# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-26-017632
**Filing Date:** 2026-2
**Character Count:** 48855
**Document Hash:** ab9f8fd59147bcb0c193749050056a1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-017632.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001213900-26-017632

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004
- **FILM NUMBER:** 26645028

**BUSINESS ADDRESS:**
- **STREET 1:** 270 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122706000

**MAIL ADDRESS:**
- **STREET 1:** 270 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J P MORGAN CHASE & CO
- **DATE OF NAME CHANGE:** 20010102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHASE MANHATTAN CORP /DE/
- **DATE OF NAME CHANGE:** 19960402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEMICAL BANKING CORP
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Chase Financial Co. LLC
- **CENTRAL INDEX KEY:** 0001665650
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004-01
- **FILM NUMBER:** 26645029

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** (212) 270-6000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

**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 February 17, 2026**

---

| | |
|:---|:---|
| **Pricing supplement** *To prospectus dated April 13, 2023,* <br> *prospectus supplement dated April 13, 2023,* <br> *product supplement no. 1-I dated April 13, 2023*<br> *and prospectus addendum dated June 3, 2024* | **Registration Statement Nos. 333-270004 and 333-270004-01<br> Dated February , 2026**<br> **Rule 424(b)(2)**<br>|

---

**JPMorgan Chase Financial Company LLC**

$

**Fixed to Floating Rate Notes Linked to the Consumer Price Index due February 27, 2031**

**Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.**

**General**

&nbsp;&nbsp;&nbsp;&nbsp;· 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.** 

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are designed for
investors who seek (i) periodic interest payments that (1) for the Initial Interest Periods, are fixed at 4.00% per annum and (2) for
each Interest Period (other than the Initial Interest Periods) are linked to the year-over-year change in the Consumer Price Index as
determined on the applicable Determination Date *plus* 1.20%, *provided* that this rate will not be less than the Minimum Interest
Rate of 0.00% per annum, and (ii) the return of their principal amount at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· The
notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.

**Key Terms**

---

| | |
|:---|:---|
| Issuer: | &nbsp;&nbsp;JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| Guarantor: | &nbsp;&nbsp;JPMorgan Chase & Co. |
| Payment at Maturity: | &nbsp;&nbsp;On the Maturity Date, we will pay you the principal amount of your notes *plus* any accrued and unpaid interest. |
| Interest: | &nbsp;&nbsp;We will pay you interest in arrears on each Interest Payment Date based on the applicable Interest Rate and the applicable Day Count Fraction, subject to the Interest Accrual Convention described below and in the accompanying product supplement. |
| Initial Interest Period(s): | &nbsp;&nbsp;The Interest Periods beginning on and including the Original Issue Date and ending on but excluding February 27, 2027 |
| Initial Interest Rate: | &nbsp;&nbsp;4.00% per annum |
| Interest Periods: | &nbsp;&nbsp;The period beginning on and including the Original Issue Date and ending on but excluding the first Interest Payment Date, and each successive period beginning on and including an Interest Payment Date and ending on but excluding the next succeeding Interest Payment Date, subject to the Interest Accrual Convention described below and in the accompanying product supplement |
| Interest Payment Dates: | &nbsp;&nbsp;Interest on the notes will be payable in arrears on the 27<sup>th</sup> calendar day of each calendar month, beginning on March 27, 2026 to and including the Maturity Date (each, an "Interest Payment Date"), subject to the Business Day Convention and the Interest Accrual Convention described below and in the accompanying product supplement. |
| Interest Rate: | &nbsp;&nbsp;With respect to each Initial Interest Period, a rate per annum equal to the Initial Interest Rate, and, notwithstanding anything to the contrary in the accompanying product supplement, with respect to each Interest Period thereafter, a rate per annum equal to the CPI Rate, as determined on the applicable Determination Date, *plus* 1.20% (the "Spread"), *provided* that this rate will not be less than the Minimum Interest Rate. Notwithstanding anything to the contrary in the accompanying product supplement, the Interest Rate with respect to each Interest Period will be rounded to 3 decimal places. |
| Minimum Interest Rate: | &nbsp;&nbsp;0.00% per annum |
| CPI Rate: | &nbsp;&nbsp; For any Determination Date, the CPI Rate will be calculated as follows:<br> <u>CPI<sub>t-2</sub> - CPI<sub>t-14</sub></u><br> CPI<sub>t-14</sub><br> where: "CPI<sub>t-2</sub>" means, with respect to that Determination Date, the published level of the Consumer Price Index for the calendar month that is two (2) calendar months immediately preceding the calendar month in which that Determination Date falls, which we refer to as the "reference month"; and<br> "CPI<sub>t-14</sub>" means, with respect to that Determination Date, the published level of the Consumer Price Index for the calendar month that is fourteen (14) calendar months immediately preceding the calendar month in which that Determination Date falls. |
| CPI or Consumer Price Index: | &nbsp;&nbsp; The non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers, as published on the Bloomberg Professional<sup>®</sup> service ("Bloomberg") page "CPURNSA" (or any successor source) or any successor index, as determined by the calculation agent in accordance with the procedures set forth under "The Underlyings — Base Rates — CPI Rate" in the accompanying product supplement.<br> Notwithstanding anything to the contrary in the accompanying product supplement, if by 3:00 p.m. New York City time on the applicable Determination Date, the CPI for any relevant month has not been published by the Bureau of Labor Statistics of the U.S. Labor Department (the "BLS"), the calculation agent will determine the CPI for that month in its sole discretion, taking into account all available information that it considers relevant. |
| Determination Date: | &nbsp;&nbsp;For each Interest Period after the Initial Interest Periods, the second business day immediately preceding the beginning of that Interest Period. For example, February 25, 2027 (which is two business days immediately prior to February 27, 2027) is the Determination Date of the CPI Rate with respect to interest due and payable on March 27, 2027. On the February 2027 Determination Date, interest will be based on year-over-year change in CPI between December 2025 and December 2026. |
| Pricing Date: | &nbsp;&nbsp;February 25, 2026, subject to the Business Day Convention |
| Original Issue Date: | &nbsp;&nbsp;February 27, 2026, subject to the Business Day Convention (Settlement Date) |
| Maturity Date: | &nbsp;&nbsp;February 27, 2031, subject to the Business Day Convention |
| Other Key Terms: | &nbsp;&nbsp;See "Additional Key Terms" in this pricing supplement. |

