# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-26-013624
**Filing Date:** 2026-2
**Character Count:** 56548
**Document Hash:** 4bca7c6dda12731690527802a0a229b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-013624.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001213900-26-013624

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**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:** 26611134

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J P MORGAN CHASE & CO
- **DATE OF NAME CHANGE:** 20010102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHASE MANHATTAN CORP /DE/
- **DATE OF NAME CHANGE:** 19960402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEMICAL BANKING CORP
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Chase Financial Co. LLC
- **CENTRAL INDEX KEY:** 0001665650
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004-01
- **FILM NUMBER:** 26611135

**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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Pricing supplement**<br> *To prospectus dated April 13, 2023,<br> prospectus supplement dated April 13, 2023, underlying supplement no. 1-I dated <br> April 13, 2023, product supplement no. 2-I dated April 13, 2023 and prospectus <br> addendum dated June 3, 2024*<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Registration Statement Nos. 333-270004 and 333-270004-01<br> Dated February 5, 2026**<br> **Rule 424(b)(2)**<br> **.**  |

---

**JPMorgan Chase Financial Company LLC**

---

| | |
|:---|:---|
| Structured<br> Investments | &nbsp;&nbsp; **$500,000**<br> **Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup> due February 10, 2028**<br> **Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.** |

---

**General**

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are designed for investors who seek an uncapped return of 1.10 *times* any appreciation of the Bloomberg Commodity Index<sup>SM</sup> at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· Investors should be willing to forgo interest payments and be willing to lose
some or all of their principal if the Final Value is less than the Initial Value by more than the Buffer Percentage of 10%.

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

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

**Key Terms**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Issuer: | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| &nbsp;&nbsp;Guarantor: | JPMorgan Chase & Co. |
| &nbsp;&nbsp;Index: | The Bloomberg Commodity Index<sup>SM</sup> (Bloomberg ticker: BCOM) |
| &nbsp;&nbsp;Upside Leverage Factor: | 1.10 |
| &nbsp;&nbsp;Payment at Maturity: | If the Final Value is greater than the Initial Value, at maturity you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Index Return *multiplied* by the Upside Leverage Factor. Accordingly, under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: |
| &nbsp;&nbsp;Payment at Maturity: | $1,000 + ($1,000 × Index Return × Upside Leverage Factor) |
| &nbsp;&nbsp;Payment at Maturity: | If the Final Value is equal to the Initial Value or is less than the Initial Value by up to the Buffer Percentage, you will receive the principal amount of your notes at maturity.<br> If the Final Value is less than the Initial Value by more than the Buffer Percentage, at maturity you will lose 1.11111% of the principal amount of your notes for every 1% that the Final Value is less than the Initial Value by more than the Buffer Percentage. Under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: |
|  | $1,000 + [$1,000 × (Index Return + Buffer Percentage) × Downside Leverage Factor]<br> In no event, however, will the payment at maturity be less than $0. |
|  | *If the Final Value is less than the Initial Value by more than the Buffer Percentage, you will lose some or all of your principal amount at maturity.* |
| &nbsp;&nbsp;Buffer Percentage: | 10% |
| &nbsp;&nbsp;Downside Leverage Factor: | 1.11111 |
| &nbsp;&nbsp;Index Return: | <u>Final Value – Initial Value</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Value |
| &nbsp;&nbsp;Initial Value: | The closing level of the Index on the Pricing Date, which was 117.6883 |
| &nbsp;&nbsp;Final Value: | The closing level of the Index on the Observation Date |
| &nbsp;&nbsp;Pricing Date: | February 5, 2026 |
| &nbsp;&nbsp;Original Issue Date: | On or about February 10, 2026 (Settlement Date) |
| &nbsp;&nbsp;Observation Date<sup>†</sup>: | February 7, 2028 |
| &nbsp;&nbsp;Maturity Date<sup>†</sup>: | February 10, 2028 |
| &nbsp;&nbsp;CUSIP: | 48136JJ62 |

---

---

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

---

**Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, "Risk Factors" beginning on page PS-11 of the accompanying product supplement and "Selected Risk Considerations" beginning on page PS-5 of this pricing supplement.**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Price to Public (1)** | **Fees and Commissions (2)** | **Proceeds to Issuer** |
| **Per note** | $1000 | $15 | $985 |
| **Total** | $500000 | $7500 | $492500 |

---

(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 of $15.00 per $1,000 principal amount note it receives from
us to other affiliated or unaffiliated dealers. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product
supplement.

