JPMorgan 5yr Auto‑Call Notes Linked to MQUSTVA

JPMorgan Chase Financial Company LLC is offering auto-callable, contingent-interest notes linked to the MerQube US Tech+ Vol Advantage Index (MQUSTVA).

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering auto-callable, contingent-interest notes linked to the MerQube US Tech+ Vol Advantage Index (MQUSTVA). The notes have a minimum denomination of $1,000, a maturity date of June 17, 2031, and quarterly review dates beginning after issuance.

The notes pay a Contingent Interest of at least 11.25% per annum (at least 2.8125% per quarter) when the Underlying is at or above the Interest Barrier of 60.00% of the Initial Value. The notes will be automatically called on a Review Date if the Underlying is at or above its Initial Value. The Final Value must be at or above the Trigger Value of 50.00% to avoid principal loss; otherwise returns are linked to the Underlying Return. The preliminary estimated value is at least $880.00 per $1,000 principal amount. Pricing date is June 12, 2026. Purchasers remain exposed to issuer and guarantor credit risk and to the Index’s mechanics, fees and leverage.

Insights

Structured Products Strategist

These are leveraged, income‑style, auto‑callable notes with significant index and credit risks.

The notes tie contingent quarterly interest to the MQUSTVA level and include an automatic call if the Underlying equals or exceeds its Initial Value on a Review Date. The payment profile limits upside to periodic contingent interest and preserves downside exposure to the Underlying below the Trigger Value.

Key dependencies include the Index’s 6.0% per annum daily deduction, the notional financing cost, the Index sponsor’s rebalancing rules and the issuer’s creditworthiness. Secondary market liquidity and the notes’ $880 estimated value relative to par are items to watch in subsequent pricing materials.

Index Risk Analyst

The Index’s dynamic leverage and volatility targeting materially drive payoff variability and tail risk.

The MQUSTVA permits exposures up to 500% and as low as 0%, applies a 6.0% daily deduction and charges a notional financing cost. These mechanics can produce volatility drag, periods of significant underinvestment or rapid exposure changes that affect contingent interest triggers and terminal outcomes.

Assess the Index methodology, hypothetical back‑tested limitations and how adjustments by the Index Sponsor could change level behaviour; these factors directly affect expected interest payments and downside exposures through June 17, 2031.

Key Figures

Minimum Denomination: $1,000 Contingent Interest Rate: 11.25% per annum Quarterly Contingent Interest: 2.8125% per quarter +5 more

8 metrics

Minimum Denomination $1,000 issue term

Contingent Interest Rate 11.25% per annum minimum payable if Interest Barrier met

Quarterly Contingent Interest 2.8125% per quarter equivalent quarterly minimum

Interest Barrier 60.00% of Initial Value level to qualify for contingent interest on a Review Date

Trigger Value 50.00% of Initial Value Final Value threshold to avoid principal loss at maturity

Estimated Value $880.00 per $1,000 preliminary estimated value when terms set

Pricing Date June 12, 2026 pricing date

Maturity Date June 17, 2031 final maturity

Key Terms

Contingent Interest Payment, Trigger Value, Automatic Call, notional financing cost, +1 more

5 terms

Contingent Interest Payment financial

"you will receive on the applicable Interest Payment Date for each $1,000 principal amount note a Contingent Interest Payment"

Trigger Value financial

"If the notes have not been automatically called and the Final Value is greater than or equal to 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 financial

"If on any Review Date the closing value of the Underlying is greater than or equal to the Initial 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 Underlying may be adversely affected by a “volatility drag” effect"

FAQ

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

What are the basic terms of the JPM notes (JPM)?

The notes mature on June 17, 2031 with a minimum denomination of $1,000. They pay contingent quarterly interest and are auto‑callable on quarterly Review Dates if the Underlying meets call conditions.

How is the Contingent Interest on the JPM notes determined?

Contingent interest is paid quarterly at a rate of at least 2.8125% per quarter (at least 11.25% per annum) when the Underlying is at or above the Interest Barrier of 60.00% of the Initial Value.

What protection exists against losses at maturity for JPM structured notes?

Protection is limited: if the Final Value is at or above the Trigger Value (50.00%), principal is returned plus interest. If below, principal is reduced pro rata to the Underlying Return and losses can exceed 50%.

What is the estimated value and how does it compare to price?

The preliminary estimated value is at least $880.00 per $1,000 note. The estimate typically is lower than the public offering price and does not represent future secondary market prices.

How does the Index structure affect payouts for JPM notes?

The MQUSTVA applies a 6.0% per annum daily deduction and notional financing costs; its dynamic leverage (up to 500%) and volatility targeting can materially change interest trigger outcomes and terminal payoff.

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

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Accepted by SEC EDGAR 05/28/2026 - 08:57 AM 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 May 26, 2026   Rule 424(b)(3)  North America Structured Investments  5yrNC1yr MQUSTVA 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 Tech+ Vol Advantage Index (the “Index" or "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.  Pricing Date:   June 12, 2026  Final Review Date:   June 12, 2031  Maturity Date:   June 17, 2031  Review Dates:   Quarterly  Contingent Interest Rate:   At least 11.25%* per annum, paid quarterly at a rate of at least 2.8125%*, if applicable  Interest Barrier :   60.00% of the Initial Value  Trigger Value :   50.00% of the Initial Value  CUSIP:   46661AFT2  Preliminary Pricing Supplement:   http://sp.jpmorgan.com/document/cusip/46661AFT2/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 $880.00 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 11.25% per annum Contingent Interest Rate)  60.00%   $1,028.125  40.00%   $1,028.125  20.00%   $1,028.125  5.00%   $1,028.125  0.00%   $1,028.125  -5.00%   $1,028.125  -20.00%   $1,028.125  -30.00%   $1,028.125  -40.00%   $1,028.125  -40.01%   $1,000.000  -50.00%   $1,000.000  -50.01%   $499.900  -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 $28.125 (equivalent to a Contingent Interest Rate of at least 11.25% per annum, payable at a rate of at least 2.8125% 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 MQUSTVA 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.  ●   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 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 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 Underlying 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 Underlying 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.