JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 2, 2026, disclosing the summary terms of Auto Callable Contingent Interest Notes linked to the common stock of Freeport-McMoRan Inc., with a pricing date of November 5, 2026, and a maturity date of November 9, 2028.

Key Highlights

  • Reference stock: The notes are linked to the common stock of Freeport-McMoRan Inc.
  • Contingent interest rate: At least 13.00% per annum, payable quarterly at a rate of at least 3.25% per quarter, if applicable.
  • Interest barrier: Set at 55.00% of the Initial Value of the reference stock.
  • Estimated value: The filing states the estimated value of the notes, when terms are set, will not be less than $940.00 per $1,000 principal amount note.
  • Principal risk: According to the filing, if the Final Value is less than the Trigger Value, investors "could lose all of your principal amount at maturity."
  • Guarantor: JPMorgan Chase & Co. is identified as the guarantor; payments are subject to the credit risk of both the issuer and the guarantor.
  • CUSIP: 46661QJF3, with review dates on a quarterly schedule and a Final Review Date of November 6, 2028.

Terms and Structure of the Freeport-McMoRan-Linked Callable Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer of these structured notes, with JPMorgan Chase & Co. serving as guarantor. The notes carry a minimum denomination of $1,000 and are described as "2yNC6m FCX Auto Callable Contingent Interest Notes." The pricing date is November 5, 2026, and the maturity date is November 9, 2028, with quarterly review dates and a Final Review Date of November 6, 2028. The filing was made pursuant to Rule 433 under Registration Statement Nos. 333-293684 and 333-293684-01.

The filing discloses that contingent interest of at least $32.50 per $1,000 principal amount note (equivalent to at least 13.00% per annum, or at least 3.25% per quarter) is paid on any review date when the closing price of Freeport-McMoRan's common stock is greater than or equal to the Interest Barrier, which is set at 55.00% of the Initial Value. The notes may be automatically called on any review date other than the first and final if the reference stock's closing price is greater than or equal to the Initial Value, triggering a cash payment of $1,000 plus applicable contingent interest payments.

The filing describes the downside scenario: if the notes are not called and the Final Value is less than the Trigger Value (55.00% of the Initial Value), the payment at maturity is calculated as $1,000 plus ($1,000 times the Stock Return), which the filing states means investors "will lose more than 45.00% of your principal amount at maturity and could lose all of your principal amount at maturity." A hypothetical payment table included in the filing shows, for example, a return of $0.00 per $1,000 note if the stock return is negative 100.00%, assuming a 13.00% per annum contingent interest rate. The filing also notes that the estimated value of the notes "will be lower than the original issue price (price to public)" and is "determined by reference to an internal funding rate."

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed the key terms of Auto Callable Contingent Interest Notes linked to Freeport-McMoRan Inc. common stock, including a contingent interest rate of at least 13.00% per annum, an interest barrier of 55.00% of the Initial Value, and an estimated value floor of $940.00 per $1,000 note.