JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 12, 2026, disclosing the terms of 6-year S&P 500 Futures Excess Return Index-linked uncapped dual directional accelerated barrier notes with a pricing date of November 24, 2026, and a maturity date of November 30, 2032.

Key Highlights

  • Index linked: The notes are linked to the S&P 500 Futures Excess Return Index, with CUSIP 46661QD93.
  • Upside leverage: The Upside Leverage Factor will be at least 2.12, with the final figure set in the pricing supplement.
  • Barrier protection: The Barrier Amount is set at 60% of the Initial Value; principal loss exceeding 40.00% occurs only if the Final Value falls below the Barrier Amount.
  • Dual directional feature: If the Final Value is at or above the Barrier Amount but below the Initial Value, investors receive $1,000 plus the Absolute Index Return, capped at an effective 40.00% gain on a negative return scenario, with a maximum payment of $1,400.00 per $1,000 principal.
  • Estimated value floor: The estimated value of the notes, when terms are set, will not be less than $900.00 per $1,000 principal amount note.
  • Minimum denomination: Notes are offered in a minimum denomination of $1,000.
  • No principal guarantee: According to the filing, "The notes do not guarantee any return of principal."

Terms and Structure of the SPXFP Barrier Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer and JPMorgan Chase & Co. serves as guarantor. The notes are filed as a free writing prospectus pursuant to Rule 433, under Registration Statement Nos. 333-293684 and 333-293684-01. The Pricing Date is November 24, 2026, with an Observation Date of November 24, 2032, and a Maturity Date of November 30, 2032, making these six-year instruments. Any payment on the notes is stated to be subject to the credit risk of both the issuer and the guarantor.

The filing outlines three payment-at-maturity scenarios. If the Final Value exceeds the Initial Value, the payment equals $1,000 plus $1,000 multiplied by the Index Return and the Upside Leverage Factor (at least 2.12), with no stated upside cap. If the Final Value is equal to or below the Initial Value but at or above the Barrier Amount (60% of Initial Value), the payment equals $1,000 plus $1,000 multiplied by the Absolute Index Return, effectively capped at 40.00%. If the Final Value falls below the Barrier Amount, the payment equals $1,000 plus $1,000 multiplied by the Index Return, meaning the investor "will lose more than 40.00% of your principal amount at maturity and could lose all of your principal amount at maturity," as the filing states.

The filing discloses several selected risks, including no interest payments, lack of secondary market liquidity, potential conflicts of interest arising from J.P. Morgan's roles as calculation agent and hedging counterparty, and the fact that the estimated value "will be lower than the original issue price (price to public) of the notes." The filing also notes that JPMorgan Chase & Co. is currently a constituent of the S&P 500 Index, the index underlying the Underlying Futures Contracts. The notes carry no rights to the E-Mini S&P 500 Futures Contracts or any securities in the underlying index.

What Was Disclosed

The FWP is a fact sheet summarizing the key terms, hypothetical return scenarios, selected risks, and estimated value information for the 6-year SPXFP Uncapped Dual Directional Accelerated Barrier Notes, with final terms to be provided in a separate pricing supplement.