review Notes” linked to the MerQube US Tech+ Vol Advantage Index, maturing on December 16, 2030. The notes may be automatically called as early as December 15, 2026 if the Index is at or above 90% of its initial level, paying back $1,000 per note plus a preset call premium (starting at 11% and rising to 55% by the final review date).

If the notes are not called, investors are protected by a 15% downside buffer at maturity, but can lose 1% of principal for each 1% Index decline beyond that, up to a maximum loss of 85%. The Index embeds a 6.0% per annum daily deduction and a notional financing cost tied to SOFR, which can significantly drag on performance. The minimum denomination is $1,000, and the issuer’s estimated value, if priced today, is about $907.80 per $1,000 note, and will not be less than $900 when set.

JPMorgan Chase & Co. plans to issue callable fixed-rate notes due December 12, 2030. The notes pay interest at a fixed rate of 4.10% per annum, calculated on a 30/360 basis, with interest paid in arrears on June 12 and December 12 of each year, beginning June 12, 2026.

On the maturity date, holders receive the principal amount plus any accrued and unpaid interest, as long as the notes have not been called. JPMorgan may redeem the notes early on December 12, 2029, in whole but not in part, at 100% of principal plus accrued and unpaid interest.

The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits, and are not insured by the FDIC or any other governmental agency. The company explains that in a resolution or bankruptcy scenario, losses would be borne first by equity holders and then by unsecured creditors, including holders of these notes, whose claims would be structurally junior to creditors of JPMorgan’s subsidiaries. Tax counsel expects the notes to be treated as fixed-rate debt instruments for U.S. federal income tax purposes.

JPMorgan Chase Financial Company LLC is offering Medium-Term Notes, Series A, Capped Buffered Enhanced Participation Equity Notes due September 22, 2027, linked to the S&P 500® Index and fully guaranteed by JPMorgan Chase & Co. Each $1,000 note pays no interest and returns cash at maturity based on index performance between the trade date and September 20, 2027.

If the index rises, holders receive 1.60 times the index gain, up to a maximum settlement amount expected between $1,183.68 and $1,216.00 per $1,000 note. If the index falls by up to 12.50%, principal is repaid in full. Below this buffer, losses are magnified by a buffer rate of about 1.1429, so a large decline could result in a significant or total loss of principal.

The notes are unsecured obligations subject to the credit risk of JPMorgan Chase Financial and JPMorgan Chase & Co., are not listed or redeemable, and have an estimated value at pricing expected between $979.60 and $989.60 per $1,000. Tax treatment is complex, the notes provide no dividends or voting rights, and secondary market prices and liquidity will depend on market conditions and JPMS market-making activity.

JPMorgan provides a performance update on the MerQube US Small-Cap Vol Advantage Index, a rules-based index offering dynamic exposure to unfunded rolling positions in E‑Mini Russell 2000 futures. The index targets 35% volatility, can vary its futures exposure between 0% and 500%, and applies a 6.0% per annum daily deduction to index levels.

The update presents hypothetical and actual performance and volatility from November 2015 through November 2025, using backtested data before June 17, 2022 and actual index levels from June 21, 2022 through November 30, 2025. It repeatedly stresses that past and especially hypothetical backtested performance are not indicative of future results and that alternative modelling could produce very different outcomes. The document also outlines extensive risks, including leverage and futures risks, small-cap and concentration exposure, limited operating history and potential periods when the index may be significantly uninvested. Notes linked to the index are not bank deposits, are not insured by the FDIC or any governmental agency, and are not obligations of, or guaranteed by, a bank, and neither the SEC nor any state securities commission has approved or disapproved them.

JPMorgan Chase Financial Company LLC is offering capped dual directional buffered equity notes linked to the lesser performer of the Nasdaq-100 Index and the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are scheduled to price around December 8, 2025 and mature on December 13, 2028.

