# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-25-051266
**Filing Date:** 2025-6
**Character Count:** 46278
**Document Hash:** 98730adfe4ee0e2f609b2f91879836ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-051266.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001213900-25-051266

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250604

**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:** 251024386

**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:** 251024387

**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 4, 2025

June , 2025

Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)

# JPMorgan Chase Financial Company LLC

# Structured Investments

# Review Notes Linked to the MerQube US Tech+ Vol Advantage Index due June 17, 2030

# Fully and Unconditionally Guaranteed by JPMorgan Chase &amp; Co.

- The notes are designed for investors who seek early exit prior to maturity at a premium if, on any Review Date, the closing level of the MerQube US Tech+ Vol Advantage Index, which we refer to as the Index, is at or above the Call Value.
- The earliest date on which an automatic call may be initiated is June 22, 2026.
- Investors should be willing to forgo interest and dividend payments and be willing to lose up to 85.00% of their principal amount at maturity.
- The Index is subject to a 6.0% per annum daily deduction, and the performance of the Invesco QQQ TrustSM, Series 1 (the “QQQ Fund”) is subject to a notional financing cost. These deductions will offset any appreciation of the components of the Index, will heighten any depreciation of those components and will generally be a drag on the performance of the Index. The Index will trail the performance of an identical index without such deductions. See “Selected Risk Considerations - Risks Relating to the Notes Generally - The Level of the Index Will Include a 6.0% per Annum Daily Deduction” and “Selected Risk Considerations - Risks Relating to the Notes Generally - The Level of the Index Will Include the Deduction of a Notional Financing Cost” in this pricing supplement.
- 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 &amp; 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 &amp; Co., as guarantor of the notes.
- Minimum denominations of $1,000 and integral multiples thereof
- The notes are expected to price on or about June 12, 2025 and are expected to settle on or about June 17, 2025.
- CUSIP: 48136EUT0

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, “Risk Factors” beginning on page US-4 of the accompanying underlying supplement and “Selected Risk Considerations” beginning on page PS-6 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, 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 | $1,000 | $ | $ |
| 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 $42.50 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 $907.70 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 $900.00 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this pricing supplement for additional information.

The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.

Pricing supplement to product supplement no. 4-I dated April 13, 2023, underlying supplement no. 5-III dated March 5, 2025, the prospectus and prospectus supplement, each dated April 13, 2023, and the prospectus addendum dated June 3, 2024

Key Terms

Issuer: JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase &amp; Co.

Guarantor: JPMorgan Chase &amp; Co.

Index: The MerQube US Tech+ Vol Advantage Index (Bloomberg ticker: MQUSTVA). The level of the Index reflects a deduction of 6.0% per annum that accrues daily, and the performance of the QQQ Fund is subject to a notional financing cost that accrues daily.

Call Premium Amount: The Call Premium Amount with respect to each Review Date is set forth below:

- first Review Date: at least 11.75000% × $1,000
- second Review Date: at least 12.72917% × $1,000
- third Review Date: at least 13.70833% × $1,000
- fourth Review Date: at least 14.68750% × $1,000
- fifth Review Date: at least 15.66667% × $1,000
- sixth Review Date: at least 16.64583% × $1,000
- seventh Review Date: at least 17.62500% × $1,000
- eighth Review Date: at least 18.60417% × $1,000
- ninth Review Date: at least 19.58333% × $1,000
- tenth Review Date: at least 20.56250% × $1,000
- eleventh Review Date: at least 21.54167% × $1,000
- twelfth Review Date: at least 22.52083% × $1,000
- thirteenth Review Date: at least 23.50000% × $1,000
- fourteenth Review Date: at least 24.47917% × $1,000
- fifteenth Review Date: at least 25.45833% × $1,000
- sixteenth Review Date: at least 26.43750% × $1,000
- seventeenth Review Date: at least 27.41667% × $1,000
- eighteenth Review Date: at least 28.39583% × $1,000
- nineteenth Review Date: at least 29.37500% × $1,000
- twentieth Review Date: at least 30.35417% × $1,000
- twenty-first Review Date: at least 31.33333% × $1,000
- twenty-second Review Date: at least 32.31250% × $1,000
- twenty-third Review Date: at least 33.29167% × $1,000
- twenty-fourth Review Date: at least 34.27083% × $1,000
- twenty-fifth Review Date: at least 35.25000% × $1,000
- twenty-sixth Review Date: at least 36.22917% × $1,000
- twenty-seventh Review Date: at least 37.20833% × $1,000
- twenty-eighth Review Date: at least 38.18750% × $1,000
- twenty-ninth Review Date: at least 39.16667% × $1,000
- thirtieth Review Date: at least 40.14583% × $1,000
- thirty-first Review Date: at least 41.12500% × $1,000
- thirty-second Review Date: at least 42.10417% × $1,000
- thirty-third Review Date: at least 43.08333% × $1,000
- thirty-fourth Review Date: at least 44.06250% × $1,000
- thirty-fifth Review Date: at least 45.04167% × $1,000
- thirty-sixth Review Date: at least 46.02083% × $1,000
- thirty-seventh Review Date: at least 47.00000% × $1,000
- thirty-eighth Review Date: at least 47.97917% × $1,000
- thirty-ninth Review Date: at least 48.95833% × $1,000
- fortieth Review Date: at least 49.93750% × $1,000
- forty-first Review Date: at least 50.91667% × $1,000
- forty-second Review Date: at least 51.89583% × $1,000
- forty-third Review Date: at least 52.87500% × $1,000
- forty-fourth Review Date: at least 53.85417% × $1,000
- forty-fifth Review Date: at least 54.83333% × $1,000
- forty-sixth Review Date: at least 55.81250% × $1,000
- forty-seventh Review Date: at least 56.79167% × $1,000
- forty-eighth Review Date: at least 57.77083% × $1,000
- final Review Date: at least 58.75000% × $1,000

(in each case, to be provided in the pricing supplement)

Call Value: 90.00% of the Initial Value

Buffer Amount: 15.00%

Pricing Date: On or about June 12, 2025

Original Issue Date (Settlement Date): On or about June 17, 2025

PS-1 \ Structured Investments

Review Notes Linked to the MerQube US Tech+ Vol Advantage Index

Review Dates*: June 22, 2026, July 13, 2026, August 12, 2026, September 14, 2026, October 12, 2026, November 12, 2026, December 14, 2026, January 12, 2027, February 12, 2027, March 12, 2027, April 12, 2027, May 12, 2027, June 14, 2027, July 12, 2027, August 12, 2027, September 13, 2027, October 12, 2027, November 12, 2027, December 13, 2027, January 12, 2028, February 14, 2028, March 13, 2028, April 12, 2028, May 12, 2028, June 12, 2028, July 12, 2028, August 14, 2028, September 12, 2028, October 12, 2028, November 13, 2028, December 12, 2028, January 12, 2029, February 12, 2029, March 12, 2029, April 12, 2029, May 14, 2029, June 12, 2029, July 12, 2029, August 13, 2029, September 12, 2029, October 12, 2029, November 12, 2029, December 12, 2029, January 14, 2030, February 12, 2030, March 12, 2030, April 12, 2030, May 13, 2030 and June 12, 2030 (final Review Date)

Call Settlement Dates*: June 25, 2026, July 16, 2026, August 17, 2026, September 17, 2026, October 15, 2026, November 17, 2026, December 17, 2026, January 15, 2027, February 18, 2027, March 17, 2027, April 15, 2027, May 17, 2027, June 17, 2027, July 15, 2027, August 17, 2027, September 16, 2027, October 15, 2027, November 17, 2027, December 16, 2027, January 18, 2028, February 17, 2028, March 16, 2028, April 18, 2028, May 17, 2028, June 15, 2028, July 17, 2028, August 17, 2028, September 15, 2028, October 17, 2028, November 16, 2028, December 15, 2028, January 18, 2029, February 15, 2029, March 15, 2029, April 17, 2029, May 17, 2029, June 15, 2029, July 17, 2029, August 16, 2029, September 17, 2029, October 17, 2029, November 15, 2029, December 17, 2029, January 17, 2030, February 15, 2030, March 15, 2030, April 17, 2030, May 16, 2030 and the Maturity Date

Maturity Date*: June 17, 2030

Automatic Call:

If the closing level of the Index on any Review Date is greater than or equal to the Call Value, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount applicable to that Review Date, payable on the applicable Call Settlement Date. No further payments will be made on the notes.

