JPMorgan Chase & Co. 424B Filings

JPMorgan Chase Financial Company LLC is issuing $933,000 of unsecured Callable Contingent Interest Notes due June 20, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked to the least performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index, with payments based on each index individually rather than a basket.

Holders receive a Contingent Interest Payment only for Review Dates when the closing level of each index is at least 75.00% of its Initial Value (the Interest Barrier), at a rate of 11.40% per annum, or 0.95% per month. The issuer may redeem the notes early, in whole, on specified Interest Payment Dates from October 19, 2026 onward, paying $1,000 per note plus the applicable contingent interest.

If the notes are not redeemed early and on the final Review Date each index is at least 60.00% of its Initial Value (the Trigger Value), investors receive $1,000 per note plus any final contingent interest. If any index finishes below its Trigger Value, repayment is reduced 1-for-1 with the Least Performing Index return, potentially down to zero principal. The price to public is $1,000 per note, with selling commissions of $7.25 and issuer proceeds of $992.75 per note; the estimated value on the pricing date is $968.30, reflecting embedded selling, structuring and hedging costs. The notes are not bank deposits, are not FDIC insured and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering $335,000 aggregate principal amount of auto callable contingent interest notes linked to the lesser performance of American Airlines Group and Apple common stock, due January 13, 2028 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a Contingent Interest Payment at a rate of 18.78% per annum (1.565% per month) only when, on a Review Date, the closing price of one share of each reference stock is at or above 70% of its Strike Value (Interest Barrier). Strike Values are $16.95 for AAL and $315.32 for AAPL, giving Interest Barrier and Trigger Values of $11.865 and $220.724. From October 12, 2026, the notes are automatically called if on a Review Date (other than the first, second and final) both stocks are at or above their Strike Values, returning $1,000 plus current and any unpaid contingent interest.

If the notes are not called and on the final Review Date either stock finishes below its Trigger Value, repayment of principal is reduced 1% for each 1% decline of the lesser performing stock from its Strike Value, up to a complete loss. The notes are unsecured, unsubordinated obligations of JPMorgan Financial, subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and are not bank deposits or FDIC insured. The price to public is $1,000 per note, including selling commissions of $40, while the estimated value is $947.20 per $1,000, reflecting selling, structuring and hedging costs; secondary market liquidity and prices may be limited and below the issue price.

JPMorgan Chase Financial Company LLC is offering $1,435,000 of Trigger Autocallable GEARS linked to the Bloomberg Commodity Index 3 Month Forward, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each Security has a $10.00 principal amount, a minimum investment of $1,000, and a scheduled maturity on July 16, 2031, subject to automatic call.

If on July 21, 2027 the index is at or above 100.00% of its Initial Value, the notes are automatically called and pay $11.93 per $10 (a 19.30% Call Return), with no further upside. If not called and the index is positive at maturity, holders receive principal plus 1.35 times the positive index return. If the index is flat or down but at or above 75.00% of the Initial Value, only principal is repaid. If the Final Value is below the 75.00% Downside Threshold, repayment is reduced one-for-one with the index loss, down to zero. The notes pay no interest, are unsecured and unsubordinated, are not FDIC insured, and all payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co. The estimated value at pricing is $9.415 per $10 Security, below the issue price.

JPMorgan Chase Financial Company LLC is offering auto callable accelerated barrier notes linked to the lesser performance of the Nasdaq-100 Index and the Russell 2000 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes mature on August 1, 2031 and may be automatically called on August 4, 2027 if each index closes at or above a specified Call Value, paying $1,000 plus a Call Premium Amount of at least $245 per $1,000. If not called and both indices finish above their initial levels, investors receive $1,000 plus 1.50× the gain of the lesser performing index. If either index finishes at or below its initial level but both remain at or above 70% of initial, principal is returned. If the lesser index finishes below this 70% Barrier Amount, principal is reduced one-for-one with its loss, up to total loss.

The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not FDIC insured, and are not listed on any exchange. The indicative estimated value is about $970 per $1,000 note and will not be less than $900 per $1,000 when finalized, reflecting structuring and hedging costs. U.S. tax treatment is expected to follow that of prepaid financial contracts, and the issuer currently expects Section 871(m) withholding will not apply to Non-U.S. Holders.

JPMorgan Chase Financial Company LLC is issuing $250,000 of callable Contingent Interest Notes linked to the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a 9.30% per annum Contingent Interest Payment on each Review Date only if the closing level of each index is at least 75.00% of its Initial Value, the Interest Barrier. The issuer may redeem the notes early, in whole, on designated Interest Payment Dates starting October 19, 2026, paying $1,000 plus the applicable contingent interest.

If the notes are not redeemed and, on the final Review Date, any index is below its 75.00% Buffer Threshold, principal is reduced by 1% for each 1% decline beyond the 25.00% buffer, up to a 75.00% loss of principal. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., may never pay interest, are not listed, and have an estimated value of $974.80 per $1,000 note versus a $1,000 issue price due to embedded selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC is offering $735,000 principal amount of Callable Contingent Interest Notes linked to the lesser performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index, due January 20, 2028 and fully guaranteed by JPMorgan Chase & Co.

The notes pay a 13.00% per annum Contingent Interest, credited monthly, only for Review Dates when the closing level of each index is at least 70.00% of its Initial Value, which also serves as the Trigger Value. If the notes are not redeemed early and the Final Value of either index is below its Trigger Value, principal is reduced 1-for-1 with the decline of the lesser performing index, potentially to zero; there is no upside participation above par.

