Every 424B that Alerian MLP Index ETNs due January 28 2044 (AMJB) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow AMJB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AMJB filings page.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured “Review Notes” linked to the MerQube US Large-Cap Vol Advantage Index, maturing in December 2030. These notes can be automatically called on scheduled Review Dates starting in December 2026 if the Index closes at or above 90% of its initial level, paying back the $1,000 principal plus a preset call premium.
If the notes are never called, investors receive full principal at maturity only if the Index’s final level is at or above 60% of its initial level. If the final level is below this barrier, repayment is reduced one-for-one with the Index loss, and principal can be largely or completely lost. The Index embeds a 6.0% per annum daily deduction that drags on performance, and the notes pay no interest or dividends. The preliminary estimated value is about $900 per $1,000 note and will not be less than $880 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Buffered Return Enhanced Notes linked to the lesser performance of the Nasdaq-100 Futures Excess Return Index and the S&P 500 Futures Excess Return Index, maturing on September 8, 2028. The notes target at least 1.48x any positive return of the weaker index at maturity and include a 25% downside buffer.
If both indices finish above their initial levels, investors receive leveraged upside. If the weaker index falls by up to 25%, principal is returned. If it falls by more than 25%, principal is reduced one-for-one beyond the buffer, with losses of up to 75% of principal possible. The notes pay no interest, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and will not be listed, so liquidity depends on dealer markets.
The preliminary estimated value is about $980 per $1,000 note and will not be less than $950 at pricing, reflecting embedded fees, hedging costs and dealer margins.
JPMorgan Chase Financial Company LLC is offering Uncapped Accelerated Barrier Notes linked separately to the SPDR® S&P 500® ETF Trust (SPY) and the Invesco QQQ TrustSM, Series 1 (QQQ), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run to December 10, 2029 and are issued in $1,000 minimum denominations.
At maturity, if both ETFs finish above their initial prices, investors receive $1,000 plus at least 1.27× the gain of the lesser performing fund. If either ETF finishes at or below its initial price but at or above 70% of its initial price, investors receive only their principal. If either closes below 70% of its initial price, repayment is reduced one-for-one with the lesser performer, and investors can lose up to their entire investment.
The notes pay no interest, provide no dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and are expected to have an estimated value of about $980 per $1,000 at pricing, not less than $950. They are not listed and may be difficult to sell before maturity.
JPMorgan Chase Financial Company LLC is offering unsecured Digital Barrier Notes linked to the lesser performer of the Russell 2000® Index and the S&P 500® Index, maturing in March 2027 and fully guaranteed by JPMorgan Chase & Co. If, on the observation date, the final level of each index is at least 75% of its initial level, holders receive a fixed 11.75% return at maturity, or $1,117.50 per $1,000 note. If either index finishes below 75% of its initial level, principal is reduced 1% for each 1% decline in the lesser-performing index and can be completely lost. The notes pay no interest, do not provide dividends, will not be listed on an exchange, and secondary market liquidity and pricing depend on JPMS. The preliminary estimated value is about $988.10 per $1,000 note and will not be less than $950.00 when finalized, reflecting issuer and hedging costs. The tax disclosure describes treatment as an “open transaction” with potential future IRS changes.
JPMorgan Chase Financial Company LLC plans to issue Buffered Digital Notes linked to the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on March 22, 2027 and are issued in $1,000 minimum denominations.
If the S&P 500 Final Value on the observation date is at or above its Initial Value, investors receive their $1,000 principal plus a fixed return of at least 10.25%, regardless of how much the index has risen. If the index is below the Initial Value but down by no more than the 15.00% buffer, investors receive only their principal back. If the index falls by more than 15.00%, principal is reduced 1% for each additional 1% decline, with losses up to 85.00% of principal.
The notes pay no interest, provide no dividends from S&P 500 companies, and will not be listed on an exchange, so liquidity depends on J.P. Morgan Securities LLC making a market. They are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. If priced today, the estimated value would be about $986.30 per $1,000 note and will not be less than $950.00 per $1,000 when terms are set.
JPMorgan Chase Financial Company LLC plans to issue capped bearish notes linked to the ARK Next Generation Internet ETF (ARKW), fully and unconditionally guaranteed by JPMorgan Chase & Co. These two-year notes are designed for investors who expect ARKW to fall and are willing to accept limited downside protection and a cap on gains.
If the ETF’s final price is below its initial level, holders receive their $1,000 principal plus an additional amount based on the percentage decline, at a 100% downside participation rate, up to a maximum return of at least 30% (at least $300 per $1,000 note). If the ETF is unchanged, investors simply receive $1,000 back. If the ETF rises, the maturity payment falls 1% for each 1% gain in the fund, but not below $850 per $1,000 note, so investors can lose up to 15% of principal.
The notes pay no interest, provide no dividends from ARKW, will not be listed on an exchange and carry the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value at pricing is expected to be about $980 per $1,000 note and will not be less than $950, reflecting embedded selling, structuring and hedging costs. For U.S. federal income tax purposes, counsel expects the notes to be treated as contingent payment debt instruments, requiring investors to accrue taxable income over the term even though all cash is paid at maturity.
