# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-25-055579
**Filing Date:** 2025-6
**Character Count:** 68749
**Document Hash:** 89a743e3c5a8a7d2cf8fe0148a323519
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-055579.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001213900-25-055579

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004
- **FILM NUMBER:** 251056347

**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]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004-01
- **FILM NUMBER:** 251056348

**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 June 18, 2025**

---

| | |
|:---|:---|
| **Pricing supplement**<br> *To prospectus dated April 13, 2023,*<br> *prospectus supplement dated April 13, 2023,*<br> *product supplement no. 2-I dated April 13, 2023* <br> *and prospectus addendum dated June 3, 2024* | **Registration Statement Nos. 333-270004 and 333-270004-01<br> Dated June , 2025**<br> **Rule 424(b)(2)** |
| **JPMorgan Chase Financial Company LLC** | **Registration Statement Nos. 333-270004 and 333-270004-01<br> Dated June , 2025**<br> **Rule 424(b)(2)** |

---

---

| | |
|:---|:---|
| Structured <br> Investments | &nbsp;&nbsp;**$** <br> **Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract due June 22, 2027 <br> Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.** |

---

**General**

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are designed for investors who seek early exit
prior to maturity at a premium if, on the Review Date, the Contract Price of the Commodity Futures Contract is at or above the Call Value.

&nbsp;&nbsp;&nbsp;&nbsp;· The date on which an automatic call may be initiated is
July 16, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are also designed for investors who seek an uncapped,
unleveraged return equal to any appreciation, or a capped, unleveraged return equal to the absolute value of any depreciation (up to the
Buffer Percentage of 30.00%), of the Commodity Futures Contract at maturity, if the notes have not been automatically called.

&nbsp;&nbsp;&nbsp;&nbsp;· Investors should be willing to forgo interest payments and
be willing to lose some or all of their principal if the Ending Contract Price is less than the Contract Strike Price by more than the
Buffer Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are unsecured and unsubordinated obligations of
JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed
by JPMorgan Chase & Co. **Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes.** 

&nbsp;&nbsp;&nbsp;&nbsp;· Minimum denominations of $10,000 and integral multiples
of $1,000 in excess thereof