---

I**nvesting in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, "Risk Factors" beginning on page PS-11 of the accompanying product supplement and "Selected Risk Considerations" beginning on page PS-2 of this pricing supplement.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Price to Public (1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fees and Commissions (2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Proceeds to Issuer** |
| **Per note** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$|
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$|

---

(1) The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates.

(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to other affiliated or unaffiliated dealers. If the notes priced today, the selling commissions would be approximately $1.10 per $1,000 principal amount note and in no event will these selling commissions exceed $2.00 per $1,000 principal amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.

*The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.*

![](image_001.jpg)

**Additional Terms Specific to the Notes**

**You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.**

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these notes are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Product supplement no. 1-I dated April 13, 2023: <br> [http://www.sec.gov/Archives/edgar/data/1665650/000121390023029554/ea152829_424b2.pdf](http://www.sec.gov/Archives/edgar/data/1665650/000121390023029554/ea152829_424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus supplement and prospectus, each dated April 13,
2023: <br> [http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus addendum dated June 3,
2024: <br> [http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)

Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.'s CIK is 19617. As used in this pricing supplement, "we," "us" and "our" refer to JPMorgan Financial.

**Additional Key Terms**

---

| | |
|:---|:---|
| Business Day: | &nbsp;&nbsp;Any day other than a day on which banking institutions in the City of New York are authorized or required by law, regulation or executive order to close or a day on which transactions in U.S. dollars are not conducted. |
| Business Day Convention: | &nbsp;&nbsp;Following |
| Interest Accrual Convention: | &nbsp;&nbsp;Unadjusted |
| Day Count Convention: | &nbsp;&nbsp;30/360 |
| CUSIP: | &nbsp;&nbsp;48136JK37 |

---

**Selected Purchase Considerations**

· **PRESERVATION OF CAPITAL AT MATURITY —** Regardless
of the year-over-year change in the CPI, we will pay you at least the principal amount of your notes if you hold the notes to maturity. **Because the notes are our unsecured and unsubordinated obligations, the payment of which is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to our ability to pay our obligations as they become due and JPMorgan Chase & Co.'s ability to pay its obligations as they become due.** 

· **PERIODIC INTEREST PAYMENTS** — The notes offer
periodic interest payments on each Interest Payment Date. With respect to the Initial Interest Periods, your notes will pay an annual
interest rate equal to the Initial Interest Rate, and for the applicable Interest Periods thereafter, your notes will pay an interest
rate per annum equal to the CPI Rate as determined on the applicable Determination Date *plus* the Spread, *provided* that this
rate will not be less than the Minimum Interest Rate. The yield on the notes may be less than the overall return you would receive from
a conventional debt security that you could purchase today with the same maturity as the notes.

