JPMorgan Launches High-Risk Structured Notes Linked to S&P 500 and Russell 2000

JPMorgan Chase & Co. has unveiled a new structured investment product designed for sophisticated investors seeking exposure to U.S. equities with a twist. The Uncapped Dual Directional Buffered Return Enhanced Notes, due October 19, 2028, offer uncapped returns of at least 1.26 times any appreciation in the lesser-performing of the Russell 2000® Index and the S&P 500® Index. However, investors should be prepared to forgo interest payments and risk losing up to 90% of their principal if the market declines beyond a 10% buffer.

The notes, issued by JPMorgan Chase Financial Company LLC and fully guaranteed by JPMorgan Chase & Co., are set to price on or about October 16, 2026, with settlement expected around October 21, 2026. Each note has a minimum denomination of $1,000, and the estimated value, if priced today, would be approximately $984 per $1,000 note. The payout structure is complex, with returns tied to the performance of both indices, featuring a 10% buffer against losses.

Investors must carefully consider the risks, as the notes are unsecured and unsubordinated obligations subject to the credit risk of both the issuer and the guarantor. The product is not insured by the FDIC and is not a bank deposit. The pricing supplement will provide further details, including the exact upside leverage factor and estimated value at the time of issuance.

The notes are not linked to a basket of indices but rather to each index individually, with payments determined by the lesser-performing index. The final value of each index will be measured on October 16, 2028, with the maturity date set for October 19, 2028. Potential investors should review the risk factors outlined in the prospectus before making any decisions.