JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement (Form 424B2, subject to completion dated July 30, 2026) for Auto Callable Accelerated Barrier Notes linked to the least performing of three major U.S. Equity indices, with a stated Maturity date of September 6, 2029.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC, a direct, wholly owned finance Subsidiary of JPMorgan Chase & Co., which fully and unconditionally guarantees all payments.
  • Linked indices: The Nasdaq-100 index (Bloomberg: NDX), the Russell 2000 Index (Bloomberg: RTY), and the S&P 500 Index (Bloomberg: SPX), each evaluated individually.
  • Earliest automatic call date: September 3, 2027, with a first Review Date Call Premium Amount of at least 15.50% per $1,000 principal amount note.
  • Upside Leverage : If not called and all indices finish above their Initial Values, investors receive 2.00 times the appreciation of the least performing index.
  • Barrier level: Set at 70.00% of each index's Initial Value; a breach by any single index exposes investors to full downside loss of more than 30.00% of principal.
  • Estimated value at pricing: Approximately $949.70 per $1,000 principal amount note if priced on the date of the filing, with a floor of no less than $900.00 per $1,000 principal amount note.
  • CUSIP: 46661KAB4; minimum denomination $1,000 and integral multiples thereof.

Structure, Payoff Scenarios, and Key Risks of These JPMorgan Notes

According to the filing, the notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC (ticker reference in the filing: CUSIP 46661KAB4), and any payment is subject to the Credit risk of both the issuer and JPMorgan Chase & Co. as guarantor. The filing notes that payments are linked to the performance of each index individually, not to a basket, meaning the worst-performing index governs outcomes. The notes are expected to price on or about August 31, 2026, and settle on or about September 3, 2026.

The filing discloses that an automatic call is triggered if the closing level of each index on a Review Date (other than the final Review Date) is greater than or equal to its Call Value, set at 100.00% of each index's Initial Value. If called on the first Review Date (September 3, 2027), investors receive $1,000 plus at least 15.50% per $1,000 note; if called on the second Review Date (August 31, 2028), the premium is at least 31.00% per $1,000 note. The filing explicitly states that if notes are automatically called, investors will not benefit from the 2.00x Upside Leverage Factor that applies at maturity, and the call payment "may be significantly less than the payment at maturity for the same level of appreciation in the Least Performing Index."

At maturity, if the notes have not been called and any index's Final Value falls below its Barrier Amount of 70.00% of its Initial Value, the payment formula applies the full negative Least Performing Index Return without leverage protection, meaning investors "will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity," according to the filing. Selling commissions paid to dealers will not exceed $10.00 per $1,000 principal amount note, per the filing's plan of distribution disclosure. The notes are not bank deposits and are not insured by the FDIC or any other governmental agency, as stated in the supplement. JPMorgan Chase Financial Company LLC is described in the filing as a direct, wholly owned finance subsidiary whose structured Investment products are distributed through J.P. Morgan Securities LLC (JPMS) as agent.

What Was Disclosed

The preliminary pricing supplement covers Auto Callable Accelerated Barrier Notes due September 6, 2029, issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co., with payoff outcomes tied to the least performing of three equity indices across three defined Review Dates. The notes carry the ticker reference VYLD in certain distribution systems and are identified by CUSIP 46661KAB4.