JPMorgan Review Notes: $1,293,000 Issue, Callable with Indexed Barrier

JPMorgan Chase Financial Company LLC is offering Review Notes linked to the least performing of the Dow Jones Industrial Average®, the S&P 500® and the EURO STOXX 50®, priced April 2, 2026 with expected settlement on or about April 8, 2026.

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering Review Notes linked to the least performing of the Dow Jones Industrial Average®, the S&P 500® and the EURO STOXX 50®, priced April 2, 2026 with expected settlement on or about April 8, 2026. The aggregate issue size is $1,293,000 at a $1,000 per-note original issue price and minimum denominations of $1,000.

The notes may be automatically called on specified Review Dates beginning April 7, 2027; automatic calls pay principal plus a date-specific Call Premium (first Review Date = 12.40%, escalating to final = 62.00%). If not called, maturity payment equals $1,000 plus $1,000 times the Least Performing Index Return, subject to a Barrier Amount equal to 75.00% of each Index’s Initial Value; investors may lose some or all principal.

Insights

Structured Products Strategist

Notes offer callable premium potential but expose investors to full downside of the weakest index.

The instrument is a principal-at-risk, multi-index, auto-callable note with increasing call premiums across 16 scheduled Review Dates and a final Review Date payoff linked to the least performing Index. The Barrier Amount is 75.00% and the Final Review Date Call Premium is 62.00%.

The credit of JPMorgan Financial and its guarantor, JPMorgan Chase & Co., underpins payments; secondary-market liquidity is limited and the estimated value per $1,000 note ($963.80) is below the issue price. Subsequent disclosures and market moves will affect secondary pricing and tax treatment depends on IRS position and Section 871(m) analysis.

Fixed Income Risk Analyst

Key risks are issuer/guarantor credit, limited upside, and potential large principal loss tied to the weakest index.

Because the maturity payoff uses the Least Performing Index Return, poor performance in any one index drives losses; the Barrier Amount applies only at final determination. The notes do not pay coupons or dividends and do not participate in index appreciation beyond call premiums.

Liquidity depends on JPMS repurchase willingness; the estimated value reflects internal funding and hedging assumptions. Investors should note the notes are unsecured and fully subject to the issuer and guarantor credit risk.

Key Figures

Aggregate issue size: $1,293,000 Original issue price per note: $1,000 Estimated value per note: $963.80 +4 more

7 metrics

Aggregate issue size $1,293,000 Total price to public at $1,000 per note

Original issue price per note $1,000 Price to public / per $1,000 principal amount note

Estimated value per note $963.80 Estimated value when terms were set, per $1,000 note

First Review Date Call Premium 12.40% ($124.00) Call Premium per $1,000 if auto-called on first Review Date

Final Review Date Call Premium 62.00% ($620.00) Call Premium per $1,000 if auto-called on final Review Date

Barrier Amount 75.00% Barrier as percentage of each Index Initial Value

Initial Values (Pricing Date) INDU 46,504.67; SPX 6,582.69; SX5E 5,692.86 Closing levels on Pricing Date (Apr 2, 2026)

Key Terms

Least Performing Index Return, Call Premium Amount, Barrier Amount, Internal funding rate

4 terms

Least Performing Index Return financial

"The lowest of the Index Returns of the Indices"

Call Premium Amount financial

"The Call Premium Amount with respect to each Review Date"

Barrier Amount financial

"With respect to each Index, 75.00% of its Initial Value"

Internal funding rate financial

"The estimated value is derived by reference to an internal funding rate"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What do the AMJB Review Notes pay if automatically called?

If automatically called on a Review Date, each $1,000 note pays $1,000 plus the applicable Call Premium Amount. For example, the first Review Date Call Premium is $124.00 per $1,000 and the final Review Date Call Premium is $620.00 per $1,000.

When are Review Dates and the earliest automatic call for AMJB notes?

Review Dates begin on April 7, 2027 and recur through the final Review Date on April 2, 2031. The earliest date an automatic call may be triggered is April 7, 2027, payable on the corresponding Call Settlement Date.

How is the maturity payment determined if the notes are not called?

At maturity, each $1,000 note pays $1,000 plus $1,000 times the Least Performing Index Return. If the Least Performing Index declined below its Initial Value, investors can lose a portion or all of principal, tied to that index return.

What credit and liquidity risks apply to these notes (AMJB)?

