# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-23-022052
**Filing Date:** 2023-3
**Character Count:** 64981
**Document Hash:** 30425e00867d6a77fd09c0836935c5f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-022052.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001213900-23-022052

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-236659
- **FILM NUMBER:** 23752842

**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]
- **IRS NUMBER:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-236659-01
- **FILM NUMBER:** 23752843

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** (212) 270-6000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

**The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an** 

**offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to completion dated March 21, 2023** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; April , 2023 | &nbsp;&nbsp; Registration Statement Nos. 333-236659 and 333-236659-01; Rule 424(b)(2)<br> ![image1_48133vgq7.png](image1_48133vgq7.jpg)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> JPMorgan Chase Financial Company LLC<br> Structured Investments<br> Auto Callable Contingent Interest Notes Linked to the Lesser <br> Performing of the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> <br> Junior Gold Miners ETF due May 15, 2024<br> Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.<br> ●The notes are designed for investors who seek a Contingent Interest Payment with respect to each Review Date for which <br> the closing price of one share of each of the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF, which we <br> refer to as the Funds, is greater than or equal to 65.00% of its Initial Value, which we refer to as an Interest Barrier. <br> ●The notes will be automatically called if the closing price of one share of each Fund on any Review Date (other than the first, <br> second, third, fourth, fifth and final Review Dates) is greater than or equal to its Initial Value.<br> ●The earliest date on which an automatic call may be initiated is October 10, 2023.<br> ●Investors should be willing to accept the risk of losing some or all of their principal and the risk that no Contingent Interest <br> Payment may be made with respect to some or all Review Dates.<br> ●Investors should also be willing to forgo fixed interest and dividend payments, in exchange for the opportunity to receive <br> Contingent Interest Payments. <br> ●The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as <br> JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. **Any payment** <br> **on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of** <br> **JPMorgan Chase & Co., as guarantor of the notes.**<br> ●Payments on the notes are not linked to a basket composed of the Funds. Payments on the notes are linked to the <br> performance of each of the Funds individually, as described below. <br> ●Minimum denominations of $1,000 and integral multiples thereof<br> ●The notes are expected to price on or about April 10, 2023 and are expected to settle on or about April 13, 2023.<br> ●CUSIP: 48133VGQ7<br>

**Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying** 

**prospectus supplement, "Risk Factors" beginning on page PS-12 of the accompanying product supplement, "Risk Factors"** 

**beginning on page US-3 of the accompanying underlying supplement and "Selected Risk Considerations" beginning on** 

**page PS-5 of this pricing supplement.**

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of

the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,

underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Price to Public (1) | &nbsp;&nbsp; Fees and Commissions (2) | &nbsp;&nbsp; Proceeds to Issuer |
| &nbsp;&nbsp; Per note | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ |
| &nbsp;&nbsp; Total | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ |
| (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $15.00 per $1,000 principal <br> amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $15.00 per $1,000 principal <br> amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $15.00 per $1,000 principal <br> amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $15.00 per $1,000 principal <br> amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. |

---

**If the notes priced today, the estimated value of the notes would be approximately $968.80 per $1,000 principal amount note.** 

**The estimated value of the notes, when the terms of the notes are set, will be provided in the pricing supplement and will not** 

**be less than $940.00 per $1,000 principal amount note. See "The Estimated Value of the Notes" in this pricing supplement for** 

**additional information.**

*The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and* 

*are not obligations of, or guaranteed by, a bank.*

Pricing supplement to product supplement no. 4-II dated November 4, 2020, underlying supplement no. 1-II dated November 4, 2020 and the prospectus

and prospectus supplement, each dated April 8, 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Key Terms**

