JPMorgan offers auto-callable MQUSLVA notes

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering auto callable contingent interest notes linked to the MerQube US Large-Cap Vol Advantage Index, which uses leveraged E‑Mini S&P 500 futures exposure and applies a 6.0% per annum deduction to its level.

The notes, in $1,000 denominations, are scheduled to price on July 29, 2026 and, if not called, mature on August 1, 2031 with quarterly review dates. They pay a contingent interest rate of at least 11.40% per annum, or at least $28.50 per $1,000 each quarter, only when the Index on a review date is at or above the 60.00% Interest Barrier.

If on any applicable review date (other than the first, second, third and final) the Index closes at or above its Initial Value, the notes are automatically called and return $1,000 plus that quarter’s contingent interest, with no further payments. If never called and the Final Value is at or above the 50.00% Trigger Value, investors at maturity receive $1,000 plus any final contingent interest. If the Final Value is below the Trigger Value, repayment equals $1,000 plus $1,000 times the Index return, so investors lose more than 50.00% of principal and could lose it all. The estimated value when terms are set will be at least $870.00 per $1,000 note, and all payments depend on the credit of the issuer and guarantor.

Filing Explained

Secondary-market support is optional, and the disclosed terms remain subject to replacement before the July 29 pricing date.

The July 13, 2026 Form 424B3 is a preliminary terms disclosure for the notes: it says the terms may change and that a later preliminary pricing supplement or pricing supplement will amend, supersede and replace it; the disclosed pricing date is July 29, 2026.

For noteholders, JPMS says it intends, but is not required, to offer a secondary market, and any available sale price may produce a significant principal loss; the notes provide no dividend payments or voting rights.

The later pricing supplement governs if it conflicts with this document, making that later document the resolution path for changed terms.

Key Figures

Contingent Interest Rate: at least 11.40% per annum Contingent Interest Payment: at least $28.50 per $1,000 Interest Barrier: 60.00% of the Initial Value +5 more

8 metrics

Contingent Interest Rate at least 11.40% per annum Paid quarterly at at least 2.85% per quarter when the Index is at or above the Interest Barrier.

Contingent Interest Payment at least $28.50 per $1,000 Quarterly payment per $1,000 principal amount note if the Interest Barrier condition is met.

Interest Barrier 60.00% of the Initial Value Minimum Index level on a review date required for any contingent interest payment.

Trigger Value 50.00% of the Initial Value If the Final Value is below this and not called, principal is reduced based on Index return.

Index Deduction 6.0% per annum Annual deduction accruing daily in the MerQube US Large-Cap Vol Advantage Index level.

Estimated Value Floor $870.00 per $1,000 note Minimum estimated value of the notes when terms are set, relative to principal.

Maximum Futures Exposure 500% Maximum exposure of the Index to E-Mini S&P 500 futures contracts.

Minimum Denomination $1,000 Smallest principal amount that can be invested in the notes.

Key Terms

Contingent Interest Payment, Interest Barrier, Trigger Value, automatic call feature, +2 more

6 terms

Contingent Interest Payment financial

"you will receive ... a Contingent Interest Payment equal to at least $28.50"

Interest Barrier financial

"closing value of the Underlying on any Review Date is greater than or equal to the Interest Barrier"

Trigger Value financial

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

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

automatic call feature financial

"The automatic call feature may force a potential early exit."

excess return index financial

"The Underlying is an excess return index that does not reflect “total returns.”"

volatility drag financial

"The Underlying may be adversely affected by a “volatility drag” effect."

Offering Details

shelf

Offering

Offering Type shelf

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are JPM (JPM) 5yrNC1yr MQUSLVA Auto Callable Contingent Interest Notes?

These notes are unsecured obligations of JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., linked to the MerQube US Large-Cap Vol Advantage Index. They offer potential quarterly contingent interest, an automatic call feature and exposure to a leveraged, volatility-targeting index with a 6.0% annual deduction.

How does the contingent interest on JPM (JPM) MQUSLVA notes work and what is the rate?

The notes pay a contingent interest rate of at least 11.40% per annum, or at least $28.50 per $1,000 each quarter. Interest is paid only if on a review date the Index level is at or above the 60.00% Interest Barrier; otherwise no interest is paid for that quarter.

What happens at maturity if the MQUSLVA Index falls below the Trigger Value on JPM (JPM) notes?

If not called and the Final Value is below the 50.00% Trigger Value, the maturity payment equals $1,000 plus $1,000 times the Index return. In that case, investors lose more than 50.00% of principal and could lose their entire investment if the Index falls 100%.

How does the automatic call feature work on JPM (JPM) MQUSLVA Auto Callable notes?

On any applicable review date other than the first, second, third and final, if the Index closes at or above its Initial Value, the notes are automatically called. Holders then receive $1,000 plus that quarter’s contingent interest per note, and no further payments are made.

What are the main risks highlighted for JPM (JPM) MQUSLVA Auto Callable Contingent Interest Notes?

Key risks include no principal protection, the possibility of no interest payments, credit risk of the issuer and guarantor, limited liquidity, and complex index risks such as leverage, volatility effects, a 6.0% annual deduction and potential mismatches between index behavior and investor expectations.

What is the estimated value of the JPM (JPM) MQUSLVA notes relative to the issue price?

The estimated value, when terms are set, will be not less than $870.00 per $1,000 principal amount note. This estimated value is determined using an internal funding rate and may be lower than the price paid, and may differ from secondary market values over time.

