# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-25-060881
**Filing Date:** 2025-7
**Character Count:** 96829
**Document Hash:** efe55405d0c3d231893cc8349dfa7c25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-060881.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001213900-25-060881

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**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:** 251099331

**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:** 251099332

**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

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|:---|:---|
| &nbsp;&nbsp; PRICING SUPPLEMENT dated June 30, 2025<br> (To the Prospectus and Prospectus Supplement, each dated<br> April 13, 2023, Product Supplement no. WF-1-I dated April <br> 13, 2023 and Prospectus Addendum dated June 3, 2024) | &nbsp;&nbsp; Filed Pursuant to Rule 424(b)(2)<br> Registration Statement Nos. 333-270004 and 333-270004-01 |
| &nbsp;&nbsp; PRICING SUPPLEMENT dated June 30, 2025<br> (To the Prospectus and Prospectus Supplement, each dated<br> April 13, 2023, Product Supplement no. WF-1-I dated April <br> 13, 2023 and Prospectus Addendum dated June 3, 2024) | &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;![Kwan's HD:Users:design:Documents:Kwan:JPM logos:J.P. Morgan Logos:Logo_2008_JPM_allSizes_RGB:PNG:Logo2008_JPM_C_RGB.png](image_001.jpg) |

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|:---|
| &nbsp;&nbsp; **JPMorgan Chase Financial Company LLC**<br> **Global Medium-Term Notes, Series A**<br> ***Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.*** |
| &nbsp;&nbsp; **$2,720,000 Market Linked Securities — Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**<br> **Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ Linked to the lowest performing of the common stock of Eli Lilly and Company, the common stock of NVIDIA Corporation and the common stock of UnitedHealth Group Incorporated (each referred to as an "Underlying Stock")<br> ■ Unlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity and are subject to potential automatic call upon the terms described below. Whether the securities are automatically called for a fixed call premium or, if not automatically called, the maturity payment amount, will depend, in each case, on the stock closing price of the lowest performing Underlying Stock on the call date or the final calculation day, as applicable. The lowest performing Underlying Stock on the call date or the final calculation day is the Underlying Stock that has the lowest stock return on that day.<br> ■ **Automatic Call**. If the stock closing price of the lowest performing Underlying Stock on the call date is greater than or equal to its starting price, the securities will be automatically called for the principal amount *plus* a call premium of 53.20% of the principal amount.<br> ■ **Maturity Payment Amount**. If the securities are not automatically called, you will receive a maturity payment amount that may be greater than, equal to or less than the principal amount of the securities, depending on the performance of the lowest performing Underlying Stock on the final calculation day from its starting price to its ending price. The maturity payment amount will reflect the following terms:<br> ■ If the stock closing price of the lowest performing Underlying Stock on the final calculation day increases, you will receive the principal amount *plus* a positive return equal to 300% of the percentage increase in the price of that Underlying Stock from its starting price.<br> ■ If the stock closing price of the lowest performing Underlying Stock on the final calculation day remains flat or decreases but is not less than 60% of its starting price (its "threshold price"), you will receive the principal amount *plus* a positive return equal to the absolute value of the percentage decline in the price of that Underlying Stock from its starting price to its ending price, which will be effectively capped at a positive return of 40%.<br> ■ If the stock closing price of the lowest performing Underlying Stock on the final calculation day decreases and is less than its threshold price, you will have full downside exposure to the decrease in the price of that Underlying Stock from its starting price, and you will lose more than 40%, and possibly all, of the principal amount.<br> ■ Investors may lose a significant portion or all of the principal amount.<br> ■ If the securities are automatically called, the positive return on the securities will be limited to the call premium, even if the stock closing price of the lowest performing Underlying Stock on the call date significantly exceeds its starting price. If the securities are automatically called, you will not have the opportunity to participate in any appreciation of the lowest performing Underlying Stock on the final calculation day at the upside participation rate.<br> ■ Your return on the securities will depend solely on the performance of the lowest performing Underlying Stock on the call date or the final calculation day, as applicable. You will not benefit in any way from the performance of the better performing Underlying Stocks. Therefore, you will be adversely affected if any Underlying Stock performs poorly, even if the other Underlying Stocks perform favorably.<br> ■ The securities 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 securities is subject to the credit risk of JPMorgan Financial, as issuer of the securities, and the credit risk of JPMorgan Chase & Co., as guarantor of the securities.<br> ■ No periodic interest payments or dividends<br> ■ No exchange listing; designed to be held to maturity |

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**The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. 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" on page PS-11 in this pricing 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 product supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense.**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Price to Public<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;**Fees and Commissions<sup>(2)(3)</sup>** | &nbsp;&nbsp;&nbsp;**Proceeds to Issuer** |
| &nbsp;&nbsp;&nbsp;**Per Security** | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$25.75 | &nbsp;&nbsp;&nbsp;$974.25 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;$2720000.00 | &nbsp;&nbsp;&nbsp;$70040.00 | &nbsp;&nbsp;&nbsp;$2649960.00 |

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<sup>(1)</sup> See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the securities.

<sup>(2)</sup> Wells Fargo Securities, LLC, which we refer to as WFS, acting as agent for JPMorgan Financial, will receive selling commissions from us of $25.75 per security. WFS has advised us that it may provide dealers, which may include Wells Fargo Advisors ("<u>WFA</u>") (the trade name of the retail brokerage business of WFS's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession of $20.00 per security. In addition to the concession allowed to WFA, WFS has advised us that it may pay $0.75 per security of the selling commissions to WFA as a distribution expense fee for each security sold by WFA. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.

<sup>(3)</sup> In respect of certain securities sold in this offering, J.P. Morgan Securities LLC, which we refer to as JPMS, may pay a fee of $3.00 per security to selected dealers in consideration for marketing and other services in connection with the distribution of the securities to other dealers.