JPMorgan Chase Financial Company LLC is offering Uncapped Dual Directional Buffered Return Enhanced Notes linked to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the S&P 500® Index, maturing on December 14, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes provide at maturity at least 1.1525 times any positive return of the least performing index, with no upside cap, and a dual-direction feature that can pay a positive, uncapped return when the least performing index is flat or up and a capped, unleveraged positive return when it is down by up to the 15% buffer. If any index falls more than 15%, investors lose 1% of principal for each 1% additional decline, up to a maximum loss of 85% of principal.
The notes pay no interest, do not provide dividends from index constituents, will not be listed on any exchange, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is approximately $976.90 per $1,000 note and will not be less than $950.00 per $1,000 note when finalized, reflecting embedded selling commissions, hedging costs and issuer funding assumptions.
JPMorgan Chase Financial Company LLC is offering uncapped digital barrier notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index, maturing on January 3, 2031. Each note has a $1,000 minimum denomination and provides exposure to any gain in the weakest index at maturity, with a contingent digital return of at least 58.50% if all three indices finish at or above their initial levels.
If any index finishes below its initial level but all remain at or above 70% of their initial values, holders receive only the $1,000 principal. If any index closes below 70% of its initial value, principal is reduced 1% for each 1% decline of the least performing index and can fall to zero. The notes pay no interest or dividends and are unsecured obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co. The current illustrative estimated value is about $940 per $1,000 note, and the final estimated value at pricing will not be less than $920.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Series A Digital Equity Notes due April 5, 2028, linked to the S&P 500® Index. Each note has a $1,000 principal amount, is sold at 100% of principal with no underwriting commission, and pays no interest.
At maturity, if the S&P 500® final level is at least 85% of its initial level, investors receive a fixed threshold settlement amount, expected between $1,164.50 and $1,193.50 per $1,000 note, capping upside. If the index falls more than 15%, principal is lost on a leveraged basis: for every 1% drop beyond 15%, the loss is about 1.1765%, and investors could lose their entire investment.
The notes will not be listed, can be hard to sell before maturity, and are subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. The estimated value at pricing is expected between $974.70 and $984.70 per $1,000, reflecting structuring and hedging costs, and the tax treatment is complex and may change.
JPMorgan Chase Financial Company LLC plans to issue auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, guaranteed by JPMorgan Chase & Co., and maturing in December 2030. The notes can automatically be called as early as December 8, 2026 if the Index is at or above its Initial Value on specified review dates.
Investors may receive a contingent interest rate of at least 11.65% per annum, paid monthly only when the Index closes at or above 70% of the Initial Value (the Interest Barrier). Principal is protected only down to a 15% buffer; if the Final Index Value falls more than 15% below the Initial Value, investors lose 1% of principal for each additional 1% decline, up to an 85% loss of principal.
The Index embeds a 6.0% per annum daily deduction and a notional financing cost tied to SOFR plus 0.50%, which drag on performance and cause it to lag a similar index without such charges. If the notes priced on the described date, their estimated value would be about $906.90 per $1,000, and will not be set below $900. Payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co. and the notes are unsecured, unsubordinated, and not FDIC insured.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a monthly Contingent Interest Payment only if, on an Interest Review Date, the Index closes at or above 70% of its Initial Value, with unpaid coupons accruing and being paid once the barrier is met.
The notes may be automatically called quarterly, starting December 7, 2026, if the Index is at or above its Initial Value, returning principal plus any due contingent interest, and ending future payments. If held to maturity without being called, principal is protected only if the Final Value is at or above a 60% Trigger Value; below that level, investors lose 1% of principal for each 1% Index decline, up to total loss. The Index embeds a 6.0% per annum daily deduction and a notional financing cost, which act as a drag on performance, and the notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is offering index-linked Review Notes due December 12, 2030, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are tied to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the S&P 500® Index, with automatic early redemption at a premium if, on any Review Date, each index closes at or above its Call Value. The earliest possible automatic call is December 11, 2026, and minimum denominations are $1,000.
The notes do not pay interest or dividends, and investors may lose some or all principal if the notes are not called and the final level of the least performing index is below its Barrier Amount. Illustrative Call Premium Amounts range from $81.00 to $405.00 per $1,000 note across Review Dates, and a current illustration shows an estimated value of approximately $943.00 per $1,000 note, with a stated minimum estimated value of $900.00. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. and will not be listed on any securities exchange.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a monthly contingent coupon of at least 13.30% per annum (about 1.10833% per month) per $1,000 note, but only when the Index is at or above 75.00% of its Initial Value on the relevant review date.
The notes can be automatically called quarterly starting on December 14, 2026 if the Index is at or above its Initial Value, returning $1,000 plus the applicable coupon, with no further payments. At maturity on December 17, 2030, if not called and the Index is at or above 70.00% of the Initial Value, investors receive $1,000 per note (plus any final coupon); if it is below that level, principal is reduced so investors can lose up to 70.00% of their investment.
