JPMorgan Chase Financial Company LLC filed a free writing prospectus with the SEC disclosing the summary terms of 6-year Uncapped Accelerated Barrier Notes linked to the S&P 500 Futures Excess Return 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.
  • Index linked: Notes are linked to the S&P 500 Futures Excess Return Index, with a pricing date of November 13, 2026, and a maturity date of November 18, 2032.
  • Upside Leverage Factor: At least 2.43, with the actual factor to be set in the final pricing supplement.
  • Barrier Amount: 60.00% of the Initial Value; if the Final Value falls below this level, investors bear losses equal to the full negative Index Return.
  • Estimated value: No less than $900.00 per $1,000 principal amount note when terms are set, which the filing notes "likely will be lower than the price you paid."
  • Minimum denomination: $1,000; CUSIP 46661QUW3.
  • No interest payments are made on the notes during the term, according to the filing.

Structure and Payment Terms of the SPXFP Barrier Notes

According to the filing, the notes offer three distinct payment outcomes at maturity. If the Final Value is greater than the Initial Value, the payment per $1,000 principal amount equals $1,000 plus $1,000 multiplied by the Index Return and the Upside Leverage Factor. If the Final Value equals or is less than the Initial Value but remains at or above the Barrier Amount of 60.00% of the Initial Value, investors receive only the $1,000 principal amount. The filing presents hypothetical total returns illustrating that a 65.00% Index Return would produce a 157.95% total return on the notes, and a 40.00% Index Return would yield a 97.20% total return, each calculated using the minimum Upside Leverage Factor of 2.43.

The filing discloses that if the Final Value falls below the Barrier Amount, "you will lose more than 40.00% of your principal amount at maturity and could lose all of your principal amount at maturity." In that scenario, the payment is $1,000 plus $1,000 multiplied by the Index Return, meaning losses mirror the Index decline with no buffer. The Observation Date is November 15, 2032, one business day before the Maturity Date, and the filing notes that "the benefit provided by the Barrier Amount may terminate on the Observation Date."

The filing also highlights that JPMorgan Chase & Co. is currently one of the companies comprising the S&P 500 Index, the index underlying the Underlying Futures Contracts of the linked Index. Additional risks cited include negative roll returns associated with the Underlying Futures Contracts, potential conflicts of interest arising from JPMorgan affiliates acting as calculation agent and hedging the notes, and the absence of any actual portfolio of assets backing the Index. The notes were filed pursuant to Rule 433 under Registration Statement Nos. 333-293684 and 333-293684-01.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus presenting the summary terms of 6-year Uncapped Accelerated Barrier Notes linked to the S&P 500 Futures Excess Return Index, including the leverage structure, barrier mechanics, estimated value floor of $900.00 per $1,000 note, and associated risk factors.