Alerian MLP Index ETNs due January 28 2044 424B Filings

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the Class C common stock of Dell Technologies Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are scheduled to mature on January 25, 2028 and are issued in minimum denominations of $1,000.

The notes pay a Contingent Interest Payment on each Review Date only if Dell’s closing share price is at least 65.00% of the Initial Value, defined as the Interest Barrier. If the stock is below this barrier on a Review Date, no interest is paid for that period. Beginning April 20, 2026, the notes will be automatically called if Dell’s share price on a Review Date (other than the first, second and final) is at or above a preset Call Value, returning $1,000 plus that period’s contingent interest.

If the notes are not called, and Dell’s price on the final Review Date is at or above a specified Trigger Value, investors receive $1,000 plus the final contingent interest. If the final price is below the Trigger Value, repayment is reduced in line with the stock loss, so investors can lose a significant portion or all of their principal. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value is currently about $964.20 per $1,000, and will not be less than $930.00 per $1,000 when set, reflecting selling commissions, hedging costs and issuer funding assumptions.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $3,220,000 of auto callable contingent interest notes linked separately to the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the Russell 2000® Index, maturing January 19, 2029.

The notes pay a contingent coupon at a rate of 10.50% per annum (0.875% per month) only if on a Review Date each index closes at or above 85% of its Initial Value, with unpaid coupons accruing if this condition is later met. Starting January 13, 2027, the notes are automatically called if on a Review Date (other than designated early and final dates) each index is at or above its Initial Value, returning $1,000 per note plus applicable coupons.

If the notes are not called and on the final Review Date any index finishes below 75% of its Initial Value, principal is reduced 1% for each 1% decline in the least performing index, which can result in a substantial or total loss of principal. The price to public is $1,000 per note, including $2.50 in selling commissions, while the estimated value at pricing was $979.20 per $1,000.

JPMorgan Chase Financial Company LLC is offering contingent interest notes linked to the Class A common stock of Palantir Technologies Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to pay a contingent coupon of at least 10.45% per annum (about 0.87083% per month) for each review date where Palantir’s closing share price is at or above 70% of its initial value, but they may pay no interest at all.

At maturity on February 2, 2027, investors receive full principal only if Palantir’s final share price is at or above the 70% buffer threshold; below that level, principal is reduced so losses can reach up to 70% of the amount invested. The notes do not provide any participation in stock gains, pay no dividends, are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, and are subject to the credit risk of both the issuer and JPMorgan Chase & Co. The estimated value, as illustrated, is below the $1,000 price to the public because it reflects internal funding and hedging costs.

J.P. Morgan’s Kronos+^SM Index is a rules-based strategy that toggles between uninvested, fully invested, or 2x leveraged exposure to the S&P 500^® Price Index. It is built around three effects: turn-of-the-month strength, price momentum around index options expiry, and mean reversion at month-end.

The Index, established on December 22, 2020, does not include dividends and is reduced by a 0.95% per annum index fee and, at times, a notional financing cost tied to the Effective Federal Funds Rate. Historical and hypothetical backtested data from December 2015 through December 2025 are presented, including annual and monthly returns, risk measures such as 10-year annualized volatility, and Sharpe ratios compared with the S&P 500 Price Index.

The document highlights numerous risks, including strategy-specific risks for the turn-of-month, option expiry momentum, and mean reversion components, the possibility that the Index may be uninvested, the impact of index fees and financing costs, limited operating history, and the fact that performance and backtested results are not indicative of future outcomes. It emphasizes that notes linked to the Index may not be suitable for all investors.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering equity-linked Review Notes tied separately to the Russell 2000 Index, the S&P 500 Equal Weight Index and the EURO STOXX 50 Index, maturing January 17, 2030. The notes can be automatically called as early as January 19, 2027 if each index is at or above its specified Call Value, paying back $1,000 plus a stepped Call Premium of at least 10% on the first Review Date, rising in steps to at least 40% on the final Review Date.

If the notes are never called and on the final Review Date any index closes below its 70% Barrier Amount, the payoff is $1,000 plus $1,000 times the return of the Least Performing Index, so investors lose more than 30% of principal and could lose it all. The notes pay no interest, provide no dividends, are unsecured obligations, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. Indicative estimated value is approximately $961 per $1,000 note and will not be less than $930 per $1,000 at pricing, reflecting selling commissions, hedging costs and issuer funding assumptions.

JPMorgan Chase & Co. is offering callable fixed to floating rate notes due January 30, 2046. The notes pay a fixed interest rate of 11.00% per annum from issuance on January 30, 2026 through January 30, 2028, with interest paid quarterly on January 30, April 30, July 30 and October 30.

After January 30, 2028, interest becomes floating and is reset each period at (7.00% minus the Benchmark Rate) × 1.50, subject to a minimum of 0.00% per year. The Benchmark Rate is initially Compounded SOFR and may be replaced following a Benchmark Transition Event under specified procedures.

The issuer may call the notes in whole at par plus accrued interest on each quarterly redemption date from January 30, 2028 through October 30, 2045. The notes are unsecured obligations of JPMorgan Chase & Co., rank behind creditors of its subsidiaries in a resolution scenario, may be volatile due to SOFR behavior, are not designed for short-term trading and are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring investors to accrue original issue discount for tax.

JPMorgan Chase & Co. provides a January 2026 performance update for the S&P Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER. This index gives exposure to the S&P Global 100 Index while targeting 5% annualized volatility and deducting both a 0.50% per year fee and a notional financing cost based on the Effective Federal Funds Rate, calculated daily.

