# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-26-047054
**Filing Date:** 2026-4
**Character Count:** 59986
**Document Hash:** f4bffb25126dfa4d49062912662b17a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-047054.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001213900-26-047054

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**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:** 26888145

**BUSINESS ADDRESS:**
- **STREET 1:** 270 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122706000

**MAIL ADDRESS:**
- **STREET 1:** 270 PARK 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:** 26888146

**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 April 23, 2026**

---

| | |
|:---|:---|
| **Pricing supplement**<br> *To prospectus dated April 17, 2026,*<br> *prospectus supplement dated April 17, 2026,*<br> *product supplement no. 2-I dated April 17, 2026 and underlying supplement no. 1-I dated April 17, 2026* | <br> **Registration Statement Nos. 333-293684 and 333-293684-01<br> Dated April , 2026**<br> **Rule 424(b)(2)** |
| **JPMorgan Chase Financial Company LLC** | <br> **Registration Statement Nos. 333-293684 and 333-293684-01<br> Dated April , 2026**<br> **Rule 424(b)(2)** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> Structured<br>Investments<br>| &nbsp;&nbsp; **$**<br> **Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup> due October 28, 2027**<br> **Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.** |

---

**General**

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are designed for investors who seek repayment
of at least 95% of the principal amount of their notes and who seek capped exposure to any appreciation of the Bloomberg ex-Energy Subindex<sup>SM</sup>,
up to a maximum return of at least 26.00%, at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· Investors should be willing to forgo interest payments while
seeking repayment of at least 95% of the principal amount of their notes at maturity.

&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;Issuer: | &nbsp;&nbsp;JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| &nbsp;&nbsp;Guarantor: | &nbsp;&nbsp;JPMorgan Chase & Co. |
| &nbsp;&nbsp;Index: | &nbsp;&nbsp;The Bloomberg ex-Energy Subindex<sup>SM</sup> (Bloomberg ticker: BCOMXE) |
| &nbsp;&nbsp;Payment at Maturity:<br>| &nbsp;&nbsp;If the Final Value is greater than the Initial Value, at maturity, you will receive a cash payment, for each $1,000 principal amount note, of $1,000 *plus* the Additional Amount, which will not be greater than the Maximum Amount. |
|  | &nbsp;&nbsp; If the Final Value is equal to or less than the Initial Value, your payment will be calculated as follows:<br> $1,000 + ($1,000 × Index Return) |
|  | &nbsp;&nbsp; In no event, however, will the payment at maturity be less than $950.00 per $1,000 principal amount note.<br> *If the Final Value is less than the Initial Value, you will lose up to 5.00% of your principal amount at maturity.* <br> **You are entitled to repayment of at least $950.00 per $1,000 principal amount note at maturity, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.**  |
| &nbsp;&nbsp;Additional Amount: | &nbsp;&nbsp;The Additional Amount per $1,000 principal amount note payable at maturity will equal $1,000 × Index Return × Participation Rate, *provided* that the Additional Amount will not be greater than the Maximum Amount. |
| &nbsp;&nbsp;Participation Rate: | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Maximum Amount: | &nbsp;&nbsp;At least $260.00 per $1,000 principal amount note. The actual Maximum Amount will be provided in the pricing supplement and will not be less than $260.00 per $1,000 principal amount note. Accordingly, assuming a Maximum Amount of $260.00 per $1,000 principal amount note, the maximum payment at maturity is $1,260.00 per $1,000 principal amount note. |
| &nbsp;&nbsp;Index Return: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(Final Value – Initial Value)</u><br> Initial Value |
| &nbsp;&nbsp;Initial Value: | &nbsp;&nbsp;The closing level of the Index on the Pricing Date, *provided* that if the Pricing Date is a Disrupted Day (as defined in the accompanying product supplement), the Initial Value will be the Adjusted Closing Level (as defined in the accompanying product supplement) of the Index with respect to the Pricing Date, in which case the Initial Value will not be determined for up to five scheduled trading days after the Pricing Date. For the purposes of the proviso above, the Pricing Date is a Determination Date (as defined in the accompanying product supplement). |
| &nbsp;&nbsp;Final Value: | &nbsp;&nbsp;The closing level of the Index on the Observation Date |
| &nbsp;&nbsp;Pricing Date: | &nbsp;&nbsp;On or about April 23, 2026 |
| &nbsp;&nbsp;Original Issue Date: | &nbsp;&nbsp;On or about April 28, 2026 (Settlement Date) |
| &nbsp;&nbsp;Observation Date\*: | &nbsp;&nbsp;October 25, 2027 |
| &nbsp;&nbsp;Maturity Date\*: | &nbsp;&nbsp;October 28, 2027 |
| &nbsp;&nbsp;CUSIP: | &nbsp;&nbsp;46660NBE2 |

