JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 9, 2026, disclosing preliminary terms for 18-month auto callable contingent interest notes linked to the Nasdaq-100 Index, Russell 2000 Index, and S&P 500 Index, with a pricing date of November 30, 2026.

Key Highlights

  • Issuer and Guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Contingent Interest Rate: At least 10.50% per annum, paid monthly at a rate of at least 0.875% per month, if applicable.
  • Interest and Autocall Barrier: The interest barrier and trigger value each equal 70.00% of the Initial Value of each underlying index.
  • Estimated Value: Will not be less than $900.00 per $1,000 principal amount note when terms are set.
  • Maturity Date: June 2, 2028, with a Final Review Date of May 30, 2028.
  • Principal Risk: If the Final Value of any underlying is less than its Trigger Value, investors "will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity," according to the filing.
  • CUSIP: 46661QBX2; minimum denomination is $1,000.

Structure and Payment Terms for the NDX/RTY/SPX Linked Notes

According to the filing, the notes are structured as 18-month instruments with a six-month initial non-call period. After that period, autocall review dates occur quarterly: if the closing value of each of the three underlying indexes is greater than or equal to its Initial Value on any such date, the notes are automatically called and holders receive $1,000 plus the applicable Contingent Interest Payment per $1,000 principal amount note, with no further payments made thereafter.

If the notes are not called and all three underlying indexes finish at or above their respective Trigger Values at maturity, holders receive $1,000 plus the final Contingent Interest Payment. However, if any underlying's Final Value falls below its Trigger Value, the payment at maturity is calculated as $1,000 plus ($1,000 multiplied by the Least Performing Underlying Return). The filing's hypothetical payment table illustrates that a -40.00% return in the least performing underlying would result in a $600.00 payment per $1,000 note, and a -100.00% return would result in $0.00.

The filing discloses several selected risks, including that the notes carry the credit risk of both the issuer and guarantor, that interest payments are not guaranteed, that the appreciation potential is limited to the sum of any contingent interest payments, and that secondary market liquidity is not assured. The filing also notes that JPMorgan Chase & Co. is currently a constituent of the S&P 500 Index, creating a potential conflict. The filing states that "as a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets."

What Was Disclosed

JPMorgan Chase Financial Company LLC filed preliminary terms for auto callable contingent interest notes linked to three major U.S. equity indexes, with CUSIP 46661QBX2, a November 30, 2026 pricing date, and a June 2, 2028 maturity date, under Registration Statement Nos. 333-293684 and 333-293684-01.