# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-23-012092
**Filing Date:** 2023-2
**Character Count:** 51962
**Document Hash:** 5f33fd2289ae891d36e82c90a11294d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-012092.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001213900-23-012092

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**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:** 23635631

**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:** 23635632

**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

**The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an** 

**offer 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 February 14, 2023** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; February , 2023 | &nbsp;&nbsp; Registration Statement Nos. 333-236659 and 333-236659-01; Rule 424(b)(2)<br> ![image1_48133ufl1.png](image1_48133ufl1.jpg)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> JPMorgan Chase Financial Company LLC<br> Structured Investments <br> Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> <br> S&P<sup>®</sup> Oil & Gas Exploration & Production ETF due <br> February 22, 2024<br> Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.<br> ●The notes are designed for investors who seek a return of 1.00 times any appreciation of the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas <br> Exploration & Production ETF, up to a maximum return of at least 33.50%, at maturity.<br> ●Investors should be willing to forgo interest and dividend payments and be willing to lose up to 85.00% 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> ●Minimum denominations of $1,000 and integral multiples thereof<br> ●The notes are expected to price on or about February 16, 2023 and are expected to settle on or about February 22, 2023.<br> ●CUSIP: 48133UFL1<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-4 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; $ | &nbsp;&nbsp; $ |
| &nbsp;&nbsp; Total | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ |
| (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. In no event will these selling commissions exceed $4.50 per $1,000 principal amount <br> 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. In no event will these selling commissions exceed $4.50 per $1,000 principal amount <br> 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. In no event will these selling commissions exceed $4.50 per $1,000 principal amount <br> 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. In no event will these selling commissions exceed $4.50 per $1,000 principal amount <br> note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. |

---

**If the notes priced today, the estimated value of the notes would be approximately $982.10 per $1,000 principal amount note.** 

**The estimated value of the notes, when the terms of the notes are set, will be provided in the pricing supplement and will not** 

**be less than $960.00 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 Chase <br> & Co.<br> **Guarantor:** JPMorgan Chase & Co.<br> **Fund:** The SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & Production <br> ETF (Bloomberg ticker: XOP) <br> **Maximum Return:** At least 33.50% (corresponding to a <br> maximum payment at maturity of at least $1,335.00 per <br> $1,000 principal amount note) (to be provided in the pricing <br> supplement)<br> **Upside Leverage Factor:** 1.00<br> **Buffer Amount:** 15.00%<br> **Pricing Date:** On or about February 16, 2023<br> **Original Issue Date (Settlement Date):** On or about <br> February 22, 2023<br> **Observation Date\*:** February 16, 2024<br> **Maturity Date\*:** February 22, 2024<br> \* Subject to postponement in the event of a market disruption event <br> and as described under "General Terms of Notes — Postponement of <br> a Determination Date — Notes Linked to a Single Underlying — <br> Notes Linked to a Single Underlying (Other Than a Commodity <br> Index)" and "General Terms of Notes — Postponement of a Payment <br> Date" in the accompanying product supplement | **Payment at Maturity:** If the Final Value is greater than the <br> Initial Value, your payment at maturity per $1,000 principal <br> amount note will be calculated as follows:<br> $1,000 + ($1,000 × Fund Return × Upside Leverage Factor),<br> subject to the Maximum Return<br> If the Final Value is equal to the Initial Value or is less than the <br> Initial Value by up to the Buffer Amount, you will receive the <br> principal amount of your notes at maturity.<br> If the Final Value is less than the Initial Value by more than the <br> Buffer Amount, your payment at maturity per $1,000 principal <br> amount note will be calculated as follows:<br> $1,000 + [$1,000 × (Fund Return + Buffer Amount)]<br> *If the Final Value is less than the Initial Value by more than the* <br> *Buffer Amount, you will lose some or most of your principal* <br> *amount at maturity.*<br> **Fund Return:** <br> (Final Value – Initial Value)<br> Initial Value<br> **Initial Value:** The closing price of one share of the Fund on the <br> Pricing Date<br> **Final Value:** The closing price of one share of the Fund on the <br> Observation Date<br> **Share Adjustment Factor:** The Share Adjustment Factor is <br> referenced in determining the closing price of one share of the <br> Fund, and is set initially at 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 | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.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 a hypothetical Fund.

