Alerian MLP Index ETNs due January 28 2044 424B Filings

JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for Auto Callable Accelerated Barrier Notes linked to the MerQube US Large-Cap Vol Advantage Index, due November 26, 2030, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about November 21, 2025 and settle on or about November 25, 2025, in minimum denominations of $1,000.

The notes may be automatically called on Review Dates starting November 25, 2026 at 100% of the Initial Value, paying the applicable Call Premium Amount (minimums: 18.5500%, 23.1875%, 27.8250%, 32.4625%, 37.1000%). If not called, at maturity investors receive 5.00× any index gain; par is returned if the Final Value is at or above the 50.00% Barrier Amount; below the barrier, losses match the index decline.

The underlying Index includes a 6.0% per annum daily deduction, which drags performance. Indicative economics show an estimated value of about $887.50 per $1,000 today, and not less than $870.00 when set. Selling commissions will not exceed $50.00 per $1,000. Payments are subject to the credit risk of the issuer and guarantor.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent buffered return enhanced notes linked to the S&P 500® Index. Each note has a $1,000 denomination, with a total offering of $1,000,000, and may be automatically called on the review date if the index closes at or above the strike level of 6,728.80, paying $1,000 plus a 10.80% call premium. If not called, investors receive 1.5 times any positive index return at maturity, with a 20% downside buffer; beyond that, principal losses match further index declines on a 1:1 basis. The notes are unsecured, not FDIC insured, and carry credit, market, liquidity, reinvestment and conflict-of-interest risks. The estimated value is $979.80 per $1,000 note, below the issue price due to selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $3,954,000 of Auto Callable Accelerated Barrier Notes linked to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the S&P 500® Index, maturing on November 15, 2028. The notes may be automatically called on November 16, 2026 if each index is at or above its Call Value, paying back principal plus a fixed Call Premium Amount of $160 per $1,000 note.

If not called and each index finishes above its initial level at maturity, holders receive an uncapped 1.75x leveraged upside on the appreciation of the least performing index. If any index finishes between its initial level and a 70% barrier, principal is returned. If any index closes below its 70% barrier, principal is reduced one-for-one with the decline of the least performing index, up to a total loss.

The notes pay no interest, offer no dividends from index constituents, are unsecured and unsubordinated, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value at pricing is $977 per $1,000 note, below the $1,000 issue price due to 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 least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on November 26, 2027. The notes pay a monthly contingent coupon of at least $5.875 per $1,000 (at least 7.05% per annum) only when the closing level of each index on an Interest Review Date is at or above 70% of its Initial Value.

The notes are automatically called on specified quarterly Autocall Review Dates starting August 21, 2026 if each index is at or above its Initial Value, returning $1,000 plus the applicable coupon, with no further payments. If not called, and on the final Review Date each index is at or above its 70% Trigger Value, investors receive $1,000 plus the final coupon.

If any index finishes below its Trigger Value and the notes are not called, the maturity payment is reduced one-for-one with the decline of the least performing index, and principal losses can exceed 30% and reach 100%. The notes are unsecured, will not be listed, and include significant credit, market, liquidity and tax risks. The estimated value is illustrated at approximately $947.70 per $1,000 and will not be set below $900 per $1,000 at pricing.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Accelerated Barrier Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index, maturing on December 4, 2030. The notes target an upside leverage factor of at least 1.51x any positive performance of the worst-performing index at maturity.

If all three indices finish above their initial levels, investors receive $1,000 plus the leveraged gain based on the weakest index. If at least one index is at or below its initial level but all stay at or above 80% of their initial values (the barrier), principal is returned. If any index closes below its barrier, repayment is reduced one-for-one with the decline of the least performing index, and investors can lose most or all of their principal.

The notes pay no interest, provide no index dividends, are unsecured obligations subject to JPMorgan credit risk, and are not expected to be listed, limiting liquidity. If priced today, the estimated value would be about $940.20 per $1,000, and will not be less than $920.00 at pricing.

JPMorgan Chase Financial Company LLC is issuing $1,081,000 of Capped Dual Directional Buffered Equity Notes linked to the Nasdaq-100 Index®, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are scheduled to mature on February 16, 2027, with an observation date of February 10, 2027.

These unsecured notes provide unleveraged exposure to index gains up to a Maximum Upside Return of 12.75%, and a positive return equal to the absolute value of index losses up to a 15.00% buffer. Beyond a 15% index decline, investors lose 1% of principal for each additional 1% drop, up to a maximum loss of 85.00% of principal.

The notes pay no interest and do not provide dividends on index components. The price to public is $1,000 per note, including fees and commissions of $7.2188, while the initial estimated value is $984.30 per $1,000 principal amount, reflecting selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is issuing $1,598,000 of structured Review Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq‑100 Index and Russell 2000 Index, due November 10, 2028. The notes are sold in $1,000 denominations at $1,000 each, with selling commissions of $29.50 per note and net proceeds of $970.50 per note to the issuer; the estimated value at pricing was $951.30.

