JPMorgan (NYSE: AMJB) amends max payout on Nasdaq-100 linked notes

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC filed an amendment to the pricing terms of its Capped Buffered Return Enhanced Notes due November 4, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co. The amendment applies to a group of structured notes linked to major indices, including SX5E, NDX, RTY, SPX, EFA and EEM, with aggregate principal amounts such as $1,495,000 of NDX notes.

The change clarifies that, for the Nasdaq‑100 Index linked NDX notes, the Maximum Return is 21.75%, corresponding to a Maximum Payment at Maturity of $1,217.50 per $1,000 principal amount note, based on an initial Nasdaq‑100 Index value of 25,858.13. The amendment reiterates that these notes are unsecured structured investments, not bank deposits, not insured by any governmental agency, and subject to the detailed risk factors described in the related prospectus materials.

December 30, 2025 Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(3)
Amendment no. 1 to pricing supplement dated November 4, 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
JPMorgan Chase Financial Company LLC
Structured Investments
$621,000 (SX5E Notes); $1,495,000 (NDX Notes); $548,000
(RTY Notes); $906,000 (SPX Notes); $795,000 (EFA Notes);
$331,000 (EEM Notes)
Capped Buffered Return Enhanced Notes due November
4, 2027
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
Notwithstanding anything to the contrary set forth in the pricing supplement dated November 4, 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 25,858.13 21.75% / $1,217.50 48136HVV7
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-4 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 November 4, 2025:
• http://www.sec.gov/Archives/edgar/data/19617/000121390025106259/ea0264092-01_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

FAQ

What does JPMorgan Chase Financial Company LLC (AMJB) change in this 424B3 filing?

The filing amends the terms of certain Capped Buffered Return Enhanced Notes due November 4, 2027. It specifically updates the Maximum Return and Maximum Payment at Maturity for the notes linked to the Nasdaq‑100 Index (NDX).

What is the new maximum return for the Nasdaq-100 (NDX) structured notes in AMJB?

For the NDX notes, the amendment states a Maximum Return of 21.75%, which corresponds to a Maximum Payment at Maturity of $1,217.50 per $1,000 principal amount note, using an initial Nasdaq‑100 Index value of 25,858.13.

What is the total principal amount of each index-linked note series covered in this amendment?

The structured investments include principal amounts of $621,000 (SX5E notes), $1,495,000 (NDX notes), $548,000 (RTY notes), $906,000 (SPX notes), $795,000 (EFA notes) and $331,000 (EEM notes).

Are the AMJB structured notes bank deposits or FDIC insured?

No. The document states that 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, although they are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Where can investors find the full risk factors for the JPMorgan AMJB structured notes?

Risk factors are described in several related documents: “Risk Factors” beginning on page S-2 of the prospectus supplement, Annex A to the prospectus addendum, “Risk Factors” beginning on page PS-11 of the product supplement, and “Selected Risk Considerations” beginning on page PS-4 of the pricing supplement.

Has any regulator approved the AMJB structured notes or this amendment?

No. The filing states that neither the SEC nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or adequacy of this amendment or the related offering documents, and that any representation to the contrary is a criminal offense.