JPMorgan Chase Financial Company LLC is offering callable contingent interest notes linked separately to the Nasdaq‑100, Russell 2000 and S&P 500 indices, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a monthly contingent coupon only when the closing level of each index is at or above 60% of its initial level, with the contingent interest rate to be at least 6.20% per annum. If this condition is not met for a review date, no interest is paid for that period.
The issuer can redeem the notes early, in whole, on specified interest payment dates starting January 22, 2027, returning $1,000 per note plus any due contingent interest, ending all future payments. If the notes are not redeemed and, on the final review date, the least performing index is at or above 50% of its initial level, investors receive full principal back plus any final contingent interest. If the least performing index finishes below 50% of its initial level, repayment of principal is reduced one-for-one with the index loss, potentially to zero. The preliminary estimated value is about $948.10 per $1,000 note and will not be less than $900.00 per $1,000 when finalized.
JPMorgan Chase & Co. is offering Capped Callable Fixed to Floating Rate Notes linked to the Consumer Price Index (CPI), maturing on January 30, 2036. Each note is expected to be sold at $1,000, with selling commissions of approximately $17.50 per $1,000 principal amount (not to exceed $35.00).
The notes pay a fixed 6.00% per annum during the initial interest periods through January 30, 2028. After that, interest for each period equals the CPI Rate + 2.00%, rounded to three decimals, subject to a 0.00% minimum and a 6.00% maximum. If CPI-based calculations are low enough, interest for some later periods can be zero.
JPMorgan may call the notes monthly from January 30, 2028 through December 30, 2035 at par plus accrued interest. The notes are unsecured obligations of JPMorgan Chase & Co. and are exposed to its credit and resolution strategy, meaning recoveries could be limited in a stress scenario. For U.S. tax purposes, JPMorgan intends to treat the notes as contingent payment debt instruments, requiring investors generally to accrue taxable original issue discount over time.
JPMorgan Chase Financial Company LLC is offering callable contingent interest notes linked to the worst performer among the iShares Silver Trust, VanEck Junior Gold Miners ETF and VanEck Semiconductor ETF, maturing on January 25, 2029. Each note has a $1,000 denomination and can pay a monthly contingent coupon of at least $16.6667 per $1,000, equivalent to a contingent interest rate of at least 20.00% per year, but only if on each review date all three funds stay at or above 60.00% of their initial value.
JPMorgan may redeem the notes early on specified interest payment dates starting July 23, 2026, paying $1,000 plus any due contingent interest. At maturity, if the notes are not called and any fund finishes below 50.00% of its initial value, the repayment is reduced one-for-one with the loss of the worst-performing fund, and investors can lose more than 50.00% and up to all of their principal. The notes are unsecured obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., with an indicative estimated value of about $956.50 per $1,000 and a minimum estimated value of $900.00 per $1,000.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common shares of Celestica Inc., maturing on July 28, 2027. The notes pay a monthly contingent coupon at a rate of at least 30.00% per annum (at least $25.00 per $1,000 note per month) for any Review Date on which Celestica’s closing share price is at or above an Interest Barrier set at 60.00% of the Initial Value. If on any Review Date from April 23, 2026 (excluding the first, second and final Review Dates) Celestica closes at or above the Initial Value, the notes are automatically called and pay $1,000 plus that period’s coupon, with no further payments.
If the notes are not called and Celestica’s Final Value on the last Review Date is at or above a Trigger Value of 50.00% of the Initial Value, holders receive back $1,000 per note plus any final coupon. If the Final Value is below the Trigger Value, repayment of principal is reduced one-for-one with the stock’s loss, so investors can lose more than half, up to all, of their principal. The notes are unsecured obligations of JPMorgan Financial, subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The minimum denomination is $1,000, and the indicative estimated value is about $940.80 per $1,000 note, not less than $900 at pricing.
