JPMorgan Chase & Co. 424B Filings

JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to Dollar General common stock, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a monthly Contingent Interest Payment only when Dollar General’s closing price on an Interest Review Date is at or above 60.00% of the Initial Value, the Interest Barrier. The Contingent Interest Rate will be at least 13.25% per annumJanuary 22, 2027, and otherwise mature on July 26, 2029.

If the notes are not called and the Final Value is at or above the Trigger Value (also 60.00% of the Initial Value), investors receive $1,000 per note plus the final Contingent Interest Payment. If the Final Value is below the Trigger Value, the maturity payment is $1,000 plus $1,000 × Stock Return, producing a 1% principal loss for each 1% decline in the stock from the Initial Value and potentially a loss of more than 40% or the entire principal. The structure does not provide any participation in stock price appreciation and may pay no interest if the stock stays below the Interest Barrier.

The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, guaranteed by JPMorgan Chase & Co., and all payments depend on their credit. Each note has a $1,000 denomination. If priced on the date shown, the estimated value would be approximately $960.30 per $1,000, and when finally set will not be less than $930.00 per $1,000, lower than the issue price because it embeds selling commissions, projected hedging profits or losses, hedging costs and third-party fees. The notes will not be listed on any exchange, so liquidity will rely on JPMS making a market, with secondary prices likely below the original issue price. Tax terms are complex; the issuer intends to treat the notes as prepaid forward contracts with associated contingent coupons, and Non-U.S. Holders may face 30% withholding on Contingent Interest Payments.

JPMorgan Chase Financial Company LLC is offering unsecured structured notes linked to the least performing of the S&P 500 Index, Nasdaq-100 Index and Russell 2000 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination, a participation rate of at least 110.90% in any positive performance of the least performing index, and matures on July 25, 2030.

At maturity, investors receive $1,000 plus a leveraged return if all three indices finish above their initial levels. If any index ends below its initial level, the payoff is $1,000 plus the return of the least performing index, but not less than $950 per $1,000 principal, so up to 5% of principal can be lost. The notes pay no interest, provide no dividends, are not bank deposits or FDIC insured, and their value and payments are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. An illustrative estimated value is $972.80 per $1,000, and the final estimated value at pricing will not be less than $900, both below the price to public due to embedded selling, structuring and hedging costs.

JPMorgan Chase Financial Company LLC is offering structured notes due July 25, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co., linked individually to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The notes may be automatically called on quarterly Review Dates starting July 26, 2027 if each index closes at or above its Call Value, 100% of its Initial Value. In that case, investors receive $1,000 plus a Call Premium Amount that starts at at least 9.500% of principal and steps up to at least 47.500% by the final Review Date.

If the notes are not called and each index finishes at or above its Barrier Amount of 70% of its Initial Value, principal is returned at maturity. If any index finishes below its Barrier Amount, repayment is reduced one-for-one with the decline of the Least Performing Index, potentially resulting in a total loss of principal. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co., and will not be listed, so liquidity may be limited. The estimated value is indicated at approximately $946.50 per $1,000 note if priced today and will not be less than $900.00 per $1,000 when set, reflecting selling commissions, hedging costs and use of an internal funding rate. U.S. tax treatment is based on an "open transaction" prepaid contract analysis that the IRS could challenge.

JPMorgan Chase Financial Company LLC is offering Uncapped Buffered Return Enhanced Notes linked to the S&P 500® Futures Excess Return Index, due July 22, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount.

The notes provide an uncapped payoff of at least 2.0525× any Index gain at maturity, with a 20% downside buffer. If the Index is flat or down by up to 20%, investors receive principal back; below that level, principal is reduced 1% for each additional 1% Index loss, up to a maximum 80% loss, so the minimum payment is $200 per $1,000 note.

The notes pay no interest, are unsecured and unsubordinated, and expose holders to the credit risk of both issuers. The estimated value would be about $975.90 per $1,000 note if priced on the reference date and will not be less than $940.00 when set, reflecting selling commissions, hedging-related costs and the issuer’s internal funding rate. The notes will not be listed, and any secondary market may be limited, with prices typically below the original issue price.

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., is offering callable fixed rate notes due January 31, 2030. The notes pay fixed interest at 5.00% per annum, calculated on a 30/360 basis and paid annually each July 31, beginning in 2027, and on the maturity date, if the notes remain outstanding.

On the last calendar day of January, April, July and October from January 31, 2027 through October 31, 2029, the issuer may redeem the notes at par plus accrued interest. The assumed price to the public is $1,000 per $1,000 principal amount note, with eligible institutional and fee-based advisory accounts potentially paying as low as $992.60. Selling commissions are expected to be about $1.50, capped at $10.00, per $1,000 note. The notes are not bank deposits, are not insured by the FDIC or any governmental agency, and are treated for U.S. federal income tax purposes as fixed-rate debt instruments issued without OID, according to counsel.

JPMorgan Chase Financial Company LLC plans to issue Auto Callable Accelerated Barrier Notes due July 24, 2031, linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on July 27, 2027 if each index is at or above its Call Value, paying $1,000 plus a Call Premium of at least $298 per $1,000 note. If not called and all three final index levels exceed their initial values, investors receive $1,000 plus 1.50 times the gain of the weakest index. If any index is at or below its initial level but all stay at or above 70% of initial, principal is returned. If any index finishes below the 70% barrier, repayment is reduced one-for-one with the weakest index’s loss, down to zero.

The notes pay no interest or dividends, are issued in $1,000 minimum denominations, and are unsecured obligations of JPMorgan Financial subject to the credit of both the issuer and guarantor. The indicative estimated value is about $972.60 per $1,000, and selling commissions will not exceed $11.25 per $1,000.

JPMorgan Chase & Co. is offering Callable Fixed Rate Notes due July 31, 2041 that pay 5.70% per annum on $1,000 principal amount denominations. Interest is paid annually in arrears on July 31, beginning July 31, 2027, using a 30/360 day count and an unadjusted interest accrual convention.