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 of 100.00;

● a Maximum Return of 33.50%;

● an Upside Leverage Factor of 1.00; and

● a Buffer Amount of 15.00%.

The hypothetical Initial Value of 100.00 has been chosen for illustrative purposes only and may not represent a likely actual Initial Value.

The actual Initial Value will be the closing price of one share of the Fund on the Pricing Date and will be provided in the pricing

supplement. For historical data regarding the actual closing prices of one share of the Fund, please see the historical information set

forth under "The Fund" 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 | &nbsp;&nbsp; Fund Return | &nbsp;&nbsp; Total Return on the Notes | &nbsp;&nbsp; Payment at Maturity |
| 180.00 | &nbsp;&nbsp; 80.00% | &nbsp;&nbsp; 33.50% | &nbsp;&nbsp; $1335.00 |
| 170.00 | &nbsp;&nbsp; 70.00% | &nbsp;&nbsp; 33.50% | &nbsp;&nbsp; $1335.00 |
| 160.00 | &nbsp;&nbsp; 60.00% | &nbsp;&nbsp; 33.50% | &nbsp;&nbsp; $1335.00 |
| 150.00 | &nbsp;&nbsp; 50.00% | &nbsp;&nbsp; 33.50% | &nbsp;&nbsp; $1335.00 |
| 140.00 | &nbsp;&nbsp; 40.00% | &nbsp;&nbsp; 33.50% | &nbsp;&nbsp; $1335.00 |
| 133.50 | &nbsp;&nbsp; 33.50% | &nbsp;&nbsp; 33.50% | &nbsp;&nbsp; $1335.00 |
| 130.00 | &nbsp;&nbsp; 30.00% | &nbsp;&nbsp; 30.00% | &nbsp;&nbsp; $1300.00 |
| 120.00 | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; $1200.00 |
| 110.00 | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; $1100.00 |
| 105.00 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; $1050.00 |
| 101.00 | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; $1010.00 |
| &nbsp;&nbsp; 100.00 | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; $1000.00 |
| 95.00 | &nbsp;&nbsp; -5.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; $1000.00 |
| 90.00 | &nbsp;&nbsp; -10.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; $1000.00 |
| 85.00 | &nbsp;&nbsp; -15.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; $1000.00 |
| 80.00 | &nbsp;&nbsp; -20.00% | &nbsp;&nbsp; -5.00% | &nbsp;&nbsp; $950.00 |
| 70.00 | &nbsp;&nbsp; -30.00% | &nbsp;&nbsp; -15.00% | &nbsp;&nbsp; $850.00 |
| 60.00 | &nbsp;&nbsp; -40.00% | &nbsp;&nbsp; -25.00% | &nbsp;&nbsp; $750.00 |
| 50.00 | &nbsp;&nbsp; -50.00% | &nbsp;&nbsp; -35.00% | &nbsp;&nbsp; $650.00 |
| 40.00 | &nbsp;&nbsp; -60.00% | &nbsp;&nbsp; -45.00% | &nbsp;&nbsp; $550.00 |
| 30.00 | &nbsp;&nbsp; -70.00% | &nbsp;&nbsp; -55.00% | &nbsp;&nbsp; $450.00 |
| 20.00 | &nbsp;&nbsp; -80.00% | &nbsp;&nbsp; -65.00% | &nbsp;&nbsp; $350.00 |
| 10.00 | &nbsp;&nbsp; -90.00% | &nbsp;&nbsp; -75.00% | &nbsp;&nbsp; $250.00 |
| 0.00 | &nbsp;&nbsp; -100.00% | &nbsp;&nbsp; -85.00% | &nbsp;&nbsp; $150.00 |

---

---

| | |
|:---|:---|
| PS-2 \| Structured Investments | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.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 Fund Returns detailed in the table

above (-100% to 100%). There can be no assurance that the performance of the Fund will result in the return of any of your principal

amount in excess of $150.00 per $1,000 principal amount note, subject to the credit risks of JPMorgan Financial and JPMorgan Chase &

Co.

