Every 424B that Alerian MLP Index ETNs due January 28 2044 (AMJB) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow AMJB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AMJB filings page.
JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for Auto Callable Notes linked to the J.P. Morgan Multi-Asset Index, due November 30, 2032, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be called early on scheduled Review Dates if the Index closes at or above the applicable Call Value; the earliest possible call is November 27, 2026. Minimum denomination is $1,000, with a 100% participation rate on Index gains at maturity if not called.
Indicative Call Premium Amounts are at least 9.50%, 19.00%, 28.50%, 38.00%, 47.50% and 57.00% of principal for the first through sixth Review Dates, respectively, and Call Values are set at most at 101% to 106% of the Initial Value over time. If not called, payment at maturity equals $1,000 plus $1,000 × Index Return × 100%, not less than zero, with principal repayment in full subject to issuer and guarantor credit risk. If priced today, the estimated value would be approximately $925.90 per $1,000, and will not be less than $900.00 per $1,000 when set. Selling commissions will not exceed $42.75 per $1,000. The Index reflects a 1.00% per annum daily deduction.
JPMorgan Chase Financial Company LLC priced a Rule 424(b)(2) offering of $1,542,000 Auto Callable Contingent Interest Notes linked to the lesser performing of the S&P 500 Index and the Russell 2000 Index, due November 5, 2026, and fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes pay a Contingent Interest of $18.375 per $1,000 each quarter (7.35% per annum) if on a Review Date the closing level of each index is at least 70% of its Initial Value. They may be automatically called on Review Dates (other than the first and final) if both indices are at least their Initial Values; the earliest call date is April 30, 2026.
At maturity, if not called and both indices are at or above 65% Trigger Values, holders receive $1,000 per note plus any final contingent interest; otherwise the payoff declines one-for-one with the lesser-performing index, which can result in losing a significant portion or all principal. Price to public is $1,000 per note, fees $2.50, proceeds to issuer $997.50 per note (total $1,538,145). The estimated value was $987.30 per $1,000 on pricing.
JPMorgan Chase Financial Company LLC priced $458,000 of Auto Callable Contingent Interest Notes linked to the iShares Bitcoin Trust ETF (IBIT), fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes pay a 15.25% per annum contingent coupon (1.27083% monthly) only if IBIT’s closing price on an Interest Review Date is at or above 70.00% of the Initial Value. The Initial Value was $62.30, setting the Interest Barrier/Trigger Value at $43.61. The notes are automatically called on quarterly Autocall Review Dates if IBIT’s price is at or above the Initial Value; the earliest possible call is April 30, 2026. If not called, they mature on November 4, 2027.
At maturity, if IBIT’s Final Value is at or above the Trigger Value, holders receive principal plus the final contingent coupon. If below the Trigger, repayment is reduced by the Fund Return, risking substantial or total principal loss. Price to public is $1,000 per note; estimated value was $918.50 per $1,000. Total fees were $2,692 (about $5.8777 per note), with proceeds to issuer $455,308. Payments are subject to the credit risk of the issuer and guarantor, and the product carries significant bitcoin-related volatility risk.
JPMorgan Chase Financial Company LLC priced $37,000 of Auto Callable Accelerated Barrier Notes linked to the iShares Bitcoin Trust ETF (IBIT), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to settle on or about November 5, 2025 and mature on November 3, 2028.
The notes may be automatically called on November 9, 2026 if the ETF’s closing price on the November 4, 2026 Review Date is at or above the Call Value (100% of the Initial Value). If called, holders receive $1,000 plus a $225 call premium per note. If not called and the Final Value exceeds the Initial Value, maturity pays 1.50 times the Fund’s appreciation; if the Final Value is between the Initial Value and the Barrier Amount (70% of Initial), principal is returned; below the Barrier, losses match the Fund’s decline. The Initial Value was $62.30, setting the Barrier Amount at $43.61.
Per $1,000 note: price to public $1,000, fees $5.8108, proceeds to issuer $994.1892. Totals: price to public $37,000, fees $215, proceeds $36,785. The estimated value was $926.30 per $1,000 at pricing. Payments are subject to the credit risk of the issuer and guarantor, and the structure carries significant risks tied to bitcoin volatility.
JPMorgan Chase Financial Company LLC filed a preliminary 424B2 for Capped Dual Directional Buffered Equity Notes linked to the lesser of the Russell 2000 Index and the S&P 500 Index, due December 30, 2026 and fully guaranteed by JPMorgan Chase & Co. The notes offer unleveraged upside to index gains up to a Maximum Upside Return of at least 14.00% and provide a 10.00% buffer with a dual‑direction feature that can mirror modest declines as gains at maturity. Minimum denomination is $1,000; the notes pay no interest and will not be listed.
If either index falls more than 10.00%, repayment is reduced 1% for each additional 1% decline in the lesser performer, with up to 90.00% principal loss. Illustrative estimated value is $964.20 per $1,000 (final value not less than $900.00 per $1,000 when set). Selling commissions will not exceed $22.25 per $1,000. Payments depend on the lesser‑performing index; dividends are forgone, and investors bear the credit risks of the issuer and guarantor. Expected pricing is on or about November 24, 2025 and settlement on or about November 28, 2025.
JPMorgan Chase Financial Company LLC filed a preliminary 424B2 for Auto Callable Accelerated Barrier Notes linked to the lesser of the Russell 2000 and S&P 500, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called on November 27, 2026 if each index is at or above its Call Value, paying $1,000 plus a Call Premium Amount of at least $97.50 per note. If not called, at maturity on November 30, 2027 holders get uncapped upside at 1.50x the appreciation of the lesser-performing index; principal is at risk below a 70% barrier.
Minimum denomination is $1,000. If priced today, the estimated value would be about $950.90 per $1,000 note, and will not be less than $900.00 when finalized. Selling commissions will not exceed $27.50 per $1,000 note. The notes pay no interest or dividends and are unsecured obligations of JPMorgan Chase Financial, subject to the credit risk of both the issuer and guarantor.
