JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 4, 2026, disclosing the preliminary terms of Callable Contingent Interest Notes linked to three equity indexes, with a Pricing Date of November 24, 2026, and a Maturity Date of October 27, 2028.

Key Highlights

  • Three underlying indexes: The notes are linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index, and the S&P 500 Index.
  • Contingent Interest Rate range: The filing states a rate of between 9.25% and 11.25% per annum, paid monthly at between 0.77083% and 0.9375% per month, if the interest barrier condition is met.
  • Interest and Trigger Barrier: The Interest Barrier and Trigger Value each represent 70.00% of each underlying's Initial Value.
  • Estimated value at pricing: According to the filing, the estimated value of the notes, when terms are set, will not be less than $900.00 per $1,000 principal amount note.
  • Principal at risk: The filing states that if the Final Value of any underlying is less than its Trigger Value, investors "will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity."
  • Optional early redemption: The issuer may redeem the notes early, in whole but not in part, on any eligible Interest Payment Date, at $1,000 plus any applicable Contingent Interest Payment, with at least three business days' notice to DTC.
  • CUSIP: 46661QL37; Minimum Denomination: $1,000.

Terms and Risk Structure of JPMorgan's NDXT/RTY/SPX Callable Notes

According to the filing, the notes are issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co. The Pricing Date is listed as November 24, 2026, with monthly Review Dates through a Final Review Date of October 24, 2028, and a Maturity Date of October 27, 2028. The filing identifies the notes' term as approximately 1.92 years, referencing the product as "1.92yrNC3m" callable notes, meaning the issuer's optional early redemption right begins after the first three Interest Payment Dates.

The contingent interest feature, as described in the filing, pays between $7.7083 and $9.375 per $1,000 note per month, but only if, on the applicable Review Date, the closing value of each of the three underlying indexes is at or above its respective Interest Barrier, set at 70.00% of each index's Initial Value. If the condition is not met for any one index on a given Review Date, no interest is paid for that period. The filing's hypothetical payment table illustrates that at a 9.25% per annum rate, a Least Performing Underlying Return of -30.00% or higher at maturity would yield $1,007.7083 per $1,000 note, while a return of -30.01% would yield $699.9000, and a -100.00% return would yield $0.0000.

The filing discloses several selected risks, including that the appreciation potential is limited to Contingent Interest Payments, that the notes carry the credit risk of both the issuer and the guarantor, that J.P. Morgan Securities LLC intends but is not required to maintain a secondary market, and that potential conflicts of interest exist because J.P. Morgan and its affiliates act as calculation agent and hedge obligations under the notes. The filing also notes that JPMorgan Chase & Co. is currently a constituent of the S&P 500 Index.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed preliminary terms for Callable Contingent Interest Notes linked to three indexes, with a contingent interest rate of 9.25%-11.25% per annum, a 70.00% barrier level, an estimated minimum value of $900.00 per $1,000 note, and full principal loss possible at maturity.