# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-23-024603
**Filing Date:** 2023-3
**Character Count:** 55658
**Document Hash:** 4831e0c66ddc20d5eefe22104ad5d7d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-024603.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001213900-23-024603

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-236659
- **FILM NUMBER:** 23780528

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122706000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J P MORGAN CHASE & CO
- **DATE OF NAME CHANGE:** 20010102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHASE MANHATTAN CORP /DE/
- **DATE OF NAME CHANGE:** 19960402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEMICAL BANKING CORP
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-236659-01
- **FILM NUMBER:** 23780529

**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

---

| | |
|:---|:---|
| &nbsp;&nbsp; March 28, 2023 | &nbsp;&nbsp; Registration Statement Nos. 333-236659 and 333-236659-01; Rule 424(b)(2)<br> ![image1_48133uu59.png](image1_48133uu59.jpg)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> JPMorgan Chase Financial Company LLC<br> Structured Investments <br> $746,000<br> Uncapped Accelerated Barrier Notes Linked to the <br> Lesser Performing of the iShares<sup>®</sup> MSCI EAFE ETF <br> and the EURO STOXX 50<sup>®</sup> Index due March 31, 2028<br> Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.<br> ●The notes are designed for investors who seek an uncapped return of 1.875 times any appreciation of the lesser performing <br> of the iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index, which we refer to as the Underlyings, at maturity.<br> ●Investors should be willing to forgo interest and dividend payments and be willing to lose some or all of their principal <br> amount at maturity.<br> ●The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as <br> JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. **Any payment** <br> **on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of** <br> **JPMorgan Chase & Co., as guarantor of the notes.**<br> ●Payments on the notes are not linked to a basket composed of the Underlyings. Payments on the notes are linked to the <br> performance of each of the Underlyings individually, as described below.<br> ●Minimum denominations of $1,000 and integral multiples thereof<br> ●The notes priced on March 28, 2023 and are expected to settle on or about March 31, 2023.<br> ●CUSIP: 48133UU59<br>

**Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying** 

**prospectus supplement, "Risk Factors" beginning on page PS-12 of the accompanying product supplement, "Risk Factors"** 

**beginning on page US-3 of the accompanying underlying supplement and "Selected Risk Considerations" beginning on** 

**page PS-3 of this pricing supplement.**

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of

the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,

underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Price to Public (1) | &nbsp;&nbsp; Fees and Commissions (2) | &nbsp;&nbsp; Proceeds to Issuer |
| &nbsp;&nbsp; Per note | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $40.7574 | &nbsp;&nbsp; $959.2426 |
| &nbsp;&nbsp; Total | &nbsp;&nbsp; $746000 | &nbsp;&nbsp; $30405 | &nbsp;&nbsp; $715595 |
| (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. These selling commissions will vary and will be up to $41.25 per $1,000 principal <br> amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. These selling commissions will vary and will be up to $41.25 per $1,000 principal <br> amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. These selling commissions will vary and will be up to $41.25 per $1,000 principal <br> amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. These selling commissions will vary and will be up to $41.25 per $1,000 principal <br> amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. |

---

**The estimated value of the notes, when the terms of the notes were set, was $912.60 per $1,000 principal amount note. See** 

**"The Estimated Value of the Notes" in this pricing supplement for additional information.**

*The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and* 

*are not obligations of, or guaranteed by, a bank.*

Pricing supplement to product supplement no. 4-II dated November 4, 2020, underlying supplement no. 1-II dated November 4, 2020 and the prospectus

and prospectus supplement, each dated April 8, 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Key Terms**