The notes may be automatically called on any of five Review Dates starting November 11, 2026 if each index is at or above its initial level, paying back principal plus a call premium that can reach 38.25% on the final Review Date. If not called and any index finishes below 70% of its initial level, repayment at maturity is reduced in line with the worst index and investors can lose more than 30% and up to all principal. The notes pay no interest, provide no dividends, are unsecured obligations and may have limited secondary liquidity.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the least performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the Invesco S&P 500 Equal Weight ETF, maturing on November 18, 2027. The notes can pay monthly contingent interest at a rate of at least 8.00% per annum if on a review date each underlying is at or above 70% of its initial value.

The notes may be automatically called as early as May 14, 2026 if each underlying is at or above its initial value, in which case investors receive principal plus the applicable interest and no further payments. If the notes are not called and, at maturity, any underlying is below 70% of its initial value, repayment of principal is reduced one-for-one with the loss on the worst-performing underlying, and investors can lose most or all of their investment.

The notes are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. They do not offer fixed interest or dividend payments, will not be listed on any exchange and may trade below the issue price, with an initial estimated value of approximately $955.90 per $1,000 principal amount.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Accelerated Barrier Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq‑100 Index and S&P 500 Index, maturing on December 3, 2029. The notes provide at least 1.38x upside exposure to any positive performance of the least performing index if all three finish above their initial levels on the observation date.

A 70% barrier applies to each index: if every index finishes at or above 70% of its initial level, investors receive full principal back; if any index closes below 70%, repayment is reduced one‑for‑one with the loss of the least performing index, up to a total loss of principal. The preliminary estimated value is about $939.80 per $1,000 note and will not be less than $910. The notes pay no interest, provide no dividends, are unsecured, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Callable Contingent Interest Notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on May 21, 2027. Each note has a $1,000 denomination.

Holders may receive a contingent interest payment of at least 7.60% per annum (0.63333% per month) on any review date where all three indices close at or above 70% of their initial values; otherwise no interest is paid for that period. JPMorgan may redeem the notes early on specified interest payment dates, paying $1,000 plus any due contingent interest.

At maturity, if not redeemed early, investors receive $1,000 plus any final contingent interest if each index is at or above 65% of its initial value. If any index is below that trigger, repayment is reduced in proportion to the decline of the worst-performing index, and investors can lose some or all principal. The preliminary estimated value is approximately $965 per $1,000 note and will not be less than $900 per note when finalized.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common stock of Micron Technology, Inc. (MU), maturing on May 25, 2027, in $1,000 denominations. The notes can pay a monthly contingent interest rate of at least 23.25% per annum (at least $19.375 per $1,000 per month) if, on a given review date, Micron’s share price is at or above an interest barrier set at 60% of the initial value. The notes are automatically called from the third review date onward if Micron closes at or above its initial value, returning $1,000 plus the applicable contingent interest for that date.

If the notes are not called and Micron’s final price is at or above a 50% trigger value, investors receive $1,000 per note at maturity plus any final contingent interest. If the final price is below the trigger, repayment of principal is reduced in line with Micron’s decline, and investors can lose more than half or all of their principal. The notes are unsecured obligations exposed to the credit risk of JPMorgan entities. The issuer estimates the current value at about $954.70 per $1,000 note and states the final estimated value at pricing will not be less than $900.00 per $1,000 note.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured Review Notes linked to a WTI crude oil futures contract due November 19, 2027. The notes can be automatically called early if, on a Review Date (November 17, 2026 or November 16, 2027), the NYMEX WTI crude oil nearby futures contract (CL1 or, in certain cases, CL2) is at or above the applicable Call Value.

If called, investors receive $1,000 per note plus a Call Premium Amount, at least 14.30% on the first Review Date or at least 28.60% on the final Review Date. If the notes are not called and the Final Value is at or above the 90% Barrier Amount, investors receive their $1,000 principal back at maturity.

If the notes are not called and the Final Value is below the Barrier Amount, repayment is $1,000 plus $1,000 times the contract return, so investors lose 1% of principal for each 1% decline from the Initial Value and could lose their entire investment. The notes pay no interest, are unsecured obligations subject to the credit risk of both issuers, are not listed, and may have limited liquidity. The estimated value is illustrated at approximately $951.10 per $1,000 note and will not be less than $930.00, reflecting embedded selling commissions, a structuring fee and hedging costs.

J.P. Morgan filed a Rule 424(b)(3) index supplement under Registration Statement Nos. 333-270004 and 333-270004-01, updating materials for the J.P. Morgan Total Return SM Index.

The update presents hypothetical backtested and actual historical monthly and annual returns and weights. Backtesting uses alternative performance for some Basket Constituents from May 3, 2004 to June 25, 2014, then backtested performance using actual constituent data from June 26, 2014 to July 12, 2017, followed by actual index performance from July 13, 2017 to October 31, 2025. The methodology described is the one currently used to calculate the Index, with reminders that past performance and allocations are not indicative of future results.

Key risks highlighted include: the Index’s limited operating history (established July 13, 2017), momentum strategy risks, monthly rebalancing and weighting constraints, potential correlation effects among constituents, and fixed-income market exposures (including high-yield, MBS, preferreds, floating-rate notes, and emerging markets). The materials note a historical volatility threshold of 5% that may not be maintained and the credit risk of JPMorgan Chase Bank, N.A.. JPMS, as Index Sponsor, may make adjustments that affect index levels.

