Every 424B that JPMorgan Chase & Co. (JPM) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow JPM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full JPM filings page.
JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to the common stock of Netflix, Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a contingent coupon of at least 11.50% per annum, payable monthly, but only if on a Review Date Netflix’s share price is at or above an Interest Barrier equal to 60.00% of the Initial Value. Missed coupons can be made up later if the barrier is met on a subsequent Review Date.
The notes may be automatically called on any Review Date from February 8, 2027 (excluding the first five and final Review Dates) if Netflix’s share price is at or above the Initial Value, in which case investors receive principal plus the applicable coupon and any unpaid coupons, and the product terminates early. At maturity on August 10, 2028, if the notes have not been called and the Final Value is at or above the 60.00% Trigger Value, investors receive principal plus the final and any unpaid coupons. If the Final Value is below the Trigger Value, repayment is reduced one-for-one with Netflix’s decline, leading to a loss of more than 40% and potentially all principal.
The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, subject to the credit risk of both the issuer and JPMorgan Chase & Co. The minimum denomination is $1,000. Selling commissions can be up to $17.50 per $1,000 and a structuring fee up to $1.00 per $1,000. The estimated value is currently about $970 per $1,000 and will not be less than $940 per $1,000, reflecting embedded costs and dealer margins.
JPMorgan Chase Financial Company LLC is offering Uncapped Digital Barrier Notes due August 15, 2030, linked to the lesser performing of the Russell 2000 Index and the S&P 500 Index and fully guaranteed by JPMorgan Chase & Co. The notes provide uncapped, unleveraged exposure to any appreciation of the lesser performing index at maturity, with a Contingent Digital Return of at least 49.00% if both indices finish at or above their initial levels.
If either index is below its initial level but both remain at or above 75.00% of initial, investors receive principal back. If either index closes below this 75.00% barrier, repayment is reduced one-for-one with the decline of the lesser performing index, and the entire principal can be lost. The notes pay no interest, provide no dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., will not be listed on any exchange, and are expected to have an estimated value per $1,000 note below the issue price.
JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes due August 10, 2028, linked to the common stock of United Rentals, Inc. (URI), and fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a Contingent Interest Rate of at least 12.25% per annum (at least 3.0625% per quarter) for each Review Date on which URI’s closing price is at or above 60.00% of the Initial Value (the Interest Barrier). Missed interest can be paid later if the barrier is met on a subsequent Review Date.
The notes are auto-callable if URI’s closing price on any Review Date (other than the first and final) is at least the Initial Value, with the earliest possible call on February 8, 2027. If not called and the final price is at or above the Trigger Value of 60.00% of the Initial Value, investors receive principal plus the final and any unpaid contingent interest. If the final price is below the Trigger Value, repayment is reduced one-for-one with the stock decline, so investors can lose more than 40% and up to all of principal. The minimum denomination is $1,000. The estimated value is about $960.00 per $1,000 note on the trade date and will not be less than $930.00 when set, reflecting embedded fees and hedging costs, and the notes are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is issuing $1,005,000 of Uncapped Lookback Accelerated Barrier Notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes price at $1,000 per note, mature on August 7, 2031 and pay no interest.
At maturity, if the Index’s Final Value exceeds the lowest closing level during the Lookback Observation Period (the Lookback Value), investors receive principal plus 1.8075× the Index Return. If the Final Value is between the Lookback Value and 70.00% of it (the Barrier Amount), principal is returned. If the Final Value is below the Barrier Amount, repayment is reduced one-for-one with the Index decline from the Lookback Value, and investors can lose up to 100% of principal.
The notes are unsecured and unsubordinated obligations of JPMorgan Financial, subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value at pricing is $970.80 per $1,000 note, below the issue price due to selling commissions of $11.25 per note and hedging and structuring costs, and the notes will not be listed, limiting liquidity.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the common stock of Freeport-McMoRan Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a Contingent Interest Payment on each monthly Review Date only if Freeport-McMoRan’s share price is at or above an Interest Barrier set at 53.25% of the Initial Value. The Contingent Interest Rate will be at least 15.00% per annum, paid at a rate of at least 1.25% per month, with any unpaid coupons potentially paid later if the barrier is subsequently met.
The notes may be automatically called on specified Review Dates starting February 8, 2027 if the share price is at or above the Initial Value, in which case investors receive $1,000 per note plus the applicable current and any unpaid Contingent Interest Payments, and no further payments. If not called and the Final Value on August 7, 2028 is at or above the Trigger Value (also 53.25% of the Initial Value), investors receive principal plus the final and any unpaid Contingent Interest Payments. If the Final Value is below the Trigger Value, repayment is reduced by the full percentage decline in the stock, and investors can lose more than 46.75% and up to all principal.
The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial Company LLC, subject to the credit risk of both the issuer and guarantor. They do not pay fixed interest or dividends and provide no participation in stock upside beyond coupons. Selling commissions are up to $17.50 and a structuring fee up to $1.00 per $1,000 note. The estimated value, if priced on the described terms, would be about $960.00 per $1,000, and will not be less than $940.00, reflecting embedded costs and hedging. The notes are not listed, may be illiquid, and early secondary sales could be at substantial discounts.
JPMorgan Chase Financial Company LLC is offering unsecured, unsubordinated Capped Buffered Equity Notes linked to the Invesco QQQ, Series 1, due September 6, 2029, fully and unconditionally guaranteed by JPMorgan Chase & Co. Investors receive 1.00x any positive QQQ return at maturity, capped at a Maximum Return of at least 51.55%.
The notes provide a 10.00% downside buffer; if the Invesco QQQ, Series 1 falls by more than 10%, principal is reduced 1% for each additional 1% decline, up to a 90.00% loss of principal. The notes pay no interest or dividends, are not bank deposits or FDIC-insured, will not be listed, and are subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The indicative estimated value is approximately $950.00 per $1,000 principal amount, and will not be less than $920.00 per $1,000 when finalized. The issuer expects to treat the notes as prepaid financial contracts for U.S. tax purposes, with complex and potentially adverse alternative tax outcomes discussed in the tax section.