---

| | |
|:---|:---|
| **Issuer:** JPMorgan Chase Financial Company LLC, an indirect, <br> wholly owned finance subsidiary of JPMorgan Chase & Co.<br> **Guarantor:** JPMorgan Chase & Co.<br> **Funds:** The VanEck<sup>®</sup> Gold Miners ETF (Bloomberg ticker: <br> GDX) and the VanEck<sup>®</sup> Junior Gold Miners ETF (Bloomberg <br> ticker: GDXJ) (each a "Fund" and collectively, the "Funds")<br> **Contingent Interest Payments:**<br> If the notes have not been automatically called and the closing <br> price of one share of each Fund on any Review Date is greater <br> than or equal to its Interest Barrier, you will receive on the <br> applicable Interest Payment Date for each $1,000 principal <br> amount note a Contingent Interest Payment equal to at least <br> $12.00 (equivalent to a Contingent Interest Rate of at least <br> 14.40% per annum, payable at a rate of at least 1.20% per <br> month) (to be provided in the pricing supplement). <br> *If the closing price of one share of either Fund on any Review* <br> *Date is less than its Interest Barrier, no Contingent Interest* <br> *Payment will be made with respect to that Review Date.*<br> **Contingent Interest Rate:** At least 14.40% per annum, <br> payable at a rate of at least 1.20% per month (to be provided <br> in the pricing supplement)<br> **Interest Barrier/Trigger Value:** With respect to each Fund, <br> 65.00% of its Initial Value<br> **Pricing Date:** On or about April 10, 2023<br> **Original Issue Date (Settlement Date):** On or about April 13, <br> 2023<br> **Review Dates\*:** May 10, 2023, June 12, 2023, July 10, 2023, <br> August 10, 2023, September 11, 2023, October 10, 2023, <br> November 10, 2023, December 11, 2023, January 10, 2024, <br> February 12, 2024, March 11, 2024, April 10, 2024 and May <br> 10, 2024 (final Review Date) <br> **Interest Payment Dates\*:** May 15, 2023, June 15, 2023, July <br> 13, 2023, August 15, 2023, September 14, 2023, October 13, <br> 2023, November 15, 2023, December 14, 2023, January 16, <br> 2024, February 15, 2024, March 14, 2024, April 15, 2024 and <br> the Maturity Date<br> **Maturity Date\*:** May 15, 2024<br> **Call Settlement Date\*:** If the notes are automatically called on <br> any Review Date (other than the first, second, third, fourth, fifth <br> and final Review Dates), the first Interest Payment Date <br> immediately following that Review Date<br> \* Subject to postponement in the event of a market disruption event <br> and as described under "General Terms of Notes — Postponement of <br> a Determination Date — Notes Linked to Multiple Underlyings" and <br> "General Terms of Notes — Postponement of a Payment Date" in the <br> accompanying product supplement | **Automatic Call:**<br> If the closing price of one share of each Fund on any Review <br> Date (other than the first, second, third, fourth, fifth and final <br> Review Dates) is greater than or equal to its Initial Value, the <br> notes will be automatically called for a cash payment, for each <br> $1,000 principal amount note, equal to (a) $1,000 *plus* (b) the <br> Contingent Interest Payment applicable to that Review Date, <br> payable on the applicable Call Settlement Date. No further <br> payments will be made on the notes.<br> **Payment at Maturity:**<br> If the notes have not been automatically called and the Final <br> Value of each Fund is greater than or equal to its Trigger <br> Value, you will receive a cash payment at maturity, for each <br> $1,000 principal amount note, equal to (a) $1,000 *plus* (b) the <br> Contingent Interest Payment applicable to the final Review <br> Date.<br> If the notes have not been automatically called and the Final <br> Value of either Fund is less than its Trigger Value, your <br> payment at maturity per $1,000 principal amount note will be <br> calculated as follows:<br> $1,000 + ($1,000 × Lesser Performing Fund Return)<br> *If the notes have not been automatically called and the Final* <br> *Value of either Fund is less than its Trigger Value, you will lose* <br> *more than 35.00% of your principal amount at maturity and* <br> *could lose all of your principal amount at maturity.*<br> **Lesser Performing Fund:** The Fund with the Lesser <br> Performing Fund Return<br> **Lesser Performing Fund Return:** The lower of the Fund <br> Returns of the Funds<br> **Fund Return:** With respect to each Fund,<br> (Final Value – Initial Value)<br> Initial Value<br> **Initial Value:** With respect to each Fund, the closing price of <br> one share of that Fund on the Pricing Date<br> **Final Value:** With respect to each Fund, the closing price of <br> one share of that Fund on the final Review Date<br> **Share Adjustment Factor:** With respect to each Fund, the <br> Share Adjustment Factor is referenced in determining the <br> closing price of one share of that Fund and is set equal to 1.0 <br> on the Pricing Date. The Share Adjustment Factor of each <br> Fund is subject to adjustment upon the occurrence of certain <br> events affecting that Fund. See "The Underlyings — Funds — <br> Anti-Dilution Adjustments" in the accompanying product <br> supplement for further information. |

---

---

| | |
|:---|:---|
| PS-1 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**How the Notes Work**

**Payments in Connection with the First, Second, Third, Fourth and Fifth Review Dates**

![shapeimage1_48133vgq7.jpg](shapeimage1_48133vgq7.jpg)

**Payments in Connection with Review Dates (Other than the First, Second, Third, Fourth, Fifth and Final Review Dates)**

![shapeimage2_48133vgq7.jpg](shapeimage2_48133vgq7.jpg)

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

![shapeimage3_48133vgq7.jpg](shapeimage3_48133vgq7.jpg)

---

| | |
|:---|:---|
| PS-2 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Total Contingent Interest Payments**

The table below illustrates the hypothetical total Contingent Interest Payments per $1,000 principal amount note over the term of the

notes based on a hypothetical Contingent Interest Rate of 14.40% per annum, depending on how many Contingent Interest Payments

are made prior to automatic call or maturity. The actual Contingent Interest Rate will be provided in the pricing supplement and will be at

least 14.40% per annum.

