# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-25-060926
**Filing Date:** 2025-7
**Character Count:** 79036
**Document Hash:** 9e82c7b7f3bb25bd8b1f8c6572982ab0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-060926.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001213900-25-060926

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004
- **FILM NUMBER:** 251099756

**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:** 251099757

**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

---

| | |
|:---|:---|
| **JPMorgan Chase Financial Company LLC** | **June 2025** |

---

Pricing Supplement

Registration Statement Nos. 333-270004 and 333-270004-01

Dated June 30, 2025

Filed pursuant to Rule 424(b)(2)

Structured Investments

Opportunities in International Equities

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

**Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.**

The Dual Directional Trigger Jump Securities will pay no interest and do not guarantee any return of your principal at maturity. At maturity, you will receive for each security that you hold an amount in cash that will vary depending on the performance of the ETF Shares, as determined on the valuation date. If the final share price is greater than or equal to the initial share price, investors will receive at maturity, for each security, a fixed cash payment equal to the upside payment in addition to the stated principal amount. If the final share price is less than the initial share price but by no more than 10%, investors will receive at maturity the stated principal amount of the securities *plus* an unleveraged positive return equal to the absolute value of the percentage decline, which will effectively be limited to a positive 10% return. However, if the ETF Shares have depreciated in price by more than 10% in value, at maturity investors will lose the benefit of the absolute return feature and will lose 1% of the stated principal amount for every 1% of decline in the price of the ETF Shares over the term of the securities. The securities are for investors who seek an equity-based return and who are willing to risk their principal and forgo current income in exchange for the upside payment and absolute return features that in each case apply to a limited range of the performance of the ETF Shares. The securities are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co., issued as part of JPMorgan Financial's Medium-Term Notes, Series A, program. **Any payment on the securities is subject to the credit risk of JPMorgan Financial, as issuer of the securities, and the credit risk of JPMorgan Chase & Co., as guarantor of the securities. The investor may lose a significant portion or all of the stated principal amount of the securities.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FINAL TERMS** | &nbsp;&nbsp;**FINAL TERMS** |
| &nbsp;&nbsp;**Issuer:** | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| &nbsp;&nbsp;**Guarantor:** | JPMorgan Chase & Co. |
| &nbsp;&nbsp;**ETF Shares:** | Shares of the iShares<sup>®</sup> MSCI Emerging Markets ETF (Bloomberg ticker: EEM UP Equity) |
| &nbsp;&nbsp;**Aggregate principal amount:** | $10112000 |
| &nbsp;&nbsp;**Payment at maturity:** | If the final share price is *greater than or equal to* the initial share price, for each $1,000 stated principal amount security: |
|  | $1,000 + upside payment |
|  | If the final share price is *less than* the initial share price but is *greater than or equal to* the trigger level, for each $1,000 stated principal amount security: |
|  | $1,000 + ($1,000 × absolute share return) |
|  | *In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the ETF Shares. In no event will this amount exceed the stated principal amount plus $100.00. Accordingly, the maximum downside payment at maturity is $1,100.00 per security.* |
|  | If the final share price is *less than* the trigger level, for each $1,000 stated principal amount security: |
|  | $1,000 × share performance factor |
|  | *This amount will be less than the stated principal amount of $1,000 per security and will represent a loss of more than 10%, and possibly all, of your investment.* |
| &nbsp;&nbsp;**Upside payment:** | $141.00 per $1,000 stated principal amount security (14.10% of the stated principal amount) |
| &nbsp;&nbsp;**Share percent change:** | (final share price – initial share price) / initial share price |
| &nbsp;&nbsp;**Absolute share return:** | The absolute value of the share percent change. For example, a -5% share percent change will result in a +5% absolute share return. |
| &nbsp;&nbsp;**Initial share price:** | The closing price of one ETF Share on the pricing date, which was $48.24 |
| &nbsp;&nbsp;**Final share price:** | The closing price of one ETF Share on the valuation date |
| &nbsp;&nbsp;**Share adjustment factor:** | The share adjustment factor is referenced in determining the closing price of one ETF Share and is set initially at 1.0 on the pricing date. The share adjustment factor is subject to adjustment in the event of certain events affecting the ETF Shares. See "The Underlyings — Funds — Anti-Dilution Adjustments" in the accompanying product supplement. |
| &nbsp;&nbsp;**Trigger level:** | $43.416, which is 90% of the initial share price |
| &nbsp;&nbsp;**Share performance factor:** | final share price / initial share price |
| &nbsp;&nbsp;**Stated principal amount:** | $1,000 per security |
| &nbsp;&nbsp;**Issue price:** | $1,000 per security (see "Commissions and issue price" below) |
| &nbsp;&nbsp;**Pricing date:** | June 30, 2025 |
| &nbsp;&nbsp;**Original issue date (settlement date):** | July 3, 2025 |
| &nbsp;&nbsp;**Valuation date\*:** | December 30, 2026 |
| &nbsp;&nbsp;**Maturity date\*:** | January 5, 2027 |
| &nbsp;&nbsp;**CUSIP / ISIN:** | 48136E4M4 / US48136E4M41 |
| &nbsp;&nbsp;**Listing:** | The securities will not be listed on any securities exchange. |
| &nbsp;&nbsp;**Agent:** | J.P. Morgan Securities LLC ("JPMS") |
| &nbsp;&nbsp;**Commissions and issue price:** | **Fees and commissions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per security** | &nbsp;&nbsp;$20.00<sup>(2)</sup> |
|  | &nbsp;&nbsp;$5.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;$252800.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See "Additional Information about the Securities — Supplemental use of proceeds and hedging" in this document for information about the components of the price to public of the securities.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions of $20.00 per $1,000 stated principal amount security it receives from us to Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management"). See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5.00 for each $1,000 stated principal amount security* 

