# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-25-101930
**Filing Date:** 2025-10
**Character Count:** 68176
**Document Hash:** 2671fb6df30fc039c5318df753131e92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-101930.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001213900-25-101930

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**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:** 251414542

**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:** 251414543

**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

PRICING SUPPLEMENT<br> Filed Pursuant to Rule 424(b)(2) <br> Registration Statement Nos. 333-270004 and 333-270004-01 <br> Dated October 22, 2025

JPMorgan Chase Financial Company LLC Capped Buffer Absolute Return Securities

$4,200,000 Linked to the S&P 500<sup>®</sup> Index due November 27, 2026

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

**Investment Description**<br>

Capped Buffer Absolute Return Securities, which we refer to as the "Securities," are unsecured and unsubordinated debt securities issued by JPMorgan Chase Financial Company LLC ("JPMorgan Financial"), the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co., with a return linked to the performance of the S&P 500<sup>®</sup> Index (the "Underlying"). If the Underlying Return is positive, JPMorgan Financial will repay your principal amount at maturity *plus* pay a return equal to the Underlying Return *times* the Participation of 100%, up to the Maximum Upside Gain of 7.35%. If the Underlying Return is zero or negative but the Final Value is greater than or equal to the Downside Threshold (85.00% of the Initial Value), JPMorgan Financial will repay your principal amount at maturity and pay a return equal to the absolute value of the Underlying Return (the "Contingent Absolute Return"). However, if the Underlying Return is negative and the Final Value is less than the Downside Threshold, JPMorgan Financial will repay less than your principal amount at maturity, resulting in a loss of 1% of your principal amount for every 1% that the Underlying has declined by more than the Buffer. **Investing in the Securities involves significant risks. You may lose up to 85% of your principal amount. You will not receive dividends or other distributions paid on any stocks included in the Underlying, and the Securities will not pay interest. The downside market exposure to the Underlying is buffered and the Contingent Absolute Return applies only if you hold the Securities to maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of JPMorgan Financial, as issuer of the Securities, and the creditworthiness of JPMorgan Chase & Co., as guarantor of the Securities. If JPMorgan Financial and JPMorgan Chase & Co. were to default on their payment obligations, you may not receive any amounts owed to you under the Securities and you could lose your entire investment.**

**Features**<br>

---

| | |
|:---|:---|
| ❑ | **Growth Potential Subject to Maximum Upside Gain** — At maturity, the Participation feature will provide unleveraged exposure to any positive performance of the Underlying, up to the Maximum Upside Gain of 7.35%. If the Underlying Return is negative, investors may be exposed to the negative Underlying Return at maturity, subject to the Buffer. |

---

---

| | |
|:---|:---|
| ❑ | **Buffered Downside Market Exposure with Contingent Absolute Return at Maturity** — If the Underlying Return is zero or negative but the Final Value is greater than or equal to the Downside Threshold, JPMorgan Financial will repay your principal amount at maturity and pay the Contingent Absolute Return. However, if the Underlying Return is negative and the Final Value is less than the Downside Threshold, the Contingent Absolute Return will not apply and JPMorgan Financial will repay less than your principal amount, resulting in a loss of 1% of your principal amount for every 1% that the Underlying has declined by more than the Buffer. You may lose up to 85% of your principal amount. The downside market exposure to the Underlying is subject to the Buffer and the Contingent Absolute Return applies only if you hold the Securities to maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of JPMorgan Financial and JPMorgan Chase & Co. |

---

---

| | |
|:---|:---|
| **Key Dates** | **Key Dates** |
| Trade Date<sup>1</sup> | October 22, 2025 |
| Original Issue Date (Settlement Date) | October 27, 2025 |
| Final Valuation Date<sup>2</sup> | November 23, 2026 |
| Maturity Date<sup>2</sup> | November 27, 2026 |

---

---

| | |
|:---|:---|
| 1 | ***The Initial Value is the closing level of the Underlying on October 21, 2025 and is not the closing level of the Underlying on the Trade Date.*** |
| 2 | 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 Underlying (Other Than a Commodity Index)" and "General Terms of Notes — Postponement of a Payment Date" in the accompanying product supplement |

---

**THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. JPMORGAN FINANCIAL IS NOT NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE SECURITIES AT MATURITY, AND THE SECURITIES MAY HAVE DOWNSIDE MARKET RISK SIMILAR TO THE UNDERLYING, SUBJECT TO THE BUFFER. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF JPMORGAN FINANCIAL FULLY AND UNCONDITIONALLY GUARANTEED BY JPMORGAN CHASE & CO. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE SECURITIES.**

**YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER "KEY RISKS" BEGINNING ON PAGE 6 OF THIS PRICING SUPPLEMENT, UNDER "RISK FACTORS" BEGINNING ON PAGE S-2 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT, IN ANNEX A TO THE ACCOMPANYING PROSPECTUS ADDENDUM AND UNDER "RISK FACTORS" BEGINNING ON PAGE PS-12 OF THE ACCOMPANYING PRODUCT SUPPLEMENT BEFORE PURCHASING ANY SECURITIES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR SECURITIES. YOU MAY LOSE UP TO 85% OF YOUR INITIAL INVESTMENT IN THE SECURITIES. THE SECURITIES WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE.**