---

\*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 Index" 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" in the accompanying product supplement and "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, "Risk Factors" beginning on page PS-11 of the accompanying product supplement and "Selected Risk Considerations" beginning on page PS-5 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.

---

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

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $12.50 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 $971.80 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.

![](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, 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 and the accompanying product 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):

&nbsp;&nbsp;&nbsp;&nbsp;· Product supplement no. 2-I dated April 17, 2026:

[http://www.sec.gov/Archives/edgar/data/19617/000121390026045216/ea0285802-25_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390026045216/ea0285802-25_424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;· Underlying supplement no. 1-I dated April 17, 2026:

[http://www.sec.gov/Archives/edgar/data/19617/000121390026045209/ea0285802-11_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390026045209/ea0285802-11_424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus supplement and prospectus, each dated April 17, 2026:

[http://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.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.

**Supplemental Terms of the Notes**

For purposes of the notes offered by this pricing supplement:

&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" in the accompanying
product supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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 Index" in the
accompanying product supplement.

**The notes are not commodity futures contracts or swaps and are not regulated under the Commodity Exchange Act, 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.

<br> JPMorgan Structured Investments — PS- 1 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

**What Is the Payment at Maturity, Assuming a Range of Performances for the Index?**

The following table and examples illustrate the hypothetical payment at maturity on the notes. Each hypothetical payment at maturity set forth below assumes an Initial Value of 100 and a Maximum Amount of $260.00 per $1,000 principal amount note and reflects the Participation Rate of 100.00%. The actual Maximum Amount will be provided in the pricing supplement and will not be less than $260.00 per $1,000 principal amount note.

The hypothetical Initial Value of 100 has been chosen for illustrative purposes only and may not represent a likely actual Initial Value. The actual Initial Value will be the closing level of the Index on the Pricing Date and will be provided in the pricing supplement. For historical data regarding the actual closing levels of the Index, please see the historical information set forth under "Historical Information" in this pricing supplement.

Each hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the actual payment 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;**Final Value** | &nbsp;&nbsp;**Index <br> Return** | &nbsp;&nbsp; <br>**Additional<br> Amount** | &nbsp;&nbsp;**Payment at<br> Maturity** |
| &nbsp;&nbsp;180.00 | &nbsp;&nbsp;80.00% | &nbsp;&nbsp;$260.00 | &nbsp;&nbsp;$1260.00 |
| &nbsp;&nbsp;165.00 | &nbsp;&nbsp;65.00% | &nbsp;&nbsp;$260.00 | &nbsp;&nbsp;$1260.00 |
| &nbsp;&nbsp;150.00 | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$260.00 | &nbsp;&nbsp;$1260.00 |
| &nbsp;&nbsp;140.00 | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;$260.00 | &nbsp;&nbsp;$1260.00 |
| &nbsp;&nbsp;130.00 | &nbsp;&nbsp;30.00% | &nbsp;&nbsp;$260.00 | &nbsp;&nbsp;$1260.00 |
| &nbsp;&nbsp;**126.00** | &nbsp;&nbsp;**26.00%** | &nbsp;&nbsp;**$260.00** | &nbsp;&nbsp;**$1260.00** |
| &nbsp;&nbsp;120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$200.00 | &nbsp;&nbsp;$1200.00 |
| &nbsp;&nbsp;110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$1100.00 |
| &nbsp;&nbsp;105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;$1050.00 |
| &nbsp;&nbsp;102.50 | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1025.00 |
| &nbsp;&nbsp;**100.00** | &nbsp;&nbsp;**0.00%** | &nbsp;&nbsp;**N/A** | &nbsp;&nbsp;**$1000.00** |
| &nbsp;&nbsp;99.00 | &nbsp;&nbsp;-1.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$990.00 |
| &nbsp;&nbsp;97.50 | &nbsp;&nbsp;-2.50% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$975.00 |
| &nbsp;&nbsp;**95.00** | &nbsp;&nbsp;**-5.00%** | &nbsp;&nbsp;**N/A** | &nbsp;&nbsp;**$950.00** |
| &nbsp;&nbsp;90.00 | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;70.00 | &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;60.00 | &nbsp;&nbsp;-40.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;40.00 | &nbsp;&nbsp;-60.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;30.00 | &nbsp;&nbsp;-70.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;20.00 | &nbsp;&nbsp;-80.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;10.00 | &nbsp;&nbsp;-90.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |
| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$950.00 |

