# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-25-107780
**Filing Date:** 2025-11
**Character Count:** 14637
**Document Hash:** 2d126d59bfa512343c7577cce4a5a9d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-107780.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001213900-25-107780

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251107

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Chase Financial Co. LLC
- **CENTRAL INDEX KEY:** 0001665650
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-270004-01
- **FILM NUMBER:** 251464088

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** (212) 270-6000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Chase Financial Co. LLC
- **CENTRAL INDEX KEY:** 0001665650
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** (212) 270-6000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

**JPMorgan Chase Financial Company LLC**

Free Writing Prospectus Filed Pursuant to Rule 433

Registration Statement Nos. 333-270004 and 333-270004-01

Dated November 7, 2025

2y FXI Auto-Callable Dual Directional Buffered PLUS

***This document provides a summary of the terms of the Auto-Callable Dual Directional Buffered PLUS, which we refer to as the Buffered PLUS. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum and the "Risk Considerations" on the following page, prior to making an investment decision.***

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| | |
|:---|:---|
| &nbsp;&nbsp;**SUMMARY TERMS** | &nbsp;&nbsp;**SUMMARY TERMS** |
| &nbsp;&nbsp;**Issuer:** | JPMorgan Chase Financial Company LLC ("JPMorgan Financial") |
| &nbsp;&nbsp;**Guarantor:** | JPMorgan Chase & Co. |
| &nbsp;&nbsp;**ETF Shares:** | Shares of the iShares<sup>®</sup> China Large-Cap ETF (Bloomberg ticker: FXI UP Equity) |
| &nbsp;&nbsp;**Early redemption:** | If, on the redemption observation date, the closing price of one ETF Share is **greater than or equal to** the initial share price, the Buffered PLUS will be automatically redeemed for the early redemption payment on the redemption date. No further payments will be made on the Buffered PLUS once they have been redeemed. In addition, if the Buffered PLUS are automatically redeemed prior to maturity, you will not benefit from the leverage feature that applies to the payment at maturity if the final share price is greater than the initial share price or the absolute return feature that applies to the payment at maturity if the final share price is equal to the initial share price or is less than the initial share price but has decreased from the initial share price by an amount less than or equal to the specified buffer amount. Moreover, if the Buffered PLUS are automatically redeemed, your investment may underperform the ETF Shares, and the early redemption payment may be significantly less than the payment at maturity you would receive for the same level of appreciation of the ETF Shares had the Buffered PLUS not been automatically redeemed and instead remained outstanding until maturity*.* |
| &nbsp;&nbsp;**Early redemption payment:** | At least $1,133.00 per Buffered PLUS. The actual early redemption payment will be provided in the pricing supplement and will not be less than $1,133.00 per Buffered PLUS. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Payment at maturity:** | If the Buffered PLUS have not been automatically redeemed prior to maturity and:<br> · the final share price is *greater than* the initial share price, for each $1,000 stated principal amount Buffered PLUS, $1,000 + leveraged upside payment |
| &nbsp;&nbsp;**Payment at maturity:** | · the final share price is equal to the initial share price or is *less than* the initial share price but has decreased from the initial share price by an amount *less than or equal to* the buffer amount of 10.00%, for each $1,000 stated principal amount Buffered PLUS, $1,000 + ($1,000 × absolute share return) |
| &nbsp;&nbsp;**Payment at maturity:** | *In this scenario, you will receive a 1% positive return on the Buffered PLUS for each 1% negative return on the ETF Shares. In no event will this amount exceed the stated principal amount plus $100.00. Accordingly, the maximum downside payment at maturity is $1,100.00 per Buffered PLUS.* |
| &nbsp;&nbsp;**Payment at maturity:** | · the final share price is *less than* the initial share price and has decreased by an amount *greater than* the buffer amount of 10.00%, for each $1,000 stated principal amount Buffered PLUS, ($1,000 × share performance factor) + $100.00 |
| &nbsp;&nbsp;**Payment at maturity:** | *This amount will be less than the stated principal amount of $1,000 per Buffered PLUS. However, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., under no circumstances will the Buffered PLUS pay less than $100.00 per Buffered PLUS at maturity.* |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Leveraged upside payment:** | $1,000 × leverage factor × share percent change |
| &nbsp;&nbsp;**Share percent change:** | (final share price – initial share price) / initial share price |
| &nbsp;&nbsp;**Absolute share return:** | The absolute value of the share percent change. For example, a -5% share percent change will result in a +5% absolute share return. |
| &nbsp;&nbsp;**Initial share price:** | The closing price of one ETF Share on the pricing date |
| &nbsp;&nbsp;**Final share price:** | The closing price of one ETF Share on the valuation date |
| &nbsp;&nbsp;**Share adjustment factor:** | The share adjustment factor is referenced in determining the closing price of one ETF Share and is set initially at 1.0 on the pricing date. The share adjustment factor is subject to adjustment in the event of certain events affecting the ETF Shares. See "The Underlyings — Funds — Anti-Dilution Adjustments" in the accompanying product supplement. |
| &nbsp;&nbsp;**Buffer amount:** | 10% |
| &nbsp;&nbsp;**Leverage factor:** | 125% |
| &nbsp;&nbsp;**Share performance factor:** | final share price / initial share price |
| &nbsp;&nbsp;**Stated principal amount:** | $1,000 per Buffered PLUS |
| &nbsp;&nbsp;**Issue price:** | $1,000 per Buffered PLUS |
| &nbsp;&nbsp;**Pricing date:** | Expected to be November 21, 2025 |
| &nbsp;&nbsp;**Original issue date (settlement date):** | 3 business days after the pricing date |
| &nbsp;&nbsp;**Redemption observation date<sup>†</sup>:** | November 30, 2026 |
| &nbsp;&nbsp;**Redemption date<sup>†</sup>:** | December 3, 2026 |
| &nbsp;&nbsp;**Valuation date<sup>†</sup>:** | November 22, 2027 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Maturity date<sup>†</sup>:** | November 26, 2027 |
| &nbsp;&nbsp;**CUSIP / ISIN:** | 48136LJL4 / US48136LJL45 |
| &nbsp;&nbsp;**Preliminary pricing supplement:** | [http://www.sec.gov/Archives/edgar/data/<br> 19617/000121390025107639/ea0264627-01_424b2.htm](http://www.sec.gov/Archives/edgar/data/19617/000121390025107639/ea0264627-01_424b2.htm) |

