JPMorgan structured notes with 1.685× upside

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering uncapped dual directional buffered return enhanced notes linked to an unequally weighted basket of seven indices.

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering uncapped dual directional buffered return enhanced notes linked to an unequally weighted basket of seven indices. The notes price at $1,000 per note with an estimated value of approximately $970 (not less than $950). Key economics: an Upside Leverage Factor of at least 1.685, a Buffer Amount of 20.00 and a Downside Leverage Factor of 1.25. Pricing is expected on or about June 9, 2026, settlement on or about June 12, 2026, and maturity on or about June 14, 2030. Payments at maturity vary by Basket Return: upside exposure is leveraged by the Upside Leverage Factor; modest declines (up to the Buffer) pay the absolute decline; deeper declines incur amplified principal loss at the Downside Leverage Factor. The notes are unsecured obligations subject to the credit risk of the issuer and guarantor, contain liquidity and model/pricing risks, and will not pay interest or dividends.

Insights

Structured Products Strategist

Structure blends leveraged upside with a limited buffer and amplified downside exposure.

The notes link to a seven-index Basket weighted 65.00% to the S&P 500® Futures Excess Return Index, offering leveraged upside (at least 1.685) and a 20.00 buffer that caps certain negative-return outcomes at $1,200.00 per $1,000 note under specified conditions. The payout formulas are explicit: leveraged gains when the Basket appreciates; absolute-value credit for declines up to the Buffer; and amplified losses beyond the Buffer using a 1.25 Downside Leverage Factor.

Valuation drivers include index performance, roll/roll-return effects on the futures component, and issuer credit and internal funding assumptions. Secondary market liquidity and dealer bid levels may be materially lower than original issue price.

Tax & Regulatory Counsel

Tax treatment may be complex; counsel deems notes reasonably treated as open transactions.

Special tax counsel's opinion in the pricing supplement states it is reasonable to treat the notes as "open transactions" not characterized as debt for U.S. federal income tax purposes, potentially resulting in long-term capital gain/loss treatment if held over a year. That treatment is not guaranteed and could be disallowed by the IRS or a court.

Investors should consult tax advisers about possible alternative treatments and the implications of Treasury/IRS guidance on prepaid-forward-like instruments.

Key Figures

Issue price: $1,000 per note Estimated value: $970 per $1,000 note Estimated value floor: $950 per $1,000 note +5 more

8 metrics

Issue price $1,000 per note Price to Public per note

Estimated value $970 per $1,000 note Estimated value when priced

Estimated value floor $950 per $1,000 note Estimated value will not be less than this when terms set

Upside Leverage Factor 1.685× At least 1.685, Upside Leverage Factor

Buffer Amount 20.00% Buffer Amount protecting limited downside scenarios

Downside Leverage Factor 1.25× 1/(1-Buffer) equals 1.25

Pricing date June 9, 2026 Expected pricing date

Maturity date June 14, 2030 Maturity / final payment date

Key Terms

S&P 500® Futures Excess Return Index, Upside Leverage Factor, Absolute Basket Return, Downside Leverage Factor (1/(1-Buffer))

4 terms

S&P 500® Futures Excess Return Index financial

"Because the S&P 500® Futures Excess Return Index makes up 65.00% of the Basket"

Upside Leverage Factor financial

"Upside Leverage Factor: At least 1.685 (to be provided in the pricing supplement)"

Absolute Basket Return financial

"If the Final Basket Value is equal to the Initial Basket Value or is less than the Initial Basket Value by up to the Buffer Amount, your payment"

Downside Leverage Factor (1/(1-Buffer)) financial

"Downside Leverage Factor: An amount equal to 1 / (1 – Buffer Amount), which is 1.25"

FAQ

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

What are the core terms of the JPMorgan (JPM) enhanced notes?

The notes pay at maturity based on an unequally weighted basket of seven indices and carry an Upside Leverage Factor of at least 1.685, a 20.00% buffer, and a Downside Leverage Factor of 1.25. Maturity is June 14, 2030.

