JPMorgan Chase Financial Company LLC is offering $3,500,000 of Trigger Autocallable Contingent Yield Notes linked to the lesser performer of the Russell 2000 Index and the State Street Energy Select Sector SPDR ETF, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a contingent coupon at a rate of 9.15% per annum (about $0.2288 per $10 note quarterly) only if, on a quarterly observation date, both underlyings close at or above their coupon barriers, set at 70% of their initial values (1,786.020 for the index and $31.86 for the ETF as of December 12, 2025).
The notes can be called automatically starting June 12, 2026 if, on an observation date, both underlyings are at or above their initial values; in that case, investors receive principal plus the applicable contingent coupon and the product terminates early. If the notes are not called and, at maturity on December 15, 2028, both underlyings are at or above their downside thresholds (the same levels as the coupon barriers), investors receive full principal plus the final contingent coupon. If at maturity either underlying finishes below its downside threshold, repayment is reduced in proportion to the loss of the lesser performing underlying, and investors can lose a significant portion or all of their principal. Payments also depend on the credit of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is issuing $457,000 of Capped Dual Directional Buffered Equity Notes linked to the lesser performer of the Russell 2000 Index and the S&P 500 Index, maturing on January 14, 2027. The notes offer up to a 17.20% maximum upside return and a 10.00% downside buffer, with payments at maturity based on the weaker index’s performance. If either index falls more than 10% from its initial level, investors lose 1% of principal for each additional 1% decline, up to a 90% loss. The notes pay no interest or dividends, are unsecured, and carry the credit risk of both the issuer and guarantor. The estimated value at pricing was $972.10 per $1,000 note, below the $1,000 issue price due to selling commissions, hedging costs and issuer profits.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering capped buffered return enhanced notes linked to the State Street SPDR S&P Metals & Mining ETF. The notes target 1.10x any positive ETF performance, up to a maximum return of at least 50.50%, corresponding to a maximum payment of at least $1,505 per $1,000 note at maturity. The notes provide a 15% downside buffer; beyond that, principal losses are magnified by a downside leverage factor of 1.17647, so a large ETF decline can result in substantial or total loss of principal.
The Strike Value was set at $100.91 on December 16, 2025, with performance measured on an observation date in December 2027 and maturity on December 21, 2027. The notes pay no interest, do not pass through ETF dividends, and are unsecured, unsubordinated obligations subject to the credit risk of both the issuer and guarantor. If priced today, the estimated value would be about $983.80 per $1,000, and will not be less than $960.00 at pricing, reflecting structuring and hedging costs. The notes will not be listed, so liquidity will likely depend on J.P. Morgan Securities LLC making a market.
JPMorgan Chase Financial Company LLC is offering $4,000,000 of Buffered Digital Notes linked to the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on December 20, 2027 and pay a fixed 17.25% return at maturity if the final S&P 500 level is at or above the initial level, or down by no more than 10%. If the index falls by more than 10%, investors lose 1% of principal for each 1% further decline, up to a 90% loss of principal.
The notes pay no interest or dividends, are unsecured and unsubordinated obligations of JPMorgan Financial, and are subject to the credit risk of both the issuer and JPMorgan Chase & Co. They are issued in $1,000 minimum denominations at a price to public of $1,000 per note, including $2.50 in selling commissions, with issuer proceeds of $997.50 per note. The estimated value is $990.50 per $1,000 at pricing, and the notes are not listed, not bank deposits and not FDIC insured.
JPMorgan Chase Financial Company LLC is offering contingent income callable securities due December 23, 2027, linked to the worst-performing of the EURO STOXX 50®, S&P 500® and Russell 2000® indices. The notes can pay a quarterly contingent coupon of at least 2.75% of the $1,000 principal (at least $27.50 per security) for each quarter in which the closing level of each index on every day stays at or above 75% of its initial value. If any index falls below this downside threshold on any day in a quarter, no coupon is paid for that period.
The issuer may, at its discretion, redeem the notes in whole on any quarterly payment date (except the final one) for $1,000 per security plus any due coupon. If the notes are not redeemed and, at maturity, every index is at or above its threshold, investors receive $1,000 per security, plus the final coupon if the daily condition is met. If any index finishes below its threshold, repayment is reduced in proportion to the worst-performing index and can be as low as zero, meaning full loss of principal. The notes are unsecured obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., are not listed on an exchange, and have an estimated value of about $960.70 per $1,000 security, no less than $940.00 on the pricing date.
JPMorgan Chase Financial Company LLC is issuing $730,000 of capped digital notes linked to the Russell 2000, S&P 500 and Nasdaq‑100, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on June 21, 2027 and are issued in $1,000 denominations.