The Index embeds a 6.0% per annum daily deduction and a notional financing cost on its QQQ-based exposure, which drags on performance. The notes are unsecured, unsubordinated obligations with minimum denominations of $1,000. The indicative estimated value is about $948.40 per $1,000 note and will not be less than $900.00 when final terms are set.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the Industrial Select Sector SPDR Fund, Technology Select Sector SPDR Fund and Utilities Select Sector SPDR Fund, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run to December 13, 2027 and may be automatically called as early as December 8, 2026 if the closing price of one share of each fund is at or above its Initial Value on certain review dates.
Investors may receive monthly contingent interest at a rate of at least 11.00% per annum, but only when each fund is at or above 75% of its Initial Value, and missed coupons can be paid later if conditions are met. If the notes are not called and any fund finishes below its 75% Trigger Value at maturity, repayment of principal is reduced in line with the decline of the least performing fund, and investors can lose some or all of their investment. The estimated value is about $970 per $1,000 note and will not be less than $950, reflecting embedded structuring, hedging and distribution costs.
JPMorgan Chase Financial Company LLC is issuing $745,000 of auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a 14.00% per annum contingent interest rate (3.50% per quarter) for each Review Date on which the Index closes at or above 60.00% of the Initial Value.
The notes may be automatically called starting June 1, 2026 if the Index is at or above its Initial Value, returning $1,000 per note plus the applicable interest. If not called and the Final Value is at or above the 60% Trigger Value, investors receive principal plus the final contingent interest. If the Final Value is below the Trigger Value, repayment is reduced one-for-one with the Index loss, and investors can lose more than 40% and up to all principal.
The Index includes a 6.0% per annum daily deduction, which drags on performance versus an identical index without this charge. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value is $932.20 per $1,000 note, below the $1,000 price to the public.
JPMorgan Chase Financial Company LLC is offering $572,000 of Auto Callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a contingent coupon of $28.25 per $1,000 (an 11.30% annual rate, 2.825% per quarter) on each Review Date when the Index is at or above 60.00% of the Initial Value, and may be automatically called starting June 1, 2026 if the Index is at or above the Initial Value.
If the notes are not called and the Final Value is below the 60.00% Trigger Value, repayment of principal is reduced one-for-one with the Index decline, and investors can lose more than 40.00% and up to all of their principal. The Index includes a 6.0% per annum daily deduction, which drags on performance. The price to public is $1,000 per note, while the estimated value at pricing is $900.70, and the notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., maturing December 5, 2030.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common stock of Blackstone Inc. The notes, in $1,000 minimum denominations, are scheduled to mature on December 9, 2027 and may be automatically called as early as June 5, 2026 if Blackstone’s share price on a review date (other than the first and final) is at or above the initial price.
Holders can receive a contingent interest payment of at least $30.00 per $1,000 each quarter, equivalent to a contingent interest rate of at least 12.00% per annum, but only when Blackstone’s closing price on the relevant review date is at or above 65.00% of the initial value, which serves as both the interest barrier and trigger value. If the notes are called, investors receive $1,000 plus that period’s contingent interest and no further payments.
If the notes are not called and the final share price is at or above the 65.00% trigger, investors receive $1,000 plus the final contingent interest. If the final price is below the trigger, the maturity payment is reduced one-for-one with the stock’s decline, so investors will lose more than 35.00% of principal and could lose it all. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., offer no dividend rights in Blackstone, are not exchange-listed and may trade below the issue price. The estimated value is indicated at approximately $960.00 per $1,000 and will not be less than $940.00 per $1,000 when finalized, reflecting embedded fees and hedging costs.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 7-year auto-callable notes linked to the S&P Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER. The Index targets 5% annualized volatility and is reduced daily by a 0.50% per annum deduction and a notional financing cost.
The notes have a minimum denomination of $1,000, a 100% participation rate and annual review dates from the December 18, 2025 pricing date to a final review on December 20, 2032, with maturity on December 23, 2032. If on any non-final review date the Index is at or above the applicable Call Value, the notes are automatically called and pay back principal plus a Call Premium of at least 8.00% per annum, and then terminate.
If not called, investors receive at maturity full principal repayment per $1,000 note, even if the Index has declined, plus upside based on the Index return multiplied by the 100% participation rate, all subject to the credit risks of the issuer and guarantor. The estimated value, when set, will not be less than $900 per $1,000 note. Key risks include capped upside if called, index deductions and financing cost, non-U.S. equity exposure, limited liquidity, potential conflicts of interest and uncertain tax treatment.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is issuing DJIA-linked capped notes due December 22, 2028. The notes offer 100% participation in any gain of the Dow Jones Industrial Average, but total return is capped by a maximum additional payment of at least $217.50 per $1,000 note, equivalent to a maximum gain of at least 21.75%.
At maturity, investors receive $1,000 plus any capped upside if the index rises, exactly $1,000 if it is unchanged, and at least $950 per $1,000 note if it falls, so up to 5% of principal can be lost. The notes pay no interest, do not pass through dividends, are unsecured obligations of JPMorgan Financial, and will not be listed, so liquidity depends on dealer bids. The estimated value is about $974 per $1,000 at pricing, and the issuer expects to treat the notes as contingent payment debt instruments for U.S. tax purposes.
