JPMorgan (JPM) prices 3yr tech-linked barrier notes with up to 58% call premium

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., offers 3-year notes linked to the MerQube US Tech+ Vol Advantage Index, with a minimum denomination of $1,000. The Index is tied to the total return of the Invesco QQQ Trust, reduced by a daily notional financing cost, and includes a 6.0% per annum daily deduction.

The notes can be automatically called quarterly after an initial 6‑month non-call period if the Index level is at least 100% of its initial value, paying $1,000 plus a call premium of at least 9.675% at the first review, rising to at least 58.05% at the final review. If not called and the final Index level is at or above the 60% Barrier Amount, investors receive principal back at maturity on August 30, 2029. If the final level is below the barrier, repayment is $1,000 plus $1,000 times the Index return, so investors can lose more than 40% and up to all principal.

The estimated value at pricing will not be less than $900 per $1,000 note and is expected to be lower than the price to the public. Payments depend on the credit of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., and the notes pay no interest, dividends, or voting rights and may have limited secondary market liquidity.

Filing Explained

The August 12 terms are preliminary: pricing is scheduled for August 27, 2026, so the note economics can still change.

The company presents the notes through a preliminary pricing supplement, and says a subsequent preliminary pricing supplement or pricing supplement may amend, supersede, and replace these terms. The disclosure therefore sets out proposed terms rather than a completed final pricing.

The notes would be issued by JPMorgan Chase Financial Company LLC, which the filing describes as a finance subsidiary with no independent activities and limited assets. Payments would depend on the credit of both the issuer and JPMorgan Chase & Co. as guarantor.

The linked index can use exposure ranging from 0% to 500% of its underlying asset. Its level also reflects a 6.0% annual deduction accruing daily and a separate notional financing cost.

The stated pricing milestone is August 27, 2026; that pricing document is the point at which the call premiums and other terms are to be determined within the disclosed limits.

Key Figures

Barrier Amount: 60.00% of the Initial Value Index annual deduction: 6.0% per annum Minimum denomination: $1,000 +5 more

8 metrics

Barrier Amount 60.00% of the Initial Value Final Value at or above this level returns principal at maturity if not called

Index annual deduction 6.0% per annum Deducted daily from the MerQube US Tech+ Vol Advantage Index level

Minimum denomination $1,000 Principal amount per note

Initial call premium At least 9.6750% Minimum Call Premium Amount on the first Review Date

Final call premium At least 58.0500% Minimum Call Premium Amount on the final Review Date

Estimated value floor $900.00 per $1,000 note Estimated value when terms are set will not be less than this amount

Maturity date August 30, 2029 Stated maturity of the notes if not automatically called

Maximum exposure to Underlying Asset 500% Dynamic rules-based exposure range of the Index

Key Terms

Barrier Amount, automatic call, notional financing cost, volatility drag, +2 more

6 terms

Barrier Amount financial

"Barrier Amount 60.00% of the Initial Value"

automatic call financial

"If the closing value of the Underlying on any Review Date is greater than or equal to the Call Value, the notes will be automatically called"

An automatic call is a feature of certain bonds or structured notes that forces the issuer to repay the investment early if a preset condition—usually the price of a stock or index—meets or exceeds a set level on a review date. For investors it matters because it can end the investment sooner than expected, locking in a defined payout but also creating reinvestment risk and changing the timing of returns much like an appliance that turns itself off when it reaches a set temperature.

notional financing cost financial

"the performance of the QQQ Fund is subject to a notional financing cost that accrues daily"

volatility drag financial

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

internal funding rate financial

"The estimated value of the notes is determined by reference to an internal funding rate."

hypothetical back-tested performance financial

"hypothetical back-tested performance of the Index are not indications of its future performance."

Offering Details

shelf/structured

Offering

Offering Type shelf/structured

FAQ

What are the key terms of JPM (JPMorgan) 3yrNC6m MQUSTVA Review Notes?

The notes are 3-year, QQQ-linked notes with a 60% Barrier Amount, quarterly review dates after 6 months, and an automatic call feature with rising call premiums up to at least 58.05% at the final review.

