JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., filed a free writing prospectus on November 2, 2026, disclosing the terms of its 3-year Capped Accelerated Barrier Notes linked to the iShares Bitcoin Trust ETF (IBIT), with a pricing date of November 24, 2026 and maturity on November 29, 2029.

Key Highlights

  • Linked fund: Notes are tied to the iShares Bitcoin Trust ETF (IBIT), a bitcoin-exposure product.
  • Maximum return: At least 115.00%, with a 1.50x upside leverage factor applied to positive fund performance.
  • Barrier amount: Set at 70.00% of the Initial Value; principal is protected between the barrier and the initial value at maturity.
  • Downside risk: If the Final Value falls below the Barrier Amount, investors lose more than 30.00% and could lose all principal.
  • Estimated value: Will not be less than $900.00 per $1,000 principal amount note when terms are set.
  • CUSIP: 46661QJQ9; minimum denomination of $1,000 per note.
  • No interest payments: The notes pay no periodic interest and carry the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.

Structure and Payout Terms of the IBIT-Linked Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer of these structured notes, with JPMorgan Chase & Co. serving as guarantor. JPMorgan Chase & Co. is a global financial services firm whose finance subsidiary, JPMorgan Chase Financial Company LLC, the filing notes "has no independent activities and has limited assets." The notes are offered under registration statement nos. 333-293684 and 333-293684-01 filed with the SEC.

The filing sets out three distinct payout scenarios at maturity. If the Final Value exceeds the Initial Value, the return is calculated as $1,000 plus ($1,000 multiplied by the Fund Return multiplied by the 1.50 Upside Leverage Factor), capped at the Maximum Return of at least 115.00%. If the Final Value equals the Initial Value or falls between the Initial Value and the Barrier Amount of 70.00%, investors receive their $1,000 principal back in full. If the Final Value drops below the Barrier Amount, the return mirrors the full negative Fund Return on a one-to-one basis, with the filing disclosing that investors "could lose all of your principal amount at maturity."

The filing discloses that the estimated value of the notes will be lower than the original issue price and is determined by reference to an internal funding rate. The hypothetical return table in the filing shows that at a fund return of negative 100.00%, the final value per note would be $0.00000, while a fund return of positive 160.00% would yield a capped note return of 115.00%, with a final value of $260.00000 per $1,000 note. J.P. Morgan Securities LLC intends, but is not required, to offer secondary market purchases.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus disclosing the preliminary terms of 3-year Capped Accelerated Barrier Notes linked to the iShares Bitcoin Trust ETF, including payout mechanics, a 70.00% barrier, a 115.00% maximum return, and an estimated minimum value of $900.00 per $1,000 note.