摩根大通美股招股说明书(2026-02-27版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted. Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-270004 and 333-270004-01Subject to Completion. Dated February 26, 2026.Pricing Supplement tothe Prospectus and Prospectus Supplement, each dated April 13, 2023,the Underlying SupplementNo. 1-I dated April 13, 2023,the Product Supplement No. 4-I dated April 13, 2023andthe Prospectus Addendum datedJune 3, 2024 JPMorgan Chase Financial Company LLC Medium-Term Notes, Series A$Capped Enhanced Participation Equity Notes due 2027(Linked to the S&P 500®Index)Fully and Unconditionally Guaranteed by JPMorgan Chase&Co.The notes will not bear interest.The amount that you will be paid on your notes on the stated maturity date (April 7, 2027, subject to adjustment) is based on the performance of the S&P 500®Index (which we refer to as the underlier) asmeasured from and including the trade date (on or about March 5, 2026) to and including the determination date (April 5,2027, subject to adjustment). If the final underlier level on the determination date is greater than the initial underlier level(set on the trade date), the return on your notes will be positive, subject to the maximum settlement amount (expected tobe between $1,146.20 and $1,171.40 for each $1,000 principal amount note). If the final underlier level is less than theinitial underlier level, the return on your notes will be negative.You could lose your entire investment in the notes. Anypayment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC (“JPMorganFinancial”), as issuer of the notes, and the credit risk of JPMorgan Chase&Co., as guarantor of the notes.To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase ordecrease in the final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 principalamount note, you will receive an amount in cash equal to: if the underlier return ispositive(the final underlier level isgreater thanthe initial underlier level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 2.00times(c) the underlier return, subject to the maximum settlementamount; orif the underlier return iszeroornegative(the final underlier level isequal toorless thanthe initial underlier level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the underlier return. You will receive less than $1,000 ifthe final underlier level is less than the initial underlier level. Your investment in the notes involves certain risks, including, among other things, our credit risk. See “RiskFactors” on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectusaddendum, “Risk Factors” on page PS-11 of the accompanying product supplement and “Selected Risk Factors”on page PS-12 of this pricing supplement.The foregoing is only a brief summary of the terms of your notes. You should read the additional disclosure provided herein so that you may better understand the terms and risks of your investment.The estimated value of the notes, when the terms of the notes are set, will be provided in the final pricing supplement and is expected to be between $977.20 and $987.20 per $1,000 principal amount note.See “SummaryInformation — The Estimated Value of the Notes” on page PS-7 of this pricing supplement for additional information aboutthe estimated value of the notes and “Summary Information — Secondary Market Prices of the Notes” on page PS-8 ofthis pricing supplement for information about secondary market prices of the notes.Original issue date (settlement date):on or about March 10, 2026 Original issue price:100.00% of the principal amountUnderwriting commission/discount:up to 1.09% of the principal amount*Net proceeds to the issuer:% of the principal amount See “Summary Information — Supplemental Use of Proceeds” on page PS-8 of this pricing supplement for informationabout the components of the original issue price of the notes.*J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to an unaffiliated dealer. In no event will these selling commissions exceed 1.09% of theprincipal amount. See “Plan of Distribution (Conflicts of Interest)” on page PS-86 of the accompanying productsupplement.Neither the Securities and Exchange Commission (the “SEC”) nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this pricing supplement, theaccompanying product supplement, the accompanying underlying supplement, the accompanying prospectussupplement, the accompanying prospectus or the accompanying prospectus addend