JPMorgan Chase & Co. 424B Filings

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is issuing $640,000 of auto-callable structured notes linked to the MerQube US Tech+ Vol Advantage Index, maturing August 15, 2031 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on scheduled Review Dates starting August 16, 2027 if the Index closes at or above 100% of its Initial Value, paying $1,000 plus a fixed call premium (from 25.65% to 128.25% of principal, depending on call date). If never called and the Final Index Value is at least 50% of the Initial Value, investors receive principal back at maturity; otherwise, repayment is $1,000 plus $1,000 × Index Return, exposing holders to more than 50% and up to 100% loss of principal.

The Index has a 6.0% per annum daily deduction and a notional financing cost on the QQQ Fund (SOFR + 0.50%), which together drag performance and cause the Index to lag a comparable undeducted index. The notes pay no interest or dividends, are unsecured obligations subject to JPMorgan credit risk, have an estimated value of $938.50 per $1,000 at pricing versus a $1,000 issue price, and are not expected to be exchange-listed, limiting liquidity.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is issuing $289,000 of Capped Dual Directional Buffered Return Enhanced Notes linked to the worst performer of the Nasdaq-100®, Russell 2000® and S&P 500® indices, maturing August 16, 2029.

The notes offer 1.50x leveraged upside on any positive return of the least performing index, capped at a Maximum Upside Return of 55.20% (maximum payment $1,552 per $1,000). If the worst index finishes down by up to the 20.00% Buffer Amount, investors receive a positive return equal to the absolute decline, up to 20% (maximum negative-side payment $1,200 per $1,000).

If any index falls by more than 20%, principal is reduced 1% for each additional 1% decline, with a minimum payoff of $200 per $1,000 (an 80% loss). The notes pay no interest or dividends and are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. Issue price is $1,000 per note, including $29.50 in selling commissions; issuer proceeds are $970.50 per note, and the estimated value at pricing was $965.20.

JPMORGAN CHASE & CO (JPM), via JPMorgan Chase Financial Company LLC, is offering $2,105,000 of Auto Callable Contingent Interest Notes due August 15, 2031, linked separately to the Nasdaq‑100, Russell 2000 and S&P 500 indices and fully guaranteed by JPMorgan Chase & Co.

The notes pay a contingent interest rate of 8.10% per year (0.675% monthly) only if on a Review Date each index is at or above 60% of its Initial Value (the Interest Barrier). The notes are automatically called, starting February 12, 2027, if on a Review Date (other than the first five and the final) each index is at or above its Initial Value, in which case investors receive principal plus that period’s contingent interest and no further payments.

If not called, at maturity investors receive principal plus the final contingent coupon only if each index is at or above 55% of its Initial Value (the Trigger Value); otherwise, repayment is reduced 1% for each 1% decline of the worst‑performing index, down to a complete loss. The structure offers no guaranteed interest, no principal protection, is unsecured and subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., limited liquidity, an estimated value of $966.40 per $1,000 note below issue price, and complex U.S. tax treatment.

JPMorgan Chase & Co. (through issuer JPMorgan Chase Financial Company LLC) is offering $1,467,000 of structured “Review Notes” linked individually to the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index, maturing on August 15, 2030 and subject to an unconditional guarantee by JPMorgan Chase & Co.

The notes may be automatically called on annual Review Dates starting August 17, 2027 if each index is at or above its Call Value, paying $1,000 principal plus a fixed Call Premium of 9.10%, 18.20%, 27.30% or 36.40% depending on the call year. If never called and any index finishes below its 70% Barrier Amount, repayment at maturity is reduced one-for-one with the Least Performing Index Return, potentially to zero.

The price to the public is $1,000 per note, including $37 in selling commissions, for issuer proceeds of $963 per note. The issuer’s estimated value is $944.70 per note at pricing, reflecting internal funding and hedging costs. The notes pay no interest or dividends, are unsecured, unlisted, and expose investors to the credit risk of both the issuer and JPMorgan Chase & Co.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is offering $250,000 of Auto Callable Accelerated Barrier Notes linked to the least performing of Intel, Delta Air Lines and Regeneron common stocks, maturing August 10, 2029 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes are issued in $1,000 denominations, priced at 100% of principal with dealer selling commissions of $8.50 per note and issuer proceeds of $991.50 per note; the initial estimated value is $977.30 per note. An automatic call may occur on the November 9, 2026 review date if each stock is at or above its Call Value (70% of its strike), paying $1,153 per $1,000 and terminating the investment.

If not called, at maturity investors receive 1.5 times any positive return of the least performing stock if all three finish above their strike values, par if any are at or below strike but all remain at or above their Barrier Amount (60% of strike), and suffer a one-for-one loss with the least performer if any falls below its barrier, risking loss of more than 40% and up to 100% of principal. The notes pay no interest, provide no dividends or stockholder rights, are unsecured and unsubordinated, subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and are not listed, so liquidity may be limited.

JPMORGAN CHASE & CO (JPM), through JPMorgan Chase Financial Company LLC, is offering $1,000,000 of unsecured Review Notes linked to the J.P. Morgan Multi-Asset Index, due August 15, 2036, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on annual Review Dates starting August 16, 2027 if the Index is at or above 100% of its Initial Value, paying $1,000 plus a growing Call Premium (from 12% up to 120%) per note, after which no further payments are made. The notes pay no interest. If not called, principal is protected only by a 10% buffer; below that, losses are magnified by a 1.11111 downside leverage factor, so investors can lose some or all principal at maturity.

The Index reflects a 1.00% per annum daily deduction and is an excess return, rules-based strategy of futures-based indices across equities, bonds and commodities. Price to public is $1,000 per note, including $10 of selling commissions, for issuer proceeds of $990 per note; the estimated value at pricing was $938.70 per $1,000 note, reflecting embedded costs and JPMS’s internal funding rate.

