JPMorgan 7y auto-call notes tied to MerQube index
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 7-year auto-callable notes linked to the MerQube US Tech+ Vol Advantage Index, with a minimum denomination of $1,000.
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Rhea-AI Filing Summary
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 7-year auto-callable notes linked to the MerQube US Tech+ Vol Advantage Index, with a minimum denomination of $1,000. The Index targets volatility using dynamic exposure to an unfunded position in the Invesco QQQ Trust, with exposure between 0% and 500%, and its level reflects a 6.0% per annum daily deduction plus a notional financing cost.
The notes can be automatically called after a two-year non-call period on any daily Review Date if the Index is at or above the Call Value of 100% of its Initial Value, paying $1,000 plus a Call Premium Amount based on a Call Premium Rate of at least 22.50%. If not called and the Final Value is at or above the 60.00% Barrier Amount, investors receive principal back at maturity; if the Final Value is below the Barrier Amount, repayment per $1,000 is $1,000 + ($1,000 × Index Return), and investors will lose more than 40% and could lose all principal.
The estimated value of the notes, when set, will not be less than $900 per $1,000 principal amount, and any payment is subject to the credit risk of the issuer and guarantor. The materials highlight risks including the Index’s fees and leverage, limited upside via call premiums only, lack of interest or dividends, potential illiquidity, conflicts of interest in index design and valuation, and tax uncertainty.
FAQ
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What are the JPMorgan 7yNC2y Auto Callable Notes linked to the MerQube US Tech+ Vol Advantage Index (AMJB)?
The notes are 7-year, auto-callable structured investments issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co.. They are linked to the MerQube US Tech+ Vol Advantage Index, which dynamically adjusts exposure (0% to 500%) to an unfunded position in the Invesco QQQ Trust while targeting volatility. Returns depend on Index performance, with potential early automatic call and a downside barrier at maturity.
How does the automatic call feature work on these JPMorgan MerQube US Tech+ Vol Advantage Index notes?
After an initial two-year non-call period, the notes are reviewed daily. If on any Review Date the Index closing level is at least the Call Value of 100.00% of its Initial Value, the notes are automatically called. For each $1,000 principal amount, investors receive $1,000 plus a Call Premium Amount calculated as $1,000 × Call Premium Rate × N / 252, where N is based on the number of Review Dates. No further payments are made once the notes are called.
What happens at maturity if the MerQube US Tech+ Vol Advantage Index notes (AMJB) are not called?
If the notes are not automatically called and the Final Value of the Index is at or above the Barrier Amount of 60.00% of the Initial Value, investors receive the full $1,000 principal per note at maturity. If the Final Value is below the Barrier Amount, the payoff per $1,000 is $1,000 + ($1,000 × Index Return), meaning investors lose more than 40.00% of principal and could lose the entire investment.
What are the key risks of investing in the JPMorgan notes linked to the MerQube US Tech+ Vol Advantage Index?
Key risks include the possibility of losing some or all principal, as there is no principal guarantee. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost, which lower Index levels over time. Upside is limited to call premiums; there are no interest or dividend payments. Investors face the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., potential illiquidity in secondary trading, conflicts of interest in index design and hedging, and uncertain tax treatment.
How is the MerQube US Tech+ Vol Advantage Index constructed for these JPMorgan notes?
Since February 9, 2024, the Index has tracked a dynamic, rules-based exposure to an unfunded position in the Invesco QQQ Trust, Series 1. It targets a level of implied volatility by adjusting exposure between 0% and 500% of the Underlying Asset. The Index level reflects a 6.0% per annum daily deduction, and the QQQ Fund performance is reduced by a daily notional financing cost. Prior to that date, the Underlying Asset was an unfunded rolling position in E-Mini Nasdaq-100 futures.
What is the estimated value of the JPMorgan MerQube US Tech+ Vol Advantage Index notes at issuance?
The materials state that the estimated value of the notes, when the terms are set, will not be less than $900.00 per $1,000 principal amount note. This estimated value is determined using an internal funding rate and will likely be lower than the price paid. It does not represent future values and may differ from other estimates, and initial secondary market values on account statements may be higher than the then current estimated value for a limited time.
Do investors in the JPMorgan MerQube US Tech+ Vol Advantage Index notes receive interest, dividends, or voting rights?
No. The notes offer no periodic interest payments, no dividend payments from the Invesco QQQ Trust, and no voting rights in any underlying securities. Potential returns come only from automatic call premiums or principal repayment at maturity, subject to the Index performance and the Barrier Amount.