JPMorgan Chase Financial Company LLC is offering Digital Buffered Notes linked to the Nasdaq-100 Index®, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount and a minimum investment of $10,000.
At maturity on August 20, 2027, investors receive a fixed return via a Contingent Digital Return of at least 10.22% (maximum payment $1,102.20 per $1,000) if the Nasdaq-100 ending level is at or above the strike, or down by up to the 15.00% Buffer Amount from the Index Strike Level of 29,733.16. If the index falls more than 15%, principal is lost on a leveraged basis at 1.17647% per additional 1% decline, potentially up to total loss. The notes are unsecured, pay no interest or dividends, will not be listed, and secondary market prices and estimated value (about $986.30, not less than $970.00 per $1,000) are expected to be below the issue price.
JPMorgan Chase Financial Company LLC is offering auto callable structured notes linked to the J.P. Morgan Multi-Asset Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination and is expected to price on or about August 6, 2026, settle on or about August 11, 2026 and mature on August 11, 2033.
The notes may be automatically called on any annual Review Date from August 10, 2027 through August 6, 2032 if the Index is at or above its Initial Value, paying $1,000 plus a Call Premium of at least 8.15% on the first Review Date, rising to at least 48.90% by the sixth. If never called, investors receive full principal at maturity plus uncapped upside equal to the Index Return × 100% participation, with no downside below par, all subject to issuer and guarantor credit risk.
The Index is a JPMS-designed, futures-based, excess return multi-asset index with a 1.00% per annum daily deduction and a 4% target volatility framework, using a momentum strategy and allowing both long and short notional positions. The notes pay no interest, are unsecured and not FDIC-insured. The indicative estimated value is about $929.20 per $1,000, and will not be less than $900.00, reflecting embedded costs. For U.S. tax purposes, they are expected to be treated as contingent payment debt instruments requiring accrual of original issue discount.
JPMorgan Chase Financial Company LLC is offering Trigger Autocallable GEARS, unsecured structured notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each Security has a $10 principal amount and is offered in minimum investments of $1,000.
If on the July 28, 2027 Observation Date the index closes at or above the Autocall Barrier (100% of the Initial Value), the notes are automatically called and pay a Call Price of $11.80 per $10, reflecting an 18.00% Call Return, with no further payments or participation in additional index gains. If not called and, at the August 5, 2031 Final Valuation Date, the index is above the Initial Value, investors receive principal plus Upside Gearing of between 1.28 and 1.3825 times the positive index return.
If the notes are not called and the index return is zero or negative but the Final Value is at or above the Downside Threshold (75% of the Initial Value), principal is repaid at maturity. If the Final Value is below the Downside Threshold, repayment is reduced dollar-for-dollar with the index loss, down to zero. The notes pay no interest or dividends, involve a risk of losing some or all principal, and all payments depend on the creditworthiness of JPMorgan Financial and JPMorgan Chase & Co. The initial issue price is $10, including $0.25 per note in selling commissions; the estimated value is approximately $9.615 per $10, and will not be less than $9.30 per $10 at pricing.
JPMorgan Chase Financial Company LLC is offering $360,000 of Uncapped Accelerated Barrier Notes linked to the EURO STOXX 50® Index, unconditionally guaranteed by JPMorgan Chase & Co. The notes mature on August 3, 2029 and are unsecured, unsubordinated obligations subject to the credit risk of both issuer and guarantor.
The notes provide 1.50x any Index appreciation at maturity, with no upside cap. If the Final Value is at or above the 70% Barrier Amount of the Strike Value, principal is returned; if it is below, investors lose 1% of principal for each 1% Index decline from the Strike Value, potentially losing all principal. The notes pay no interest or dividends, are not exchange-listed, and have minimum denominations of $1,000.
The price to public is $1,000 per note, including $6 in selling commissions, for issuer proceeds of $994 per note. The estimated value at pricing was $973.40 per $1,000, reflecting internal funding assumptions, structuring and hedging costs. Historical Index data through July 31, 2026 are provided, including a closing level of 6,426.50 on August 3, 2026. The tax discussion describes treatment as an “open transaction” prepaid financial contract and addresses potential future guidance and Section 871(m) for non‑U.S. holders.
JPMorgan Chase Financial Company LLC is issuing $1,605,000 of Auto Callable Accelerated Barrier Notes linked to the least performing of the Russell 2000, S&P 500 and EURO STOXX 50, due August 8, 2029, fully guaranteed by JPMorgan Chase & Co. The notes have a denomination of $1,000 and priced at $1,000 with proceeds of $998 to the issuer after fees.
The notes may be automatically called on August 6, 2027 if each index is at or above its Call Value, paying principal plus a Call Premium Amount of $193.50 per $1,000 note. If not called, at maturity investors receive 1.50 times any positive return of the least performing index; par is repaid if each index stays at or above 70% of its Initial Value. If any index closes below this barrier on the Observation Date, repayment is reduced one-for-one with the loss in the least performing index, down to a total loss of principal.
The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and are not listed, so liquidity may be limited. The estimated value was $986 per $1,000 at pricing, below the issue price due to selling, structuring and hedging costs.
JPMorgan Chase Financial Company LLC is offering $500,000 of Callable Contingent Interest Notes linked individually to the Dow Jones Industrial Average®, the Russell 2000® Index and the EURO STOXX 50® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co., and maturing on August 8, 2029.
The notes pay a Contingent Interest Rate of 10.80% per annum (0.90% per month) only for Review Dates when each index closes at or above 70.00% of its Initial Value, the Interest Barrier. JPMorgan may redeem the notes early, in whole, on certain Interest Payment Dates beginning February 8, 2027, returning principal plus any due interest.
If not redeemed early and the Final Value of any index is below its 70.00% Trigger Value, repayment of principal is reduced 1% for every 1% decline in the Least Performing Index, potentially to zero. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not listed, and have an estimated value of $976.50 per $1,000 at pricing, below the issue price due to structuring and hedging costs.