JPMorgan Chase Financial Company LLC is offering Capped Digital Notes linked to the J.P. Morgan Dynamic BlendSM Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to return principal at maturity plus a fixed digital return if the index does not fall.
If, on the December 18, 2028 observation date, the index’s final level is greater than or equal to its initial level set on the pricing date, investors receive $1,000 plus at least a 19.00% Contingent Digital Return per $1,000 note. If the final level is below the initial level, investors receive only the $1,000 principal amount at maturity, with no upside.
The index is a rules-based strategy that allocates between a U.S. large-cap equity futures index and a 2‑year U.S. Treasury futures index, targets 3.0% volatility, and deducts a 0.95% per annum fee. The notes pay no periodic interest, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., may be illiquid, and have complex tax treatment that can require annual accrual of income before cash is received.
J.P. Morgan is offering 5-year auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, which itself references the Invesco QQQ Trust with leverage and a 6.0% per annum daily fee plus a notional financing cost. The notes have monthly review dates, can be automatically called after year one if the Index is at or above its initial level, and pay a contingent interest rate of at least 7.75% per year (0.64583% per month) only when the Index is at or above 80% of its initial value.
At maturity, if the notes are not called and the Index is at or above 70% of its initial value, investors receive full principal plus any due contingent interest. Below the 70% buffer threshold, principal is reduced based on Index losses beyond the 30% buffer, with examples showing substantial losses if the Index falls sharply. The estimated value at pricing will be at least $900 per $1,000 note, and all payments depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., with additional risks from leverage, Index design, limited liquidity, and potential conflicts of interest.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year buffered equity notes linked to the MerQube US Tech+ Vol Advantage Index. The notes have a $1,000 minimum denomination and are tied to an index that targets volatility, can adjust exposure to its underlying QQQ-based strategy between 0% and 500%, and reflects a 6.0% per annum daily index deduction plus a daily financing cost on the QQQ Fund exposure.
The notes offer an automatic call feature: on each annual review date, if the index is at or above its initial level, the notes are called for $1,000 plus a call premium of at least 16.25% per annum, with higher minimum total premiums at later review dates. If the notes are not called, a 30% buffer protects against moderate index declines at maturity. If the final index value is more than 30% below its initial level, repayment of principal is reduced one-for-one beyond the buffer, and investors can lose most or all of their investment.
Payments depend on the performance of the index and are subject to the credit risk of the issuer and guarantor. The estimated value at pricing is expected to be at least $900 per $1,000 note, which may be lower than the purchase price.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering two-year capped digital notes linked to the J.P. Morgan Dynamic Blend℠ Index, which allocates between S&P 500 futures and 2-year U.S. Treasury futures while targeting 3.0% volatility and deducting 0.95% per year.
If the Index’s final value on December 20, 2027 is at or above its initial value, investors receive their $1,000 principal plus a contingent digital return of at least 10.25%. If the Index is lower, investors receive only their principal at maturity, assuming the issuer and guarantor remain creditworthy.
The notes have an estimated value of at least $900 per $1,000 at pricing and carry significant risks, including limited upside capped at the digital return, dependence on the issuer’s and guarantor’s credit, potential lack of liquidity, index strategy and futures- related risks, and possible conflicts of interest because JPMorgan affiliates design, calculate and may hedge the Index and its constituents.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year auto-callable contingent interest notes linked to the MerQube US Gold Vol Advantage Index. The Index uses leveraged exposure (0%–500%) to gold futures and applies a 6.0% per annum daily deduction.
The notes pay a contingent interest rate of at least 11.00% per year, credited quarterly at at least 2.75%, but only if on a review date the Index is at or above 60% of its initial level. The notes can be automatically called on quarterly review dates if the Index is at or above its initial level, returning principal plus that period’s interest.
If the notes are not called and the Index finishes at or above 60% of its initial level, investors receive principal plus the final contingent interest payment. If the final Index value is below 60% of the initial level, investors lose 1% of principal for each 1% the Index has fallen from its initial level and could lose their entire investment. The estimated value when set will be at least $900 per $1,000 note, and all payments depend on the credit of the issuer and guarantor.
JPMorgan Chase Financial Company LLC is offering capped digital notes linked to the J.P. Morgan Dynamic BlendSM Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes aim to pay a fixed return of at least 10.25% at maturity if the Index’s Final Value is at or above its Initial Value; in that case, investors receive $1,000 plus the Contingent Digital Return per note.
If the Final Value is below the Initial Value, investors receive only the $1,000 principal per note at maturity, with no upside from the Index and no protection against inflation. The Index is a rules-based strategy that allocates between S&P 500® futures and 2‑Year U.S. Treasury futures, targets 3.0% volatility, and deducts a 0.95% per annum fee from performance.
The notes pay no periodic interest, are unsecured and unsubordinated, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They are not listed on any exchange, and secondary market prices are expected to be below the $1,000 price to public. The estimated value at launch would be about $957.50 per $1,000 note, and will not be less than $900.00 per $1,000 note when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 5-year, auto-callable contingent interest notes linked to the MerQube US Gold Vol Advantage Index (MQUSGVA). The index provides rules-based exposure to gold futures with leverage between 0% and 500% and is reduced by a 6.0% per annum daily fee.
