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 Supplement JPMorgan Chase Financial Company LLCMedium-Term Notes, Series A$ Capped Enhanced Participation Equity Notes due 2027(Linked to the S&P 500®Index) 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) as measured 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 the payment 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 or decrease in the final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 principal 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 settlement 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 if 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” 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 of this pricing supplement for information about secondary market prices of the notes. 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 amountSee “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 sellingcommissions 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 ordisapproved 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 addendum. Any representation to The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency and are not obligations of, or guaranteed by, a bank.Pricing Supplement dated March, 2026 The original issue price, fees and commissions and net proceeds listed above relate to the notes we sell initially. We maydecide to sell additional notes after the date of this pricing supplement, at issue prices and with fees and commission andnet proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in We may use this pricing supplement i