JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 on November 3, 2026, disclosing the preliminary terms of three-year Uncapped Dual Directional Buffered Return Enhanced Notes linked to the Nasdaq-100 Index, Russell 2000 Index, and S&P 500 Index, with a pricing date of November 30, 2026 and a maturity date of December 5, 2029.

Key Highlights

  • Issuer and Guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor of the notes.
  • Upside Leverage Factor: At least 1.34, with the actual factor to be set in the pricing supplement.
  • Buffer Amount: 15.00%, protecting against losses up to that threshold; losses beyond it reduce principal dollar-for-dollar above the buffer.
  • 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; CUSIP 46661QHF5.
  • No Principal Guarantee: The filing states the notes "do not guarantee any return of principal."
  • Negative-Return Cap: If the least performing underlying return is negative, the maximum payment at maturity is $1,150.00 per $1,000 principal amount note, reflecting a 15.00% effective cap.

Structure and Payout Terms of the JPMorgan Dual Directional Notes

According to the filing, the notes link returns to the least performing of three indexes: the Nasdaq-100 Index, the Russell 2000 Index, and the S&P 500 Index. The observation date is November 30, 2029, and the maturity date is December 5, 2029. The filing discloses that if the final value of each underlying is greater than its initial value, the payment at maturity per $1,000 principal amount note equals $1,000 plus ($1,000 multiplied by the least performing underlying return multiplied by the upside leverage factor of at least 1.34).

The filing describes a "dual directional" feature: if the least performing underlying declines by up to the 15.00% buffer amount, investors receive the absolute value of that return rather than a loss, resulting in a positive payment. The filing notes this creates an effective cap of 15.00% on the return at maturity in those circumstances, with a maximum payment of $1,150.00 per $1,000 principal amount note. If any underlying falls by more than the 15.00% buffer, the filing states the payout is $1,000 plus ($1,000 multiplied by the sum of the least performing underlying return and the buffer amount), meaning investors "will lose some or most of your principal amount at maturity."

The filing identifies several selected risks, including credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., the absence of interest or dividend payments, lack of guaranteed secondary-market liquidity, and potential conflicts of interest arising from J.P. Morgan and its affiliates acting as calculation agent and hedging the notes. The filing also notes that JPMorgan Chase & Co. is currently one of the companies comprising the S&P 500 Index, and that the estimated value of the notes "will be lower than the original issue price (price to public) of the notes."

What Was Disclosed

This free writing prospectus discloses the preliminary terms of three-year structured notes issued by JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., linked to three equity indexes, with a 15.00% buffer, an upside leverage factor of at least 1.34, CUSIP 46661QHF5, and an estimated floor value of $900.00 per $1,000 note.