JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured "Review Notes" linked to the MerQube US Tech+ Vol Advantage Index, maturing on December 31, 2030. These notes can be automatically called on scheduled Review Dates starting December 31, 2026 if the Index closes at or above 100% of its initial level, paying back $1,000 plus a Call Premium Amount that starts at 18.2500% of principal and can reach up to 91.2500% by the final Review Date.
The notes have a 15.00% buffer at maturity. If not called and the Index is down by up to 15%, investors receive their $1,000 principal; if it is down by more than 15%, repayment is reduced $1 for every 1% drop beyond that, up to an 85.00% loss of principal. The Index includes a 6.0% per annum daily deduction and a notional financing cost on exposure to the Invesco QQQ TrustSM, Series 1, which together drag on performance and cause the Index to trail an identical index without these charges.
The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are issued in minimum denominations of $1,000, and have an estimated value, if priced today, of approximately $903.90 per $1,000 principal amount, not less than $900.00 when finally set.
JPMorgan Chase Financial Company LLC plans to issue auto callable accelerated barrier notes linked to the least performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, maturing on December 30, 2027 and fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called on January 4, 2027 if each index closes at or above its Call Value, in which case investors receive $1,000 plus a Call Premium Amount of at least $120 per note and no further payments.
If not called and each index’s final value exceeds its initial value, investors receive $1,000 plus 2.54 times the appreciation of the least performing index. If any index finishes at or below its initial value but at or above 70% of its initial value, investors receive only their principal. If any index ends below 70% of its initial value, repayment is reduced one-for-one with the least performing index, and investors can lose some or all principal.
The notes pay no interest, do not provide dividends, are unsecured and unsubordinated obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The minimum denomination is $1,000. If priced on the date of the example, the estimated value would be approximately $963.10 per $1,000 note and will not be less than $900.00, reflecting embedded selling commissions and hedging and structuring costs.
JPMorgan Chase Financial Company LLC is offering auto callable accelerated barrier notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about December 24, 2025 and mature on December 30, 2027, with a potential automatic call on December 30, 2026 if each index closes at or above its Call Value.
If not called, investors get 2.00 times any positive return of the least performing index at maturity. If any index finishes at or below its Initial Value but at or above 70.00% of its Initial Value, investors receive only the principal back. If any index falls below 70.00% of its Initial Value, repayment is reduced one-for-one with the index loss, down to zero. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and carry limited liquidity and complex tax treatment. The Call Premium Amount will be at least $172.50 per $1,000 note, and the indicative estimated value is approximately $971.40 per $1,000 note, lower than the original issue price.
JPMorgan Chase Financial Company LLC is offering unsecured Callable Contingent Interest Notes due November 29, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked individually to the Nasdaq‑100® Technology Sector Index, the Russell 2000® Index and the State Street SPDR S&P Regional Banking ETF, with a minimum denomination of $1,000.
Investors may receive monthly Contingent Interest Payments at a rate that will be at least 11.25% per annum, but only when the closing value of each underlying is at or above 70% of its Initial Value (the Interest Barrier. Principal is at risk: if the notes are not redeemed early and the Final Value of the least performing underlying is below 55% of its Initial Value (the Trigger Value), repayment at maturity will be reduced in line with that loss, potentially to zero. The issuer may redeem the notes early on specified dates, beginning March 26, 2026. If priced today, the estimated value would be about $970.60 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., is offering $4,957,000 of Medium-Term Notes, Series A, Digital Equity Notes due March 17, 2027, linked to the S&P 500® Index. Each note has a $1,000 principal amount, is sold at 100% of principal, pays no interest, and will not be listed on any exchange.
At maturity, if the S&P 500 final level is at least 87.50% of the initial level of 6,800.26, investors receive a fixed $1,089 per $1,000 note (a capped return of 108.90% of principal. Below that threshold, losses are leveraged: for every 1% drop beyond the 12.50% buffer, repayment falls by about 1.1429%, and investors can lose their entire investment. The estimated value at pricing is $983.60 per $1,000 note, lower than the issue price because it includes selling commissions, hedging costs and dealer profits.