**Security Offering**<br>

We are offering Capped Buffer Absolute Return Securities linked to the S&P 500<sup>®</sup> Index. The Securities are offered at a minimum investment of $1,000 in denominations of $10 and integral multiples thereof. The return on the Securities if the Underlying Return is positive is subject to, and will not exceed, the Maximum Upside Gain.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying** | **Participation** | **Maximum Upside <br> Gain** | **Initial <br> Value\*** | **Downside<br> Threshold** | **Buffer** | **CUSIP** | **CUSIP** | **ISIN** |
| S&P 500<sup>®</sup> Index <br> (Bloomberg ticker: SPX) | 100% | 7.35% | 6735.35 | 5,725.05, which is 85% of the Initial Value | 15% | 15% | 48134K558 | US48134K5589 |

---

\*The Initial Value is the closing level of the Underlying on October 21, 2025 and is *not* the closing level of the Underlying on the Trade Date.

**See "Additional Information about JPMorgan Financial, JPMorgan Chase & Co. and the Securities" in this pricing supplement. The Securities will have the terms specified in the prospectus and the prospectus supplement, each dated April 13, 2023, the prospectus addendum dated June 3, 2024, product supplement no. UBS-1-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023 and this pricing supplement. *The terms of the Securities as set forth in this pricing supplement, to the extent they differ or conflict with those set forth in the accompanying product supplement, will supersede the terms set forth in that product supplement.***

***Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the Securities or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus, the accompanying prospectus supplement, the accompanying prospectus addendum, the accompanying product supplement and the accompanying underlying supplement. Any representation to the contrary is a criminal offense.***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Price to Public<sup>1</sup>** | **Price to Public<sup>1</sup>** | **Fees and Commissions<sup>2</sup>** | **Fees and Commissions<sup>2</sup>** | **Proceeds to Issuer** | **Proceeds to Issuer** |
| <br>**Offering of Securities** | **Total** | **Per Security** | **Total** | **Per Security** | **Total** | **Per Security** |
| Securities Linked to the S&P 500<sup>®</sup> Index | $4200000 | $10.00 | $42000 | $0.10 | $4158000 | $9.90 |

---

---

| | |
|:---|:---|
| 1 | See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the Securities. |
| 2 | UBS Financial Services Inc., which we refer to as UBS, will receive selling commissions from us of $0.10 per $10 principal amount Security. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement, as supplemented by "Supplemental Plan of Distribution" in this pricing supplement. |

---

**The estimated value of the Securities, when the terms of the Securities were set, was $9.854 per $10 principal amount Security. See "The Estimated Value of the Securities" in this pricing supplement for additional information.**

*The Securities 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.*

 

**UBS Financial Services Inc.**

**Additional Information about JPMorgan Financial, JPMorgan Chase & Co. and the Securities**<br>

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 Securities are a part, the accompanying prospectus addendum 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 Securities and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.** You should carefully consider, among other things, the matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the Securities involve risks not associated with conventional debt securities.

**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.
 UBS-1-I dated April 13, 2023:<br> [http://www.sec.gov/Archives/edgar/data/19617/000121390023029549/ea152816_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029549/ea152816_424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;⧫ Underlying supplement
 no. 1-I dated April 13, 2023:<br> [http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;⧫ Prospectus supplement
 and prospectus, each dated April 13, 2023:<br> [http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;⧫ Prospectus addendum dated
 June 3, 2024:<br> [http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)

Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.'s CIK is 19617. As used in this pricing supplement, the "Issuer," "JPMorgan Financial," "we," "us" and "our" refer to JPMorgan Chase Financial Company LLC.

**Supplemental Terms of the Securities**<br>

For purposes of the accompanying product supplement, the S&P 500<sup>®</sup> Index is an "Index."

Any values of the Underlying, 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 Securities. Notwithstanding anything to the contrary in the indenture governing the Securities, that amendment will become effective without consent of the holders of the Securities or any other party.

