Alerian MLP Index ETNs due January 28 2044 424B Filings

JPMorgan Chase Financial Company LLC is offering Euro Stoxx 50®‑linked Digital Equity Notes due January 14, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay no interest and the maturity payment depends on index performance between the trade date in November 2025 and the determination date on January 12, 2028.

If the final index level is at least 85.00% of the initial level, investors receive a fixed "threshold settlement amount," expected between $1,160.70 and $1,189.00 per $1,000 note, capping upside at roughly 16%–18.9%. If the index falls more than 15.00%, principal is exposed on a leveraged basis at a buffer rate of about 1.1765, and investors can lose all of their investment.

The notes are unsecured obligations subject to the credit risk of both the issuer and guarantor, are not FDIC‑insured, will not be listed on any exchange, and have an estimated initial value expected between $977.60 and $987.60 per $1,000 note due to structuring and hedging costs.

JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated callable contingent interest notes linked separately to the Energy Select Sector SPDR Fund (XLE), VanEck Gold Miners ETF (GDX) and iShares Silver Trust (SLV), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run to October 28, 2027 and may be redeemed early at the issuer’s option on specified interest payment dates starting May 29, 2026.

Holders receive a contingent interest rate of at least 9.25% per annum, paid monthly, only if on a Review Date the closing price of each ETF is at or above 50% of its initial value; otherwise no interest is paid for that period. If held to maturity and each ETF finishes at or above its 50% Trigger Value, investors receive principal plus the final contingent coupon; if any ETF is below its Trigger Value, repayment is reduced one-for-one with the decline of the worst performer, and investors can lose more than 50% or all of their principal. The notes are not listed, carry liquidity and credit risk, and their estimated value at pricing will be below the $1,000 issue price per note.

JPMorgan Chase Financial Company LLC is offering structured “Review Notes” linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes can be automatically called on scheduled Review Dates starting in late 2026 if the Index closes at or above 90% of its initial level, paying back $1,000 per note plus a fixed call premium that increases over time.

If the notes are never called and, on the final Review Date in 2028, the Index is at or above 80% of its initial level, investors receive only their $1,000 principal per note. If the Index finishes below that 80% barrier, repayment is reduced one-for-one with the Index loss, and investors can lose all of their principal. The Index itself is reduced by a 6.0% per annum daily deduction and a notional financing cost, which weigh on returns. The estimated value at pricing is expected to be below the $1,000 issue price, and all payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured, unsubordinated Uncapped Buffered Return Enhanced Notes linked to the S&P 500® Futures Excess Return Index, maturing on December 1, 2028. Each note has a minimum denomination of $1,000 and pays no interest.

At maturity, if the index has risen, investors receive $1,000 plus the index gain multiplied by an upside leverage factor of at least 1.24. If the index is flat or down by up to the 20.00% buffer, investors receive their $1,000 principal. If the index is down by more than 20.00%, repayment is reduced 1% for each additional 1% decline, up to a maximum 80.00% loss of principal. A hypothetical example shows a 50.00% index decline leading to a $700.00 payment per $1,000 note.

If the notes priced on the described terms, the estimated value would be approximately $975.50 per $1,000 note and will not be less than $940.00 when set, reflecting selling commissions, hedging costs and issuer funding assumptions. The notes will not be listed, are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and their value can be adversely affected by market volatility, futures market disruptions, negative roll yields and secondary-market pricing factors.

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 on November 30, 2028, in minimum denominations of $1,000. The notes offer potential early redemption at a premium if, on any semiannual Review Date starting November 27, 2026, the Index closes at or above 90% of its initial level, triggering an automatic call that repays principal plus a Call Premium of at least 18.25% to 54.75% of principal, depending on the call date.

If not called, investors receive full principal at maturity only if the final Index level is at or above 80% of the initial level. If it is below this barrier, repayment is reduced one-for-one with the Index decline, and up to all principal can be lost. The underlying Index is a leveraged, volatility-targeting strategy on E-mini S&P 500 futures and is subject to a 6.0% per annum daily deduction, which materially drags on performance. The notes pay no interest or dividends, are unsecured obligations subject to JPMorgan credit risk, and are expected to have an estimated value of about $910 per $1,000 at pricing, below the price to public.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked to the Class A common stock of Palantir Technologies Inc. (PLTR), maturing on June 8, 2027. The notes can pay a monthly Contingent Interest Payment of at least $16.375 per $1,000 (a rate of at least 19.65% per annum) for each Review Date when Palantir’s closing price is at or above 50.00% of the Initial Value, the Interest Barrier.

The issuer may redeem the notes early, in whole, on specified Interest Payment Dates starting March 6, 2026, paying $1,000 plus any due contingent interest, which would end further payments. If the notes are not redeemed early and the Final Value is at least 50.00% of the Initial Value, investors receive $1,000 plus the final contingent coupon at maturity; if the Final Value is below that Trigger Value, repayment is $1,000 plus $1,000 multiplied by the stock return, so principal losses can exceed 50% and reach 100%.