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<sup>†</sup>Subject to postponement

 

The estimated value of the Buffered PLUS on the pricing date will be provided in the pricing supplement and will not be less than $940.00 per $1,000 stated principal amount Buffered PLUS.

For information about the estimated value of the Buffered PLUS, which likely will be lower than the price you paid for the Buffered PLUS, please see the hyperlink above.

Any payment on the Buffered PLUS is subject to the credit risk of JPMorgan Financial, as issuer of the Buffered PLUS, and the credit risk of JPMorgan Chase & Co., as guarantor of the Buffered PLUS.

![](image_001.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Change in ETF Shares** | &nbsp;&nbsp;**Return on the Buffered PLUS\*** |
| &nbsp;&nbsp;50.00% | &nbsp;&nbsp;62.50% |
| &nbsp;&nbsp;40.00% | &nbsp;&nbsp;50.00% |
| &nbsp;&nbsp;30.00% | &nbsp;&nbsp;37.50% |
| &nbsp;&nbsp;20.00% | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;10.00% | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;6.25% |
| &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;-10.00% |
| &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;-20.00% |
| &nbsp;&nbsp;-40.00% | &nbsp;&nbsp;-30.00% |
| &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;-40.00% |
| &nbsp;&nbsp;-60.00% | &nbsp;&nbsp;-50.00% |
| &nbsp;&nbsp;-80.00% | &nbsp;&nbsp;-70.00% |
| &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;-90.00% |

---

**JPMorgan Chase Financial Company LLC**

2y FXI Auto-Callable Dual Directional Buffered PLUS

ETF Shares

For more information about the ETF Shares, including historical performance information, see the accompanying preliminary pricing supplement.

