JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 3, 2026, disclosing preliminary terms for 18-month Capped Dual Directional Buffered Equity Notes linked to the Russell 2000 Index and the S&P 500 Index, with a scheduled pricing date of November 25, 2026.

Key Highlights

  • Underlyings: The notes are linked to two indexes, the Russell 2000 Index and the S&P 500 Index, with payoff determined by the lesser performing underlying.
  • Maximum Upside Return: The filing states the Maximum Upside Return will be at least 34.50%, with the actual figure to be set in the final pricing supplement.
  • Buffer Amount: A 10.00% buffer protects against losses up to that threshold; if either underlying falls more than 10.00%, principal loss begins.
  • Dual Directional Feature: If the lesser performing underlying declines by up to the Buffer Amount, the filing states the payout reflects the absolute value of that return, subject to an effective cap of 10.00% on the return at maturity in that scenario, with a maximum payment of $1,100.00 per $1,000 principal amount note.
  • Estimated Value: According to the filing, the estimated value of the notes when terms are set will not be less than $900.00 per $1,000 principal amount note.
  • Maturity Date: The notes are scheduled to mature on May 31, 2028, with an Observation Date of May 25, 2028.
  • CUSIP: The filing identifies the notes under CUSIP 46661QJC0, with a minimum denomination of $1,000.

Structure and Payout Terms for the RTY/SPX Buffered Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer of the notes, with JPMorgan Chase & Co. serving as guarantor. The notes are structured as 18-month instruments with a Pricing Date of November 25, 2026, and a Maturity Date of May 31, 2028. The minimum denomination is $1,000, and any payment at maturity is subject to the credit risk of both the issuer and the guarantor.

The filing describes a three-scenario payout structure. If both underlyings finish above their initial values, the investor receives $1,000 plus a return based on the lesser performing underlying, capped at the Maximum Upside Return of at least 34.50%. If the lesser performing underlying declines by up to the 10.00% Buffer Amount, the filing states the payout reflects the absolute value of that underlying's return, with an effective cap of 10.00% on the return under that scenario. If either underlying falls more than 10.00% below its initial value, the investor bears losses beyond the buffer, calculated as $1,000 plus $1,000 multiplied by the sum of the lesser performing underlying return and the Buffer Amount.

The filing identifies several selected risks, including that the notes do not guarantee any return of principal, that no interest or dividend payments are made, and that secondary market liquidity is not assured. The filing also notes that JPMorgan Chase & Co. is currently a component of the S&P 500 Index, and that the estimated value of the notes will be lower than the original issue price, as it is determined by reference to an internal funding rate. The filing was made pursuant to Rule 433 under Registration Statement Nos. 333-293684 and 333-293684-01.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus disclosing preliminary terms for structured notes linked to the Russell 2000 and S&P 500 indexes, including a minimum Maximum Upside Return of 34.50%, a 10.00% buffer, and an estimated value floor of $900.00 per $1,000 note.