The issuer may redeem the notes at its option on specified Interest Payment Dates starting October 19, 2026, in which case investors receive $1,000 per note and, in some cases, a Contingent Interest Payment, with no further payments. The notes are unsecured, unsubordinated obligations of JPMorgan Financial, subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The price to public is $1,000 per note, while the estimated value is $977.00 per $1,000, reflecting embedded selling, structuring and hedging costs, and the notes are not bank deposits or FDIC insured.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering callable contingent interest notes linked to the lesser performing of the KraneShares CSI China Internet ETF (KWEB) and the iShares China Large-Cap ETF (FXI), maturing on July 19, 2029.

The notes pay a quarterly contingent interest rate of at least 12.50% per annum (at least $31.25 per $1,000) only if on each review date both ETFs close at or above 65.00% of their initial values, which also serve as the interest barriers and trigger values. If this condition is not met, no interest is paid for that quarter.

JPMorgan may redeem the notes early, in whole, on any interest payment date from January 21, 2027 onward at $1,000 plus any applicable contingent interest. If held to maturity and either ETF finishes below its 65.00% trigger, principal is reduced in line with the loss on the lesser performer, potentially exceeding a 35% loss and up to a full loss of principal. The estimated value is about $970 per $1,000 note today and will not be less than $950 at pricing.

JPMorgan Chase & Co. is offering senior unsecured callable fixed rate notes due July 31, 2046 that pay 5.80% per annum. Interest is paid annually in arrears on July 31, beginning in 2027, using a 30/360 day count.

Starting July 31, 2029, and on the last calendar day of January and July through January 31, 2046, JPMorgan may redeem the notes in whole at par plus accrued interest. The price to public for each $1,000 principal amount note will be between $950.10 and $1,000, with estimated selling commissions of about $23.75 per $1,000, capped at $50. The notes are not bank deposits, are not FDIC-insured, and rank as unsecured obligations of JPMorgan Chase & Co.; in a resolution, holders could absorb losses with other unsecured creditors and equity holders.

JPMorgan Chase Financial Company LLC is offering Trigger Autocallable Contingent Yield Notes with memory interest at $10 principal amount per Note, fully and unconditionally guaranteed by JPMorgan Chase & Co., linked to the least performing of Alcoa, Amazon.com and Broadcom common stocks, maturing on or about July 26, 2029.

The Notes pay quarterly contingent coupons expected between 20.50% and 22.00% per annum, but only if the closing price of each stock is at or above its Coupon Barrier, set at 50.00% of its Initial Value; missed coupons may be paid later under a memory interest feature. The Notes auto-call on any Observation Date if each stock is at or above its Initial Value, returning principal plus applicable coupons.

If not called, principal is repaid at maturity only if each Final Value is at or above its Downside Threshold, equal to the same 50.00% level; otherwise repayment is reduced in proportion to the decline of the Least Performing Underlying, potentially to zero. The price to public is $10 per Note, with selling commissions of $0.225 and proceeds to the issuer of $9.775 per Note. The illustrative estimated value is approximately $9.41 per $10 Note, and will not be less than $9.10 when set. The Notes are unsecured, not FDIC insured, will not be listed on an exchange and carry the credit risk of both issuer and guarantor.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Dual Directional Accelerated Barrier Notes linked to the S&P 500® Futures Excess Return Index, maturing August 5, 2031. The notes pay no interest and are unsecured, unsubordinated obligations.

At maturity, if the Index has risen, investors receive $1,000 plus the Index return multiplied by an Upside Leverage Factor of at least 1.95 per $1,000 note. If the Index is flat or down but still at or above 60% of its initial level, investors receive the absolute value of the Index loss, up to a 40% gain, for a maximum of $1,400 per $1,000 note.

If the Index closes below the 60% barrier on the observation date, principal is reduced 1% for each 1% Index decline, and investors may lose all principal. Minimum denomination is $1,000. If priced on the example date, the estimated value would be about $981.10 per $1,000 note and will be at least $900. Liquidity is expected to be limited, and secondary prices are likely to be below the issue price.

JPMorgan Chase Financial Company LLC is offering Uncapped Dual Directional Accelerated Barrier Notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes, in minimum denominations of $1,000, are expected to price on or about July 31, 2026 and mature on August 5, 2032.

At maturity, if the index has risen, investors receive principal plus at least 2.03x the index gain, with no upside cap. If the index is flat or down but still at or above 60.00% of its initial level (the Barrier Amount), repayment adds the Absolute Index Return, allowing gains up to 40.00% when the index has fallen but not breached the barrier. If the final level is below the barrier, repayment falls one-for-one with the index decline and investors can lose more than 40% and up to all principal.

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. If issued today, the estimated value would be about $947.50 per $1,000 note and, when set on the pricing date, will not be less than $900.00, reflecting selling commissions, structuring fees, hedging costs and the issuer’s internal funding rate.

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., is offering auto callable buffered notes linked to the lesser performer of the EURO STOXX 50 Index and the iShares MSCI EAFE ETF.

Each $1,000 note can be automatically called on August 4, 2027 if each underlying is at or above 100.00% of its Initial Value, paying $1,000 plus a Call Premium Amount of at least $172.50. If not called and both underlyings finish above their Initial Values on July 31, 2028, the maturity payment equals $1,000 plus 2.00 times the gain of the lesser performer. A 10.00% downside buffer applies; beyond that, investors lose 1% of principal for each additional 1% decline in the lesser performer, up to a 90.00% loss.

The notes pay no interest or dividends, are unsecured and unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are issued in minimum denominations of $1,000, are not listed on any exchange, and have an indicative estimated value of $980.40 per $1,000, which will not be less than $900.00 when finalized.

JPMorgan Chase Financial Company LLC is offering Structured Investments Buffered Digital Dual Directional Notes linked to the Russell 2000 Index, due July 21, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay no interest and do not provide dividend exposure, and any payment at maturity depends on index performance and the issuers’ credit.