JPMORGAN CHASE & CO (JPM), via JPMorgan Chase Financial Company LLC, is offering unsecured Digital Contingent Buffered Notes linked to the S&P 500® Index. The notes target a fixed Contingent Digital Return of at least 113.25%, so if at maturity the Index is at or above the Index Strike Level, or down by up to the 10.00% Contingent Buffer Amount, investors receive $1,000 plus that fixed return, implying a maximum payment of $2,132.50 per $1,000 note.

If the Index ends more than 10% below the Index Strike Level, principal is reduced 1% for each 1% Index decline, with the entire principal at risk. The Index Strike Level is the S&P 500 closing level on the Strike Date; the Ending Index Level is measured on the Valuation Date, August 14, 2036, with maturity on August 19, 2036. The notes pay no interest or dividends and will not be listed; liquidity would rely on J.P. Morgan Securities LLC making a secondary market, if any.

The notes are subject to the credit risk of both JPMorgan Chase Financial Company LLC and its guarantor, JPMorgan Chase & Co. If priced on the sample date, the estimated value would be about $948.90 per $1,000, and will not be less than $930.00 per $1,000 when finalized, reflecting embedded costs and hedging. U.S. tax treatment is expected to follow "open transaction" prepaid contract treatment, but this could change with future IRS guidance.

JPMorgan Chase & Co. (JPM), through JPMorgan Chase Financial Company LLC, is offering unsecured, unsubordinated structured notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and EURO STOXX 50® Index, maturing on August 22, 2031 and fully guaranteed by JPMorgan Chase & Co. The notes pay a Contingent Interest Payment on each monthly Review Date only if each index closes at or above 70% of its Initial Value (the Interest Barrier); otherwise no interest is paid for that period. The issuer may redeem the notes early, in whole, on specified Interest Payment Dates beginning February 24, 2027, typically paying $1,000 plus the applicable contingent interest.

If held to maturity and not called, investors receive $1,000 per note plus any final contingent interest if each index’s Final Value is at or above its Trigger Value of 60% of Initial Value; if any index finishes below its Trigger Value, principal is reduced 1% for each 1% decline in the least performing index, potentially down to zero. The hypothetical minimum Contingent Interest Rate is 10.25% per annum (0.85417% monthly), and total hypothetical contingent interest over the term could reach about $512.50 per $1,000 note if all 60 payments are made. The estimated value is indicated at approximately $950 per $1,000 on the trade date and will not be less than $930, reflecting structuring and hedging costs, and investors face significant market, credit, liquidity and tax risks, including possible loss of all principal and no interest.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is offering unsecured, unsubordinated Auto Callable Contingent Interest Notes due August 17, 2028, linked to the least performing of the Nasdaq‑100 Index®, the Russell 2000® Index and the S&P 500® Index, and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a contingent interest rate of at least 12.00% per annum, payable quarterly, only if on a Review Date the closing level of each index is at or above 75.00% of its Strike Value (the Interest Barrier; also the Trigger Value). If on any non‑initial, non‑final Review Date each index is at or above its Strike Value, the notes are automatically called, returning $1,000 per note plus the applicable contingent interest and any previously unpaid contingent interest. If not called and at maturity any index finishes below its Trigger Value, principal is reduced 1% for each 1% decline of the least performing index from its Strike Value, potentially to zero, so principal is fully at risk.

The minimum denomination is $1,000 per note, with price to public of $1,000 and initial estimated value of approximately $960 per $1,000, and not less than $950 per $1,000, reflecting structuring and hedging costs. The notes will not be listed; liquidity, credit risk of both the issuer and guarantor, tax treatment and complex payoff structure are highlighted as key risks.

JPMorgan Chase & Co. (JPM), through JPMorgan Chase Financial Company LLC, is offering $992,000 of unsecured Digital Barrier Notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq‑100® Technology Sector and Russell 2000® Index, maturing on February 17, 2028. The notes pay a fixed 12.30% Contingent Digital Return at maturity per $1,000 principal only if the final level of each index is at or above 60.00% of its Initial Value (the Barrier Amount). If any index finishes below its Barrier Amount, principal is reduced 1% for each 1% decline of the least performing index from its Initial Value, down to a total loss. The notes are issued in $1,000 minimum denominations, are fully and unconditionally guaranteed by JPMorgan Chase & Co., and carry credit risk of both the issuer and guarantor. The price to the public is $1,000 per note, including $22.25 in selling commissions, with an estimated value at pricing of $975.30 per $1,000.

JPMorgan Chase & Co. (JPM), through its finance subsidiary JPMorgan Chase Financial Company LLC, is offering $686,000 of unsecured, unsubordinated Auto Callable Notes linked to the least performing of Alphabet Class A, Microsoft and Amazon.com common stocks, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes price at $1,000 per note, with selling commissions of $10 per note and issuer proceeds of $990 per note.

The notes may be automatically called on August 16, 2027 for $1,105.50 per $1,000 note if each reference stock is at or above 100% of its initial value. If not called, at maturity on August 16, 2029 investors receive principal plus 150% of the positive return of the least performing stock, based on its price on August 13, 2029, with no downside below par but no interest or dividends. The estimated value at pricing is $972.60 per $1,000 note, and the instruments are treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring accrual of original issue discount at a comparable yield of 4.31%.