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

**The estimated value of the securities on the pricing date was $963.60 per $1,000 stated principal amount security.** See "Additional Information about the Securities — The estimated value of the securities" in this document for additional information.

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

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

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

**You should read this document together with the related product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum, each of which can be accessed via the hyperlinks below. Please also see "Additional Information about the Securities" at the end of this document.**

Product supplement no. 4-I dated April 13, 2023: [http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf)

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

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

Prospectus addendum dated June 3, 2024: [http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

Investment Summary

**Dual Directional Trigger Jump Securities**

**Principal at Risk Securities**

The Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027 can be used:

▪ As an alternative to direct exposure to the ETF Shares that provides a fixed, positive return of 14.10% (as reflected in the upside
payment of $141.00 per $1,000 stated principal amount security) if the final share price is greater than or equal to the initial share
price.

▪ To enhance returns and potentially outperform the ETF Shares in a moderately bullish scenario.

▪ To provide an unleveraged positive return in the event of a decline of the ETF Shares but only if the final share price is *greater than or equal to* the trigger level.

If the final share price is less than the trigger level, the securities are exposed on a 1-to-1 basis to any percentage decline of the final share price from the initial share price. Accordingly, investors may lose their entire initial investment in the securities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Maturity:** | &nbsp;&nbsp;Approximately 18 months |
| &nbsp;&nbsp;**Upside payment:** | &nbsp;&nbsp;$141.00 per $1,000 stated principal amount security (14.10% of the stated principal amount) |
| &nbsp;&nbsp;**Trigger level:** | &nbsp;&nbsp;90% of the initial share price |
| &nbsp;&nbsp;**Minimum payment at maturity:** | &nbsp;&nbsp;None. Investors may lose their entire initial investment in the securities. |
| &nbsp;&nbsp;**Interest:** |  |

---

Supplemental Terms of the Securities

For purposes of the accompanying product supplement, the iShares<sup>®</sup> MSCI Emerging Markets ETF is a "Fund."

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

June 2025 Page 2

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

Key Investment Rationale

The securities offer a fixed, positive return if the underlying asset is flat or has appreciated on the valuation date as compared to its value on the pricing date and provides the opportunity, through the absolute return feature, to earn a positive return at maturity for a limited range of negative performance of the underlying asset. At maturity, if the underlying asset is **flat** or has **appreciated**, investors will receive the stated principal amount of their investment *plus* the upside payment. At maturity, if the underlying asset has **depreciated** in value but by no more than 10%, investors will receive the stated principal amount of their investment *plus* an unleveraged positive return equal to the absolute value of the percentage decline in the underlying asset, which will effectively be limited to a positive 10% return. However, at maturity, if the underlying asset has **depreciated** in value by more than 10%, investors will lose the benefit of the absolute return feature and will lose 1% of the stated principal amount for every 1% of decline, without any buffer. **Investors may lose a significant portion or all of the stated principal amount of the securities.**

---

| | |
|:---|:---|
| **Absolute Return Feature** | The securities offer investors an opportunity to earn an unleveraged positive return if the final share price is less than the initial share price **but** is greater than or equal to the trigger level. |
| **Upside Scenario** | The final share price is greater than or equal to the initial share price and, at maturity, the payment at maturity for each security will be equal to $1,000 *plus* the upside payment of $141.00 per $1,000 stated principal amount security. Investors will not participate in any appreciation of the ETF Shares above 14.10%. |
| **Absolute Return Scenario** | The final share price is less than the initial share price but is greater than or equal to the trigger level, which is 90% of the initial share price. In this case, the securities pay a 1% positive return for each 1% negative return of the ETF Shares. For example, if the final share price is 5% less than the initial share price, the securities will provide a total positive return of 5% at maturity. The maximum return you may receive in this scenario is a positive 10% return at maturity. |
| **Downside Scenario** | The final share price is less than the trigger level. In this case, the securities pay an amount that is over 10% less than the stated principal amount and this decrease will be by an amount that is proportionate to the percentage decline of the final share price from the initial share price. (Example: if the ETF Shares decrease in value by 30%, the securities will pay an amount that is less than the stated principal amount by 30%, or $700 per security.) |