**2**

**Investor Suitability**

---

| | |
|:---|:---|
| **The Securities may be suitable for you if, among other considerations:**<br> ⧫ You fully understand the risks inherent in an investment in the Securities, including the risk of loss of up to 85% of your principal amount.<br> ⧫ You can tolerate a loss of a substantial portion of your investment and are willing to make an investment that may have similar downside market risk as a hypothetical investment in the Underlying, subject to the Buffer.<br> ⧫ You believe the level of the Underlying will increase over the term of the Securities and that the appreciation is unlikely to exceed an amount equal to the Maximum Upside Gain indicated on the cover hereof or you believe the Underlying will close at or above the Downside Threshold on the Final Valuation Date.<br> ⧫ You understand and accept that your potential return if the Underlying Return is positive is limited by the Maximum Upside Gain and you would be willing to invest in the Securities based on the Maximum Upside Gain indicated on the cover hereof.<br> ⧫ You understand and accept that your potential positive downside return from the Contingent Absolute Return is limited by the Downside Threshold.<br> ⧫ You can tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations in the level of the Underlying.<br> ⧫ You do not seek current income from your investment and are willing to forgo dividends paid on the stocks included in the Underlying.<br> ⧫ You are willing and able to hold the Securities to maturity.<br> ⧫ You accept that there may be little or no secondary market for the Securities and that any secondary market will depend in large part on the price, if any, at which J.P. Morgan Securities LLC, which we refer to as JPMS, is willing to trade the Securities.<br> ⧫ You understand and accept the risks associated with the Underlying.<br> ⧫ You are willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Securities, and understand that if JPMorgan Financial and JPMorgan Chase & Co. default on their obligations, you may not receive any amounts due to you including any repayment of principal. | **The Securities may not be suitable for you if, among other considerations:**<br> ⧫ You do not fully understand the risks inherent in an investment in the Securities, including the risk of loss of up to 85% of your principal amount.<br> ⧫ You require an investment designed to provide a full return of principal at maturity.<br> ⧫ You cannot tolerate a loss of a substantial portion of your investment, or you are not willing to make an investment that may have similar downside market risk as a hypothetical investment in the Underlying, subject to the Buffer.<br> ⧫ You believe the level of the Underlying will decline over the term of the Securities and is likely to close below the Downside Threshold on the Final Valuation Date, or you believe the Underlying will appreciate over the term of the Securities by more than the Maximum Upside Gain indicated on the cover hereof.<br> ⧫ You seek an investment that has unlimited return potential without a cap on appreciation.<br> ⧫ You are unwilling to invest in the Securities based on the Maximum Upside Gain indicated on the cover hereof.<br> ⧫ You cannot tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations in the level of the Underlying.<br> ⧫ You seek current income from your investment or prefer not to forgo dividends paid on the stocks included in the Underlying.<br> ⧫ You are unwilling or unable to hold the Securities to maturity or seek an investment for which there will be an active secondary market.<br> ⧫ You do not understand or accept the risks associated with the Underlying.<br> ⧫ You are not willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Securities, including any repayment of principal. |

---

**The suitability considerations identified above are not exhaustive. Whether or not the Securities are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisers have carefully considered the suitability of an investment in the Securities in light of your particular circumstances. You should also review carefully the "Key Risks" section of this pricing supplement, the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and Annex A to the accompanying prospectus addendum for risks related to an investment in the Securities. For more information on the Underlying, please see the section titled "The Underlying" below.**

**3**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Final Terms** | &nbsp;&nbsp;**Final 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;Issue Price: | &nbsp;&nbsp;$10.00 per Security (subject to a minimum purchase of 100 Securities or $1,000) |
| &nbsp;&nbsp;Principal Amount: | &nbsp;&nbsp;$10.00 per Security. The payment at maturity will be based on the principal amount. |
| &nbsp;&nbsp;Underlying: | &nbsp;&nbsp;S&P 500<sup>®</sup> Index |
| &nbsp;&nbsp;Term: | &nbsp;&nbsp;13 months |
| &nbsp;&nbsp;Payment at Maturity (per $10 principal amount Security): | &nbsp;&nbsp;**If the Underlying Return is positive,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + ($10.00 × Underlying Return × Participation),<br> *provided*, *however*, that, if the Underlying Return is positive, in no event will JPMorgan Financial pay you at maturity an amount greater than:<br> $10.00 + ($10.00 × Maximum Upside Gain)<br> **If the Underlying Return is zero or negative but the Final Value is greater than or equal to the Downside Threshold,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + ($10.00 × Contingent Absolute Return)<br> **If the Underlying Return is negative and the Final Value is less than the Downside Threshold,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + [$10.00 × (Underlying Return<br> + Buffer)]<br> ***In this scenario, the Contingent Absolute Return will not apply and you will lose 1% of your principal amount for every 1% that the Underlying has declined by more than the Buffer. You may lose up to 85% of your principal amount.*** |
| &nbsp;&nbsp;Underlying Return: | &nbsp;&nbsp;<u>(Final Value – Initial Value)</u><br> Initial Value |
| &nbsp;&nbsp;Contingent Absolute Return: | &nbsp;&nbsp;The absolute value of the Underlying Return. For example, if the Underlying Return is -5%, the Contingent Absolute Return will equal 5%. |
| &nbsp;&nbsp;Participation: | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Maximum Upside Gain: | &nbsp;&nbsp;7.35%. In no event will the return on the principal amount be greater than the Maximum Upside Gain if the Underlying Return is positive. |
| &nbsp;&nbsp;Initial Value: | &nbsp;&nbsp;The closing level of the Underlying on October 21, 2025, as specified on the cover of this pricing supplement. **The Initial Value is *not* the closing level of the Underlying on the Trade Date.** |
| &nbsp;&nbsp;Final Value: | &nbsp;&nbsp;The closing level of the Underlying on the Final Valuation Date |
| &nbsp;&nbsp;Downside Threshold: | &nbsp;&nbsp;85.00% of the Initial Value, as specified on the cover of this pricing supplement |
| &nbsp;&nbsp;Buffer: | &nbsp;&nbsp;15%, if held to maturity |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Timeline** | &nbsp;&nbsp;**Investment Timeline** |
| &nbsp;&nbsp;**October 21, 2025** | &nbsp;&nbsp;The closing level of the Underlying (Initial Value) is observed and the Downside Threshold is determined. |
| &nbsp;&nbsp;**Trade Date** | &nbsp;&nbsp;The Maximum Upside Gain is finalized. |
| &nbsp;&nbsp;![](image_003.jpg) |  |
| &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;The Final Value and the Underlying Return are determined.<br> **If the Underlying Return is positive,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + ($10.00 × Underlying Return ×<br> Participation),<br> *provided*, *however*, that, if the Underlying Return is positive, in no event will JPMorgan Financial pay you at maturity an amount greater than:<br> $10.00 + ($10.00 × Maximum Upside Gain)<br> **If the Underlying Return is zero or negative but the Final Value is greater than or equal to the Downside Threshold,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + ($10.00 × Contingent Absolute Return)<br> **If the Underlying Return is negative and the Final Value is less than the Downside Threshold,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + [$10.00 × (Underlying Return + Buffer)]<br> ***In this scenario, the Contingent Absolute Return will not apply and you will lose 1% of your principal amount for every 1% that the Underlying has declined by more than the Buffer. You may lose up to 85% of your principal amount.*** |

