JPMorgan (NYSE: AMJB) updates S&P 500 Daily Risk Control 10% Index data

Rhea-AI Filing Summary

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

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

Index supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the prospectus addendum dated June 3, 2024, the product supplement no. 3 - I dated April 13, 2023 and the underlying supplement no. 2 - II dated April 18, 2023 Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated November 10, 2025 Rule 424(b)(3) Hypothetical and Actual Historical Monthly and Annual Returns Backtested using proxies Backtested Actual Year Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 7.20% 3.22% 0.65% 2.81% - 1.78% - 0.40% - 2.27% 2.77% - 1.48% 1.74% 1.71% - 1.61% 1.83% 1999 - 9.78% 0.09% - 3.96% - 1.52% - 3.86% 3.03% - 1.18% 0.71% - 0.80% - 1.68% 3.83% - 1.06% - 3.51% 2000 - 11.25% 0.42% 3.26% 0.40% - 5.26% - 3.85% - 0.71% - 1.30% 0.06% 2.43% - 3.37% - 4.61% 1.09% 2001 - 13.23% - 2.17% 1.87% 2.58% - 3.53% 0.14% - 4.33% - 3.55% - 0.61% - 3.79% 1.90% - 1.32% - 0.98% 2002 16.28% 4.27% 0.63% 3.77% - 0.85% 1.27% 0.94% 0.58% 2.45% 3.35% 0.67% - 0.59% - 1.13% 2003 7.05% 3.03% 3.32% 1.36% 0.77% - 0.27% - 3.25% 1.59% 1.14% - 1.37% - 1.95% 1.18% 1.48% 2004 - 1.32% - 0.49% 2.68% - 2.65% 0.50% - 1.29% 3.41% - 0.31% 2.10% - 2.27% - 2.00% 1.92% - 2.68% 2005 10.39% 1.11% 1.75% 2.97% 2.09% 1.62% 0.03% - 0.16% - 3.58% 1.13% 0.92% - 0.06% 2.27% 2006 - 0.82% - 0.43% - 3.01% 0.60% 1.69% 0.78% - 2.49% - 2.01% 2.82% 3.20% 0.34% - 3.29% 1.25% 2007 - 14.18% 0.36% - 0.85% - 3.33% - 3.38% 0.54% - 0.62% - 4.69% 0.47% 1.84% - 0.18% - 1.64% - 3.49% 2008 11.17% 1.10% 3.02% - 1.16% 1.78% 1.50% 2.81% 0.02% 1.52% 2.14% 2.02% - 2.35% - 1.58% 2009 9.53% 4.44% 0.02% 2.12% 4.36% - 2.23% 2.90% - 2.30% - 3.89% 1.33% 3.80% 1.57% - 2.49% 2010 - 2.09% 0.41% 0.14% 3.42% - 2.09% - 6.26% - 1.38% - 1.81% - 0.94% 2.39% - 0.34% 2.84% 1.92% 2011 7.00% 0.81% 0.08% - 1.69% 1.96% 1.44% 1.03% 2.13% - 4.47% - 0.48% 2.18% 2.24% 1.78% 2012 24.98% 2.51% 2.74% 3.82% 2.80% - 2.72% 3.43% - 1.17% 1.74% 1.10% 3.14% 1.16% 4.19% 2013 7.26% - 0.61% 2.01% 0.41% - 1.61% 3.96% - 1.69% 2.16% 2.21% 0.21% 0.76% 2.90% - 3.43% 2014 - 3.77% - 1.06% 0.17% 3.95% - 0.96% - 7.43% 1.83% - 1.88% 1.05% 0.62% - 1.26% 3.64% - 2.00% 2015 6.12% 1.94% 3.56% - 1.68% - 0.55% 0.03% 2.07% - 1.02% 1.41% 0.11% 3.54% 0.03% - 3.27% 2016 27.73% 1.52% 4.47% 3.27% 2.54% - 0.04% 2.48% 0.53% 1.38% 1.36% 0.11% 5.15% 2.09% 2017 - 3.13% - 4.72% 0.93% - 7.88% 0.55% 3.10% 2.92% 0.07% 1.26% 0.10% - 1.68% - 4.88% 8.04% 2018 15.11% 2.86% 2.90% 1.34% 0.79% - 2.43% 0.90% 5.14% - 5.33% 2.76% 1.12% 1.49% 3.02% 2019 2.86% 2.14% 4.89% - 1.44% - 1.82% 2.82% 1.65% 0.49% 1.07% 1.85% - 2.33% - 5.99% - 0.05% 2020 17.39% 2.74% - 0.99% 5.24% - 4.56% 2.83% 2.05% 1.89% 0.46% 3.43% 2.67% 1.51% - 0.78% 2021 - 10.69% - 2.46% 2.15% 3.22% - 4.05% - 2.00% 3.47% - 3.18% - 0.03% - 4.28% 1.50% - 1.46% - 3.69% 2022 11.54% 3.42% 6.09% - 2.22% - 4.47% - 1.92% 2.31% 4.41% 0.05% 0.79% 1.79% - 1.48% 2.71% 2023 12.63% - 2.32% 4.43% - 1.15% 1.07% - 0.26% 0.51% 2.88% 3.48% - 4.11% 2.40% 4.32% 1.10% 2024 2.38% 1.40% 2.56% 1.10% 0.94% 1.99% 1.77% - 3.12% - 4.27% - 1.34% 1.58% 2025 Please refer to the “Selected Risks” and “Disclaimer” on the following page. Historical performance measures for the Index represent hypothetical backtested performance from December 31, 1998 through May 12, 2009 and the actual performance of the Index from May 13, 2009 through October 31, 2025. Please see “Use of hypothetical backtested returns” at the end of this presentation for additional information related to backtesting. Except as noted above and in the sections entitled “Use of hypothetical backtested returns” at the end of this document, the hypothetical monthly and annual returns set forth above were determined using the methodology currently used to calculate the Index. PAST PERFORMANCE AND BACKTESTED PERFORMANCE ARE NOT INDICATIVE OF FUTURE RESULTS. NOVEMBER 2025 S&P 500® Daily Risk Control 10% Index