The index is calculated on an excess return basis and was established on September 18, 2023, with levels published under ticker SPGLR5TE. The filing shows hypothetical and actual historical returns and volatility from December 2015 through December 2025 and compares them to two hypothetical 30/70 stock‑bond portfolios. For the index, the 10‑year annualized return is 2.32% with 10‑year annualized volatility of 4.27%, implying a Sharpe Ratio of 0.54 over that period.

The document stresses that backtested and past performance are not indicative of future results and highlights risks, including daily deductions, the possibility that the index may not match its 5% volatility target, may significantly reduce exposure to equities, and may fail to outperform the underlying S&P Global 100 Index or the comparison portfolios. It also notes that CDs linked to the index may not be suitable for all investors.

JPMorgan Chase & Co. is offering two types of senior unsecured notes under this prospectus supplement: fixed-to-floating rate notes and floating rate notes. Both are general obligations of the holding company and rank equally with its other unsecured, unsubordinated debt.

The fixed-to-floating notes pay a fixed interest rate for an initial period, then switch to a floating rate based on a benchmark expected to be Compounded SOFR plus a spread, with interest paid semi-annually during the fixed period and quarterly thereafter. The floating rate notes pay interest at a floating rate from issuance, also tied to Compounded SOFR plus a spread, with quarterly payments.

The notes may be redeemed at specified times and prices before maturity, have no sinking fund, will be issued only in book-entry form through DTC, and are not expected to be listed on any securities exchange. Net proceeds will be contributed to JPMorgan Chase Holdings LLC, which will use them for general corporate purposes, including funding subsidiaries, paying dividends, refinancing securities, and potential acquisitions or expansion.

J.P. Morgan provides an index supplement for the J.P. Morgan Tactical Blend Index, which serves as the reference for notes linked to this index. The document shows hypothetical backtested and actual historical monthly and annual returns for the index, with backtested performance used through March 29, 2023 and actual index performance from March 30, 2023 to December 31, 2025.

It also details hypothetical and actual historical average monthly weights across three main Basket Constituents: the Invesco DB US Dollar Index Bullish Fund, the J.P. Morgan Core Bond SM Index and the J.P. Morgan U.S. Low Volatility Index. The methodology description explains the use of alternative “proxy” performance for some constituents before their launch or required liquidity, and emphasizes that past allocations, historical performance and backtested results are not indicative of future outcomes.

The supplement highlights key risks, including that the index is calculated on an excess return basis with a 0.85% per annum deduction, may be significantly uninvested, may be heavily influenced by the equity constituent, and follows a momentum-based rebalancing strategy that may not achieve its target volatility or risk-parity goals. It stresses that the notes are not bank deposits, are not insured by the FDIC or any governmental agency, and that neither the SEC nor any state securities commission has approved or disapproved the notes.

JPMorgan Chase & Co. is offering callable step-up fixed rate notes due January 30, 2034. The notes pay annual interest of 4.25% from January 30, 2026 to January 30, 2029, 5.00% from January 30, 2029 to January 30, 2032, and 6.50% from January 30, 2032 to maturity, with interest paid each January 30 on a 30/360 day count basis.

The issuer may redeem the notes in whole on January 30 and July 30 of each year from January 30, 2028 through July 30, 2033, at par plus accrued interest, after at least 5 business days’ notice. At maturity, if not called, investors receive their principal plus any accrued and unpaid interest.

The price to the public is expected to be around $1,000 per $1,000 principal amount, and may range from $980.10 to $1,000 for certain institutional or fee-based accounts. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits or FDIC-insured, and in a resolution scenario losses would be borne by equity holders first and then unsecured creditors, including holders of these notes.

J.P. Morgan provides a January 2026 index supplement describing the MerQube US Gold Vol Advantage Index, which underlies certain structured notes. The document presents monthly and annual performance figures, including hypothetical backtested returns from December 26, 2007 through February 10, 2025 and actual index performance from February 11, 2025 through December 31, 2025.

The index applies a 6.0% per annum daily deduction, uses significant leverage, may be substantially uninvested at times, and is based on gold futures, making it sensitive to gold market and futures trading risks. It is an excess return index rather than a total return index, so it does not reflect interest that could be earned on cash.

The supplement highlights that the index was established on February 11, 2025 and has a limited operating history, emphasizing that historical and backtested performance are not indicative of future results. It also notes that J.P. Morgan Securities LLC coordinated with MerQube in developing the index rules and licenses the index, and reminds investors that notes linked to the index are not bank deposits, are not FDIC insured, and are not guaranteed by a bank.

The MerQube US Gold Vol Advantage Index is a rules-based index that provides exposure to an unfunded rolling position in Gold futures while targeting 35% volatility, with exposure that can range from 0% to 500% of the futures position. The index rebalances monthly based on one-month implied volatility and applies a 6.0% per annum daily deduction, which reduces index levels over time.

The index was established on February 11, 2025, with performance before that date shown as hypothetical backtested data and performance from February 11, 2025 through December 31, 2025 shown as actual. Over the 10-year period ending December 2025, the index shows a 40.16% annualized volatility and a 150.63% one-year return, while the S&P GSCI Gold Official Close Index ER shows lower volatility and returns over the same horizons. All pre-launch figures are backtested and the material repeatedly stresses that historical and backtested performance are not indicative of future results.

