JPMorgan (NYSE: AMJB) 3-Year MerQube Tech+ Vol Advantage Notes Offering
Rhea-AI Filing Summary
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.
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FAQ
What security is JPMorgan (AMJB) offering in this 424B3 document?
JPMorgan Chase Financial Company LLC is offering 3-year structured notes called MerQube US Tech+ Vol Advantage Review Notes, which are automatically callable and whose payments depend on the performance of the MerQube US Tech+ Vol Advantage Index, with a guarantee from JPMorgan Chase & Co.
How does the MerQube US Tech+ Vol Advantage Index underlying these AMJB notes work?
The MerQube US Tech+ Vol Advantage Index targets a level of implied volatility by taking a dynamic, rules-based exposure between 0% and 500% to an unfunded position in the Invesco QQQ Trust, calculated as the total return of QQQ minus a notional financing cost, and its level is reduced by a 6.0% per annum daily deduction.
What principal protection or barrier does this AMJB structured note offer at maturity?
If the notes are not called and the final index value is at or above 60.00% of its initial value (the Barrier Amount), investors receive full principal at maturity. If the final value is below the barrier, the payoff per $1,000 note is $1,000 plus $1,000 times the index return, so investors lose more than 40% of principal and could lose it all.
What is the estimated value of the JPMorgan MerQube Tech+ Vol Advantage notes at issuance?
The materials state that the estimated value of the notes, when the terms are set on the pricing date, will not be less than $900.00 per $1,000 principal amount note, which may be lower than the price paid by investors.
What are the key risks highlighted for investors in these AMJB structured notes?
Key risks include the possibility of losing some or all principal, the 6.0% per annum deduction and notional financing cost embedded in the index, limited upside to the applicable Call Premium Amount, potential early automatic call, no interest, dividends or voting rights, limited liquidity in the secondary market, tax uncertainty, conflicts of interest, and risks related to the design and performance of the underlying index and the QQQ Fund.
Terms supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the product suppleme nt no. 4 - I dated April 13, 2023, the underlying supplement no. 5 - III dated March 5, 2025 and the prospectus addendum dated June 3, 2024 Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated December 30, 2025 Rule 424(b)(3) North America Structured Investments 3yr MQUSTVA Review Notes J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Index Overview The MerQube US Tech+ Vol Advantage Index (the “Underlying”) attempts to provide a dynamic rules - based exposure to the underlying asset to which the Index is linked (the “Underlying Asset”), while targeting a level of implied volatility, with a maximum ex pos ure to the Underlying Asset of 500% and a minimum exposure to the Underlying Asset of 0%. Since February 9, 2024 (the “Amendment Effecti ve Date”), the Underlying Asset has been an unfunded position in the Invesco QQQ Trust SM , Series 1 (the “QQQ Fund”), calculated as the excess of the total return of the QQQ Fund over a notional financing cost. Prior to the Amendment Effective Date, the Underly ing Asset was an unfunded rolling position in E - Mini Nasdaq - 100 futures. The Index is subject to a 6.0% per annum daily deduction, and the per formance of the Underlying Asset is subject to a notional financing cost deducted daily. The investment objective of the QQQ Fund is t o s eek to track the investment results, before fees and expenses, of the Nasdaq - 100 Index ® . Summary of Terms Issuer: JPMorgan Chase Financial Company LLC Guarantor: JPMorgan Chase & Co. Minimum Denomination: $1,000 Underlying: The MerQube US Tech+ Vol Advantage Index (Bloomberg ticker: MQUSTVA). The level of the Underlying reflects a deduction