JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 3, 2026, disclosing the summary terms of 5-year S&P 500 Index-linked Uncapped Accelerated Barrier Notes with a scheduled pricing date of November 30, 2026, and a maturity date of December 4, 2031.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor of the notes.
  • Minimum denomination: Notes are offered in a minimum denomination of $1,000 per note.
  • Upside leverage: The Upside Leverage Factor will be at least 1.05, with the actual factor confirmed in the final pricing supplement.
  • Barrier protection: The Barrier Amount is set at 75.00% of the Initial Value, assessed on the Observation Date of December 1, 2031.
  • Principal at risk: According to the filing, "If the Final Value is less than the Barrier Amount, you will lose more than 25.00% of your principal amount at maturity and could lose all of your principal amount at maturity."
  • 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: 46661QHS7, filed pursuant to Rule 433 under Registration Statement Nos. 333-293684 and 333-293684-01.

Terms and Risk Profile of the 5-Year S&P 500 Barrier Notes

According to the filing, the notes are linked to the S&P 500 Index, with a Pricing Date of November 30, 2026, an Observation Date of December 1, 2031, and a Maturity Date of December 4, 2031. The payment at maturity depends on the relationship between the Final Value and the Initial Value of the index. If the Final Value exceeds the Initial Value, the filing states the holder receives $1,000 plus ($1,000 multiplied by the Index Return multiplied by the Upside Leverage Factor). If the Final Value equals or falls below the Initial Value but remains at or above the Barrier Amount of 75.00% of the Initial Value, the holder receives the principal amount of $1,000.

The filing discloses that if the Final Value falls below the Barrier Amount, the holder's payment is calculated as $1,000 plus ($1,000 multiplied by the Index Return), meaning losses would be proportional to the index decline with no principal protection. The filing also notes that no interest payments, dividend payments, or voting rights are associated with the notes, and that any payment is subject to the credit risk of both the issuer and the guarantor.

Among the selected risks disclosed, the filing states that "the estimated value of the notes will be lower than the original issue price (price to public)" and that JPMS intends but is not required to offer to purchase the notes in a secondary market. The filing further discloses potential conflicts of interest, noting that J.P. Morgan and its affiliates act as calculation agent and may engage in hedging activities that "could result in substantial returns for J.P. Morgan and its affiliates while the value of the notes declines."

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed the summary terms of 5-year S&P 500-linked Uncapped Accelerated Barrier Notes (CUSIP 46661QHS7), including the payment structure, a 75.00% Barrier Amount, an Upside Leverage Factor of at least 1.05, and a minimum estimated value of $900.00 per $1,000 note.