The notes are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., will not be listed on an exchange and may be illiquid. As of the trade-date assumption, the estimated value is approximately $950.90 per $1,000 note and will not be less than $900.00 when set, reflecting selling commissions, hedging costs and issuer funding rates.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common stock of Target Corporation (TGT), maturing on November 30, 2027. The notes pay a quarterly contingent coupon of at least 13.50% per annum (at least $33.75 per $1,000) only if Target’s share price on a Review Date is at or above an Interest Barrier set at 60% of the initial share price.

The notes may be automatically called on specified Review Dates starting May 26, 2026 if Target’s share price is at or above the initial value, returning $1,000 per note plus the applicable contingent interest, with no further payments. If the notes are not called and Target’s final share price is below the 60% Trigger Value, repayment of principal is reduced one-for-one with Target’s decline, and investors can lose more than 40% and up to all of their principal.

The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, subject to its and JPMorgan Chase & Co.’s credit risk. Estimated value is indicated at approximately $970 per $1,000 note, and will not be less than $950 per $1,000 when finalized, reflecting selling commissions, structuring fees and hedging costs. The product does not provide dividends on Target shares or guaranteed interest and is expected to be illiquid.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common stock of Delta Air Lines, Inc. (DAL), maturing in December 2027. The notes pay a quarterly contingent coupon of at least 11.50% per annum (at least $28.75 per $1,000 note per quarter) only if DAL’s closing price on a review date is at or above 50% of its initial level, the interest barrier.

The notes may be automatically called on specified review dates starting in May 2026 if DAL’s price is at or above its initial level, in which case investors receive $1,000 plus the applicable contingent interest and the notes terminate. If the notes are not called and DAL’s final price is at or above the 50% trigger level, investors receive principal back plus the final contingent interest payment.

If the notes are not called and DAL’s final price is below the 50% trigger, repayment is reduced one-for-one with DAL’s loss, causing more than 50% loss of principal and potentially a total loss. Principal is unsecured and subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The estimated economic value is indicated at about $940 per $1,000 note initially, and not less than $920 per $1,000 when terms are set, reflecting embedded fees and hedging costs.

JPMorgan Chase Financial Company LLC is offering callable fixed-rate notes due November 28, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a fixed interest rate of 3.90% per annum, with interest paid annually in arrears on November 28 of each year, beginning in 2026, based on a 30/360 day count. The issuer may redeem the notes in whole, but not in part, on the 28th calendar day of February, May, August and November from November 28, 2026 through August 28, 2028 at par plus accrued interest.

The price to the public is between $992.60 and $1,000 per $1,000 principal amount for eligible institutional and fee-based accounts. Selling commissions are expected to be approximately $4.00 per $1,000 principal amount and will not exceed $10.00 per $1,000, with J.P. Morgan Securities LLC redistributing these to other dealers.

JPMorgan Chase Financial Company LLC is offering capped dual directional barrier notes linked to the lesser performer of the Nasdaq-100 Index® and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The total offering is $1,122,000, with each note issued in $1,000 denominations at a public price of $1,000 and an estimated value of $982.10.

At maturity in May 2027, investors can earn index-linked upside up to a Maximum Upside Return of 16.00% if the lesser performing index appreciates, and can earn positive “dual directional” returns on declines of up to 30% as long as both indices stay at or above a 70.00% barrier level. If either index finishes below its barrier, principal is exposed 1:1 to the full decline of the lesser performer and investors can lose some or all of their principal. 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 expected to be listed, so liquidity may be limited.

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 VanEck® Gold Miners ETF, fully and unconditionally guaranteed by JPMorgan Chase & Co. The total principal is $641,000, with a price to public of $1,000 per note and proceeds to the issuer of $636,352.75.

The notes pay a contingent coupon at a rate of 14.30% per annum (1.19167% per month) only if, on a Review Date, the closing value of each underlying is at or above 70% of its Initial Value. If on any Review Date one underlying is below this barrier, no interest is paid for that period. The notes are callable at the issuer’s option on specified interest payment dates, beginning on February 24, 2026.

At maturity, if not called, principal is protected only down to a Trigger Value of 60% of the Initial Value for each underlying. If the least performing underlying finishes below its Trigger Value, repayment is reduced 1% for each 1% decline from its Initial Value, potentially down to zero. The estimated value at pricing is $958.70 per $1,000 note, reflecting embedded fees, hedging costs and the issuer’s internal funding rate, and the notes are unsecured, subject to JPMorgan Financial and JPMorgan Chase & Co. credit risk.

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 Russell 2000 Index, the Nasdaq-100 Index and the Utilities Select Sector SPDR Fund, maturing on November 29, 2029. The notes may be called early as soon as November 27, 2026, paying at least a 16% call premium on $1,000, rising to at least 28% on later review dates.

If not called and all underlyings finish above their initial values, investors receive $1,000 plus 1.5 times the gain of the worst-performing underlying. If any underlying finishes below its 70% barrier, repayment is reduced one-for-one with the loss of the least performing underlying, down to full loss of principal. The estimated value is about $913.60 per $1,000 note, below the price to public, reflecting selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked to the least performing of the Russell 2000, S&P 500 and EURO STOXX 50 indices, maturing on November 8, 2027.

