JPMorgan (NYSE: AMJB) prices uncapped buffered notes tied to small & mid-cap underlyings

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering $500,000 of Uncapped Dual Directional Buffered Return Enhanced Notes linked to the least performing of the Russell 2000® Futures Excess Return Index, the iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF Trust, maturing on November 14, 2030 and fully guaranteed by JPMorgan Chase & Co.

The notes provide 1.30x any positive return of the least performing underlying if all three finish above their initial values. If each underlying is flat or down by up to the 50.00% buffer, investors receive only their principal back. If any underlying falls by more than 50.00%, repayment is reduced dollar-for-dollar beyond the buffer, with up to a 50.00% loss of principal at maturity.

The notes pay no interest, do not provide dividends on the ETFs or rights in the futures or underlying securities, and will not be listed on an exchange, so liquidity depends on J.P. Morgan Securities. The price to public is $1,000 per note, including $6 in selling commissions, while the estimated value at pricing was $971.10, reflecting embedded structuring and hedging costs. The filing highlights credit risk of JPMorgan Financial and JPMorgan Chase & Co., small- and mid-cap equity risk, futures roll and negative roll risk, tracking risk for the ETFs, and complex, uncertain U.S. tax treatment.

November 10, 2025 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
$500,000
Uncapped Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess
Return Index, the iShares® Core S&P Small-Cap ETF and the
SPDR® S&P MidCap 400® ETF Trust due November 14,
2030
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
• The notes are designed for investors who seek an uncapped return of 1.30 times any appreciation of the least performing
of the Russell 2000® Futures Excess Return Index, the iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap
400® ETF Trust, which we refer to as the Underlyings, at maturity.
• Investors should be willing to forgo interest and dividend payments and be willing to lose up to 50.00% 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 Underlyings. Payments on the notes are linked to the
performance of each of the Underlyings individually, as described below.
• Minimum denominations of $1,000 and integral multiples thereof
• The notes priced on November 10, 2025 and are expected to settle on or about November 14, 2025.
• CUSIP: 48136LGU7
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)
Proceeds to Issuer
Per note
$1,000
$6
$994
Total
$500,000
$3,000
$497,000
(1) See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the
notes.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling
commissions of $6.00 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. See “Plan of
Distribution (Conflicts of Interest)” in the accompanying product supplement.
The estimated value of the notes, when the terms of the notes were set, was $971.10 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
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
Key Terms
Issuer: JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Underlyings: The Russell 2000® Futures Excess Return Index
(Bloomberg ticker: RTYFPE) (the “Index”) and the iShares®
Core S&P Small-Cap ETF (Bloomberg ticker: IJR) and the
SPDR® S&P MidCap 400® ETF Trust (Bloomberg ticker: MDY)
(each of the iShares® Core S&P Small-Cap ETF and the
SPDR® S&P MidCap 400® ETF Trust, a “Fund” and collectively,
the “Funds”) (each of the Index and the Funds, an “Underlying”
and collectively, the “Underlyings”)
Upside Leverage Factor: 1.30
Buffer Amount: 50.00%
Pricing Date: November 10, 2025
Original Issue Date (Settlement Date): On or about November
14, 2025
Observation Date*: November 11, 2030
Maturity Date*: November 14, 2030
* 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
Payment at Maturity:
If the Final Value of each Underlying is greater than its Initial
Value, your payment at maturity per $1,000 principal amount
note will be calculated as follows:
$1,000 + ($1,000 × Least Performing Underlying Return ×
Upside Leverage Factor)
If (i) the Final Value of one or more Underlyings is greater than
its Initial Value and the Final Value of the other Underlying or
Underlyings is equal to its Initial Value or is less than its Initial
Value by up to the Buffer Amount or (ii) the Final Value of each
Underlying is equal to its Initial Value or is less than its Initial
Value by up to the Buffer Amount, you will receive the principal
amount of your notes at maturity.
If the Final Value of any Underlying is less than its Initial Value
by more than the Buffer Amount, your payment at maturity per
$1,000 principal amount note will be calculated as follows:
$1,000 + [$1,000 × (Least Performing Underlying Return +
Buffer Amount)]
If the Final Value of any Underlying is less than its Initial Value
by more than the Buffer Amount, you will lose some or most of
your principal amount at maturity.
Least Performing Underlying: The Underlying with the Least
Performing Underlying Return
Least Performing Underlying Return: The lowest of the
Underlying Returns of the Underlyings
Underlying Return:
With respect to each Underlying,
(Final Value – Initial Value)
Initial Value
Initial Value: With respect to each Underlying, the closing value
of that Underlying on the Pricing Date, which was 335.17 for the
Index, $119.11 for the iShares® Core S&P Small-Cap ETF and
$596.56 for the SPDR® S&P MidCap 400® ETF Trust
Final Value: With respect to each Underlying, the closing value
of that Underlying on the Observation Date
Share Adjustment Factor: With respect to each Fund, the
Share Adjustment Factor is referenced in determining the
closing value of that Fund and is set equal to 1.0 on the Pricing
Date. The Share Adjustment Factor of each Fund is subject to
adjustment upon the occurrence of certain events affecting that
Fund. See “The Underlyings — Funds — Anti-Dilution
Adjustments” in the accompanying product supplement for
further information.