The document highlights numerous risks, including significant leverage, the possibility the index may be uninvested at times, gold and futures market risks, concentration risk, and the impact of the ongoing 6% annual deduction. It also notes that J.P. Morgan Securities LLC worked with MerQube on the methodology, and that investing in notes linked to the index involves substantial risk and may not be suitable for all investors.

J.P. Morgan Multi-Asset Index January 2026 update describes how the Index allocates across up to 10 futures-based indices covering equities, fixed income and alternatives in major developed markets. It rebalances at least monthly into the portfolio with the highest recent performance, subject to a volatility threshold and concentration limits, and is subject to a daily deduction equal to 1.00% per annum.

The Index began on November 18, 2022, and combines hypothetical backtested data before that date with actual performance afterward. Over the past 10 years, the Index shows an annualized return of 2.55%, annualized volatility of 4.46% and a Sharpe Ratio of 0.57, compared with a Domestic 30/70 Portfolio (ER) at 3.26% return, 6.31% volatility and 0.52 Sharpe, and a Global 30/70 Portfolio (ER) at 1.84% return, 6.17% volatility and 0.30 Sharpe.

The update also presents recent monthly weights by asset class and region, and detailed monthly returns from January 2016 through December 2025. Extensive risk disclosures highlight the use of backtested data, excess-return construction, momentum strategy risks, potential concentration in bond constituents, derivative and correlation risks, and the fact that all exposures are notional rather than ownership of actual assets.

J.P. Morgan’s Multi-Asset Index is a rules-based benchmark that uses a momentum strategy across futures on U.S. and international equities, fixed income, oil and gold. The document shows monthly and annual Index returns using hypothetical backtested data from February 22, 1994 to November 17, 2022, and actual Index performance from November 18, 2022 through December 31, 2025.

The Index is an “excess return” index, includes a 1.00% per annum daily deduction and was established on November 18, 2022, so it has a limited live history. Historical and backtested returns and allocations are repeatedly described as not indicative of future results, and alternative data sources and simulations were used for earlier periods.

Investing in notes linked to this Index involves multiple risks, including momentum strategy risk, concentration in bond constituents, futures roll and margin risks, correlation risk, non-U.S. market and currency risks, and potential short positions. The notes are not bank deposits, are not FDIC insured and are not approved or disapproved by the SEC or any state regulator.

JPMorgan Chase & Co. is offering preliminary Callable Fixed Rate Notes due January 30, 2051. The notes pay fixed interest at an annual rate of 5.70%, with interest paid in arrears each January 30, beginning January 30, 2027, using a 30/360 day count convention.

The issuer may redeem the notes early, in whole but not in part, on the 30th day of January, April, July and October of each year from January 30, 2028 through October 30, 2050 at par plus accrued interest. The notes are unsecured obligations of JPMorgan Chase & Co., subject to its single-point-of-entry resolution strategy, which means holders rank behind creditors of its subsidiaries in a stress scenario and may recover less than principal and interest. The minimum price to public for certain institutional or advisory accounts is between $937.60 and $1,000 per $1,000 principal amount, and selling commissions are capped at $50 per $1,000.

JPMorgan Chase & Co. is offering callable fixed rate notes due January 30, 2046. The notes pay fixed interest at 5.40% per annum, calculated on a 30/360 day count basis, with interest payable annually in arrears on January 30 of each year, beginning January 30, 2027.

The issuer may redeem the notes, in whole but not in part, on January 30 and July 30 of each year from January 30, 2029 through July 30, 2045 at 100% of principal plus accrued interest. At maturity, investors receive principal plus any accrued and unpaid interest if the notes have not been called. The indicative price to the public is $1,000 per $1,000 principal amount, and selling commissions would be about $23.00 per $1,000 note, capped at $50.00. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits and are not insured by the FDIC.

JPMorgan Chase & Co. is offering callable fixed-rate notes due January 30, 2036. The notes pay interest at a 5.00% per annum fixed rate, with interest paid annually in arrears on January 30 of each year, beginning January 30, 2027, using a 30/360 day count convention.

The notes may be redeemed by the issuer at par plus accrued interest on January 30 and July 30 of each year, from January 30, 2028 through July 30, 2035, in whole but not in part. For eligible institutional and fee-based advisory accounts, the price to the public per $1,000 principal amount will be between $975.10 and $1,000, and selling commissions would be approximately $5.50 per $1,000, capped at $27.50 per $1,000. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits, are not FDIC insured, and are subject to resolution and bankruptcy risks described in the accompanying documents.

JPMorgan Chase & Co. is offering callable fixed rate notes due January 26, 2056. The notes pay interest annually at a fixed rate of 5.50% per annum, with payments in arrears each January 26 beginning in 2027, based on a 30/360 day count convention.

Starting July 26, 2030, and on January 26 and July 26 of each year through July 26, 2055, JPMorgan may redeem the notes in whole at par plus accrued interest. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits and are not insured by the FDIC or any other governmental agency.

For certain eligible institutional and fee-based advisory accounts, the price to the public will range from $925.10 to $1,000 per $1,000 principal amount, and selling commissions are expected to be about $22.50 per $1,000 note, capped at $50.00. The disclosure highlights that in a bankruptcy or Title II resolution, holders of these notes are unsecured creditors and could face losses after equity and subsidiary-level creditors are addressed.

JPMorgan’s January 2026 materials update the S&P 500 Daily Risk Control 10% Index using both hypothetical and actual performance data. The table presents monthly and annual returns based on hypothetical backtested performance from December 31, 1998 through May 12, 2009 and actual index performance from May 13, 2009 through December 31, 2025. The information is described as illustrative, with repeated statements that historical and backtested results are not indicative of future performance.