The notes may be redeemed at JPMorgan Chase & Co.’s option at par plus accrued interest on the last calendar day of January and July from January 31, 2029 through January 31, 2041. They are unsecured obligations of JPMorgan Chase & Co., are not bank deposits or FDIC insured, and in a resolution scenario losses would be borne by equity holders and unsecured creditors, including noteholders, after creditors of subsidiaries and priority and secured creditors are paid. The standard price to the public is $1,000 per $1,000 principal amount, with certain institutional and fee-based accounts paying between $962.60 and $1,000, and dealers receiving selling commissions of approximately $17.50, up to $47.50, per $1,000 note.

JPMorgan Chase & Co. is offering callable fixed rate notes due July 30, 2038 under its Series E medium-term note program. The notes pay a fixed annual interest rate of 5.60%, with interest paid in arrears each July 31 from 2027 through 2037 and on the maturity date, calculated on a 30/360 day count basis.

The issuer may redeem the notes at a price equal to the principal amount plus accrued interest on the last calendar day of January and July, from July 31, 2028 through January 31, 2038. Each note has a $1,000 principal amount, with a price to the public between $972.60 and $1,000 per $1,000 principal amount. Selling commissions are expected to be about $10 per $1,000 principal amount note and will not exceed $35. In a JPMorgan Chase & Co. resolution, holders of these notes would be unsecured creditors of JPMorgan Chase & Co., with claims that are junior to creditors of its subsidiaries and to priority and secured creditors of JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is issuing unsecured, unsubordinated Callable Contingent Interest Notes, fully and unconditionally guaranteed by JPMorgan Chase & Co., linked to the least performing of the Russell 2000 Index, the Utilities Select Sector SPDR ETF and the VanEck Semiconductor ETF, maturing on July 19, 2029.

The notes pay a monthly contingent coupon of at least 16.75% per annum (1.39583% per month) only if, on each Review Date, the closing value of every underlying is at or above its Interest Barrier of 60.00% of its Strike Value; otherwise no interest is paid for that period. The issuer may redeem the notes early, in whole, on specified Interest Payment Dates starting July 19, 2027, paying $1,000 per note plus any due contingent interest, after which no further payments occur.

If not redeemed, at maturity investors receive $1,000 per note plus any final contingent interest if each underlying’s Final Value is at or above its Trigger Value of 50.00% of Strike. If any underlying finishes below its Trigger Value, repayment is reduced one-for-one with the decline of the least performing underlying, potentially resulting in a loss of more than 50% and up to all principal. The indicative estimated value is approximately $965.30 per $1,000 note, and will not be less than $930.00 per $1,000 at pricing, which is lower than the $1,000 price to public because it excludes selling commissions and hedging-related costs. Investors are exposed to JPMorgan Financial and JPMorgan Chase & Co. credit risk, sector and small-cap equity volatility, limited liquidity and complex U.S. tax treatment.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Medium-Term Notes, Series A, Capped Enhanced Participation Equity Notes due July 19, 2028, linked to the Russell 2000 Index, in $1,000 principal amount denominations with no interest payments.

At maturity, the cash payment per note equals $1,000 plus the underlier return: if the Russell 2000 final level exceeds the initial level, investors receive 1.50 times the index gain, but the payoff is capped by a cap level expected between 125.53% and 129.95% of the initial level and a maximum settlement amount expected between $1,382.95 and $1,449.25 per $1,000 note. If the final index level is below the initial level, principal is reduced one-for-one with the index loss, down to a zero payment, so investors can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., are not FDIC insured, and will not be listed on any exchange, so liquidity may be limited. The original issue price is 100% of principal, while the estimated value at pricing is expected between $964.60 and $974.60 per $1,000, reflecting selling commissions, hedging-related amounts and other costs. The product is treated, in counsel’s opinion, as an “open transaction” prepaid financial contract for U.S. tax purposes, though the IRS could assert a different treatment.

JPMorgan Chase & Co. is offering unsecured Callable Zero Coupon Notes due July 31, 2040, each with a $1,000 principal amount sold at an Original Issue Price of $457.167 per $1,000. The notes pay no periodic interest; instead, value accretes at a 5.75% per annum yield, compounded annually on a 360-day, twelve 30-day-month basis.

On the Maturity Date, holders receive 100% of the outstanding principal if the notes have not been redeemed earlier. Beginning July 31, 2029 and annually through July 31, 2039, JPMorgan may call the notes at the applicable Accreted Principal Amount, from $540.650 up to $945.626 per $1,000 note. Upon an event of default, any accelerated payment equals the Accreted Principal Amount on the acceleration date. The notes are unsecured obligations of JPMorgan Chase & Co., and in a resolution scenario losses would be borne first by equity holders and then by unsecured creditors, including holders of these notes. For U.S. federal tax purposes, the notes are expected to be issued with original issue discount.

JPMorgan Chase & Co. is offering unsecured fixed-rate reset subordinated notes under its large shelf registration. The notes rank junior to all Senior Indebtedness; on a non-consolidated basis JPMorgan Chase & Co. had about $312.5 billion of senior long-term, intercompany and short‑term borrowings outstanding as of December 31, 2024. Holders generally cannot accelerate maturity except upon bankruptcy, reorganization or insolvency, and the notes are not bank deposits or FDIC insured.

The notes pay a fixed annual rate through an initial fixed-rate period, then from the reset date to maturity pay a coupon equal to a five‑year U.S. Treasury‑based rate plus a fixed spread, with interest payable semi‑annually on a 30/360 basis. The issuer may redeem the notes before the First Par Call Date at a make‑whole price based on the Treasury Rate plus a margin, and on or after the First Par Call Date (and on specified later dates) at par, in each case plus accrued interest and subject to prior regulatory approvals. The notes are issued in $2,000 minimum denominations (multiples of $1,000), in global form through DTC (with access via Euroclear and Clearstream), will not be listed on an exchange, and no trading market is assured.