The notes are unsecured obligations of JPMorgan Financial and fully guaranteed by JPMorgan Chase & Co.; payments depend on their creditworthiness. The notes are not exchange-listed and secondary sale prices may be lower than the original issue price.

What is the estimated value versus issue price for these AMJB notes?

The estimated value was $963.80 per $1,000 principal amount when terms were set, below the $1,000 issue price, reflecting structuring fees, hedging costs and projected affiliate profits included in the original issue price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/06/2026 - 04:07 PM Learn about SEC filing dates

April 2, 2026
Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)
Pricing supplement to product supplement no. 4-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023, the prospectus and
prospectus supplement, each dated April 13, 2023, and the prospectus addendum dated June 3, 2024
JPMorgan Chase Financial Company LLC
Structured Investments
$1,293,000
Review Notes Linked to the Least Performing of the
Dow Jones Industrial Average®, the S&P 500® Index
and the EURO STOXX 50® Index due April 7, 2031
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
● The notes are designed for investors who seek early exit prior to maturity at a premium if, on any Review Date, the closing
level of each of the Dow Jones Industrial Average®, the S&P 500® Index and the EURO STOXX 50® Index, which we refer
to as the Indices, is at or above its Call Value for that Review Date.
● The earliest date on which an automatic call may be initiated is April 7, 2027.
● Investors should be willing to forgo interest and dividend payments and be willing to accept the risk of losing some or all of
their principal amount at maturity.
● The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as
JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any
payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk
of JPMorgan Chase & Co., as guarantor of the notes.
● Payments on the notes are not linked to a basket composed of the Indices. Payments on the notes are linked to the
performance of each of the Indices individually, as described below.
● Minimum denominations of $1,000 and integral multiples thereof
● The notes priced on April 2, 2026 and are expected to settle on or about April 8, 2026.
● CUSIP: 46660RKM5
Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying
prospectus supplement, Annex A to the accompanying prospectus addendum, “Risk Factors” beginning on page PS-11 of
the accompanying product supplement and “Selected Risk Considerations” beginning on page PS-5 of this pricing
supplement.
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of
the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,
underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a
criminal offense.
Price to Public (1)
Fees and Commissions (2)(3)
Proceeds to Issuer
Per note
$1,000
—
$1,000
Total
$1,293,000
—
$1,293,000
(1) See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the
notes.
(2) All sales of the notes will be made to certain fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an
investment adviser. These broker-dealers will forgo any commissions related to these sales. See “Plan of Distribution (Conflicts of Interest)”
in the accompanying product supplement.
(3) J.P. Morgan Securities LLC, which we refer to as JPMS, will pay a structuring fee of $8.00 per $1,000 principal amount note with
respect to all of the notes to affiliated or unaffiliated dealers.
The estimated value of the notes, when the terms of the notes were set, was $963.80 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.