**The estimated value of the securities, when the terms of the securities were set, was $915.40 per 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.*

**Wells Fargo Securities**

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Terms of the Securities**

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| | |
|:---|:---|
| &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;**Underlying Stocks:** | &nbsp;&nbsp;The common stock of Eli Lilly and Company (Bloomberg ticker: LLY), the common stock of NVIDIA Corporation (Bloomberg ticker: NVDA) and the common stock of UnitedHealth Group Incorporated (Bloomberg ticker: UNH) (each referred to as an "<u>Underlying Stock</u>," and collectively as the "<u>Underlying Stocks</u>"). We refer to the issuer of each Underlying Stock as an "Underlying Stock Issuer" and collectively as the "Underlying Stock Issuers." The accompanying product supplement refers to an Underlying Stock as a "Reference Stock." |
| &nbsp;&nbsp;**Pricing Date:** | &nbsp;&nbsp;June 30, 2025 |
| &nbsp;&nbsp;**Issue Date:** | &nbsp;&nbsp;July 3, 2025 |
| &nbsp;&nbsp;**Final Calculation Day<sup>1</sup>:** | &nbsp;&nbsp;June 30, 2028 |
| &nbsp;&nbsp;**Stated Maturity Date<sup>1</sup>:** | &nbsp;&nbsp;July 6, 2028 |
| &nbsp;&nbsp;**Principal Amount:** | &nbsp;&nbsp;$1,000 per security. References in this pricing supplement to a "<u>security</u>" are to a security with a principal amount of $1,000. |
| &nbsp;&nbsp;**Automatic Call:** | &nbsp;&nbsp; If the stock closing price of the lowest performing Underlying Stock on the call date is greater than or equal to its starting price, the securities will be automatically called, and on the call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the principal amount *plus* the call premium.<br> **If the securities are automatically called, the positive return on the securities will be limited to the call premium, even if the stock closing price of the lowest performing Underlying Stock on the call date significantly exceeds its starting price. If the securities are automatically called, you will not have the opportunity to participate in any appreciation of the lowest performing Underlying Stock on the final calculation day at the upside participation rate or earn any positive return from any depreciation of the lowest performing Underlying Stock on the final calculation day due to the absolute stock return feature.**<br> If the securities are automatically called, they will cease to be outstanding on the call settlement date and you will have no further rights under the securities after the call settlement date. |
| &nbsp;&nbsp;**Call Premium:** | &nbsp;&nbsp;The "<u>call premium</u>" is 53.20% of the principal amount ($532.00 per security). As a result of the call premium, the payment upon automatic call is $1,532.00 per security. |
| &nbsp;&nbsp;**Call Date<sup>1</sup>:** | &nbsp;&nbsp;July 6, 2026 |
| &nbsp;&nbsp;**Call Settlement Date<sup>1</sup>:** | &nbsp;&nbsp;Three business days after the call date |

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**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

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|:---|:---|
| &nbsp;&nbsp;**Maturity Payment Amount:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities are not automatically called on the call date, you will be entitled to receive on the stated maturity date a cash payment per security in U.S. dollars equal to the maturity payment amount. The "<u>maturity payment amount</u>" per security will equal:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the ending price of the lowest performing Underlying Stock on the final calculation day is greater than its starting price:<br> $1,000 + ($1,000 × stock return of the lowest performing Underlying Stock on the final calculation day × upside participation rate);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the ending price of the lowest performing Underlying Stock on the final calculation day is less than or equal to its starting price, but greater than or equal to its threshold price:<br> $1,000 + ($1,000 × absolute stock return of the lowest performing Underlying Stock on the final calculation day); or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the ending price of the lowest performing Underlying Stock on the final calculation day is less than its threshold price:<br> $1,000 + ($1,000 × stock return of the lowest performing Underlying Stock on the final calculation day)<br> **If the securities are not automatically called and the ending price of the lowest performing Underlying Stock on the final calculation day is less than its threshold price, you will have full downside exposure to the decrease in the price of that Underlying Stock from its starting price and you will lose more than 40%, and possibly all, of the principal amount of your securities at maturity.** |
| &nbsp;&nbsp;**Lowest Performing Underlying Stock:** | &nbsp;&nbsp;The "<u>lowest performing Underlying Stock</u>" on the call date or the final calculation day will be the Underlying Stock with the lowest stock return on that day. |
| &nbsp;&nbsp;**Upside Participation Rate:** | &nbsp;&nbsp;300% |
| &nbsp;&nbsp;**Stock Return:** | &nbsp;&nbsp;&nbsp; For the call date or the final calculation day, the "<u>stock return</u>" with respect to an Underlying Stock is the percentage change from its starting price to its stock closing price on that day, calculated as follows:<br> <u>stock closing price on that day – starting price</u><br> starting price |
| &nbsp;&nbsp;**Absolute Stock Return:** | &nbsp;&nbsp;With respect to each Underlying Stock, the "<u>absolute stock return</u>" is the absolute value of its stock return. For example, a -5.00% stock return will result in a +5.00% absolute stock return. |
| &nbsp;&nbsp;**Threshold Price:** | &nbsp;&nbsp; With respect to the common stock of Eli Lilly and Company: $467.718, which is equal to 60% of its starting price<br> With respect to the common stock of NVIDIA Corporation: $94.794, which is equal to 60% of its starting price<br> With respect to the common stock of UnitedHealth Group Incorporated: $187.182, which is equal to 60% of its starting price |
| &nbsp;&nbsp;**Starting Price:** | &nbsp;&nbsp; With respect to the common stock of Eli Lilly and Company: $779.53, its stock closing price on the pricing date<br> With respect to the common stock of NVIDIA Corporation: $157.99, its stock closing price on the pricing date<br> With respect to the common stock of UnitedHealth Group Incorporated: $311.97, its stock closing price on the pricing date |
| &nbsp;&nbsp;**Ending Price:** | &nbsp;&nbsp;The "<u>ending price</u>" of an Underlying Stock will be its stock closing price on the final calculation day. |

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**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