Net proceeds will be contributed to JPMorgan Chase Holdings LLC for general corporate purposes, including investments in or extensions of credit to subsidiaries, dividends or credit extensions to JPMorgan Chase & Co., and financing acquisitions or business expansion. The filing outlines U.S. tax treatment for non‑U.S. holders, including potential 30% withholding and FATCA implications, and restricts ERISA and Similar Law Plans from investing unless doing so avoids non‑exempt prohibited transactions and relies on an independent fiduciary.

JPMorgan Chase & Co. plans to issue senior unsecured fixed‑to‑floating rate notes and floating rate notes under its $150,000,000,000 shelf registration. The fixed‑to‑floating notes pay a fixed coupon semi‑annually for an initial period, then reset quarterly at a Compounded SOFR‑based floating rate plus a spread. The separate floating rate series pays a floating rate from issuance, also tied initially to Compounded SOFR plus a spread.

The notes rank equally with JPMorgan Chase’s other unsecured, unsubordinated obligations, are not bank deposits, and are not insured by the FDIC or any government agency. They are redeemable at the issuer’s option, with a make‑whole formula before a specified par call date on the fixed‑to‑floating series and par redemptions thereafter; the floating series is callable at par on defined dates. Interest is calculated on a 360‑day basis and paid in U.S. dollars through DTC in minimum denominations of $2,000, in integral multiples of $1,000.

Net proceeds will be contributed to JPMorgan Chase Holdings LLC and used for general corporate purposes, including funding subsidiaries, dividends, redemptions of outstanding securities and potential acquisitions or business expansion, with temporary investment pending use. The notes will not be listed on any securities exchange, and underwriters are not obligated to make a market. The documentation also details benchmark‑transition mechanics if SOFR becomes unavailable, and outlines U.S. federal income, withholding and estate tax considerations for non‑U.S. investors, including the 30% statutory withholding rate and FATCA requirements.

JPMorgan Chase & Co. is offering callable fixed rate notes due July 31, 2041, in $1,000 denominations, paying 5.90% per annum. Interest is paid annually in arrears on July 31, beginning July 31, 2027, using a 30/360 day count, subject to the stated conventions.

The notes are callable at JPMorgan’s option at par plus accrued interest on the last calendar day of January and July, from January 31, 2029 through January 31, 2041. For eligible institutional and fee-based accounts, the price to the public will be between $962.60 and $1,000 per $1,000, with selling commissions typically around $3.50 and capped at $35.00 per $1,000. The notes are unsecured obligations and, under JPMorgan’s preferred single point of entry resolution strategy, holders would bear losses alongside other unsecured creditors and equity holders, and are structurally junior to creditors of JPMorgan’s subsidiaries.

JPMorgan Chase & Co. is offering Callable Fixed Rate Notes due July 31, 2046, paying interest at a fixed rate of 6.00% per annum. For each $1,000 principal amount, annual interest is paid in arrears on July 31 of each year, beginning July 31, 2027, using a 30/360 day count, a Following Business Day Convention and an Unadjusted Interest Accrual Convention.

Beginning July 31, 2028, 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 the public is generally $1,000 per $1,000 principal amount, with eligible institutional or fee-based accounts paying not less than $950.10. If priced on the indicated terms, selling commissions would be about $10.00 per $1,000, capped at $30.00. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits, are not insured by the FDIC or any government agency, and are subject to the firm’s preferred single point of entry resolution strategy, under which losses would be borne by equity and unsecured creditors, including noteholders. The notes are described as not designed for short-term trading and intended to be held to maturity.

JPMorgan Chase Financial Company LLC plans to issue Capped Buffered Enhanced Participation Basket-Linked Notes, guaranteed by JPMorgan Chase & Co., with a $1,000 principal amount per note and maturity on July 20, 2028. The notes are linked to a weighted basket of five equity indices: EURO STOXX 50® (40%), TOPIX® (25%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (7%). The basket level is set at 100 at trade date and the final level is observed on July 18, 2028.

If the final basket level is above the initial level, holders receive principal plus 2.00x the basket gain, capped at a maximum settlement amount expected between $1,286.60 and $1,336.20 per $1,000 note, corresponding to a cap level between 114.33% and 116.81% of the initial basket level. If the basket falls by up to 10.00%, principal is repaid; below that buffer, losses increase on a leveraged basis using a buffer rate of approximately 1.1111, and holders could lose their entire investment. The notes pay no interest, are not listed, and have no issuer redemption right. The estimated value at pricing is expected between $964.50 and $974.50 per $1,000 note, reflecting selling commissions of up to 2.00% and hedging and structuring costs. All payments are subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and tax treatment is uncertain, with counsel viewing the notes as prepaid financial contracts treated as “open transactions.”

JPMorgan Chase Financial Company LLC is offering Uncapped Buffered Digital Notes linked to the lesser performing of the S&P 500 Index and the Nasdaq-100 Index, due July 19, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co.

Each $1,000 note provides uncapped, unleveraged exposure to any appreciation of the lesser performing index at maturity, with a Contingent Digital Return of at least 10.00% when the lesser performer is flat, higher, or down by up to the 15.00% Buffer Amount. If either index falls by more than 15.00%, repayment of principal is reduced 1% for each percentage point of additional decline in the lesser performer, up to a maximum loss of 85.00% of principal.

The notes pay no interest, do not provide dividends on index constituents, and are unsecured, unsubordinated obligations of JPMorgan Chase Financial Company LLC, subject to the credit risk of both the issuer and JPMorgan Chase & Co. They will not be listed on any exchange, and secondary market liquidity, if any, will depend on J.P. Morgan Securities LLC. The estimated value, if priced on the stated date, would be approximately $991.80 per $1,000 note and will not be less than $950.00 per $1,000 at pricing, reflecting selling commissions, hedging costs and structuring fees.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Auto Callable Contingent Interest Notes linked to the common stock of Target Corporation and maturing on July 20, 2028. The notes pay a Contingent Interest Rate of at least 12.00% per annum, or at least $30.00 per $1,000 note each quarter, but only for Review Dates when Target’s closing price is at or above an Interest Barrier of 65.00% of the Initial Value. Missed coupons can be paid later if the barrier is met. The notes are automatically called, returning principal plus accrued contingent interest, if on any Review Date other than the first and final the stock closes at or above the Initial Value.