JPMorgan Chase Financial Company LLC is offering Uncapped Accelerated Barrier Notes linked to the S&P 500 Futures Excess Return Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes target at least 1.91x any positive index return at maturity on November 29, 2030, with no periodic interest. Minimum denominations are $1,000.
Principal is at risk: if the Final Value falls below the 70% barrier, repayment is reduced one-for-one with index losses and could be zero. If priced today, the estimated value would be approximately $957.50 per $1,000 note and will not be less than $900 when set. Selling commissions will not exceed $11.25 per $1,000. The notes are unsecured obligations of JPMorgan Chase Financial, subject to the credit risk of both the issuer and guarantor. Expected pricing is on or about November 25, 2025, with settlement on or about December 1, 2025.
JPMorgan Chase Financial Company LLC is offering Auto Callable Accelerated Barrier Notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100 Index® and S&P 500® Index, due November 15, 2028. The notes are fully and unconditionally guaranteed by JPMorgan Chase & Co., offered in $1,000 minimum denominations, and are expected to price on or about November 10, 2025 and settle on or about November 14, 2025. An automatic call may occur on November 16, 2026, and all payments are subject to the credit risk of the issuer and guarantor.
If each index is at or above its Call Value on the Review Date, holders receive $1,000 plus a Call Premium Amount of at least $157.50. If not called and each final index level exceeds its initial level, the maturity payout reflects 1.75x the appreciation of the least performing index. If any index finishes below its Initial Value but all remain at or above the 70.00% Barrier Amount, investors receive par; otherwise, principal is reduced 1% for each 1% decline of the least performing index. The notes pay no interest, do not provide dividends, and are not listed. If priced today, the estimated value would be approximately $978.30 per $1,000, and will not be less than $900.00 when set; selling commissions will not exceed $9.50 per $1,000.
JPMorgan Chase Financial Company LLC plans to issue Uncapped Accelerated Barrier Notes linked to the least performing of the Nasdaq‑100, Russell 2000, and S&P 500, due November 30, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes provide at least 1.59x the gain of the least performing index at maturity if all indices finish above their initial levels. If any index finishes below its 70% barrier, repayment is reduced 1% for each 1% decline of the least performer; if all are at or above the barrier but not above initial, repayment is at par. The notes do not pay interest and pay no dividends from index constituents.
Denominations are $1,000; selling commissions will not exceed $10 per $1,000. If priced today, the estimated value would be about $967.10 per $1,000, and will not be less than $900.00 per $1,000 at pricing. The notes are unsecured, unsubordinated obligations of the issuer, guaranteed by JPMorgan Chase & Co., and are not listed, which may limit liquidity. Expected pricing is on or about November 25, 2025 with settlement on or about December 1, 2025.
JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for Auto Callable Contingent Interest Notes linked to the lesser performing of Bank of America (BAC) and Citigroup (C), due November 5, 2026, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes pay a contingent interest of at least 8.75% per annum (at least $21.875 per $1,000 per quarter) for any Review Date when the closing price of one share of each Reference Stock is at or above its Interest Barrier (50.00% of Strike Value). They are auto-called if, on any non-final Review Date, both stocks close at or above their Strike Values. If not called and either stock finishes below its Trigger Value (50.00% of Strike), repayment equals $1,000 plus $1,000 times the lesser-performing stock return, which can mean losing more than 50% of principal, up to all.
Key terms include Strike Date October 31, 2025; Review Dates on February 2, April 30, July 31, and November 2, 2026; minimum denominations of $1,000. Strike Values were set at $53.45 (BAC) and $101.23 (C), implying Interest Barriers/Trigger Values of $26.725 and $50.615. If priced today, the estimated value is approximately $980.00 per $1,000 note and will not be less than $950.00 at pricing. Selling commissions will not exceed $5.50 per $1,000. Payments are subject to the credit risk of the issuer and guarantor.
JPMorgan Chase Financial Company LLC priced a primary offering of $1,020,000 Step‑Up Auto Callable Notes linked to the S&P Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER, due November 4, 2032 and fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes are issued in $1,000 denominations at a price to public of $1,000 per note, with fees and commissions of $34 and proceeds to issuer of $966 per note (total proceeds $985,320). The estimated value was $913.80 per $1,000 at pricing.
The notes may be automatically called starting November 3, 2026 if the Index closes at or above a step‑up Call Value (101% to 106% of the Initial Value across six review dates), paying principal plus a Call Premium of 8.25% to 49.50%. If not called, at maturity investors receive principal plus an Additional Amount equal to Index Return × 100% (not less than zero). The Initial Value was 120.73 on the pricing date.
The notes pay no interest or dividends, are unsecured and unsubordinated, will not be listed, and are subject to the credit risk of the issuer and guarantor. For U.S. tax purposes, they are treated as contingent payment debt instruments with a comparable yield of 5.27%.
JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for Auto Callable Buffered Equity Notes linked to the EURO STOXX 50® Index. The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes may be automatically called on the December 7, 2026 Review Date if the Index closes at or above the Initial Index Level, paying $1,000 plus a call premium of at least 10.35% on the Call Settlement Date. If not called and the Index ends at or above its initial level, maturity pays $1,000 plus the greater of the Index Return or a Contingent Minimum Return of at least 20.70%, with uncapped upside. A 15.00% buffer applies; below that, losses increase at a 1.17647 downside leverage factor.
Key dates include Pricing Date on or about November 24, 2025, Original Issue Date on or about November 28, 2025, Valuation Date November 24, 2027, and Maturity Date November 30, 2027. Estimated value indications: approximately $976.40 per $1,000 if priced today and not less than $960.00 when set. Minimum denominations are $10,000 and integral multiples of $1,000 thereafter.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Dual Directional Buffered Equity Notes linked to the S&P 500 Index. The notes provide an unleveraged positive return equal to the Index’s gain, capped at a Maximum Upside Return of at least 11.50%. If the Index declines by up to the 10.00% buffer, investors earn the absolute value of that decline, up to 10%.