**Key Terms**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Issuer: | &nbsp;&nbsp;JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;Guarantor: | &nbsp;&nbsp;JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;Commodity Futures Contract: | &nbsp;&nbsp;The first nearby month futures contract for WTI crude oil (Bloomberg ticker: CL1) traded on the New York Mercantile Exchange (the "NYMEX") or, on any day that falls on the last trading day of such contract (all pursuant to the rules of the NYMEX), the second nearby month futures contract for WTI crude oil (Bloomberg ticker: CL2) traded on the NYMEX |
| &nbsp;&nbsp;&nbsp;Automatic Call: | &nbsp;&nbsp;If the Contract Price on the Review Date is greater than or equal to the Call Value, the notes will be automatically called for a cash payment of $1,000 *plus* the Call Premium Amount per $1,000 principal amount note that will be payable on the Call Settlement Date. |
| &nbsp;&nbsp;&nbsp;Call Value: | &nbsp;&nbsp;100% of the Contract Strike Price |
| &nbsp;&nbsp;&nbsp;Call Premium Amount: | &nbsp;&nbsp;At least $145.50 per $1,000 principal amount note. The actual Call Premium Amount will be provided in the pricing supplement and will not be less than $145.50. |
| &nbsp;&nbsp;&nbsp;Payment at Maturity: | &nbsp;&nbsp;If the notes have not been automatically called and the Ending Contract Price is greater than the Contract Strike Price, at maturity you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Contract Return. Accordingly, under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: |
|  | &nbsp;&nbsp;$1,000 + ($1,000 × Contract Return) |
|  | If the notes have not been automatically called and the Ending Contract Price is equal to the Contract Strike Price or is less than the Contract Strike Price by up to the Buffer Percentage of 30.00%, you will receive at maturity a cash payment that provides you with a return per $1,000 principal amount note equal to the Absolute Contract Return, and your payment at maturity per $1,000 principal amount note will be calculated as follows:<br> $1,000 + ($1,000 × Absolute Contract Return)<br> *Because the payment at maturity will not reflect the Absolute Contract Return if the notes have not been automatically called and the Ending Contract Price is less than the Contract Strike Price by more than the Buffer Percentage of 30.00%, your maximum payment at maturity if the Contract Return is negative is $1,300.00 per $1,000 principal amount note.* |
|  | If the notes have not been automatically called and the Ending Contract Price is less than the Contract Strike Price by more than the Buffer Percentage of 30.00%, at maturity you will lose 1.42857% of the principal amount of your notes for every 1% that the Ending Contract Price is less than the Contract Strike Price by more than the Buffer Percentage. Under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows:<br> $1,000 + [$1,000 × (Contract Return + Buffer Percentage) × Downside Leverage Factor]<br> In no event, however, will the payment at maturity be less than $0.<br> *If the notes have not been automatically called and the Ending Contract Price is less than the Contract Strike Price by more than the Buffer Percentage, you will lose some or all of your principal amount at maturity.* |
| &nbsp;&nbsp;&nbsp;Contract Strike Price: | &nbsp;&nbsp;The Contract Price on the Strike Date, which was $74.84. **The Contract Strike Price is *not* determined by reference to the Contract Price on the Pricing Date**. |
| &nbsp;&nbsp;&nbsp;Ending Contract Price: | &nbsp;&nbsp;The Contract Price on the Observation Date |
| &nbsp;&nbsp;&nbsp;Contract Return: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ending Contract Price – Contract Strike Price</u><br> Contract Strike Price |
| &nbsp;&nbsp;&nbsp;Absolute Contract Return: | &nbsp;&nbsp;The absolute value of the Contract Return. For example, if the Contract Return is -5%, the Absolute Contract Return will equal 5%. |
| &nbsp;&nbsp;&nbsp;Buffer Percentage: | &nbsp;&nbsp;30.00% |
| &nbsp;&nbsp;&nbsp;Downside Leverage Factor: | &nbsp;&nbsp;1.42857 |
| &nbsp;&nbsp;&nbsp;Contract Price: | &nbsp;&nbsp;On any day, the official settlement price per barrel on the NYMEX of the first nearby month futures contract for WTI crude oil, stated in U.S. dollars, *provided* that if that day falls on the last trading day of such futures contract (all pursuant to the rules of the NYMEX), then the second nearby month futures contract for WTI crude oil, as made public by the NYMEX and displayed on the Bloomberg Professional<sup>®</sup> service ("Bloomberg") under the symbol "CL1" or "CL2," as applicable, on that day |
| &nbsp;&nbsp;&nbsp;Strike Date: | &nbsp;&nbsp;June 17, 2025 |
| &nbsp;&nbsp;&nbsp;Pricing Date: | &nbsp;&nbsp;On or about June 18, 2025 |
| &nbsp;&nbsp;&nbsp;Original Issue Date: | &nbsp;&nbsp;On or about June 24, 2025 (Settlement Date) |
| &nbsp;&nbsp;&nbsp;Review Date<sup>†</sup>: | &nbsp;&nbsp;July 16, 2026 |
| &nbsp;&nbsp;&nbsp;Call Settlement Date<sup>†</sup>: | &nbsp;&nbsp;July 21, 2026 |
| &nbsp;&nbsp;&nbsp;Observation Date<sup>†</sup>: | &nbsp;&nbsp;June 16, 2027 |
| &nbsp;&nbsp;&nbsp;Maturity Date<sup>†</sup>: | &nbsp;&nbsp;June 22, 2027 |
| &nbsp;&nbsp;&nbsp;CUSIP: | &nbsp;&nbsp;48135NXF8 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Subject to postponement in the event of a market disruption event and as described under "General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Commodity or Commodity Futures Contract" and "General Terms of Notes — Postponement of a Payment Date" in the accompanying product supplement or early acceleration in the event of a commodity hedging disruption event as described under "General Terms of Notes — Consequences of a Commodity Hedging Disruption Event — Acceleration of the Notes" in the accompanying product supplement and in "Selected Risk Considerations — Risks Relating to the Notes Generally — We May Accelerate Your Notes If a Commodity Hedging Disruption Event Occurs" in this pricing supplement |

---

**Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, "Risk Factors" beginning on page PS-11 of the accompanying product 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, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to Public (1)** | **Fees and Commissions (2)** | **Proceeds to Issuer** |
| **Per note** | $1000 | $| $|
| **Total** | $| $| $|

---

(1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public
of the notes.

(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 receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $15.00 per $1,000 principal
amount 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 $959.70 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 $950.00 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.

![](image_001.jpg)

**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, the accompanying prospectus addendum and the more detailed information contained in the accompanying product 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 and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, 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):

&nbsp;&nbsp;&nbsp;&nbsp;· Product supplement no. 2-I dated April 13, 2023:

[http://www.sec.gov/Archives/edgar/data/19617/000121390023029567/ea151907_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029567/ea151907_424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus supplement and prospectus, each dated April 13, 2023:

[http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus addendum dated June 3, 2024:

[http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)

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.

