JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 disclosing the preliminary terms of its 5-year Uncapped Accelerated Barrier Notes linked to the Nasdaq-100, Russell 2000, and S&P 500 indexes, with a Pricing Date of November 24, 2026.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Upside Leverage Factor: At least 1.55 times the Least Performing Underlying Return when all underlyings finish above their Initial Values.
  • Barrier Amount: 70.00% of each underlying's Initial Value, applicable at the Observation Date of November 24, 2031.
  • Principal protection: None guaranteed; if any underlying finishes below its Barrier Amount, losses pass through fully and investors "could lose all of your principal amount at maturity."
  • Estimated value: Will not be less than $900.00 per $1,000 principal amount note when terms are set, and "likely will be lower than the price you paid."
  • Maturity Date: November 28, 2031; CUSIP 46661QJ48; minimum denomination $1,000.
  • Payout driver: Payment at maturity is determined solely by the Least Performing Underlying among the three indexes.

Structure and Payout Terms of the JPMorgan Barrier Notes

According to the filing, the notes are linked to three underlyings: the Nasdaq-100 Index, the Russell 2000 Index, and the S&P 500 Index. At maturity, if the Final Value of each underlying exceeds its Initial Value, the holder receives $1,000 plus $1,000 multiplied by the Least Performing Underlying Return multiplied by the Upside Leverage Factor (at least 1.55). The filing provides an illustrative hypothetical showing that a 100% gain in the least performing underlying would produce a note return of 155.00% and a payment of $2,550.00 per $1,000 note, based on a leverage factor of 1.55.

If any underlying finishes at or above its Barrier Amount of 70.00% of Initial Value, but at or below the Initial Value, the filing states that investors receive par, $1,000 per note. However, if any underlying's Final Value falls below the 70.00% Barrier Amount, losses are applied in full. The filing states: "If the Final Value of any Underlying is less than its Barrier Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 x Least Performing Underlying Return)." The hypothetical table illustrates that a -30.01% return produces a payment of $699.90, a -50% return produces $500.00, and a -100% return produces $0.00.

The filing discloses several selected risks, including that the notes carry no interest payments, dividend payments, or voting rights, and that any payment is subject to the credit risk of both the issuer and the guarantor. The filing also notes that JPMorgan Chase & Co. is currently a constituent of the S&P 500 Index, and that J.P. Morgan Securities LLC intends to offer to purchase the notes in the secondary market but is not required to do so. The registration statement numbers are 333-293684 and 333-293684-01.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus setting out preliminary terms for 5-year barrier notes tied to three major indexes, with a pricing date of November 24, 2026, a maturity date of November 28, 2031, and an estimated value of not less than $900.00 per $1,000 note.