If the index’s Final Value is at or above its Initial Value on the July 18, 2028 observation date, investors receive principal plus a fixed Contingent Digital Return of at least 24.10% per $1,000 note. If the index is below the Initial Value but down by no more than the 15.00% Buffer Amount, investors earn a positive return equal to the absolute index decline, capped at $1,150.00 per $1,000 note.

Below the 15.00% buffer, losses accelerate: investors lose 1.17647% of principal for each additional 1% index decline, and can lose their entire investment. The notes are issued in $1,000 minimum denominations, are not exchange-listed, and secondary prices are expected to be below the $1,000 issue price. The indicative estimated value is about $991.30 per $1,000 note today and will not be less than $960.00 at pricing. U.S. tax treatment relies on an “open transaction” prepaid contract analysis that the IRS could challenge, and Section 871(m) withholding is not expected to apply to most Non-U.S. Holders.

JPMorgan Chase & Co. is offering Callable Fixed Rate Notes due July 31, 2034, issued in $1,000 principal denominations. The notes pay fixed interest of 5.35% per annum, with interest payable annually on July 31, beginning July 31, 2027, using a 30/360 day count.

The issuer may redeem the notes in whole (but not in part) on the last calendar day of January, April, July and October from July 31, 2028 through April 30, 2034, at par plus accrued interest. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits or FDIC insured, and in a resolution scenario holders rank as unsecured creditors of the parent company. For U.S. federal income tax purposes, the notes are expected to be treated as debt instruments with fixed interest and no original issue discount.

JPMorgan Chase Financial Company LLC is offering Uncapped Accelerated Barrier Notes linked to the lesser performing of the Russell 2000® Index and the S&P 500® Index, due July 29, 2031, in minimum denominations of $1,000, fully and unconditionally guaranteed by JPMorgan Chase & Co.

At maturity, if both indices finish above their initial levels, holders receive principal plus 1.44x the positive return of the lesser performing index, with no cap. If either index is at or above 75.00% of its initial level, principal is repaid. If either finishes below 75.00%, principal is reduced one-for-one with the decline of the lesser index and can be completely lost. The notes pay no interest or dividends, are unsecured, and carry the credit risk of both JPMorgan entities. The estimated value is currently about $953.20 per $1,000 note and will not be less than $900.00 at pricing, reflecting embedded fees, hedging costs and dealer compensation.

JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated Uncapped Accelerated Barrier Notes due August 5, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked to the lesser performing of the Dow Jones Industrial Average and the S&P 500 Index.

If both indices finish above their initial levels, the maturity payment equals principal plus at least 1.34× the gain of the lesser index, with no cap. If either index finishes below its initial level but both remain at or above 75% of initial (the Barrier Amount), principal is returned. If either index ends below the Barrier Amount, principal is reduced 1% for every 1% decline of the lesser index, down to total loss. The notes pay no interest or dividends, are not FDIC insured and are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The indicative estimated value is about $954.10 per $1,000 note and will not be less than $900, both below the $1,000 issue price because of selling commissions, structuring fees and hedging and other costs. The notes will not be listed, and any secondary market price is expected to be below the issue price.

JPMorgan Chase Financial Company LLC is offering Uncapped Accelerated Barrier Notes linked to the Nasdaq-100 Futures Excess Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are designed to provide at least 3.00x any positive index return at maturity and do not pay periodic interest.

The structure includes a 60.00% barrier of the Initial Value observed only at maturity. If the Final Value is at or above this barrier, principal is repaid in full; if it is below, investors lose 1% of principal for each 1% index decline, potentially losing their entire investment. Maturity is expected on July 18, 2036, with a single observation date on July 15, 2036.

The minimum denomination is $1,000. J.P. Morgan estimates the note’s value at about $960 per $1,000, and it will not be less than $930 at pricing, reflecting embedded fees and hedging costs. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., will not be listed, and may have limited or no liquidity. Tax counsel currently treats them as prepaid financial contracts, but future IRS guidance could change this treatment.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering market‑linked, auto‑callable notes due August 2, 2029, linked to the lowest performer of the Dow Jones Industrial Average, S&P 500 Index and Nasdaq‑100 Index. Each security has a $1,000 principal amount, with price to public of $1,000, selling fees of $25.75 and proceeds to the issuer of $974.25 per security. The indicative estimated value is $958.90 per security and will not be less than $920.00 when set.

If on the August 2, 2027 call date the lowest‑performing index is at or above its starting level, the notes are automatically called and pay at least $1,177.00 per security, reflecting a minimum 17.70% call premium. Otherwise, at maturity investors receive: principal plus 150% of any positive index return; principal back if the worst index is between 75% and 100% of its start; or full downside exposure if it falls below 75%, potentially losing more than 25% and up to all principal.

The securities are unsecured obligations with complex payoff, are not deposits or FDIC‑insured, may have limited liquidity and can trade below the original price. Pricing embeds an internal funding rate, selling commissions and hedging costs, and tax treatment is expected to follow “prepaid financial contract” and open‑transaction principles, subject to future guidance.

JPMorgan Chase Financial Company LLC is offering uncapped buffered equity notes, each with a $1,000 principal amount, linked to the lesser performing of the Dow Jones Industrial Average and the S&P 500 Index and maturing on August 3, 2029, fully and unconditionally guaranteed by JPMorgan Chase & Co.

At maturity, investors receive at least 1.00x any appreciation of the lesser performing index; if each index’s decline is within the 19.00% Buffer Amount, principal is returned. If the lesser performer falls by more than 19%, losses mirror the decline beyond the buffer, up to a maximum loss of 81.00% of principal, subject to JPMorgan Financial and JPMorgan Chase & Co. credit risk.

