J.P. Morgan filed a Rule 424(b)(3) index supplement under Registration Statement Nos. 333-270004 and 333-270004-01, updating materials for the J.P. Morgan Total Return SM Index.
The update presents hypothetical backtested and actual historical monthly and annual returns and weights. Backtesting uses alternative performance for some Basket Constituents from May 3, 2004 to June 25, 2014, then backtested performance using actual constituent data from June 26, 2014 to July 12, 2017, followed by actual index performance from July 13, 2017 to October 31, 2025. The methodology described is the one currently used to calculate the Index, with reminders that past performance and allocations are not indicative of future results.
Key risks highlighted include: the Index’s limited operating history (established July 13, 2017), momentum strategy risks, monthly rebalancing and weighting constraints, potential correlation effects among constituents, and fixed-income market exposures (including high-yield, MBS, preferreds, floating-rate notes, and emerging markets). The materials note a historical volatility threshold of 5% that may not be maintained and the credit risk of JPMorgan Chase Bank, N.A.. JPMS, as Index Sponsor, may make adjustments that affect index levels.
JPMorgan Chase Financial Company LLC is offering Capped Dual Directional Contingent Buffered Equity Notes linked to the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The total offering is $10,000,000 at $1,000 per note, with selling fees of $15.83 per note and proceeds to the issuer of $9,841,700. The estimated value is $978.60 per $1,000 note.
The notes provide unleveraged upside to the Index capped at a Maximum Upside Return of 8.25%, and a positive return equal to the Absolute Index Return when the Index declines by up to the Contingent Buffer Amount of 46.95%. If the Index falls by more than 46.95% from the Index Strike Level of 6,654.95, investors lose 1% of principal for each 1% further decline and may lose all principal. No interest or dividends are paid.
Key dates: Strike Date November 7, 2025; Pricing Date November 10, 2025; Valuation Date December 30, 2027; Maturity Date January 4, 2028. Minimum denominations are $10,000 and integral multiples of $1,000. The notes are unsecured and not FDIC insured.
JPMorgan Chase Financial Company LLC is offering unsecured "Review Notes" linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called as early as November 23, 2026 if the Index is at or above a preset Call Value, paying back principal plus a fixed Call Premium Amount.
The notes pay no interest or dividends and expose holders to loss of some or all principal if, at maturity in November 2030, the Index finishes below a 50% Barrier Amount. The Index itself is highly engineered: it uses leveraged exposure (up to 500%) to E-mini S&P 500 futures, targets 35% implied volatility, and applies a 6.0% per annum daily deduction that drags performance. The minimum denomination is $1,000, and the estimated value is expected to be about $905 per $1,000, not less than $900, reflecting embedded costs and issuer funding assumptions.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $2,038,000 of auto callable barrier notes linked to the lesser performance of the Russell 2000 Index and the S&P 500 Index, maturing November 10, 2028. The notes may be automatically called on November 13, 2026 if each index is at or above its Call Value, paying $1,000 plus a $162.50 call premium per note. If not called, investors receive uncapped, unleveraged exposure to any gain in the lesser performing index at maturity, but lose principal 1-for-1 if that index finishes below 60% of its initial level, with the potential to lose all principal. The notes pay no interest, do not pass through dividends, are unsecured, not FDIC insured, not exchange-listed, and carry the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The estimated value is $971.90 per $1,000 note, below the issue price due to structuring and hedging costs.
JPMorgan Chase Financial Company LLC is issuing $1,858,000 of structured Review Notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to auto-call as early as November 13, 2026 if the Index is at or above the Call Value, paying back $1,000 per note plus a call premium that starts at 18.25% of principal and steps up to 91.25% on the final review date.
If the notes are not called, principal is protected only down to a 15% buffer; if the Index falls more than that, repayment is reduced dollar-for-dollar and investors can lose up to 85% of principal at maturity on November 13, 2030. The Index embeds a 6.0% per annum daily deduction and a notional financing cost on the QQQ Fund, which drags on performance versus an undeducted index.
The notes pay no interest or dividends, are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, and all payments depend on the credit of the issuer and guarantor. The price to public is $1,000 per note, with $44 in fees and commissions and an estimated value of $909.20 per $1,000 at pricing.
