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 August 5, 2026

August , 2026 Registration Statement Nos. 333-293684 and 333-293684-01; Rule 424(b)(2)

Pricing supplement to product supplement no. 3-I dated April 17, 2026, underlying supplement no. 1-I dated April 17, 2026 and the prospectus and

prospectus supplement, each dated April 17, 2026

JPMorgan Chase Financial Company LLC

Structured Investments

three-month period towards the end of the term of the notes) is greater than the Initial Value (which is determined based

on the arithmetic average of the closing levels of the Index on the Initial Averaging Dates over an approximately three-

month period commencing on August 4, 2026), as further described under “Key Terms — Payment at Maturity” in this

pricing supplement.

• Investors should be willing to forgo interest and dividend payments and be willing to lose some or all of their principal

amount at maturity.

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

as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any

payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit

risk of JPMorgan Chase & Co., as guarantor of the notes.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved

of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,

underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

and will not be less than $950.00 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this

pricing supplement for additional information.

regardless of any appreciation of the Index, which may be significant.

DETERMINED OVER AN APPROXIMATELY THREE-MONTH PERIOD COMMENCING ON AUGUST 4, 2026 —

Because the Initial Value is calculated based on the arithmetic average of the closing levels of the Index on the Initial Averaging

Dates during an approximately three-month period from and including August 4, 2026, the Initial Value will not be determined until

the last Initial Averaging Date, and, accordingly, you will not know the Initial Value until after the Pricing Date. The Initial Value

may be higher than if it were based on the closing level of the Index on the Pricing Date or other Initial Averaging Dates. The level

of the Index may increase on one or more Initial Averaging Dates, which will increase the Initial Value. Under these circumstances,

the level above which the Final Value must reach in order for you to receive a positive return on your initial investment in the notes

may not receive a positive return even if the closing level of the Index is not less than the Initial Value on the final Ending Averaging

Date.

Investors are dependent on our and JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential

change in our or JPMorgan Chase & Co.’s creditworthiness or credit spreads, as determined by the market for taking that credit

risk, is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co. were to default on our payment

obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.

As a finance subsidiary of JPMorgan Chase & Co., we have no independent activities beyond the issuance and administration of

our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase &

Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to

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

& Co. were to enter into a resolution” in the accompanying prospectus supplement.

RESPECT TO THOSE SECURITIES.

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 J.P. Morgan Securities LLC, which we refer to as 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, the

THE NOTES —

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 structuring and hedging the notes are included in

the original issue price of the notes. These costs include the projected profits, if any, that our affiliates expect to realize for

assuming risks inherent in hedging our obligations under the notes, the estimated cost of hedging our obligations under the notes

and the fees, if any, paid for third-party data analytics and/or electronic platform services. See “The Estimated Value of the Notes”

in this pricing supplement.

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.

STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME

PERIOD —

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.

secondary market activity. Any sale by you prior to the Maturity Date could result in a substantial loss to you.

The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which

may either offset or magnify each other, aside from the projected hedging profits, if any, estimated hedging costs and the level of

the Index. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the notes, which may

also be reflected on customer account statements. This price may be different (higher or 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.