**Supplemental Terms of the Notes**

For purposes of the notes offered by this pricing supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the consequences of a commodity hedging disruption event are described under "General Terms of Notes — Consequences of a Commodity Hedging Disruption Event — Acceleration of the Notes" in the accompanying product supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each of the Review Date and the Observation Date is a "Determination Date" as described in the accompanying product supplement and is subject to postponement as described under "General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Commodity or Commodity Futures Contract" in the accompanying product supplement.

**The notes are not commodity futures contracts or swaps and are not regulated under the Commodity Exchange Act of 1936, as amended (the "Commodity Exchange Act").** The notes are offered pursuant to an exemption from regulation under the Commodity Exchange Act, commonly known as the hybrid instrument exemption, that is available to securities that have one or more payments indexed to the value, level or rate of one or more commodities, as set out in section 2(f) of that statute. Accordingly, you are not afforded any protection provided by the Commodity Exchange Act or any regulation promulgated by the Commodity Futures Trading Commission.

Any values of the Commodity Futures Contract, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of the notes or any other party.

JPMorgan Structured Investments — PS- 1 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

**What Is the Payment upon an Automatic Call or Total Return at Maturity, Assuming a Range of Performances for the Commodity Futures Contract?**

The following table illustrates the hypothetical payment upon an automatic call and the hypothetical total return at maturity if the notes have not been automatically called. 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. Each hypothetical payment upon an automatic call and total return at maturity set forth below assumes a hypothetical Contract Strike Price of $100, a hypothetical Call Value of $100 (equal to 100% of the hypothetical Contract Strike Price) and a hypothetical Call Premium Amount of $145.50 and reflects the Buffer Percentage of 30.00% and the Downside Leverage Factor of 1.42857. The actual Call Premium Amount will be provided in the pricing supplement and will not be less than $145.50. There will be only one payment on the notes whether called or at maturity. An entry of "N/A" indicates that the notes would not be called on the Review Date and no payment would be made on the Call Settlement Date.

The hypothetical Contract Strike Price of $100 has been chosen for illustrative purposes only and does not represent the actual Contract Strike Price. The actual Contract Strike Price is the Contract Price on the Strike Date and is specified under "Key Terms — Contract Strike Price" in this pricing supplement. For historical data regarding the actual Contract Prices, please see the historical information set forth under "Historical Information" in this pricing supplement.

Each hypothetical payment upon an automatic call or total return at maturity set forth below is for illustrative purposes only and may not be the actual payment upon an automatic call or total return at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and in the examples below have been rounded for ease of analysis.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Contract Price at <br> Review Date** | &nbsp;&nbsp; **Contract Price<br> Appreciation/<br> Depreciation at<br> Review Date** | &nbsp;&nbsp;**Payment upon <br> an Automatic<br> Call** | &nbsp;&nbsp;**Ending Contract<br> Price** | &nbsp;&nbsp;**Contract<br> Return** | &nbsp;&nbsp;**Absolute<br> Contract<br> Return** | &nbsp;&nbsp; **Total Return**<br> **at<br> Maturity** |
| &nbsp;&nbsp;$165.00 | &nbsp;&nbsp;65.00% | &nbsp;&nbsp;$1145.50 | &nbsp;&nbsp;$165.00 | &nbsp;&nbsp;65.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;65.000% |
| &nbsp;&nbsp;$150.00 | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$1145.50 | &nbsp;&nbsp;$150.00 | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;50.000% |
| &nbsp;&nbsp;$140.00 | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;$1145.50 | &nbsp;&nbsp;$140.00 | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;40.000% |
| &nbsp;&nbsp;$130.00 | &nbsp;&nbsp;30.00% | &nbsp;&nbsp;$1145.50 | &nbsp;&nbsp;$130.00 | &nbsp;&nbsp;30.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;30.000% |
| &nbsp;&nbsp;$120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$1145.50 | &nbsp;&nbsp;$120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;20.00% |
| &nbsp;&nbsp;$110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$1145.50 | &nbsp;&nbsp;$110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;10.000% |
| &nbsp;&nbsp;$105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$1145.50 | &nbsp;&nbsp;$105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;5.000% |
| &nbsp;&nbsp;$102.50 | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;$1145.50 | &nbsp;&nbsp;$102.50 | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;2.500% |
| &nbsp;&nbsp;**$100.00** | &nbsp;&nbsp;**0.00%** | &nbsp;&nbsp;**$1145.50** | &nbsp;&nbsp;**$100.00** | &nbsp;&nbsp;**0.00%** | &nbsp;&nbsp;**N/A** | &nbsp;&nbsp;**0.000%** |
| &nbsp;&nbsp;$97.50 | &nbsp;&nbsp;-2.50% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$97.50 | &nbsp;&nbsp;-2.50% | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;**2.500%** |
| &nbsp;&nbsp;$95.00 | &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$95.00 | &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;**5.000%** |
| &nbsp;&nbsp;$90.00 | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$90.00 | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;10.000% | &nbsp;&nbsp;**10.000%** |
| &nbsp;&nbsp;$80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;20.000% | &nbsp;&nbsp;**20.000%** |
| &nbsp;&nbsp;$70.00 | &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$70.00 | &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;30.000% | &nbsp;&nbsp;**30.000%** |
| &nbsp;&nbsp;$69.99 | &nbsp;&nbsp;-30.01% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$69.99 | &nbsp;&nbsp;-30.01% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;-0.014% |
| &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;-40.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;-40.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;-14.286% |
| &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;-28.571% |
| &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;-60.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;-60.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;-42.857% |
| &nbsp;&nbsp;$30.00 | &nbsp;&nbsp;-70.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$30.00 | &nbsp;&nbsp;-70.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;-57.143% |
| &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;-80.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;-80.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;-71.428% |
| &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;-90.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;-90.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;-85.714% |
| &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;0.000% |