JPMORGAN CHASE & CO (JPM), through JPMorgan Chase Financial Company LLC, is offering $3,710,000 of unsecured Callable Contingent Interest Notes due August 15, 2031, linked to the least-performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index. The notes pay a contingent monthly coupon at a rate of 10.25% per annum (0.85417% per month) only if on each Review Date all three indices are at or above 70% of their Initial Values; otherwise no interest is paid for that period. The notes can be redeemed early at the issuer’s option on specified Interest Payment Dates starting August 17, 2027, at $1,000 plus any due contingent interest. If held to maturity and not called, principal is protected only if each index’s Final Value is at or above 65% of its Initial Value; if any index is below this Trigger Value, repayment is reduced one-for-one with the decline of the worst-performing index, potentially down to zero. The initial public offering price is $1,000 per note, with an estimated value of $967.80 per note, reflecting embedded fees, hedging costs and dealer compensation, and secondary market liquidity is expected to be limited.

JPMORGAN CHASE & CO (symbol: JPM) is the issuer of record for a Form 424B2 filing submitted to the SEC.

JPMORGAN CHASE & CO (JPM), via JPMorgan Chase Financial Company LLC, is offering $352,000 of Auto Callable Contingent Interest Notes linked individually to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing February 17, 2028 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a 7.15% per annum Contingent Interest (0.59583% monthly) only if on a Review Date each index is at or above 70% of its Initial Value (the Interest Barrier). From November 12, 2026, the notes are automatically called if each index is at or above its Initial Value.

If not called and, on the final Review Date, any index is below its Trigger Value (also 70% of Initial Value), principal is reduced 1% for each 1% decline of the Least Performing Index, down to zero. The price to public is $1,000 per note, including $22.25 in selling commissions, with issuer proceeds of $977.75 per note and an estimated value at pricing of $964.10, subject to JPMorgan credit and significant market and liquidity risks.

JPMorgan Chase & Co. (JPM), through JPMorgan Chase Financial Company LLC, is offering $4,586,000 of Auto Callable Accelerated Barrier Notes linked to the Nasdaq-100 Index®. The notes mature on August 16, 2029 and may be automatically called on August 18, 2027 if the Index is at or above a specified Call Value, in which case holders receive $1,000 plus a $160 Call Premium per note and the notes terminate early.

If not called and the Index ends above its Initial Value, investors receive $1,000 plus 1.50 times the Index’s gain. If the Final Value is at or above 80% of the Initial Value, principal is returned. If the Final Value is below this 80% Barrier Amount, repayment is reduced one-for-one with the Index decline, potentially to zero. The notes pay no interest or dividends, are unsecured obligations of JPMorgan Financial fully and unconditionally guaranteed by JPMorgan Chase & Co., and their value and payments are subject to the credit risk of both entities.

The notes are sold in $1,000 minimum denominations at par, but their initial estimated value is $988.60 per $1,000 due to embedded structuring and hedging costs. They will not be listed on any exchange, and secondary market prices are expected to be below the original issue price and sensitive to market, volatility and credit factors.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is issuing $1,643,000 of Uncapped Dual Directional Accelerated Barrier Notes maturing August 16, 2029, linked to the lesser performer of the Dow Jones Industrial Average and the S&P 500 Index and fully guaranteed by JPMorgan Chase & Co.

At maturity, if both indices finish above their initial levels, holders receive principal plus 1.141x the gain of the lesser-performing index. If either index is at or below its initial level but both remain at or above 71.00% of initial (the Barrier Amount), investors receive principal plus the absolute percentage decline of the lesser-performing index, capped at a 29.00% gain (maximum payment $1,290 per $1,000 when the lesser index is down 29%). If either index ends below its Barrier Amount, principal is reduced 1% for each 1% decline of the lesser-performing index, down to a total loss.

The notes pay no interest, provide no dividends, are unsecured obligations of JPMorgan Financial and are subject to the credit risk of both the issuer and guarantor. The price to public is $1,000 per note, with no sales commissions; the issuer’s estimated value is $981.40 per $1,000, reflecting embedded structuring and hedging costs. The Dow closed at 53,770.27 and the S&P 500 at 7,748.50 on August 12, 2026.

JPMorgan Chase & Co. (JPM), as guarantor, is supporting a $500,000 offering of Capped Buffered Return Enhanced Notes issued by JPMorgan Chase Financial Company LLC, linked to the S&P 500 Index and maturing on August 15, 2030. The notes offer 1.50x any positive Index return at maturity, capped at a maximum total return of 42.75% (maximum payment $1,427.50 per $1,000).

The structure includes a 20% downside buffer; beyond that, investors lose 1% of principal for each additional 1% Index decline, up to an 80% maximum loss (minimum payment $200 per $1,000). The price to public is $1,000 per note, with an estimated value of $977.30 and underwriting fees of $8.50 per $1,000. The notes pay no interest or dividends, are unsecured and unsubordinated, not FDIC insured, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., with limited liquidity and potentially lower secondary-market prices.

JPMORGAN CHASE & CO (JPM), via JPMorgan Chase Financial Company LLC, is issuing $910,000 of auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, maturing August 15, 2031 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a monthly 13.35% per annum Contingent Interest Payment (1.1125% per month) only if the Index on each Review Date is at or above 75% of its Initial Value (the Interest Barrier). From August 12, 2027, the notes are automatically called if the Index is at or above the Call Value; investors then receive $1,000 plus the applicable contingent interest and no further payments.

If not called, principal is protected only down to the 85% Buffer Threshold: if the Final Value is below this level, investors lose 1% of principal for each 1% Index decline beyond the 15% buffer, up to an 85% loss. The underlying Index embeds a 6.0% per annum daily deduction and a notional financing cost, so it will underperform an equivalent index without these charges and may decline even if the QQQ Fund performs positively. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. Issue price is $1,000 per note, with $44 in fees and commissions and an estimated value of $904.60.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is offering $7,790,000 of unsecured Review Notes linked to the MerQube US Tech+ Vol Advantage Index, maturing August 15, 2031 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on quarterly Review Dates starting August 17, 2027 if the Index is at or above 100% of its Initial Value, paying $1,000 plus a Call Premium that steps from 20% on the first Review Date up to 100% on the final one. If not called, principal is protected only by a 15% buffer; below that, losses match the Index decline in excess of 15%, up to an 85% loss. The Index embeds a 6.0% per annum daily deduction and a notional financing cost on the QQQ Fund, which drag on performance versus an undeducted index. The notes pay no interest or dividends, are not FDIC insured, and any payment is subject to the credit risk of both the issuer and the guarantor. The price to public is $1,000 per note, including fees and commissions, versus an estimated value of $907.80 at pricing.