Payment at Maturity:

If the notes have not been automatically called and the Final Value is less than the Initial Value by up to the Buffer Amount, you will receive the principal amount of your notes at maturity.

If the notes have not been automatically called and the Final Value is less than the Initial Value by more than the Buffer Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows:

$$
\$1,000 + [\$1,000 \times (\text{Index Return} + \text{Buffer Amount})]
$$

If the notes have not been automatically called and the Final Value is less than the Initial Value by more than the Buffer Amount, you will lose some or most of your principal amount at maturity.

Index Return:

(Final Value - Initial Value) Initial Value

Initial Value: The closing level of the Index on the Pricing Date

Final Value: The closing level of the Index on the final Review Date

* Subject to postponement in the event of a market disruption event and as described under "Supplemental Terms of the Notes - Postponement of a Determination Date - Notes Linked Solely to an Index" in the accompanying underlying supplement and "General Terms of Notes - Postponement of a Payment Date" in the accompanying product supplement

The MerQube US Tech+ Vol Advantage Index

The MerQube US Tech+ Vol Advantage Index (the "Index") was developed by MerQube (the "Index Sponsor" and "Index Calculation Agent"), in coordination with JPMS, and is maintained by the Index Sponsor and is calculated and published by the Index Calculation Agent. The Index was established on June 22, 2021. An affiliate of ours currently has a 10% equity interest in the Index Sponsor, with a right to appoint an employee of JPMS, another of our affiliates, as a member of the board of directors of the Index Sponsor.

Since February 9, 2024 (the "Amendment Effective Date"), the underlying asset to which the Index is linked (the "Underlying Asset") has been an unfunded position in the QQQ Fund, calculated as the excess of the total return of the QQQ Fund over a notional financing cost. Prior to the Amendment Effective Date, the Underlying Asset was an unfunded rolling position in E-Mini Nasdaq-100 futures (the "Futures Contracts").

The investment objective of the QQQ Fund is to seek to track the investment results, before fees and expenses, of the Nasdaq-100 Index®. For more information about the QQQ Fund and the Nasdaq-100 Index®, see "Background on the Invesco QQQ TrustTM, Series 1" and "Background on the Nasdaq-100 Index®," respectively, in the accompanying underlying supplement.

The Index attempts to provide a dynamic rules-based exposure to the Underlying Asset, while targeting a level of implied volatility, with a maximum exposure to the Underlying Asset of 500% and a minimum exposure to the Underlying Asset of 0%. The Index is subject to a 6.0% per annum daily deduction, and the performance of the Underlying Asset is subject to a notional financing cost deducted daily.

On each weekly Index rebalance day, the exposure to the Underlying Asset is set equal to (a) the 35% implied volatility target (the "target volatility") divided by (b) the one-week implied volatility of the QQQ Fund, subject to a maximum exposure of 500%. For example, if the implied volatility of the QQQ Fund is equal to 17.5%, the exposure to the Underlying Asset will equal 200% (or 35% / 17.5%) and if the implied volatility of the QQQ Fund is equal to 40%, the exposure to the Underlying Asset will equal 87.5% (or 35% / 40%). The Index's exposure to the Underlying Asset will be greater than 100% when the implied volatility of the QQQ Fund is below 35%, and the Index's exposure to the Underlying Asset will be less than 100% when the implied volatility of the QQQ Fund is above 35%. In general, the Index's target volatility feature is expected to result in the volatility of the Index being more stable over time than if no target volatility feature were employed. No assurance can be provided that the volatility of the Index will be stable at any time. The Index uses the implied volatility of the QQQ Fund as a proxy for the realized volatility of the Underlying Asset.