---

JPMorgan Structured Investments — PS- 2 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

**Hypothetical Examples of Amount Payable upon Automatic Call or at Maturity**

The following examples illustrate how the payment upon an automatic call or at maturity in different hypothetical scenarios is calculated.

**Example 1: The price of the Commodity Futures Contract increases from the Contract Strike Price of $100 to a Contract Price of $105 on the Review Date and the notes are automatically called.** Because the Contract Price on the Review Date of $105 is greater than the Call Value of $100, the notes are automatically called, and the investor receives a single payment of $1,145.50 per $1,000 principal amount note on the Call Settlement Date. No further payments will be made on the notes.

**Example 2: The notes have not been automatically called and the price of the Commodity Futures Contract increases from the Contract Strike Price of $100 to an Ending Contract Price of $102.50.** 

Because the notes have not been automatically called and the Ending Contract Price of $102.50 is greater than the Contract Strike Price of $100 and the Contract Return is 2.50%, the investor receives a payment at maturity of $1,025.00 per $1,000 principal amount note, calculated as follows:

$1,000 + ($1,000 × 2.50%) = $1,025.00

**Example 3: The notes have not been automatically called and the price of the Commodity Futures Contract decreases from the Contract Strike Price of $100 to an Ending Contract Price of $95.**

Although the Contract Return is negative, because the Ending Contract Price of $95 is less than the Contract Strike Price of $100 by up to the Buffer Percentage of 30.00%, the investor receives a payment at maturity of $1,050 per $1,000 principal amount note, calculated as follows:

$1,000 + ($1,000 × 5.00%) = $1,050.00

**Example 4: The notes have not been automatically called and the price of the Commodity Futures Contract decreases from the Contract Strike Price of $100 to an Ending Contract Price of $40.**

Because the Ending Contract Price of $40 is less than the Contract Strike Price of $100 by more than the Buffer Percentage of 30.00% and the Contract Return is -60.00%, the investor receives a payment at maturity of $571.43 per $1,000 principal amount note, calculated as follows:

$1,000 + [$1,000 × (-60.00% + 30.00%) × 1.42857] = $571.43

The hypothetical returns and hypothetical payments on the notes shown above apply **only if you hold the notes for their entire term or until automatically called.** These hypotheticals do not reflect 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.

JPMorgan Structured Investments — PS- 3 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

**Selected Purchase Considerations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **UNCAPPED APPRECIATION POTENTIAL** — If the Contract
Price on the Review Date is greater than or equal to the Call Value, the notes will be automatically called for a cash payment of $1,000 *plus* the Call Premium Amount per note that will be payable on the Call Settlement Date.