of 6.0% per annum that accrues daily, and the performance of the QQQ Fund is subject to a notional financing cost that accrues daily. Barrier Amount : 60.00% of the Initial Value Pricing Date: January 30, 2026 Review Dates : Annually Final Review Date : January 30, 2029 Maturity Date: February 2, 2029 CUSIP: 48136MYJ0 Preliminary Pricing Supplement: http://sp.jpmorgan.com/document/cusip/48136MYJ0/doctype/Product_Termsheet/document.pdf Estimated Value: The estimated value of the notes, when the terms of the notes are set, will not be less than $900.00 per $1,000 principal amount note. For more information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, please see the hyperlink above. You may lose some or all of your principal at maturity. Any payment on the notes is subject to the credit risk of JPMorgan Ch ase Financial Company LLC, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. Automatic Call If the closing value of the Underlying on any Review Date is greater than or equal to the Call Value, the notes will be autom ati cally called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount applicable to that Review Date, payable on the applicable Call Settlement Date. No further payments will be made on the notes. Review Date Call Value Call Premium* First 100.00% of the Initial Value At least 29.50% Second 100.00% of the Initial Value At least 59.00% Final 100.00% of the Initial Value At least 88.50% Payment At Maturity If the notes have not been automatically called and the Final Value is greater than or equal to the Barrier Amount, you will rec eive the principal amount of your notes at maturity. If the notes have not been automatically called and the Final Value is less than the Barrier Amount, your payment at maturity pe r $1,000 principal amount note will be calculated as follows:$1,000 + ($1,000 × Underlying Return) If the notes have not been automatically called and the Final Value is less than the Barrier Amount, you will lose more than 40. 00% of your principal amount at maturity and could lose all of your principal amount at maturity. Investing in the notes linked to the Underlying involves a number of risks. See “Selected Risks” on page 2 of this document, “Risk Factors” in the prospectus supplement and the relevant product supplement and underlying supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the relevant pricing supplement. Hypothetical Examples of Amounts Payable Upon Automatic Call or at Maturity** Underlying Return at Review Date Total Return at First Review Date* Total Return at Second Review Date* Total Return at Final Review Date* 100.00% 29.50% 59.00% 88.50% 80.00% 29.50% 59.00% 88.50% 40.00% 29.50% 59.00% 88.50% 20.00% 29.50% 59.00% 88.50% 10.00% 29.50% 59.00% 88.50% 0.00% 29.50% 59.00% 88.50% - 0.01% N/A N/A 0.00% - 5.00% N/A N/A 0.00% - 10.00% N/A N/A 0.00% - 20.00% N/A N/A 0.00% - 40.00% N/A N/A 0.00% - 40.01% N/A N/A - 40.01% - 50.00% N/A N/A - 50.00% - 60.00% N/A N/A - 60.00% - 80.00% N/A N/A - 80.00% - 100.00% N/A N/A - 100.00% Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this document or the relevant product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense. * In each case, to be determined on the Pricing Date, but not less than the minimum Call Premium, as applicable. ** Reflects a Call Premium of 29.50% per annum. The Call Premium will be determined on the Pricing Date and will not be less than 29.50% per annum. The “total return” as used above is the number expressed, as a percentage, that results from comparing the payment on the applicable payment date per $1,000 principal amount note to $1,000. The hypothetical returns on the notes shown above apply only if you hold the notes for their entire term or until automatically called. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns shown above would likely be lower. Capitalized terms used but not defined herein shall have the meaning set forth in the preliminary pricing supplement.
