摩根大通美股招股说明书(2025-10-31版)

ReviewNotesLinked to the MerQubeUSTech+ VolAdvantage Index due November 18, 2030 Fully and UnconditionallyGuaranteedby JPMorganChase & Co. •The notes aredesigned for investors whoseek early exitprior to maturityat apremium if,on any Review Date, theclosing level of the MerQubeUS Tech+Vol Advantage Index, which wereferto as the Index, is at or above the CallValue.•The earliestdateon which anautomatic call may be initiated is November16, 2026.•Investors should be willingto forgo interestanddividend payments and bewillingto acceptthe risk oflosing a significantportion orallof theirprincipalamount atmaturity.•The Index is subject to a 6.0%per annum dailydeduction, and the performance of the Invesco QQQ TrustSM,Series 1 (the“QQQ Fund”) is subject toa notional financing cost. Thesedeductions will offset any appreciationof the components ofthe Index,will heighten any depreciationof those components andwill generally be a dragon the performance of the Index. The Indexwilltrail theperformance of an identical indexwithout suchdeductions. See“Selected Risk Considerations —Risks Relating to the Notes Generally—The Level oftheIndex Will Include a 6.0%per Annum Daily Deduction” and “Selected Risk Considerations —Risks Relating tothe Notes Generally—The Level ofthe IndexWill Include the Deductionof a Notional Financing Cost” in thispricing supplement.•The notes areunsecuredandunsubordinated obligationsofJPMorgan Chase FinancialCompany LLC, which we refertoas JPMorgan Financial,thepayment on which is fully and unconditionallyguaranteed by JPMorgan Chase & Co.Anypayment on the notes issubject to the credit riskof JPMorgan Financial, as issuer ofthe notes, and thecreditrisk of JPMorganChase & Co., asguarantor of the notes.•Minimum denominationsof $1,000 and integralmultiplesthereof•The notes areexpected to price on orabout November13, 2025 and are expectedtosettle on orabout November 17,2025.•CUSIP: 48136JTV6 Investingin the notes involves a number ofrisks. See “Risk Factors”beginning onpage S-2 of theaccompanyingprospectus supplement, Annex A to theaccompanyingprospectus addendum, “Risk Factors” beginning onpage PS-11of the accompanying product supplement, “Risk Factors” beginning onpage US-4of the accompanying underlyingsupplementand“Selected Risk Considerations” beginningon pagePS-6of this pricing supplement. Neitherthe Securities and Exchange Commission (the “SEC”) nor anystate securitiescommission has approved or disapprovedof thenotes orpassed upon the accuracyor the adequacy ofthis pricing supplement or theaccompanying product supplement,underlyingsupplement, prospectus supplement,prospectusand prospectusaddendum. Any representation to thecontrary is acriminal offense. (1)See“Supplemental Use ofProceeds”in thispricingsupplementfor information aboutthecomponentsofthepriceto public of thenotes. (2)J.P.MorganSecurities LLC, which we refer toasJPMS, acting as agentforJPMorganFinancial, will payallof thesellingcommissions it receives fromus toother affiliated or unaffiliated dealers. Inno event willthesesellingcommissions exceed$50.00per$1,000 principalamountnote.See “Planof Distribution (ConflictsofInterest)” intheaccompanying productsupplement. If the notes priced today, theestimated valueof thenotes would beapproximately $898.50per $1,000principalamountnote. The estimated valueof the notes,whenthe termsof the notes are set,will beprovidedin thepricing supplementand will not be less than$880.00 per $1,000principal amount note. See“The Estimated Value of the Notes”in thispricing supplement for additional information. The notes arenot bank deposits, are notinsured by theFederal DepositInsurance Corporation orany other governmentalagencyand are not obligations of, orguaranteedby,a bank. Key Terms Issuer:JPMorganChase Financial Company LLC,adirect,wholly owned financesubsidiary ofJPMorganChase & Co. Automatic Call: If theclosing level oftheIndexon any Review Date is greater thanor equal to the Call Value, thenotes will beautomatically called fora cash payment, foreach $1,000 principalamountnote, equal to(a) $1,000plus(b) the Call Premium Amount applicable to thatReview Date, payableon the applicable Call SettlementDate. Nofurtherpayments willbemadeon thenotes. Guarantor:JPMorgan Chase & Co. Index:TheMerQube US Tech+ Vol AdvantageIndex (Bloombergticker: MQUSTVA). The levelof theIndex reflects a deduction of6.0% per annum that accruesdaily, and the performance of theQQQ Fund issubject toa notionalfinancingcost that accruesdaily. Paymentat Maturity: Call Premium Amount:TheCall Premium Amount withrespectto each Review Date iscalculated as follows: If thenotes have notbeen automatically called and the FinalValueis greaterthan or equal totheBarrier Amount, you will receive theprincipal amount ofyour notes at maturity. $1,000 × Call Premium Rate × N / 252, where N is equalto 253 +thenumber of Review Dates precedingthat Review Date.For example, for the first Review Date,N=253(equalto253+0), for the second Review D