The Index tracks the performance of the QQQ Fund, with distributions, if any, notionally reinvested, less the daily deduction of a notional financing cost. The notional financing cost is intended to approximate the cost of maintaining a position in the QQQ Fund using borrowed funds at a rate of interest equal to SOFR plus a spread of 0.50% per annum. SOFR, the Secured Overnight Financing Rate, is intended to be a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. The Index is an "excess return" index and not a "total return" index because, as part of the calculation of the level of the Index, the performance of the QQQ Fund is reduced by the notional financing cost. The notional financing cost has been deducted from the performance of the QQQ Fund since the Amendment Effective Date.

The 6.0% per annum daily deduction and the notional financing cost will offset any appreciation of the Underlying Asset, will heighten any depreciation of the Underlying Asset and will generally be a drag on the performance of the Index. The Index will trail the performance of an identical index without such deductions.

Holding the estimated value of the notes and market conditions constant, the Call Premium Amounts, the Buffer Amount and the other economic terms available on the notes are more favorable to investors than the terms that would be available on a hypothetical note issued by us linked to an identical index without a daily deduction. However, there can be no assurance that any improvement in the terms of the notes derived from the daily deduction will offset the negative effect of the daily deduction on the performance of the Index. The return on the notes may be lower than the return on a hypothetical note issued by us linked to an identical index without a daily deduction.

The daily deduction and the volatility of the Index (as influenced by the Index's target volatility feature) are two of the primary variables that affect the economic terms of the notes. Additionally, the daily deduction and volatility of the Index are two of the inputs our affiliates' internal pricing models use to value the derivative or derivatives underlying the economic terms of the notes for purposes of determining the estimated value of the notes set forth on the cover of this pricing supplement. The daily deduction will effectively reduce the value of the derivative or derivatives underlying the economic terms of the notes. See "The Estimated Value of the Notes" and "Selected Risk Considerations - Risks Relating to the Estimated Value and Secondary Market Prices of the Notes" in this pricing supplement.

The Index is subject to risks associated with the use of significant leverage. The notional financing cost deducted daily will be magnified by any leverage provided by the Index. In addition, the Index may be significantly uninvested on any given day, and, in that case, will realize only a portion of any gains due to appreciation of the Underlying Asset on that day. The index deduction is deducted daily at a rate of 6.0% per annum, even when the Index is not fully invested.

PS-2
\backslash
Structured Investments

Review Notes Linked to the MerQube US Tech+ Vol Advantage Index

No assurance can be given that the investment strategy used to construct the Index will achieve its intended results or that the Index will be successful or will outperform any alternative index or strategy that might reference the Underlying Asset.

For additional information about the Index, see “The MerQube Vol Advantage Index Series” in the accompanying underlying supplement.

## Supplemental Terms of the Notes

Any values of the Index, 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.

## How the Notes Work

### Payment upon an Automatic Call

#### Review Dates

Compare the closing level of the Index to the Call Value on each Review Date until any earlier automatic call.

#### Automatic Call

The closing level of the Index is greater than or equal to the Call Value.

The notes will be automatically called on the applicable Call Settlement Date and you will receive (a) $1,000 plus (b) the Call Premium Amount applicable to that Review Date.

No further payments will be made on the notes.

#### No Automatic Call

The closing level of the Index is less than the Call Value.

The notes will not be automatically called. Proceed to the next Review Date, if any.

### Payment at Maturity If the Notes Have Not Been Automatically Called

#### Review Dates

#### Final Review Date

#### Payment at Maturity

The Final Value is less than the Initial Value by up to the Buffer Amount.

You will receive the principal amount of your notes.

The notes have not been automatically called. Proceed to the payment at maturity.

The Final Value is less than the Initial Value by more than the Buffer Amount.

You will receive:

$1,000 + [$1,000 + (Index Return + Buffer Amount)]

Under these circumstances, you will lose some or most of your principal amount at maturity.

