JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) summarizing the terms of its 3-Year iShares Bitcoin Trust ETF Capped Accelerated Barrier Notes, with a pricing date of November 30, 2026 and a maturity date of December 5, 2029.

Key Highlights

  • Underlying fund: The notes are linked to the iShares Bitcoin Trust ETF (IBIT), with a minimum denomination of $1,000 per note.
  • Maximum Return: The notes carry a Maximum Return of at least 124.00%, with an Upside Leverage Factor of 1.50 applied to gains above the Initial Value.
  • Barrier Amount: The Barrier Amount is set at 70.00% of the Initial Value, providing principal protection unless the Final Value falls below that threshold.
  • Principal loss risk: According to the filing, "If the Final Value is less than the 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."
  • 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: The notes carry CUSIP 46661QJR7, guaranteed by JPMorgan Chase & Co.
  • Key dates: The Observation Date is November 30, 2029, and the Maturity Date is December 5, 2029.

Terms and Structure of JPMorgan's IBIT-Linked Barrier Notes

According to the filing, the notes are issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co. The issuer and guarantor have filed a registration statement under Registration Statement Nos. 333-293684 and 333-293684-01. The filing was submitted as a Free Writing Prospectus pursuant to Rule 433. The notes do not pay interest and confer no rights with respect to the iShares Bitcoin Trust ETF or its underlying asset.

The filing outlines three payment scenarios at maturity. If the Final Value exceeds the Initial Value, the investor receives $1,000 plus the product of $1,000, the Fund Return, and the Upside Leverage Factor of 1.50, capped at the Maximum Return of at least 124.00%. If the Final Value is equal to or below the Initial Value but at or above the Barrier Amount of 70.00% of the Initial Value, the investor receives the $1,000 principal. If the Final Value falls below the Barrier Amount, the investor receives $1,000 plus $1,000 multiplied by the Fund Return, meaning losses track the Fund's decline one-for-one from that point, with the possibility of total principal loss.

The filing discloses several risks, including that "the estimated value of the notes will be lower than the original issue price (price to public) of the notes" and that secondary-market liquidity is not guaranteed. The filing also notes that JPMorgan and its affiliates act as calculation agent and may hedge obligations in ways that could produce returns for JPMorgan "while the value of the notes declines." The filing states that any payment on the notes is subject to the credit risks of both the issuer and the guarantor.

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed a free writing prospectus for structured notes linked to the iShares Bitcoin Trust ETF, maturing December 5, 2029, with a capped upside of at least 124.00%, a 70.00% barrier, and an estimated minimum value of $900.00 per $1,000 note.