The update highlights several risks: JPMorgan Chase & Co. is one of the companies in the underlying S&P 500 index, the index may not reach its 10% target volatility, and daily exposure adjustments can limit upside or magnify downside moves in the underlying index. The index may at times be significantly uninvested, includes a deduction for a notional financing cost, and the methodology for calculating that cost was recently changed. JPMorgan emphasizes that simulations, proxies, and modeling choices can materially affect backtested results and that investments linked to the index may not be suitable for all investors.

JPMorgan Chase & Co. provides a January 2026 performance update for the S&P 500 Daily Risk Control 10% Index, an excess-return index that allocates between the S&P 500 and a cash component to target 10% volatility using a daily risk-control overlay. The index was established on May 13, 2009 and its levels are published under ticker SPXT10UE.

The update compares hypothetical and actual performance from December 2015 through December 2025 for the index and two notional 30/70 equity–bond portfolios, showing Sharpe ratios up to 0.76, 10‑year annualized volatility between 10.09% and 12.71%, and 10‑year annualized returns between 5.94% and 8.28%. Detailed monthly and annual return data from January 2016 through December 2025 are also presented.

Key risks highlighted include that JPMorgan Chase & Co. is a component of the underlying S&P 500, the index may not achieve its 10% volatility target, may be significantly uninvested, and reflects a notional financing cost. All performance data, including backtests, are described as illustrative and not indicative of future results.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable fixed rate notes due January 25, 2030. The notes pay a fixed interest rate of 4.00% per annum, with interest paid annually on January 26, beginning January 26, 2027 and ending on the maturity date, calculated on a 30/360 day count basis.

The issuer may redeem the notes early, in whole but not in part, on January 26, April 26, July 26 and October 26 of each year from July 26, 2026 through October 26, 2029, at par plus accrued interest. Each note has a price to the public of $1,000 per $1,000 principal amount, with the possibility of slightly lower pricing for certain institutional or fee-based advisory accounts. Selling commissions are paid to dealers within capped per‑note amounts, and the notes are unsecured obligations, not bank deposits and not FDIC insured.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 15‑month Trigger Callable Yield Notes linked to the lesser performing of the Russell 2000 Index and the EURO STOXX 50 Index. The Notes pay a fixed monthly coupon expected between 7.50% and 8.00% per annum regardless of index performance unless the Notes are called.

JPMorgan may, at its election, call the Notes monthly after an initial three‑month non‑call period, returning principal plus the applicable coupon, with no further payments. If the Notes are not called, and on the Final Valuation Date both indexes are at or above 70% of their Initial Value, investors receive full principal plus the final coupon. If either index finishes below its downside threshold, repayment of principal is reduced in proportion to the decline of the worse performing index, and investors can lose most or all of their investment.

The Notes are issued at $10 per Note in minimum investments of $1,000, with selling commissions to UBS of $0.10 per $10 Note and an estimated value currently indicated around $9.816 per $10 Note, not less than $9.50 when finalized. They are unsecured obligations, not bank deposits, not FDIC‑insured, will not be listed on an exchange, and have complex U.S. tax treatment, including a put option and deposit characterization.

JPMorgan Chase & Co. is offering callable fixed rate notes due January 30, 2041. The notes pay a fixed 5.25% annual interest rate, with interest paid in arrears each January 30, beginning January 30, 2027. At maturity, holders receive the principal plus any accrued and unpaid interest if the notes have not been called.

JPMorgan may redeem the notes at par plus accrued interest on January 30 and July 30 of each year from January 30, 2028 through July 30, 2040. The notes are unsecured obligations of JPMorgan Chase & Co. and are structurally junior to creditors of its subsidiaries. Under JPMorgan’s preferred “single point of entry” resolution strategy, losses would be borne first by equity holders and then by unsecured creditors, including holders of these notes.

The notes are not bank deposits and are not FDIC insured. For certain institutional and fee-based advisory accounts, the price to the public will be between $962.60 and $1,000 per $1,000 principal amount, and selling commissions will be up to $45 per $1,000.

JPMorgan Chase & Co. is offering callable fixed rate notes due January 2, 2031. The notes pay interest at a fixed 4.30% per annum, with interest paid in arrears on the last calendar day of January and July, starting July 31, 2026, based on a 30/360 day count convention for each $1,000 principal amount.

The notes can be redeemed early at JPMorgan’s option, in whole but not in part, on the last calendar day of January and July from January 31, 2028 through July 31, 2030 at par plus accrued interest. They are unsecured, unsubordinated obligations of JPMorgan Chase & Co., are not bank deposits and are not insured by the FDIC or any other agency.

Under JPMorgan’s preferred “single point of entry” resolution strategy, losses in a failure scenario would be borne first by equity holders and then by unsecured creditors, including holders of these notes, whose claims rank behind creditors of JPMorgan’s subsidiaries and priority or secured creditors. Selling commissions are expected to be about $2.50 per $1,000 note and will not exceed $5.00 per $1,000 note. The notes are intended for investors able and willing to hold to maturity and to accept the credit and structural risks described.

JPMorgan Chase & Co. is offering callable fixed rate notes due January 29, 2038. The notes pay a fixed interest rate of 5.00% per annum, with interest paid annually in arrears on January 30, beginning January 30, 2027, and on the maturity date, for each $1,000 principal amount.