The notes pay no interest or dividends, are unsecured, not FDIC insured and may be illiquid. If priced on July 15, 2026, the estimated value would be about $958.00 per $1,000 note and, when terms are set, will not be less than $900.00, reflecting selling commissions of up to $25.00 and a possible $6.50 structuring fee per $1,000, plus hedging and other costs.

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., is offering market-linked medium-term notes with $1,000 principal per security, auto-callable and linked to the lowest-performing of three State Street sector SPDR ETFs (Energy, Health Care and Technology).

The notes pay a quarterly contingent coupon of at least 9.80% per year only when the lowest ETF closes at or above its 60% threshold price; missed coupons can be repaid later under a memory feature. From January 2027 through April 2029, if the lowest ETF is at or above its starting price on a calculation day, the notes are automatically called at par plus the due coupon payments.

If not called, and on July 27, 2029 the lowest ETF is at or above its 60% threshold, investors receive $1,000 back per security; otherwise principal is reduced one-for-one with the ETF loss, potentially to zero. The price to public is $1,000, including $23.25 in fees, for issuer proceeds of $976.75. The current estimated value is about $950.80 per security and will not be less than $920.00 at pricing. These unsecured obligations are not bank deposits, are not FDIC-insured, and all payments depend on JPMorgan credit.

JPMorgan Chase & Co. is offering callable fixed rate notes due January 16, 2035 that pay 5.225% interest per year. For each $1,000 principal amount, investors receive interest in arrears on July 31 of each year from 2027 through 2034 and on the maturity date, calculated on a 30/360 day-count basis under an unadjusted Interest Accrual Convention.

Beginning July 31, 2028, JPMorgan may redeem the notes quarterly, on the last calendar day of January, April, July and October through October 31, 2034, at par plus accrued interest. The notes are unsecured obligations, are not bank deposits, are not insured by the FDIC or any other agency and are not obligations of, or guaranteed by, a bank. In a resolution scenario, losses would be imposed first on equity holders and then on unsecured creditors, including noteholders, whose claims are junior to those of creditors of JPMorgan’s subsidiaries and its priority and secured creditors. The price to the public is generally $1,000 per note (as low as $980.10 for some fee-based accounts), with selling commissions of approximately $14.50 per $1,000 note, capped at $32.50. For U.S. federal income tax purposes, the notes are expected to be treated as debt instruments with fixed interest and no original issue discount.

JPMorgan Chase Financial Company LLC is offering Uncapped Buffered Equity Notes due August 3, 2028, linked to the lesser performance of the Dow Jones Industrial Average and the S&P 500 Index, in minimum denominations of $1,000. The notes provide at least 1.00× upside to any gain of the weaker index at maturity and pay no interest.

Principal is protected only by a 23.00% buffer. If either index finishes more than 23% below its initial level, repayment is reduced 1% for every additional 1% decline in the lesser-performing index, up to a 77.00% loss and minimum repayment of $230 per $1,000. Investors forgo dividends, face limited liquidity, and bear the unsecured credit risk of JPMorgan Financial and JPMorgan Chase & Co. The estimated economic value is about $986.30 per $1,000 note today and will not be less than $900.00 at pricing, reflecting embedded structuring and hedging costs, including a possible $4.50 structuring fee per $1,000 note.

JPMorgan Chase Financial Company LLC is offering Uncapped Accelerated Barrier Notes linked to the lesser performance of the Dow Jones Industrial Average and the S&P 500 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co., and due August 5, 2030. The notes are issued in $1,000 minimum denominations and pay no interest or dividends.

At maturity, if both indices finish at or above their initial levels, investors receive $1,000 plus 1.44x the gain of the lesser performing index, with no upside cap (illustrative leverage factor). If either index finishes below its initial level but both remain at or above 75% of initial value, principal is returned. If either index closes below this barrier, repayment is reduced one-for-one with the loss of the lesser performing index, up to a total loss of principal.

The notes are unsecured obligations of JPMorgan Financial, subject to the credit risk of both the issuer and JPMorgan Chase & Co. They will not be listed, and liquidity will depend on JPMS making a market. The estimated value, based on internal models and funding rates, is expected to be below the $1,000 issue price (about $983.30 per $1,000 in the illustration), reflecting structuring and hedging costs. U.S. tax treatment is expected to follow the prepaid financial contract approach, but future IRS guidance could affect this analysis.

JPMorgan Chase Financial Company LLC is offering unsecured Uncapped Dual Directional Accelerated Barrier Notes linked to the least performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, maturing on July 27, 2029. Minimum investment is $1,000 per note, in denominations of $1,000.

At maturity, if every index is above its initial level, holders receive principal plus 1.279 times the positive return of the least performing index, with no cap. If any index is at or below its initial level but all are at least 70.00% of initial, holders get principal plus the absolute value of the worst index’s loss, up to 30% (maximum $1,300.00 per $1,000). If any index ends below 70.00% of initial, repayment falls one-for-one with the worst index and principal can be fully lost. The notes pay no interest, pass through no dividends, are not listed, and depend on the credit of JPMorgan Financial and JPMorgan Chase & Co.; the estimated value is about $958.60 per $1,000, below the issue price because of commissions and hedging costs.

JPMorgan Chase Financial Company LLC is offering callable contingent interest notes due July 26, 2028, linked to the lesser performing of the iShares Silver Trust (SLV) and the VanEck Gold Miners ETF (GDX), fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a monthly contingent coupon of at least 1.04167%both funds is at or above 60.00% of its Initial Value (the Interest Barrier). If either fund is below its barrier, no coupon is paid for that month, and investors may receive no interest over the term.