---

June 2025 Page 3

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

How the Dual Directional Trigger Jump Securities Work

**Payoff Diagram**

The payoff diagram below illustrates the payment at maturity on the securities based on the following terms:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Stated principal amount:** | &nbsp;&nbsp;$1,000 per stated principal amount security |
| &nbsp;&nbsp;**Upside payment:** | &nbsp;&nbsp;$141.00 (14.10% of the stated principal amount) per $1,000 stated principal amount security |
| &nbsp;&nbsp;**Trigger level:** | 90% of the initial share price |

---

**Dual Directional Trigger Jump Securities Payoff Diagram**

**How it works**

▪ **Upside Scenario.** If the final share price is
greater than or equal to the initial share price, the payment at maturity in all cases is equal to and will not exceed the $1,000 stated
principal amount *plus* the upside payment. Under the terms of the securities, in the payoff diagram, an investor will receive the
payment at maturity of $1,141.00 per security if the final share price is greater than or equal to the initial share price.

▪ **Absolute Return Scenario.** If the final share price is less than the initial share price but is greater than or equal to the trigger
level, investors will receive a 1% positive return on the securities for each 1% negative return of the ETF Shares.

&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the ETF Shares depreciate 5%, investors will
receive a 5% return, or $1,050 per $1,000 stated principal amount security.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The maximum return you may receive in this scenario is a positive
10% return at maturity.

▪ **Downside Scenario.** If the final share price is less than the trigger level, investors will lose the benefit of the absolute return
feature and will instead receive an amount that is significantly less than the stated principal amount by an amount proportionate to
the percentage decrease of the final share price from the initial share price. This amount will be less than 90% of the stated principal
amount per security.

&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the ETF Shares depreciate 50%, investors will
lose 50% of their principal and receive only $500 per $1,000 stated principal amount security at maturity, or 50% of the stated principal
amount.

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

June 2025 Page 4

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

Risk Factors

*The following is a non-exhaustive list of certain key risk factors for investors in the securities. For further discussion of these and other risks, you should read the sections entitled "Risk Factors" of the accompanying prospectus supplement and the accompanying product supplement and Annex A to the accompanying prospectus addendum. We urge you to consult your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.*

Risks Relating to the Securities Generally

▪ **The securities do not pay interest or guarantee the return of any principal and your investment in the securities may result in a loss.** The terms of the securities differ from those of ordinary debt securities in that the securities do not pay interest or guarantee the
payment of any principal amount at maturity. If the final share price is less than the trigger level (which is 90% of the initial share
price), you will lose the benefit of the absolute return feature and the payment at maturity will be an amount in cash that is over 10%
less than the stated principal amount of each security, and this decrease will be by an amount that is proportionate to the decrease
in the price of the ETF Shares and may be zero. There is no minimum payment at maturity on the securities, and, accordingly, you could
lose your entire initial investment in the securities.

▪ **Appreciation potential is fixed and limited.** If the final share price is greater than or equal to the initial share price,
the appreciation potential of the securities is limited to the fixed upside payment of $141.00 per security (14.10% of the stated principal
amount), even if the final share price is significantly greater than the initial share price. See "How the Dual Directional Trigger
Jump Securities Work" above.

▪ **Your maximum downside gain on the securities is limited by the trigger level.** If the final share price is less than the initial share price and greater than or equal to the trigger level, you will
receive at maturity $1,000 *plus* a return equal to the absolute share return, which will reflect a 1% positive return for each 1%
negative return on the ETF Shares, subject to an effective limit of 10%. Because you will not receive a positive return if the ETF Shares
have depreciated below the trigger level, your maximum downside payment will be $1,100.00 per $1,000.00 stated principal amount security.

▪ **The securities are subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., and any actual or anticipated changes to our or JPMorgan Chase & Co.'s credit ratings or credit spreads may adversely affect the market value of the securities.** Investors are dependent on our and JPMorgan Chase & Co.'s ability to pay all amounts due
on the securities. Any actual or anticipated decline in our or JPMorgan Chase & Co.'s credit ratings or increase
in our or JPMorgan Chase & Co.'s credit spreads determined by the market for taking that credit risk is likely to
adversely affect the market value of the securities. If we and JPMorgan Chase & Co. were to default on our payment obligations,
you may not receive any amounts owed to you under the securities and you could lose your entire investment.

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

▪ **The benefit provided by the trigger level may terminate on the valuation date.** If the final share price is less than the trigger level, the benefit provided by the trigger
level will terminate and you will be fully exposed to any depreciation of the ETF Shares.

▪ **Secondary trading may be limited.** Th e
securities will not be listed on a securities exchange. There may be little or no secondary market for the securities. Even if there is
a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily .
JPMS may act as a market maker for the securities, but is not required to do so. Because we do not expect that other market makers
will participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities
is likely to depend on the price, if any, at which JPMS is willing to buy the securities. If at any

June 2025 Page 5

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

time JPMS or another agent does not act as a market maker, it is likely that there would be little or no secondary market for the securities.

