JPMorgan Chase Financial Company LLC is offering unsecured Uncapped Accelerated Barrier Notes linked to the lesser performing of the Nasdaq-100 Technology Sector Index and the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about December 12, 2025, settle around December 17, 2025 and mature on December 17, 2029, in minimum denominations of $1,000.
At maturity, if both indexes finish above their initial levels, investors receive $1,000 plus an amplified gain equal to the lesser index return times an upside leverage factor of at least 1.3665. If either index is at or below its initial level but both stay at or above 70% of their initial levels, investors receive only their principal back. If either index closes below 70% of its initial level, repayment is reduced one-for-one with the decline of the lesser performing index, which can lead to a loss of more than 30% and up to all principal.
The notes pay no interest or dividends and are subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. If the notes priced on the reference date described, the estimated value would be approximately $980.60 per $1,000, and the final estimated value at pricing will not be less than $950, reflecting selling commissions, projected hedging profits and hedging costs included in the $1,000 price to the public.
JPMorgan Chase Financial Company LLC is offering structured review notes linked to the MerQube US Large-Cap Vol Advantage Index, featuring an automatic call and full principal-at-risk exposure.
The notes can be automatically called on scheduled Review Dates from December 30, 2026 through December 30, 2030 if the index closes at or above the applicable Call Value, paying $1,000 plus a Call Premium Amount based on a Call Premium Rate of at least 14.00%. If the notes are not called and the final index level is below the 60.00% Barrier Amount, repayment equals $1,000 plus $1,000 times the index return, so investors lose more than 40% of principal and can lose it all. The index itself uses leveraged exposure of 0%–500% to E-mini S&P 500 futures and applies a 6.0% per annum daily deduction, which drags performance versus an identical index without such a fee. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., with an estimated value currently illustrated at about $888 per $1,000 note and not less than $870 per $1,000 note when finalized.
JPMorgan Chase Financial Company LLC is offering Auto Callable Accelerated Barrier Notes due January 3, 2031, linked to the MerQube US Large-Cap Vol Advantage Index and fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are issued in $1,000 minimum denominations at a price to public of $1,000 per note.
The notes may be automatically called as early as December 31, 2026 if the Index is at or above its Initial Value, paying back $1,000 plus a call premium of at least 18.900% on the first Review Date, rising to at least 37.800% by the fifth. If not called and the Index is above its Initial Value at maturity, investors receive 5.00 times the Index gain; if the Index is at or above 50.00% of the Initial Value, principal is returned. If the Index closes below that 50.00% barrier at maturity, losses are one-for-one with the Index decline, up to a total loss of principal. The Index itself is reduced by a 6.0% per annum daily deduction, which drags on performance. The notes pay no interest, provide no dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and are not FDIC insured. If priced on the described terms today, the estimated value would be about $888.40 per $1,000 note and will not be less than $870.00 per $1,000 when set.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering approximately 3‑year Trigger Autocallable Contingent Yield Notes linked to the lesser performing of the Russell 2000 Index and the State Street Energy Select Sector SPDR ETF. The notes are issued at $10 per note, with a minimum investment of $1,000, and pay quarterly contingent coupons at a rate of at least 9.15% per annum only when both underlyings are at or above their coupon barriers.
The notes can be automatically called each quarter after an initial six‑month non‑call period if both underlyings are at or above their initial values, returning principal plus the applicable coupon. If held to maturity and both final values are at or above 70% of their initial values (1,786.020 for the Russell 2000 and $31.86 for XLE, based on initial levels of 2,551.457 and $45.51), investors receive full principal plus the final coupon; otherwise, they receive less than principal in proportion to the loss of the weaker underlying.
The notes are unsecured and unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not listed on any exchange and may be illiquid. Fees and hedging costs mean the estimated value is lower than the issue price, at approximately $9.617 per $10 note on the terms illustrated, and not less than $9.30, and the tax treatment is complex, with contingent coupons expected to be treated as ordinary income.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured structured notes linked to the S&P 500 Futures Excess Return Index that mature on December 21, 2028.
The notes provide at least 1.25 times any index gain, while also paying a positive return if the index is flat or down by up to the 25.00% buffer, using the absolute value of that move. If the index falls by more than 25.00%, investors lose about 1.33333% of principal for each additional 1% decline, which can result in a substantial or total loss of principal.
