JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 2, 2026, disclosing terms for 5-year Uncapped Accelerated Barrier Notes linked to the Dow Jones Industrial Average and the S&P 500 Index, with a pricing date of November 13, 2026, and a maturity date of November 18, 2031.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor of the notes.
  • Upside leverage: The Upside Leverage Factor will be at least 1.30, applied to the lesser-performing underlying's return.
  • Barrier protection: Each underlying carries a Barrier Amount set at 75.00% of its Initial Value, observed on November 13, 2031.
  • Principal at risk: According to the filing, if either underlying's Final Value falls below its Barrier Amount, investors "will lose more than 25.00% 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 not be less than $900.00 per $1,000 principal amount note.
  • Minimum denomination: $1,000, with CUSIP 46661QUN3.
  • No periodic payments: The filing discloses no interest payments, dividend payments, or voting rights.

Terms and Payment Structure of the INDU/SPX Barrier Notes

According to the filing, the notes are structured so that returns at maturity depend on the lesser-performing of the two underlyings: the Dow Jones Industrial Average and the S&P 500 Index. If both underlyings finish above their Initial Values, the payment per $1,000 note is calculated as "$1,000 + ($1,000 x Lesser Performing Underlying Return x Upside Leverage Factor)," with the leverage factor set at no less than 1.30. The filing includes a hypothetical illustration using a 1.30 factor, showing that a 100% gain in the lesser performer would produce a $2,300.00 payment per note.

If either underlying ends at or below its Initial Value but both remain at or above their respective Barrier Amounts of 75.00% of Initial Value, the filing states investors receive their full $1,000 principal. However, if either underlying's Final Value falls below its Barrier Amount, the payment formula becomes "$1,000 + ($1,000 x Lesser Performing Underlying Return)" with no leverage, and the filing notes that a -100.00% lesser performing return would result in a $0.00 payment. The filing further discloses that JPMorgan Chase & Co. is "currently one of the companies that make up the S&P 500 Index and the Dow Jones Industrial Average," which the filing identifies as a selected risk.

The filing also discloses that the estimated value of the notes "will be lower than the original issue price (price to public)" and is "determined by reference to an internal funding rate." 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 was made pursuant to Rule 433, under Registration Statement Nos. 333-293684 and 333-293684-01.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus detailing terms for 5-year barrier notes linked to two equity indexes, including leverage, barrier, payment scenarios, estimated value floor of $900.00 per $1,000 note, and associated risks such as principal loss and credit exposure.