▪ **The tax consequences of an investment in the securities are uncertain.** There is no direct legal authority as to the proper
U.S. federal income tax characterization of the securities, and we do not intend to request a ruling from the IRS. The IRS might not accept,
and a court might not uphold, the treatment of the securities described in "Additional Information about the Securities ―
Additional Provisions ― Tax considerations" in this document and in "Material U.S. Federal Income Tax Consequences"
in the accompanying product supplement. If the IRS were successful in asserting an alternative treatment for the securities, the timing
and character of any income or loss on the securities could differ materially and adversely from our description herein. In addition,
in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward
contracts" and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue
income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or
loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments
are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to
withholding tax; and whether these instruments are or should be subject to the "constructive ownership" regime, which very
generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While
the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated
after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly
with retroactive effect. You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences"
in the accompanying product supplement and consult your tax adviser regarding the U.S. federal income tax consequences of an investment
in the securities, including possible alternative treatments and the issues presented by this notice.

Risks Relating to Conflicts of Interest

▪ **Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of the securities and other affiliates of the issuer may be different from those of investors.** We
and our affiliates play a variety of roles in connection with the issuance of the securities, including acting as calculation agent and
as an agent of the offering of the securities, hedging our obligations under the securities and making the assumptions used to determine
the pricing of the securities and the estimated value of the securities, which we refer to as the estimated value of the securities. In
performing these duties, our and JPMorgan Chase & Co.'s economic interests and the economic interests of the calculation
agent and other affiliates of ours are potentially adverse to your interests as an investor in the securities. The calculation
agent has determined the initial share price and the trigger level, will determine the final share price and will calculate the amount
of payment you will receive at maturity, if any. Determinations
made by the calculation agent, including with respect to the occurrence or non-occurrence of market disruption events, the selection of
a successor to the ETF Shares or calculation of the final share price in the event of a discontinuation of the ETF Shares, and any anti-dilution
adjustments, may affect the payment to you at maturity.

In addition, our and JPMorgan Chase & Co.'s business activities, including hedging and trading activities, could cause our and JPMorgan Chase & Co.'s economic interests to be adverse to yours and could adversely affect any payment on the securities and the value of the securities. It is possible that hedging or trading activities of ours or our affiliates in connection with the securities could result in substantial returns for us or our affiliates while the value of the securities declines. Please refer to "Risk Factors — Risks Relating to Conflicts of Interest" in the accompanying product supplement for additional information about these risks.

▪ **Hedging and trading activities by the issuer and its affiliates could potentially affect the value of the securities .** The hedging or trading activities of the issuer's affiliates and of any other hedging counterparty with respect to the securities
on or prior to the pricing date and prior to maturity could have adversely affected, and may continue to adversely affect, the value of
the ETF Shares and, as a result, could decrease the amount an investor may receive on the securities at maturity, if any. Any of these
hedging or trading activities on or prior to the pricing date could have affected the initial share price and the trigger level
and, therefore, could potentially increase the level that the final share price must reach before you receive a payment at maturity that
exceeds the issue price of the securities or so that you do not suffer a loss on your initial investment in the securities. Additionally,
these hedging or trading activities during the term of the securities ,
including on the valuation date, could adversely affect the final share price and, accordingly, the payment to you at maturity, if any.
It is possible that these hedging or trading activities could result in substantial returns for us or our affiliates while the value of
the securities declines.

June 2025 Page 6

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

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

▪ **The estimated value of the securities is lower than the original issue price (price to public) of the securities.** The estimated value of the securities is only an estimate
determined by reference to several factors. The original issue price of the securities exceeds the estimated value of the securities because
costs associated with selling, structuring and hedging the securities are included in the original issue price of the securities. These
costs include the selling commissions, the structuring fee, the projected profits, if any, that our affiliates expect to realize for assuming
risks inherent in hedging our obligations under the securities and the estimated cost of hedging our obligations under the securities.
See "Additional Information about the Securities — The estimated value of the securities" in this document.

▪ **The estimated value of the securities does not represent future values of the securities and may differ from others' estimates.** The estimated value of the securities
is determined by reference to internal pricing models of our affiliates. This estimated value of the securities is based on market conditions
and other relevant factors existing at the time of pricing and assumptions about market parameters, which can include volatility, dividend
rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the securities that are
greater than or less than the estimated value of the securities. In addition, market conditions and other relevant factors in the future
may change, and any assumptions may prove to be incorrect. On future dates, the value of the securities could change significantly based
on, among other things, changes in market conditions, our or JPMorgan Chase & Co.'s creditworthiness, interest rate
movements and other relevant factors, which may impact the price, if any, at which JPMS would be willing to buy securities from you in
secondary market transactions. See "Additional Information about the Securities — The estimated value of the securities"
in this document.

