JPMorgan S&P Global 100 5% RC Index update tied to AMJB (AMJB)

Rhea-AI Filing Summary

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

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

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

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 - IV dated October 20, 2023 Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated January 13, 2026 Rule 424(b)(3) JANUARY 2026 S&P® Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER Historical performance measures for the Index represent hypothetical backtested performance using the performance of the Constituent from November 20 , 1996 through September 17 , 2023 (labeled “Backtested” in the chart above) ; and actual performance from September 18 , 2023 through December 31 , 2025 (labeled “Actual” in the chart above) . The “Domestic 30 / 70 Portfolio (ER)” is a notional portfolio providing a monthly - rebalancing 30 % / 70 % weighted exposure to the S&P 500 Total Return Index and the Bloomberg Barclays U . S . Aggregate Bond Total Return Index . The “Global 30 / 70 Portfolio (ER)” is a notional portfolio providing a monthly - rebalancing 30 % / 70 % weighted exposure to the MSCI ACWI Net Total Return Index and the Bloomberg Barclays Global Aggregate Total Return Index Value Unhedged USD (a global investment - grade bond index) . Each notional portfolio is calculated on an excess return basis, i . e . , net of a notional financing cost deduction equal to the return of the J . P . Morgan Cash Index USD 3 Month, which tracks the return of a notional 3 - month U . S . dollar time deposit . Weights within these notional portfolios are intended to approximate the average weights within the Index, but will not correspond to historical or future weights within the Index . The notional portfolios track assets that ditfer from those tracked by the Index and are not rebalanced on the same schedule as the Index . All performance data for the Domestic 30 / 70 Portfolio (ER) and the Global 30 / 70 Portfolio (ER) is hypothetical and there is no guarantee that the Index will outperform either one, or any other benchmark or index, in the future . PAST PERFORMANCE AND BACKTESTED PERFORMANCE ARE NOT INDICATIVE OF FUTURE RESULTS . Please see the Disclaimer on the following page . PERFORMANCE UPDATE The S&P® Global 100 PR 5 % Daily Risk Control 0 . 5 % Deduction Index (the “Index”) is designed to provide exposure to the S&P® Global 100 Index, while targeting an annualized volatility of 5 % , subject to the deduction, on a daily basis, of the notional financing cost and a daily deduction of 0 . 50 % per year . The notional financing cost for the Index is calculated by reference to the Etfective Federal Funds Rate . The Index’s exposure is dynamically rebalanced based on observed S&P® Global 100 volatility . The S&P® Global 100 Index is designed to measure the performance of 100 large - capitalization multinational companies whose businesses are global in nature and that derive a substantial portion of their operating income from multiple countries . The Index is calculated on an excess return basis. The Index was established on September 18, 2023. Levels are published on Bloomberg using the ticker SPGLR5TE. Hypothetical and actual historical performance: Dec 2015 through Dec 2025 S&P Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER Domestic 30/70 Portfolio (ER) Global 30/70 Portfolio (ER) Actual Backtested Please see the footnotes at the bottom of this page and “Backtesting” on the following page for information on backtested performance. Hypothetical and actual historical returns and volatilities: Dec 2015 through Dec 2025 Sharpe Ratio 10 Year Volatility (Annualized) 10 Year Return (Annualized) 5 Year Return (Annualized) 3 Year Return (Annualized) 1 Year Return 0.54 4.27% 2.32% 2.12% 3.99% 2.98% S&P Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER 0.52 6.33% 3.26% 0.67% 4.31% 5.01% Domestic 30/70 Portfolio (ER) (30% S&P 500, 70% Bloomberg Barclays Aggregate) 0.30 6.18% 1.84% - 1.50% 3.20% 6.77% Global 30/70 Portfolio (ER) (30% MSCI ACWI, 70% Bloomberg Barclays Global Agg Bond) Hypothetical and actual historical monthly weights: Dec 2015 through Dec 2025 Exposure Level 0% De c - 15 De c - 16 De c - 17 De c - 18 De c - 19 De c - 20 De c - 21 Hypothetical and actual historical monthly and annual returns: Jan 2016 through Dec 2025 50% 100% De c - 22 De c - 23 De c - 24 De c - 25 Year Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 0.25% 1.33% 0.14% - 0.42% - 0.02% 0.04% 0.86% - 1.10% 0.13% 0.06% 1.86% - 0.59% - 1.97% 2016 7.46% 0.47% 0.53% 1.38% 0.80% 0.03% 0.84% - 0.25% 0.95% 0.49% 0.59% 1.07% 0.34% 2017 - 4.21% - 2.32% 0.06% - 2.95% 0.25% 0.39% 1.79% - 0.11% - 0.06% 0.14% - 1.13% - 2.51% 2.29% 2018 7.24% 1.62% 0.86% 0.91% 0.94% - 1.39% 0.08% 2.46% - 2.78% 1.32% 0.76% 0.82% 1.51% 2019 2.33% 1.08% 2.18% - 0.78% - 1.25% 1.62% 0.93% 0.72% 0.57% 1.06% - 0.85% - 2.94% 0.08% 2020 5.44% 1.30% - 0.28% 1.70% - 1.37% 0.66% 0.58% 0.58% 0.14% 1.16% 0.69% 0.29% - 0.10% 2021 - 6.35% - 1.31% 1.33% 1.54% - 2.31% - 1.43% 1.91% - 2.22% - 0.16% - 2.27% 0.24% - 0.84% - 0.89% 2022 4.61% 0.88% 2.30% - 0.70% - 1.54% - 0.69% 0.54% 1.34% - 0.22% 0.86% 1.37% - 0.92% 1.36% 2023 4.39% 0.08% 0.83% - 0.75% 0.04% - 0.37% - 0.32% 1.32% 1.79% - 1.02% 0.95% 1.32% 0.47% 2024 2.98% - 0.07% 0.07% 1.39% 1.19% 0.65% 0.89% 1.41% 1.43% - 1.93% - 2.01% - 0.31% 0.30% 2025