· **POTENTIAL INFLATION PROTECTION —** For each Interest
Period after the Initial Interest Periods, the Interest Rate on the notes will be a rate per annum equal to the CPI Rate as determined
on the applicable Determination Date *plus* the Spread, *provided* that this rate will not be less than the Minimum Interest
Rate. In no event will the Interest Rate for any Interest Period be less than the Minimum Interest Rate. However, an investment in the
notes may not fully offset any inflation actually experienced by any holder of the notes.

· **TAX TREATMENT** — You should review carefully the
section entitled "Material U.S. Federal Income Tax Consequences" in this pricing supplement and the section entitled "Material
U.S. Federal Income Tax Consequences" in the accompanying product supplement and consult your tax adviser regarding the U.S. federal
income tax consequences of an investment in the notes.

**Selected Risk Considerations**

An investment in the notes involves significant risks. These risks are explained in more detail in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum.

<br> JPMorgan Structured Investments — PS- 1 <br> Floating Rate Notes Linked to the Consumer Price Index

**Risks Relating to the Notes Generally**

· **THE NOTES ARE NOT ORDINARY DEBT SECURITIES BECAUSE, OTHER THAN DURING THE INITIAL INTEREST PERIODS, THE INTEREST RATE ON THE NOTES IS A FLOATING RATE AND MAY BE EQUAL TO THE MINIMUM INTEREST RATE** — With respect to the Initial Interest Periods, your notes will pay a rate equal to the Initial Interest Rate, and for the applicable
Interest Periods thereafter, your notes will pay a rate per annum equal to the CPI Rate as determined on the applicable Determination
Date (which is based on the year-over-year change in the level of the CPI) *plus* the Spread of 1.20%, *provided* that this
rate will not be less than the Minimum Interest Rate. If the CPI for the same month in successive years does not increase, which is likely
to occur when there is little or no inflation, you will receive an interest payment for the applicable Interest Period (other than the
Initial Interest Periods) with an Interest Rate that is less than or equal to the Spread. If the CPI for the same month in successive
years decreases, which is likely to occur when there is deflation, you will receive an interest payment for the applicable Interest Period
(other than the Initial Interest Periods) with an Interest Rate that is less than the Spread. If the Interest Rate for an Interest Period
after the Initial Interest Periods is equal to the Minimum Interest Rate, which will occur if the CPI Rate on the applicable Determination
Date is less than or equal to -1.20% per annum, no interest will be payable with respect to that Interest Period. Accordingly, if
the CPI Rate on the Determination Dates for some or all of the Interest Periods after the Initial Interest Periods is less than or equal
to -1.20% per annum, you may not receive any interest payments for an extended period over the term of the notes.

· **AFTER THE INITIAL INTEREST PERIODS, THE INTEREST RATE ON THE NOTES IS BASED ON THE CPI RATE** — The amount of interest, if any, payable on the notes will depend on a number of factors
that could affect the levels of the CPI Rate, and in turn, could affect the value of the notes. These factors include (but are not limited
to) the expected volatility of the CPI Rate, interest and yield rates in the market generally, the performance of capital markets, monetary
policies, fiscal policies, regulatory or judicial events, inflation, general economic conditions and public expectations with respect
to such factors. These and other factors may have a negative impact on the CPI Rate and on the value of the notes in the secondary market.
The effect that any single factor may have on the CPI Rate may be partially offset by other factors. We cannot predict the factors that
may cause the CPI Rate, and consequently the Interest Rate for an Interest Period (other than an Initial Interest Period), to increase
or decrease. A decrease in the CPI Rate will result in a reduction of the applicable Interest Rate used to calculate the Interest for
any Interest Period (after the Initial Interest Periods).

· **FLOATING RATE NOTES DIFFER FROM FIXED RATE NOTES** —
After the Initial Interest Periods, the rate of interest on your notes will be variable and determined based on the CPI Rate *plus* the Spread, *provided* that this rate will not be less than the Minimum Interest Rate, which may be less than returns otherwise payable
on notes issued by us with similar maturities. You should consider, among other things, the overall potential annual percentage rate of
interest to maturity of the notes as compared to other investment alternatives.