The notes pay a monthly contingent coupon at a rate of at least 9.00% per year70% of its initial level

Principal is at risk: if at maturity any index is below its initial level and has ever closed below 50% of its initial level$965.40 per $1,000

JPMorgan Chase Financial Company LLC plans to issue capped buffered enhanced participation equity notes due January 25, 2027, linked to the S&P 500® Index and fully guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount, offers 2.00x leveraged upside to the index and provides a 10.00% downside buffer.

If the index rises, returns are capped by a maximum settlement amount expected between $1,123.60 and $1,145.00 per $1,000 note. If the index falls more than 10.00%, losses increase at about 1.1111% for every 1% decline beyond the buffer, and investors can lose all principal. The notes pay no interest, will not be listed, carry underwriting commissions up to 0.85% of principal, and have an estimated value expected between $977.90 and $987.90 per $1,000 at pricing, reflecting embedded costs and hedging.

JPMorgan Chase Financial Company LLC is issuing $330,000 of Auto Callable Contingent Interest Notes linked to the lesser performing of Palo Alto Networks common stock and Taiwan Semiconductor ADSs, maturing on November 24, 2028. The notes pay a contingent interest rate of 11.10% per annum (2.775% per quarter) only if, on a Review Date, the closing price of one share of each reference stock is at or above 50% of its Strike Value. Missed interest can be paid later if barriers are met, but investors may receive no interest at all.

The notes are automatically called if, on any non-final Review Date, each stock closes at or above its Strike Value, returning $1,000 per note plus due interest. If not called, and at maturity either stock finishes below its Trigger Value (50% of Strike), repayment is reduced by the negative return of the lesser performing stock, creating the possibility of losing more than half, up to all, of principal. The price to public is $1,000 per note, with an estimated value of $945.70, and the notes are unsecured, unsubordinated obligations fully and unconditionally guaranteed by JPMorgan Chase & Co., subject to its credit risk.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, guaranteed by JPMorgan Chase & Co. The notes can pay monthly contingent interest, with a rate of at least 9.55% per annum, but only when the Index closes at or above 70% of its initial level on an Interest Review Date; missed coupons can be paid later if the barrier is met.

The notes are automatically called if, on a quarterly Autocall Review Date, the Index is at or above its initial level, returning principal plus due interest and ending the investment early. At maturity, if not called, principal is protected only down to 85% of the Initial Value; below that, investors lose 1% of principal for each 1% further decline, up to a loss of 85%.

The Index uses leveraged, volatility-targeted exposure to the Invesco QQQ Trust, less a 6.0% annual deduction and a notional financing cost, which together create a persistent drag on performance. The estimated value is expected to be below the $1,000 issue price, for example about $910.60 per note if priced on the date shown, reflecting selling costs, hedging and internal funding rates. The notes are unsecured, subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and may be illiquid.

JPMorgan Chase Financial Company LLC is offering unsecured Contingent Interest Notes linked to the worst performer among the Russell 2000 Index, the Nasdaq‑100 Technology Sector Index and the Dow Jones Industrial Average, fully guaranteed by JPMorgan Chase & Co. The notes are expected to be issued in $1,000 denominations and mature on December 8, 2028.

Investors can receive monthly Contingent Interest Payments of at least $7.875 per $1,000 (a rate of at least 9.45% per annum) for any Review Date on which each index closes at or above 70.00% of its Initial Value. If any index is below this Interest Barrier on a Review Date, no interest is paid for that month.

At maturity, if the Final Value of every index is at or above 70.00% of its Initial Value, investors receive their $1,000 principal plus the final Contingent Interest Payment. If any index finishes below 70.00%, the payoff is reduced by the full percentage decline of the worst‑performing index, and investors can lose more than 30% and up to all of their principal. The notes are not listed, expose holders to the credit risk of JPMorgan entities, provide no participation in index gains or dividends, and have an estimated value below the $1,000 issue price due to costs and hedging.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Market-Linked Step Up Notes tied to an international equity index basket. Each note has a $10 principal amount, a term of about two years, and pays all amounts only at maturity, with no periodic interest.

The basket blends five non‑U.S. equity indices: EURO STOXX 50® (40%), Nikkei 225 (25%), FTSE® 100 (20%), Swiss Market Index (7.5%) and S&P/ASX 200 (7.5%). If the basket’s ending value is at or above the starting value but at or below a “Step Up Value” set between 120% and 122% of the starting level, investors receive principal plus a fixed Step Up Payment of $2.00–$2.20 per unit (a 20%–22% total return). Above the Step Up Value, the payoff increases 1‑for‑1 with the basket’s gain.

If the basket ends below its starting value, repayment of principal is reduced 1‑for‑1 with the decline, down to a total loss at a zero basket level. The notes do not pay dividends or interest, are unsecured and unsubordinated, and expose holders to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is $9.40–$9.653 per $10 unit, below the public offering price, reflecting embedded fees, funding spreads and hedging costs, and secondary market liquidity is expected to be limited.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked to the least performing of the S&P 500 Index, EURO STOXX 50 Index and iShares Semiconductor ETF, maturing on November 24, 2028. The notes pay a monthly contingent coupon at a rate of at least 11.30% per annum only if on each Review Date all three underlyings are at or above 55% of their Strike Values; otherwise no interest is paid for that period.

