XML 56 R38.htm IDEA: XBRL DOCUMENT v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Uses and disclosure of derivatives
The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of DerivativeUse of DerivativeDesignation and disclosureAffected
segment or unit		10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate
Hedge fixed rate assets and liabilitiesFair value hedge
Corporate
107-108
•Interest rate
Hedge floating-rate assets and liabilitiesCash flow hedge
Corporate
109
•Foreign exchange
Hedge foreign currency-denominated assets and liabilities
Fair value hedge
Corporate
107-108
•Foreign exchange
Hedge foreign currency-denominated forecasted revenue and expense
Cash flow hedge
Corporate
109
•Foreign exchange
Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities
Net investment hedge
Corporate
109
•Commodity
Hedge commodity inventory
Fair value hedge
CIB, AWM
107-108
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
•Interest rate
Manage the risk associated with mortgage commitments, warehouse loans and MSRs
Specified risk managementCCB110
•Credit
Manage the credit risk associated with wholesale lending exposures
Specified risk management
CIB, AWM
110
•Interest rate and foreign exchange
Manage the risk associated with certain other specified assets and liabilities
Specified risk management
Corporate, CIB
110
Market-making derivatives and other activities:
•Various
Market-making and related risk management
Market-making and other
CIB110
•Various
Other derivatives
Market-making and other
CIB, AWM, Corporate110
Notional amount of derivative contracts
The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2026 and December 31, 2025.
Notional amounts(b)
(in billions)March 31, 2026December 31, 2025
Interest rate contracts
Swaps
$24,128 $19,056 
Futures and forwards
5,026 3,305 
Written options
4,366 3,775 
Purchased options
4,225 3,400 
Total interest rate contracts
37,745 29,536 
Credit derivatives(a)
1,949 1,381 
Foreign exchange contracts
Cross-currency swaps
5,900 5,476 
Spot, futures and forwards
11,299 8,187 
Written options
1,185 979 
Purchased options
1,172 953 
Total foreign exchange contracts
19,556 15,595 
Equity contracts
Swaps
1,255 1,147 
Futures and forwards
246 196 
Written options
1,158 1,118 
Purchased options
998 971 
Total equity contracts3,657 3,432 
Commodity contracts
Swaps
204 189 
Spot, futures and forwards
319 270 
Written options
161 119 
Purchased options
144 120 
Total commodity contracts
828 698 
Total derivative notional amounts
$63,735 $50,642 
(a)Refer to the Credit derivatives discussion on pages 111-112 for more information on volumes and types of credit derivative contracts.
(b)Represents the sum of gross long and gross short third-party notional derivative contracts.
Impact of derivatives on the Consolidated Balance Sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2026 and December 31, 2025, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables(a)
Gross derivative receivablesGross derivative payables
March 31, 2026
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges		Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$287,095 $— $287,095 $25,777 $263,345 $1 $263,346 $8,590 
Credit15,529 — 15,529 1,588 18,733 — 18,733 1,978 
Foreign exchange212,620 1,213 213,833 23,950 205,602 1,141 206,743 15,802 
Equity112,357 — 112,357 9,405 126,691 — 126,691 16,367 
Commodity39,311 710 40,021 10,864 34,743 1,076 35,819 8,553 
Total fair value of trading assets and liabilities
$666,912 $1,923 $668,835 $71,584 $649,114 $2,218 $651,332 $51,290 
Gross derivative receivablesGross derivative payables
December 31, 2025
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges		Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$281,884 

$— $281,884 $25,401 $257,582 $1 $257,583 $7,461 
Credit13,024 — 13,024 479 17,628 — 17,628 2,016 
Foreign exchange182,887 349 183,236 19,355 177,158 983 178,141 14,833 
Equity97,723 — 97,723 5,867 117,017 — 117,017 14,806 
Commodity29,932 583 30,515 6,675 24,744 1,625 26,369 7,213 
Total fair value of trading assets and liabilities
$605,450 $932 $606,382 $57,777 $594,129 $2,609 $596,738 $46,329 
(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.
