摩根大通美股招股说明书(2026-05-13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 jurisdiction wherethe offer or sale is not permitted.Subject to Completion. Dated May 12, 2026 PRICING SUPPLEMENT dated May , 2026(To the Prospectus and Prospectus Supplement, each datedApril 17, 2026, Product Supplement no. WF-1-I dated April 17,2026 and Underlying Supplement no. 1-I dated April 17, 2026) JPMorgan Chase Financial Company LLC Global Medium-Term Notes, Series AFully and Unconditionally Guaranteed by JPMorgan Chase&Co.Market Linked Securities — Upside Participation to a Cap and FixedPercentage Buffered Downside Principal at Risk Securities Linked to the VanEck®Semiconductor ETF due May 24, 2029Linked to the VanEck® Semiconductor ETF (the “Fund”)Unlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity.Instead, the securities provide for a maturity payment amount that may be greater than, equal to or less than theprincipal amount of the securities, depending on the performance of the Fund from the starting price to the endingprice. The maturity payment amount will reflect the following terms:If the price of the Fund increases, you will receive the principal amountplusa positive return equal to 100% ofthe percentage increase in the price of the Fund from the starting price, subject to a maximum return atmaturity of at least 65.85% (to be provided in the pricing supplement) of the principal amount. As a result ofthe maximum return, the maximum maturity payment amount will be at least $1,658.50 per security.If the price of the Fund remains flat or decreases but the decrease is not more than the buffer amount of 30%,you will receive the principal amount.If the price of the Fund decreases by more than the buffer amount, you will receive less than the principalamount and will have 1-to-1 downside exposure to the decrease in the price of the Fund in excess of the bufferamount.Investors may lose up to 70% of the principal amount.The securities are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which werefer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorganChase&Co. Any payment on the securities is subject to the credit risk of JPMorgan Financial, as issuer of thesecurities, and the credit risk of JPMorgan Chase&Co., as guarantor of the securities.No periodic interest payments or dividendsNo exchange listing; designed to be held to maturity The securities have complex features and investing in the securities involves risks not associated with aninvestment in conventional debt securities. See “Risk Factors” beginning on page S-2 of the accompanyingprospectus supplement, “Risk Factors” beginning on page PS-12 of the accompanying product supplementand “Selected Risk Considerations” on page PS-8 in this pricing supplement. Neitherthe Securities and Exchange Commission(the“SEC”)nor any state securities commission hasapprovedor disapproved of the securities or passed upon the accuracy or the adequacy of this pricingsupplement or the accompanying product supplement, underlying supplement, prospectus supplement andprospectus. Any representation to the contrary is a criminal offense. (1)See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the securities.(2)Wells Fargo Securities, LLC, which we refer to as WFS, acting as agent for JPMorgan Financial, will receive selling commissions from us of up to $28.25per security. WFS has advised us that it may provide dealers, which may include Wells Fargo Advisors (“WFA”) (the trade name of the retail brokeragebusiness of WFS’s affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession of $22.50per security. In addition to the concession allowed to WFA, WFS has advised us that it may pay $0.75 per security of the selling commissions to WFA as adistribution expense fee for each security sold by WFA. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement. (3)In respect of certain securities sold in this offering, J.P. Morgan Securities LLC, which we refer to as JPMS, may pay a fee of up to $3.00 per security toselected dealers in consideration for marketing and other services in connection with the distribution of the securities to other dealers. If the securities priced today, the estimated value of the securities would be approximately $958.50 persecurity. The estimated value of the securities, when the terms of the securities are set, will be provided inthe pricing supplement and will not be less than $920.00 per security. See “The Estimated Value of theSecurities” in this pricing supplement for additional information. The securities are no