JPMorgan (AMJB) launches 5-year auto-callable MQUSLVA notes, 11.15% contingent rate

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering 5-year, non-call 1-year auto-callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The notes have a minimum denomination of $1,000, a pricing date of April 14, 2026 and a maturity date of April 14, 2031. The Index level reflects a 6.0% per annum deduction that accrues daily. If the Underlying closes at or above the Interest Barrier on a Review Date, investors receive a Contingent Interest Payment of at least 11.15% per annum (at least 2.7875% per quarter). The notes may be automatically called on quarterly Review Dates if the Underlying is at or above the Initial Value, and the Trigger Value for principal protection at maturity is 50.00% of the Initial Value. The preliminary estimated value is at least $870.00 per $1,000 principal amount.

Insights

Structured Products Analyst

Auto-callable notes offer quarterly contingent interest but expose holders to index volatility and issuer credit risk.

The notes pay a quarterly contingent interest of at least 11.15% per annum when the Underlying is at or above the Interest Barrier. The Underlying embeds a 6.0% per annum daily deduction and may use leveraged futures exposure, increasing path sensitivity and downside risk.

Cash flows depend on periodic automatic-call outcomes and the final comparison to the Trigger Value (50.00% of Initial Value). Credit exposure to JPMorgan Chase Financial Company LLC and its guarantor remains the primary counterparty risk; estimated secondary-market liquidity and pricing may differ materially from issuance values.

Key Figures

Minimum Denomination: $1,000 Contingent Interest Rate (minimum): 11.15% per annum Quarterly Contingent Interest Rate: 2.7875% per quarter +6 more

9 metrics

Minimum Denomination $1,000 issue minimum denomination

Contingent Interest Rate (minimum) 11.15% per annum paid quarterly if interest condition met

Quarterly Contingent Interest Rate 2.7875% per quarter equivalent quarterly rate for 11.15% pa

Index Deduction 6.0% per annum daily accrual deduction from Underlying level

Pricing Date April 14, 2026 pricing date for the notes

Maturity Date April 14, 2031 final maturity

Trigger Value 50.00% of the Initial Value threshold for principal outcome at maturity

Interest Barrier 60.00% of the Initial Value threshold for contingent interest eligibility

Preliminary Estimated Value $870.00 per $1,000 estimated value when terms are set

Key Terms

MerQube US Large-Cap Vol Advantage Index, Auto-callable, Contingent Interest Payment, Trigger Value, +1 more

5 terms

MerQube US Large-Cap Vol Advantage Index financial

"the “Index” attempts to provide a dynamic rules-based exposure"

Auto-callable financial

"If on any Review Date ... the notes will be automatically called"

A structured investment that pays regular higher-than-normal coupons but can be automatically closed early if a linked stock, index or asset meets preset conditions on specific observation dates. Think of it like a timed coupon that stops when a target is hit: investors may receive the promised payments and get their money back sooner, but they also face the chance of losing principal or future income if the asset falls below safety levels. This matters because it changes both the timing and risk profile of returns compared with a regular bond or stock.

Contingent Interest Payment financial

"you will receive on the applicable Interest Payment Date ... a Contingent Interest Payment"

Trigger Value financial

"If the notes have not been automatically called and the Final Value is less than the Trigger Value"

A trigger value is a pre-set threshold—usually a specific price, ratio, or metric—that, once reached, automatically prompts a defined action such as a trade, disclosure, margin call, or regulatory response. Think of it like a thermostat setting or tripwire: when the reading crosses the line, a predetermined step happens to manage risk or enforce rules. Investors care because trigger values can cause sudden buying or selling and change a stock’s short-term supply, demand, or obligations.

Futures Contracts financial

"unfunded rolling position in E-Mini S&P 500 futures"

A futures contract is an agreement to buy or sell a specific quantity of an asset at a set price on a predetermined future date. Investors use them to lock in prices or to bet on price moves; like agreeing today on the price of a loaf of bread you'll buy months from now to avoid surprise cost changes. Because these deals often require only a small upfront payment compared with the contract size, they can both protect against risk and magnify gains or losses.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/26/2026 - 03:54 PM Learn about SEC filing dates

FAQ

What are the basic terms of the AMJB-linked notes?

