Alerian MLP Index ETNs due January 28 2044 (AMJB) 424B Filings

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.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, maturing on November 24, 2028. The notes pay a monthly contingent coupon of at least 8.25% per annum (0.6875% per month) only when the Index closes at or above 85% of its initial level, with missed coupons potentially paid later if the barrier is met on a future review date.

The notes can be automatically called as early as June 18, 2026 if the Index is at or above 95% of its initial level on designated review dates, returning principal plus due coupons and ending further payments. At maturity, if not called and the Index is at or above the 85% buffer threshold, investors receive principal plus due coupons; if it is below this level, principal is reduced, with up to 85% loss possible.

The Index applies a 6.0% per annum daily deduction and a notional financing cost on its QQQ Fund exposure, which drags performance and can cause the Index to lag similar strategies without these charges. The minimum denomination is $1,000, and the indicative estimated value is about $923 per $1,000 note, not less than $900, reflecting fees and hedging costs.

JPMorgan Chase Financial Company LLC is offering auto callable buffered return enhanced notes linked to the MSCI Emerging Markets Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called on December 9, 2026 if the Index is at or above the Call Value, paying $1,000 plus a Call Premium Amount of at least $110 per note, ending the investment early.

If not called and the Index finishes above its initial level at maturity in 2030, holders receive $1,000 plus 1.25 times any index gain. A 22.00% downside buffer protects principal against moderate declines, but if the Index falls by more than 22.00%, investors lose 1% of principal for each additional 1% drop, up to a maximum loss of 78.00%.

The notes pay no interest, provide no dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and will not be listed on any exchange. The estimated value discussed is approximately $972 per $1,000 note if priced on the reference date, and will not be less than $940 per $1,000 at pricing, reflecting embedded fees, hedging costs and dealer compensation. Key risks include emerging markets and currency exposure, limited liquidity, potential early call, tax uncertainty and conflicts of interest from JPMorgan’s multiple roles.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable accelerated barrier notes linked individually to the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, maturing on December 21, 2028.

The notes may be automatically called on Review Dates in December 2026 or December 2027 if each index is at or above 100% of its initial level, paying $1,000 plus a call premium of at least 12.30% or 24.60% of principal, respectively. If held to maturity and not called, investors receive 1.50 times the gain of the worst-performing index if all three finish above their initial levels, principal back if all stay at or above 70% of initial, and lose one-for-one with the worst index if any finish below the 70% barrier.

The notes pay no interest, provide no dividends, are unsecured obligations of JPMorgan Chase Financial and are subject to the credit risk of both the issuer and guarantor. A preliminary estimated value is illustrated at $939.90 per $1,000 note, and the final estimated value will not be less than $900.00 per $1,000 note. The notes will not be listed on any exchange, so liquidity may be limited and secondary market prices are expected to be below the issue price.

JPMorgan Chase Financial Company LLC is offering callable contingent interest notes linked to the Nasdaq-100® Technology Sector IndexSM, the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a Contingent Interest Payment on each Review Date only if the closing level of each index is at least 75% of its Initial Value.

The Contingent Interest Rate will be at least 11.70% per annum

The notes are unsecured, unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not insured by the FDIC, and will not be listed on any exchange. If priced today, the estimated value would be about $980 per $1,000 note and will not be less than $950 at pricing, reflecting selling commissions, hedging costs and issuer funding assumptions.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Dual Directional Buffered Return Enhanced Notes linked to the least performing of the Dow Jones Industrial Average®, the Russell 2000® Index and the S&P 500® Index, maturing on June 24, 2027.

The notes provide at least 1.14x leveraged upside on any positive return if all three indices finish above their initial levels, and a positive return equal to the absolute decline of the weakest index for losses of up to the 10.00% buffer, capping gains at 10.00% in those down-but-buffered scenarios. If any index falls by more than 10.00%, principal is reduced 1% for each additional 1% drop in the least performing index, with up to 90.00% of principal at risk.

The notes pay no interest, do not provide dividends from index constituents, 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 JPMorgan Chase Financial and JPMorgan Chase & Co. The preliminary estimated value is approximately $959.30 per $1,000 principal amount note, and the final estimated value will not be less than $900.00 per $1,000 note.