PS-3 \ Structured Investments

Review Notes Linked to the MerQube US Tech+ Vol Advantage Index

# Call Premium Amount

The table below illustrates the hypothetical Call Premium Amount per $1,000 principal amount note for each Review Date based on the minimum Call Premium Amounts set forth under "Key Terms - Call Premium Amount" above. The actual Call Premium Amounts will be provided in the pricing supplement and will not be less than the minimum Call Premium Amounts set forth under "Key Terms - Call Premium Amount."

| Review Date | Call Premium Amount |
| --- | --- |
| First | $117.5000 |
| Second | $127.2917 |
| Third | $137.0833 |
| Fourth | $146.8750 |
| Fifth | $156.6667 |
| Sixth | $166.4583 |
| Seventh | $176.2500 |
| Eighth | $186.0417 |
| Ninth | $195.8333 |
| Tenth | $205.6250 |
| Eleventh | $215.4167 |
| Twelfth | $225.2083 |
| Thirteenth | $235.0000 |
| Fourteenth | $244.7917 |
| Fifteenth | $254.5833 |
| Sixteenth | $264.3750 |
| Seventeenth | $274.1667 |
| Eighteenth | $283.9583 |
| Nineteenth | $293.7500 |
| Twentieth | $303.5417 |
| Twenty-First | $313.3333 |
| Twenty-Second | $323.1250 |
| Twenty-Third | $332.9167 |
| Twenty-Fourth | $342.7083 |
| Twenty-Fifth | $352.5000 |
| Twenty-Sixth | $362.2917 |
| Twenty-Seventh | $372.0833 |
| Twenty-Eighth | $381.8750 |
| Twenty-Ninth | $391.6667 |
| Thirtieth | $401.4583 |
| Thirty-First | $411.2500 |
| Thirty-Second | $421.0417 |
| Thirty-Third | $430.8333 |
| Thirty-Fourth | $440.6250 |
| Thirty-Fifth | $450.4167 |
| Thirty-Sixth | $460.2083 |
| Thirty-Seventh | $470.0000 |
| Thirty-Eighth | $479.7917 |
| Thirty-Ninth | $489.5833 |
| Fortieth | $499.3750 |
| Forty-First | $509.1667 |
| Forty-Second | $518.9583 |
| Forty-Third | $528.7500 |
| Forty-Fourth | $538.5417 |
| Forty-Fifth | $548.3333 |
| Forty-Sixth | $558.1250 |
| Forty-Seventh | $567.9167 |
| Forty-Eighth | $577.7083 |
| Final | $587.5000 |

PS-4 \ Structured Investments
Review Notes Linked to the MerQube US Tech+ Vol Advantage Index

Hypothetical Payout Examples

The following examples illustrate payments on the notes linked to a hypothetical Index, assuming a range of performances for the hypothetical Index on the Review Dates.

In addition, the hypothetical payments set forth below assume the following:

- an Initial Value of 100.00;
- a Call Value of 90.00 (equal to 90.00% of the hypothetical Initial Value);
- a Buffer Amount of 15.00%; and
- the Call Premium Amounts are equal to the minimum Call Premium Amounts set forth under "Key Terms - Call Premium Amount" above.

The hypothetical Initial Value of 100.00 has been chosen for illustrative purposes only and may not represent a likely actual Initial Value. The actual Initial Value will be the closing 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 "Hypothetical Back-Tested Data and Historical Information" in this pricing supplement.

Each hypothetical payment set forth below is for illustrative purposes only and may not be the actual payment applicable to a purchaser of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

## Example 1 - Notes are automatically called on the first Review Date.

| Date | Closing Level |  |
| --- | --- | --- |
| First Review Date | 110.00 | Notes are automatically called |
|  | Total Payment | $1,117.50 (11.75% return) |

Because the closing level of the Index on the first Review Date is greater than or equal to the Call Value, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, of $1,117.50 (or $1,000 plus the Call Premium Amount applicable to the first Review Date), payable on the applicable Call Settlement Date. No further payments will be made on the notes.

