JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 on November 2, 2026, disclosing terms for 4-year uncapped accelerated barrier notes linked to the Dow Jones Industrial Average and the S&P 500 Index, with a pricing date of November 13, 2026.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Upside leverage: The Upside Leverage Factor will be at least 1.42, to be confirmed in the final pricing supplement.
  • Barrier protection: Each underlying has a Barrier Amount set at 75.00% of its Initial Value, observed only on the Observation Date of November 13, 2030.
  • Maturity date: November 18, 2030, with the Observation Date on November 13, 2030.
  • Estimated value: When terms are set, the estimated value will not be less than $900.00 per $1,000 principal amount note.
  • CUSIP: 46661QUR4; minimum denomination is $1,000.
  • Principal risk: If the Final Value of either underlying falls below its Barrier Amount, investors "will lose more than 25.00% of your principal amount at maturity and could lose all of your principal amount at maturity," according to the filing.

Structure and Payoff Terms for the INDU/SPX Barrier Notes

According to the filing, payment at maturity depends on the performance of the lesser-performing of the two underlyings: the Dow Jones Industrial Average and the S&P 500 Index. If the Final Value of each underlying is greater than its Initial Value, investors receive $1,000 plus $1,000 multiplied by the Lesser Performing Underlying Return multiplied by the Upside Leverage Factor (at least 1.42). The filing illustrates a 100.00% underlying return producing a hypothetical note return of 142.00% and a payment of $2,420.00 per $1,000 note, assuming a leverage factor of 1.42.

If the Final Value of either underlying is at or below its Initial Value but at or above its Barrier Amount of 75.00% of Initial Value, the filing states that investors receive back only the $1,000 principal. However, if the Final Value of either underlying falls below that Barrier Amount, the notes offer no barrier protection: the payment is calculated as $1,000 plus $1,000 multiplied by the Lesser Performing Underlying Return, exposing investors to the full decline. The filing's hypothetical table shows a -50.00% underlying return producing a payment of $500.00, and a -100.00% return producing $0.00.

The filing discloses several selected risks, including that the estimated value of the notes "will be lower than the original issue price," that it is "determined by reference to an internal funding rate," and that J.P. Morgan Securities LLC intends but is not required to offer a secondary market. The filing also notes that JPMorgan Chase & Co. is currently a constituent of both the S&P 500 Index and the Dow Jones Industrial Average, and that JPMorgan Chase Financial Company LLC, as a finance subsidiary, "has no independent activities and has limited assets." All payments are subject to the credit risk of both the issuer and the guarantor.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed preliminary terms for 4-year barrier notes linked to the INDU and SPX, priced November 13, 2026, maturing November 18, 2030, with at least 1.42x upside leverage, a 75.00% barrier, and an estimated value of at least $900.00 per $1,000 note.