---

<br> JPMorgan Structured Investments — PS- 2 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

**Hypothetical Examples of Amount Payable at Maturity**

The following examples illustrate how the payment at maturity in different hypothetical scenarios is calculated.

**Example 1: The level of the Index increases from the Initial Value of 100 to a Final Value of 102.50.** 

Because the Final Value of 102.50 is greater than the Initial Value of 100 and the Index Return is 2.50%, the Additional Amount is equal to $25 and the investor receives a payment at maturity of $1,025.00 per $1,000 principal amount note, calculated as follows:

$1,000 + $25 = $1,025.00

**Example 2: The level of the Index decreases from the Initial Value of 100 to a Final Value of 97.50.**

Because the Final Value of 97.50 is less than the Initial Value of 100 and the Index Return is -2.50%, the investor receives a payment at maturity of $975.00 per $1,000 principal amount note (reflecting a loss of 2.50% of the principal amount at maturity), calculated as follows:

$1,000 + ($1,000 × -2.50%) = $975.00

**Example 3: The level of the Index increases from the Initial Value of 100 to a Final Value of 140.** 

Because the Final Value of 140 is greater than the Initial Value of 100 and the Additional Amount will not be greater than the Maximum Amount of $260.00, even though the Index Return is 40%, the Additional Amount is equal to the Maximum Amount of $260.00, the investor receives a payment at maturity of $1,260.00 per $1,000 principal amount note, the maximum payment at maturity.

**Example 4: The level of the Index decreases from the Initial Value of 100 to a Final Value of 60.**

Because the Final Value of 60 is less than the Initial Value of 100 and the payment at maturity will not be less than $950 per $1,000 principal amount note, even though the Index Return is -40%, the investor receives a payment at maturity of $950 per $1,000 principal amount note (reflecting a loss of 5.00% of the principal amount 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 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.

<br> JPMorgan Structured Investments — PS- 3 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

