JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 4, 2026, disclosing preliminary terms for 2-year uncapped accelerated barrier notes linked to the Russell 2000 Index and the S&P 500 Index, with a pricing date of November 24, 2026.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Underlyings: The notes are linked to both the Russell 2000 Index and the S&P 500 Index, with payoff determined by the lesser-performing underlying.
  • Upside leverage: The Upside Leverage Factor will be at least 1.10, to be confirmed in the final pricing supplement.
  • Barrier Amount: Set at 70.00% of the Initial Value for each underlying; if breached, principal is not protected and losses could reach 100%.
  • Estimated value: Will not be less than $900.00 per $1,000 principal amount note when terms are set.
  • Key dates: Pricing Date is November 24, 2026; Observation Date is November 24, 2028; Maturity Date is November 29, 2028.
  • CUSIP: 46661QHK4; minimum denomination is $1,000.

Structure and Payment Terms for the RTY/SPX Barrier Notes

According to the filing, payment at maturity depends on the performance of both underlyings relative to their respective Initial Values. If the Final Value of each underlying is greater than its Initial Value, the investor receives $1,000 plus $1,000 multiplied by the Lesser Performing Underlying Return multiplied by the Upside Leverage Factor. For illustrative purposes, the filing applies a factor of 1.10, meaning a 10% gain in the lesser-performing underlying would yield an 11% note return, or $1,110 per $1,000 note.

If either underlying finishes at or below its Initial Value but each remains at or above its Barrier Amount (70.00% of Initial Value), the filing states investors receive the full $1,000 principal. However, if the Final Value of either underlying falls below its Barrier Amount, the notes provide no principal protection: the payment is calculated as $1,000 plus $1,000 multiplied by the Lesser Performing Underlying Return, with no leverage applied on the downside. The filing states explicitly that "if the Final Value of either Underlying is less than its Barrier Amount, you will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity."

The filing identifies several selected risks. These include that any payment is subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., that there are no interest or dividend payments, and that J.P. Morgan Securities LLC intends but is not required to maintain a secondary market. The filing also notes that JPMorgan Chase & Co. is currently one of the companies comprising the S&P 500 Index, and that the notes carry risks associated with small capitalization stocks through the Russell 2000 exposure. The estimated value of the notes is stated to be determined by reference to an internal funding rate and "will be lower than the original issue price."

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed preliminary terms for 2-year structured barrier notes linked to the Russell 2000 and S&P 500 indexes, including a minimum 1.10x upside leverage factor, a 70% barrier, an estimated floor value of $900 per $1,000 note, and key dates spanning November 2026 to November 2028.