The structure provides upside if both indices rise, with a Maximum Upside Return of at least 60.50%, and also pays positive returns for index declines of up to 20% via a 20.00% buffer. If either index falls by more than 20%, investors lose 1% of principal for each 1% drop beyond the buffer, up to an 80.00% loss. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan entities, may be hard to sell before maturity, and have an estimated value of about $980 per $1,000 note, not less than $950 at issuance.

J.P. Morgan provides a December 2025 performance update on the MerQube US Gold Vol Advantage Index, a rules-based index that offers dynamic exposure to gold futures while targeting 35% volatility. The index can shift its exposure to gold futures between 0% and 500% and applies a 6.0% per annum daily deduction. It was established on February 11, 2025 and is published on Bloomberg under ticker MQUSGVA.

Hypothetical and actual data from November 2015 through November 2025 show 10-year annualized volatility of 40.22% and a 10-year annualized return of 23.37% for the index, compared with 15.31% volatility and 11.25% return for the S&P GSCI Gold Official Close Index ER, with results before February 11, 2025 based on backtesting.

The update emphasizes that historical and backtested performance are not indicative of future results and have inherent limitations. Key risks include the use of significant leverage, potential periods when the index is largely uninvested, concentration in gold futures, futures market disruptions and pricing effects, and the index’s limited operating history. Notes linked to the index involve these risks, are not bank deposits, are not insured by the FDIC or any government agency, and are not obligations of, or guaranteed by, a bank.

JPMorgan Chase Financial Company LLC is offering callable contingent interest notes due December 19, 2030, linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. The notes pay contingent monthly interest at a rate of at least 7.25% per annum only when each index closes at or above 70% of its initial level, and may be redeemed early at the issuer’s option on specified interest payment dates starting December 21, 2026.

If the notes are not redeemed early, repayment of principal at maturity depends on index performance. Holders receive $1,000 per note, plus any final contingent interest, only if the worst performing index finishes at or above 65% of its initial level; if it is below 65%, principal is reduced in line with that index’s loss and can fall to zero. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., are not bank deposits or FDIC insured, and are expected to be sold in $1,000 minimum denominations with an estimated value of about $934.80 per $1,000 if priced on the date illustrated.

J.P. Morgan provides a December 2025 performance update for the J.P. Morgan Total Return SM Index, a rules-based benchmark that dynamically allocates among 12 U.S. dollar fixed income ETFs. The Index rebalances monthly into the portfolio with the highest prior 6‑month performance, subject to a 5% historical volatility threshold and concentration limits, and is calculated on a total return basis.

From November 2015 to November 2025, the Index shows a 10‑year annualized return of 3.20%, with 10‑year annualized volatility of 5.19% and a Sharpe Ratio of 0.13. Over that same 10‑year period, the Bloomberg Barclays U.S. Aggregate Bond Total Return Index had a 1.99% annualized return with 4.85% volatility, while the Bloomberg Barclays Global Aggregate Bond Index Total Return Unhedged USD returned 1.29% with 5.36% volatility. The update also lists recent monthly ETF weightings and detailed monthly and annual return history, alongside extensive risk and backtesting disclosures emphasizing that past and hypothetical performance are not indicative of future results.

JPMorgan Chase Financial Company LLC is offering callable contingent interest notes due June 16, 2027, linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes are issued in $1,000 minimum denominations and pay a contingent monthly coupon only if, on a review date, each index closes at or above 70% of its initial level, the interest barrier. The indicative contingent interest rate is 10.35% per annum, and the actual rate will be at least that level.

The issuer may redeem the notes early on specified interest payment dates, starting March 16, 2026, paying $1,000 plus any due contingent interest. If the notes are not redeemed and, on the final review date, any index finishes below its 70% trigger value, investors receive $1,000 plus $1,000 times the return of the worst index, which can mean losing more than 30% and up to all principal. The notes are unsecured obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., and they do not provide dividend rights or principal protection.

JPMorgan Chase Financial Company LLC is offering unsecured, index-linked “Review Notes” fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are tied to the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000 and are scheduled to mature on December 17, 2030.