The issuer may redeem the notes early on specified Interest Payment Dates starting May 26, 2026, at $1,000 per note plus any due contingent interest. At maturity, if not called and any underlying finishes below 50% of its Strike Value, principal is reduced in line with the worst performer and investors can lose more than half, up to all, of their investment. These unsecured notes carry the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is about $976.30 per $1,000 note and will not be less than $940.00 when finalized.

JPMorgan Chase Financial Company LLC is offering $2,250,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Occidental Petroleum Corporation. The notes pay a 12.50% per annum contingent coupon, in quarterly installments of $0.3125 per $10 note, only when OXY’s closing price is at or above the coupon barrier of $29.76, which is 70% of the initial value of $42.52.

The notes can be called early on any quarterly observation date if OXY’s price is at or above the initial value, returning the $10 principal plus the applicable coupon. If they are not called and OXY finishes at or above the downside threshold of $29.76 at maturity on May 21, 2027, investors receive $10 plus the final coupon. If OXY ends below the downside threshold, repayment of principal is reduced in line with the stock’s decline, and investors can lose most or all of their investment. The notes are unsecured obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., with an estimated value of $9.716 per $10 note and a minimum investment of $1,000.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Auto Callable Buffered Return Enhanced Notes linked to the Class A common stock of Meta Platforms, Inc. The notes are issued in $10,000 minimum denominations, priced at $1,000 per note, for an aggregate offering of $1,660,000, with net proceeds to the issuer of $1,635,100. If the Meta share price on the December 1, 2026 review date is at or above the initial stock price of $597.69, the notes are automatically called and pay back principal plus a 25.00% call premium. If not called and Meta’s final price on the November 18, 2027 valuation date is above the initial price, investors get leveraged upside at 1.874x with no cap. If the final price is down by up to 20.00%, principal is returned; below that buffer, principal is reduced 1% for each additional 1% decline, potentially to zero. The notes pay no interest or dividends, are unsecured unsubordinated obligations subject to JPMorgan credit risk, and had an estimated value at pricing of $975.60 per $1,000.

JPMorgan Chase Financial Company LLC is offering 1-year Capped GEARS linked to the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each Security has a $10 issue price and gives 3.00x leveraged upside exposure to positive S&P 500 returns, but gains are capped by a Maximum Gain that will be set on the trade date between 11.10% and 13.10%.

If the index return is positive, the payoff equals $10 plus 3x the index gain, limited by the Maximum Gain; if the return is zero, holders receive $10; if the index declines, investors lose principal in proportion to the index loss, up to a total loss. UBS earns up to $0.20 per $10 Security, and the indicative estimated value is about $9.706, not less than $9.40, reflecting embedded costs and hedging. The notes are unsecured, not FDIC-insured, will not be listed on an exchange and involve significant market, credit, liquidity and tax risks.

JPMorgan Chase Financial Company LLC is offering unsecured, callable contingent interest notes linked separately to the Nasdaq-100, Russell 2000 and S&P 500 indices, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are scheduled to mature on November 26, 2030.

Investors may receive monthly contingent interest of at least 10.65% per annum (0.8875% per month) per $1,000 note, but only if on each review date the closing level of each index is at or above 70% of its initial value; otherwise no interest is paid for that period.

The issuer may redeem all notes early on specified interest payment dates starting May 27, 2026 at $1,000 plus any due contingent interest. At maturity, if not called and each index is at or above its 70% trigger value, investors receive $1,000 plus final contingent interest; if any index is below its trigger, repayment is reduced based on the worst-performing index, with the potential to lose more than 30% and up to all principal.

If the notes priced on the described date, their estimated value would be about $973.50 per $1,000 note and will not be less than $940.00 per $1,000 at pricing. The notes are not deposits or FDIC insured and are subject to the credit risk of both the issuer and guarantor.

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 29, 2030. The notes pay a monthly contingent coupon of at least 9.25% per annum equivalent when, on a review date, the Index closes at or above 70% of its initial value; missed coupons can be paid later if the barrier is met.

The notes may be automatically called as early as November 25, 2026 if the Index is at or above its initial value, returning $1,000 per note plus due contingent interest, with no further payments. At maturity, if not called and the Index is at or above 85% of its initial level, investors receive full principal plus applicable contingent interest; below that level, principal is reduced, with losses up to 85% possible. The Index embeds a 6.0% per annum daily deduction and a notional financing cost, which drag on performance and can cause it to lag the QQQ-based strategy it tracks. The estimated value is initially about $911.70 per $1,000 note and will not be less than $900.00.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the Russell 2000, S&P 500 and EURO STOXX 50 indices, maturing on December 6, 2029. The notes can pay a quarterly contingent coupon of at least 8.25% per annum (at least 2.0625% per quarter) if, on a Review Date, each index is at or above 70% of its initial level. Starting with the December 2, 2026 Review Date, the notes are automatically called if each index is at or above its initial level, returning principal plus that period’s coupon.