PS-2 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
Supplemental Terms of the Notes
The notes are not futures contracts or swaps and are not regulated under the Commodity Exchange Act of 1936, as amended
(the “Commodity Exchange Act”). The notes are offered pursuant to an exemption from regulation under the Commodity Exchange
Act, commonly known as the hybrid instrument exemption, that is available to securities that have one or more payments indexed to the
value, level or rate of one or more commodities, as set out in section 2(f) of that statute. Accordingly, you are not afforded any
protection provided by the Commodity Exchange Act or any regulation promulgated by the Commodity Futures Trading Commission.
For purposes of the accompanying product supplement, the Index will be deemed to be an Equity Index, except as provided below, and
any references in the accompanying product supplement to the securities included in an Equity Index (or similar references) should be
read to refer to the securities included in the Russell 2000® Index, which is the reference index for the futures contracts included in the
Index. Notwithstanding the foregoing, the Index will be deemed to be a Commodity Index for purposes of the section entitled “The
Underlyings — Indices — Discontinuation of an Index; Alteration of Method of Calculation” in the accompanying product supplement.
Notwithstanding anything to the contrary in the accompanying product supplement, if a Determination Date (as defined in the
accompanying product supplement) has been postponed to the applicable Final Disrupted Determination Date (as defined in the
accompanying product supplement) and that day is a Disrupted Day (as defined in the accompanying product supplement), the
calculation agent will determine the closing level of the Index for that Determination Date on that Final Disrupted Determination Date in
accordance with the formula for and method of calculating the closing level of the Index last in effect prior to the commencement of the
market disruption event (or prior to the non-trading day), using the official settlement price (or, if trading in the relevant futures contract
has been materially suspended or materially limited, the calculation agent’s good faith estimate of the applicable settlement price that
would have prevailed but for that suspension or limitation) at the close of the principal trading session on that date of each futures
contract most recently composing the Index, as well as any futures contract required to roll any expiring futures contract in accordance
with the method of calculating the Index.
Any values of the Underlyings, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of
manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding
anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of
the notes or any other party.

PS-3 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
Hypothetical Payout Profile
The following table and graph illustrate the hypothetical total return and payment at maturity on the notes linked to three hypothetical
Underlyings. The “total return” as used in this pricing supplement is the number, expressed as a percentage, that results from
comparing the payment at maturity per $1,000 principal amount note to $1,000. The hypothetical total returns and payments set forth
below assume the following:
• an Initial Value for the Least Performing Underlying of 100.00;
• an Upside Leverage Factor of 1.30; and
• a Buffer Amount of 50.00%.
The hypothetical Initial Value of the Least Performing Underlying of 100.00 has been chosen for illustrative purposes only and does not
represent the actual Initial Value of any Underlying. The actual Initial Value of each Underlying is the closing value of that Underlying
on the Pricing Date and is specified under “Key Terms — Initial Value” in this pricing supplement. For historical data regarding the
actual closing values of each Underlying, please see the historical information set forth under “The Underlyings” in this pricing
supplement.
Each hypothetical total return or hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the
actual total return or payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and
graph have been rounded for ease of analysis.
Final Value of the
Least Performing
Underlying
Least Performing Underlying
Return
Total Return on the
Notes
Payment at Maturity
165.00
65.00%
84.50%
$1,845.00
150.00
50.00%
65.00%
$1,650.00
140.00
40.00%
52.00%
$1,520.00
130.00
30.00%
39.00%
$1,390.00
120.00
20.00%
26.00%
$1,260.00
110.00
10.00%
13.00%
$1,130.00
105.00
5.00%
6.50%
$1,065.00
101.00
1.00%
1.30%
$1,013.00
100.00
0.00%
0.00%
$1,000.00
95.00
-5.00%
0.00%
$1,000.00
90.00
-10.00%
0.00%
$1,000.00
80.00
-20.00%
0.00%
$1,000.00
70.00
-30.00%
0.00%
$1,000.00
60.00
-40.00%
0.00%
$1,000.00
50.00
-50.00%
0.00%
$1,000.00
40.00
-60.00%
-10.00%
$900.00
30.00
-70.00%
-20.00%
$800.00
20.00
-80.00%
-30.00%
$700.00
10.00
-90.00%
-40.00%
$600.00
0.00
-100.00%
-50.00%
$500.00

PS-4 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
The following graph demonstrates the hypothetical payments at maturity on the notes for a range of Least Performing Underlying
Returns. There can be no assurance that the performance of the Least Performing Underlying will result in the return of any of your
principal amount in excess of $500.00 per $1,000 principal amount note, subject to the credit risks of JPMorgan Financial and
JPMorgan Chase & Co.
How the Notes Work
Upside Scenario:
If the Final Value of each Underlying is greater than its Initial Value, investors will receive at maturity the $1,000 principal amount plus a
return equal to the Least Performing Underlying Return times the Upside Leverage Factor of 1.30.
• If the closing value of the Least Performing Underlying increases 10.00%, investors will receive at maturity a return equal to
13.00%, or $1,130.00 per $1,000 principal amount note.
Par Scenario:
If (i) the Final Value of one or more Underlyings is greater than its Initial Value and the Final Value of the other Underlying or
Underlyings is equal to its Initial Value or is less than its Initial Value by up to the Buffer Amount of 50.00% or (ii) the Final Value of
each Underlying is equal to its Initial Value or is less than its Initial Value by up to the Buffer Amount of 50.00%, investors will receive at
maturity the principal amount of their notes.
Downside Scenario:
If the Final Value of any Underlying is less than its Initial Value by more than the Buffer Amount of 50.00%, investors will lose 1% of the
principal amount of their notes for every 1% that the Final Value of the Least Performing Underlying is less than its Initial Value by more
than the Buffer Amount.
• For example, if the closing value of the Least Performing Underlying declines 70.00%, investors will lose 20.00% of their principal
amount and receive only $800.00 per $1,000 principal amount note at maturity, calculated as follows:
$1,000 + [$1,000 × (-70.00% + 50.00%)] = $800.00
The hypothetical returns and hypothetical payments on the notes shown above apply only if you hold the notes for their entire term.
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.