JPMorgan Chase Financial Company LLC is offering Capped Dual Directional Contingent Buffered Equity Notes linked to the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The total offering is $10,000,000 at $1,000 per note, with selling fees of $15.83 per note and proceeds to the issuer of $9,841,700. The estimated value is $978.60 per $1,000 note.

The notes provide unleveraged upside to the Index capped at a Maximum Upside Return of 8.25%, and a positive return equal to the Absolute Index Return when the Index declines by up to the Contingent Buffer Amount of 46.95%. If the Index falls by more than 46.95% from the Index Strike Level of 6,654.95, investors lose 1% of principal for each 1% further decline and may lose all principal. No interest or dividends are paid.

Key dates: Strike Date November 7, 2025; Pricing Date November 10, 2025; Valuation Date December 30, 2027; Maturity Date January 4, 2028. Minimum denominations are $10,000 and integral multiples of $1,000. The notes are unsecured and not FDIC insured.

JPMorgan Chase Financial Company LLC is offering unsecured "Review Notes" linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called as early as November 23, 2026 if the Index is at or above a preset Call Value, paying back principal plus a fixed Call Premium Amount.

The notes pay no interest or dividends and expose holders to loss of some or all principal if, at maturity in November 2030, the Index finishes below a 50% Barrier Amount. The Index itself is highly engineered: it uses leveraged exposure (up to 500%) to E-mini S&P 500 futures, targets 35% implied volatility, and applies a 6.0% per annum daily deduction that drags performance. The minimum denomination is $1,000, and the estimated value is expected to be about $905 per $1,000, not less than $900, reflecting embedded costs and issuer funding assumptions.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $2,038,000 of auto callable barrier notes linked to the lesser performance of the Russell 2000 Index and the S&P 500 Index, maturing November 10, 2028. The notes may be automatically called on November 13, 2026 if each index is at or above its Call Value, paying $1,000 plus a $162.50 call premium per note. If not called, investors receive uncapped, unleveraged exposure to any gain in the lesser performing index at maturity, but lose principal 1-for-1 if that index finishes below 60% of its initial level, with the potential to lose all principal. The notes pay no interest, do not pass through dividends, are unsecured, not FDIC insured, not exchange-listed, and carry the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The estimated value is $971.90 per $1,000 note, below the issue price due to structuring and hedging costs.

JPMorgan Chase Financial Company LLC is issuing $1,858,000 of structured Review Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to auto-call as early as November 13, 2026 if the Index is at or above the Call Value, paying back $1,000 per note plus a call premium that starts at 18.25% of principal and steps up to 91.25% on the final review date.

If the notes are not called, principal is protected only down to a 15% buffer; if the Index falls more than that, repayment is reduced dollar-for-dollar and investors can lose up to 85% of principal at maturity on November 13, 2030. The Index embeds a 6.0% per annum daily deduction and a notional financing cost on the QQQ Fund, which drags on performance versus an undeducted index.

The notes pay no interest or dividends, are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, and all payments depend on the credit of the issuer and guarantor. The price to public is $1,000 per note, with $44 in fees and commissions and an estimated value of $909.20 per $1,000 at pricing.

JPMorgan Chase & Co. provides an index supplement describing historical and hypothetical performance for the S&P 500 Daily Risk Control 10% Index through October 31, 2025. The table shows monthly and annual percentage returns from 1999 to 2025, including a mix of backtested data before May 13, 2009 and actual index levels thereafter.

The material emphasizes that backtested results use proxies and may differ significantly from real-world outcomes, and that past performance is not indicative of future results. It highlights key risks, including that the index may not meet its 10% volatility target, may be significantly uninvested at times, and reflects deductions for a notional financing cost whose calculation methodology was recently changed. The update replaces prior written materials about this index.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering digital notes due May 19, 2027 linked to the iShares 20+ Year Treasury Bond ETF (TLT). The notes pay no interest and repay at maturity an amount based on the ETF’s price performance from the trade date to the determination date.

For each $1,000 note, if the final ETF level is at least 90% of its initial level, investors receive a fixed "threshold settlement amount" expected between $1,086.60 and $1,101.60, capping upside to roughly 8.66%–10.16%. If the ETF falls by more than 10%, principal is lost on a leveraged basis: every additional 1% drop beyond the 10% buffer reduces repayment by about 1.1111%, up to a total loss.

The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., will not be listed on an exchange, and have an estimated value at pricing expected between $966.20 and $976.20 per $1,000, reflecting embedded costs, hedging and dealer compensation. The filing also highlights complex and uncertain U.S. tax treatment and potential conflicts of interest in pricing, hedging and secondary market making.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 7-year auto callable review notes linked to the MerQube US Tech+ Vol Advantage Index, which references an unfunded position in the Invesco QQQ Trust and targets volatility with exposure between 0% and 500%. The Index level reflects a 6.0% per annum daily deduction, and the QQQ-linked performance is reduced by a daily notional financing cost.

The notes have a minimum denomination of $1,000, a pricing date of December 9, 2025, a final review date of December 9, 2032, and a maturity date of December 14, 2032. If on any review date the Index is at or above the call value of 100% of its initial level, the notes are automatically called for $1,000 plus a call premium based on a call premium rate of at least 20%, with the premium growing over time.