NOVEMBER 2025 | S&P 500® Daily Risk Control 10% Index Selected Risks JPMorgan Chase & Co. is currently one of the companies that make up the underlying index The Index may not be successful and may not outperform or underperform the underlying index The Index may not approximate its target volatility of 10% The daily adjustment of the exposure of the Index to the underlying index may cause the Index not to reflect fully any appreciation of the underlying index or to magnify any depreciation of the underlying index The Index may be significantly uninvested, which will result in a portion of the Index reflecting no return The level of the Index reflects the deduction of a notional financing cost The Index’s methodology for calculating the notional financing cost was recently changed The risks identified above are not exhaustive. You should also review carefully the related “Risk Factors” section in the relevant disclosure statement and underlying supplement and the “Selected Risk Considerations” in the relevant term sheet or disclosure supplement. Disclaimer Important Information The information contained in this document is for discussion purposes only . Any information relating to performance contained in these materials is illustrative and no assurance is given that any indicative returns, performance or results, whether historical or hypothetical, will be achieved . All information herein is subject to change without notice, however, J . P . Morgan undertakes no duty to update this information . In the event of any inconsistency between the information presented herein and any otfering documents, the otfering documents shall govern . Use of hypothetical backtested returns Any backtested historical performance information included herein is hypothetical . The constituents and proxy constituents may not have traded together in the manner shown in the hypothetical backtest of the Index included herein, and no representation is being made that the Index will achieve similar performance . There are frequently significant ditferences between hypothetical backtested performance and actual subsequent performance . The use of alternative “proxy” information may create additional ditferences between hypothetical backtested and actual performance and allocations . The results obtained from backtesting information should not be considered indicative of the actual results that might be obtained from an investment or participation in a financial instrument or transaction referencing the Index . J . P . Morgan provides no assurance or guarantee that investments linked to the Index will operate or would have operated in the past in a manner consistent with these materials . The hypothetical historical levels presented herein have not been verified by an independent third party, and such hypothetical historical levels have inherent limitations . Alternative simulations, techniques, modeling or assumptions might produce significantly ditferent results and prove to be more appropriate . Actual results will vary, perhaps materially, from the hypothetical backtested returns and allocations presented in this document . HISTORICAL AND BACKTESTED PERFORMANCE AND ALLOCATIONS ARE NOT INDICATIVE OF FUTURE RESULTS . Investment suitability must be determined individually for each investor, and investments linked to the Index may not be suitable for all investors . This material is not a product of J . P . Morgan Research Departments . Copyright © 2025 JPMorgan Chase & Co . All rights reserved . For additional regulatory disclosures, please consult : www . jpmorgan . com/disclosures . Information contained on this website is not incorporated by reference in, and should not be considered part of, this document . This monthly update document replaces and supersedes all prior written materials of this type previously provided with respect to the Index .

FAQ

What is the S&P 500 Daily Risk Control 10% Index described for AMJB investors?

It is an index linked to the S&P 500 that adjusts its exposure daily to target a 10% volatility level, and its historical and hypothetical returns from 1999 to 2025 are summarized in this update.

What time periods are covered by the historical data in this S&P 500 Daily Risk Control 10% Index update?

The performance measures include hypothetical backtested returns from December 31, 1998 through May 12, 2009 and actual index performance from May 13, 2009 through October 31, 2025.

How does JPMorgan describe the use of hypothetical backtested returns for the S&P 500 Daily Risk Control 10% Index?

JPMorgan states that the backtested performance is hypothetical, uses proxies and simulations, may differ materially from actual outcomes, and is not indicative of future results.

What are the main risks highlighted for the S&P 500 Daily Risk Control 10% Index?

Key risks include that the index may not meet its 10% volatility target, may not outperform or underperform the underlying S&P 500, can be significantly uninvested, and reflects a notional financing cost that reduces index levels.

How can the index’s daily risk control mechanism affect returns?

Because exposure to the underlying index is adjusted daily, the S&P 500 Daily Risk Control 10% Index may not fully capture gains when the underlying rises and may magnify losses when it falls.

What change related to financing cost is mentioned in the S&P 500 Daily Risk Control 10% Index update?

The update notes that the methodology for calculating the index’s notional financing cost was recently changed, which can affect how much this cost reduces index performance.

Does this S&P 500 Daily Risk Control 10% Index update replace prior materials?

Yes. It states that this monthly update document replaces and supersedes all prior written materials of this type for the index.