JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) on November 4, 2026, disclosing the preliminary terms of 5-year Uncapped Accelerated Barrier Notes linked to the iShares MSCI EAFE ETF and the EURO STOXX 50 Index, with a pricing date of November 30, 2026, and maturity on December 4, 2031.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Underlyings: The notes are linked to the iShares MSCI EAFE ETF and the EURO STOXX 50 Index, with payoff determined by the lesser-performing underlying.
  • Upside Leverage Factor: At least 2.09, with the final figure to be set in the pricing supplement.
  • Barrier Amount: 65.00% of the Initial Value of each underlying; if breached by either underlying, principal protection is lost.
  • Estimated value: Will not be less than $900.00 per $1,000 principal amount note when terms are set, according to the filing.
  • CUSIP: 46661QHT5; minimum denomination is $1,000.
  • Principal risk: The filing states investors "will lose more than 35.00% of your principal amount at maturity and could lose all of your principal amount at maturity" if either underlying's Final Value falls below its Barrier Amount.

Terms and Payment Structure of the EFA/SX5E Barrier Notes

According to the filing, the notes offer three distinct payment scenarios at maturity. If both underlyings finish above their Initial Values, the investor receives $1,000 plus $1,000 multiplied by the lesser-performing underlying's return multiplied by the Upside Leverage Factor (at least 2.09). If either underlying finishes at or below its Initial Value but both remain at or above 65.00% of their Initial Value, the investor receives the full $1,000 principal amount. If either underlying's Final Value falls below its Barrier Amount of 65.00% of its Initial Value, the investor is exposed to full downside equal to the lesser-performing underlying's return, with no leverage cushion.

The filing provides hypothetical return illustrations using an Upside Leverage Factor of 2.09. For example, a 100.00% underlying return produces a hypothetical note return of 209.00% and a payment of $3,090.00, while a -50.00% lesser-performing underlying return produces a payment of $500.00. The filing notes these hypotheticals "do not reflect fees or expenses that would be associated with any sale in the secondary market."

The filing discloses several selected risks, including that the estimated value is determined by reference to an internal funding rate and "will be lower than the original issue price," that J.P. Morgan Securities LLC intends but is not required to maintain a secondary market, and that conflicts of interest may arise because JPMorgan affiliates act as calculation agent and hedge the notes. The filing also states that any payment is "subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes and the credit risk of JPMorgan Chase & Co., as guarantor."

What Was Disclosed

The FWP sets out preliminary terms for 5-year structured notes linked to two international equity underlyings, with accelerated upside via a leverage factor of at least 2.09, conditional principal protection via a 65.00% barrier, and full downside exposure if either underlying breaches that barrier.