The notes pay no interest, have $1,000 minimum denominations and are not listed, so liquidity may be limited. The issuer estimates the value at approximately $986.00 per $1,000 principal amount today and at no less than $950.00 at pricing, below the issue price because of commissions and hedging costs. Returns also depend on the performance of futures on the S&P 500, which can differ from the cash index due to factors such as roll costs, volatility and market disruptions.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Buffered Return Enhanced Notes linked to the S&P 500 Futures Excess Return Index, maturing on December 24, 2030. Each note has a $1,000 minimum denomination and is designed to pay at maturity 1.383 times any positive Index return, with no cap, based on the Index level on the pricing and final observation dates.
If the Index is flat or down by up to 30%, investors receive back their $1,000 principal. If the Index falls by more than 30%, principal is reduced 1-for-1 beyond that buffer, up to a 70% loss, so the minimum payment is $300 per $1,000 note. The notes pay no interest, are unsecured obligations subject to the credit risk of both JPMorgan entities, are not futures or bank deposits, and will not be listed on an exchange. The indicative estimated value is about $948.10 per $1,000, and at pricing will not be less than $900, reflecting selling commissions, hedging costs and internal funding assumptions.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable yield notes linked to the least performing of Baker Hughes, SLB and Halliburton common stock, maturing on December 16, 2027. The notes pay at least 9.25% per annum, credited at a rate of at least 2.3125% per quarter, on $1,000 minimum denominations.
The notes are automatically called, with return of principal plus the applicable interest, if on any review date before maturity the closing price of one share of each reference stock is at or above its strike value, starting June 12, 2026. If not called, and on the final review date each stock stays at or above its trigger value (60% of strike), investors receive $1,000 plus final interest; if any stock falls below its trigger, repayment is reduced in proportion to the worst performer and investors can lose more than 40% or even all principal. The notes are unsecured, not listed, pay no dividends, and the estimated value is about $946.70 per $1,000 note and will not be less than $920.00, reflecting embedded costs and hedging.
JPMorgan Chase Financial Company LLC is offering structured capped notes linked to the lesser performer of the Russell 2000 Index and the Dow Jones Industrial Average, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price around December 15, 2025, settle around December 18, 2025, and mature on December 19, 2030, in minimum denominations of $1,000, with repayment of principal at maturity subject to the credit risks of the issuer and guarantor.
Investors forgo interest and dividends but participate 100% in any positive return of the weaker index through an additional amount equal to the lesser performing index return times $1,000, capped at a maximum amount of at least $480 (a 48% gain) per note. The document states that if priced today the estimated value would be about $950 per $1,000 note and will not be less than $920 when set, and it highlights risks such as limited liquidity, capped upside, credit risk, small-cap exposure and potential conflicts of interest.
JPMorgan Chase Financial Company LLC is issuing auto callable contingent interest notes linked separately to the MSCI EAFE, Russell 2000 and S&P 500 indexes, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a contingent coupon of at least 9.15% per year (2.2875% per quarter) only when each index closes at or above 70% of its initial level on a review date, and they can be automatically called as early as June 22, 2026.
If not called, the notes mature on December 24, 2030. Principal is protected only while every index stays at or above 70% of its initial level; if any index ends below that trigger, repayment is reduced in line with that index’s loss, so investors can lose a large portion or all of the $1,000 principal. The estimated initial value is about $960 per $1,000 note and will not be less than $940.
JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., is offering capped notes linked to the least performing of the S&P 500, Russell 2000 and Nasdaq‑100 through December 22, 2028. For each $1,000 note, investors receive 100% participation in any positive return of the worst-performing index, up to a maximum return of at least 23.00%, or at least $230.00 per $1,000, plus repayment of principal at maturity.
If any index ends at or below its initial level, the additional return is zero and investors receive only their $1,000 principal, with no protection against inflation. The notes pay no interest, pass through no dividends, are unsecured and unsubordinated obligations subject to the credit risk of the issuer and guarantor, and will not be listed, so liquidity may be limited and secondary prices are expected to be below the issue price. If priced on the example date, the estimated value would be about $964.30 per $1,000, and the final estimated value will be at least $900.00. U.S. tax disclosure indicates the notes are expected to be treated as contingent payment debt instruments, requiring annual original issue discount accruals.