JPMorgan Chase Financial Company LLC is offering $1,000 notes linked to the lesser-performing Nasdaq-100 or S&P 500, with a maximum upside return of at least 16.50% and a 15.00% buffer. The structure matters because investor payment can reach at least $1,165.00 per note when the lesser-performing index rises, subject to the cap.

Key Highlights

  • Selling commissions paid to dealers cannot exceed $27.50 per $1,000 note.
  • Settlement is expected on or about October 7, 2026, with Maturity scheduled for April 4, 2028.
  • A 15.00% buffer applies to depreciation, and JPMorgan Chase & Co. fully and unconditionally guarantees the notes.
  • The $1,000 notes link two major indexes, with maturity payment based on the lesser-performing index if both finish above their starting values, subject to the upside limit.

JPMorgan Chase & Co. is a Banks - Diversified company. A 15.00% buffer applies to depreciation, while JPMorgan Chase & Co. fully and unconditionally guarantees the notes.

The preliminary pricing supplement is dated September 23, 2026. If both indexes finish above their starting values, the maturity payment equals $1,000 plus $1,000 multiplied by the return of the lesser-performing index, subject to the upside limit. The maximum payment at maturity is at least $1,165 per $1,000 note. Pricing is expected on or about September 30, 2026, followed by settlement on or about October 7, 2026, an observation date of March 30, 2028 and maturity on April 4, 2028. J.P. Morgan Securities LLC is acting as agent, with selling commissions capped at $27.50 per $1,000 principal amount.

Estimated Value Sits Below Original Issue Price

The original issue price exceeds the estimated value because it includes selling, structuring and hedging-related costs. The document says JPMS-published values may exceed the then-current estimated value for a limited period. Repurchases may return some included costs to noteholders, with that amount declining to zero over an initial predetermined period. Secondary-market prices will also be affected by economic and market factors.