JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 3, 2026, disclosing terms of 3-year Buffered Return Enhanced Notes linked to the Dow Jones Industrial Average, Russell 2000 Index, and S&P 500 Index, with a pricing date of November 30, 2026, and a maturity date of December 5, 2029.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Upside leverage: The Upside Leverage Factor will be at least 1.63, to be confirmed in the final pricing supplement.
  • Buffer amount: A 10.00% buffer protects principal unless the least performing underlying declines by more than 10.00% from its initial level.
  • Estimated value: The estimated value of the notes, when terms are set, will not be less than $900.00 per $1,000 principal amount note.
  • CUSIP: 46661QHZ1; minimum denomination is $1,000.
  • Principal at risk: According to the filing, if any underlying declines by more than 10.00%, investors "could lose up to $900 for each $1,000 note."
  • No periodic payments: The notes carry no interest payments, dividend payments, or voting rights.

Terms and Payment Structure of the INDU/RTY/SPX Buffered Notes

According to the filing, payment at maturity is determined by the performance of the least performing of the three underlyings: the Dow Jones Industrial Average, the Russell 2000 Index, and the S&P 500 Index. If all three underlyings finish above their respective initial values, the holder receives $1,000 plus $1,000 multiplied by the Least Performing Underlying Return multiplied by the Upside Leverage Factor. The filing states the leverage factor will be at least 1.63, with the exact figure confirmed at pricing.

If the final value of every underlying is at or above its initial value, or if any underlying that declines does so by no more than the 10.00% buffer amount, the filing indicates holders receive the full $1,000 principal amount. However, if any underlying's final value falls more than 10.00% below its initial value, the payment formula becomes: $1,000 plus [$1,000 multiplied by (Least Performing Underlying Return plus Buffer Amount)]. Hypothetical examples provided in the filing show that a -30.00% least performing underlying return would yield a $800.00 payment, while a -100.00% return would yield $100.00.

The filing notes several risks, including that the estimated value at issuance will be lower than the original issue price, and that value is determined by reference to an internal funding rate. The filing also discloses that JPMorgan Chase & Co. is currently a component of both the S&P 500 Index and the Dow Jones Industrial Average, and that potential conflicts of interest exist because J.P. Morgan and its affiliates act as calculation agent and conduct hedging activities related to the notes.

What Was Disclosed

This free writing prospectus disclosed the preliminary terms of 3-year structured notes issued by JPMorgan Chase Financial Company LLC, including the at-least-1.63 upside leverage factor, a 10.00% downside buffer, a minimum estimated value of $900.00 per $1,000 note, and key risk factors tied to least-performing-underlying mechanics and issuer credit risk.