摩根大通美股招股说明书(2025-11-20版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted. November 2025Pricing SupplementRegistration Statement Nos. 333-270004 and 333-270004-01Dated November, 2025Filed pursuant to Rule 424(b)(2) STRUCTURED INVESTMENTS Opportunities in U.S. Assets Auto-Callable Dual Directional Trigger PLUS Based on the Value of the iSharesBitcoin Trust ETF due December 3, 2027 Auto-Callable Dual Directional Trigger Performance Leveraged Upside Securities Principal at Risk Securities Fully and Unconditionally Guaranteed by JPMorgan Chase&Co.The Auto-Callable Dual Directional Trigger PLUS, or “Trigger PLUS,” will pay no interest and do not guarantee any return of your principal at maturity. If the closing price of one ETF Share on the redemption observation date is greater than or equal to the initial share price, the Trigger PLUS will beautomatically redeemed for a cash payment of at least $1,293.50 per Trigger PLUS, or at least 129.35% of the stated principal amount. If the TriggerPLUS have not been automatically redeemed prior to maturity and the ETF Shares haveappreciatedin price, investors will receive the stated principalamount of their investmentplusleveraged upside performance of the ETF Shares. If the ETF Shares havedepreciatedin price but by no more than25%, investors will receive at maturity the stated principal amount of the Trigger PLUSplusan unleveraged positive return equal to the absolute value ofthe percentage decline. However, if the Trigger PLUS have not been automatically redeemed prior to maturity and the ETF Shares havedepreciatedinprice below the trigger level, at maturity investors will lose the benefit of the absolute return feature and will lose 1% of the stated principal amount forevery 1% of decline in the price of the ETF Shares over the term of the Trigger PLUS. The Trigger PLUS are for investors who are willing to risk theirprincipal and forgo current income in exchange for the possibility of receiving the early redemption payment and, if the Trigger PLUS have not been (1)See “Additional Information about the Trigger PLUS — Supplemental use of proceeds and hedging” in this document for information about the components of the price to public of the Trigger PLUS.(2)JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to Morgan Stanley Smith Barney LLC (“MorganStanley Wealth Management”). In no event will these selling commissions exceed $20.00 per $1,000 stated principal amount Trigger PLUS. See “Plan ofDistribution (Conflicts of Interest)” in the accompanying product supplement. accompanying product supplement or early acceleration in the event of a liquidation event as described under “Supplemental Terms of the Securities —Acceleration Upon a Liquidation Event” and “Risk Factors — Risks Relating to the Securities Generally — We may accelerate your Trigger PLUS in our solediscretion and the calculation agent may adjust their final payment in good faith and in a commercially reasonable manner if a liquidation event occurs” in this If the Trigger PLUS priced today and assuming an early redemption payment equal to the minimum listed above, the estimated value of theTrigger PLUS would be approximately $947.00 per $1,000 stated principal amount Trigger PLUS. The estimated value of the Trigger PLUS onthe pricing date will be provided in the pricing supplement and will not be less than $920.00 per $1,000 stated principal amount Trigger PLUS.See “Additional Information about the Trigger PLUS — The estimated value of the Trigger PLUS” in this document for additional information.Investing in the Trigger PLUS involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying prospectussupplement, Annex A to the accompanying prospectus addendum, “Risk Factors” beginning on page PS-11 of the accompanying product Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the Trigger PLUS or passedupon the accuracy or the adequacy of this document or the accompanying product supplement, prospectus supplement, prospectus and prospectus addendum.Any representation to the contrary is a criminal offense. The Trigger PLUS are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not which can be accessed via the hyperlinks below. Please also see “Additional Information about the Trigger PLUS” at the end of this document.Product supplement no. 4-I dated April 13, 2023:http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdfProspectus supplement and prospectus, each dated April 13, 2023:http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pd