JPMORGAN CHASE & CO (JPM), via JPMorgan Chase Financial Company LLC, is offering $380,000 principal amount of Uncapped Buffered Return Enhanced Notes linked to the S&P 500® Futures Excess Return Index, maturing on August 15, 2031 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes provide 2.04x leveraged upside on index appreciation at maturity, no cap, and a 20.00% downside buffer; beyond that, investors lose 1% of principal for each additional 1% index decline, up to a maximum principal loss of 80.00%, with a minimum payment of $200 per $1,000 note.

The notes pay no interest, are unsecured and unsubordinated, and will not be listed. Price to public is $1,000 per note, with selling commissions of $7.50 and issuer proceeds of $992.50 per note; the initial estimated value is $976.20 per $1,000 note.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is issuing $202,000 of unsecured structured “Review Notes” linked to the MerQube US Tech+ Vol Advantage Index, maturing August 15, 2031 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on any of nine semiannual Review Dates from August 13, 2027 onward if the Index is at or above the Call Value (100% of the Initial Value). In that case, investors receive $1,000 plus a fixed Call Premium that steps up from 28% to 140% of principal depending on the call date, and no further payments.

If never called, principal is repaid at maturity only if the Final Index Value is at or above the Barrier Amount, set at 60% of the Initial Value (8,499.546). Below the barrier, payoff is $1,000 plus $1,000 times the Index Return, exposing holders to losses greater than 40% and potentially a total loss of principal. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost on its QQQ-based underlying, which create a structural drag versus an equivalent index without such charges.

The notes are issued in $1,000 minimum denominations, pay no interest or dividends, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The public issue price is $1,000 per note, including $22.50 in selling commissions; the issuer’s estimated value at pricing is $927.80 per $1,000 note.

JPMorgan Chase & Co. (JPM), through JPMorgan Chase Financial Company LLC, is offering $585,000 of unsecured, unsubordinated Structured Investments Review Notes linked to the MerQube US Large-Cap Vol Advantage Index, maturing on August 15, 2031 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on nine semiannual Review Dates starting August 13, 2027 if the Index closing level is at or above the Call Value (100% of the Initial Value). On a call, investors receive $1,000 plus a fixed Call Premium Amount per $1,000 note, ranging from 28.00% on the first Review Date up to 140.00% on the final Review Date, and the notes terminate.

If not called, at maturity investors receive principal back if the Final Index Value is at or above the Barrier Amount, set at 60% of the Initial Value (2,689.926). If the Final Value is below the Barrier, repayment is $1,000 plus $1,000 × Index Return, so losses exceed 40% of principal and can reach 100%. The notes pay no interest or dividends.

The underlying MerQube US Large-Cap Vol Advantage Index is a rules-based strategy on E-mini S&P 500 futures with target volatility of 35% and exposure capped at 500%, and is subject to a 6.0% per annum daily deduction that drags performance. Minimum denomination is $1,000; price to public is $1,000 per note, including $22.50 in selling commissions and $977.50 in proceeds to the issuer. The estimated value at pricing was $910.60 per $1,000 note, below issue price, and any return depends on both Index performance and the credit quality of JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is issuing approximately $4,625,000 of Step Down Trigger Autocallable Notes linked to the least‑performing of the Russell 2000, S&P 500 and EURO STOXX 50 indices, maturing on August 15, 2029 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The Notes are issued at $10 per Note (minimum investment $1,000), pay no interest and may be automatically called quarterly after an initial one‑year non‑call period if each index is at or above its Initial Value, or at maturity if each is at or above its Downside Threshold (70% of Initial Value). The Call Return Rate is 11.85% per annum, with Call Prices rising over time up to $13.555 per $10 Note (35.55% total) if called at maturity.

If the Notes are never called and any index finishes below its Downside Threshold on the Final Valuation Date, investors receive $10 × (1 + Least Performing Underlying Return), potentially losing a significant portion or all of principal. The estimated value at pricing is $9.713 per $10 Note, they will not be listed on any exchange, and all payments are subject to the creditworthiness of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.

JPMORGAN CHASE & CO (JPM), through JPMorgan Chase Financial Company LLC, is offering Enhanced Jump Securities with an auto-call feature maturing on September 6, 2029, linked to the worst performer of the Russell 2000, S&P 500 and Nasdaq‑100 indices. Each security has a $1,000 stated principal amount and issue price.

The notes pay no coupons. Investors receive an automatic early redemption if, on any of eight determination dates, all three indices close at or above their initial levels, for increasing payments starting at $1,116.50 on the first determination date up to $1,320.375 on the eighth. If held to maturity and all indices finish at or above 80% of their initial levels (the downside thresholds), the payment is at least $1,349.50, corresponding to about 11.65% per year.

If at final valuation any index is below its 80% downside threshold, repayment equals $1,000 times the index performance factor of the worst index, exposing investors 1‑for‑1 to that loss; the maturity payment can be well below 80% of principal and may be zero. Investors do not participate in any upside beyond the fixed schedule. The estimated value is about $951.10 per $1,000 note and will not be less than $930.00, reflecting embedded costs and dealer compensation.

