JPMorgan Chase Financial Company LLC filed a Free Writing Prospectus on November 2, 2026, providing summary terms for a six-year leveraged structured note linked to a basket of the EURO STOXX 50 Index and the TOPIX Index, with a pricing date expected to be November 4, 2026.

Key Highlights

  • Issuer and guarantor: JPMorgan Chase Financial Company LLC is the issuer; JPMorgan Chase & Co. is the guarantor.
  • Basket composition: The underlying basket weights the EURO STOXX 50 Index (SX5E) and the TOPIX Index (TPX) each at 50.00%.
  • Leverage factor: The leverage factor will be at least 198.15%, applied to any basket percent increase above the initial basket value.
  • Trigger level: Set at 80, which is 80% of the initial basket value; losses below the trigger level are passed through fully to investors, up to a total loss of principal.
  • Maturity date: November 9, 2032, with a valuation date of November 4, 2032, both subject to postponement or early acceleration.
  • Estimated value floor: The estimated value on the pricing date will not be less than $920.00 per $1,000 stated principal amount, according to the filing.
  • Issue price: $1,000 per Trigger PLUS; CUSIP 46661QF26 / ISIN US46661QF265.

Structure and Payoff Terms of the SX5E/TPX Basket Trigger PLUS

According to the filing, the Trigger PLUS are structured notes with a stated principal amount of $1,000 each and an issue price of $1,000. At maturity, the payment depends on the final basket value relative to the initial basket value, which is set equal to 100 on the pricing date. If the final basket value exceeds the initial basket value, investors receive $1,000 plus a leveraged upside payment calculated as $1,000 multiplied by the leverage factor (at least 198.15%) and the basket percent increase. The payoff table in the filing illustrates, for example, that a 50.00% basket gain would produce a 99.0750% return on the Trigger PLUS, assuming the minimum leverage factor.

The filing discloses that if the final basket value is at or below the initial basket value but at or above the trigger level of 80 (80% of the initial basket value), investors receive $1,000 with no gain or loss. However, if the final basket value falls below the trigger level, the payment equals $1,000 multiplied by the basket performance factor (final basket value divided by initial basket value). The filing states this "will represent a loss of more than 20%, and possibly all, of your investment." The filing also notes that the Trigger PLUS do not pay interest and do not guarantee the return of principal.

The filing identifies several risk factors, including that any payment is subject to the credit risk of both JPMorgan Financial and JPMorgan Chase & Co. It further notes that the estimated value of the Trigger PLUS will be lower than the original issue price, that secondary market prices will likely also be lower than the issue price, and that secondary trading may be limited. The filing states that correlation or lack of correlation among the underlying indices may reduce basket performance, and that the Trigger PLUS are not directly exposed to fluctuations in foreign exchange rates.

What Was Disclosed

JPMorgan Chase Financial Company LLC filed a Free Writing Prospectus summarizing the terms of six-year structured notes linked to an equally weighted basket of the SX5E and TPX indices, with a leverage factor of at least 198.15%, a trigger level of 80, and a maturity date of November 9, 2032.