If the notes have not been automatically called, the notes provide the opportunity to earn an uncapped, unleveraged return equal to a positive Contract Return. The notes are not subject to a predetermined maximum gain and, accordingly, any return at maturity will be determined based on the movement of the level of the Contract Price if the notes have not been automatically called. **Because the notes are our unsecured and unsubordinated obligations, the payment of which is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to our ability to pay our obligations as they become due and JPMorgan Chase & Co.'s ability to pay its obligations as they become due.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **POTENTIAL FOR UP TO A 30.00% RETURN ON THE NOTES EVEN IF THE NOTES HAVE NOT BEEN AUTOMATICALLY CALLED AND THE CONTRACT RETURN IS NEGATIVE** — If the notes have not been automatically
called and the Ending Contract Price is less than the Contract Strike Price by up to the Buffer Percentage, you will earn a positive,
unleveraged return on the notes equal to the Absolute Contract Return. Under these circumstances, you will earn a positive return on the
notes even though the Ending Contract Price is less than the Contract Strike Price. For example, if the Contract Return is -5%, the Absolute
Contract Return will equal 5%. Because the payment at maturity will not reflect the Absolute Contract Return if the notes have not been
automatically called and the Ending Contract Price is less than the Contract Strike Price by more than the Buffer Percentage of 30.00%,
your maximum payment at maturity if the Contract Return is negative is $1,300.00 per $1,000 principal amount note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Potential Early Exit With Appreciation As a Result of Automatic Call Feature** —
While the original term of the notes is approximately two years, the notes will be automatically called before maturity if the Contract
Price on the Review Date is at or above the Call Value, and you will be entitled to the payment of your principal *plus* the Call
Premium Amount. Even in cases where the notes are called before maturity, you are not entitled to any fees and commissions described on
the front cover of this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **LIMITED PROTECTION AGAINST LOSS** — We will pay
you your principal back at maturity if the notes have not been automatically called and the Ending Contract Price is equal to the Contract
Strike Price or is less than the Contract Strike Price by up to the Buffer Percentage of 30.00%. If the notes have not been automatically
called and the Ending Contract Price is less than the Contract Strike Price by more than the Buffer Percentage of 30.00%, you will lose
1.42857% of your principal amount at maturity for every 1% that the Ending Contract Price is less than the Contract Strike Price by more
than the Buffer Percentage. Under these circumstances, you will lose some or all of your principal amount at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **RETURN LINKED TO A WTI CRUDE OIL FUTURES CONTRACT** —
The return on the notes is linked to the official settlement price per barrel on the NYMEX of the first nearby month (or, in some circumstances,
the second nearby month) futures contract for WTI crude oil, stated in U.S. dollars, as made public by the NYMEX and displayed on the
applicable Bloomberg page. For additional information about the Commodity Futures Contract, see the information set forth under "The
Underlyings — Commodity Futures Contracts" in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 2-I. 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 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. 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 these instruments are or should be subject to the "constructive ownership" regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. 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.

JPMorgan Structured Investments — PS- 4 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

**Selected Risk Considerations**

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Commodity Futures Contract or in any exchange-traded or over-the-counter instruments based on, or other instruments linked to, the foregoing. These risks are explained in more detail in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum.

**Risks Relating to the Notes Generally**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS** —
The notes do not guarantee any return of principal. If the notes have not been automatically called, the return on the notes at maturity
is dependent on the performance of the Commodity Futures Contract and will depend on whether, and the extent to which, the Contract Return
is positive or negative. Your investment will be exposed to a loss on a leveraged basis if the notes have not been automatically called
and the Ending Contract Price is less than the Contract Strike Price by more than the Buffer Percentage. In this case, for every 1% that
the Ending Contract Price is less than the Contract Strike Price by more than the Buffer Percentage, you will lose an amount equal to
1.42857% of the principal amount of your notes. In no event, however, will the payment at maturity be less than $0. Accordingly, under
these circumstances, you will lose some or all of your principal amount at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE BUFFER PERCENTAGE IF THE NOTES HAVE NOT BEEN AUTOMATICALLY CALLED AND THE CONTRACT RETURN IS NEGATIVE** — If the notes have not been
automatically called and the Ending Contract Price is less than the Contract Strike Price by up to the Buffer Percentage of 30.00%, you
will receive at maturity $1,000 *plus* an additional return equal to the Absolute Contract Return, up to 30.00%. Because the payment
at maturity will not reflect the Absolute Contract Return if the notes have not been automatically called and the Ending Contract Price
is less than the Contract Strike Price by more than the Buffer Percentage of 30.00%, your maximum payment at maturity if the Contract
Return is negative is $1,300.00 per $1,000 principal amount note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO.** — The notes are subject to our and JPMorgan Chase & Co.'s credit risks, and our and JPMorgan Chase & Co.'s
credit ratings and credit spreads may adversely affect the market value of the notes. 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.