If the notes are not redeemed early and on the final Review Date the Final Value of each fund is at or above its 60.00% Trigger Value, investors receive $1,000 per note plus the final contingent coupon. If either fund finishes below its Trigger Value, repayment of principal is reduced one-for-one with the decline of the lesser-performing fund and can fall to zero. The issuer may redeem the notes early, in whole, on designated Interest Payment Dates starting January 26, 2027. The notes are unsecured, unsubordinated obligations, not bank deposits, and are not FDIC-insured. An illustrative estimated value is $920.00 per $1,000 note, and the final estimated value will not be less than $900.00.

JPMorgan Chase & Co. is offering unsecured Callable Fixed Rate Notes due July 24, 2031. Each note has a $1,000 principal amount and pays fixed interest at 5.00% per annum, calculated on a 30/360 basis and paid annually in arrears on July 24, beginning in 2027, so long as the notes remain outstanding.

Starting July 24, 2029, and on the 24th of January, April, July and October through April 24, 2031, JPMorgan may, at its option, redeem the notes in whole at par plus accrued interest. The notes are senior unsecured obligations of JPMorgan Chase & Co. and are not bank deposits or FDIC insured. In a resolution scenario under the firm’s preferred “single point of entry” strategy, losses would be imposed first on equity holders and then on unsecured creditors, including holders of these notes. For U.S. federal income tax purposes, the notes are expected to be treated as fixed-rate debt instruments issued without original issue discount.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Digital Barrier Notes linked to the common stock of Broadcom Inc. (AVGO), maturing on August 24, 2027, in minimum denominations of $1,000.

If the Broadcom share price on the August 19, 2027 observation date is at or above 50.00% of its initial level, investors receive principal plus a fixed Contingent Digital Return of at least 14.00%. If it is below this barrier, repayment is reduced one-for-one with the stock’s decline from the initial level, so losses can exceed 50% and extend to a complete loss of principal.

The notes pay no interest, provide no dividend rights in Broadcom shares, are not FDIC-insured, and will not be listed on an exchange. An illustrative estimated value is about $980.00 per $1,000 note, and the value set at pricing will not be less than $950.00, reflecting selling commissions, structuring fees and hedging costs. Holders are exposed to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured Digital Barrier Notes in $1,000 minimum denominations, linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on August 27, 2027.

If on the August 24, 2027 observation date each index closes at or above 60.00% of its Initial Value, holders receive principal plus a fixed Contingent Digital Return of at least 9.00%. If any index finishes below 60.00%, the payoff becomes $1,000 plus $1,000 times the return of the least performing index, creating 1-for-1 downside and the possibility of losing more than 40% and up to all principal.

The notes pay no interest, provide no dividend rights, will not be listed and are subject to the credit risk of both the issuer and guarantor. An illustrative estimated value is about $987.20 per $1,000, and the final estimated value will be at least $900, reflecting selling commissions and hedging-related costs; secondary market prices are expected to be below the issue price. The issuer intends to treat the notes as open-transaction prepaid financial contracts for U.S. tax purposes, though alternative treatments could apply.

JPMorgan Chase Financial Company LLC plans to issue auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, due July 21, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are unsecured and issued in $1,000 denominations.

The notes pay a contingent coupon of at least 16.75% per annum (8.375% semiannually) only when the index is at or above 70% of its initial level on a Review Date. Starting July 16, 2027, they are automatically called if the index is at or above 90% of its initial level on a non-first, non-final Review Date, returning principal plus that period’s coupon.

If not called and the final index level is at or above 50% of the initial level, investors receive principal back at maturity plus any final coupon. If it is below 50%, repayment is reduced one-for-one with the index loss, and all principal can be lost. The underlying index uses leveraged E-mini S&P 500 futures, a 35% target volatility and a 6.0% per annum daily deduction, which can significantly drag performance. The indicative estimated value is about $926.40 per $1,000 note, with a minimum of $900.00 at pricing. The notes are not bank deposits or FDIC insured and are subject to the credit risk of both issuing entities.

J.P. Morgan’s Kronos US Equity (JPUSKRSP) Index is a rules-based strategy that provides dynamic exposure to the S&P 500® Price Index. It adjusts exposure using three observed patterns: stronger returns around the turn of the month, momentum ahead of monthly index options expiry, and mean reversion into month-end. Depending on these signals, the index allocates between 50%, 100% and 150% leveraged long exposure to the S&P 500; on other days it maintains 100% exposure.

The index does not include dividends and is reduced by a 0.35% per annum fee deducted daily, plus a notional financing cost when 150% exposure is applied, which can cause it to lag a comparable synthetic portfolio without such charges. Performance information is largely hypothetical backtested from 1954 until live calculation began on June 11, 2021, and is not indicative of future results. Key risks include reliance on patterns that may not persist, potential underperformance when only 50% invested during rallies, overlap between strategies, sensitivity to the Effective Federal Funds Rate, and conflicts of interest because a J.P. Morgan affiliate sponsors and calculates the index.

JPMorgan describes notes linked to the J.P. Morgan Efficiente® Plus DS 5 Index (Net ER), a multi‑asset, volatility‑targeting index that dynamically allocates among ETFs and a cash index. The index targets 5% annualized volatility through daily exposure adjustments to a monthly reference portfolio.

Historical data from November 1, 2007 through June 30, 2026 combine hypothetical backtested returns using proxy and alternative performance with live index performance after December 31, 2014. Index levels are calculated on an excess‑return basis with a 0.85% per annum daily deduction for notional financing costs.

From December 20, 2017 a 50% maximum daily exposure change constraint has applied, which may affect index behavior versus earlier backtests. Extensive risk disclosures note sponsor conflicts, strategy and correlation risks, partial cash/uninvested exposure, ETF tracking differences, non‑U.S. and emerging‑market risks, SOFR‑related risks and sector‑specific risks. The notes are unsecured, not bank deposits and not FDIC insured, and historical and backtested performance and allocations are not indicative of future results.

