Phoenix Memory Autocallable

Key product details

• ISIN: XS3375102483
• Issuer: J.P. Morgan
• Currency: USD
• Duration: 36 months
• Initial fixing: 7 July 2026
• Payment date: 21 July 2026
• Final fixing: 9 July 2029
• Maturity: 23 July 2029
• Coupon: 12.75% p.a., paid quarterly at 3.1875%, with memory
• Coupon barrier: 70% of the initial level
• Autocall trigger: 100% of the initial level, quarterly, first call in the 4th quarter
• Protection: 70% European knock-in, observed at maturity only
• Delivery: Physical

How it works

• Coupon, every quarter: if the worst performing underlying is above its 70% coupon barrier, the investor receives a coupon of 3.1875% (12.75% p.a.), plus all previously unpaid coupons.
• Early redemption, every quarter from the 4th: if the worst performing underlying is above its autocall trigger, the product terminates and the investor receives 100% of the initial investment.
• At maturity, worst performer above 70%: the investor receives 100% of the initial investment.
• At maturity, otherwise: the investor receives 100% of the initial investment minus 1% for every 1% drop of the worst performing underlying. With physical delivery, this is a fixed number of shares of the worst performing underlying for every 1,000 USD invested, with any residual paid in cash.

Principal is not protected. There is a risk of partial or total loss of principal in case of bankruptcy or payment default by the Issuer and/or the Guarantor.

Underlyings

• Technology Select Sector (XLK): strike 179.18 USD; coupon and protection barrier 125.43 USD
• DAX: strike 25,465.25 EUR; coupon and protection barrier 17,825.68 EUR
• EURO STOXX 50: strike 6,319.86 EUR; coupon and protection barrier 4,423.90 EUR
• Nikkei 225: strike 68,256.96 JPY; coupon and protection barrier 47,779.87 JPY

Status as of 24 September 2026

• Product price: 100.93%
• Technology Select Sector (XLK): 195.34 USD, 109.02% of strike
• DAX: 25,403.94 EUR, 99.76% of strike
• EURO STOXX 50: 6,288.64 EUR, 99.51% of strike
• Nikkei 225: 65,513.99 JPY, 95.98% of strike

On that date the worst performer, the Nikkei 225, was 27.07% above its coupon and protection barrier. The first coupon observation is on 7 October 2026.

Observation schedule

• Observation 1, 7 October 2026: paid 22 October 2026. Coupon 3.1875% at a 70% barrier; no autocall.
• Observation 2, 7 January 2027: paid 22 January 2027. Coupon 3.1875% at a 70% barrier; no autocall.
• Observation 3, 7 April 2027: paid 21 April 2027. Coupon 3.1875% at a 70% barrier; no autocall.
• Observation 4, 7 July 2027: paid 21 July 2027. Coupon 3.1875% at a 70% barrier; autocall at 100%.
• Observation 5, 7 October 2027: paid 22 October 2027. Coupon 3.1875% at a 70% barrier; autocall at 100%.
• Observation 6, 7 January 2028: paid 24 January 2028. Coupon 3.1875% at a 70% barrier; autocall at 100%.
• Observation 7, 7 April 2028: paid 24 April 2028. Coupon 3.1875% at a 70% barrier; autocall at 100%.
• Observation 8, 7 July 2028: paid 21 July 2028. Coupon 3.1875% at a 70% barrier; autocall at 100%.
• Observation 9, 10 October 2028: paid 24 October 2028. Coupon 3.1875% at a 70% barrier; autocall at 100%.
• Observation 10, 9 January 2029: paid 24 January 2029. Coupon 3.1875% at a 70% barrier; autocall at 100%.
• Observation 11, 9 April 2029: paid 23 April 2029. Coupon 3.1875% at a 70% barrier; autocall at 100%.
• Observation 12, 9 July 2029 (final fixing): paid 23 July 2029 (maturity). Coupon barrier and protection at 70%; payout 103.1875% if the worst performer is above 70%.

About the issuer

JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City. Credit ratings shown on the factsheet: S&P A+, Moody's Aa2, Fitch AA.