The notes can be automatically called as early as December 16, 2026 if each index closes at or above 100% of its Initial Value, paying $1,000 plus a Call Premium Amount that starts at least 10.10% of principal on the first Review Date and increases to at least 50.50% on the final Review Date. If the notes are never called and, on the final Review Date, each index is at or above 70% of its Initial Value, investors receive their $1,000 principal back at maturity.

If any index ends below 70% of its Initial Value, repayment is reduced in line with the negative return of the Least Performing Index, and investors can lose more than 30% and up to all of principal. The notes pay no interest, provide no dividends, are not listed on an exchange, and their estimated value, if priced today, is about $931.70 per $1,000 note, below the issue price because of commissions, hedging costs and issuer profit.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, maturing on December 17, 2030. The notes pay a quarterly Contingent Interest Payment of at least $39.25 per $1,000 (a Contingent Interest Rate of at least 15.70% per annum) for any Review Date on which the Index closes at or above 65.00% of its Initial Value.

The notes are automatically called, starting June 12, 2026, if on any Review Date (other than the first and final) the Index is at or above its Initial Value, returning $1,000 plus the applicable Contingent Interest Payment. If not called and the Final Value is at least 60.00% of the Initial Value, investors receive $1,000 plus any final Contingent Interest Payment. If the Final Value is below 60.00%, repayment is reduced 1% for each 1% Index decline, and investors can lose more than 40% or all principal.

The Index applies a 6.0% per annum daily deduction and can use leverage up to 500% exposure to E-mini S&P 500 futures, which can significantly drag on performance. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The indicative estimated value is approximately $932.90 per $1,000 principal amount, and will not be less than $900.00 per $1,000 when finalized.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes tied separately to the Nasdaq-100 Index and the Russell 2000 Index, each in $1,000 minimum denominations. The notes can automatically redeem as early as June 23, 2026 if each index closes at or above its initial level on certain monthly review dates.

The notes pay a monthly contingent coupon of at least 0.82083% (at least 9.85% per annum) only when both indices stay at or above 70% of their initial values; otherwise no interest is paid for that month. If the notes are not called and either index finishes below 70% of its initial value at maturity on June 28, 2027, investors lose 1% of principal for each 1% decline in the weaker index and can lose all principal. The notes are unsecured obligations, with an indicative estimated value of about $980.70 per $1,000 if priced today and not less than $900.00 at pricing.

JPMorgan Chase Financial Company LLC is offering buffered digital notes linked to the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to pay a fixed return of at least 17.25% at maturity if the index finishes at or above its initial level, or is down by no more than 10%.

If the index falls by more than 10%, investors lose 1% of principal for each 1% decline beyond that buffer, up to a 90% loss of principal at maturity. The notes pay no interest or dividends, are unsecured and unsubordinated, and will not be listed on an exchange, so liquidity may be limited. The estimated value on pricing is expected to be below the $1,000 issue price per note, reflecting selling commissions, hedging costs and dealer profits.

JPMorgan Chase Financial Company LLC is offering capped buffered equity notes linked to the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes target 1.00x index appreciation at maturity, with a maximum return of at least 24.90% and a 15.00% downside buffer.

Below the buffer, investors lose 1% of principal for each additional 1% index decline, up to a maximum loss of 85.00% of principal, so only $150 per $1,000 would be repaid in a total index collapse. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of both issuers, may be difficult to sell, and are expected to have an estimated value below the $1,000 price to public.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped buffered return enhanced notes linked to the Russell 2000 Index, maturing on January 15, 2027. The notes provide 1.25x any positive Index return, but gains are capped at a maximum return of at least 13.55%, equivalent to at least $1,135.50 per $1,000 note. If the Index is flat or down by up to the 15% buffer at maturity, investors receive their $1,000 principal. If the Index falls by more than 15%, investors lose 1% of principal for each 1% decline beyond the buffer, down to $150 per $1,000 note if the Index falls 100%.

