JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 3, 2026, disclosing preliminary terms for 13-month Capped Dual Directional Buffered Equity Notes linked to the Russell 2000 Index and the S&P 500 Index, with a pricing date of November 24, 2026, and a maturity date of December 30, 2027.

Key Highlights

  • Underlyings: The notes are linked to both the Russell 2000 Index and the S&P 500 Index, with payoff determined by the lesser performing of the two.
  • Maximum Upside Return: At least 14.25%, with the actual figure to be set in the final pricing supplement.
  • Buffer Amount: 10.00%, providing downside protection up to that threshold; losses exceed the buffer if either underlying falls more than 10.00%.
  • Dual Directional Feature: If the lesser performing underlying declines by up to the buffer amount, the filing states the payout formula converts that negative return to a positive absolute return, capped at 10.00%.
  • Estimated Value: Not less than $900.00 per $1,000 principal amount note when terms are set, which the filing notes "likely will be lower than the price you paid."
  • CUSIP: 46661QH73; minimum denomination is $1,000.
  • Guarantor: JPMorgan Chase & Co. guarantees payments on the notes issued by JPMorgan Chase Financial Company LLC.

Structure and Payout Mechanics of the RTY/SPX Buffered Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer of the notes and JPMorgan Chase & Co. serves as guarantor. The notes are registered under Registration Statement Nos. 333-293684 and 333-293684-01. The observation date is December 27, 2027, and the maturity date is December 30, 2027, making the tenor approximately 13 months from the November 24, 2026 pricing date.

The filing describes three distinct payout scenarios at maturity per $1,000 principal amount. If both underlyings finish above their initial values, the investor receives $1,000 plus a gain equal to the lesser performing underlying's return, subject to the maximum upside return of at least 14.25%. If one or both underlyings finish flat or down by up to the 10.00% buffer, the payout is based on the absolute value of the lesser performing underlying's return, though the filing notes this "results in an effective cap of 10.00% on your return at maturity," making the maximum payment $1,100.00 per $1,000 note under those conditions. If either underlying falls by more than the 10.00% buffer, the investor loses principal proportionally beyond that threshold, with hypothetical scenarios in the filing showing losses ranging from -20.00% at a -30.00% underlying decline to -90.00% at a -100.00% decline.

The filing identifies several selected risks, including that the notes carry no guarantee of principal return, pay no interest or dividends, and that any payment is subject to the credit risk of both the issuer and guarantor. The filing also discloses that JPMorgan Chase & Co. is currently a constituent of the S&P 500 Index, and that J.P. Morgan Securities LLC may, but is not required to, offer to purchase notes in the secondary market.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus under Rule 433 presenting preliminary terms for structured notes linked to the Russell 2000 and S&P 500 indexes, including payout formulas, a 10.00% buffer, a minimum 14.25% upside cap, and an estimated value floor of $900.00 per $1,000 note.