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**INVESTING IN THE SECURITIES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE UP TO 85% OF YOUR PRINCIPAL AMOUNT. ANY PAYMENT ON THE SECURITIES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE CREDITWORTHINESS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. IF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. WERE TO DEFAULT ON THEIR PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE SECURITIES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.**

**4**

**What Are the Tax Consequences of the Securities?**<br>

In determining our reporting responsibilities, we intend to treat the Securities for U.S. federal income tax purposes as "open transactions" that are not debt instruments, as described in the section entitled "Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments" in the accompanying product supplement no. UBS-1-I. Based on the advice of Davis Polk & Wardwell LLP, our special tax counsel, we believe that this is a reasonable treatment, but that there are other reasonable treatments that the IRS or a court may adopt, in which case the timing and character of any income or loss on the Securities could be materially and adversely affected.

No statutory, judicial or administrative authority directly addresses the characterization of the Securities (or similar instruments) for U.S. federal income tax purposes, and no ruling is being requested from the IRS with respect to their proper characterization and treatment. Assuming that "open transaction" treatment is respected, the gain or loss on your Securities should generally be treated as long-term capital gain or loss if you hold your Securities for more than a year, whether or not you are an initial purchaser of the Securities at the issue price. However, the IRS or a court may not respect the treatment of the Securities as "open transactions," in which case the timing and character of any income or loss on the Securities could be materially and adversely affected. For instance, the Securities could be treated as contingent payment debt instruments, in which case the gain on your Securities would be treated as ordinary income and you would be required to accrue original issue discount on your Securities in each taxable year at the "comparable yield," as determined by us, although we will not make any payment with respect to the Securities until maturity.

In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the "constructive ownership" regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect. You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Securities, including possible alternative treatments and the issues presented by this notice.

Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an "Underlying Security"). Based on certain determinations made by us, our special tax counsel is of the opinion that Section 871(m) should not apply to the Securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax adviser regarding the potential application of Section 871(m) to the Securities.

**5**

**Key Risks**<br>

An investment in the Securities involves significant risks. Investing in the Securities is not equivalent to investing directly in the Underlying. These risks are explained in more detail in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum. We also urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Securities.

**Risks Relating to the Securities Generally**

⧫ **Your Investment in the Securities May Result in a Loss** — The Securities differ
 from ordinary debt securities in that we will not necessarily repay the full principal amount
 of the Securities. If the Underlying Return is negative, we will pay you the principal amount
 of your Securities in cash only if the Final Value has not declined below the Downside Threshold.
 If the Underlying Return is negative and the Final Value is less than the Downside Threshold,
 the Contingent Absolute Return will not apply and you will lose 1% of your principal amount
 for every 1% that the Underlying has declined by more than the Buffer. Accordingly, you could
 lose up to 85% of your principal amount.

⧫ **Credit Risks of JPMorgan Financial and JPMorgan Chase & Co.** — The
 Securities are unsecured and unsubordinated debt obligations of the Issuer, JPMorgan Chase
 Financial Company LLC, the payment on which is fully and unconditionally guaranteed by JPMorgan
 Chase & Co. The Securities will rank *pari passu* with all of our other
 unsecured and unsubordinated obligations, and the related guarantee by JPMorgan Chase & Co.
 will rank *pari passu* with all of JPMorgan Chase & Co.'s other
 unsecured and unsubordinated obligations. The Securities and related guarantees are not,
 either directly or indirectly, an obligation of any third party. Any payment to be made on
 the Securities, including any repayment of principal, depends on the ability of JPMorgan
 Financial and JPMorgan Chase & Co. to satisfy their obligations as they come
 due. As a result, the actual and perceived creditworthiness of JPMorgan Financial and JPMorgan
 Chase & Co. may affect the market value of the Securities and, in the event
 JPMorgan Financial and JPMorgan Chase & Co. were to default on their obligations,
 you may not receive any amounts owed to you under the terms of the Securities and you could
 lose your entire investment.

⧫ **As a Finance Subsidiary, JPMorgan Financial Has No Independent Operations and Limited Assets** — As a finance subsidiary of JPMorgan Chase & Co., we have no independent
 operations beyond the issuance and administration of our securities and the collection of
 intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase & Co.,
 substantially all of our assets relate to obligations of JPMorgan Chase & Co.
 to make payments under loans made by us to JPMorgan Chase & Co. or under other
 intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase & Co.
 to meet our obligations under the Securities. We are not a key operating subsidiary of JPMorgan
 Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co.
 we are not expected to have sufficient resources to meet our obligations in respect of the
 Securities as they come due. If JPMorgan Chase & Co. does not make payments
 to us and we are unable to make payments on the Securities, you may have to seek payment
 under the related guarantee by JPMorgan Chase & Co., and that guarantee will
 rank *pari passu* with all other unsecured and unsubordinated obligations of JPMorgan
 Chase & Co. For more information, see the accompanying prospectus addendum.