JPMorgan Chase Financial Company LLC is offering $2,426,000 of Auto Callable Accelerated Barrier Notes linked to the lesser performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index, due August 8, 2029, and fully guaranteed by JPMorgan Chase & Co.
The notes can be automatically called on review dates in 2027 and 2028 if each index is at or above 100% of its initial value, paying principal plus a call premium of 17% or 34%, respectively. If not called and both final index levels exceed initial levels, maturity pays $1,000 plus 1.20× the gain of the lesser performing index. If either index finishes between 70% and 100% of its initial level, investors receive par; below the 70% barrier, losses are one-for-one with the lesser index, up to total loss of principal.
The notes pay no interest, offer no dividends, are unsecured and unsubordinated obligations of JPMorgan Financial, and are subject to the credit risk of both issuer and guarantor. The price to public is $1,000 per note, with an estimated value of $952.20, and limited secondary market liquidity is expected.
JPMorgan Chase Financial Company LLC is offering $3,428,000 of unsecured Structured Investments Review Notes linked to the MerQube US Tech+ Vol Advantage Index, maturing August 8, 2033 and fully guaranteed by JPMorgan Chase & Co. The notes can be automatically called as early as August 4, 2027 if the Index closes at or above the Call Value, paying $1,000 principal plus a call premium based on a 20.80% Call Premium Rate.
If never called and the Final Index Value is at or above the 60% Barrier Amount, investors receive principal back; below the barrier, repayment is $1,000 plus $1,000 × Index Return, so principal loss can be substantial, up to 100%. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost (SOFR plus 0.50%), causing it to lag an equivalent, undeducted index and magnifying downside under its volatility-targeting, leveraged (up to 500%) rules. The price to public is $1,000 per note, including $20 in fees and commissions, while the issuer’s estimated value is $923.20 per $1,000, reflecting internal funding and hedging costs. The notes pay no interest or dividends, are not FDIC insured, and are subject to the credit risk of both the issuer and guarantor.
JPMorgan Chase Financial Company LLC is offering Capped Dual Directional Buffered Equity Notes linked to the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay no interest or dividends and are unsecured, unsubordinated obligations subject to the credit risk of both entities.
At maturity, for each $1,000 note, investors receive $1,000 plus the S&P 500 Index return when positive, capped by a Maximum Upside Return of at least 15.85%. If the Index finishes below the strike but within the 15.00% Buffer Amount, investors earn the Absolute Index Return up to 15.00%, allowing gains of up to $1,150 even on moderate declines. If the Index falls more than 15.00%, losses are magnified by a Downside Leverage Factor of 1.17647, so principal can be partially or completely lost.
The notes have a minimum denomination of $10,000, a valuation date of February 4, 2028, and mature on February 9, 2028. An indicative estimated value is about $983.20 per $1,000 note, and will not be less than $970.00, reflecting embedded selling, structuring and hedging costs. The notes will not be listed, and secondary market prices are expected to be below the issue price and sensitive to market, volatility and credit factors.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Auto Callable Contingent Buffered Return Enhanced Notes linked to the S&P 500® Index. The notes are issued at $1,000 per note in minimum denominations of $10,000, with total offering size of $1,000,000. They pay no interest or dividends and are unsecured, unsubordinated obligations subject to the credit risk of both entities.
The notes may be automatically called on August 13, 2027 if the S&P 500 closing level is at or above the Index Strike Level of 7,489.72, in which case investors receive $1,000 plus a 10.30% call premium. If not called, at maturity on August 3, 2028, investors receive uncapped 1.50x leveraged upside, with a Contingent Minimum Return of 20.60% when the Ending Index Level is at or above the strike.
The notes feature a 20.00% Contingent Buffer Amount: if the Index ends down by up to 20%, principal is returned; below that, investors lose 1% of principal for each 1% Index decline and can lose their entire investment. The estimated value is $981.30 per $1,000 note, below the issue price, reflecting selling commissions and hedging costs. The notes are not listed, secondary liquidity is limited, and complex U.S. tax and Section 871(m) considerations apply.
JPMorgan Chase Financial Company LLC is offering $2,095,000 of Uncapped Dual Directional Barrier Notes linked to the lesser performing of the Nasdaq-100 Index and the S&P 500 Index, maturing July 6, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co.
At maturity, investors receive uncapped upside equal to the appreciation of the lesser performing index, or a capped positive return from index declines of up to 28.75% if each index stays at or above 71.25% of its initial level. If either index finishes below this barrier, principal is reduced one-for-one with the lesser performing index and can fall to zero. The notes pay no interest, provide no dividends, are unsecured, will not be listed, and embed issuer and guarantor credit risk. The estimated value is $987.00 per $1,000 note, below the issue price, reflecting structuring and hedging costs.
JPMorgan Chase Financial Company LLC is issuing $1,311,000 of Auto Callable Accelerated Barrier Notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by JPMorgan Chase & Co., maturing on August 8, 2033.
The notes may be automatically called on August 9, 2027 if the Index is at or above the Call Value, paying $1,000 principal plus a $215 Call Premium per note and then terminating. If not called and the Final Index Value is above the Initial Value, investors receive 2.0x the positive Index return at maturity. If the Final Value is between the Initial Value and a 70% Barrier Amount, principal is returned; below the Barrier, principal is reduced one-for-one with the Index loss, potentially to zero.
The notes pay no interest, are unsecured and unsubordinated, and expose investors to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The price to public is $1,000 per note, including $8 in selling commissions, while the issuer’s estimated value is $967, reflecting embedded costs and internal funding assumptions.
JPMorgan Chase Financial Company LLC is offering $4,442,000 of Review Notes linked to the MerQube US Tech+ Vol Advantage Index, maturing on August 8, 2033 and fully guaranteed by JPMorgan Chase & Co. The notes can be automatically called as early as August 3, 2028 if the Index closes at or above the Call Value, paying $1,000 plus a call premium based on a 23.70% annualized Call Premium Rate.