North America Structured Investments 3 y r M Q U S T V A R e v i e w N o t e s J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com S e l e c t e d R i s k s Risks Relating to the Notes Generally ● Y o u r i n v e s t m e n t i n t h e n o t e s m a y r e s u l t i n a l o s s . T h e n o t e s d o n o t g u a r a n t e e a n y r e t u r n o f p r i n c i p a l . ● T h e l e v e l o f t h e U n d e r l y i n g w i l l i n c l u d e a 6 . 0 % p e r a n n u m d a i l y d e d u c t i o n . ● T h e l e v e l o f t h e U n d e r l y i n g w i l l i n c l u d e t h e d e d u c t i o n o f a n o t i o n a l f i n a n c i n g c o s t . ● A n y p a y m e n t o n t h e n o t e s i s s u b j e c t t o t h e c r e d i t r i s k s o f J P M o r g a n C h a s e F i n a n c i a l C o m p a n y L L C a n d J P M o r g a n C h a s e & C o . T h e r e f o r e t h e v a l u e o f t h e n o t e s p r i o r t o m a t u r i t y w i l l b e s u b j e c t t o c h a n g e s i n t h e m a r k e t ’ s v i e w o f t h e c r e d i t w o r t h i n e s s o f J P M o r g a n C h a s e F i n a n c i a l C o m p a n y L L C o r J P M o r g a n C h a s e & C o . ● A s a f i n a n c e s u b s i d i a r y , J P M o r g a n C h a s e F i n a n c i a l C o m p a n y L L C h a s n o i n d e p e n d e n t o p e r a t i o n s a n d h a s l i m i t e d a s s e t s . ● T h e a p p r e c i a t i o n p o t e n t i a l o f t h e n o t e s i s l i m i t e d t o a n y C a l l P r e m i u m A m o u n t p a i d o n t h e n o t e s . ● T h e b e n e f i t p r o v i d e d b y t h e B a r r i e r A m o u n t m a y t e r m i n a t e o n t h e f i n a l R e v i e w D a t e . ● T h e a u t o m a t i c c a l l f e a t u r e m a y f o r c e a p o t e n t i a l e a r l y e x i t . ● N o i n t e r e s t p a y m e n t s , d i v i d e n d p a y m e n t s o r v o t i n g r i g h t s . ● L a c k o f l i q u i d i t y : J . P . M o r g a n S e c u r i t i e s L L C ( w h o w e r e f e r t o a s " J P M S " ) , i n t e n d s t o o f f e r t o p u r c h a s e t h e n o t e s i n t h e s e c o n d a r y m a r k e t b u t i s n o t r e q u i r e d t o d o s o . T h e p r i c e , i f a n y , a t w h i c h J P M S w i l l b e w i l l i n g t o p u r c h a s e n o t e s f r o m y o u i n t h e s e c o n d a r y m a r k e t , i f a t a l l , m a y r e s u l t i n a s i g n i f i c a n t l o s s o f y o u r p r i n c i p a l . ● T h e t a x c o n s e q u e n c e s o f t h e n o t e s m a y b e u n c e r t a i n . Y o u s h o u l d c o n s u l t y o u r t a x a d v i s e r r e g a r d i n g t h e U . S . f e d e r a l i n c o m e t a x c o n s e q u e n c e s o f a n i n v e s t m e n t i n t h e n o t e s . Risks Relating to Conflicts of Interest ● P o t e n t i a l c o n f l i c t s : W e a n d o u r a f f i l i a t e s p l a y a v a r i e t y o f r o l e s i n c o n n e c t i o n w i t h t h e i s s u a n c e o f n o t e s , i n c l u d i n g a c t i n g a s c a l c u l a t i o n a g e n t a n d h e d g i n g o u r o b l i g a t i o n s u n d e r t h e n o t e s , a n d m a k i n g t h e a s s u m p t i o n s u s e d t o d e t e r m i n e t h e p r i c i n g o f t h e n o t e s a n d t h e e s t i m a t e d v a l u e o f t h e n o t e s w h e n t h e t e r m s o f t h e n o t e s a r e s e t . I t i s p o s s i b l e t h a t s u c h h e d g i n g o r o t h e r t r a d i n g a c t i v i t i e s o f J . P . M o r g a n o r i t s a f f i l i a t e s c o u l d r e s u l t i n s u b s t a n t i a l r e t u r n s f o r J . P . M o r g a n a n d i t s a f f i l i a t e s w h i l e t h e v