JP Morgan Chase & (JPM): Alphabet-linked note pays at least 12% a year, with downside risk
JPMorgan Chase Financial Company structured note on Alphabet (GOOGL) with at least 12% p.a. contingent coupon, due November 9, 2028.
What this filing says
JPMorgan Chase Financial Company is offering notes tied to Alphabet's Class A stock that pay a monthly contingent coupon of at least 12.00% per year, but only if Alphabet's closing price on the related calculation day is at or above the threshold price. The notes can be automatically called early if Alphabet closes at or above the starting price on a calculation day from May 2027 to October 2028, and at maturity you lose principal if the ending price falls below the threshold price. The notes are not principal-protected, and the estimated value of $962.90 per security is below the $1,000 issue price.
Key figures
- Contingent coupon rate
- At least 12.00% per annum
- Principal amount
- $1,000 per security
- Estimated value per security
- $962.90
- Minimum estimated value
- $930.00 per security
- Stated maturity date
- November 9, 2028
- Dealer fee to WFS
- 2.325%
Positive for shareholders
- Pays a monthly contingent coupon of at least 12.00% per year if Alphabet's stock is at or above the threshold price on the calculation day.
- Can be automatically called early, paying principal plus a final coupon, if Alphabet closes at or above the starting price during the call window.
Negative for shareholders
- Coupons are paid only when the stock meets the threshold, so no coupon is guaranteed.
- If the ending price is below the threshold price, you lose more than 25%, and possibly all, of principal.
- The estimated value of $962.90 is below the $1,000 principal amount, and the price is subject to fees.
Written by Quantisnow AI from this filing. Not financial advice.
Key terms
- Contingent coupon:
- A payment that is made only if a specified condition, here the stock price meeting a threshold, is satisfied on a given date.
- Threshold price:
- The stock price level that determines whether a coupon is paid and whether principal is repaid in full at maturity.
- Automatic call:
- A feature that ends the note early and returns principal plus a final payment if the stock hits a set price on a review date.
- Starting price:
- The closing price of the underlying stock on the pricing date, used as the reference for calls and returns.
FAQ
What happens to the Alphabet-linked notes if Alphabet's stock falls sharply?
If the ending price on the final calculation day is below the threshold price and the notes were not called, you receive $1,000 plus the stock return times $1,000, so you can lose more than 25%, and possibly all, of your principal.
When would the JPMorgan Alphabet notes be automatically called?
The notes are automatically called if Alphabet's closing price on any calculation day from May 2027 to October 2028 is at or above the starting price, with cash paid three business days later.
How often could I receive a coupon on these notes?
Contingent coupon payments are made monthly, on the third business day after each calculation day, but only when Alphabet's closing price meets the threshold price on that day.
Historical context for JPM
Across the 24 sessions after earlier JPM headlines, the stock closed higher 15 times and lower 9 times, with a median move of 0.5% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | JPM | SPY |
|---|---|---|---|
| Oct 28, 2026 | JPMorganChase Updates 2027 Earnings Release Date Information | +1.0% | +0.3% |
| Oct 22, 2026 | J.P. Morgan Asset Management Expands Access to Its Tokenized Money Market Funds on Solanaand 1 other headline that session | +0.4% | -1.2% |
| Oct 20, 2026 | 55ip Expands UMA Offering to RIA Channel with J.P. Morgan Asset Management and BlackRock | +0.5% | +0.3% |
| Oct 19, 2026 | J.P. Morgan Releases 2027 Long-Term Capital Market Assumptions Projecting 7.0% Return for 60/40 Portfolio Over 10-15 Yearsand 1 other headline that session | -1.8% | +0.4% |
| Oct 16, 2026 | JPMorganChase Declares Preferred Stock Dividends | +1.2% | -1.1% |
| Oct 15, 2026 | Chase Brings AI Fraud-Fighting Advice to Consumers at 700 Chase Branches Nationwide | +0.1% | +0.3% |
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