The notes are subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. They involve limited upside, principal-at-risk exposure to the S&P 500, potential illiquidity, complex U.S. tax treatment (including open-transaction treatment and Section 871(m) considerations), and conflicts of interest because JPMorgan and its affiliates structure, hedge, make markets in, and value the notes.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $674,000 of Capped Dual Directional Buffered Equity Notes linked to the lesser performing of the Russell 2000 Index and the S&P 500 Index, maturing in December 2028. The notes provide unleveraged exposure to index moves, with a Maximum Upside Return of 23.40% (maximum payment of $1,234 per $1,000 note) when the lesser performing index finishes above its initial level.
If either index ends flat or down by up to the 30.00% buffer, investors receive a positive return equal to the absolute decline of the lesser performer, capped at a maximum payment of $1,300 per $1,000 note. If either index falls by more than 30%, principal is reduced 1% for each 1% drop beyond the buffer, up to a maximum loss of 70% of principal at maturity. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not listed on an exchange, and had an estimated value at pricing of $963 per $1,000 note, below the $1,000 price to the public.
JPMorgan Chase Financial Company LLC is offering $579,000 of digital barrier notes linked to the lesser performing of the Nasdaq-100 Index and the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes run from the December 19, 2025 original issue date to a scheduled maturity on December 21, 2028. If on the December 18, 2028 observation date the final level of each index is at least 80% of its initial level, investors receive $1,292 per $1,000 note, a fixed 29.20% total return. If either index finishes below its 80% barrier, principal is reduced 1% for each 1% decline of the lesser performing index from its initial level, down to a total loss.
The notes pay no interest, pass through no dividends from index constituents, and are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They will not be listed on an exchange, and secondary market prices are expected to be below the $1,000 issue price; the estimated value at pricing was $980.80 per $1,000 note.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured Review Notes linked to the lesser performance of the Nasdaq-100 Index® and the Russell 2000® Index, maturing on January 3, 2031. The notes may be automatically called as early as December 29, 2026 if the closing level of each index is at or above 100% of its initial level, paying back $1,000 plus a call premium starting at least 10% and rising to at least 50% by the final Review Date.
If the notes are not called and the final level of each index is at or above 70% of its initial level, investors receive their $1,000 principal back. If either index finishes below 70% of its initial level, the payoff is $1,000 plus $1,000 times the return of the lesser performing index, so investors lose 1% of principal for each 1% decline in that index and can lose their entire investment. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and will not be listed on any exchange. The estimated value, if priced today, is about $950 per $1,000 note and will not be less than $920 at pricing.
JPMorgan Chase Financial Company LLC is offering $500,000 of structured notes linked to the Class A common stock of Roblox Corporation, fully and unconditionally guaranteed by JPMorgan Chase & Co. These capped accelerated barrier notes run to January 14, 2027 and are issued in $1,000 minimum denominations.
The notes provide 2.00 times any positive stock return at maturity, but gains are capped at a maximum 38.00% return, or $1,380 per $1,000 note. The strike value is $99.00, with a barrier set at 50.00% of the strike. If the final stock price is at or above the strike or above the barrier, holders receive their principal back; if it falls below the barrier, repayment is reduced one-for-one with the stock loss, and the entire principal can be lost.
The notes pay no interest and do not provide dividends or shareholder rights in Roblox. The price to the public is $1,000 per note, including $6.50 in selling commissions, and the initial estimated value is $978.20, reflecting embedded costs and hedging-related margins. The notes are unsecured, not insured, and will not be listed on an exchange, so liquidity and secondary market pricing may be limited.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Trigger Autocallable Contingent Yield Notes linked to WTI crude oil futures. Each Note has a $10 principal amount and a minimum purchase of $1,000.
The Notes pay a quarterly contingent coupon at a rate expected to be at least 11.00% per annum if the oil futures contract is at or above a coupon barrier set at $41.96, which is 75.00% of the Initial Value of $55.94. Coupons can be “remembered” and paid later if missed when conditions are later met.
The Notes can be called early if the underlying futures price on an observation date is at or above the Initial Value, in which case holders receive principal plus due and unpaid coupons. If the Notes are not called and the final price is below the downside threshold, the maturity payment is reduced in proportion to the decline, down to a minimum of $0. The estimated value is about $9.751 per $10 Note, and at pricing will not be less than $9.65 per $10. The product involves significant market and credit risk and is not principal protected.