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

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked individually to the Nasdaq-100 Index, the Russell 2000 Index and the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are scheduled to price on or about January 9, 2026, settle on or about January 14, 2026 and mature on January 14, 2031, with $1,000 minimum denominations.

The notes pay a contingent interest rate of at least 7.80% per year, or at least 1.95% per quarter, but only for Review Dates when the closing level of each index is at least 70% of its initial level. Starting with the January 11, 2027 Review Date, the notes are automatically called if each index is at or above its initial level, returning $1,000 plus the applicable interest. If the notes are not called and any index finishes below 50% of its initial level at maturity, investors lose principal in line with the worst index, potentially losing the entire investment. The notes are unsecured, subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and do not pay dividends on the underlying stocks.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped buffered enhanced participation notes linked to a basket of five international equity indices, maturing in January 2028.

The $1,000-denomination notes pay no interest and are tied to an unequally weighted basket: EURO STOXX 50® (38%), TOPIX® (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%). At maturity, investors receive leveraged upside at a 2.30x participation rate, subject to a cap, with a maximum settlement amount expected between $1,233.68 and $1,274.85 per $1,000 note. A 15% downside buffer applies, but beyond that losses increase at about 1.1765% for each additional 1% basket decline, and investors can lose their entire principal. The preliminary estimated value is expected between $978.70 and $988.70 per $1,000 note. The notes are unsecured, unsubordinated obligations exposed to the credit risk of both the issuer and guarantor, will not be listed on an exchange, and may have limited or no secondary market liquidity.

JPMorgan Chase Financial Company LLC is offering Buffered Callable Range Accrual Notes linked to the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are scheduled to price on January 27, 2026, settle on or about January 30, 2026 and mature on January 31, 2031, with a single Index Observation Date on January 28, 2031.

Interest is paid monthly and depends on how often, during each interest period, the Index closing level is at least 85.00% of the Initial Value. The annual interest rate for a period equals an Interest Factor of at least 5.90% multiplied by the fraction of Trading Days that meet this condition, and can be as low as 0.00% if the condition is never met.

The notes offer partial downside protection: if the Final Value is at or above 85.00% of the Initial Value, investors receive full principal at maturity; below that level, they lose 1% of principal for each 1% Index decline beyond the 15.00% buffer, with examples down to $150.00 per $1,000 if the Index falls to zero. The issuer may redeem the notes monthly at par plus accrued interest from January 29, 2027. The preliminary estimated value is about $939.50 per $1,000, and will not be less than $900.00 per $1,000.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Buffered Callable Range Accrual Notes linked to the Nasdaq 100® Index, maturing on January 31, 2031.

The notes pay monthly interest that depends on how often, within each Interest Period, the Index closes at or above 85.00% of its Initial Value (the Minimum Index Level). The Interest Rate is calculated using an Interest Factor of at least 6.30% per annum multiplied by the ratio of qualifying Trading Days to total Trading Days, and can be as low as 0.00% per annum if the Accrual Provision is never satisfied.

At maturity, investors receive full principal back only if the Index is at or above the Buffer Level of 85.00% of the Initial Value. Below that level, principal is reduced 1% for each 1% decline beyond the 15% buffer, with a potential loss of up to 85.00% of principal. The issuer may redeem the notes monthly, starting January 29, 2027, at par plus accrued interest. The estimated value, if priced on the example date, is about $931.90 per $1,000 note, and will not be less than $900.00 per $1,000 at pricing, reflecting selling commissions of up to $40.00 per $1,000 and hedging and structuring costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common stock of Constellation Energy Corporation, maturing on January 4, 2029. These notes can be automatically called on quarterly review dates if the stock closes at or above its initial value, in which case investors receive their $1,000 principal plus the applicable contingent interest and no further payments.

The notes pay a contingent interest rate of at least 17.00% per annum, or at least 4.25% per quarter, but interest is only paid for a review date if the stock closes at or above a specified interest barrier. If the notes are not called and the final stock value is below a trigger level, investors lose 1% of principal for each 1% decline from the initial value and can lose their entire investment. An example estimated value is $962.70 per $1,000, and the final estimated value will not be less than $900. The notes are unsecured obligations, not FDIC insured, will not be listed on an exchange, and involve complex tax and withholding considerations.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the Class A common stock of Meta Platforms, Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to pay a Contingent Interest Payment on each Review Date if Meta’s closing price is at least 75.00% of the Initial Value, and will be automatically called if Meta’s price on any non-final Review Date is at least the Initial Value.

If the notes are not called and Meta’s Final Value is below the Trigger Value (75.00% of the Initial Value), investors lose 1% of principal for each 1% decline, up to a total loss. The hypothetical Contingent Interest Rate is 13.50% per annum (3.56385% per quarter), and the estimated value would be about $970.00 per $1,000 note and will not be less than $950.00 per $1,000 when set. The notes are unsecured, not FDIC insured, pay no fixed interest or dividends, and involve significant market, credit, liquidity and tax risks.

JPMorgan Chase Financial Company LLC is issuing $572,000 of Auto Callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination and was priced on January 2, 2026, with expected settlement on or about January 7, 2026.