⧫ **The Appreciation Potential of the Securities Is Limited by the Maximum Upside Gain If the Underlying Return Is Positive** — The appreciation potential of the Securities is limited
 by the Maximum Upside Gain if the Underlying Return is positive. Accordingly, under these
 circumstances, the appreciation potential of the Securities will be limited by the Maximum
 Upside Gain even if the Underlying Return *times* the Participation is greater than
 the Maximum Upside Gain.

⧫ **The Participation Applies Only If You Hold the Securities to Maturity** —
 You should be willing to hold your Securities to maturity. If you are able to sell your Securities
 prior to maturity in the secondary market, if any, the price you receive likely will not
 reflect the full economic value of the Participation or the Securities themselves, and the
 return you realize may be less than the product of the performance of the Underlying and
 the Participation and may be less than the Underlying's return, even if that return
 is positive and does not exceed the Maximum Upside Gain. You can receive the full benefit
 of the Participation, subject to the Maximum Upside Gain, only if you hold your Securities
 to maturity.

⧫ **The Downside Market Exposure to the Underlying Is Buffered and the Contingent Absolute Return Applies Only If You Hold the Securities to Maturity** — You should be willing
 to hold your Securities to maturity. If you are able to sell your Securities in the secondary
 market, if any, prior to maturity, you may have to sell them at a loss relative to your initial
 investment even if the closing level of the Underlying is above the Downside Threshold. If
 you hold the Securities to maturity and the Underlying Return is negative, JPMorgan Financial
 will repay your principal amount *plus* the Contingent Absolute Return, unless the Final
 Value is below the Downside Threshold. However, if
 the Underlying Return is negative and the Final Value is less than the Downside Threshold,
 the Contingent Absolute Return will not apply and JPMorgan Financial will repay less than
 your principal amount at maturity, resulting in a loss of 1% of your principal amount for
 every 1% that the Underlying has declined by more than the Buffer. The downside market exposure
 to the Underlying is buffered and the Contingent Absolute Return applies only if you
 hold your Securities to maturity.

⧫ **Limited Potential Positive Downside Return on the Securities** — Any positive downside
 return on the Securities will be limited by the Downside Threshold because, if the Underlying
 Return is negative, JPMorgan Financial will pay you the principal amount *plus* the
 Contingent Absolute Return at maturity only if the Final Value is greater than or equal to
 the Downside Threshold. You will not receive a Contingent Absolute Return and will lose up
 to 85% your investment if the Final Value is below the Downside Threshold.

⧫ **No Interest Payments** — JPMorgan Financial will not make any interest payments
 to you with respect to the Securities.

⧫ **The Probability That the Final Value Will Fall Below the Downside Threshold on the Final Valuation Date Will Depend on the Volatility of the Underlying** — "Volatility"
 refers to the frequency and magnitude of changes in the level of the Underlying.

**6**

Greater expected volatility with respect to the Underlying reflects a higher expectation as of the Trade Date that the Underlying could close below the Downside Threshold on the Final Valuation Date of the Securities, resulting in the loss of some or most of your investment. However, the Underlying's volatility can change significantly over the term of the Securities. The level of the Underlying could fall sharply, which could result in a significant loss of principal.

⧫ **Investing in the Securities Is Not Equivalent to Investing in the Stocks Composing the Underlying** — Investing in the Securities is not equivalent to investing in the stocks included
 in the Underlying. As an investor in the Securities, you will not have any ownership interest
 or rights in the stocks included in the Underlying, such as voting rights, dividend payments
 or other distributions.

⧫ **We Cannot Control Actions by the Sponsor of the Underlying and That Sponsor Has No Obligation to Consider Your Interests** — We and
 our affiliates are not affiliated with the sponsor of the Underlying and have no ability
 to control or predict its actions, including any errors in or discontinuation of public disclosure
 regarding methods or policies relating to the calculation of the Underlying. The sponsor
 of the Underlying is not involved in this Security offering in any way and has no obligation
 to consider your interest as an owner of the Securities in taking any actions that might
 affect the market value of your Securities.

⧫ **Your Return on the Securities Will Not Reflect Dividends on the Stocks Composing the Underlying** — Your return on the Securities will not reflect the return you would realize if you
 actually owned the stocks included in the Underlying and received the dividends on the stocks
 included in the Underlying. This is because the calculation agent will calculate the amount
 payable to you at maturity of the Securities by reference to the Final Value, which reflects
 the closing level of the Underlying on the Final Valuation Date without taking into consideration
 the value of dividends on the stocks included in the Underlying.

⧫ **Lack of Liquidity** — The Securities will not be listed on any securities exchange.
 JPMS intends to offer to purchase the Securities 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 Securities easily. Because other dealers are not likely to make
 a secondary market for the Securities, the price at which you may be able to trade your Securities
 is likely to depend on the price, if any, at which JPMS is willing to buy the Securities.

⧫ **Tax Treatment** — Significant aspects of the tax treatment of the Securities are
 uncertain. You should consult your tax adviser about your tax situation.

