JPMorgan Chase Financial Company LLC filed a free writing prospectus on October 29, 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 9.25% per annum, payable semiannually at a rate of at least 4.625% per period, if applicable.
  • Interest Barrier: 75.00% of the Initial Value of each Index must be met on a Review Date for interest to be paid.
  • Estimated Value: Not less than $900.00 per $1,000 principal amount note when terms are set, which "likely will be lower than the price you paid for the notes," according to the filing.
  • Principal Risk: If the Final Value of either Index falls below its Trigger Value, investors "could lose all of your principal amount at maturity," the filing states.
  • CUSIP: 46661QUZ6, with a minimum denomination of $1,000.
  • Review Schedule: Semiannual, with a Final Review Date of November 13, 2029.

Terms and Risks of JPMorgan's 3-Year Dual-Index Structured Notes

According to the free writing prospectus, the notes are linked to both the S&P 500 Index and the Russell 2000 Index and carry CUSIP 46661QUZ6. The filing sets a Pricing Date of November 13, 2026, a Final Review Date of November 13, 2029, and a Maturity Date of November 16, 2029. The minimum denomination is $1,000, and Review Dates occur semiannually over the three-year term.

The filing discloses that a Contingent Interest Payment of at least $46.25 per $1,000 principal amount note (equivalent to at least 9.25% per annum) is payable on each applicable Interest Payment Date, but only if the closing level of each Index on the relevant Review Date is greater than or equal to its Interest Barrier, defined as 75.00% of each Index's Initial Value. If that condition is not met, no interest is paid for that period. At maturity, if the Final Value of each Index is at or above its Trigger Value, investors receive $1,000 plus the applicable Contingent Interest Payment. If either Index's Final Value falls below the Trigger Value, the payment is reduced by the return of the Lesser Performing Index, and losses can exceed 25% or reach 100% of principal, as the filing states.

The filing identifies several selected risks, including that the estimated value of the notes will be lower than the original issue price, that J.P. Morgan Securities LLC intends but is not required to offer secondary market purchases, and that potential conflicts of interest exist because JPMorgan and its affiliates act as calculation agent and hedge their obligations under the notes. The filing also notes that JPMorgan Chase & Co. is currently one of the companies comprising the S&P 500 Index, and that the notes carry exposure to small capitalization stock risks through the Russell 2000 Index.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus outlining the terms, payment structure, estimated value, and selected risks for a three-year structured note linked to the S&P 500 and Russell 2000 indices, with a contingent annual interest rate of at least 9.25% and full principal at risk.