---

| | |
|:---|:---|
| **Issuer:** JPMorgan Chase Financial Company LLC, an <br> indirect, wholly owned finance subsidiary of JPMorgan <br> Chase & Co.<br> **Guarantor:** JPMorgan Chase & Co.<br> **Underlyings:** The EURO STOXX 50<sup>®</sup> Index (Bloomberg <br> ticker: SX5E) (the "Index") and the iShares<sup>®</sup> MSCI EAFE <br> ETF (Bloomberg ticker: EFA) (the "Fund") (each of the Index <br> and the Fund, an "Underlying" and collectively, the <br> "Underlyings")<br> **Upside Leverage Factor:** 1.875<br> **Barrier Amount:** With respect to each Underlying, 70.00% <br> of its Initial Value, which is $48.65 for the Fund and <br> 2,917.747 for the Index<br> **Pricing Date:** March 28, 2023<br> **Original Issue Date (Settlement Date):** On or about March <br> 31, 2023<br> **Observation Date\*:** March 28, 2028<br> **Maturity Date\*:** March 31, 2028<br> \* Subject to postponement in the event of a market <br> disruption event and as described under "General Terms of <br> Notes — Postponement of a Determination Date — Notes <br> Linked to Multiple Underlyings" and "General Terms of Notes <br> — Postponement of a Payment Date" in the accompanying <br> product supplement | **Payment at Maturity:**<br> If the Final Value of each Underlying is greater than its Initial <br> Value, your payment at maturity per $1,000 principal amount <br> note will be calculated as follows:<br> $1,000 + ($1,000 × Lesser Performing Underlying Return × <br> Upside Leverage Factor)<br> If the Final Value of either Underlying is equal to or less than <br> its Initial Value but the Final Value of each Underlying is <br> greater than or equal to its Barrier Amount, you will receive <br> the principal amount of your notes at maturity.<br> If the Final Value of either Underlying is less than its Barrier <br> Amount, your payment at maturity per $1,000 principal <br> amount note will be calculated as follows:<br> $1,000 + ($1,000 × Lesser Performing Underlying Return)<br> *If the Final Value of either Underlying is less than its Barrier* <br> *Amount, you will lose more than 30.00% of your principal* <br> *amount at maturity and could lose all of your principal* <br> *amount at maturity.*<br> **Lesser Performing Underlying:** The Underlying with the <br> Lesser Performing Underlying Return<br> **Lesser Performing Underlying Return:** The lower of the <br> Underlying Returns of the Underlyings<br> **Underlying Return:** With respect to each Underlying,<br> (Final Value – Initial Value)<br> Initial Value<br> **Initial Value:** With respect to each Underlying, the closing <br> value of that Underlying on the Pricing Date, which was <br> $69.50 for the iShares<sup>®</sup> MSCI EAFE ETF and 4,168.21 for <br> the EURO STOXX 50<sup>®</sup> Index<br> **Final Value:** With respect to each Underlying, the closing <br> value of that Underlying on the Observation Date<br> **Share Adjustment Factor:** The Share Adjustment Factor is <br> referenced in determining the closing value of the Fund and <br> is set equal to 1.0 on the Pricing Date. The Share <br> Adjustment Factor is subject to adjustment upon the <br> occurrence of certain events affecting the Fund. See "The <br> Underlyings — Funds — Anti-Dilution Adjustments" in the <br> accompanying product supplement for further information. |

---

---

| | |
|:---|:---|
| PS-1 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Hypothetical Payout Profile**

The following table and graph illustrate the hypothetical total return and payment at maturity on the notes linked to two hypothetical

Underlyings. The "total return" as used in this pricing supplement is the number, expressed as a percentage, that results from comparing

the payment at maturity per $1,000 principal amount note to $1,000. The hypothetical total returns and payments set forth below assume

the following:

● an Initial Value for the Lesser Performing Underlying of 100.00;

● an Upside Leverage Factor of 1.875; and

● a Barrier Amount for the Lesser Performing Underlying of 70.00 (equal to 70.00% of its hypothetical Initial Value).

