JPMorgan Chase & Co. is offering $875,000 of Callable Fixed to Floating Rate Notes due November 28, 2045. The notes pay a fixed 10.00% per annum from issuance on November 28, 2025 through November 28, 2027, with interest paid in arrears on February 28, May 28, August 28 and November 28 each year.
After the initial period, the interest rate for each period is (7.55% − the Benchmark Rate) × 1.25, based on Compounded SOFR (or a Benchmark Replacement if a transition event occurs), with a minimum rate of 0.00% per annum. JPMorgan may redeem the notes in whole, but not in part, on the 28th of February, May, August and November from November 28, 2027 through August 28, 2045 at par plus accrued interest.
Per note, the price to the public is $1,000, including hedging costs, with selling fees of $24.796 and issuer proceeds of $975.204, for total estimated proceeds of $853,303.50. The notes are unsecured obligations of JPMorgan, structurally subordinated to subsidiary creditors, use a relatively new SOFR-based formula, are not designed for short-term trading, and are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring accrual of original issue discount.
JPMorgan Chase & Co. is offering callable fixed rate notes due December 12, 2040. The notes pay interest annually at a fixed rate of 5.15% per annum on each December 12, starting in 2026, until maturity or earlier redemption.
Beginning December 12, 2027, and every June 12 and December 12 thereafter through June 12, 2040, JPMorgan may redeem the notes in whole at par plus accrued interest. Investors therefore face reinvestment risk if the issuer calls the notes when market rates are lower.
The notes are unsecured obligations of JPMorgan Chase & Co., not bank deposits and not insured by the FDIC or any government agency. In a resolution of the firm under U.S. bankruptcy or Title II of Dodd-Frank, losses could be imposed on unsecured creditors, including these noteholders, after equity and structurally senior subsidiary creditors.
Pricing guidance indicates a public offering price between $962.60 and $1,000 per $1,000 principal amount, with selling commissions up to $47.50 per note in typical cases and about $17.00 if priced as of the described date.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Digital Barrier Notes linked to the common stock of Advanced Micro Devices, Inc. (AMD), maturing on December 31, 2026. These notes are designed to pay a fixed return of at least 15.00% at maturity if AMD’s final stock price on the observation date is at or above 50.00% of its initial price, called the Barrier Amount.
If AMD’s final price is below the Barrier Amount, repayment is reduced dollar for dollar with AMD’s decline from the initial level, so investors can lose more than half, up to all, of their principal. The notes do not pay periodic interest or dividends and are unsecured, unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The minimum denomination is $1,000.
The indicative estimated value is approximately $980.00 per $1,000 at launch and will not be less than $950.00 per $1,000, reflecting embedded selling commissions, structuring fees, hedging costs and dealer profits. Key risks include loss of principal, capped upside at the contingent digital return, lack of market liquidity, valuation below issue price in the secondary market, conflicts of interest from JPMorgan affiliates’ hedging and trading, and uncertain tax treatment, including potential future changes affecting prepaid forward-style instruments.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the Class A common stock of Palantir Technologies Inc. The notes pay a monthly Contingent Interest Payment of at least $15.4167 per $1,000 (a Contingent Interest Rate of at least 18.50% per annum) for any Review Date on which Palantir’s closing share price is at or above 60.00% of the Initial Value.
The notes may be automatically called on specified Review Dates (other than the first, second and final) if Palantir’s share price is at or above the Initial Value, in which case investors receive $1,000 plus the applicable Contingent Interest Payment and any previously unpaid Contingent Interest Payments, and the notes terminate early. If held to maturity and the Final Value is at least 50.00% of the Initial Value, investors receive $1,000 plus any due Contingent Interest Payments; if the Final Value is below 50.00%, repayment is reduced dollar-for-dollar with Palantir’s decline, and investors can lose most or all of their principal.
The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, subject to its and JPMorgan Chase & Co.’s credit risk, offered in minimum denominations of $1,000. If priced on the date referenced, the estimated value would be approximately $958.30 per $1,000 note, and when set it will not be less than $900.00 per $1,000. The notes do not pay dividends, may not be liquid, and may never pay any Contingent Interest Payments if the stock stays below the Interest Barrier on all Review Dates.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $1,621,000 of Auto Callable Accelerated Barrier Notes linked to the iShares Ethereum Trust ETF (ticker ETHA), maturing on November 29, 2028. The notes may be automatically called on November 27, 2026 if the ETF’s closing price is at or above the Call Value, paying $1,000 plus a fixed call premium of $372.50 per $1,000 note.