**The estimated value of the notes, when the terms of the notes were set, was $971.10 per $1,000 principal amount note.** See "The Estimated Value of the Notes" in this pricing supplement for additional information.

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

![](image_001.jpg)

**Additional Terms Specific to the Notes**

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes, of which these notes are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement and the accompanying underlying supplement. **This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.** You should carefully consider, among other things, the matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

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

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

· Underlying supplement no. 1-I dated April 13, 2023:

[http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf)

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

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

· Prospectus addendum dated June 3, 2024:

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

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

**Supplemental Terms of the Notes**

For purposes of the notes offered by this pricing supplement:

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

(2) the Observation Date is a "Determination Date" as described in the accompanying product supplement and is subject to postponement as described under "General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Index" in the accompanying product supplement.

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

Any values of the 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 holder of the notes or any other party.

JPMorgan Structured Investments — PS-1 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

**What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Index?**

The following table and examples illustrate the hypothetical total return and the hypothetical payment at maturity on the notes. The "total return" as used in this pricing supplement is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000. Each hypothetical total return or payment at maturity set forth below assumes a hypothetical Initial Value of 100 and reflects the Upside Leverage Factor of 1.10, the Buffer Percentage of 10% and the Downside Leverage Factor of 1.11111.

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 is the closing level of the Index on the Pricing Date and is specified under "Key Terms — Initial Contract Price" in this pricing supplement. For historical data regarding the actual closing levels of the Index, please see the historical information set forth under "Historical Information" in this pricing supplement.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Final Value**<br>| &nbsp;&nbsp;**Index <br> Return** | &nbsp;&nbsp;**Total Return** |
| &nbsp;&nbsp;165.00 | &nbsp;&nbsp;65.00% | &nbsp;&nbsp;71.500% |
| &nbsp;&nbsp;150.00 | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;55.000% |
| &nbsp;&nbsp;140.00 | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;44.000% |
| &nbsp;&nbsp;130.00 | &nbsp;&nbsp;30.00% | &nbsp;&nbsp;33.000% |
| &nbsp;&nbsp;120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;22.000% |
| &nbsp;&nbsp;110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;11.000% |
| &nbsp;&nbsp;105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;5.500% |
| &nbsp;&nbsp;102.50 | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;2.750% |
| &nbsp;&nbsp;**100.00** | &nbsp;&nbsp;**0.00%** | &nbsp;&nbsp;0.000% |
| &nbsp;&nbsp;97.50 | &nbsp;&nbsp;-2.50% | &nbsp;&nbsp;0.000% |
| &nbsp;&nbsp;95.00 | &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;0.000% |
| &nbsp;&nbsp;90.00 | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;0.000% |
| &nbsp;&nbsp;80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;-11.111% |
| &nbsp;&nbsp;70.00 | &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;-22.222% |
| &nbsp;&nbsp;60.00 | &nbsp;&nbsp;-40.00% | &nbsp;&nbsp;-33.333% |
| &nbsp;&nbsp;50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;-44.444% |
| &nbsp;&nbsp;40.00 | &nbsp;&nbsp;-60.00% | &nbsp;&nbsp;-55.555% |
| &nbsp;&nbsp;30.00 | &nbsp;&nbsp;-70.00% | &nbsp;&nbsp;-66.667% |
| &nbsp;&nbsp;20.00 | &nbsp;&nbsp;-80.00% | &nbsp;&nbsp;-77.778% |
| &nbsp;&nbsp;10.00 | &nbsp;&nbsp;-90.00% | &nbsp;&nbsp;-88.889% |
| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;-100.000% |

---

JPMorgan Structured Investments — PS-2 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

**Hypothetical Examples of Amount Payable at Maturity**

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

**Example 1: The level of the Index increases from the Initial Value of 100 to a Final Value of 105.** 

Because the Final Value of 105 is greater than the Initial Value of 100 and the Index Return is 5%, the investor receives a payment at maturity of $1,055 per $1,000 principal amount note, calculated as follows:

$1,000 + ($1,000 × 5% × 1.10) = $1,055

**Example 2: The level of the Index decreases from the Initial Value of 100 to a Final Value of 90.**

Although the Index Return is negative, because the Final Value of 90 is less than the Initial Value of 100 by up to the Buffer Percentage of 10%, the investor receives a payment at maturity of $1,000 per $1,000 principal amount note.