The hypothetical Initial Value of the Lesser Performing Underlying of 100.00 has been chosen for illustrative purposes only and does not

represent the actual Initial Value of either Underlying. The actual Initial Value of each Underlying is the closing value of that Underlying

on the Pricing Date and is specified under "Key Terms – Initial Value" in this pricing supplement. For historical data regarding the actual

closing values of each Underlying, please see the historical information set forth under "The Underlyings" in this pricing supplement.

Each hypothetical total return or hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the

actual total return or payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and graph

have been rounded for ease of analysis.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Final Value of the Lesser <br> Performing Underlying | &nbsp;&nbsp; Lesser Performing <br> Underlying Return | &nbsp;&nbsp; Total Return on the Notes | &nbsp;&nbsp; Payment at Maturity |
| 180.00 | &nbsp;&nbsp; 80.00% | &nbsp;&nbsp; 150.000% | &nbsp;&nbsp; $2500.00 |
| 170.00 | &nbsp;&nbsp; 70.00% | &nbsp;&nbsp; 131.250% | &nbsp;&nbsp; $2312.50 |
| 160.00 | &nbsp;&nbsp; 60.00% | &nbsp;&nbsp; 112.500% | &nbsp;&nbsp; $2125.00 |
| 150.00 | &nbsp;&nbsp; 50.00% | &nbsp;&nbsp; 93.750% | &nbsp;&nbsp; $1937.50 |
| 140.00 | &nbsp;&nbsp; 40.00% | &nbsp;&nbsp; 75.000% | &nbsp;&nbsp; $1750.00 |
| 130.00 | &nbsp;&nbsp; 30.00% | &nbsp;&nbsp; 56.250% | &nbsp;&nbsp; $1562.50 |
| 120.00 | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; 37.500% | &nbsp;&nbsp; $1375.00 |
| 110.00 | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 18.750% | &nbsp;&nbsp; $1187.50 |
| 105.00 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; $1093.75 |
| 101.00 | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; $1018.75 |
| &nbsp;&nbsp; 100.00 | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; $1000.00 |
| 95.00 | &nbsp;&nbsp; -5.00% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; $1000.00 |
| 90.00 | &nbsp;&nbsp; -10.00% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; $1000.00 |
| 80.00 | &nbsp;&nbsp; -20.00% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; $1000.00 |
| 70.00 | &nbsp;&nbsp; -30.00% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; $1000.00 |
| 69.99 | &nbsp;&nbsp; -30.01% | &nbsp;&nbsp; -30.010% | &nbsp;&nbsp; $699.90 |
| 60.00 | &nbsp;&nbsp; -40.00% | &nbsp;&nbsp; -40.000% | &nbsp;&nbsp; $600.00 |
| 50.00 | &nbsp;&nbsp; -50.00% | &nbsp;&nbsp; -50.000% | &nbsp;&nbsp; $500.00 |
| 40.00 | &nbsp;&nbsp; -60.00% | &nbsp;&nbsp; -60.000% | &nbsp;&nbsp; $400.00 |
| 30.00 | &nbsp;&nbsp; -70.00% | &nbsp;&nbsp; -70.000% | &nbsp;&nbsp; $300.00 |
| 20.00 | &nbsp;&nbsp; -80.00% | &nbsp;&nbsp; -80.000% | &nbsp;&nbsp; $200.00 |
| 10.00 | &nbsp;&nbsp; -90.00% | &nbsp;&nbsp; -90.000% | &nbsp;&nbsp; $100.00 |
| 0.00 | &nbsp;&nbsp; -100.00% | &nbsp;&nbsp; -100.000% | &nbsp;&nbsp; $0.00 |

---

---

| | |
|:---|:---|
| PS-2 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following graph demonstrates the hypothetical payments at maturity on the notes for a sub-set of Lesser Performing Underlying

Returns detailed in the table above (-80% to 80%). There can be no assurance that the performance of the Lesser Performing

Underlying will result in the return of any of your principal amount.

