JPMorgan (AMJB) raises maximum payout terms on NDX structured notes

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC issued an amendment to the pricing terms of its Capped Buffered Return Enhanced Notes due October 5, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co. The change affects the notes linked to the Nasdaq-100 Index (NDX), setting the Maximum Return at 21.75% and the Maximum Payment at Maturity at $1,217.50 per $1,000 principal amount, based on an Initial Value of 24,679.99.

The amendment reiterates that these structured investments involve risks described in the related prospectus and supplements, have not been approved or disapproved by the SEC or any state securities commission, and are not bank deposits or FDIC insured. Investors are directed to read this amendment together with the original pricing supplement and the associated offering documents.

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Accepted by SEC EDGAR 12/18/2025 - 10:25 AM Learn about SEC filing dates

FAQ

What change does this JPMorgan (AMJB) amendment make to the NDX notes?

The amendment sets the Maximum Return on the Nasdaq-100 Index (NDX) notes at 21.75% and the Maximum Payment at Maturity at $1,217.50 per $1,000 principal amount.

Which index underlies the amended JPMorgan (AMJB) structured notes?

The amended notes are linked to the Nasdaq-100 Index, identified by the Bloomberg ticker NDX, with an Initial Value of 24,679.99.

Are the JPMorgan (AMJB) capped buffered return enhanced notes guaranteed?

Yes. The notes are fully and unconditionally guaranteed by JPMorgan Chase & Co. as stated in the amendment.

Are these JPMorgan (AMJB) structured notes FDIC insured or bank deposits?

No. The notes are not bank deposits, are not insured by the FDIC or any governmental agency, and are not obligations of, or guaranteed by, a bank.

What are the key risks mentioned for the JPMorgan (AMJB) structured notes?

The amendment directs investors to detailed Risk Factors in the prospectus supplement, prospectus addendum, product supplement, and pricing supplement for a full description of risks.

Have regulators approved these JPMorgan (AMJB) notes or this amendment?

No. The SEC and state securities commissions have not approved or disapproved the notes or passed on the accuracy or adequacy of this amendment or related documents.

Which documents should investors review alongside this JPMorgan (AMJB) amendment?

Investors are instructed to read this amendment together with the pricing supplement dated September 30, 2025, the product supplement no. 4-I, underlying supplement no. 1-I, the prospectus and prospectus supplement, and the prospectus addendum dated June 3, 2024.

December 17, 2025 Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(3)

JPMorgan Chase Financial Company LLC
Structured Investments

$62,000 (SX5E Notes); $516,000 (NDX Notes); $378,000 (RTY Notes); $799,000 (SPX Notes); $607,000 (EFA Notes); $310,000 (EEM Notes)

Capped Buffered Return Enhanced Notes due October 5, 2027

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

Notwithstanding anything to the contrary set forth in the pricing supplement dated September 30, 2025, related to the notes referred to above (the “pricing supplement”), the Maximum Return / Maximum Payment at Maturity per $1,000 Principal Amount Note with respect to the NDX notes is as set forth below:

Underlying	Bloomberg Ticker	Initial Value	Maximum Return / Maximum Payment at Maturity per $1,000 Principal Amount Note	CUSIP
Nasdaq-100 Index®	NDX	24,679.99	21.75% / $1,217.50	48136GN63

Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, “Risk Factors” beginning on page PS-11 of the accompanying product supplement and “Selected Risk Considerations” beginning on page PS-3 of the pricing supplement.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this amendment, the pricing supplement or the accompanying product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense.

The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.

You should read this amendment together with the pricing supplement and the related product supplement, underlying supplement, prospectus supplement and prospectus and prospectus addendum, each of which can be accessed via the hyperlinks below.  Please also see “Additional Terms Specific to the Notes” in the pricing supplement.

·     Pricing supplement dated September 30, 2025:

http://www.sec.gov/Archives/edgar/data/19617/000121390025095330/ea0260032-01_424b2.htm

·     Product supplement no. 4-I dated April 13, 2023:
http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf

·     Underlying supplement no. 1-I dated April 13, 2023:
http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf

·     Prospectus supplement and prospectus, each dated April 13, 2023:
http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf

·     Prospectus addendum dated June 3, 2024:
http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm

Amendment no. 1 to pricing supplement dated September 30, 2025 to product supplement no. 4-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023, the prospectus and prospectus supplement, each dated April 13, 2023, and the prospectus addendum dated June 3, 2024