PS-5 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
Selected Risk Considerations
An investment in the notes involves significant risks. These risks are explained in more detail in the “Risk Factors” sections of the
accompanying prospectus supplement and product supplement and in Annex A to the accompanying prospectus addendum.
Risks Relating to the Notes Generally
• YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —
The notes do not guarantee any return of principal. If the Final Value of any Underlying is less than its Initial Value by more than
50.00%, you will lose 1% of the principal amount of your notes for every 1% that the Final Value of the Least Performing
Underlying is less than its Initial Value by more than 50.00%. Accordingly, under these circumstances, you will lose up to 50.00%
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.
• 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.
• YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE VALUE OF EACH UNDERLYING —
Payments on the notes are not linked to a basket composed of the Underlyings and are contingent upon the performance of each
individual Underlying. Poor performance by any of the Underlyings over the term of the notes may negatively affect your payment
at maturity and will not be offset or mitigated by positive performance by any other Underlying.
• YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LEAST PERFORMING UNDERLYING.
• THE NOTES DO NOT PAY INTEREST.
• YOU WILL NOT HAVE ANY RIGHTS WITH RESPECT TO THE E-MINI® RUSSELL 2000® FUTURES CONTRACTS (THE
“UNDERLYING FUTURES CONTRACTS”) OR THE SECURITIES INCLUDED IN THE INDEX UNDERLYING THE
UNDERLYING FUTURES CONTRACTS.
• YOU WILL NOT RECEIVE DIVIDENDS ON EITHER FUND OR THE SECURITIES HELD BY EITHER FUND OR HAVE ANY
RIGHTS WITH RESPECT TO EITHER FUND OR THOSE SECURITIES.
• LACK OF LIQUIDITY —
The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is
likely to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes
are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
Risks Relating to Conflicts of Interest
• POTENTIAL CONFLICTS —
We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase &
Co.’s economic interests are potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading

PS-6 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the
value of the notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product
supplement.
Risks Relating to the Estimated Value and Secondary Market Prices of the Notes
• THE ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE
NOTES —
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the
notes exceeds the estimated value of the notes because costs associated with selling, structuring and hedging the notes are
included in the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our
affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging
our obligations under the notes. See “The Estimated Value of the Notes” in this pricing supplement.
• THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER
FROM OTHERS’ ESTIMATES —
See “The Estimated Value of the Notes” in this pricing supplement.
• THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE —
The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding
rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may
be based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance,
operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income
instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may
prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an
internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any
secondary market prices of the notes. See “The Estimated Value of the Notes” in this pricing supplement.
• THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT
STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME
PERIOD —
We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in
connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.
See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this initial period.
Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published by
JPMS (and which may be shown on your customer account statements).
• SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE
NOTES —
Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other
things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and,
also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging
costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy the
notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to
the Maturity Date could result in a substantial loss to you.