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|:---|:---|
| &nbsp;&nbsp;**Stock Closing Price:** | &nbsp;&nbsp; With respect to each Underlying Stock, "<u>stock closing price</u>" has the meaning set forth under "The Underlyings — Reference Stocks — Certain Definitions" in the accompanying product supplement.<br> The stock closing price of each Underlying Stock is subject to adjustment through the adjustment factor as described in the accompanying product supplement. |
| &nbsp;&nbsp;**Additional Terms:** | &nbsp;&nbsp;Terms used in this pricing supplement, but not defined herein, will have the meanings ascribed to them in the accompanying product supplement. |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;J.P. Morgan Securities LLC ("<u>JPMS</u>") |
| &nbsp;&nbsp;**Tax Considerations:** | &nbsp;&nbsp;For a discussion of the material U.S. federal income tax consequences of the ownership and disposition of the securities, see "Tax Considerations." |
| &nbsp;&nbsp;**Denominations:** | &nbsp;&nbsp;$1,000 and any integral multiple of $1,000 |
| &nbsp;&nbsp;**CUSIP:** | &nbsp;&nbsp;48136E4Q5 |
| &nbsp;&nbsp;**Fees and Commissions:** | &nbsp;&nbsp; Wells Fargo Securities, LLC, which we refer to as WFS, acting as agent for JPMorgan Financial, will receive selling commissions from us of $25.75 per security. WFS has advised us that it may provide dealers, which may include Wells Fargo Advisors ("<u>WFA</u>") (the trade name of the retail brokerage business of WFS's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession of $20.00 per security. In addition to the concession allowed to WFA, WFS has advised us that it may pay $0.75 per security of the selling commissions to WFA as a distribution expense fee for each security sold by WFA. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.<br> In addition, in respect of certain securities sold in this offering, JPMS may pay a fee of $3.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.<br> We, WFS or an affiliate may enter into swap agreements or related hedge transactions with one of our or their other affiliates or unaffiliated counterparties in connection with the sale of the securities and JPMS, WFS 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" below and "Use of Proceeds and Hedging" in the accompanying product supplement. |

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<sup>1</sup> Subject to postponement in the event of a non-trading day or a market disruption event and as described under "General Terms of Notes — Postponement of a Determination Date — Notes Linked to Multiple Underlyings" and "General Terms of Notes — Postponement of a Payment Date" in the accompanying product supplement. For purposes of the accompanying product supplement, the call date and the final calculation day are Determination Dates and the call settlement date is a Payment Date.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Additional Information about the Issuer, the Guarantor and the Securities**

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. 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. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the 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):

· Product supplement no. WF-1-I dated April 13, 2023:<br> [http://www.sec.gov/Archives/edgar/data/19617/000121390023029547/ea152823_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029547/ea152823_424b2.pdf)

· 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)

· 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, "we," "us" and "our" refer to JPMorgan Financial.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**The Estimated Value of the Securities**

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 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. For additional information, see "Selected Risk Considerations — 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 "Selected Risk Considerations — 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 WFS (which WFS has advised us includes selling concessions and distribution expense fees), 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. A portion of the profits, if any, realized in hedging our obligations under the securities may be allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging profits. See "Selected Risk Considerations — 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**

For information about factors that will impact any secondary market prices of the securities, see "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many economic and market factors" in the accompanying product supplement. 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 approximately three months. The length of any such initial period reflects 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 "Selected Risk Considerations — 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**

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 Returns" in this pricing supplement for an illustration of the risk-return profile of the securities and "The Common Stock of Eli Lilly and Company," "The Common Stock of NVIDIA Corporation" and "The Common Stock of UnitedHealth Group Incorporated" in this pricing supplement for a description of the market exposure provided by the securities.

The original issue price of the securities is equal to the estimated value of the securities plus the selling commissions paid to WFS (which WFS has advised us includes selling concessions and distribution expense fees), 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.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Supplemental Terms of the Securities**

Any values of the Underlying Stocks, 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.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Investor Considerations**

**The securities are not appropriate for all investors. The securities *may* be an appropriate investment for you if all of the following statements are true:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ You do not seek an investment that produces periodic interest or coupon payments or other sources of current income.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You understand that (i) the absolute stock return feature applies only if the securities are not automatically called and the lowest
performing Underlying Stock on the final calculation day decreases from its starting price but is greater than or equal to its threshold
price, (ii) any positive return in the event that its ending price is less than its starting price is limited to 40% and (iii) any decline
in its ending price from its starting price below the threshold price will result in a loss, rather than a positive return, on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You anticipate that the stock closing price of the lowest performing Underlying Stock will be greater than or equal to its starting
price on the call date or the final calculation day.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept the risk that, if the securities are not automatically called and the ending price of the lowest
performing Underlying Stock on the final calculation day is less than its threshold price, you will lose more than 40%, and possibly all,
of the principal amount of your securities at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept that, if the securities are automatically called, you will forgo participation in any appreciation
of the lowest performing Underlying Stock on the final calculation day or any positive return from any depreciation of the lowest performing
Underlying Stock on the final calculation day due to the absolute stock return feature and any return on your investment will be limited
to the call premium that may be payable on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You understand that the return on the securities will depend solely on the performance of the lowest performing Underlying Stock on
the call date or the final calculation day and that you will not benefit in any way from the performance of the better performing Underlying
Stocks.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You understand that the securities are riskier than alternative investments linked to only one of the Underlying Stocks or linked
to a basket composed of the Underlying Stocks.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You understand and are willing to accept the full downside risks of all of the Underlying Stocks.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept the risks associated with an investment linked to the performance of the lowest performing Underlying
Stock on the call date or the final calculation day, as explained in more detail in the "Selected Risk Considerations" section
of this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You understand and accept that you will not be entitled to receive dividends or distributions that may be paid to holders of the Underlying
Stocks, nor will you have any voting rights with respect to any Underlying Stock.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept the risk that the securities may be automatically called prior to maturity and that you may not
be able to reinvest your money in an alternative investment with comparable risk and yield.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You do not seek an investment for which there will be an active secondary market and you are willing and able to hold the securities
to maturity if the securities are not automatically called.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to assume our and JPMorgan Chase & Co.'s credit risks for all payments on the securities.

