摩根大通美股招股说明书(2025-11-26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 jurisdiction wherethe offer or sale is not permitted. Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-270004 and 333-270004-01 PRICING SUPPLEMENT dated December , 2025(To the Prospectus and Prospectus Supplement, each dated April 13,2023, Product Supplement no. WF-1-I dated April 13, 2023, JPMorgan Chase Financial Company LLC Fully and Unconditionally Guaranteed by JPMorgan Chase & Co. Market Linked Securities — Auto-Callable with Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the EURO STOXX 50®2000®Index and the Nasdaq-100®Technology Sector IndexSM Linked to the lowest performing of the EURO STOXX 50®Index, the Russell 2000® Automatic Call.If the closing level of the lowest performing Index on any call date is greater than or equal to its starting level,the securities will be automatically called for the principal amountplusthe call premium applicable to that call date. The callpremium applicable to each call date will be a percentage of the principal amount that increases for each call date based on a Maturity Payment Amount.If the securities are not automatically called, at maturity, you will receive a maturity paymentamount that could be equal to or less than the principal amount, depending on the closing level of the lowest performing Indexon the final calculation day as follows: If the closing level of the lowest performing Index on the final calculation day is greater than or equal to 75% of itsstarting level (its “threshold level”), you will receive the principal amount. Investors may lose a significant portion or all of the principal amount.Any positive return on the securities will be limited to the applicable call premium, even if the closing level of the lowestperforming Index on the applicable call date significantly exceeds its starting level. You will not participate in any appreciation ofany Index beyond the applicable fixed call premium.Your return on the securities will depend solely on the performance of the lowest performing Index on each call date. You will notbenefit in any way from the performance of the better performing Indices. Therefore, you will be adversely affected if any Indexperforms poorly, even if the other Indices perform favorably.The securities are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as The securities have complex features and investing in the securities involves risks not associated with an investment inconventional debt securities. See “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement,Annex A to the accompanying prospectus addendum, “Risk Factors” beginning on page PS-11 of the accompanying Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved ordisapproved of the securities or passed upon the accuracy or the adequacy of this pricing supplement or theaccompanying product supplement, underlying supplement, prospectus supplement, prospectus and prospectus (1)See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the securities.(2)Wells Fargo Securities, LLC, which we refer to as WFS, acting as agent for JPMorgan Financial, will receive selling commissions from us of up to $25.75 per security. WFS has advised us that it may provide dealers, which may include Wells Fargo Advisors (“WFA”) (the trade name of the retail brokerage business ofWFS’s affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession of $20.00 per security. Inaddition to the concession allowed to WFA, WFS has advised us that it may pay $0.75 per security of the selling commissions to WFA as a distribution expense feefor each security sold by WFA. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.(3)In respect of certain securities sold in this offering, J.P. Morgan Securities LLC, which we refer to as JPMS, may pay a fee of up to $3.00 per security to selected If the securities priced today, the estimated value of the securities would be approximately $953.30 per security. Theestimated value of the securities, when the terms of the securities are set, will be provided in the pricing supplement andwill not be less than $920.00 per security. See “The Estimated Value of the Securities” in this pricing supplement for The securities are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agencyand are not obligations of, or guaranteed by, a bank. Wells Fargo Securities Market Linked Securities—Auto-Callable with Contingent Downside Principal at Risk Securities