The notes pay no periodic interest and do not provide dividends on Index components. They are unsecured, unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not bank deposits, and will not be listed on an exchange, so liquidity and secondary market prices may be limited and below the issue price. An example estimated value is $985.80 per $1,000, and the final estimated value at pricing will be at least $950. Tax treatment is expected to follow “open transaction” treatment, with additional U.S. federal income tax and Section 871(m) considerations described for U.S. and Non-U.S. holders.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the common stock of Occidental Petroleum Corporation (OXY), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes have a scheduled maturity on December 16, 2027 and minimum denominations of $1,000.

Holders may receive a contingent interest payment of at least $25.00 per $1,000 each quarter (a rate of at least 10.00% per annum) for any Review Date on which OXY’s closing price is at or above 60.00% of the Initial Value, called the Interest Barrier. The notes are automatically called if on any Review Date other than the first and final, starting June 12, 2026, OXY closes at or above the Initial Value, in which case investors receive $1,000 plus the applicable contingent interest and no further payments.

If the notes are not called and the final OXY price is at or above the 60.00% Trigger Value, investors receive $1,000 plus the final contingent interest. If the final price is below the Trigger Value, the payoff is $1,000 plus $1,000 times the stock return, so investors will lose more than 40.00% of principal and could lose it all. The preliminary estimated value is approximately $960.00 per $1,000 note, and will not be less than $940.00 per $1,000 at pricing. The notes are unsecured, not bank deposits, and carry the credit risk of JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase & Co. is offering preliminary terms for callable step-up fixed rate notes due December 16, 2039. These notes pay annual interest on December 17 of each year, starting December 17, 2026, with a step-up structure: 5.00% per annum from December 17, 2025 to December 17, 2035, 5.25% per annum from December 17, 2035 to December 17, 2037, and 5.50% per annum from December 17, 2037 to December 16, 2039.

The issuer may redeem the notes in whole, but not in part, on the 17th calendar day of March, June, September and December each year from March 17, 2028 through September 17, 2039, paying principal plus accrued interest. Investors receive principal back at maturity only if the notes have not been called and remain outstanding.

The notes are unsecured obligations of JPMorgan Chase & Co. and are not bank deposits or FDIC insured. The disclosure highlights resolution and bail-in style risks under U.S. bankruptcy and Dodd-Frank frameworks, which could expose holders to losses ahead of certain other creditors. The notes are intended for buy-and-hold investors, may have limited secondary market liquidity, and are expected to be treated as step-up fixed-rate debt instruments for U.S. federal income tax purposes.

JPMorgan Chase & Co. plans to issue callable fixed rate notes due December 12, 2030. The notes pay interest at a fixed rate of 4.10% per annum, calculated on a 30/360 basis, with interest paid in arrears on June 12 and December 12 of each year, beginning June 12, 2026, until maturity or earlier redemption.

The issuer may redeem the notes in whole, but not in part, at par plus accrued interest on December 12, 2029 or June 12, 2030, after giving at least five business days’ notice. At maturity, if not previously called, investors receive the principal amount plus any accrued and unpaid interest.

The notes are senior unsecured obligations of JPMorgan Chase & Co., are not bank deposits, are not insured by the FDIC or any government agency, and are subject to the company’s resolution strategy under the Dodd-Frank Act, under which losses could be imposed on holders as unsecured creditors. Tax counsel expects the notes to be treated as fixed-rate debt instruments for U.S. federal income tax purposes.

JPMorgan Chase Financial Company LLC is offering capped buffered return enhanced notes linked to the S&P 500® Index, maturing on January 22, 2027. The notes provide 1.10 times any positive Index performance at maturity, up to a maximum return of at least 13.30%, with a 10.00% downside buffer. If the Index falls more than 10.00%, investors lose 1% of principal for each additional 1% decline, for a potential loss of up to 90.00% of principal.

