JPMorgan Chase Financial Company LLC filed a free writing prospectus on October 30, 2026, disclosing terms for a structured note offering linked to the S&P 500 Index and the Russell 2000 Index, with a pricing date of November 13, 2026, and a maturity date of November 16, 2029.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer, with JPMorgan Chase & Co. serving as guarantor.
  • Contingent interest rate: At least 8.15% per annum, payable semiannually at a rate of at least 4.075%, if applicable on each Review Date.
  • Interest barrier: 75.00% of each Index's Initial Value; interest is paid only if both indices close at or above this level on a Review Date.
  • Principal at risk: If the Final Value of either Index falls below its Trigger Value, investors "will lose more than 25.00% of your principal amount at maturity and could lose all of your principal amount at maturity."
  • Estimated value: Not 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."
  • CUSIP: 46661QUY9; minimum denomination is $1,000.
  • Final Review Date and maturity: Final Review Date is November 13, 2029; Maturity Date is November 16, 2029.

Structure, Payment Terms, and Risks for the November 2026 SPX/RTY Notes

According to the filing, these three-year structured notes are issued by JPMorgan Chase Financial Company LLC, a finance subsidiary that "has no independent activities and has limited assets," with all payment obligations guaranteed by JPMorgan Chase & Co. The notes are linked to two indices simultaneously: the S&P 500 Index and the Russell 2000 Index. The filing notes that JPMorgan Chase & Co. is itself "currently one of the companies that make up the S&P 500 Index," which the document lists as a selected risk.

The filing discloses that contingent interest payments of at least $40.75 per $1,000 principal amount note (equivalent to at least 8.15% per annum) are made semiannually, but only when the closing level of each index on a given Review Date is at or above 75.00% of its Initial Value. If either index closes below that barrier on a Review Date, no interest is paid for that period. At maturity, repayment of principal is determined by the "Lesser Performing Index Return," meaning the worse-performing of the two indices governs the outcome. A hypothetical payment table included in the filing illustrates that a lesser performing index return of negative 25.00% would yield $749.90 per $1,000 note, while a return of negative 100.00% would yield $0.00.

The filing identifies several additional risks, including limited secondary market liquidity, potential conflicts of interest arising from JPMorgan affiliates acting as calculation agent and hedging the notes, and uncertainty regarding U.S. federal income tax consequences. It also discloses that the estimated value is derived from an internal funding rate and "does not represent future values." The notes carry no dividend payments or voting rights, and the appreciation potential is described as "limited to the sum of any Contingent Interest Payments that may be paid over the term of the notes."

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus under Rule 433 disclosing the terms, payment structure, hypothetical maturity scenarios, estimated value floor of $900.00 per $1,000 note, and selected risk factors for its 3-year SPX/RTY Contingent Interest Notes priced on November 13, 2026.