· **CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO.** — The notes are subject to our and JPMorgan Chase & Co.'s credit risks, and our and JPMorgan Chase & Co.'s
credit ratings and credit spreads may adversely affect the market value of the notes. 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, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS —** As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations 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 JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from
JPMorgan Chase & Co. to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase & Co. and
in a bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in
respect of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make payments on
the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank *pari passu* with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more information, see the accompanying
prospectus addendum.

· **LACK** **OF LIQUIDITY** — The notes will not be listed on any
securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is
a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not
likely to make a secondary market for the notes, 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.

**Risks Relating to Conflicts of Interest**

· **POTENTIAL CONFLICTS** — We and our affiliates play
a variety of roles in connection with the issuance of the notes, including acting as calculation agent and as an agent of the offering
of the notes and hedging our obligations under the notes. In performing these duties, our and JPMorgan Chase & Co.'s economic
interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as
an investor in the notes. In addition, our and JPMorgan Chase & Co.'s business activities, including hedging and trading activities
for our and JPMorgan Chase & Co.'s own accounts or on behalf of customers, could cause our and JPMorgan Chase & Co.'s
economic interests to be adverse to yours and could adversely affect any payment on the notes and the value of the notes. It is possible
that hedging or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or
our affiliates while the value of the notes declines. Please refer to "Risk Factors — Risks Relating to Conflicts of Interest"
in the accompanying product supplement for additional information about these risks.

**Risks Relating to Secondary Market Prices of the Notes**

· **CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY THE VALUE OF THE NOTES PRIOR TO MATURITY —** While the payment at maturity described
in this pricing supplement is based on the full principal amount of your notes, the original issue price of the notes includes the agent's
commission and the estimated cost

<br> JPMorgan Structured Investments — PS- 2 <br> Floating Rate Notes Linked to the Consumer Price Index

of hedging our obligations under the notes through one or more of our affiliates. As a result, the price, if any, at which JPMS will be willing to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price and any sale prior to the Maturity Date could result in a substantial loss to you. This secondary market price will also be affected by a number of factors aside from the agent's commission and hedging costs, including those referred to under "— Many Economic and Market Factors Will Impact the Value of the Notes" below.

The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

· **MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES** — In addition
to the level of the CPI on any day, the value of the notes will be affected by a number of economic and market factors that may either
offset or magnify each other, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
actual or potential change in our creditworthiness or credit spreads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
actual and expected volatility of the CPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
time to maturity of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest
and yield rates in the market generally, as well as the volatility of those rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fluctuations
in the prices of various consumer goods and energy resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· inflation
and expectations concerning inflation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
variety of economic, financial, political, regulatory or judicial events.

**Risks Relating to the CPI Rate**

· **THE CPI AND THE WAY THE BLS CALCULATES THE CPI MAY CHANGE IN THE FUTURE, AND, IN THE EVENT THE BLS DOES NOT PUBLISH THE CPI FOR A PARTICULAR MONTH, THE CALCULATION AGENT WILL DETERMINE THE CPI FOR SUCH MONTH —** There can be no assurance that the BLS will not change
the method by which it calculates the CPI or that the CPI will be published each month. In addition, changes in the way the CPI is calculated
could reduce the level of the CPI and lower the interest payable with respect to the notes after the Initial Interest Periods. Accordingly,
the amount of interest payable on the notes after the Initial Interest Periods, and therefore the value of the notes, may be significantly
reduced. If the CPI is not published, discontinued or substantially altered, a successor index may be employed to calculate the interest
payable on the notes after the Initial Interest Periods and that substitution may adversely affect the value of the notes. In certain
circumstances, including as a result of government shutdowns or other disruptions, the CPI for a particular month may not be published
by the BLS. If the CPI for any relevant month is not published by the BLS, the calculation agent will determine the CPI for that month
in its sole discretion, taking into account all available information that it considers relevant. The CPI level determined by the calculation
agent in these circumstances may differ from the CPI level that would have been reported had publication occurred as scheduled, or from
any CPI level that may be published subsequently. Any such determination by the calculation agent could adversely affect the return on
and value of the notes.