The notes pay no interest, offer no dividends from the index constituents, and are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., exposing investors to both entities’ credit risk. If priced on the stated date, the estimated value would be approximately $990.50 per $1,000 principal amount, and when finally set will not be less than $960.00 per $1,000. The notes are not bank deposits, are not FDIC insured, will not be listed on an exchange and may trade at prices below the original issue price.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable accelerated barrier notes linked to the Class A common stock of Strategy Inc (ticker MSTR), due December 15, 2028. Each note has a $1,000 denomination. On the December 28, 2026 review date, if the stock’s closing price is at or above the Call Value (100% of the initial price), the notes are automatically called and pay $1,000 plus a call premium of at least $300, ending the investment early.

If not called and the final stock price on the December 12, 2028 observation date is above the initial price, investors receive $1,000 plus three times the stock’s percentage gain. If the final price is at or above 80% of the initial price, principal is returned. If it falls below 80%, repayment is reduced one-for-one with the stock decline, and all principal can be lost. The notes pay no interest or dividends, are unsecured, may be illiquid, and carry the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is about $960 per $1,000 note and will not be less than $940 at pricing.

JPMorgan Chase Financial Company LLC is offering $841,000 of structured Review Notes linked to the least performing of the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the Utilities Select Sector SPDR Fund, maturing on December 6, 2030. The notes can be automatically called as early as December 7, 2026 if each underlying is at or above its Call Value, paying $1,000 plus a call premium that starts at 11.25% of principal and steps up to 56.25% on the final review date.

If the notes are not called, investors receive full principal at maturity only if the final value of each underlying is at least 70% of its initial level; otherwise, repayment is reduced one-for-one with the worst performer and can fall to zero. The notes pay no interest or dividends, are unsecured obligations of JPMorgan Chase Financial fully and unconditionally guaranteed by JPMorgan Chase & Co., and are not bank deposits or FDIC insured. Each $1,000 note is sold at par, with $41.25 in selling commissions, net proceeds of $958.75 to the issuer and an estimated value at pricing of $926.80.

JPMorgan Chase Financial Company LLC is offering $9,248,000 of Trigger Autocallable GEARS linked to the KraneShares CSI China Internet ETF, fully guaranteed by JPMorgan Chase & Co. The notes are issued in $10 denominations, with a minimum $1,000 investment, and run to December 7, 2028 unless called earlier.

If the ETF closes at or above its initial price of $37.14 on the December 9, 2026 observation date, the notes are automatically called and pay $12.00 per $10 note (a 20.00% call return), with no further upside. If not called and the ETF is above its initial value at maturity, investors receive principal plus 1.40 times the ETF’s price gain. If the ETF finishes at or above 75% of the initial value ($27.86) but at or below the initial value, only principal is repaid. Below that 75% downside threshold, repayment falls in line with the ETF’s loss, down to a complete loss of principal.

The notes pay no interest and do not pass through ETF dividends, are not FDIC insured, and will not be listed on any exchange. Any payment depends on the credit of JPMorgan Financial and JPMorgan Chase & Co. The public issue price is $10.00 per note, including $0.20 in selling commissions to UBS, versus an estimated value of $9.581 per $10 based on JPMorgan’s internal models.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is issuing $500,000 of market-linked securities tied to the lowest performer of the S&P 500 Index, the Dow Jones Industrial Average and Blackstone Inc. common stock, maturing on December 6, 2029.

Each $1,000 security can pay up to $1,586 at maturity, a 58.60% contingent fixed return, if the lowest underlying finishes at or above its starting value. If the lowest ends below its starting value but at or above 60% of that starting level, the payout is $1,000 plus 150% of that index or stock’s absolute percentage move. If it falls below 60%, repayment drops in line with the decline in the lowest underlying, so more than 40% and possibly all principal can be lost.

The price to the public is $1,000 per security, including $2.50 in selling commissions, for issuer proceeds of $997.50 per security and total proceeds of $498,750. JPMorgan estimates the value at $952.70 per security, reflecting selling, structuring and hedging costs, and notes these unsecured obligations are not bank deposits and are not insured by the FDIC or any other government agency.

