# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-25-116637
**Filing Date:** 2025-12
**Character Count:** 19427
**Document Hash:** 3c460aea9515cc94db98c3bfce23921c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-116637.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001213900-25-116637

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004
- **FILM NUMBER:** 251539444

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122706000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J P MORGAN CHASE & CO
- **DATE OF NAME CHANGE:** 20010102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHASE MANHATTAN CORP /DE/
- **DATE OF NAME CHANGE:** 19960402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEMICAL BANKING CORP
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Chase Financial Co. LLC
- **CENTRAL INDEX KEY:** 0001665650
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004-01
- **FILM NUMBER:** 251539445

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** (212) 270-6000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

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Terms supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the product suppleme nt no. 4 - I dated April 13, 2023, the underlying supplement no. 5 - III dated March 5, 2025 and the prospectus addendum dated June 3, 2024 Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated December 1, 2025 Rule 424(b)(3) North America Structured Investments 5yrNC1yr MQUSTVA Auto Callable Contingent Interest Notes J.P. Morgan Structured Investments \| 1 800 576 3529 \| jpm_structured_investments@jpmorgan.com The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Index Overview The MerQube US Tech+ Vol Advantage Index (the "Index" or "Underlying") attempts to provide a dynamic rules - based exposure to the underlying asset to which the Index is linked (the "Underlying Asset"), while targeting a level of implied volatility, with a ma ximum exposure to the Underlying Asset of 500% and a minimum exposure to the Underlying Asset of 0%. Since February 9, 2024 (the "Amendment Effective Date"), the Underlying Asset has been an unfunded position in the Invesco QQQ Trust SM , Series 1 (the "QQQ Fund"), calculated as the excess of the total return of the QQQ Fund over a notional financing cost. Prior to the Amendment Effective Date, the Und erlying Asset was an unfunded rolling position in E - Mini Nasdaq - 100 futures. The Index is subject to a 6.0% per annum daily deduction, a nd the performance of the Underlying Asset is subject to a notional financing cost deducted daily. The investment objective of the Q QQ Fund is to seek to track the investment results, before fees and expenses, of the Nasdaq - 100 Index® . Summary of Terms Issuer: JPMorgan Chase Financial Company LLC Guarantor: JPMorgan Chase & Co. Minimum Denomination: $1,000 Underlying: The MerQube US Tech+ Vol Advantage Index (Bloomberg ticker: MQUSTVA). The level of the Underlying reflects a deduction of 6.0% per annum that accrues daily, and the performance of the QQQ Fund is subject to a notional financing cost that accrues daily. Pricing Date: December 18, 2025 Final Review Date: December 18, 2030 Maturity Date: December 23, 2030 Review Dates: Monthly Contingent Interest Rate: At least 9.75%\* per annum, paid monthly at a rate of at least 0.8125%\*, if applicable Interest Barrier : 75.00% of the Initial Value Buffer Threshold : 70.00% of the Initial Value Buffer Amount: 30.00% CUSIP: 48136LZH5 Preliminary Pricing Supplement: http://sp.jpmorgan.com/document/cusip/48136LZH5/doctype/Product_Termsheet/document.pdf