If the notes are not called and, at maturity, the worst-performing index is at or above 70% of its initial level, investors receive full principal plus the final coupon. If the worst-performing index finishes below 70% of its initial level, repayment of principal is reduced one-for-one with the index loss, which can result in losing a substantial portion or all of the investment. The notes are unsecured obligations subject to the credit risk of JPMorgan Chase Financial and JPMorgan Chase & Co., are not FDIC insured, and may have limited or no secondary market liquidity. The issuer’s estimated value per $1,000 note would be about $940.00 if priced on the date shown, and will not be less than $920.00 when finalized.

JPMorgan Chase Financial Company LLC is offering market-linked notes that pay no interest and return a variable amount at maturity based on the lowest performing of the S&P 500, Dow Jones Industrial Average, Nasdaq-100 and EURO STOXX 50 indices. Each security has a $1,000 principal amount and is fully and unconditionally guaranteed by JPMorgan Chase & Co.

At maturity in December 2026, investors participate 100% in any gain of the lowest index, but returns are capped at a maximum upside of at least 12.55%, or at least $1,125.50 per security. If that index falls up to the 15% buffer, investors receive a positive "absolute" return up to 15%. If it falls by more than 15%, principal is reduced 1-for-1 beyond the buffer and investors may lose up to 85% of principal. The indicative estimated value is about $961.50 per $1,000 security, and at pricing it will not be less than $930.00.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the common stock of QUALCOMM Incorporated, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about November 21, 2025 and mature on November 26, 2027, in $1,000 minimum denominations.

Holders may receive a quarterly contingent interest payment of at least $27.50 per $1,000 note (a rate of at least 11.00% per annum) for any Review Date on which Qualcomm’s closing share price is at or above 60.00% of the initial price, with unpaid interest amounts potentially paid later if the barrier is met. The notes are automatically called, ending further payments, if on any non‑first, non‑final Review Date the stock closes at or above its initial value.

If the notes are not called and Qualcomm’s final share price is at or above the 60.00% trigger, investors receive full principal plus the applicable contingent interest. If the final price is below the trigger, principal is reduced one‑for‑one with the stock’s loss, and more than 40.00% (up to all) of principal can be lost. The estimated value is approximately $960.00 per $1,000 note and will not be less than $940.00, reflecting embedded selling, 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 MerQube US Tech+ Vol Advantage Index, maturing on December 6, 2030, in minimum denominations of $1,000.

Holders may receive a monthly Contingent Interest Payment of at least $5.00 per $1,000 (a rate of at least 6.00% per annum) for any Interest Review Date when the Index closes at or above 80.00% of its Initial Value. The notes are automatically called on specified quarterly dates if the Index closes at or above its Initial Value, returning $1,000 plus the applicable contingent interest, with no further payments.

If the notes are never called, investors receive $1,000 per note at maturity plus any final contingent interest, but may receive no interest over the life of the notes. The MerQube US Tech+ Vol Advantage Index embeds a 6.0% per annum daily deduction and a daily notional financing cost on its QQQ Fund exposure, which reduce index performance. The notes carry the unsecured credit risk of JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is approximately $953.40 per $1,000 note and will not be less than $920.00 when set.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Buffered Digital Notes linked to the lesser performer of the S&P 500® Index and the Russell 2000® Index, maturing on November 26, 2027. The notes target a fixed Contingent Digital Return of at least 27.00% at maturity if the final level of each index is at or above its initial level. A 10.00% buffer protects principal against moderate declines; if either index falls more than 10.00%, investors lose 1% of principal for each additional 1% drop in the lesser-performing index, up to a 90.00% loss. The notes pay no interest, do not provide dividends, and are not bank deposits or FDIC insured. They will not be listed on an exchange, so liquidity will depend on JPMorgan Securities’ willingness to make a market, and secondary prices are expected to be below the $1,000 price to public. The preliminary estimated value is approximately $976.80 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 MerQube US Tech+ Vol Advantage Index, with a contingent interest rate of 7.00% per annum (0.58333% per month) on $1,000 denominations. Interest is paid only if the Index closes on a Review Date at or above an Interest Barrier set at most at 42.00% of the Initial Value, and unpaid coupons can be paid later if the barrier is met.

The notes may be automatically called starting November 25, 2026 if the Index is at or above the Initial Value, returning $1,000 plus due contingent interest and unpaid coupons. If held to maturity on November 29, 2030 and the Final Value is below the 85.00% Buffer Threshold, principal is reduced 1% for each 1% Index loss beyond the 15.00% buffer, up to an 85.00% loss. The Index includes a 6.0% per annum daily deduction and a notional financing cost, which drag on performance. If priced today, the estimated value would be approximately $914.40 per $1,000 note, and at pricing will not be less than $900.00.

JPMorgan Chase Financial Company LLC is offering unsecured Digital Barrier Notes linked to the lesser performer of the Russell 2000® Index and the EURO STOXX 50® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount and matures on December 2, 2030.

If on the November 26, 2030 observation date the final level of each index is at least 70% of its initial level (the Digital Barrier), investors receive $1,000 plus a fixed contingent digital return of at least 47%, or $1,470 per $1,000 in the 47.00% example. If either index is below 70% but both are at least 65% of initial (the Barrier Amount), investors receive only principal back. If either index finishes below 65%, the payout is $1,000 plus the lesser performing index return, so losses increase 1% for every 1% decline and can reach a total loss of principal.