What is the expected price and estimated value per note for JPM's offering?

The offering price is $1,000 per note. The pricing supplement states an estimated value of approximately $970 per $1,000 note and that the estimated value will not be less than $950 per note when set.

How does the 20.00% buffer affect returns on the JPM notes?

If the Basket declines by up to 20.00%, the payment equals the principal plus the Absolute Basket Return. If the decline exceeds 20.00%, losses are amplified by the 1.25 Downside Leverage Factor, reducing principal accordingly.

Who bears credit risk and is there interest or dividends on the notes?

The notes are unsecured obligations of JPMorgan Chase Financial Company LLC, fully and unconditionally guaranteed by JPMorgan Chase & Co. Payments are subject to their credit risk. The notes do not pay interest or dividends.

Will secondary market prices equal the original issue price for JPM's notes?

Secondary market prices will likely be lower than the original issue price because they typically exclude selling commissions and hedging costs. JPMS may provide prices, but bid levels and liquidity are not guaranteed and may be materially lower.

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

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Accepted by SEC EDGAR 06/08/2026 - 05:01 PM Learn about SEC filing dates

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not
an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to completion dated June 8, 2026
June , 2026 Registration Statement Nos. 333-293684 and 333-293684-01; Rule 424(b)(2)
Pricing supplement to product supplement no. 3-I dated April 17, 2026, underlying supplement no. 1-I dated April 17, 2026 and
the prospectus and prospectus supplement, each dated April 17, 2026
JPMorgan Chase Financial Company LLC
Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes
Linked to an Unequally Weighted Basket Consisting of the S&P
500® Futures Excess Return Index, the EURO STOXX 50®
Index, the TOPIX® Index, the MSCI Emerging Markets Index, the
FTSE® 100 Index, the Swiss Market Index and the S&P/ASX 200
Index due June 14, 2030
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
• The notes are designed for investors who seek an uncapped return of at least 1.685 times any appreciation, or a capped,
unleveraged return equal to the absolute value of any depreciation (up to the Buffer Amount of 20.00%), of an unequally
weighted basket of the S&P 500® Futures Excess Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the
MSCI Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and the S&P/ASX 200 Index at maturity.
• Because the S&P 500® Futures Excess Return Index makes up 65.00% of the Basket, we expect that generally the
market value of your notes and your payment at maturity will depend to a greater extent on the performance of the S&P
500® Futures Excess Return Index.
• Investors should be willing to forgo interest and dividend payments and be willing to lose 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.
• Minimum denominations of $1,000 and integral multiples thereof
• The notes are expected to price on or about June 9, 2026 and are expected to settle on or about June 12, 2026.
• CUSIP: 46661AUR9
Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying
prospectus supplement, “Risk Factors” beginning on page PS-12 of the accompanying product supplement and
“Selected Risk Considerations” beginning on page PS-4 of this pricing supplement.
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved
of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,
underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.
Price to Public (1)
Fees and Commissions (2)
Proceeds to Issuer
Per note
$1,000
$
$
Total
$
$
$
(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 it receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $6.50 per
$1,000 principal amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
If the notes priced today, the estimated value of the notes would be approximately $970.00 per $1,000 principal amount
note. The estimated value of the notes, when the terms of the notes are set, will be provided in the pricing supplement
and will not be less than $950.00 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this
pricing supplement for additional information.
The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency
and are not obligations of, or guaranteed by, a bank.