**Risks Relating to Conflicts of Interest**

⧫ **Potential Conflicts** — We and our affiliates play a variety of roles in connection
 with the issuance of the Securities, including acting as calculation agent and hedging our
 obligations under the Securities and making the assumptions used to determine the pricing
 of the Securities and the estimated value of the Securities when the terms of the Securities
 are set, which we refer to as the estimated value of the Securities. 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 Securities. 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 Securities and the value of the Securities. It is possible that
 hedging or trading activities of ours or our affiliates in connection with the Securities
 could result in substantial returns for us or our affiliates while the value of the Securities
 declines. Please refer to "Risk Factors — Risks Relating to Conflicts of Interest"
 in the accompanying product supplement for additional information about these risks.

⧫ **Potentially Inconsistent Research, Opinions or Recommendations by JPMS, UBS or Their Affiliates** —
 JPMS, UBS or their affiliates may publish research, express opinions or provide recommendations
 that are inconsistent with investing in or holding the Securities, and that may be revised
 at any time. Any such research, opinions or recommendations may or may not recommend that
 investors buy or hold investments linked to the Underlying and could affect the value of
 the Underlying, and therefore the market value of the Securities.

⧫ **Potential JPMorgan Financial Impact on the Market Price of the Underlying** — Trading
 or transactions by JPMorgan Financial or its affiliates in the Underlying or in futures,
 options or other derivative products on the Underlying may adversely affect the market value
 of the Underlying and, therefore, the market value of the Securities.

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

⧫ **The Estimated Value of the Securities Is Lower Than the Original Issue Price (Price to Public) of the Securities** — The estimated value of the Securities is only an estimate
 determined by reference to several factors. The original issue price of the Securities exceeds
 the estimated value of the Securities because costs associated with selling, structuring
 and hedging the Securities are included in the original issue price of the Securities. 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 Securities
 and the estimated cost of hedging our obligations under the Securities. See "The Estimated
 Value of the Securities" in this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;⧫ **The Estimated Value of the Securities Does Not Represent Future Values of the Securities and May Differ from Others' Estimates** — The estimated value of the Securities
 is determined by reference to internal pricing models of our affiliates when the terms of
 the Securities are set. This estimated value of the Securities is based on market conditions
 and other relevant factors existing at that time and assumptions about market parameters,
 which can include volatility, dividend rates, interest rates and other factors. Different
 pricing models and assumptions could provide valuations for the Securities that are greater
 than or less than the estimated value of the Securities. 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 Securities 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 Securities from you in secondary market transactions.
 See "The Estimated Value of the Securities" in this pricing supplement.

**7**

⧫ **The Estimated Value of the Securities Is Derived by Reference to an Internal Funding Rate** —
 The internal funding rate used in the determination of the estimated value of the Securities
 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 Securities as well as the higher issuance, operational and ongoing liability management
 costs of the Securities 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 Securities. The use of an internal funding
 rate and any potential changes to that rate may have an adverse effect on the terms of the
 Securities and any secondary market prices of the Securities. See "The Estimated Value
 of the Securities" in this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;⧫ **The Value of the Securities as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Securities for a Limited Time Period** — We generally expect that some of the costs included in the
 original issue price of the Securities will be partially paid back to you in connection with
 any repurchases of your Securities by JPMS in an amount that will decline to zero over an
 initial predetermined period. These costs can include selling commissions, projected hedging
 profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary
 market funding rates for structured debt issuances. See "Secondary Market Prices of
 the Securities" in this pricing supplement for additional information relating to this
 initial period. Accordingly, the estimated value of your Securities during this initial period
 may be lower than the value of the Securities as published by JPMS (and which may be shown
 on your customer account statements).

⧫ **Secondary Market Prices of the Securities Will Likely Be Lower Than the Original Issue Price of the Securities** — Any secondary market prices of the Securities will likely be
 lower than the original issue price of the Securities 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 Securities. As a result, the price, if any, at which JPMS will be willing
 to buy Securities from you in secondary market transactions, if at all, is likely to be lower
 than the original issue price. Any sale by you prior to the Maturity Date could result in
 a substantial loss to you. See the immediately following risk factor for information about
 additional factors that will impact any secondary market prices of the Securities.

The Securities are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Securities to maturity. See "— Risks Relating to the Securities Generally — Lack of Liquidity" above.

⧫ **Many Economic and Market Factors Will Impact the Value of the Securities** — As
 described under "The Estimated Value of the Securities" in this pricing supplement,
 the Securities can be thought of as securities that combine a fixed-income debt component
 with one or more derivatives. As a result, the factors that influence the values of fixed-income
 debt and derivative instruments will also influence the terms of the Securities at issuance
 and their value in the secondary market. Accordingly, the secondary market price of the Securities
 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 Underlying, including:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;⧫ the actual and expected
 volatility in the level of the Underlying;

&nbsp;&nbsp;&nbsp;&nbsp;⧫ the time to maturity of
 the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;⧫ the dividend rates on
 the equity securities included in the Underlying;

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

&nbsp;&nbsp;&nbsp;&nbsp;⧫ a variety of other economic,
 financial, political, regulatory and judicial events.

Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the Securities, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of the Securities, if any, at which JPMS may be willing to purchase your Securities in the secondary market.