The notes have a $1,000 minimum denomination, a pricing date of December 19, 2025, a final review date of December 19, 2030, and mature on December 24, 2030, with quarterly review dates. They pay a contingent interest rate of at least 13.50% per year, or at least 3.375% per quarter, but only if the index is at or above 60% of its initial value on the relevant review date.
If on any non-initial, non-final review date the index closes at or above its initial level, the notes are automatically called and pay back $1,000 plus that period’s contingent interest, with no further payments. At maturity, if not previously called and the final index value is at or above 60% of the initial value, holders receive $1,000 plus the final contingent interest payment. If the final value is below 60% of the initial value, repayment is reduced dollar-for-dollar with the index decline, and investors can lose most or all of their principal.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured Capped Notes linked to the least performing of the S&P 500, Russell 2000 and Nasdaq‑100 indices, maturing on December 21, 2029. The notes have a 150% participation rate in the positive return of the worst‑performing index, but gains are capped at a Maximum Amount of at least $250 per $1,000 note (a maximum return of at least 25%).
Principal is repaid in full at maturity as long as JPMorgan Financial and JPMorgan Chase & Co. meet their obligations; there is no downside exposure to index declines beyond the loss of time value. The notes pay no interest and do not provide dividends on the underlying stocks. They are offered in minimum denominations of $1,000 and will not be listed on an exchange.
If priced on the date shown in the example, the estimated value would be about $945 per $1,000 note, and will not be less than $900 at pricing, reflecting selling commissions, structuring and hedging costs. Historical index levels and detailed tax treatment, including intended treatment as contingent payment debt instruments, are provided to help buyers understand performance scenarios and tax implications.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year notes linked to the MerQube US Tech+ Vol Advantage Index. The index provides rules-based exposure to an unfunded position in the Invesco QQQ Trust, with exposure that can range from 0% to 500%, and its level reflects a 6.0% per annum deduction plus a daily notional financing cost.
The notes can be automatically called each year if the index is at or above 100% of its initial value on a review date, paying back principal plus a call premium of at least 27.75% per annum. If the notes are not called and the final index value is at or above 50% of the initial value, investors receive principal at maturity; if it is below 50%, repayment is reduced in line with the index loss and investors can lose most or all of their principal. The estimated value at pricing will be at least $900 per $1,000 note, and payments depend on the credit of the issuer and guarantor.
JPMorgan Chase & Co. is offering callable fixed rate notes due December 22, 2045. The notes pay a fixed interest rate of 5.65% per annum, with interest paid annually on December 23, starting in 2026, and the principal repaid at maturity if the notes have not been called.
The issuer may redeem the notes at par plus accrued interest on June 23 and December 23 of each year from December 23, 2027 through June 23, 2045. The notes are senior unsecured obligations of JPMorgan Chase & Co., but are structurally subordinate to the liabilities of its subsidiaries.
The pricing terms allow certain institutional and fee-based accounts to buy the notes between $952.60 and $1,000 per $1,000 principal amount. The notes are not bank deposits, are not insured by the FDIC, and could be subject to loss under JPMorgan Chase & Co.’s preferred single-point-of-entry resolution strategy in a bankruptcy or Title II resolution.
JPMorgan Chase & Co. is offering $2,571,000 of callable fixed rate notes due December 3, 2055. The notes pay interest at a fixed 5.35% per annum, with interest paid once a year on December 3, starting in 2026. At maturity, investors receive the principal plus any accrued and unpaid interest if the notes have not been redeemed earlier.
Beginning December 3, 2035 and on the 3rd calendar day of June and December each year through June 3, 2055, JPMorgan may redeem the notes in whole at par plus accrued interest. The price to the public is $1,000 per note, with per-note selling commissions of $20.604 and net proceeds to the issuer of $979.396 per $1,000, for total proceeds of $2,518,027.50. The notes are unsecured obligations of JPMorgan and, in a resolution scenario, losses could be imposed on noteholders after equity and ahead of subsidiary creditors.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year MQUSTVA Buffered Equity Notes linked to the MerQube US Tech+ Vol Advantage Index. The index provides rules-based exposure to an unfunded position in the Invesco QQQ Trust, net of a daily notional financing cost, and its level reflects a 6.0% per annum deduction taken daily.
The notes can be automatically called monthly after an initial one-year non-call period if the index level is at or above its initial value, paying for each $1,000 note a return that includes at least a 16.25% per annum Call Premium. If the notes are not called and, at maturity, the index has fallen by up to the 15.00% buffer, investors receive their $1,000 principal; below that buffer, principal is reduced in line with the further decline. The estimated value at pricing will not be less than $900.00 per $1,000 note, and investors face full issuer and guarantor credit risk, no interest or dividends, limited upside, potential illiquidity, and complex index and leverage risks.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index. The notes have a minimum denomination of $1,000, a scheduled pricing date of December 18, 2025, a final review date of November 20, 2028 and a maturity date of November 24, 2028, with monthly review dates.