· **THE INTEREST RATE ON THE NOTES AFTER THE INITIAL INTEREST PERIODS MAY NOT REFLECT ACTUAL LEVELS OF INFLATION AFFECTING HOLDERS OF THE NOTES** — The CPI is just one measure of inflation and may not reflect the actual levels of inflation affecting holders of the notes. Further,
the CPI Rate for any Interest Period after the Initial Interest Periods is based on the lagging percentage change in the level of the
CPI over a specified period. Accordingly, an investment in the notes may not fully offset any inflation actually experienced by any holder
of the notes.

<br> JPMorgan Structured Investments — PS- 3 <br> Floating Rate Notes Linked to the Consumer Price Index

**Hypothetical Interest Rates Based on Historical CPI Levels**

Provided below are historical levels of the CPI from January 2015 to January 2026. Also provided below are the hypothetical Interest Rates for a hypothetical Interest Period (that is not an Initial Interest Period) ending in the calendar months from January 2017 to April 2026 that would have resulted from the year-over-year change in the historical levels of the CPI presented below *plus* the Spread, subject to the Minimum Interest Rate. We obtained the historical information included below from Bloomberg, without independent verification.

The historical levels of the CPI should not be taken as an indication of future levels of the CPI, and no assurance can be given as to the level of the CPI for any reference month. The hypothetical Interest Rates for a hypothetical Interest Period that is not an Initial Interest Period set forth below are intended to illustrate the effect of general trends in the CPI on the amount of interest payable to you on the notes after the Initial Interest Periods and assume that the change in the CPI will be measured on a year-over-year basis. However, the CPI may not increase or decrease over the term of the notes in accordance with any of the trends depicted by the historical information in the table below, and the size and frequency of any fluctuations in the CPI level over the term of the notes, which we refer to as the volatility of the CPI, may be significantly different than the historical volatility of the CPI. Additionally, for ease of presentation, the hypothetical Interest Rates set forth below have only been calculated to the third decimal point and rounded to the nearest second decimal point, which is different from the rounding convention applicable to the notes. As a result, the hypothetical Interest Rates depicted in the table below should not be taken as an indication of the actual Interest Rates that will be payable with regard to the Interest Periods after the Initial Interest Periods over the term of the notes.

