JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The index provides rules-based exposure to E-Mini S&P 500 futures with a target volatility and applies a 6.0% per annum daily deduction.
The notes may pay a contingent interest rate of at least 13.50% per annum, paid quarterly, but only if on a review date the index is at or above 60.00% of its initial value. The notes can be automatically called on quarterly review dates (other than the first and final) if the index is at or above its initial value, returning principal plus the applicable interest. If not called and the final index value is below 60.00% of the initial value, investors lose 1% of principal for every 1% decline in the index and could lose their entire investment. The estimated value at pricing will not be less than $900 per $1,000 note, and all payments are subject to the credit risk of the issuer and guarantor.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 5-year, auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The Index uses a rules-based strategy on E-Mini S&P 500 futures with a maximum 500% and minimum 0% futures exposure and includes a 6.0% per annum daily deduction.
The notes pay a contingent interest rate of at least 9.50% per year, or at least 2.375% per quarter, but only if on a quarterly review date the Index is at or above 50% of its initial level. If on a review date (other than the first three and the final) the Index is at or above its initial level, the notes are automatically called, and investors receive $1,000 per note plus the applicable interest, with no further payments.
If the notes are not called and the final Index level is at or above the 50% trigger, investors receive $1,000 per note plus the final interest payment. If the final level is below the trigger, the maturity payment is reduced one-for-one with the Index loss, so investors can lose more than half, and up to all, of their principal. The estimated value at pricing is stated as not less than $900 per $1,000 principal amount, and payments are subject to the credit risks of both issuing and guaranteeing entities.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped buffered return enhanced notes tied to the iShares Bitcoin Trust ETF (IBIT), maturing in February 2029. The notes provide 1.5x the ETF’s positive performance at maturity, up to a maximum return of at least 123%, corresponding to a maximum payment of at least $2,230 per $1,000 note based on current assumptions.
Principal is protected only by a 15% downside buffer. If the ETF falls by more than 15%, investors lose 1% of principal for each additional 1% decline, up to a maximum loss of 85% (receiving as little as $150 per $1,000 at maturity). The notes pay no interest and will not be listed on an exchange, so liquidity may be limited and secondary prices are expected to be below the issue price.
The notes expose investors indirectly to bitcoin price risk and volatility through IBIT, which has limited trading history and is not an investment company or commodity pool. The issuer discloses that if the notes priced on the reference date, their estimated value would be about $955.80 per $1,000, and when finalized will not be less than $900 per $1,000, reflecting selling commissions, hedging costs and the issuer’s internal funding rate.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Buffered Return Enhanced Notes linked to the iShares Ethereum Trust ETF (ETHA), maturing on February 2, 2029. These unsecured notes provide 1.50x leveraged exposure to any positive performance of the ETF, but gains are capped at a maximum return of at least 178.00%, corresponding to a maximum payment of at least $2,780 per $1,000 note.
The structure includes a 20.00% downside buffer: if the ETF’s final value is at or above 80% of its initial value, holders receive at least their full principal. Below that level, losses increase 1% for each additional 1% decline, with principal at risk up to 80.00%. The notes pay no interest, are issued in minimum denominations of $1,000, and will not be listed on any securities exchange.
The indicative estimated value is approximately $938.50 per $1,000 note, and will not be less than $900.00 at pricing, reflecting selling commissions, hedging costs and issuer funding assumptions. The ETF seeks to track the price of ether, so investors are exposed to the high volatility and regulatory, technological and market risks associated with ether and the Ethereum network, in addition to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Dual Directional Buffered Return Enhanced Notes linked to the least performing of the Nasdaq-100 Index, the Russell 2000 Index and the S&P 500 Index, maturing on February 2, 2029.
The notes target at least 1.24x leveraged upside on any gain when all three indices finish above their initial levels. If the least performing index is flat or down by up to the 15% buffer, investors receive a positive return equal to the absolute decline, capped at 15%.
If any index falls by more than 15%, principal is reduced 1% for each additional 1% drop in the least performing index, up to an 85% loss. The notes pay no interest, do not provide dividends, are unsecured obligations and will not be listed on an exchange, so liquidity may be limited.
