JPMorgan Chase Financial Company LLC filed a Free Writing Prospectus on October 30, 2026, disclosing terms of 5-year S&P 500 Futures Excess Return Index-linked barrier notes with a pricing date of November 13, 2026, and a maturity date of November 18, 2031.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Underlying index: The notes are linked to the S&P 500 Futures Excess Return Index (CUSIP: 46661QUX1).
  • Upside leverage: The Upside Leverage Factor will be at least 2.40, with the final figure to be set in the pricing supplement.
  • Barrier protection: The Barrier Amount is set at 60.00% of the Initial Value; principal is returned in full if the Final Value stays at or above that level.
  • Principal risk below barrier: If the Final Value falls below the Barrier Amount, investors will lose more than 40.00% of principal and could lose all of it.
  • Estimated value: When terms are set, the estimated value will not be less than $900.00 per $1,000 principal amount note, which the filing states will "likely" be lower than the price paid.
  • Minimum denomination: $1,000; no interest payments are made on the notes.

Terms and Risk Profile of the SPXFP Uncapped Accelerated Barrier Notes

According to the filing, the notes offer uncapped upside participation in the S&P 500 Futures Excess Return Index, with gains at maturity calculated as the $1,000 principal multiplied by the Index Return and then by the Upside Leverage Factor of at least 2.40. The filing illustrates this with a hypothetical table showing, for example, a 65.00% index return producing a 156.00% total return on the notes, and a 40.00% index return producing a 96.00% total return, both based on the minimum leverage factor.

If the Final Value equals the Initial Value, or declines but remains at or above the 60.00% Barrier Amount, the filing states that investors receive the full $1,000 principal at maturity. However, if the Final Value falls below the Barrier Amount on the Observation Date of November 13, 2031, the payment is reduced dollar-for-dollar with the index loss, meaning the investor could lose up to 100% of principal. The filing notes that "the benefit provided by the Barrier Amount may terminate on the Observation Date."

The filing lists several selected risks, including credit risk exposure to both the issuer and guarantor, the absence of any interest payments, potential conflicts of interest arising from J.P. Morgan's role as calculation agent and hedging counterparty, and limited secondary market liquidity. The filing also discloses that J.P. Morgan Securities LLC intends to offer to purchase notes in the secondary market but is not required to do so, and that any such repurchase price "may result in a significant loss of your principal." Tax consequences are described as potentially uncertain.

What Was Disclosed

The Free Writing Prospectus summarizes the key terms, hypothetical return scenarios, estimated value floor of $900.00 per $1,000 note, and selected risk factors for a 5-year structured note linked to the S&P 500 Futures Excess Return Index, filed pursuant to Rule 433.