The notes pay a Contingent Interest Payment of $33.75 per $1,000 (a 13.50% per annum rate, paid at 3.375% per quarter) on any Review Date where the Index closes at or above 60.00% of its Initial Value of 3,824.00. The notes are automatically called, starting July 2, 2026, if on a Review Date (other than the first and final) the Index closes at or above the Initial Value; investors then receive $1,000 plus the applicable Contingent Interest Payment and no further payments.

If the notes are not called and the Final Value is at least 60.00% of the Initial Value, investors receive $1,000 plus the final Contingent Interest Payment at maturity on January 7, 2031. If the Final Value is below 60.00% of the Initial Value, repayment is reduced one-for-one with the Index loss, and investors can lose more than 40.00% and up to all of their principal. The Index includes a 6.0% per annum daily deduction, which drags performance, and the notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering Contingent Income Auto-Callable Securities due January 5, 2029, linked to the Class A common stock of Affirm Holdings, Inc. The aggregate principal amount is $4,523,000, with each security having a stated principal amount and issue price of $1,000.

Holders may receive a contingent quarterly payment of $45.50 per $1,000 (4.55%) on each determination date when Affirm’s closing stock price is at or above the downside threshold of $37.015, equal to 50% of the initial stock price of $74.03. If the stock is below that level, no payment is made for that quarter.

The notes are auto-callable: if on any non-final determination date the stock closes at or above $74.03, the securities are redeemed early for principal plus the applicable contingent payment and any unpaid prior contingent payments. If not called and the final stock price is at or above the downside threshold, investors receive principal plus the final contingent payment and any unpaid prior amounts.

If the securities are not called and the final stock price is below the downside threshold, repayment is reduced 1-for-1 with the stock’s decline, and the maturity payment will be less than 50% of principal and could be zero, so investors can lose their entire investment. The estimated value on the pricing date is $946.50 per $1,000 security, and the notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated capped notes linked to the SPDR® Gold Trust, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to give 125.00% participation in any positive Fund Return up to a maximum return of at least 16.31%, illustrated by a hypothetical Maximum Amount of $163.10 per $1,000 principal amount note at maturity on January 20, 2027.

Investors forgo interest and may lose up to 10.00% of principal, as repayment is floored at $900.00 per $1,000 note if the Fund declines. The estimated value is indicated at approximately $985.00 per $1,000 note and will not be less than $960.00 when set, reflecting selling commissions and hedging costs. Payments depend on the SPDR® Gold Trust and are subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., with no listing and limited liquidity expected.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked to the lesser performance of the KraneShares CSI China Internet ETF and the iShares China Large-Cap ETF, maturing on January 10, 2028. The notes can pay a quarterly contingent interest of at least 11.50% per annum (at least 2.875% per quarter) if, on a given review date, each ETF’s share price is at or above 70.00% of its initial value. Missed interest can be paid later if the barrier is met on a future review date.

The issuer may redeem the notes early on specified interest payment dates starting July 9, 2026, returning principal plus any due interest. At maturity, if both ETFs are at or above 70.00% of their initial values, investors receive full principal plus any due interest; if either is below that level, repayment is reduced one-for-one with the loss of the lesser-performing ETF, with losses potentially up to the full principal. The preliminary estimated value is about $964.20 per $1,000 note and will not be less than $950.00, reflecting structuring and hedging costs. The notes are unsecured, not FDIC insured, and expose investors to Chinese equity, emerging markets, currency and sector-specific risks.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 3-year structured notes linked to the MerQube US Large-Cap Vol Advantage Index. The notes have a minimum denomination of $1,000 and an estimated value of at least $900 per $1,000 at pricing. The index uses E‑Mini S&P 500 futures with leverage that can range from 0% to 500% and embeds a 6.0% per annum daily deduction.

The notes feature annual review dates through January 30, 2029, with automatic call if the index is at or above its initial level, paying back principal plus a call premium of at least 29.50% per annum. If not called, principal is protected only down to a barrier at 60.00% of the initial index level; below that, repayment is reduced one-for-one with the index loss, and investors can lose all principal. Payments depend on the credit of both issuing and guaranteeing entities, and investors do not receive interest, dividends, or voting rights. The disclosure highlights significant risks, including leverage, index methodology, liquidity, and tax uncertainty.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering three-year structured notes linked to the MerQube US Tech+ Vol Advantage Index. This index dynamically adjusts exposure to an unfunded position in the Invesco QQQ Trust, with leverage between 0% and 500%, and reflects a 6.0% per annum daily deduction plus a notional financing cost.

The notes feature annual review dates and an automatic call if the index level is at or above its initial value, paying at least a 26.25% call premium per year on top of principal on the applicable call date. If the notes are not called and the final index value is at or above 60% of the initial value, investors receive full principal at maturity. If the final value is below 60%, repayment is reduced one-for-one with the index loss, and investors can lose more than 40% and up to all of their principal. The estimated value on the pricing date will not be less than $900 per $1,000 note, and all payments are subject to JPMorgan credit risk.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked separately to the SPDR S&P Regional Banking ETF (KRE), VanEck Semiconductor ETF (SMH) and iShares Silver Trust (SLV), maturing on July 10, 2028. The notes pay a quarterly contingent coupon of at least 12.15% per annum (at least $30.375 per $1,000) only when each fund’s share price is at or above 45% of its initial value on the relevant review date; otherwise no interest is paid.