If the notes are not called and the final Index level is at or above the 60% barrier, principal is returned at maturity. If the final level is below the barrier, repayment equals $1,000 plus $1,000 times the Index return, so holders can lose more than 40% and up to all principal. The estimated value at issuance will not be less than $900 per $1,000, and payments are subject to the credit risks of both the issuer and guarantor, as well as numerous structural and index-related risks.

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, targeting automatic early redemption at a premium if the index closes at or above 100% of its initial level on scheduled review dates.

The notes have a final maturity on November 17, 2028, with the first possible automatic call on November 17, 2026. If called, investors receive their $1,000 principal plus a call premium that starts at at least 25.75% of principal on the first review date and rises to at least 77.25% by the final review date. If not called, principal is repaid at maturity only if the final index level is at least 80% of its initial level; below that barrier, repayment is reduced in line with the index loss, and investors can lose up to all of their investment.

The underlying index allocates dynamically to E-mini S&P 500 futures with leverage up to 500% and includes a 6.0% per annum daily deduction, which acts as a persistent drag on index performance. The indicative estimated value is approximately $920 per $1,000 note and will not be less than $900, reflecting selling commissions, hedging costs and issuer funding assumptions.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Uncapped Buffered Return Enhanced Notes linked to the lesser performer of the S&P 500 Index and the EURO STOXX 50 Index, maturing in November 2028. The notes are issued in $1,000 minimum denominations and do not pay interest or dividends.

At maturity, investors gain at least 1.511 times any positive return of the worse-performing index, with a 25% downside buffer. If either index falls more than 25%, principal is reduced on a 1-for-1 basis beyond that level, up to a maximum loss of 75% of principal. A preliminary estimated value is about $978.50 per $1,000 note and will not be less than $900. Investors face credit risk of both JPMorgan Financial and JPMorgan Chase & Co., potential illiquidity, and complex U.S. tax treatment.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Trigger Callable Yield Notes linked to the lesser performing of the Nasdaq-100 Index and the EURO STOXX 50 Index. The Notes have a term of about 15 months, pay monthly coupons at an annual rate expected between 7.90% and 8.40%, and are issued in $10 denominations with a minimum investment of $1,000.

After an initial three-month non-call period, JPMorgan may redeem the Notes monthly at its election, returning principal plus the applicable coupon, with no further payments. If the Notes are not called and on the final valuation date each index is at or above 70% of its Initial Value, investors receive full principal plus the final coupon. If either index is below its downside threshold, repayment of principal is reduced in proportion to the decline of the worse-performing index, and investors can lose a significant portion or all of their investment.

The Notes are unsecured and unsubordinated obligations, are not bank deposits, are not FDIC insured, and depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. An illustrative estimated value is about $9.796 per $10 Note, and the final estimated value will not be less than $9.40 per $10 Note.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable buffered return notes linked to the common stock of Target Corporation. The notes are issued at $1,000 per note, with total proceeds to the issuer of $492,500 after selling fees, and an estimated value at pricing of $971.80 per $1,000 note.

The notes may be automatically called on November 19, 2026 if Target’s share price is at or above the $89.15 strike, paying $1,000 plus a 35.70% call premium. If not called and Target finishes above the strike on the November 2027 valuation date, investors receive uncapped upside linked to the stock return. There is a 15.00% downside buffer, but beyond that losses are magnified by a 1.17647 downside factor, so investors can lose some or all principal. The notes pay no interest or dividends and are unsecured obligations subject to JPMorgan’s credit risk.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked to the least performing of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index, maturing on November 26, 2031.

The notes pay a quarterly contingent coupon at a rate of at least 9.25% per annum (at least 2.3125% per quarter) per $1,000 note, but only if on each Review Date the closing level of every index is at or above 75.00% of its Initial Value, which also serves as the Trigger Value. If any index is below this barrier on a Review Date, no interest is paid for that quarter.

The issuer may redeem the notes early, in whole but not in part, on specified Interest Payment Dates starting November 27, 2026, paying $1,000 plus any due interest. If the notes are not redeemed early and, on the final Review Date, any index is below its Trigger Value, investors receive $1,000 plus $1,000 times the return of the least performing index, which can result in losing more than 25% and up to all principal.

The preliminary estimated value is approximately $960.80 per $1,000 note, and when finalized will not be less than $940.00 per $1,000, reflecting structuring and hedging costs. The notes are unsecured, not FDIC insured, and are not listed on any exchange.

JPMorgan Chase Financial Company LLC is offering an estimated $17,461,000 of Auto Callable Buffered Return Enhanced Notes linked to the S&P 500® Index. The notes may be automatically called on November 20, 2026 if the Index is at or above the Initial Index Level of 6,728.80, paying $1,000 plus a 9.00% call premium per note on the call settlement date.

If not called and the Index rises at maturity, investors receive leveraged upside of 1.93 times the Index return, with no maximum gain. Principal is protected only down to a 10.00% decline; beyond that buffer, investors lose 1.11111% of principal for each additional 1% Index drop, up to a full loss. The notes pay no interest or dividends, are unsecured obligations of JPMorgan Chase Financial guaranteed by JPMorgan Chase & Co., and will not be listed on an exchange, so liquidity will depend on dealer interest.

