JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 3, 2026, disclosing terms for Auto Callable Accelerated Barrier Notes linked to the iShares Bitcoin Trust ETF, with a pricing date of November 24, 2026, and a maturity date of November 29, 2029.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. (NYSE:JPM) serves as guarantor.
  • Linked fund: Notes are tied to the iShares Bitcoin Trust ETF (IBIT), giving the instrument exposure to bitcoin price performance.
  • Upside leverage: An upside leverage factor of 1.50 applies to gains at maturity if the notes are not automatically called and the Final Value exceeds the Initial Value.
  • Automatic call feature: If the Fund's closing price on the Review Date (November 29, 2027) equals or exceeds 100.00% of the Initial Value, notes are called at $1,000 plus a call premium of at least 13.50% per annum.
  • Barrier protection: A barrier amount set at 70.00% of the Initial Value applies; if the Final Value falls below that threshold, investors bear full downside on a one-for-one basis.
  • Estimated value: The estimated value of the notes will not be less than $900.00 per $1,000 principal amount note when terms are set.
  • Minimum denomination: Notes are offered in a minimum denomination of $1,000, with CUSIP 46661QHE8.

Structure and Payment Terms for the IBIT-Linked Notes

According to the filing, the notes are structured products issued by JPMorgan Chase Financial Company LLC, a finance subsidiary that "has no independent activities and has limited assets," with all payment obligations guaranteed by JPMorgan Chase & Co. The notes carry no periodic interest payments and provide no shareholder rights with respect to the iShares Bitcoin Trust ETF or its underlying asset, bitcoin.

The filing describes an automatic call feature tied to a single Review Date of November 29, 2027. If the Fund's closing price on that date is at or above 100.00% of the Initial Value, the notes are redeemed early for $1,000 plus the Call Premium Amount, which the filing states will not be less than 13.50% per annum. The filing notes that upon an automatic call, the 1.50x upside leverage factor does not apply, and the payment upon an automatic call "may be significantly less than the payment at maturity for the same level of appreciation in the Fund."

If the notes are not called and the Final Value on the Observation Date of November 26, 2029 exceeds the Initial Value, each $1,000 note pays $1,000 plus $1,000 multiplied by the Fund Return multiplied by 1.50. If the Final Value is at or above the 70.00% barrier but below the Initial Value, the filing states investors receive par. If the Final Value falls below 70.00% of the Initial Value, the filing discloses that investors "will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity," with losses calculated one-for-one against the Fund's return.

What Was Disclosed

The free writing prospectus filed under Rule 433 disclosed the full term sheet for a three-year structured note linked to the iShares Bitcoin Trust ETF, including call mechanics, barrier levels, leverage terms, estimated value floor, key dates, and selected risk factors associated with bitcoin exposure and issuer credit risk.