![image2_48133ufl1.jpeg](image2_48133ufl1.jpg)

**How the Notes Work**

**Upside Scenario:**

If the Final Value is greater than the Initial Value, investors will receive at maturity the $1,000 principal amount *plus* a return equal to 1.00

times the Fund Return, subject to the Maximum Return of at least 33.50%. Assuming a hypothetical Maximum Return of 33.50%, an

investor will realize the maximum payment at maturity at a Final Value at or above 133.50% of the Initial Value.

● If the closing price of one share of the Fund increases 5.00%, investors will receive at maturity a return of 5.00%, or $1,050.00 per

$1,000 principal amount note.

● Assuming a hypothetical Maximum Return of 33.50%, if the closing price of one share of the Fund increases 40.00%, investors will

receive at maturity a return equal to the Maximum Return of 33.50%, or $1,335.00 per $1,000 principal amount note, which is the

maximum payment at maturity.

**Par Scenario:**

If the Final Value is equal to the Initial Value or is less than the Initial Value by up to the Buffer Amount of 15.00%, investors will receive

at maturity the principal amount of their notes.

**Downside Scenario:**

If the Final Value is less than the Initial Value by more than the Buffer Amount of 15.00%, investors will lose 1% of the principal amount

of their notes for every 1% that the Final Value is less than the Initial Value by more than the Buffer Amount.

● For example, if the closing price of one share of the Fund declines 50.00%, investors will lose 35.00% of their principal amount and

receive only $650.00 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.

---

| | |
|:---|:---|
| PS-3 \| Structured Investments | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |  |

---

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

**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 is less than the Initial Value by more than 15.00%, you will lose

1% of the principal amount of your notes for every 1% that the Final Value is less than the Initial Value by more than 15.00%.

Accordingly, under these circumstances, you will lose up to 85.00% of your principal amount at maturity.

● **YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED TO THE MAXIMUM RETURN,**

regardless of any appreciation of the Fund, which may be significant.

● **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.

● **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.

● **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 HELD BY THE FUND OR HAVE ANY RIGHTS** 

**WITH RESPECT TO THE FUND OR THOSE SECURITIES.**

● **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 Fund" 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.

---

| | |
|:---|:---|
| PS-4 \| Structured Investments | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |  |

---

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

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

● **RISKS ASSOCIATED WITH THE OIL AND GAS EXPLORATION AND PRODUCTION INDUSTRY —**

All or substantially all of the equity securities held by the SPDR<sup>®</sup> S&P® Oil & Gas Exploration & Production ETF are issued by

companies whose primary line of business is directly associated with the oil and gas exploration and production industry. As a result,

the value of the notes may be subject to greater volatility and be more adversely affected by a single economic, political or

regulatory occurrence affecting this industry than a different investment linked to securities of a more broadly diversified group of

issuers. Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of

energy fuels.Markets for various energy-related commodities can have significant volatility, and are subject to control or

manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to

incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas companies develop and produce crude

oil and natural gas and provide drilling and other energy resources production and distribution related services. Stock prices for

these types of companies are affected by supply and demand both for their specific product or service and for energy products in

general. The price of oil and gas, exploration and production spending, government regulation, world events and economic

conditions will likewise affect the performance of these companies. Correspondingly, securities of companies in the energy field are

subject to swift price and supply fluctuations caused by events relating to international politics, energy conservation, the success of

exploration projects, and tax and other governmental regulatory policies.Weak demand for the companies' products or services or

for energy products and services in general, as well as negative developments in these other areas, would adversely impact the

SPDR<sup>®</sup> S&P® Oil & Gas Exploration & Production ETF's performance. Oil and gas exploration and production can be significantly

affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and

economic conditions. These companies may be at risk for environmental damage claims.These factors could affect the oil and gas

exploration and production industry and could affect the value of the equity securities held by the SPDR<sup>®</sup> S&P® Oil & Gas

Exploration & Production ETF and the price of the SPDR<sup>®</sup> S&P® Oil & Gas Exploration & Production ETF during the term of the

notes, which may adversely affect the value of your notes.

