摩根大通美股招股说明书(2026-05-08版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not anoffer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.Subject to completion dated May 7, 2026 PRICING SUPPLEMENTFiled Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293684 and 333-293684-01Dated May, 2026JPMorgan Chase Financial Company LLC Capped Trigger GEARS Linked to the EURO STOXX 50® Index due on or about May 29, 2030Fully and Unconditionally Guaranteed by JPMorgan Chase&Co. Investment Description Capped Trigger GEARS (Growth Enhanced Asset Return Securities), which we refer to as the “Securities,” are unsecured and unsubordinated debtsecurities issued by JPMorgan Chase Financial Company LLC (“JPMorgan Financial”), the payment on which is fully and unconditionally guaranteed byJPMorgan Chase&Co., with a return linked to the performance of the EURO STOXX 50®Index (the “Underlying”). If the Underlying Return is positive,JPMorgan Financial will repay your principal amount at maturitypluspay a return equal to the Underlying Returntimesthe Upside Gearing of 2.00, up tothe Maximum Gain of between 74.00% and 82.05%, which will be finalized on the Trade Date and provided in the pricing supplement. If the UnderlyingReturn is zero or negative but the Final Value is greater than or equal to the Downside Threshold, JPMorgan Financial will repay your principal amount atmaturity. However, if the Underlying Return is negative but the Final Value is less than the Downside Threshold (75% of the Initial Value), JPMorganFinancial will repay less than your principal amount at maturity, if anything, resulting in a loss of principal that is proportionate to the negative UnderlyingReturn. In this case, you will have full downside exposure to the Underlying from the Initial Value to the Final Value and could lose all of your principalamount.Investing in the Securities involves significant risks. You may lose a significant portion or all of your principal amount. You will notreceive dividends or other distributions paid on any stocks included in the Underlying, and the Securities will not pay interest. The contingentrepayment of principal applies only if you hold the Securities to maturity. Any payment on the Securities, including any repayment ofprincipal, is subject to the creditworthiness of JPMorgan Financial, as issuer of the Securities, and the creditworthiness of JPMorganChase&Co., as guarantor of the Securities. If JPMorgan Financial and JPMorgan Chase&Co. were to default on their payment obligations,you may not receive any amounts owed to you under the Securities and you could lose your entire investment. Key Dates Features Enhanced Growth Potential Subject to Maximum Gain— Atmaturity, the Upside Gearing feature will provide leveraged exposureto any positive performance of the Underlying, up to the MaximumGain of between 74.00% and 82.05%, which will be finalized on theTrade Date and provided in the pricing supplement. If the UnderlyingReturn is negative, investors may be exposed to the negativeUnderlying Return at maturity.Downside Exposure with Contingent Repayment of Principal at 1Expected.In the event that we make any change to the expected TradeDate and Settlement Date, the Final Valuation Date and/or the MaturityDate will be changed so that the stated term of the Securities remainsthe same.2Subject to postponement in the event of a market disruption event andas described under “General Terms of Notes — Postponement of aDetermination Date — Notes Linked to a Single Underlying — NotesLinked to a Single Underlying (Other Than a Commodity Index)” and“General Terms of Notes — Postponement of a Payment Date” in theaccompanying product supplement or early acceleration in the event ofan acceleration event as described under “General Terms of Notes —Consequences of an Acceleration Event” in the accompanying productsupplement and “Key Risks — Risks Relating to the Securities Generally— We May Accelerate Your Securities If an Acceleration Event Occurs”in this pricing supplement Maturity— If the Underlying Return is zero or negative but the FinalValue is greater than or equal to the Downside Threshold, JPMorganFinancial will repay your principal amount at maturity. However, if theUnderlying Return is negative and the Final Value is less than theDownside Threshold, JPMorgan Financial will repay less than yourprincipal amount at maturity, if anything, resulting in a loss of principalthat is proportionate to the Underlying’s decline from the Initial Valueto the Final Value. You may lose a significant portion or all of yourprincipal. The contingent repayment of principal applies only if youhold the Securities to maturity. Any payment on the Securities,including any repayment of principal, is subject to the creditworthinessof JPMorgan Financial and JPMorgan Chase & Co.THE SECURITIES ARE SIGNIFICANTLY R