**Example 3: The level of the Index decreases from the Initial Value of 100 to a Final Value of 40.** 

Because the Final Value of 40 is less than the Initial Value of 100 by more than the Buffer Percentage of 10% and the Index Return is -60%, the investor receives a payment at maturity of $444.45 per $1,000 principal amount note, calculated as follows:

$1,000 + [$1,000 × (-60% + 10%) × 1.11111] = $444.45

The hypothetical returns and hypothetical payments on the notes shown above apply **only if you hold the notes for their entire term.** These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payments shown above would likely be lower.

JPMorgan Structured Investments — PS-3 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

**Selected Purchase Considerations**

· **UNCAPPED APPRECIATION POTENTIAL** — The notes provide the opportunity
to enhance equity returns by multiplying a positive Index Return by 1.10. The notes are not subject to a predetermined maximum gain and,
accordingly, any return at maturity will be determined based on the movement of the level of the Index. **Because the notes are our unsecured and unsubordinated obligations, the payment of which is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to our ability to pay our obligations as they become due and JPMorgan Chase & Co.'s ability to pay its obligations as they become due.** 

· **LIMITED PROTECTION AGAINST LOSS** — We will pay you at least your
principal back at maturity if the Final Value is greater than or equal to the Initial Value or is less than the Initial Value by up to
the Buffer Percentage of 10%. If the Final Value is less than the Initial Value by more than the Buffer Percentage, you will lose 1.11111%
of your principal amount at maturity for every 1% that the Final Value is less than the Initial Value by more than the Buffer Percentage. **Accordingly, under these circumstances, you will lose some or all of your principal amount at maturity.** 

· **RETURN LINKED TO THE Bloomberg COMMODITY Index<sup>SM</sup>** — The return on the notes is linked to the
Bloomberg Commodity Index<sup>SM</sup>. The Index is composed of exchange-traded futures contracts on physical commodities and is designed
to be a diversified benchmark for commodities as an asset class. Its component weightings are determined primarily based on liquidity
data, which is the relative amount of trading activity of a particular commodity. The Index is an excess return index and not a total
return index. An excess return index reflects the returns that are potentially available through an unleveraged investment in the contracts
composing the index. By contrast, a "total return" index, in addition to reflecting those returns, also reflects interest
that could be earned on funds committed to the trading of the underlying futures contracts. For additional information about the Index,
see "Commodity Index Descriptions — The Bloomberg Commodity Indices" in the accompanying underlying supplement.

· **TAX TREATMENT** — You should review carefully the section entitled
"Material U.S. Federal Income Tax Consequences" in the accompanying product supplement no. 2-I. The following discussion,
when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding
the material U.S. federal income tax consequences of owning and disposing of notes.

Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as "open transactions" that are not debt instruments for U.S. federal income tax purposes, as more fully described in "Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments" in the accompanying product supplement. Assuming this treatment is respected, the gain or loss on your notes should be treated as long-term capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes at the issue price. However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss on the notes could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the "constructive ownership" regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments and the issues presented by this notice.

JPMorgan Structured Investments — PS-4 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

**Selected Risk Considerations**

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Index, any of the futures contracts underlying the Index, the commodity to which those commodity futures contracts relate or any futures contracts or exchange-traded or over-the-counter instruments based on, or other instruments related to, any of the foregoing. These risks are explained in more detail in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement 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. The return on the notes at maturity is dependent on the performance
of the Index and will depend on whether, and the extent to which, the Index Return is positive or negative. Your investment will be exposed
to a loss on a leveraged basis if the Final Value is less than the Initial Value by more than the Buffer Percentage. In this case,
for every 1% that the Final Value is less than the Initial Value by more than the Buffer Percentage, you will lose an amount equal to
1.11111% of the principal amount of your notes. In no event, however, will the payment at maturity be less than $0. Accordingly,
under these circumstances, you will lose some or all of your principal amount at maturity.

· **CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO.** — The notes are subject to our and JPMorgan Chase & Co.'s credit risks, and our
and JPMorgan Chase & Co.'s credit ratings and credit spreads may adversely affect the market value of the notes. 
Investors are dependent on our and JPMorgan Chase & Co.'s ability to pay all amounts due on the notes. Any actual
or potential change in our or JPMorgan Chase & Co.'s creditworthiness or credit spreads, as determined by the market
for taking that credit risk, is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co.
were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your entire
investment.

