$JPM · JPMorgan Chase & Co.

This preliminary pricing supplement describes an offering by JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co., of structured notes linked to the MerQube US Large-Cap Vol Advantage Index. The notes are due November 25, 2036, and are designed for investors seeking an early exit at a premium if, on any review date, the index closes at or above the applicable call value. The earliest automatic call date is November 26, 2027. Investors should be willing to forgo interest and dividend payments and may lose up to 70% of their principal at maturity.

The notes do not pay periodic interest, and the index is subject to a 6.0% per annum daily deduction that generally reduces its performance. Call premiums begin at at least 15.85% of principal for the first review date and increase to at least 158.5% for the final review date. The call value is 100% of the initial index value for the first thirty-six review dates and 70% for the final review date.

The notes are expected to price on or about November 20, 2026, and settle on or about November 24, 2026, with minimum denominations of $1,000. If priced as of the filing date, the estimated value of the notes would be approximately $854.90 per $1,000 principal amount, and the final estimated value will not be less than $850.00 per $1,000 principal amount. The terms are preliminary and subject to change.