PS-1| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
Key Terms
Issuer: JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Indices: The Dow Jones Industrial Average® (Bloomberg ticker:
INDU), the S&P 500® Index (Bloomberg ticker: SPX) and the
EURO STOXX 50® Index (Bloomberg ticker: SX5E) (each an
“Index” and collectively, the “Indices”)
Call Premium Amount: As specified under “Key Terms Relating
to the Call Premium Amount” in this pricing supplement.
Call Value: With respect to each Index, the Call Value for each
Review Date is set forth below:
● first Review Date:
100.00% of its Initial Value
● second Review Date:
100.00% of its Initial Value
● third Review Date:
100.00% of its Initial Value
● fourth Review Date:
100.00% of its Initial Value
● fifth Review Date:
100.00% of its Initial Value
● sixth Review Date:
100.00% of its Initial Value
● seventh Review Date:
100.00% of its Initial Value
● eighth Review Date:
100.00% of its Initial Value
● ninth Review Date:
100.00% of its Initial Value
● tenth Review Date:
100.00% of its Initial Value
● eleventh Review Date:
100.00% of its Initial Value
● twelfth Review Date:
100.00% of its Initial Value
● thirteenth Review Date:
100.00% of its Initial Value
● fourteenth Review Date:
100.00% of its Initial Value
● fifteenth Review Date:
100.00% of its Initial Value
● sixteenth Review Date:
100.00% of its Initial Value
● final Review Date:
75.00% of its Initial Value
Barrier Amount: With respect to each Index, 75.00% of its Initial
Value, which is 34,878.5025 for the Dow Jones Industrial
Average®, 4,937.0175 for the S&P 500® Index and 4,269.645 for
the EURO STOXX 50® Index
Pricing Date: April 2, 2026
Original Issue Date (Settlement Date): On or about April 8,
2026
Review Dates*: April 7, 2027, July 2, 2027, October 4, 2027,
January 3, 2028, April 3, 2028, July 3, 2028, October 2, 2028,
January 2, 2029, April 3, 2029, July 2, 2029, October 2, 2029,
January 2, 2030, April 2, 2030, July 2, 2030, October 2, 2030,
January 2, 2031 and April 2, 2031 (final Review Date)
Call Settlement Dates*: April 12, 2027, July 8, 2027, October
7, 2027, January 6, 2028, April 6, 2028, July 7, 2028, October
5, 2028, January 5, 2029, April 6, 2029, July 6, 2029, October
5, 2029, January 7, 2030, April 5, 2030, July 8, 2030, October
7, 2030, January 7, 2031 and the Maturity Date
Maturity Date*: April 7, 2031
Automatic Call:
If the closing level of each Index on any Review Date is greater
than or equal to the applicable Call Value, the notes will be
automatically called for a cash payment, for each $1,000
principal amount note, equal to (a) $1,000 plus (b) the Call
Premium Amount applicable to that Review Date, payable on
the applicable Call Settlement Date. No further payments will
be made on the notes.
Payment at Maturity:
If the notes have not been automatically called (and therefore
the Final Value of any Index is less than its Barrier Amount),
your payment at maturity per $1,000 principal amount note will
be calculated as follows:
$1,000 + ($1,000 × Least Performing Index Return)
If the notes have not been automatically called (and therefore
the Final Value of any Index is less than its Barrier Amount),
you will lose more than 25.00% of your principal amount at
maturity and could lose all of your principal amount at maturity.
Least Performing Index: The Index with the Least Performing
Index Return
Least Performing Index Return: The lowest of the Index
Returns of the Indices
Index Return: With respect to each Index,
(Final Value – Initial Value)
Initial Value
Initial Value: With respect to each Index, the closing level of
that Index on the Pricing Date, which was 46,504.67 for the
Dow Jones Industrial Average®, 6,582.69 for the S&P 500®
Index and 5,692.86 for the EURO STOXX 50® Index
Final Value: With respect to each Index, the closing level of
that Index on the final Review Date
* Subject to postponement in the event of a market disruption
event and as described under “General Terms of Notes —
Postponement of a Determination Date — Notes Linked to
Multiple Underlyings” and “General Terms of Notes —
Postponement of a Payment Date” in the accompanying
product supplement or early acceleration in the event of a
change-in-law event as described under “General Terms of
Notes — Consequences of a Change-in-Law Event” in the
accompanying product supplement and “Selected Risk
Considerations — We May Accelerate Your Notes If a Change-
in-Law Event Occurs” in this pricing supplement

PS-2| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
Key Terms Relating to the Call Premium Amount
Call Premium Amount: The Call Premium Amount with respect to
each Review Date is set forth below:
● first Review Date:
12.40% × $1,000
● second Review Date:
15.50% × $1,000
● third Review Date:
18.60% × $1,000
● fourth Review Date:
21.70% × $1,000
● fifth Review Date:
24.80% × $1,000
● sixth Review Date:
27.90% × $1,000
● seventh Review Date:
31.00% × $1,000
● eighth Review Date:
34.10% × $1,000
● ninth Review Date:
37.20% × $1,000
● tenth Review Date:
40.30% × $1,000
● eleventh Review Date:
43.40% × $1,000
● twelfth Review Date:
46.50% × $1,000
● thirteenth Review Date:
49.60% × $1,000
● fourteenth Review Date:
52.70% × $1,000
● fifteenth Review Date:
55.80% × $1,000
● sixteenth Review Date:
58.90% × $1,000
● final Review Date:
62.00% × $1,000

PS-3| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
Supplemental Terms of the Notes
Any value of any underlier, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of
manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding
anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of
the notes or any other party.
How the Notes Work
Payment upon an Automatic Call
Review Dates
Call
Value
Compare the closing level of each Index to its Call Value on each Review Date unless previously automatically called.
The closing level of
each Index is
greater than or
equal to its Call
Value for the
applicable Review
Date.
Automatic Call
The notes will be automatically called on the applicable Call Settlement Date and you will
receive (a) $1,000 plus (b) the Call Premium Amount applicable to that Review Date.
No further payments will be made on the notes.
The closing level of
any Index is less
than its Call Value
for the applicable
Review Date.
No Automatic Call
The notes will not be automatically called. Proceed to the next Review Date, if any.
Payment at Maturity If the Notes Have Not Been Automatically Called
Review Dates
Payment at Maturity
The notes have not been
automatically called. Proceed
to the payment at maturity.
You will receive:
$1,000 + ($1,000 × Least Performing Index Return)
Under these circumstances, you will lose some or all of your principal amount at maturity.