PS-7 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
• SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS —
The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which
may either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging
costs and the values of the Underlyings. Additionally, independent pricing vendors and/or third party broker-dealers may publish a
price for the notes, which may also be reflected on customer account statements. This price may be different (higher or lower)
than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See “Risk
Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the
notes will be impacted by many economic and market factors” in the accompanying product supplement.
Risks Relating to the Underlyings
• AN INVESTMENT IN THE NOTES IS SUBJECT TO RISKS ASSOCIATED WITH SMALL AND MID-SIZE CAPITALIZATION
STOCKS WITH RESPECT TO THE RUSSELL 2000® INDEX, THE INDEX UNDERLYING THE UNDERLYING FUTURES
CONTRACTS AND THE FUNDS —
Small and mid-size capitalization companies may be less able to withstand adverse economic, market, trade and competitive
conditions relative to larger companies. Small and mid-size capitalization companies are less likely to pay dividends on their
stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market
conditions
• THE INDEX IS SUBJECT TO SIGNIFICANT RISKS ASSOCIATED WITH THE UNDERLYING FUTURES CONTRACTS —
The Index tracks the excess return of the Underlying Futures Contracts. The price of an Underlying Futures Contract depends not
only on the level of the underlying index referenced by the Underlying Futures Contract, but also on a range of other factors,
including but not limited to the performance and volatility of the U.S. stock market, corporate earnings reports, geopolitical events,
governmental and regulatory policies and the policies of the Chicago Mercantile Exchange (the “Exchange”) on which the
Underlying Futures Contracts trade. In addition, the futures markets are subject to temporary distortions or other disruptions due to
various factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and
intervention. These factors and others can cause the prices of the Underlying Futures Contracts to be volatile and could adversely
affect the level of the Index and any payments on, and the value of, your notes.
• SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN THE UNDERLYING FUTURES CONTRACTS MAY ADVERSELY
AFFECT THE VALUE OF YOUR NOTES —
Futures markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, the
participation of speculators, and government regulation and intervention. In addition, futures exchanges generally have regulations
that limit the amount of the Underlying Futures Contract price fluctuations that may occur in a single day. These limits are
generally referred to as “daily price fluctuation limits” and the maximum or minimum price of a contract on any given day as a result
of those limits is referred to as a “limit price.” Once the limit price has been reached in a particular contract, no trades may be
made at a price beyond the limit, or trading may be limited for a set period of time. Limit prices have the effect of precluding trading
in a particular contract or forcing the liquidation of contracts at potentially disadvantageous times or prices. These circumstances
could delay the calculation of the level of the Index and could adversely affect the level of the Index and any payments on, and the
value of, your notes.
• THE PERFORMANCE OF THE INDEX WILL DIFFER FROM THE PERFORMANCE OF THE INDEX UNDERLYING THE
UNDERLYING FUTURES CONTRACTS —
A variety of factors can lead to a disparity between the performance of a futures contract on an equity index and the performance
of that equity index, including the expected dividend yields of the equity securities included in that equity index, an implicit financing
cost associated with futures contracts and policies of the exchange on which the futures contracts are traded, such as margin
requirements. Thus, a decline in expected dividends yields or an increase in margin requirements may adversely affect the
performance of the Index. In addition, the implicit financing cost will negatively affect the performance of the Index, with a greater
negative effect when market interest rates are higher. During periods of high market interest rates, the Index is likely to
underperform the equity index underlying the Underlying Futures Contracts, perhaps significantly.
• NEGATIVE ROLL RETURNS ASSOCIATED WITH THE UNDERLYING FUTURES CONTRACTS MAY ADVERSELY AFFECT
THE LEVEL OF THE INDEX AND THE VALUE OF THE NOTES —
The Index tracks the excess return of the Underlying Futures Contracts. Unlike common equity securities, futures contracts, by
their terms, have stated expirations. As the exchange-traded Underlying Futures Contracts approach expiration, they are replaced
by contracts of the same series that have a later expiration. For example, an Underlying Futures Contract notionally purchased
and held in June may specify a September expiration date. As time passes, the contract expiring in September is replaced by a
contract for delivery in December. This is accomplished by notionally selling the September contract and notionally purchasing the

PS-8 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
December contract. This process is referred to as “rolling.” Excluding other considerations, if prices are higher in the distant
delivery months than in the nearer delivery months, the notional purchase of the December contract would take place at a price
that is higher than the price of the September contract, thereby creating a negative “roll return.” Negative roll returns adversely
affect the returns of the Underlying Futures Contracts and, therefore, the level of the Index and any payments on, and the value of,
the notes. Because of the potential effects of negative roll returns, it is possible for the level of the Index to decrease significantly
over time, even when the levels of the underlying index referenced by the Underlying Futures Contracts are stable or increasing.
• HYPOTHETICAL BACK-TESTED DATA RELATING TO THE INDEX DO NOT REPRESENT ACTUAL HISTORICAL DATA AND
ARE SUBJECT TO INHERENT LIMITATIONS —
The hypothetical back-tested performance of the Index set forth under “The Index” in this pricing supplement is purely theoretical
and does not represent the actual historical performance of the Index and has not been verified by an independent third party.
Hypothetical back-tested performance measures have inherent limitations. Alternative modelling techniques might produce
significantly different results and may prove to be more appropriate. Past performance, and especially hypothetical back-tested
performance, is not indicative of future results. This type of information has inherent limitations and you should carefully consider
these limitations before placing reliance on such information. Hypothetical back-tested performance is derived by means of the
retroactive application of a back-tested model that has been designed with the benefit of hindsight.
• THERE ARE RISKS ASSOCIATED WITH THE FUNDS —
The Funds are subject to management risk, which is the risk that the investment strategies of the applicable Fund’s investment
adviser, the implementation of which is subject to a number of constraints, may not produce the intended results. These
constraints could adversely affect the market prices of the shares of the Funds and, consequently, the value of the notes.
• THE PERFORMANCE AND MARKET VALUE OF EACH FUND, PARTICULARLY DURING PERIODS OF MARKET
VOLATILITY, MAY NOT CORRELATE WITH THE PERFORMANCE OF THAT FUND’S UNDERLYING INDEX AS WELL AS
THE NET ASSET VALUE PER SHARE —
Each Fund does not fully replicate its Underlying Index (as defined under “The Underlyings” below) and may hold securities
different from those included in its Underlying Index. In addition, the performance of each Fund will reflect additional transaction
costs and fees that are not included in the calculation of its Underlying Index. All of these factors may lead to a lack of correlation
between the performance of each Fund and its Underlying Index. In addition, corporate actions with respect to the equity securities
underlying a Fund (such as mergers and spin-offs) may impact the variance between the performances of that Fund and its
Underlying Index. Finally, because the shares of each Fund are traded on a securities exchange and are subject to market supply
and investor demand, the market value of one share of each Fund may differ from the net asset value per share of that Fund.
During periods of market volatility, securities underlying each Fund may be unavailable in the secondary market, market
participants may be unable to calculate accurately the net asset value per share of that Fund and the liquidity of that Fund may be
adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of
a Fund. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to
buy and sell shares of a Fund. As a result, under these circumstances, the market value of shares of a Fund may vary
substantially from the net asset value per share of that Fund. For all of the foregoing reasons, the performance of each Fund may
not correlate with the performance of its Underlying Index as well as the net asset value per share of that Fund, which could
materially and adversely affect the value of the notes in the secondary market and/or reduce any payment on the notes.
• THE ANTI-DILUTION PROTECTION FOR THE FUNDS IS LIMITED —
The calculation agent will make adjustments to the Share Adjustment Factor for each Fund for certain events affecting the shares
of that Fund. However, the calculation agent will not make an adjustment in response to all events that could affect the shares of
the Funds. If an event occurs that does not require the calculation agent to make an adjustment, the value of the notes may be
materially and adversely affected.
• OTHER KEY RISKS:
o THE INDEX, WHICH WAS ESTABLISHED ON MAY 20, 2024, HAS LIMITED OPERATING HISTORY AND MAY PERFORM
IN UNANTICIPATED WAYS.
o THE INDEX COMPRISES NOTIONAL ASSETS AND LIABILITIES. THERE IS NO ACTUAL PORTFOLIO OF ASSETS TO
WHICH ANY PERSON IS ENTITLED OR IN WHICH ANY PERSON HAS ANY OWNERSHIP INTEREST.