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| Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Historical Levels of CPI | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* | Hypothetical Interest Rates Payable\* |
|  | **<u>2015</u>** | **<u>2016</u>** | **<u>2017</u>** | **<u>2018</u>** | **<u>2019</u>** | **<u>2020</u>** | **<u>2021</u>** | **<u>2022</u>** | **<u>2023</u>** | **<u>2024</u>** | **<u>2025</u>** | **<u>2026</u>** | **<u>2017</u>** | **<u>2018</u>** | **<u>2019</u>** | **<u>2020</u>** | **<u>2021</u>** | **<u>2022</u>** | **<u>2023</u>** | **<u>2024</u>** | **<u>2025</u>** | **<u>2026</u>** |
| **January** | 233.707 | 236.916 | 242.839 | 247.867 | 251.712 | 257.971 | 261.582 | 281.148 | 299.170 | 308.417 | 317.671 | 325.252 | 2.836% | 3.241% | 3.722% | 2.964% | 2.382% | 7.422% | 8.945% | 4.441% | 3.798% | **N/A\*\*** |
| **February** | 234.722 | 237.111 | 243.603 | 248.991 | 252.776 | 258.678 | 263.014 | 283.716 | 300.840 | 310.326 | 319.082 |  | 2.893% | 3.403% | 3.377% | 3.251% | 2.375% | 8.009% | 8.310% | 4.337% | 3.949% | 3.935% |
| **March** | 236.119 | 238.132 | 243.801 | 249.554 | 254.202 | 258.115 | 264.877 | 287.504 | 301.836 | 312.332 | 319.799 |  | 3.275% | 3.309% | 3.110% | 3.485% | 2.562% | 8.236% | 7.654% | 4.552% | 4.088% | 3.877% |
| **April** | 236.599 | 239.261 | 244.524 | 250.546 | 255.548 | 256.389 | 267.054 | 289.109 | 303.363 | 313.548 | 320.795 |  | 3.700% | 3.271% | 2.751% | 3.687% | 2.600% | 8.680% | 7.610% | 4.291% | 4.200% | 3.586% |
| **May** | 237.805 | 240.229 | 244.733 | 251.588 | 256.092 | 256.394 | 269.195 | 292.296 | 304.127 | 314.069 | 321.465 |  | 3.938% | 3.412% | 2.720% | 3.535% | 2.876% | 9.071% | 7.236% | 4.353% | 4.022% |  |
| **June** | 238.638 | 241.018 | 244.955 | 251.989 | 256.143 | 257.797 | 271.696 | 296.311 | 305.109 | 314.175 | 322.561 |  | 3.581% | 3.560% | 3.063% | 2.739% | 3.820% | 9.742% | 6.185% | 4.677% | 3.591% |  |
| **July** | 238.654 | 240.628 | 244.786 | 252.006 | 256.571 | 259.101 | 273.003 | 296.276 | 305.691 | 314.540 | 323.048 |  | 3.400% | 3.663% | 3.196% | 1.529% | 5.360% | 9.459% | 6.130% | 4.557% | 3.511% |  |
| **August** | 238.316 | 240.849 | 245.519 | 252.146 | 256.558 | 259.918 | 273.567 | 296.171 | 307.026 | 314.796 | 323.976 |  | 3.075% | 4.001% | 2.990% | 1.318% | 6.193% | 9.782% | 5.248% | 4.469% | 3.555% |  |
| **September** | 237.945 | 241.428 | 246.819 | 252.439 | 256.759 | 260.280 | 274.310 | 296.808 | 307.789 | 315.301 | 324.800 |  | 2.833% | 4.072% | 2.848% | 1.846% | 6.591% | 10.260% | 4.169% | 4.171% | 3.869% |  |
| **October** | 237.838 | 241.729 | 246.663 | 252.885 | 257.346 | 260.388 | 276.589 | 298.012 | 307.671 | 315.664 | **N/A\*\*** |  | 2.928% | 4.150% | 3.011% | 2.186% | 6.565% | 9.725% | 4.378% | 4.095% | 3.905% |  |
| **November** | 237.336 | 241.353 | 246.669 | 252.038 | 257.208 | 260.229 | 277.948 | 297.711 | 307.051 | 315.493 | 324.122 |  | 3.139% | 3.899% | 2.950% | 2.510% | 6.451% | 9.463% | 4.865% | 3.731% | 4.116% |  |
| **December** | 236.525 | 241.432 | 246.524 | 251.233 | 256.974 | 260.474 | 278.802 | 296.797 | 306.746 | 315.605 | 324.054 |  | 3.433% | 3.477% | 2.911% | 2.571% | 6.590% | 9.402% | 4.900% | 3.641% | 4.213% |  |

---

\*The Interest Rate cannot be less than the Minimum Interest Rate of 0.00% per annum with respect to years 2 to 5.

\*\*Due to the 2025 federal government shutdown, there was no CPI data release for October 2025 and correspondingly the Hypothetical Interest Rate Payable for January 2026 cannot be calculated with the approach below.

**Hypothetical Example of Calculation of the CPI Rate** 

The following example illustrates how the CPI Rate is calculated for a particular Interest Period after the Initial Interest Periods. The hypothetical CPI Rate in the following example is for illustrative purposes only and may not correspond to the actual CPI Rate for any Interest Period after the Initial Interest Periods applicable to a purchaser of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

On the Determination Date occurring on the Determination Date occurring in February 2026, the relevant CPI Rate is calculated based on the percent change in the CPI for the one-year period from December 2024 (315.605) to December 2025 (324.054) as follows:

![](image_003.jpg)

The Determination Date of February 2026 used in the example above is for illustrative purposes only and does not correspond to any actual Determination Date for any Interest Period after the Initial Interest Periods, which begin on and include the Original Issue Date and end on but exclude February 27, 2027.

<br> JPMorgan Structured Investments — PS- 4 <br> Floating Rate Notes Linked to the Consumer Price Index

