JPMorgan Chase Financial Company LLC filed a free writing prospectus with the SEC for a structured note offering linked to the Russell 2000 Index and the S&P 500 Index, with a pricing date of November 24, 2026 and a maturity date of November 29, 2028.

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 both the Russell 2000 Index and the S&P 500 Index, with payouts determined by the lesser performing underlying.
  • Upside leverage: A 1.50 upside leverage factor applies to gains at maturity if the notes are not automatically called.
  • Automatic call: If each underlying closes at or above 100.00% of its initial value on the Review Date (November 30, 2027), notes are called at $1,000 plus a call premium of at least 8.00% per annum.
  • Barrier protection: The barrier amount is set at 70.00% of each underlying's initial value; principal loss exceeding 30.00% occurs only if either underlying's final value falls below that barrier.
  • Estimated value: The estimated value will not be less than $900.00 per $1,000 principal amount note when terms are set.
  • CUSIP: 46661QHW8; minimum denomination is $1,000.

Structure and Payoff Details for the RTY/SPX Barrier Notes

According to the filing, JPMorgan Chase Financial Company LLC is offering 2-year Auto Callable Accelerated Barrier Notes linked to the Russell 2000 Index and the S&P 500 Index. The pricing date is November 24, 2026, with a single review date of November 30, 2027, an observation date of November 24, 2028, and a maturity date of November 29, 2028. The notes are issued in minimum denominations of $1,000 and carry CUSIP 46661QHW8.

The filing describes three possible outcomes at maturity if the notes are not automatically called. First, if both underlyings finish above their initial values, the investor receives $1,000 plus $1,000 multiplied by the lesser performing underlying return multiplied by the 1.50 upside leverage factor. Second, if either underlying finishes at or below its initial value but both remain at or above the 70.00% barrier amount, the investor receives the $1,000 principal. Third, if either underlying's final value falls below the 70.00% barrier, the investor's loss mirrors the lesser performing underlying's decline with no leverage protection, and the filing states investors "will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity."

The filing discloses several risks. Any payment is subject to the credit risk of both the issuer and the guarantor. The estimated value of the notes will be lower than the original issue price and is determined by reference to an internal funding rate. The filing also notes that J.P. Morgan Securities LLC intends, but is not required, to offer to purchase the notes in the secondary market, and that hedging activities by J.P. Morgan or its affiliates "could result in substantial returns for J.P. Morgan and its affiliates while the value of the notes declines." JPMorgan Chase & Co. is disclosed as currently being one of the companies that make up the S&P 500 Index.

What Was Disclosed

The filing is a free writing prospectus describing the preliminary terms of 2-year structured notes issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co., with auto-call, barrier, and leverage features tied to the Russell 2000 and S&P 500 indexes.