If not called, investors receive principal at maturity only if the Final Index Value is at or above the 60.00% Barrier Amount; otherwise the payoff is $1,000 plus $1,000 times the Index return, exposing holders to a significant or total principal loss. The Index uses a 35% target volatility with exposure capped at 500% and is reduced by a 6.0% per annum daily deduction and a daily notional financing cost, so it is expected to trail an equivalent index without such charges.
The notes do not pay interest or dividends and are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The price to public is $1,000 per note, including $20 in fees and commissions, with net proceeds of $980 per note. The estimated value at pricing was $929.50 per $1,000, reflecting internal funding and hedging costs, and secondary market prices are expected to be below the issue price and may be illiquid.
JPMorgan Chase Financial Company LLC is offering structured Review Notes linked to the least performing of the Dow Jones Industrial Average®, Russell 2000® Index and S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called as early as February 7, 2028 if each index closes at or above its applicable Call Value, paying $1,000 plus a Call Premium Amount starting at a minimum of 15.375% of principal and rising to at least 61.500% by the final review date. If not called and on the final review date each index is at or above its Barrier Amount of 75% of its initial level, investors receive principal back; otherwise the payoff is $1,000 plus $1,000 times the Least Performing Index Return, creating 1-for-1 downside exposure and possible total loss of principal. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., are not FDIC insured, and have an indicative estimated value of about $967.80 per $1,000, not less than $900.00 at pricing.
JPMorgan Chase Financial Company LLC is offering $380,000 of unsecured Auto Callable Contingent Interest Notes due August 8, 2029, fully and unconditionally guaranteed by JPMorgan Chase & Co.. The notes are linked to the least performing of the Nasdaq‑100® Technology Sector, the Russell 2000® Index and the S&P 500® Index.
Investors may receive a Contingent Interest Payment on each Review Date only if the closing level of each Index is at or above 70% of its Initial Value. Beginning with the February 3, 2027 Review Date, the notes are automatically called if all three Indices are at or above their Initial Values, paying $1,000 plus that period’s interest and then terminating.
If the notes are not called, principal is protected only if the Final Value of every Index is at or above its Trigger Value of 65% of Initial Value. If any Index finishes below its Trigger, the maturity payment is reduced one‑for‑one with the decline in the Least Performing Index, and investors can lose a significant portion or all of their principal. The notes do not pay fixed interest or dividends, carry credit risk of both JPMorgan Financial and JPMorgan Chase & Co., are not listed, and have an estimated value of $949.70 per $1,000, below the issue price, reflecting embedded fees, hedging costs and dealer compensation.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Digital Buffered Notes linked to the first nearby Brent crude oil futures contract traded on ICE Futures Europe. These notes provide a Contingent Digital Return of 10.00% per $1,000 principal amount if, on the September 27, 2027 observation date, the ending contract price is at or above the Contract Strike Price of $80.70, or below it by up to the Buffer Percentage.
If the ending contract price falls more than the Buffer Percentage below the Contract Strike Price, investors lose 1.47275% of principal for every 1% decline beyond the buffer, with no principal protection and a minimum payment of zero. The buffer will be at least 32.10%, and the associated Downside Leverage Factor will be based on this level. The notes are not bank deposits, are not FDIC insured, and are treated as open transactions for U.S. federal income tax purposes under current counsel opinion, which may be changed by future IRS or Treasury guidance.
JPMorgan Chase Financial Company LLC is offering structured callable notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes have a scheduled maturity on August 22, 2031, in $1,000 minimum denominations, and pay no interest or dividends.
On each monthly Review Date starting as early as August 24, 2027, if the Index is at or above the Call Value, the notes are automatically called for $1,000 plus a Call Premium that starts at 18.5% of principal and steps up to 92.5% on the final Review Date. If never called, principal is protected only by a 15% Buffer Amount; if the Index declines by more than 15%, repayment at maturity is reduced 1:1 beyond the buffer, allowing for up to an 85% loss of principal. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost on its QQQ-based exposure, can use leverage up to 500%, and targets 35% implied volatility, all of which can materially drag on Index performance. Estimated value is about $913 per $1,000 note at pricing and will not be less than $900, and any payment is subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is offering Uncapped Accelerated Barrier Notes due August 17, 2029, linked to the lesser performance of the Dow Jones Industrial Average® and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co.
At maturity, if both indices finish at or above 80% of their initial levels, investors receive at least their $1,000 principal per note; if the lesser-performing index is above its initial level, the payoff increases by an Upside Leverage Factor of 1.43 times that index’s gain. If either index ends below 80% of its initial level, principal is reduced 1% for each 1% decline in the lesser-performing index, down to a total loss.
The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., will not be listed, and may be difficult to sell. The indicative estimated value is $984.60 per $1,000 note, and is expected to be no less than $900.00 at pricing, reflecting structuring and hedging costs and an internal funding rate. The U.S. tax treatment relies on treating the notes as prepaid financial contracts and remains subject to confirmation by tax counsel.
JPMorgan Chase Financial Company LLC is offering structured review notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination and is expected to price on or about August 7, 2026, settle around August 14, 2026, and mature on August 12, 2032.
The notes may be automatically called on quarterly Review Dates starting August 13, 2027 if the Index closes at or above 77.00% of its Initial Value, paying $1,000 plus a predetermined Call Premium (from at least 11.55% on the first Review Date up to at least 69.30% on the final Review Date). If not called, and the Final Value is at least the 60.00% Barrier Amount, investors receive principal back at maturity. If the Final Value is below the Barrier, repayment is $1,000 plus $1,000 × Index Return, so investors can lose more than 40% and up to all principal.
The Index is a leveraged, rules-based strategy on E-mini S&P 500 futures with target volatility of 35% and exposure capped at 500%, and is reduced by a 6.0% per annum daily deduction, which drags on performance. The notes pay no interest or dividends and are unsecured obligations subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. The estimated value is indicated at approximately $926.50 per $1,000 note, not less than $900 when set, reflecting structuring and hedging costs and an internal funding rate.