JPMorgan Chase & Co. (JPM), through JPMorgan Chase Financial Company LLC, is offering $1,664,000 of unsecured Auto Callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index, maturing August 16, 2029 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a contingent interest rate of 9.85% per annum only for review dates when the index closes at or above 50% of its initial value (the Interest Barrier). The notes may be automatically called on specified review dates starting February 12, 2027 if the index is at or above its initial value, in which case investors receive $1,000 plus the applicable contingent interest and no further payments.

If the notes are not called and the final index level is at least 50% of the initial value (the Trigger Value), investors receive $1,000 plus the final contingent interest. If the final level is below the Trigger Value, the maturity payment is $1,000 plus $1,000 times the index return, so principal losses mirror index declines and can reach 100%. The index itself includes a 6.0% per annum daily deduction and can use leverage up to 500%, both of which can materially drag performance. The price to public is $1,000 per note, including $2.50 in selling commissions; the estimated value at pricing was $946.70 per $1,000.

JPMORGAN CHASE & CO (JPM), through JPMorgan Chase Financial Company LLC, is offering auto-callable, principal-at-risk structured notes (“Auto-Callable Dual Directional Trigger PLUS”) linked to the iShares Bitcoin Trust ETF. Each note has a $1,000 stated principal and matures on September 6, 2028.

If on the September 8, 2027 redemption observation date the ETF price is at or above the initial share price, the notes are automatically redeemed for at least $1,247 per note (at least 124.70% of principal). If not redeemed and the ETF finishes above the initial price, investors receive $1,000 plus 150% of the ETF’s positive return. If the ETF is down by no more than 25%, investors receive $1,000 plus an unleveraged “absolute return” up to a 25% gain.

If at maturity the ETF closes below the trigger level of 75% of the initial price, repayment is $1,000 multiplied by the share performance factor, resulting in a loss greater than 25% and possibly a total loss of principal. The notes pay no interest, are unsecured obligations of JPMorgan Chase Financial Company LLC fully guaranteed by JPMorgan Chase & Co., will not be listed on any exchange, and have an indicative estimated value of about $962.20 per $1,000 at launch (not less than $940). The underlying ETF tracks bitcoin, so investors face significant cryptocurrency volatility, regulatory, liquidity and tax risks.

JPMorgan Chase Financial Company LLC is offering $2,860,000 of Auto Callable Accelerated Barrier Notes linked to the Nasdaq-100 Index®, maturing on August 16, 2029 and fully guaranteed by JPMorgan Chase & Co. The notes may be automatically called on August 18, 2027 if the Index is at or above the Call Value, paying $1,126.50 per $1,000 note (a Call Premium Amount of $126.50). If not called, investors receive 1.50x any Index appreciation at maturity. Principal is protected only down to a Barrier Amount of 80% of the Initial Value; below that, losses match the Index decline and can reach 100%. The notes pay no interest or dividends, are unsecured obligations subject to JPMorgan Financial’s and JPMorgan Chase & Co.’s credit risk, and have an estimated value of $968.10 per $1,000 at pricing, below the issue price due to embedded fees and hedging costs.

JPMORGAN CHASE & CO (symbol: JPM) is the issuer of record for a Form 424B2 filing submitted to the SEC.

JPMORGAN CHASE & CO (as guarantor) supports Market-Linked Notes issued by JPMorgan Chase Financial Company LLC, tied to a basket of five international equity indices and maturing on September 3, 2032. The notes pay no interest and return at least the $1,000 principal per note at maturity, subject to the credit risk of the issuer and guarantor.

If the basket appreciates, holders receive $1,000 plus a supplemental amount equal to at least 140.50% of the basket percent increase. If the basket is flat or down, only principal is repaid. The basket weights are SX5E 40.00%, TPX 25.00%, UKX 17.50%, SMI 10.00% and AS51 7.50%. The issue price is $1,000 per note, with selling commissions of $30.00 and an additional $5.00 per note, and an estimated economic value of about $943.70 per $1,000 (not less than $920.00 on the pricing date). The notes are not listed on any exchange and are expected to be treated as contingent payment debt instruments for U.S. tax purposes.

JPMorgan Chase Financial Company LLC is offering Capped Buffered Enhanced Participation Equity Notes due January 27, 2028, linked to the MSCI EAFE® Index and fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount and pays no interest. At maturity, investors receive $1,000 plus or minus an equity-linked amount based on the index performance from the trade date (on or about August 14, 2026) to January 25, 2028.

If the index rises, investors receive 1.50x the positive return, capped at a maximum settlement amount expected between $1,199.95 and $1,234.60 per $1,000. If the index falls by up to 5.00%, principal is returned. Below a 5.00% decline, losses are magnified by a buffer rate of approximately 1.0526, and investors can lose their entire principal. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., are not FDIC insured, and will not be listed on an exchange. The original issue price is 100%, but the estimated value at pricing is expected between $973.60 and $983.60 per $1,000, reflecting embedded selling, structuring and hedging costs and the use of an internal funding rate. Secondary market prices, if any, are expected to be lower than the issue price and sensitive to market conditions and the issuers’ credit spreads.

JPMorgan Chase Financial Company LLC is offering capped structured notes due August 31, 2028, linked to the lesser performing of the S&P 500 Index and the Russell 2000 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 minimum denomination, a 100% participation rate in the positive return of the lesser performing index, and a maximum additional amount of at least $337.50 per $1,000 (a maximum return of at least 33.75%).

At maturity, if both indices finish above their initial levels, investors receive $1,000 plus the capped additional amount. If either index finishes at or below its initial level, the payoff is $1,000 plus the lesser performing index return, but not less than $950 per $1,000, exposing investors to up to a 5% loss of principal. The notes pay no interest, provide no dividends, are unsecured, and will not be listed on an exchange. An indicative estimated value is $988.90 per $1,000, and the final estimated value will not be less than $900.00, reflecting structuring and hedging costs. U.S. tax treatment is expected to follow rules for contingent payment debt instruments, requiring accrual of original issue discount.