If the notes are not called and the Final Value is at or above the Trigger Value of 65.00% of the Initial Value, investors receive principal back at maturity plus due contingent interest. If the Final Value is below the Trigger Value, repayment is reduced one-for-one with Target’s decline, and investors can lose more than 35% and up to all of their principal. The notes are unsecured obligations subject to the credit risk of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., are not listed on any exchange and may have limited liquidity. The company expects the estimated value to be below the $1,000 issue price, reflecting selling commissions, structuring fees and hedging costs.

JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to the MerQube US Large-Cap Vol Advantage Index, in minimum denominations of $1,000, due July 21, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes pay a contingent interest rate of at least 15.50% per annum (at least 7.75% semiannually) only when the Index on a Review Date is at or above 70% of its Initial Value. They are automatically called if, on any non-first, non-final Review Date, the Index is at or above 85% of the Initial Value, returning $1,000 plus that period’s interest. If not called and the Final Value is at least 50% of the Initial Value, investors receive $1,000 plus any final interest; below that trigger, repayment is $1,000 plus $1,000×Index Return, exposing holders to losses greater than 50% and potentially a complete loss of principal. The Index embeds a 6.0% per annum daily deduction and can use leverage up to 500% in E-mini S&P 500 futures, and the notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value is currently about $927.40 per $1,000 note and will not be less than $900 when terms are set, lower than the $1,000 issue price due to selling commissions, hedging costs and fees.

JPMorgan Chase & Co. is offering callable fixed rate notes due July 28, 2056 that pay 6.00% per annum on each $1,000 principal amount, with interest paid annually on July 28 beginning in 2027, using a 30/360 day count.

From January 28, 2031, and on January 28 and July 28 each year through January 28, 2056, the issuer may redeem the notes in whole at par plus accrued interest, under a following Business Day Convention and unadjusted Interest Accrual Convention.

The price to the public is generally $1,000 per note, while eligible institutional and fee-based accounts may pay between $925.10 and $1,000, with selling commissions of about $20.50 per $1,000 note, capped at $50.00. The notes are unsecured, not FDIC insured, long-dated instruments and in a JPMorgan Chase & Co. resolution losses would be borne by equity holders and unsecured creditors, including holders of these notes.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, with a minimum denomination of $1,000 per note and a guarantee from JPMorgan Chase & Co.

The notes are scheduled to price on July 29, 2026, with quarterly review dates, a final review date on July 29, 2031, and maturity on August 1, 2031. They pay a contingent interest rate of at least 10.85% per annum (at least 2.7125% per quarter) only if, on a review date, the index is at or above an interest barrier equal to 60% of the initial value; unpaid interest can be paid later if conditions are met.

The notes are automatically called on certain review dates if the index is at or above its initial value, returning $1,000 per note plus the applicable interest and any previously unpaid interest, with no further payments. If not called, and the final index value is at or above the 60% Trigger Value, the same principal and interest structure applies at maturity; if it is below, the repayment falls in line with the index loss and can be reduced to zero.

The underlying index uses leveraged exposure of up to 500% to E‑Mini S&P 500 futures and embeds a 6.0% per annum daily deduction, which can weigh on performance. The estimated value at issuance will be at least $870 per $1,000 note, and all payments depend on the credit of the issuer and guarantor.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes in $1,000 denominations linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on August 1, 2031 and are unsecured, unsubordinated obligations subject to the credit risk of both the issuer and guarantor.

Holders receive a contingent coupon of at least 10.85% per annum, or at least $27.125 per $1,000 quarterly, only if on a Review Date the Index closes at or above 60.00% of its Initial Value (the Interest Barrier). Missed coupons are not paid unless a later Review Date meets the barrier, and investors may receive no interest over the term. Starting with the fourth Review Date, if the Index closes at or above its Initial Value, the notes are automatically called for $1,000 plus due and unpaid coupons, with the earliest call observation on July 29, 2027. If not called and the Final Value is below the 60% Trigger Value, principal is reduced one-for-one with the Index loss, leading to losses greater than 40% and up to total loss. The underlying Index applies a 6.0% per annum daily deduction and can use leverage up to 500% in E-mini S&P 500 futures, creating additional volatility, leverage and futures-market risks. The price to public is $1,000 per note, while the estimated value will be lower, and in the current illustration is well below par, reflecting selling commissions, hedging costs and dealer margins; the notes are not listed and secondary liquidity depends on JPMS.

JPMorgan Chase Financial Company LLC is offering callable fixed rate notes due July 31, 2030, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount and pays 5.00% per annum, with interest payable annually on July 31, beginning July 31, 2027, calculated using a 30/360 day count.

The notes are callable at the issuer’s option, in whole but not in part, on the last calendar day of January, April, July and October from January 31, 2027 through April 30, 2030, at par plus accrued interest. The price to the public per $1,000 note will be between $990.10 and $1,000, and selling commissions are expected to be about $4.00 per $1,000 note and will not exceed $12.50. The notes are unsecured, are not bank deposits and are not insured by the FDIC. For U.S. federal income tax purposes, counsel expects the notes to be treated as fixed-rate debt instruments issued without original issue discount.

JPMorgan Chase & Co. is offering unsecured Callable Fixed Rate Notes due July 29, 2033. The notes pay fixed interest at 5.40% per annum, calculated using a 30/360 day count, with interest payable in arrears each July 31 from 2027 through 2032 and on the 2033 maturity date.