**Hypothetical Interest Rate for an Interest Period (Other Than an Initial Interest Period)**

The following table illustrates the Interest Rate determination for an Interest Period (other than an Initial Interest Period) for a hypothetical range of performance of the CPI Rate and reflects the Minimum Interest Rate set forth on the cover of this pricing supplement. The hypothetical CPI Rate and interest payments set forth in the following examples are for illustrative purposes only and may not be the actual CPI Rate or interest payment applicable to a purchaser of the notes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Hypothetical CPI Rate |  | &nbsp;&nbsp;Spread |  | &nbsp;&nbsp;Hypothetical Interest Rate for<br> Years 2 to 5\* |
| 9.00% | + | 1.20% | = | 10.20% |
| 8.00% | + | 1.20% | = | 9.20% |
| 7.00% | + | 1.20% | = | 8.20% |
| 6.00% | + | 1.20% | = | 7.20% |
| 5.00% | + | 1.20% | = | 6.20% |
| 4.00% | + | 1.20% | = | 5.20% |
| 3.00% | + | 1.20% | = | 4.20% |
| 2.00% | + | 1.20% | = | 3.20% |
| 1.50% | + | 1.20% | = | 2.70% |
| 1.00% | + | 1.20% | = | 2.20% |
| 0.50% | + | 1.20% | = | 1.70% |
| 0.00% | + | 1.20% | = | 1.20% |
| -0.50% | + | 1.20% | = | 0.70% |
| -1.00% | + | 1.20% | = | 0.20%\* |
| -1.20% | + | 1.20% | = | 0.00%\* |
| -2.00% | + | 1.20% | = | 0.00%\* |
| -3.00% | + | 1.20% | = | 0.00%\* |

---

\*The Interest Rate cannot be less than the Minimum Interest Rate of 0.00% per annum.

**Hypothetical Examples of Interest Rate Calculation for an Interest Period (Other Than an Initial Interest Period)**

The following examples illustrate how the hypothetical Interest Rate is calculated for a particular Interest Period occurring after the Initial Interest Periods and assume that that the Day Count Fraction for the applicable Interest Period is equal to 30/360. The actual Day Count Fraction for an Interest Period will be calculated in the manner set forth in the accompanying product supplement. The hypothetical Interest Rates in the following examples are for illustrative purposes only and may not correspond to the actual Interest Rate for any Interest Period applicable to a purchaser of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

**Example 1: After the Initial Interest Periods, with respect to a particular Interest Period, the CPI Rate is 1.00% on the applicable Determination Date.** The Interest Rate applicable to this Interest Period is 2.20% per annum.

The corresponding interest payment per $1,000 principal amount note is calculated as follows:

$1,000 × (1.00% + 1.20%) × (30/360) = $1.8333

**Example 2: After the Initial Interest Periods, with respect to a particular Interest Period, the CPI Rate is -2.00% on the applicable Determination Date.** Because the CPI Rate of -2.00% *plus* 1.20% is less than the Minimum Interest Rate of 0.00% per annum, the Interest Rate applicable to this Interest Period is 0.00% per annum and no interest is payable with respect to this Interest Period.

The hypothetical payments on the notes shown above apply **only if you hold the notes for their entire term**. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical payments shown above would likely be lower.

<br> JPMorgan Structured Investments — PS- 5 <br> Floating Rate Notes Linked to the Consumer Price Index

**What Is the Consumer Price Index?**

The Consumer Price Index for purposes of the notes is the non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers ("CPI"), reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor ("BLS") and published on Bloomberg screen CPURNSA or any successor source, as determined by the calculation agent in accordance with the procedures set forth under "The Underlyings — Base Rates — CPI Rate" in the accompanying product supplement. The CPI for a particular month is published during the following month.

The CPI is a measure of the average change in consumer prices over time for a fixed market basket of goods and services, including food and beverages, housing, apparel, transportation, medical care, recreation, and education and communication, and other goods and services. In calculating the CPI, price changes for the various items are averaged together with weights that represent their importance in the spending of urban households in the United States. The contents of the market basket of goods and services and the weights assigned to the various items are updated periodically by the BLS to take into account changes in consumer expenditure patterns. The CPI is expressed in relative terms in relation to a time base reference period for which the level is set at 100.0. The base reference period for these notes is the 1982-1984 average.

**Historical Information**

The following graph sets forth the monthly historical performance of the year-over-year change in the CPI from January 2021 through January 2025.\* We obtained the rates used to construct the graph below from Bloomberg, without independent verification. The rates displayed below do not reflect the Spread.

The year-over-year change in the CPI for the month of January 2026 (as compared to January 2025) was 2.40% based on Bloomberg page "CPI YOY." The actual CPI Rate for any Determination Date will be determined in the manner described in "Key Terms — CPI Rate" in this pricing supplement and not by reference to the Bloomberg page "CPI YOY."