---

| | |
|:---|:---|
| **Number of Contingent** <br> **Interest Payments** | **Total Contingent Interest** <br> **Payments** |
| 13 | $156.00 |
| 12 | $144.00 |
| 11 | $132.00 |
| 10 | $120.00 |
| 9 | $108.00 |
| 8 | $96.00 |
| 7 | $84.00 |
| 6 | $72.00 |
| 5 | $60.00 |
| 4 | $48.00 |
| 3 | $36.00 |
| 2 | $24.00 |
| 1 | $12.00 |
| 0 | $0.00 |

---

**Hypothetical Payout Examples**

The following examples illustrate payments on the notes linked to two hypothetical Funds, assuming a range of performances for the

hypothetical Lesser Performing Fund on the Review Dates. **Each hypothetical payment set forth below assumes that the closing** 

**price of one share of the Fund that is not the Lesser Performing Fund on each Review Date is greater than or equal to its Initial** 

**Value (and therefore its Interest Barrier and Trigger Value).**

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

● an Initial Value for the Lesser Performing Fund of $100.00;

● an Interest Barrier and a Trigger Value for the Lesser Performing Fund of $65.00 (equal to 65.00% of its hypothetical Initial

Value); and

● a Contingent Interest Rate of 14.40% per annum (payable at a rate of 1.20% per month).

The hypothetical Initial Value of the Lesser Performing Fund of $100.00 has been chosen for illustrative purposes only and may not

represent a likely actual Initial Value of either Fund.

The actual Initial Value of each Fund will be the closing price of one share of that Fund on the Pricing Date and will be provided in the

pricing supplement. For historical data regarding the actual closing prices of one share of each Fund, please see the historical

information set forth under "The Funds" in this pricing supplement.

Each hypothetical payment set forth below is for illustrative purposes only and may not be the actual payment applicable to a purchaser

of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

---

| | |
|:---|:---|
| PS-3 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Example 1 — Notes are automatically called on the sixth Review Date.**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Date | &nbsp;&nbsp; Closing Price of One <br> Share of Lesser <br> Performing Fund | &nbsp;&nbsp; Payment (per $1,000 principal amount note) |
| &nbsp;&nbsp; First Review Date | &nbsp;&nbsp; $105.00 | &nbsp;&nbsp; $12.00 |
| &nbsp;&nbsp; Second Review Date | &nbsp;&nbsp; $110.00 | &nbsp;&nbsp; $12.00 |
| &nbsp;&nbsp; Third Review Date | &nbsp;&nbsp; $110.00 | &nbsp;&nbsp; $12.00 |
| &nbsp;&nbsp; Fourth Review Date | &nbsp;&nbsp; $105.00 | &nbsp;&nbsp; $12.00 |
| &nbsp;&nbsp; Fifth Review Date | &nbsp;&nbsp; $110.00 | &nbsp;&nbsp; $12.00 |
| &nbsp;&nbsp; Sixth Review Date | &nbsp;&nbsp; $120.00 | &nbsp;&nbsp; $1012.00 |
|  | &nbsp;&nbsp; Total Payment | &nbsp;&nbsp; $1,072.00 (7.20% return)  |

---

Because the closing price of one share of each Fund on the sixth Review Date is greater than or equal to its Initial Value, the notes will

be automatically called for a cash payment, for each $1,000 principal amount note, of $1,012.00 (or $1,000 *plus* the Contingent Interest

Payment applicable to the sixth Review Date), payable on the applicable Call Settlement Date. The notes are not automatically callable

before the sixth Review Date, even though the closing price of one share of each Fund on each of the first, second, third, fourth and fifth

Review Dates is greater than its Initial Value. When added to the Contingent Interest Payments received with respect to the prior Review

Dates, the total amount paid, for each $1,000 principal amount note, is $1,072.00. No further payments will be made on the notes.