**Selected Purchase Considerations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **POTENTIAL PRESERVATION OF AT LEAST 95% OF CAPITAL AT MATURITY —** Subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., the payment at maturity
will be at least $950.00 per $1,000 principal amount note if you hold the notes to maturity, regardless of the performance of the Index. **Because the notes are unsecured and unsubordinated obligations of JPMorgan Financial and JPMorgan Chase & Co., payment of any amount on the notes is subject to our and JPMorgan Chase & Co.'s ability to pay our and JPMorgan Chase & Co.'s obligations as they become due.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CAPPED APPRECIATION POTENTIAL —** At maturity,
for each $1,000 principal amount note, you will receive a payment equal to $1,000 *plus* the Additional Amount, which is equal to
$1,000 × the Index Return × the Participation Rate, *provided* that this payment (the "Additional Amount")
will not be greater than the Maximum Amount of at least $260.00 per $1,000 principal amount note. Accordingly, assuming a Maximum Amount
of $260.00, the maximum payment at maturity is $1,260.00 per $1,000 **principal** amount note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **RETURN LINKED TO THE BLOOMBERG EX-ENERGY SUBINDEX<sup>SM</sup>** — The return on the notes is linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>. The Index is a sub-index of the Bloomberg
Commodity Index<sup>SM</sup> that is composed of exchange-traded futures contracts on physical commodities included in the Bloomberg Commodity
Index<sup>SM</sup> while excluding futures contracts from the energy sector. Its component weightings are determined primarily based on
liquidity data, which is the relative amount of trading activity of a particular commodity. The Index is published by Bloomberg L.P. under
the ticker symbols "BCOMXE." The Index is an excess return index and not a total return index. An excess return index reflects
the returns that are potentially available through an unleveraged investment in the contracts composing the index. By contrast, a "total
return" index, in addition to reflecting those returns, also reflects interest that could be earned on funds committed to the trading
of the underlying futures contracts. For purposes of the accompanying underlying supplement, the Index is a "Bloomberg Commodity
Index." For additional information about the Index, see "Commodity Index Descriptions — The Bloomberg Commodity Indices"
in the accompanying underlying supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **TAX TREATMENT —** You should review carefully
the section entitled "United States Federal Taxation," and in particular the subsection thereof entitled "— Tax
Consequences to U.S. Holders — Program Securities Treated as Debt Instruments," in the accompanying prospectus supplement.
Notwithstanding that the notes do not provide for the full repayment of their principal amount at or prior to maturity, our special tax
counsel, Davis Polk & Wardwell LLP, is of the opinion that the notes should be treated for U.S. federal income tax purposes as "contingent
payment debt instruments." Assuming this treatment is respected, as discussed in that subsection, you generally will be required
to accrue original issue discount ("OID") on your notes in each taxable year at the "comparable yield," as determined
by us, although we will not make any payment with respect to the notes until maturity. Upon sale or exchange (including at maturity),
you will recognize taxable income or loss equal to the difference between the amount received from the sale or exchange and your adjusted
basis in the note, which generally will equal the cost thereof, increased by the amount of OID you have accrued in respect of the note.
You generally must treat any income as interest income and any loss as ordinary loss to the extent of previous interest inclusions, and
the balance as capital loss. The deductibility of capital losses is subject to limitations. Special rules may apply if the amount payable
at maturity is treated as becoming fixed prior to maturity. You should consult your tax adviser concerning the application of these rules.
The discussions herein and in the accompanying prospectus supplement do not address the consequences to taxpayers subject to special tax
accounting rules under Section 451(b) of the Code. Purchasers who are not initial purchasers of notes at their issue price should consult
their tax advisers with respect to the tax consequences of an investment in notes, including the treatment of the difference, if any,
between the basis in their notes and the notes' adjusted issue price.

The discussions in the preceding paragraphs, when read in combination with the section entitled "United States Federal Taxation" (and in particular the subsection thereof entitled "— Program Securities Treated as Debt Instruments") in the accompanying prospectus supplement, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal income tax consequences of owning and disposing of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE —** We will determine the comparable yield for the notes and will provide that comparable yield and the related projected payment schedule
(or information about how to obtain them) in the pricing supplement for the notes, which we will file with the SEC. The comparable yield
for the notes will be determined based upon a variety of factors, including actual market conditions and our borrowing costs for debt
instruments of comparable maturities at the time of issuance. **The comparable yield and projected payment schedule are determined solely to calculate the amount on which you will be taxed with respect to the notes in each year and are neither a prediction nor a guarantee of what the actual yield will be.** 

<br> JPMorgan Structured Investments — PS- 4 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

**Selected Risk Considerations**

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Index, any of the futures contracts underlying the Index, the commodity to which those commodity futures contracts relate or any futures contracts or exchange-traded or over-the-counter instruments based on, or other instruments related to, any of the foregoing. These risks are explained in more detail in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement.

