JPMorgan Chase Financial Company LLC is offering capped buffered equity notes linked to the Invesco S&P 500 Top 50 ETF (XLG), maturing on January 26, 2027, and fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are issued in $1,000 minimum denominations and provide unleveraged exposure to XLG.
At maturity, investors participate in any XLG gain up to a maximum return of at least 11.30%, corresponding to a maximum payment of at least $1,113 per $1,000 note. A 10% buffer protects principal for declines of up to 10%, but beyond that investors lose 1% of principal for each additional 1% drop, up to a 90% loss if the ETF falls 100%.
The notes pay no interest, pass through no dividends from the fund and are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They will not be listed, so liquidity may be limited, and secondary prices are expected to be below the issue price. If priced today, the estimated value would be about $987.50 per $1,000 note and will not be less than $900 when set, reflecting selling commissions, hedging costs and issuer funding assumptions.
JPMorgan Chase & Co. is offering preliminary terms for callable fixed rate notes due July 30, 2038. The notes pay fixed interest at 5.25% per annum, with interest paid annually on January 30, starting January 30, 2027, and on the maturity date, so long as the notes have not been redeemed earlier.
Beginning January 30, 2028, and on January 30 and July 30 of each year through January 30, 2038, JPMorgan may redeem the notes in whole at an amount equal to principal plus accrued and unpaid interest. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits and are not insured by the FDIC or any other governmental agency.
The documents highlight that in a JPMorgan resolution scenario, losses would be borne first by equity holders and then by unsecured creditors, including holders of these notes, whose claims would be structurally subordinated to creditors of JPMorgan’s subsidiaries. Investors are directed to detailed risk factors and U.S. federal income tax discussions in the related prospectus materials.
JPMorgan Chase Financial Company LLC is offering Trigger Callable Yield Notes linked to the lesser performer of the Russell 2000 Index and the EURO STOXX 50 Index, with an issue price of $10 per Note and a 15‑month term unless called earlier. The Notes are expected to pay a fixed monthly coupon at an annual rate between 9.00% and 9.50%, regardless of index performance, until they are called or mature. JPMorgan Financial may elect to call the Notes monthly after an initial three‑month non‑call period, repaying principal plus the applicable coupon, with no further payments.
If the Notes are not called and on the Final Valuation Date each index is at or above 70% of its Initial Value (the Downside Threshold), investors receive full principal back plus the final coupon. If either index closes below its Downside Threshold, principal repayment is reduced in proportion to the loss on the lesser performing index, and investors can lose a significant portion or all of their principal. The Notes are unsecured obligations of JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., are not bank deposits or FDIC insured, and carry issuer and guarantor credit risk. The estimated value is illustrated at approximately $9.911 per $10 Note, and will not be less than $9.60 per $10 when finalized.
JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated Callable Contingent Interest Notes linked to the worst performer among Fifth Third Bancorp, Regions Financial Corporation and KeyCorp, fully guaranteed by JPMorgan Chase & Co. The notes run to January 24, 2031 and may be redeemed early at the issuer’s option on quarterly Interest Payment Dates starting April 23, 2026.
Holders can receive a quarterly Contingent Interest Payment of at least $28.125 per $1,000 (at least 11.25% per annum) for any Review Date on which each stock closes at or above 60.00% of its Initial Value, but no interest is paid if any stock is below this barrier. If held to maturity and any stock finishes below its 60.00% Trigger Value, principal is reduced one-for-one with the decline of the least performing stock and investors can lose more than 40.00% or all of their investment.
The preliminary estimated value is approximately $925.00 per $1,000 note and will not be less than $900.00, reflecting embedded selling, structuring and hedging costs. The notes are not bank deposits, are not FDIC insured, and payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto-callable review notes linked separately to the Russell 2000 Index, the VanEck Gold Miners ETF and the State Street Energy Select Sector SPDR ETF, maturing in January 2031. The notes may be automatically called as early as January 2027 if each underlying closes at or above 100% of its initial value, paying back principal plus a fixed call premium.
The minimum call premiums range from at least 21.15% of principal on the first review date to at least 105.75% on the final review date, but upside is capped at these amounts. If the notes are not called and each underlying finishes at or above 60% of its initial value, investors receive only their principal back. If any underlying ends below 60%, repayment is reduced one-for-one with its loss, so investors can lose more than 40% and up to all of their principal.
The notes pay no interest and do not pass through dividends on the ETFs or underlying stocks. They are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. The issuer estimates the initial economic value at about $918.20 per $1,000 principal, with a minimum of $900.00, reflecting embedded fees, hedging costs and dealer compensation.