**The securities *may not* be an appropriate investment for you if any of the following statements are true:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment that produces periodic interest or coupon payments or other sources of current income.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment that provides for the full repayment of principal at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept that (i) the absolute stock return feature applies only if the securities are not automatically
called and the lowest performing Underlying Stock on the final calculation day decreases from its starting price but is greater than or
equal to its threshold price, (ii) any positive return in the event that its ending price is less than its starting price is limited to
40% and (iii) any decline in its ending price from its starting price below the threshold price will result in a loss, rather than a positive
return, on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You anticipate that the stock closing price of the lowest performing Underlying Stock will be less than its starting price on the
call date or the final calculation day.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risk that, if the securities are not automatically called and the ending price of the lowest
performing Underlying Stock on the final calculation day is less than its threshold price, you will lose more than 40%, and possibly all,
of the principal amount of your securities at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept that, if the securities are automatically called, you will forgo participation in any appreciation
of the lowest performing Underlying Stock on the final calculation day or any positive return from any depreciation of the lowest performing
Underlying Stock on the final calculation day due to the absolute stock return feature and any return on your investment will be limited
to the call premium that may be payable on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek exposure to a basket composed of all of the Underlying Stocks or a similar investment in which the overall return is based
on a blend of the performances of the Underlying Stocks, rather than solely on the lowest performing Underlying Stock on the call date
or the final calculation day.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling to accept the risk of exposure to each of the Underlying Stocks.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risks associated with an investment linked to the performance of the lowest performing Underlying
Stock on the call date or the final calculation day, as explained in more detail in the "Selected Risk Considerations" section
of this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment that entitles you to dividends or distributions that may be paid to holders of the Underlying Stocks, or voting
rights with respect to any Underlying Stock.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risk that the securities may be automatically called prior to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment for which there will be an active secondary market and/or you are unwilling or unable to hold the securities
to maturity if they are not automatically called.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to assume our and JPMorgan Chase & Co.'s credit risks for all payments on the securities.

**The considerations identified above are not exhaustive. Whether or not the securities are an appropriate 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 advisors have carefully considered the appropriateness of an investment in the securities in light of your particular circumstances. You should also review carefully the "Selected Risk Considerations" section in this pricing supplement, the "Risk Factors" sections in the accompanying prospectus supplement and product supplement and Annex A to the accompanying prospectus addendum. For more information about the Underlying Stocks, please see the sections titled "The Common Stock of Eli Lilly and Company," "The Common Stock of NVIDIA Corporation" and "The Common Stock of UnitedHealth Group Incorporated" below.**

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Determining Timing and Amount of Payment on the Securities**

Whether the securities are automatically called on the call date for the call premium will be determined based on the stock closing price of the lowest performing Underlying Stock on the call date as follows:

![](image_003.jpg)

If the securities are not automatically called, then on the stated maturity date, you will receive a cash payment per security (the maturity payment amount) calculated as follows:

**Step 1:** Determine which Underlying Stock is the lowest performing Underlying Stock on the final calculation day. The lowest performing Underlying Stock on the final calculation day is the Underlying Stock that has the lowest stock return on the final calculation day, calculated for each Underlying Stock as the percentage change from its starting price to its ending price.

**Step 2:** Calculate the maturity payment amount based on the stock return of the lowest performing Underlying Stock on the final calculation day, as follows:

![](image_004.jpg)

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Selected Risk Considerations**

An investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in any or all of the Underlying Stocks. Some of the risks that apply to an investment in the securities are summarized below, but we urge you to read the more detailed explanation of risks relating to the securities generally in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum. You should not purchase the securities unless you understand and can bear the risks of investing in the securities.

**Risks Relating to the Securities Generally**

· **If the Securities Are Not Automatically Called and the Ending Price of the Lowest Performing Underlying Stock on the Final Calculation Day Is Less Than Its Threshold Price, You Will Lose More Than 40%, and Possibly All, of the Principal Amount of Your Securities at Maturity** — The securities do not guarantee the full return of principal. If the securities are not automatically
called, the return on the securities at maturity is linked to the performance of the lowest performing Underlying Stock on the final calculation
day and will depend on whether, and the extent to which, that Underlying Stock has appreciated or depreciated. If the ending price of
the lowest performing Underlying Stock on the final calculation day is less than its threshold price, you will lose 1% of the principal
amount of the securities for every 1% that its ending price is less than its starting price. Accordingly, under these circumstances, you
will lose more than 40%, and possibly all, of your principal amount at maturity.

· **If the Securities Are Not Automatically Called, Your Potential for a Positive Return from Depreciation of the Lowest Performing Underlying Stock on the Final Calculation Day Is Limited** — The absolute stock return feature applies
only if the securities are not automatically called and the ending price of the lowest performing Underlying Stock on the final calculation
day is less than its starting price but greater than or equal to its threshold price, which is equal to 60% of its starting price. Therefore,
any potential return on the securities in the event that the securities are not automatically called and the ending price of the lowest
performing Underlying Stock on the final calculation day is less than its starting price is limited to 40%. Any decline in the ending
price of the lowest performing Underlying Stock on the final calculation day from its starting price below its threshold price will result
in a loss, rather than a positive return, on the securities.

· **If the Securities Are Automatically Called, the Return on the Securities Will Be Limited to the Call Premium** — If the securities are automatically called, the return on the securities is limited to the call premium, regardless of any
appreciation of the lowest performing Underlying Stock on the call date, which may be significant. If the securities are automatically
called, you will not have the opportunity to participate in any appreciation of the lowest performing Underlying Stock on the final calculation
day at the upside participation rate or earn any positive return from any depreciation of the lowest performing Underlying Stock on the
final calculation day due to the absolute stock return feature. Therefore, your return on the securities may be lower than the return
on a direct investment in the Underlying Stocks.

