JPMorgan Chase Financial Company LLC filed a free writing prospectus on October 28, 2026, disclosing the terms of Market Linked Securities linked to the common stock of Micron Technology, Inc. (Bloomberg ticker: MU), with a stated maturity date of May 10, 2029 and a pricing date of November 5, 2026.

Key Highlights

  • Underlying stock: The securities are linked to the common stock of Micron Technology, Inc. (Bloomberg ticker: MU).
  • Contingent coupon rate: At least 15.35% per annum, paid monthly only if Micron's closing price on the relevant calculation day is at or above the threshold price.
  • Threshold price: 60% of the starting price, which is the stock closing price on the November 5, 2026 pricing date.
  • Auto-call feature: Securities may be called monthly from May 2027 through April 2029 if Micron's closing price equals or exceeds the starting price on a calculation day.
  • Principal at risk: If not called and the ending price is below the threshold price, investors "will lose more than 40%, and possibly all, of the principal amount" at maturity, according to the filing.
  • Estimated value: Approximately $951.20 per security as of the preliminary pricing supplement date, with a floor of not less than $930.00 per security at final pricing.
  • Fees and commissions: Up to 2.325% for Wells Fargo Securities, LLC, with additional fee arrangements for selected dealers up to 0.20% from JPMS.

Structure and Payment Terms of the Micron-Linked Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer of these principal at risk securities, with JPMorgan Chase & Co. serving as the full and unconditional guarantor. The notes carry a denomination of $1,000 per security and are assigned CUSIP 46661QTM7. J.P. Morgan Securities LLC acts as calculation agent. The filing states that the securities are unsecured and unsubordinated obligations of JPMorgan Financial, and that any payment is subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. as guarantor.

The contingent coupon, if earned, is calculated as ($1,000 multiplied by the contingent coupon rate) divided by 12, and is paid on the third business day following each monthly calculation day. The filing describes a memory feature: if coupon payments are missed on one or more calculation days because Micron's closing price fell below the threshold price, those missed payments accumulate and are paid on the next date when the closing price meets or exceeds the threshold price. Calculation days run monthly on the 5th of each month, beginning December 2026 and ending on the final calculation day of May 7, 2029.

At maturity, if the securities have not been automatically called, investors receive the full $1,000 principal only if the ending price is at or above the threshold price. If the ending price is below the threshold price, the maturity payment is reduced by the full negative stock return, meaning losses reflect Micron's percentage decline below the starting price, per the filing. The filing also notes that investors "will not participate in any appreciation of the Underlying Stock" and that any return is limited to contingent coupon payments received.

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed the full summary of terms for auto-callable, contingent coupon notes linked to Micron Technology's common stock, including coupon mechanics, auto-call conditions, downside risk parameters, estimated value, fee arrangements, and selected risk considerations, via a free writing prospectus dated October 28, 2026.