JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 3, 2026, disclosing preliminary terms for 2.5-year Capped Dual Directional Buffered Equity Notes linked to the Nasdaq-100 Index and the S&P 500 Index, with a scheduled pricing date of November 24, 2026.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer, with JPMorgan Chase & Co. serving as guarantor of the notes.
  • Minimum denomination: $1,000 per note, with an estimated value of not less than $900.00 per $1,000 principal amount when terms are set.
  • Maximum upside return: At least 41.60%, applicable when the lesser performing underlying return is positive.
  • Buffer amount: 15.00%, protecting against the first 15% of decline in either underlying index.
  • Maturity date: May 30, 2029, with an observation date of May 24, 2029.
  • CUSIP: 46661QHC2, filed pursuant to Rule 433, Registration Statement Nos. 333-293684 and 333-293684-01.
  • Dual directional feature: If the lesser performing underlying declines by up to the buffer amount, the filing states the payment reflects the absolute value of that decline, capped effectively at 15.00% on the return.

Structure and Payout Terms for the NDX/SPX Buffered Notes

According to the filing, the notes are structured so that the payment at maturity is determined by the lesser performing of the two underlyings, the Nasdaq-100 Index and the S&P 500 Index. If both underlyings finish above their initial values, the investor receives $1,000 plus the lesser performing underlying return, subject to the maximum upside return of at least 41.60%. The filing notes this cap applies regardless of how far above the initial value either index finishes, as illustrated by a scenario in which a 65.00% lesser performing return still yields only a 41.60% total return on the notes.

The dual directional feature, as described in the filing, allows for a positive return even when the lesser performing underlying declines, provided that decline does not exceed the 15.00% buffer amount. In those circumstances, the payment reflects the absolute value of the underlying return, with the filing specifying a maximum payment of $1,150.00 per $1,000 principal amount note under this scenario. If either underlying falls by more than the buffer amount, however, the investor bears losses beyond that threshold, and the filing states that a 100.00% decline in the lesser performing underlying would result in an -85.00% total return on the notes.

The filing discloses several selected risks specific to this product. JPMorgan Chase Financial Company LLC, as a finance subsidiary, "has no independent activities and has limited assets," according to the filing. The filing also notes that JPMorgan Chase & Co. is itself a current constituent of the S&P 500 Index, which the filing identifies as a risk factor. Additionally, the estimated value of the notes is determined by reference to an internal funding rate and will be lower than the original issue price to the public.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed preliminary terms for structured notes linked to two major U.S. equity indexes, disclosing payout mechanics, a 15.00% buffer, a maximum upside return of at least 41.60%, and an estimated value floor of $900.00 per $1,000 principal amount.