JPMorgan Chase Financial Company LLC is offering contingent interest notes linked to the Class A common stock of Palantir Technologies Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to pay a contingent coupon of at least 10.45% per annum (about 0.87083% per month) for each review date where Palantir’s closing share price is at or above 70% of its initial value, but they may pay no interest at all.
At maturity on February 2, 2027, investors receive full principal only if Palantir’s final share price is at or above the 70% buffer threshold; below that level, principal is reduced so losses can reach up to 70% of the amount invested. The notes do not provide any participation in stock gains, pay no dividends, are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, and are subject to the credit risk of both the issuer and JPMorgan Chase & Co. The estimated value, as illustrated, is below the $1,000 price to the public because it reflects internal funding and hedging costs.
J.P. Morgan’s Kronos+SM Index is a rules-based strategy that toggles between uninvested, fully invested, or 2x leveraged exposure to the S&P 500® Price Index. It is built around three effects: turn-of-the-month strength, price momentum around index options expiry, and mean reversion at month-end.
The Index, established on December 22, 2020, does not include dividends and is reduced by a 0.95% per annum index fee and, at times, a notional financing cost tied to the Effective Federal Funds Rate. Historical and hypothetical backtested data from December 2015 through December 2025 are presented, including annual and monthly returns, risk measures such as 10-year annualized volatility, and Sharpe ratios compared with the S&P 500 Price Index.
The document highlights numerous risks, including strategy-specific risks for the turn-of-month, option expiry momentum, and mean reversion components, the possibility that the Index may be uninvested, the impact of index fees and financing costs, limited operating history, and the fact that performance and backtested results are not indicative of future outcomes. It emphasizes that notes linked to the Index may not be suitable for all investors.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering equity-linked Review Notes tied separately to the Russell 2000 Index, the S&P 500 Equal Weight Index and the EURO STOXX 50 Index, maturing January 17, 2030. The notes can be automatically called as early as January 19, 2027 if each index is at or above its specified Call Value, paying back $1,000 plus a stepped Call Premium of at least 10% on the first Review Date, rising in steps to at least 40% on the final Review Date.
If the notes are never called and on the final Review Date any index closes below its 70% Barrier Amount, the payoff is $1,000 plus $1,000 times the return of the Least Performing Index, so investors lose more than 30% of principal and could lose it all. The notes pay no interest, provide no dividends, are unsecured obligations, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. Indicative estimated value is approximately $961 per $1,000 note and will not be less than $930 per $1,000 at pricing, reflecting selling commissions, hedging costs and issuer funding assumptions.
JPMorgan Chase & Co. is offering callable fixed to floating rate notes due January 30, 2046. The notes pay a fixed interest rate of 11.00% per annum from issuance on January 30, 2026 through January 30, 2028, with interest paid quarterly on January 30, April 30, July 30 and October 30.
After January 30, 2028, interest becomes floating and is reset each period at (7.00% minus the Benchmark Rate) × 1.50, subject to a minimum of 0.00% per year. The Benchmark Rate is initially Compounded SOFR and may be replaced following a Benchmark Transition Event under specified procedures.
The issuer may call the notes in whole at par plus accrued interest on each quarterly redemption date from January 30, 2028 through October 30, 2045. The notes are unsecured obligations of JPMorgan Chase & Co., rank behind creditors of its subsidiaries in a resolution scenario, may be volatile due to SOFR behavior, are not designed for short-term trading and are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring investors to accrue original issue discount for tax.
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.
JPMorgan Chase & Co. is offering two types of senior unsecured notes under this prospectus supplement: fixed-to-floating rate notes and floating rate notes. Both are general obligations of the holding company and rank equally with its other unsecured, unsubordinated debt.
The fixed-to-floating notes pay a fixed interest rate for an initial period, then switch to a floating rate based on a benchmark expected to be Compounded SOFR plus a spread, with interest paid semi-annually during the fixed period and quarterly thereafter. The floating rate notes pay interest at a floating rate from issuance, also tied to Compounded SOFR plus a spread, with quarterly payments.