If the Index falls by more than 10%, principal is reduced by 1.11111% for each 1% drop beyond the buffer. No interest or dividends are paid. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. Minimum denominations are $10,000 and integral multiples of $1,000. If priced today, the estimated value would be approximately $985.50 per $1,000, and will not be less than $970.00 per $1,000 when set. The Valuation Date is December 7, 2026, with Maturity on December 10, 2026. The notes will not be listed; secondary liquidity may be limited.
JPMorgan Chase Financial Company LLC priced $1,334,000 of Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes offer a 9.35% per annum contingent interest (0.77917% monthly) when the Index closes on a Review Date at or above 70.00% of the Initial Value (Initial Value 13,324.97; Interest Barrier 9,327.479). Missed interest can be paid later if the barrier is met on a subsequent Review Date.
The notes auto-call if, on designated Review Dates, the Index is at least the Initial Value; the earliest possible call date is October 29, 2026. If not called, they mature on November 1, 2030. At maturity, principal is protected only above the 85.00% Buffer Threshold (11,326.2245); below that, investors lose 1% of principal for each 1% decline beyond the 15% buffer, up to an 85.00% loss.
Per $1,000 note: price to public $1,000, fees $39, and issuer proceeds $961; the estimated value was $914.20. The Index includes a 6.0% per annum daily deduction and a notional financing cost, which can materially drag performance. Payments are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is offering Trigger Autocallable GEARS linked to the KraneShares CSI China Internet ETF (KWEB), fully and unconditionally guaranteed by JPMorgan Chase & Co. If KWEB closes at or above 100% of its Initial Value on the Observation Date (November 13, 2026), the notes auto‑call and pay $12.00 per $10 principal (20.00% Call Return), ending the trade.
If not called and the Underlying Return at maturity is positive, payoff equals principal plus the Underlying Return multiplied by Upside Gearing (finalized on the Trade Date, expected 2.00–2.20x). If not called and the Final Value is at or above the Downside Threshold (75% of Initial Value), principal is repaid. If the Final Value is below the Downside Threshold, repayment is reduced one‑for‑one with the Underlying’s loss, up to total loss.
Key terms: Issue price $10 per Security (minimum purchase $1,000); selling commissions up to $0.25 per Security; proceeds to issuer $9.75 per Security. Estimated value would be about $9.56 per $10 if priced today and will not be less than $9.20 when set. No interest, no dividends, not exchange‑listed, and payments are subject to the credit of JPMorgan entities. Final Valuation Date is November 7, 2028; Maturity Date is November 10, 2028.
JPMorgan Chase Financial Company LLC plans to issue Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes target monthly contingent interest when the Index closes at or above 70% of its Initial Value, with a 30% buffer against declines at maturity. The earliest automatic call date is November 25, 2026, and the notes are scheduled to mature on November 29, 2030.
The Index embeds a 6.0% per annum daily deduction and a notional financing cost (SOFR + 0.50% p.a.) that reduce performance versus an equivalent index without such deductions. If priced today, the estimated value would be approximately $942.60 per $1,000, and selling commissions will not exceed $12.50 per $1,000. The contingent interest rate will be at least 11.00% per annum (0.91667% monthly), but interest is not guaranteed and principal is at risk up to 70% if the Index finishes below the 70% buffer threshold at maturity. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial Company LLC.
JPMorgan Chase Financial Company LLC filed a 424B2 pricing supplement for Buffer Autocallable GEARS linked to an unequally weighted basket of five equity indices, fully and unconditionally guaranteed by JPMorgan Chase & Co. The offering totals $20,428,860 at $10.00 per Security, with underwriting fees of $0.25 per Security and proceeds to the issuer of $9.75 per Security.
The notes may be automatically called on November 4, 2026 if the Basket closes at or above the Autocall Barrier (100% of the Initial Basket Value), paying principal + a 10.00% Call Return and ending the trade. If not called, positive Basket Return pays at maturity with 1.50x Upside Gearing; a flat or modestly negative outcome repays principal if the Basket stays at or above the 90.00% Downside Threshold. Below that, losses match the decline beyond the 10% Buffer, up to a 90% principal loss.
The Basket weights are: EURO STOXX 50® 40.00%, Nikkei 225 25.00%, FTSE® 100 17.50%, Swiss Market Index 10.00%, and S&P/ASX 200 7.50%. The notes pay no interest or dividends, are unsecured, not exchange-listed, and carry issuer and guarantor credit risk. The estimated value at pricing is $9.658 per $10. Key dates: Trade Oct 29, 2025, Issue Oct 31, 2025, Final Valuation Oct 30, 2028, Maturity Nov 1, 2028.
JPMorgan Chase & Co. is offering Callable Fixed Rate Notes due November 3, 2055. The notes pay 5.70% per annum, with interest paid in arrears each year on November 3, beginning November 3, 2026, using a 30/360 day count and a Following Business Day Convention. The issuer may redeem the notes, in whole but not in part, at par plus accrued interest on the 3rd calendar day of May and November each year from November 3, 2027 through May 3, 2055. At maturity, holders receive principal plus any accrued and unpaid interest if the notes have not been called.
The price to the public is $1,000 per $1,000 principal amount note (for eligible institutional or fee-based accounts, pricing may range from $925.10 to $1,000). Selling commissions will not exceed $10.00 per $1,000 principal amount and may be forgone for certain accounts. Tax counsel (Davis Polk & Wardwell LLP) opines the notes will be treated as fixed‑rate debt instruments. As unsecured obligations of JPMorgan Chase & Co., holders rank junior to creditors of subsidiaries and could bear losses under single‑point‑of‑entry resolution frameworks.
JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for Capped Buffered Return Enhanced Notes linked to the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes offer 2.00x the S&P 500’s upside at maturity, subject to a maximum return between 10.00% and 14.00%, and include a 10.00% downside buffer. They pay no interest or dividends, are unsecured, and expose investors to issuer and guarantor credit risk. The Observation Date is February 25, 2027, with maturity on March 2, 2027.
Minimum denomination is $1,000. Expected pricing is on or about November 25, 2025 with settlement on or about December 1, 2025. If priced today, the estimated value would be approximately $973.50 per $1,000 note, and when set it will not be less than $900.00 per $1,000. Selling commissions will not exceed $7.50 per $1,000. The notes will not be listed; investors should be prepared to hold to maturity and can lose up to 90.00% of principal if the Index declines beyond the buffer.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., filed a preliminary 424(b)(2) pricing supplement for 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 may be automatically called if on a Review Date each index closes at or above its Call Value (100% of its initial level). Minimum Call Premium Amounts per $1,000 are set at 12.750% (first Review Date), 19.125%, 25.500%, 31.875% and 38.250% (final Review Date). If not called, principal is returned at maturity only if each index’s Final Value is at or above its 70% Barrier Amount; otherwise repayment is reduced one‑for‑one with the least performing index, potentially to zero.
The earliest call assessment is November 11, 2026. Denominations are $1,000. The filing discloses an indicative estimated value of approximately $957.10 per $1,000, with a floor of $900.00 per $1,000 when terms are set. Selling commissions will not exceed $29.50 per $1,000. The notes pay no interest or dividends and are subject to the issuer’s and guarantor’s credit risk.
JPMorgan Chase & Co. is offering $3,500,000 of Callable Fixed Rate Notes due October 31, 2040. The notes pay 5.30% per annum, with interest paid annually on October 31, starting in 2026. The issuer may redeem the notes at par plus accrued interest on the last calendar day of January, April, July, and October from January 31, 2028 through July 31, 2040.
The price to the public is $1,000 per note. Selling commissions are $1.857 per $1,000, resulting in $3,493,500 in proceeds to the issuer. The notes use a Following Business Day convention and a 30/360 day count. In a holding-company resolution scenario, claims on these notes rank behind subsidiary creditors, which may affect recoveries.
JPMorgan Chase Financial Company LLC filed a preliminary 424(b)(2) for structured “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 starting on November 16, 2026 if the Index closes at or above the applicable Call Value, paying back $1,000 plus a Call Premium Amount.
Key terms include a Call Premium Rate of at least 13.75%, a Barrier Amount of 60.00% of the Initial Value, and a final Call Value of 60.00% on the last Review Date. The Index embeds a 6.0% per annum daily deduction, which will weigh on performance. If not called and the Final Value is below the barrier at maturity on November 18, 2030, repayment equals $1,000 plus $1,000 × Index Return, so principal losses can be significant.
Minimum denomination is $1,000. Selling commissions will not exceed $50 per $1,000 note. The issuer’s estimated value would be about $886.10 per $1,000 note if priced today and will not be less than $870.00 per $1,000 when set. The notes pay no interest or dividends and carry the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase & Co. is offering $4,000,000 of unsecured, unsubordinated Callable Step‑Up Fixed Rate Notes due October 31, 2035. Interest pays annually and steps from 4.50% per annum (to October 31, 2032) to 6.00% (to October 31, 2034) and then 7.50% (to maturity). The issuer may redeem the notes, in whole, on the last calendar day of April and October from October 31, 2027 through April 30, 2035 at par plus accrued interest.
Notes are offered in $1,000 minimum denominations, priced at $1,000 per note. Per‑note selling commissions are $11.25, with proceeds to the issuer of $988.75 per $1,000; totals are $4,000,000 price to public, $45,000 fees and $3,955,000 proceeds. Interest is calculated on a 30/360 basis; Business Day Convention: Following; Interest Accrual Convention: Unadjusted. Payments are subject to JPMorgan Chase & Co.’s credit risk, and the notes constitute TLAC‑eligible long‑term debt under Federal Reserve rules. The notes are not bank deposits and are not FDIC‑insured.
JPMorgan Chase & Co. plans to issue Callable Fixed to Floating Rate Notes due November 14, 2045. The notes pay a 10.00% per annum fixed rate during the initial interest periods through November 14, 2027. After that, interest each period equals (7.25% − the Benchmark Rate) × 1.25, with a 0.00% minimum. The Benchmark Rate is initially Compounded SOFR, subject to benchmark transition provisions.
The notes are callable at the issuer’s option on the 14th of February, May, August and November, beginning November 14, 2027 and ending August 14, 2045, at par plus accrued interest. Interest is paid quarterly on the same calendar days, starting February 14, 2026, using a 30/360 day count. Observation periods and determination dates follow U.S. Government Securities Business Days conventions.
Key considerations include benchmark transition mechanics (with potential replacement rates selected per defined procedures), calculation agent discretion by an affiliate, and the possibility that floating periods pay 0% if the Benchmark Rate is sufficiently high. The notes are unsecured obligations of JPMorgan Chase & Co., not bank deposits and not FDIC insured. U.S. tax treatment is expected to follow contingent payment debt instrument rules, with OID accrual at a comparable yield.
JPMorgan Chase Financial Company LLC filed a preliminary 424(b)(2) pricing supplement for Callable Fixed Rate Notes due November 10, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes pay a fixed 4.10% per annum, using a 30/360 day count, with interest paid in arrears on November 10 each year, beginning November 10, 2026 through maturity. The issuer may redeem the notes, in whole but not in part, on the 10th day of February, May, August and November from May 10, 2026 to August 10, 2028, at par plus accrued and unpaid interest, with at least five business days’ notice to DTC.
The preliminary per‑note price to the public is expected to be between $992.60 and $1,000 per $1,000 principal amount for eligible accounts. Selling commissions would be approximately $17.50 per $1,000 (not to exceed $25.00 per $1,000), and may be reduced or forgone for certain sales.
JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for Callable Contingent Interest Notes linked to the least performing of the Dow Jones Industrial Average, the Russell 2000 Index, and the SPDR S&P Regional Banking ETF, due November 3, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes pay a contingent rate of at least 7.50% per annum (0.625% monthly) for each Review Date when each underlying closes at or above its 50.00% Interest Barrier. They are callable at the issuer’s option on most Interest Payment Dates starting May 5, 2026. If held to maturity and each Final Value is at or above its 50.00% Trigger Value, investors receive $1,000 plus the final contingent payment; otherwise, the payoff is $1,000 + ($1,000 × Least Performing Underlying Return), which can result in losing more than 50%—up to all—of principal.
Minimum denomination is $1,000. Selling commissions will not exceed $9 per $1,000. If priced today, the estimated value would be approximately $959.40 per $1,000, and when set will not be less than $900.00 per $1,000. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase & Co. is offering $16,500,000 of callable fixed‑rate notes due October 31, 2030 at a 4.10% annual coupon. The notes are unsecured and unsubordinated obligations; all payments are subject to JPMorgan’s credit risk.
Interest is paid in arrears each October 31, beginning in 2026, using a 30/360 day count. JPMorgan may, at its option, redeem the notes in whole (not in part) on the last calendar day of April and October from October 31, 2027 through April 30, 2030, at par plus accrued interest. At maturity, holders receive principal plus accrued interest if the notes have not been called. Minimum denomination is $1,000.
The price to the public is $1,000 per note. Total offering economics: $16,500,000 price to public, $104,750 in fees and commissions, and $16,395,250 in proceeds to the issuer. The notes are expected to be held to maturity and will not be listed, which may limit liquidity. As TLAC-eligible instruments, holders could absorb losses in a resolution scenario under U.S. rules.
JPMorgan Chase & Co. filed a preliminary 424B2 for Callable Fixed Rate Notes due November 14, 2045. The notes pay fixed interest at 5.50% per annum, with interest paid annually on November 14, beginning November 14, 2026. The issuer may call the notes, in whole, on the 14th of May and November each year from November 14, 2027 through May 14, 2045, at par plus accrued interest.
Key terms include a Following business day convention, 30/360 day count, and unadjusted interest accrual convention. For certain institutional or fee-based accounts, the price per $1,000 principal amount will not be lower than $950.10 or greater than $1,000. If priced today, selling commissions would be approximately $5.50 per $1,000, and will not exceed $47.50 per $1,000.
As senior unsecured obligations of JPMorgan Chase & Co., recoveries in a resolution could be affected by single point of entry strategies, placing noteholders behind subsidiary creditors. Special tax counsel opines the notes will be treated as fixed‑rate debt instruments.
JPMorgan Chase Financial Company LLC plans to offer Callable Contingent Interest Notes linked to the lesser performing of the S&P 500 Index and the VanEck Gold Miners ETF, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about October 30, 2025 and settle on or about November 4, 2025, with maturity on May 5, 2027.
The notes pay a monthly Contingent Interest Payment only if, on each Review Date, the closing value of each underlying is at least 70.00% of its Initial Value (the Interest Barrier). The Contingent Interest Rate will be at least 13.00% per annum (1.08333% per month). The issuer may redeem the notes early, in whole, on any Interest Payment Date starting February 4, 2026, other than the first, second and final dates.
If not redeemed early and the Final Value of either underlying is below its Trigger Value (70.00% of Initial), investors lose 1% of principal for each 1% decline of the lesser performing underlying, up to total loss. The notes are unsecured, unsubordinated obligations of JPMorgan Financial, guaranteed by JPMorgan Chase & Co., not listed, and issued in $1,000 minimum denominations. If priced today, the estimated value would be about $960.10 per $1,000; it will not be less than $900.00 at pricing. Selling commissions will not exceed $22.25 per $1,000.
JPMorgan Chase Financial Company LLC priced a $850,000 offering of Capped Dual Directional Buffered Equity Notes linked to the Nasdaq-100 Index, due May 3, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are issued in $1,000 denominations, pay no interest, and provide unleveraged exposure with a Maximum Upside Return of 13.00% and a 15.00% buffer on losses. They priced on October 28, 2025 and are expected to settle on or about October 31, 2025.
At pricing, the Initial Value was 26,012.16 and the Observation Date is April 28, 2027. Per $1,000 note: price to public $1,000; fees and commissions $17.50; proceeds to issuer $982.50, for total proceeds of $835,125. The estimated value was $976.20 per $1,000 note. These unsecured obligations are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not listed, and investors may lose up to 85.00% of principal at maturity.
JPMorgan Chase & Co. filed a preliminary 424B2 for Callable Fixed Rate Notes due November 14, 2030. The notes pay a fixed 4.15% per annum, with interest paid annually on November 14, beginning November 14, 2026. The issuer may redeem the notes, in whole but not in part, on the 14th of May and November each year from November 14, 2027 to May 14, 2030, at par plus accrued interest.
At maturity, holders receive principal plus accrued interest if not previously called. The pricing supplement indicates a per-note public offering price for eligible institutional or fee-based accounts of $987.60 to $1,000 per $1,000 principal amount. Selling commissions, if the notes priced today, would be approximately $6.75 per $1,000 note and will not exceed $17.50 per $1,000. The notes use a 30/360 day count, Following Business Day Convention, and are identified by CUSIP 48130C7J8.
JPMorgan Chase Financial Company LLC priced $2,766,000 of unsecured, unsubordinated Structured Investments—Review Notes linked to the lesser performing of the S&P 500 Index and EURO STOXX 50 Index—fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes may be automatically called on any Review Date if each index closes at or above its Call Value, paying $1,000 plus a Call Premium of 9.50%, 19.00% or 28.50% for the first, second and final Review Dates, respectively. Key levels: Call Values step down from 100% to 95% to 90% of Initial Value; the Barrier Amount is 70% of Initial Value. Initial Values were 6,890.89 (S&P 500) and 5,704.35 (EURO STOXX 50). If not called and either index finishes below its Barrier, repayment is reduced by the Lesser Performing Index Return, and investors can lose most or all principal.