![image2_48133uu59.jpeg](image2_48133uu59.jpg)

**How the Notes Work**

**Upside Scenario:**

If the Final Value of each Underlying is greater than its Initial Value, investors will receive at maturity the $1,000 principal amount *plus* a

return equal to the Lesser Performing Underlying Return *times* the Upside Leverage Factor of 1.875.

● If the closing value of the Lesser Performing Underlying increases 10.00%, investors will receive at maturity a return of 18.75%, or

$1,187.50 per $1,000 principal amount note.

**Par Scenario:**

If the Final Value of either Underlying is equal to or is less than its Initial Value but the Final Value of each Underlying is greater than or

equal to its Barrier Amount of 70.00% of its Initial Value, investors will receive at maturity the principal amount of their notes.

**Downside Scenario:**

If the Final Value of either Underlying is less than its Barrier Amount of 70.00% of its Initial Value, investors will lose 1% of the principal

amount of their notes for every 1% that the Final Value of the Lesser Performing Underlying is less than its Initial Value.

● For example, if the closing value of the Lesser Performing Underlying declines 60.00%, investors will lose 60.00% of their principal

amount and receive only $400.00 per $1,000 principal amount note at maturity.

The hypothetical returns and hypothetical payments on the notes shown above apply **only if you hold the notes for their entire term.** 

These hypotheticals do not reflect the fees or expenses that would be associated with any sale in the secondary market. If these fees

and expenses were included, the hypothetical returns and hypothetical payments shown above would likely be lower.

**Selected Risk Considerations**

An investment in the notes involves significant risks. These risks are explained in more detail in the "Risk Factors" sections of the

accompanying prospectus supplement, product supplement and underlying supplement.

● **YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —**

The notes do not guarantee any return of principal. If the Final Value of either Underlying is less than its Barrier Amount, you will

lose 1% of the principal amount of your notes for every 1% that the Final Value of the Lesser Performing Underlying is less than its

Initial Value. Accordingly, under these circumstances, you will lose more than 30.00% of your principal amount at maturity and could

lose all of your principal amount at maturity.

● **CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. —**

Investors are dependent on our and JPMorgan Chase & Co.'s ability to pay all amounts due on the notes. Any actual or potential

change in our or JPMorgan Chase & Co.'s creditworthiness or credit spreads, as determined by the market for taking that credit risk,

is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co. were to default on our payment obligations, you

may not receive any amounts owed to you under the notes and you could lose your entire investment.

---

| | |
|:---|:---|
| PS-3 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● **AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS —**

As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of

our securities. Aside from the initial capital contribution from JPMorgan Chase & Co., substantially all of our assets relate to

obligations of our affiliates to make payments under loans made by us or other intercompany agreements. As a result, we are

dependent upon payments from our affiliates to meet our obligations under the notes. If these affiliates do not make payments to us

and we fail to make payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co.,

and that guarantee will rank *pari passu* with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co.

● **THE BENEFIT PROVIDED BY THE BARRIER AMOUNT MAY TERMINATE ON THE OBSERVATION DATE** —

If the Final Value of either Underlying is less than its Barrier Amount, the benefit provided by the Barrier Amount will terminate and

you will be fully exposed to any depreciation of the Lesser Performing Underlying.

● **POTENTIAL CONFLICTS —**

We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase &

Co.'s economic interests are potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading

activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value

of the notes declines. Please refer to "Risk Factors — Risks Relating to Conflicts of Interest" in the accompanying product

supplement.

● **THE NOTES DO NOT PAY INTEREST.**

● **YOU WILL NOT RECEIVE DIVIDENDS ON THE FUND OR THE SECURITIES INCLUDED IN OR HELD BY EITHER** 

**UNDERLYING OR HAVE ANY RIGHTS WITH RESPECT TO THE FUND OR THOSE SECURITIES.**

● **THE RISK OF THE CLOSING VALUE OF AN UNDERLYING FALLING BELOW ITS BARRIER AMOUNT IS GREATER IF THE** 

**VALUE OF THAT UNDERLYING IS VOLATILE.** 

● **THERE ARE RISKS ASSOCIATED WITH THE FUND —**

The Fund is subject to management risk, which is the risk that the investment strategies of the Fund's investment adviser, the

implementation of which is subject to a number of constraints, may not produce the intended results. These constraints could

adversely affect the market price of the shares of the Fund and, consequently, the value of the notes.

