# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-25-053668
**Filing Date:** 2025-6
**Character Count:** 36426
**Document Hash:** 9379c1c14fb90697fb0cd1584d87b23b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-053668.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001213900-25-053668

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**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:** 251042020

**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:** 251042021

**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

June 10, 2025

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

JPMorgan Chase Financial Company LLC
Structured Investments

$2,035,000

# Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index due June 13, 2030

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

- The notes are designed for investors who seek exposure to any appreciation of the S&amp;P 500® Futures Excess Return Index over the term of the notes if the notes have not been redeemed early.
- The notes are also designed for investors who seek early exit prior to maturity at a premium if we redeem the notes early at our option.
- The notes may be redeemed early, in whole but not in part, at our option on any of the Call Settlement Dates.
- The earliest date on which the notes may be redeemed early is June 17, 2026.
- Investors should be willing to forgo interest payments, while seeking full repayment of principal at maturity.
- The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase &amp; Co. Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase &amp; Co., as guarantor of the notes.
- Minimum denominations of $1,000 and integral multiples thereof
- The notes priced on June 10, 2025 and are expected to settle on or about June 13, 2025.
- CUSIP: 48136EPJ8

Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, "Risk Factors" beginning on page PS-12 of the accompanying product supplement and "Selected Risk Considerations" beginning on page PS-7 of this pricing supplement.

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

|  | Price to Public (1) | Fees and Commissions (2) | Proceeds to Issuer |
| --- | --- | --- | --- |
| Per note | $1,000 | $36.25 | $963.75 |
| Total | $2,035,000 | $73,768.75 | $1,961,231.25 |

(1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions of $36.25 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.

The estimated value of the notes, when the terms of the notes were set, was $914.50 per $1,000 principal amount note. See "The Estimated Value of the Notes" in this pricing supplement for additional information.

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

Pricing supplement to product supplement no. 3-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023, the prospectus and prospectus supplement, each dated April 13, 2023, and the prospectus addendum dated June 3, 2024

# Key Terms

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

**Guarantor:** JPMorgan Chase &amp; Co.

**Index:** The S&amp;P 500® Futures Excess Return Index (Bloomberg ticker: SPXFP).

## Call Premium Amount:

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

| • first Call Settlement Date: | 9.50000% × $1,000 |
| --- | --- |
| • second Call Settlement Date: | 10.29167% × $1,000 |
| • third Call Settlement Date: | 11.08333% × $1,000 |
| • fourth Call Settlement Date: | 11.87500% × $1,000 |
| • fifth Call Settlement Date: | 12.66667% × $1,000 |
| • sixth Call Settlement Date: | 13.45833% × $1,000 |
| • seventh Call Settlement Date: | 14.25000% × $1,000 |
| • eighth Call Settlement Date: | 15.04167% × $1,000 |
| • ninth Call Settlement Date: | 15.83333% × $1,000 |
| • tenth Call Settlement Date: | 16.62500% × $1,000 |
| • eleventh Call Settlement Date: | 17.41667% × $1,000 |
| • twelfth Call Settlement Date: | 18.20833% × $1,000 |
| • thirteenth Call Settlement Date: | 19.00000% × $1,000 |
| • fourteenth Call Settlement Date: | 19.79167% × $1,000 |
| • fifteenth Call Settlement Date: | 20.58333% × $1,000 |
| • sixteenth Call Settlement Date: | 21.37500% × $1,000 |
| • seventeenth Call Settlement Date: | 22.16667% × $1,000 |
| • eighteenth Call Settlement Date: | 22.95833% × $1,000 |
| • nineteenth Call Settlement Date: | 23.75000% × $1,000 |
| • twentieth Call Settlement Date: | 24.54167% × $1,000 |
| • twenty-first Call Settlement Date: | 25.33333% × $1,000 |
| • twenty-second Call Settlement Date: | 26.12500% × $1,000 |
| • twenty-third Call Settlement Date: | 26.91667% × $1,000 |
| • twenty-fourth Call Settlement Date: | 27.70833% × $1,000 |
| • twenty-fifth Call Settlement Date: | 28.50000% × $1,000 |
| • twenty-sixth Call Settlement Date: | 29.29167% × $1,000 |
| • twenty-seventh Call Settlement Date: | 30.08333% × $1,000 |
| • twenty-eighth Call Settlement Date: | 30.87500% × $1,000 |
| • twenty-ninth Call Settlement Date: | 31.66667% × $1,000 |
| • thirtieth Call Settlement Date: | 32.45833% × $1,000 |
| • thirty-first Call Settlement Date: | 33.25000% × $1,000 |
| • thirty-second Call Settlement Date: | 34.04167% × $1,000 |
| • thirty-third Call Settlement Date: | 34.83333% × $1,000 |
| • thirty-fourth Call Settlement Date: | 35.62500% × $1,000 |
| • thirty-fifth Call Settlement Date: | 36.41667% × $1,000 |
| • thirty-sixth Call Settlement Date: | 37.20833% × $1,000 |
| • thirty-seventh Call Settlement Date: | 38.00000% × $1,000 |
| • thirty-eighth Call Settlement Date: | 38.79167% × $1,000 |
| • thirty-ninth Call Settlement Date: | 39.58333% × $1,000 |
| • fortieth Call Settlement Date: | 40.37500% × $1,000 |
| • forty-first Call Settlement Date: | 41.16667% × $1,000 |
| • forty-second Call Settlement Date: | 41.95833% × $1,000 |
| • forty-third Call Settlement Date: | 42.75000% × $1,000 |
| • forty-fourth Call Settlement Date: | 43.54167% × $1,000 |
| • forty-fifth Call Settlement Date: | 44.33333% × $1,000 |
| • forty-sixth Call Settlement Date: | 45.12500% × $1,000 |
| • forty-seventh Call Settlement Date: | 45.91667% × $1,000 |
| • final Call Settlement Date: | 46.70833% × $1,000 |

