Jefferies Financial Group Introduces Senior Autocallable Notes Linked to Nasdaq-100, Russell 2000, and VanEck Semiconductor ETF

Structured Note Details and Key Features

Jefferies Financial Group has detailed a preliminary pricing supplement for a sophisticated structured note combining exposure to multiple market segments. The Senior Autocallable Contingent Coupon Barrier Notes are senior unsecured obligations issued under its Series A Global Medium-Term Notes program. The notes mature on August 5, 2032, unless redeemed earlier via the autocall feature commencing about six months after pricing. Each note has a principal amount of $1,000 and will be issued in book-entry form through The Depository Trust Company around August 5, 2026.

The notes are linked to the worst-performing of three underlyings: the Nasdaq-100 Index, Russell 2000 Index, and VanEck Semiconductor ETF. This linkage means returns depend on the lowest performing underlying relative to its initial value on designated observation dates, exposing investors to the combined dynamics of large-cap, small-cap, and semiconductor sectors.

Monthly Contingent Coupon Payments and Observation Dates

The notes feature contingent coupons with monthly observation dates starting August 31, 2026. Investors receive $22 per note on coupon payment dates if the worst-performing underlying’s value on that date is at or above 75% of its initial value. The coupon barrier is set at 75% of the initial value for each underlying. Coupon observation dates may be postponed under certain market conditions as outlined in the product supplement.

These contingent coupon payments continue monthly unless the notes are called early. Investors maintaining positions across multiple observation dates may accumulate significant coupon income, provided the worst-performing underlying remains above the coupon barrier. Coupon payments are not guaranteed and depend solely on the worst-performing underlying’s relative performance.

Autocall Feature and Early Redemption Terms

The notes include an autocall mechanism with call observation dates beginning approximately six months post-pricing, the first being February 1, 2027. If the worst-performing underlying’s value on any call date equals or exceeds 100% of its initial value, the notes are automatically called and redeemed early. Investors then receive the $1,000 principal plus any contingent coupon due on that date, with no further payments thereafter.

This autocall feature offers potential early return of principal and coupons if performance recovers but limits upside beyond the call date. Multiple monthly call observation dates provide several opportunities for early redemption during the six-year maturity period.

Maturity Payments and Downside Risk

At maturity on August 5, 2032, the payment depends on the worst-performing underlying’s final value as of August 2, 2032. If it is at or above 60% of the initial value, investors receive full principal repayment of $1,000 per note. If below 60%, payment is reduced proportionally to the decline, potentially resulting in partial or total loss of principal.

The final contingent coupon is paid if the worst-performing underlying’s value on the last coupon observation date meets or exceeds the 75% coupon barrier. While the 60% threshold offers some downside cushion, it still exposes investors to up to a 40% capital loss, highlighting the significant risk profile.

Initial and Observation Value Calculations

The initial value for the VanEck Semiconductor ETF is its closing price on July 31, 2026, adjusted by a factor starting at 1.0 and subject to change for corporate actions. For the Nasdaq-100 and Russell 2000 indices, the initial value is their respective closing values on the pricing date. Observation values on coupon and call dates use similar calculations, ensuring consistent performance measurement.

Credit Risk and Investor Considerations

All payments depend on Jefferies Financial Group’s creditworthiness, as the notes are senior unsecured obligations without collateral backing. Investors have no security interest in the underlying indices or ETF. The filing emphasizes that default risk could lead to significant investment losses. Detailed risk factors are outlined starting on page PS-7 of the pricing supplement.

Pricing, Distribution, and Conflict of Interest Disclosures

The public offering price is $1,000 per note, with an estimated value of approximately $983.40, reflecting a $16.60 premium for embedded costs and risks. Underwriting discounts and commissions may reach 0.50% per note. Jefferies LLC, a wholly owned subsidiary, acts as agent and distributor, with conflict of interest managed under FINRA Rule 5121. Jefferies Financial Services, Inc. serves as calculation agent.

Underlying Indices and ETF Overview

The notes link to the Nasdaq-100 Index (large-cap non-financial stocks), Russell 2000 Index (small-cap equities), and VanEck Semiconductor ETF (semiconductor sector exposure). Returns are driven by the worst-performing underlying, providing diversified yet downside-focused equity exposure through a fixed-income instrument.

Estimated Value and Pricing Discount

The estimated value of $983.40 per note is preliminary and subject to change before the August 5, 2026 issuance. The $16.60 difference from the offering price accounts for structuring, hedging, and distribution expenses, as well as the value of embedded features. Investors should consider this discount when evaluating the notes.

Settlement and Book-Entry Processing

Settlement will occur in book-entry form through The Depository Trust Company around August 5, 2026, with payment due in immediately available funds. The Bank of New York Mellon acts as trustee, providing administrative oversight. Notes will be electronically transferable with CUSIP 47234KBN3 and ISIN US47234KBN37.