Risk Considerations

The risks identified below are not exhaustive. Please see "Risk Factors" in the accompanying prospectus supplement, product supplement and preliminary pricing supplement and Annex A to the accompanying prospectus addendum for additional information.

Risks Relating to the Buffered PLUS Generally

▪ The Buffered PLUS do not pay interest and, if the Buffered PLUS have not been automatically redeemed
prior to maturity, you could lose up to 90.00% of your principal at maturity.

▪ If the Buffered PLUS are automatically redeemed prior to maturity, the appreciation potential of the
Buffered PLUS is limited to the early redemption payment.

▪ Early redemption risk.

▪ If the Buffered PLUS have not been automatically redeemed prior to maturity, your maximum downside gain
on the Buffered PLUS is limited by the buffer amount.

▪ The Buffered PLUS are subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.,
and any actual or anticipated changes to our or JPMorgan Chase & Co.'s credit ratings or credit spreads may adversely affect
the market value of the Buffered PLUS.

▪ As a finance subsidiary, JPMorgan Financial has no independent operations and has limited assets.

▪ Secondary trading may be limited.

▪ The final terms and estimated valuation of the Buffered PLUS will be provided in the pricing supplement.

▪ The tax consequences of an investment in the Buffered PLUS are uncertain.

Risks Relating to Conflicts of Interest

▪ Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of
the Buffered PLUS and other affiliates of the issuer may be different from those of investors.

▪ Hedging and trading activities by the issuer and its affiliates could potentially affect the value of
the Buffered PLUS.

Risks Relating to the Estimated Value and Secondary Market Prices of the Buffered PLUS

▪ The estimated value of the Buffered
PLUS will be lower than the original issue price (price to public) of the Buffered PLUS .

▪ The estimated value of the Buffered PLUS does not represent future values of the Buffered PLUS and may
differ from others' estimates.

▪ The estimated value of the Buffered PLUS is derived by reference to an internal funding rate.

▪ The value of the Buffered PLUS
as published by J.P. Morgan Securities LLC (and which may be reflected on customer account statements) may be higher than the then-current
estimated value of the Buffered PLUS for a limited time period .

▪ Secondary market prices of the
Buffered PLUS will likely be lower than the original issue price of the Buffered PLUS .

▪ Secondary market prices of the
Buffered PLUS will be impacted by many economic and market factors.

Risks Relating to the ETF Shares

▪ Investing in the Buffered PLUS
is not equivalent to investing in the ETF Shares.

▪ Adjustments to the ETF Shares or the underlying index could adversely affect the value of the Buffered
PLUS.

▪ There are risks associated with the ETF Shares.

▪ The performance and market value of the ETF Shares, particularly during periods of market volatility,
may not correlate with the performance of the underlying index as well as the net asset value per ETF Share.

▪ The Buffered PLUS are subject to risks associated with securities issued by non-U.S. companies.

▪ The Buffered PLUS are subject to currency exchange risk.

▪ The Buffered PLUS entail emerging markets risk.

▪ Recent executive orders may adversely affect the performance of the ETF Shares.

▪ Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment
in the Buffered PLUS.

▪ The anti-dilution protection for the ETF Shares is limited.

Tax Considerations

You should review carefully the discussion in the accompanying preliminary pricing supplement under "Additional Information about the Buffered PLUS — Tax considerations" concerning the U.S. federal income tax consequences of an investment in the Buffered PLUS, and you should consult your tax adviser.

SEC Legend: JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. have filed a registration statement (including a prospectus) with the SEC for any offerings to which these materials relate. Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., any agent or any dealer participating in this offering will arrange to send you the prospectus and each prospectus supplement as well as any product supplement, underlying supplement and preliminary pricing supplement if you so request by calling toll-free 1-866-535-9248.