JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 3, 2026, disclosing terms for 5-year Bloomberg Commodity Index uncapped accelerated barrier notes with a pricing date of November 30, 2026, and a maturity date of December 4, 2031.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Upside leverage: The Upside Leverage Factor will be at least 2.45, with the final figure set in the pricing supplement.
  • Barrier Amount: Set at 70.00% of the Initial Value; breach triggers full participation in index losses.
  • Minimum denomination: $1,000 per note; estimated value will not be less than $900.00 per $1,000 principal amount note.
  • No interest payments: The notes pay no periodic interest; all return, if any, is delivered at maturity.
  • CUSIP: 46661QG33; linked to the Bloomberg Commodity Index (excess return, not total return).
  • Principal at risk: 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."

Terms and Payout Structure of the BCOM Accelerated Barrier Notes

According to the filing, the notes are linked to the Bloomberg Commodity Index and carry a pricing date of November 30, 2026, an Observation Date of December 1, 2031, and a maturity date of December 4, 2031. The minimum denomination is $1,000. The Upside Leverage Factor will be at least 2.45, meaning gains in the index above its Initial Value are amplified by that factor when calculating the payment at maturity. The filing presents hypothetical examples: an index return of 40.00% would generate a note total return of 98.00%, and a 65.00% index gain would yield a 159.25% note return, based on the minimum leverage factor.

The filing describes three payout scenarios at maturity. If the Final Value exceeds the Initial Value, investors receive $1,000 plus leveraged gains. If the Final Value is at or below the Initial Value but at or above the Barrier Amount of 70.00% of the Initial Value, investors receive their $1,000 principal. If the Final Value falls below the Barrier Amount, the payment is calculated as $1,000 plus the full (negative) index return applied to $1,000, with a floor of $0. The filing notes that "in no event, however, will the payment at maturity be less than $0."

The filing discloses that the estimated value of the notes when terms are set will not be less than $900.00 per $1,000 principal amount note, and states this estimated value "likely will be lower than the price you paid for the notes." The notes carry the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. The filing also notes potential conflicts of interest, stating that J.P. Morgan and its affiliates act as calculation agent, hedge obligations, and determine pricing assumptions, and that "such hedging or other trading activities of 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

The FWP sets out the preliminary terms for 5-year Bloomberg Commodity Index barrier notes issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co., including the payout formulas, barrier level, leverage floor, estimated value range, CUSIP, and selected risk factors.