JPM: SEC Form FWP filed by JP Morgan Chase & Co.
JPM structured note: 11-13% p.a. contingent interest, 70% trigger on NDXT/RTY/SPX, matures Oct 18, 2028; min value $900 per $1,000.
What this filing says
JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering notes linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 and the S&P 500. The notes pay a contingent monthly coupon at an indicated 11.00% to 13.00% per year, paid only if each index is at or above 70% of its starting level on a review date. Holders could lose more than 30% of principal at maturity, and the issuer may call the notes early.
Key figures
- Indicated contingent interest rate
- 11.00%-13.00% per annum
- Interest barrier and trigger level
- 70.00% of initial value
- Minimum estimated value
- $900.00 per $1,000 principal
- Minimum denomination
- $1,000
- Final review date
- October 13, 2028
- Maturity date
- October 18, 2028
Positive for shareholders
- Pays a contingent coupon of an indicated 11.00% to 13.00% per year when indexes stay above the barrier.
- Principal is returned in full at maturity if no underlying falls below its trigger value.
Negative for shareholders
- Losses begin below the 30% trigger, and principal could be lost entirely if the least performing index falls 100%.
- The estimated value is not less than $900 per $1,000, which the filing says will likely be lower than the price paid.
- The issuer can redeem the notes early, which could cut the time over which coupons are earned.
- Payments depend on the credit of the issuer and the guarantor.
Written by Quantisnow AI from this filing. Not financial advice.
Key terms
- Contingent interest:
- A coupon that is paid only if the specified index level condition is met on a review date.
- Trigger value:
- The minimum index level at which principal is fully repaid at maturity, here 70% of the starting value.
- Least performing underlying return:
- The percentage change of whichever of the three indexes has fallen the most from its starting value.
- Callable:
- The issuer has the right to repay the notes before maturity on certain dates.
FAQ
What happens to JPMorgan's notes if the S&P 500 falls 40% by maturity?
The filing shows a payment of $600 per $1,000 principal in that case, because the final value is below the trigger and the loss is applied to principal.
When could JPMorgan redeem these notes early?
The issuer may redeem them early in whole on any interest payment date other than the first, second and final ones, at $1,000 plus any contingent interest from the prior review date, with at least three business days' notice.
Is the 11.00% to 13.00% coupon guaranteed?
No, the rate is in brackets and marked with an asterisk in the filing, and contingent interest is paid only if the index condition is met on a review date.
Historical context for JPM
Across the 24 sessions after earlier JPM headlines, the stock closed higher 16 times and lower 8 times, with a median move of 0.6% 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 |
|---|---|---|---|
| Nov 4, 2026 | JPMorganChase Files Form 10-Q for the Quarter Ended September 30, 2026 | +4.2% | +1.7% |
| 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% |
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