## Participation Rate: 100.00%

**Pricing Date:** June 10, 2025

**Original Issue Date (Settlement Date):** On or about June 13, 2025

**Call Settlement Dates\*:** June 17, 2026, July 15, 2026, August 13, 2026, September 15, 2026, October 15, 2026, November 16, 2026, December 15, 2026, January 14, 2027, February 16, 2027, March 15, 2027, April 15, 2027, May 13, 2027, June 15, 2027, July 15, 2027, August 13, 2027, September 15, 2027, October 14, 2027, November 16, 2027, December 15, 2027, January 13, 2028, February 15, 2028, March 15, 2028, April 13, 2028, May 15, 2028, June 15, 2028, July 13, 2028, August 15, 2028, September 14, 2028, October 13, 2028, November 15, 2028, December 14, 2028, January 16, 2029, February 15, 2029, March 15, 2029, April 13, 2029, May 15, 2029, June 14, 2029, July 13, 2029, August 15, 2029, September 13, 2029, October 15, 2029, November 15, 2029, December 13, 2029, January 15, 2030, February 14, 2030, March 14, 2030, April 15, 2030 and May 15, 2030

## Observation Date\*:** June 10, 2030

**Maturity Date\*:** June 13, 2030

## Early Redemption:

We, at our election, may redeem the notes early, in whole but not in part, on any of the Call Settlement Dates at a price, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount applicable to that Call Settlement Date. If we intend to redeem your notes early, we will deliver notice to The Depository Trust Company, or DTC, at least three business days before the applicable Call Settlement Date on which the notes are redeemed early.

If the notes are redeemed early, you will not benefit from the feature that provides you with a positive return at maturity equal to the Index Return times the Participation Rate if the Final Value is greater than the Initial Value. Because this feature does not apply to the payment upon an early redemption, the payment upon an early redemption may be significantly less than the payment at maturity for the same level of appreciation in the Index.

## Payment at Maturity:

At maturity, if the notes have not been redeemed early, you will receive a cash payment, for each $1,000 principal amount note, of $1,000 plus the Additional Amount, which may be zero.

If the notes have not been redeemed early, you are entitled to repayment of principal in full at maturity, subject to the credit risks of JPMorgan Financial and JPMorgan Chase &amp; Co.

## Additional Amount:

If the notes have not been redeemed early, the Additional Amount payable at maturity per $1,000 principal amount note will equal:

$1,000 × Index Return × Participation Rate,

provided that the Additional Amount will not be less than zero.

## Index Return:

(Final Value - Initial Value)
Initial Value

## Initial Value:

The closing level of the Index on the Pricing Date, which was 501.71

## Final Value:

The closing level of the Index on the Observation Date

* Subject to postponement in the event of a market disruption event and as described under "General Terms of Notes - Postponement of a Determination Date - Notes Linked to a Single Underlying - Notes Linked to a Single Underlying (Other Than a Commodity Index)" and "General Terms of Notes - Postponement of a Payment Date" in the accompanying product supplement

PS-1 \ Structured Investments

Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

# Supplemental Terms of the Notes

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

For purposes of the accompanying product supplement, the Index will be deemed to be an Equity Index, except as provided below, and any references in the accompanying product supplement to the securities included in an Equity Index (or similar references) should be read to refer to the securities included in the S&amp;P 500® Index, which is the reference index for the futures contracts included in the Index. Notwithstanding the foregoing, the Index will be deemed to be a Commodity Index for purposes of the section entitled "The Underlyings - Indices - Discontinuation of an Index; Alteration of Method of Calculation" in the accompanying product supplement.