● **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 FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT —**

You should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the

Maximum Return.

● **THE ESTIMATED VALUE OF THE NOTES WILL BE 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

will exceed 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).

---

| | |
|:---|:---|
| PS-5 \| Structured Investments | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |  |

---

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

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

● **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 price of one share of the Fund. 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.

**The Fund**

The SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & Production ETF is an exchange-traded fund of the SPDR<sup>®</sup> Series Trust, a registered

investment company, that seeks to provide investment results that, before fees and expenses, correspond generally to the total return

performance of an index derived from the oil and gas exploration and production segment of a U.S. total market composite index, which

we refer to as the Underlying Index with respect to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & Production ETF. The Underlying Index with

respect to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & Production ETF is currently the S&P<sup>®</sup> Oil & Gas Exploration & Production Select

Industry™ Index. The S&P<sup>®</sup> Oil & Gas Exploration & Production Select Industry™ Index is a modified equal-weighted index that is

designed to measure the performance of the following GICS<sup>®</sup> sub-industries of the S&P Total Market Index: integrated oil & gas; oil &

gas exploration & mining; and oil & gas refining & marketing. For additional information about the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration &

Production ETF, see "Fund Descriptions — The SPDR<sup>®</sup> S&P<sup>®</sup> Industry ETFs" in the accompanying underlying supplement.

**Historical Information**

The following graph sets forth the historical performance of the Fund based on the weekly historical closing prices of one share of the

Fund from January 5, 2018 through February 10, 2023. The closing price of one share of the Fund on February 13, 2023 was $139.82.

We obtained the closing prices above and below from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent

verification. The closing prices above and below may have been adjusted by Bloomberg for actions taken by the Fund, such as stock

splits.

The historical closing prices of one share of the Fund should not be taken as an indication of future performance, and no assurance can

be given as to the closing price of one share of the Fund on the Pricing Date or the Observation Date. There can be no assurance that

the performance of the Fund will result in the return of any of your principal amount in excess of $150.00 per $1,000 principal amount

note, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.

**Historical Performance of the SPDR**<sup>®</sup> **S&P**<sup>®</sup> **Oil & Gas Exploration & Production ETF**<br> ![image3_48133ufl1.jpeg](image3_48133ufl1.jpg)<br>Source: Bloomberg<br>

---

| | |
|:---|:---|
| PS-6 \| Structured Investments | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |  |

---

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

**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, the gain or loss on your notes should be treated as short-term

capital gain or loss, whether or not you are an initial purchaser of notes at the issue price. However, the IRS or a court may not respect

this treatment, in which case the timing and character of any income or loss on the 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 investors in short-term instruments should be required to accrue income. 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 possible alternative treatments and the issues presented by this notice.

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, we expect that Section 871(m) will 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. If necessary, further information regarding the potential application of

Section 871(m) will be provided in the pricing supplement for the notes. 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.

---

| | |
|:---|:---|
| PS-7 \| Structured Investments | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |  |

---

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

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 will be 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 Will Be Lower Than the Original Issue Price (Price to Public) of the

Notes" in this pricing supplement.

**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 Fund" 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.

---

| | |
|:---|:---|
| PS-8 \| Structured Investments | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |  |

---

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

**Additional Terms Specific to the Notes**

You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable

agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any

changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase.

You may also choose to reject such changes, in which case we may reject your offer to purchase.

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-9 \| Structured Investments | ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| Capped Buffered Equity Notes Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Oil & Gas Exploration & <br> Production ETF<br>| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |
| ![image4_48133ufl1.jpeg](image4_48133ufl1.jpg) |  |

---

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