&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 and the collection of intercompany obligations. Aside from the initial capital contribution
from JPMorgan Chase & Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to
make payments under loans made by us to JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are
dependent upon payments from JPMorgan Chase & Co. to meet our obligations under the notes. We are not a key operating subsidiary
of JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have
sufficient resources to meet our obligations in respect of the notes as they come due. If JPMorgan Chase & Co. does not
make payments to us and we are unable 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. For more information, see the accompanying prospectus addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **OWNING THE NOTES IS NOT THE SAME AS OWNING WTI CRUDE OIL FUTURES CONTRACTS** — The return on your notes will not reflect the return you would realize if you actually purchased WTI crude oil futures
contracts or exchange-traded or over-the-counter instruments based on WTI crude oil futures contracts. You will not have any rights that
holders of such assets or instruments have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **LIMITED RETURN ON THE NOTES IF AUTOMATICALLY CALLED** — Your
potential gain on the notes will be limited to the Call Premium Amount if the notes are automatically called, regardless of any appreciation
of the Commodity Futures Contract, which may be significant. In addition, if the notes are automatically called, you will not benefit
from the feature that provides you with a return at maturity equal to the Contract Return if the Ending Contract Price is greater than
the Contract Strike Price or the absolute return feature that applies to the payment at maturity if the Ending Contract Price is equal
to the Contract Strike Price or less than the Contract Strike Price by up to the Buffer Percentage. Because these features do not apply
to the payment upon an automatic call, the payment upon an automatic call may be significantly less than the payment at maturity for the
same level of change in the Commodity Futures Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **REINVESTMENT RISK** — If your notes are automatically
called early, the term of the notes may be reduced to as short as approximately thirteen months. There is no guarantee that you would
be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar level of risk in the event the notes
are automatically called prior to the Maturity Date. Even in cases where the notes are called before maturity, you are not entitled to
any fees and commissions described on the front cover of this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **WE MAY ACCELERATE YOUR NOTES IF A COMMODITY HEDGING DISRUPTION EVENT OCCURS** — If we or our affiliates are unable to effect transactions necessary to hedge our obligations under the notes due to
a

JPMorgan Structured Investments — PS- 5 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

commodity hedging disruption event, we may, in our sole and absolute discretion, accelerate the payment on your notes and pay you an amount determined in good faith and in a commercially reasonable manner by the calculation agent. If the payment on your notes is accelerated, your investment may result in a loss and you may not be able to reinvest your money in a comparable investment. Please see "General Terms of Notes — Consequences of a Commodity Hedging Disruption Event — Acceleration of the Notes" in the accompanying product supplement for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **NO INTEREST PAYMENTS** — As a holder of the notes, you will
not receive any interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **LACK OF LIQUIDITY** — The notes will not be listed on any
securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is
a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not
likely to make a secondary market for the notes, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT** — The final terms of the notes will be based on relevant market conditions when the terms of the notes are
set and will be provided in the pricing supplement. In particular, each of the estimated value of the notes and the Call Premium Amount
will be provided in the pricing supplement and each may be as low as the applicable minimum set forth on the cover of this pricing supplement.
Accordingly, you should consider your potential investment in the notes based on the minimums for the estimated value of the notes and
the Call Premium Amount.

**Risks Relating to Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **POTENTIAL CONFLICTS** — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent
and as an agent of the offering of the notes, hedging our obligations under the notes and making the assumptions used to determine the
pricing of the notes and the estimated value of the notes when the terms of the notes are set, which we refer to as the estimated value
of the notes. In performing these duties, our and JPMorgan Chase & Co.'s economic interests and the economic interests
of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition,
our and JPMorgan Chase & Co.'s business activities, including hedging and trading activities, could cause our and
JPMorgan Chase & Co.'s economic interests to be adverse to yours and could adversely affect any payment on the notes
and the value of 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 for additional information about these risks.

**Risks Relating to the Estimated Value and Secondary Market Prices of the Notes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&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** — The estimated value of the notes is determined by reference to internal
pricing models of our affiliates when the terms of the notes are set. This estimated value of the notes is based on market conditions
and other relevant factors existing at that time and assumptions about market parameters, which can include volatility, interest rates
and other factors. 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. See "The
Estimated Value of the Notes" in this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **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. 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. See "Secondary Market Prices of the Notes" in this pricing supplement

JPMorgan Structured Investments — PS- 6 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

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).

&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 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. See the immediately following risk consideration for information
about additional factors that will impact any secondary market prices of the 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. See "— Risks Relating to the Notes Generally — Lack of Liquidity" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **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 Contract Price, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any actual or potential change in our or JPMorgan Chase & Co.'s
creditworthiness or credit spreads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· customary bid-ask spreads for similarly sized trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our internal secondary market funding rates for structured debt issuances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the actual and expected volatility in the Contract Price of the Commodity
Futures Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the time to maturity of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· supply and demand trends for WTI crude oil or the exchange-traded futures
contracts on that commodity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest and yield rates in the market generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a variety of other economic, financial, political, regulatory, geographical,
agricultural, meteorological and judicial events.