PS-4| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
Call Premium Amount
The table below illustrates the Call Premium Amount per $1,000 principal amount note for each Review Date based on the Call
Premium Amounts set forth under “Key Terms — Call Premium Amount” above.
Review Date
Call Premium Amount
First
$124.00
Second
$155.00
Third
$186.00
Fourth
$217.00
Fifth
$248.00
Sixth
$279.00
Seventh
$310.00
Eighth
$341.00
Ninth
$372.00
Tenth
$403.00
Eleventh
$434.00
Twelfth
$465.00
Thirteenth
$496.00
Fourteenth
$527.00
Fifteenth
$558.00
Sixteenth
$589.00
Final
$620.00
Hypothetical Payout Examples
The following examples illustrate payments on the notes linked to three hypothetical Indices, assuming a range of performances for the
hypothetical Least Performing Index on the Review Dates.
Solely for purposes of this section, the Least Performing Index with respect to each Review Date is the least performing of the
Indices determined based on the closing level of each Index on that Review Date compared with the applicable Call Value.
The hypothetical payments set forth below assume the following:
● an Initial Value for each Index of 100.00;
● the Call Values set forth under “Key Terms — Call Value” above;
● a Barrier Amount for each Index of 75.00 (equal to 75.00% of its hypothetical Initial Value); and
● the Call Premium Amounts set forth under “Key Terms — Call Premium Amount” above.
The hypothetical Initial Value of each Index of 100.00 has been chosen for illustrative purposes only and does not represent the actual
Initial Value of any Index. The actual Initial Value of each Index is the closing level of that Index on the Pricing Date and is specified
under “Key Terms — Initial Value” in this pricing supplement. For historical data regarding the actual closing levels of each Index,
please see the historical information set forth under “The Indices” 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.
Example 1 — Notes are automatically called on the first Review Date.
Date
Closing Level of Least
Performing Index
First Review Date
110.00
Notes are automatically called
Total Payment
$1,124.00 (12.40% return)
Because the closing level of each Index on the first Review Date is greater than or equal to the applicable Call Value, the notes will be
automatically called for a cash payment, for each $1,000 principal amount note, of $1,124.00 (or $1,000 plus the Call Premium Amount
applicable to the first Review Date), payable on the applicable Call Settlement Date. No further payments will be made on the notes.

PS-5| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
Example 2 — Notes are automatically called on the final Review Date.
Date
Closing Level of Least
Performing Index
First Review Date
90.00
Notes NOT automatically called
Second Review Date
85.00
Notes NOT automatically called
Third through Sixteenth
Review Dates
Less than Call Value
Notes NOT automatically called
Final Review Date
125.00
Notes are automatically called
Total Payment
$1,620.00 (62.00% return)
Because the closing level of each Index on each of the first through sixteenth Review Dates is less than the applicable Call Value, the
notes are not automatically called in connection with these Review Dates. However, because the closing level of each Index on the final
Review Date is greater than or equal to the applicable Call Value, the notes will be automatically called for a cash payment, for each
$1,000 principal amount note, of $1,620.00 (or $1,000 plus the Call Premium Amount applicable to the final Review Date), payable on
the applicable Call Settlement Date, which is the Maturity Date.
Example 3 — Notes have NOT been automatically called.
Date
Closing Level of Least
Performing Index
First Review Date
80.00
Notes NOT automatically called
Second Review Date
75.00
Notes NOT automatically called
Third through Sixteenth
Review Dates
Less than Call Value
Notes NOT automatically called
Final Review Date
50.00
Notes NOT automatically called (and therefore Final Value of Least
Performing Index is less than Barrier Amount)
Total Payment
$500.00 (-50.00% return)
Because the notes have not been automatically called (and therefore the Final Value of the Least Performing Index is less than its
Barrier Amount) and the Least Performing Index Return is -50.00%, the payment at maturity will be $500.00 per $1,000 principal
amount note, calculated as follows:
$1,000 + [$1,000 × (-50.00%)] = $500.00
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 and product supplement and in Annex A to the accompanying prospectus addendum.
● 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 therefore the Final Value of
any Index is less than its Barrier Amount), you will lose 1% of the principal amount of your notes for every 1% that the Final Value
of the Least Performing Index is less than its Initial Value. Accordingly, under these circumstances, you will lose more than 25.00%
of your principal amount at maturity and could lose all of your principal amount at maturity.
● 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.