JPMorgan Chase Financial Company LLC is offering $1,466,000 of Capped Buffered Return Enhanced Notes linked to the Russell 2000® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes provide 2.00 times any positive index performance at maturity, up to a maximum return of 29.15% (maximum payment of $1,291.50 per $1,000 note) on December 9, 2027.

If the index falls by up to the 10.00% buffer, investors receive their principal back, but declines beyond that reduce repayment 1% for each additional 1% drop, up to a 90.00% loss of principal. The notes pay no interest or dividends, are issued in $1,000 minimum denominations, and are unsecured obligations exposed to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., with no FDIC or other governmental insurance.

Each note is sold at $1,000, including $6.00 in selling commissions, for net proceeds of $994.00 per note to the issuer and an estimated initial value of $989.60 based on internal models and funding rates. The notes will not be listed on any securities exchange, so any secondary trading would rely on J.P. Morgan Securities LLC and may occur at prices below the original issue price.

JPMorgan Chase Financial Company LLC is offering capped buffered equity notes linked to the lesser performance of the Invesco QQQ Trust, Series 1 and the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run to June 17, 2027 and provide 1.00x exposure to any gain in the weaker underlying, up to a maximum return of at least 36.85%, or at least $1,368.50 per $1,000 at maturity.

Investors receive no interest or dividends and benefit from a 15.00% downside buffer; if either underlying falls by more than 15%, principal loss matches the decline beyond the buffer, up to an 85.00% loss of principal. The preliminary estimated value is about $989.40 per $1,000, and at pricing will not be less than $960.00, reflecting selling commissions, hedging costs and issuer funding assumptions. The notes are unsecured, not FDIC insured and will not be listed, so liquidity will rely on dealer bids.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., plans to issue structured notes linked to the J.P. Morgan Multi-Asset Index, maturing on January 5, 2029. The notes do not pay periodic interest but aim to return the full $1,000 principal at maturity, subject to the credit risks of both entities, plus an Additional Amount based on index performance.

The Additional Amount equals $1,000 × Index Return × a participation rate of at least 308.00%, with no downside participation if the index finishes at or below its initial level. The index allocates dynamically across equity, bond and commodity futures, applies a 1.00% per annum daily deduction, and targets a volatility threshold initially set at 4%. If the notes priced on the example date, their estimated value would be about $957.70 per $1,000 and will not be less than $900.00 per $1,000 when finalized.

The filing highlights significant risks, including complex index rules, potential short positions, lack of liquidity, an estimated value below issue price, and tax treatment as contingent payment debt instruments requiring annual accrual of original issue discount.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the Class A common stock of Palantir Technologies Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. Each $1,000 note can pay a monthly contingent coupon of at least $16.2917, equal to a rate of at least 19.55% per year, when Palantir’s share price on a review date is at or above 60% of its initial level.

The notes may be automatically called as early as March 10, 2026 if Palantir closes at or above its initial price on an eligible review date, returning $1,000 plus the applicable coupon and ending future payments. If not called and the final share price is at least 50% of the initial level on June 10, 2027, investors receive $1,000 per note plus any last coupon at maturity on June 15, 2027; below 50%, repayment falls in line with the stock loss, and investors can lose most or all principal. The notes are unsecured, not FDIC insured, will not be listed on an exchange, and have an estimated economic value of about $956.70 per $1,000 today, which the issuer states will not be less than $900.00 per $1,000 when terms are finalized.

JPMorgan Chase Financial Company LLC is issuing auto callable contingent interest notes linked to the Russell 2000® Index, the S&P 500® Index and the Utilities Select Sector SPDR® Fund, in an aggregate amount of $6,376,000. Each note has a $1,000 denomination, pays a contingent coupon at a rate of 9.80% per annum (0.81667% monthly) only if, on a given monthly review date, the closing value of each underlying is at least 70% of its Initial Value, and may be automatically called quarterly if all underlyings are at or above their Initial Values.