(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.
Offsetting assets
The following tables present, as of March 31, 2026 and December 31, 2025, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as "Collateral not nettable on the Consolidated balance sheets" in the tables, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;
•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables; and
•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables.
March 31, 2026December 31, 2025
(in millions)Gross derivative receivablesAmounts netted on the Consolidated balance sheetsNet derivative receivablesGross derivative receivablesAmounts netted on the Consolidated balance sheetsNet
derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)$162,822 $(139,552)$23,270 $162,300 $(138,107)$24,193 
OTC–cleared121,854 (121,351)503 118,377 (118,303)74 
Exchange-traded(a)
434 (415)19 128 (73)55 
Total interest rate contracts285,110 (261,318)23,792 280,805 (256,483)24,322 
Credit contracts:
OTC12,189 (10,844)1,345 9,723 (9,433)290 
OTC–cleared3,265 (3,097)168 3,233 (3,112)121 
Total credit contracts15,454 (13,941)1,513 12,956 (12,545)411 
Foreign exchange contracts:
OTC207,360 (186,979)20,381 180,120 (163,029)17,091 
OTC–cleared3,135 (2,892)243 904 (849)55 
Exchange-traded(a)
16 (12)4 21 (3)18 
Total foreign exchange contracts210,511 (189,883)20,628 181,045 (163,881)17,164 
Equity contracts:
OTC50,477 (46,041)4,436 33,418 (31,170)2,248 
Exchange-traded(a)
60,030 (56,911)3,119 63,168 (60,686)2,482 
Total equity contracts110,507 (102,952)7,555 96,586 (91,856)4,730 
Commodity contracts:
OTC28,221 (20,205)8,016 18,244 (14,469)3,775 
OTC–cleared64 (49)15 109 (79)30 
Exchange-traded(a)
9,122 (8,903)219 9,565 (9,292)273 
Total commodity contracts37,407 (29,157)8,250 27,918 (23,840)4,078 
Derivative receivables with appropriate legal opinion
658,989 (597,251)61,738 
(d)
599,310 (548,605)50,705 
(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained
9,846 9,846 7,072 7,072 
Total derivative receivables recognized on the Consolidated balance sheets
$668,835 $71,584 $606,382 $57,777 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(32,366)(28,891)
Net amounts
$39,218 $28,886 
Offsetting liabilities
March 31, 2026December 31, 2025
(in millions)Gross derivative payablesAmounts netted on the Consolidated balance sheetsNet derivative payablesGross derivative payablesAmounts netted on the Consolidated balance sheetsNet
derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC$135,569 $(128,745)$6,824 $135,045 $(128,464)$6,581 
OTC–cleared125,836 (125,560)276 121,702 (121,557)145 
Exchange-traded(a)
568 (451)117 104 (101)3 
Total interest rate contracts261,973 (254,756)7,217 256,851 (250,122)6,729 
Credit contracts:
OTC15,789 (14,251)1,538 14,848 (13,196)1,652 
OTC–cleared2,536 (2,504)32 2,446 (2,416)30 
Total credit contracts18,325 (16,755)1,570 17,294 (15,612)1,682 
Foreign exchange contracts:
OTC202,066 (188,038)14,028 175,485 (162,455)13,030 
OTC–cleared2,992 (2,893)99 897 (850)47 
Exchange-traded(a)
13 (10)3 9 (3)6 
Total foreign exchange contracts205,071 (190,941)14,130 176,391 (163,308)13,083 
Equity contracts:
OTC66,477 (53,413)13,064 53,530 (41,552)11,978 
Exchange-traded(a)
57,622 (56,911)711 61,363 (60,659)704 
Total equity contracts124,099 (110,324)13,775 114,893 (102,211)12,682 
Commodity contracts:
OTC23,214 (18,347)4,867 14,176 (9,786)4,390 
OTC–cleared49 (49)— 79 (79)— 
Exchange-traded(a)
9,596 (8,870)726 9,334 (9,291)43 
Total commodity contracts32,859 (27,266)5,593 23,589 (19,156)4,433 
Derivative payables with appropriate legal opinion
642,327 (600,042)42,285 
(d)
589,018 (550,409)38,609 
(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained
9,005 9,005 7,720 7,720 
Total derivative payables recognized on the Consolidated balance sheets
$651,332 $51,290 $596,738 $46,329 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(18,473)(18,478)
Net amounts
$32,817 $27,851 
(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)Net derivatives receivable included cash collateral netted of $58.7 billion and $54.7 billion at March 31, 2026 and December 31, 2025, respectively. Net derivatives payable included cash collateral netted of $61.5 billion and $56.5 billion at March 31, 2026 and December 31, 2025, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.
