JPMorgan Chase & Co. is offering callable zero coupon notes due December 23, 2050. Each note has a $1,000 principal amount but is initially sold at $222.638, with no periodic interest payments. Instead, the value of each note increases over time at a 6.10% annual yield, compounded semiannually on a 30/360 basis, reaching 100% of principal at maturity if not earlier redeemed.
Starting December 23, 2027 and every June 23 and December 23 thereafter through June 23, 2050, JPMorgan may redeem all outstanding notes at the applicable Accreted Principal Amount, as shown in the accretion schedule (for example, $251.068 per $1,000 on December 23, 2027 and $970.403 on June 23, 2050). In an event of default, the payment is also limited to the Accreted Principal Amount on the acceleration date.
The notes are unsecured obligations of JPMorgan Chase & Co. and are structurally subordinated to liabilities of its subsidiaries. Under U.S. resolution frameworks, losses could be imposed on noteholders ahead of subsidiary creditors, and recoveries may be limited. Estimated selling commissions are about $7.792 per $1,000 note (3.50% of the price to public) and will not exceed $11.132 (5.00%).
JPMorgan Chase Financial Company LLC is issuing $1,492,000 of index-linked Review Notes tied to the Dow Jones Industrial Average®, Nasdaq-100 Index® and S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes can be automatically called as early as December 11, 2026 if each index closes at or above its Call Value on a Review Date, paying $1,000 principal plus a fixed Call Premium that steps up from $81.00 to $405.00 per $1,000 note depending on the call date. If the notes are not called, investors receive full principal at maturity only if the Final Value of the Least Performing Index is at or above its Barrier Amount; if any index finishes below its Barrier Amount, the payoff is reduced by 1% for every 1% decline of the Least Performing Index from its Initial Value, which can result in loss of the entire principal.
The notes pay no interest or dividends, are unsecured and unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and will not be listed on any exchange. The price to public is $1,000 per note, while the estimated value at pricing is $942.20 per $1,000 note, reflecting embedded selling, structuring and hedging costs and implying secondary market values below the issue price.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Digital Barrier Notes linked to the least performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, maturing on January 22, 2027. The notes are designed to pay a fixed return of at least 9.50% at maturity per $1,000 note if the final level of each index is at or above 70.00% of its initial level, called the Barrier Amount.
If any index closes below its Barrier Amount on the observation date, investors lose 1% of principal for each 1% decline of the least performing index from its initial level and can lose their entire investment. The notes pay no interest or dividends, are unsecured and unsubordinated, and will not be listed on an exchange, so liquidity will depend on J.P. Morgan Securities LLC making a market. The preliminary estimated value is about $983.50 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 auto callable accelerated barrier notes linked to the MerQube US Tech+ Vol Advantage Index, a leveraged, volatility-targeting index tied to the Invesco QQQ Trust. The notes can be automatically called as early as March 29, 2027 if the index closes at or above a set call level, paying back principal plus a call premium based on a rate of at least 23.50% per year on a $1,000 denomination.
If not called, holders receive an uncapped leveraged payoff at maturity, with a 3.00x upside participation in index gains. Principal is protected only down to a barrier at 50.00% of the initial index level; if the index finishes below this barrier, losses increase one-for-one with the index decline and can reach 100% of principal.
The index performance is reduced every day by a 6.0% per annum deduction and a notional financing cost, which drag on returns and cause it to lag an equivalent index without these charges. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of the issuer and guarantor, and their estimated value at launch is indicated to be below the $1,000 price due to embedded costs and dealer compensation.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 7-year non-call 15-month auto callable accelerated barrier notes linked to the MerQube US Tech+ Vol Advantage Index, which references the Invesco QQQ Trust with dynamic leverage up to 500% and a 6.0% per annum daily index deduction plus a notional financing cost. The notes have a $1,000 minimum denomination and an estimated value that will not be less than $900 per $1,000 principal amount.