Estimated Value : The estimated value of the notes, when the terms of the notes are set, will not be less than $900.00 per $1,000 principal amount note. For more information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, please see the hyperlink above. Automatic Call If the closing value of the Underlying on any Review Date (other than the first through eleventh and final Review Dates) is greater than or equal to the Initial Value, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Contingent Interest Payment applicable to that Review Date, payable on the applicable Call Settlement Date. No furthe r payments will be made on the notes. Payment at Maturity If the notes have not been automatically called and the Final Value is greater than or equal to the Buffer Threshold, you will receive a cash payment at maturity, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Contingent Interest Payment, if any, applicable to the final Review Date. If the notes have not been automatically called and the Final Value is less than the Buffer Threshold, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + [$1,000 × (Underlying Return + Buffer Amount)] If the notes have not been automatically called and the Final Value is less than the Buffer Threshold, you will lose some or mos t of your principal amount at maturity. Capitalized terms used but not defined herein shall have the meanings set forth in the preliminary pricing supplement. Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes, and t he credit risk of JPMorgan Chase & Co., as guarantor of the notes. Investing in the notes linked to the Underlying involves a number of risks. See "Selected Risks" on page 2 of this document, "Risk Factors" in the prospectus supplement and the relevant product supplement and underlying supplement, Annex A to the prospectus addendum and "Selected Risk Considerations" in the relevant pricing supplement . Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes o r p assed upon the accuracy or the adequacy of this document or the relevant product supplement, underlying supplement, prospectus supp lem ent, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense. Hypothetical Payment at Maturity\*\* Underlying Return Payment at Maturity (assuming 9.75% per annum Contingent Interest Rate) 60.00% $1,008.125 40.00% $1,008.125 20.00% $1,008.125 5.00% $1,008.125 0.00% $1,008.125 - 5.00% $1,008.125 - 20.00% $1,008.125 - 25.00% $1,008.125 - 25.01% $1,000.000 - 30.00% $1,000.000 - 30.01% $1,000.000 - 40.00% $900.000 - 60.00% $700.000 - 80.00% $500.000 - 100.00% $300.000 This table does not demonstrate how your interest payments can vary over the term of your notes. Contingent Interest \*If the notes have not been automatically called and the closing value of the Underlying on any Review Date is greater than or equal to the Interest Barrier, you will receive on the applicable Interest Payment Date for each $1,000 principal amount note a Contingent Interest Payment equal to at least $8.125 (equivalent to a Contingent Interest Rate of at least 9.75% per annum, payable at a rate of at least 0.8125% per month). \*\*The hypothetical payments on the notes shown above apply only if you hold the notes for their entire term or until automatically called. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical payments shown above would likely be lower.

