摩根大通美股招股说明书(2025-11-03版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not anoffer 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 October 31, 2025Pricing supplementRegistration Statement No. 333-270004 Dated November, 2025Rule 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 to Floating Rate Notes due November 10, 2028General ·The notes are unsecured and unsubordinated obligations of JPMorgan Chase&Co.Any payment on the notes is subject to the credit risk of JPMorgan Chase&Co.·The notes are designed for investors who (a) seek (i) periodic interest payments that (1) for the Initial Interest Periods, are fixed at a rate equalto 4.00% per annum, and (2) for each Interest Period (other than the Initial Interest Periods), are linked to a benchmark rate, which will initially beCompounded SOFR, as determined on each Determination Date,plus0.575%,providedthat this rate will not be less than the Minimum InterestRate of 0.00% per annum with respect to the remaining Interest Periods (months 7 to 36), and (ii) the return of their principal amount at maturityand (b) who are also willing to accept 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.On the Maturity Date, we will pay you the principal amount of your notesplusany accrued and unpaid interest,provided Payment at Maturity: that your notes are outstanding and have not previously been called on any Redemption Date.On the 10th Call Feature: calendar day of February, May, August and November of each year, beginning on November 10, 2027 andending on August 10, 2028 (each, a “Redemption Date”), we may redeem your notes, in whole but not in part, at a priceequal to the principal amount being redeemed plus any accrued and unpaid interest, subject to the Business DayConvention and the Interest Accrual Convention described below and in the accompanying product supplement.If weintend to redeem your notes, we will deliver notice to The Depository Trust Company on any business day after theOriginal Issue Date that is at least 5 business days before the applicable Redemption Date.We will pay you interest in arrears on each Interest Payment Date based on the applicable Interest Rate and the Interest: applicable Day Count Fraction, subject to the Interest Accrual Convention described below and in the accompanyingproduct supplement.The Interest Periods beginning on and including the Original Issue Date and ending on but excluding May 10, 2026 Initial Interest Period(s):Initial Interest Rate: 4.00% per annum.For the avoidance of doubt, the Initial Interest Rate is applicable for only the first six months ofthe term of the notes.The period beginning on and including the Original Issue Date and ending on but excluding the first Interest Payment Interest Periods: Date, and each successive period beginning on and including an Interest Payment Date and ending on but excluding thenext succeeding Interest Payment Date, subject to any earlier redemption and the Interest Accrual Convention describedbelow and in the accompanying product supplementInterest on the notes will be payable in arrears on the 10th Interest Payment Dates: calendar day of February, May, August and November of eachyear, beginning on February 10, 2026 to and including the Maturity Date (each, an “Interest Payment Date”), subject toany earlier redemption and the Business Day Convention and the Interest Accrual Convention described below and in theaccompanying product supplement.With respect to each Interest Period, after the Initial Interest Periods, the period from, and including, the second U.S. Observation Periods: Government Securities Business Day immediately preceding the first day in that Interest Period to, but excluding, thesecond U.S. Government Securities Business Day immediately preceding the Interest Payment Date for that InterestPeriod,providedthat if any Interest Period (after the Initial Interest Periods) is adjusted due to the postponement of anInterest Payment Date, the corresponding Observation Period will not be adjusted and will be determined based on thatInterest Period prior to its adjustmentWith respect to each Initial Interest Period, a rate per annum equal to the Initial Interest Rate, and, notwithstanding Interest Rate: anything to the contrary in the accompanying product supplement, with respect to each Interest Period thereafter, a rateper annum equal to the Benchmark Rate with respect to the relevant Observation Period, as determined o