摩根大通美股招股说明书(2026-01-29版)

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 itseek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.Subject to completion dated January 28, 2026Pricing supplementRegistration Statement No. 333-270004 Dated February, 2026Rule 424(b)(2) To prospectus dated April 13, 2023, prospectus supplement dated April 13, 2023 andproduct supplement no. 1-I dated April 13, 2023 $ Callable Fixed Rate Notes due February 13, 2034 General The notes are unsecured and unsubordinated obligations of JPMorgan Chase & Co.Any payment on the notes is subject to the credit risk ofJPMorgan Chase & Co.These notes are designed for an investor who seeks a fixed income investment at an interest rate of 4.70% per annum but who is also willing toaccept the risk that the notes will be called prior to the Maturity Date.At our option, we may redeem the notes, in whole but not in part, on any of the Redemption Dates specified below.The notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter. Key TermsIssuer: JPMorgan Chase & Co. Payment at Maturity: On the Maturity Date, we will pay you the principal amount of your notesplusany accrued and unpaid interest,providedthat your notes are outstanding and have not previously been called on any Redemption Date. Call Feature: On the 13thcalendar day of February, May, August and November of each year, beginning on February 13, 2028and ending on November 13, 2033 (each, a “Redemption Date”), we may redeem your notes, in whole but not inpart, at a price equal to the principal amount being redeemedplusany accrued and unpaid interest, subject tothe Business Day Convention and the Interest Accrual Convention described below and in the accompanyingproduct supplement.If we intend to redeem your notes, we will deliver notice to The Depository Trust Companyon any business day after the Original Issue Date that is at least 5 business days before the applicableRedemption Date. Interest: Subject to the Interest Accrual Convention, with respect to each Interest Period, for each $1,000 principal amountnote, we will pay you interest in arrears on each Interest Payment Date in accordance with the following formula:$1,000 × Interest Rate × Day Count Fraction. Interest Periods: The period beginning on and including the Original Issue Date and ending on but excluding the first InterestPayment Date, and each successive period beginning on and including an Interest Payment Date and ending onbut excluding the next succeeding Interest Payment Date or, if the notes are redeemed prior to that succeedingInterest Payment Date, ending on but excluding the applicable Redemption Date, subject to the Interest AccrualConvention described below and in the accompanying product supplement Interest Payment Dates: Interest on the notes will be payable in arrears on February 13 of each year, beginning on February 13, 2027 toand including the Maturity Date (each, an “Interest Payment Date”), subject to any earlier redemption and theBusiness Day Convention and Interest Accrual Convention described below and in the accompanying productsupplement. 4.70% per annum February 11, 2026, subject to the Business Day Convention February 13, 2026, subject to the Business Day Convention (Settlement Date) Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement,“Risk Factors” beginning on page PS-11 of the accompanying product supplement and “Selected Risk Considerations” beginning on pagePS-4 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 and prospectus. Anyrepresentation to the contrary is a criminal offense. (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) With respect to notes sold to eligible institutional investors or fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an investment adviser, the price to the public will not be lower than $980.10 or greater than $1,000 per $1,000 principal amount note.Broker-dealers who purchase the notes for these accounts may forgo some or all selling commissions related to these sales described in footnote (3) below.The per noteprice to the public in the table above assumes a price to the public of $1,000 per $1,000 principal amount note.See “Plan of Distribution (Conflicts ofInterest)” in the accompanying product supplement.(3) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., will pay all o