JPMorgan provides a performance update on the MerQube US Small-Cap Vol Advantage Index, a rules-based index offering dynamic exposure to unfunded rolling positions in E‑Mini Russell 2000 futures. The index targets 35% volatility, can vary its futures exposure between 0% and 500%, and applies a 6.0% per annum daily deduction to index levels.
The update presents hypothetical and actual performance and volatility from November 2015 through November 2025, using backtested data before June 17, 2022 and actual index levels from June 21, 2022 through November 30, 2025. It repeatedly stresses that past and especially hypothetical backtested performance are not indicative of future results and that alternative modelling could produce very different outcomes. The document also outlines extensive risks, including leverage and futures risks, small-cap and concentration exposure, limited operating history and potential periods when the index may be significantly uninvested. Notes linked to the index are not bank deposits, are not insured by the FDIC or any governmental agency, and are not obligations of, or guaranteed by, a bank, and neither the SEC nor any state securities commission has approved or disapproved them.
JPMorgan Chase Financial Company LLC is offering capped dual directional buffered equity notes linked to the lesser performer of the Nasdaq-100 Index and the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are scheduled to price around December 8, 2025 and mature on December 13, 2028.
The structure provides upside if both indices rise, with a Maximum Upside Return of at least 60.50%, and also pays positive returns for index declines of up to 20% via a 20.00% buffer. If either index falls by more than 20%, investors lose 1% of principal for each 1% drop beyond the buffer, up to an 80.00% loss. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan entities, may be hard to sell before maturity, and have an estimated value of about $980 per $1,000 note, not less than $950 at issuance.
J.P. Morgan provides a December 2025 performance update on the MerQube US Gold Vol Advantage Index, a rules-based index that offers dynamic exposure to gold futures while targeting 35% volatility. The index can shift its exposure to gold futures between 0% and 500% and applies a 6.0% per annum daily deduction. It was established on February 11, 2025 and is published on Bloomberg under ticker MQUSGVA.
Hypothetical and actual data from November 2015 through November 2025 show 10-year annualized volatility of 40.22% and a 10-year annualized return of 23.37% for the index, compared with 15.31% volatility and 11.25% return for the S&P GSCI Gold Official Close Index ER, with results before February 11, 2025 based on backtesting.
The update emphasizes that historical and backtested performance are not indicative of future results and have inherent limitations. Key risks include the use of significant leverage, potential periods when the index is largely uninvested, concentration in gold futures, futures market disruptions and pricing effects, and the index’s limited operating history. Notes linked to the index involve these risks, are not bank deposits, are not insured by the FDIC or any government agency, and are not obligations of, or guaranteed by, a bank.
JPMorgan Chase Financial Company LLC is offering callable contingent interest notes due December 19, 2030, linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. The notes pay contingent monthly interest at a rate of at least 7.25% per annum only when each index closes at or above 70% of its initial level, and may be redeemed early at the issuer’s option on specified interest payment dates starting December 21, 2026.
If the notes are not redeemed early, repayment of principal at maturity depends on index performance. Holders receive $1,000 per note, plus any final contingent interest, only if the worst performing index finishes at or above 65% of its initial level; if it is below 65%, principal is reduced in line with that index’s loss and can fall to zero. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., are not bank deposits or FDIC insured, and are expected to be sold in $1,000 minimum denominations with an estimated value of about $934.80 per $1,000 if priced on the date illustrated.
J.P. Morgan provides a December 2025 performance update for the J.P. Morgan Total Return SM Index, a rules-based benchmark that dynamically allocates among 12 U.S. dollar fixed income ETFs. The Index rebalances monthly into the portfolio with the highest prior 6‑month performance, subject to a 5% historical volatility threshold and concentration limits, and is calculated on a total return basis.