PS-1 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
Key Terms
Issuer: JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Basket: The notes are linked to an unequally weighted
basket consisting of the following:
• 65.00% of the S&P 500® Futures Excess Return Index
(Bloomberg ticker: SPXFP);
• 10.08% of the EURO STOXX 50® Index (Bloomberg
ticker: SX5E);
• 7.56% of the TOPIX® Index (Bloomberg ticker: TPX);
• 7.00% of the MSCI Emerging Markets Index (Bloomberg
ticker: MXEF);
• 5.32% of the FTSE® 100 Index (Bloomberg ticker: UKX);
• 2.80% of the Swiss Market Index (Bloomberg ticker:
SMI); and
• 2.24% of the S&P/ASX 200 Index (Bloomberg ticker:
AS51);
(each, an “Index” and together, the “Indices”).
Upside Leverage Factor: At least 1.685 (to be provided in
the pricing supplement)
Buffer Amount: 20.00%
Downside Leverage Factor: An amount equal to 1 / (1 –
Buffer Amount), which is 1.25
Pricing Date: On or about June 9, 2026
Original Issue Date (Settlement Date): On or about June
12, 2026
Observation Date*: June 11, 2030
Maturity Date*: June 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 or early acceleration in the event
of an acceleration event as described under “General Terms of Notes
— Consequences of an Acceleration Event” in the accompanying
product supplement and “Selected Risk Considerations — Risks
Relating to the Notes Generally — We May Accelerate Your Notes If
an Acceleration Event Occurs” in this pricing supplement
Payment at Maturity:
If the Final Basket Value is greater than the Initial Basket
Value, your payment at maturity per $1,000 principal amount
note will be calculated as follows:
$1,000 + ($1,000 × Basket Return × Upside Leverage Factor)
If the Final Basket Value is equal to the Initial Basket Value or
is less than the Initial Basket Value by up to the Buffer
Amount, your payment at maturity per $1,000 principal
amount note will be calculated as follows:
$1,000 + ($1,000 × Absolute Basket Return)
This payout formula results in an effective cap of 20.00% on
your return at maturity if the Basket Return is negative.
Under these limited circumstances, your maximum payment
at maturity is $1,200.00 per $1,000 principal amount note.
If the Final Basket Value is less than the Initial Basket 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 × (Basket Return + Buffer Amount) ×
Downside Leverage Factor]
If the Final Basket Value is less than the Initial Basket Value
by more than the Buffer Amount, you will lose some or all of
your principal amount at maturity.
Absolute Basket Return: The absolute value of the Basket
Return. For example, if the Basket Return is -5%, the
Absolute Basket Return will equal 5%.
Basket Return:
(Final Basket Value – Initial Basket Value)
Initial Basket Value
Initial Basket Value: Set equal to 100.00 on the Pricing Date
Final Basket Value: The closing level of the Basket on the
Observation Date
Closing Level of the Basket:
100 × [1 + (65.00% × Index Return of the S&P 500® Futures
Excess Return Index) + (10.08% × Index Return of the EURO
STOXX 50® Index) + (7.56% × Index Return of the TOPIX®
Index) + (7.00% × Index Return of the MSCI Emerging
Markets Index) + (5.32% × Index Return of the FTSE® 100
Index) + (2.80% × Index Return of the Swiss Market Index) +
(2.24% × Index Return of the S&P/ASX 200 Index)]
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
Final Value: With respect to each Index, the closing level of
that Index on the Observation Date

PS-2 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
Hypothetical Payout Profile
The following table and graph illustrate the hypothetical total return and payment at maturity on the notes. 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 Basket Value of 100.00;
• an Upside Leverage Factor of 1.685;
• a Buffer Amount of 20.00%; and
• a Downside Leverage Factor of 1.25.
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 Basket Value
Basket Return
Absolute Basket Return
Total Return on the Notes
Payment at Maturity
165.00
65.00%
N/A
109.525%
$2,095.25
150.00
50.00%
N/A
84.250%
$1,842.50
140.00
40.00%
N/A
67.400%
$1,674.00
130.00
30.00%
N/A
50.550%
$1,505.50
120.00
20.00%
N/A
33.700%
$1,337.00
110.00
10.00%
N/A
16.850%
$1,168.50
105.00
5.00%
N/A
8.425%
$1,084.25
101.00
1.00%
N/A
1.685%
$1,016.85
100.00
0.00%
0.00%
0.000%
$1,000.00
95.00
-5.00%
5.00%
5.000%
$1,000.00
90.00
-10.00%
10.00%
10.000%
$1,000.00
80.00
-20.00%
20.00%
20.000%
$1,000.00
70.00
-30.00%
N/A
-12.500%
$875.00
60.00
-40.00%
N/A
-25.000%
$750.00
50.00
-50.00%
N/A
-37.500%
$625.00
40.00
-60.00%
N/A
-50.000%
$500.00
30.00
-70.00%
N/A
-62.500%
$375.00
20.00
-80.00%
N/A
-75.000%
$250.00
10.00
-90.00%
N/A
-87.500%
$125.00
0.00
-100.00%
N/A
-100.000%
$0.00

