JPMorgan Chase Financial Company LLC plans to issue capped bearish notes linked to the ARK Next Generation Internet ETF (ARKW), fully and unconditionally guaranteed by JPMorgan Chase & Co. These two-year notes are designed for investors who expect ARKW to fall and are willing to accept limited downside protection and a cap on gains.
If the ETF’s final price is below its initial level, holders receive their $1,000 principal plus an additional amount based on the percentage decline, at a 100% downside participation rate, up to a maximum return of at least 30% (at least $300 per $1,000 note). If the ETF is unchanged, investors simply receive $1,000 back. If the ETF rises, the maturity payment falls 1% for each 1% gain in the fund, but not below $850 per $1,000 note, so investors can lose up to 15% of principal.
The notes pay no interest, provide no dividends from ARKW, will not be listed on an exchange and carry the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value at pricing is expected to be about $980 per $1,000 note and will not be less than $950, reflecting embedded selling, structuring and hedging costs. For U.S. federal income tax purposes, counsel expects the notes to be treated as contingent payment debt instruments, requiring investors to accrue taxable income over the term even though all cash is paid at maturity.
JPMorgan Chase Financial Company LLC is offering Uncapped Dual Directional Buffered Return Enhanced Notes linked to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the S&P 500® Index, maturing on December 14, 2027, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes provide at maturity at least 1.1525 times any positive return of the least performing index, with no upside cap, and a dual-direction feature that can pay a positive, uncapped return when the least performing index is flat or up and a capped, unleveraged positive return when it is down by up to the 15% buffer. If any index falls more than 15%, investors lose 1% of principal for each 1% additional decline, up to a maximum loss of 85% of principal.
The notes pay no interest, do not provide dividends from index constituents, will not be listed on any exchange, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The preliminary estimated value is approximately $976.90 per $1,000 note and will not be less than $950.00 per $1,000 note when finalized, reflecting embedded selling commissions, hedging costs and issuer funding assumptions.
JPMorgan Chase Financial Company LLC is offering uncapped digital barrier notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index, maturing on January 3, 2031. Each note has a $1,000 minimum denomination and provides exposure to any gain in the weakest index at maturity, with a contingent digital return of at least 58.50% if all three indices finish at or above their initial levels.
If any index finishes below its initial level but all remain at or above 70% of their initial values, holders receive only the $1,000 principal. If any index closes below 70% of its initial value, principal is reduced 1% for each 1% decline of the least performing index and can fall to zero. The notes pay no interest or dividends and are unsecured obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co. The current illustrative estimated value is about $940 per $1,000 note, and the final estimated value at pricing will not be less than $920.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Series A Digital Equity Notes due April 5, 2028, linked to the S&P 500® Index. Each note has a $1,000 principal amount, is sold at 100% of principal with no underwriting commission, and pays no interest.
At maturity, if the S&P 500® final level is at least 85% of its initial level, investors receive a fixed threshold settlement amount, expected between $1,164.50 and $1,193.50 per $1,000 note, capping upside. If the index falls more than 15%, principal is lost on a leveraged basis: for every 1% drop beyond 15%, the loss is about 1.1765%, and investors could lose their entire investment.
The notes will not be listed, can be hard to sell before maturity, and are subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. The estimated value at pricing is expected between $974.70 and $984.70 per $1,000, reflecting structuring and hedging costs, and the tax treatment is complex and may change.
JPMorgan Chase Financial Company LLC plans to issue auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, guaranteed by JPMorgan Chase & Co., and maturing in December 2030. The notes can automatically be called as early as December 8, 2026 if the Index is at or above its Initial Value on specified review dates.
Investors may receive a contingent interest rate of at least 11.65% per annum, paid monthly only when the Index closes at or above 70% of the Initial Value (the Interest Barrier). Principal is protected only down to a 15% buffer; if the Final Index Value falls more than 15% below the Initial Value, investors lose 1% of principal for each additional 1% decline, up to an 85% loss of principal.