## Example 2 - Notes are automatically called on the final Review Date.

| Date | Closing Level |  |
| --- | --- | --- |
| First Review Date | 80.00 | Notes NOT automatically called |
| Second Review Date | 75.00 | Notes NOT automatically called |
| Third through Forty-Eighth Review Dates | Less than Call Value | Notes NOT automatically called |
| Final Review Date | 220.00 | Notes are automatically called |
|  | Total Payment | $1,587.50 (58.75% return) |

Because the closing level of the Index on the final Review Date is greater than or equal to the Call Value, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, of $1,587.50 (or $1,000 plus the Call Premium Amount applicable to the final Review Date), payable on the applicable Call Settlement Date, which is the Maturity Date.

PS-5 \ Structured Investments

Review Notes Linked to the MerQube US Tech+ Vol Advantage Index

Example 3 - Notes have NOT been automatically called and the Final Value is less than the Initial Value by up to the Buffer Amount.

| Date | Closing Level |  |
| --- | --- | --- |
| First Review Date | 80.00 | Notes NOT automatically called |
| Second Review Date | 85.00 | Notes NOT automatically called |
| Third through Forty-Eighth Review Dates | Less than Call Value | Notes NOT automatically called |
| Final Review Date | 85.00 | Notes NOT automatically called; Final Value is less than the Initial Value by up to the Buffer Amount |
|  | Total Payment | $1,000.00 (0.00% return) |

Because the notes have not been automatically called and the Final Value is less than the Initial Value by up to the Buffer Amount, the payment at maturity, for each $1,000 principal amount note, will be $1,000.00.

Example 4 - Notes have NOT been automatically called and the Final Value is less than the Initial Value by more than the Buffer Amount.

| Date | Closing Level |  |
| --- | --- | --- |
| First Review Date | 80.00 | Notes NOT automatically called |
| Second Review Date | 70.00 | Notes NOT automatically called |
| Third through Forty-Eighth Review Dates | Less than Call Value | Notes NOT automatically called |
| Final Review Date | 40.00 | Notes NOT automatically called; Final Value is less than the Initial Value by more than the Buffer Amount |
|  | Total Payment | $550.00 (-45.00% return) |

Because the notes have not been automatically called, the Final Value is less than the Initial Value by more than the Buffer Amount and the Index Return is -60.00%, the payment at maturity will be $550.00 per $1,000 principal amount note, calculated as follows:

$$
\$1,000 + [\$1,000 \times (-60.00\% + 15.00\%)] = \$550.00
$$

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 the fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payments shown above would likely be lower.

## Selected Risk Considerations

An investment in the notes involves significant risks. These risks are explained in more detail in the "Risk Factors" sections of the accompanying prospectus supplement, product supplement and underlying supplement and in Annex A to the accompanying prospectus addendum.

## Risks Relating to the Notes Generally

- 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 and the Final Value is less than the Initial Value by more than 15.00%, you will lose 1% of the principal amount of your notes for every 1% that the Final Value is less than the Initial Value by more than 15.00%. Accordingly, under these circumstances, you will lose up to 85.00% of your principal amount at maturity.

- THE LEVEL OF THE INDEX WILL INCLUDE A 6.0% PER ANNUM DAILY DEDUCTION -
The Index is subject to a 6.0% per annum daily deduction. As a result, the level of the Index will trail the value of an identically constituted synthetic portfolio that is not subject to any such deduction.

This deduction will place a significant drag on the performance of the Index, potentially offsetting positive returns on the Index's investment strategy, exacerbating negative returns of its investment strategy and causing the level of the Index to decline steadily if the return of its investment strategy is relatively flat. The Index will not appreciate unless the return of its investment strategy is

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sufficient to offset the negative effects of this deduction, and then only to the extent that the return of its investment strategy is greater than this deduction. As a result of this deduction, the level of the Index may decline even if the return of its investment strategy is otherwise positive.

The daily deduction is one of the inputs our affiliates' internal pricing models use to value the derivative or derivatives underlying the economic terms of the notes for purposes of determining the estimated value of the notes set forth on the cover of this pricing supplement. The daily deduction will effectively reduce the value of the derivative or derivatives underlying the economic terms of the notes. See "The Estimated Value of the Notes" and "- Risks Relating to the Estimated Value and Secondary Market Prices of the Notes" in this pricing supplement.

- THE LEVEL OF THE INDEX WILL INCLUDE THE DEDUCTION OF A NOTIONAL FINANCING COST -

Since the Amendment Effective Date, the performance of the Underlying Asset has been subject to a notional financing cost deducted daily. The notional financing cost is intended to approximate the cost of maintaining a position in the QQQ Fund using borrowed funds at a rate of interest equal to the daily SOFR rate plus a fixed spread. The actual cost of maintaining a position in the QQQ Fund at any time may be less than the notional financing cost. As a result of this deduction, the level of the Index will trail the value of an identically constituted synthetic portfolio that is not subject to any such deduction.

- CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE &amp; CO. -

Investors are dependent on our and JPMorgan Chase &amp; Co.'s ability to pay all amounts due on the notes. Any actual or potential change in our or JPMorgan Chase &amp; 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 &amp; Co. were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.

- AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS -

As a finance subsidiary of JPMorgan Chase &amp; 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 &amp; Co., substantially all of our assets relate to obligations of JPMorgan Chase &amp; Co. to make payments under loans made by us to JPMorgan Chase &amp; Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase &amp; Co. to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase &amp; Co. and in a bankruptcy or resolution of JPMorgan Chase &amp; 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 &amp; 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 &amp; Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase &amp; Co. For more information, see the accompanying prospectus addendum.

- THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO ANY CALL PREMIUM AMOUNT PAID ON THE NOTES, regardless of any appreciation of the Index, which may be significant. You will not participate in any appreciation of the Index.

- THE AUTOMATIC CALL FEATURE MAY FORCE A POTENTIAL EARLY EXIT -

If your notes are automatically called, the term of the notes may be reduced to as short as approximately one year. 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. 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.

- THE NOTES DO NOT PAY INTEREST.

- YOU WILL NOT RECEIVE DIVIDENDS ON THE QQQ FUND OR THE SECURITIES HELD BY THE QQQ FUND OR HAVE ANY RIGHTS WITH RESPECT TO THE QQQ FUND OR THOSE SECURITIES.

- JPMS AND ITS AFFILIATES MAY HAVE PUBLISHED RESEARCH, EXPRESSED OPINIONS OR PROVIDED RECOMMENDATIONS THAT ARE INCONSISTENT WITH INVESTING IN OR HOLDING THE NOTES, AND MAY DO SO IN THE FUTURE -

Any research, opinions or recommendations could affect the market value of the notes. Investors should undertake their own independent investigation of the merits of investing in the notes, the Index and the components of the Index.

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- LACK OF LIQUIDITY -
The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

- THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT -
You should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the Call Premium Amounts.

## Risks Relating to Conflicts of Interest

- POTENTIAL CONFLICTS -
We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase &amp; Co.'s economic interests are potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to "Risk Factors - Risks Relating to Conflicts of Interest" in the accompanying product supplement.

An affiliate of ours currently has a 10% equity interest in the Index Sponsor, with a right to appoint an employee of JPMS, another of our affiliates, as a member of the board of directors of the Index Sponsor. The Index Sponsor can implement policies, make judgments or enact changes to the Index methodology that could negatively affect the performance of the Index. The Index Sponsor can also alter, discontinue or suspend calculation or dissemination of the Index. Any of these actions could adversely affect the value of the notes. The Index Sponsor has no obligation to consider your interests in calculating, maintaining or revising the Index, and we, JPMS, our other affiliates and our respective employees are under no obligation to consider your interests as an investor in the notes in connection with the role of our affiliate as an owner of an equity interest in the Index Sponsor or the role of an employee of JPMS as a member of the board of directors of the Index Sponsor.