The notes may be redeemed at specified times and prices before maturity, have no sinking fund, will be issued only in book-entry form through DTC, and are not expected to be listed on any securities exchange. Net proceeds will be contributed to JPMorgan Chase Holdings LLC, which will use them for general corporate purposes, including funding subsidiaries, paying dividends, refinancing securities, and potential acquisitions or expansion.
J.P. Morgan provides an index supplement for the J.P. Morgan Tactical Blend Index, which serves as the reference for notes linked to this index. The document shows hypothetical backtested and actual historical monthly and annual returns for the index, with backtested performance used through March 29, 2023 and actual index performance from March 30, 2023 to December 31, 2025.
It also details hypothetical and actual historical average monthly weights across three main Basket Constituents: the Invesco DB US Dollar Index Bullish Fund, the J.P. Morgan Core Bond SM Index and the J.P. Morgan U.S. Low Volatility Index. The methodology description explains the use of alternative “proxy” performance for some constituents before their launch or required liquidity, and emphasizes that past allocations, historical performance and backtested results are not indicative of future outcomes.
The supplement highlights key risks, including that the index is calculated on an excess return basis with a 0.85% per annum deduction, may be significantly uninvested, may be heavily influenced by the equity constituent, and follows a momentum-based rebalancing strategy that may not achieve its target volatility or risk-parity goals. It stresses that the notes are not bank deposits, are not insured by the FDIC or any governmental agency, and that neither the SEC nor any state securities commission has approved or disapproved the notes.
JPMorgan Chase & Co. is offering callable step-up fixed rate notes due January 30, 2034. The notes pay annual interest of 4.25% from January 30, 2026 to January 30, 2029, 5.00% from January 30, 2029 to January 30, 2032, and 6.50% from January 30, 2032 to maturity, with interest paid each January 30 on a 30/360 day count basis.
The issuer may redeem the notes in whole on January 30 and July 30 of each year from January 30, 2028 through July 30, 2033, at par plus accrued interest, after at least 5 business days’ notice. At maturity, if not called, investors receive their principal plus any accrued and unpaid interest.
The price to the public is expected to be around $1,000 per $1,000 principal amount, and may range from $980.10 to $1,000 for certain institutional or fee-based accounts. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits or FDIC-insured, and in a resolution scenario losses would be borne by equity holders first and then unsecured creditors, including holders of these notes.
J.P. Morgan provides a January 2026 index supplement describing the MerQube US Gold Vol Advantage Index, which underlies certain structured notes. The document presents monthly and annual performance figures, including hypothetical backtested returns from December 26, 2007 through February 10, 2025 and actual index performance from February 11, 2025 through December 31, 2025.
The index applies a 6.0% per annum daily deduction, uses significant leverage, may be substantially uninvested at times, and is based on gold futures, making it sensitive to gold market and futures trading risks. It is an excess return index rather than a total return index, so it does not reflect interest that could be earned on cash.
The supplement highlights that the index was established on February 11, 2025 and has a limited operating history, emphasizing that historical and backtested performance are not indicative of future results. It also notes that J.P. Morgan Securities LLC coordinated with MerQube in developing the index rules and licenses the index, and reminds investors that notes linked to the index are not bank deposits, are not FDIC insured, and are not guaranteed by a bank.
The MerQube US Gold Vol Advantage Index is a rules-based index that provides exposure to an unfunded rolling position in Gold futures while targeting 35% volatility, with exposure that can range from 0% to 500% of the futures position. The index rebalances monthly based on one-month implied volatility and applies a 6.0% per annum daily deduction, which reduces index levels over time.
The index was established on February 11, 2025, with performance before that date shown as hypothetical backtested data and performance from February 11, 2025 through December 31, 2025 shown as actual. Over the 10-year period ending December 2025, the index shows a 40.16% annualized volatility and a 150.63% one-year return, while the S&P GSCI Gold Official Close Index ER shows lower volatility and returns over the same horizons. All pre-launch figures are backtested and the material repeatedly stresses that historical and backtested performance are not indicative of future results.
The document highlights numerous risks, including significant leverage, the possibility the index may be uninvested at times, gold and futures market risks, concentration risk, and the impact of the ongoing 6% annual deduction. It also notes that J.P. Morgan Securities LLC worked with MerQube on the methodology, and that investing in notes linked to the index involves substantial risk and may not be suitable for all investors.