a l u e o f t h e n o t e s d e c l i n e s . ● O u r a f f i l i a t e , J P M S , w o r k e d w i t h M e r Q u b e i n d e v e l o p i n g t h e g u i d e l i n e s a n d p o l i c i e s g o v e r n i n g t h e c o m p o s i t i o n a n d c a l c u l a t i o n o f t h e U n d e r l y i n g . S e l e c t e d R i s k s ( c o n t i n u e d ) Risks Relating to the Estimated Value and Secondary Market Prices of the Notes ● T h e e s t i m a t e d v a l u e o f t h e n o t e s w i l l b e l o w e r t h a n t h e o r i g i n a l i s s u e p r i c e ( p r i c e t o p u b l i c ) o f t h e n o t e s . ● T h e e s t i m a t e d v a l u e o f t h e n o t e s i s d e t e r m i n e d b y r e f e r e n c e t o a n i n t e r n a l f u n d i n g r a t e . ● T h e e s t i m a t e d v a l u e o f t h e n o t e s d o e s n o t r e p r e s e n t f u t u r e v a l u e s a n d m a y d i f f e r f r o m o t h e r s ’ e s t i m a t e s . ● T h e v a l u e o f t h e n o t e s , w h i c h m a y b e r e f l e c t e d i n c u s t o m e r a c c o u n t s t a t e m e n t s , m a y b e h i g h e r t h a n t h e t h e n - c u r r e n t e s t i m a t e d v a l u e o f t h e n o t e s f o r a l i m i t e d t i m e p e r i o d . Risks Relating to the Underlying ● T h e I n d e x S p o n s o r m a y a d j u s t t h e I n d e x i n a w a y t h a t a f f e c t s i t s l e v e l , a n d t h e I n d e x S p o n s o r h a s n o o b l i g a t i o n t o c o n s i d e r y o u r i n t e r e s t s . ● T h e U n d e r l y i n g m a y n o t b e s u c c e s s f u l o r o u t p e r f o r m a n y a l t e r n a t i v e s t r a t e g y t h a t m i g h t b e e m p l o y e d i n r e s p e c t o f t h e U n d e r l y i n g A s s e t . ● T h e U n d e r l y i n g m a y n o t a p p r o x i m a t e i t s t a r g e t v o l a t i l i t y . ● T h e U n d e r l y i n g i s s u b j e c t t o r i s k s a s s o c i a t e d w i t h t h e u s e o f s i g n i f i c a n t l e v e r a g e . ● T h e U n d e r l y i n g m a y b e s i g n i f i c a n t l y u n i n v e s t e d . ● A n i n v e s t m e n t i n t h e n o t e s w i l l b e s u b j e c t t o r i s k s a s s o c i a t e d w i t h n o n U . S . s e c u r i t i e s . ● T h e Q Q Q F u n d i s s u b j e c t t o m a n a g e m e n t r i s k . ● T h e p e r f o r m a n c e a n d m a r k e t v a l u e o f t h e Q Q Q F u n d , p a r t i c u l a r l y d u r i n g p e r i o d s o f m a r k e t v o l a t i l i t y , m a y n o t c o r r e l a t e w i t h t h e p e r f o r m a n c e o f t h e Q Q Q F u n d ’ s u n d e r l y i n g i n d e x a s w e l l a s t h e n e t a s s e t v a l u e p e r s h a r e . ● H y p o t h e t i c a l b a c k - t e s t e d d a t a r e l a t i n g t o t h e I n d e x d o n o t r e p r e s e n t a c t u a l h i s t o r i c a l d a t a a n d a r e s u b j e c t t o i n h e r e n t l i m i t a t i o n s , a n d t h e h i s t o r i c a l a n d h y p o t h e t i c a l b a c k t e s t e d p e r f o r m a n c e o f t h e I n d e x a r e n o t i n d i c a t i o n s o f i t s f u t u r e p e r f o r m a n c e . ● T h e I n d e x w a s e s t a b l i s h e d o n J u n e 2 2 , 2 0 2 1 a n d m a y p e r f o r m i n u n a n t i c i p a t e d w a y s . T h e r i s k s i d e n t i f i e d a b o v e a r e n o t e x h a u s t i v e . P l e a s e s e e “ R i s k F a c t o r s ” i n t h e p r o s p e c t u s s u p p l e m e n t a n d t h e a p p l i c a b l e p r o d u c t s u p p l e m e n t a n d u n d e r l y i n g s u p p l e m e n t , A n n e x A t o t h e p r o s p e c t u s a d d e n d u m a n d “ S e l e c t e d R i s k C