JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement (Form 424B2) on or about July 30, 2026, for Capped Dual Directional Buffered Equity Notes linked to the lesser performing of the Nasdaq-100 index and the S&P 500 Index, with a stated Maturity of March 1, 2029.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. (NYSE: JPM) fully and unconditionally guarantees all payments on the notes.
  • Maximum upside: The notes offer a Maximum Upside Return of at least 47.50%, corresponding to a maximum payment at maturity of at least $1,475.00 per $1,000 principal amount note when the Lesser Performing Index Return is positive.
  • Buffer Amount: A 15.00% Buffer Amount protects against moderate index declines, with the absolute value of any Depreciation up to that threshold returned to investors at maturity.
  • Principal at risk: According to the filing, investors should be willing to lose up to 85.00% of their principal amount at maturity if either index falls more than 15.00% below its Initial Value.
  • Estimated value at pricing: If the notes had priced on the filing date, the estimated value would have been approximately $959.30 per $1,000 principal amount note, with a floor of no less than $900.00 per $1,000 at actual pricing.
  • Key dates: The notes are expected to price on or about August 26, 2026, settle on or about August 31, 2026, with an Observation Date of February 26, 2029, and a Maturity Date of March 1, 2029.
  • CUSIP: 46661K7G7; minimum denomination is $1,000 and integral multiples thereof.

Structure, Payout Mechanics, and Risks of the Buffered Equity Notes

According to the filing, JPMorgan Chase Financial Company LLC - a direct, wholly owned finance Subsidiary of JPMorgan Chase & Co. - is offering these structured notes as unsecured and unsubordinated obligations. The payout at maturity is driven entirely by the lesser performing of the two reference indexes, the Nasdaq-100 Index (Bloomberg: NDX) and the S&P 500 Index (Bloomberg: SPX), each evaluated independently rather than as a combined basket. The ticker VYLD does not appear in this filing; the relevant Bloomberg tickers are NDX and SPX as stated above.

The filing describes three distinct payout scenarios. First, if both indexes finish above their Initial Values, the investor receives $1,000 plus the Lesser Performing Index Return, capped at the Maximum Upside Return of at least 47.50%. Second, if the lesser performing index declines by no more than the 15.00% Buffer Amount, the investor receives the absolute value of that decline as a positive return, capped at $1,150.00 per $1,000 note. Third, if either index falls more than 15.00% below its Initial Value, losses begin to accrue: the filing states that at a 100.00% decline in the lesser performing index, the payment at maturity would be only $150.00 per $1,000 note, representing an 85.00% loss of principal.

The filing notes that selling commissions paid to affiliated or unaffiliated dealers will not exceed $26.00 per $1,000 principal amount note, and that investors forgo any interest or Dividend payments over the roughly two-and-a-half-year term. All payments remain subject to the Credit risk of both JPMorgan Chase Financial Company LLC as issuer and JPMorgan Chase & Co. as guarantor. The notes are not bank deposits and are not insured by the FDIC or any other governmental agency.

What Was Disclosed

The preliminary pricing supplement describes the terms, payout structure, hypothetical scenarios, estimated value, key dates, and risk considerations for structured notes linked to the lesser performing of two major equity indexes, guaranteed by JPMorgan Chase & Co., and due March 1, 2029.