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.

**Risks Relating to the Commodity Futures Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **COMMODITY FUTURES CONTRACTS ARE SUBJECT TO UNCERTAIN LEGAL AND REGULATORY REGIMES** — Commodity futures contracts are subject to legal and regulatory regimes that may change in ways that could adversely
affect our ability to hedge our obligations under the notes and affect the price of the Commodity Futures Contract. Any future regulatory
changes may have a substantial adverse effect on the value of your notes. Additionally, in October 2020, the U.S. Commodity Futures
Trading Commission adopted rules to establish revised or new position limits on 25 agricultural, metals and energy commodity derivatives
contracts. The limits apply to a person's combined position in the specified 25 futures contracts and options on futures ("core
referenced futures contracts"), futures and options on futures directly or indirectly linked to the core referenced futures contracts,
and economically equivalent swaps. These rules came into effect on January 1, 2022 for covered futures and options on futures contracts
and on January 1, 2023 for covered swaps. The rules may reduce liquidity in the exchange-traded market for those commodity-based
futures contracts, which may, in turn, have an adverse effect on any payments on the notes. Furthermore, we or our affiliates may
be unable as a result of those restrictions to effect transactions necessary to hedge our obligations under the notes resulting in a commodity
hedging disruption event, in which case we may, in our sole and absolute discretion, accelerate the payment on your notes. See "—
Risks Relating to the Notes Generally — We May Accelerate Your Notes If a Commodity Hedging Disruption Event Occurs" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **PRICES OF COMMODITY FUTURES CONTRACTS ARE CHARACTERIZED BY HIGH AND UNPREDICTABLE VOLATILITY** — Market prices of commodity futures contracts tend to be highly volatile and may fluctuate rapidly
based on numerous factors, including the factors that affect the price of the commodity underlying the Commodity Futures Contract. See
"— The Market Price of WTI Crude Oil Will Affect the Value of the Notes" below. The Contract Price is subject to variables
that may be less significant to the values of traditional securities, such as stocks and bonds. These variables may create additional
investment risks that cause the value of the notes to be more volatile than the values of traditional securities. As a general matter,
the risk of low liquidity or volatile pricing around the maturity date of a commodity futures contract is greater than in the case of
other futures contracts because (among other factors) a number of market participants take physical delivery of the underlying commodities.
Many commodities are also highly cyclical. The high volatility and cyclical nature of commodity markets may render such an investment
inappropriate as the focus of an investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE MARKET PRICE OF WTI CRUDE OIL WILL AFFECT THE VALUE OF THE NOTES** — Because the notes are linked to the performance of the Contract Price of the Commodity Futures Contract, we expect that generally
the market value of the notes will depend in part on the market price of WTI crude oil. The price of WTI crude oil is primarily affected
by the global demand for and supply of crude oil, but is also influenced significantly from time to time by speculative actions and by
currency exchange rates. Crude oil prices are volatile and subject to dislocation. Demand for refined petroleum products by consumers,
as well as the agricultural, manufacturing and transportation industries, affects the price of crude oil. Crude oil's end-use as
a refined product is often as transport fuel, industrial fuel and in-home heating fuel. Potential for substitution in most areas exists,
although considerations, including relative cost, often limit substitution levels. Because the precursors of demand for

JPMorgan Structured Investments — PS- 7 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

