JPMorgan Chase Financial Company LLC filed a free writing prospectus on October 29, 2026, disclosing terms for a structured note offering linked to the S&P 500 Index and the Dow Jones Industrial Average, with a pricing date of November 13, 2026, and a maturity date of November 16, 2029.

Key Highlights

  • Indices: The notes are linked to both the S&P 500 Index and the Dow Jones Industrial Average, with payouts at maturity determined by the lesser performing index.
  • Upside Leverage Factor: A 1.50 upside leverage factor applies to gains at maturity if the notes are not automatically called.
  • Automatic Call: If each index closes at or above 100.00% of its initial value on the Review Date (November 19, 2027), the notes are called with a cash payment of principal plus a call premium of at least 10.25% per annum.
  • Barrier Amount: Set at 70.00% of each index's initial value; if either index falls below this level at the Observation Date (November 13, 2029), investors will lose more than 30.00% of principal and could lose all principal.
  • 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.
  • Minimum Denomination: $1,000 per note, with CUSIP 46661QUL7.
  • Guarantor: JPMorgan Chase & Co. serves as guarantor; payments are subject to the credit risk of both the issuer and guarantor.

Terms and Payment Structure of the SPX/INDU Auto Callable Accelerated Barrier Notes

According to the filing, JPMorgan Chase Financial Company LLC is offering three-year structured notes under Registration Statement Nos. 333-293684 and 333-293684-01, filed pursuant to Rule 433. The notes carry an upside leverage factor of 1.50, meaning that if neither index has triggered an automatic call and both indices finish above their initial values at the Observation Date, investors receive $1,000 plus $1,000 multiplied by the lesser performing index return multiplied by 1.50. If the final value of either index is at or below its initial value but each index remains at or above its barrier amount, the filing states investors receive their $1,000 principal amount with no additional return.

The filing discloses that the automatic call feature activates on the single Review Date of November 19, 2027. If triggered, investors receive principal plus a call premium of at least 10.25% per annum, but the upside leverage factor does not apply. As the filing notes, "the payment upon an automatic call may be significantly less than the payment at maturity for the same level of appreciation in the Lesser Performing Index." No further payments are made after an automatic call.

The filing identifies several selected risks. It states that the notes "do not guarantee any return of principal" and that investors are "exposed to the risk of decline in the level of each Index." The filing also notes that JPMorgan Chase & Co. is currently one of the companies comprising the indices, and that JPMorgan Chase Financial Company LLC "has no independent activities and has limited assets." The filing further discloses that the estimated value of the notes will be lower than the original issue price, and that J.P. Morgan Securities LLC intends, but is not required, to offer to purchase notes in the secondary market.

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed a free writing prospectus covering terms of three-year auto callable structured notes linked to the S&P 500 and DJIA, including call conditions, barrier levels, leverage, estimated value, and associated risks, with a pricing date of November 13, 2026.