The notes pay a contingent interest rate of at least 8.25% per annum, paid monthly, only if the index is at or above an interest barrier set at 85% of the initial value. They can be automatically called if the index on certain review dates is at or above 95% of the initial value, returning principal plus any due interest. At maturity, if not called and the index has fallen more than the 15% buffer, investors lose some or most principal. The index embeds a 6.0% per annum daily deduction and a notional financing cost, and the estimated value of each note at pricing will not be less than $900 per $1,000 face amount. The notes carry credit risk of both the issuer and guarantor and may not be liquid or suitable for all investors.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 3-year callable notes linked to the MerQube US Large-Cap Vol Advantage Index. The index provides rules-based exposure to E-Mini S&P 500 futures with dynamic leverage between 0% and 500% and includes a 6.0% per annum daily deduction.
The notes have a minimum denomination of $1,000, annual review dates and a barrier set at 60% of the initial index level. If on any review date the index level is at or above its initial level, the notes are automatically called, paying back principal plus at least a 29.50% per annum call premium, increasing to at least 59.00% and 88.50% on later review dates. If not called, and the final index level is at or above the barrier, investors receive principal back at maturity; if it is below the barrier, repayment is reduced one-for-one with the index loss, which can result in losing all principal.
The material highlights multiple risks, including full downside exposure below the barrier, the ongoing 6.0% annual index deduction, lack of liquidity, complex tax treatment, and the credit risks of both the issuer and guarantor.
JPMorgan Chase Financial Company LLC is offering Capped Return Enhanced Notes linked to the S&P 500 Index, maturing on December 4, 2031, in $1,000 denominations and fully guaranteed by JPMorgan Chase & Co. The notes pay no interest and do not provide any dividends from the S&P 500 companies.
At maturity, repayment is based on the Index’s average level over specified Initial and Ending Averaging Dates. If the Index falls below its initial averaged level, investors lose 1% of principal for each 1% decline, up to a total loss. If the Index rises, returns are tiered with leverage factors of 0.30, 2.40 and 1.4695 and are capped at a maximum return of at least 144.9055%, corresponding to a maximum payment of at least $2,449.055 per $1,000 note.
The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They will not be listed, so liquidity depends on J.P. Morgan Securities LLC making a market. The estimated value is about $983.10 per $1,000 note today and will not be less than $950.00 when finalized, reflecting structuring and hedging costs.
JPMorgan is offering 3-year structured notes linked to the MerQube US Tech+ Vol Advantage Index. This index provides rules-based exposure to an unfunded position in the Invesco QQQ Trust, Series 1, reduced by a daily notional financing cost and a 6.0% per annum daily index deduction.
The notes can be automatically called each year if the index level is at least 100% of its initial value, paying back $1,000 plus a call premium that will be at least 29.50% per annum. If not called and, at final observation, the index is at or above 60.00% of its initial value, investors receive full principal; if it is below that barrier, repayment is reduced in line with the index loss and investors can lose some or all of their principal.
The estimated value will be at least $900.00 per $1,000 note when terms are set, and all payments depend on the credit of JPMorgan Chase Financial Company LLC as issuer and JPMorgan Chase & Co. as guarantor. The terms highlight significant risks, including leverage in the index, potential lack of liquidity, and multiple conflicts of interest and valuation considerations.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 3-year notes linked to the MerQube US Large-Cap Vol Advantage Index. The Index uses leveraged exposure, between 0% and 500% of E-Mini S&P 500 futures, and deducts a 6.0% per annum daily fee.
The notes have a minimum denomination of $1,000 and an estimated value, when set, of not less than $900 per $1,000 principal amount. They can be automatically called on annual review dates if the Index is at or above 100% of its initial level, paying back $1,000 plus a Call Premium of at least 26.25% per annum.
If not called and the final Index value is at or above 60.00% of its initial level, investors receive principal back at maturity. If the final value is below this barrier, repayment is reduced by the Index loss, and investors can lose more than 40% and up to all of their principal. Payments depend on the credit of both the issuer and the guarantor, and the notes pay no interest or dividends.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 5-year structured notes linked to the MerQube US Tech+ Vol Advantage Index. The index provides rules-based exposure to an unfunded position in the Invesco QQQ Trust, Series 1, adjusted for a notional financing cost and a 6.0% per annum daily index deduction, with leverage that can range from 0% to 500% of the underlying asset.
The notes have a $1,000 minimum denomination and may be automatically called on annual review dates if the index closes at or above its initial level, paying back principal plus a call premium that will not be less than 24.00% per annum. If not called and the final index value is at or above 50% of the initial value, investors receive principal at maturity; if it is below this barrier, repayment is reduced by the full negative index return, and investors can lose some or all of their principal.
