5y Auto‑Callable Multi‑Asset Index Notes (JPM) with ≥8.50% call premium
Rhea-AI Filing Summary
JPMorgan Chase Financial Company LLC, with JPMorgan Chase & Co. as guarantor, is offering 5‑year auto‑callable notes linked to the J.P. Morgan Multi‑Asset Index. The notes have a $1,000 minimum denomination and a participation rate up to 100%. The notes may be automatically called on scheduled Review Dates if the Index meets the applicable Call Value, paying a cash call amount that includes a Call Premium that will be at least 8.50% per annum. If not called and the Final Value exceeds the Initial Value, maturity payment equals the Index Return times the Participation Rate; otherwise investors receive full principal at maturity, subject to issuer and guarantor credit risk. The estimated value at pricing will be not less than $900.00 per $1,000 note. The Index applies a 1.00% per annum daily deduction and targets an initial volatility threshold of 4.0%. Other risks, liquidity limits and tax considerations are noted in the pricing supplement and underlying supplements.
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Insights
Auto‑callable notes tie limited upside to a momentum multi‑asset index with issuer credit exposure.
The notes link payoffs to the J.P. Morgan Multi‑Asset Index, which applies a 1.00% per annum daily deduction and targets 4.0% initial volatility. Automatic call mechanics pay scheduled Call Premiums (stated as at least 8.50% per annum) if Call Values are met on Review Dates.
Key dependencies include the Index’s momentum allocations, futures‑based Constituent performance, and credit risk of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Secondary‑market liquidity is not guaranteed and estimated value will likely be below the public price.
The Index uses up to 10 futures‑based Constituents and may allocate significantly to bond exposure.
The Index tracks a dynamic notional portfolio of up to 10 excess‑return futures‑based indices converted to USD, less a 1.00% p.a. deduction. The strategy is momentum‑driven and may not maintain target volatility or outperform alternatives.
Risks to watch in filings include margin requirement changes for futures, potential short positions in the Index, and adjustments by the index sponsor or calculation agent that could affect Index level and note payoffs.
Key Figures
Key Terms
Auto‑callable financial
Participation Rate financial
Excess return futures‑based indices financial
Daily deduction financial
Estimated value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What does the JPM 5y Auto‑Callable note pay if automatically called?
How is the maturity payment calculated if the notes are not called?
What are the key index deductions and volatility settings for the Index?
What is the estimated value at pricing and how does it relate to the public price?
Who bears credit risk for payments on these notes (JPM)?
Payable Total Return at Maturity if not Automatically Called Amounts Maturity** Total Return at Fourth Review Date* ples of Call or at Total Return at Third Review Date* tical Exam omatic Total Return at First Review Date* Hypothe upon Aut Index Return at Review Date 60.00% 34.00% 25.50% 8.50% 60.00% 40.00% 34.00% 25.50% 8.50% 40.00% 20.00% 34.00% 25.50% 8.50% 20.00% 10.00% 34.00% 25.50% 8.50% 10.00% 5.00% 34.00% 25.50% 8.50% 5.00% 2.00% 34.00% 25.50% 8.50% 2.00% 1.50% N/A 25.50% 8.50% 1.50% 1.00% N/A N/A 8.50% 1.00% 0.50% N/A N/A 8.50% 0.50% 0.00% N/A N/A N/A 0.00% 0.00% N/A N/A N/A - 5.00% 0.00% N/A N/A N/A - 10.00% 0.00% N/A N/A N/A - 20.00% 0.00% N/A N/A N/A - 30.00% 0.00% N/A N/A N/A - 50.00% 0.00% N/A N/A N/A - 60.00% 0.00% N/A N/A N/A - 80.00% 0.00% N/A N/A N/A - 100.00% The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Overview The notes provide exposure to the J.P. Morgan Multi - Asset Index (the “Index”), which seeks to provide a dynamic and diversified asset allocation based on a momentum investment strategy, while attempting to maintain a stable level of volatility over time. The Index tracks the return of (a) a dynamic notional portfolio consisting of up to 10 excess return futures - based indices (each, a “Constituent” and collectively, the “Constituents”), converted into U.S. dollars (in the case of Constituents not denominated in U.S. dollars), less (b) a 1.00% per annum daily deduction, with an initial volatility threshold of 4.0%. The Constituents represent a broad range of asset classes (equities, fixed income and commodities) and developed markets (the United States, Germany and Japan). Summary of Terms JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 J.P. Morgan Multi - Asset Index MAX 100% July 31, 2026 July 31, 2031 August 5, 2031 Annual 46661CBG0 http://sp.jpmorgan.com/document/cusip/46661CBG0/doctype/Product_Termsheet/document.pd f Issuer: Guarantor: Minimum Denomination: Index: Index Ticker: Participation Rate: Pricing Date: Final Review Date: Maturity Date: Review Dates: CUSIP: Preliminary Pricing Supplement: 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. Automatic Call If the closing level of the Index on any Review Date (other than the final Review Date) is greater than or equal to the Call Value for that Review Date, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount 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 the Initial Value, at maturity, you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Index Return multiplied by the Participation Rate. If the notes have not been automatically called and if held to maturity, you will receive a full repayment of principal on the notes, even if the level of the Index declines, subject to the credit risks of JPMorgan Chase Financial LLC and JPMorgan Chase & Co . 