· **AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS** — As a finance subsidiary of JPMorgan Chase & Co., we have
no independent operations beyond the issuance and administration of our securities and the collection of intercompany obligations. Aside
from the initial capital contribution from JPMorgan Chase & Co., substantially all of our assets relate to obligations of
JPMorgan Chase & Co. to make payments under loans made by us to JPMorgan Chase & Co. or under other intercompany
agreements. As a result, we are dependent upon payments from JPMorgan Chase & Co. to meet our obligations under the notes.
We are not a key operating subsidiary of JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co.
we are not expected to have sufficient resources to meet our obligations in respect of the notes as they come due. If JPMorgan Chase & Co.
does not make payments to us and we are unable to make payments on the notes, you may have to seek payment under the related guarantee
by JPMorgan Chase & Co., and that guarantee will rank *pari passu* with all other unsecured and unsubordinated obligations
of JPMorgan Chase & Co. For more information, see the accompanying prospectus addendum.

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

· **WE MAY ACCELERATE YOUR NOTES IF A COMMODITY HEDGING DISRUPTION EVENT OCCURS** — If we or our affiliates are unable to effect transactions necessary to hedge our obligations under the notes due to a commodity
hedging disruption event, we may, in our sole and absolute discretion, accelerate the payment on your notes and pay you an amount determined
in good faith and in a commercially reasonable manner by the calculation agent. If the payment on your notes is accelerated, your investment
may result in a loss and you may not be able to reinvest your money in a comparable investment. Please see "General Terms of Notes
— Consequences of a Commodity Hedging Disruption Event — Acceleration of the Notes" in the accompanying product supplement
for more information.

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

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

JPMorgan Structured Investments — PS-5 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

**Risks Relating to Conflicts of Interest**

· **POTENTIAL CONFLICTS** — We and our affiliates play a variety of
roles in connection with the issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes,
hedging our obligations under the notes and making the assumptions used to determine the pricing of the notes and the estimated value
of the notes when the terms of the notes are set, which we refer to as the estimated value of the notes. In performing these duties, our
and JPMorgan Chase & Co.'s economic interests and the economic interests of the calculation agent and other affiliates
of ours are potentially adverse to your interests as an investor in the notes. In addition, our and JPMorgan Chase & Co.'s
business activities, including hedging and trading activities, could cause our and JPMorgan Chase & Co.'s economic
interests to be adverse to yours and could adversely affect any payment on the notes and the value of the notes. It is possible that hedging
or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates
while the value of the notes declines. Please refer to "Risk Factors — Risks Relating to Conflicts of Interest" in the
accompanying product supplement for additional information about these risks.

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

· **THE ESTIMATED VALUE OF THE NOTES IS 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 exceeds 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** — The estimated value of the notes is determined by reference to internal
pricing models of our affiliates when the terms of the notes are set. This estimated value of the notes is based on market conditions
and other relevant factors existing at that time and assumptions about market parameters, which can include volatility, interest rates
and other factors. Different pricing models and assumptions could provide valuations for the notes that are greater than or less than
the estimated value of the notes. In addition, market conditions and other relevant factors in the future may change, and any assumptions
may prove to be incorrect. On future dates, the value of the notes could change significantly based on, among other things, changes in
market conditions, our or JPMorgan Chase & Co.'s creditworthiness, interest rate movements and other relevant factors,
which may impact the price, if any, at which JPMS would be willing to buy notes from you in secondary market transactions. See "The
Estimated Value of the Notes" in this pricing supplement.

· **THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE** — The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied
funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates.
Any difference may be based on, among other things, our and our affiliates' view of the funding value of the notes as well as the
higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed
income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions,
which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use
of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary
market prices of the notes. See "The Estimated Value of the Notes" in this pricing supplement.

· **THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME PERIOD** —
We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection
with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period. These costs can
include selling commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary
market funding rates for structured debt issuances. See "Secondary Market Prices of the Notes" in this pricing supplement
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. See the immediately following risk consideration for information
about additional factors that will impact any secondary market prices of the notes.