JPMorgan Chase Financial Company LLC is offering auto callable buffered equity notes linked to the Class A common stock of Meta Platforms, Inc. The notes may be automatically called on November 27, 2026 if Meta’s share price is at or above the initial price, paying $1,000 plus a call premium of at least 20.05% per note on the call settlement date.

If not called and held to the November 18, 2027 maturity, investors receive the greater of the stock’s positive return or a Contingent Minimum Return of at least 40.10% per $1,000 note, as long as Meta’s final price is at or above the initial price. A 15.00% downside buffer applies; below that level, principal loss is leveraged at 1.17647% for each 1% drop beyond the buffer, up to a total loss of principal.

The notes pay no interest or dividends, are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co. If priced today, the estimated value would be about $972.60 per $1,000 note, and the final estimated value will not be less than $960.00.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable buffered equity notes linked to the S&P 500® Index. The notes may be automatically called on the November 27, 2026 review date if the index is at or above its initial level, paying back $1,000 per note plus a call premium of at least 8.70% on the call settlement date.

If not called, at maturity in November 2027 investors get uncapped upside exposure to any index gain, with a contingent minimum return of at least 17.40% per $1,000 note when the ending index level is at or above the initial level. The structure includes a 15.00% downside buffer; beyond that, losses are magnified by a 1.17647 downside leverage factor, so a large index decline can result in substantial or total loss of principal. The notes pay no interest or dividends, are unsecured obligations subject to JPMorgan credit risk, and will not be listed on an exchange. Estimated value is expected to be below the $1,000 price, and secondary market liquidity may be limited.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Trigger Autocallable GEARS linked to the KraneShares CSI China Internet ETF (KWEB). Each Security has a $10 issue price and a term of about three years, unless automatically called.

If on the November 20, 2026 Observation Date KWEB closes at or above 100% of the Initial Value, the notes are automatically called and pay a Call Price equal to principal plus a Call Return between 20.35% and 22.35%, after which no further payments are made and upside in KWEB is capped. If not called and the Underlying Return at maturity is positive, holders receive principal plus 2.0x the positive return.

If the notes are not called and the Final Value is at least 75% of the Initial Value, principal is repaid at maturity. If the Final Value is below 75% of the Initial Value, repayment is reduced one-for-one with KWEB’s loss, down to a total loss of principal. The notes pay no interest or dividends, carry full downside market risk to KWEB below the threshold, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. Estimated value is illustrated at $9.662 per $10 Security and will not be less than $9.30 when finalized.

J.P. Morgan provides an index update and risk overview for the MerQube US Tech+ Vol Advantage Index, which underlies certain structured notes. The index shows hypothetical backtested performance from January 7, 2005 to June 21, 2021 and actual performance from June 22, 2021 to October 31, 2025, but the materials stress that both historical and backtested results are not indicative of future returns.

The index was established on June 22, 2021 and includes a 6.0% per annum daily deduction and a notional financing cost, which reduce index levels over time. It can use significant leverage, may be substantially uninvested at times and may fail to meet its target volatility. On February 9, 2024, the Invesco QQQ Trust, Series 1 replaced E‑Mini Nasdaq‑100 futures as the underlying asset, and the issuer notes that this change could adversely affect index performance.

J.P. Morgan Securities LLC coordinated with MerQube in developing the index rules and licenses the index for use in linked notes, creating potential conflicts of interest. The materials emphasize that investments in notes tied to the index involve multiple risks, including exposure to non‑U.S. securities and fund tracking risks related to the QQQ Fund, and that neither the SEC nor state regulators have approved or disapproved the notes.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., plans to issue Uncapped Buffered Return Enhanced Notes linked to the lesser performing of CoStar Group and FactSet Research Systems common stock, maturing on November 16, 2027. The notes offer an uncapped upside at a leverage factor of at least 2.37x any positive return of the weaker stock, with a 10% downside buffer.

If either stock falls more than 10% from its strike level, investors lose 1% of principal for each additional 1% decline, up to a 90% loss of principal. The notes pay no interest, provide no dividends or shareholder rights, and are unsecured obligations subject to the credit risk of both the issuer and guarantor.

The preliminary materials show an estimated value of about $969.50 per $1,000 note if priced today, with a final estimated value not less than $940.00 per $1,000. CoStar’s strike value is $67.23 and FactSet’s is $265.09, based on closing prices on November 10, 2025.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is issuing $2,132,000 of Uncapped Accelerated Barrier Notes linked to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the Russell 2000® Index, maturing on November 10, 2028.

The notes offer 2.0x leveraged upside on any positive performance of the worst-performing index at maturity, with no cap on gains. A 70% barrier applies to each index: if all final index levels are at or above 70% of their initial values, principal is repaid in full; if any index finishes below its barrier, repayment is reduced one-for-one with the decline of the least performing index, and investors can lose some or all principal.

The notes pay no interest or dividends, are unsecured and unsubordinated obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and will not be listed on any exchange. The price to public is $1,000 per note, including $9.50 in selling commissions, with net proceeds to the issuer of $990.50 per note. The initial estimated value is $974.80 per $1,000 note, reflecting embedded costs for selling, structuring and hedging.