The notes pay no interest, do not provide dividends on index constituents, and expose holders to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. They are not bank deposits, are not FDIC insured, and are not exchange-listed, so liquidity may be limited. The indicative estimated value is approximately $974.30 per $1,000 note and will not be less than $940.00 per $1,000 at pricing, reflecting selling commissions, structuring and hedging costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering principal-at-risk Auto-Callable Dual Directional Trigger PLUS linked to the iShares Bitcoin Trust ETF (IBIT), maturing on December 3, 2027. Each security has a stated principal amount and issue price of $1,000.

If on the December 7, 2026 redemption observation date the ETF closing price is at or above the initial share price, the note is automatically redeemed for at least $1,293.50 (at least 129.35% of principal) and then terminates. If not redeemed and at maturity the ETF is above the initial price, holders receive $1,000 plus 150% of the ETF’s positive return. If the ETF is down by up to 25%, investors receive a positive return equal to the absolute decline, capped at 25%.

If at maturity the ETF has fallen below 75% of its initial level, repayment is $1,000 multiplied by the share performance factor, so losses exceed 25% and can reach 100% of principal. The preliminary estimated value is about $947 per $1,000 note and will not be less than $920 on the pricing date. The product pays no interest, is unsecured, not listed, and carries bitcoin and issuer/guarantor credit risk.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Dual Directional Accelerated Barrier Notes linked to the worst performer of the Nasdaq‑100 Index, the Energy Select Sector SPDR Fund and the VanEck Semiconductor ETF, maturing on May 25, 2028.

The notes provide at least 2.40x leveraged upside on the worst underlying if all finish above their initial values, capped at a 60.00% Maximum Upside Return, or $1,600 per $1,000 note. If the worst underlying is down but all remain at or above 60.00% of initial (the Barrier Amount), investors receive the absolute value of that decline, up to a 40.00% maximum positive return, or $1,400 per $1,000 note.

If any underlying closes below its Barrier Amount on the observation date, repayment drops 1% for each 1% decline of the worst underlying, and investors can lose all principal. The notes pay no interest or dividends, are unsecured, and their value is subject to issuer and guarantor credit risk. The indicative estimated value is about $965.90 per $1,000 note and will not be less than $900.00, reflecting embedded fees and hedging costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Buffered Return Enhanced Notes linked to the lesser performing of the Dow Jones Industrial Average and the S&P 500 Index, maturing on November 30, 2028. The notes target an uncapped payoff of at least 1.1875 times any gain of the weaker index, with a 25% downside buffer and a downside leverage factor of 1.33333 beyond that buffer.

The notes are unsecured, pay no interest, and do not provide dividends or voting rights on index constituents. At maturity, investors receive $1,000 plus leveraged gains if both indices rise; par is returned if each index is flat or down by up to 25%. If either index falls by more than 25%, principal is reduced by 1.33333% for each additional 1% decline, which can result in the loss of the entire investment. The minimum denomination is $1,000, the estimated value would be about $988.20 per $1,000 note if priced today and will not be less than $960.00, and the notes will not be listed on an exchange.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Trigger In-Digital Notes linked to Brent crude oil futures, maturing on or about February 26, 2027. Each Note has a $10 principal amount, with a minimum investment of $1,000, and pays no interest.

If the Final Value of the Brent futures contract is at or above the Digital Barrier, set at 75% of the Initial Value, holders receive $10 plus a Digital Return expected between 12.00% and 13.05% per Note, regardless of how much the Underlying has risen. If the Final Value is below the Downside Threshold, also 75% of the Initial Value, repayment is $10 plus the actual Underlying Return, exposing investors one-for-one to losses down to a minimum payment of $0.

The issue price is $10 per Note, including up to $0.20 in selling commissions to UBS and leaving $9.80 in proceeds to the issuer. Based on current assumptions, the estimated economic value is about $9.61 per $10 Note and will not be less than $9.40 at pricing, reflecting structuring and hedging costs. The Notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. and are not bank deposits or FDIC insured.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured Buffered Digital Notes linked individually to the S&P 500 Index and the Nasdaq‑100 Index, maturing on January 8, 2027. Each $1,000 note is designed to pay a fixed return of at least 8.70% at maturity if the final level of each index is at or above 85% of its initial level. A 20% downside buffer applies: if either index falls by more than 20%, principal is reduced 1% for each additional 1% decline in the lesser‑performing index, up to an 80% loss.

The notes pay no interest, provide no dividends, will not be listed, and are unsecured, unsubordinated obligations of JPMorgan Chase Financial. The preliminary estimated value is $990.70 per $1,000 note, and the final estimated value will not be less than $960.00, reflecting structuring and hedging costs that make the initial issue price higher than internal model value.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering market-linked securities due November 30, 2028 linked to the Nasdaq-100, Russell 2000 and EURO STOXX 50 indices. Each $1,000 security pays a contingent quarterly coupon at a rate of at least 11.15% per annum, but only if the worst-performing index on the observation date is at or above 75% of its starting level. If on any quarterly date from May 2026 to August 2028 the worst index is at or above its starting level, the notes are automatically called and repay principal plus that period’s coupon.