JPMorgan Chase Financial Company LLC is offering structured Review Notes linked individually to the Dow Jones Industrial Average®, the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 denomination, expected to price on or about August 7, 2026 and mature on August 12, 2032.
The notes may be automatically called on any of ten Review Dates starting February 7, 2028 if each Index is at or above its Call Value, paying $1,000 plus a fixed Call Premium Amount (at least 14.325% on the first Review Date up to at least 57.300% on the final Review Date). If not called and each Index’s Final Value is at or above its Barrier Amount of 75.00% of Initial Value, investors receive principal back at maturity.
If any Index finishes below its Barrier Amount and the notes have not been called, the payoff is $1,000 + ($1,000 × Least Performing Index Return), exposing investors to downside on the worst-performing Index and potentially a total loss of principal. The notes pay no interest and provide no dividends. The indicative estimated value is $969.90 per $1,000 note and will not be less than $900.00 per $1,000 when set, reflecting structuring and hedging costs. Investors are also exposed to the unsecured credit risk of JPMorgan Financial and JPMorgan Chase & Co., limited liquidity, and complex U.S. tax considerations.
JPMorgan Chase Financial Company LLC is offering 2.92-year Buffered Equity Notes, fully guaranteed by JPMorgan Chase & Co., linked to the MerQube US Tech+ Vol Advantage Index. The Index references an unfunded position in the Invesco QQQ Trust, with returns reduced by a 6.0% per annum deduction and a daily notional financing cost.
The notes have a minimum denomination of $1,000, a 15.00% Buffer Amount and monthly review dates after an initial six‑month non‑call period. If on any review date the Index level is at or above 95.00% of the Initial Value, the notes are automatically called, paying $1,000 plus a Call Premium that is at least 12.00% per annum, including at least 35.00% if called on the final review date.
If not called and the Index decline exceeds the 15.00% buffer, repayment at maturity is reduced according to the formula $1,000 + [$1,000 × (Underlying Return + Buffer Amount)], so investors may lose some or most of principal. The estimated value at pricing will be not less than $900 per $1,000 note, and all payments are subject to the credit risk of the issuer and guarantor.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year buffered equity notes linked to the MerQube US Tech+ Vol Advantage Index, which itself reflects a 6.0% per annum daily deduction and a notional financing cost on an unfunded position in the Invesco QQQ Trust.
The notes have a $1,000 minimum denomination, an Initial Pricing Date of August 26, 2026, and mature on August 29, 2031, with monthly review dates after an initial one-year non-call period. They feature a 15.00% Buffer Amount and an automatic call if the Index is at least 95.00% of its initial level, paying call premiums of at least 15.00% per annum on early calls and at least 75.00% on the final review date. The estimated value will be at least $900.00 per $1,000 note. Investors may lose some or most of principal, receive no interest, and are exposed to the credit risk of both issuing and guaranteeing entities.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year buffered equity notes linked to the MerQube US Tech+ Vol Advantage Index. The Index targets implied volatility with exposure to the QQQ Fund via an unfunded total return position, subject to a 6.0% per annum daily deduction and a daily notional financing cost. The notes feature annual review dates and an automatic call if the Index is at or above 100% of its initial value, paying at least a 19.00% per annum call premium on the first review date, scaling up to at least 95.00% by the final review date.
The notes provide a 30.00% buffer amount at maturity: if the final index value is down by no more than 30%, investors receive full principal; below that level, losses are linear and can reach most or all principal. The minimum denomination is $1,000, and the estimated value at pricing will not be less than $900 per $1,000 note, which is expected to be lower than the issue price. Any payment is subject to the credit risks of both the issuer and guarantor, and investors face risks including leverage in the Index, potential lack of liquidity, complex tax treatment, and multiple conflicts of interest.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 5-year buffered equity notes linked to the MerQube US Tech+ Vol Advantage Index. The notes have a 30% buffer against index declines and may be automatically called annually if the index is at or above its initial level, paying call premiums of at least 23% per annum (compounded by year) on the $1,000 denomination.
The MerQube US Tech+ Vol Advantage Index targets volatility exposure to an unfunded position in the Invesco QQQ Trust, subject to a 6.0% per annum daily index deduction and a daily notional financing cost. If the notes are not called and the index falls by more than the 30% buffer, investors lose principal according to a formula; a full loss is possible. The estimated value at pricing will be at least $900 per $1,000 note, and all payments depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering 5-year notes linked to the MerQube US Large-Cap Vol Advantage Index, which uses leveraged exposure (0%–500%) to E‑Mini S&P 500 futures and applies a 6.0% per annum daily deduction. The notes have a $1,000 minimum denomination, annual review dates, a final review date of August 26, 2031, and a maturity date of August 29, 2031.
The notes are automatically callable if the index on any review date is at or above its initial value, paying $1,000 plus a call premium of at least 26.25% per annum on the applicable call settlement date, after which no further payments are made. If not called, and the final index value is at or above 50.00% of the initial value (the barrier), investors receive principal back at maturity. If the final value is below the barrier, repayment is $1,000 plus $1,000 times the underlying return, leading to losses greater than 50% and potentially a complete loss of principal. The issuer states the estimated value at pricing will be at least $870 per $1,000 note, and all payments are subject to the credit risk of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 5-year auto-callable notes linked to the MerQube US Tech+ Vol Advantage Index, which references an unfunded total-return position in the Invesco QQQ Trust subject to a notional financing cost and a 6.0% per annum daily index deduction.
The notes feature annual review dates with an automatic call if the index is at or above its initial level, paying at least a 26.25% Call Premium per annum. If never called, principal is repaid at maturity only if the final index value is at or above the Barrier Amount of 50.00% of the Initial Value; otherwise, repayment is reduced one-for-one with the index loss, and investors can lose all principal.
