Inverse VIX S/T Futs ETNs due Mar22,2045 SEC Filings

JPMorgan Chase Financial Company is offering Auto Callable Contingent Interest Notes linked to the lesser performing stocks of Applied Materials and Costco Wholesale, due July 13, 2028. Key features include:

• Notes offer contingent interest payments of at least 10.10% per annum (2.525% quarterly) if both stocks close above 50% of their initial values on review dates
• Automatic call feature triggers if both stocks close at or above initial values on any review date before maturity
• Principal protection if both stocks remain above 50% of initial value at maturity
• Risk of principal loss if either stock falls below 50% of initial value at maturity
• Notes priced around $971.60 per $1,000 principal amount

The notes are unsecured obligations of JPMorgan Chase Financial Company, guaranteed by JPMorgan Chase & Co. Key risks include potential loss of principal, credit risk of the issuer, and no guaranteed interest payments. The offering is expected to price on July 10, 2025 with settlement on July 15, 2025.

JPMorgan Chase Financial Company is offering 5-year Uncapped Accelerated Barrier Notes linked to the S&P 500 Futures Excess Return Index, guaranteed by JPMorgan Chase & Co. Key terms include:

• Minimum denomination: $1,000
• Maturity Date: June 28, 2030
• Upside Leverage Factor: At least 1.71x
• Barrier Amount: 70% of Initial Value

The notes offer enhanced upside participation if the Final Value exceeds Initial Value, with investors receiving principal plus leveraged index returns. If Final Value falls between Barrier Amount and Initial Value, investors receive principal back. However, if Final Value falls below Barrier Amount, investors face significant downside risk and could lose over 30% of principal.

Key risks include potential principal loss, credit risk of issuers, no interest payments, and market risks associated with futures contracts. The estimated value will be at least $900 per $1,000 principal amount.

Offering overview. JPMorgan Chase Financial Company LLC is marketing Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index (Bloomberg: MQUSTVA), fully and unconditionally guaranteed by JPMorgan Chase & Co. The $1,000-denominated notes are scheduled to price on or about July 3 2025, settle on July 9 2025 and mature on January 7 2027, unless automatically called earlier.

Income features. Investors will receive a monthly Contingent Interest Payment of at least $10.00 (≥12.0% p.a.) for any Review Date on which the Index closes at or above 70% of its Initial Value (the Interest Barrier). If the Index closes below the barrier, no interest is paid for that period.

Automatic call mechanism. Starting with the October 3 2025 Review Date, the notes will be redeemed at par plus the relevant interest if the Index closes at or above its Initial Value on any Review Date other than the first, second or final dates, terminating further payments.

Principal repayment. At maturity, if not called and the Index is ≥70% of the Initial Value, holders receive par plus the final interest amount. If the Index is <70%, repayment equals $1,000 plus the Index Return, exposing investors to uncapped downside and potential loss of the entire principal.

Key structural drags. The Index incorporates a 6.0% per-annum daily deduction and a daily notional financing cost on the underlying QQQ Fund, which will mute upside performance and magnify losses. The notes are unsecured, carry JPMorgan credit risk and have an estimated value of approximately $943.80 per $1,000 face (not less than $910.00) as of the indicative terms.

Risk highlights. Investors forgo fixed coupons and dividends, face leverage within the Index (up to 500% exposure) and must be comfortable with possible periods of no interest and substantial principal loss.

JPMorgan Chase Financial Company LLC is marketing unsecured, unsubordinated structured notes – “Review Notes Linked to the MerQube US Large-Cap Vol Advantage Index” – that may be automatically called as early as 6 Jan 2026. The $1,000-denominated notes mature on 9 Jul 2031, are guaranteed by JPMorgan Chase & Co., and carry no periodic coupons or dividends.

Early-call mechanism: On each of 23 scheduled quarterly Review Dates, if the Index closes at or above the Call Value (100 % of the initial level), investors receive $1,000 plus a predetermined Call Premium that starts at ≥11.65 % of face in January 2026 and rises to ≥139.80 % if called on the final Review Date.

Principal protection: If the notes are not called, final repayment depends on the Index level on 3 Jul 2031. Principal is fully repaid only if the Index is ≥60 % of the initial value. A lower reading delivers a linear downside, exposing investors to losses of more than 40 % – up to full principal loss.

Index mechanics: The MerQube US Large-Cap Vol Advantage Index dynamically allocates 0-500 % exposure to E-mini S&P 500 futures to target 35 % implied volatility. It incurs a 6.0 % p.a. daily deduction, which drags performance and may reduce call likelihood. The Index was launched on 11 Feb 2022; JP Morgan owns 10 % of the Index Sponsor.

Pricing: Expected pricing 3 Jul 2025, settlement 9 Jul 2025 (CUSIP 48136FAW2). Estimated value, if priced today, is ≈ $907.10 per $1,000 note (≥ $900 at pricing), implying an initial value discount of about 9 %. Selling commissions to dealers will not exceed $42.75 per note.

Key risks: investors forgo income, face credit risk of JPMorgan Financial and JPMorgan Chase & Co., are exposed to complex leverage/volatility mechanics, and could suffer significant principal loss. The notes are not FDIC-insured and are exempt from the Commodity Exchange Act.

JPMorgan Chase Financial Company has issued a free writing prospectus for Auto Callable Contingent Interest Notes linked to GE Vernova stock, due July 1, 2027. The notes offer a potential 15% annual contingent interest rate (3.75% quarterly) with key features:

• Minimum denomination of $1,000 with estimated value not less than $940.00
• Automatic call feature triggers if stock price exceeds Initial Value on quarterly Review Dates
• Interest payments contingent on stock price remaining above Interest Barrier (53.50% of Initial Value)
• At maturity, full principal returned if Final Value exceeds Trigger Value; otherwise, investors face potential losses proportional to stock decline

Key risks include potential loss of principal, credit risk of JPMorgan Chase, limited appreciation potential, and forced early exit through automatic call feature. The notes lack liquidity and dividend rights, with complex tax implications.