JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) pursuant to Rule 433 on November 3, 2026, disclosing preliminary terms for 5-year S&P 500 Futures Excess Return Index Uncapped Accelerated Barrier Notes with a 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 of the notes.
  • Underlying index: The notes are linked to the S&P 500 Futures Excess Return Index, with E-Mini S&P 500 Futures Contracts as the underlying futures contracts.
  • Upside leverage factor: At least 2.35, with the final figure to be set in the pricing supplement.
  • Barrier amount: 70.00% of the Initial Value; losses below the barrier are passed through at a 1:1 ratio and could reach 100% of principal.
  • Maturity date: December 4, 2031, with an observation date of December 1, 2031 and a pricing date of November 30, 2026.
  • Estimated value: Will not be less than $900.00 per $1,000 principal amount note when terms are set, according to the filing.
  • CUSIP: 46661QJM8; minimum denomination is $1,000.

Preliminary Terms and Payment Structure for the SPXFP Barrier Notes

According to the filing, the notes offer three distinct payout 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, which will be at least 2.35. The filing illustrates that a 10.00% underlying return would produce a hypothetical note return of 23.50% and a payment of $1,235.00 per $1,000 principal amount note, assuming a leverage factor of 2.35.

If the Final Value is at or below the Initial Value but at or above the Barrier Amount of 70.00% of the Initial Value, the filing states that investors receive the full $1,000 principal amount. However, if the Final Value falls below the Barrier Amount, investors are exposed to the full underlying loss. The filing states explicitly: "If the Final Value is less than 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." A hypothetical underlying return of -50.00% would produce a payment of $500.00, and -100.00% would produce $0.00.

The filing discloses several selected risks, including that the notes carry no principal guarantee, make no interest payments, and are subject to the credit risk of both the issuer and the guarantor. It also notes that JPMorgan Chase & Co. is currently a component of the S&P 500 Index underlying the futures contracts, which represents a potential conflict. The filing further states that the estimated value of the notes will be lower than the original issue price, as it is determined by reference to an internal funding rate. J.P. Morgan Securities LLC intends, but is not required, to offer secondary market purchases.

What Was Disclosed

JPMorgan Chase Financial Company LLC disclosed preliminary terms for 5-year structured notes linked to the S&P 500 Futures Excess Return Index, including a minimum upside leverage factor of 2.35, a 70.00% barrier, a December 4, 2031 maturity, and an estimated value floor of $900.00 per $1,000 note.