Current credit risk of derivative receivables and liquidity risk of derivative payables
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2026 and December 31, 2025.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)March 31, 2026December 31, 2025
Aggregate fair value of net derivative payables
$19,713 $19,986 
Collateral posted19,488 20,555 
The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at March 31, 2026 and December 31, 2025, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
March 31, 2026December 31, 2025
(in millions)Single-notch downgradeTwo-notch downgradeSingle-notch downgradeTwo-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)
$53 $221 $28 $124 
Amount required to settle contracts with termination triggers upon downgrade(b)
14 91 15 96 
(a)Includes the additional collateral to be posted for initial margin.
(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.
Fair value hedge gains and losses
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2026 and 2025, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Three months ended March 31, 2026
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$63 $230 $293 $— $321 $— 
Foreign exchange(c)
395 (322)73 (158)74 55 
Commodity(d)
(2,002)1,997 (5)— (9)— 
Total$(1,544)$1,905 $361 $(158)$386 $55 
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Three months ended March 31, 2025
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$41 $292 $333 $— $302 $— 
Foreign exchange(c)
247 (204)43 (135)43 37 
Commodity(d)
(1,329)1,400 71 — 56 — 
Total$(1,041)$1,488 $447 $(135)$401 $37 
(a)Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.
(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.
Amounts recorded on Consolidated Balance Sheets related to certain cumulative fair value hedge basis adjustments
As of March 31, 2026 and December 31, 2025, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
March 31, 2026
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$245,236 
(c)
$2,396 $(1,236)$1,160 
Liabilities
Long-term debt221,555 (895)(8,596)(9,491)
Beneficial interests issued by consolidated VIEs5,855 8 — 8 
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2025
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$255,109 
(c)
$3,693 $(1,374)$2,319 
Liabilities
Long-term debt222,611 232 (8,689)(8,457)
Beneficial interests issued by consolidated VIEs5,884 37 — 37 
(a)Excludes physical commodities with a carrying value of $14.3 billion and $22.9 billion at March 31, 2026 and December 31, 2025, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2026 and December 31, 2025, the carrying amount excluded for AFS securities was $41.3 billion and $33.6 billion, respectively. At March 31, 2026 and December 31, 2025, the carrying amount excluded for long-term debt was $577 million and $587 million, respectively.
(c)Carrying amount represents the amortized cost, net of allowance if applicable. At March 31, 2026 and December 31, 2025, the amortized cost of the portfolio layer method closed portfolios was $82.1 billion and $91.9 billion, of which $65.7 billion and $68.9 billion was designated as hedged, respectively. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. At March 31, 2026 and December 31, 2025, the cumulative amount of basis adjustments was $(399) million and $(32) million, which is comprised of $179 million and $641 million for active hedging relationships, and $(578) million and $(673) million for discontinued hedging relationships, respectively. Refer to Note 9 for additional information.
(d)Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.
(e)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.