The notes may be automatically called on scheduled Review Dates from March 29, 2027 through March 21, 2029 if the Index is at or above the Call Value, paying $1,000 plus a call premium based on a Call Premium Rate of at least 23.50%. If not called and the Final Index Value is above the Initial Value, investors receive $1,000 plus three times the Index return. If the Final Value is between 50.00% and 100.00% of the Initial Value, principal is returned; if it falls below the 50.00% Barrier Amount, losses exceed 50.00% and principal can be completely lost. Payments depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the product carries significant market, leverage, liquidity and tax risks.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Digital Barrier Notes tied to the least performing of the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index. The notes are scheduled to price on or about December 29, 2025, settle on or about December 31, 2025, and mature on January 3, 2031.
At maturity, if each index finishes at or above its initial level, investors receive $1,000 plus the greater of a contingent digital return of at least 60.00% or the actual return of the least performing index. If any index is below its initial level but all are at or above 70.00% of initial (the barrier), investors receive only their principal back. If any index ends below its 70.00% barrier, repayment is reduced 1% for every 1% decline in the least performing index, down to a possible total loss.
The notes pay no interest, provide no dividends from the underlying stocks, and are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is approximately $946.50 per $1,000 note and will not be less than $920.00 when terms are set, reflecting embedded selling, structuring and hedging costs and likely lower secondary-market values.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured "Review Notes" linked to the least performing of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index, maturing in December 2028. Each note has a $1,000 denomination and may be automatically called on scheduled review dates starting in December 2026 if all three indices are at or above their initial levels, paying back $1,000 plus a call premium of at least 7.60%, 15.20% or 22.80% depending on the call date.
If the notes are not called, investors have a 20% downside buffer at maturity and can earn a capped return up to 20% based on the absolute decline of the worst-performing index within that buffer. If any index falls by more than 20%, principal is reduced 1% for each percentage point beyond the buffer, up to an 80% loss. The notes pay no interest or dividends and are unsecured, with an indicative estimated value of about $952.60 per $1,000 note, no lower than $900 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable buffered equity notes linked to the TOPIX® Index. Each note has a $1,000 denomination and a term of about two years, with the potential for early redemption after roughly one year.
If, on the Review Date, the TOPIX closing level is at or above the Initial Index Level, the notes are automatically called and pay $1,000 plus a call premium of at least 12.81%. If not called and the Ending Index Level is at or above the Initial Index Level, investors receive $1,000 plus the greater of the actual Index Return or a Contingent Minimum Return of at least 25.62%, giving minimum repayment of $1,256.20 per $1,000 note under those conditions.
If the Ending Index Level is below the Initial Index Level but not by more than the 10.00% buffer, investors receive full principal back at maturity. Below that buffer, principal is lost at a Downside Leverage Factor of 1.11111 for each additional 1% decline, so substantial losses are possible. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of both issuers, and are expected to have an estimated value around $976.10 per $1,000 at pricing, not less than $960.00.
JPMorgan Chase Financial Company LLC is offering callable contingent interest notes linked to the worst performer of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the Russell 2000® Index, maturing on June 24, 2027. The notes pay a monthly Contingent Interest Payment only if the closing level of each index on a Review Date is at or above 70.00% of its Initial Value, and they are callable at the issuer’s option on specified Interest Payment Dates starting March 24, 2026.
If the notes are not redeemed early and any index finishes below its 70.00% Trigger Value at maturity, investors lose 1% of principal for every 1% decline of the Least Performing Index and can lose their entire investment. A hypothetical Contingent Interest Rate of 10.40% per annum would produce up to $156.0000 in total interest per $1,000 note if all 18 payments are made. The estimated value is expected to be below the $1,000 price, with an example of $979.30 and a minimum of $900.00 per $1,000 note, reflecting selling costs and hedging.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto-callable “Review Notes” linked to the MerQube US Tech+ Vol Advantage Index, maturing on December 24, 2030. The notes may be called as early as December 24, 2026 if the Index closes at or above the Call Value, paying $1,000 plus a call premium that starts at 18.20% of principal and can reach at least 91.00% by the final Review Date.
The structure includes a 15.00% downside buffer, but investors can lose up to 85.00% of principal at maturity if the Index falls beyond that buffer and the notes are not called. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost on its QQQ Fund exposure, which drag on performance and cause it to trail a similar index without such charges. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and had an indicative estimated value of about $904.80 per $1,000 note on the trade-date assumption.