PS-9 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
The Underlyings
The Index measures the performance of the nearest maturing quarterly Underlying Futures Contracts trading on the Chicago Mercantile
Exchange (the “Exchange”). The Underlying Futures Contracts are U.S. dollar-denominated futures contracts based on the Russell
2000® Index. The Russell 2000® Index consists of the middle 2,000 companies included in the Russell 3000E™ Index and, as a result
of the index calculation methodology, consists of the smallest 2,000 companies included in the Russell 3000® Index. The Russell
2000® Index is designed to track the performance of the small capitalization segment of the U.S. equity market. For additional
information about the Index and the Underlying Futures Contracts, see Annex A in this pricing supplement.
The iShares® Core S&P Small-Cap ETF is an exchange-traded fund of iShares® Trust, a registered investment company, that seeks to
track the investment results, before fees and expenses, of an index composed of small-capitalization U.S. equities, which we refer to as
the Underlying Index with respect to the iShares® Core S&P Small-Cap ETF. The Underlying Index for the iShares® Core S&P Small-
Cap ETF is currently the S&P SmallCap 600® Index. The S&P SmallCap 600® Index consists of stocks of 600 companies selected to
provide a performance benchmark for the small market capitalization segment of the U.S. equity markets. For additional information
about the iShares® Core S&P Small-Cap ETF, see “Fund Descriptions — The iShares® ETFs” in the accompanying underlying
supplement. For purposes of the accompanying underlying supplement, the iShares® Core S&P Small-Cap ETF is an “iShares® ETF.”
For additional information about the S&P SmallCap 600® Index, see “Equity Index Descriptions — The S&P U.S. Indices” in the
accompanying underlying supplement.
The SPDR® S&P MidCap 400® ETF Trust is a registered investment company whose trust units represent an undivided ownership
interest in a portfolio of all, or substantially all, of the common stocks of the S&P MidCap 400® Index. The SPDR® S&P MidCap 400®
ETF Trust seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the
S&P MidCap 400® Index, which we refer to as the Underlying Index with respect to the SPDR® S&P MidCap 400® ETF Trust. The S&P
MidCap 400® Index consists of stocks of 400 companies selected to provide a performance benchmark for the mid-size market
capitalization segment of the U.S. equity markets. For additional information about the SPDR® S&P MidCap 400® ETF Trust, see “Fund
Descriptions — The SPDR® S&P MidCap 400® ETF Trust” in the accompanying underlying supplement.
Historical Information
The following graphs set forth the historical performance of each Underlying based on the weekly historical closing values from January
3, 2020 through October 31, 2025. The closing value of the Index on November 10, 2025 was 335.17. The closing value of the
iShares® Core S&P Small-Cap ETF on November 10, 2025 was $119.11. The closing value of the SPDR® S&P MidCap 400® ETF
Trust on November 10, 2025 was $596.56. We obtained the closing values above and below from the Bloomberg Professional® service
(“Bloomberg”), without independent verification. The closing values of the Funds above and below may have been adjusted by
Bloomberg for actions taken by the Funds, such as stock splits.
The historical closing values of each Underlying should not be taken as an indication of future performance, and no assurance can be
given as to the closing value of any Underlying on the Observation Date. There can be no assurance that the performance of the
Underlyings will result in the return of any of your principal amount in excess of $500.00 per $1,000 principal amount note, subject to
the credit risks of JPMorgan Financial and JPMorgan Chase & Co.