JPMorgan Chase Financial Company LLC plans to issue Capped Dual Directional Buffered Equity Notes linked to the lesser performer of the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to settle on or about December 24, 2025 and mature on January 22, 2027, in minimum denominations of $1,000.

At maturity, investors gain unleveraged upside if both indices rise, capped by a Maximum Upside Return of at least 17.00%. If the lesser-performing index is flat or down by up to the 10.00% Buffer Amount, investors receive a positive return equal to the absolute decline, effectively capped at $1,100 per $1,000 note when the lesser index return is negative. If either index falls by more than 10.00%, principal is reduced 1% for each additional 1% drop, with up to 90.00% loss of principal.

The notes pay no interest, provide no dividends on index components, and are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. They are not exchange-listed, and secondary market prices are expected to be below the issue price. If priced today, the estimated value would be about $970.00 per $1,000 note and will not be less than $900.00 per $1,000 at pricing.

JPMorgan Chase Financial Company LLC is offering auto callable accelerated barrier notes linked to the lesser performance of the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about December 18, 2025 and mature on December 23, 2027, with a potential automatic call on December 22, 2026 if each index closes at or above its Call Value.

The structure offers at least a $98.50 Call Premium Amount per $1,000 note if called, and an uncapped payoff at maturity of 1.50 times any positive return of the lesser performing index if both indices finish above their initial levels and the notes are not called. A 70.00% barrier on each index provides principal repayment at maturity if both stay at or above that level, but if either index finishes below its barrier, investors lose 1% of principal for each 1% decline of the lesser performer and can lose their entire investment. The preliminary estimated value is approximately $950.50 per $1,000 note and will not be less than $900.00, reflecting embedded selling, structuring and hedging costs, and the notes pay no interest or dividends.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped notes linked to the Dow Jones Industrial Average®, maturing on December 21, 2028. The notes provide 100% participation in any index gains, but the total return is capped at a maximum amount of at least $162.50 per $1,000 note, equivalent to a maximum gain of about 16.25% in the illustrative case.

If the index ends at or below its initial level, repayment is reduced 1% for each 1% index decline, but the payment at maturity will be no less than $950 per $1,000 note, so up to 5% of principal is at risk. The notes pay no interest, do not pass through dividends, are unsecured obligations of JPMorgan Financial, and are subject to the credit risk of both the issuer and JPMorgan Chase & Co.

The estimated value, if the notes priced on the example date, would be about $954.40 per $1,000, and the final estimated value disclosed at pricing will not be less than $900 per $1,000, reflecting selling commissions, hedging costs and issuer funding assumptions. The notes are not listed on an exchange, and secondary market prices are expected to be below the original issue price. The issuer expects to treat the notes as contingent payment debt instruments for U.S. federal income tax purposes.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the common stock of PayPal Holdings, Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes can pay monthly contingent interest if PayPal’s share price on a review date is at or above 60% of the initial share price, and may be automatically called as early as March 5, 2026 if the stock is at or above the initial level on certain review dates.

If the notes are not called and PayPal’s final share price falls below a trigger set at 60% of the initial level, investors lose 1% of principal for each 1% decline and can lose their entire investment. A hypothetical contingent interest rate of 11.50% per year (0.95833% per month) is used to illustrate potential payments, but all payments depend on stock performance and the credit of JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated Uncapped Accelerated Barrier Notes linked to the lesser performing of the iShares MSCI EAFE ETF and the EURO STOXX 50 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about December 18, 2025 and mature on December 23, 2030, in minimum denominations of $1,000.

At maturity, if both underlyings finish above their initial values, investors receive $1,000 plus at least 1.82 times any gain of the lesser performing underlying. If either underlying finishes at or below its initial value but at or above 70% of its initial value, investors receive only their principal back. If either underlying closes below 70% of its initial value, principal is reduced 1% for each 1% decline in the lesser performer, up to a total loss of principal.

The notes pay no interest, provide no dividends, are not bank deposits, and carry the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. A preliminary estimated value is about $927.60 per $1,000 note, and the final estimated value at pricing will not be less than $900.00.