Per $1,000 note: price to public $1,000; fees and commissions $21; proceeds to issuer $979. Total fees were $58,086 and proceeds to issuer $2,707,914. The estimated value was $954.50 per $1,000 at pricing. Earliest call is November 4, 2026; maturity is November 2, 2028.
JPMorgan Chase Financial Company LLC plans to offer Auto Callable Yield Notes linked to the MerQube US Large‑Cap Vol Advantage Index, due November 13, 2030, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes pay at least 7.50% per annum (at least 0.625% monthly) while outstanding. They are automatically called on any Review Date if the Index closes at or above the Initial Value; the earliest call assessment is May 7, 2026. If not called, and the Final Value is at least the Trigger Value set at 50% of the Initial Value, investors receive principal plus the final interest. If the Final Value is below the Trigger, repayment is reduced dollar‑for‑dollar with Index decline, which can result in losing more than half, up to all, of principal.
The Index embeds a 6.0% per annum daily deduction, which drags performance versus an identical index without the deduction. Minimum denomination is $1,000. Estimated value (if priced today) is approximately $941.60 per $1,000 note and will not be less than $900.00 when set. Selling commissions will not exceed $9.00 per $1,000. Payments are subject to the credit risk of the issuer and guarantor.
JPMorgan Chase & Co. filed a preliminary pricing supplement for 5.00% Callable Fixed Rate Notes due November 14, 2035. The notes pay annual interest on November 14, starting in 2026, using a 30/360 day count, with a Following business day convention and Unadjusted interest accrual.
The issuer may call the notes, in whole, at par plus accrued interest on the 14th of May and November each year from November 14, 2027 through May 14, 2035, with at least five business days’ notice. If not called, investors receive principal plus accrued interest at maturity on November 14, 2035.
Indicated pricing is $1,000 per note, with eligible accounts between $975.10 and $1,000 per $1,000 principal. Selling commissions would be approximately $1.00 per $1,000 and will not exceed $22.50 per $1,000. The notes are not FDIC insured. Disclosed resolution considerations state that, in a failure scenario, losses would be borne first by equity and then unsecured creditors, including noteholders.
JPMorgan Chase Financial Company LLC is offering Uncapped Digital Notes linked to the lesser performing of the STOXX Europe 600 and EURO STOXX 50, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes target a Contingent Digital Return of at least 69.00% at maturity if each index finishes at or above its strike.
The payoff is uncapped and unleveraged: if both indices are at or above their Strike Values, investors receive the greater of the Contingent Digital Return or the lesser-performing index’s return. If either index ends below its Strike Value, repayment is reduced one-for-one with the lesser performer, and investors can lose some or all principal. The notes pay no interest and provide no dividends.
Key terms include $1,000 minimum denominations, Observation Date October 29, 2030, and Maturity Date November 1, 2030. Selling commissions will not exceed $14 per $1,000. If priced today, the estimated value would be approximately $965.70 per $1,000, and when set will not be less than $930.00 per $1,000.
JPMorgan Chase & Co. is offering preliminary Callable Fixed Rate Notes due November 14, 2030 under a 424B2. The notes pay a fixed 4.30% per annum, with interest paid annually on November 14, beginning November 14, 2026. At maturity, holders receive principal plus accrued interest, provided the notes have not been redeemed.
The issuer may call the notes at par (plus accrued interest) on the 14th of May and November each year from November 14, 2027 through May 14, 2030, in whole but not in part, with at least five business days’ notice. Key terms include Following Business Day Convention, Unadjusted Interest Accrual Convention, and 30/360 day count.
The indicative price to the public is $1,000 per $1,000 note; for eligible institutional or fee-based advisory accounts, it will not be lower than $987.60 or greater than $1,000. Selling commissions would be approximately $3.25 per $1,000 (capped at $15.00 per $1,000). The notes are unsecured obligations of JPMorgan Chase & Co. and are subject to the resolution framework risks described.
JPMorgan Chase Financial Company LLC filed a preliminary 424(b)(2) pricing supplement for Auto Callable Yield Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay at least 6.25% per annum in monthly installments, and may be automatically called if the Index closes at or above the Initial Value on a Review Date before maturity. The earliest potential call is November 23, 2026.
The notes have a 15.00% buffer; if not called and the Final Value is below the Initial Value by more than the buffer, principal is reduced dollar‑for‑dollar, with investors potentially losing up to 85.00% of principal at maturity. The Index includes a 6.0% per annum daily deduction and a notional financing cost, which reduce index performance. Minimum denominations are $1,000. Expected settlement is November 26, 2025, with maturity on November 26, 2030. If priced today, the estimated value would be approximately $917.60 per $1,000, and will not be less than $900.00 per $1,000 when set. Any payment is subject to the credit risks of the issuer and guarantor.
JPMorgan Chase & Co. plans to offer Callable Fixed Rate Notes due November 14, 2045. The notes pay a fixed 5.25% per annum, calculated on a 30/360 basis and paid annually on November 14, starting November 14, 2026, until maturity or earlier redemption.
The issuer may redeem the notes in whole on the 14th of May and November each year from November 14, 2028 through May 14, 2045, at par plus accrued interest, subject to the following business day convention and unadjusted interest accrual convention. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits and are not FDIC insured.
For certain institutional or fee-based accounts, the price to the public will be between $950.10 and $1,000 per $1,000 principal amount; indicative selling commissions would be about $25 and will not exceed $50 per $1,000. The filing highlights resolution considerations under the Dodd-Frank Act, noting that in a single point of entry resolution, unsecured creditors, including noteholders, could face losses before subsidiary creditors are paid.