The issuer can redeem the notes early on any interest payment date from July 9, 2026, paying $1,000 plus any due coupon, which would stop future interest. If held to maturity and any fund finishes below its 45% trigger, principal is reduced one-for-one with the loss of the worst performer, so investors can lose more than 55% and up to all of their money. The estimated value is about $942.60 per $1,000 at launch and will not be less than $900, reflecting embedded fees, hedging costs and issuer funding assumptions.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped dual directional buffered equity notes linked to the worst performer of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, maturing on February 19, 2027.

The notes provide unleveraged exposure to index gains with a Maximum Upside Return of at least 17.50%, and upside exposure to index declines up to a 15.00% buffer, allowing a positive return when the least performing index is down by up to that amount. Beyond a 15.00% decline in any index, principal is reduced on a 1:1 basis, so investors can lose up to 85.00% of principal at maturity.

The notes pay no interest or dividends, are unsecured and unsubordinated obligations of JPMorgan Chase Financial with a minimum denomination of $1,000. If priced on the example date, the estimated value would be about $986.20 per $1,000 note and will not be less than $900.00 per $1,000 at pricing. The notes will not be listed, and secondary market prices are expected to be below the original issue price.

JPMorgan Chase Financial Company LLC is offering capped buffered equity notes linked to the Invesco QQQ Trust, Series 1, maturing on April 14, 2027, and fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes give 1.00x exposure to any QQQ gains at maturity, but the total return is capped at a Maximum Return of at least 18.00%.

If QQQ is flat or down by up to the 10.00% Buffer Amount, investors receive back their $1,000 principal. If QQQ falls by more than 10.00%, principal is reduced 1% for each 1% drop beyond the buffer, for a potential loss of up to 90.00% of principal. The notes pay no interest, and investors forgo any QQQ dividends.

The notes are unsecured and unsubordinated obligations of JPMorgan Financial, subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They will not be listed on any exchange, so liquidity depends on JPMS making a market. If priced on the indicated date, the estimated value would be about $986.40 per $1,000 note, and at issuance it will not be less than $900.00, reflecting selling commissions, hedging costs and issuer funding assumptions. The tax discussion indicates a reasonable approach of treating the notes as open transactions, with potential application of constructive ownership and Section 871(m) rules.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year structured notes linked to the MerQube US Large-Cap Vol Advantage Index. The index uses leveraged exposure, up to 500% and as low as 0%, to E‑Mini S&P 500 futures and reflects a 6.0% per annum daily deduction.

The notes can be automatically called annually if the index level is at least its initial value, paying $1,000 plus a call premium of at least 28.00% per annum on the first review date, increasing by at least 28.00% each year up to at least 140.00% by the final review date. If not called and the final index value is at or above 50.00% of the initial value, investors receive principal back at maturity.

If the notes are not called and the final index value is below the 50.00% barrier, the maturity payment is $1,000 plus $1,000 times the index return, so investors can lose more than half, up to all, of principal. The estimated value at pricing will not be less than $900.00 per $1,000 note, and all payments are subject to the credit risk of the issuer and guarantor.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 5-year structured notes linked to the MerQube US Tech+ Vol Advantage Index (MQUSTVA). The Index references an unfunded position in the Invesco QQQ Trust, Series 1, with a 6.0% per annum daily deduction and an additional notional financing cost that reduces performance.

The notes can be automatically called annually if the Index closes at or above 100% of its initial value on a Review Date, paying $1,000 plus a Call Premium of at least 27.75% per annum for the applicable year. If not called and the Final Value is at or above a 50% barrier, investors receive principal back at maturity. If the Final Value is below the barrier, repayment is $1,000 plus $1,000 times the Underlying Return, which can mean losing more than 50% and up to all principal.

The estimated value of the notes when set will be no less than $900 per $1,000 principal amount, reflecting internal funding and fees. Payments depend on the credit of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the notes pay no interest, dividends, or voting rights and may be illiquid.

JPMorgan Chase Financial Company LLC is offering auto callable buffered equity notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called as early as January 2027 if the Index closes at or above a specified call level on a Review Date, paying back principal plus a preset call premium.

If the notes are not called and the Index ends above its initial level at maturity in January 2031, investors receive principal plus the full Index gain. If the Index is flat or down by up to the 15% buffer, principal is returned. Losses begin if the Index falls by more than 15%, with up to 85% of principal at risk.

