JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) fact sheet on October 26, 2026, describing the terms of 2-year auto callable dual directional buffered return enhanced notes linked to the Dow Jones Industrial Average and the S&P 500 Index, with a pricing date of October 30, 2026 and a maturity date of November 2, 2028.

Key Highlights

  • Linked Indices: The notes are linked to the Dow Jones Industrial Average and the S&P 500 Index, with payment determined by the lesser performing index.
  • Upside Leverage Factor: A 1.25x upside leverage factor applies at maturity if the final value of each index is greater than its initial value.
  • Buffer Amount: A 20.00% buffer protects against losses at maturity up to that threshold, with an effective cap of 20.00% on return in the absolute return scenario.
  • Automatic Call Feature: If each index closes at or above 100.00% of its initial value on the Review Date (November 4, 2027), the notes are automatically called at $1,000 plus a call premium of at least 10.50% per annum.
  • Estimated Value: The estimated value of the notes, when terms are set, will not be less than $950.00 per $1,000 principal amount note.
  • CUSIP: The notes carry CUSIP 46661QRY3 and are issued in minimum denominations of $1,000.
  • Principal Risk: According to the filing, "You may lose some or all of your principal at maturity" if the lesser performing index falls by more than the buffer amount.

Terms and Payment Structure of the JPMorgan DJIA/SPX Buffered Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer and JPMorgan Chase & Co. serves as guarantor. The notes have a pricing date of October 30, 2026, a one-year review date of November 4, 2027, an observation date of October 30, 2028, and a maturity date of November 2, 2028. Any payment on the notes is subject to the credit risk of both the issuer and the guarantor, the filing disclosed.

The filing describes three possible payment scenarios at maturity, assuming the notes have not been automatically called. If the final value of each index exceeds its initial value, the investor receives $1,000 plus $1,000 multiplied by the lesser performing index return multiplied by the 1.25 upside leverage factor. If the lesser performing index is flat or down by no more than the 20.00% buffer amount, the investor receives $1,000 plus $1,000 multiplied by the absolute index return of the lesser performing index, with a maximum maturity payment of $1,200.00 per $1,000 principal amount note under this scenario. If the lesser performing index declines by more than 20.00%, the investor bears losses beyond that buffer, and the filing states the investor "will lose some or most of your principal amount at maturity."

The filing also discloses several risks, including limited secondary market liquidity, potential conflicts of interest arising from JPMorgan's role as calculation agent and hedging counterparty, and uncertainty regarding tax treatment. The filing notes that JPMorgan Chase & Co. is currently one of the companies that make up the indices, and that JPMorgan Chase Financial Company LLC "has no independent activities and has limited assets" as a finance subsidiary. The estimated value of the notes is noted as being determined by reference to an internal funding rate and will likely be lower than the price paid by investors.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a fact sheet describing the key terms, payment mechanics, hypothetical return scenarios, and selected risks for auto callable dual directional buffered notes linked to the Dow Jones Industrial Average and S&P 500 Index, maturing November 2, 2028, with CUSIP 46661QRY3.