· **You Will Be Subject to Reinvestment Risk —** If your securities are automatically called early, the term of the securities may be reduced to as short as approximately
one year. There is no guarantee that you would be able to reinvest the proceeds from an investment in the securities at a comparable return
for a similar level of risk in the event the securities are automatically called prior to maturity. Even in cases where the securities
are called before maturity, you are not entitled to any fees and commissions described on the front cover of this pricing supplement.

· **The Securities Are Subject to the Credit Risks of JPMorgan Financial and JPMorgan Chase & Co.** — Investors are dependent on our and JPMorgan Chase & Co.'s ability to pay all amounts due on the securities. 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 securities. If we and JPMorgan Chase & Co. were to default on our
payment obligations, you may not receive any amounts owed to you under the securities 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 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.

· **You Are Exposed to the Risk of Decline in the Price of Each Underlying Stock —** Payments on the
securities are not linked to a basket composed of the Underlying Stocks and are contingent upon the performance of each individual Underlying

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

Stock. Poor performance by any of the Underlying Stocks over the term of the securities may result in the securities not being automatically called on the call date, may negatively affect your maturity payment amount and will not be offset or mitigated by positive performance by the other Underlying Stocks. Any payment on the securities will be determined by the lowest performing Underlying Stock on the call date or the final calculation day, as applicable.

· **Your Payment at Maturity Will Be Determined by the Lowest Performing Underlying Stock** — Because,
if the securities have not been automatically called, the payment at maturity will be determined based on the performance of the lowest
performing Underlying Stock on the final calculation day, you will not benefit from the performance of the other Underlying Stocks. 
Accordingly, if the ending price of any Underlying Stock is less than its threshold price, you will lose a significant portion or all
of your principal amount at maturity, even if the ending price of each of the other Underlying Stocks is greater than or equal to its
starting price.

· **You Will Be Subject to Risks Resulting from the Relationship Among the Underlying Stocks** — It
is preferable from your perspective for the Underlying Stocks to be correlated with each other so that their prices will tend to increase
or decrease at similar times and by similar magnitudes. By investing in the securities, you assume the risk that the Underlying Stocks
will not exhibit this relationship. The less correlated the Underlying Stocks, the more likely it is that any one of the Underlying Stocks
will be performing poorly at any time over the term of the securities. All that is necessary for the securities to perform poorly is for
one of the Underlying Stocks to perform poorly; the performance of the better performing Underlying Stocks is not relevant to your return
on the securities. It is impossible to predict what the relationship among the Underlying Stocks will be over the term of the securities.

· **The Benefit Provided by the Threshold Price May Terminate on the Final Calculation Day** — If the ending price of any Underlying Stock is less than its threshold price
and the securities have not been automatically called, the benefit provided by the threshold price will terminate and you will be fully
exposed to any depreciation of the lowest performing Underlying Stock on the final calculation day.

· **No Interest or Dividend Payments or Voting Rights —** As a holder of the securities, you will
not receive interest payments, and you will not have voting rights or rights to receive cash dividends or other distributions or other
rights that holders of the Underlying Stocks would have.

· **Lack of Liquidity** — The securities will not be listed on any securities exchange. Accordingly,
the price at which you may be able to trade your securities is likely to depend on the price, if any, at which JPMS or WFS is willing
to buy the securities. You may not be able to sell your 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.

· **The U.S. Federal Tax Consequences of the Securities Are Uncertain, and May Be Adverse to a Holder of the Securities** — See "Tax Considerations" below and "Risk Factors —
Risks Relating to the Notes Generally — The tax consequences of an investment in the notes are uncertain" in the accompanying
product supplement.

**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.

**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.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

· **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.

· **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.

· **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 stated 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 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 prices of the Underlying Stocks, 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 Underlying Stocks;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dividend rates on the Underlying Stocks;

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the actual and expected positive or negative correlation among the
Underlying Stocks, or the actual or expected absence of any such correlation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the occurrence of certain events affecting an Underlying Stock that
may or may not require an adjustment to the adjustment factor of that Underlying Stock;

&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 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 Stocks**

· **No Affiliation with any Underlying Stock Issuer** — We are
not affiliated with any Underlying Stock Issuer. We have not independently verified any of the information about any Underlying
Stock Issuer contained in this pricing supplement. You should make your own investigation into the Underlying Stocks and the Underlying
Stock Issuers. We are not responsible for any Underlying Stock Issuer's public disclosure of information, whether contained
in SEC filings or otherwise.

· **The Anti-Dilution Protection Is Limited and May Be Discretionary** — The calculation agent will make adjustments to the adjustment factor for an Underlying Stock and other adjustments for certain
corporate events affecting an Underlying Stock. However, the calculation agent will not make an adjustment in response to all events
that could affect an Underlying Stock. If an event occurs that does not require the calculation agent to make an adjustment, the
value of the securities may be materially and adversely affected. Subject to the foregoing, the calculation agent is under no obligation
to consider your interests as a holder of the securities in making these determinations.

· **Any Payment on the Securities Will Depend upon the Performance of Each Underlying Stock and Therefore the Securities Are Subject to the Following Risks, Each as Discussed in More Detail in the Accompanying Product Supplement.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **The Securities May Become Linked to the Common Stock of a Company Other Than an Original Underlying Stock Issuer.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **You Will Have No Ownership Rights in Any Underlying Stock.** Investing in the securities is not equivalent to investing directly in any Underlying Stock. As a holder of the securities, you
will not have any ownership interest or rights in any Underlying Stock, such as voting rights or rights to receive cash dividends or other
distributions. In addition, the issuer of each Underlying Stock 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 that Underlying Stock and the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Historical Prices of an Underlying Stock Should Not Be Taken as an Indication of the Future Performance of That Underlying Stock During the Term of the Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **We Cannot Control Actions by the Underlying Stock Issuers.** 

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Hypothetical Examples and Returns** 

The payout profile and return table below illustrate the hypothetical payment upon an automatic call or at stated maturity for a security on a hypothetical offering of securities based on a range of hypothetical stock returns of the lowest performing Underlying Stock, with the assumptions set forth in the table below. The examples below illustrate the hypothetical payment upon an automatic call or at stated maturity for a security on a hypothetical offering of securities under various scenarios, with the assumptions set forth in the examples below. The terms used for purposes of these hypothetical examples do not represent the actual starting price or threshold price of any Underlying Stock.