JPMorgan Chase & Co. provides an index supplement describing historical and hypothetical performance for the S&P 500 Daily Risk Control 10% Index through October 31, 2025. The table shows monthly and annual percentage returns from 1999 to 2025, including a mix of backtested data before May 13, 2009 and actual index levels thereafter.
The material emphasizes that backtested results use proxies and may differ significantly from real-world outcomes, and that past performance is not indicative of future results. It highlights key risks, including that the index may not meet its 10% volatility target, may be significantly uninvested at times, and reflects deductions for a notional financing cost whose calculation methodology was recently changed. The update replaces prior written materials about this index.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering digital notes due May 19, 2027 linked to the iShares 20+ Year Treasury Bond ETF (TLT). The notes pay no interest and repay at maturity an amount based on the ETF’s price performance from the trade date to the determination date.
For each $1,000 note, if the final ETF level is at least 90% of its initial level, investors receive a fixed "threshold settlement amount" expected between $1,086.60 and $1,101.60, capping upside to roughly 8.66%–10.16%. If the ETF falls by more than 10%, principal is lost on a leveraged basis: every additional 1% drop beyond the 10% buffer reduces repayment by about 1.1111%, up to a total loss.
The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., will not be listed on an exchange, and have an estimated value at pricing expected between $966.20 and $976.20 per $1,000, reflecting embedded costs, hedging and dealer compensation. The filing also highlights complex and uncertain U.S. tax treatment and potential conflicts of interest in pricing, hedging and secondary market making.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 7-year auto callable review notes linked to the MerQube US Tech+ Vol Advantage Index, which references an unfunded position in the Invesco QQQ Trust and targets volatility with exposure between 0% and 500%. The Index level reflects a 6.0% per annum daily deduction, and the QQQ-linked performance is reduced by a daily notional financing cost.
The notes have a minimum denomination of $1,000, a pricing date of December 9, 2025, a final review date of December 9, 2032, and a maturity date of December 14, 2032. If on any review date the Index is at or above the call value of 100% of its initial level, the notes are automatically called for $1,000 plus a call premium based on a call premium rate of at least 20%, with the premium growing over time.
If the notes are not called and the final Index level is at or above the 60% barrier, principal is returned at maturity. If the final level is below the barrier, repayment equals $1,000 plus $1,000 times the Index return, so holders can lose more than 40% and up to all principal. The estimated value at issuance will not be less than $900 per $1,000, and payments are subject to the credit risks of both the issuer and guarantor, as well as numerous structural and index-related risks.
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, targeting automatic early redemption at a premium if the index closes at or above 100% of its initial level on scheduled review dates.
The notes have a final maturity on November 17, 2028, with the first possible automatic call on November 17, 2026. If called, investors receive their $1,000 principal plus a call premium that starts at at least 25.75% of principal on the first review date and rises to at least 77.25% by the final review date. If not called, principal is repaid at maturity only if the final index level is at least 80% of its initial level; below that barrier, repayment is reduced in line with the index loss, and investors can lose up to all of their investment.
The underlying index allocates dynamically to E-mini S&P 500 futures with leverage up to 500% and includes a 6.0% per annum daily deduction, which acts as a persistent drag on index performance. The indicative estimated value is approximately $920 per $1,000 note and will not be less than $900, reflecting selling commissions, hedging costs and issuer funding assumptions.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Uncapped Buffered Return Enhanced Notes linked to the lesser performer of the S&P 500 Index and the EURO STOXX 50 Index, maturing in November 2028. The notes are issued in $1,000 minimum denominations and do not pay interest or dividends.
At maturity, investors gain at least 1.511 times any positive return of the worse-performing index, with a 25% downside buffer. If either index falls more than 25%, principal is reduced on a 1-for-1 basis beyond that level, up to a maximum loss of 75% of principal. A preliminary estimated value is about $978.50 per $1,000 note and will not be less than $900. Investors face credit risk of both JPMorgan Financial and JPMorgan Chase & Co., potential illiquidity, and complex U.S. tax treatment.