PS-3 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
The following graph demonstrates the hypothetical payments at maturity on the notes for a range of Basket Returns. There can be no
assurance that the performance of the Basket will result in the return of any of your principal amount.
How the Notes Work
Basket Appreciation Upside Scenario:
If the Final Basket Value is greater than the Initial Basket Value, investors will receive at maturity the $1,000 principal amount plus a
return equal to the Basket Return times the Upside Leverage Factor of at least 1.685.
• Assuming a hypothetical Upside Leverage Factor of 1.685, if the closing level of the Basket increases 5.00%, investors will receive
at maturity a return equal to 8.425%, or $1,084.25 per $1,000 principal amount note.
Basket Par or Basket Depreciation Upside Scenario:
If the Final Basket Value is equal to the Initial Basket Value or is less than the Initial Basket Value by up to the Buffer Amount of
20.00%, investors will receive at maturity the $1,000 principal amount plus a return equal to the Absolute Basket Return.
• For example, if the closing level of the Basket declines 5.00%, investors will receive at maturity a return equal to 5.00%, or
$1,050.00 per $1,000 principal amount note.
Downside Scenario:
If the Final Basket Value is less than the Initial Basket Value by more than the Buffer Amount of 20.00%, investors will lose 1.25% of
the principal amount of their notes for every 1% that the Final Basket Value is less than the Initial Basket Value by more than the Buffer
Amount.
• For example, if the closing level of the Basket declines 60.00%, investors will lose 50.00% of their principal amount and receive
only $500.00 per $1,000 principal amount note at maturity, calculated as follows:
$1,000 + [$1,000 × (-60.00% + 20.00%) × 1.25] = $500.00
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-4 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
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.
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 Basket Value is less than the Initial Basket Value by more than
20.00%, you will lose 1.25% of the principal amount of your notes for every 1% that the Final Basket Value is less than the Initial
Basket Value by more than 20.00%. Accordingly, under these circumstances, you will lose some or all of your principal amount at
maturity.
• YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE BUFFER AMOUNT IF THE BASKET RETURN IS NEGATIVE —
Because the payment at maturity will not reflect the Absolute Basket Return if the Final Basket Value is less than the Initial Basket
Value by more than the Buffer Amount, the Buffer Amount is effectively a cap on your return at maturity if the Basket Return is
negative. The maximum payment at maturity if the Basket Return is negative is $1,200.00 per $1,000 principal amount note.
• 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 ACTIVITIES AND HAS LIMITED ASSETS —
As a finance subsidiary of JPMorgan Chase & Co., we have no independent activities 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 an 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 “Risk Factors — Holders of securities issued by JPMorgan Financial may be subject to losses if JPMorgan Chase
& Co. were to enter into a resolution” in the accompanying prospectus supplement.
• THE NOTES DO NOT PAY INTEREST.
• CORRELATION (OR LACK OF CORRELATION) OF THE INDICES —
The notes are linked to an unequally weighted Basket composed of seven Indices. Because the S&P 500® Futures Excess Return
Index makes up 65.00% of the Basket, we expect that generally the market value of your notes and your payment at maturity will
depend to a greater extent on the performance of the S&P 500® Futures Excess Return Index. In calculating the Final Basket
Value, an increase in the level of one of the Indices may be moderated, or more than offset, by lesser increases or declines in the
levels of the other Indices. In addition, high correlation of movements in the levels of the Indices during periods of negative returns
among the Indices could have an adverse effect on the payment at maturity on the notes.
• YOU WILL NOT HAVE ANY RIGHTS WITH RESPECT TO THE E-MINI® S&P 500® FUTURES CONTRACTS (THE
“UNDERLYING FUTURES CONTRACTS”) OR THE SECURITIES INCLUDED IN THE INDEX UNDERLYING THE
UNDERLYING FUTURES CONTRACTS.
• YOU WILL NOT RECEIVE DIVIDENDS ON THE SECURITIES INCLUDED IN THE EURO STOXX 50® INDEX, THE TOPIX®
INDEX, THE MSCI EMERGING MARKETS INDEX, THE FTSE® 100 INDEX, THE SWISS MARKET INDEX OR THE S&P/ASX
200 INDEX OR HAVE ANY RIGHTS WITH RESPECT TO THOSE SECURITIES.