The estimated value at pricing will not be less than $900 per $1,000 note, reflecting internal funding and hedging costs. Payments depend on the credit of both the issuer and guarantor, and investors face risks including limited upside to the call premiums, no interest or dividends, potential illiquidity in any secondary market, complex index mechanics, leverage and volatility targeting features, and uncertain U.S. tax treatment.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 3-year structured notes linked to the MerQube US Tech+ Vol Advantage Index, which references an unfunded total-return position in the Invesco QQQ Trust with a daily 6.0% per annum index fee and a notional financing cost. The notes may be automatically called on annual review dates if the index is at or above its initial level, paying back $1,000 per note plus a call premium that will be at least 26.25% per annum.
If the notes are not called and the final index value is at or above 60% of the initial value, investors receive their full principal at maturity; if it is below this barrier, repayment is reduced one-for-one with the negative index return and investors can lose more than 40% and up to all of their principal. The estimated value at pricing will be at least $900 per $1,000 note, reflecting internal funding assumptions and hedging costs, and all payments depend on the credit of both the issuer and guarantor.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year callable notes linked to the MerQube US Large-Cap Vol Advantage Index. The index provides rules-based exposure to E-Mini S&P 500 futures with a maximum futures exposure of 500% and includes a 6.0% per annum daily deduction.
The notes have a 50.00% barrier of the initial index value and are reviewed annually through a final review date of December 18, 2030, with maturity on December 23, 2030. If on any review date the index is at or above its initial level, the notes are automatically called and pay back principal plus a call premium of at least 24.00% per annum, increasing by at least 24.00% on each subsequent review date.
If the notes are not called and the final index value is at or above the barrier, investors receive principal back at maturity. If the final value is below the barrier, repayment is reduced one-for-one with the index decline, and investors can lose more than 50% and up to all of their principal. Payments depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the notes pay no interest, dividends or voting rights.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year review notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The index uses a rules-based strategy on E-Mini S&P 500 futures with leverage up to 500% and applies a 6.0% per annum daily deduction.
The notes have a $1,000 minimum denomination and may be automatically called on annual review dates if the index is at or above its initial level, paying back principal plus a call premium of at least 27.75% per annum. If not called and the final index level is at or above 50.00% of its initial value, investors receive their principal at maturity.
If the notes are not called and the final index level is below the 50.00% barrier, repayment is reduced one-for-one with the index decline, and investors can lose most or all of their principal. The estimated value at pricing will not be less than $900 per $1,000 note. Payments depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the notes offer no interest, dividends, or voting rights.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering step-up auto callable notes linked to the S&P® Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER, expected to settle on or about December 23, 2025 and mature on December 23, 2032.
The notes can be automatically called as early as December 22, 2026 if the Index closes at or above preset call values, paying $1,000 per note plus a fixed call premium that steps up over six review dates. If not called, at maturity investors receive $1,000 per note plus any upside based on the Index return with a 100% participation rate, but no less than principal, all subject to the credit risk of the issuer and guarantor.
The Index targets 5% annualized volatility, applies daily notional financing costs and a 0.50% per annum deduction, and may often be significantly uninvested. The notes pay no interest or dividends, are unsecured, not FDIC insured, and may have limited liquidity. If priced today, the estimated value would be about $913.60 per $1,000 note and will not be less than $900.00 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the lesser performance of the Russell 2000® Index and the S&P 500® Index, expected to mature on December 14, 2026. The notes can be automatically called on quarterly review dates starting March 2026 if both indices are at or above their initial levels, returning principal plus any due contingent interest.
The notes pay a contingent interest rate of at least 8.25% per annum, or at least 2.0625% per quarter, but only when the closing level of each index on a review date is at or above 60% of its initial value, which also serves as the trigger level. If a “Trigger Event” occurs (either index closes below 60% of its initial value on any day) and the lesser performing index finishes below its initial value at maturity, investors lose principal in line with that index’s decline, up to a total loss. The notes are unsecured, subject to the credit risk of both the issuer and guarantor, offer no upside participation in the indices, and will not be listed, so liquidity and secondary market pricing are important risks.
JPMorgan Chase Financial Company LLC is offering Capped Buffered Return Enhanced Notes linked to the Russell 2000 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run to December 16, 2027 and are designed to pay 1.25 times any positive index return, up to a Maximum Return of at least 29.85%, which corresponds to a maximum maturity payment of at least $1,298.50 per $1,000 note.
If the index is flat or down by up to the 15.00% buffer, investors receive back their principal at maturity. If the index falls by more than 15.00%, investors lose 1% of principal for each additional 1% decline, for a potential loss of up to 85.00% of principal. The notes pay no interest or dividends, are unsecured obligations of JPMorgan Financial, and expose investors to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is about $988.90 per $1,000 note and will not be less than $960.00 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Uncapped Accelerated Barrier Notes due December 8, 2028, linked to the lesser performer of the SPDR® S&P 500® ETF Trust and the Invesco QQQ TrustSM, Series 1. The notes are issued in $1,000 denominations and pay no interest or dividends.
At maturity, if both funds finish at or above their initial values, holders receive their principal plus at least 1.21× the percentage gain of the lesser performing fund. If either fund is at or below its initial value but both remain at or above 70% of their initial levels, investors receive only their principal back. If either fund finishes below 70% of its initial value, repayment is reduced 1% for every 1% decline of the lesser performing fund, potentially resulting in a total loss.
