JPMorgan Chase Financial Company LLC filed a free writing prospectus (FWP) under Rule 433 disclosing preliminary terms for 13-month Capped Accelerated Barrier Notes linked to the Russell 2000 Index and S&P 500 Index, 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.
  • 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 and cap: An upside leverage factor of 1.25 applies, with a maximum return of at least 16.75%.
  • Barrier level: Each underlying has a barrier amount equal to 70.00% of its initial value, observed on the observation date of December 30, 2027.
  • Downside risk: If either underlying's final value falls below its barrier amount, investors "will lose more than 30.00% of your principal amount at maturity and could lose all of your principal amount at maturity," according to the filing.
  • 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.
  • Key dates: Pricing date is November 30, 2026; maturity date is January 4, 2028; minimum denomination is $1,000.

Structure and Payment Terms for the RTY/SPX Barrier Notes

According to the filing, the notes (CUSIP 46661QHG3) are structured with three distinct payment scenarios at maturity. If both underlyings finish above their initial values, the investor receives $1,000 plus the lesser performing underlying return multiplied by the 1.25 upside leverage factor, subject to the maximum return cap of at least 16.75%. The hypothetical table in the filing illustrates that a lesser performing underlying return of 13.40% or higher produces the capped payment of $1,167.50 per $1,000 note.

If either underlying ends at or below its initial value but both remain at or above their respective barrier amounts (70.00% of initial value), the filing states investors receive the full $1,000 principal. However, if either underlying's final value falls below its barrier amount on the observation date of December 30, 2027, the payment equals $1,000 plus $1,000 multiplied by the lesser performing underlying return, with no leverage or protection. The filing's hypothetical table shows that a -50.00% lesser performing return would produce a payment of $500.00, and a -100.00% return would produce $0.00.

The filing also discloses several selected risks. The estimated value will be lower than the original issue price and is determined by reference to an internal funding rate. J.P. Morgan Securities LLC intends, but is not required, to offer secondary-market purchases. The filing further notes that JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 Index, representing a potential conflict. 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 filed preliminary terms for 13-month dual-index barrier notes linked to the Russell 2000 and S&P 500 indexes. The filing sets a minimum maximum return of 16.75%, a 70.00% barrier, a 1.25 leverage factor, and a maturity date of January 4, 2028.