JPMorgan Chase Financial Company LLC filed a preliminary 424(b)(2) pricing supplement for Review Notes linked to the least performing of the S&P 500 Index, Invesco QQQ Trust, and iShares MSCI Emerging Markets ETF, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes offer automatic early redemption on any Review Date if each underlying is at or above its Call Value (102% of its Initial Value). If called, holders receive $1,000 plus a Call Premium of at least 10.70%, 16.05%, 21.40%, 26.75%, or 32.10%, depending on the call date. If not called, principal is repaid at maturity only if each Final Value is at or above the Barrier Amount set at 70% of Initial Value; otherwise, repayment is reduced one‑for‑one with the least performer, down to zero.
Key terms include minimum denominations of $1,000, expected pricing on or about October 31, 2025, settlement on or about November 5, 2025, and maturity on November 3, 2028. Selling commissions will not exceed $29.50 per $1,000. The issuer’s estimated value, if priced today, is approximately $949.50 per $1,000, and will not be less than $900.00 per $1,000 when set. The notes pay no interest or dividends and are subject to issuer and guarantor credit risk.
JPMorgan Chase & Co. plans to issue Callable Fixed Rate Notes due November 13, 2037 under its medium-term note program. The notes pay 4.85% per annum, with interest paid annually on November 14 beginning in 2026 and through 2036, and at maturity. The issuer may redeem the notes in whole on the 14th of May and November each year from November 14, 2027 to May 14, 2037, at par plus accrued interest, with at least five business days’ notice to DTC.
The notes use a 30/360 day count, a Following Business Day Convention, and Unadjusted Interest Accrual Convention. Preliminary pricing indicates sales to certain accounts between $972.60 and $1,000 per $1,000 principal amount, with selling commissions approximately $20 per $1,000 (capped at $45 per $1,000). The notes are not FDIC insured or bank deposits. Resolution-plan disclosures note that, in a stress scenario, holders are unsecured creditors whose recoveries would be junior to subsidiary creditors.
JPMorgan Chase & Co. plans to issue Callable Fixed Rate Notes due November 14, 2050 with a fixed interest rate of 5.30% per annum. Interest is paid annually on November 14, beginning in 2026, using a 30/360 day count, subject to the stated conventions.
The notes are callable at the issuer’s option, in whole but not in part, on the 14th of February, May, August, and November, from November 14, 2029 through August 14, 2050, at par plus accrued interest, with at least 5 business days’ notice to DTC. The Business Day Convention is Following and the Interest Accrual Convention is Unadjusted.
The preliminary price to the public is $1,000 per $1,000 principal amount note; for eligible institutional or fee-based advisory accounts, pricing may range from $937.60 to $1,000. Selling commissions would be approximately $23.50 per $1,000 note, not to exceed $50.00.
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 target quarterly contingent interest of at least 9.25% per annum (paid at at least 2.3125% per quarter) on any Review Date when the Index closes at or above the 50.00% Interest Barrier.
The notes may be automatically called on any Review Date (other than the first three and final) if the Index is at or above the Initial Value; the earliest call eligibility is November 24, 2026. If not called, the notes mature on November 29, 2030. At maturity, if the Final Value is at least the 50.00% Trigger, holders receive principal plus the final contingent interest; otherwise the payoff equals $1,000 plus $1,000 × Index Return, meaning investors can lose more than 50% or all principal.
The Index applies a 6.0% per annum daily deduction, which drags performance, and uses a volatility‑targeting approach with potential leverage up to 500% on E-mini S&P 500 futures exposure. Minimum denomination is $1,000. If priced today, the estimated value would be approximately $901.20 per $1,000, and will not be less than $900.00 per $1,000 when set. Selling commissions will not exceed $41.25 per $1,000.
JPMorgan Chase & Co. filed preliminary terms for Callable Fixed Rate Notes due November 14, 2040. The notes pay fixed interest at 5.10% per annum, with interest paid annually on November 14, beginning in 2026. At maturity, holders receive the principal plus any accrued and unpaid interest, provided the notes have not been redeemed earlier.
The issuer may call the notes, in whole but not in part, on the 14th of May and November each year from November 14, 2027 through May 14, 2040, at par plus accrued interest, with at least 5 business days’ notice to DTC. Key conventions include Following Business Day, Unadjusted interest accrual, and a 30/360 day count.
The preliminary price to the public per note is shown as $1,000, with eligible institutional or fee-based accounts priced between $962.60 and $1,000 per $1,000 principal amount. If priced today, selling commissions would be approximately $17.50 per $1,000, not to exceed $47.50, with JPMS acting as agent. The notes are not bank deposits and are not FDIC insured. In a resolution scenario, losses would be borne first by equity and then by unsecured creditors, including holders of these notes, and claims would be structurally junior to creditors of subsidiaries.
JPMorgan Chase & Co. outlines terms for Callable Fixed Rate Notes due November 12, 2032. The notes pay 4.40% per annum, with interest payable annually on November 14 from 2026 through 2031 and at maturity, subject to any earlier redemption.
The issuer may redeem in whole on the 14th calendar day of May and November, beginning November 14, 2027 and ending May 14, 2032, at par plus accrued interest, with at least 5 business days notice to DTC. Key dates include a Pricing Date of November 12, 2025 and an Original Issue Date of November 14, 2025. Day count is 30/360, Business Day Convention is Following, and Interest Accrual is Unadjusted.
The price to the public is $1,000 per $1,000 principal amount (eligible institutional/fee-based accounts: $985.10–$1,000). Selling commissions would be approximately $9.50 per $1,000, not to exceed $25.00. The notes are not FDIC insured. Resolution disclosures note that in a stress scenario, losses would be borne by equity holders first and then unsecured creditors, including noteholders.
JPMorgan Chase Financial Company LLC plans to offer Auto Callable Accelerated Barrier Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes target early redemption at a premium if the Index closes at or above the Call Value on a Review Date, with the earliest call on November 12, 2026 and maturity on November 8, 2030.