Starting July 31, 2028, and on the last calendar day of January and July through January 31, 2033, JPMorgan may redeem the notes in whole at par plus accrued interest. Each note has a $1,000 principal amount, with the price to the public between $985.10 and $1,000 per $1,000 note; typical selling commissions are about $1.00 per $1,000 note, capped at $15.00. The notes are unsecured obligations of JPMorgan, are not bank deposits, are not insured by the FDIC or any governmental agency, and would share in loss absorption with other unsecured creditors if JPMorgan were resolved under its preferred single point of entry strategy. For U.S. federal income tax purposes, they are expected to be treated as fixed-rate debt instruments issued without original issue discount.

JPMorgan Chase & Co. is offering callable fixed rate notes due July 31, 2036. The notes pay interest annually in arrears at a fixed rate of 5.45% per annum, calculated on a 30/360 day count basis, with interest paid each July 31 starting in 2027.

Beginning on July 31, 2028, and on the last calendar day of January and July through January 31, 2036, JPMorgan may redeem the notes in whole at par plus accrued interest. The notes are unsecured obligations of JPMorgan Chase & Co., not bank deposits and not FDIC insured, and would be subject to loss absorption in a JPMorgan group resolution, where losses are imposed on equity holders and unsecured creditors, including noteholders.

The price to the public per $1,000 principal amount note will be between $975.10 and $1,000 for eligible institutional and fee-based accounts. Selling commissions would be approximately $10 per $1,000 note, capped at $30 per $1,000. 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 & Co. is offering callable Fixed Rate Notes due July 31, 2036 that pay interest at 5.30% per annum on a $1,000 principal amount, with annual interest payments each July 31, beginning in 2027, calculated on a 30/360 day-count basis.

The issuer may redeem the notes in whole, but not in part, on the last calendar day of January and July from July 31, 2028 through January 31, 2036 at par plus accrued interest, subject to a following Business Day Convention and an unadjusted Interest Accrual Convention. At maturity, if not previously redeemed, investors receive principal plus accrued interest.

The per-note public offering price is generally $1,000, with certain institutional or fee-based accounts paying between $975.10 and $1,000 per $1,000 note. Selling commissions are approximately $18.50 per $1,000 note and will not exceed $40. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits, are not FDIC-insured and could absorb losses alongside other unsecured creditors under the firm’s single point of entry resolution strategy. For U.S. federal income tax purposes, the notes are expected to be treated as fixed-rate debt issued without original issue discount.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes due June 22, 2028, linked separately to the VanEck Semiconductor ETF (SMH), iShares Expanded Tech-Software Sector ETF (IGV) and SPDR S&P Regional Banking ETF (KRE).

The notes pay a contingent coupon of at least 21.50% per annum (1.79167% per month, at least $17.9167 per $1,000) on each review date only if every fund closes at or above 60.00% of its initial value. From October 16, 2026, the notes are automatically called, returning $1,000 plus that period’s coupon, if all funds are at or above their initial values.

If not called, $1,000 principal is repaid at maturity only if each fund’s final value is at least 50.00% of its initial value; otherwise repayment is reduced one-for-one with the Least Performing Fund Return, and investors can lose more than 50% and up to all principal. The issue price is $1,000, while an illustrative estimated value is approximately $977.70 per $1,000 (and will not be less than $900.00), reflecting selling commissions, hedging costs and the issuer’s internal funding rate. The notes carry JPMorgan credit risk, pay no dividends and will not be listed, so any secondary market liquidity and prices depend on JPMS.

JPMorgan Chase & Co. is offering callable fixed rate notes due July 31, 2056 under its Series E medium-term note program. The notes pay a fixed 6.20% per annum, with interest on July 31 of each year, beginning July 31, 2027, calculated on a 30/360 basis for each $1,000 principal amount.

Starting July 31, 2028, and on the last calendar day of each January and July through January 31, 2056, JPMorgan may redeem the notes 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 losses would be borne by equity holders and unsecured creditors, including holders of the notes, whose claims are junior to creditors of subsidiaries and to priority and secured creditors of JPMorgan Chase & Co.

JPMorgan Chase & Co. is offering callable fixed rate notes due July 31, 2046. The notes pay 5.85% per annum, with interest on July 31 of each year, beginning July 31, 2027, based on a 30/360 day count and $1,000 minimum denominations.

Beginning July 31, 2031, 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, creating reinvestment and call risk. The notes are unsecured obligations of the holding company, not bank deposits and not FDIC insured.

Pricing for certain institutional or fee-based accounts will be between $950.10 and $1,000 per $1,000 principal amount, with selling commissions typically around $15 and capped at $50 per $1,000. Under JPMorgan’s preferred “single point of entry” resolution strategy, holders of these notes would absorb losses as unsecured creditors and rank behind creditors of material subsidiaries.

JPMorgan Chase & Co. is offering senior unsecured Callable Fixed Rate Notes due July 29, 2033 under its medium-term note program. The notes pay fixed interest at 5.20% per annum, calculated on a 30/360 basis and paid annually on July 31 from 2027 through 2032 and on the July 29, 2033 maturity date, subject to stated business day and interest accrual conventions.

The issuer may redeem the notes in whole, but not in part, on the last calendar day of January and July from July 31, 2028 through January 31, 2033 at 100% of principal plus accrued interest. The minimum denomination is $1,000 per note; for eligible institutional or fee-based accounts, the price will be between $985.10 and $1,000 per $1,000 principal amount, with selling commissions illustratively around $9.50 and capped at $25.00 per $1,000. The notes are not bank deposits, are not insured by the FDIC or any governmental agency, and in a JPMorgan Chase & Co. resolution unsecured creditors, including holders of these notes, would absorb losses alongside other unsecured debt and equity.

JPMorgan Chase & Co. is offering callable fixed rate notes due July 31, 2036 that pay 5.30% per annum, with interest paid annually on July 31, beginning in 2027. Each note has a $1,000 principal amount and pays interest in arrears using a 30/360 day count.

Starting on July 31, 2031, and on the last calendar day of January and July through January 31, 2036, JPMorgan may redeem the notes in whole at par plus accrued interest. The notes are unsecured obligations of JPMorgan Chase & Co., are not bank deposits, and are not insured by the FDIC or any governmental agency.