In addition, JPMS worked with the Index Sponsor in developing the guidelines and policies governing the composition and calculation of the Index. Although judgments, policies and determinations concerning the Index were made by JPMS, JPMorgan Chase &amp; Co., as the parent company of JPMS, ultimately controls JPMS. The policies and judgments for which JPMS was responsible could have an impact, positive or negative, on the level of the Index and the value of your notes. JPMS is under no obligation to consider your interests as an investor in the notes in its role in developing the guidelines and policies governing the Index or making judgments that may affect the level of the Index.

## 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 -
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the notes will exceed the estimated value of the notes because costs associated with selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. See "The Estimated Value of the Notes" in this pricing supplement.

- THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER FROM OTHERS' ESTIMATES -
See "The Estimated Value of the Notes" in this pricing supplement.

- THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE -
The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase &amp; 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 &amp; 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.

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- THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME PERIOD -

We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period. See "Secondary Market Prices of the Notes" in this pricing supplement for additional information relating to this initial period. Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published by JPMS (and which may be shown on your customer account statements).

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

Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and, also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy the notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the Maturity Date could result in a substantial loss to you.

- SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS -

The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which may either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging costs and the level of the Index. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See "Risk Factors - Risks Relating to the Estimated Value and Secondary Market Prices of the Notes - Secondary market prices of the notes will be impacted by many economic and market factors" in the accompanying product supplement.

## Risks Relating to the Index

- THE INDEX SPONSOR MAY ADJUST THE INDEX IN A WAY THAT AFFECTS ITS LEVEL, AND THE INDEX SPONSOR HAS NO OBLIGATION TO CONSIDER YOUR INTERESTS -

The Index Sponsor is responsible for maintaining the Index. The Index Sponsor can add, delete or substitute the components of the Index or make other methodological changes that could affect the level of the Index. The Index Sponsor has no obligation to consider your interests in calculating or revising the Index.

- THE INDEX MAY NOT BE SUCCESSFUL OR OUTPERFORM ANY ALTERNATIVE STRATEGY THAT MIGHT BE EMPLOYED IN RESPECT OF THE UNDERLYING ASSET -

No assurance can be given that the investment strategy on which the Index is based will be successful or that the Index will outperform any alternative strategy that might be employed with respect to the Underlying Asset.

- THE INDEX MAY NOT APPROXIMATE ITS TARGET VOLATILITY -

No assurance can be given that the Index will maintain an annualized realized volatility that approximates its target volatility of 35%. The Index's target volatility is a level of implied volatility and therefore the actual realized volatility of the Index may be greater or less than the target volatility. On each weekly Index rebalance day, the Index's exposure to the Underlying Asset is set equal to (a) the 35% implied volatility target divided by (b) the one-week implied volatility of the QQQ Fund, subject to a maximum exposure of 500%. The Index uses the implied volatility of the QQQ Fund as a proxy for the realized volatility of the Underlying Asset. However, there is no guarantee that the methodology used by the Index to determine the implied volatility of the QQQ Fund will be representative of the realized volatility of the QQQ Fund. The volatility of the Underlying Asset on any day may change quickly and unexpectedly and realized volatility may differ significantly from implied volatility. In general, over time, the realized volatility of the QQQ Fund has tended to be lower than its implied volatility; however, at any time that realized volatility may exceed its implied volatility, particularly during periods of market volatility. Accordingly, the actual annualized realized volatility of the Index may be greater than or less than the target volatility, which may adversely affect the level of the Index and the value of the notes.

- THE INDEX IS SUBJECT TO RISKS ASSOCIATED WITH THE USE OF SIGNIFICANT LEVERAGE -

On a weekly Index rebalance day, the Index will employ leverage to increase the exposure of the Index to the Underlying Asset if the implied volatility of the QQQ Fund is below 35%, subject to a maximum exposure of 500%. Under normal market conditions in the past, the QQQ Fund has tended to exhibit an implied volatility below 35%. Accordingly, the Index has generally employed leverage in the past, except during periods of elevated volatility. When leverage is employed, any movements in the prices of the

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