● **THE PERFORMANCE AND MARKET VALUE OF THE FUND, PARTICULARLY DURING PERIODS OF MARKET VOLATILITY,** 

**MAY NOT CORRELATE WITH THE PERFORMANCE OF THE FUND'S UNDERLYING INDEX AS WELL AS THE NET ASSET** 

**VALUE PER SHARE —**

The Fund does not fully replicate its Underlying Index (as defined under "The Underlyings" below) and may hold securities different

from those included in its Underlying Index. In addition, the performance of the Fund will reflect additional transaction costs and fees

that are not included in the calculation of its Underlying Index. All of these factors may lead to a lack of correlation between the

performance of the Fund and its Underlying Index. In addition, corporate actions with respect to the equity securities underlying the

Fund (such as mergers and spin-offs) may impact the variance between the performances of the Fund and its Underlying Index.

Finally, because the shares of the Fund are traded on a securities exchange and are subject to market supply and investor demand,

the market value of one share of the Fund may differ from the net asset value per share of the Fund.

During periods of market volatility, securities underlying the Fund may be unavailable in the secondary market, market participants

may be unable to calculate accurately the net asset value per share of the Fund and the liquidity of the Fund may be adversely

affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of the Fund.

Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and

sell shares of the Fund. As a result, under these circumstances, the market value of shares of the Fund may vary substantially from

the net asset value per share of the Fund. For all of the foregoing reasons, the performance of the Fund may not correlate with the

performance of its Underlying Index as well as the net asset value per share of the Fund, which could materially and adversely

affect the value of the notes in the secondary market and/or reduce any payment on the notes.

● **NON-U.S. SECURITIES RISK —** 

The equity securities held by the Fund or included in the Index have been issued by non-U.S. companies. Investments in securities

linked to the value of such non-U.S. equity securities involve risks associated with the securities markets in the home countries of

the issuers of those non-U.S. equity securities. Also, there is generally less publicly available information about companies in some

of these jurisdictions than there is about U.S. companies that are subject to the reporting requirements of the SEC.

● **THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK WITH RESPECT TO THE FUND —** 

Because the prices of the equity securities held by the Fund are converted into U.S. dollars for purposes of calculating the net asset

value of the Fund, holders of the notes will be exposed to currency exchange rate risk with respect to each of the currencies in

which the equity securities held by the Fund trade. Your net exposure will depend on the extent to which those currencies

strengthen or weaken against the U.S. dollar and the relative weight of equity securities held by the Fund denominated in each of

those currencies. If, taking into account the relevant weighting, the U.S. dollar strengthens against those currencies, the price of the

Fund will be adversely affected and any payment on the notes may be reduced.

● **NO DIRECT EXPOSURE TO FLUCTUATIONS IN FOREIGN EXCHANGE RATES WITH RESPECT TO THE INDEX —** 

The value of your notes will not be adjusted for exchange rate fluctuations between the U.S. dollar and the currencies upon which

the equity securities included in the Index are based, although any currency fluctuations could affect the performance of the Index.

● **YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE VALUE OF EACH UNDERLYING —**

Payments on the notes are not linked to a basket composed of the Underlyings and are contingent upon the performance of each

individual Underlying. Poor performance by either of the Underlyings over the term of the notes may negatively affect your payment

at maturity and will not be offset or mitigated by positive performance by the other Underlying.

