JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Auto Callable Review Notes linked to the MerQube US Large - Cap Vol Advantage Index, which uses a rules-based approach to adjust exposure between 0% and 500% to E - Mini S&P 500 futures and applies a 6.0% per annum deduction that accrues daily.
The notes have a minimum denomination of $1,000, a Pricing Date of December 15, 2025 and a Maturity Date of December 19, 2030, with daily Review Dates after an initial one-year non-call period. If on any Review Date the Index level is at or above the applicable Call Value, the notes are automatically called and pay $1,000 plus a Call Premium Amount based on a Call Premium Rate of at least 13.95%, with no further payments. If the notes are not automatically called and the Final Value is less than the 60.00% Barrier Amount, the payment at maturity per $1,000 note is $1,000 + ($1,000 × Index Return), so investors will lose more than 40.00% of principal and could lose it all. Any payment is subject to the credit risk of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the estimated value at issuance will not be less than $870.00 per $1,000 note.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Trigger Autocallable GEARS linked to the common stock of NVIDIA Corporation. Each Security has a $10 principal amount and a term of about three years, unless automatically called earlier.
If on the December 16, 2026 Observation Date NVIDIA’s closing price is at or above the Autocall Barrier (100% of the Initial Value), the Securities are automatically called and pay a fixed Call Price of $12.00 per $10, a 20.00% return, with no further upside.
If not called, and at maturity NVIDIA’s price is above the Initial Value, investors receive $10 plus the positive Underlying Return multiplied by an Upside Gearing between 1.05 and 1.25. If the Final Value is at or above the Downside Threshold of 50% of the Initial Value but at or below the Initial Value, principal is repaid. If the Final Value is below the Downside Threshold, repayment is $10 plus $10 times the Underlying Return, exposing investors to full downside and up to a 100% loss of principal.
The issue price is $10.00 per Security, including up to $0.25 in selling commissions to UBS and $9.75 in proceeds to the issuer. If priced on the date shown and assuming Upside Gearing at the midpoint of the range, the estimated value would be approximately $9.457 per $10, and will not be less than $9.10 per $10 when finalized. The Securities pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and are not listed on any exchange.
JPMorgan Chase Financial Company LLC is offering Digital Barrier Notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing on June 22, 2027 and fully guaranteed by JPMorgan Chase & Co. The notes target a fixed Contingent Digital Return of at least 12.45% if, on the observation date, the final level of each index is at or above 70% of its initial level.
If this barrier is met, investors receive $1,124.50 per $1,000 note at maturity, regardless of how far the indices have risen or fallen above the barrier. If any index finishes below 70% of its initial level, principal is exposed one-for-one to the decline of the least performing index and investors can lose most or all of their capital.
The notes pay no interest, do not provide index dividends, and will not be listed on an exchange, so liquidity may be limited. They are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and the initial estimated value is expected to be below the $1,000 issue price, reflecting embedded costs and hedging factors. The tax treatment is complex and may change with future IRS guidance.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., plans to issue auto callable contingent interest notes linked individually to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the Utilities Select Sector SPDR Fund, maturing in December 2028. The notes may pay monthly contingent interest, at a rate that will be at least 8.70% per annum, but only for review dates when each underlying is at or above 70% of its initial value. The notes are automatically called, starting in June 2026, if on certain review dates each underlying is at or above its initial value, returning principal plus that period’s interest. If the notes are not called and the worst-performing underlying finishes below its 70% trigger, principal is reduced one-for-one with the decline and can be completely lost. The preliminary estimated value is about $946.20 per $1,000 note and will not be less than $900 at pricing.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., plans to issue Uncapped Accelerated Barrier Notes linked to the lesser performance of the EURO STOXX 50 Index and the iShares MSCI EAFE ETF, maturing in early 2029.
The notes offer between 1.70x and 1.75x any positive return of the worse-performing underlying at maturity, but only if both finish above their initial levels. A barrier is set at 75% of the initial value for each underlying; as long as both stay at or above this level on the observation date, investors receive back principal. If either underlying closes below its barrier, repayment is reduced one-for-one with the decline in the lesser-performing underlying, and investors can lose most or all of their principal.