petroleum products are linked to economic activity, demand will tend to reflect economic conditions. Demand is also influenced by government regulations, such as environmental or consumption policies. In addition to general economic activity and demand, prices for crude oil are affected by political events, labor activity and, in particular, direct government intervention (such as embargos) or supply disruptions in major oil producing regions of the world. These events tend to affect oil prices worldwide, regardless of the location of the event. Supply for crude oil may increase or decrease depending on many factors. These include production decisions by the Organization of the Petroleum Exporting Countries ("OPEC") and other crude oil producers. Crude oil prices are determined with significant influence by OPEC. OPEC has the potential to influence oil prices worldwide because its members possess a significant portion of the world's oil supply. In the event of sudden disruptions in the supplies of oil, such as those caused by war (*e.g.*, Russia's invasion of Ukraine and resulting sanctions), natural events, accidents or acts of terrorism, prices of oil futures contracts could become extremely volatile and unpredictable. Also, sudden and dramatic changes in the futures market may occur, for example, upon a cessation of hostilities that may exist in countries producing oil, the introduction of new or previously withheld supplies into the market or the introduction of substitute products or commodities. Crude oil prices may also be affected by short-term changes in supply and demand because of trading activities in the oil market and seasonality (*e.g.*, weather conditions such as hurricanes). It is not possible to predict the aggregate effect of all or any combination of these factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **A DECISION BY THE NYMEX TO INCREASE MARGIN REQUIREMENTS FOR WTI CRUDE OIL FUTURES CONTRACTS MAY AFFECT THE CONTRACT PRICE** — If the NYMEX increases the amount of collateral required to be posted
to hold positions in the futures contracts on WTI crude oil (*i.e.*, the margin requirements), market participants who are unwilling
or unable to post additional collateral may liquidate their positions, which may cause the Contract Price to decline significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE NOTES DO NOT OFFER DIRECT EXPOSURE TO COMMODITY SPOT PRICES** —
The Commodity Futures Contract reflects the price of a futures contract, not a physical commodity (or its spot price). The price of a
futures contract reflects the expected value of the commodity upon delivery in the future, whereas the spot price of a commodity reflects
the immediate delivery value of the commodity. A variety of factors can lead to a disparity between the expected future price of a commodity
and the spot price at a given point in time, such as the cost of storing the commodity for the term of the futures contract, interest
charges incurred to finance the purchase of the commodity and expectations concerning supply and demand for the commodity. The price movements
of a futures contract are typically correlated with the movements of the spot price of the referenced commodity, but the correlation is
generally imperfect and price movements in the spot market may not be reflected in the futures market (and vice versa). Accordingly, the
notes may underperform a similar investment that is linked only to commodity spot prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **SINGLE COMMODITY FUTURES CONTRACT PRICES TEND TO BE MORE VOLATILE THAN, AND MAY NOT CORRELATE WITH, THE PRICES OF COMMODITIES GENERALLY** — The notes are not linked to a diverse basket of commodities,
commodity futures contracts or a broad-based commodity index. The prices of the Commodity Futures Contract may not correlate to the price
of commodities or commodity futures contracts generally and may diverge significantly from the prices of commodities or commodity futures
contracts generally. Because the notes are linked to a single commodity futures contract, they carry greater risk and may be more volatile
than notes linked to the prices of multiple commodities or commodity futures contracts or a broad-based commodity index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN THE COMMODITY MARKETS AND RELATED FUTURES MARKETS MAY ADVERSELY AFFECT THE CONTRACT PRICE, AND THEREFORE THE VALUE OF THE NOTES** — The commodity markets
are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the
participation of speculators and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges
have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single day. These limits are
generally referred to as "daily price fluctuation limits" and the maximum or minimum price of a contract on any given day
as a result of these limits is referred to as a "limit price." Once the limit price has been reached in a particular contract,
no trades may be made at a different price. Limit prices have the effect of precluding trading in a particular contract or forcing the
liquidation of contracts at disadvantageous times or prices. These circumstances could adversely affect the Contract Price of the Commodity
Futures Contract and, therefore, the value of your notes.

JPMorgan Structured Investments — PS- 8 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

**Historical Information**

The following graph sets forth the historical performance of the Commodity Futures Contract based on the weekly historical Contract Prices of the Commodity Futures Contract from January 3, 2020 through June 13, 2025. The Contract Price of the Commodity Futures Contract on June 17, 2025 was $74.84.

We obtained the Contract Prices of the Commodity Futures Contract above and below from Bloomberg, without independent verification. The historical Contract Prices should not be taken as an indication of future performance, and no assurance can be given as to the Contract Price on the Observation Date. There can be no assurance that the performance of the Commodity Futures Contract will result in the return of any of your principal amount.

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**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 — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — 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, 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. See "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others' Estimates" in this pricing supplement.

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. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the notes. See "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to Public) of the Notes" in this pricing supplement.

JPMorgan Structured Investments — PS- 9 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract

**Secondary Market Prices of the Notes**

For information about factors that will impact any secondary market prices of the notes, see "Selected Risk Considerations — 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 this pricing 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 that 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 — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — 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."

**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 "What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Commodity Futures Contract?" and "Hypothetical Examples of Amount Payable at Maturity" in this pricing supplement for an illustration of the risk-return profile of the notes and "Selected Purchase Considerations — Return Linked to a WTI Crude Oil Futures Contract" 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.

JPMorgan Structured Investments — PS- 10 <br> Auto Callable Dual Directional Buffered Notes Linked to a WTI Crude Oil Futures Contract