If the notes are not called, at maturity investors receive $1,000 back only if the worst index is at or above its 75% threshold; otherwise principal is reduced in line with the index loss, which can mean losing most or all of the investment. The price to public is $1,000 per security, with selling fees of $23.25 and issuer proceeds of $976.75. The estimated value is about $951 per security (not less than $920 when set), reflecting embedded structuring and hedging costs. The notes are complex, not FDIC insured, and are expected to be treated as prepaid forward contracts with contingent coupons for U.S. tax purposes.

JPMorgan Chase Financial Company LLC is offering $5,554,000 of auto callable contingent interest notes linked individually to the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a contingent monthly coupon at a rate of 10.75% per annum (0.89583% per month) only if, on a Review Date, the closing level of each index is at or above 70% of its Initial Value. The notes may be automatically called, for $1,000 plus the applicable coupon, if on certain Review Dates each index closes at or above its Initial Value; the earliest call date is May 18, 2026.

If the notes are not called and, on the final Review Date, the Least Performing Index is below its Trigger Value (70% of its Initial Value), investors lose 1% of principal for every 1% decline in that index, which can mean a loss of most or all invested principal. The notes are unsecured, unsubordinated obligations of JPMorgan Financial, subject to the credit risk of both the issuer and JPMorgan Chase & Co., are not bank deposits and are not FDIC-insured. The estimated value at pricing was $977.00 per $1,000 note, below the $1,000 issue price due to selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC is offering $1,504,000 of Uncapped Digital Barrier Notes linked to the least performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes provide uncapped, unleveraged exposure to index gains at maturity, with a contingent minimum return of 43.25% if each index finishes at or above its initial level.

Each index has a barrier set at 70% of its initial value. If any index closes below its barrier on the observation date, investors lose 1% of principal for each 1% decline of the least performing index and can lose their entire investment. The notes pay no interest or dividends and are unsecured, unsubordinated obligations subject to the credit risk of both the issuer and guarantor.

The price to public is $1,000 per note, including fees and commissions, while the estimated value at pricing is $979.30 per $1,000, reflecting selling, structuring and hedging costs. The notes are not listed, and secondary market prices are expected to be below the original issue price.

JPMorgan Chase Financial Company LLC is offering capped buffered enhanced participation equity notes due March 11, 2027, linked to the S&P 500® Index and fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay no interest and repayment of principal depends entirely on index performance. If the index falls by more than 10.00%, losses are magnified so that each additional 1% decline beyond the buffer reduces principal by approximately 1.1111%, and investors could lose their entire investment. If the index rises, investors receive 1.50x the index gain, but returns are capped at a maximum settlement amount expected to be between $1,134.10 and $1,157.35 per $1,000. The estimated value at pricing is expected to be between $974.00 and $984.00 per $1,000, reflecting selling commissions, hedging costs and issuer profit. The notes will not be listed, may have limited liquidity and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering capped dual directional buffered equity notes linked to the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co., and scheduled to mature on December 1, 2027.

The notes provide unleveraged exposure to S&P 500 gains, with a Maximum Upside Return of at least 21.80%, so positive index performance above that level does not increase the payoff. If the index is flat or down by up to the 15.00% Buffer Amount, investors receive a positive return equal to 50.00% of the absolute decline, capped at a 7.50% maximum return when the index is negative.

If the S&P 500 falls by more than 15.00%, investors lose 1% of principal for each 1% drop beyond the buffer and can lose up to 85.00% of principal at maturity. The minimum denomination is $1,000, the notes pay no interest or dividends, are unsecured and unsubordinated, and are not FDIC insured. If priced today, the estimated value would be about $982.20 per $1,000 note, and the final estimated value will not be less than $950.00 per $1,000 note. The notes are not expected to be listed, and secondary market prices are expected to be below the original issue price.

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 contingent interest rate of at least 9.50% per annum, or at least 2.375% per quarter, for each Review Date on which the Index closes at or above 60% of its Initial Value (the Interest Barrier). The notes may be automatically called on specified Review Dates starting November 23, 2026 if the Index is at or above its Initial Value, returning $1,000 principal plus the applicable contingent interest.

If the notes are not called and the Final Value is at or above 70% of the Initial Value (the Buffer Threshold), investors receive $1,000 plus the final contingent interest. If the Final Value is below the Buffer Threshold, repayment is reduced according to index performance and investors can lose up to 70% of principal. The Index incorporates a 6.0% per annum daily deduction and a notional financing cost, which act as a drag on performance, and it can use leverage up to 500% exposure to the QQQ Fund. Minimum denomination is $1,000, with an estimated value of approximately $950 per $1,000 note at the preliminary stage and not less than $930 when terms are set.

JPMorgan Chase Financial Company LLC is offering Capped Dual Directional Contingent Buffered Equity Notes linked to the S&P 500® Index. The notes pay no interest or dividends and are unsecured, unsubordinated obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.

At maturity, investors receive $1,000 plus the S&P 500® Index return, capped at a Maximum Upside Return of at least 10.00%. If the index is down by up to the 20.10% Contingent Buffer Amount, investors earn the same percentage as a positive return, up to a maximum of $1,201.00 per $1,000 note. If the index falls by more than 20.10%, losses match the index decline and investors may lose all principal.