PS-10 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
Tax Treatment
In determining our reporting responsibilities, we intend to treat the notes for U.S. federal income tax purposes as “open transactions”
that are not debt instruments, as described in the section entitled “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 no. 4-I. Based on the advice of Davis Polk & Wardwell LLP, our special tax counsel, we believe that this is a reasonable
treatment, but that there are other reasonable treatments that the IRS or a court may adopt, in which case the timing and character of
any income or loss on the notes could be materially and adversely affected.
No statutory, judicial or administrative authority directly addresses the characterization of the notes (or similar instruments) for U.S.
federal income tax purposes, and no ruling is being requested from the IRS with respect to their proper characterization and treatment.
Assuming that “open transaction” treatment is respected, subject to the possible application of the “constructive ownership” rules
described below, 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 the notes at the issue price. However, the IRS or a court may not respect the
treatment of the notes as “open transactions,” in which case the timing and character of any income or loss on the notes could be
materially and adversely affected. For instance, the notes could be treated as contingent payment debt instruments, in which case the
gain on your notes would be treated as ordinary income and you would be required to accrue original issue discount on your notes in

PS-11 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
each taxable year at the “comparable yield,” as determined by us, although we will not make any payment with respect to the notes until
maturity.
In addition, assuming that “open transaction” treatment is respected, the notes could be treated as “constructive ownership
transactions” within the meaning of Section 1260 of the Code, in which case any gain recognized in respect of the notes that would
otherwise be long-term capital gain and that was in excess of the “net underlying long-term capital gain” (as defined in Section 1260)
would be treated as ordinary income, and a notional interest charge would apply as if that income had accrued for tax purposes at a
constant yield over your holding period for the notes. Our special tax counsel has not expressed an opinion with respect to whether the
constructive ownership rules apply to the notes. Accordingly, U.S. Holders should consult their tax advisers regarding the potential
application of the constructive ownership rules.
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 described
above. 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 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 notes, including the potential application of the constructive ownership rules, 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 — Risks Relating to the Estimated Value and
Secondary Market Prices of the Notes — 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-12 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
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 selling, structuring
and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions paid to JPMS
and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in
hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our
obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or
less than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the notes may be
allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging profits. See
“Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated
Value of the Notes Is Lower Than the Original Issue Price (Price to Public) of the Notes” 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 selling commissions,
projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates
for structured debt issuances. This initial predetermined time period is intended to be the shorter of six months and one-half of the
stated term of the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a
profit in connection with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as
determined by our affiliates. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices
of the Notes — 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 “Hypothetical Payout Profile” and “How the Notes Work” in this pricing supplement for an illustration of the risk-return profile
of the notes and “The Underlyings” in this pricing supplement for a description of the market exposure provided by the notes.
The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other
affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent
in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes.
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

PS-13 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
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.

PS-14 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
Annex A
The Russell 2000® Futures Excess Return Index
All information contained in this pricing supplement regarding the Russell 2000® Futures Excess Return Index (the “RTY Futures
Index”), including, without limitation, its make-up, method of calculation and changes in its components, has been derived from publicly
available information, without independent verification. This information reflects the policies of, and is subject to change by, FTSE
International Limited (“FTSE”). The RTY Futures Index is calculated by MerQube, Inc. (the “Index Calculation Agent”), and maintained
and published by FTSE. FTSE has no obligation to continue to publish, and may discontinue the publication of, the RTY Futures Index.
The RTY Futures Index is reported by Bloomberg L.P. under the ticker symbol “RTYFPE.”
The RTY Futures Index has been calculated on a live basis since May 20, 2024, the “Index Live Date.”
The RTY Futures Index measures the performance of the nearest maturing quarterly E-mini® Russell 2000® futures contracts (Symbol:
RTY) (the “Underlying Futures Contracts”) trading on the Chicago Mercantile Exchange (the “Exchange”). The Underlying Futures
Contracts are U.S. dollar-denominated futures contracts based on the Russell 2000® Index. For additional information about the
Russell 2000® Index, see “Equity Index Descriptions — The Russell Indices” in the accompanying underlying supplement. The RTY
Futures Index is calculated real-time from the price change of the Underlying Futures Contracts. The RTY Futures Index is an “excess
return” index that is based on price levels of the Underlying Futures Contracts as well as the discount or premium obtained by “rolling”
hypothetical positions in the Underlying Futures Contracts as they approach delivery. The RTY Futures Index does not reflect interest
earned on hypothetical, fully collateralized contract positions.
Index Rolling
As each Underlying Futures Contract approaches maturity, it is replaced by the next maturing Underlying Futures Contract in a process
referred to as “rolling.” The rolling of the RTY Futures Index occurs quarterly over a three-day rolling period (the “roll period”) every
March, June, September and December, effective after the close of trading on the fifth, fourth and third business days (each, a “roll
day”) preceding the last trading date of the maturing Underlying Futures Contract. The number of units over the roll period will change
equally each day as illustrated below, provided that no Index Market Disruption Events occurred on any business day during the roll
period.
Roll Period Day
Proportion of Current Contract
Proportion of Next Contract
Day 1
2/3
1/3
Day 2
1/3
2/3
Day 3
0
1
If an Index Market Disruption Event occurs on any business day during the roll period that is not the last business day of the roll period,
the portion of the roll will be postponed to the first roll business day immediately following that business day.
If an Index Market Disruption Event occurs on the last business day of the roll period, the roll on that business day will not be
postponed.
Index Market Disruption Events
An Index Market Disruption Event can be defined as the occurrence of one or more of the following events if, in the discretion of the
Index Calculation Agent, that event is material:

PS-15 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
• The Index Calculation Agent observes on any business day that there has been a declaration of a general moratorium in respect of
banking activities in any relevant jurisdiction.
• The occurrence of an event that makes it impossible or not reasonably practicable on any business day for the Index Calculation
Agent to obtain the value of any Underlying Futures Contract, or any other price or necessary information for purposes of
calculating the value of the RTY Futures Index in a manner acceptable to the Index Calculation Agent.
• The administrator of the Underlying Futures Contract fails to announce or publish the level of that Underlying Futures Contract on a
business day on which the level of that Underlying Futures Contract was scheduled to be announced or published.
• The occurrence or existence of a lack of, or material decline in, the liquidity in the market for trading of any Underlying Futures
Contract on any business day.
• A force majeure event or any event that disrupts or impairs (as determined by the Index Calculation Agent acting in a reasonable
manner) the ability of market participants in general to establish, maintain or unwind transactions in, or obtain market values for,
futures, forwards, options, swaps or other over-the-counter derivative transactions indirectly included in and/or that may be used for
hedging any Underlying Futures Contract.
• A suspension, disruption, absence or material limitation imposed on trading by the Exchange or observed in any related over-the-
counter market(s) or otherwise and whether by reason of movements in price exceeding limits permitted by the Exchange or
otherwise in the futures, forwards, options, swaps or other over-the-counter derivative transactions indirectly included in and/or that
may be used for hedging the RTY Futures Index.
Index Calculations
The closing level of the RTY Futures Index on any trading day reflects the change in the daily contract price of the Underlying Futures
Contract since the immediately preceding business day. Additionally, on each roll day during the quarterly roll period, the closing level
of the RTY Futures Index reflects the proportional change from the daily contract price of the maturing Underlying Futures Contract on
the immediately preceding trading day to the daily contract price of the next maturing Underlying Futures Contract on that roll day.
The daily contract price of an Underlying Futures Contract will be the settlement price reported by the Exchange. If, on any business
day, an Index Market Disruption Event occurs or is occurring that the Index Calculation Agent determines, in its sole discretion,
materially affects the RTY Futures Index, the Index Calculation Agent may, but not limited to:
• Use the last available closing futures value to calculate and publish the closing level of the RTY Futures Index; and/or
• Defer or suspend the calculation and publication of the closing level of the RTY Futures Index and any other information relating to
the RTY Futures Index until the next business day on which that Index Market Disruption Event has ceased.
Index Corrections and Recalculations
FTSE reserves the right to recalculate an index at its discretion in the event that settlement prices are amended or upon the occurrence
of a missed index methodology event (deviation from what is stated in the methodology document).
License Agreement
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell
Indices. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or
omissions in the Russell Indices and/or Russell ratings or underlying data and no party may rely on any Russell Indices and/or Russell
ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s
express written consent. Russell does not promote, sponsor or endorse the content of this communication.
The Russell 2000® Futures Excess Return Index (for the purposes of this disclaimer, the “Index”) is a trademark of Frank Russell
Company (“Russell”) and has been licensed for use by JPMorgan Chase & Co. and its affiliates (“J.P. Morgan”). These notes are not in
any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group companies (“LSEG”) (together the
“Licensor Parties”) and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or
impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the notes are based), (ii) the figure at which
the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to
which it is being put in connection with the notes. None of the Licensor Parties have provided or will provide any financial or investment
advice or recommendation in relation to the Index to J.P. Morgan or to its clients. The Index is calculated by Russell or its agent. None