The Index embeds a 6.0% per annum daily deduction and a notional financing cost linked to the QQQ Fund, which drag on performance and can cause the Index to lag a similar index without these charges. The structure uses significant, dynamically adjusted leverage and exposes investors to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The estimated value on pricing is expected to be below the $1,000 issue price per note.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Enhanced Participation Basket-Linked Notes due July 12, 2027 tied to an unequally weighted basket of five non-U.S. equity indices (EURO STOXX 50, TOPIX, FTSE 100, Swiss Market Index and S&P/ASX 200). Each note has a $1,000 principal amount, offers a 3.00x upside participation in any positive basket return, but gains are capped at a basket level expected between 107.52% and 108.83%, for a maximum settlement amount expected between $1,225.60 and $1,264.90 per note. If the final basket level is below the initial level of 100, investors lose 1% of principal for each 1% decline, down to a total loss. The notes pay no interest, are not listed, are not FDIC insured, and are subject to the credit risk of both the issuer and guarantor. The preliminary estimated value is expected to be between $968.60 and $978.60 per $1,000 note, reflecting selling commissions of up to 1.51% and hedging and structuring costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the iShares Bitcoin Trust ETF. The notes are designed to pay a monthly contingent coupon at a rate of at least 15.75% per annum (at least 1.3125% per month) when, on an Interest Review Date, the ETF’s closing price is at or above 70% of its initial level. If on any quarterly Autocall Review Date the ETF closes at or above its initial value, the notes are automatically called and pay back principal plus that period’s contingent interest.

If the notes are not called and, on the final Review Date in January 2028, the ETF’s closing price is at or above 70% of the initial value, investors receive principal plus the final contingent interest. If it is below 70%, repayment is reduced one-for-one with the ETF’s loss, so investors can lose more than 30% and up to all of their principal. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. and embed significant risks tied to bitcoin’s historically high volatility.

JPMorgan Chase Financial Company LLC is offering 3-year auto-callable notes linked to the J.P. Morgan Multi-Asset Index. The notes have a minimum denomination of $1,000 and a 100% participation rate in the Index, which follows up to 10 futures-based indices across equities, fixed income and commodities, with a 1.00% per annum daily deduction and an initial 4.0% volatility threshold.

The notes can be automatically called on annual review dates if the Index reaches or exceeds preset call values. If called, investors receive $1,000 plus a call premium of at least 7.00% per annum per note, ending further payments. If not called and held to maturity in 2029, investors receive either principal plus any positive Index performance or full principal repayment even if the Index declines, in all cases subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.

The estimated value will not be less than $900.00 per $1,000 note when terms are set. Key risks include the daily index deduction, momentum strategy and futures risks, potential lack of liquidity, limited upside if called early, and the possibility that secondary market prices are below principal.

JPMorgan Chase Financial Company LLC is offering 3-year callable notes linked to the MerQube US Tech+ Vol Advantage Index, fully guaranteed by JPMorgan Chase & Co.

The index provides rules-based exposure to an unfunded position in the Invesco QQQ Trust, with a maximum 500% and minimum 0% exposure, and includes a 6.0% per annum daily deduction plus a notional financing cost. The notes feature annual review dates and can be automatically called if the index is at or above its initial level, paying call premiums of at least 29.50%, 59.00% or 88.50% depending on the year.

If not called, principal is repaid at maturity only if the final index level is at or above a 60.00% barrier; below this barrier, repayment is reduced in line with the index return and investors can lose some or all of their principal. The estimated value at issuance will not be less than $900 per $1,000 note, and all payments are subject to the credit risk of the JPMorgan issuing and guaranteeing entities.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Accelerated Barrier Notes linked to the lesser performer of the iShares® MSCI EAFE ETF and the EURO STOXX 50® Index, maturing on January 30, 2031. The notes target an uncapped upside of at least 1.85x any positive return of the weaker underlying, provided both finish above their initial values.

Principal is repaid at maturity only if each underlying stays at or above a 70% barrier of its initial value; if either finishes below this level, losses match the decline of the lesser performer and investors can lose all principal. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of both JPMorgan Chase Financial and JPMorgan Chase & Co., and have a minimum denomination of $1,000. If priced on the sample date, the estimated value would be about $927.10 per $1,000 note, and will not be less than $900.00 when finalized.

JPMorgan Chase Financial Company LLC is offering auto callable notes linked to the J.P. Morgan Multi-Asset Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes can be automatically called on specified Review Dates starting in February 2027 if the Index closes at or above preset Call Values, paying $1,000 plus a Call Premium Amount of at least 7% on the first Review Date and at least 14% on the second. If the notes are not called, investors receive at maturity on February 2, 2029 $1,000 per note plus any uncapped upside based on the Index Return with a 100% participation rate, but no benefit if the Index is flat or lower. The structure pays no interest, exposes investors to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., includes a 1.00% per annum daily deduction in the Index, and features complex risks such as commodity hedging disruption events and contingent payment debt instrument tax treatment. An example estimated value is $958.70 per $1,000 note, with a minimum estimated value at pricing of $900.00.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Buffered Return Enhanced Notes linked to the least performing of the Dow Jones Industrial Average®, the Russell 2000® Index and the S&P 500® Index, maturing on February 2, 2029. The notes target an uncapped payoff of at least 1.60 times any positive return of the worst-performing index if all three finish above their initial levels.

The structure includes a 10.00% downside buffer: if each index is flat or down by up to this amount, investors receive their principal back at maturity. If any index falls by more than 10.00%, principal is reduced 1% for every 1% decline beyond the buffer, with a potential loss of up to 90.00% of principal. The notes pay no interest, do not provide dividends from the underlying indices, are unsecured and unsubordinated obligations subject to the credit risk of both JPMorgan Chase Financial and JPMorgan Chase & Co., and are not FDIC insured.

