摩根大通美股招股说明书(2025-11-05版)

Step-Up Auto Callable Notes Linked tothe S&P®Global 100PR 5% Daily Risk Control 0.5% Deduction Index (USD) ERdueNovember30, 2032 Fully and UnconditionallyGuaranteedbyJPMorgan Chase &Co. •The notes aredesigned for investors whoseek early exitprior to maturityat apremium if,on any Review Date (otherthan the final Review Date), the closing level oftheS&P®Global100 PR5% Daily Risk Control0.5% Deduction Index(USD) ER, which wereferto as theIndex, isat orabove theCall Value for that Review Date.•The earliestdateon whichanautomatic call may be initiatedis November24, 2026.•The notes are also designedfor investors whoseek uncapped, unleveraged exposure to any appreciationof the Index atmaturity if the notes have notbeenautomatically called.•Investors should be willingto forgo interestanddividend payments, whileseeking full repayment of principal atmaturity.•The notes areunsecuredandunsubordinated obligationsofJPMorgan ChaseFinancial Company 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 JPMorgan Chase & Co., asguarantor of the notes.•Minimum denominationsof $1,000 and integralmultiples thereof•The notes areexpected to price on orabout November24, 2025 and are expectedtosettle on orabout November28,2025.•CUSIP: 48136JZF4 Investing in the notes involves a number ofrisks. See “Risk Factors”beginning onpage S-2 of theaccompanyingprospectus supplement, Annex A to the accompanyingprospectus addendum,“Risk Factors” beginning onpage PS-12of the accompanying product supplement, “Risk Factors” beginning onpage US-3of the accompanying underlyingsupplementand“Selected Risk Considerations”beginning on pagePS-5 of this pricing supplement. Neitherthe Securities and Exchange Commission (the“SEC”) nor anystate securitiescommission has approvedor disapprovedof the notes orpassed upon the accuracyor the adequacy ofthis pricing supplement or theaccompanyingproduct supplement,underlyingsupplement, prospectus supplement,prospectusand prospectusaddendum.Any representationto thecontrary is acriminal offense. (1)See“Supplemental Use ofProceeds”in this pricingsupplementfor information aboutthecomponents ofthe priceto public of thenotes. (2) J.P. MorganSecurities LLC, which we refertoas JPMS,acting as agentforJPMorganFinancial, will payallofthesellingcommissions it receives fromustootheraffiliatedorunaffiliated dealers. Inno event willthesesellingcommissions exceed$42.75per$1,000 principalamountnote.See “Planof Distribution(Conflicts ofInterest)” intheaccompanying productsupplement. If the notes priced today, the estimated value of thenotes would beapproximately $913.50 per $1,000 principalamountnote. The estimated valueof the notes,whenthe termsof the notes are set,will beprovided in thepricing supplementand will not be less than $900.00per $1,000principal amount note.See“The Estimated Value of the Notes”inthispricing supplement for additional information. The notes arenotbank 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 oftheIndex on any Review Date (other thanthe final Review Date) isgreater thanor equal tothe Call Valuefor that Review Date, the notes will beautomatically called fora cash payment, foreach $1,000 principalamountnote, equalto (a) $1,000plus(b) the CallPremium Amount applicable tothat Review Date, payableon the applicable Call SettlementDate. No further payments will bemade onthenotes. Guarantor:JPMorgan Chase& Co. Index:The S&P®Global 100PR 5% Daily Risk Control 0.5%DeductionIndex (USD) ER (Bloomberg ticker: SPGLR5TE).The level of the Index reflectsa 0.50% per annum deductionand anotional financing cost,in each case, deducteddaily. Call Premium Amount:TheCall Premium Amount withrespect to each Review Dateis set forth below: If thenotes are automaticallycalled, you will not benefit fromthe feature thatprovidesyouwith apositive returnat maturityequalto the Index Return times theParticipation Rate if theFinalValue is greaterthan the Initial Value.Because thisfeaturedoes not apply to thepayment uponanautomaticcall,the paymentupon anautomatic call may besignificantly lessthan the paymentat maturity for thesame level ofappreciationin the Index. •first Review Date:at least 7.75% ×$1,000•second Review Date:atleast15.50% ×$1,000•third Review Date:at least23.25% × $1,000•fourth Review Date:at least31.00% ×$1,000•fifth Review Date:atleast38.75% ×$1,000•sixth Review Date:atleast46.50% ×$1,000(in eachcase, to beprovided in thepricingsupplement) Call Value:TheCallValue foreach Review Dateisset forthbelow: Paymentat Maturity†: If thenotes have not been automatically called,