JPMorgan Chase Financial Company LLC filed a free writing prospectus on November 3, 2026, disclosing the preliminary terms of 3-year uncapped dual directional buffered return enhanced notes linked to the Dow Jones Industrial Average, the Russell 2000 Index, and the S&P 500 Index, with a pricing date of November 30, 2026 and maturity on December 5, 2029.

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 three indexes: the Dow Jones Industrial Average, the Russell 2000 Index, and the S&P 500 Index.
  • Upside leverage factor: At least 1.28, applied to the return of the least performing underlying when all underlyings finish above their initial values.
  • Buffer amount: 20.00%, protecting against losses up to that threshold; losses beyond 20.00% reduce principal directly.
  • Estimated value: Will not be less than $900.00 per $1,000 principal amount note when terms are set, according to the filing.
  • CUSIP: 46661QJG1; minimum denomination is $1,000.
  • No principal guarantee: The filing states the notes "do not guarantee any return of principal."

Preliminary Terms of the INDU/RTY/SPX Buffered Notes Offering

According to the free writing prospectus filed pursuant to Rule 433 (Registration Statement Nos. 333-293684 and 333-293684-01), the notes price on November 30, 2026, with an observation date of November 30, 2029, and a maturity date of December 5, 2029. The filing describes a "dual directional" payout structure: if all three underlyings finish above their initial values, the investor receives $1,000 plus the least performing underlying return multiplied by the upside leverage factor of at least 1.28. If the least performing underlying is flat or down by no more than the 20.00% buffer, the investor instead receives $1,000 plus the absolute value of that underlying's return, subject to an effective cap of 20.00% on return in that scenario, with a maximum payment of $1,200.00 per $1,000 principal amount note.

If any underlying finishes more than 20.00% below its initial value, the filing states the payment at maturity is calculated as "$1,000 + [$1,000 x (Least Performing Underlying Return + Buffer Amount)]," meaning investors "will lose some or most of your principal amount at maturity." The filing also discloses that the estimated value of the notes "will be lower than the original issue price" and is determined by reference to an internal funding rate. Payments on the notes are subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.

The filing highlights several additional risks: no interest, dividend payments, or voting rights are provided; liquidity in the secondary market is not guaranteed; and JPMorgan Chase & Co. is currently a component of both the S&P 500 Index and the Dow Jones Industrial Average, creating a potential conflict. The filing notes that hedging or trading 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."

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed the preliminary economic terms, payout structure, risk factors, and estimated value floor of $900.00 per $1,000 principal amount for structured notes linked to three major equity indexes, set to mature December 5, 2029.