JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 disclosing terms of its 5-year structured notes linked to three equity indices, with a pricing date of November 24, 2026 and a maturity date of November 28, 2031.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Linked indices: The notes reference the Nasdaq-100 Index, the Dow Jones Industrial Average, and the Russell 2000 Index, with payment determined by the least performing index.
  • Participation rate: At least 113.00%, with the actual rate to be confirmed in the final pricing supplement.
  • Principal protection: Investors are entitled to repayment of the full $1,000 principal at maturity, subject to the credit risk of the issuer and guarantor.
  • Estimated value: The estimated value of the notes, when terms are set, will not be less than $900.00 per $1,000 principal amount note.
  • CUSIP: 46661QGN9; minimum denomination is $1,000.
  • No periodic income: The notes carry no interest payments, dividend payments, or voting rights.

Terms and Risk Profile of the 5-Year Least-Performing-Index Notes

According to the filing, the notes are structured so that at maturity each investor receives $1,000 plus an "Additional Amount" equal to the least performing index return multiplied by the participation rate of at least 113.00%. The filing specifies that the Additional Amount will not be less than zero, meaning investors receive no less than the $1,000 principal at maturity, subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. The observation date and pricing date are both set for November 24, 2026, with maturity on November 28, 2031.

The filing presents a table of hypothetical total returns. For example, if the least performing index return were 65.00%, the illustrated total return on the notes would be 73.45%; if the least performing index return were 10.00%, the total return would be 11.30%. If the least performing index return is zero or negative, the total return on the notes is 0.00%, meaning investors recover only principal. The filing notes these hypotheticals "apply only at maturity" and "do not reflect fees or expenses that would be associated with any sale in the secondary market."

The filing identifies several selected risks, including that the estimated value of the notes will be lower than the original issue price, that the estimated value is determined by reference to an internal funding rate, and that J.P. Morgan Securities LLC intends but is not required to offer to purchase notes in the secondary market. The filing also discloses that JPMorgan Chase & Co. is currently one of the companies that make up the Dow Jones Industrial Average, and that as a finance subsidiary, JPMorgan Chase Financial Company LLC "has no independent activities and has limited assets."

What Was Disclosed

This free writing prospectus sets out the preliminary terms of 5-year structured notes issued by JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., linked to three equity indices, with a minimum participation rate of 113.00%, full principal repayment at maturity subject to credit risk, and an estimated value of at least $900.00 per $1,000 note.