JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 on November 3, 2026, disclosing the summary terms of 2-year Capped Dual Directional Buffered Return Enhanced Notes linked to the Dow Jones Industrial Average and the S&P 500 Index, with a Pricing Date of November 30, 2026 and a Maturity Date of December 5, 2028.

Key Highlights

  • Issuer and Guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor of the notes.
  • Underlyings: Payments are determined by the lesser performing of the Dow Jones Industrial Average and the S&P 500 Index.
  • Upside terms: The Upside Leverage Factor is 1.25, and the Maximum Upside Return will be at least 23.75%, with the final figure to be set in the pricing supplement.
  • Buffer Amount: A 20.00% buffer protects against losses up to that level; losses exceed principal only if either underlying falls more than 20.00% from its Initial Value.
  • Estimated value: The estimated value of the notes, when terms are set, will not be less than $900.00 per $1,000 principal amount note.
  • Minimum denomination: $1,000, with CUSIP 46661QH40.
  • Key dates: Pricing Date is November 30, 2026; Observation Date is November 30, 2028; Maturity Date is December 5, 2028.

Structure and Payout Terms of the JPMorgan INDU/SPX Buffered Notes

According to the filing, if the Final Value of each underlying is greater than its Initial Value at maturity, the payment per $1,000 principal amount note equals $1,000 plus $1,000 multiplied by the Lesser Performing Underlying Return multiplied by the Upside Leverage Factor of 1.25, subject to the Maximum Upside Return of at least 23.75%. The filing's hypothetical return table shows that any positive lesser performing return at or above approximately 19.00% produces a capped total return of 23.75% on the notes.

If the Lesser Performing Underlying Return is negative but within the 20.00% Buffer Amount, the filing discloses that the payment is calculated using the absolute value of that return, producing a positive total return of up to 20.00% in that scenario. The filing notes this results in "an effective cap of 20.00% on your return at maturity if the Lesser Performing Underlying Return is negative," with a maximum payment of $1,200.00 per $1,000 note under those limited circumstances. If either underlying declines by more than the Buffer Amount, investors receive $1,000 plus $1,000 multiplied by the sum of the Lesser Performing Underlying Return and the Buffer Amount, meaning principal loss begins beyond that threshold.

The filing identifies several selected risks, including that the notes carry the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., that no interest or dividend payments are made, that secondary market liquidity is not guaranteed, and that the estimated value will be lower than the original issue price because it is determined by reference to an internal funding rate. 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, which represents a potential conflict. Registration Statement Nos. 333-293684 and 333-293684-01 cover this offering.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus summarizing the terms of 2-year structured notes linked to the INDU and SPX indices, with a 1.25x upside leverage factor, a 23.75% minimum maximum upside return, a 20.00% downside buffer, and an estimated value of not less than $900.00 per $1,000 note.