The Final Review Date is August 26, 2031 and the Maturity Date is August 29, 2031. The estimated value, when set, will be not less than $900.00 per $1,000 principal amount, and all payments are subject to the credit risk of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is offering structured notes titled Uncapped Accelerated Barrier Notes linked to the least performing of the Dow Jones Industrial Average, the Nasdaq‑100 Index and the Russell 2000 Index, maturing on August 16, 2029. The notes provide 2.05x leveraged upside on any positive performance of the least performing index at maturity, with no cap, based on $1,000 minimum denominations.
If the final level of any index is at or above 70% of its initial level (the Barrier Amount), investors receive their principal back; if all three indices are above their initial levels, they also receive the leveraged upside. If any index finishes below its barrier, principal is reduced 1% for every 1% decline in the least performing index, potentially resulting in a total loss of principal. The notes pay no interest, provide no dividends, are unsecured obligations of JPMorgan Financial guaranteed by JPMorgan Chase & Co., and are subject to both entities’ credit risk.
The indicative estimated value is about $976.80 per $1,000 note, and will not be less than $900.00 at pricing, reflecting embedded costs and hedging. The notes will not be listed, and secondary market liquidity and prices may be limited and below the issue price. The filing also details index methodologies (including updated Nasdaq‑100 rules) and complex U.S. tax and Section 871(m) considerations.
JPMorgan Chase Financial Company LLC plans to issue unsecured structured notes due August 29, 2031, fully and unconditionally guaranteed by JPMorgan Chase & Co., with minimum denominations of $1,000. The notes are linked to the MerQube US Tech+ Vol Advantage Index and can be automatically called as early as August 31, 2027 if the Index is at or above a specified Call Value, paying back principal plus a Call Premium Amount.
Holders forgo interest and dividends and face capital risk: if the notes are not called and the Index falls more than the 15% buffer, principal is reduced 1% for each 1% Index loss beyond the buffer, up to an 85% loss of principal. The Index embeds a 6.0% per annum daily deduction and a notional financing cost, which systematically drag performance and cause the Index to trail an otherwise identical, undeducted index.
The Index dynamically adjusts exposure to the QQQ Fund to target 35% implied volatility, with exposure ranging from 0% to 500%, introducing leverage and potential “volatility drag.” If priced on the reference date described, the estimated economic value would be about $901.90 per $1,000 note, with a minimum final estimated value at issuance of $900.00, reflecting selling costs and internal funding assumptions. Any payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is offering Auto Callable Contingent Interest Notes linked to the Class A common stock of Meta Platforms, Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are unsecured, unsubordinated obligations with a scheduled maturity on August 17, 2029, minimum denominations of $1,000, and may be automatically called as early as February 16, 2027 if Meta’s share price on a Review Date (other than the first five and final) is at or above the Initial Value.
Investors may receive a contingent interest rate of at least 11.05% per annum, payable only for Review Dates on which Meta’s closing price is at or above the Interest Barrier, set at 50% of the Initial Value. If the notes are not called and Meta’s Final Value is at or above the Trigger Value (also 50% of the Initial Value), investors receive principal plus the final contingent interest. If the Final Value is below the Trigger Value, repayment is reduced dollar-for-dollar with Meta’s decline, potentially resulting in a significant or total loss of principal and no interest. The estimated value is indicated at approximately $970.10 per $1,000 note and will not be less than $900, reflecting embedded selling, structuring and hedging costs.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes due August 16, 2029, linked to the Nasdaq-100 Index®, the Russell 2000® Index and the SPDR® S&P® Regional Banking ETF, in minimum denominations of $1,000, fully and unconditionally guaranteed by JPMorgan Chase & Co. Investors may receive a Contingent Interest Payment on each Review Date only if the closing value of each underlying is at or above its Interest Barrier, set at 70% of its Initial Value; missed coupons can be paid later if the condition is later satisfied. The notes are automatically called, starting as early as February 11, 2027, if on a Review Date (other than specified early and final dates) each underlying closes at or above its Initial Value, returning principal plus the applicable coupon and any unpaid coupons.
If not called, at maturity investors receive principal back only if the Final Value of each underlying is at or above its Trigger Value of 60% of Initial Value; otherwise repayment is reduced one-for-one with the decline of the Least Performing Underlying, potentially to zero. The indicative estimated value is about $957.50 per $1,000 note and will not be less than $900.00, reflecting embedded costs. The notes are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., offer no upside participation or dividends, may be illiquid, and embed complex tax and sector-specific risks.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount and matures on August 12, 2032.
Investors receive a high contingent coupon (at least 17.75% per annum, paid monthly) only when the Index is at or above 70% of its Initial Value, and may receive no interest at all. The notes auto-call quarterly from August 9, 2027 if the Index is at or above its Initial Value, returning principal plus the relevant coupon. If held to maturity without being called and the Index closes below the 50% Trigger Value, principal is reduced one-for-one with the Index decline, down to a total loss. The Index embeds 6.0% per annum daily fees and can use leverage up to 500%, creating significant risk and drag on performance. The estimated economic value is about $923.10 per $1,000 note, and at pricing will not be less than $900, reflecting built-in costs, credit risk of JPMorgan Financial and JPMorgan Chase & Co., limited liquidity, structural complexity and tax uncertainty.
JPMorgan Chase Financial Company LLC is offering structured notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called on scheduled Review Dates starting August 16, 2027 if the Index is at or above 90% of its Initial Value (the Call Value). In that case, investors receive $1,000 plus a Call Premium Amount that starts at least at 16.6500% of principal on the first Review Date and rises to at least 83.2500% by the final Review Date, ending the investment early.
If the notes are not called, principal is protected only down to a 20.00% Buffer Amount. At maturity on August 14, 2031, if the Index has fallen by more than 20%, repayment is reduced dollar‑for‑dollar beyond that buffer, so investors can lose up to 80.00% of principal. The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost on its QQQ exposure, which drag on performance and cause the Index to trail an equivalent index without such charges. The minimum denomination is $1,000 per note. If priced today, the estimated economic value would be about $943.70 per $1,000 note, and the final estimated value at pricing will not be less than $900.00, both below the issue price due to selling, structuring and hedging costs. Any payments depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. and the availability of secondary market liquidity, which is not assured.
