JPMorgan Chase Financial Company LLC filed a free writing prospectus with the SEC for a three-year auto callable accelerated barrier note linked to the Nasdaq-100, Russell 2000, and S&P 500 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.
  • Underlying Indexes: The notes are linked to the Nasdaq-100 Index, the Russell 2000 Index, and the S&P 500 Index.
  • Upside Leverage Factor: 1.50x applies to the Least Performing Underlying Return at maturity if all underlyings finish above their Initial Values.
  • Barrier Amount: 70.00% of the Initial Value for each underlying; a breach triggers full principal-at-risk exposure tied to the Least Performing Underlying.
  • Call Premium: At least 12.80% per annum, producing call premiums of at least 12.80% at the first annual Review Date and at least 25.60% at the second.
  • Estimated Value: Not less than $900.00 per $1,000 principal amount note when terms are set, according to the filing.
  • CUSIP: 46661QJ55; minimum denomination is $1,000.

Structure and Payment Terms of the JPMorgan Auto Callable Barrier Notes

According to the filing, the notes have annual Review Dates, with the Final Review Date on November 26, 2029, and a Maturity Date of November 29, 2029. If the closing value of each underlying on any non-final Review Date is greater than or equal to 100.00% of its Initial Value (the Call Value), the notes are automatically called and investors receive $1,000 plus the applicable Call Premium Amount. The filing states that if the notes are called early, investors "will not benefit from the Upside Leverage Factor that applies to the payment at maturity."

If the notes are not called and all underlyings finish above their Initial Values at maturity, the payment per $1,000 is calculated as $1,000 plus ($1,000 multiplied by the Least Performing Underlying Return multiplied by the 1.50 Upside Leverage Factor), according to the filing. If any underlying finishes at or below its Initial Value but each remains at or above its Barrier Amount of 70.00% of its Initial Value, the principal amount is returned. However, the filing discloses that if any underlying's Final Value falls below its Barrier Amount, the investor "will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity," with the loss calculated using the Least Performing Underlying Return without leverage.

The filing identifies several risks, including credit risk of both the issuer and guarantor, lack of guaranteed liquidity in the secondary market, potential conflicts of interest from J.P. Morgan's roles as calculation agent and hedging counterparty, and uncertainty about tax consequences. The filing also notes that JPMorgan Chase & Co. is currently one of the companies comprising the S&P 500 Index, and 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."

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus describing the preliminary terms of three-year auto callable accelerated barrier notes (CUSIP 46661QJ55) linked to three major U.S. equity indexes, with a pricing date of November 24, 2026, and maturity on November 29, 2029.