Notwithstanding anything to the contrary in the accompanying product supplement, if a Determination Date (as defined in the accompanying product supplement) is or has been postponed to the applicable Final Disrupted Determination Date (as defined in the accompanying product supplement) and that day is a Disrupted Day (as defined in the accompanying product supplement), the calculation agent will determine the closing level of the Index for that Determination Date on that Final Disrupted Determination Date in accordance with the formula for and method of calculating the closing level of the Index last in effect prior to the commencement of the market disruption event (or prior to the non-trading day), using the official settlement price (or, if trading in the relevant futures contract has been materially suspended or materially limited, the calculation agent's good faith estimate of the applicable settlement price that would have prevailed but for that suspension or limitation) at the close of the principal trading session on that date of each futures contract most recently composing the Index, as well as any futures contract required to roll any expiring futures contract in accordance with the method of calculating the Index.

Any values of the Index, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of the notes or any other party.

PS-2 \ Structured Investments
Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

How the Notes Work

## Payment Upon an Early Redemption

### Call Settlement Dates

We determine whether to redeem the notes early on a Call Settlement Date.

| Early Redemption | No Early Redemption |
| --- | --- |
| The notes will be redeemed early on the applicable Call Settlement Date and you will receive (a) $1,000 plus (b) the Call Premium Amount applicable to that Call Settlement Date. No further payments will be made on the notes. | The notes will not be redeemed early. Proceed to the next Call Settlement Date, if any. |

## Payment at Maturity If the Notes Have Not Been Redeemed Early

| Call Settlement Dates | Payment at Maturity |
| --- | --- |
| The notes have not been redeemed early Proceed to the payment at maturity. | You will receive $1,000 plus the Additional Amount, which will be equal to: $1,000 × Index Return × Participation Rate, provided that the Additional Amount will not be less than zero. |

PS-3 \ Structured Investments

Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

# Call Premium Amount

The table below illustrates the Call Premium Amount per $1,000 principal amount note for each Call Settlement Date based on the Call Premium Amounts set forth under "Key Terms - Call Premium Amount" above.

| Call Settlement Date | Call Premium Amount |
| --- | --- |
| First | $95.0000 |
| Second | $102.9167 |
| Third | $110.8333 |
| Fourth | $118.7500 |
| Fifth | $126.6667 |
| Sixth | $134.5833 |
| Seventh | $142.5000 |
| Eighth | $150.4167 |
| Ninth | $158.3333 |
| Tenth | $166.2500 |
| Eleventh | $174.1667 |
| Twelfth | $182.0833 |
| Thirteenth | $190.0000 |
| Fourteenth | $197.9167 |
| Fifteenth | $205.8333 |
| Sixteenth | $213.7500 |
| Seventeenth | $221.6667 |
| Eighteenth | $229.5833 |
| Nineteenth | $237.5000 |
| Twentieth | $245.4167 |
| Twenty-First | $253.3333 |
| Twenty-Second | $261.2500 |
| Twenty-Third | $269.1667 |
| Twenty-Fourth | $277.0833 |
| Twenty-Fifth | $285.0000 |
| Twenty-Sixth | $292.9167 |
| Twenty-Seventh | $300.8333 |
| Twenty-Eighth | $308.7500 |
| Twenty-Ninth | $316.6667 |
| Thirtieth | $324.5833 |
| Thirty-First | $332.5000 |
| Thirty-Second | $340.4167 |
| Thirty-Third | $348.3333 |
| Thirty-Fourth | $356.2500 |
| Thirty-Fifth | $364.1667 |
| Thirty-Sixth | $372.0833 |
| Thirty-Seventh | $380.0000 |
| Thirty-Eighth | $387.9167 |
| Thirty-Ninth | $395.8333 |
| Fortieth | $403.7500 |
| Forty-First | $411.6667 |
| Forty-Second | $419.5833 |
| Forty-Third | $427.5000 |

PS-4 \ Structured Investments
Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

| Call Settlement Date | Call Premium Amount |
| --- | --- |
| Forty-Fourth | $435.4167 |
| Forty-Fifth | $443.3333 |
| Forty-Sixth | $451.2500 |
| Forty-Seventh | $459.1667 |
| Final | $467.0833 |

PS-5 \ Structured Investments
Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

# Payment at Maturity If the Notes Have Not Been Redeemed Early

The following table illustrates the hypothetical payment at maturity on the notes linked to a hypothetical Index if the notes have not been redeemed early. The hypothetical payments set forth below assume the following:

- the notes have not been redeemed early;
- an Initial Value of 100.00; and
- a Participation Rate of 100.00%.