**Example 2 — Notes have NOT been automatically called and the Final Value of the Lesser Performing Fund is greater than or** 

**equal to its Trigger Value.**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Date | &nbsp;&nbsp; Closing Price of One <br> Share of Lesser <br> Performing Fund | &nbsp;&nbsp; Payment (per $1,000 principal amount note) |
| &nbsp;&nbsp; First Review Date | &nbsp;&nbsp; $95.00 | &nbsp;&nbsp; $12.00 |
| &nbsp;&nbsp; Second Review Date | &nbsp;&nbsp; $85.00 | &nbsp;&nbsp; $12.00 |
| &nbsp;&nbsp; Third through Twelfth <br> Review Dates | &nbsp;&nbsp; Less than Interest Barrier | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Final Review Date | &nbsp;&nbsp; $90.00 | &nbsp;&nbsp; $1012.00 |
|  | &nbsp;&nbsp; Total Payment | &nbsp;&nbsp; $1,036.00 (3.60% return) |

---

Because the notes have not been automatically called and the Final Value of the Lesser Performing Fund is greater than or equal to its

Trigger Value, the payment at maturity, for each $1,000 principal amount note, will be $1,012.00 (or $1,000 *plus* the Contingent Interest

Payment applicable to the final Review Date). When added to the Contingent Interest Payments received with respect to the prior

Review Dates, the total amount paid, for each $1,000 principal amount note, is $1,036.00.

---

| | |
|:---|:---|
| PS-4 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Example 3 — Notes have NOT been automatically called and the Final Value of the Lesser Performing Fund is less than its** 

**Trigger Value.**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Date | &nbsp;&nbsp; Closing Price of One <br> Share of Lesser <br> Performing Fund | &nbsp;&nbsp; Payment (per $1,000 principal amount note) |
| &nbsp;&nbsp; First Review Date | &nbsp;&nbsp; $55.00 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Second Review Date | &nbsp;&nbsp; $60.00 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Third through Twelfth <br> Review Dates | &nbsp;&nbsp; Less than Interest Barrier | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Final Review Date | &nbsp;&nbsp; $55.00 | &nbsp;&nbsp; $550.00 |
|  | &nbsp;&nbsp; Total Payment  | &nbsp;&nbsp; $550.00 (-45.00% return) |

---

Because the notes have not been automatically called, the Final Value of the Lesser Performing Fund is less than its Trigger Value and

the Lesser Performing Fund Return is -45.00%, the payment at maturity will be $550.00 per $1,000 principal amount note, calculated as

follows:

$1,000 + [$1,000 × (-45.00%)] = $550.00

The hypothetical returns and hypothetical payments on the notes shown above apply **only if you hold the notes for their entire term** 

**or until automatically called**. These hypotheticals do not reflect the fees or expenses that would be associated with any sale in the

secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payments shown above would

likely be lower.

**Selected Risk Considerations**

An investment in the notes involves significant risks. These risks are explained in more detail in the "Risk Factors" sections of the

accompanying prospectus supplement, product supplement and underlying supplement.

● **YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —** 

The notes do not guarantee any return of principal. If the notes have not been automatically called and the Final Value of either

Fund is less than its Trigger Value, you will lose 1% of the principal amount of your notes for every 1% that the Final Value of the

Lesser Performing Fund is less than its Initial Value. Accordingly, under these circumstances, you will lose more than 35.00% of

your principal amount at maturity and could lose all of your principal amount at maturity.

● **THE NOTES DO NOT GUARANTEE THE PAYMENT OF INTEREST AND MAY NOT PAY ANY INTEREST AT ALL —** 

If the notes have not been automatically called, we will make a Contingent Interest Payment with respect to a Review Date only if

the closing price of one share of each Fund on that Review Date is greater than or equal to its Interest Barrier. If the closing price of

one share of either Fund on that Review Date is less than its Interest Barrier, no Contingent Interest Payment will be made with

respect to that Review Date. Accordingly, if the closing price of one share of either Fund on each Review Date is less than its

Interest Barrier, you will not receive any interest payments over the term of the notes.

● **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 notes. Any actual or potential

change in our or JPMorgan Chase & Co.'s creditworthiness or credit spreads, as determined by the market for taking that credit risk,

is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co. were to default on our payment obligations, you

may not receive any amounts owed to you under the notes and you could lose your entire investment.

● **AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS —** 

As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of

our securities. Aside from the initial capital contribution from JPMorgan Chase & Co., substantially all of our assets relate to

obligations of our affiliates to make payments under loans made by us or other intercompany agreements. As a result, we are

dependent upon payments from our affiliates to meet our obligations under the notes. If these affiliates do not make payments to us

and we fail to make payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co.,

and that guarantee will rank *pari passu* with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co.