The historical year-over-year change in CPI should not be taken as an indication of future results, and no assurance can be given as to the CPI Rate on any Determination Date. There can be no assurance that the performance of the CPI Rate will result in an Interest Rate for any Interest Period (after the Initial Interest Periods) that is greater than the Minimum Interest Rate.

![](image_002.jpg)

\* Due to the 2025 federal government shutdown, there was no CPI data release for October 2025.

<br> JPMorgan Structured Investments — PS- 6 <br> Floating Rate Notes Linked to the Consumer Price Index

**Tax Treatment** 

There is uncertainty regarding the U.S. federal income tax consequences of an investment in the notes due to the lack of governing authority. You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences," and in particular the subsection thereof entitled "— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year— Notes Treated as Variable Rate Debt Instruments" and "— Notes Treated as Contingent Payment Debt Instruments" in the accompanying product supplement no. 1-I.

It is unclear whether the notes should be treated for U.S. federal income tax purposes as "variable rate debt instruments" that pay a single variable rate, as described in the subsection of the accompanying product supplement entitled "— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year— Notes Treated as Variable Rate Debt Instruments" ("Single Rate VRDIs"), or "contingent payment debt instruments," as described in the subsection of the accompanying product supplement entitled "— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year— Notes Treated as Contingent Payment Debt Instruments" ("CPDIs"). We will determine how we intend to treat the notes based on market conditions as of the pricing date, and the final pricing supplement will give further information on this issue.

If the notes are treated as Single Rate VRDIs, as described in the accompanying product supplement, interest would be taxable to you as ordinary interest income at the time it is accrued or received, in accordance with your method of tax accounting. Upon a sale, exchange or retirement of Single Rate VRDIs, you generally would recognize capital gain or loss equal to the difference between the amount realized on the sale, exchange or retirement (other than amounts attributable to accrued interest, which would be taxed as described above) and your tax basis in the Single Rate VRDIs that are sold, exchanged or retired. The deductibility of capital losses is subject to limitations. You should consult your tax adviser concerning the application of these rules.

If the notes are treated as CPDIs, as discussed in the accompanying product supplement, unlike a traditional debt instrument that provides for periodic payments of interest at a single fixed rate, with respect to which a cash-method investor generally recognizes income only upon receipt of stated interest, you generally will be required to accrue original issue discount ("OID") on your notes in each taxable year at the "comparable yield," as determined by us, subject to certain adjustments to reflect the difference between the actual and "projected" amounts of any payments you receive during the year, with the result that your taxable income in any year may differ significantly from the interest payments, if any, you receive in that year. Upon sale or exchange (including at maturity) of a CPDI, you will recognize taxable income or loss equal to the difference between the amount received from the sale or exchange and your adjusted basis in the CPDI, which generally will equal the cost thereof, increased by the amount of OID you have accrued in respect of the note (determined without regard to any of the adjustments described above), and decreased by the amount of any projected payments in respect of the CPDI through the date of the sale or exchange. You generally must treat any income as interest income and any loss as ordinary loss to the extent of previous interest inclusions, and the balance as capital loss. The deductibility of capital losses is subject to limitations. You should consult your tax adviser concerning the application of these rules. Purchasers who are not initial purchasers of CPDIs at their issue price should consult their tax advisers with respect to the tax consequences of an investment in CPDIs, including the treatment of the difference, if any, between the basis in their CPDIs and the CPDIs' adjusted issue price.

The discussions herein and in the accompanying product supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Code.

The discussions in the preceding paragraphs, when read in combination with the section entitled "Material U.S. Federal Income Tax Consequences" (and in particular the subsection thereof entitled "— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year) in the accompanying product supplement, to the extent they reflect statements of law, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal income tax consequences of owning and disposing of the notes.

**Comparable Yield and Projected Payment Schedule** 

If we treat the notes as CPDIs, we will determine the comparable yield for the notes and will provide that comparable yield and the related projected payment schedule (or information about how to obtain them) in the pricing supplement for the notes, which we will file with the SEC. The comparable yield for the notes will be determined based upon a variety of factors, including actual market conditions and our borrowing costs for debt instruments of comparable maturities at the time of issuance. **The comparable yield and projected payment schedule are determined solely to calculate the amount on which you will be taxed with respect to the notes in each year and are neither a prediction nor a guarantee of what the actual yield will be.**

<br> JPMorgan Structured Investments — PS- 6 <br> Floating Rate Notes Linked to the Consumer Price Index