Key economics include a 2.00x Upside Leverage Factor at maturity if not called, a Barrier Amount at 50.00% of the Initial Value, and minimum Call Premium Amounts of 25.75%, 51.50%, and 77.25% for the first three Review Dates. The Index embeds a 6.0% per annum daily deduction and a notional financing cost on its QQQ-linked exposure, which will reduce index performance versus an identical index without such charges.
Minimum denomination is $1,000. If priced today, the estimated value would be approximately $899.30 per $1,000 note and will not be less than $880.00 when set. Selling commissions will not exceed $50.00 per $1,000 note. Payments are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase & Co. filed a preliminary 424B2 for Callable Fixed Rate Notes due November 14, 2050. The notes pay a fixed 5.50% per annum, with interest paid annually on November 14, beginning in 2026. They are callable at the issuer’s option, in whole but not in part, on the 14th of February, May, August and November from November 14, 2027 through August 14, 2050 at par plus accrued interest.
Holders receive principal at maturity plus accrued interest if the notes are outstanding and not previously called. The notes use a 30/360 day count, a Following business day convention, and Unadjusted accrual. The per-note price to the public is shown as $1,000, with eligible institutional or fee-based accounts not lower than $937.60 or greater than $1,000. Selling commissions would be approximately $10.00 per $1,000 note and will not exceed $50.00 per $1,000.
The notes are unsecured obligations of JPMorgan Chase & Co., are not FDIC insured, and carry structural subordination to subsidiary creditors in a resolution scenario. Special tax counsel opines the notes will be treated as fixed-rate debt instruments.
JPMorgan Chase Financial Company LLC filed a 424(b)(2) preliminary pricing supplement for Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes offer a Contingent Interest Rate of at least 11.00% per annum (at least $27.50 per $1,000 per quarter) if, on a Review Date, the Index closes at or above the Interest Barrier of 60.00% of the Initial Value. The notes are auto‑callable if the Index on any Review Date (excluding the first and final) is at or above the Initial Value; the earliest potential call is May 26, 2026. If not called, they mature on November 29, 2030. If the Final Value is below the Trigger Value (60.00% of Initial Value), repayment of principal is reduced one‑for‑one with the Index decline, down to zero.
The Index embeds a 6.0% per annum daily deduction and a notional financing cost tied to the QQQ Fund, and can vary exposure between 0% and 500% targeting 35% implied volatility. Minimum denomination is $1,000. If priced today, the estimated value would be $901.90 per $1,000 note and will not be less than $900.00 at pricing. Selling commissions will not exceed $41.25 per $1,000. Payments are subject to the credit risk of the issuer and guarantor.
JPMorgan Chase Financial Company LLC announced a preliminary 424(b)(2) pricing supplement for 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 9.25% per annum (at least 2.3125% quarterly) on any Review Date when the Index closes at or above 50.00% of the Initial Value (the Interest Barrier). The notes may be automatically called on Review Dates from November 24, 2026 onward if the Index is at or above the Initial Value, returning $1,000 plus the applicable interest. If not called, the notes mature on November 29, 2030; if the Final Value is below the Trigger Value (50.00% of Initial Value), repayment is reduced dollar-for-dollar with Index losses, up to a total loss of principal.
The Index includes a 6.0% per annum daily deduction and a notional financing cost, which reduce performance. Minimum denominations are $1,000. If priced today, the estimated value would be approximately $901.20 per $1,000 note, and when set, will not be less than $900.00. Expected pricing is on or about November 24, 2025 with settlement on or about November 28, 2025. Payments are subject to the credit risk of the issuer and guarantor.
JPMorgan Chase Financial Company LLC filed a preliminary 424B2 for Market Linked Securities tied to the iShares Bitcoin Trust ETF (IBIT), due November 13, 2030 and guaranteed by JPMorgan Chase & Co. The notes offer 150% upside participation to a cap, with principal at risk.
Each security is priced at $1,000, with $38.70 in fees and commissions and $961.30 in proceeds to the issuer per security. If priced today, the estimated value would be approximately $917.70 per security, and when set will not be less than $900.00. The upside is capped by a maximum return of at least 278.25% (at least $2,782.50), making the maximum maturity payment at least $3,782.50 per security.
At maturity, investors receive: (i) $1,000 plus the lesser of 150% of the fund return or the maximum return if the ending price is above the starting price; (ii) $1,000 if the ending price is at or below the starting price but at or above the threshold; or (iii) $1,000 plus $1,000 × fund return if the ending price is below the threshold. The threshold price equals 75% of the starting price, so declines beyond that level result in losses that can exceed 25% and may reach 100% of principal. Key dates: expected pricing November 7, 2025, issue November 13, 2025, calculation day November 7, 2030, maturity November 13, 2030. The notes are not FDIC insured and carry bitcoin-related and structural risks.
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, due November 29, 2028 and fully guaranteed by JPMorgan Chase & Co. The notes pay a Contingent Interest only if, on a Review Date, the Index closes at or above 60.00% of the Initial Value. The rate will be at least 10.50% per annum, paid quarterly at at least 2.625%.
The notes are auto-callable if the Index is at or above the Initial Value on any Review Date (excluding the first and final), with the earliest call on May 26, 2026. If not called, at maturity you receive $1,000 plus the final contingent interest if the Final Value is at or above the Trigger; otherwise, your payoff equals $1,000 + ($1,000 × Index Return), which can mean losing more than 40% and up to all principal.
The Index includes a 6.0% per annum daily deduction, which will weigh on performance. Minimum denomination is $1,000. Estimated value is approximately $921.60 per $1,000 (and will not be less than $900.00 per $1,000 when set). Selling commissions will not exceed $50.00 per $1,000. Expected pricing is on or about November 24, 2025 with settlement on or about November 28, 2025.