**Risks Relating to the Underlying**

---

| | |
|:---|:---|
| ¨ | **JPMorgan Chase & Co. Is Currently One of the Companies that Make Up the Underlying** — JPMorgan Chase & Co. is currently one of the companies that make up the Underlying. JPMorgan Chase & Co. will not have any obligation to consider your interests as a holder of the Securities in taking any corporate action that might affect the value of the Underlying and the Securities. |

---

**8**

**Hypothetical Examples and Return Table**<br>

**Hypothetical terms only. Actual terms may vary. See the cover page for actual offering terms.**

The following table and hypothetical examples below illustrate the payment at maturity per $10 principal amount Security for a hypothetical range of Underlying Returns from -100.00% to +100.00% on an offering of the Securities linked to a hypothetical Underlying and assume a hypothetical Initial Value of 100, a hypothetical Downside Threshold of 95, a hypothetical Participation of 100%, a hypothetical Maximum Upside Gain of 6.00% and a hypothetical Buffer of 5%. The hypothetical Initial Value of 100 has been chosen for illustrative purposes only and does not represent the actual Initial Value. The actual Initial Value and Downside Threshold are based on the closing level of the Underlying on October 21, 2025 and are specified on the cover of this pricing supplement. For historical data regarding the actual closing levels of the Underlying, please see the historical information set forth under "The Underlying" in this pricing supplement. The actual Participation, Maximum Upside Gain and Buffer are specified on the cover of this pricing supplement. The hypothetical payment at maturity examples set forth below are for illustrative purposes only and may not be the actual returns applicable to a purchaser of the Securities. The actual payment at maturity may be more or less than the amounts displayed below and will be determined based on the actual terms of the Securities, including the Participation, the Initial Value, the Downside Threshold, the Buffer and the Maximum Upside Gain and the Final Value on the Final Valuation Date. You should consider carefully whether the Securities are suitable to your investment goals. The numbers appearing in the table below have been rounded for ease of analysis.

---

| | | | |
|:---|:---|:---|:---|
| **Final Value** | **Underlying Return (%)** | **Payment at Maturity ($)** | **Return at Maturity per<br> $10.00 issue price (%)** |
| 200.00 | 100.00% | $10.60 | 6.00% |
| 190.00 | 90.00% | $10.60 | 6.00% |
| 180.00 | 80.00% | $10.60 | 6.00% |
| 170.00 | 70.00% | $10.60 | 6.00% |
| 160.00 | 60.00% | $10.60 | 6.00% |
| 150.00 | 50.00% | $10.60 | 6.00% |
| 140.00 | 40.00% | $10.60 | 6.00% |
| 130.00 | 30.00% | $10.60 | 6.00% |
| 120.00 | 20.00% | $10.60 | 6.00% |
| 110.00 | 10.00% | $10.60 | 6.00% |
| 106.00 | 6.00% | $10.60 | 6.00% |
| 104.00 | 4.00% | $10.40 | 4.00% |
| 102.00 | 2.00% | $10.20 | 2.00% |
| 100.00 | 0.00% | $10.00 | 0.00% |
| 99.00 | -1.00% | $10.10 | 1.00% |
| 97.50 | -2.50% | $10.25 | 2.50% |
| 95.00 | -5.00% | $10.50 | 5.00% |
| 90.00 | -10.00% | $9.50 | -5.00% |
| 80.00 | -20.00% | $8.50 | -15.00% |
| 70.00 | -30.00% | $7.50 | -25.00% |
| 60.00 | -40.00% | $6.50 | -35.00% |
| 50.00 | -50.00% | $5.50 | -45.00% |
| 40.00 | -60.00% | $4.50 | -55.00% |
| 30.00 | -70.00% | $3.50 | -65.00% |
| 20.00 | -80.00% | $2.50 | -75.00% |
| 10.00 | -90.00% | $1.50 | -85.00% |
| 0.00 | -100.00% | $0.50 | -95.00% |

---

**Example 1 — The level of the Underlying increases by 2% from the Initial Value of 100 to the Final Value of 102.**

Because the Participation of 100% *times* the Underlying Return of 2% is less than the Maximum Upside Gain of 6.00%, JPMorgan Financial will pay you your principal amount *plus* a return equal to the Underlying Return *times* the Participation, resulting in a payment at maturity of $10.20 per $10 principal amount Security, calculated as follows:

$10.00 + ($10.00 × Underlying Return × Participation)<br> $10.00 + ($10.00 × 2% × 100%) = $10.20

**Example 2 — The level of the Underlying increases by 10% from the Initial Value of 100 to the Final Value of 110.**

Because the Participation of 100% *times* the Underlying Return of 10% is greater than the Maximum Upside Gain of 6.00%, JPMorgan Financial will pay you your principal amount *plus* a return equal to the Maximum Upside Gain of 6.00%, resulting in a payment at maturity of $10.60 per $10 principal amount Security, calculated as follows:

$10.00 + ($10.00 × Maximum Upside Gain)<br> $10.00 + ($10.00 × 6.00%) = $10.60

**9**

**Example 3 — The level of the Underlying decreases by 5% from the Initial Value of 100 to the Final Value of 95.**

Although the Underlying Return is negative, because the Final Value is equal to the Downside Threshold and the Contingent Absolute Return is 5.00%, at maturity, JPMorgan Financial will repay your principal amount *plus* a return equal to 5.00%, resulting in a payment at maturity of $10.50 per $10 principal amount Security (the maximum payment at maturity if the Underlying Return is negative based on the hypothetical Downside Threshold of 95), calculated as follows:

$10.00 + ($10.00 × Contingent Absolute Return)<br> $10.00 + ($10.00 × 5.00%) = $10.50

**Example 4 — The level of the Underlying decreases by 40% from the Initial Value of 100 to the Final Value of 60.**

Because the Underlying Return is -40% and the Final Value is less than the Downside Threshold of 95, at maturity, JPMorgan Financial will pay you a payment at maturity of $6.50 per $10 principal amount Security, calculated as follows:

$10.00 + [$10.00 × (Underlying Return + Buffer)]<br> $10.00 + [$10.00 × (-40.00% + 5.00%)] = $6.50

***If the Underlying Return is negative and the Final Value is less than the Downside Threshold, the Contingent Absolute Return will not apply and investors will lose 1% of their principal amount for every 1% that the Underlying has declined in excess of the Buffer. Investors could lose some or most of their principal amount.***

The hypothetical returns and hypothetical payments on the Securities shown above apply **only if you hold the Securities 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.

**10**

**The Underlying**<br>

The S&P 500<sup>®</sup> Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For additional information about the S&P 500<sup>®</sup> Index, see "Equity Index Descriptions — The S&P U.S. Indices" in the accompanying underlying supplement.

**Historical Information**

The graph below illustrates the daily performance of the Underlying from January 2, 2015 through October 21, 2025, based on information from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification. The closing level of the Underlying on October 21, 2025 was 6,735.35. We obtained the closing levels of the Underlying above and below from Bloomberg, without independent verification.

The dotted line represents the Downside Threshold of 5,725.05, equal to 85% of the closing level of the Underlying on October 21, 2025.

***Past performance of the Underlying is not indicative of the future performance of the Underlying.***

![](image_004.jpg)

The historical performance of the Underlying should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Underlying on the Final Valuation Date. There can be no assurance that the performance of the Underlying will result in the return of any of your principal amount.

**11**

**Supplemental Plan of Distribution**<br>

We and JPMorgan Chase & Co. have agreed to indemnify UBS and JPMS against liabilities under the Securities Act of 1933, as amended, or to contribute to payments that UBS may be required to make relating to these liabilities as described in the prospectus supplement and the prospectus. We have agreed that UBS may sell all or a part of the Securities that it purchases from us to the public or its affiliates at the price to public indicated on the cover hereof.

Subject to regulatory constraints, JPMS intends to offer to purchase the Securities in the secondary market, but it is not required to do so.

We or our affiliates may enter into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Securities, and JPMS and/or an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See "Supplemental Use of Proceeds" in this pricing supplement and "Use of Proceeds and Hedging" in the accompanying product supplement.

**The Estimated Value of the Securities**<br>

The estimated value of the Securities 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 Securities, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the Securities. The estimated value of the Securities does not represent a minimum price at which JPMS would be willing to buy your Securities in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the Securities 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 values of the Securities as well as the higher issuance, operational and ongoing liability management costs of the Securities 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 Securities. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the Securities and any secondary market prices of the Securities. For additional information, see "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Estimated Value of the Securities 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 Securities is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the Securities is determined when the terms of the Securities are set based on market conditions and other relevant factors and assumptions existing at that time. See "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Estimated Value of the Securities Does Not Represent Future Values of the Securities and May Differ from Others' Estimates" in this pricing supplement.

The estimated value of the Securities is lower than the original issue price of the Securities because costs associated with selling, structuring and hedging the Securities are included in the original issue price of the Securities. These costs include the selling commissions paid to UBS, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Securities and the estimated cost of hedging our obligations under the Securities. 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 Securities. See "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Estimated Value of the Securities Is Lower Than the Original Issue Price (Price to Public) of the Securities" in this pricing supplement.

**Secondary Market Prices of the Securities**<br>

For information about factors that will impact any secondary market prices of the Securities, see "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — Secondary Market Prices of the Securities 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 Securities will be partially paid back to you in connection with any repurchases of your Securities by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be up to four months. The length of any such initial period reflects secondary market volumes for the Securities, the structure of the Securities, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the Securities and when these costs are incurred, as determined by our affiliates. See "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Value of the Securities as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Securities for a Limited Time Period" in this pricing supplement.

**Supplemental Use of Proceeds**<br>

The Securities are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the Securities. See "Hypothetical Examples and Return Table" in this pricing supplement for an illustration of the risk-return profile of the Securities and "The Underlying" in this pricing supplement for a description of the market exposure provided by the Securities.

**12**

The original issue price of the Securities is equal to the estimated value of the Securities plus the selling commissions paid to UBS, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Securities, plus the estimated cost of hedging our obligations under the Securities.

**Validity of the Securities and the Guarantee**<br>

In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the Securities offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating to the master global note that represents such Securities (the "master note"), and such Securities have been delivered against payment as contemplated herein, such Securities will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a valid and binding obligation of JPMorgan Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), *provided* that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of JPMorgan Chase & Co.'s obligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2023, which was filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24, 2023.

**13**

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **JPMORGAN CHASE & CO**  |

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The maximum aggregate offering price of the securities to which the prospectus relates is $4,200,000. The prospectus is a final prospectus for the related offering.