The notes pay no interest, provide no dividends from the ETF or index constituents, are unsecured and unsubordinated, and are subject to the credit risk of both the issuer and guarantor. The estimated value per $1,000 note is expected to be below the issue price because it reflects internal funding and hedging costs.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured “Review Notes” linked to the MerQube US Large-Cap Vol Advantage Index, maturing in December 2030. These notes can be automatically called on scheduled Review Dates starting in December 2026 if the Index closes at or above 90% of its initial level, paying back the $1,000 principal plus a preset call premium.
If the notes are never called, investors receive full principal at maturity only if the Index’s final level is at or above 60% of its initial level. If the final level is below this barrier, repayment is reduced one-for-one with the Index loss, and principal can be largely or completely lost. The Index embeds a 6.0% per annum daily deduction that drags on performance, and the notes pay no interest or dividends. The preliminary estimated value is about $900 per $1,000 note and will not be less than $880 when finalized.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Buffered Return Enhanced Notes linked to the lesser performance of the Nasdaq-100 Futures Excess Return Index and the S&P 500 Futures Excess Return Index, maturing on September 8, 2028. The notes target at least 1.48x any positive return of the weaker index at maturity and include a 25% downside buffer.
If both indices finish above their initial levels, investors receive leveraged upside. If the weaker index falls by up to 25%, principal is returned. If it falls by more than 25%, principal is reduced one-for-one beyond the buffer, with losses of up to 75% of principal possible. The notes pay no interest, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and will not be listed, so liquidity depends on dealer markets.
The preliminary estimated value is about $980 per $1,000 note and will not be less than $950 at pricing, reflecting embedded fees, hedging costs and dealer margins.
JPMorgan Chase Financial Company LLC is offering Uncapped Accelerated Barrier Notes linked separately to the SPDR® S&P 500® ETF Trust (SPY) and the Invesco QQQ TrustSM, Series 1 (QQQ), fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run to December 10, 2029 and are issued in $1,000 minimum denominations.
At maturity, if both ETFs finish above their initial prices, investors receive $1,000 plus at least 1.27× the gain of the lesser performing fund. If either ETF finishes at or below its initial price but at or above 70% of its initial price, investors receive only their principal. If either closes below 70% of its initial price, repayment is reduced one-for-one with the lesser performer, and investors can lose up to their entire investment.
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 expected to have an estimated value of about $980 per $1,000 at pricing, not less than $950. They are not listed and may be difficult to sell before maturity.
JPMorgan Chase Financial Company LLC is offering unsecured Digital Barrier Notes linked to the lesser performer of the Russell 2000® Index and the S&P 500® Index, maturing in March 2027 and fully guaranteed by JPMorgan Chase & Co. If, on the observation date, the final level of each index is at least 75% of its initial level, holders receive a fixed 11.75% return at maturity, or $1,117.50 per $1,000 note. If either index finishes below 75% of its initial level, principal is reduced 1% for each 1% decline in the lesser-performing index and can be completely lost. The notes pay no interest, do not provide dividends, will not be listed on an exchange, and secondary market liquidity and pricing depend on JPMS. The preliminary estimated value is about $988.10 per $1,000 note and will not be less than $950.00 when finalized, reflecting issuer and hedging costs. The tax disclosure describes treatment as an “open transaction” with potential future IRS changes.
JPMorgan Chase Financial Company LLC plans to issue Buffered Digital Notes linked to the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on March 22, 2027 and are issued in $1,000 minimum denominations.
If the S&P 500 Final Value on the observation date is at or above its Initial Value, investors receive their $1,000 principal plus a fixed return of at least 10.25%, regardless of how much the index has risen. If the index is below the Initial Value but down by no more than the 15.00% buffer, investors receive only their principal back. If the index falls by more than 15.00%, principal is reduced 1% for each additional 1% decline, with losses up to 85.00% of principal.
The notes pay no interest, provide no dividends from S&P 500 companies, and will not be listed on an exchange, so liquidity depends on J.P. Morgan Securities LLC making a market. They are unsecured, unsubordinated obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. If priced today, the estimated value would be about $986.30 per $1,000 note and will not be less than $950.00 per $1,000 when terms are set.