PS-6| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
● AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS
—
As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of
our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase & Co.,
substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to
JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan
Chase & Co. to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase & Co. and in a
bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in
respect of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make
payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that
guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more
information, see the accompanying prospectus addendum.
● THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO ANY CALL PREMIUM AMOUNT PAID ON THE NOTES,
regardless of any appreciation of any Index, which may be significant. You will not participate in any appreciation of any Index.
● 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.
● JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE DOW JONES INDUSTRIAL
AVERAGE® AND THE S&P 500® INDEX,
but JPMorgan Chase & Co. will not have any obligation to consider your interests in taking any corporate action that might affect
the level of the Dow Jones Industrial Average® or the level of the S&P 500® Index.
● NON-U.S. SECURITIES RISK WITH RESPECT TO THE EURO STOXX 50® INDEX —
The non-U.S. equity securities included in the EURO STOXX 50® Index 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. Also, with respect to equity securities
that are not listed in the U.S., 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.
● NO DIRECT EXPOSURE TO FLUCTUATIONS IN FOREIGN EXCHANGE RATES WITH RESPECT TO THE EURO STOXX 50®
INDEX —
The value of your notes will not be adjusted for exchange rate fluctuations between the U.S. dollar and the currencies upon which
the equity securities included in the EURO STOXX 50® Index are based, although any currency fluctuations could affect the
performance of the EURO STOXX 50® Index.
● YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE LEVEL OF EACH INDEX —
Payments on the notes are not linked to a basket composed of the Indices and are contingent upon the performance of each
individual Index. Poor performance by any of the Indices over the term of the notes may result in the notes not being automatically
called on a Review Date, may negatively affect your payment at maturity and will not be offset or mitigated by positive performance
by any other Index.
● YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LEAST PERFORMING INDEX.
● THE BENEFIT PROVIDED BY THE BARRIER AMOUNT MAY TERMINATE ON THE FINAL REVIEW DATE —
If the notes have not been automatically called (and therefore the Final Value of any Index is less than its Barrier Amount), the
benefit provided by the Barrier Amount will terminate and you will be fully exposed to any depreciation of the Least Performing
Index.
● 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 one year. There is no
guarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar
level of risk. Even in cases where the notes are called before maturity, you are not entitled to any fees and commissions described
on the front cover of this pricing supplement.
● THE NOTES DO NOT PAY INTEREST.
● YOU WILL NOT RECEIVE DIVIDENDS ON THE SECURITIES INCLUDED IN ANY INDEX OR HAVE ANY RIGHTS WITH
RESPECT TO THOSE SECURITIES.
● THE RISK OF THE CLOSING LEVEL OF AN INDEX FALLING BELOW ITS BARRIER AMOUNT IS GREATER IF THE LEVEL
OF THAT INDEX IS VOLATILE.
● WE MAY ACCELERATE YOUR NOTES IF A CHANGE-IN-LAW EVENT OCCURS —
Upon the announcement or occurrence of legal or regulatory changes that the calculation agent determines are likely to interfere
with your or our ability to transact in or hold the notes or our ability to hedge or perform our obligations under the notes, we may, in
our sole and absolute discretion, accelerate the payment on your notes and pay you an amount determined in good faith and in a
commercially reasonable manner by the calculation agent. If the payment on your notes is accelerated, your investment may result
in a loss and you may not be able to reinvest your money in a comparable investment. Please see “General Terms of Notes —
Consequences of a Change-in-Law Event” in the accompanying product supplement for more information.
● 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

PS-7| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
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 ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE
NOTES —
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the
notes exceeds the estimated value of the notes because costs associated with structuring and hedging the notes are included in
the original issue price of the notes. These costs include the structuring fee, 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 (a) exclude the structuring fee and (b) may exclude projected hedging profits, if any, and
estimated hedging costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will
be willing to buy the notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any
sale by you prior to the Maturity Date could result in a substantial loss to you.
● SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS —
The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which
may either offset or magnify each other, aside from the structuring fee, projected hedging profits, if any, estimated hedging costs
and the levels of the Indices. 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.