If the final level of each index on the observation date is at or above its initial level, holders receive $1,091.50 per $1,000 note, reflecting a fixed contingent digital return of 9.15%. If any index finishes below its initial level, investors receive only the $1,000 principal per note at maturity, with no additional return, and there are no periodic interest or dividend payments.
The notes are unsecured obligations subject to the credit risk of both the issuer and guarantor, will not be listed on an exchange, and may trade below the $1,000 issue price. The estimated value was $984.30 per $1,000 note at pricing, and they are intended to be treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring accrual of original issue discount based on a 4.24% comparable yield and a projected $1,065.35 payment at maturity for tax calculations.
JPMorgan Chase Financial Company LLC is issuing $815,000 of unsecured Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each $1,000 note pays a contingent interest rate of 10.55% per annum (2.6375% per quarter) only if, on a Review Date, the Index is at or above 60% of its Initial Value (the Interest Barrier).
The notes can be automatically called starting on December 15, 2026 if, on an applicable Review Date (other than the first three and final), the Index is at or above its Initial Value, in which case investors receive $1,000 plus the contingent interest for that period and no further payments. If not called, principal is protected only down to the Trigger Value, set at 50% of the Initial Value: at maturity, if the Index is at or above the Trigger Value, holders receive $1,000 plus any final contingent interest; if it is below, repayment is reduced 1% for each 1% Index decline, potentially down to zero.
The underlying Index dynamically adjusts exposure (0%–500%) to the Invesco QQQ Trust based on a 35% target volatility and is reduced daily by a 6.0% per annum index deduction plus a notional financing cost, which together drag performance versus a similar index without these charges. The notes are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The price to public is $1,000 per note, including $50 in fees and commissions, while the estimated value at pricing is $895.90 per $1,000 note.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co., with an aggregate principal amount of $1,046,000. The notes pay a contingent coupon at a rate of 10.55% per annum (2.6375% per quarter) only if, on a Review Date, the Index closes at or above 60% of its Initial Value; otherwise no interest is paid for that period.
The notes can be automatically called on certain Review Dates starting December 15, 2026 if the Index is at or above its Initial Value, in which case investors receive $1,000 per note plus the applicable interest and no further payments. If the notes are not called and the Index falls below 50% of its Initial Value at final valuation, repayment of principal is reduced one-for-one with the Index loss, potentially to zero. The Index itself includes a 6.0% per annum daily deduction and uses leveraged exposure to E-mini S&P 500 futures, which can drag on performance and increase volatility. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not listed, and the estimated value at pricing was $887.60 per $1,000 note, below the $1,000 issue price.
JPMorgan Chase Financial Company LLC is offering $1,223,000 of unsecured structured notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each $1,000 note can be automatically called on quarterly Review Dates starting June 15, 2026 if the Index closes at or above the Call Value, paying back $1,000 plus a Call Premium that steps from 9.00% on the first Review Date up to 54.00% on the final Review Date.
If the notes are not called and the Index on the final Review Date is at or above the 60% Barrier Amount, investors receive only their $1,000 principal. If the Final Value is below the Barrier, the payout is $1,000 plus $1,000 times the Index Return, so principal losses exceed 40% and can reach 100%. The notes pay no interest and provide no QQQ dividends, and the Index is reduced by a 6.0% per annum daily deduction and a notional financing cost, which drag on performance. The price to public is $1,000 per note, including $50 in fees, while the estimated value is $906.40, and the notes are not listed or FDIC-insured.
JPMorgan Chase Financial Company LLC is issuing $529,000 of unsecured, callable structured notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on December 19, 2030 and may be automatically called as early as December 21, 2026 if the Index closes at or above the applicable Call Value.
On any Review Date before maturity, if the Index is at least 100% of its Initial Value (60% on the final Review Date), investors receive $1,000 per note plus a Call Premium Amount stepping from 16.5% on the first Review Date up to 82.5% on the final one. If the notes are never called and the Final Value is below the 60% Barrier Amount, repayment is $1,000 plus $1,000 times the Index Return, so investors lose 1% of principal for each 1% Index decline and can lose their entire investment.
The Index applies a 6.0% per annum daily deduction, which drags on performance and can cause the Index to lag similar strategies without such a fee. The notes do not pay interest or dividends, are not bank deposits, and are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The estimated value at pricing was $885.50 per $1,000 principal amount, below the issue price due to selling commissions, projected hedging profits and hedging costs. Liquidity may be limited because the notes will not be listed on an exchange.