JPMorgan Chase Financial Company LLC filed a free writing prospectus on October 29, 2026, disclosing terms for Auto Callable Contingent Interest Notes linked to the capital stock of International Business Machines Corporation, with a pricing date of October 30, 2026, and a maturity date of November 2, 2028.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Reference stock: Capital stock of International Business Machines Corporation.
  • Contingent interest rate: At least 11.75% per annum, payable quarterly at a rate of at least 2.9375% per quarter, if applicable.
  • Interest Barrier / Trigger Value: An amount that represents 60.00% of the Initial Value.
  • Estimated value: Not less than $950.00 per $1,000 principal amount note when terms are set.
  • Principal risk: If the Final Value is less than the Trigger Value at maturity, according to the filing, investors "will lose more than 40.00% of your principal amount at maturity and could lose all of your principal amount at maturity."
  • CUSIP: 46661QWA9; minimum denomination $1,000; quarterly review dates through October 30, 2028.

Structure and Payment Terms of the IBM-Linked Notes

According to the filing, the notes carry a two-year term with a non-call period of approximately six months (described as "2yNC6m"). The notes may be automatically called on any quarterly Review Date, other than the first and final Review Dates, if the closing price of one share of IBM stock is greater than or equal to the Initial Value. In that event, the filing states that holders would receive $1,000 plus the applicable Contingent Interest Payment plus any previously unpaid Contingent Interest Payments, after which "no further payments will be made on the notes."

If the notes are not called and the Final Value on October 30, 2028 is at or above the Trigger Value (60.00% of the Initial Value), the filing states holders receive $1,000 plus all applicable and unpaid Contingent Interest Payments. If the Final Value falls below the Trigger Value, repayment is calculated as $1,000 plus ($1,000 multiplied by the Stock Return), exposing investors to losses proportional to IBM's decline. The filing's hypothetical payment table illustrates that a stock return of negative 50.00% would yield $500.000 per $1,000 note, and a return of negative 100.00% would yield $0.000.

The filing notes that the estimated value reflects an internal funding rate and "does not represent future values." It also discloses that J.P. Morgan Securities LLC intends, but is not required, to offer to purchase the notes in the secondary market, and that any such secondary-market price "may result in a significant loss of your principal." All payments are subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. The filing was made pursuant to Rule 433 under Registration Statement Nos. 333-293684 and 333-293684-01.

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed the preliminary terms of Auto Callable Contingent Interest Notes linked to IBM stock, including a contingent interest rate of at least 11.75% per annum, a 60.00% Trigger Value, an estimated value floor of $950.00 per $1,000 note, and full principal-loss risk if IBM falls below the trigger at maturity.