J.P. Morgan is providing an index supplement describing the J.P. Morgan Total ReturnSM Index, which is referenced by securities of JPMorgan Chase & Co. The index is a rules-based, momentum-style strategy that allocates monthly among a basket of fixed-income and related ETFs, including U.S. Treasuries, investment-grade and high-yield credit, emerging markets debt, mortgage-backed securities, inflation-protected bonds, preferred stock and floating-rate notes.
The supplement presents hypothetical backtested monthly and annual returns and portfolio weights from 2004 to 2017 and actual index and allocation data from July 13, 2017 through December 31, 2025, in some cases using proxy indices to estimate pre-launch ETF performance after deducting assumed fund expenses. It repeatedly warns that historical and backtested results and past allocations are not indicative or predictive of future performance. Key risks highlighted include the limited operating history of the index, reliance on a momentum-based strategy with monthly rebalancing and weighting constraints, correlation and substitution risks among basket constituents, significant fixed-income and high-yield credit risks, ETF tracking differences, and the credit risk of JPMorgan Chase Bank, N.A. for investments linked to the index.
JPMorgan Chase & Co. is offering callable fixed-rate notes due January 30, 2041 that pay interest at 5.40% per year on a $1,000 principal amount, using a 30/360 day-count. Interest is paid annually on January 30, starting in 2027, and investors receive principal plus accrued interest at maturity if the notes have not been redeemed.
The notes are callable at JPMorgan’s option at par plus accrued interest on January 30, April 30, July 30 and October 30 of each year from April 30, 2028 through October 30, 2040. For certain institutional or fee-based accounts, the price per $1,000 principal amount will be between $962.60 and $1,000, and selling commissions are currently estimated at about $4.00 per $1,000, capped at $35.00. The notes are unsecured obligations of JPMorgan Chase & Co. and, under its preferred “single point of entry” resolution strategy, losses in a failure scenario could be imposed on these notes after subsidiary and secured creditors.
J.P. Morgan Total Return SM Index is a rules-based benchmark that allocates monthly among 12 U.S. dollar fixed income ETFs, aiming for the highest six-month performance subject to a 5% historical volatility threshold and concentration limits. It is calculated on a total-return basis and was launched on July 13, 2017.
From December 2015 through December 2025, the Index shows a 10-year annualized return of 2.01% with 10-year annualized volatility of 4.84%, and a 1-year return of 7.30%. Over the same period, the Bloomberg Barclays U.S. Aggregate Bond Total Return Index records a 10-year annualized return of 3.20% with 5.18% volatility, while the Bloomberg Barclays Global Aggregate Bond Index Total Return Unhedged USD shows a 10-year annualized return of 1.26% with 5.35% volatility.
The update highlights that much of the history is hypothetical backtested data using proxies before the Index and some ETFs were live, and stresses that past and backtested performance are not indicative of future results. Key risks include the momentum-based strategy, monthly rebalancing and weighting constraints, correlation among basket constituents, fixed income and credit risks, ETF tracking risk, and the credit risk of JPMorgan Chase Bank, N.A. for investments linked to the Index.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Callable Range Accrual Notes linked to the U.S. 10-Year Constant Maturity Treasury (10-Year CMT) rate. The notes pay a fixed 9.50% per annum during the initial interest periods until January 22, 2029. After that, interest for each period ranges from 0.00% to a maximum of 9.50% per annum, depending on how many days the 10-Year CMT rate is at or below 4.50%.
The notes are callable at the issuer’s option on the 22nd of January, April, July and October, from January 22, 2029 to January 22, 2041, at 100% of principal plus accrued interest. If not redeemed early, they mature on January 22, 2041, returning principal plus any accrued interest. If priced on the terms shown, the estimated value would be about $946.70 per $1,000 note and will not be less than $920.00, reflecting selling commissions of about $30.00 (up to $50.00) per $1,000.
Key risks include the possibility of 0% interest in some periods if the rate condition is not met, the issuer’s right to redeem the notes early, potential difficulty selling in a limited secondary market, and the calculation agent’s discretion to determine or replace the 10-Year CMT rate. The notes are unsecured obligations, not bank deposits, and are not insured by the FDIC.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the common stock of Starbucks Corporation. Each note has a $1,000 principal amount and may pay a contingent interest payment of at least $28.00 per note on quarterly dates if the Starbucks share price is at or above a barrier set at 65% of the strike price.
If the notes are automatically called on a review date when the stock closes at or above the strike price, investors receive $1,000 plus the applicable contingent interest and any previously unpaid contingent interest. If the notes are not called and the final stock price stays at or above the 65% trigger level, investors receive full principal back at maturity plus any due interest. If the final stock price falls below the trigger level, principal is reduced 1% for each 1% decline from the strike, so losses can exceed 35% and reach a total loss of principal. The indicative estimated value is about $979.80 per $1,000 note and will not be less than $960.00 when finalized.