JPMorgan Chase Issues $3.487 Million Nasdaq-100 Linked Structured Notes Featuring Uncapped Upside Leverage

Structured Note Design and Leverage Features

The notes are designed to deliver dual-directional returns linked to the Nasdaq-100 Futures Excess Return Index (Bloomberg ticker NDXNQER). According to the pricing supplement, investors receive uncapped returns at 1.64 times any index appreciation when the Final Value exceeds the Initial Value at maturity. This leverage amplifies gains during positive market conditions, enhancing investor returns.

On the downside, the notes include a barrier set at 60.00% of the Initial Value, which was 450.98922 as of pricing. If the Final Value is below the Initial Value but remains at or above the barrier, investors receive a return equal to the absolute value of any index decline, capped at 40.00%. However, if the Final Value falls below the barrier, investors face unprotected losses that could exceed 40.00% of principal or result in total loss depending on index performance.

Terms, Issuer, and Settlement Details

JPMorgan Chase Financial Company LLC, a wholly owned finance subsidiary of JPMorgan Chase & Co., is the issuer. The notes are unsecured, unsubordinated obligations of the issuer, with payments fully and unconditionally guaranteed by JPMorgan Chase & Co., exposing investors to credit risk of both entities.

Pricing occurred on July 17, 2026, with settlement expected on or about July 22, 2026. The maturity date is set for July 22, 2031, marking a five-year term. The Final Value observation date is July 17, 2031, subject to postponement for market disruptions as outlined in the product supplement. The notes carry CUSIP 46661CGH3 and are issued in minimum denominations of $1,000 and integral multiples thereof.

Pricing and Fee Structure

The public price per note is $1,000, with proceeds paid directly to the issuer without any fees or commissions deducted from this amount. Sales are exclusively to fee-based advisory accounts where an affiliated or unaffiliated broker-dealer acts as investment adviser and waives commissions, differing from traditional equity or debt security distribution.

J.P. Morgan Securities LLC will pay a structuring fee of $7.00 per $1,000 principal amount on $2,527,000 of the notes to affiliated or unaffiliated dealers, who waive fees on the remaining notes. The estimated note value at pricing was $972.00 per $1,000 principal amount, reflecting the structuring team’s valuation methodology at issuance.

Hypothetical Returns and Payout Structure

Illustrative scenarios show that a 10.00% increase in the Nasdaq-100 Futures Excess Return Index yields a 16.40% return at maturity, or $1,164.00 per $1,000 note, reflecting the 1.64x leverage. For a 65.00% index gain, the hypothetical payout reaches $2,066.00, demonstrating uncapped upside participation.

On the downside, if the index declines 5.00% but stays above the barrier, investors receive $1,050.00 per $1,000 note, offsetting the negative return. This protection extends to a 40.00% index drop, with a maximum protected payment of $1,400.00. Below the 60.00% barrier, losses are unprotected; a 50.00% index decline results in a $500.00 payment, and a 100.00% decline would cause total principal loss.

Credit Support and Guarantee Details

JPMorgan Chase & Co., a leading U.S. financial institution, fully and unconditionally guarantees the notes, providing investors recourse to both the issuer and guarantor’s financial strength. However, payments remain subject to credit risk of both entities.

The notes are not bank deposits, are not FDIC insured, and are not guaranteed by any bank in a deposit capacity. This distinction is critical for investors expecting federal insurance protections, as these structured notes lack such coverage.

Underlying Index and Regulatory Exemption

The Nasdaq-100 Futures Excess Return Index, closing at 751.6487 on July 17, 2026, serves as the reference. Index Return is calculated as the percentage change from Initial to Final Value, while Absolute Index Return captures the absolute decline for downside protection.

The notes are offered under a Commodity Exchange Act exemption for hybrid instruments with commodity-linked payments. Investors should note that protections under the Commodity Exchange Act or CFTC regulations do not apply to these notes.

Risk Considerations and Suitability

Investing in these notes involves significant risks detailed extensively in the prospectus and product supplements. Investors must be prepared to forgo interest payments and potentially lose a substantial portion or all principal at maturity, as the notes provide no periodic coupons and depend solely on index performance at maturity.

The filing does not include specific quantitative risk metrics such as barrier breach probabilities or historical volatility. Investors seeking comprehensive risk analysis should consult the full prospectus and product supplements for detailed market, credit, liquidity, and structural risk disclosures.

Distribution and Advisory Account Restrictions

Distribution is limited to fee-based advisory accounts, with affiliated or unaffiliated broker-dealers acting as investment advisers who waive commissions. This arrangement complies with SEC disclosure requirements addressing conflicts of interest in structured product sales.

The $7.00 per $1,000 principal structuring fee applies only to $2,527,000 of the offering, with other dealers waiving fees, illustrating the internal economics and incentives influencing dealer participation.

Valuation and Estimated Note Worth at Pricing

The estimated value of the notes at pricing was $972.00 per $1,000 principal, representing the embedded derivatives’ theoretical economic value before distribution costs. The $28.00 difference from the public price covers structuring, dealer compensation, guarantee, and other expenses.

Hypothetical payout figures are for illustrative purposes only and may differ from actual payments due to rounding and index closing level variations at maturity.

Regulatory Filings and Compliance

This offering is made under SEC registration numbers 333-293684 and 333-293684-01 via Rule 424(b)(2) pricing supplement filings. Neither the SEC nor any state securities commission has approved or disapproved the notes or verified the accuracy of the pricing supplement. The SEC disclaims any endorsement, warning that false claims of approval constitute criminal offenses.

Supporting documents include product supplement 3-I, underlying supplement 1-I, and prospectus and prospectus supplement all dated April 17, 2026. These materials collectively provide the full disclosure package necessary for investors to understand the product’s terms, risks, and features before investing.