If the notes are not called and, on the final review date, any underlying finishes below 70% of its Initial Value, investors lose principal on a 1-for-1 basis, potentially up to a total loss. The notes are unsecured obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., with an estimated value of $969 per $1,000 at pricing versus a public offering price of $1,000, and will not be listed, so liquidity and secondary market prices may be limited.

JPMorgan Chase Financial Company LLC is offering $1,484,000 of unsecured Review Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes can be automatically called as early as December 7, 2026 if the index closes at or above 100% of its initial level, paying $1,000 per note plus a call premium that starts at 18.25% and can reach 91.25% on the final review date.

If never called, principal is protected only by a 15% buffer; if the index falls more than 15%, investors lose 1% of principal for every 1% decline beyond that, up to an 85% loss at maturity. The index embeds a 6.0% annual deduction and a daily notional financing cost, which drag on performance versus the QQQ-based strategy it references.

The notes are issued in $1,000 denominations with selling commissions of $44 per note, total proceeds to the issuer of $1,418,704, and an estimated value of $906.50 per $1,000. They pay no interest or dividends, are not FDIC insured, are subject to JPMorgan credit risk and may have limited or no secondary market liquidity.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured Buffered Digital Notes linked to the worst performer of NVIDIA, Alphabet Class C, and Oracle shares, maturing on January 14, 2027.

The notes target a fixed return of at least 22.00% per $1,000 note at maturity if each stock finishes at or above its initial price, or down to 25.00% below it. If any stock falls by more than 25.00%, repayment is reduced point‑for‑point beyond that buffer, with losses up to 75.00% of principal. The minimum denomination is $1,000, the buffer is 25.00%, and an example estimated value is $967.60 per $1,000, reflecting embedded fees and hedging costs. Investors forgo interest and dividends, face issuer and guarantor credit risk, and may encounter limited secondary market liquidity.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the S&P 500® and EURO STOXX 50® indices. The notes pay a quarterly Contingent Interest Payment of at least $22.50 per $1,000 of principal when, on a review date, each index is at or above 76.59% of its initial level, with any missed coupons potentially paid later if the barrier is met. The notes are automatically called, returning $1,000 plus the applicable coupon and any unpaid coupons, if on a non-final review date both indices are at or above their initial levels. If the notes are not called and on the valuation date any index finishes below its 76.59% trigger level, repayment of principal is reduced 1% for every 1% decline in the lesser-performing index, which can result in a total loss of principal. The notes mature in December 2026, are issued at $1,000 per note with an estimated value of about $978.40, and are unsecured obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering unsecured “Review Notes” linked to the lesser performing of the iShares Silver Trust (SLV) and the VanEck Gold Miners ETF (GDX), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run to December 28, 2028 and can be automatically called on review dates in 2026, 2027 and 2028 if each fund closes at or above its applicable Call Value.

If called, holders receive $1,000 plus a Call Premium Amount of at least 26.50%, 53.00% or 79.50% of principal, depending on the review date. If not called and the final value of each fund is at least 65.00% of its Initial Value (the Barrier Amount), investors get back principal; if either fund finishes below 65.00%, the payoff is $1,000 plus $1,000 multiplied by the lesser performing fund return, so more than 35.00% and potentially all principal can be lost.

The notes pay no interest or dividends and are subject to JPMorgan Financial’s and JPMorgan Chase & Co.’s credit risk. The estimated value, if priced today, would be about $950.00 per $1,000 note, and when set will not be less than $930.00, reflecting selling commissions, structuring fees and hedging costs embedded in the price to public.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Auto Callable Review Notes linked to the MerQube US Large - Cap Vol Advantage Index, which uses a rules-based approach to adjust exposure between 0% and 500% to E - Mini S&P 500 futures and applies a 6.0% per annum deduction that accrues daily.