JPMorgan Chase Financial Company LLC is offering unsecured, auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co., and maturing on July 29, 2032. Minimum denomination is $1,000.

The notes pay a contingent interest rate of at least 16.50% per annum, credited monthly, but only for Review Dates when the Index closes at or above 80% of its Initial Value; missed coupons can accrue and be paid later if that condition is met. From the twelfth Review Date (earliest July 26, 2027), the notes are automatically called if the Index is at or above its Initial Value, returning $1,000 plus applicable contingent interest.

If the notes are not called and the Index closes below 60% of the Initial Value on the Final Review Date, repayment of principal is reduced in line with the Index return, down to zero, so investors may lose all invested principal and receive no interest. The Index embeds a 6.0% per annum daily deduction and a notional financing cost, which drag on performance relative to the QQQ Fund. Any payment is subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The example estimated value is $946.30 per $1,000 note and will not be less than $900.00 per $1,000 note when set.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is issuing Callable Contingent Interest Notes linked separately to the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index, maturing on July 26, 2028.

The notes pay a contingent coupon at a rate of at least 12.15% per annum (1.0125% monthly) only on Review Dates when each index closes at or above 70.00% of its Initial Value, with unpaid coupons catching up if the condition is later met. JPMorgan may redeem the notes early on specified interest payment dates starting October 26, 2026, returning principal plus applicable contingent interest.

If held to maturity without early redemption and any index finishes below its 70.00% Trigger Value, repayment is reduced 1% for every 1% decline in the least-performing index, potentially down to zero, so investors can lose some or all principal and may receive no interest. The notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and their estimated value at launch will be below the $1,000 issue price.

J.P. Morgan describes the J.P. Morgan Efficiente® Plus DS 5 Index (Net ER), a rules-based index that allocates among 20 ETFs and a cash index across asset classes and regions. It rebalances monthly into the portfolio with the highest prior six-month performance, subject to a 5% historical volatility threshold, diversification limits and a 5% annualized daily volatility target. The index is calculated on an excess-return basis with a daily deduction of a 0.85% per-annum fee and a notional financing cost based on 3‑month cash rates.

From June 2016 to June 2026, the index shows a 10‑year annualized return of 0.56%, 10‑year annualized volatility of 5.75% and a Sharpe ratio of 0.10, compared with a Domestic 30/70 Portfolio’s 2.94% return and 6.41% volatility. The most recent 1‑year return is 8.60%. These figures combine hypothetical backtested data before December 31, 2014 with actual index performance afterward and are explicitly stated as not indicative of future results.

Key risks include that an affiliate, J.P. Morgan Securities plc, sponsors and may adjust the index; the strategy relies on momentum and complex constraints; index exposure can be partially uninvested; and performance is reduced by fees, financing charges and potential tracking, correlation, sector and non‑U.S. market risks.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Auto Callable Contingent Interest Notes linked to the VanEck Semiconductor ETF in $1,000 denominations, maturing January 27, 2028.

The notes pay monthly contingent interest at an annual rate of at least 12.55% (1.04583% per month) for each Review Date on which the ETF’s closing price is at or above 50.00% of the Initial Value, the Interest Barrier; missed coupons are paid later when the condition is met. Beginning October 23, 2026, the notes are automatically called on certain Review Dates if the ETF closes at or above the Initial Value, returning $1,000 plus current and unpaid contingent interest.

If the notes are not called and on the final Review Date the ETF is at or above the 50.00% Trigger Value, investors receive $1,000 plus all due contingent interest. If the final price is below the Trigger Value, repayment is $1,000 plus $1,000 times the Fund return, so principal losses can exceed 50% and reach 100%. The notes are unsecured, not FDIC insured, and carry the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. An illustrative estimated value is $955.60 per $1,000 note, and the final estimated value will be at least $900, both below the price to public due to embedded selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC plans to issue Uncapped Buffered Return Enhanced Notes linked to the lesser performing of the Dow Jones Industrial Average and the Nasdaq-100 Index, maturing on August 2, 2029, in $1,000 minimum denominations and fully guaranteed by JPMorgan Chase & Co.

At maturity, investors get 1.70x any positive return of the lesser performing index, with no cap. A 5% buffer protects against small declines, but if either index falls by more than 5%, principal is reduced 1:1 beyond the buffer, for up to a 95% loss. The notes pay no interest or dividends, are unsecured, not FDIC insured, and will not be listed, so liquidity depends on dealer bids. The estimated value would be about $979.70 per $1,000 today and will not be less than $900.00 per $1,000 at pricing.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., offers Auto Callable Buffered Return Enhanced Notes linked to the EURO STOXX 50 Index. Each $1,000 note may be automatically called on July 28, 2027 if the index closes at or above its initial level, paying back $1,000 plus at least a 15.10% call premium.

If not called, maturity in July 2028 provides leveraged upside: when the index is above its initial level, gains equal the Index Return multiplied by an Upside Leverage Factor of at least 1.50. A 10.00% buffer returns full principal for index declines up to that level, but below the buffer losses accelerate at a 1.11111 Downside Leverage Factor, up to full principal loss. The estimated value is about $982 per $1,000 note (not less than $970), below the price to public, reflecting selling, structuring and hedging costs. The notes are unsecured, not FDIC-insured, and secondary market liquidity and tax treatment, including Section 871(m) for non-U.S. holders, involve additional risks.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering structured notes linked to the MerQube US Tech+ Vol Advantage Index, maturing on July 27, 2029, in $1,000 denominations. The notes may be automatically called as early as July 29, 2027 if the Index is at or above 100% of its Initial Value, paying back principal plus a fixed call premium that starts at 15.00% of $1,000 and steps up to at least 45.00% on the final Review Date.