If not called and the ETF rises above the Initial Value of $22.45, investors receive an uncapped payoff equal to 1.50 times the Fund’s gain. If the Final Value is at or above the Barrier Amount of 60% of the Initial Value, principal is returned; below that barrier, losses are one-for-one with the Fund’s decline and investors can lose all principal. The notes pay no interest, are unsecured obligations exposed to JPMorgan Financial and JPMorgan Chase & Co. credit risk, and depend on a highly volatile ether-linked ETF. The price to public is $1,000 per note versus an estimated value of $900.60, and the notes are not exchange-listed, so secondary market liquidity may be limited.
JPMorgan Chase Financial Company LLC is offering $470,000 of capped digital notes linked to the J.P. Morgan Dynamic BlendSM Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes have a Contingent Digital Return of 18.50% at maturity if the Index’s Final Value is at or above the Initial Value of 151.43, giving a fixed payout of $1,185 per $1,000 note in that case. If the Index finishes below the Initial Value, investors receive only their $1,000 principal per note, with no upside and no periodic interest payments.
The Index dynamically allocates between a U.S. large-cap equity futures index and a 2‑year U.S. Treasury futures index, targeting 3.0% volatility and deducting 0.95% per year, which can drag on performance. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. They are not listed on any exchange, may have limited liquidity, and the estimated value at pricing, $938.70 per $1,000 note, is below the issue price because of fees, hedging costs and dealer compensation.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Digital Buffered Notes linked to the S&P 500® Index with a total offering size of $15,470,000 at $1,000 per note. The notes provide a fixed Contingent Digital Return of 7.02%, so if at maturity the index is at or above its initial level, or down by up to the 15% buffer, investors receive $1,070.20 per $1,000 note. If the index falls more than 15%, losses accelerate at a 1.17647x downside leverage factor, and investors can lose all principal. The notes price on November 24, 2025, mature on December 10, 2026, and have an estimated value of $981.80 per $1,000 note, reflecting selling commissions and hedging costs. Tax treatment is complex and may be affected by future IRS guidance, and the notes are intended to be held to maturity rather than traded.
JPMorgan Chase Financial Company LLC is offering medium-term structured notes linked to a basket of five international equity indices: the EURO STOXX 50® (38%), TOPIX® (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%). Each note has a $1,000 principal amount, bears no interest, and matures on January 7, 2027, with JPMorgan Chase & Co. providing a full and unconditional guarantee.
At maturity, investors receive cash based on basket performance from the trade date to January 5, 2027. Upside is enhanced by a 150% participation rate but is capped so that the maximum settlement amount is expected between $1,133.20 and $1,156.30 per $1,000. A 10% downside buffer protects principal for basket declines up to 10%; below that, losses are leveraged at roughly 1.1111% for each additional 1% drop, and investors can lose all principal.
The notes will not be listed, and any secondary market would be made primarily by J.P. Morgan Securities LLC. The estimated value at pricing is expected between $974.80 and $984.80 per $1,000, reflecting embedded selling, structuring and hedging costs. Payments depend on the credit of both the issuer and JPMorgan Chase & Co., and the tax treatment is complex and subject to change.
JPMorgan Chase Financial Company LLC is offering $4,538,000 of auto callable notes linked to the J.P. Morgan Multi-Asset Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination, prices at $1,000, and carries selling fees of $42.5593 per note, leaving $957.4407 in proceeds to the issuer. The notes may be automatically called as early as November 27, 2026 if the Index closes at or above preset Call Values, paying back $1,000 plus a fixed Call Premium that steps up from 9.50% to 57.00% over six Review Dates.
If not called, at maturity on November 30, 2032 investors receive $1,000 plus an Additional Amount equal to the Index Return times a 100% participation rate, floored at zero, so principal is repaid in full but there are no interest coupons. The Index is a JPMorgan-designed, futures-based multi-asset strategy with a 1.00% per annum daily deduction, momentum-driven rebalancing and a 4% starting volatility target. Key risks include the unsecured credit risk of JPMorgan Financial and JPMorgan Chase & Co., lack of liquidity, potential early call limiting upside, complex index methodology and the issuer’s right to alter payments after a commodity hedging disruption event. The estimated value at pricing is $925.90 per $1,000 note, below issue price.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Auto Callable Buffered Return Enhanced Notes linked to the EURO STOXX 50® Index. Each note has a $1,000 price to the public, with a total offering of $1,393,000 and an estimated value of $975.70.
On the review date, if the index is at or above the initial level of 5,528.67, the notes are automatically called and pay $1,000 plus a 12.55% call premium. If not called, and the index is above the initial level at maturity, investors receive an uncapped leveraged payoff based on 1.25 times the positive index return.
If the index is down by up to 15% at maturity, principal is returned. Below this 15% buffer, losses are magnified by a downside leverage factor of 1.17647, which can result in substantial or total loss of principal. The notes are unsecured, not bank deposits, and are not insured by the FDIC, with secondary market prices and liquidity subject to multiple market and valuation factors.