PS-5 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
• WE MAY ACCELERATE YOUR NOTES IF AN ACCELERATION EVENT OCCURS —
Upon the announcement or occurrence of an acceleration event, we may, in our sole and absolute discretion, accelerate the
payment on your notes and pay you an amount determined by the calculation agent in good faith and in a commercially reasonable
manner by reference to the values of any fixed-income debt component and any derivatives underlying the economic terms of the
notes as of the date of the notice of acceleration. An acceleration event means there is an 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. 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 to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes
are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
• THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT —
You should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the
Upside Leverage Factor.
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
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 WILL BE LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF
THE NOTES —
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the
notes will exceed the estimated value of the notes because costs associated with selling, structuring and hedging the notes are
included in the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our
affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, the estimated cost of hedging our
obligations under the notes and the fees, if any, paid for third-party data analytics and/or electronic platform services. 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.

PS-6 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
• 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, estimated hedging
costs and fees, if any, paid for third-party data analytics and/or electronic platform services 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. Furthermore, if you sell your notes, you will likely be charged
a commission for secondary market transactions, or the price will likely reflect a dealer discount and/or fees for use of an electronic
platform to facilitate secondary market activity. Any sale by you prior to the Maturity Date could result in a substantial loss to you.
• SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS —
The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which
may either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging
costs and the level of the Basket. 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 Basket
• JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE S&P 500® INDEX, THE INDEX
UNDERLYING THE UNDERLYING FUTURES CONTRACTS OF THE S&P 500® FUTURES EXCESS RETURN 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 S&P 500® Futures Excess Return Index.
• THE S&P 500® FUTURES EXCESS RETURN INDEX IS SUBJECT TO SIGNIFICANT RISKS ASSOCIATED WITH THE
UNDERLYING FUTURES CONTRACTS —
The S&P 500® Futures Excess Return 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 S&P 500® Futures Excess Return 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