The price to the public per $1,000 principal amount note will be between $975.10 and $1,000, with selling commissions of approximately $12.50 per $1,000 note and not more than $32.50. In a resolution of JPMorgan Chase & Co. under its preferred single point of entry strategy, holders of these notes, as unsecured creditors, would absorb losses after equity holders and ahead of subsidiary creditors. 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, guaranteed by JPMorgan Chase & Co., is offering auto-callable accelerated barrier notes linked to the MerQube US Large-Cap Vol Advantage Index. The notes are issued in $1,000 denominations and mature on August 1, 2031, unless automatically called.

The index dynamically allocates between 0% and 500% exposure to E‑Mini S&P 500 futures and reflects a 6.0% per annum deduction accrued daily. The notes provide a 5.00x Upside Leverage Factor and a Barrier Amount at 50% of the Initial Value, so principal is repaid at maturity only if the Final Value is at or above that barrier.

The notes can be called early on scheduled Review Dates if the index is at or above the Call Value, paying principal plus a Call Premium of at least 21.50% per annum. The estimated value at pricing will be at least $870 per $1,000 note, and holders are exposed to the credit risk of both the issuer and guarantor and may lose all principal.

JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., is offering Auto Callable Accelerated Barrier Notes linked to the MerQube US Large-Cap Vol Advantage Index, due August 1, 2031. The notes are issued in $1,000 minimum denominations at $1,000 per note, with automatic call features that may begin on August 2, 2027.

If on any non-final review date the index is at or above a call value, the notes are automatically called and repay principal plus a fixed call premium, with illustrative minimum premiums from $215 to $430 per $1,000 note over five review dates. If not called and the final index level exceeds the initial level, holders receive principal plus 5.00× the index gain; if the final level is at or above a barrier set at 50% of the initial level, principal is returned. Below the barrier, investors lose 1% of principal for each 1% index decline, up to total loss.

The underlying index dynamically allocates up to 500% leveraged exposure to E-mini S&P 500 futures while applying a 6.0% per annum daily deduction, which drags on performance. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., may be illiquid, and have an illustrative estimated value of about $886.30 per $1,000 note, with a minimum estimated value at pricing of $870.00 per $1,000 note, both below the price to public.

JPMorgan Chase Financial Company LLC is offering Medium-Term Notes, Series A, Capped Enhanced Participation Basket-Linked Notes due January 20, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount and pays no periodic interest.

The notes are linked to an unequally weighted basket of five equity indices: EURO STOXX 50® (40%), TOPIX® (25%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (7%). At maturity, you receive $1,000 plus the basket return: downside is 1:1 exposure to any decline, while upside is leveraged at a 2.00x participation rate but capped at a maximum settlement amount expected between $1,293.20 and $1,343.80 per $1,000 note.

Principal is at risk; a large basket decline can result in losing your entire investment. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not listed on any exchange, and have an estimated value between $969.80 and $979.80 per $1,000, lower than the issue price due to selling commissions, hedging costs and structuring fees.

JPMorgan Chase Financial Company LLC is issuing contingent income auto-callable securities linked to Amazon.com, Inc. common stock, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a stated principal amount of $1,000, with an aggregate principal amount of $25,167,000. Investors may receive a contingent quarterly payment of 2.6625% of principal ($26.625 per $1,000) on each determination date when Amazon’s closing price is at or above 60% of the initial stock price of $245.34, a downside threshold level of $147.204; no payment is made for periods when the stock closes below that level.

If on any non-final determination date Amazon closes at or above the initial stock price, the notes are automatically redeemed at par plus the applicable contingent payment, and no further payments are made. If the notes are not called and the final stock price is at or above the downside threshold, investors receive principal plus the final contingent payment at maturity on July 13, 2029. If the final stock price is below the threshold, repayment equals principal multiplied by the stock performance factor (final price divided by initial price), resulting in a payment below 60% of principal and possibly zero. Holders do not participate in any appreciation of the stock and bear the credit risk of both issuers. The estimated value on the pricing date is $961.90 per $1,000, reflecting selling commissions, a structuring fee and hedging-related costs.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $9,771,000 of Contingent Income Auto-Callable Securities due July 13, 2029, linked to Capital One Financial Corporation common stock. Each note has a $1,000 principal amount and is principal-at-risk.

Investors may receive a $25.25 (2.525%) contingent quarterly payment per $1,000 when, on a determination date, Capital One’s share price is at or above 60% of the $201.52 initial price (a $120.912 downside threshold). If on any non-final determination date the stock closes at or above the initial price, the notes auto-call for $1,000 plus the applicable contingent payment and any previously unpaid contingent payments.

If the notes are not called and the final stock price is at or above the downside threshold, holders receive $1,000 plus the final contingent payment (and any unpaid prior payments). If the final price is below the threshold, repayment is reduced one-for-one with the stock decline, potentially to zero. There is no upside participation. The estimated value is $962.20 per $1,000, and outcomes depend on both Capital One’s share performance and the credit of JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $352,000 principal amount of unsecured, unsubordinated notes linked to the S&P 500® Futures Excess Return Index, in $1,000 minimum denominations. The notes price at $1,000 per note, with selling commissions of $6 and issuer proceeds of $994 per note.

At maturity on July 15, 2031, holders receive $1,000 per note plus an Additional Amount equal to $1,000 × Index Return × the 146.30% Participation Rate, floored at zero, based on the Index’s closing levels from an Initial Value of 606.46 on July 10, 2026. The notes pay no periodic interest and principal repayment depends on the credit of JPMorgan Financial and JPMorgan Chase & Co. The estimated value is $975.50 per $1,000 note, below the price to public, reflecting selling, structuring, and hedging costs, and secondary market prices are expected to be lower than the issue price.

Investors face risks including no upside cap but potential zero return above principal, limited liquidity because the notes are not exchange-listed, conflicts of interest from JPMorgan affiliates’ roles, and futures-related risks such as negative roll returns. For U.S. tax purposes, the notes are expected to be treated as contingent payment debt instruments, requiring accrual of original issue discount at a 4.55% comparable yield and recognizing interest-type income and potentially ordinary loss at disposition.

JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the least performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index, maturing on July 25, 2028, in minimum denominations of $1,000. The notes pay a monthly Contingent Interest Payment only when each index closes at or above 70.00% of its Initial Value (the Interest Barrier) and may be automatically called beginning July 20, 2027 if each index is at or above its Initial Value, returning principal plus that period’s interest.

If the notes are not called and on the final Review Date any index finishes below its Trigger Value of 70.00% of Initial Value, principal is reduced 1% for each 1% decline in the Least Performing Index, up to a full loss. A hypothetical Contingent Interest Rate of at least 11.20% per annum (0.93333% per month) limits upside to coupon income only; holders do not participate in index appreciation or dividends. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., and all payments depend on their credit. If priced today, the estimated value would be about $982.20 per $1,000 note and will not be less than $900.00 at pricing, reflecting selling commissions, hedging costs and dealer margins.

JPMorgan Chase Financial Company LLC plans to issue auto callable contingent interest notes linked to the Nasdaq-100 Index® and the S&P 500® Index, maturing on April 25, 2028 and fully and unconditionally guaranteed by JPMorgan Chase & Co.

Investors may receive a Contingent Interest Payment on each Review Date only if the closing level of both indices is at least 70.00% of its Initial Value, the Interest Barrier. Starting on July 20, 2027, the notes are automatically called if, on certain Review Dates, both indices close at or above their Initial Values, returning $1,000 per note plus that period’s contingent interest, with no further payments.

If the notes are not called and on the final Review Date either index finishes below its 70.00% Trigger Value, principal is reduced 1% for each 1% decline of the lesser-performing index, potentially to zero. The hypothetical Contingent Interest Rate is 10.15% per annum (at least this level in the final terms). The price to public is $1,000 per note; the estimated value is about $984.10 per $1,000 today and will not be less than $900.00 per $1,000 when set. The notes are unsecured, not FDIC insured, may be illiquid, and expose holders to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is issuing $8,132,000 of Contingent Income Auto-Callable Securities linked to Broadcom Inc. common stock. Each security has a $1,000 principal amount and a potential quarterly coupon of $29.375 (2.9375%) per security.

Coupons are paid only if Broadcom’s closing price on a determination date is at or above the downside threshold of $199.985, equal to 50% of the initial stock price of $399.97. If on any non-final determination date the stock closes at or above the initial price, the notes are automatically redeemed for principal plus that quarter’s coupon and any unpaid coupons. If not called and the final price is at least the threshold, investors receive principal plus the final coupon and any unpaid coupons. If the final price is below the threshold, repayment is reduced 1-for-1 with the stock’s decline from the initial price and can fall below 50% of principal, down to zero.

Investors do not participate in stock appreciation and bear the credit risk of JPMorgan entities. The estimated value on the pricing date is $968 per $1,000 security, below the issue price due to selling commissions, a $5 structuring fee and hedging and issuance costs.

JPMorgan Chase Financial Company LLC plans to issue auto callable contingent interest notes due June 23, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay monthly contingent interest at a rate of at least 10.40% per annum when each of the Nasdaq-100 Index, Russell 2000 Index and SPDR S&P Regional Banking ETF closes at or above 70% of its Initial Value, the Interest Barrier.

The notes may be automatically called starting January 19, 2027 if each underlying is at or above its Initial Value, returning $1,000 per note plus the applicable interest payment. If not called, repayment at maturity is based on the Least Performing Underlying: principal is preserved only while its Final Value remains at or above 60% of its Initial Value, the Trigger Value; below that level, repayment is reduced one-for-one with the underlying’s loss and all principal can be lost. The securities are unsecured, not insured, and an illustrative estimated value is about $966 per $1,000 note, below the issue price and not less than $900 when set.

JPMorgan Chase Financial Company LLC is offering Auto Callable Barrier Notes due July 25, 2030, linked to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the Russell 2000® Index, in minimum denominations of $1,000, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on review dates starting July 22, 2027 if each index closes at or above 100.00% of its Initial Value, paying back $1,000 plus a call premium of at least 15.00%, 30.00% or 45.00% of principal on the first three review dates, respectively. If not called and all final index levels are at or above 70.00% of Initial Value, investors receive principal at maturity; if any index finishes below its 70.00% Barrier Amount, repayment is $1,000 plus the return of the least performing index, exposing holders to losses up to 100% of principal.

The notes pay no interest or dividends, are unsecured and unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and have an estimated value of about $945.30 per $1,000 today, which will not be less than $900.00 per $1,000 when finalized.

JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index, maturing July 27, 2032 and fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a Contingent Interest Payment for each monthly Review Date on which the Index closes at or above 80.00% of the Initial Value, with any unpaid coupons accruing and being paid once the barrier is met. The Contingent Interest Rate will be at least 16.40% per annum. The notes may be automatically called, starting July 22, 2027, if on certain Review Dates the Index is at or above the Initial Value.

If the notes are not called and at maturity the Index is below the 60.00% Trigger Value, repayment is reduced 1% for each 1% Index decline, down to zero, so principal loss can be substantial. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost (SOFR plus 0.50%), and can use leverage up to 500%, which can magnify losses. The minimum denomination is $1,000. If priced today, the estimated value would be about $942.90 per $1,000, and at pricing will not be less than $900, reflecting selling commissions, hedging costs and issuer funding. Payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co., the notes are not listed, may be illiquid, pay no dividends on the QQQ Fund, and involve complex tax and withholding considerations.

JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes due July 29, 2031, linked to the MerQube US Tech+ Vol Advantage Index and fully guaranteed by JPMorgan Chase & Co. The notes pay a monthly contingent interest rate of at least 11.75% per annum only when the Index on a Review Date is at or above 80% of its Initial Value; missed coupons can be paid later if the condition is met. Beginning with the twelfth Review Date, the notes are automatically called if the Index is at or above its Initial Value, with investors receiving $1,000 per note plus due and unpaid contingent interest.