The minimum denomination is $1,000, with expected pricing on or about January 30, 2026 and settlement on or about February 4, 2026. If priced on the date referenced, the issuer estimates the value at approximately $969.30 per $1,000 note, and states the final estimated value will not be less than $900.00, reflecting selling commissions, hedging costs and issuer funding assumptions.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, maturing July 20, 2028.

The notes pay a Contingent Interest Rate between 7.25% and 9.25% per annum (0.60417%–0.77083% per month) for each Review Date when the closing level of each index is at least 80.00% of its Initial Value. If any index is below this Interest Barrier on a Review Date, no interest is paid for that period. The notes may be automatically called as early as July 15, 2026 if on certain Review Dates each index is at or above its Initial Value, returning $1,000 per note plus the applicable interest.

If the notes are not called and on the final Review Date any index is below 70.00% of its Initial Value, investors lose 1% of principal for each 1% decline of the Least Performing Index, potentially losing most or all of their investment. The notes are unsecured, are subject to the credit risk of the issuer and guarantor, pay no dividends on the underlying indices, may be illiquid, and have an estimated value of approximately $950.20 per $1,000 note if priced today, with a minimum estimated value of $900.00 per $1,000 note when terms are set.

JPMorgan Chase Financial Company LLC plans to issue unsecured, callable structured notes linked to the MerQube US Tech+ Vol Advantage Index, maturing on January 14, 2031 and fully guaranteed by JPMorgan Chase & Co. The notes can be automatically called as early as January 14, 2027 if the Index is at or above the Initial Value, paying back principal plus a fixed call premium that steps up over 17 review dates.

If not called, investors receive full principal at maturity only if the Index has not fallen by more than 15%; below that buffer, losses are one-for-one down to a maximum 85% loss of principal. The notes pay no interest and provide no dividends. The Index embeds a 6.0% per annum daily deduction and a notional financing cost, uses dynamic leverage up to 500%, and may significantly lag the QQQ Fund. Minimum denomination is $1,000, and the current estimated value is about $906.90 per $1,000, not less than $900 when finalized. The notes are not bank deposits or FDIC insured and are subject to JPMorgan credit risk.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering uncapped accelerated barrier notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100 Index® and S&P 500® Index, maturing on January 19, 2029. The notes have minimum denominations of $1,000 and do not pay periodic interest or dividends.

At maturity, if all three indices finish above their initial levels, investors receive $1,000 plus at least 1.42 times the gain of the worst-performing index. If one or more indices are at or below their initial level but all remain at or above 70% of their initial values (the barrier), investors receive only their principal back. If any index closes below 70% of its initial value, repayment is reduced one-for-one with the decline of the least performing index, and the entire principal can be lost.

The notes are unsecured obligations exposed to the credit risk of both the issuer and guarantor. An illustrative estimated value is about $959.20 per $1,000 note if priced on the example date, and the final estimated value will not be less than $900.00 per $1,000.

JPMorgan Chase & Co. is offering $6,350,000 of callable fixed-rate notes due September 9, 2032. These senior unsecured notes pay interest annually at a fixed rate of 4.50% per annum, using a 30/360 day count, with payments each September 9 starting in 2026 until maturity, unless redeemed earlier.

The issuer may call the notes at par plus accrued interest on March 9 and September 9 of each year from September 9, 2027 through March 9, 2032, in whole but not in part, upon at least 5 business days’ notice. The price to the public is $1,000 per note, with selling commissions up to $7.50 per $1,000 and net proceeds to JPMorgan Chase & Co. of $6,304,725. The notes are not bank deposits, are not FDIC insured and rank behind creditors of JPMorgan Chase & Co.’s subsidiaries in a resolution scenario.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering step-up auto callable notes linked to the S&P® Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER, maturing on February 2, 2029.

The notes can be automatically called as early as February 8, 2027 if the Index closes at or above preset call values. If called, investors receive $1,000 plus a call premium of at least 7.25% on the first review date or at least 14.50% on the second, per $1,000 note. If not called, at maturity investors receive $1,000 plus any positive Index return at a 100% participation rate, with no downside below principal, subject to issuer and guarantor credit risk.

The notes pay no periodic interest and offer no dividends from index constituents. The preliminary estimated value is about $959.30 per $1,000 note, and the final estimated value will not be less than $900.00 per $1,000 note, reflecting selling commissions, hedging costs and issuer funding assumptions.

JPMorgan Chase Financial Company LLC is offering Capped Buffered Enhanced Participation Equity Notes linked to the Russell 2000® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run from a trade date expected on or about January 9, 2026 to a stated maturity date of February 11, 2027 and do not pay periodic interest.

At maturity, investors receive a cash payment based on the index performance. If the index rises, the notes provide 1.50x leveraged upside, but gains are capped, with a maximum settlement amount expected between $1,142.95 and $1,167.70 per $1,000 note. If the index falls up to 10%, principal is protected, but below a 90.00% buffer level losses are magnified by a buffer rate of approximately 1.1111, and investors could lose their entire investment.