---

| | |
|:---|:---|
| PS-4 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● **YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LESSER PERFORMING UNDERLYING.**

● **THE ANTI-DILUTION PROTECTION FOR THE FUND IS LIMITED —** 

The calculation agent will make adjustments to the Share Adjustment Factor for the Fund for certain events affecting the shares of

the Fund. However, the calculation agent will not make an adjustment in response to all events that could affect the shares of the

Fund. If an event occurs that does not require the calculation agent to make an adjustment, the value of the notes may be materially

and adversely affected.

● **LACK OF LIQUIDITY —**

The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is likely

to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes are not

designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

● **THE ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE** 

**NOTES —** 

The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the notes

exceeds the estimated value of the notes because costs associated with selling, structuring and hedging the notes are included in

the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our affiliates

expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our

obligations under the notes. See "The Estimated Value of the Notes" in this pricing supplement.

● **THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER** 

**FROM OTHERS' ESTIMATES —**

See "The Estimated Value of the Notes" in this pricing supplement.

● **THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE —**

The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding

rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may

be based on, among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance,

operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income

instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may

prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an

internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary

market prices of the notes. See "The Estimated Value of the Notes" in this pricing supplement.

● **THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT** 

**STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME** 

**PERIOD —**

We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in

connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.

See "Secondary Market Prices of the Notes" in this pricing supplement for additional information relating to this initial period.

Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published by

JPMS (and which may be shown on your customer account statements).

● **SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE** 

**NOTES —** 

Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other things,

secondary market prices take into account our internal secondary market funding rates for structured debt issuances and, also,

because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging costs

that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy the notes

from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the

Maturity Date could result in a substantial loss to you.

● **SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS —** 

The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which may

either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging costs

and the values of the Underlyings. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for

the notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price

of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See "Risk Factors — Risks

Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be

impacted by many economic and market factors" in the accompanying product supplement.

---

| | |
|:---|:---|
| PS-5 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Underlyings**

The iShares<sup>®</sup> MSCI EAFE ETF is an exchange-traded fund of iShares<sup>®</sup> Trust, a registered investment company, that seeks to track the

investment results, before fees and expenses, of an index composed of large- and mid-capitalization developed market equities,

excluding the United States and Canada, which we refer to as the Underlying Index with respect to the iShares<sup>®</sup> MSCI EAFE ETF. The

Underlying Index in respect of the iShares<sup>®</sup> MSCI EAFE ETF is currently the MSCI EAFE<sup>®</sup> Index. The MSCI EAFE<sup>®</sup> Index is a free

float-adjusted market capitalization index intended to measure the equity market performance of certain developed markets, excluding

the United States and Canada. For additional information about the iShares<sup>®</sup> MSCI EAFE ETF, see "Fund Descriptions — The iShares<sup>®</sup>

ETFs" in the accompanying underlying supplement.

The EURO STOXX 50<sup>®</sup> Index consists of 50 component stocks of market sector leaders from within the Eurozone. The EURO STOXX

50<sup>®</sup> Index and STOXX are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its

licensors (the "Licensors"), which are used under license. The notes based on the EURO STOXX 50<sup>®</sup> Index are in no way sponsored,

endorsed, sold or promoted by STOXX Limited and its Licensors and neither STOXX Limited nor any of its Licensors shall have any

liability with respect thereto. For additional information about the EURO STOXX 50<sup>®</sup> Index, see "Equity Index Descriptions — The

STOXX Benchmark Indices" in the accompanying underlying supplement.

**Historical Information**

The following graphs set forth the historical performance of each Underlying based on the weekly historical closing values from January

5, 2018 through March 24, 2023. The closing value of the iShares<sup>®</sup> MSCI EAFE ETF on March 28, 2023 was $69.50. The closing value

of the EURO STOXX 50<sup>®</sup> Index on March 28, 2023 was 4,168.21. We obtained the closing values above and below from the Bloomberg

Professional<sup>®</sup> service ("Bloomberg"), without independent verification. The closing values of the Fund above and below may have been

adjusted by Bloomberg for actions taken by the Fund, such as stock splits.