The notes have a minimum denomination of $1,000, a Pricing Date of December 15, 2025 and a Maturity Date of December 19, 2030, with daily Review Dates after an initial one-year non-call period. If on any Review Date the Index level is at or above the applicable Call Value, the notes are automatically called and pay $1,000 plus a Call Premium Amount based on a Call Premium Rate of at least 13.95%, with no further payments. If the notes are not automatically called and the Final Value is less than the 60.00% Barrier Amount, the payment at maturity per $1,000 note is $1,000 + ($1,000 × Index Return), so investors will lose more than 40.00% of principal and could lose it all. Any payment is subject to the credit risk of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the estimated value at issuance will not be less than $870.00 per $1,000 note.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Trigger Autocallable GEARS linked to the common stock of NVIDIA Corporation. Each Security has a $10 principal amount and a term of about three years, unless automatically called earlier.

If on the December 16, 2026 Observation Date NVIDIA’s closing price is at or above the Autocall Barrier (100% of the Initial Value), the Securities are automatically called and pay a fixed Call Price of $12.00 per $10, a 20.00% return, with no further upside.

If not called, and at maturity NVIDIA’s price is above the Initial Value, investors receive $10 plus the positive Underlying Return multiplied by an Upside Gearing between 1.05 and 1.25. If the Final Value is at or above the Downside Threshold of 50% of the Initial Value but at or below the Initial Value, principal is repaid. If the Final Value is below the Downside Threshold, repayment is $10 plus $10 times the Underlying Return, exposing investors to full downside and up to a 100% loss of principal.

The issue price is $10.00 per Security, including up to $0.25 in selling commissions to UBS and $9.75 in proceeds to the issuer. If priced on the date shown and assuming Upside Gearing at the midpoint of the range, the estimated value would be approximately $9.457 per $10, and will not be less than $9.10 per $10 when finalized. The Securities pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and are not listed on any exchange.

JPMorgan Chase Financial Company LLC is offering Digital Barrier Notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing on June 22, 2027 and fully guaranteed by JPMorgan Chase & Co. The notes target a fixed Contingent Digital Return of at least 12.45% if, on the observation date, the final level of each index is at or above 70% of its initial level.

If this barrier is met, investors receive $1,124.50 per $1,000 note at maturity, regardless of how far the indices have risen or fallen above the barrier. If any index finishes below 70% of its initial level, principal is exposed one-for-one to the decline of the least performing index and investors can lose most or all of their capital.

The notes pay no interest, do not provide index dividends, and will not be listed on an exchange, so liquidity may be limited. They are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and the initial estimated value is expected to be below the $1,000 issue price, reflecting embedded costs and hedging factors. The tax treatment is complex and may change with future IRS guidance.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., plans to issue auto callable contingent interest notes linked individually to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the Utilities Select Sector SPDR Fund, maturing in December 2028. The notes may pay monthly contingent interest, at a rate that will be at least 8.70% per annum, but only for review dates when each underlying is at or above 70% of its initial value. The notes are automatically called, starting in June 2026, if on certain review dates each underlying is at or above its initial value, returning principal plus that period’s interest. If the notes are not called and the worst-performing underlying finishes below its 70% trigger, principal is reduced one-for-one with the decline and can be completely lost. The preliminary estimated value is about $946.20 per $1,000 note and will not be less than $900 at pricing.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., plans to issue Uncapped Accelerated Barrier Notes linked to the lesser performance of the EURO STOXX 50 Index and the iShares MSCI EAFE ETF, maturing in early 2029.

The notes offer between 1.70x and 1.75x any positive return of the worse-performing underlying at maturity, but only if both finish above their initial levels. A barrier is set at 75% of the initial value for each underlying; as long as both stay at or above this level on the observation date, investors receive back principal. If either underlying closes below its barrier, repayment is reduced one-for-one with the decline in the lesser-performing underlying, and investors can lose most or all of their principal.

The notes pay no interest, provide no dividends from the ETF or index constituents, are unsecured and unsubordinated, and are subject to the credit risk of both the issuer and guarantor. The estimated value per $1,000 note is expected to be below the issue price because it reflects internal funding and hedging costs.