**Risks Relating to the Notes Generally**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE NOTES MAY NOT PAY MORE THAN 95% OF THE PRINCIPAL AMOUNT AT MATURITY —** If the Final Value is less than the Initial Value, you will lose 1% of the principal amount of your notes
for every 1% that the Final Value is less than the Initial Value, *provided* that the payment at maturity will not be less than $950.00
per $1,000 principal amount note, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co. Accordingly,
under these circumstances, you will lose up to 5.00% of your principal amount at maturity and you will not be compensated for any loss
in value due to inflation and other factors relating to the value of money over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE MAXIMUM AMOUNT** — If the Final Value is greater than the Initial Value, for each $1,000 principal amount note, you will receive at maturity
$1,000 *plus* an Additional Amount that will not exceed the Maximum Amount, regardless of the appreciation of the Index, which may
be significant. The Maximum Amount will be provided in the pricing supplement and will not be less than $260.00 per $1,000 principal amount
note. Accordingly, assuming a Maximum Amount of $260.00 per $1,000 principal amount note, the maximum payment at maturity is $1,260.00
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 ACTIVITIES AND HAS LIMITED ASSETS —** As a finance subsidiary of JPMorgan Chase & Co., we have no independent activities 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 an 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 "Risk Factors — Holders of securities issued by JPMorgan Financial may
be subject to losses if JPMorgan Chase & Co. were to enter into a resolution" in the accompanying prospectus supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **OWNING THE NOTES IS NOT THE SAME AS OWNING ANY COMMODITIES OR COMMODITY FUTURES CONTRACTS** — The return on your notes will not reflect the return you would realize if you actually purchased the futures
contracts that compose the Index, the commodities upon which the futures contracts that compose the Index are based, or other exchange-traded
or over-the-counter instruments based on the Index. You will not have any rights that holders of those assets or instruments have.

&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;· **WE MAY ACCELERATE YOUR NOTES IF A COMMODITY HEDGING DISRUPTION EVENT OCCURS** — Upon the occurrence of a 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.
A commodity hedging disruption event means there is an occurrence of legal or regulatory changes that the calculation agent determines
have interfered with our or our affiliates' ability to hedge our obligations under the notes or for any other reason we or our affiliates
are unable to enter into or maintain hedge positions that the calculation agent deems necessary to hedge our obligations under the notes.
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" in
the accompanying product supplement for more information.

&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 Maximum Amount will
be provided in the pricing supplement and each may be as low as the

<br> JPMorgan Structured Investments — PS- 5 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

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 Maximum 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, the estimated cost of hedging our obligations under the notes and the fees, if any, paid for third-party data analytics and/or
electronic platform services. 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 the 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, our
internal secondary market funding rates for structured debt issuances and the fees paid for third-party data analytics and/or electronic
platform services. 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).

&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, estimated hedging costs and fees, if any, paid for third-party data analytics and/or electronic platform services 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. Furthermore, if you sell your notes, you will likely
be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount and/or fees for use of an
electronic platform to facilitate secondary market activity. 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.

<br> JPMorgan Structured Investments — PS- 6 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

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 level of the Index, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;· the actual and expected volatility of the Index;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;· supply and demand trends for the commodities upon which the futures
contracts that compose the Index are based or the exchange-traded futures contracts on those commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the market prices of the commodities upon which the futures contracts
that compose the Index are based or the exchange-traded futures contracts on those commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 Index**

&nbsp;&nbsp;&nbsp;&nbsp;· **COMMODITY FUTURES CONTRACTS ARE SUBJECT TO UNCERTAIN LEGAL AND REGULATORY REGIMES** — The commodity futures contracts that underlie the Index 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 level of the Index. 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;· **PRICES OF COMMODITY FUTURES CONTRACTS ARE CHARACTERIZED BY HIGH AND UNPREDICTABLE VOLATILITY, WHICH COULD LEAD TO HIGH AND UNPREDICTABLE VOLATILITY IN THE INDEX** — Market prices of the commodity futures contracts included in the Index tend to be highly volatile and may fluctuate rapidly based
on numerous factors, including changes in supply and demand relationships, governmental programs and policies, national and international
monetary, trade, political and economic events, wars and acts of terror, changes in interest and exchange rates, speculation and trading
activities in commodities and related contracts, weather, and agricultural, trade, fiscal and exchange control policies. The prices of
commodities and commodity futures contracts are 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;· **A DECISION BY AN EXCHANGE ON WHICH THE COMMODITY FUTURES CONTRACTS UNDERLYING THE INDEX ARE TRADED TO INCREASE MARGIN REQUIREMENTS FOR THOSE FUTURES CONTRACTS MAY AFFECT THE LEVEL OF THE INDEX** — If an exchange on which the
commodity futures contracts underlying the Index are traded increases the amount of collateral required to be posted to hold positions
in those futures contracts (*i.e.*, the margin requirements), market participants who are unwilling or unable to post additional
collateral may liquidate their positions, which may cause the level of the Index to decline significantly.