If never called, principal is protected only down to a 29.50% Buffer Amount. At maturity, if the Index has fallen more than 29.50% from its Initial Value, repayment is reduced dollar‑for‑dollar beyond the buffer, with a maximum loss of 70.50% of principal. The notes pay no interest and provide no dividends.

The underlying Index targets 35% volatility with leverage up to 500%, is subject to a 6.0% per annum daily deduction and a notional financing cost, which together create a structural drag so the Index lags a fee‑free version. The notes are unsecured obligations exposed to the credit risk of both the issuer and guarantor, are not FDIC insured, and are expected to be illiquid. If priced on the indicated date, the estimated economic value is about $933.70 per $1,000 note, with a minimum stated estimated value at pricing of $900.00.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering unsecured structured notes priced at $1,000 per note linked to the lesser performance of the iShares Semiconductor ETF and the Nasdaq-100 Index, maturing on July 27, 2028.

The notes can be automatically called on scheduled review dates starting January 25, 2027 if both underlyings are at or above 100% of their Initial Values, paying back principal plus a call premium that steps from at least 11.6% on the first date up to at least 46.4% on the final date.

If never called, principal is protected only by a 20.00% Buffer Amount; if the lesser performing underlying is down more than 20% at final valuation, investors lose 1% of principal for each percentage point beyond the buffer, up to 80.00% loss. The notes pay no interest or dividends, are not bank deposits or FDIC-insured, and any payment depends on the credit of JPMorgan Financial and JPMorgan Chase & Co. The indicative estimated value is about $962.70 per $1,000 note and will not be less than $900.00 at pricing.

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the lesser performing of the Russell 2000 Index and the S&P 500 Index, in $1,000 minimum denominations, maturing July 26, 2027.

The notes pay a quarterly contingent interest rate of at least 10.85% per annum only if both indices close at or above 70% of their initial values on the relevant review date; otherwise no interest is paid for that period. The notes are automatically called, returning principal plus that period’s interest, if on any non-final review date both indices are at or above their initial values.

If not called, holders receive principal at maturity only if either both indices finish at or above their initial values or no “Trigger Event” (a close of either index below its Trigger Value during the monitoring period) has occurred. Otherwise, repayment is reduced one-for-one with the decline of the lesser performing index, and investors can lose all principal. The indicative estimated value is about $985.30 per $1,000 note, and the final estimated value will not be less than $900.00 per $1,000, both below the issue price, with no exchange listing and full exposure to issuer and guarantor credit risk.

JPMorgan Chase Financial Company LLC is offering unsecured Digital Barrier Notes linked separately to the S&P 500 Index, the Russell 2000 Index and the Nasdaq-100 Index, maturing on July 22, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay no periodic interest but offer a fixed Contingent Digital Return of at least 60.00% per $1,000 note at maturity if, on July 17, 2031, the final level of each index is at or above 85.00% of its initial level (the Digital Barrier). If any index finishes below 85.00% but all remain at or above 70.00% of their initial levels (the Barrier Amount), only principal is repaid. If any index closes below 70.00%, repayment is reduced in proportion to the decline of the Least Performing Index, so investors lose more than 30% of principal and could lose the entire amount.

The minimum denomination is $1,000, with selling commissions up to $38.00 per $1,000 note. If priced on the reference date, the estimated value would be about $950.10 per $1,000, and will not be less than $900.00 per $1,000 when finalized. The notes are unsecured, not bank deposits, subject to the credit risk of both the issuer and guarantor, unlisted, and may have limited liquidity and secondary market prices below the original issue price.

JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to the lesser performing of the Russell 2000 Index and the S&P 500 Index, due July 26, 2027. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., in minimum denominations of $1,000.

The notes pay a Contingent Interest Payment on each quarterly Review Date only if the closing level of each index is at or above 60.00% of its Initial Value (the Interest Barrier). The Contingent Interest Rate will be at least 8.55% per annum (2.1375% per quarter). If on any non-final Review Date the closing level of each index is at or above its Initial Value, the notes are automatically called and pay $1,000 plus that period’s contingent interest, with no further payments.

If the notes are not called, principal repayment at maturity depends on index performance and any Trigger Event. If at any time during the Monitoring Period either index closes below 60.00% of its Initial Value (Trigger Value) and on the final Review Date the lesser performing index finishes below its Initial Value, the maturity payment is reduced by 1% for every 1% decline in that index, potentially to zero. If no Trigger Event occurs, or if the Final Value of each index is at or above its Initial Value, investors receive principal plus the final contingent interest. The estimated value is approximately $986.70 per $1,000 note if priced today and will not be less than $900.00 per $1,000 at pricing, reflecting selling, structuring and hedging costs. The notes will not be listed, may have limited liquidity, and are subject to the credit risk of both JPMorgan entities.

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, maturing on July 24, 2031, in minimum denominations of $1,000.

The notes pay a monthly contingent interest rate of at least 18.15% per annum (1.5125% per month) only when the Index closes at or above 70.00% of its Initial Value on the relevant Interest Review Date. Quarterly, if the Index is at or above its Initial Value on an Autocall Review Date (earliest April 21, 2027), the notes are automatically called for $1,000 plus that period’s contingent interest, with no further payments.