Cash flow hedge gains and losses
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2026 and 2025, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2026
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI		Total change
in OCI for period
Contract type
Interest rate(a)
$(409)$(1,317)$(908)
Foreign exchange(b)
40 (242)(282)
Total$(369)$(1,559)$(1,190)
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2025
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(599)$1,446 $2,045 
Foreign exchange(b)
(22)141 163 
Total$(621)$1,587 $2,208 
(a)Primarily consists of hedges of SOFR-indexed and Prime-indexed floating-rate assets. Gains and losses were recorded in net interest income.
(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.
Net investment hedge gains and losses
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three months ended March 31, 2026 and 2025.
Gains/(losses) recorded in income(a) and other comprehensive income/(loss)
20262025
Three months ended March 31,
(in millions)
Amounts recorded in
income(b)
Amounts recorded in OCI
Amounts recorded in
income(b)
Amounts recorded in OCI
Foreign exchange derivatives$45 $1,065 $33 $(2,134)
(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The changes in fair value of these amounts are recorded in net interest income.
(b)Excludes amounts reclassified from AOCI to income associated with net investment hedges. There were no sales or liquidations of legal entities that resulted in reclassifications for the three months ended March 31, 2026 and 2025. Refer to Note 19 for further information.
Risk management derivatives gains and losses (not designated as hedging instruments)
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.
Derivatives gains/(losses)
recorded in income
Three months ended March 31,
(in millions)20262025
Contract type
Interest rate(a)
$104 $56 
Credit(b)
20 (60)
Foreign exchange(c)
(9)41 
Equity(d)
19 (2)
Total$134 $35 
(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
(d)Gains and losses were recorded in principal transactions revenue.
Credit derivatives table The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2026 and December 31, 2025. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.
Total credit derivatives and credit-related notes
Maximum payout/Notional amount
March 31, 2026
(in millions)		Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
Credit derivatives
Credit default swaps$(724,598)$766,627 $42,029 $6,942 
Other credit derivatives(a)
(193,990)244,846 50,856 11,999 
Total credit derivatives(918,588)1,011,473 92,885 18,941 
Credit-related notes(b)
— — — 14,108 
Total$(918,588)$1,011,473 $92,885 $33,049 
Maximum payout/Notional amount
December 31, 2025
(in millions)		Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
Credit derivatives
Credit default swaps$(503,480)$549,440 $45,960 $6,840 
Other credit derivatives(a)
(124,650)187,090 62,440 

9,495 
Total credit derivatives(628,130)736,530 108,400 16,335 
Credit-related notes(b)
— — — 13,162 
Total$(628,130)$736,530 $108,400 $29,497 
(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)Predominantly represents Other protection purchased by CIB.
(c)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.
(d)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.
(e)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. Also includes credit protection against certain loans and lending-related commitments in the retained lending portfolio through the issuance of credit derivatives and credit-related notes.
Protection sold - credit derivatives ratings/maturity profile
The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of March 31, 2026 and December 31, 2025, where JPMorganChase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorganChase is the purchaser of protection are comparable to the profile reflected below.
Protection sold — credit derivatives ratings(a)/maturity profile
March 31, 2026
(in millions)		<1 year1–5 years>5 yearsTotal notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(214,528)$(331,370)$(141,320)$(687,218)$4,526 $(1,432)$3,094 
Noninvestment-grade(43,808)(134,738)(52,824)(231,370)3,386 (2,900)486 
Total$(258,336)$(466,108)$(194,144)$(918,588)$7,912 $(4,332)$3,580 
December 31, 2025
(in millions)		<1 year1–5 years>5 yearsTotal notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(146,799)$(314,100)$(28,117)$(489,016)$4,969 $(908)$4,061 
Noninvestment-grade(43,863)(91,220)(4,031)(139,114)3,439 (2,085)1,354 
Total$(190,662)$(405,320)$(32,148)$(628,130)$8,408 $(2,993)$5,415 
(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.