JPMorgan Chase Financial Company LLC is offering auto callable accelerated barrier notes linked to the Nasdaq-100 Index®, due August 16, 2029, fully and unconditionally guaranteed by JPMorgan Chase & Co. Each note has a $1,000 principal amount and is sold in $1,000 minimum denominations.
The notes may be automatically called on August 18, 2027 if the Index closes at or above a specified Call Value, paying $1,000 plus a Call Premium Amount of at least $160. If not called, at maturity investors receive uncapped upside of 1.50 times any positive Index return, full principal back if the Final Index Value is at or above the Barrier Amount of 80.00% of the Initial Value, and a one-for-one loss of principal with Index declines below that barrier, potentially to zero.
The indicative estimated value is approximately $984.80 per $1,000 note at launch and will not be less than $900. Payments depend on the credit of both JPMorgan Financial and JPMorgan Chase & Co., the notes pay no interest or dividends, are not listed, and secondary market prices are expected to be below the issue price.
JPMorgan Chase Financial Company LLC is offering unsecured structured notes linked to the MerQube US Tech+ Vol Advantage Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes have a scheduled maturity of August 15, 2031 and a minimum denomination of $1,000.
The notes can be automatically called on quarterly Review Dates starting August 17, 2027 if the Index is at or above 100% of its Initial Value, paying back principal plus a fixed Call Premium that starts at 20% and steps up to 100% by the final Review Date. If not called, principal is protected only by a 15% Buffer Amount; if the Index falls more than 15% at final valuation, repayment is reduced 1:1 beyond the buffer, with investors exposed to a loss of up to 85% of principal.
The Index embeds a 6.0% per annum daily deduction and a daily notional financing cost on the QQQ Fund exposure, which systematically drags performance versus a similar index without these charges. The issuer estimates initial value at about $908.30 per $1,000 note, and states it will not be less than $900, reflecting embedded fees and hedging costs. The notes pay no interest or dividends and carry the credit risk of JPMorgan Financial and JPMorgan Chase & Co.
JPMorgan Chase Financial Company LLC is offering auto callable contingent interest notes linked to the MerQube US Tech+ Vol Advantage Index, maturing on August 29, 2031, in minimum denominations of $1,000, fully and unconditionally guaranteed by JPMorgan Chase & Co.
The notes pay a Contingent Interest Payment on each Review Date only if the Index closing level is at least 70.00% of the Initial Value (the Interest Barrier). The Contingent Interest Rate will be at least 9.00% per annum, with previously unpaid interest paid when conditions are next satisfied. The notes are automatically called, beginning as early as August 26, 2027, if on an applicable Review Date the Index is at or above the Call Value, expected to be 93.00% of the Initial Value.
If the notes are not called, principal is protected only down to the 85.00% Buffer Threshold; below this level, investors lose 1% of principal for each 1% Index decline beyond the 15.00% Buffer Amount, up to a loss of 85.00% of principal. The Index employs a target volatility of 35%, leverage up to 500%, and is reduced by a 6.0% per annum daily deduction plus a notional financing cost, so its performance will trail an equivalent index without these deductions. If priced today, the estimated value would be approximately $911.60 per $1,000 note and will not be less than $900.00 at pricing; this is below the issue price because of selling commissions and structuring 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, maturing on August 11, 2032, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a monthly Contingent Interest Payment only if the Index closes at or above 70.00% of the Initial Value (the Interest Barrier) on the relevant Interest Review Date, and may be automatically called quarterly if the Index closes at or above the Initial Value, starting February 8, 2027.
If held to maturity and not called, investors receive par plus the final contingent interest only if the Final Value is at or above the Trigger Value of 50.00% of the Initial Value; otherwise, principal is reduced 1% for each 1% Index decline from the Initial Value, with the potential for a total loss of principal. The notes feature a Contingent Interest Rate of at least 18.00% per annum and minimum denominations of $1,000, but investors forgo ordinary interest and any dividends on the underlying equities.
The underlying Index dynamically allocates exposure of up to 500% to E-mini S&P 500 futures and is subject to a 6.0% per annum daily deduction, which creates a persistent drag and causes the Index to trail an equivalent index without such a fee. If priced on the reference date, the issuer estimates the notes’ value at approximately $928.10 per $1,000 principal amount, and states the final estimated value will not be less than $900.00 per $1,000. The notes are unsecured and unsubordinated obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. and are not FDIC insured.
JPMorgan Chase Financial Company LLC is offering Uncapped Buffered Return Enhanced Notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are unsecured, unsubordinated obligations subject to the credit risk of both entities.
The notes provide at maturity an uncapped leveraged upside of at least 2.04× any positive Index return. If the Index is flat or down by up to the 20.00% Buffer Amount, investors receive the full $1,000 principal per note. If the Index falls by more than 20.00%, investors lose 1% of principal for each 1% decline beyond the buffer, up to an 80.00% loss (minimum payment $200 per $1,000 note).
The notes pay no interest, are not bank deposits and will not be listed on an exchange, so liquidity depends on J.P. Morgan Securities LLC making a market. If priced on the described date, the estimated value would be about $970 per $1,000, and will not be less than $950, reflecting embedded selling, structuring and hedging costs.
JPMorgan Chase Financial Company LLC is offering Auto Callable Accelerated Barrier Notes linked to the Nasdaq-100 Index®, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes may be automatically called on August 18, 2027 if the Index closes at or above a specified Call Value, paying $1,000 plus a Call Premium Amount of at least $126.50 per $1,000 note.
If not called, at maturity on August 16, 2029 holders receive: leveraged upside of 1.50× any Index appreciation; return of principal if the Final Value is at or above the Barrier Amount set at 80.00% of the Initial Value; or 1% principal loss for each 1% Index decline below the Initial Value if the Barrier is breached, up to total loss. The indicative estimated value is about $965.70 per $1,000 note and will not be less than $900.00. The notes pay no interest or dividends, are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co., and will not be listed, so liquidity will depend on JPMS making a market.
