JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) fact sheet on November 9, 2026, disclosing terms for Market Linked Securities auto-callable with upside participation and contingent downside, linked to the lowest performing of the S&P 500 Index and the Nasdaq-100 Index, due November 21, 2031.

Key Highlights

  • Maturity: Securities are due November 21, 2031, with a final calculation day of November 18, 2031, and a stated pricing date of November 18, 2026.
  • Call Premium: At least 16.60% of the principal amount if automatically called on the call date of November 23, 2027.
  • Principal Amount: $1,000 per security (100% of par), with denominations in $1,000 and any integral multiple of $1,000.
  • Threshold Level: 70% of the starting level for each Index; if the lowest performing Index falls below this level at maturity, investors face full downside exposure and "will lose more than 30%, and possibly all, of the principal amount."
  • Upside Participation Rate: 100.00% of the index return of the lowest performing Index if the securities are not called and that Index finishes above its starting level.
  • Estimated Value: Approximately $955.10 per security as of the preliminary pricing supplement date, with a floor estimated value of not less than $920.00 per security when terms are set.
  • Fees and Commissions: Up to 2.825% for Wells Fargo Securities, LLC, with a selling concession of 2.00% and a distribution expense fee of 0.075% potentially payable to Wells Fargo Advisors.

Terms and Structure of JPMorgan's Auto-Callable Linked Securities

According to the fact sheet, the securities are issued by JPMorgan Chase Financial Company LLC and are fully and unconditionally guaranteed by JPMorgan Chase & Co. The filing was made pursuant to Rule 433 under Registration Statement Nos. 333-293684 and 333-293684-01. The securities carry CUSIP 46661Q6U4 and are linked to the lower-returning of two indices: the S&P 500 Index (Bloomberg ticker: SPX) and the Nasdaq-100 Index (Bloomberg ticker: NDX), with J.P. Morgan Securities LLC serving as calculation agent.

The filing discloses a single automatic call observation date of November 23, 2027. If, on that date, the closing level of the lowest performing Index is greater than or equal to its starting level, the securities are automatically called and investors receive the principal amount plus the call premium of at least 16.60%. The filing notes that if the securities are automatically called, "the positive return on the securities will be limited to the call premium, even if the closing level of the lowest performing Index on the call date significantly exceeds its starting level." If not called, the maturity payment at the final calculation day on November 18, 2031 depends on the performance of the lowest performing Index relative to its starting level and threshold level.

The filing states that the securities "are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC" and that "any payment on the securities is subject to the credit risk of JPMorgan Financial, as issuer of the securities, and the credit risk of JPMorgan Chase & Co., as guarantor of the securities." The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation. The fact sheet also discloses that the estimated value of $955.10 per security is lower than the $1,000 original issue price, and notes that secondary market prices "will likely be lower than the original issue price of the securities."

What Was Disclosed

The FWP fact sheet sets out preliminary terms for auto-callable principal-at-risk securities linked to the S&P 500 and Nasdaq-100 indices, maturing November 21, 2031, with a call premium of at least 16.60%, a 70% threshold level, 100% upside participation, and an estimated value of approximately $955.10 per security.