PS-16 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to the
Least Performing of the Russell 2000® Futures Excess Return Index, the
iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF
Trust
of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any
obligation to advise any person of any error therein.
Background on Futures Contracts
Overview of Futures Markets
Futures contracts are contracts that legally obligate the holder to buy or sell an asset at a predetermined delivery price during a
specified future time period. Futures contracts are traded on regulated futures exchanges, in the over-the-counter market and on
various types of physical and electronic trading facilities and markets. An exchange-traded futures contract provides for the purchase
and sale of a specified type and quantity of an underlying asset or financial instrument during a stated delivery month for a fixed price.
A futures contract provides for a specified settlement month in which the cash settlement is made or in which the underlying asset or
financial instrument is to be delivered by the seller (whose position is therefore described as “short”) and acquired by the purchaser
(whose position is therefore described as “long”).
No purchase price is paid or received on the purchase or sale of a futures contract. Instead, an amount of cash or cash equivalents
must be deposited with the broker as “initial margin.” This amount varies based on the requirements imposed by the exchange clearing
houses, but it may be lower than 5% of the notional value of the contract. This margin deposit provides collateral for the obligations of
the parties to the futures contract.
By depositing margin, which may vary in form depending on the exchange, with the clearing house or broker involved, a market
participant may be able to earn interest on its margin funds, thereby increasing the total return that it may realize from an investment in
futures contracts.
In the United States, futures contracts are traded on designated contract markets. At any time prior to the expiration of a futures
contract, a trader may elect to close out its position by taking an opposite position on the exchange on which the trader obtained the
position, subject to the availability of a liquid secondary market. This operates to terminate the position and fix the trader’s profit or loss.
Futures contracts are cleared through the facilities of a centralized clearing house and a brokerage firm, referred to as a “futures
commission merchant,” which is a member of the clearing house.
Unlike common equity securities, futures contracts, by their terms, have stated expirations. At a specific point in time prior to expiration,
trading in a futures contract for the current delivery month will cease. As a result, a market participant wishing to maintain its exposure
to a futures contract on a particular asset or financial instrument with the nearest expiration must close out its position in the expiring
contract and establish a new position in the contract for the next delivery month, a process referred to as “rolling.” For example, a
market participant with a long position in a futures contract expiring in November who wishes to maintain a position in the nearest
delivery month will, as the November contract nears expiration, sell the November contract, which serves to close out the existing long
position, and buy a futures contract expiring in December. This will “roll” the November position into a December position, and, when
the November contract expires, the market participant will still have a long position in the nearest delivery month.
Futures exchanges and clearing houses in the United States are subject to regulation by the Commodity Futures Trading Commission
(the “CFTC”). Exchanges may adopt rules and take other actions that affect trading, including imposing speculative position limits,
maximum price fluctuations and trading halts and suspensions and requiring liquidation of contracts in certain circumstances. Futures
markets outside the United States are generally subject to regulation by foreign regulatory authorities comparable to the CFTC. The
structure and nature of trading on non-U.S. exchanges, however, may differ from the above description.
Underlying Futures Contracts
E-mini® Russell 2000® futures contracts are U.S. dollar-denominated futures contracts (each, an “E-mini® Russell 2000® futures
contract”), based on the Russell 2000® Index, traded on the Chicago Mercantile Exchange (the “Exchange”), representing a contract
unit of $50.00 multiplied by the index level of Russell 2000® Index, measured in cents per index point. From February 4, 1993 to
September 18, 2008, and since July 10, 2017, E-mini® Russell 2000® futures contracts have traded on the Exchange. From August 8,
2007 to June 15, 2018, E-mini® Russell 2000® futures contracts traded on the ICE Futures U.S. exchange.
E-mini® Russell 2000® futures contracts listed for the nearest five quarters, for each March, June, September and December are
available for trading. Trading of the E-mini® Russell 2000® futures contracts will terminate at 9:30 A.M. Eastern time on the third Friday
of the contract month.
The daily settlement prices of the E-mini® Russell 2000® futures contracts are based on trading activity in the relevant contract (and in
the case of a lead month also being the expiry month, together with trading activity on lead month-second month spread contracts) on
the Exchange during a specified settlement period. The final settlement price of E-mini® Russell 2000® futures contracts is determined
through the “end-of-month fair value procedure,” which fixes a price based on trading activity on the Exchange in the E-mini® Russell
2000® futures contracts between 2:59:30 P.M. and 3:00:00 P.M. Central time.

FAQ

What are the AMJB Uncapped Dual Directional Buffered Return Enhanced Notes?

The AMJB notes are structured investments issued by JPMorgan Chase Financial Company LLC and guaranteed by JPMorgan Chase & Co. They are linked to the least performing of three underlyings: the Russell 2000® Futures Excess Return Index, the iShares® Core S&P Small-Cap ETF and the SPDR® S&P MidCap 400® ETF Trust, and mature on November 14, 2030.

How do returns on the AMJB notes work at maturity?

If the final value of each underlying is above its initial value, holders receive 1.30 times the percentage gain of the least performing underlying, plus principal. If all are flat or down by up to the 50.00% buffer, investors receive only the $1,000 principal per note. If any underlying falls by more than 50.00%, the payoff is reduced so that investors can lose up to 50.00% of principal.

Do the AMJB structured notes pay interest or dividends?

No. The AMJB notes do not pay periodic interest and investors do not receive any dividends paid by the iShares® Core S&P Small-Cap ETF or the SPDR® S&P MidCap 400® ETF Trust, nor do they have rights in the futures contracts or underlying securities.

What are the main risks of the AMJB notes linked to small- and mid-cap underlyings?

Key risks include potential loss of up to 50.00% of principal if any underlying declines more than the buffer, credit risk of JPMorgan Financial and JPMorgan Chase & Co., and exposure to small- and mid-cap stocks, which may be more volatile and less resilient in adverse markets. There are also risks tied to futures pricing, negative roll yield, ETF tracking differences and limited anti-dilution protection.

Why is the estimated value of the AMJB notes lower than the $1,000 issue price?

The estimated value was $971.10 per $1,000 note at pricing. The difference from the price to public reflects selling commissions, projected profits for JPMorgan affiliates from hedging the notes and the estimated hedging costs. These embedded costs mean secondary market prices are likely to be below the original issue price.

Are the AMJB notes traded on an exchange and how liquid are they?

The notes will not be listed on any securities exchange. Any liquidity would depend on J.P. Morgan Securities LLC’s willingness to buy the notes in the secondary market. The filing notes that investors may be unable to sell and that the notes are not designed for short-term trading.

What is the tax treatment of the AMJB structured notes for U.S. investors?

JPMorgan intends to treat the notes as “open transactions” that are not debt instruments for U.S. federal income tax purposes, so gain or loss after more than one year is expected to be long-term capital gain or loss. However, the IRS could assert different treatments, including contingent payment debt instrument or constructive ownership rules, which could change the timing and character of income. Investors are urged to consult their tax advisers.