If priced on the reference date in the document, the estimated value would be about $961.20 per $1,000 note, and at issuance it will not be less than $900.00 per $1,000.
JPMorgan Chase Financial Company LLC is offering capped buffered return enhanced notes linked to the iShares Ethereum Trust ETF (ETHA), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes aim to pay 1.50 times any gain in the ETF at maturity, up to a maximum return of at least 158.00%, which corresponds to a maximum payment of at least $2,580.00 per $1,000 note.
There is a 20.00% downside buffer: if the ETF falls by 20% or less, investors receive back principal. If it falls by more than 20%, losses match further declines, up to a maximum 80.00% loss of principal. The notes pay no interest, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and will not be listed on any exchange.
The product provides indirect exposure to ether through ETHA and carries the significant volatility, regulatory and operational risks associated with cryptocurrencies and the Ethereum network. If priced today, the estimated value would be about $916.30 per $1,000 note, and at pricing it will not be less than $900.00 per $1,000.
JPMorgan Chase Financial Company LLC is offering Capped Dual Directional Buffered Return Enhanced Notes linked to the lesser performing of the Dow Jones Industrial Average® and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about January 30, 2026 and mature on February 3, 2028, in minimum denominations of $1,000.
At maturity, if both indices rise, investors receive 1.25 times the lesser index gain, capped at a Maximum Upside Return of at least 17.50%. If the lesser index is flat or down by up to the 20.00% Buffer Amount, investors receive a positive return equal to the absolute decline, up to 20.00%, for a maximum of $1,200 per $1,000 note in that scenario. If either index falls by more than 20.00%, principal is reduced 1% for each 1% loss beyond the buffer, with up to 80.00% of principal at risk.
The notes pay no interest or dividends and are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They are not listed on an exchange, and secondary prices are expected to be below the $1,000 price to public. If priced on the date of the example, the estimated value would be about $983.30 per $1,000 note and will not be less than $900.00 per $1,000 note when finally set.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped dual directional buffered equity notes linked to the lesser performer of the Russell 2000 Index and the S&P 500 Index, maturing on August 3, 2027. The notes provide unleveraged exposure to gains in the weaker index, with a Maximum Upside Return of at least 27.00%, and also pay a positive return if that index declines by up to the 10.00% buffer, using the absolute value of the loss.
If either index falls by more than 10.00%, investors lose 1% of principal for each additional 1% decline in the lesser-performing index, up to a 90.00% loss at maturity. The notes pay no interest, do not provide dividends, are unsecured and unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and are not expected to be listed, so liquidity may be limited. The estimated value is indicated at approximately $964.10 per $1,000 note, and will not be less than $900.00 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured structured notes linked to the lesser performing of the Russell 2000® Index and the S&P 500® Index, maturing on February 2, 2029. The notes provide at least 1.14x leveraged upside participation when both indices finish above their initial levels and a dual-directional feature that can pay positive returns for index declines of up to the 15.00% buffer.
If either index falls by more than 15.00%, investors lose 1% of principal for each additional 1% decline in the lesser performing index, with losses up to 85.00% of principal. The notes pay no interest, do not pass through dividends, and will not be listed on an exchange, so liquidity depends on dealer bids. Minimum denomination is $1,000. If priced on the date shown, the estimated value would be approximately $975.70 per $1,000 note and will not be less than $900.00 per $1,000 at pricing.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., describes Uncapped Accelerated Barrier Notes linked to the Bloomberg Commodity IndexSM that are scheduled to mature on February 4, 2031. The notes provide an uncapped payout of at least 1.80 times any positive Index return at maturity, but do not pay periodic interest.
The structure includes a 70.00% barrier of the Initial Value: if the Index finishes at or above this level, investors receive at least their principal back; if it finishes below, repayment is reduced one‑for‑one with the Index loss and can fall to zero. A hypothetical example shows a 10% Index gain producing an 18% return, while a 60% decline would reduce repayment to $400 per $1,000 note.
The notes are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value, if priced on the described terms, would be approximately $958.80 per $1,000 note and will not be less than $900.00 per $1,000 when finalized, reflecting selling commissions, projected hedging profits or losses, and hedging costs.