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North America Structured Investments 5 y r N C 1 y r M Q U S T V A A u t o C a l l a b l e C o n t i n g e n t I n t e r e s t N o t e s J.P. Morgan Structured Investments \| 1 800 576 3529 \| jpm_structured_investments@jpmorgan.com S e l e c t e d R i s k s Risks Relating to the Notes Generally ● Y o u r i n v e s t m e n t i n t h e n o t e s m a y r e s u l t i n a l o s s . T h e n o t e s d o n o t g u a r a n t e e a n y r e t u r n o f p r i n c i p a l . ● T h e n o t e s d o n o t g u a r a n t e e t h e p a y m e n t o f i n t e r e s t a n d m a y n o t p a y i n t e r e s t a t a l l . ● T h e l e v e l o f t h e U n d e r l y i n g w i l l i n c l u d e a 6 . 0 % p e r a n n u m d a i l y d e d u c t i o n . ● T h e l e v e l o f t h e U n d e r l y i n g w i l l i n c l u d e t h e d e d u c t i o n o f a n o t i o n a l f i n a n c i n g c o s t . ● A n y p a y m e n t o n t h e n o t e s i s s u b j e c t t o t h e c r e d i t r i s k s o f J P M o r g a n C h a s e F i n a n c i a l C o m p a n y L L C a n d J P M o r g a n C h a s e & C o . T h e r e f o r e t h e v a l u e o f t h e n o t e s p r i o r t o m a t u r i t y w i l l b e s u b j e c t t o c h a n g e s i n t h e m a r k e t ' s v i e w o f t h e c r e d i t w o r t h i n e s s o f J P M o r g a n C h a s e F i n a n c i a l C o m p a n y L L C o r J P M o r g a n C h a s e & C o . ● A s a f i n a n c e s u b s i d i a r y , J P M o r g a n C h a s e F i n a n c i a l C o m p a n y L L C h a s n o i n d e p e n d e n t o p e r a t i o n s a n d h a s l i m i t e d a s s e t s . ● T h e a p p r e c i a t i o n p o t e n t i a l o f t h e n o t e s i s l i m i t e d t o t h e s u m o f a n y C o n t i n g e n t I n t e r e s t P a y m e n t s t h a t m a y b e p a i d o v e r t h e t e r m o f t h e n o t e s . ● T h e a u t o m a t i c c a l l f e a t u r e m a y f o r c e a p o t e n t i a l e a r l y e x i t . ● N o d i v i d e n d p a y m e n t s o r v o t i n g r i g h t s . ● L a c k o f l i q u i d i t y : J . P . M o r g a n S e c u r i t i e s L L C (w h o w e r e f e r t o a s " J P M S ") , i n t e n d s t o o f f e r t o p u r c h a s e t h e n o t e s i n t h e s e c o n d a r y m a r k e t b u t i s n o t r e q u i r e d t o d o s o . T h e p r i c e , i f a n y , a t w h i c h J P M S w i l l b e w i l l i n g t o p u r c h a s e n o t e s f r o m y o u i n t h e s e c o n d a r y m a r k e t , i f a t a l l , m a y r e s u l t i n a s i g n i f i c a n t l o s s o f y o u r p r i n c i p a l . ● T h e t a x c o n s e q u e n c e s o f t h e n o t e s m a y b e u n c e r t a i n . Y o u s h o u l d c o n s u l t y o u r t a x a d v i s e r r e g a r d i n g t h e U . S . f e d e r a l i n c o m e t a x c o n s e q u e n c e s o f a n i n v e s t m e n t i n t h e n o t e s . Risks Relating to Conflicts of Interest ● P o t e n t i a l c o n f l i c t s : W e a n d o u r a f f i l i a t e s p l a y a v a r i e t y o f r o l e s i n c o n n e c t i o n w i t h t h e i s s u a n c e o f n o t e s , i n c l u d i n g a c t i n g a s c a l c u l a t i o n a g e n t a n d h e d g i n g o u r o b l i g a t i o n s u n d e r t h e n o t e s , a n d m a k i n g t h e a s s u m p t i o n s u s e d t o d e t e r m i n e t h e p r i c i n g o f t h e n o t e s a n d t h e e s t i m a t e d v a l u e o f t h e n o t e s w h e n t h e t e r m s o f t h e n o t e s a r e s e t . I t i s p o s s i b l e t h a t s u c h h e d g i n g o r o t h e r t r a d i n g a c t i v i t i e s o f J . P . M o r g a n o r i t s a f f i l i a t e s c o u l d r e s u l t i n s u b s t a n t i a l r e t u r n s f o r J . P . M o r g a n a n d i t s a f f i l i a t e s w h i l e t h