JPMorgan Chase Financial Company LLC is offering $6,000,000 of Callable Fixed Rate Notes due August 14, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes bear interest at 5.10% per annum, paid annually on August 14, beginning August 14, 2027.

The issuer may redeem the notes in whole, but not in part, at par plus accrued interest on February 14 and August 14 of each year from August 14, 2027 through February 14, 2031, subject to the stated conventions. At maturity, investors receive principal plus any accrued and unpaid interest, if the notes have not been called. The issuer expects to receive net proceeds of $5,970,000 after selling commissions.

JPMorgan Chase Financial Company LLC is offering Auto Callable Accelerated Barrier Notes linked to the Nasdaq-100 Index®, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are expected to price on or about August 18, 2026, settle around August 21, 2026, and mature on August 23, 2029, with minimum denominations of $1,000.

The notes may be automatically called on August 24, 2027 if the Index closing level is at or above a Call Value, paying $1,000 plus a Call Premium Amount of at least $160. If not called, at maturity investors receive 1.50 times any positive Index return, full principal back if the Final Value is at or above an 80% Barrier Amount, and a 1:1 loss with Index declines if the Final Value is below the barrier, up to total loss of principal.

The notes pay no interest or dividends and are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The indicative estimated value is about $990.10 per $1,000 note and will not be less than $900.00, reflecting structuring and hedging costs. Secondary market liquidity is not assured and any resale price is likely to be below issue price.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes due August 21, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked to the MerQube US Tech+ Vol Advantage Index, which references the Invesco QQQ Fund with a volatility-targeting, leveraged strategy.

Investors may receive a contingent interest rate of at least 12.25% per annum, paid quarterly, only if on a Review Date the Index is at or above 60% of its Initial Value (the Interest Barrier. The notes are automatically called (no later payments) if on any non-first, non-final Review Date the Index is at or above the Initial Value, with the earliest call date on February 18, 2027.

If not called, and at maturity the Index is at or above the Trigger Value of 60% of the Initial Value, investors receive principal plus the final contingent coupon; otherwise they receive $1,000 + ($1,000 × Index Return) and can lose a substantial portion or all of principal. The Index includes a 6.0% per annum daily deduction and a daily notional financing cost, which create a drag on performance. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. An estimated value of $915.30 per $1,000 is indicated, and the final estimated value will not be less than $900.00 per $1,000.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., offers 3-year notes linked to the MerQube US Tech+ Vol Advantage Index, with a minimum denomination of $1,000. The Index is tied to the total return of the Invesco QQQ Trust, reduced by a daily notional financing cost, and includes a 6.0% per annum daily deduction.

The notes can be automatically called quarterly after an initial 6‑month non-call period if the Index level is at least 100% of its initial value, paying $1,000 plus a call premium of at least 9.675% at the first review, rising to at least 58.05% at the final review. If not called and the final Index level is at or above the 60% Barrier Amount, investors receive principal back at maturity on August 30, 2029. If the final level is below the barrier, repayment is $1,000 plus $1,000 times the Index return, so investors can lose more than 40% and up to all principal.

The estimated value at pricing will not be less than $900 per $1,000 note and is expected to be lower than the price to the public. Payments depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the notes pay no interest, dividends, or voting rights and may have limited secondary market liquidity.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is offering unsecured Autocallable Buffered Equity Notes due August 9, 2028, linked to the TOPIX® Index. Each note has a $1,000 principal amount and pays no interest.

The notes auto-call on August 16, 2027 if TOPIX is at or above its initial level, paying $1,000 plus a call premium of 11.49%–13.48%. If not called, at maturity investors receive $1,000 plus the greater of the TOPIX return or a maturity premium of 22.98%–26.96% if the index is at or above its initial level. There is a 10% downside buffer; below this, losses are amplified by a buffer rate of about 1.1111, and investors can lose their entire investment. Estimated value at issuance is $957.10–$967.10 per $1,000, reflecting selling commissions, hedging costs and issuer margin. The notes are not listed, are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and have complex, uncertain U.S. tax treatment.

JPMORGAN CHASE & CO (through JPMorgan Chase Financial Company LLC) is offering unsecured, unsubordinated structured notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination and may be automatically called on scheduled Review Dates starting March 1, 2027 if the Index is at or above 100% of its Initial Value, paying back principal plus a fixed Call Premium.

If not called, at maturity on August 30, 2029 investors receive principal back only if the Final Index Value is at or above a 60% Barrier Amount; otherwise the payoff is $1,000 plus $1,000 × Index Return, exposing holders to loss of more than 40% and potentially all principal. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost on the QQQ Fund, which drag performance and cause the Index to lag a comparable index without such deductions. The Index uses a 35% target volatility mechanism with exposure to the QQQ Fund ranging from 0% to 500%, introducing leverage and “volatility drag” risks. The indicative estimated value is about $908.40 per $1,000 note (not less than $900), below the issue price due to selling, structuring and hedging costs.

JPMorgan Chase & Co. (JPM) is fully and unconditionally guaranteeing auto callable contingent interest notes issued by JPMorgan Chase Financial Company LLC, linked to the MerQube US Tech+ Vol Advantage Index and maturing on August 21, 2031, in $1,000 minimum denominations. The notes may be automatically called quarterly starting February 18, 2027 if the Index is at or above its Initial Value, in which case investors receive principal plus the applicable contingent interest and no further payments.