● **THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO THE SUM OF ANY CONTINGENT INTEREST PAYMENTS** 

**THAT MAY BE PAID OVER THE TERM OF THE NOTES,**

regardless of any appreciation of either Fund, which may be significant. You will not participate in any appreciation of either Fund.

● **POTENTIAL CONFLICTS —** 

We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase &

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.

---

| | |
|:---|:---|
| PS-5 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● **THERE ARE RISKS ASSOCIATED WITH THE FUNDS —**

The Funds are subject to management risk, which is the risk that the investment strategies of the applicable Fund's investment

adviser, the implementation of which is subject to a number of constraints, may not produce the intended results. These constraints

could adversely affect the market prices of the shares of the Funds and, consequently, the value of the notes.

● **THE PERFORMANCE AND MARKET VALUE OF EACH FUND, PARTICULARLY DURING PERIODS OF MARKET VOLATILITY,** 

**MAY NOT CORRELATE WITH THE PERFORMANCE OF THAT FUND'S UNDERLYING INDEX AS WELL AS THE NET ASSET** 

**VALUE PER SHARE —**

Each Fund does not fully replicate its Underlying Index (as defined under "The Funds" below) and may hold securities different from

those included in its Underlying Index. In addition, the performance of each Fund will reflect additional transaction costs and fees

that are not included in the calculation of its Underlying Index. All of these factors may lead to a lack of correlation between the

performance of each Fund and its Underlying Index. In addition, corporate actions with respect to the equity securities underlying a

Fund (such as mergers and spin-offs) may impact the variance between the performances of that Fund and its Underlying Index.

Finally, because the shares of each Fund are traded on a securities exchange and are subject to market supply and investor

demand, the market value of one share of each Fund may differ from the net asset value per share of that Fund.

During periods of market volatility, securities underlying each Fund may be unavailable in the secondary market, market participants

may be unable to calculate accurately the net asset value per share of that Fund and the liquidity of that Fund may be adversely

affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of a Fund.

Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and

sell shares of a Fund. As a result, under these circumstances, the market value of shares of a Fund may vary substantially from the

net asset value per share of that Fund. For all of the foregoing reasons, the performance of each Fund may not correlate with the

performance of its Underlying Index as well as the net asset value per share of that Fund, which could materially and adversely

affect the value of the notes in the secondary market and/or reduce any payment on the notes.

● **NON-U.S. SECURITIES RISK —** 

Some of the equity securities held by the Funds have been issued by non-U.S. companies. Investments in securities linked to the

value of such non-U.S. equity securities involve risks associated with the securities markets in the home countries of the issuers of

those non-U.S. equity securities. Also, there is generally less publicly available information about companies in some of these

jurisdictions than there is about U.S. companies that are subject to the reporting requirements of the SEC.

● **THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK —** 

Because the prices of the non-U.S. equity securities held by the Funds are converted into U.S. dollars for purposes of calculating

the net asset values of the Funds, holders of the notes will be exposed to currency exchange rate risk with respect to each of the

currencies in which the non-U.S. equity securities held by the Funds trade. Your net exposure will depend on the extent to which

those currencies strengthen or weaken against the U.S. dollar and the relative weight of equity securities held by the Funds

denominated in each of those currencies. If, taking into account the relevant weighting, the U.S. dollar strengthens against those

currencies, the prices of the Funds will be adversely affected and any payment on the notes may be reduced.

● **RISKS ASSOCIATED WITH THE GOLD AND SILVER MINING INDUSTRIES —**

All or substantially all of the equity securities held by the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF are

issued by companies whose primary line of business is directly associated with the gold and/or silver mining industries. As a result,

the value of the notes may be subject to greater volatility and be more adversely affected by a single economic, political or

regulatory occurrence affecting these industries than a different investment linked to securities of a more broadly diversified group of

issuers. Investments related to gold and silver are considered speculative and are affected by a variety of factors. Competitive

pressures may have a significant effect on the financial condition of gold and silver mining companies. Also, gold and silver mining

companies are highly dependent on the price of gold and silver bullion, respectively, and may be adversely affected by a variety of

worldwide economic, financial and political factors. The price of gold and silver may fluctuate substantially over short periods of time

so the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF's share price may be more volatile than other types of

investments. Fluctuation in the prices of gold and silver may be due to a number of factors, including changes in inflation, changes

in currency exchange rates and changes in industrial and commercial demand for metals (including fabricator demand). Additionally,

increased environmental or labor costs may depress the value of metal investments. In particular, a drop in the price of gold and/or

silver bullion would particularly adversely affect the profitability of small- and medium-capitalization mining companies and their

ability to secure financing. Furthermore, companies that are only in the exploration stage are typically unable to adopt specific

strategies for controlling the impact of the price of gold or silver. A significant number of the companies held by the VanEck<sup>®</sup> Junior