JPMorgan Chase Financial Company LLC is offering structured Buffered Digital Notes linked to the spot price of Grade A copper, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay no interest but can provide a fixed return of at least 12.25% at maturity if the final copper price is at or above the initial level, or down to 10% below it. They mature on February 8, 2027, with a 10% downside buffer; if copper falls by more than 10%, principal is reduced point-for-point, up to a 90% loss. Each note has a $1,000 minimum denomination, is unsecured, not FDIC insured, and its value and repayment depend on the credit of JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is approximately $973.10 per $1,000 note, and will not be less than $950.00 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Bearish Notes linked to the S&P 500® Index, maturing on January 21, 2028. These unsecured notes are designed to provide a positive return at maturity if the Index falls over the term, with 100% downside participation and a maximum return of at least 22.85%, or at least $228.50 per $1,000 note.
If the S&P 500 Index is flat or higher at maturity, investors receive only the $1,000 principal per note, with no interest or dividends. The preliminary estimated value is approximately $970 per $1,000 note and will not be less than $950 per $1,000 when finalized, reflecting embedded selling commissions, structuring fees and hedging costs. The notes are not listed, may be hard to sell before maturity, and all payments are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Digital Barrier Notes linked to the Class C common stock of Dell Technologies Inc. The notes target a fixed return of at least 12.00% at maturity if Dell’s final stock price is at or above 50.00% of its initial level, called the Barrier Amount.
If the final stock price is below this 50.00% barrier, repayment tracks the full stock loss from the initial level, so investors can lose more than 50.00% and up to all of their principal. The notes pay no interest, pass through no Dell dividends and carry the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.
The minimum denomination is $1,000, with an estimated value of about $980.00 per $1,000 note on the cover date and a final estimated value that will not be less than $950.00 per $1,000. The notes will not be listed on an exchange, and secondary market prices are expected to be below the original issue price.
JPMorgan Chase & Co. and JPMorgan Chase Financial Company LLC plan to issue structured notes linked to the MerQube Vol Advantage Index Series. These indices provide rules-based exposure to tech, large-cap, small-cap, gold futures and bitcoin through underlying ETFs and futures, while targeting a 35% implied volatility level with exposure that can range from 0% to as high as 500%.
Each index is an excess-return index, reduced by a 6.0% per annum daily deduction, and two fund-based indices (tech and bitcoin) also subtract a SOFR-based notional financing cost. These features are expected to make the indices lag similar strategies without such deductions and can cause index levels to fall even when underlying assets rise modestly. The notes embed significant leverage and complexity, with performance further affected by futures market structure, bitcoin and gold-specific risks, and sensitivity to interest rates via SOFR. JPMorgan affiliates helped design the indices and hold an equity interest in the index sponsor, which may change index methodologies without regard to noteholders.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Accelerated Barrier Notes linked to the lesser performance of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF, maturing in January 2031.
The notes provide an uncapped leveraged upside of between 1.90 and 1.95 times any positive return of the lesser performing underlying at maturity, if both finish above their initial values. If either underlying finishes at or below its initial value but both stay at or above 70.00% of their initial values, investors receive only their principal back. If either falls below 70.00% of its initial value, repayment is reduced 1-for-1 with the lesser performer’s loss, so investors can lose more than 30.00% and up to all principal.
The notes pay no interest or dividends and are subject to the credit risk of both the issuer and guarantor. They will not be listed, and secondary prices are expected to be below the $1,000 issue price because of embedded selling, structuring and hedging costs, with an estimated value that could be as low as $920.00 per $1,000 principal amount.
JPMorgan Chase Financial Company LLC is offering unsecured Digital Equity Notes due August 18, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co.. These medium-term notes are linked to the S&P 500 Index and do not pay interest.
At maturity, for each $1,000 note you receive a cash amount based on index performance from the trade date to August 16, 2027. If the final index level is at least 87.50% of the initial level, you receive a fixed threshold settlement amount, expected to be $1,114.40–$1,134.50, capping your maximum gain.
If the index falls more than the 12.50% buffer, your loss is leveraged: for each additional 1% decline beyond the buffer, the payoff falls about 1.1429% of principal, and you could lose your entire investment. The preliminary estimated value is expected between $980.10 and $990.10 per $1,000 note. The notes are not listed, have no redemption rights, and carry credit and tax-uncertainty risks.