▪ **The estimated value of the securities is derived by reference to an internal funding rate.** The internal funding rate used in the determination of the estimated value of the
securities may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan
Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates' view
of the funding value of the securities as well as the higher issuance, operational and ongoing liability management costs of the securities in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This
internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate
the prevailing market replacement funding rate for the securities. The use of an internal funding rate and any potential changes to that
rate may have an adverse effect on the terms of the securities and any secondary market prices of the securities. See "Additional
Information about the Securities — The estimated value of the securities" in this document.

▪ **The value of the securities as published by JPMS (and which may be reflected on customer account statements) may be higher than the then-current estimated value of the securities for a limited time period.** We
generally expect that some of the costs included in the original issue price of the securities will be partially paid back to you in connection
with any repurchases of your securities by JPMS in an amount that will decline to zero over an initial predetermined period. These costs
can include selling commissions, the structuring fee, projected hedging profits, if any, and, in some circumstances, estimated hedging
costs and our internal secondary market funding rates for structured debt issuances. See "Additional Information about the Securities
— Secondary market prices of the securities" in this document for additional information relating to this initial period.
Accordingly, the estimated value of your securities during this initial period may be lower than the value of the securities as published
by JPMS (and which may be shown on your customer account statements).

▪ **Secondary market prices of the securities will likely be lower than the original issue price of the securities.** Any secondary market prices of the securities will likely
be lower than the original issue price of the securities because, among other things, secondary market prices take into account our internal
secondary market funding rates for structured debt issuances and, also, because secondary market prices may exclude selling commissions,
the structuring fee, projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the
securities. As a result, the price, if any, at which JPMS will be willing to buy securities from you in secondary market transactions,
if at all, is likely to be lower than the original issue price. Any sale by you prior to the maturity date could result in a substantial
loss to you. See the immediately following risk factor for information about additional factors that will impact any secondary market
prices of the securities.

June 2025 Page 7

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

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

▪ **Secondary market prices of the securities will be impacted by many economic and market factors.** The secondary market price of the securities during their term will be impacted by a number of economic
and market factors, which may either offset or magnify each other, aside from the selling commissions, structuring fee, projected hedging
profits, if any, estimated hedging costs and the closing price of one share of the ETF Shares, including:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the actual and expected volatility of the ETF Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the dividend rates on the ETF Shares and the equity securities underlying the ETF Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the exchange rates and the volatility of the exchange rates between the U.S. dollar and each of the currencies in which the equity
securities underlying the ETF Shares trade and the correlation among those rates and the price of one ETF Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the occurrence of certain events to the ETF Shares that may or may not require an adjustment to the share adjustment factor; and

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

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

Risks Relating to the ETF Shares

▪ **Investing in the securities is not equivalent to investing in the ETF Shares.** Investing in the securities is not equivalent to investing in the ETF Shares, the index tracked by the
ETF Shares, which we refer to as the underlying index, or the stocks underlying the ETF Shares or the underlying index. Investors in the
securities will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the ETF
Shares, the underlying index or the stocks underlying the ETF Shares or the underlying index.

▪ **Adjustments to the ETF Shares or the underlying index could adversely affect the value of the securities.** Those responsible for calculating and maintaining the ETF Shares and
the underlying index can add, delete or substitute the components of the ETF Shares or the underlying index, or make other methodological
changes that could change the value of the ETF Shares or the underlying index. Any of these actions could adversely affect the price of
the ETF Shares and, consequently, the value of the securities.

▪ **There are risks associated with the ETF Shares.** Although the ETF Shares are listed for trading on a securities exchange and a number of similar products have been
traded on various securities exchanges for varying periods of time, there is no assurance that an active trading market will continue
for the ETF Shares or that there will be liquidity in the trading market. The ETF Shares are subject to management risk, which is the
risk that the investment strategy of the investment adviser to the ETF Shares, the implementation of which is subject to a number of constraints,
may not produce the intended results. These constraints could adversely affect the market price of the ETF Shares and, consequently, the
value of the securities.

June 2025 Page 8

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

▪ **The performance and market value of the ETF Shares, particularly during periods of market volatility, may not correlate with the performance of the underlying index as well as the net asset value per ETF Share.** The iShares<sup>®</sup> MSCI Emerging Markets ETF does not fully replicate the underlying
index and may hold securities different from those included in the underlying index. In addition, the performance of the ETF Shares will
reflect additional transaction costs and fees that are not included in the calculation of the underlying index. All of these factors may
lead to a lack of correlation between the performance of the ETF Shares and the underlying index. In addition, corporate actions with
respect to the equity securities underlying the ETF Shares (such as mergers and spin-offs) may impact the variance between the performances
of the ETF Shares and the underlying index. Finally, because the ETF Shares are traded on a securities exchange and are subject to market
supply and investor demand, the market value of one ETF Share may differ from the net asset value per ETF Share.

During periods of market volatility, securities underlying the ETF Shares may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per ETF Share and the liquidity of the ETF Shares may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem ETF Shares. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell ETF Shares. As a result, under these circumstances, the market value of ETF Shares may vary substantially from the net asset value per ETF Share. For all of the foregoing reasons, the performance of the ETF Shares may not correlate with the performance of the underlying index as well as the net asset value per ETF Share, which could materially and adversely affect the value of the securities in the secondary market and/or reduce any payment on the securities.

