JPMorgan Chase Financial Company LLC filed a Free Writing Prospectus on October 26, 2026, disclosing summary terms for a 1-Year SPX Bear Market PLUS structured note linked to the S&P 500 Index, with a 400% leverage factor on index declines and a maximum payment at maturity of at least $1,540.00 per $1,000 stated principal amount.

Key Highlights

  • Underlying index: The S&P 500 Index (Bloomberg ticker: SPX Index) is the reference index for the product.
  • Leverage factor: The enhanced downside payment is calculated using a 400% leverage factor applied to the index percent decrease.
  • Maximum payment at maturity: At least $1,540.00 per $1,000 stated principal amount, representing at least 154.00% of stated principal, per the filing.
  • Estimated value floor: The estimated value on the pricing date will not be less than $950.00 per $1,000 stated principal amount, according to the filing.
  • Key dates: Pricing date is expected to be October 27, 2026; valuation date is November 3, 2027; maturity date is November 8, 2027, both subject to postponement.
  • Principal at risk: The filing states investors "could lose up to your entire principal amount at maturity" and the product does not pay interest or guarantee return of principal.
  • Guarantor: JPMorgan Chase & Co. is named as guarantor; payments are subject to the credit risks of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.

Structure and Payoff Terms of the 1-Year SPX Bear Market PLUS

According to the filing, the Bear Market PLUS is issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co. The stated principal amount and issue price are each $1,000 per note, with CUSIP 46661QRN7 and ISIN US46661QRN78. The pricing date is expected to be October 27, 2026, with the original issue date set for three business days after pricing. The valuation date is November 3, 2027, and the maturity date is November 8, 2027, both subject to postponement.

The filing describes two payment scenarios at maturity. If the final index value is less than the initial index value, holders receive $1,000 plus an enhanced downside payment calculated as $1,000 multiplied by the 400% leverage factor and the index percent decrease, subject to the maximum payment at maturity of at least $1,540.00. If the final index value is greater than or equal to the initial index value, holders receive $1,000 minus an upside reduction amount equal to $1,000 multiplied by the index percent increase, with a minimum payment of $0. The filing's payoff table illustrates, for example, that a 5% index decline produces a 20.00% return on the Bear Market PLUS, while a 13.50% or greater decline produces the capped return of 54.00% (assuming a maximum payment at maturity of 154.00% of stated principal).

The filing identifies several risk factors. It states that the estimated value of the Bear Market PLUS will be lower than the original issue price and will be derived by reference to an internal funding rate. Secondary market prices, the filing notes, "will likely be lower than the original issue price." The filing also discloses that JPMorgan Chase & Co. is currently one of the companies comprising the S&P 500 Index, and that the tax consequences of an investment are uncertain. Registration statement numbers cited are 333-293684 and 333-293684-01.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a Free Writing Prospectus under Rule 433 disclosing summary terms for a 1-Year SPX Bear Market PLUS note, including a 400% leverage factor on index declines, a maximum payment at maturity of at least $1,540.00, and an estimated value floor of at least $950.00 per $1,000 note.