e v a l u e o f t h e n o t e s d e c l i n e s . ● O u r a f f i l i a t e , J P M S , w o r k e d w i t h M e r Q u b e i n d e v e l o p i n g t h e g u i d e l i n e s a n d p o l i c i e s g o v e r n i n g t h e c o m p o s i t i o n a n d c a l c u l a t i o n o f t h e U n d e r l y i n g . S e l e c t e d R i s k s (c o n t i n u e d) Risks Relating to the Estimated Value and Secondary Market Prices of the Notes ● T h e e s t i m a t e d v a l u e o f t h e n o t e s w i l l b e l o w e r t h a n t h e o r i g i n a l i s s u e p r i c e (p r i c e t o p u b l i c) o f t h e n o t e s . ● T h e e s t i m a t e d v a l u e o f t h e n o t e s i s d e t e r m i n e d b y r e f e r e n c e t o a n i n t e r n a l f u n d i n g r a t e . ● T h e e s t i m a t e d v a l u e o f t h e n o t e s d o e s n o t r e p r e s e n t f u t u r e v a l u e s a n d m a y d i f f e r f r o m o t h e r s ' e s t i m a t e s . ● T h e v a l u e o f t h e n o t e s , w h i c h m a y b e r e f l e c t e d i n c u s t o m e r a c c o u n t s t a t e m e n t s , m a y b e h i g h e r t h a n t h e t h e n - c u r r e n t e s t i m a t e d v a l u e o f t h e n o t e s f o r a l i m i t e d t i m e p e r i o d . Risks Relating to the Underlying ● T h e I n d e x S p o n s o r m a y a d j u s t t h e I n d e x i n a w a y t h a t a f f e c t s i t s l e v e l , a n d t h e I n d e x S p o n s o r h a s n o o b l i g a t i o n t o c o n s i d e r y o u r i n t e r e s t s . ● T h e U n d e r l y i n g m a y n o t b e s u c c e s s f u l o r o u t p e r f o r m a n y a l t e r n a t i v e s t r a t e g y t h a t m i g h t b e e m p l o y e d i n r e s p e c t o f t h e U n d e r l y i n g A s s e t . ● T h e U n d e r l y i n g m a y n o t a p p r o x i m a t e i t s t a r g e t v o l a t i l i t y . ● T h e U n d e r l y i n g i s s u b j e c t t o r i s k s a s s o c i a t e d w i t h t h e u s e o f s i g n i f i c a n t l e v e r a g e . ● T h e U n d e r l y i n g m a y b e s i g n i f i c a n t l y u n i n v e s t e d . ● A n i n v e s t m e n t i n t h e n o t e s w i l l b e s u b j e c t t o r i s k s a s s o c i a t e d w i t h n o n - U . S . s e c u r i t i e s . ● T h e Q Q Q F u n d i s s u b j e c t t o m a n a g e m e n t r i s k . ● T h e p e r f o r m a n c e a n d m a r k e t v a l u e o f t h e Q Q Q F u n d , p a r t i c u l a r l y d u r i n g p e r i o d s o f m a r k e t v o l a t i l i t y , m a y n o t c o r r e l a t e w i t h t h e p e r f o r m a n c e o f t h e Q Q Q F u n d ' s u n d e r l y i n g i n d e x a s w e l l a s t h e n e t a s s e t v a l u e p e r s h a r e . ● H y p o t h e t i c a l b a c k - t e s t e d d a t a r e l a t i n g t o t h e I n d e x d o n o t r e p r e s e n t a c t u a l h i s t o r i c a l d a t a a n d a r e s u b j e c t t o i n h e r e n t l i m i t a t i o n s , a n d t h e h i s t o r i c a l a n d h y p o t h e t i c a l b a c k - t e s t e d p e r f o r m a n c e o f t h e I n d e x a r e n o t i n d i c a t i o n s o f i t s f u t u r e p e r f o r m a n c e . ● T h e U n d e r l y i n g w a s e s t a b l i s h e d o n J u n e 2 2 , 2 0 2 1 , a n d m a y p e r f o r m i n u n a n t i c i p a t e d w a y s . T h e r i s k s i d e n t i f i e d a b o v e a r e n o t e x h a u s t i v e . P l e a s e s e e " R i s k F a c t o r s " i n t h e p r o s p e c t u s s u p p l e m e n t a n d t h e a p p l i c a b l e p r o d u c t s u p p l e m e n t a n d u n d e r l y i n g s u p p l e m e n t , A n n e x A t o t h e p r o s p e c t u s a d d e n d u m a n d " S e l e c t e d