JPMorgan Chase Financial Company LLC filed a Free Writing Prospectus on November 9, 2026, describing the terms of 3-Year UAL Contingent Income Auto-Callable Securities with a Memory Coupon Feature, priced at $1,000 per security with a pricing date expected to be November 13, 2026.

Key Highlights

  • Underlying stock: Common stock of United Airlines Holdings, Inc. (Bloomberg ticker: UAL UW Equity)
  • Contingent quarterly payment: At least $30.625 per security (at least 3.0625% of the $1,000 stated principal amount) if the closing price of the underlying stock is at or above the downside threshold level on the relevant determination date
  • Downside threshold level: 50% of the initial stock price; if the final stock price falls below this level, the payment at maturity equals the stated principal amount multiplied by the stock performance factor, which the filing states "could be zero"
  • Maturity date: November 16, 2029, with 12 determination dates spanning February 16, 2027 through November 13, 2029
  • Estimated value floor: The estimated value on the pricing date will not be less than $940.00 per $1,000 stated principal amount security, and the filing states this value "likely will be lower than the price you paid for the securities"
  • CUSIP / ISIN: 46661Q5W1 / US46661Q5W17
  • Guarantor: JPMorgan Chase & Co. guarantees the securities issued by JPMorgan Chase Financial Company LLC

Structure and Payment Terms of the UAL-Linked Auto-Callable Securities

According to the filing, the securities carry a stated principal amount and issue price of $1,000 per security. The pricing date is expected to be November 13, 2026, with the original issue date set three business days after pricing. The filing describes an auto-call feature: if, on any determination date other than the final one, the closing price of the underlying United Airlines Holdings stock is at or above the initial stock price, the securities will be automatically redeemed. The early redemption payment equals the stated principal amount plus the contingent quarterly payment for that date plus any previously unpaid contingent quarterly payments.

The memory coupon feature, as described in the filing, allows previously unpaid contingent quarterly payments to be recovered on a later contingent payment date, but only if the closing price of the underlying stock is at or above the downside threshold level on that later determination date. The filing notes that "once a previously unpaid contingent quarterly payment has been made on a later contingent payment date, it will not be made again on any subsequent contingent payment date." If the underlying stock closes below the downside threshold level on all determination dates, the filing states investors "will receive no contingent quarterly payments during the term of, and will not receive a positive return on, the securities."

At maturity, if the final stock price is at or above the downside threshold level (50% of the initial stock price), investors receive the stated principal amount plus any applicable contingent quarterly payments. If the final stock price is below that threshold, the payment equals the stated principal amount multiplied by the stock performance factor (final stock price divided by initial stock price), which the filing states "could be zero." The filing also discloses that investors "will not participate in any appreciation of the underlying stock" and that any payment is subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a Free Writing Prospectus under Rule 433, disclosing summary terms of 3-Year UAL Contingent Income Auto-Callable Securities with a Memory Coupon Feature, including payment structure, determination dates, downside threshold, and an estimated value floor of $940.00 per $1,000 security.