▪ **The securities are subject to risks associated with securities issued by non-U.S. companies.** The equity securities underlying the ETF Shares 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
home countries and/or the securities markets in the home countries of the issuers of those non-U.S. equity securities, including risks
of volatility in those markets, governmental intervention in those markets and cross shareholdings in companies in certain countries.
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, and generally non-U.S. companies are subject to accounting, auditing and financial
reporting standards and requirements and securities trading rules different from those applicable to U.S. reporting companies.

▪ **The securities are subject to currency exchange risk.** Because the prices of the non-U.S. equity securities underlying the ETF Shares are converted into U.S. dollars
for the purposes of calculating the net asset value of the ETF Shares, holders of the securities will be exposed to currency exchange
rate risk with respect to the currencies in which the non-U.S. equity securities underlying the ETF Shares are traded. Your net exposure
will depend on the extent to which those currencies strengthen or weaken against the U.S. dollar. If the U.S. dollar strengthens against
those currencies, the net asset value of the ETF Shares will be adversely affected and the amount we pay you at maturity may be reduced.
Of particular importance to potential currency exchange risk are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o existing and expected rates of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o existing and expected interest rate levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the balance of payments in the countries issuing those currencies and the
United States and between each country and its major trading partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o political, civil or military unrest in the countries issuing those currencies
and the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the extent of government surpluses or deficits in the countries issuing those
currencies and the United States.

All of these factors are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of the countries issuing those currencies and the United States and other countries important to international trade and finance.

June 2025 Page 9

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

▪ **The securities entail emerging markets risk.** The equity securities underlying the ETF Shares have been issued by non-U.S. companies located in emerging markets
countries. Countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of
businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property
rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may
be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation
rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in
trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

▪ **Recent executive orders may adversely affect the performance of the ETF Shares.** Pursuant to recent executive orders, U.S. persons are prohibited from engaging
in transactions in, or possession of, publicly traded securities of certain companies that are determined to be linked to the People's
Republic of China military, intelligence and security apparatus, or securities that are derivative of, or are designed to provide investment
exposure to, those securities. The sponsor of the underlying index for the iShares<sup>®</sup> MSCI Emerging Markets ETF has
recently removed the equity securities of a small number of companies from that underlying index in response to these executive orders
and, as a result, these stocks have also been removed from the iShares<sup>®</sup> MSCI Emerging Markets ETF. If the issuer
of any of the equity securities held by the iShares<sup>®</sup> MSCI Emerging Markets ETF is in the future designated as such a prohibited
company, the value of that company may be adversely affected, perhaps significantly, which would adversely affect the performance of the
ETF Shares. In addition, under these circumstances, each of the sponsor of the underlying index for the iShares<sup>®</sup>
MSCI Emerging Markets ETF and the iShares<sup>®</sup> MSCI Emerging Markets ETF is expected to remove the equity securities of that
company from that underlying index and the iShares<sup>®</sup> MSCI Emerging Markets ETF, respectively. Any changes to the composition
of the iShares<sup>®</sup> MSCI Emerging Markets ETF in response to these executive orders could adversely affect the performance
of the ETF Shares.

▪ **Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the securities.** Governmental legislative
and regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government, could prohibit or
otherwise restrict persons from holding the securities or the ETF Shares, or engaging in transactions in them, and any such action could
adversely affect the value of the securities or the ETF Shares. These legislative and regulatory actions could result in restrictions
on the securities. You may lose a significant portion or all of your initial investment in the securities if you are forced to divest
the securities due to the government mandates, especially if such divestment must be made at a time when the value of the securities has
declined.

▪ **The anti-dilution protection for the ETF Shares is limited.** The calculation agent
will make adjustments to the share adjustment factor for certain events affecting the ETF Shares. However, the calculation agent
will not make an adjustment in response to all events that could affect the ETF Shares. If an event occurs that does not require
the calculation agent to make an adjustment, the value of the securities may be materially and adversely affected.

June 2025 Page 10

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

iShares<sup>®</sup> MSCI Emerging Markets ETF Overview

The iShares<sup>®</sup> MSCI Emerging Markets ETF is an exchange-traded fund of iShares<sup>®</sup>, Inc. ("iShares<sup>®</sup>"), a registered investment company, that seeks to track the investment results, before fees and expenses, of an index composed of large- and mid-capitalization emerging market equities, which we refer to as the underlying index with respect to the iShares<sup>®</sup> MSCI Emerging Markets ETF. The underlying index with respect to the iShares<sup>®</sup> MSCI Emerging Markets ETF is currently the MSCI Emerging Markets Index. Information provided to or filed with the SEC by iShares pursuant to the Securities Act of 1933 and the Investment Company Act of 1940 can be located by reference to the SEC file numbers 033-97598 and 811-09102, respectively, through the SEC's website at http://www.sec.gov. For additional information about the iShares<sup>®</sup> MSCI Emerging Markets ETF, see "Fund Descriptions — The iShares<sup>®</sup> ETFs" in the accompanying underlying supplement.