The notes pay a contingent interest rate of at least 12.25% per annum (3.0625% per quarter) only for Review Dates when the Index closes at or above 60% of the Initial Value (the Interest Barrier). If the notes are not called and on the final Review Date the Index is below the 60% Trigger Value, repayment equals $1,000 plus $1,000 times the Index return, exposing investors to a significant or total loss of principal. The underlying Index employs up to 500% leverage, targets 35% implied volatility, and is subject to a 6.0% per annum daily deduction and a notional financing cost, which together drag performance and cause the Index to lag a similar index without such charges. The estimated value at pricing is expected to be between $900.00 and $1,000 per $1,000 note (approximately $911.40 on the date shown), and any payment depends on the credit of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase & Co. (JPM), via its wholly owned finance subsidiary JPMorgan Chase Financial Company LLC, is offering $6,780,000 of Medium‑Term Notes, Series A, titled Capped Buffered Enhanced Participation Equity Notes due September 15, 2028, linked to the MSCI EAFE® Index. The notes are fully and unconditionally guaranteed by JPMorgan Chase & Co. and do not pay interest.

Each note has a $1,000 principal amount and an original issue price of 100% with no underwriting commission, so net proceeds to the issuer are 100% of principal. The payoff at maturity depends on index performance from the trade date (August 11, 2026, initial level 3,245.58) to the determination date (September 13, 2028). Investors receive 1.6x upside participation if the index rises, but the return is capped at a maximum settlement amount of $1,294.08 per $1,000, corresponding to a cap level of 118.38% of the initial index level.

If the index falls but remains at or above 85.00% of its initial level (a 15.00% buffer), investors receive full principal back. Below the buffer, losses are magnified: for each 1% decline beyond 15%, the loss is about 1.1765% of principal, so investors can lose their entire investment. The estimated value of the notes at pricing was $992.20 per $1,000, reflecting structuring and hedging costs. The notes will not be listed, are subject to the credit risk of both the issuer and guarantor, and carry complex U.S. tax treatment described as an “open transaction” prepaid financial contract, which the IRS could challenge.

JPMORGAN CHASE & CO (through issuer JPMorgan Chase Financial Company LLC) is offering $6,500,000 of callable fixed rate notes due August 13, 2030, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay fixed interest at 5.15% per annum, calculated on a 30/360 basis and paid annually in arrears on August 13 of each year, beginning in 2027, if the notes remain outstanding. The issuer may redeem the notes in whole on the 13th of February, May, August and November from February 13, 2027 through May 13, 2030 at par plus accrued interest, subject to the stated business day and interest accrual conventions. The price to the public is $1,000 per note, with selling commissions of $2.277 per $1,000 and total proceeds to the issuer of $6,485,200. The notes are unsecured obligations, not bank deposits and not insured by the FDIC, and are expected to be treated as fixed-rate debt for U.S. federal income tax purposes without original issue discount.

JPMorgan Chase & Co. (JPM), via JPMorgan Chase Financial Company LLC, is offering auto callable contingent interest notes due October 1, 2027, linked individually to the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index. The notes pay a monthly Contingent Interest Payment only if on each Interest Review Date the closing level of every Index is at least 75.00% of its Initial Value (the Interest Barrier); otherwise no interest is paid for that month.

On quarterly Autocall Review Dates, if every Index is at or above its Initial Value, the notes are automatically called, returning $1,000 principal plus that period’s contingent interest, with no further payments; the earliest autocall date is March 1, 2027. If the notes are not called, at maturity investors receive $1,000 plus the final contingent interest if every Index is at or above its Trigger Value, also 75.00% of Initial Value. If any Index finishes below its Trigger Value, repayment is reduced proportionally to the Least Performing Index Return, and investors can lose a significant portion or all of principal.

The notes are unsecured and unsubordinated obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., and are subject to both entities’ credit risk. The indicative estimated value is approximately $964.10 per $1,000 note if priced today, and will not be less than $900.00 per $1,000 at issuance, reflecting embedded fees and hedging costs. The contingent interest rate will be at least 7.00% per annum (0.58333% per month), and the notes will not be listed, so liquidity will rely on dealer willingness to transact.

JPMORGAN CHASE & CO (through issuer JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co.) is offering callable structured notes linked to the lesser performance of the Russell 2000® and S&P 500® indices, maturing August 26, 2030, in $1,000 denominations.

The notes can be automatically called on annual Review Dates starting August 25, 2027 if each index is at or above its Call Value (100% of Initial Value), paying back principal plus a Call Premium of at least 10.75%, 21.50%, 32.25% or 43.00% depending on the call year. If not called and both indices finish at or above their Barrier Amounts (70% of Initial Value), investors receive principal only at maturity. If either index ends below its Barrier Amount, payoff is $1,000 + ($1,000 × Lesser Performing Index Return), so investors can lose more than 30% and up to all principal.

The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of both the issuer and guarantor, and will not be listed. Indicatively, if priced at the time described, the estimated value would be about $953.20 per $1,000 note and will not be less than $900.00, reflecting embedded fees, hedging costs and an internal funding rate that may reduce secondary-market values.

JPMorgan Chase & Co. (JPM), through its wholly owned finance subsidiary JPMorgan Chase Financial Company LLC, is offering callable fixed rate notes due August 29, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay fixed interest at 5.00% per annum, calculated on a 30/360 day count basis, with interest payable annually on August 31 beginning in 2027 and on the maturity date, if the notes have not been redeemed earlier.

The issuer may redeem the notes in whole, but not in part, on the last calendar day of February and August of each year from August 31, 2027 through February 28, 2031, at par plus accrued interest. The price to the public per $1,000 principal amount will generally be $1,000, but for eligible institutional investors or fee-based advisory accounts it will be between $990.10 and $1,000. If priced as illustrated, selling commissions would be about $5.75 per $1,000, and will not exceed $17.50 per $1,000. These securities are unsecured, are not bank deposits and are not insured by the FDIC or any other governmental agency.