From November 2015 to November 2025, the Index shows a 10‑year annualized return of 3.20%, with 10‑year annualized volatility of 5.19% and a Sharpe Ratio of 0.13. Over that same 10‑year period, the Bloomberg Barclays U.S. Aggregate Bond Total Return Index had a 1.99% annualized return with 4.85% volatility, while the Bloomberg Barclays Global Aggregate Bond Index Total Return Unhedged USD returned 1.29% with 5.36% volatility. The update also lists recent monthly ETF weightings and detailed monthly and annual return history, alongside extensive risk and backtesting disclosures emphasizing that past and hypothetical performance are not indicative of future results.
JPMorgan Chase Financial Company LLC is offering callable contingent interest notes due June 16, 2027, linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes are issued in $1,000 minimum denominations and pay a contingent monthly coupon only if, on a review date, each index closes at or above 70% of its initial level, the interest barrier. The indicative contingent interest rate is 10.35% per annum, and the actual rate will be at least that level.
The issuer may redeem the notes early on specified interest payment dates, starting March 16, 2026, paying $1,000 plus any due contingent interest. If the notes are not redeemed and, on the final review date, any index finishes below its 70% trigger value, investors receive $1,000 plus $1,000 times the return of the worst index, which can mean losing more than 30% and up to all principal. The notes are unsecured obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., and they do not provide dividend rights or principal protection.
JPMorgan Chase Financial Company LLC is offering unsecured, index-linked “Review Notes” fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are tied to the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000 and are scheduled to mature on December 17, 2030.
The notes can be automatically called as early as December 16, 2026 if each index closes at or above 100% of its Initial Value, paying $1,000 plus a Call Premium Amount that starts at least 10.10% of principal on the first Review Date and increases to at least 50.50% on the final Review Date. If the notes are never called and, on the final Review Date, each index is at or above 70% of its Initial Value, investors receive their $1,000 principal back at maturity.
If any index ends below 70% of its Initial Value, repayment is reduced in line with the negative return of the Least Performing Index, and investors can lose more than 30% and up to all of principal. The notes pay no interest, provide no dividends, are not listed on an exchange, and their estimated value, if priced today, is about $931.70 per $1,000 note, below the issue price because of commissions, hedging costs and issuer profit.
JPMorgan Chase & Co. reported that Todd A. Combs has resigned from its Board of Directors, effective December 7, 2025. The company states that Mr. Combs’ resignation is not the result of any disagreement with JPMorgan Chase on any matter relating to its operations, policies, or practices. The filing also reiterates the company’s listed securities, including its common stock, multiple series of preferred stock depositary shares, and certain guaranteed notes and exchange-traded notes.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, maturing on December 17, 2030. The notes pay a quarterly Contingent Interest Payment of at least $39.25 per $1,000 (a Contingent Interest Rate of at least 15.70% per annum) for any Review Date on which the Index closes at or above 65.00% of its Initial Value.
The notes are automatically called, starting June 12, 2026, if on any Review Date (other than the first and final) the Index is at or above its Initial Value, returning $1,000 plus the applicable Contingent Interest Payment. If not called and the Final Value is at least 60.00% of the Initial Value, investors receive $1,000 plus any final Contingent Interest Payment. If the Final Value is below 60.00%, repayment is reduced 1% for each 1% Index decline, and investors can lose more than 40% or all principal.
The Index applies a 6.0% per annum daily deduction and can use leverage up to 500% exposure to E-mini S&P 500 futures, which can significantly drag on performance. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The indicative estimated value is approximately $932.90 per $1,000 principal amount, and will not be less than $900.00 per $1,000 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes tied separately to the Nasdaq-100 Index and the Russell 2000 Index, each in $1,000 minimum denominations. The notes can automatically redeem as early as June 23, 2026 if each index closes at or above its initial level on certain monthly review dates.
The notes pay a monthly contingent coupon of at least 0.82083% (at least 9.85% per annum) only when both indices stay at or above 70% of their initial values; otherwise no interest is paid for that month. If the notes are not called and either index finishes below 70% of its initial value at maturity on June 28, 2027, investors lose 1% of principal for each 1% decline in the weaker index and can lose all principal. The notes are unsecured obligations, with an indicative estimated value of about $980.70 per $1,000 if priced today and not less than $900.00 at pricing.