The historical closing values of each Underlying should not be taken as an indication of future performance, and no assurance can be

given as to the closing value of either Underlying on the Observation Date. There can be no assurance that the performance of the

Underlyings will result in the return of any of your principal amount.

**Historical Performance of the iShares**<sup>®</sup> **MSCI EAFE ETF**<br> ![image3_48133uu59.jpeg](image3_48133uu59.jpg)<br>Source: Bloomberg<br>

---

| | |
|:---|:---|
| PS-6 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Historical Performance of the EURO STOXX 50**<sup>®</sup> **Index**<br> ![image4_48133uu59.jpeg](image4_48133uu59.jpg)<br>Source: Bloomberg<br>

**Tax Treatment**

You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product

supplement no. 4-II. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax

counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes.

Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as "open transactions"

that are not debt instruments for U.S. federal income tax purposes, as more fully described in "Material U.S. Federal Income Tax

Consequences—Tax Consequences to U.S. Holders—Notes Treated as Open Transactions That Are Not Debt Instruments" in the

accompanying product supplement. Assuming this treatment is respected, subject to the possible application of the "constructive

ownership" rules, the gain or loss on your notes should be treated as long-term capital gain or loss if you hold your notes for more than a

year, whether or not you are an initial purchaser of notes at the issue price. The notes could be treated as "constructive ownership

transactions" within the meaning of Section 1260 of the Code, in which case any gain recognized in respect of the notes that would

otherwise be long-term capital gain and that was in excess of the "net underlying long-term capital gain" (as defined in Section 1260)

would be treated as ordinary income, and a notional interest charge would apply as if that income had accrued for tax purposes at a

constant yield over your holding period for the notes. Our special tax counsel has not expressed an opinion with respect to whether the

constructive ownership rules apply to the notes. Accordingly, U.S. Holders should consult their tax advisers regarding the potential

application of the constructive ownership rules.

The IRS or a court may not respect the treatment of the notes described above, in which case the timing and character of any income or

loss on your notes could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting

comments on the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. The notice focuses in

particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for

comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of

factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including

any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or

should be subject to the constructive ownership regime described above. While the notice requests comments on appropriate transition

rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially

and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax

adviser regarding the U.S. federal income tax consequences of an investment in the notes, including the potential application of the

constructive ownership rules, possible alternative treatments and the issues presented by this notice.

---

| | |
|:---|:---|
| PS-7 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding

tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain

financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this

withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable

Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1,

2025 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income

tax purposes (each an "Underlying Security"). Based on certain determinations made by us, our special tax counsel is of the opinion that

Section 871(m) should not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS

may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances,

including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax adviser regarding

the potential application of Section 871(m) to the notes.

**The Estimated Value of the Notes**

The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following

hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding rate

described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the notes does

not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The

internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for

vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on,

among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance, operational and ongoing

liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase

& Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to

approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes

to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. For additional

information, see "Selected Risk Considerations — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding

Rate" in this pricing supplement.

The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our

affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various

other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as

well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is determined when

the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time.

The estimated value of the notes does not represent future values of the notes and may differ from others' estimates. Different pricing

models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes. In

addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On

future dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our or

JPMorgan Chase & Co.'s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at

which JPMS would be willing to buy notes from you in secondary market transactions.

The estimated value of the notes is lower than the original issue price of the notes because costs associated with selling, structuring and

hedging the notes are included in the original issue price of the notes. These costs include the selling commissions paid to JPMS and

other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in

hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our

obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less

than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the notes may be

allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging profits. See

"Selected Risk Considerations — The Estimated Value of the Notes Is Lower Than the Original Issue Price (Price to Public) of the Notes"

in this pricing supplement.

