JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) with the SEC for a structured note offering linked to three U.S. equity indexes, with a pricing date of November 24, 2026 and a maturity date of November 29, 2029.

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 the Dow Jones Industrial Average, the Russell 2000 Index, and the S&P 500 Index.
  • Upside Leverage Factor: At least 1.237, with the actual factor to be set in the final pricing supplement.
  • Barrier Amount: 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, according to the filing.
  • CUSIP: 46661QHV0; minimum denomination is $1,000.
  • Principal risk: If the Final Value of any underlying falls below its Barrier Amount, the filing states investors "could lose all of your principal amount at maturity."

Structure and Payout Terms of the Dual Directional Barrier Notes

According to the filing, these are three-year structured notes with an Observation Date of November 26, 2029 and a Maturity Date of November 29, 2029. The payout at maturity depends on the performance of the least performing underlying among the three indexes. If all three indexes finish above their Initial Values, the return is calculated using the Least Performing Underlying Return multiplied by the Upside Leverage Factor of at least 1.237, with no stated upside cap in that scenario.

The filing describes a "dual directional" feature: if any underlying finishes at or below its Initial Value but all underlyings remain at or above their Barrier Amount (70.00% of Initial Value), investors receive a return equal to the absolute value of the Least Performing Underlying Return, subject to a maximum of 30.00%, translating to a maximum payment of $1,300.00 per $1,000 principal amount note under those conditions. If any underlying falls below its Barrier Amount, the notes provide no principal protection, and losses are determined directly by the Least Performing Underlying Return, which the filing notes could reach -100.000%.

The filing also discloses that JPMorgan Chase & Co. is itself a constituent of both the S&P 500 Index and the Dow Jones Industrial Average, which the filing identifies as a risk factor. Additional disclosed risks include lack of guaranteed secondary market liquidity, potential conflicts of interest arising from JPMorgan's roles as calculation agent and hedging counterparty, and the fact that the estimated value of the notes "will be lower than the original issue price." The filing further notes that the estimated value is determined by reference to an internal funding rate and "does not represent future values."

What Was Disclosed

The FWP summarizes terms and selected risks for structured barrier notes issued by JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., linked to three major U.S. equity indexes, with CUSIP 46661QHV0 and a three-year term to November 2029.