The hypothetical Initial Value of 100.00 has been chosen for illustrative purposes only and does not represent the actual Initial Value. The actual Initial Value is the closing level of the Index on the Pricing Date and is specified under "Key Terms - Initial Value" in this pricing supplement. For historical data regarding the actual closing levels of the Index, please see the historical information set forth under "The Index" in this pricing supplement.

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

| Final Value | Index Return | Additional Amount | Payment at Maturity |
| --- | --- | --- | --- |
| 165.00 | 65.00% | $650.00 | $1,650.00 |
| 150.00 | 50.00% | $500.00 | $1,500.00 |
| 140.00 | 40.00% | $400.00 | $1,400.00 |
| 130.00 | 30.00% | $300.00 | $1,300.00 |
| 120.00 | 20.00% | $200.00 | $1,200.00 |
| 110.00 | 10.00% | $100.00 | $1,100.00 |
| 105.00 | 5.00% | $50.00 | $1,050.00 |
| 101.00 | 1.00% | $10.00 | $1,010.00 |
| 100.00 | 0.00% | $0.00 | $1,000.00 |
| 95.00 | -5.00% | $0.00 | $1,000.00 |
| 90.00 | -10.00% | $0.00 | $1,000.00 |
| 80.00 | -20.00% | $0.00 | $1,000.00 |
| 70.00 | -30.00% | $0.00 | $1,000.00 |
| 60.00 | -40.00% | $0.00 | $1,000.00 |
| 50.00 | -50.00% | $0.00 | $1,000.00 |
| 40.00 | -60.00% | $0.00 | $1,000.00 |
| 30.00 | -70.00% | $0.00 | $1,000.00 |
| 20.00 | -80.00% | $0.00 | $1,000.00 |
| 10.00 | -90.00% | $0.00 | $1,000.00 |
| 0.00 | -100.00% | $0.00 | $1,000.00 |

PS-6 \ Structured Investments

Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

Note Payout Scenarios

## Upside Scenario If Redeemed Early:

If the notes are redeemed early on any of the Call Settlement Dates, investors will receive on the applicable Call Settlement Date the $1,000 principal amount plus the Call Premium Amount applicable to that Call Settlement Date. No further payments will be made on the notes.

- If we redeem the notes early on the first Call Settlement Date, investors will receive a return equal to 9.50%, or $1,095.00 per $1,000 principal amount note.
- If the notes have not been previously redeemed early and we redeem the notes early on the final Call Settlement Date, investors will receive a return equal to 46.70833%, or $1,467.0833 per $1,000 principal amount note.

## Upside Scenario If No Early Redemption:

If the notes have not been redeemed early and the Final Value is greater than the Initial Value, investors will receive at maturity the $1,000 principal amount plus the Additional Amount, which is equal to $1,000 times the Index Return times the Participation Rate of 100.00%.

If the notes have not been redeemed early and the Final Value is greater than the Initial value, the Additional Amount will be greater than zero and investors will receive at maturity more than the principal amount of their notes.

- If the notes have not been redeemed early and the closing level of the Index increases 10.00%, investors will receive at maturity a return equal to 10.00%, or $1,100.00 per $1,000 principal amount note.

## Par Scenario:

If the notes have not been redeemed early and the Final Value is equal to or less than the Initial Value, the Additional Amount will be zero and investors will receive at maturity the principal amount of their notes.

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

## Selected Risk Considerations

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

## Risks Relating to the Notes Generally

- IF THE NOTES HAVE NOT BEEN REDEEMED EARLY, THE NOTES MAY NOT PAY MORE THAN THE PRINCIPAL AMOUNT AT MATURITY -

If the notes have not been redeemed early and the Final Value is less than or equal to the Initial Value, you will receive only the principal amount of your notes at maturity, and you will not be compensated for any loss in value due to inflation and other factors relating to the value of money over time.

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

Investors are dependent on our and JPMorgan Chase &amp; Co.'s ability to pay all amounts due on the notes. Any actual or potential change in our or JPMorgan Chase &amp; Co.'s creditworthiness or credit spreads, as determined by the market for taking that credit risk, is likely to adversely affect the value of the notes. If we and JPMorgan Chase &amp; Co. were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.