Gold Miners ETF may be early stage mining companies that are in the exploration stage only or that hold properties that might not

ultimately produce gold or silver. The exploration and development of mineral deposits involve significant financial risks over a

significant period of time, which even a combination of careful evaluation, experience and knowledge may not eliminate. Few

properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish

reserves by drilling and to construct mining and processing facilities at a site. In addition, many early stage miners operate at a loss

and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an early stage mining

company than for a more established counterpart. These factors could affect the gold and silver mining industries and could affect

the value of the equity securities held by the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF and the price of

the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF during the term of the notes, which may adversely affect

the value of your notes.

● **YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE PRICE OF ONE SHARE OF EACH FUND—** 

Payments on the notes are not linked to a basket composed of the Funds and are contingent upon the performance of each

individual Fund. Poor performance by either of the Funds over the term of the notes may result in the notes not being automatically

called on a Review Date, may negatively affect whether you will receive a Contingent Interest Payment on any Interest Payment

Date and your payment at maturity and will not be offset or mitigated by positive performance by the other Fund.

● **YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LESSER PERFORMING FUND.**

---

| | |
|:---|:---|
| PS-6 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● **THE BENEFIT PROVIDED BY THE TRIGGER VALUE MAY TERMINATE ON THE FINAL REVIEW DATE—**

If the Final Value of either Fund is less than its Trigger Value and the notes have not been automatically called, the benefit provided

by the Trigger Value will terminate and you will be fully exposed to any depreciation of the Lesser Performing Fund.

● **THE AUTOMATIC CALL FEATURE MAY FORCE A POTENTIAL EARLY EXIT —**

If your notes are automatically called, the term of the notes may be reduced to as short as approximately six months and you will not

receive any Contingent Interest Payments after the applicable Call Settlement Date. There is no guarantee that you would be able to

reinvest the proceeds from an investment in the notes at a comparable return and/or with a comparable interest rate for a similar

level of risk. Even in cases where the notes are called before maturity, you are not entitled to any fees and commissions described

on the front cover of this pricing supplement.

● **YOU WILL NOT RECEIVE DIVIDENDS ON EITHER FUND OR THE SECURITIES HELD BY EITHER FUND OR HAVE ANY** 

**RIGHTS WITH RESPECT TO THE FUNDS OR THOSE SECURITIES.**

● **THE ANTI-DILUTION PROTECTION FOR THE FUNDS IS LIMITED —**

The calculation agent will make adjustments to the Share Adjustment Factor for each Fund for certain events affecting the shares of

that Fund. However, the calculation agent will not make an adjustment in response to all events that could affect the shares of the

Funds. If an event occurs that does not require the calculation agent to make an adjustment, the value of the notes may be

materially and adversely affected.

● **THE RISK OF THE CLOSING PRICE OF ONE SHARE OF A FUND FALLING BELOW ITS INTEREST BARRIER OR TRIGGER** 

**VALUE IS GREATER IF THE PRICE OF ONE SHARE OF THAT FUND IS VOLATILE.**

● **LACK OF LIQUIDITY—**

The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is likely

to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes are not

designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

● **THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT —**

You should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the

Contingent Interest Rate.

● **THE ESTIMATED VALUE OF THE NOTES WILL BE LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE** 

**NOTES —** 

The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the notes

will exceed the estimated value of the notes because costs associated with selling, structuring and hedging the notes are included in

the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our affiliates

expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our

obligations under the notes. See "The Estimated Value of the Notes" in this pricing supplement.

● **THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER** 

**FROM OTHERS' ESTIMATES —** 

See "The Estimated Value of the Notes" in this pricing supplement.

● **THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE —**

The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding

rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may

be based on, among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance,

operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income

instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may

prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an

internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary

market prices of the notes. See "The Estimated Value of the Notes" in this pricing supplement.

● **THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT** 

**STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME** 

**PERIOD —** 

We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in

connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.

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.

---

| | |
|:---|:---|
| PS-7 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● **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 prices of one share of the Funds. 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.