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. Investing in the notes linked to the Index 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 and “Selected Risk Considerations” in the relevant pricing supplement. representation to the contrary is a criminal offense. North America Structured Investments 5y Auto Callable J.P. Morgan Multi - Asset Index - Linked Notes Terms supplement to the prospectus dated April 17, 2026, the prospectus supplement dated April 17, 2026, the product suppleme nt no. 3 - I dated April 17, 2026 and the underlying supplement no. 23 - I dated April 17, 2026 Registration Statement Nos. 333 - 293684 and 333 - 293684 - 01 Dated July 1, 2026 Rule 424(b)(3) N/A – indicates that the notes would not be called on the applicable Review Date and no payment would be made for that date. * Reflects a Call Premium of 8.50% per annum and the applicable maximum Call Values listed in the table to the left. The Call Premium will be provided in the pricing J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com supplement and will not be less than 8.50% per annum. The Call Values will be Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed upon the provided in the pricing supplement and will not be greater than the applicable accuracy or the adequacy of this document or the relevant product supplement, underlying supplement, prospectus supplement and prospectus. Any maximum. ** Not all Review Dates are reflected. 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 would likely be lower. Call Premium* Call Value* Review Date At least 8.50% At most 100.50% of the Initial Value First At least 17.00% At most 101.00% of the Initial Value Second At least 25.50% At most 101.50% of the Initial Value Third At least 34.00% At most 102.00% of the Initial Value Fourth
Selected Risks • If the notes have not been automatically called, the notes may not pay more than the principal amount at maturity . • JPMorgan Chase & Co . is currently one of the companies that make up the S&P 500 ® Index, the reference index underlying the futures contracts included in one of the Equity Constituents . • The Index is subject to a 1 . 00 % per annum daily deduction . • The Index involves risks associated with the Index’s momentum investment strategy, which may not be successful, and the Index may not approximate its initial volatility threshold or outperform an alternative strategy . • No interest payments or voting rights . • Our affiliate, J . P . Morgan Securities LLC (who we refer to as JPMS), the index sponsor and index calculation agent, may adjust the Index in a way that affects its level . Selected Risks (continued) 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 . • Risks associated with non - U . S . securities market (including currency exchange risks), small capitalization stocks, fixed income securities (including interest rate - related and credit risks), commodity futures, crude oil, gold and the uncertain legal and regulatory regimes that govern commodity futures . • The Call Value for each Review Date is greater than the Initial Value and increases progressively over the term of the notes . • If the notes are automatically called, the appreciation potential of the notes is limited to the applicable Call Premium Amount paid on the notes . • The automatic call feature may force a potential early exit . • As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent activities and has limited assets. • Because the Index may include notional short positions, the notes may be subject to additional risks. • Changes in the values of Constituents may offset each other. • A significant portion of the Index’s exposure may be allocated to the Bond Constituents. • The Constituents are subject to significant risks associated with futures contracts. • Suspension or disruptions of market trading in futures contracts may adversely affect the value of the notes. • An increase in the margin requirements for futures contracts included in the Constituents may adversely affect the level of that Constituent. • Changes in future prices of the futures contracts included in the Constituents relative to their current prices could lead to a decrease in any payment on the notes. • We may accelerate your notes if an acceleration event occurs. • 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. • Lack of liquidity: 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. • 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. • 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. The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable product supplement and underlying supplement 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. North America Structured Investments 5y Auto Callable J.P. Morgan Multi - Asset Index - Linked Notes Selected Benefits • The Index seeks to provide a dynamic and diversified asset allocation based on a momentum investment • Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan strategy, while attempting to maintain a stable level of volatility over time. The Index tracks the return of (a) a dynamic notional portfolio consisting of up to 10 excess return futures - based indices converted into U.S. dollars (in the case of Constituents not denominated in U.S. dollars), less (b) a 1.00% per annum daily deduction, with an initial volatility threshold of 4.0%. • The Constituents are as follows (see applicable underlying supplement and the preliminary pricing supplement for more information): J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com