JPMorgan Chase Financial Company LLC is offering $500,000 of Auto Callable Contingent Interest Notes linked to the least performing of the Nasdaq-100® Technology Sector IndexSM, the Russell 2000® Index and the S&P 500® Index, maturing on May 12, 2027. The notes pay a contingent quarterly coupon of 9.25% per annum ($23.125 per $1,000) only if on a Review Date each index closes at or above 65.00% of its Initial Value. Starting May 7, 2026, the notes are automatically called if on a Review Date (other than the first and final) each index is at or above its Initial Value, returning $1,000 plus the due coupon. If not called and at maturity any index finishes below its 65.00% Trigger Value, repayment is reduced in line with the worst index performance and investors can lose more than 35% and up to all principal. The notes are unsecured obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., with a price to public of $1,000 and an estimated value of $976.20 per note.

JPMorgan provides an index supplement for notes linked to the MerQube US Large-Cap Vol Advantage Index, combining hypothetical backtested and actual performance data. The materials show backtested index returns from January 7, 2005 through February 10, 2022 and actual index performance from February 11, 2022 through October 31, 2025, along with monthly and annual return figures.

The Index includes a 6.0% per annum daily deduction and was established on February 11, 2022, so it has a limited operating history. Key risks highlighted include the use of significant leverage, potential for the Index to be significantly uninvested, reliance on futures contracts, exposure to non-U.S. securities and sector concentration, and possible adjustments by the Index Sponsor, MerQube.

The document stresses that historical and hypothetical backtested performance are not indicative of future results and that alternative modeling could produce very different outcomes. It also notes that the notes are not bank deposits, are not insured by the FDIC or any other government agency, and are not approved or disapproved by the SEC or state regulators, with any representation to the contrary described as a criminal offense.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked to the common stock of Citigroup Inc. The notes run to November 18, 2027 and pay a quarterly contingent interest rate of at least 12.25% per annum (at least $30.625 per $1,000 per quarter) only if Citigroup’s share price on each review date is at or above 70% of the initial price, the Interest Barrier.

The issuer can redeem the notes early on any interest payment date starting May 14, 2026 (except the first and final dates) at $1,000 per note plus the relevant interest. If the notes are not redeemed and Citigroup’s final share price is at or above 70% of the initial value, holders receive $1,000 plus the last contingent interest. If the final price falls below 70%, repayment is reduced one-for-one with the stock’s decline, so investors can lose more than 30% and up to all of their principal.

The notes are unsecured obligations of JPMorgan Chase Financial, subject to its and JPMorgan Chase & Co.’s credit risk, are not bank deposits or FDIC insured, and may have limited liquidity. The estimated value is indicated at about $970 per $1,000 note and will not be less than $950 when finalized, reflecting embedded fees and hedging costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured Contingent Interest Notes linked to the least performing of the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the S&P 500 Index, maturing on November 17, 2026. The notes can pay monthly contingent interest at a rate of at least 7.45% per annum (at least $6.2083 per $1,000) when the closing level of each index on a Review Date is at or above 70% of its initial level.

Principal repayment depends on index performance. If, at maturity, the final level of each index is at or above 60% of its initial level, investors receive their $1,000 principal back per note plus any final contingent interest. If any index finishes below 60% of its initial level, repayment is reduced one-for-one with the decline of the worst-performing index, and investors can lose more than 40% or even all of their principal. Interest is not guaranteed and may be zero over the entire term.

The notes are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. They will not be listed on an exchange, and secondary market prices are expected to be below the $1,000 issue price. The estimated value, if priced on the example date, would be about $988.40 per $1,000 note and will not be less than $970.00 per $1,000 at pricing.

JPMorgan Chase Financial Company LLC is offering $6,500,000 of Auto Callable Yield Notes linked to the least performing of the EURO STOXX 50, Nasdaq-100 and Russell 2000 indices, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay interest at 13.80% per annum, credited monthly at 1.15% of face value, as long as they are outstanding.

The notes may be automatically called as early as February 6, 2026 if each index closes at or above its Strike Value on a review date, in which case investors receive $1,000 per note plus the applicable interest and no further payments. If the notes are not called, principal repayment at maturity depends on index performance and a 70% trigger level; a Trigger Event can lead to loss of some or all principal, based on the return of the least performing index. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., have an estimated value of $990.20 per $1,000 at pricing, and are not listed or FDIC insured.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering contingent interest notes linked to the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the S&P 500 Index, maturing on August 17, 2026. The notes may pay monthly contingent interest of at least 0.575% (at least 5.175% over the term) per $1,000 when the closing level of each index on a review date is at or above 70% of its initial value.

If on the final review date each index is at or above 60% of its initial value, investors receive their $1,000 principal back plus any final contingent interest. If any index finishes below 60%, repayment is reduced one-for-one with the decline of the worst-performing index, and investors can lose more than 40% and up to all of their principal. The notes do not pay fixed interest or dividends, are unsecured obligations subject to JPMorgan credit risk, are not listed on an exchange, and secondary market prices and the internal estimated value can be significantly below the $1,000 issue price.

JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated structured notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called on any Review Date if the Index closes at or above the Call Value, with the earliest potential call on November 23, 2026, and final maturity on November 25, 2030.

The notes forgo coupons and dividends. Repayment of principal is at risk: if not called and the Final Value is below the Barrier Amount, principal is reduced one-for-one with the Index decline. Minimum denominations are $1,000. Selling commissions will not exceed $40.00 per $1,000 note. If priced today, the estimated value would be approximately $910.00 per $1,000, and will not be less than $900.00 when set.

The Index employs a target-volatility approach using E-mini S&P 500 futures and is subject to a 6.0% per annum daily deduction, which drags performance relative to a similar index without a deduction. The notes will not be listed, and any sale depends on JPMS’s bid. Conflicts may arise as an affiliate holds a 10% equity interest in the Index Sponsor.

JPMorgan Chase Financial Company LLC filed a preliminary 424(b)(2) pricing supplement for Auto Callable Accelerated Barrier Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on scheduled Review Dates starting March 15, 2027 if the Index closes at or above 100% of its Initial Value, paying principal plus a Call Premium Amount based on a Call Premium Rate of at least 23.50%. If not called, at maturity on December 14, 2032 investors receive 3.00× any positive Index return; principal is returned if the Final Value is at or above the 50% barrier. Below the barrier, losses match the Index decline.

The Index includes a 6.0% per annum daily deduction and a daily notional financing cost, which reduce performance versus an otherwise identical index without such deductions. Minimum denomination is $1,000. Indicatively, if priced today, the estimated value is $924.70 per $1,000, and at pricing it will not be less than $900.00 per $1,000. Selling commissions will not exceed $20 per $1,000.

JPMorgan Chase Financial Company LLC is offering 7yNC15m Auto Callable Accelerated Barrier Notes linked to the MerQube US Tech+ Vol Advantage Index. The Index targets implied volatility with exposure between 0% and 500% to an unfunded position in the Invesco QQQ Trust’s excess return since February 9, 2024, and reflects a 6.0% per annum daily deduction plus a notional financing cost.

The notes feature a 3.00x Upside Leverage Factor. They may be automatically called on scheduled Review Dates from March 15, 2027 to March 14, 2029 if the Index is at or above the Call Value (100% of Initial Value), paying $1,000 plus a Call Premium Amount based on a Call Premium Rate of at least 23.50%. If not called, at maturity on December 14, 2032: if the Final Value is above the Initial Value, payment equals $1,000 plus $1,000 × Index Return × 3.00; if at/above the 50.00% Barrier Amount (but below Initial Value), principal is returned; if below the Barrier Amount, payment equals $1,000 plus $1,000 × Index Return, risking substantial loss. The estimated value will not be less than $900.00 per $1,000, and all payments are subject to the credit risks of the issuer and guarantor.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year Uncapped Dual Directional Buffered Return Enhanced Notes linked to the MerQube US Tech+ Vol Advantage Index (MQUSTVA). The Index targets implied volatility with dynamic exposure between 0% and 500% and reflects a 6.0% per annum daily deduction; QQQ total return is further reduced by a notional financing cost.

Key dates: Pricing Date December 9, 2025; Observation Date December 9, 2030; Maturity December 12, 2030. The Upside Leverage Factor will be at least 1.82.

Payment at maturity per $1,000: if the Index rises, $1,000 plus $1,000 × Index Return × Upside Leverage Factor. If the Index is flat or down by up to the 30.00% buffer, $1,000 plus $1,000 × Absolute Index Return (capped effectively at 30.00%). If the Index falls more than 30.00%, $1,000 + $1,000 × (Index Return + 30.00%), which can result in loss of principal. The estimated value, when set, will not be less than $930 per $1,000. Payments are subject to the credit risk of the issuer and guarantor (CUSIP 48136JRR7).

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Dual Directional Buffered Return Enhanced Notes linked to the MerQube US Tech+ Vol Advantage Index, expected to price on or about December 9, 2025 and mature on December 12, 2030.

The notes aim to pay at maturity: (1) if the Index rises, $1,000 plus the Index gain multiplied by an Upside Leverage Factor of at least 1.82; (2) if the Index is flat or down by up to the 30.00% Buffer Amount, a positive return equal to the absolute decline; (3) if the Index falls more than 30.00%, a loss of 1% for each 1% beyond the buffer, up to a 70.00% principal loss. If the Index return is negative, the effective cap is $1,300 per $1,000 note.

The Index reflects a 6.0% per annum daily deduction, and QQQ exposure is reduced by a daily notional financing cost (SOFR + 0.50% spread), both of which drag performance. The notes pay no interest or dividends, are unsecured, and carry the credit risk of the issuer and guarantor. Selling commissions will not exceed $20 per $1,000. If priced today, the estimated value would be about $953.10 per $1,000, and will not be less than $930.00 when set.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured Review Notes linked to the least performing of the Dow Jones Industrial Average, the Russell 2000 Index, and the S&P 500 Index, due November 16, 2029. The notes may be automatically called on scheduled Review Dates if each index closes at or above its Call Value, with call premiums from 8% on the first Review Date up to 32% on the final Review Date.