Information as of market close on June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Bloomberg Ticker Symbol:** | &nbsp;&nbsp;EEM | &nbsp;&nbsp;**52 Week High (on 6/26/2025):** | &nbsp;&nbsp;$48.28 |
| &nbsp;&nbsp;**Current Closing Price:** | &nbsp;&nbsp;$48.24 | &nbsp;&nbsp;**52 Week Low (on 4/8/2025):** | &nbsp;&nbsp;$38.52 |
| &nbsp;&nbsp;**52 Weeks Ago (on 7/1/2024):** | &nbsp;&nbsp;$42.69 |  |  |

---

The following table sets forth the published high and low closing prices, as well as end-of-quarter closing prices, of one ETF Share for each quarter in the period from January 1, 2020 through June 30, 2025. The graph following the table sets forth the daily closing prices of the ETF Shares during the same period. The closing price of one ETF Share on June 30, 2025 was $48.24. We obtained the closing price information above and in the table and graph below from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification. The closing prices may have been adjusted by Bloomberg for actions taken relating to the ETF Shares, such as stock splits. The historical closing prices of one ETF Share should not be taken as an indication of future performance, and no assurance can be given as to the closing price of one ETF Share on the valuation date.

---

| | | | |
|:---|:---|:---|:---|
| **iShares<sup>®</sup> MSCI Emerging Markets ETF** | **High** | **Low** | **Period End** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2020** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $46.30 | $30.61 | $34.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $41.19 | $32.67 | $39.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $45.55 | $40.44 | $44.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $51.70 | $43.99 | $51.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $57.96 | $51.68 | $53.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $56.09 | $52.01 | $55.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $54.84 | $49.50 | $50.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $52.50 | $47.44 | $48.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $50.85 | $41.54 | $45.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $46.71 | $39.40 | $40.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $41.05 | $34.88 | $34.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $39.54 | $33.93 | $37.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $42.50 | $37.27 | $39.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $41.02 | $38.19 | $39.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $41.95 | $37.76 | $37.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $40.30 | $36.53 | $40.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $41.36 | $37.68 | $41.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $43.79 | $39.71 | $42.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $46.70 | $40.42 | $45.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $47.36 | $41.82 | $41.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $45.34 | $40.81 | $43.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $48.28 | $38.52 | $48.24 |

---

June 2025 Page 11

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

---

| |
|:---|
| **iShares<sup>®</sup> MSCI Emerging Markets ETF Historical Performance – Daily Closing Prices\***<br> **January 2, 2020 to June 30, 2025** |
| **\***The dotted line in the graph indicates the trigger level, equal to 90% of the initial share price. |

---

**This document relates only to the securities offered hereby and does not relate to the ETF Shares. We have derived all disclosures contained in this document regarding the iShares<sup>®</sup> MSCI Emerging Markets ETF from the publicly available documents described in the first paragraph under this "iShares<sup>®</sup> MSCI Emerging Markets ETF Overview" section, without independent verification. In connection with the offering of the securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the iShares<sup>®</sup> MSCI Emerging Markets ETF. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the iShares<sup>®</sup> MSCI Emerging Markets ETF is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described in the first paragraph under this "iShares<sup>®</sup> MSCI Emerging Markets ETF Overview" section) that would affect the trading price of the ETF Shares (and therefore the price of the ETF Shares at the time we priced the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the iShares<sup>®</sup> MSCI Emerging Markets ETF could affect the value received at maturity, if any, with respect to the securities and therefore the trading prices of the securities.**

**Neither we nor any of our affiliates makes any representation to you as to the performance of the ETF Shares.**

**The MSCI Emerging Markets Index.** The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of global emerging markets. For additional information about the MSCI Emerging Markets Index, see the information set forth under "Equity Index Descriptions — The MSCI Indices" in the accompanying underlying supplement.

June 2025 Page 12

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

Additional Information about the Securities

Please read this information in conjunction with the terms on the front cover of this document.

