JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 3, 2026, summarizing the preliminary terms of 3-year Auto Callable Accelerated Barrier Notes linked to the Nasdaq-100 Index, Russell 2000 Index, and S&P 500 Index, with a pricing date of November 30, 2026.

Key Highlights

  • Issuer and Guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Upside Leverage Factor: A 2.00x leverage factor applies to the Least Performing Underlying return at maturity if all underlyings finish above their Initial Values.
  • Barrier Amount: Set at 70.00% of each Underlying's Initial Value; investors receive principal at maturity if no underlying falls below this level.
  • Call Premium: At least 13.60% per annum, with an automatic call triggered if all underlyings are at or above 100.00% of their Initial Value on any annual Review Date.
  • Estimated Value: Will not be less than $900.00 per $1,000 principal amount note when terms are set, which the filing notes "likely will be lower than the price you paid for the notes."
  • Maturity Date: December 5, 2029, with a Final Review Date of November 30, 2029.
  • CUSIP: 46661QHX6; minimum denomination is $1,000.

Structure and Payment Terms of the JPMorgan Barrier Notes

According to the filing, the notes are linked to three underlyings: the Nasdaq-100 Index, the Russell 2000 Index, and the S&P 500 Index. Annual Review Dates determine whether an automatic call is triggered. If the closing value of each underlying on a Review Date (other than the Final Review Date) is greater than or equal to 100.00% of its Initial Value, the notes are called and investors receive $1,000 plus the applicable Call Premium Amount. The filing states the Call Premium will be at least 13.60% at the first Review Date and at least 27.20% at the second Review Date.

If the notes are not called and all underlyings finish above their Initial Values at maturity, the payment per $1,000 note is calculated as: $1,000 plus ($1,000 multiplied by the Least Performing Underlying Return multiplied by the 2.00 Upside Leverage Factor), according to the filing. If any underlying finishes at or below its Initial Value but all remain at or above the 70.00% Barrier Amount, investors receive the full $1,000 principal. However, the filing discloses that if any underlying's Final Value falls below its 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."

The filing identifies several risks, including that any payment is subject to the credit risk of both the issuer and guarantor, that the notes carry no interest or dividend payments, and that liquidity in the secondary market is not guaranteed. The filing also notes that "JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 Index," which the document lists as a selected risk factor.

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed the preliminary terms of 3-year structured notes linked to three major equity indexes, detailing automatic call conditions, a 2.00x upside leverage factor, a 70.00% barrier, an estimated minimum value of $900.00 per $1,000 note, and principal loss risk below the barrier.