The notes carry the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The indicative estimated value is about $980 per $1,000 note today and will not be less than $950 per $1,000 at pricing, reflecting embedded selling, structuring and hedging costs and potential illiquidity in any secondary market.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable accelerated barrier notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on December 7, 2028. The $1,000-denomination notes may be automatically called on December 15, 2026 if each index is at or above its initial level, paying back principal plus a call premium of at least $250 per note.
If the notes are not called and all three indices finish above their initial levels, investors receive 1.50 times the gain of the worst-performing index at maturity. If any index ends at or below its initial level but at or above 80% of its initial level, principal is returned. If any index finishes below 80% of its initial level, repayment is reduced one-for-one with the decline in the worst index, and investors can lose all principal. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and the estimated value on pricing is expected to be below the $1,000 issue price.
JPMorgan Chase Financial Company LLC is offering uncapped Dual Directional Buffered Return Enhanced Notes linked to the worst performer among the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index, maturing on December 22, 2028 and fully guaranteed by JPMorgan Chase & Co.
At maturity, investors get at least 1.17x any positive return of the least performing index, or a capped positive return equal to the absolute value of any decline up to a 20% buffer. If the least performing index falls by more than 20%, principal is reduced 1% for each additional 1% drop, up to an 80% loss.
The notes pay no interest, pass through no dividends, and are unsecured obligations subject to the credit risk of both the issuer and guarantor. They will not be listed on an exchange, and any secondary market price from JPMS is expected to be below the $1,000 issue price, with an initial estimated value of about $963.30 per $1,000 and not less than $900.00 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Buffered Return Enhanced Notes linked to the S&P MidCap 400® Index, maturing on May 13, 2027. The notes provide 1.50x any positive index return at maturity, but gains are capped at a Maximum Return of at least 20.15%, equivalent to a maximum payment of at least $1,201.50 per $1,000 note.
On the downside, there is a 10% buffer: if the index falls by up to 10%, investors receive their $1,000 principal. If it falls by more than 10%, investors lose 1% of principal for each additional 1% decline, up to a maximum loss of 90% of principal. The notes pay no interest, do not pass through dividends from index constituents, and are unsecured, unsubordinated obligations of the issuer, subject to the credit risk of both the issuer and the guarantor.
The minimum denomination is $1,000, the notes are not expected to be listed on any exchange and may have limited or no secondary market liquidity. If priced on the date of the example, the estimated value would be approximately $994.10 per $1,000, and at pricing it will not be less than $970 per $1,000, reflecting structuring and hedging costs.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common stock of Tesla, Inc., maturing in December 2027. The notes pay a contingent interest coupon on each quarterly Review Date only if Tesla’s share price is at or above 50% of the Strike Value, and any missed coupons are paid later if a subsequent Review Date meets that barrier.
The notes are automatically called, returning principal plus the applicable coupon, if Tesla’s share price on any non-final Review Date is at or above the Strike Value. If the notes are not called and Tesla’s final share price is below a 50% Trigger Value, investors lose 1% of principal for each 1% decline from the Strike Value and can lose their entire investment. A hypothetical contingent interest rate of 13.90% per annum (3.475% per quarter) is used in examples, and the estimated value is illustrated at about $958.70 per $1,000 face amount, not less than $930. Investors face the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., receive no Tesla dividends, and may face limited liquidity and complex U.S. tax treatment.
JPMorgan Chase Financial Company LLC is offering buffered digital dual directional notes linked to the Russell 2000 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes target a fixed Contingent Digital Return of at least 8.75% at maturity if the index finishes at or above its initial level.
If the index declines by up to the 15.00% buffer, investors receive a positive return equal to the absolute decline, up to a maximum total payment of $1,150 per $1,000 note when the index return is -15.00%. If the index falls by more than 15.00%, principal is reduced 1% for each additional 1% loss, with up to 85.00% of principal at risk. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and are not bank deposits or FDIC insured.
The notes are expected to price on or about December 10, 2025 and settle on or about December 15, 2025, with an observation date on January 11, 2027 and maturity on January 14, 2027. If priced today, the estimated value would be approximately $987.00 per $1,000 note and will not be less than $950.00 per $1,000 note when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto-callable structured notes linked to the MerQube US Tech+ Vol Advantage Index, designed for investors seeking equity-linked exposure with the possibility of early redemption at a premium.
The notes can be automatically called on scheduled Review Dates starting in December 2026 if the Index closes at or above 100% of its initial level, paying $1,000 plus a growing Call Premium Amount that reaches at least 81.25% of principal by the final Review Date. If the notes are not called and the Index is down by no more than the 15% Buffer Amount at maturity in December 2030, investors receive full principal back; if the decline exceeds 15%, repayment is reduced and investors can lose up to 85% of principal.
The underlying Index provides leveraged, rules-based exposure to the Invesco QQQ Trust, subject to a 6.0% per annum daily deduction and a notional financing cost, which together act as a persistent drag on performance and can cause the Index to lag a similar index without these charges. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and have an estimated value of about $908.10 per $1,000 principal (not less than $900.00) due to embedded costs and issuer funding assumptions.