The issuer may redeem the notes early at its option on January 30 and July 30 of each year, from January 30, 2028 through July 30, 2037, at 100% of principal plus accrued and unpaid interest. The notes are unsecured and are subject to JPMorgan Chase & Co.’s resolution strategy under U.S. bankruptcy and Dodd-Frank Title II, meaning losses would be borne first by equity holders and then by unsecured creditors, including holders of these notes, and structurally rank behind creditors of subsidiaries.

The price to the public for eligible institutional or fee-based advisory accounts will be between $972.60 and $1,000 per $1,000 principal amount, and selling commissions, if the notes priced on the date described, would be approximately $18.75 and in no event more than $45.00 per $1,000 principal amount.

JPMorgan Chase & Co. is offering callable fixed rate notes due January 13, 2051. The notes pay interest annually in arrears on January 30 of each year at a fixed 5.45% per annum on a $1,000 principal amount, using a 30/360 day count convention. Starting January 30, 2030, and then on the 30th calendar day of January, April, July and October through October 30, 2050, JPMorgan may redeem the notes in whole at par plus accrued interest.

These unsecured obligations are not bank deposits, are not insured by the FDIC or any other governmental agency and are subject to the issuer’s credit and resolution risks, including single-point-of-entry strategies that could impose losses on noteholders. The price to the public per $1,000 note will range from $940.10 to $1,000 for eligible institutional and fee-based accounts, with selling commissions generally up to $50.00 per $1,000 note.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable fixed rate notes due January 25, 2030. The notes pay a fixed 4.25% per annum, calculated on a 30/360 basis, with interest paid annually on January 26 from 2027 through 2029 and on the maturity date, as long as the notes have not been called.

The issuer may redeem the notes in whole on the 26th calendar day of January, April, July and October, starting July 26, 2026 and ending October 26, 2029, at par plus accrued interest. Each note has a $1,000 principal amount, with an expected price to the public between $992.60 and $1,000 per $1,000 note. Selling commissions would be about $2.75 per $1,000 note and will not exceed $12.50. The notes are unsecured obligations, not bank deposits and are not FDIC insured, and investors are directed to detailed risk factors and tax discussions in the related offering documents.

JPMorgan Chase & Co. provides a January 2026 update on the S&P 500 Daily Risk Control 5% Index, showing hypothetical and actual historical monthly and annual returns. The index uses backtested data from January 4, 1999 through September 9, 2009 and actual index performance from September 10, 2009 through December 31, 2025.

The update emphasizes that both historical and backtested performance are illustrative and not indicative of future results. It highlights that methodology uses proxies in some periods, and that alternative modeling approaches could produce very different outcomes.

Key risk points include that JPMorgan Chase & Co. is a component of the underlying S&P 500 index, the risk control index may fail to meet its 5% volatility target, may be significantly uninvested at times, and reflects a deduction for a notional financing cost whose calculation methodology was recently changed. The material stresses that investments linked to the index may not be suitable for all investors.

JPMorgan Chase Financial Company LLC is offering callable contingent interest notes linked separately to the Russell 2000, Nasdaq-100 and EURO STOXX 50 indexes, fully guaranteed by JPMorgan Chase & Co. The notes pay monthly contingent interest at a rate of at least 13.05% per year (at least $10.875 per $1,000) only if on each review date all three indexes are at or above 65% of their strike levels.

The notes can be redeemed early at the issuer’s option on certain interest payment dates starting July 16, 2026, at $1,000 plus any due interest. If held to July 16, 2027 and any index ever closes below 70% of its strike (a Trigger Event) and then finishes below its strike, repayment of principal is reduced in line with the worst-performing index, potentially down to zero. The preliminary estimated value is about $989.40 per $1,000, and the notes are unsecured obligations subject to JPMorgan credit risk, with no dividends or guaranteed interest.

JPMorgan Chase provides a January 2026 performance update for the S&P 500 Daily Risk Control 5% Index, which dynamically allocates between the S&P 500 and a cash component to target 5% volatility. Volatility is based on exponentially weighted historical returns, and the index is calculated on an excess return basis.

From December 2015 through December 2025, the index shows a Sharpe Ratio of 0.78, 10-year annualized volatility of 5.06% and a 10-year annualized return of 3.93%. Annualized returns over five and three years are 3.12% and 4.34%, with a 1.11% return over the last year. Comparative hypothetical portfolios, such as the Domestic 30/70 Portfolio (ER) and Global 30/70 Portfolio (ER), exhibit different risk/return profiles and higher 10-year volatility.

The update highlights that all non-index portfolio data are hypothetical and that past and backtested performance are not indicative of future results. Key risks include the possibility that the index may not achieve its 5% volatility target, may be significantly uninvested in certain environments, and reflects a deduction for notional financing costs. Investors are directed to broader risk discussions in related supplements when considering CD notes linked to the index.

JPMorgan Chase & Co. is offering callable fixed rate notes due July 28, 2034. The notes pay a fixed interest rate of 4.60% per annum, with interest paid annually in arrears on January 30 of each year from January 30, 2027 to January 30, 2034, and on the maturity date.

Starting January 30, 2028 and through April 30, 2034, JPMorgan may redeem the notes on specified January, April, July and October dates at a price equal to the principal plus accrued interest, meaning investors may not hold to maturity if the issuer calls early. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits and are not insured by the FDIC or any government agency.

Pricing is expected around $1,000 per $1,000 principal amount, with eligible institutional or fee-based accounts potentially paying between $980.10 and $1,000. Selling commissions would be around $16 and will not exceed $35 per $1,000 principal amount. The filing highlights that in a resolution scenario, holders rank behind creditors of JPMorgan’s subsidiaries, and it confirms the notes are expected to be treated as fixed-rate debt for U.S. federal income tax purposes.