The notes have a minimum denomination of $10,000 and are expected to price on or about November 21, 2025, with maturity on December 9, 2026. The estimated value would be about $983.80 per $1,000 note if priced today and will not be less than $970.00 when finalized. JPMorgan has previously agreed to donate an aggregate $700,000 to Blue Star Families, independent of this offering.

JPMorgan Chase Financial Company LLC (AMJB) is offering unsecured, unsubordinated auto callable contingent interest notes linked to the common stock of Oracle Corporation, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes target investors seeking high contingent income tied to Oracle’s share performance.

The notes pay a quarterly Contingent Interest Rate of at least 16.15% per annum (at least $40.375 per $1,000 each quarter) only if Oracle’s closing price on a Review Date is at or above 55.00% of the Initial Value. Missed interest can be paid later if the barrier is met on a future Review Date. The notes are automatically called if Oracle closes at or above the Initial Value on any non‑final Review Date, returning $1,000 plus due and unpaid contingent interest.

If not called, and the final Oracle price is at or above the 55.00% Trigger Value, investors receive $1,000 plus due and unpaid contingent interest at maturity. If the final price is below the Trigger Value, principal is reduced in line with the stock’s decline, so investors can lose more than 45% and up to all of their principal. The estimated value is about $964 per $1,000 note and will not be less than $960 when finalized. The notes are not bank deposits, are not FDIC insured and do not provide dividends or equity ownership in Oracle.

JPMorgan Chase Financial Company LLC is offering structured Capped Dual Directional Buffered Equity Notes linked to the lesser performing of the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination and matures on February 25, 2027, with returns based on index performance at a single observation date.

The notes provide upside exposure to the lesser-performing index up to a Maximum Upside Return of at least 24.80%, capping the maximum payment at a minimum of $1,248 per $1,000 note when the lesser-performing index rises. If either index is flat or down by up to the 15.00% buffer, investors receive a positive return equal to the absolute decline of the lesser-performing index, up to a maximum of $1,150 per $1,000 note.

If either index falls by more than 15.00%, principal is exposed to losses on a 1-for-1 basis beyond the buffer, and investors can lose up to 85.00% of principal. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and will not be listed. If priced on the described terms, the estimated value would be approximately $989.50 per $1,000 note and will not be less than $900.00 per $1,000 at pricing.

JPMorgan Financial is offering structured “Review Notes” linked to the lesser performer of the Nasdaq-100 Index® and the Russell 2000® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes can be automatically called as early as December 2, 2026 if both indices are at or above their call values on a Review Date, paying back the $1,000 principal plus a fixed call premium that starts at $110 and can reach up to $550 per note by the final Review Date in 2030.

The notes do not pay interest or dividends and expose holders to losses if, at maturity and without prior automatic call, the lesser performing index finishes below its barrier level, with losses increasing one-for-one with that decline and potentially reaching 100% of principal. If the notes priced on the described date, their estimated value would be about $954 per $1,000 note and will not be less than $930, reflecting embedded selling, structuring and hedging costs and the issuer’s internal funding rate.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on December 5, 2030. The notes target a contingent interest rate of at least 9.20% per year, paid monthly, but interest is only paid for periods when all three indices close at or above 70% of their initial levels.

The notes can be redeemed early, at the issuer’s option, on specified interest payment dates starting in June 2026. If held to maturity and all indices finish at or above 60% of their initial levels, investors get full principal back plus any final contingent interest. If any index finishes below 60%, repayment is reduced one-for-one with the decline in the worst-performing index, which can mean a loss of more than 40% and up to all principal.

The product offers no upside participation in index gains, is unsecured and unsubordinated, and carries the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. It will not be listed on an exchange, so liquidity and secondary market pricing are uncertain. The estimated value at launch is expected to be below the $1,000 issue price due to embedded selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Digital Barrier Notes linked to the least performing of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index, maturing in February 2027. If on the observation date each index is at or above 70% of its initial level, investors receive a fixed return of at least 12.75% on the $1,000 principal at maturity. If any index finishes below this barrier, repayment is reduced one-for-one with the decline of the worst index, and investors can lose more than 30% and up to all of their principal. The notes pay no interest or dividends, are unsecured obligations subject to JPMorgan credit risk, and will not be listed, so liquidity and secondary market pricing may be limited. The estimated value is initially expected to be about $981 per $1,000 note and not less than $950, reflecting embedded fees, hedging costs and dealer compensation.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the lesser performance of Palo Alto Networks stock and Taiwan Semiconductor ADSs, maturing on November 24, 2028. The notes pay a quarterly contingent coupon of at least 11.10% per annum (at least $27.75 per $1,000 per quarter) only if, on a review date, each reference stock closes at or above 50% of its strike value. The notes are automatically called, returning $1,000 plus due coupons, if on any non-final review date each stock is at or above its strike value, starting February 18, 2026. If not called and either stock finishes below its 50% trigger on the final review date, repayment of principal is reduced 1% for each 1% decline of the lesser performer, and investors can lose more than half or all of their principal. A preliminary estimated value is about $948.40 per $1,000 note, and the final estimated value will not be less than $920.00.