How does the automatic call feature work on these JPM structured notes?

On each review date, if the Index is at least 100% of its initial value, the notes are automatically called, paying $1,000 plus a call premium of at least 9.675% initially, increasing on later review dates.

What happens at maturity of the JPM MQUSTVA notes if they are not called?

If not called and the final Index level is at or above the 60% Barrier Amount, investors receive the $1,000 principal. If below the barrier, payment is $1,000 plus $1,000 times the Index return, which can mean substantial principal loss.

How is the MerQube US Tech+ Vol Advantage Index constructed for these JPM notes?

The Index provides rules-based exposure to an unfunded position in the Invesco QQQ Trust, with exposure between 0% and 500%, a 6.0% per annum daily deduction, and a daily notional financing cost on the QQQ performance.

What is the estimated value of the JPM MQUSTVA structured notes?

The estimated value, set at pricing, will not be less than $900 per $1,000 principal amount note and is expected to be lower than the price to the public, reflecting internal funding and structuring costs.

What are the main risks of investing in JPM (JPMorgan) MQUSTVA Review Notes?

Key risks include potential loss of principal up to 100%, Index deductions of 6.0% per annum plus financing costs, credit risk of the issuer and guarantor, lack of interest or dividends, limited liquidity, and complex Index behavior including leverage and volatility drag.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 08/14/2026 - 06:01 AM Accepted by SEC EDGAR 08/13/2026 - 05:35 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 August 12, 2026   Rule 424(b)(3)  North America Structured Investments  3yrNC6m MQUSTVA Review 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 Tech+ Vol Advantage Index (the “Underlying”) attempts to provide a dynamic rules-based exposure to the underlying asset to which the Index is linked (the “Underlying Asset”), while targeting a level of implied volatility, with a maximum exposure to the Underlying Asset of 500% and a minimum exposure to the Underlying Asset of 0%. Since February 9, 2024 (the “Amendment Effective Date”), the Underlying Asset has been an unfunded position in the Invesco QQQ Trust SM   , Series 1 (the “QQQ Fund”), calculated as the excess of the total return of the QQQ Fund over a notional financing cost. Prior to the Amendment Effective Date, the Underlying Asset was an unfunded rolling position in E-Mini Nasdaq-100 futures. The Index is subject to a 6.0% per annum daily deduction, and the performance of the Underlying Asset is subject to a notional financing cost deducted daily. The investment objective of the QQQ Fund is to seek to track the investment results, before fees and expenses, of the Nasdaq-100 Index ® .  Summary of Terms  Issuer:   JPMorgan Chase Financial Company LLC  Guarantor:   JPMorgan Chase & Co.  Minimum Denomination:   $1,000  Underlying:   The MerQube US Tech+ Vol Advantage Index (Bloomberg ticker: MQUSTVA). The level of the Underlying reflects a deduction of 6.0% per annum that accrues daily, and the performance of the QQQ Fund is subject to a notional financing cost that accrues daily.  Barrier Amount :   60.00% of the Initial Value  Pricing Date:   August 27, 2026  Review Dates :   Quarterly (after an initial 6-month non-call period)  Final Review Date :   August 27, 2029  Maturity Date:   August 30, 2029  CUSIP:   46661KLJ5  Preliminary Pricing Supplement:   http://sp.jpmorgan.com/document/cusip/46661KLJ5/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.  You may lose some or all of your principal at maturity. 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.  Automatic Call  If the closing value of the Underlying on any Review Date is greater than or equal to the Call Value, 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.  Review Date**   Call Value**   Call Premium*,**  First   100.00% of the Initial Value   At least 9.6750%  Second   100.00% of the Initial Value   At least 14.5125%  Third   100.00% of the Initial Value   At least 19.3500%  Fourth   100.00% of the Initial Value   At least 24.1875%  Fifth   100.00% of the Initial Value   At least 29.0250%  Sixth   100.00% of the Initial Value   At least 33.8625%  Seventh   100.00% of the Initial Value   At least 38.7000%  Final   100.00% of the Initial Value   At least 58.0500%  Payment At Maturity  If the notes have not been automatically called and the Final Value is greater than or equal to the Barrier Amount, you will receive the principal amount of your notes at maturity.  If the notes have not been automatically called and the Final Value is less than the Barrier Amount, your payment at maturity 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 Barrier Amount, you will lose more than 40.00% of your principal amount at maturity and could lose all of your principal amount at maturity.  Investing in the notes linked to the 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.  Hypothetical Examples of Amounts Payable Upon Automatic Call or at Maturity**  Underlying Return at Review Date  Total Return at First Review Date*  Total Return at Second Review Date*  Total Return at Third Review Date*  Total Return at Final Review Date*  100.00%   9.6750%   14.5125%   19.3500%   58.0500%  80.00%   9.6750%   14.5125%   19.3500%   58.0500%  40.00%   9.6750%   14.5125%   19.3500%   58.0500%  20.00%   9.6750%   14.5125%   19.3500%   58.0500%  10.00%   9.6750%   14.5125%   19.3500%   58.0500%  0.00%   9.6750%   14.5125%   19.3500%   58.0500%  -0.01%   N/A   N/A   N/A   0.0000%  -5.00%   N/A   N/A   N/A   0.0000%  -10.00%   N/A   N/A   N/A   0.0000%  -20.00%   N/A   N/A   N/A   0.0000%  -40.00%   N/A   N/A   N/A   0.0000%  -40.01%   N/A   N/A   N/A   -40.0100%  -50.00%   N/A   N/A   N/A   -50.0000%  -60.00%   N/A   N/A   N/A   -60.0000%  -80.00%   N/A   N/A   N/A   -80.0000%  -100.00%   N/A   N/A   N/A   -100.0000%  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.  * In each case, to be determined on the Pricing Date, but not less than the minimum Call Premium, as applicable.  ** Not all Review Dates reflected. Reflects a Call Premium of 19.35% per annum. The Call Premium will be determined on the Pricing Date and will not be less than 19.35% per annum.  The “total return” as used above is the number expressed, as a percentage, that results from comparing the payment on the applicable payment date per $1,000 principal amount note to $1,000.  The hypothetical returns on the notes shown above apply only if you hold the notes for their entire term or until automatically called. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns shown above would likely be lower.  Capitalized terms used but not defined herein shall have the meaning set forth in the preliminary pricing supplement.