The Index embeds a 6.0% per annum daily deduction and a notional financing cost tied to SOFR plus 0.50%, which drag on performance and cause it to lag a similar index without such charges. If the notes priced on the described date, their estimated value would be about $906.90 per $1,000, and will not be set below $900. Payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co. and the notes are unsecured, unsubordinated, and not FDIC insured.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a monthly Contingent Interest Payment only if, on an Interest Review Date, the Index closes at or above 70% of its Initial Value, with unpaid coupons accruing and being paid once the barrier is met.
The notes may be automatically called quarterly, starting December 7, 2026, if the Index is at or above its Initial Value, returning principal plus any due contingent interest, and ending future payments. If held to maturity without being called, principal is protected only if the Final Value is at or above a 60% Trigger Value; below that level, investors lose 1% of principal for each 1% Index decline, up to total loss. The Index embeds a 6.0% per annum daily deduction and a notional financing cost, which act as a drag on performance, and the notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is offering index-linked Review Notes due December 12, 2030, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are tied to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the S&P 500® Index, with automatic early redemption at a premium if, on any Review Date, each index closes at or above its Call Value. The earliest possible automatic call is December 11, 2026, and minimum denominations are $1,000.
The notes do not pay interest or dividends, and investors may lose some or all principal if the notes are not called and the final level of the least performing index is below its Barrier Amount. Illustrative Call Premium Amounts range from $81.00 to $405.00 per $1,000 note across Review Dates, and a current illustration shows an estimated value of approximately $943.00 per $1,000 note, with a stated minimum estimated value of $900.00. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. and will not be listed on any securities exchange.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a monthly contingent coupon of at least 13.30% per annum (about 1.10833% per month) per $1,000 note, but only when the Index is at or above 75.00% of its Initial Value on the relevant review date.
The notes can be automatically called quarterly starting on December 14, 2026 if the Index is at or above its Initial Value, returning $1,000 plus the applicable coupon, with no further payments. At maturity on December 17, 2030, if not called and the Index is at or above 70.00% of the Initial Value, investors receive $1,000 per note (plus any final coupon); if it is below that level, principal is reduced so investors can lose up to 70.00% of their investment.
The Index embeds a 6.0% per annum daily deduction and a notional financing cost on its QQQ-based exposure, which drags on performance. The notes are unsecured, unsubordinated obligations with minimum denominations of $1,000. The indicative estimated value is about $948.40 per $1,000 note and will not be less than $900.00 when final terms are set.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the Industrial Select Sector SPDR Fund, Technology Select Sector SPDR Fund and Utilities Select Sector SPDR Fund, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes run to December 13, 2027 and may be automatically called as early as December 8, 2026 if the closing price of one share of each fund is at or above its Initial Value on certain review dates.
Investors may receive monthly contingent interest at a rate of at least 11.00% per annum, but only when each fund is at or above 75% of its Initial Value, and missed coupons can be paid later if conditions are met. If the notes are not called and any fund finishes below its 75% Trigger Value at maturity, repayment of principal is reduced in line with the decline of the least performing fund, and investors can lose some or all of their investment. The estimated value is about $970 per $1,000 note and will not be less than $950, reflecting embedded structuring, hedging and distribution costs.
JPMorgan Chase Financial Company LLC is issuing $745,000 of auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a 14.00% per annum contingent interest rate (3.50% per quarter) for each Review Date on which the Index closes at or above 60.00% of the Initial Value.
The notes may be automatically called starting June 1, 2026 if the Index is at or above its Initial Value, returning $1,000 per note plus the applicable interest. If not called and the Final Value is at or above the 60% Trigger Value, investors receive principal plus the final contingent interest. If the Final Value is below the Trigger Value, repayment is reduced one-for-one with the Index loss, and investors can lose more than 40% and up to all principal.
The Index includes a 6.0% per annum daily deduction, which drags on performance versus an identical index without this charge. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value is $932.20 per $1,000 note, below the $1,000 price to the public.