The estimated value at pricing is expected between $973.90 and $983.90 per $1,000, reflecting embedded selling commissions, hedging costs and dealer profits. The notes are unsecured obligations subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., will not be listed on an exchange, and may have limited or no secondary market liquidity. The tax treatment is complex and uncertain, and the issuer highlights multiple risk factors, including valuation, funding rate, small‑cap equity exposure and conflicts of interest.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes, maturing on July 20, 2028. The notes pay a monthly Contingent Interest Payment of between $7.0833 and $8.75 per $1,000 (an annual rate between 8.50% and 10.50%) only if on each Review Date all three indexes close at or above 70% of their Initial Values.

The notes may be automatically called as early as July 15, 2026 if, on certain Review Dates, each index is at or above its Initial Value, in which case investors receive $1,000 plus the applicable Contingent Interest Payment and no further payments. If the notes are not called and, at maturity, any index finishes below its 70% Trigger Value, repayment of principal is reduced one-for-one with the decline of the worst-performing index, and investors can lose more than 30% and up to all of their principal.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Review Notes linked to the least performing of the Dow Jones Industrial Average®, the Russell 2000® Index and the Nasdaq-100 Index®, maturing in February 2029. The notes may be automatically called on scheduled Review Dates starting in February 2027 if each index is at or above its Call Value, paying back principal plus a call premium that starts at a minimum of 14% of principal and can reach at least 42% on the final Review Date.

If the notes are not called and, on the final Review Date, each index is at or above 70% of its Initial Value, investors receive only their principal back at maturity. If any index finishes below this 70% Barrier Amount, the payoff is reduced by the negative return of the least performing index, and investors can lose more than 30% and up to all of their principal.

The notes do not pay interest, provide no dividend exposure, and are subject to the credit risk of both the issuer and guarantor. They are issued in $1,000 minimum denominations, are not exchange-listed, and may have limited liquidity with secondary prices likely below the original issue price. The preliminary estimated value is approximately $975.10 per $1,000 note and, when finalized, will not be less than $900.00, reflecting embedded selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 3-year auto callable review notes linked to the MerQube US Large-Cap Vol Advantage Index (ticker: MQUSLVA). The Index provides rules-based exposure to E-Mini S&P 500 futures with leverage that can range from 0% to 500% and is reduced by a 6.0% per annum fee accrued daily.

The notes have a minimum denomination of $1,000 and annual review dates. If on any review date the Index level is at or above the call value (100% of the initial value), the notes are automatically called and pay back $1,000 plus a call premium that will be at least 26.25% per annum for the applicable review date. If not called and the final Index level is at or above 60% of the initial value, investors receive principal back at maturity. If the final Index level is below 60%, repayment is reduced by the Index loss, and investors can lose most or all of their principal. The estimated value will not be less than $900 per $1,000 note and any payment depends on the credit of the issuer and guarantor.

JPMorgan Chase Financial Company LLC is offering auto callable notes linked to the J.P. Morgan Multi-Asset Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are scheduled to mature on February 1, 2033, in $1,000 minimum denominations.

The notes may be automatically called on annual Review Dates starting in 2027 if the Index closes at or above preset Call Values. In that case, investors receive $1,000 plus a Call Premium Amount of at least 9.25% on the first Review Date, stepping up to at least 55.50% by the sixth, and no further payments. If not called, at maturity investors get $1,000 plus any positive Index Return, with a 100% participation rate and no loss of principal if held to maturity, subject to issuer and guarantor credit.

The Index applies a 1.00% per annum daily deduction and follows a momentum-based, diversified futures strategy across equities, bonds and commodities. The notes pay no interest, are unsecured, not FDIC insured, and may be subject to early adjustment if a commodity hedging disruption event occurs. If priced today, the estimated value would be about $924.10 per $1,000 note and will not be less than $900.00 at pricing. They are expected to be treated as contingent payment debt instruments for U.S. federal tax purposes.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Review Notes linked to the MerQube US Large-Cap Vol Advantage Index, maturing on February 1, 2029. The notes can be automatically called on three review dates starting January 29, 2027 if the Index is at or above 100% of its initial level, paying back $1,000 plus a call premium of at least 26.25%, 52.50% or 78.75% per note, depending on the review date.

If not called, investors receive full principal at maturity only if the final Index level is at or above 60% of the initial level. If the final level is below this barrier, repayment is $1,000 plus $1,000 times the Index return, so losses can exceed 40% and reach total principal loss. The Index itself embeds a 6.0% per annum daily deduction and uses leveraged exposure (up to 500%) to E-mini S&P 500 futures, which can magnify losses and cause performance to lag similar indices without this fee. The notes pay no interest or dividends, and secondary market liquidity and values may be limited. The preliminary estimated value is about $917 per $1,000 note and will not be less than $900.

JPMorgan Chase Financial Company LLC is offering auto callable accelerated barrier notes linked to the iShares Ethereum Trust ETF. The notes target investors seeking equity‑like exposure to ether with derivatives-style payoff features but no interest payments. Each note has a $1,000 minimum denomination, can be automatically called on February 1, 2027 if the ETF closes at or above the Call Value, and would then pay $1,000 plus a Call Premium Amount of at least $355.