The Barrier/Call Value for each index will be set at at most 81.00% of its Initial Value. If not called and any index finishes below its Barrier on the final Review Date, repayment is $1,000 plus $1,000 times the Least Performing Index Return, so investors can lose more than 19% and up to all principal. The notes pay no interest and forgo dividends.

Denomination: $1,000. Expected pricing around November 13, 2025 and settlement around November 18, 2025. If priced today, the estimated value would be about $980 per $1,000; when set, it will not be less than $950. Sales are to fee-based advisory accounts with no sales commissions; JPMS may pay a $8 structuring fee per $1,000 to dealers.

JPMorgan Chase Financial Company LLC filed a preliminary 424(b)(2) pricing supplement for Callable Contingent Interest Notes linked to the lesser performing of the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to pay monthly contingent interest only when the closing level of each index is at or above an 80.00% Interest Barrier of its Initial Value; missed coupons may be paid later if a subsequent Review Date meets the barrier.

The indicated Contingent Interest Rate is at least 7.55% per annum (0.62917% per month). The notes are callable at the issuer’s option on any Interest Payment Date other than the first, second and final, with the earliest possible call on February 20, 2026. If not called, the notes mature on November 19, 2029. At maturity, if either index finishes below its 80.00% Buffer Threshold, investors will lose principal on a 1-for-1 basis beyond the 20.00% buffer, up to 80.00% loss.

Minimum denominations are $1,000. If priced today, the estimated value would be $979.30 per $1,000 note, and when set will not be less than $900.00 per $1,000. The notes are unsecured, not FDIC-insured, and payments are subject to the credit risk of the issuer and guarantor.

JPMorgan Chase Financial Company LLC filed a preliminary 424(b)(2) pricing supplement for auto-callable Review Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be called early if the Index closes at or above the Call Value (100% of the Initial Value) on a Review Date, paying $1,000 plus a Call Premium Amount of at least 22%, 44%, 66%, 88% or 110% by review year. The earliest possible call is November 17, 2026, with maturity on November 18, 2030. A 15.00% buffer applies at maturity; below that, repayment is reduced dollar-for-dollar, with up to 85.00% principal loss.

The Index includes a 6.0% per annum daily deduction, and QQQ exposure is subject to a daily notional financing cost, both of which dampen performance. Minimum denomination is $1,000. If priced today, the estimated value would be approximately $909.90 per $1,000, and will not be less than $900.00 per $1,000 when set. The notes are unsecured obligations of JPMorgan Financial.

JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for Auto Callable Contingent Interest Notes linked to the Energy Select Sector SPDR Fund (XLE), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY), fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may pay a contingent interest of at least 12.25% per annum (1.02083% monthly) on any Review Date when each underlying closes at or above 70% of its Initial Value. They are automatically called—and pay $1,000 plus the applicable interest—if on any applicable Review Date (excluding the first five and the final) each underlying is at or above its Initial Value; the earliest call date is May 12, 2026. If not called and, at maturity on November 16, 2028, any underlying is below its 70% Trigger Value, repayment of principal is reduced one-for-one with the decline of the least performing underlying, potentially to zero. Minimum denomination is $1,000. The estimated value would be approximately $966 per $1,000 (and will not be less than $900 per $1,000 when set). The notes are unsecured, subject to issuer and guarantor credit risk, and do not provide dividends.

JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for Auto Callable Contingent Interest Notes linked to the MerQube US Large‑Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a Contingent Interest only if the Index closes on a Review Date at or above 60.00% of the Initial Value (the Interest Barrier). The Contingent Interest Rate will be at least 12.00% per annum, paid monthly if due, with any missed interest catching up on later qualifying dates. The notes are auto‑callable if the Index is at or above the Initial Value on applicable Review Dates, with the earliest call opportunity on November 12, 2026, and a scheduled maturity on November 15, 2030.

The Index includes a 6.0% per annum daily deduction, which can drag performance. Principal is at risk: if not called and the Final Value is below the Trigger Value (60.00%), repayment is reduced one‑for‑one with the Index decline and could be zero. Minimum denomination is $1,000. If priced today, the estimated value would be about $940 per $1,000 note and will not be less than $900 at pricing. Selling commissions will not exceed $9 per $1,000. The notes are unsecured and subject to the credit risk of the issuer and guarantor.

JPMorgan Chase Financial Company LLC plans to offer unsecured, unsubordinated Callable Contingent Interest Notes linked individually to the Nasdaq‑100, Russell 2000 and S&P 500, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a monthly contingent coupon only if each index closes at or above 70.00% of its Initial Value on the applicable Review Date; the indicated Contingent Interest Rate is at least 10.55% per annum (0.87917% per month).

The issuer may redeem the notes early on any Interest Payment Date after the first five, with the earliest potential call on May 19, 2026. If not called, at maturity on October 19, 2027 you receive $1,000 per note plus the final coupon only if each index is at or above its 67.00% Trigger Value; otherwise, repayment is reduced one-for-one with the Least Performing Index, which can result in losing more than 33% and up to all principal.

Minimum denomination is $1,000. If priced today, the estimated value would be approximately $978.30 per $1,000 note, and will not be less than $900.00 when set. Selling commissions will not exceed $7.25 per $1,000 note.