JPMorgan Chase & Co. is offering callable fixed rate notes due January 28, 2033. The notes pay fixed interest at an annual rate of 4.65%, calculated on a 30/360 day count basis, with interest paid in arrears each January 30 beginning in 2027 and on the maturity date, so long as the notes have not been redeemed early.

JPMorgan may, at its option, redeem the notes in whole (but not in part) on January 30 and July 30 of each year from 2028 through 2032 at par plus accrued and unpaid interest. The indicative price to the public is $1,000 per $1,000 principal amount, with the possibility of lower pricing, no less than $985.10, for eligible institutional or fee-based advisory accounts. Selling commissions, if the notes priced on the indicated date, would be about $4.00 per $1,000 and will not exceed $20.00 per $1,000. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits, and are not FDIC insured.

JPMorgan Chase Financial Company LLC is offering capped buffered equity notes linked to the Invesco S&P 500 Top 50 ETF (XLG), maturing on January 26, 2027, and fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are issued in $1,000 minimum denominations and provide unleveraged exposure to XLG.

At maturity, investors participate in any XLG gain up to a maximum return of at least 11.30%, corresponding to a maximum payment of at least $1,113 per $1,000 note. A 10% buffer protects principal for declines of up to 10%, but beyond that investors lose 1% of principal for each additional 1% drop, up to a 90% loss if the ETF falls 100%.

The notes pay no interest, pass through no dividends from the fund and are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They will not be listed, so liquidity may be limited, and secondary prices are expected to be below the issue price. If priced today, the estimated value would be about $987.50 per $1,000 note and will not be less than $900 when set, reflecting selling commissions, hedging costs and issuer funding assumptions.

JPMorgan Chase & Co. is offering preliminary terms for callable fixed rate notes due July 30, 2038. The notes pay fixed interest at 5.25% per annum, with interest paid annually on January 30, starting January 30, 2027, and on the maturity date, so long as the notes have not been redeemed earlier.

Beginning January 30, 2028, and on January 30 and July 30 of each year through January 30, 2038, JPMorgan may redeem the notes in whole at an amount equal to principal plus accrued and unpaid interest. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits and are not insured by the FDIC or any other governmental agency.

The documents highlight that in a JPMorgan resolution scenario, losses would be borne first by equity holders and then by unsecured creditors, including holders of these notes, whose claims would be structurally subordinated to creditors of JPMorgan’s subsidiaries. Investors are directed to detailed risk factors and U.S. federal income tax discussions in the related prospectus materials.

JPMorgan Chase Financial Company LLC is offering Trigger Callable Yield Notes linked to the lesser performer of the Russell 2000 Index and the EURO STOXX 50 Index, with an issue price of $10 per Note and a 15‑month term unless called earlier. The Notes are expected to pay a fixed monthly coupon at an annual rate between 9.00% and 9.50%, regardless of index performance, until they are called or mature. JPMorgan Financial may elect to call the Notes monthly after an initial three‑month non‑call period, repaying 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 (the Downside Threshold), investors receive full principal back plus the final coupon. If either index closes below its Downside Threshold, principal repayment is reduced in proportion to the loss on the lesser performing index, and investors can lose a significant portion or all of their principal. The Notes are unsecured obligations of JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., are not bank deposits or FDIC insured, and carry issuer and guarantor credit risk. The estimated value is illustrated at approximately $9.911 per $10 Note, and will not be less than $9.60 per $10 when finalized.

JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated Callable Contingent Interest Notes linked to the worst performer among Fifth Third Bancorp, Regions Financial Corporation and KeyCorp, fully guaranteed by JPMorgan Chase & Co. The notes run to January 24, 2031 and may be redeemed early at the issuer’s option on quarterly Interest Payment Dates starting April 23, 2026.

Holders can receive a quarterly Contingent Interest Payment of at least $28.125 per $1,000 (at least 11.25% per annum) for any Review Date on which each stock closes at or above 60.00% of its Initial Value, but no interest is paid if any stock is below this barrier. If held to maturity and any stock finishes below its 60.00% Trigger Value, principal is reduced one-for-one with the decline of the least performing stock and investors can lose more than 40.00% or all of their investment.

The preliminary estimated value is approximately $925.00 per $1,000 note and will not be less than $900.00, reflecting embedded selling, structuring and hedging costs. The notes are not bank deposits, are not FDIC insured, and payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto-callable review notes linked separately to the Russell 2000 Index, the VanEck Gold Miners ETF and the State Street Energy Select Sector SPDR ETF, maturing in January 2031. The notes may be automatically called as early as January 2027 if each underlying closes at or above 100% of its initial value, paying back principal plus a fixed call premium.

The minimum call premiums range from at least 21.15% of principal on the first review date to at least 105.75% on the final review date, but upside is capped at these amounts. If the notes are not called and each underlying finishes at or above 60% of its initial value, investors receive only their principal back. If any underlying ends below 60%, repayment is reduced one-for-one with its loss, so investors can lose more than 40% and up to all of their principal.

The notes pay no interest and do not pass through dividends on the ETFs or underlying stocks. They are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. The issuer estimates the initial economic value at about $918.20 per $1,000 principal, with a minimum of $900.00, reflecting embedded fees, hedging costs and dealer compensation.

