JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 disclosing the preliminary terms of its 5-Year Russell 2000/S&P 500 Uncapped Accelerated Barrier Notes, with a scheduled pricing date of November 30, 2026.

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 both the Russell 2000 Index and the S&P 500 Index, with payoff determined by the lesser-performing underlying.
  • Upside leverage: The upside leverage factor will be at least 1.48, to be confirmed in the final pricing supplement.
  • Barrier level: Each underlying carries a barrier amount of 70.00% of its initial value, observed on December 1, 2031.
  • Maturity date: December 4, 2031, with a minimum denomination of $1,000.
  • 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.
  • CUSIP: 46661QHU2, filed under Registration Statement Nos. 333-293684 and 333-293684-01.

Preliminary Terms of JPMorgan's Dual-Index Barrier Notes Due December 2031

According to the filing, the notes are structured so that if the final value of each underlying is greater than its initial value at the observation date, the investor receives $1,000 plus $1,000 multiplied by the lesser-performing underlying return multiplied by the upside leverage factor, which will be at least 1.48. If both underlyings finish at or above the 70.00% barrier but at or below the initial value, the filing states that investors receive the full principal amount of $1,000. No interest, dividend payments, or voting rights are associated with the notes.

The filing makes clear that principal is at risk. Specifically, it states: "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." The hypothetical returns table provided in the filing illustrates that a lesser-performing underlying return of -100.00% would result in a payment of $0.00 at maturity, while a return of -50.00% would result in a payment of $500.00 per $1,000 note.

The filing also discloses that the estimated value of the notes will be lower than the original issue price, and is determined by reference to an internal funding rate. The filing notes that JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 Index, representing a potential conflict. Additionally, J.P. Morgan Securities LLC intends to offer to purchase the notes in the secondary market but is not required to do so, and any such purchase price "may result in a significant loss of your principal," according to the filing.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed preliminary terms for 5-year dual-index barrier notes linked to the Russell 2000 and S&P 500 indexes, with a pricing date of November 30, 2026, a maturity date of December 4, 2031, a minimum barrier of 70.00%, and an upside leverage factor of at least 1.48.