If the notes are not called and the Final Index Value is below the Trigger Value of 60.00% of the Initial Value, principal is reduced one-for-one with the Index loss, potentially to zero. The Index embeds a 6.0% per annum daily deduction, which drags its performance versus an otherwise identical index without this fee. If priced today, the estimated economic value would be about $928.80 per $1,000 note, and at pricing it will not be less than $900.00, both below the $1,000 issue price. The notes are unsecured, not insured, not exchange-listed and expose holders to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is offering 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 contingent coupon of at least 10.15% per year (5.075% semiannually) only on review dates when the index closes at or above 70.00% of its initial level; missed coupons can be paid later if the barrier is met.

The notes can be automatically called on semiannual review dates from July 2027 onward if the index is at least 90.00% of its initial level, returning principal plus due and unpaid coupons. At maturity in July 2031, if the index is at or above the 70.00% buffer threshold, investors receive full principal plus the final contingent coupon and any unpaid coupons. If the final index level is below 70.00%, principal is reduced 1% for each 1% drop beyond the 30.00% buffer, for up to a 70.00% loss of principal.

The underlying index provides leveraged, volatility-targeted exposure to E-mini S&P 500 futures and is subject to a 6.0% per annum daily deduction, which drags performance. The notes are unsecured, unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., will not be listed, and may have limited secondary liquidity. The initial estimated value is about $934.30 per $1,000 note and will not be less than $910.00 at pricing.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering S&P 500-linked Digital Contingent Buffered Notes with a one-year term and $1,000 principal amount per note. The notes provide a fixed Contingent Digital Return of at least 8.13% if, at maturity, the S&P 500 closing level is at or above the Index Strike Level or has declined by up to the 25.00% Contingent Buffer Amount.

If the index falls more than 25.00% from the strike, investors lose 1% of principal for each 1% index decline, and may lose all principal. Assuming an 8.13% Contingent Digital Return, the maximum payment at maturity is $1,081.30 per $1,000. The indicative estimated value is about $992 per $1,000 and will not be set below $980, reflecting embedded selling commissions, hedging costs and issuer funding assumptions. The notes involve complex U.S. tax treatment, potential recharacterization as contingent payment debt, and possible future changes under Section 871(m), and are not bank deposits or FDIC insured.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Digital Contingent Buffered Notes linked to the S&P 500® Index. Each note has a $1,000 principal amount and a Contingent Digital Return of at least 8.50%, capping the maximum payment at $1,085.00 per note when conditions are met.

At maturity on July 30, 2027, holders receive the digital return if the index is at or above the strike level, or down by up to the 20.00% Contingent Buffer Amount. If the index falls by more than 20.00%, repayment is reduced 1% for each 1% decline, which can result in substantial or total loss of principal. The notes are unsecured obligations, not bank deposits or FDIC-insured, and their estimated value is about $986.50 per $1,000 today and will not be less than $970.00 per $1,000 when finally set, reflecting selling commissions, hedging costs and the issuer’s internal funding rate. They are expected to be treated as prepaid “open transaction” contracts for U.S. tax purposes, though future IRS guidance could alter this treatment.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Auto Callable Buffered Return Enhanced Notes linked to the iShares MSCI Japan ETF in $1,000 denominations (minimum investment $10,000). On the July 27, 2027 review date, if the ETF’s closing price is at or above the $93.89 share strike, the notes are automatically called and pay $1,000 plus a call premium of at least 14.55% on July 30, 2027.

If not called, at the July 19, 2028 maturity investors receive: leveraged upside of at least 1.25× any positive ETF return; return of principal if the ETF is flat to down by up to 20%; and a leveraged loss of 1.25% of principal for each 1% decline beyond the 20% buffer (for example, a 60% ETF drop leads to a 50% loss, or $500 per $1,000 note). The notes pay no interest or dividends and are unsecured obligations subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.

The indicative estimated economic value is below par: if priced today it would be approximately $973.50 per $1,000 note, and at pricing will not be less than $960.00. Secondary-market prices are expected to be below the $1,000 issue price and liquidity may be limited. The issuer expects U.S. tax treatment as an open prepaid financial contract, with potential constructive ownership and Section 871(m) considerations that investors should review with tax advisers.

JPMorgan Chase & Co. is offering Callable Fixed to Floating Rate Notes due July 31, 2046, issued in $1,000 principal amounts. Interest is paid quarterly. For the initial interest periods from the July 31, 2026 issue date to July 31, 2028, the notes pay a fixed 12.00% per annum.

After July 31, 2028, interest becomes floating and is reset each period at (7.25% − the Benchmark Rate) × 1.50, with the Benchmark Rate initially based on Compounded SOFR and a 0.00% per annum minimum rate. If the Benchmark Rate on a determination date is at or above 7.25%, no interest is paid for that period.

The notes are callable at JPMorgan’s option on the last calendar day of January, April, July and October, from July 31, 2028 through April 30, 2046, at par plus accrued interest. They are unsecured senior obligations and, in a resolution scenario, losses would be borne by equity and unsecured creditors, including noteholders. The instruments are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring holders to accrue original issue discount based on a comparable yield, which may differ significantly from cash interest received.

JPMorgan Chase Financial Company LLC is offering Capped Buffered Enhanced Participation Equity Notes, fully and unconditionally guaranteed by JPMorgan Chase & Co., linked to the S&P 500 Index and maturing on December 22, 2027. Each note has a $1,000 principal amount, sold at 100% with no underwriting commission, and will not bear interest.

At maturity, investors receive 1.3x any positive S&P 500 return, subject to a maximum settlement amount expected between $1,186.68 and $1,219.57 per $1,000 note. If the index falls by up to 10% from the initial level, principal is repaid. Below this 10% buffer, losses increase at a buffer rate of about 1.1111% for each additional 1% decline, and principal can be fully lost.

The estimated initial value is expected between $982.00 and $992.00 per $1,000, reflecting structuring, hedging costs and projected dealer profits. Payments depend on the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the notes will not be listed on any exchange, which may limit liquidity.