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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”) 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 maximum ex pos ure to the Underlying Asset of 500% and a minimum exposure to the Underlying Asset of 0%. Since February 9, 2024 (the “Amendment Effecti ve 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 Underl yin g 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 t he QQQ 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 Index (Index Ticker): The MerQube US Tech+ Vol Advantage Index (Bloomberg ticker: MQUSTVA). The level of the Index 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: February 3, 2026 Final Review Date: February 3, 2033 Maturity Date: February 8, 2033 Review Dates: Daily (after an initial two year non - call period) Call Premium Rate: At least 22.50%* Call Value: 100.00% of the Initial Value Barrier Amount: 60.00% of the Initial Value CUSIP: 46660J6S6 Preliminary Pricing Supplement: http://sp.jpmorgan.com/document/cusip/46660J6S6/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 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. You may lose a significant portion or all of your principal at maturity. Any payment on the notes is subject to the credit ri sk of JPMorgan Chase Financial Company LLC, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. Automatic Call If the closing level of the Index on any Review Date is greater than or equal to the Call Value, the notes will be automatica lly called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount applicable to that Review Date, payable on the applicable Call Settlement Date. No further payments will be made on the notes . The Call Premium Amount with respect to each Review Date is calculated as follows: $1,000 î Call Premium Rate î N / 252, where N is equal to 504 + the number of Review Dates preceding that Review Date. For example, for the first Review Date, N = 50 4 (equal to 504 + 0), for the second Review Date, N = 505 (equal to 504 + 1) and for the final Review Date, N = 1,760 (equal to 504 + 1,256). Payment at Maturity If the notes have not been automatically called and the Final Value is greater than or equal to the Barrier Amount, you will rec eive the principal amount of your notes at maturity. If the notes have not been automatically called and the Final Value is less than the Barrier Amount, your payment at maturity pe r $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Index Return) If the notes have not been automatically called and the Final Value is less than the Barrier Amount, you will lose more than 40. 00% of your principal amount at maturity and could lose all of your principal amount at maturity. Investing in the notes linked to the Index involves a number of risks. See "Selected Risks" on page 2 of this document, "Risk Fa ctors" in the prospectus supplement and the relevant product supplement and underlying supplement, Annex A to the prospectus addendum and " Sel ected 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 supplement, p ros pectus and prospectus addendum. Any representation to the contrary is a criminal offense. Hypothetical Examples of Amounts Payable upon Automatic Call or at Maturity** J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com 7yNC2y Auto Callable Review Notes Linked to the MerQube US Tech+ Vol Advantage Index North America Structured Investments Total Return at Final Review Date Total Return at First Review Date Index Return at Review Date 157.14286% 45.00% 100.00% 157.14286% 45.00% 80.00% 157.14286% 45.00% 40.00% 157.14286% 45.00% 20.00% 157.14286% 45.00% 10.00% 157.14286% 45.00% 0.00% 0.00000% N/A - 5.00% 0.00000% N/A - 10.00% 0.00000% N/A - 20.00% 0.00000% N/A - 40.00% - 40.01000% N/A - 40.01% - 50.00000% N/A - 50.00% - 60.00000% N/A - 60.00% - 80.00000% N/A - 80.00% - 100.00000% N/A - 100.00% *The actual Call Premium Rate will be provided in the pricing supplement and will not be less than 22.50%. ** Not all Review Dates reflected. Reflects a Call Premium Rate of 22.50%. The Call Premium Rate will be determined on the Pricing Date and will not be less than 22.50%. The “total return” as used above is the number, expressed as a percentage, that results from comparing the payment on the applicable payment date per $1,000 principal amount note to $1,000. The hypothetical returns 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 returns shown above would likely be lower . Capitalized terms used but not defined herein shall have the meanings set forth in the preliminary pricing supplement. 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 January 20, 2026 Rule 424(b)(3)
J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com 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 level of the Index will include a 6.0% per annum daily deduction. • The level of the Index will include the deduction of a notional financing cost. • 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 any Call Premium Amount paid on the notes. • The benefit provided by the Barrier Amount may terminate on the final Review Date. • The automatic call feature may force a potential early exit. • No interest payments, 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. 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 (the “Index Sponsor”) in developing the guidelines and policies governing the composition and calculation of the Index. 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 does not represent future values and may differ from others’ estimates. • The estimated value of the notes is determined by reference to an internal funding rate. • 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 Index • The Index Sponsor may adjust the Index in a way that affects its level, and the Index Sponsor has no obligation to consider your interests. • The Index may not be successful or outperform any alternative strategy that might be employed in respect of the Underlying Asset. • The Index may not approximate its target volatility. • The Index is subject to risks associated with the use of significant leverage. • The Index may be significantly uninvested. • An investment in the notes will be subject to risks associated with non - U.S. securities. • The QQQ Fund is subject to management risk. • The performance and market value of the QQQ Fund, particularly during periods of market volatility, may not correlate with the performance of the QQQ Fund’s underlying index as well as the net asset value per share. • Hypothetical back - tested data relating to the Index do not represent actual historical data and are subject to inherent limitations, and the historical and hypothetical back - tested performance of the Index are not indications of its future performance. • The Index was established on June 22, 2021 and may perform in unanticipated ways. Additional Information Any information relating to performance contained in these materials is illustrative and no assurance is given that any indic ati ve 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, s upe rseded 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 pres ent ed 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 m ay 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 o f 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 Cha se & 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 the se matters. This material is not a product of J.P. Morgan Research Departments. North America Structured Investments 7yNC2y Auto Callable Review Notes Linked to the MerQube US Tech+ Vol Advantage Index The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable prod uct supplement and underlying supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the applicable preliminary pricing supplement for additional information.