JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 3, 2026, disclosing the preliminary terms of 18-month Uncapped Dual Directional Buffered Return Enhanced Notes linked to the Dow Jones Industrial Average, Russell 2000 Index, and S&P 500 Index, with a scheduled pricing date of November 25, 2026.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Minimum denomination: $1,000 per note, with a CUSIP of 46661QJE6.
  • Upside leverage: At least 1.18x applied to the Least Performing Underlying Return when all underlyings finish above their Initial Values.
  • Buffer Amount: 10.00%, limiting downside exposure up to that threshold; losses beyond 10.00% reduce principal dollar-for-dollar beyond the buffer.
  • Dual directional feature: If the Least Performing Underlying declines by up to 10.00%, the filing states investors receive the absolute value of that return, capped at an effective maximum of 10.00% in that scenario.
  • Estimated value: Will not be less than $900.00 per $1,000 principal amount when terms are set, according to the filing.
  • Maturity Date: May 31, 2028, with an Observation Date of May 25, 2028.

Structure and Payout Mechanics of the INDU/RTY/SPX Linked Notes

According to the filing, payment at maturity is determined entirely by the Least Performing Underlying among the three indexes. If all three indexes finish above their respective Initial Values, each $1,000 note pays $1,000 plus $1,000 multiplied by the Least Performing Underlying Return multiplied by the Upside Leverage Factor of at least 1.18. The filing notes that the actual Upside Leverage Factor will be set in the final pricing supplement and will not fall below 1.18.

The dual directional feature applies when the Least Performing Underlying declines by no more than the 10.00% Buffer Amount. In that case, the filing states the payment formula uses the absolute value of that return, but the effective cap on the return is 10.00%, making the maximum payment $1,100.00 per $1,000 note under those limited circumstances. If any underlying falls more than 10.00% below its Initial Value, the payment is reduced by the shortfall beyond the buffer, and "you will lose some or most of your principal amount at maturity," the filing states.

The filing discloses several selected risks, including that the estimated value when terms are set "will be lower than the original issue price," that it is determined by reference to an internal funding rate, and that it "does not represent future values." The filing also notes that JPMorgan Chase & Co. is currently a component of both the S&P 500 Index and the Dow Jones Industrial Average, creating a potential conflict of interest. No interest payments, dividend payments, or voting rights attach to the notes, according to the filing. The notes were filed pursuant to Rule 433 under Registration Statement Nos. 333-293684 and 333-293684-01.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed preliminary terms for 18-month structured notes linked to three equity indexes, disclosing a minimum 1.18x upside leverage factor, a 10.00% buffer, a dual directional payout feature, an estimated value floor of $900.00 per $1,000 note, and a May 31, 2028 maturity date.