JPMorgan Chase & Co. (JPM), through JPMorgan Chase Financial Company LLC, is offering unsecured structured notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called on annual Review Dates from August 26, 2027 to August 21, 2031 if the Index closes at or above 100% of its Initial Value. If called, investors receive $1,000 plus a Call Premium of at least 25%, 50%, 75%, 100% or 125% of principal, depending on the call year.

If never called, principal is protected only by a 15% Buffer Amount. At maturity in August 2031, if the Index has fallen by more than 15%, investors lose 1% of principal for each 1% decline beyond that buffer, up to an 85% loss. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost, which drag performance and cause the Index to trail a similar index without such charges. The structure uses dynamic, potentially leveraged exposure to the Invesco QQQ Fund (0–500% target exposure with a 35% target volatility). The notes pay no interest or dividends, have an estimated value of about $915.70 per $1,000 (not less than $900), are not FDIC insured, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase & Co. (JPM), through JPMorgan Chase Financial Company LLC, is offering unsecured Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index, due August 26, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a monthly Contingent Interest Payment only if the Index closes at or above an Interest Barrier of 80.00% of the Initial Value; otherwise no interest is paid. The notes are automatically called on quarterly review dates if the Index is at or above the Initial Value, with the earliest possible call on August 23, 2027, returning $1,000 plus the applicable contingent interest.

If not called, principal is protected only down to a Buffer Threshold of 85.00% of the Initial Value; below that, investors lose 1% of principal for each 1% Index decline beyond the 15.00% buffer, for a maximum loss of 85.00% of principal. The Contingent Interest Rate will be at least 17.15% per annum, paid monthly when due. The MerQube Index embeds a 6.0% per annum daily deduction and a notional financing cost on its QQQ exposure, uses leverage up to 500%, and targets 35% implied volatility, creating structural drag and volatility/leveraging risks.

The notes are expected to price around August 21, 2026, in minimum denominations of $1,000. If priced on the described date, the estimated value would be approximately $910.40 per $1,000 note and will not be less than $900.00, reflecting selling commissions (up to $41.50 per $1,000) and structuring and hedging costs. Payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co. and the notes will not be listed, so liquidity may be limited.

JPMorgan Chase & Co. (through issuer JPMorgan Chase Financial Company LLC) is offering Uncapped Dual Directional Accelerated Barrier Notes linked to the lesser performing of Invesco QQQ, Series 1 (QQQ) and the S&P 500 Index (SPX), maturing on August 29, 2030, in minimum denominations of $1,000. These unsecured, unsubordinated notes pay no interest or dividends and are fully and unconditionally guaranteed by JPMorgan Chase & Co., so all payments depend on the credit of both the issuer and guarantor.

At maturity, if the final value of each underlying is above its initial value, investors receive $1,000 plus at least 1.124× the positive return of the lesser performing underlying. If either underlying is at or below its initial value but both remain at or above 65.00% of initial (the Barrier Amount), investors receive a positive, but capped, return equal to the absolute decline of the lesser performer, up to 35.00%, for a maximum payment of $1,350 per $1,000 note when the lesser performer is down 35%. If either underlying finishes below the 65.00% barrier, principal is exposed one-for-one to the loss of the lesser performer and investors can lose more than 35% and up to their entire principal.

The indicative estimated value, if priced on the date shown, would be about $978.50 per $1,000 note, and will not be less than $900.00 at pricing, reflecting embedded selling commissions, hedging costs and issuer funding spreads. The notes will not be listed, JPMS may make a secondary market but is not obligated to do so, and JPMorgan Financial may accelerate the notes if the QQQ fund is delisted, liquidated or terminated with no successor fund, potentially resulting in losses.

JPMorgan Chase & Co. (JPM), through JPMorgan Chase Financial Company LLC, is offering unsecured Buffered Digital Notes linked to the least performing of the Dow Jones Industrial Average®, Russell 2000® Index and S&P 500® Index, maturing September 1, 2027 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

At maturity, if each Index is at or above its Initial Value, or down by up to the 20.00% Buffer Amount, investors receive principal plus a fixed Contingent Digital Return of at least 7.35% (e.g., a payment of $1,073.50 per $1,000 note). If any Index is below its Initial Value by more than 20.00%, repayment is reduced 1% for each 1% decline beyond the buffer, with a maximum loss of 80.00% of principal (down to $200 per $1,000 note).

The notes pay no interest, provide no dividends, are not bank deposits, and will not be listed on any exchange, so liquidity depends on JPMS making a market. A preliminary estimated value is $988.90 per $1,000 note and will not be less than $900.00 at pricing, reflecting selling commissions, hedging costs and an internal funding rate. All payments are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.

JPMORGAN CHASE & CO (symbol: JPM) is the issuer of record for a Form 424B2 filing submitted to the SEC.

JPMorgan Chase & Co. (JPM), as guarantor for JPMorgan Chase Financial Company LLC, is offering $3,595,000 of Medium-Term Notes, Series A, "Digital Equity Notes" due August 15, 2028, linked to the S&P 500 Index. Each note has a $1,000 principal amount and pays no interest.

At maturity, if the S&P 500 final level is at least 87.50% of the initial level of 7,728.20, holders receive a fixed $1,159 per $1,000 note (a capped return of 15.9%). If the index falls more than 12.5%, principal is lost on a leveraged basis at about 1.1429% for each additional 1% decline, down to a possible total loss.

The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., are not FDIC insured, and will not be listed on an exchange. The original issue price is 100% of principal, including a 2.00% underwriting commission, while the estimated value is $975 per $1,000, reflecting selling, structuring and hedging costs. The tax treatment is uncertain; counsel views the notes as prepaid financial contracts, and JPMorgan expects Section 871(m) withholding not to apply to non-U.S. holders.