PS-8| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
The Indices
The Dow Jones Industrial Average® consists of 30 common stocks chosen as representative of the broad market of U.S. industry. For
additional information about the Dow Jones Industrial Average®, see “Equity Index Descriptions — The Dow Jones Industrial Average®”
in the accompanying underlying supplement.
The S&P 500® Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets.
For additional information about the S&P 500® Index, see “Equity Index Descriptions — The S&P U.S. Indices” in the accompanying
underlying supplement.
The EURO STOXX 50® Index consists of 50 component stocks of market sector leaders from within the Eurozone. The EURO STOXX
50® Index and STOXX are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its
licensors (the “Licensors”), which are used under license. The notes based on the EURO STOXX 50® Index are in no way sponsored,
endorsed, sold or promoted by STOXX Limited and its Licensors and neither STOXX Limited nor any of its Licensors shall have any
liability with respect thereto. For additional information about the EURO STOXX 50® Index, see “Equity Index Descriptions — The
STOXX Benchmark Indices” in the accompanying underlying supplement.
Historical Information
The following graphs set forth the historical performance of each Index based on the weekly historical closing levels from January 8,
2021 through April 2, 2026. The closing level of the Dow Jones Industrial Average® on April 2, 2026 was 46,504.67. The closing level of
the S&P 500® Index on April 2, 2026 was 6,582.69. The closing level of the EURO STOXX 50® Index on April 2, 2026 was 5,692.86.
We obtained the closing levels above and below from the Bloomberg Professional® service (“Bloomberg”), without independent
verification.
The historical closing levels of each Index should not be taken as an indication of future performance, and no assurance can be given
as to the closing level of any Index on any Review Date. There can be no assurance that the performance of the Indices will result in
the return of any of your principal amount.
Historical Performance of the Dow Jones Industrial Average®
Source: Bloomberg

PS-9| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
Historical Performance of the S&P 500® Index
Source: Bloomberg
Historical Performance of the EURO STOXX 50® Index
Source: Bloomberg

PS-10| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
Tax Treatment
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 notes.
Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as “open transactions”
that are not debt instruments for U.S. federal income tax purposes, as more fully described in “Material U.S. Federal Income Tax
Consequences — Tax Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments” in the
accompanying product supplement. Assuming this treatment is respected, the gain or loss on your notes should be treated as long-term
capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes at the issue price.
However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss on the notes
could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the
U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular on whether to
require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of
related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of
the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals)
realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the
“constructive ownership” regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income
and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, any
Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax
consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax adviser regarding the U.S.
federal income tax consequences of an investment in the notes, including possible alternative treatments and the issues presented by
this notice.
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 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. You should consult your tax
adviser regarding the potential application of Section 871(m) to the notes.
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.

PS-11| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
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 is lower than the original issue price of the notes because costs associated with structuring and
hedging the notes are included in the original issue price of the notes. These costs include the structuring fee paid to 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 Is Lower Than the Original Issue Price (Price to Public) of the Notes” in this pricing
supplement.
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 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 Indices” 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 structuring fee paid to 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
All sales of the notes will be made to certain fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an
investment adviser. These broker-dealers will forgo any commissions related to these sales. See “Plan of Distribution (Conflicts of
Interest)” in the accompanying product supplement.
JPMS will pay a structuring fee of $8.00 per $1,000 principal amount note with respect to all of the notes to other affiliated or unaffiliated
dealers.

PS-12| Structured Investments
Review Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the
S&P 500® Index and the EURO STOXX 50® Index
Validity of the Notes and the Guarantee
In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the
notes offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying
agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating
to the master global note that represents such notes (the “master note”), and such notes have been delivered against payment as
contemplated herein, such notes will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a
valid and binding obligation of JPMorgan Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general
applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel
expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the
conclusions expressed above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent
transfer or similar provision of applicable law by limiting the amount of JPMorgan Chase & Co.’s obligation under the related guarantee.
This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State
of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the
trustee’s authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature
and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2023, which
was filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24,
2023.
Additional Terms Specific to the Notes
You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying
prospectus supplement relating to our Series A medium-term notes of which these notes are a part, the accompanying prospectus
addendum and the more detailed information contained in the accompanying product supplement and the accompanying underlying
supplement. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all
other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of
ours. You should carefully consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying
prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the
notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and
other advisers before you invest in the notes.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website):
● Product supplement no. 4-I dated April 13, 2023:
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
● Prospectus supplement and prospectus, each dated April 13, 2023:
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
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.