摩根大通美股招股说明书(2026-04-23版)

pricing 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. 333-293684 and 333-293684-01 Subject to Completion. Dated April 22, 2026.Pricing Supplement tothe Prospectus and Prospectus Supplement, each dated April 17, 2026,the Underlying SupplementNo. 1-I dated April 17, 2026andthe Product Supplement No. 3-I dated April 17, 2026JPMorgan Chase Financial Company LLC Medium-Term Notes, Series A $Fixed Coupon Index-Linked Notes due 2027(Linked to the Nasdaq-100 Index®)Fully and Unconditionally Guaranteed by JPMorgan Chase & Co. The notes will pay a fixed coupon, which is expected to be equal to between $17.10 and $20.10 (between 1.71% and2.01% quarterly, or between 6.84% and 8.04% per annum) for each $1,000 principal amount note on each couponpayment date (July 28, 2026, October 28, 2026, January 27, 2027, April 28, 2027 and the stated maturity date, subject toadjustment). The amount that you will be paid on your notes on the stated maturity date (July 28, 2027, subject toadjustment), in addition to the final coupon, is based on the performance of the Nasdaq-100 Index®(which we refer to asthe underlier) as measured from and including the trade date (on or about April 24, 2026) to and including thedetermination date (July 26, 2027, subject to adjustment) and may be zero.You could lose your entire investment inthe notes. Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC(“JPMorgan Financial”), as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of thenotes.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, in addition to the finalcoupon, for each $1,000 principal amount note, you will receive an amount in cash equal to:if the underlier return isgreater than or equal to-25.00% (the final underlier level isgreater than or equal to75.00% of the initial underlier level), $1,000; orif the underlier return isless than-25.00% (the final underlier level isless than75.00% of the initial underlier level), thesumof (i) $1,000plus(ii) theproductof (a) the underlier returntimes(b) $1,000.The payment at maturity will bebased on the underlier return, which will be negative, and you will receiveless than75.00% of the principalamount of your notes.Your investment in the notes involves certain risks, including, among other things, our credit risk. See “Risk Factors” on page S-2 of the accompanying prospectus supplement, “Risk Factors” on page PS-12 of theaccompanying 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 providedherein 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 $972.40 and $982.40 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 April 29, 2026 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 1.25% of theprincipal amount. See “Plan of Distribution (Conflicts of Interest)” on page PS-85 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 or the accompanying prospectus. Any representation to the contrary is a criminal offense.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 April , 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 th