If not called, at maturity on February 1, 2029 investors receive leveraged upside of 1.50× any positive Fund return, full principal back if the ETF finishes at or above a barrier set at 60.00% of the Initial Value, and one‑for‑one downside below that barrier, with the possibility of a total loss of principal. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co. The indicative estimated value is about $914.20 per $1,000 note and will not be less than $900.00, reflecting embedded fees, hedging costs and dealer compensation, and secondary market prices are expected to be lower than the issue price. The structure also embeds substantial risks tied to ether and the Ethereum network, including extreme volatility, regulatory uncertainty and operational vulnerabilities.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 7-year auto-callable notes linked to the J.P. Morgan Multi-Asset Index (ticker MAX). The notes have a minimum denomination of $1,000 and a 100% participation rate in the Index.

The Index is a rules-based, futures-based strategy that allocates across up to 10 equity, fixed income and commodity indices, converted into U.S. dollars where needed, and is subject to a 1.00% per annum daily deduction with an initial volatility threshold of 4.0%.

On annual Review Dates, if the Index is at or above the applicable Call Value, the notes are automatically called and pay $1,000 plus a Call Premium of at least 9.25% per annum. If not called and held to maturity, investors receive the greater of full principal repayment or an Index-based gain, subject to the credit risks of the issuer and guarantor. The estimated value at issuance will not be less than $900 per $1,000 note, and the product involves significant market, credit, liquidity and structural risks.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped notes linked to the least performing of the S&P 500^®, Russell 2000^® and Nasdaq‑100 Index^®, maturing on February 4, 2030. The notes pay no interest or dividends but promise full repayment of the $1,000 principal at maturity, subject to the credit of the issuer and guarantor.

At maturity, investors receive $1,000 plus an Additional Amount equal to 150% of the gain of the worst‑performing index, up to a capped maximum return of at least 34.50% (at least $345 per $1,000 note). If any index finishes at or below its initial level, investors receive only their principal. The preliminary estimated value is about $971.30 per $1,000 note and will not be less than $900 when finalized. Key risks include limited upside, no liquidity listing, potential secondary market discounts, complex tax treatment as contingent payment debt instruments and full exposure to JPMorgan credit risk.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, maturing on January 2, 2029. The notes pay a monthly contingent coupon of at least 8.25% per annum (at least $6.875 per $1,000 per month) only if, on each Review Date, the Index closes at or above 85% of its Initial Value.

The notes may be automatically called as early as July 27, 2026 if the Index is at or above 95% of the Initial Value on specified Review Dates, returning principal plus due and previously unpaid coupons. At maturity, if the notes are not called and the Index is at or above the 85% buffer threshold, investors receive full principal plus any due and unpaid coupons; if it is below that level, principal is reduced 1‑for‑1 beyond a 15% buffer, with up to 85% loss of principal.

The Index embeds a 6.0% per annum daily deduction and a notional financing cost on its QQQ-based exposure, which systematically drags on performance and can cause it to trail similar strategies without these charges. The preliminary estimated value of the notes is about $923 per $1,000 face amount, and will not be less than $900 at pricing, reflecting embedded fees, hedging costs and the issuer’s internal funding rate. The notes are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. and will not be listed on any exchange.

JPMorgan Chase Financial Company LLC is offering auto callable accelerated barrier notes linked to the iShares Bitcoin Trust ETF, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination and can be automatically called on January 29, 2027 if the ETF’s price is at or above the Call Value, paying $1,000 plus a Call Premium Amount of at least $212.50.

If not called and the ETF finishes above its initial level on the January 29, 2029 Observation Date, investors receive 1.50 times any positive Fund Return; if the ETF is at or above 70% of its Initial Value, principal is returned. If the Final Value is below 70% of the Initial Value, losses match the ETF decline and investors can lose all principal. The estimated value is illustrated at approximately $935.80 per $1,000 note and will not be less than $900. The notes pay no interest, are unsecured, and carry bitcoin and issuer credit risk.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, which references an unfunded position in the Invesco QQQ Trust with up to 500% exposure and includes a 6.0% per annum daily index deduction plus a daily notional financing cost on the QQQ exposure.

The notes have a $1,000 minimum denomination, monthly review dates, and a contingent interest rate of at least 8.25% per annum, payable monthly if the Index is at or above an interest barrier set at 85% of the Initial Value95% of the Initial Value on certain review dates, returning principal plus due interest.

At maturity in early 2029, if the notes have not been called and the Index is at or above the 85% buffer threshold, investors receive principal plus applicable contingent interest; if it is below that level, repayment is reduced according to the Index loss beyond a 15% buffer, and investors can lose some or most of their principal. The estimated value at pricing will not be less than $900 per $1,000 note, and payments are subject to the credit risk of the issuer and guarantor, along with multiple structural and index-related risks.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped structured notes linked to the least performing of the S&P 500, Russell 2000 and Nasdaq‑100 indices, maturing on January 31, 2030.

For each $1,000 note, investors receive full principal at maturity plus an Additional Amount equal to $1,000 × the least performing index return × a 150% participation rate, subject to a maximum of at least $252.50 (a maximum return of at least 25.25%). If any index finishes at or below its initial level, only the $1,000 principal is paid at maturity.