If the notes are not called, principal is protected only by a 15% buffer: if the Final Index Value is below 85% of the Initial Value, investors lose 1% of principal for each 1% decline beyond that, up to an 85% loss. The MerQube Index targets 35% implied volatility with exposure between 0% and 500% to the Invesco QQQ Fund and embeds a 6.0% per annum daily deduction plus a notional financing cost, so it is expected to trail an otherwise similar index without these charges. An example estimated value is $913.50 per $1,000 note, and the final estimated value at pricing will not be less than $900, both below the $1,000 issue price due to selling commissions, hedging costs and dealer profit. Key risks include no guarantee of any interest, substantial downside to principal, leverage and “volatility drag” in the Index, limited liquidity and the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC is issuing Enhanced Jump Securities with Auto-Callable Feature due July 13, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are unsecured, unsubordinated obligations with principal at risk and no periodic interest, linked to the worst performer among Bloom Energy Class A, GE Vernova, and Vertiv Holdings Class A common stock. The aggregate principal amount is $1,146,000, with a $1,000 stated principal amount and issue price per security.

The securities are automatically redeemed if, on any of 12 scheduled determination dates (other than the final one), the closing price of each underlying stock is at or above its initial stock price. In that case, investors receive an early redemption payment equal to principal plus a return corresponding to approximately 89.00% per annum, ranging from $1,890.00 on the first determination date to $2,705.8333 on the twelfth. If not redeemed early and, at maturity, the final price of each stock is at least 50% of its initial stock price (the downside threshold level), investors receive a maturity redemption payment of $2,780.00 per $1,000 note, also corresponding to about 89.00% per annum.

If the notes are not called and the final price of any underlying stock is below its downside threshold, the payoff equals $1,000 multiplied by the stock performance factor of the worst performer (final price divided by initial price), resulting in a payment that will be less than 50% of principal and could be zero. Investors do not participate in any upside of the underlying stocks and forgo dividends. The notes carry the credit risk of JPMorgan Financial and JPMorgan Chase & Co. Selling commissions of $20.00 and a structuring fee of $5.00 per security are embedded in the $1,000 issue price, while the estimated value on the pricing date is $896.50 per $1,000, reflecting fees, hedging costs and issuer funding assumptions.

JPMorgan Chase & Co. is offering long-dated callable fixed rate notes due July 21, 2056 under its Series E medium‑term note program. The notes pay a fixed interest rate of 5.90% per annum, with interest paid in arrears each July 22, starting in 2027, using a 30/360 day‑count.

Beginning January 22, 2031, and on each January 22 and July 22 thereafter to January 22, 2056, JPMorgan may redeem the notes in whole at par plus accrued interest. The notes are unsecured obligations, not bank deposits or FDIC‑insured, and could absorb losses in a JPMorgan resolution under a single‑point‑of‑entry strategy, ranking behind creditors of subsidiaries. Special tax counsel expects the notes to be treated as fixed‑rate debt issued without original issue discount for U.S. federal income tax purposes. Price to public for certain institutional or fee‑based accounts will range from $927.60 to $1,000 per $1,000 note, with selling commissions up to $50 per note.

JPMorgan Chase Financial Company LLC is issuing 5-year auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, guaranteed by JPMorgan Chase & Co. The index references an unfunded total return position in the Invesco QQQ Trust, reduced by a 6.0% per annum daily deduction and a notional financing cost.

The notes pay a quarterly contingent interest rate of at least 11.50% per year (2.875% per quarter) only when the index is at or above 50% of its initial level on a review date. From the fourth review date onward, the notes are automatically called if the index is at or above its initial level, returning principal plus that period’s interest. If not called and the final index level is below the 50% trigger, repayment is reduced one-for-one with the index decline, with losses greater than 50% and up to full principal loss. The estimated value will be at least $900 per $1,000 note, and all payments depend on JPMorgan credit.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering $1,000,000 of callable variable-rate notes linked to the 10-Year Constant Maturity Treasury Rate. Investors pay $1,000 per note, with selling commissions of $15 and issuer proceeds of $985 per note.

The notes pay quarterly interest at an annual rate of 6.40% multiplied by the fraction of days each period when the Reference Rate is at or below a 5.50% barrier; on days above the barrier, interest accrues at 0%. The issuer may redeem the notes in whole on specified quarterly dates from July 15, 2027 through April 15, 2031, and any remaining principal plus accrued interest is due at maturity on July 15, 2031.

The initial estimated value is $973 per $1,000 note, below the price to public due to selling, structuring and hedging costs. For U.S. federal income tax purposes the notes are expected to be treated as contingent payment debt instruments, requiring accrual of original issue discount based on a comparable yield of 4.52% and a projected payment schedule.

JPMorgan Chase Financial Company LLC is offering callable contingent interest notes at $1,000 per note, linked separately to the Nasdaq-100 Index, the Russell 2000 Index and the Utilities Select Sector SPDR ETF, and maturing on March 29, 2028. The notes pay a contingent interest rate of at least 11.00% per annum, but only for Review Dates when the closing value of each underlying is at or above its Interest Barrier of 70.00% of Initial Value. Starting January 28, 2027, JPMorgan may redeem the notes early on certain Interest Payment Dates, returning $1,000 per note plus any due interest.

If the notes are not redeemed and, on the final Review Date, any underlying finishes below its Trigger Value of 65.00% of Initial Value, the maturity payment is reduced 1% for each 1% decline of the worst-performing underlying, potentially to zero. Interest payments are not guaranteed; investors may receive no interest and can lose a significant portion or all principal. The notes are unsecured obligations of JPMorgan Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co., expose holders to both entities’ credit risk, are not FDIC insured and will not be listed, limiting liquidity. The indicative estimated value is about $979.50 per $1,000 note and will not be less than $900.00 at pricing, below the issue price due to selling commissions, hedging costs and issuer funding assumptions.