JPM (JPM) launches 5‑yr auto‑call notes linked to MQUSGVA index
Rhea-AI Filing Summary
JPMorgan is offering 5‑year, non‑callable (5yrNC6m) auto‑callable contingent interest notes linked to the MerQube US Gold Vol Advantage Index (MQUSGVA). The notes have a $1,000 minimum denomination and a daily 6.0% per annum deduction built into the Index level. If on any quarterly review date (other than the first and final) the Underlying closes at or above its Initial Value, the notes will be automatically called and pay the principal plus a contingent quarterly interest payment. Contingent interest is at least 14.25% per annum (at least 3.5625% per quarter) when the closing value on a Review Date is at or above an Interest Barrier equal to 60.00% of the Initial Value. If not called, maturity payments depend on the Final Value versus the Trigger Value: holders receive principal plus the final contingent interest if Final Value ≥ Trigger Value, but may lose more than 40.00% of principal (and up to all principal) if Final Value < Trigger Value. Estimated value at issuance will be not less than $900.00 per $1,000 note. Payments are subject to the credit risk of JPMorgan Chase Financial Company LLC (issuer) and JPMorgan Chase & Co. (guarantor).
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Insights
Auto‑callable notes combine capped upside with high contingent coupon and significant principal downside.
The notes link returns to an index that applies a 6.0% per annum daily deduction to a leveraged exposure in gold futures and targets volatility, creating meaningful drag on long‑run performance. The contingent coupon of at least 14.25% per annum only pays when the Underlying meets the quarterly Interest Barrier (60% of Initial Value).
Key dependencies are the Index’s dynamic leverage, the quarterly closing levels on Review Dates, and issuer credit. Timing and probability of early call will determine realized yields; secondary market liquidity and estimated value ($900.00 per $1,000) are relevant for prospective buyers.
Payments depend on issuer/guarantor credit and could be impaired if either entity faces distress.
All cash flows on the notes are unsecured obligations of JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co. The notes’ estimated value and market price will reflect changes in market perceptions of those credits.
Investors should note that the finance subsidiary has limited assets and that credit spread movements will affect secondary prices; the document explicitly ties payments to issuer/guarantor credit.
Key Figures
Key Terms
Auto‑callable contingent interest notes financial
MerQube US Gold Vol Advantage Index (MQUSGVA) financial
Interest Barrier financial
Estimated value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What are the payment conditions for JPM 5yrNC6m MQUSGVA notes?
How large is the contingent interest on the notes (JPM)?
What downside risk does the MQUSGVA‑linked note carry at maturity?
What is the estimated value at issuance for these notes (per $1,000)?
Who bears credit risk for payments on the JPM MQUSGVA notes?
Terms supplement to the prospectus dated April 17, 2026, the prospectus supplement dated April 17, 2026, the product supplement no. 3-I dated April 17, 2026, the underlying supplement no. 5-I dated April 17, 2026 Registration Statement Nos. 333-293684 and 333-293684-01 Dated June 2, 2026 Rule 424(b)(3) North America Structured Investments 5yrNC6m MQUSGVA Auto Callable Contingent Interest Notes J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Index Overview The MerQube US Gold Vol Advantage Index (the "Index" or the “Underlying”) attempts to provide a dynamic rules-based exposure to an unfunded rolling position in gold futures (the “Futures Contracts”), while targeting a level of implied volatility, with a maximum exposure to the Futures Contracts of 500% and a minimum exposure to the Futures Contracts of 0%. The Index is subject to a 6.0% per annum daily deduction. Summary of Terms Issuer: JPMorgan Chase Financial Company LLC Guarantor: JPMorgan Chase & Co. Minimum Denomination: $1,000 Underlying: The MerQube US Gold Vol Advantage Index (Bloomberg ticker: MQUSGVA). The level of the Underlying reflects a deduction of 6.0% per annum that accrues daily. Pricing Date: June 30, 2026 Final Review Date: June 30, 2031 Maturity Date: July 3, 2031 Review Dates: Quarterly Contingent Interest Rate: At least 14.25%* per annum, paid quarterly at a rate of at least 3.5625%*, if applicable Interest Barrier/Trigger Value : 60.00% of the Initial Value CUSIP: 46661ALH1 Preliminary Pricing Supplement: http://sp.jpmorgan.com/document/cusip/46661ALH1/doctype/Product_Termsheet/document.pdf Estimated Value : The estimated value of the notes, when the terms of the notes are set, will not be less than $900.00 per $1,000 principal amount note. For more information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, please see the hyperlink above. Automatic Call If on any Review Date (other than the first and final Review Dates) the closing value of the Underlying is greater than or equal to the Initial Value, the notes will be automatically called and you will receive a cash payment for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Contingent Interest Payment applicable to that Review Date, payable on the applicable Call Settlement Date. No further payments will be made on the notes. Payment at Maturity If the notes have not been automatically called and the Final Value is greater than or equal to the Trigger Value, you will receive a cash payment at maturity, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Contingent Interest Payment applicable to the final Review Date. If the notes have not been automatically called and the Final Value is less than the Trigger Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 × Underlying Return) If the notes have not been automatically called and the Final Value is less than the Trigger Value, you will lose more than 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 Underlying involves a number of risks. See "Selected Risks" on page 2 of this document, "Risk Factors" in the prospectus supplement and the relevant product supplement and underlying supplement and "Selected Risk Considerations" in the relevant pricing supplement . Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this document or the relevant product supplement, underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense. Hypothetical Payment at Maturity** Underlying Return Payment at Maturity (assuming 14.25% per annum Contingent Interest Rate) 60.00% $1,035.625 40.00% $1,035.625 20.00% $1,035.625 5.00% $1,035.625 0.00% $1,035.625 -5.00% $1,035.625 -20.00% $1,035.625 -30.00% $1,035.625 -40.00% $1,035.625 -40.01% $599.900 -50.00% $500.000 -60.00% $400.000 -80.00% $200.000 -100.00% $0.000 This table does not demonstrate how your interest payments can vary over the term of your notes. Contingent Interest *If the notes have not been automatically called and the closing value of the Underlying on any Review Date is greater than or equal to the Interest Barrier, you will receive on the applicable Interest Payment Date for each $1,000 principal amount note a Contingent Interest Payment equal to at least $35.625 (equivalent to a Contingent Interest Rate of at least 14.25% per annum, payable at a rate of at least 3.5625% per quarter). **The hypothetical payments on the notes shown above apply only if you hold the notes for their entire term or until automatically called. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical payments shown above would likely be lower. Capitalized terms used but not defined herein shall have the meanings set forth in the preliminary pricing supplement. Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes and the credit risk of JPMorgan Chase & Co., as guarantor of the notes.
North America Structured Investments 5yrNC6m MQUSGVA Auto Callable Contingent Interest Notes 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 notes do not guarantee the payment of interest and may not pay interest at all. ● The level of the Underlying will include a 6.0% per annum daily deduction. ● Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan Chase & Co. ● As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent activities and has limited assets. ● The appreciation potential of the notes is limited to the sum of any Contingent Interest Payments that may be paid over the term of the notes, regardless of any appreciation of the Underlying, which may be significant. ● The benefit provided by the Trigger Value may terminate on the final Review Date. ● If the notes have not been automatically called and the Final Value is below the Trigger Value, you will lose 1% of your principal for every 1% the Final Value is less than the Initial Value. ● The automatic call feature may force a potential early exit. There is no guarantee you will be able to reinvest the proceeds at a comparable interest rate for a similar level of risk. ● No rights with respect to the futures contracts underlying the Index or the commodity referenced by those futures contracts. ● We may accelerate your notes if a commodity hedging disruption event occurs. ● 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 the 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 Underlying. Selected Risks (continued) Risks Relating to the Estimated Value and Secondary Market Prices of the Notes ● The estimated value of the notes will be lower than the original issue price (price to public) of the notes. ● The estimated value of the notes is determined by reference to an internal funding rate. ● The estimated value of the notes does not represent future values and may differ from others’ estimates. ● The value of the notes, which may be reflected in customer account statements, may be higher than the then-current estimated value of the notes for a limited time period. Risks Relating to the Underlying ● The 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 Underlying may not be successful or outperform any alternative strategy. ● The Underlying may not approximate its target volatility. ● The Underlying is subject to risks associated with the use of significant leverage. ● The Underlying may be adversely affected by a “volatility drag” effect. ● The Underlying may be significantly uninvested. ● The notes are subject to risks associated with gold. ● There are risks relating to commodities trading on the LBMA. ● The performance of the Underlying will differ from the performance of the commodity referenced by the Futures Contracts. ● The Underlying is an excess return index that does not reflect “total returns.” ● The Underlying was established on February 11, 2025, and may perform in unanticipated ways. ● Concentration risks associated with the Underlying may adversely affect the value of your notes. ● The Underlying may be adversely affected if later futures contracts have higher prices than an expiring futures contract included in the Underlying. ● The Underlying is subject to significant risks associated with futures contracts, including volatility. ● Suspension or disruptions of market trading in futures contracts may adversely affect the value of your notes. ● The official settlement price and intraday trading prices of the relevant Futures Contracts may not be readily available. ● Changes in the margin requirements for the Futures Contracts included in the Underlying may adversely affect the value of the notes. ● The Futures Contracts are subject to uncertain legal and regulatory regimes. ● An investment in the notes linked to the Underlying does not offer direct exposure to the spot price of gold. 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.