**The Funds**

The VanEck<sup>®</sup> Gold Miners ETF (formerly known as the VanEck Vectors<sup>®</sup> Gold Miners ETF) is an exchange-traded fund of the VanEck<sup>®</sup>

ETF Trust, a registered investment company, that seeks to replicate as closely as possible, before fees and expenses, the price and

yield performance of the NYSE Arca Gold Miners Index, which we refer to as the Underlying Index with respect to the VanEck<sup>®</sup> Gold

Miners ETF. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index composed of publicly traded

companies involved primarily in the mining of gold or silver. For additional information about the VanEck<sup>®</sup> Gold Miners ETF, see "Fund

Descriptions — The VanEck Vectors<sup>®</sup> ETFs" in the accompanying underlying supplement.

The VanEck<sup>®</sup> Junior Gold Miners ETF (formerly known as the VanEck Vectors<sup>®</sup> Junior Gold Miners ETF) is an exchange-traded fund of

the VanEck<sup>®</sup> ETF Trust, a registered investment company, that seeks to replicate as closely as possible, before fees and expenses, the

price and yield performance of the MVIS<sup>®</sup> Global Junior Gold Miners Index, which we refer to as the Underlying Index with respect to the

VanEck<sup>®</sup> Junior Gold Miners ETF. The MVIS<sup>®</sup> Global Junior Gold Miners Index is a modified market capitalization weighted index that is

designed to track the performance of the global gold and silver mining small-cap segment. For additional information about the VanEck<sup>®</sup>

Junior Gold Miners ETF, see "Fund Descriptions — The VanEck Vectors<sup>®</sup> ETFs" in the accompanying underlying supplement.

**Historical Information**

The following graphs set forth the historical performance of each Fund based on the weekly historical closing prices of one share of each

Fund from January 5, 2018 through March 17, 2023. The closing price of one share of the VanEck<sup>®</sup> Gold Miners ETF on March 20, 2023

was $31.11. The closing price of one share of the VanEck<sup>®</sup> Junior Gold Miners ETF on March 20, 2023 was $37.59. We obtained the

closing prices above and below from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification. The closing

prices above and below may have been adjusted by Bloomberg for actions taken by the Funds, such as stock splits.

The historical closing prices of one share of each Fund should not be taken as an indication of future performance, and no assurance

can be given as to the closing price of one share of either Fund on the Pricing Date or any Review Date. There can be no assurance that

the performance of the Funds will result in the return of any of your principal amount or the payment of any interest.

**Historical Performance of the VanEck**<sup>®</sup> **Gold Miners ETF**<br> ![image2_48133vgq7.jpeg](image2_48133vgq7.jpg)<br>Source: Bloomberg<br>

---

| | |
|:---|:---|
| PS-8 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Historical Performance of the VanEck**<sup>®</sup> **Junior Gold Miners ETF**<br> ![image3_48133vgq7.jpeg](image3_48133vgq7.jpg)<br>Source: Bloomberg<br>

**Tax Treatment**

You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product

supplement no. 4-II. In determining our reporting responsibilities we intend to treat (i) the notes for U.S. federal income tax purposes as

prepaid forward contracts with associated contingent coupons and (ii) any Contingent Interest Payments as ordinary income, as

described in the section entitled "Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes

Treated as Prepaid Forward Contracts with Associated Contingent Coupons" in the accompanying product supplement. Based on the

advice of Davis Polk & Wardwell LLP, our special tax counsel, we believe that this is a reasonable treatment, but that there are other

reasonable treatments that the IRS or a court may adopt, in which case the timing and character of any income or loss on the notes

could be materially 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 and the relevance of factors such as the nature of the

underlying property to which the instruments are linked. 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 affect the tax

consequences of an investment in the notes, possibly with retroactive effect. The discussions above and in the accompanying product

supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Code.

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes, including

possible alternative treatments and the issues presented by the notice described above.

*Non-U.S. Holders — Tax Considerations*. The U.S. federal income tax treatment of Contingent Interest Payments is uncertain, and

although we believe it is reasonable to take a position that Contingent Interest Payments are not subject to U.S. withholding tax (at least

if an applicable Form W-8 is provided), it is expected that withholding agents will (and we, if we are the withholding agent, intend to)

withhold on any Contingent Interest Payment paid to a Non-U.S. Holder generally at a rate of 30% or at a reduced rate specified by an

applicable income tax treaty under an "other income" or similar provision. We will not be required to pay any additional amounts with

respect to amounts withheld. In order to claim an exemption from, or a reduction in, the 30% withholding tax, a Non-U.S. Holder of the

notes must comply with certification requirements to establish that it is not a U.S. person and is eligible for such an exemption or

reduction under an applicable tax treaty. If you are a Non-U.S. Holder, you should consult your tax adviser regarding the tax treatment of

the notes, including the possibility of obtaining a refund of any withholding tax and the certification requirement described above.

