JPMorgan Chase Financial Company LLC filed a free writing prospectus 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 24, 2026, and a maturity date of November 28, 2031.

Key Highlights

  • Underlyings: The notes are linked to the iShares MSCI EAFE ETF and the EURO STOXX 50 Index, with payment at maturity determined by the lesser performing underlying.
  • Upside Leverage Factor: At least 1.95, with the actual factor to be confirmed in the final pricing supplement.
  • Barrier Amount: 70.00% of the Initial Value of each underlying, observed on November 24, 2031.
  • Minimum Denomination: $1,000 per note, with an estimated value of not less than $900.00 per $1,000 principal amount note when terms are set.
  • Principal at Risk: According to the filing, "If the Final Value of either Underlying is less than its 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."
  • CUSIP: 46661QJ22, filed under Registration Statement Nos. 333-293684 and 333-293684-01.

Terms and Payment Structure of the EFA/SX5E Barrier Notes

According to the filing, JPMorgan Chase Financial Company LLC is the issuer and JPMorgan Chase & Co. serves as guarantor of the notes. The notes carry a minimum denomination of $1,000 and are structured so that the payment at maturity depends on the performance of the lesser performing of the two underlyings. If both underlyings finish above their respective Initial Values, the investor receives $1,000 plus $1,000 multiplied by the lesser performing underlying return multiplied by the Upside Leverage Factor of at least 1.95.

If either underlying finishes at or below its Initial Value but each remains at or above its Barrier Amount of 70.00% of its Initial Value, the filing states the investor receives the $1,000 principal amount. If either underlying's Final Value falls below its Barrier Amount, the investor receives $1,000 plus $1,000 multiplied by the lesser performing underlying return, meaning losses in that scenario are uncapped and principal could be entirely lost. The filing illustrates that a lesser performing underlying return of negative 100.00% produces a hypothetical payment of $0.00 at maturity.

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, and notes that this estimated value "is determined by reference to an internal funding rate" and "will be lower than the original issue price." The filing also identifies liquidity risk, noting that J.P. Morgan Securities LLC intends but is not required to offer a secondary market for the notes, and that any such secondary market price "may result in a significant loss of your principal." Any payment on the notes is subject to the credit risk of both the issuer and the guarantor.

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed the preliminary terms of 5-year structured notes linked to two international equity underlyings, including leverage, barrier protection, downside risk details, an estimated minimum value of $900.00 per $1,000 note, and a suite of identified risks.