JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 on November 3, 2026, disclosing terms for its 2-Year Nasdaq-100/S&P 500 Capped Dual Directional Buffered Return Enhanced Notes with a pricing date of November 30, 2026.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Underlyings: The notes are linked to the Nasdaq-100 Index and the S&P 500 Index, with returns determined by the lesser performing of the two.
  • Upside leverage and cap: The Upside Leverage Factor is 2.00, and the Maximum Upside Return will be at least 30.50%, to be confirmed in the final pricing supplement.
  • Buffer Amount: A 10.00% buffer protects against losses up to that level; losses beyond 10.00% reduce principal by the excess decline.
  • Maturity: The Observation Date is November 30, 2028, and the Maturity Date is December 5, 2028.
  • 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.
  • CUSIP: 46661QJ97; minimum denomination is $1,000.

Structure and Payout Terms for the NDX/SPX Dual Directional Notes

According to the filing, the notes offer three distinct payout scenarios at maturity. If both underlyings finish above their initial values, the investor receives $1,000 plus the lesser performing underlying's return multiplied by the 2.00 Upside Leverage Factor, subject to the Maximum Upside Return of at least 30.50%. If the lesser performing underlying declines but stays within the 10.00% Buffer Amount, the filing discloses that the investor receives $1,000 plus the absolute value of that underlying's return, effectively capping the return at 10.00% (or $1,100.00 per $1,000 note) under those circumstances.

If either underlying falls more than 10.00% below its initial value, the filing states that "you will lose some or most of your principal amount at maturity." The payment formula in that scenario is $1,000 plus $1,000 multiplied by the sum of the lesser performing underlying return and the Buffer Amount. The hypothetical returns table in the filing illustrates that a -60.00% lesser performing underlying return would produce a -50.00% total return on the notes, and a -100.00% return would produce a -90.00% total return.

The filing identifies several selected risks, including that any payment is subject to the credit risk of both the issuer and the guarantor, that no interest or dividend payments are made, 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 one of the companies comprising the S&P 500 Index, representing a potential conflict. Secondary market liquidity is not guaranteed; J.P. Morgan Securities LLC intends but is not required to offer to purchase notes in the secondary market.

What Was Disclosed

This free writing prospectus sets out the preliminary terms, payout structure, hypothetical return table, key risks, and estimated value floor for JPMorgan Chase Financial Company LLC's 2-Year NDX/SPX Capped Dual Directional Buffered Return Enhanced Notes, filed under registration statement nos. 333-293684 and 333-293684-01.