The hypothetical starting price of $100.00 for each Underlying Stock has been chosen for illustrative purposes only and does not represent the actual starting price for any Underlying Stock. The actual starting price for each Underlying Stock is the stock closing price of that Underlying Stock on the pricing date and is specified under "Terms of the Securities — Starting Price" in this pricing supplement. For historical data regarding the actual closing prices of the Underlying Stocks, please see the historical information set forth under "The Common Stock of Eli Lilly and Company," "The Common Stock of NVIDIA Corporation" and "The Common Stock of UnitedHealth Group Incorporated" in this pricing supplement.

The payout profile, return table and examples below assume that an investor purchases the securities for $1,000 per security. These examples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis. The payout profile, return table and examples below do not take into account any tax consequences from investing in the securities. The actual payment upon an automatic call or the maturity payment amount, as applicable, and resulting pre-tax total rate of return will depend on the actual terms of the securities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Call Premium:** | &nbsp;&nbsp;**53.20% of the principal amount** |
| &nbsp;&nbsp;**Upside Participation Rate:** | &nbsp;&nbsp;**300%** |
| &nbsp;&nbsp;**Hypothetical Starting Price:** | &nbsp;&nbsp;**For each Underlying Stock, $100.00** |
| &nbsp;&nbsp;**Hypothetical Threshold Price:** | &nbsp;&nbsp;**For each Underlying Stock, $60.00 (60% of its hypothetical starting price)** |

---

**Hypothetical Payout Profile**

![](image_005.jpg)

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Hypothetical Returns**

***If the securities are automatically called:***

If the securities are automatically called prior to stated maturity, you will receive the principal amount of your securities *plus* the call premium, resulting in a hypothetical payment upon automatic call per security of $1,532.00 per security and a hypothetical pre-tax total rate of return of 53.20%.

***If the securities are not automatically called:***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hypothetical**<br> **ending price of the<br> lowest performing<br> Underlying Stock**<br> **on final calculation<br> day** | **Hypothetical**<br> **stock return of the<br> lowest performing<br> Underlying Stock on<br> final calculation day** | **Hypothetical**<br> **absolute stock return <br> of the lowest<br> performing Underlying<br> Stock on final<br> calculation day** | **Hypothetical**<br> **maturity payment<br> amount per security** | **Hypothetical**<br> **pre-tax total**<br> **rate of return<sup>(1)</sup>** |
| &nbsp;&nbsp;$150.00 | 50.00% | N/A | $2500.00 | 150.00% |
| &nbsp;&nbsp;$140.00 | 40.00% | N/A | $2200.00 | 120.00% |
| &nbsp;&nbsp;$130.00 | 30.00% | N/A | $1900.00 | 90.00% |
| &nbsp;&nbsp;$120.00 | 20.00% | N/A | $1600.00 | 60.00% |
| &nbsp;&nbsp;$110.00 | 10.00% | N/A | $1300.00 | 30.00% |
| &nbsp;&nbsp;$105.00 | 5.00% | N/A | $1150.00 | 15.00% |
| &nbsp;&nbsp;$102.50 | 2.50% | N/A | $1075.00 | 7.50% |
| &nbsp;&nbsp;**$100.00** | **0.00%** | **N/A** | **$1000.00** | **0.00%** |
| &nbsp;&nbsp;$90.00 | -10.00% | 10.00% | $1100.00 | 10.00% |
| &nbsp;&nbsp;$80.00 | -20.00% | 20.00% | $1200.00 | 20.00% |
| &nbsp;&nbsp;$70.00 | -30.00% | 30.00% | $1300.00 | 30.00% |
| &nbsp;&nbsp;**$60.00** | **-40.00%** | **40.00%** | **$1400.00** | **40.00%** |
| &nbsp;&nbsp;$59.00 | -41.00% | N/A | $590.00 | -41.00% |
| &nbsp;&nbsp;$50.00 | -50.00% | N/A | $500.00 | -50.00% |
| &nbsp;&nbsp;$40.00 | -60.00% | N/A | $400.00 | -60.00% |
| &nbsp;&nbsp;$30.00 | -70.00% | N/A | $300.00 | -70.00% |
| &nbsp;&nbsp;$20.00 | -80.00% | N/A | $200.00 | -80.00% |
| &nbsp;&nbsp;$0.00 | -100.00% | N/A | $0.00 | -100.00% |

---

<sup>(1)</sup> The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the maturity payment amount per security to the principal amount of $1,000.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Hypothetical Examples of Payment Upon an Automatic Call or at Maturity**

**Example 1. The hypothetical stock closing price of the lowest performing Underlying Stock on the call date is greater than its hypothetical starting price and the securities are automatically called on the call date:**

---

| | | | |
|:---|:---|:---|:---|
|  | **The Common Stock of <br> Eli Lilly and Company** | **The Common Stock of <br> NVIDIA Corporation** | **The Common Stock of** <br> **UnitedHealth Group Incorporated** |
| &nbsp;&nbsp;**Hypothetical starting price:** | $100.00 | $100.00 | $100.00 |
| &nbsp;&nbsp;**Hypothetical stock closing price on call date:** | $180.00 | $200.00 | $170.00 |
| &nbsp;&nbsp;**Hypothetical stock return on call date <br> (stock closing price on call date – starting price)/starting price:** | 80.00% | 100.00% | 70.00% |

---

<u><br> Step 1</u>: Determine which Underlying Stock is the lowest performing Underlying Stock on the call date.

In this example, the common stock of UnitedHealth Group Incorporated has the lowest stock return and is, therefore, the lowest performing Underlying Stock on the call date.