---

| | |
|:---|:---|
| PS-9 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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,

2025 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income

tax purposes (each an "Underlying Security"). Based on certain determinations made by us, we expect that Section 871(m) will not apply

to the notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this

determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter

into other transactions with respect to an Underlying Security. If necessary, further information regarding the potential application of

Section 871(m) will be provided in the pricing supplement for the notes. You should consult your tax adviser regarding the potential

application of Section 871(m) to the notes.

In the event of any withholding on the notes, we will not be required to pay any additional amounts with respect to amounts so withheld.

**The Estimated Value of the Notes**

The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following

hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding rate

described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the notes does

not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The

internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for

vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on,

among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance, operational and ongoing

liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase

& Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to

approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes

to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. For additional

information, see "Selected Risk Considerations — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding

Rate" in this pricing supplement.

The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our

affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various

other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as

well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is determined when

the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time.

The estimated value of the notes does not represent future values of the notes and may differ from others' estimates. Different pricing

models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes. In

addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On

future dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our or

JPMorgan Chase & Co.'s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at

which JPMS would be willing to buy notes from you in secondary market transactions.

The estimated value of the notes will be lower than the original issue price of the notes because costs associated with selling, structuring

and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions paid to JPMS

and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in

hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our

obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less

than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the notes 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 — The Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to Public) of the

Notes" in this pricing supplement.

---

| | |
|:---|:---|
| PS-10 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Secondary Market Prices of the Notes**

For information about factors that will impact any secondary market prices of the notes, 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 notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount

that will decline to zero over an initial predetermined period. These costs can include selling commissions, projected hedging profits, if

any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt

issuances. This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term of the notes.

The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our

hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by our affiliates. See

"Selected Risk Considerations — 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" in this pricing supplement.

**Supplemental Use of Proceeds**

The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the

notes. See "How the Notes Work" and "Hypothetical Payout Examples" in this pricing supplement for an illustration of the risk-return

profile of the notes and "The Funds" in this pricing supplement for a description of the market exposure provided by the notes.

The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other

affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent

in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes.

**Supplemental Plan of Distribution**

We expect that delivery of the notes will be made against payment for the notes on or about the Original Issue Date set forth on the front

cover of this pricing supplement, which will be the third business day following the Pricing Date of the notes (this settlement cycle being

referred to as "T+3"). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally

are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish

to trade notes on any date prior to two business days before delivery will be required to specify an alternate settlement cycle at the time

of any such trade to prevent a failed settlement and should consult their own advisors.

**Supplemental Information About the Form of the Notes**

The notes will initially be represented by a type of global security that we refer to as a master note. A master note represents multiple

securities that may be issued at different times and that may have different terms. The trustee and/or paying agent will, in accordance

with instructions from us, make appropriate entries or notations in its records relating to the master note representing the notes to

indicate that the master note evidences the notes.

**Additional Terms Specific to the Notes**

You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable

agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any

changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase.

You may also choose to reject such changes, in which case we may reject your offer to purchase.

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus

supplement relating to our Series A medium-term notes of which these notes are a part, and the more detailed information contained in

the accompanying product supplement and the accompanying underlying supplement. This pricing supplement, together with the

documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as

any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation,

sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the

matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement, the accompanying product supplement and

the accompanying underlying supplement, as the notes involve risks not associated with conventional debt securities. We urge you to

consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

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| | |
|:---|:---|
| PS-11 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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. 4-II dated November 4, 2020:

[http://www.sec.gov/Archives/edgar/data/19617/000095010320021467/crt_dp139322-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320021467/crt_dp139322-424b2.pdf)

● Underlying supplement no. 1-II dated November 4, 2020:

[http://www.sec.gov/Archives/edgar/data/19617/000095010320021471/crt_dp139381-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320021471/crt_dp139381-424b2.pdf)

● Prospectus supplement and prospectus, each dated April 8, 2020:

[http://www.sec.gov/Archives/edgar/data/19617/000095010320007214/crt_dp124361-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320007214/crt_dp124361-424b2.pdf)

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.

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| | |
|:---|:---|
| PS-12 \| Structured Investments | ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| Auto Callable Contingent Interest Notes Linked to the Lesser Performing of <br> the VanEck<sup>®</sup> Gold Miners ETF and the VanEck<sup>®</sup> Junior Gold Miners ETF<br>| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |
| ![image4_48133vgq7.png](image4_48133vgq7.jpg) |  |

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