The notes have a $1,000 minimum denomination, price on April 14, 2026, and mature on April 14, 2031. They are auto-callable quarterly and tied to the MQUSLVA index.

How is interest paid and what is the stated rate?

Contingent interest is paid quarterly if the Underlying meets the interest condition, at a stated minimum of 11.15% per annum, equivalent to at least 2.7875% per quarter.

What downside protection is included at maturity for these notes?

If not called, principal protection depends on the Final Value versus the Trigger Value of 50.00% of Initial Value. A Final Value below the Trigger can result in losses exceeding 50% of principal.

How does the Underlying index affect returns?

The MQUSLVA applies a 6.0% per annum daily deduction and may use leveraged futures exposure up to 500%, which can reduce net index levels and increase volatility of contingent interest and principal outcomes.

What is the estimated issue value compared to price?

The preliminary material states an estimated value of at least $870.00 per $1,000 principal amount when set, which likely is lower than the initial public offering price.

Terms supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the product supplement 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 North America Structured Investments Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated March 26, 2026 Rule 424(b)(3) 5yrNC1yr MQUSLVA Auto Callable Contingent Interest Notes The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Index Overview The MerQube US Large - Cap Vol Advantage Index (the “Index” or "Underlying") attempts to provide a dynamic rules - based exposure to an unfunded rolling position in E - Mini ® S&P 500 ® futures (the “Futures Contracts”), which reference the S&P 500 ® Index (the “Constituent”), while targeting a level of implied volatility, with a maximum exposure to the Futures Contracts of 500% and a minimum exposure to the Futures Contracts of 0%. The Index is subject to a 6.0% per annum daily deduction. The Constituent consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. Summary of Terms Issuer: Guarantor: Minimum Denomination: Underlying: Pricing Date: Final Review Date: Maturity Date: Review Dates: Contingent Interest Rate: Interest Barrier : Trigger Value : CUSIP: Preliminary Pricing Supplement: JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 The MerQube US Large - Cap Vol Advantage Index (Bloomberg ticker: MQUSLVA). The level of the Underlying reflects a deduction of 6.0% per annum that accrues daily. April 14, 2026 April 14, 2031 April 17, 2031 Quarterly At least 11.15%* per annum, paid quarterly at a rate of at least 2.7875%*, if applicable 60 . 00 % of the Initial Value 50 . 00 % of the Initial Value 46660 R 3 X 0 http://sp.jpmorgan.com/document/cusip/46660R3X0/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 $870.00 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 on any Review Date (other than the first, second, third and final Review Dates) the closing value of the Underlying is greater than or equal to the Initial Value, the notes will be automatically called and you will receive 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 further 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 Trigger Value, 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 Trigger Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Underlying Return) If the notes have not been automatically called and the Final Value is less than the Trigger Value, you will lose more than 50.00% of your principal amount at maturity and could lose all of your principal amount at maturity. 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 or passed upon the accuracy or the adequacy of this document or the relevant product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense. Hypothetical Payment at Maturity** Underlying Return Payment at Maturity (assuming 11.15% per annum Contingent Interest Rate) 60.00% 40.00% 20.00% 5.00% 0.00% - 5.00% - 20.00% - 30.00% - 40.00% - 40.01% - 50.00% - 50.01% - 60.00% - 80.00% - 100.00% $1,027.875 $1,027.875 $1,027.875 $1,027.875 $1,027.875 $1,027.875 $1,027.875 $1,027.875 $1,027.875 $1,000.000 $1,000.000 $499.900 $400.000 $200.000 $0.000 J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com 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 $27.875 (equivalent to a Contingent Interest Rate of at least 11.15% per annum, payable at a rate of at least 2.7875% per quarter). **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 . 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 the credit risk of JPMorgan Chase & Co . , as guarantor of the notes .

