JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 9, 2026, disclosing terms for 2-year non-callable-for-six-months Auto Callable Contingent Interest Notes linked to the Nasdaq-100 Index, Russell 2000 Index, and S&P 500 Index, 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.
  • Contingent interest rate: At least 9.25% per annum, paid monthly at a rate of at least 0.77083% (at least $7.7083 per $1,000 note per month), if applicable.
  • Trigger Value: 60.00% of each underlying's Initial Value; if any underlying falls below this at maturity, principal loss exceeds 40.00% and could reach 100%.
  • Interest Barrier: 70.00% of each underlying's Initial Value; interest is paid only if all underlyings close at or above this level on each monthly Interest Review Date.
  • Estimated value: Will not be less than $900.00 per $1,000 principal amount note when terms are set, which the filing notes "likely will be lower than the price you paid."
  • Maturity Date: December 5, 2028, with autocall review dates quarterly after an initial six-month non-call period.
  • CUSIP: 46661QBY0; minimum denomination is $1,000.

Structure and Payment Terms for the JPMorgan NDX/RTY/SPX Auto Callable Notes

According to the filing, the notes are structured with two key barrier levels for each of the three underlyings: an Interest Barrier set at 70.00% of Initial Value and a Trigger Value set at 60.00% of Initial Value. Contingent interest of at least 0.77083% per month (equivalent to at least 9.25% per annum) is paid only on Interest Review Dates on which the closing value of each underlying is at or above its Interest Barrier. If any underlying closes below that level on a given review date, no interest is paid for that period.

The filing discloses that automatic call is possible on any quarterly Autocall Review Date (after the initial six-month non-call period) if the closing value of each underlying is greater than or equal to its Initial Value. Upon an automatic call, holders receive $1,000 plus the applicable Contingent Interest Payment per $1,000 principal amount note, with no further payments made thereafter. If the notes are not called and all underlyings finish at or above their Trigger Values at maturity, holders receive $1,000 plus any final Contingent Interest Payment. If any underlying finishes below its Trigger Value, repayment is calculated as $1,000 plus ($1,000 multiplied by the Least Performing Underlying Return), and the filing states that "you will lose more than 40.00% of your principal amount at maturity and could lose all of your principal amount at maturity."

The filing identifies selected risks, including that the notes carry the credit risk of both the issuer and guarantor, offer no dividend payments or voting rights, have limited secondary market liquidity (J.P. Morgan Securities LLC intends but is not required to offer to purchase notes in the secondary market), and that potential conflicts exist because J.P. Morgan and its affiliates act as calculation agent and hedge obligations under the notes. The filing also discloses that JPMorgan Chase & Co. is currently one of the companies comprising the S&P 500 Index.

What Was Disclosed

The FWP summarizes the preliminary terms of Auto Callable Contingent Interest Notes issued by JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., with a pricing date of November 30, 2026, a maturity date of December 5, 2028, and CUSIP 46661QBY0.