JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 12, 2026, disclosing the terms of its 5-year S&P 500 Futures Excess Return Index Uncapped Dual Directional Accelerated Barrier Notes, with a pricing date of November 24, 2026, and a maturity date of November 28, 2031.

Key Highlights

  • Index: The notes are linked to the S&P 500 Futures Excess Return Index, with CUSIP 46661QDA0.
  • Upside Leverage Factor: At least 2.05, with the final figure to be provided in the pricing supplement.
  • Barrier Amount: 60.00% of the Initial Value; if the Final Value falls below this level, investors lose more than 40.00% of principal and could lose all principal.
  • Minimum Denomination: $1,000 per note.
  • Estimated Value: Will not be less than $900.00 per $1,000 principal amount note when terms are set, which the filing notes "likely will be lower than the price you paid for the notes."
  • No interest payments: The notes pay no periodic interest.
  • Guarantor: JPMorgan Chase & Co. guarantees the notes issued by JPMorgan Chase Financial Company LLC.

Terms and Payout Structure of the SPXFP Barrier Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer of the notes and JPMorgan Chase & Co. (NYSE:JPM) is the guarantor. The notes are structured as 5-year instruments with a pricing date of November 24, 2026, an observation date of November 24, 2031, and a maturity date of November 28, 2031. The filing states that any payment on the notes is subject to the credit risk of both the issuer and the guarantor.

The filing describes three payout scenarios at maturity per $1,000 principal amount note. If the Final Value exceeds the Initial Value, investors receive $1,000 plus $1,000 multiplied by the Index Return multiplied by the Upside Leverage Factor (at least 2.05). If the Final Value equals or is below the Initial Value but at or above the Barrier Amount (60.00% of Initial Value), investors receive $1,000 plus $1,000 multiplied by the Absolute Index Return, with the filing noting this results in "an effective cap of 40.00% on your return at maturity if the Index Return is negative" and a maximum payment of $1,400.00 per note in those circumstances. If the Final Value falls below the Barrier Amount, investors receive $1,000 plus $1,000 multiplied by the Index Return, meaning losses exceed 40.00% of principal and could reach 100.00%.

The filing identifies several selected risks, including that the notes do not guarantee any return of principal, that J.P. Morgan Securities LLC intends but is not required to offer to purchase notes in the secondary market, and that potential conflicts exist because J.P. Morgan and its affiliates act as calculation agent and hedge obligations under the notes. The filing also discloses that JPMorgan Chase & Co. is currently one of the companies comprising the S&P 500 Index underlying the futures contracts. Registration statement numbers cited are 333-293684 and 333-293684-01, filed pursuant to Rule 433.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a free writing prospectus disclosing the preliminary terms of 5-year barrier notes linked to the S&P 500 Futures Excess Return Index, including payout formulas, a 60.00% barrier, an upside leverage factor of at least 2.05, and an estimated value floor of $900.00 per $1,000 note.