R i s k C o n s i d e r a t i o n s " i n t h e a p p l i c a b l e p r e l i m i n a r y p r i c i n g s u p p l e m e n t f o r a d d i t i o n a l i n f o r m a t i o n . A d d i t i o n a l I n f o r m a t i o n A n y i n f o r m a t i o n r e l a t i n g t o p e r f o r m a n c e c o n t a i n e d i n t h e s e m a t e r i a l s i s i l l u s t r a t i v e a n d n o a s s u r a n c e i s g i v e n t h a t a n y i n d i c a t i v e r e t u r n s , p e r f o r m a n c e o r r e s u l t s , w h e t h e r h i s t o r i c a l o r h y p o t h e t i c a l , w i l l b e a c h i e v e d . T h e s e t e r m s a r e s u b j e c t t o c h a n g e , a n d J . P . M o r g a n u n d e r t a k e s n o d u t y t o u p d a t e t h i s i n f o r m a t i o n . T h i s d o c u m e n t s h a l l b e a m e n d e d , s u p e r s e d e d a n d r e p l a c e d i n i t s e n t i r e t y b y a s u b s e q u e n t p r e l i m i n a r y p r i c i n g s u p p l e m e n t a n d / o r p r i c i n g s u p p l e m e n t , a n d t h e d o c u m e n t s r e f e r r e d t o t h e r e i n . I n t h e e v e n t a n y i n c o n s i s t e n c y b e t w e e n t h e i n f o r m a t i o n p r e s e n t e d h e r e i n a n d a n y s u c h p r e l i m i n a r y p r i c i n g s u p p l e m e n t a n d / o r p r i c i n g s u p p l e m e n t , s u c h p r e l i m i n a r y p r i c i n g s u p p l e m e n t a n d / o r p r i c i n g s u p p l e m e n t s h a l l g o v e r n . P a s t p e r f o r m a n c e , a n d e s p e c i a l l y h y p o t h e t i c a l b a c k - t e s t e d p e r f o r m a n c e , i s n o t i n d i c a t i v e o f f u t u r e r e s u l t s . A c t u a l p e r f o r m a n c e m a y v a r y s i g n i f i c a n t l y f r o m p a s t p e r f o r m a n c e o r a n y h y p o t h e t i c a l b a c k - t e s t e d p e r f o r m a n c e . T h i s t y p e o f i n f o r m a t i o n h a s i n h e r e n t l i m i t a t i o n s a n d y o u s h o u l d c a r e f u l l y c o n s i d e r t h e s e l i m i t a t i o n s b e f o r e p l a c i n g r e l i a n c e o n s u c h i n f o r m a t i o n . I R S C i r c u l a r 2 3 0 D i s c l o s u r e : J P M o r g a n C h a s e & C o . a n d i t s a f f i l i a t e s d o n o t p r o v i d e t a x a d v i c e . A c c o r d i n g l y , a n y d i s c u s s i o n o f U . S . t a x m a t t e r s c o n t a i n e d h e r e i n (i n c l u d i n g a n y a t t a c h m e n t s) i s n o t i n t e n d e d o r w r i t t e n t o b e u s e d , a n d c a n n o t b e u s e d , i n c o n n e c t i o n w i t h t h e p r o m o t i o n , m a r k e t i n g o r r e c o m m e n d a t i o n b y a n y o n e u n a f f i l i a t e d w i t h J P M o r g a n C h a s e & C o . o f a n y o f t h e m a t t e r s a d d r e s s e d h e r e i n o r f o r t h e p u r p o s e o f a v o i d i n g U . S . t a x - r e l a t e d p e n a l t i e s . I n v e s t m e n t s u i t a b i l i t y m u s t b e d e t e r m i n e d i n d i v i d u a l l y f o r e a c h i n v e s t o r , a n d t h e f i n a n c i a l i n s t r u m e n t s d e s c r i b e d h e r e i n m a y n o t b e s u i t a b l e f o r a l l i n v e s t o r s . T h i s i n f o r m a t i o n i s n o t i n t e n d e d t o p r o v i d e a n d s h o u l d n o t b e r e l i e d u p o n a s p r o v i d i n g a c c o u n t i n g , l e g a l , r e g u l a t o r y o r t a x a d v i c e . I n v e s t o r s s h o u l d c o n s u l t w i t h t h e i r o w n a d v i s e r s a s t o t h e s e m a t t e r s . T h i s m a t e r i a l i s n o t a p r o d u c t o f J . P . M o r g a n R e s e a r c h D e p a r t m e n t s .