o n s i d e r a t i o n s ” i n t h e a p p l i c a b l e p r e l i m i n a r y p r i c i n g s u p p l e m e n t f o r a d d i t i o n a l i n f o r m a t i o n . A d d i t i o n a l I n f o r m a t i o n A n y i n f o r m a t i o n r e l a t i n g t o p e r f o r m a n c e c o n t a i n e d i n t h e s e m a t e r i a l s i s i l l u s t r a t i v e a n d n o a s s u r a n c e i s g i v e n t h a t a n y i n d i c a t i v e r e t u r n s , p e r f o r m a n c e o r r e s u l t s , w h e t h e r h i s t o r i c a l o r h y p o t h e t i c a l , w i l l b e a c h i e v e d . T h e s e t e r m s a r e s u b j e c t t o c h a n g e , a n d J . P . M o r g a n u n d e r t a k e s n o d u t y t o u p d a t e t h i s i n f o r m a t i o n . T h i s d o c u m e n t s h a l l b e a m e n d e d , s u p e r s e d e d a n d r e p l a c e d i n i t s e n t i r e t y b y a s u b s e q u e n t p r e l i m i n a r y p r i c i n g s u p p l e m e n t a n d / o r p r i c i n g s u p p l e m e n t , a n d t h e d o c u m e n t s r e f e r r e d t o t h e r e i n . I n t h e e v e n t a n y i n c o n s i s t e n c y b e t w e e n t h e i n f o r m a t i o n p r e s e n t e d h e r e i n a n d a n y s u c h p r e l i m i n a r y p r i c i n g s u p p l e m e n t a n d / o r p r i c i n g s u p p l e m e n t , s u c h p r e l i m i n a r y p r i c i n g s u p p l e m e n t a n d / o r p r i c i n g s u p p l e m e n t s h a l l g o v e r n . P a s t p e r f o r m a n c e , a n d e s p e c i a l l y h y p o t h e t i c a l b a c k - t e s t e d p e r f o r m a n c e , i s n o t i n d i c a t i v e o f f u t u r e r e s u l t s . A c t u a l p e r f o r m a n c e m a y v a r y s i g n i f i c a n t l y f r o m p a s t p e r f o r m a n c e o r a n y h y p o t h e t i c a l b a c k - t e s t e d p e r f o r m a n c e . T h i s t y p e o f i n f o r m a t i o n h a s i n h e r e n t l i m i t a t i o n s a n d y o u s h o u l d c a r e f u l l y c o n s i d e r t h e s e l i m i t a t i o n s b e f o r e p l a c i n g r e l i a n c e o n s u c h i n f o r m a t i o n . I R S C i r c u l a r 2 3 0 D i s c l o s u r e : J P M o r g a n C h a s e & C o . a n d i t s a f f i l i a t e s d o n o t p r o v i d e t a x a d v i c e . A c c o r d i n g l y , a n y d i s c u s s i o n o f U . S . t a x m a t t e r s c o n t a i n e d h e r e i n ( i n c l u d i n g a n y a t t a c h m e n t s ) i s n o t i n t e n d e d o r w r i t t e n t o b e u s e d , a n d c a n n o t b e u s e d , i n c o n n e c t i o n w i t h t h e p r o m o t i o n , m a r k e t i n g o r r e c o m m e n d a t i o n b y a n y o n e u n a f f i l i a t e d w i t h J P M o r g a n C h a s e & C o . o f a n y o f t h e m a t t e r s a d d r e s s e d h e r e i n o r f o r t h e p u r p o s e o f a v o i d i n g U . S . t a x - r e l a t e d p e n a l t i e s . I n v e s t m e n t s u i t a b i l i t y m u s t b e d e t e r m i n e d i n d i v i d u a l l y f o r e a c h i n v e s t o r , a n d t h e f i n a n c i a l i n s t r u m e n t s d e s c r i b e d h e r e i n m a y n o t b e s u i t a b l e f o r a l l i n v e s t o r s . T h i s i n f o r m a t i o n i s n o t i n t e n d e d t o p r o v i d e a n d s h o u l d n o t b e r e l i e d u p o n a s p r o v i d i n g a c c o u n t i n g , l e g a l , r e g u l a t o r y o r t a x a d v i c e . I n v e s t o r s s h o u l d c o n s u l t w i t h t h e i r o w n a d v i s e r s a s t o t h e s e m a t t e r s . T h i s m a t e r i a l i s n o t a p r o d u c t o f J . P . M o r g a n R e s e a r c h D e p a r t m e n t s .