摩根大通美股招股说明书(2025-12-15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 December 10, 2025. Pricing supplement Registration Statement Nos. 333-270004 and 333-270004-01Dated December, 2025 To prospectus dated April 13, 2023,prospectus supplement dated April 13, 2023,product supplement no. 4-I dated April 13, 2023 andprospectus addendum dated June 3, 2024 JPMorgan Chase Financial Company LLC $Auto Callable Contingent Interest Notes Linked to the Class A Common Stock of StructuredInvestments CrowdStrike Holdings, Inc. due December 31, 2026Fully and Unconditionally Guaranteed by JPMorgan Chase&Co. ●The notes are designed for investors who seek a Contingent Interest Payment if, (1) with respect to any Review Date (other than the final Review Date),the closing price of one share of the Reference Stock or, (2) with respect to the final Review Date, the Final Stock Price is greater than or equal to70.00% of the Initial Stock Price, which we refer to as the Interest Barrier. Investors should be willing to forgo fixed interest and dividend payments, in ●Investors in the notes should be willing to accept the risk of losing some or all of their principal if a Trigger Event (as defined below) has occurred andthe risk that no Contingent Interest Payment may be made with respect to some or all Review Dates. Contingent Interest Payments should not beviewed as periodic interest payments. ●If the closing price of one share of the Reference Stock is greater than or equal to the Interest Barrier on any Review Date, investors will receive, inaddition to the Contingent Interest Payment with respect to that Review Date, any previously unpaid Contingent Interest Payments for prior ReviewDates. Key TermsIssuer: JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase&Co.JPMorgan Chase&Co. Guarantor:Reference Stock: The Class A common stock of CrowdStrike Holdings, Inc., par value $0.0005 per share (Bloomberg Ticker: CRWD). We refer toCrowdStrike Holdings, Inc. as “CrowdStrike Holdings.”Contingent Interest Payments: If the notes have not been automatically called and (1) with respect to any Review Date (other than the final Review Date), the closing price of one share of the Reference Stock on that Review Date or (2) with respect to the final Review Date, the Final StockPrice is greater than or equal to the Interest Barrier, you will receive on the applicable Interest Payment Date for each $1,000 If the Contingent Interest Payment is not paid on any Interest Payment Date, that unpaid Contingent Interest Payment will be paidon a later Interest Payment Date if the closing price of one share of the Reference Stock on the Review Date related to that laterInterest Payment Date is greater than or equal to the Interest Barrier. You will not receive any unpaid Contingent InterestPayments if the closing price of one share of the Reference Stock or the Final Stock Price, as applicable, on each subsequent *The actual Contingent Interest Payment will be provided in the pricing supplement and will not be less than $48.125 per $1,000principal amount note. Interest Barrier / Trigger Level: An amount that represents 70.00% of the Initial Stock PriceAutomatic Call:If, with respect to any Review Date (other than the final Review Date), the closing price of one share of the Reference Stock is greater than or equal tothe Initial Stock Price, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000plus(b) the Contingent Interest Payment applicable to that Review Dateplus(c) anypreviously unpaid Contingent Interest Payments for any prior Review Dates, payable on the applicable Call Settlement Date.Payment at Maturity:If the notes have not been automatically called and a Trigger Event hasnotoccurred, you will receive a cash payment at maturity,for each $1,000 principal amount note, equal to (a) $1,000plus(b) the Contingent Interest Payment applicable to the final Review If the notes have not been automatically called and a Trigger Eventhasoccurred, at maturity you will lose 1% of the principalamount of your notes for every 1% that the Final Stock Price is less than the Initial Stock Price. Under these circumstances, yourpayment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 x Stock Return)If the notes have not been automatically called and a Trigger Event has occurred, you will lose more than 30.00% of the principalamount of your notes at maturity and could lose all of the principal amount of your notes at maturity. A Trigger Event occurs if the Final Stock Price (i.e.,the closing price of one share of the Reference Stock on the Valuation Date) isless than the Trigger Level.