North America Structured Investments 5yrNC1yr MQUSLVA Auto Callable Contingent Interest Notes Selected Risks Risks Relating to the Notes Generally ● Your investment in the notes may result in a loss. The notes do not guarantee any return of principal. ● The notes do not guarantee the payment of interest and may not pay interest at all. ● The level of the Underlying will include a 6.0% per annum daily deduction. ● Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan Chase & Co. ● As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. ● The appreciation potential of the notes is limited to the sum of any Contingent Interest Payments that may be paid over the term of the notes, regardless of any appreciation of the Underlying, which may be significant. ● The benefit provided by the Trigger Value may terminate on the final Review Date. ● If the notes have not been automatically called and the Final Value is below the Trigger Value, you will lose 1% of your principal for every 1% the Final Value is less than the Initial Value. ● The automatic call feature may force a potential early exit. There is no guarantee you will be able to reinvest the proceeds at a comparable interest rate for a similar level of risk. ● No dividend payments or voting rights. ● Lack of liquidity: J.P. Morgan Securities LLC (who we refer to as "JPMS"), intends to offer to purchase the notes in the secondary market but is not required to do so. The price, if any, at which JPMS will be willing to purchase notes from you in the secondary market, if at all, may result in a significant loss of your principal. ● The tax consequences of the notes may be uncertain. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes. Selected Risks (continued) Risks Relating to the Estimated Value and Secondary Market Prices of the Notes ● The estimated value of the notes will be lower than the original issue price (price to public) of the notes. ● The estimated value of the notes is determined by reference to an internal funding rate. ● The estimated value of the notes does not represent future values and may differ from others’ estimates. ● The value of the notes, which may be reflected in customer account statements, may be higher than the then - current estimated value of the notes for a limited time period. Risks Relating to the Underlying ● The Underlying may not be successful or outperform any alternative strategy. ● The Underlying may not approximate its target volatility. ● The Underlying is subject to risks associated with the use of significant leverage. ● The Underlying may be significantly uninvested. ● The Underlying is an excess return index that does not reflect “total returns.” ● The Underlying was established on February 11, 2022, and may perform in unanticipated ways. ● JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index. ● Concentration risks associated with the Underlying may adversely affect the value of your notes. ● The Underlying may be adversely affected if later futures contracts have higher prices than an expiring futures contract included in the Underlying. ● The Underlying is subject to significant risks associated with futures contracts, including volatility. ● Suspension or disruptions of market trading in futures contracts may adversely affect the value of your notes. ● The official settlement price and intraday trading prices of the relevant Futures Contracts may not be readily available. ● Changes in the margin requirements for the Futures Contracts included in the Underlying may adversely affect the value of the notes. Risks Relating to Conflicts of Interest ● Potential conflicts: We and our affiliates play a variety of roles in connection with the issuance of notes, including acting as calculation agent and hedging our obligations under the notes, and making the assumptions used to determine the pricing of the notes and the estimated value of the notes when the terms of the notes are set. It is possible that such hedging or other trading activities of J.P. Morgan or its affiliates could result in substantial returns for J.P. Morgan and its affiliates while the value of the notes declines. ● Our affiliate, JPMS, worked with MerQube in developing the guidelines and policies governing the composition and calculation of the Underlying. The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable product supplement and underlying supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the applicable preliminary pricing supplement for additional information. Additional Information Any information relating to performance contained in these materials is illustrative and no assurance is given that any indicative returns, performance or results, whether historical or hypothetical, will be achieved. These terms are subject to change, and J.P. Morgan undertakes no duty to update this information. This document shall be amended, superseded and replaced in its entirety by a subsequent preliminary pricing supplement and/or pricing supplement, and the documents referred to therein. In the event any inconsistency between the information presented herein and any such preliminary pricing supplement and/or pricing supplement, such preliminary pricing supplement and/or pricing supplement shall govern. Past performance, and especially hypothetical back - tested performance, is not indicative of future results. Actual performance may vary significantly from past performance or any hypothetical back - tested performance. This type of information has inherent limitations and you should carefully consider these limitations before placing reliance on such information. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax - related penalties. Investment suitability must be determined individually for each investor, and the financial instruments described herein may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisers as to these matters. This material is not a product of J.P. Morgan Research Departments. J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com