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

JPMorgan Structured Investments — PS-6 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

· **SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS** — The secondary market price of the notes during their term will be impacted by a number of economic and
market factors, which may either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any,
estimated hedging costs and the level of the Index, including:

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

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

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

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

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

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

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

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

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

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

**Risks Relating to the Index**

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

· **PRICES OF COMMODITY FUTURES CONTRACTS ARE CHARACTERIZED BY HIGH AND UNPREDICTABLE VOLATILITY, WHICH COULD LEAD TO HIGH AND UNPREDICTABLE VOLATILITY IN THE INDEX** — Market prices of the commodity futures contracts
included in the Index tend to be highly volatile and may fluctuate rapidly based on numerous factors, including changes in supply and
demand relationships, governmental programs and policies, national and international monetary, trade, political and economic events, wars
and acts of terror, changes in interest and exchange rates, speculation and trading activities in commodities and related contracts, weather,
and agricultural, trade, fiscal and exchange control policies. The prices of commodities and commodity futures contracts are subject to
variables that may be less significant to the values of traditional securities, such as stocks and bonds. These variables may create additional
investment risks that cause the value of the notes to be more volatile than the values of traditional securities. As a general matter,
the risk of low liquidity or volatile pricing around the maturity date of a commodity futures contract is greater than in the case of
other futures contracts because (among other factors) a number of market participants take physical delivery of the underlying commodities.
Many commodities are also highly cyclical. The high volatility and cyclical nature of commodity markets may render such an investment
inappropriate as the focus of an investment portfolio.

· **A DECISION BY AN EXCHANGE ON WHICH THE COMMODITY FUTURES CONTRACTS UNDERLYING THE INDEX ARE TRADED TO INCREASE MARGIN REQUIREMENTS FOR THOSE FUTURES CONTRACTS MAY AFFECT THE LEVEL OF THE INDEX** — If an exchange on which the commodity futures contracts
underlying the Index are traded increases the amount of collateral required to be posted to hold positions in those futures contracts
(*i.e.*, the margin requirements), market participants who are unwilling or unable to post additional collateral may liquidate their
positions, which may cause the level of the Index to decline significantly.

· **THE NOTES DO NOT OFFER DIRECT EXPOSURE TO COMMODITY SPOT PRICES** —
The notes are linked to the Index, which tracks commodity futures contracts, not physical commodities (or their spot prices). The price
of a futures contract reflects the expected value of the commodity upon delivery in the future, whereas the spot price of a commodity
reflects the immediate delivery value of the commodity. A variety of factors can lead to a disparity between the expected future price
of a commodity and the spot price at a given point in time, such as the cost of storing the commodity for the term of the futures contract,
interest charges incurred to finance the purchase of the commodity and expectations concerning supply and demand for the commodity. The
price movements of a futures contract are typically correlated with the movements of the spot price of the referenced commodity, but the
correlation is generally imperfect and price

JPMorgan Structured Investments — PS-7 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

**movements in the spot market may not be reflected in the futures market (and vice versa). Accordingly, the notes may underperform a similar investment that is linked to commodity spot prices.**

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

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

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

JPMorgan Structured Investments — PS-8 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

**Historical Information**

The following graph sets forth the historical performance of the Index based on the weekly historical closing levels of the Index from January 8, 2021 through January 30, 2026. The closing level of the Index on February 5, 2026 was 117.6883. We obtained the closing levels of the Index above and below from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification.

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

![](image_002.jpg)

**The Estimated Value of the Notes**

The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the notes does not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. For additional information, see "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate" in this pricing supplement. The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is determined when the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time. See "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others' Estimates" in this pricing supplement.

The estimated value of the notes is lower than the original issue price of the notes because costs associated with selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the notes. See "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Lower Than the Original Issue Price (Price to Public) of the Notes" in this pricing supplement.

JPMorgan Structured Investments — PS-9 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

**Secondary Market Prices of the Notes**

For information about factors that will impact any secondary market prices of the notes, see "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary Market Prices of the Notes Will Be Impacted by Many Economic and Market Factors" in this pricing supplement. In addition, we generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be the shorter of six months and one-half of the stated term of the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by our affiliates. See "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period."

**Supplemental Use of Proceeds**

The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the notes. See "What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Index?" and "Hypothetical Examples of Amount Payable at Maturity" in this pricing supplement for an illustration of the risk-return profile of the notes and "Selected Purchase Considerations — Return Linked to the Bloomberg Commodity Index<sup>SM</sup>" in this pricing supplement for a description of the market exposure provided by the notes.

The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes.

**Validity of the Notes and the Guarantee**

In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the notes 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 notes (the "master note"), and such notes have been delivered against payment as contemplated herein, such notes 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.

JPMorgan Structured Investments — PS-10 <br> Buffered Return Enhanced Notes Linked to the Bloomberg Commodity Index<sup>SM</sup>

## 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 $500,000. The prospectus is a final prospectus for the related offering.