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

As a finance subsidiary of JPMorgan Chase &amp; Co., we have no independent operations beyond the issuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase &amp; Co., substantially all of our assets relate to obligations of JPMorgan Chase &amp; Co. to make payments under loans made by us to JPMorgan Chase &amp; Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase &amp; Co. to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase &amp; Co. and in a bankruptcy or resolution of JPMorgan Chase &amp; Co. we are not expected to have sufficient resources to meet our obligations in respect of the notes as they come due. If JPMorgan Chase &amp; Co. does not make payments to us and we are unable to make payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase &amp; Co., and that

PS-7 \ Structured Investments

Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase &amp; Co. For more information, see the accompanying prospectus addendum.

- IF THE NOTES ARE REDEEMED EARLY, THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO THE APPLICABLE CALL PREMIUM AMOUNT PAID ON THE NOTES,
regardless of any appreciation of the Index, which may be significant. In addition, if the notes are redeemed early, you will not benefit from the feature that provides you with a positive return at maturity equal to the Index Return times the Participation Rate if the Final Value is greater than the Initial Value. Because this feature does not apply to the payment upon an early redemption, the payment upon an early redemption may be significantly less than the payment at maturity for the same level of appreciation in the Index.

- THE OPTIONAL EARLY REDEMPTION FEATURE MAY FORCE A POTENTIAL EARLY EXIT -
If we elect to redeem your notes early, the term of the notes may be reduced to as short as approximately one year. There is no guarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar level of risk. Even in cases where we elect to redeem your notes before maturity, you are not entitled to any fees and commissions described on the front cover of this pricing supplement.

- THE NOTES DO NOT PAY INTEREST.

- YOU WILL NOT HAVE ANY RIGHTS WITH RESPECT TO THE E-MINI® S&amp;P 500® FUTURES CONTRACTS (THE "UNDERLYING FUTURES CONTRACTS") OR THE SECURITIES INCLUDED IN THE INDEX UNDERLYING THE UNDERLYING FUTURES CONTRACTS.

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

## Risks Relating to Conflicts of Interest

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

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

- THE ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES -
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the notes exceeds the estimated value of the notes because costs associated with selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. See "The Estimated Value of the Notes" in this pricing supplement.

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

- THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE -
The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase &amp; Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase &amp; Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an

PS-8 \ Structured Investments

Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. See "The Estimated Value of the Notes" in this pricing supplement.

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

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

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

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

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

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

## Risks Relating to the Index

- JPMORGAN CHASE &amp; CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE S&amp;P 500® INDEX, THE INDEX UNDERLYING THE UNDERLYING FUTURES CONTRACTS OF THE INDEX,

but JPMorgan Chase &amp; Co. will not have any obligation to consider your interests in taking any corporate action that might affect the level of the Index.

- THE INDEX IS SUBJECT TO SIGNIFICANT RISKS ASSOCIATED WITH THE UNDERLYING FUTURES CONTRACTS -

The Index tracks the excess return of the Underlying Futures Contracts. The price of an Underlying Futures Contract depends not only on the level of the underlying index referenced by the Underlying Futures Contract, but also on a range of other factors, including but not limited to the performance and volatility of the U.S. stock market, corporate earnings reports, geopolitical events, governmental and regulatory policies and the policies of the Chicago Mercantile Exchange (the "Exchange") on which the Underlying Futures Contracts trade. In addition, the futures markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention. These factors and others can cause the prices of the Underlying Futures Contracts to be volatile and could adversely affect the level of the Index and any payments on, and the value of, your notes.

- SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN THE UNDERLYING FUTURES CONTRACTS MAY ADVERSELY AFFECT THE VALUE OF YOUR NOTES -

Futures markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, the participation of speculators, and government regulation and intervention. In addition, futures exchanges generally have regulations that limit the amount of the Underlying Futures Contract price fluctuations that may occur in a single day. These limits are generally referred to as "daily price fluctuation limits" and the maximum or minimum price of a contract on any given day as a result of those limits is referred to as a "limit price." Once the limit price has been reached in a particular contract, no trades may be made at a price beyond the limit, or trading may be limited for a set period of time. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at potentially disadvantageous times or prices. These circumstances could delay the calculation of the level of the Index and could adversely affect the level of the Index and any payments on, and the value of, your notes.

PS-9 \ Structured Investments

Callable Notes Linked to the S&amp;P 500® Futures Excess Return Index

## 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 $2,035,000. The prospectus is a final prospectus for the related offering.