JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 3, 2026, disclosing the preliminary terms of 5-year uncapped accelerated barrier notes linked to the Bloomberg Commodity Index, with a pricing date of November 24, 2026, and a maturity date of November 28, 2031.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Underlying index: Notes are linked to the Bloomberg Commodity Index, described in the filing as an excess return index, not a total return index.
  • Upside leverage: The Upside Leverage Factor will be at least 2.15, with the final figure to be set in the pricing supplement.
  • Barrier protection: The Barrier Amount is 70.00% of the Initial Value; principal is returned if the Final Value is at or above that level at the Observation Date of November 24, 2031.
  • Loss exposure: According to the filing, "If the Final Value is less than the Barrier Amount, you will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity."
  • Estimated value: The estimated value of the notes, when terms are set, will be not less than $900.00 per $1,000 principal amount note.
  • CUSIP: 46661QG58; minimum denomination is $1,000.

Preliminary Terms of JPMorgan's Bloomberg Commodity-Linked Barrier Notes

According to the filing, the notes are structured so that investors receive leveraged upside participation if the Bloomberg Commodity Index finishes above its Initial Value on the Observation Date of November 24, 2031. Specifically, the payment formula provides $1,000 plus ($1,000 multiplied by the Index Return multiplied by the Upside Leverage Factor) when the Final Value exceeds the Initial Value. Hypothetical examples in the filing illustrate that a 65.00% index gain would produce a 139.75% total return on the notes, based on the minimum leverage factor of 2.15.

If the Final Value is equal to or less than the Initial Value but remains at or above the Barrier Amount of 70.00% of the Initial Value, the filing states investors receive their $1,000 principal back with no gain. Below the barrier, losses track the index decline one-for-one, and the filing notes that "in no event, however, will the payment at maturity be less than $0." The notes pay no interest at any point during their term.

The filing discloses that the estimated value of the notes is determined by reference to an internal funding rate and "will be lower than the original issue price (price to public) of the notes." Secondary market liquidity is not guaranteed: J.P. Morgan Securities LLC "intends to offer to purchase the notes in the secondary market but is not required to do so." The filing further notes that any payment on the notes is subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed preliminary terms for 5-year commodity-linked barrier notes via a free writing prospectus filed under Rule 433. The notes reference the Bloomberg Commodity Index with at least 2.15x upside leverage, a 70.00% barrier, no interest payments, and an estimated value of at least $900.00 per $1,000 note.