JPMorgan auto callable notes offer 13.5% contingent interest

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index.

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index. The Index dynamically adjusts exposure to an unfunded total-return position on the Invesco QQQ Trust with a maximum 500% leverage, a 6.0% per annum daily deduction, and an additional daily notional financing cost on the Underlying Asset.

The notes have a minimum denomination of $1,000, a pricing date of August 31, 2026, quarterly review dates, a final review date of August 31, 2029, and mature on September 6, 2029. They offer a contingent interest rate of at least 13.50% per annum, paid quarterly if on a review date the Index is at or above the Interest Barrier/Trigger Value of 60% of the Initial Value. If on any review date other than the first and final the Index is at or above its Initial Value, the notes are automatically called and pay $1,000 plus the applicable contingent interest, with no further payments.

If not called, and the Final Value is at or above the Trigger Value, investors receive $1,000 plus the final contingent interest. If the Final Value is below the Trigger Value, repayment is $1,000 + ($1,000 × Underlying Return), so losses exceed 40% and can reach 100%. The estimated value will not be less than $900 per $1,000 note, and all payments are subject to the credit risk of the issuer and guarantor. The product carries significant risks, including lack of principal protection, potential non-payment of interest, leverage and volatility risks in the Index, limited upside to interest only, and limited liquidity.

Filing Explained

The August 4, 2026 filing presents preliminary terms for notes that JPMorgan Chase Financial Company LLC plans to offer; it says those terms may change and that this document can be amended, superseded or replaced by a later pricing supplement.

Key Figures

Contingent Interest Rate: At least 13.50% per annum Quarterly Contingent Interest Payment: At least $33.75 per $1,000 note Interest Barrier / Trigger Value: 60.00% of the Initial Value +5 more

8 metrics

Contingent Interest Rate At least 13.50% per annum Paid quarterly at a rate of at least 3.375% if barrier conditions are met

Quarterly Contingent Interest Payment At least $33.75 per $1,000 note If the Underlying is at or above the Interest Barrier on a Review Date

Interest Barrier / Trigger Value 60.00% of the Initial Value Determines contingent interest payments and principal protection at maturity

Index Deduction 6.0% per annum Daily deduction applied to the level of the MerQube US Tech+ Vol Advantage Index

Maximum Index Exposure 500% of the Underlying Asset Dynamic leverage cap in the Index’s rules-based strategy

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

Hypothetical Payout at -50% Underlying Return $500.00 per $1,000 note Illustrative maturity payment if Final Value is 50% below Initial Value

Minimum Denomination $1,000 Smallest principal amount in which the notes may be purchased

Key Terms

Auto Callable Contingent Interest Notes, Trigger Value, notional financing cost, volatility drag, +2 more

6 terms

Auto Callable Contingent Interest Notes financial

"3yrNC6m MQUSTVA Auto Callable Contingent Interest Notes"

A financial product that combines a loan-like note with two special features: the issuer can redeem it early if a preset market condition is met (auto-callable), and the periodic interest payments only happen when certain market triggers are satisfied (contingent interest). Investors should care because it offers higher potential income but carries extra risks—the note can be ended early, and interest or principal may be reduced or lost depending on how the linked stock or index performs, like a bond with a built-in early stop button and pay-as-you-go interest.

Trigger Value financial

"Interest Barrier/Trigger Value 60.00% of the Initial 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.

notional financing cost financial

"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."

hypothetical back-tested data financial

"Hypothetical back-tested data relating to the Index do not represent actual historical data"

volatility advantage index financial

"The MerQube US Tech+ Vol Advantage Index"

Offering Details

shelf

Offering

Offering Type shelf

Securities Offered Auto Callable Contingent Interest Notes linked to the MerQube US Tech+ Vol Advantage Index

FAQ

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

What are the JPM (JPMorgan) Auto Callable Contingent Interest Notes linked to MQUSTVA?

These notes pay a contingent interest rate of at least 13.50% per annum, linked to the MerQube US Tech+ Vol Advantage Index, with potential automatic early call and conditional principal protection above a 60% Trigger Value at maturity.

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

On any quarterly Review Date other than the first and final, if the Index is at or above its Initial Value, the notes are automatically called and pay $1,000 plus the contingent interest for each note, with no further payments afterward.

When do investors receive contingent interest on the JPM MQUSTVA structured notes?

Each quarter, if the Index’s closing value is at or above the Interest Barrier of 60% of the Initial Value, investors receive at least $33.75 per $1,000 note (equivalent to at least 13.50% per annum), provided the notes have not been called.

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

If not called and the Final Value is at or above the Trigger Value (60% of Initial Value), investors receive $1,000 plus final contingent interest. If below the Trigger Value, repayment is $1,000 + ($1,000 × Underlying Return), leading to losses greater than 40% and potentially all principal.

What is the estimated value and minimum denomination of the JPM MQUSTVA notes?

Each note has a minimum denomination of $1,000. The estimated value at pricing will not be less than $900 per $1,000 note, reflecting internal funding and pricing assumptions and likely being lower than the price to the public.

What key risks are highlighted for investors in these JPM MQUSTVA structured notes?

Key risks include no principal protection, possible no interest payments, a 6.0% per annum Index deduction, leverage up to 500%, credit risk of JPMorgan entities, limited liquidity, and the possibility that the Index’s volatility-targeting strategy underperforms alternatives.

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

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Accepted by SEC EDGAR 08/06/2026 - 06:17 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 August 4, 2026   Rule 424(b)(3)  North America Structured Investments  3yrNC6m 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:   August 31, 2026  Final Review Date:   August 31, 2029  Maturity Date:   September 6, 2029  Review Dates:   Quarterly  Contingent Interest Rate:   At least 13.50%* per annum, paid quarterly at a rate of at least 3.375%*, if applicable  Interest Barrier/Trigger Value :   60.00% of the Initial Value  CUSIP:   46661K2X5  Preliminary Pricing Supplement:   http://sp.jpmorgan.com/document/cusip/46661K2X5/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 13.50% per annum Contingent Interest Rate)  60.00%   $1,033.75  40.00%   $1,033.75  20.00%   $1,033.75  5.00%   $1,033.75  0.00%   $1,033.75  -5.00%   $1,033.75  -20.00%   $1,033.75  -30.00%   $1,033.75  -40.00%   $1,033.75  -40.01%   $599.90  -50.00%   $500.00  -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 $33.75 (equivalent to a Contingent Interest Rate of at least 13.50% per annum, payable at a rate of at least 3.375% 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  3yrNC6m 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.