The notes pay no interest, provide no dividends from index constituents and will not be listed on an exchange, so liquidity depends on J.P. Morgan Securities. The estimated value is about $945 per $1,000 at issuance and will not be less than $900, reflecting selling commissions, hedging costs and the issuer’s internal funding rate, and investors bear the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering unsecured Yield Notes linked to the lesser performing of the Nasdaq-100 Index® and the Russell 2000® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay at least 7.05% per annum, with semiannual interest of at least $35.25 per $1,000 on three scheduled dates through the July 8, 2027 maturity.

At maturity, investors receive full principal plus the final interest payment only if each index has not fallen more than the 20% buffer from its strike level. If either index is down more than 20%, principal is reduced by 1.25% for every 1% decline beyond the buffer, so some or all principal may be lost. The indicative estimated value is about $991.70 per $1,000 note and will not be less than $980.00, reflecting selling costs and hedging. The notes are not listed, expose holders to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and do not pay any dividends from the underlying indices.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped buffered return enhanced notes linked to the S&P 500® Index, maturing May 5, 2027. The notes provide 2.00 times any positive Index performance at maturity, subject to a maximum return between 9.75% and 13.75% per $1,000 note. A 10.00% downside buffer protects principal against moderate Index declines, but if the Index falls by more than 10.00%, investors lose 1% of principal for each additional 1% drop, up to a 90.00% loss. The notes pay no interest or dividends, are unsecured obligations exposed to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not FDIC insured, and will not be listed on any exchange. A preliminary example estimated value is $973.60 per $1,000 note, and the final estimated value will not be less than $900.00.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The index provides rules-based exposure to E-Mini S&P 500 futures with a target volatility and applies a 6.0% per annum daily deduction.

The notes may pay a contingent interest rate of at least 13.50% per annum, paid quarterly, but only if on a review date the index is at or above 60.00% of its initial value. The notes can be automatically called on quarterly review dates (other than the first and final) if the index is at or above its initial value, returning principal plus the applicable interest. If not called and the final index value is below 60.00% of the initial value, investors lose 1% of principal for every 1% decline in the index and could lose their entire investment. The estimated value at pricing will not be less than $900 per $1,000 note, and all payments are subject to the credit risk of the issuer and guarantor.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 5-year, auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The Index uses a rules-based strategy on E-Mini S&P 500 futures with a maximum 500% and minimum 0% futures exposure and includes a 6.0% per annum daily deduction.

The notes pay a contingent interest rate of at least 9.50% per year, or at least 2.375% per quarter, but only if on a quarterly review date the Index is at or above 50% of its initial level. If on a review date (other than the first three and the final) the Index is at or above its initial level, the notes are automatically called, and investors receive $1,000 per note plus the applicable interest, with no further payments.

If the notes are not called and the final Index level is at or above the 50% trigger, investors receive $1,000 per note plus the final interest payment. If the final level is below the trigger, the maturity payment is reduced one-for-one with the Index loss, so investors can lose more than half, and up to all, of their principal. The estimated value at pricing is stated as not less than $900 per $1,000 principal amount, and payments are subject to the credit risks of both issuing and guaranteeing entities.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped buffered return enhanced notes tied to the iShares Bitcoin Trust ETF (IBIT), maturing in February 2029. The notes provide 1.5x the ETF’s positive performance at maturity, up to a maximum return of at least 123%, corresponding to a maximum payment of at least $2,230 per $1,000 note based on current assumptions.

Principal is protected only by a 15% downside buffer. If the ETF falls by more than 15%, investors lose 1% of principal for each additional 1% decline, up to a maximum loss of 85% (receiving as little as $150 per $1,000 at maturity). The notes pay no interest and will not be listed on an exchange, so liquidity may be limited and secondary prices are expected to be below the issue price.

The notes expose investors indirectly to bitcoin price risk and volatility through IBIT, which has limited trading history and is not an investment company or commodity pool. The issuer discloses that if the notes priced on the reference date, their estimated value would be about $955.80 per $1,000, and when finalized will not be less than $900 per $1,000, reflecting selling commissions, hedging costs and the issuer’s internal funding rate.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Buffered Return Enhanced Notes linked to the iShares Ethereum Trust ETF (ETHA), maturing on February 2, 2029. These unsecured notes provide 1.50x leveraged exposure to any positive performance of the ETF, but gains are capped at a maximum return of at least 178.00%, corresponding to a maximum payment of at least $2,780 per $1,000 note.

The structure includes a 20.00% downside buffer: if the ETF’s final value is at or above 80% of its initial value, holders receive at least their full principal. Below that level, losses increase 1% for each additional 1% decline, with principal at risk up to 80.00%. The notes pay no interest, are issued in minimum denominations of $1,000, and will not be listed on any securities exchange.

The indicative estimated value is approximately $938.50 per $1,000 note, and will not be less than $900.00 at pricing, reflecting selling commissions, hedging costs and issuer funding assumptions. The ETF seeks to track the price of ether, so investors are exposed to the high volatility and regulatory, technological and market risks associated with ether and the Ethereum network, in addition to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.