$JPM · JPMorgan Chase & Co.

JPMorgan Chase Financial Company LLC filed a preliminary pricing supplement for a new offering of medium-term notes due November 8, 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes are linked to the S&P 500 Index, do not pay interest, and may be automatically called on November 12, 2027 if the index closes at or above its initial level. If called, investors would receive the principal amount plus a call premium expected to be between 7.67% and 9.00%.

If the notes are not called, the payment at maturity depends on the index return from the trade date to November 6, 2028. A positive index return would result in a payout equal to the principal plus two times that return. If the index declines by up to 10%, investors would receive only the principal amount. If the index declines by more than 10%, investors would receive less than principal, with losses magnified by approximately 1.1111 times the decline below -10%, up to a total loss.

The notes are subject to the credit risk of JPMorgan Chase Financial Company LLC as issuer and JPMorgan Chase & Co. as guarantor, and they are not bank deposits or insured by the FDIC. The preliminary estimated value is between $966.20 and $976.20 per $1,000 principal amount, and the underwriting commission is up to 2.00%.