The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an

offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject to completion dated September 4, 2025

September , 2025

Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)

Pricing supplement to product supplement no. 4-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023, the prospectus and

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

● The notes are designed for investors who seek a return of 1.50 times any appreciation of the Industrial Select Sector

● Investors should be willing to forgo interest and dividend payments and be willing to lose up to 90.00% of their principal

● The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as

● Minimum denominations of $1,000 and integral multiples thereof

Key Terms

manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding

anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of

the notes or any other party.

Hypothetical Payout Profile

The following table and graph illustrate the hypothetical total return and payment at maturity on the notes linked to a hypothetical Fund.

The “total return” as used in this pricing supplement is the number, expressed as a percentage, that results from comparing the

payment at maturity per $1,000 principal amount note to $1,000. The hypothetical total returns and payments set forth below assume

the following:

Each hypothetical total return or hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the

actual total return or payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and

graph have been rounded for ease of analysis.

30.00%

respect of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make

product or service and for industrial sector products in general. Government regulation, world events, exchange rates and

economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise

affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be

significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on

U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in,

aerospace and defense companies are heavily influenced by governmental defense spending policies, which are typically under

pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials

sector, are cyclical and have occasional sharp price movements, which may result from changes in the economy, fuel prices, labor

agreements and insurance costs. These factors could affect the industrials sector and could affect the value of the equity securities

held by the Fund and the price of the Fund during the term of the notes, which may adversely affect the value of your notes.

The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is likely

to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes are not

designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

You should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the

Maximum Return.

The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the

notes will exceed the estimated value of the notes because costs associated with selling, structuring and hedging the notes are

The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding

rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may

be based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance,

operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income

instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may

prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an

internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any

secondary market prices of the notes. See “The Estimated Value of the Notes” in this pricing supplement.

See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this initial period.

Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other

things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and,

also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging

costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy the

notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to

the Maturity Date could result in a substantial loss to you.

lower) than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See “Risk

Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the

notes will be impacted by many economic and market factors” in the accompanying product supplement.

The Fund

in the following industries: aerospace & defense; industrial conglomerates; machinery; air freight & logistics; passenger airlines; marine

equipment; construction & engineering; trading companies & distributors; and building products. For additional information about the

Industrial Select Sector SPDR® Fund, see “Fund Descriptions — The Select Sector SPDR® Funds” in the accompanying underlying

supplement.

The following graph sets forth the historical performance of the Fund based on the weekly historical closing prices of one share of the

Fund from January 3, 2020 through August 29, 2025. The closing price of one share of the Fund on September 3, 2025 was $149.80.

We obtained the closing prices above and below from the Bloomberg Professional® service (“Bloomberg”), without independent

verification. The closing prices above and below may have been adjusted by Bloomberg for actions taken by the Fund, such as stock

splits.

The historical closing prices of one share of the Fund should not be taken as an indication of future performance, and no assurance can

Tax Treatment

You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product

supplement no. 4-I. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax

counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes.

Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as “open transactions”

that are not debt instruments for U.S. federal income tax purposes, as more fully described in “Material U.S. Federal Income Tax

Consequences — Tax Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments” in the

constant yield over your holding period for the notes. Our special tax counsel has not expressed an opinion with respect to whether the

constructive ownership rules apply to the notes. Accordingly, U.S. Holders should consult their tax advisers regarding the potential

application of the constructive ownership rules.

The IRS or a court may not respect the treatment of the notes described above, in which case the timing and character of any income

or loss on your notes could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting

comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in

particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for

comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of

factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including

any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or

tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain

financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this

withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable

Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January

1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal

income tax purposes (each an “Underlying Security”). Based on certain determinations made by us, we expect that Section 871(m) will

not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this

determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter

into other transactions with respect to an Underlying Security. If necessary, further information regarding the potential application of

Section 871(m) will be provided in the pricing supplement for the notes. You should consult your tax adviser regarding the potential

time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding

rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be

based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance, operational

and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of

JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect,

and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and

any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes.

For additional information, see “Selected Risk Considerations — The Estimated Value of the Notes Is Derived by Reference to an

Internal Funding Rate” in this pricing supplement.

The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our

The estimated value of the notes does not represent future values of the notes and may differ from others’ estimates. Different pricing

models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes. In

addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On

to JPMS and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks

inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because

hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that

is more or less than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the

notes may be allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging

profits. See “Selected Risk Considerations — The Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to

Public) of the Notes” in this pricing supplement.

For information about factors that will impact any secondary market prices of the notes, see “Risk Factors — Risks Relating to the

Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many

economic and market factors” in the accompanying product supplement. In addition, we generally expect that some of the costs

included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by

JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include selling commissions,

projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates

affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent