JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 5, 2026, disclosing terms for its 15-month S&P 500 Capped Buffered Return Enhanced Notes with a pricing date of November 30, 2026, and a maturity date of March 3, 2028.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Underlying index: The notes are linked to the S&P 500 Index, with an upside leverage factor of 2.00.
  • Maximum return: The maximum return will be set on the pricing date at no less than 12.00% and no greater than 16.00%.
  • Buffer amount: A 10.00% buffer protects principal if the S&P 500 declines by up to 10.00% from its initial level.
  • Downside risk: If the underlying declines by more than 10.00%, investors could lose up to $900 for each $1,000 note, according to the filing.
  • Estimated value: The estimated value of the notes, when terms are set, will not be less than $900.00 per $1,000 principal amount note.
  • CUSIP: 46661QX59; minimum denomination is $1,000.

Structure and Payment Terms for JPMorgan's S&P 500 Buffered Enhanced Notes

According to the filing, the notes offer a 2.00 upside leverage factor applied to the return of the S&P 500 Index, subject to a maximum return to be determined on the pricing date of November 30, 2026, within the range of 12.00% to 16.00%. The observation date is February 29, 2028, and the maturity date is March 3, 2028. The filing states that the underlying return is calculated as (Final Value minus Initial Value) divided by Initial Value, where both values are based on the closing level of the S&P 500 Index.

The filing describes three payment scenarios at maturity. If the S&P 500 finishes above its initial level, investors receive a leveraged return capped at the maximum return. If the index falls by up to the 10.00% buffer amount, investors receive the full principal. If the index falls by more than 10.00%, investors lose 1% of principal for every 1% decline beyond that buffer, with a maximum loss of $900 per $1,000 note. For illustrative purposes using a 12.00% maximum return, the filing shows a hypothetical payment of $1,120.00 for any underlying gain of 6.00% or more, and a hypothetical payment of $500.00 for a 60.00% underlying decline.

The filing identifies several selected risks, including that any payment is "subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co." The filing also notes that the notes carry no interest payments, dividend payments, or voting rights, and that the estimated value of the notes "will be lower than the original issue price (price to public) of the notes." The filing further discloses that "JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 Index," representing a potential conflict. Secondary market liquidity is not guaranteed, as J.P. Morgan Securities LLC intends but is not required to offer to purchase the notes in the secondary market.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus describing the terms, payment structure, hypothetical returns, and selected risks for its 15-month S&P 500 Capped Buffered Return Enhanced Notes, filed pursuant to Rule 433 under registration statement nos. 333-293684 and 333-293684-01.