<u>Step 2</u>: Determine whether the securities will be automatically called on the call date.

Because the hypothetical stock closing price of the lowest performing Underlying Stock on the call date is greater than its hypothetical starting price, the securities are automatically called on the call date and you will receive on the call settlement date the principal amount of your securities *plus* the call premium of 53.20% of the principal amount. Even though the lowest performing Underlying Stock appreciated by 70.00% from its hypothetical starting price to its hypothetical stock closing price on the call date in this example, your return is limited to the call premium of 53.20%.

On the call settlement date, you will receive $1,532.00 per security.

**Example 2. The securities are not automatically called. The hypothetical ending price of the lowest performing Underlying Stock on the final calculation day is greater than its hypothetical starting price, and the maturity payment amount is greater than the principal amount:** 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**The Common Stock of** <br> **Eli Lilly and Company** | **The Common Stock of <br> NVIDIA Corporation** | **The Common Stock of** <br> **UnitedHealth Group Incorporated** |
| &nbsp;&nbsp;**Hypothetical starting price:** | $100.00 | $100.00 | $100.00 |
| &nbsp;&nbsp;**Hypothetical ending price:** | $110.00 | $145.00 | $125.00 |
| &nbsp;&nbsp;**Hypothetical threshold price:** | $60.00 | $60.00 | $60.00 |
| &nbsp;&nbsp;**Hypothetical stock return on final calculation day<br> (ending price – starting price)/starting price:** | 10.00% | 45.00% | 25.00% |

---

<u><br>Step 1: Determine which Underlying Stock is the lowest performing Underlying Stock on the final calculation day.</u>

In this example, the common stock of Eli Lilly and Company has the lowest stock return and is, therefore, the lowest performing Underlying Stock on the final calculation day.

<u>Step 2:</u> Determine the maturity payment amount based on the stock return of the lowest performing Underlying Stock on the final calculation day.

Because the securities are not automatically called and the hypothetical ending price of the lowest performing Underlying Stock on the final calculation day is greater than its hypothetical starting price, the maturity payment amount per security would be equal to:

$1,000 + ($1,000 × stock return of the lowest performing Underlying Stock on the final calculation day × upside participation rate)

$1,000 + ($1,000 × 10.00% × 300%)

= $1,300.00

On the stated maturity date, you would receive $1,300.00 per security.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Example 3. The securities are not automatically called. The hypothetical ending price of the lowest performing Underlying Stock on the final calculation day is less than its hypothetical starting price but greater than its hypothetical threshold price, and the maturity payment amount is greater than the principal amount and reflects the absolute stock return of the lowest performing Underlying Stock on the final calculation day:** 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**The Common Stock of <br> Eli Lilly and Company** | **The Common Stock of <br> NVIDIA Corporation** | **The Common Stock of** <br> **UnitedHealth Group Incorporated** |
| &nbsp;&nbsp;**Hypothetical starting price:** | $100.00 | $100.00 | $100.00 |
| &nbsp;&nbsp;**Hypothetical ending price:** | $115.00 | $80.00 | $90.00 |
| &nbsp;&nbsp;**Hypothetical threshold price:** | $60.00 | $60.00 | $60.00 |
| &nbsp;&nbsp;**Hypothetical stock return on final calculation day<br> (ending price – starting price)/starting price:** | 15.00% | -20.00% | -10.00% |

---

<u>Step 1</u>: Determine which Underlying Stock is the lowest performing Underlying Stock on the final calculation day.

In this example, the common stock of NVIDIA Corporation has the lowest stock return and is, therefore, the lowest performing Underlying Stock on the final calculation day.

<u>Step 2:</u> Determine the maturity payment amount based on the stock return of the lowest performing Underlying Stock on the final calculation day.

Because the securities are not automatically called and the hypothetical ending price of the lowest performing Underlying Stock on the final calculation day is less than its hypothetical starting price, but is not less than its hypothetical threshold price, the maturity payment amount per security would be equal to:

$1,000 + ($1,000 × absolute stock return of the lowest performing Underlying Stock on the final calculation day)

$1,000 + ($1,000 × 20.00%)

= $1,200.00

On the stated maturity date, you would receive $1,200.00 per security.

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Example 4. The securities are not automatically called. The hypothetical ending price of the lowest performing Underlying Stock on the final calculation day is less than its hypothetical threshold price, and the maturity payment amount is less than the principal amount:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **The Common Stock of** <br> **Eli Lilly and Company** | &nbsp;&nbsp;**The Common Stock of NVIDIA Corporation** | &nbsp;&nbsp;**The Common Stock of** <br> **UnitedHealth Group Incorporated** |
| &nbsp;&nbsp;**Hypothetical starting price:** | $100.00 | $100.00 | $100.00 |
| &nbsp;&nbsp;**Hypothetical ending price:** | $40.00 | $120.00 | $110.00 |
| &nbsp;&nbsp;**Hypothetical threshold price:** | $60.00 | $60.00 | $60.00 |
| &nbsp;&nbsp;**Hypothetical stock return on final calculation day<br> (ending price – starting price)/starting price:** | -60.00% | 20.00% | 10.00% |

---

<u>Step 1</u>: Determine which Underlying Stock is the lowest performing Underlying Stock on the final calculation day.

In this example, the common stock of Eli Lilly and Company has the lowest stock return and is, therefore, the lowest performing Underlying Stock on the final calculation day.

<u>Step 2:</u> Determine the maturity payment amount based on the stock return of the lowest performing Underlying Stock on the final calculation day.

Because the securities are not automatically called and the hypothetical ending price of the lowest performing Underlying Stock on the final calculation day is less than its hypothetical threshold price, you would lose a portion of the principal amount of your securities and receive the maturity payment amount equal to:

$1,000 + ($1,000 × stock return of the lowest performing Underlying Stock on the final calculation day)

$1,000 + ($1,000 × -60.00%)

= $400.00

On the stated maturity date, you would receive $400.00 per security.

