JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 on November 3, 2026, summarizing the terms of 5-year S&P 500 Futures Excess Return Index Uncapped Accelerated Barrier Notes with a scheduled pricing date of November 24, 2026.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Underlying index: The notes are linked to the S&P 500 Futures Excess Return Index (SPXFP), with CUSIP 46661QJN6.
  • Upside leverage: The Upside Leverage Factor will be at least 2.11, with the final figure set in the pricing supplement.
  • Barrier protection: Principal is protected at maturity only if the Final Value is at or above 70.00% of the Initial Value; below that level, losses equal the full underlying decline.
  • Estimated value: When terms are set, the estimated value will not be less than $900.00 per $1,000 principal amount note.
  • Key dates: Pricing Date is November 24, 2026; Observation Date and Maturity Date are November 24, 2031 and November 28, 2031, respectively.
  • Minimum denomination: $1,000 per note; no interest payments are made during the term.

Structure and Payoff Terms for the SPXFP Barrier Notes

According to the filing, the notes offer three distinct payoff scenarios at maturity. If the Final Value of the S&P 500 Futures Excess Return Index exceeds the Initial Value, investors receive $1,000 plus ($1,000 multiplied by the Underlying Return multiplied by the Upside Leverage Factor). Using the illustrative factor of 2.11, a hypothetical 100% gain in the index would produce a note return of 211.00%, with a payment of $3,110.00 per $1,000 note.

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 that investors receive the full principal amount at maturity. However, if the Final Value falls below 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," according to the filing. In that scenario, the payment equals $1,000 plus ($1,000 multiplied by the Underlying Return), meaning losses track the index decline one-for-one below the barrier, as illustrated by a hypothetical -50.00% underlying return producing a payment of $500.00.

The filing identifies several selected risks, including 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. Any payment is subject to the credit risk of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. The filing also notes that J.P. Morgan Securities LLC intends, but is not required, to offer to purchase notes in the secondary market, and that hedging and related activities by 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." The filing was made pursuant to Registration Statement Nos. 333-293684 and 333-293684-01.

What Was Disclosed

This free writing prospectus summarizes the terms of 5-year structured notes linked to the S&P 500 Futures Excess Return Index, issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co., with an at-least-2.11x upside leverage factor, a 70% barrier, and a minimum estimated value of $900.00 per $1,000 note.