JPMorgan Chase Financial Company LLC is offering uncapped accelerated barrier notes due August 17, 2029, linked to the lesser performing of the Dow Jones Industrial Average® and the S&P 500® Index. The notes pay no interest or dividends and are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.
At maturity, if both indices finish at or above their Initial Values, investors receive the $1,000 principal plus at least 1.26× any gain of the lesser performing index. If either index is at or below its Initial Value but at or above its 80% Barrier Amount, investors receive principal only. If either index ends below its Barrier Amount, repayment is reduced 1% for each 1% decline of the lesser performer from its Initial Value, down to a possible total loss.
The minimum denomination is $1,000$960.20 per $1,000 note and will not be less than $900.00, reflecting dealer compensation, structuring fees and hedging costs. The notes are not bank deposits, are not FDIC-insured, and may be difficult to sell before maturity, with secondary prices likely below the original issue price.
JPMorgan Chase Financial Company LLC is issuing $27,000 of Auto Callable Notes linked to the J.P. Morgan Multi-Asset Index, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are issued in $1,000 denominations, priced on July 31, 2026 and expected to settle on or about August 5, 2026, with maturity on August 5, 2031.
The notes may be automatically called on annual Review Dates starting August 4, 2027 if the Index is at or above specified Call Values (100.50%–102.00% of the Initial Value). If called, investors receive $1,000 plus a fixed Call Premium Amount (from 8.50% to 34.00% of principal), and the notes terminate.
If not called, at maturity investors receive full principal plus an Additional Amount equal to the Index Return × 100% Participation Rate, floored at zero, providing uncapped upside but no downside participation. The Initial Value of the Index was 313.09. The notes pay no interest and are unsecured obligations subject to the credit risk of JPMorgan Financial and JPMorgan Chase & Co. The estimated value at pricing was $930.40 per $1,000 note, below the issue price due to selling commissions and hedging and structuring costs.
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering Digital Buffered Notes linked to the S&P 500 Index. The notes provide a fixed Contingent Digital Return of 8.02%, so holders receive $1,080.20 per $1,000 at maturity if the S&P 500 ending level is at or above the initial level, or down by up to the 15.00% Buffer Amount.
If the Index declines by more than 15%, principal is exposed to losses at a Downside Leverage Factor of 1.17647, so investors can lose some or all of principal. The Initial Index Level on the pricing date was 7,489.72. The notes price at $1,000 with total offering size of $14,038,000, including $10 in fees per note and an estimated value of $989.50. The notes are designed to be held to maturity on August 18, 2027 and involve tax and liquidity risks described in the accompanying materials.
JPMorgan Chase Financial Company LLC is offering $273,000 of Auto Callable Notes linked to the J.P. Morgan Multi-Asset Index, due August 3, 2029, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are issued in $1,000 denominations, with a price to public of $1,000, selling commissions of $10 and proceeds to the issuer of $990 per note. The estimated value at pricing was $950 per $1,000 note.
The notes may be automatically called on review dates in 2027 and 2028 if the J.P. Morgan Multi-Asset Index is at or above preset call values of 101% and 102% of the Initial Value, paying principal plus call premiums of 9.50% or 19.00% of principal. If not called, at maturity investors receive full principal repayment plus any upside based on 100% participation in positive index return; if the index is flat or lower, only principal is repaid, subject to issuer and guarantor credit risk.
The Initial Value of the Index on the pricing date was 313.09. The Index reflects a diversified futures-based strategy across equities, fixed income and commodities, reduced by a 1.00% per annum daily deduction and targeted to a 4% volatility threshold. The notes are treated as contingent payment debt instruments for U.S. tax purposes, with a comparable yield of 4.31% and projected payment at maturity of $1,136.28 per $1,000 note for tax accruals.
JPMorgan Chase Financial Company LLC is issuing $1,385,000 of Callable Contingent Interest Notes linked to the common stock of American Airlines Group Inc., fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes pay a 15.00% per annum Contingent Interest (1.25% monthly) for each Review Date where AAL’s closing price is at or above 40.00% of the Initial Value, set at $15.27, giving an Interest Barrier and Trigger Value of $6.108.
The issuer may redeem the notes early, in whole, on specified Interest Payment Dates beginning February 4, 2027, paying principal plus applicable contingent interest and any accrued unpaid contingent interest. If held to maturity on August 3, 2028 and not redeemed early, investors receive $1,000 per note plus applicable contingent interest (and unpaid contingent interest) if the Final Value is at or above the Trigger Value; otherwise, repayment is reduced one-for-one with AAL’s negative stock return, exposing investors to loss of more than 60% and potentially all principal.
The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, subject to the credit risk of both the issuer and JPMorgan Chase & Co. They are sold at $1,000 per note, including $18.50 in fees and commissions, for issuer proceeds of $981.50 per note. The estimated value at pricing was $966.30 per $1,000 note, reflecting selling, structuring and hedging costs and an internal funding rate. The notes will not be listed, and secondary market prices are expected to be below the original issue price.
JPMorgan Chase Financial Company LLC is issuing Enhanced Jump Securities with Auto-Callable Feature, principal-at-risk notes fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked to the worst performing of the Russell 2000, S&P 500 and Nasdaq-100 indices.
Each $1,000 security may be automatically redeemed on any of 16 determination dates through July 31, 2031 if all three indices close at or above their initial levels, for early redemption payments starting at $1,107 and rising to $1,508.25, corresponding to about 10.70% per annum. If not called and at maturity all indices are at or above 80% of their initial levels (the downside thresholds), investors receive a maturity payment of $1,535 per security (about 10.70% per annum).
If the notes are not redeemed and any index finishes below its downside threshold, investors are fully exposed 1-to-1 to the decline of the worst index and may receive less than 80% of principal, down to zero. The issue size is $1,450,000 at $1,000 per note, with selling commissions and fees reducing issuer proceeds and an estimated value of $946.70 per $1,000 on the pricing date. Payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co. and the notes pay no periodic interest or index upside.