&nbsp;&nbsp;&nbsp;&nbsp;· **THE NOTES DO NOT OFFER DIRECT EXPOSURE TO COMMODITY SPOT PRICES** — The notes are linked to the Index, which tracks commodity futures contracts, not
physical commodities (or their spot prices). 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

<br> JPMorgan Structured Investments — PS- 7 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

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 to commodity spot prices.

&nbsp;&nbsp;&nbsp;&nbsp;· **HIGHER FUTURE PRICES OF THE COMMODITY FUTURES CONTRACTS UNDERLYING THE INDEX RELATIVE TO THE CURRENT PRICES OF THOSE CONTRACTS MAY AFFECT THE LEVEL OF THE INDEX AND THE VALUE OF THE NOTES** — The Index is composed of futures contracts on physical commodities. Unlike equities, which typically
entitle the holder to a continuing stake in a corporation, commodity futures contracts normally specify a certain date for delivery of
the underlying physical commodity. As the exchange-traded futures contracts that compose the Index approach expiration, they are replaced
by contracts that have a later expiration. Thus, for example, a contract purchased and held in August may specify an October expiration.
As time passes, the contract expiring in October is replaced with a contract for delivery in November. This process is referred to as
"rolling." If the market for these contracts is (putting aside other considerations) in "contango," where the
prices are higher in the distant delivery months than in the nearer delivery months, the purchase of the November contract would take
place at a price that is higher than the price of the October contract, thereby creating a *negative* "roll yield."
Contango could adversely affect the level of the Index and thus the value of notes linked to the Index. The futures contracts underlying
the Index have historically been in contango.

&nbsp;&nbsp;&nbsp;&nbsp;· **SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN THE COMMODITY MARKETS AND RELATED FUTURES MARKETS MAY ADVERSELY AFFECT THE LEVEL OF THE INDEX 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 level of the Index and, therefore, the value of your notes.

&nbsp;&nbsp;&nbsp;&nbsp;· **THE NOTES ARE LINKED TO AN EXCESS RETURN INDEX AND NOT A TOTAL RETURN INDEX** — The notes are linked to an excess return index and not a total return
index. An excess return index, such as the Index, reflects the returns that are potentially available through an unleveraged investment
in the contracts composing that index. By contrast, a "total return" index, in addition to reflecting those returns, also
reflects interest that could be earned on funds committed to the trading of the underlying futures contracts

<br> JPMorgan Structured Investments — PS- 8 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

**Historical Information**

The following graph sets forth the historical performance of the Index based on the weekly historical closing levels of the Index from January 8, 2021 through April 17, 2026. The closing level of the Index on April 22, 2026 was 148.4553. We obtained the closing levels of the Index above and below from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification.

The historical closing levels of the Index should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Index on the Pricing Date or the Observation Date. There can be no assurance that the performance of the Index will result in the return of any of your principal amount in excess of $950 per $1,000 principal amount note, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.

![](image_002.jpg)

**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, the estimated cost of hedging our obligations under the notes and the fees, if any, paid for third-party data analytics and/or electronic platform services. 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.

<br> JPMorgan Structured Investments — PS- 9 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>

**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 Payment at Maturity, Assuming a Range of Performances for the Index?" 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 the Bloomberg ex-Energy Subindex<sup>SM</sup>" 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, plus the fees, if any, paid for third-party data analytics and/or electronic platform services.

<br> JPMorgan Structured Investments — PS- 10 <br> Capped Notes Linked to the Bloomberg ex-Energy Subindex<sup>SM</sup>