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

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Accepted by SEC EDGAR 07/14/2026 - 12:56 PM Learn about SEC filing dates

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 July 13, 2026   Rule 424(b)(3)  North America Structured Investments  5yrNC1yr MQUSLVA 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 Large-Cap Vol Advantage Index (the “Index” or "Underlying") attempts to provide a dynamic rules-based exposure to an unfunded rolling position in E-Mini ®   S&P 500 ®   futures (the “Futures Contracts”), which reference the S&P 500 ®   Index (the “Constituent”), while targeting a level of implied volatility, with a maximum exposure to the Futures Contracts of 500% and a minimum exposure to the Futures Contracts of 0%. The Index is subject to a 6.0% per annum daily deduction. The Constituent consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets.  Summary of Terms  Issuer:   JPMorgan Chase Financial Company LLC  Guarantor:   JPMorgan Chase & Co.  Minimum Denomination:   $1,000  Underlying:   The MerQube US Large-Cap Vol Advantage Index (Bloomberg ticker: MQUSLVA). The level of the Underlying reflects a deduction of 6.0% per annum that accrues daily.  Pricing Date:   July 29, 2026  Final Review Date:   July 29, 2031  Maturity Date:   August 1, 2031  Review Dates:   Quarterly  Contingent Interest Rate:   At least 11.40%* per annum, paid quarterly at a rate of at least 2.85%*, if applicable  Interest Barrier :   60.00% of the Initial Value  Trigger Value :   50.00% of the Initial Value  CUSIP:   46661CTM8  Preliminary Pricing Supplement:   http://sp.jpmorgan.com/document/cusip/46661CTM8/doctype/Product_Termsheet/document.pdf  Estimated Value : The estimated value of the notes, when the terms of the notes are set, will not be less than $870.00 per $1,000 principal amount note. For more information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, please see the hyperlink above.  Automatic Call  If on any Review Date (other than the first, second, third and final Review Dates) the closing value of the Underlying is   greater than or equal to   the Initial Value, the notes will be automatically called and you will receive a cash payment for each $1,000 principal amount note, equal to (a) $1,000   plus   (b) the Contingent Interest Payment applicable to that Review Date, payable on the applicable Call Settlement Date. No further payments will be made on the notes.  Payment at Maturity  If the notes have not been automatically called and the Final Value is   greater than or equal to   the Trigger Value, you will receive a cash payment at maturity, for each $1,000 principal amount note, equal to (a) $1,000   plus   (b) the Contingent Interest Payment, if any, applicable to the final Review Date.  If the notes have not been automatically called and the Final Value is   less than   the Trigger Value, your payment at maturity per $1,000 principal amount note will be calculated as follows:  $1,000 + ($1,000 × Underlying Return)  If the notes have not been automatically called and   the Final Value is less than the Trigger Value, you will lose more than 50.00% of your principal amount at maturity and could lose all of your principal amount at maturity.  Investing in the notes linked to the Underlying involves a number of risks. See "Selected Risks" on page 2 of this document, "Risk Factors" in the prospectus supplement and the relevant product supplement and underlying supplement 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 11.40% per annum Contingent Interest Rate)  60.00%   $1,028.50  40.00%   $1,028.50  20.00%   $1,028.50  5.00%   $1,028.50  0.00%   $1,028.50  -5.00%   $1,028.50  -20.00%   $1,028.50  -30.00%   $1,028.50  -40.00%   $1,028.50  -40.01%   $1,000.00  -50.00%   $1,000.00  -50.01%   $499.90  -60.00%   $400.00  -80.00%   $200.00  -100.00%   $0.00  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 $28.50 (equivalent to a Contingent Interest Rate of at least 11.40% per annum, payable at a rate of at least 2.85% per quarter). **The hypothetical payments on the notes shown above apply only if you hold the notes for their entire term or until automatically called. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical payments shown above would likely be lower.  Capitalized terms used but not defined herein shall have the meanings set forth in the preliminary pricing supplement. Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes and the credit risk of JPMorgan Chase & Co., as guarantor of the notes.

North America Structured Investments  5yrNC1yr MQUSLVA Auto Callable Contingent Interest Notes  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 dividend payments or voting rights.  ●   Lack of liquidity: J.P. Morgan Securities LLC (who we refer to as "JPMS"), intends to offer to purchase the notes in the secondary market but is not required to do so. The price, if any, at which JPMS will be willing to purchase notes from you in the secondary market, if at all, may result in a significant loss of your principal.  ●   The tax consequences of the notes may be uncertain. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes.  Risks Relating to Conflicts of Interest  ●   Potential conflicts: We and our affiliates play a variety of roles in connection with the issuance of 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 Underlying is an excess return index that does not reflect “total returns.”  ●   The Underlying was established on February 11, 2022, and may perform in unanticipated ways.  ●   JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ®   Index.  ●   Concentration risks associated with the Underlying may adversely affect the value of your notes.  ●   The Underlying may be adversely affected if later futures contracts have higher prices than an expiring futures contract included in the Underlying.  ●   The Underlying is subject to significant risks associated with futures contracts, including volatility.  ●   Suspension or disruptions of market trading in futures contracts may adversely affect the value of your notes.  ●   The official settlement price and intraday trading prices of the relevant Futures Contracts may not be readily available.  ●   Changes in the margin requirements for the Futures Contracts included in the Underlying may adversely affect the value of the notes.  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.