---

| | |
|:---|:---|
| **Additional Provisions:** | **Additional Provisions:** |
| **Postponement of maturity date:** | If the scheduled maturity date is not a business day, then the maturity date will be the following business day. If the scheduled valuation date is not a trading day or if a market disruption event occurs on that day so that the valuation date is postponed and falls less than three business days prior to the scheduled maturity date, the maturity date of the securities will be postponed to the third business day following the valuation date as postponed. |
| **Minimum ticketing size:** | $1,000 / 1 security |
| **Trustee:** | Deutsche Bank Trust Company Americas (formerly Bankers Trust Company) |
| **Calculation agent:** | JPMS |
| **The estimated value of the securities:** | The estimated value of the securities set forth on the cover of this document is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component with the same maturity as the securities, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the securities. The estimated value of the securities does not represent a minimum price at which JPMS would be willing to buy your securities in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the securities may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates' view of the funding value of the securities as well as the higher issuance, operational and ongoing liability management costs of the securities in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the securities. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the securities and any secondary market prices of the securities. For additional information, see "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The estimated value of the securities is derived by reference to an internal funding rate" in this document. The value of the derivative or derivatives underlying the economic terms of the securities is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the securities on the pricing date is based on market conditions and other relevant factors and assumptions existing at that time. See "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The estimated value of the securities does not represent future values of the securities and may differ from others' estimates" in this document.<br> The estimated value of the securities is lower than the original issue price of the securities because costs associated with selling, structuring and hedging the securities are included in the original issue price of the securities. These costs include the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, the structuring fee, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the securities and the estimated cost of hedging our obligations under the securities. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the securities may be allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging profits. See "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The estimated value of the securities is lower than the original issue price (price to public) of the securities" in this document. |
| **Secondary market prices of the securities:** | For information about factors that will impact any secondary market prices of the securities, see "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — Secondary market prices of the securities will be impacted by many economic and market factors" in this document. In addition, we generally expect that some of the costs included in the original issue price of the securities will be partially paid back to you in connection with any repurchases of your securities by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be the shorter of two years and |

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June 2025 Page 13

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

---

| | |
|:---|:---|
|  | one-half of the stated term of the securities. The length of any such initial period reflects the structure of the securities, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the securities and when these costs are incurred, as determined by our affiliates. See "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The value of the securities as published by JPMS (and which may be reflected on customer account statements) may be higher than the then-current estimated value of the securities for a limited time period." |
| **Tax considerations:** | You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement no. 4-I. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.<br> Based on current market conditions, in the opinion of our special tax counsel, it is reasonable to treat your securities as "open transactions" that are not debt instruments for U.S. federal income tax purposes, as more fully described in "Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments" in the accompanying product supplement. Assuming this treatment is respected, the gain or loss on your securities should be treated as long-term capital gain or loss if you hold your securities for more than a year, whether or not you are an initial purchaser of securities at the issue price. However, the IRS or a court may not respect this treatment of the securities, in which case the timing and character of any income or loss on the securities could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the "constructive ownership" regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments and the issues presented by this notice.<br> Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an "Underlying Security"). Based on certain determinations made by us, our special tax counsel is of the opinion that Section 871(m) should not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities. |
| **Supplemental use of proceeds and hedging:** | The securities are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the securities. See "How the Dual Directional Trigger Jump Securities Work" in this document for an illustration of the risk-return profile of the securities and "iShares<sup>®</sup> MSCI Emerging Markets ETF Overview" in this document for a description of the market exposure provided by the securities.<br> The original issue price of the securities is equal to the estimated value of the securities plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, and the structuring fee, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the securities, plus the estimated cost of hedging our obligations under the securities. |
| **Benefit plan investor considerations:** | See "Benefit Plan Investor Considerations" in the accompanying product supplement. |
| **Supplemental plan of distribution:** | Subject to regulatory constraints, JPMS intends to use its reasonable efforts to offer to purchase the securities in the secondary market, but is not required to do so. JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to Morgan Stanley Wealth Management. In addition, Morgan Stanley Wealth Management will receive a |

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June 2025 Page 14

**JPMorgan Chase Financial Company LLC**

Dual Directional Trigger Jump Securities Based on the Performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF due January 5, 2027

**Principal at Risk Securities**

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|:---|:---|
|  | structuring fee as set forth on the cover of this document for each security.<br> We or our affiliate may enter into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the securities and JPMS and/or an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See "— Supplemental use of proceeds and hedging" above and "Use of Proceeds and Hedging" in the accompanying product supplement. |
| **Validity of the securities and the guarantee:** | In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the securities offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating to the master global note that represents such securities (the "master note"), and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a valid and binding obligation of JPMorgan Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), *provided* that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of JPMorgan Chase & Co.'s obligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2023, which was filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24, 2023. |
| **Where you can find more information:** | You should read this document together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement, relating to our Series A medium-term notes of which these securities are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement and the accompanying underlying supplement.<br> This document, together with the documents listed below, contains the terms of the securities and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, stand-alone fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the securities involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the securities.<br> 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):<br> **• Product supplement no. 4-I dated April 13, 2023:** <br> <u>[http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf)</u><br> **• Underlying supplement no. 1-I dated April 13, 2023:**<br> <u>[http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf)</u><br> **• Prospectus supplement and prospectus, each dated April 13, 2023:** <br> [http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf)<br> **• Prospectus addendum dated June 3, 2024:**<br> [http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)<br> Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.'s CIK is 19617.<br> As used in this document, "we," "us," and "our" refer to JPMorgan Financial. |

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June 2025 Page 15

## Ex-Filing

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

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

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The maximum aggregate offering price of the securities to which the prospectus relates is $10,112,000. The prospectus is a final prospectus for the related offering.