$JPM · JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC, with JPMorgan Chase & Co. as guarantor, has filed a preliminary pricing supplement for a structured note offering linked to the MerQube US Large-Cap Vol Advantage Index. The index is a rules-based strategy tied to E-mini S&P 500 futures, with exposure that can range from 0% to 500% and includes a 6.0% per annum daily deduction. The notes have a $1,000 minimum denomination, are expected to price on November 20, 2026, and mature on November 25, 2036.

The notes are auto-callable and are reviewed quarterly after an initial one-year non-call period. If the index closes at or above the applicable call value on any review date, the notes are automatically called and pay $1,000 plus a call premium. The call value is 100% of the initial index value for the first thirty-six review dates and 70% for the final review date. If the notes are not called, the payment at maturity depends on index performance and includes a 30% buffer. If the final index value is more than 30% below the initial value, investors lose principal based on the decline beyond that buffer, and may lose some or most of their principal. The estimated value of the notes when terms are set will not be less than $850 per $1,000 principal amount note.