J.P. Morgan is providing an index supplement describing the J.P. Morgan Total Return^SM Index, which is referenced by securities of JPMorgan Chase & Co. The index is a rules-based, momentum-style strategy that allocates monthly among a basket of fixed-income and related ETFs, including U.S. Treasuries, investment-grade and high-yield credit, emerging markets debt, mortgage-backed securities, inflation-protected bonds, preferred stock and floating-rate notes.

The supplement presents hypothetical backtested monthly and annual returns and portfolio weights from 2004 to 2017 and actual index and allocation data from July 13, 2017 through December 31, 2025, in some cases using proxy indices to estimate pre-launch ETF performance after deducting assumed fund expenses. It repeatedly warns that historical and backtested results and past allocations are not indicative or predictive of future performance. Key risks highlighted include the limited operating history of the index, reliance on a momentum-based strategy with monthly rebalancing and weighting constraints, correlation and substitution risks among basket constituents, significant fixed-income and high-yield credit risks, ETF tracking differences, and the credit risk of JPMorgan Chase Bank, N.A. for investments linked to the index.

JPMorgan Chase & Co. is offering callable fixed-rate notes due January 30, 2041 that pay interest at 5.40% per year on a $1,000 principal amount, using a 30/360 day-count. Interest is paid annually on January 30, starting in 2027, and investors receive principal plus accrued interest at maturity if the notes have not been redeemed.

The notes are callable at JPMorgan’s option at par plus accrued interest on January 30, April 30, July 30 and October 30 of each year from April 30, 2028 through October 30, 2040. For certain institutional or fee-based accounts, the price per $1,000 principal amount will be between $962.60 and $1,000, and selling commissions are currently estimated at about $4.00 per $1,000, capped at $35.00. The notes are unsecured obligations of JPMorgan Chase & Co. and, under its preferred “single point of entry” resolution strategy, losses in a failure scenario could be imposed on these notes after subsidiary and secured creditors.

J.P. Morgan Total Return SM Index is a rules-based benchmark that allocates monthly among 12 U.S. dollar fixed income ETFs, aiming for the highest six-month performance subject to a 5% historical volatility threshold and concentration limits. It is calculated on a total-return basis and was launched on July 13, 2017.

From December 2015 through December 2025, the Index shows a 10-year annualized return of 2.01% with 10-year annualized volatility of 4.84%, and a 1-year return of 7.30%. Over the same period, the Bloomberg Barclays U.S. Aggregate Bond Total Return Index records a 10-year annualized return of 3.20% with 5.18% volatility, while the Bloomberg Barclays Global Aggregate Bond Index Total Return Unhedged USD shows a 10-year annualized return of 1.26% with 5.35% volatility.

The update highlights that much of the history is hypothetical backtested data using proxies before the Index and some ETFs were live, and stresses that past and backtested performance are not indicative of future results. Key risks include the momentum-based strategy, monthly rebalancing and weighting constraints, correlation among basket constituents, fixed income and credit risks, ETF tracking risk, and the credit risk of JPMorgan Chase Bank, N.A. for investments linked to the Index.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Callable Range Accrual Notes linked to the U.S. 10-Year Constant Maturity Treasury (10-Year CMT) rate. The notes pay a fixed 9.50% per annum during the initial interest periods until January 22, 2029. After that, interest for each period ranges from 0.00% to a maximum of 9.50% per annum, depending on how many days the 10-Year CMT rate is at or below 4.50%.

The notes are callable at the issuer’s option on the 22nd of January, April, July and October, from January 22, 2029 to January 22, 2041, at 100% of principal plus accrued interest. If not redeemed early, they mature on January 22, 2041, returning principal plus any accrued interest. If priced on the terms shown, the estimated value would be about $946.70 per $1,000 note and will not be less than $920.00, reflecting selling commissions of about $30.00 (up to $50.00) per $1,000.

Key risks include the possibility of 0% interest in some periods if the rate condition is not met, the issuer’s right to redeem the notes early, potential difficulty selling in a limited secondary market, and the calculation agent’s discretion to determine or replace the 10-Year CMT rate. The notes are unsecured obligations, not bank deposits, and are not insured by the FDIC.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common stock of Starbucks Corporation. Each note has a $1,000 principal amount and may pay a contingent interest payment of at least $28.00 per note on quarterly dates if the Starbucks share price is at or above a barrier set at 65% of the strike price.

If the notes are automatically called on a review date when the stock closes at or above the strike price, investors receive $1,000 plus the applicable contingent interest and any previously unpaid contingent interest. If the notes are not called and the final stock price stays at or above the 65% trigger level, investors receive full principal back at maturity plus any due interest. If the final stock price falls below the trigger level, principal is reduced 1% for each 1% decline from the strike, so losses can exceed 35% and reach a total loss of principal. The indicative estimated value is about $979.80 per $1,000 note and will not be less than $960.00 when finalized.

This January 2026 update provides hypothetical and actual historical monthly and annual returns for the MerQube US Large-Cap Vol Advantage Index, which underlies certain notes issued by J.P. Morgan. The figures combine backtested performance from January 7, 2005 through February 10, 2022 with actual index performance from February 11, 2022 through December 31, 2025, showing years of strong gains, such as 2017 with a 73.07% return, and large drawdowns, such as 2008 with a -51.25% return.

The document highlights that all backtested results are hypothetical, subject to significant limitations and may differ materially from future results. It also stresses key risks: a 6.0% per annum daily deduction embedded in index levels, use of leverage and futures contracts, the possibility the index may be significantly uninvested or fail to meet its target volatility, and its status as an “excess return” index that excludes interest on cash. Additional risks include non-U.S. securities exposure, concentration risk, potential market disruptions, and conflicts of interest because J.P. Morgan Securities LLC helped design the index and licensed it from MerQube. The material repeatedly cautions that historical and backtested performance are not indicative of future results.

