摩根大通美股招股说明书(2026-05-07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 May 6, 2026*Pricing supplementRegistration Statement No. 333-293684 Dated May, 2026Rule 424(b)(2) To prospectus dated April 17, 2026,prospectus supplement dated April 17, 2026 andproduct supplement no. 1-I dated April 17, 2026 Principal Amount at MaturityCallable Zero Coupon Notes due May 22, 2041 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.The notes are designed for investors who seek notes issued at a discount to par, with no periodic interest payments, while seeking full payment ofprincipal ($1,000 per $1,000 principal amount note) at maturity, but who are also willing to accept the risk that the notes will be called prior to theMaturity Date for less than their full principal amount.The original issue price of the notes reflects an implied yield to maturity of 5.75% per annum (compounded annually, using a 360-day yearcomposed of twelve 30-day months).These notes have a long maturity relative to other fixed income products. Longer-dated notes may be riskier than shorter-dated notes. See“Selected Risk Considerations” in this pricing supplement.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 Terms JPMorgan Chase&Co.$432.309 per $1,000 principal amount note$1,000 per $1,000 principal amount noteOn the Maturity Date, we will pay you 100% of the outstanding principal amount of your notes, subject to the InterestAccrual Convention,providedthat your notes are outstanding and have not previously been called on anyRedemption Date. Issuer:Original Issue Price:Principal Amount:Payment at Maturity: Interest:Yield to Maturity:Call Feature: The notes do not pay any interest. 5.75% per annum (compounded annually, using a 360-day year composed of twelve 30-day months)On May 22 of each year, beginning on May 22, 2029 and ending on May 22, 2040 (each, a “Redemption Date”), we may redeem your notes, in whole but not in part, at a price per $1,000 principal amount note equal to the AccretedPrincipal Amount as of the relevant Redemption Date as set forth in “Annex A — Accretion Schedule” to this pricingsupplement, subject to the Business Day Convention and the Interest Accrual Convention described below and in theaccompanying product supplement.If we intend to redeem your notes, we will deliver notice to The Depository TrustCompany on any business day after the Original Issue Date that is at least 5 business days before the applicableRedemption Date. Accreted Principal Amount: As of any date of determination, for each $1,000 principal amount note, the Original Issue Priceplusan additionalamount that accrues on the Original Issue Price from and including the Original Issue Date to but excluding that dateof determination at the Yield to Maturity, compounded annually, using a 360-day year composed of twelve 30-daymonthsMay 20, 2026, subject to the Business Day Convention May 22, 2026, subject to the Business Day Convention (Settlement Date)May 22, 2041, subject to the Business Day ConventionFollowingUnadjusted48130KVZ7 Pricing Date:Original Issue Date:Maturity Date:Business Day Convention:Interest Accrual Convention:CUSIP: 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 passedupon 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) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase&Co., 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 $14.590 per $1,000 principal amount note (3.375%of the price to public) and in no event will these selling commissions exceed $21.615 per $1,000 principal amount note (5.00% of the price to public). See “Plan ofDistribution (Conflicts of Interest)” in the accompanying product suppl