This example illustrates that you will be fully exposed to a decrease in the lowest performing Underlying Stock on the final calculation day if the ending price of the lowest performing Underlying Stock on the final calculation day is less than its threshold price, even if the ending prices of the other Underlying Stocks have appreciated or have not declined below their respective threshold prices.

**If the ending price of the lowest performing Underlying Stock on the final calculation day is less than its threshold price, you will have full downside exposure to the decrease in the price of that Underlying Stock from its starting price and you will lose more than 40%, and possibly all, of the principal amount of your securities at maturity.**

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

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**The Common Stock of Eli Lilly and Company**

All information contained herein on the common stock of Eli Lilly and Company and on Eli Lilly and Company is derived from publicly available sources, without independent verification. According to its publicly available filings with the SEC, Eli Lilly and Company discovers, develops, manufactures and markets products in a single business segment — human pharmaceutical products. The common stock of Eli Lilly and Company is registered under the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, and is listed on the New York Stock Exchange. Information provided to or filed with the SEC by Eli Lilly and Company pursuant to the Exchange Act can be located by reference to the SEC file number 001-06351, and can be accessed through www.sec.gov. We do not make any representation that these publicly available documents are accurate or complete.

**Historical Information**

The following graph sets forth the historical performance of the common stock of Eli Lilly and Company based on the daily historical closing prices of the common stock of Eli Lilly and Company from January 2, 2020 through June 30, 2025. The closing price of the common stock of Eli Lilly and Company on June 30, 2025 was $779.53. We obtained the closing prices above and below from the Bloomberg Professional<sup>®</sup> service ("<u>Bloomberg</u>"), without independent verification. The closing prices above and below may have been adjusted by Bloomberg for corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

The historical closing prices of the common stock of Eli Lilly and Company should not be taken as an indication of future performance, and no assurance can be given as to the stock closing price of the common stock of Eli Lilly and Company on the call date or the final calculation day. There can be no assurance that the performance of the common stock of Eli Lilly and Company will result in the return of any of your principal amount.

![](image_006.jpg)

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**The Common Stock of NVIDIA Corporation**

All information contained herein on the common stock of NVIDIA Corporation and on NVIDIA Corporation is derived from publicly available sources, without independent verification. According to its publicly available filings with the SEC, NVIDIA Corporation is a full-stack computing infrastructure company with data-center-scale offerings whose full-stack includes the CUDA programming model that runs on all of its graphics processing units (GPUs), as well as domain-specific software libraries, software development kits and Application Programming Interfaces and whose data-center-scale offerings include compute and networking solutions that can scale to tens of thousands of GPU-accelerated servers interconnected to function as a single giant computer. The common stock of NVIDIA Corporation is registered under the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, and is listed on The Nasdaq Stock Market. Information provided to or filed with the SEC by NVIDIA Corporation pursuant to the Exchange Act can be located by reference to the SEC file number 000-23985, and can be accessed through www.sec.gov. We do not make any representation that these publicly available documents are accurate or complete.

**Historical Information**

The following graph sets forth the historical performance of the common stock of NVIDIA Corporation based on the daily historical closing prices of the common stock of NVIDIA Corporation from January 2, 2020 through June 30, 2025. The closing price of the common stock of NVIDIA Corporation on June 30, 2025 was $157.99. We obtained the closing prices above and below from Bloomberg, without independent verification. The closing prices above and below may have been adjusted by Bloomberg for corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

The historical closing prices of the common stock of NVIDIA Corporation should not be taken as an indication of future performance, and no assurance can be given as to the stock closing price of the common stock of NVIDIA Corporation on the call date or the final calculation day. There can be no assurance that the performance of the common stock of NVIDIA Corporation will result in the return of any of your principal amount.

![](image_007.jpg)

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**The Common Stock of UnitedHealth Group Incorporated**

All information contained herein on the common stock of UnitedHealth Group Incorporated and on UnitedHealth Group Incorporated is derived from publicly available sources, without independent verification. According to its publicly available filings with the SEC, UnitedHealth Group Incorporated operates an information and technology-enabled health service business serving the health care marketplace and a health benefits business. The common stock of UnitedHealth Group Incorporated is registered under the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, and is listed on the New York Stock Exchange. Information provided to or filed with the SEC by UnitedHealth Group Incorporated pursuant to the Exchange Act can be located by reference to the SEC file number 001-10864, and can be accessed through www.sec.gov. We do not make any representation that these publicly available documents are accurate or complete.

**Historical Information**

The following graph sets forth the historical performance of the common stock of UnitedHealth Group Incorporated based on the daily historical closing prices of the common stock of UnitedHealth Group Incorporated from January 2, 2020 through June 30, 2025. The closing price of the common stock of UnitedHealth Group Incorporated on June 30, 2025 was $311.97. We obtained the closing prices above and below from Bloomberg, without independent verification. The closing prices above and below may have been adjusted by Bloomberg for corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

The historical closing prices of the common stock of UnitedHealth Group Incorporated should not be taken as an indication of future performance, and no assurance can be given as to the stock closing price of the common stock of UnitedHealth Group Incorporated on the call date or the final calculation day. There can be no assurance that the performance of the common stock of UnitedHealth Group Incorporated will result in the return of any of your principal amount.

![](image_008.jpg)

**Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of NVIDIA Corporation and the Common Stock of UnitedHealth Group Incorporated due July 6, 2028**

**Tax Considerations**

You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement no. WF-1-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 securities.

Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the securities 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 securities should 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 securities 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 securities 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 securities, possibly with retroactive effect. You should 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 our representation that the securities do not have a "delta of one" within the meaning of the regulations, our special tax counsel believes that these regulations should not apply to the securities with regard to non-U.S. Holders, and we have determined to treat the securities as not being subject to Section 871(m). 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.

**Validity of the Securities and the Guarantees**

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.

## Ex-Filing

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

---

| |
|:---|
| &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**  |

---

The maximum aggregate offering price of the securities to which the prospectus relates is $2,720,000. The prospectus is a final prospectus for the related offering.