North America Structured Investments  3yrNC6m MQUSTVA Review 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 level of the Underlying will include a 6.0% per annum daily deduction.  ●   The level of the Underlying will include the deduction of a notional financing cost.  ●   Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan Chase & Co.  ●   As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent activities and has limited assets.  ●   The appreciation potential of the notes is limited to any Call Premium Amount paid on the notes.  ●   The benefit provided by the Barrier Amount may terminate on the final Review Date.  ●   The automatic call feature may force a potential early exit.  ●   No interest payments, dividend payments or voting rights.  ●   Lack of liquidity: J.P. Morgan Securities LLC (who we refer to as "JPMS"), intends to offer to purchase the notes in the secondary market but is not required to do so. The price, if any, at which JPMS will be willing to purchase notes from you in the secondary market, if at all, may result in a significant loss of your principal.  ●   The tax consequences of the notes may be uncertain. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes.  Risks Relating to Conflicts of Interest  ●   Potential conflicts: We and our affiliates play a variety of roles in connection with the issuance of 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 that might be employed in respect of the Underlying Asset.  ●   The Underlying may not approximate its target volatility.  ●   The Underlying is subject to risks associated with the use of significant leverage.  ●   The Index may be adversely affected by a “volatility drag” effect.  ●   The Underlying may be significantly uninvested.  ●   An investment in the notes will be subject to risks associated with non U.S. securities.  ●   The QQQ Fund is subject to management risk.  ●   The performance and market value of the QQQ Fund, particularly during periods of market volatility, may not correlate with the performance of the QQQ Fund’s underlying index as well as the net asset value per share.  ●   Hypothetical back-tested data relating to the Index do not represent actual historical data and are subject to inherent limitations, and the historical and hypothetical back tested performance of the Index are not indications of its future performance.  ●   The Index was established on June 22, 2021 and may perform in unanticipated ways.  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.