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 iShares® MSCI EAFE ETF and the EURO STOXX 50® Index, maturing in December 2030. Each note has a $1,000 denomination and offers at least 1.96x any positive return of the weaker underlying at maturity if both finish above their initial values.

If either underlying finishes at or below its initial value but at or above 65% of its initial value, investors receive only their principal back. If either closes below this 65% barrier, repayment is reduced one-for-one with the loss on the lesser performing underlying, and principal can be entirely lost. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and will not be listed on any exchange. An indicative estimated value is about $952 per $1,000 note, and the final estimated value will not be less than $900 per $1,000 note.

JPMorgan Chase Financial Company LLC plans to issue Capped Buffered Return Enhanced Notes linked to the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes aim to deliver 1.50 times any positive S&P 500® return at maturity, subject to a maximum return of at least 17.30%, so the most an investor would receive is at least $1,173 per $1,000 note if the index rises sufficiently.

The structure includes a 10.00% downside buffer: investors get full principal back at maturity if the index is flat or down by up to 10%. Below that level, losses match index declines beyond the buffer, up to a maximum 90.00% loss of principal. The notes pay no interest, do not pass through dividends, and are unsecured obligations exposed to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

If priced today, the estimated value would be about $996.30 per $1,000 note, and at pricing it will not be less than $970.00, reflecting embedded structuring and hedging costs. The notes are not listed, so liquidity depends on dealer repurchases and secondary prices are expected to be below the original issue price.

JPMorgan Chase Financial Company LLC is offering capped dual directional buffered equity notes linked to the lesser performer of the Russell 2000® Index and the S&P 500® Index, maturing on June 24, 2027 and fully guaranteed by JPMorgan Chase & Co.

The notes provide unleveraged upside to index gains, capped by a Maximum Upside Return of at least 27.50%, and also pay a positive return if the lesser performing index falls by up to 10.00%, using an absolute return feature. If either index falls by more than this 10.00% buffer, investors lose 1% of principal for each additional 1% decline in the lesser performing index, with losses up to 90.00% of principal.

The minimum denomination is $1,000 per note. If priced on the example date, the estimated value would be approximately $959.90 per $1,000 note, and at pricing it will not be less than $900.00. The notes pay no interest or dividends, are unsecured, will not be listed on an exchange and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Gold Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a contingent quarterly coupon only if the Index closes at or above 60% of its Initial Value on a Review Date and can be automatically called if, after the first Review Date, the Index is at or above its Initial Value, with the earliest call date in June 2026 and final maturity in December 2030.

The Index uses leveraged exposure (up to 500%) to gold futures and includes a 6.0% per annum daily deduction, which acts as a drag on performance and can cause the Index to decline even when its investment strategy is positive. Investors face full principal risk if, at maturity and without an earlier call, the Index closes below 60% of its Initial Value, and they may receive no interest at all. The indicative contingent interest rate is at least 13.50% per annum, while the initial estimated value is expected to be below the $1,000 price, reflecting structuring and hedging costs and the issuer’s internal funding rate.

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 Index®, the Russell 2000® Index and the S&P 500® Index, maturing on December 22, 2028. The notes may be automatically called as early as December 24, 2026 if each index is at or above its Call Value, paying back $1,000 per note plus a call premium of at least 14.00% on the first Review Date or 28.00% on the second.

If not called and all indices finish above their initial levels at final valuation, investors receive an uncapped payoff of 2.00 times the gain of the least-performing index. If any index finishes below its initial level but at or above 70.00% of that level, principal is returned at par. If any index ends below the 70.00% barrier, repayment is reduced one-for-one with the decline of the least-performing index, creating potential for large or total loss of principal.

The notes pay no interest, provide no dividends and are unsecured obligations of JPMorgan Chase Financial, subject to the credit risk of both the issuer and guarantor. The preliminary estimated value is approximately $955.50 per $1,000 note and will not be less than $900.00 when finalized, reflecting selling commissions, hedging costs and issuer funding assumptions. The notes will not be listed on an exchange, so liquidity may be limited.