---

| | |
|:---|:---|
| PS-8 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Secondary Market Prices of the Notes**

For information about factors that will impact any secondary market prices of the notes, see "Risk Factors — Risks Relating to the

Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many economic

and market factors" in the accompanying product supplement. In addition, we generally expect that some of the costs included in the

original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount

that will decline to zero over an initial predetermined period. These costs can include selling commissions, projected hedging profits, if

any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt

issuances. This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term of the notes.

The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our

hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by our affiliates. See

"Selected Risk Considerations — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account

Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period" in this pricing supplement.

**Supplemental Use of Proceeds**

The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the

notes. See "Hypothetical Payout Profile" and "How the Notes Work" in this pricing supplement for an illustration of the risk-return profile

of the notes and "The Underlyings" in this pricing supplement for a description of the market exposure provided by the notes.

The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other

affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent

in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes.

**Supplemental Plan of Distribution**

We expect that delivery of the notes will be made against payment for the notes on or about the Original Issue Date set forth on the front

cover of this pricing supplement, which will be the third business day following the Pricing Date of the notes (this settlement cycle being

referred to as "T+3"). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally

are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish

to trade notes on any date prior to two business days before delivery will be required to specify an alternate settlement cycle at the time

of any such trade to prevent a failed settlement and should consult their own advisors.

**Supplemental Information About the Form of the Notes**

The notes will initially be represented by a type of global security that we refer to as a master note. A master note represents multiple

securities that may be issued at different times and that may have different terms. The trustee and/or paying agent will, in accordance

with instructions from us, make appropriate entries or notations in its records relating to the master note representing the notes to

indicate that the master note evidences the notes.

**Validity of the Notes and the Guarantee**

In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the

notes offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying

agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating

to the master global note that represents such notes (the "master note"), and such notes have been delivered against payment as

contemplated herein, such notes will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a

valid and binding obligation of JPMorgan Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy,

insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general

applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), *provided* that such counsel

expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the

conclusions expressed above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent

transfer or similar provision of applicable law by limiting the amount of JPMorgan Chase & Co.'s obligation under the related guarantee.

This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State

of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the

trustee's authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature

and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated May 6, 2022, which was

filed as an exhibit to a Current Report on Form 8-K by JPMorgan Chase & Co. on May 6, 2022.

---

| | |
|:---|:---|
| PS-9 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Additional Terms Specific to the Notes**

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus

supplement relating to our Series A medium-term notes of which these notes are a part, and the more detailed information contained in

the accompanying product supplement and the accompanying underlying supplement. This pricing supplement, together with the

documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as

any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation,

sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the

matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement, the accompanying product supplement and

the accompanying underlying supplement, as the notes involve risks not associated with conventional debt securities. We urge you to

consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

**You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by** 

**reviewing our filings for the relevant date on the SEC website):**

● Product supplement no. 4-II dated November 4, 2020:

[http://www.sec.gov/Archives/edgar/data/19617/000095010320021467/crt_dp139322-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320021467/crt_dp139322-424b2.pdf)

● Underlying supplement no. 1-II dated November 4, 2020:

[http://www.sec.gov/Archives/edgar/data/19617/000095010320021471/crt_dp139381-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320021471/crt_dp139381-424b2.pdf)

● Prospectus supplement and prospectus, each dated April 8, 2020:

[http://www.sec.gov/Archives/edgar/data/19617/000095010320007214/crt_dp124361-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320007214/crt_dp124361-424b2.pdf)

Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.'s CIK is 19617. As used in this pricing

supplement, "we," "us" and "our" refer to JPMorgan Financial.

---

| | |
|:---|:---|
| PS-10 \| Structured Investments | ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| Uncapped Accelerated Barrier Notes Linked to the Lesser Performing of the <br> iShares<sup>®</sup> MSCI EAFE ETF and the EURO STOXX 50<sup>®</sup> Index<br>| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |
| ![image5_48133uu59.jpeg](image5_48133uu59.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Ex-Filing

**Exhibit 107.1**

The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering(s). The maximum aggregate offering price of the related offering(s) is $746,000.