J.P. Morgan provides a performance update on the MerQube US Large-Cap Vol Advantage Index, which underlies certain structured notes. The index offers dynamic, rules-based exposure to E‑Mini S&P 500^® futures, targeting 35% volatility with exposure between 0% and 500% and applying a 6.0% per annum daily deduction. It is an excess return index, so it does not include interest on cash.

The update shows hypothetical backtested performance from December 2015 to February 10, 2022 and actual performance from February 11, 2022 through December 31, 2025. Over the last 10 years, the index had an annualized volatility of 29.79% and an annualized return of 14.36%, compared with 18.18% volatility and 12.85% return for the S&P 500 Index.

The document highlights significant risks, including use of leverage, potential for the index to be uninvested, futures market disruptions, and the impact of roll costs. It stresses that backtested data have inherent limitations and that past and hypothetical results are not indicative of future performance. Notes linked to the index are unsecured obligations, not bank deposits and not insured by the FDIC or any government agency.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked individually to the Nasdaq-100 Index, the Russell 2000 Index and the S&P 500 Index, maturing July 21, 2027. These unsecured notes can automatically call as early as July 16, 2026 if each index is at or above its initial level on certain review dates, returning principal plus the applicable contingent interest.

The notes pay a contingent coupon of at least 8.95% per annum, paid monthly, but only if on a review date each index closes at or above 70% of its initial value. If any index finishes below this trigger on the final review date and the notes have not been called, repayment of principal is reduced one-for-one with the decline of the worst-performing index, with the possibility of losing the entire investment.

The estimated value, if priced today, is $977.50 per $1,000 principal amount, and will not be less than $900.00 per $1,000 when finalized. The notes will not be listed, secondary liquidity depends on J.P. Morgan Securities LLC, and investors bear the credit risk of both the issuer and JPMorgan Chase & Co., as well as complex tax and withholding considerations.

This document is a January 2026 index supplement providing hypothetical and actual historical performance for the MerQube US Small-Cap Vol Advantage Index. It shows backtested monthly and annual returns from January 7, 2005 through June 17, 2022 and actual index performance from June 21, 2022 through December 31, 2025.

The Index embeds a 6.0% per annum daily deduction, uses futures contracts with significant leverage, and may at times be significantly uninvested. It tracks small-cap U.S. equities through an “excess return” structure, meaning it does not include interest on cash.

The document highlights that backtested data is hypothetical, subject to many modelling assumptions and not independently verified. It lists extensive risks, including volatility targeting that may not be met, futures market disruptions, concentration and small-cap risks, and potential conflicts because J.P. Morgan Securities LLC worked with MerQube to design and license the Index. It repeatedly stresses that historical and backtested performance are not indicative of future results.

J.P. Morgan provides a January 2026 performance update for the MerQube US Small-Cap Vol Advantage Index, which underlies certain structured notes. The index offers rules-based exposure to E-Mini Russell 2000 futures, targeting 35% volatility with exposure that can range from 0% to 500% of futures notional. A 6.0% per annum daily deduction is built into the index level, reducing long-term returns.

The index began on June 21, 2022, and the update shows hypothetical backtested and actual performance and volatility from December 2015 through December 2025, along with recent leverage levels in late 2025. The material repeatedly stresses that historical and backtested results are hypothetical, have not been independently verified, and are not indicative of future performance.

The document highlights key risks, including use of significant leverage, possible periods when the index is largely uninvested, small-cap equity exposure, futures market risks, and the fact that the index is an excess return index that does not reflect interest on cash. It also notes potential conflicts because J.P. Morgan coordinated with MerQube on index design and holds an exclusive license.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Uncapped Digital Barrier Notes linked to the lesser performance of the S&P 500 Index and the Russell 2000 Index, maturing in February 2031. The notes provide uncapped, unleveraged exposure to any gain in the weaker index at maturity, with a contingent minimum return of at least 44.50% if both indices finish at or above their initial levels.

If either index finishes below its initial level but both stay at or above 75% of their initial values, investors receive only their principal back. If either index ends below this 75% barrier, repayment is reduced one-for-one with the decline of the lesser-performing index, and investors can lose more than 25% and up to all of their principal. The notes pay no interest, pass through no dividends, are not bank deposits or FDIC insured, and are subject to the credit risk of both the issuer and guarantor.

The preliminary materials indicate selling commissions of up to $30 and a possible structuring fee of $8.50 per $1,000 note. If priced on the stated date, the estimated value would be about $947.10 per $1,000, and will not be less than $920.00 per $1,000 when finalized, reflecting embedded selling, structuring and hedging costs and potential differences from secondary market values.

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 an uncapped gain of at least 1.97 times any positive index return at maturity, with a barrier set at 70% of the initial index level.

If the final index level is above the initial level, investors receive $1,000 plus the leveraged upside. If it is at or above the 70% barrier but not higher than the initial level, investors receive only their $1,000 principal. If the index closes below the barrier on the observation date, repayment is reduced one-for-one with the index loss, and investors can lose all principal.

The notes pay no periodic interest, are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and will not be listed on any exchange. The issuer indicates that, if priced on the date of the example, the estimated value would be approximately $959.70 per $1,000 note and will not be less than $900.00 per $1,000 at pricing, reflecting embedded costs and hedging factors.