JANUARY 2026 | S&P® Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER Selected Risks  The level of the Index reflects a 0.50% per annum index deduction and the deduction of a notional financing cost, both of which are deducted daily.  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 5%.  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 risks identified above are not exhaustive. You should also review carefully the related “Risk Factors” section in the prospectus supplement and the relevant product supplement and underlying supplement and the “Selected Risk Considerations” in the relevant pricing supplement. Disclaimer 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 . These terms are subject to change, and J . P . Morgan undertakes no duty to update this information . This document shall be amended, superseded and replaced in its entirety by a subsequent term sheet and/or disclosure supplement, and the documents referred to therein . In the event any inconsistency between the information presented herein and any such term sheet and/or disclosure supplement, such term sheet and/or disclosure supplement shall govern . The Sharpe Ratio on the previous page is a measure of risk - adjusted performance, calculated as the 10 Year Return (Annualized) divided by the 10 Year Volatility (Annualized) . Investment suitability must be determined individually for each investor, and CDs linked to the Index may not be suitable for all investors . This material is not a product of J . P . Morgan Research Departments . Copyright © 2026 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 Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER linked to AMJB?

The Index provides exposure to the S&P Global 100 Index while targeting an annualized volatility of 5%. It is calculated on an excess return basis and includes a daily deduction for a 0.50% per year fee plus a notional financing cost referenced to the Effective Federal Funds Rate.

How has the S&P Global 100 5% Daily Risk Control Index performed historically?

The filing presents hypothetical and actual data from December 2015 through December 2025. For that period, the Index shows a 10-year annualized return of 2.32%, 10-year annualized volatility of 4.27%, and a Sharpe Ratio of 0.54. All backtested and past performance is explicitly described as not indicative of future results.

How does the Index compare to the Domestic and Global 30/70 portfolios in the AMJB filing?

The document compares the Index to two hypothetical 30/70 stock‑bond portfolios calculated on an excess return basis. The Domestic 30/70 Portfolio (ER) (30% S&P 500, 70% Bloomberg Barclays U.S. Aggregate) has a 10-year annualized return of 3.26% and volatility of 6.33% with a Sharpe Ratio of 0.52, while the Global 30/70 Portfolio (ER) (30% MSCI ACWI, 70% Bloomberg Barclays Global Aggregate) shows a 10-year annualized return of 1.84%, volatility of 6.18%, and a Sharpe Ratio of 0.30.

What are the main risks highlighted for the S&P Global 100 5% Daily Risk Control Index in this 424B3?

Key risks include: daily deductions for the 0.50% per annum index fee and notional financing cost, potential failure to achieve the 5% volatility target, and the possibility that daily exposure adjustments may prevent the Index from fully reflecting gains or may magnify losses of the underlying index. The Index can also be significantly uninvested, so part of it may earn no return. The filing notes these are not exhaustive and refers readers to broader risk factor sections.

What does the AMJB filing say about backtested versus actual Index performance?

The historical performance measures use backtested data from November 20, 1996 through September 17, 2023 and actual performance from September 18, 2023 through December 31, 2025. The filing clearly states that PAST PERFORMANCE AND BACKTESTED PERFORMANCE ARE NOT INDICATIVE OF FUTURE RESULTS.

How is the Index exposure adjusted over time according to the AMJB supplement?

The Index exposure to the S&P Global 100 Index is dynamically rebalanced daily based on observed volatility of the underlying index. This risk control mechanism can reduce or increase equity exposure and may cause the Index not to fully capture underlying gains or to magnify underlying declines.

What does the AMJB document say about suitability of CDs linked to this Index?

The document states that investment suitability must be determined individually for each investor and that CDs linked to the Index may not be suitable for all investors, underscoring the need to consider the Index’s structure, daily deductions and risk characteristics.