PS-7 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
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 S&P 500® Futures Excess Return Index and could adversely affect the level of the
S&P 500® Futures Excess Return Index and any payments on, and the value of, your notes.
• THE PERFORMANCE OF THE S&P 500® FUTURES EXCESS RETURN 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 S&P 500® Futures Excess Return Index. In addition, the implicit financing cost will negatively affect the
performance of the S&P 500® Futures Excess Return Index, with a greater negative effect when market interest rates are higher.
During periods of high market interest rates, the S&P 500® Futures Excess Return 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 S&P 500® FUTURES EXCESS RETURN INDEX AND THE VALUE OF THE NOTES —
The S&P 500® Futures Excess Return 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 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 S&P 500®
Futures Excess Return 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 S&P 500® Futures Excess Return Index to decrease significantly over time, even when the
levels of the underlying index referenced by the Underlying Futures Contracts are stable or increasing.
• NON-U.S. SECURITIES RISK WITH RESPECT TO THE EURO STOXX 50® INDEX, THE TOPIX® INDEX, THE MSCI EMERGING
MARKETS INDEX, THE FTSE® 100 INDEX, THE SWISS MARKET INDEX AND THE S&P/ASX 200 INDEX —
The equity securities included in the EURO STOXX 50® Index, the TOPIX® Index, the MSCI Emerging Markets Index, the FTSE®
100 Index, the Swiss Market Index and the S&P/ASX 200 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, there is generally less publicly
available information about companies in some of these jurisdictions than there is about U.S. companies that are subject to the
reporting requirements of the SEC.
• THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK WITH RESPECT TO THE MSCI EMERGING MARKETS
INDEX —
Because the prices of the non-U.S. equity securities included in the MSCI Emerging Markets Index are converted into U.S. dollars
for purposes of calculating the level of the MSCI Emerging Markets Index, holders of the notes will be exposed to currency
exchange rate risk with respect to each of the currencies in which the non-U.S. equity securities included in the MSCI Emerging
Markets Index trade. Your net exposure will depend on the extent to which those currencies strengthen or weaken against the
U.S. dollar and the relative weight of the equity securities included in the MSCI Emerging Markets Index denominated in each of
those currencies. If, taking into account the relevant weighting, the U.S. dollar strengthens against those currencies, the level of
the MSCI Emerging Markets Index will be adversely affected and any payment on the notes may be reduced.
• EMERGING MARKETS RISK WITH RESPECT TO THE MSCI EMERGING MARKETS INDEX —
The equity securities included in the MSCI Emerging Markets Index have been issued by non-U.S. companies located in emerging
markets countries. Countries with emerging markets may have relatively unstable governments, may present the risks of
nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less

PS-8 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
protection of property rights than more developed countries. The economies of countries with emerging markets may be based on
only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and
volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to
respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.
• RECENT EXECUTIVE ORDERS MAY ADVERSELY AFFECT THE PERFORMANCE OF THE MSCI EMERGING MARKETS
INDEX —
Pursuant to recent executive orders, U.S. persons are prohibited from engaging in transactions in, or possession of, publicly traded
securities of certain companies that are determined to be linked to the People’s Republic of China military, intelligence and security
apparatus, or securities that are derivative of, or are designed to provide investment exposure to, those securities. The sponsor of
the MSCI Emerging Markets Index has recently removed the equity securities of a small number of companies from the MSCI
Emerging Markets Index in response to these executive orders. If the issuer of any of the equity securities included in the MSCI
Emerging Markets Index is in the future designated as such a prohibited company, the value of that company may be adversely
affected, perhaps significantly, which would adversely affect the performance of the MSCI Emerging Markets Index. In addition,
under these circumstances, the sponsor of the MSCI Emerging Markets Index is expected to remove the equity securities of that
company from the MSCI Emerging Markets Index. Any changes to the composition of the MSCI Emerging Markets Index in
response to these executive orders could adversely affect the performance of the MSCI Emerging Markets Index.
• NO DIRECT EXPOSURE TO FLUCTUATIONS IN FOREIGN EXCHANGE RATES WITH RESPECT TO THE EURO STOXX 50®
INDEX, THE TOPIX® INDEX, THE FTSE® 100 INDEX, THE SWISS MARKET INDEX AND THE S&P/ASX 200 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, the TOPIX® Index, the FTSE® 100 Index, the Swiss Market Index
and the S&P/ASX 200 Index are based, although any currency fluctuations could affect the performance of the Indices.
• OTHER KEY RISK:
o THE S&P 500® FUTURES EXCESS RETURN 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 an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
The Basket
The return on the notes is linked to an unequally weighted basket consisting of the S&P 500® Futures Excess Return Index, the EURO
STOXX 50® Index, the TOPIX® Index, the MSCI Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and the
S&P/ASX 200 Index. Because the S&P 500® Futures Excess Return Index makes up 65.00% of the Basket, we expect that generally
the market value of your notes and your payment at maturity will depend to a greater extent on the performance of the S&P 500®
Futures Excess Return Index.
The S&P 500® Futures Excess Return Index measures the performance of a rolling position in the nearest maturing quarterly E-mini®
S&P 500® futures contracts (Symbol: ES) (the “Underlying Futures Contracts”) trading on the Chicago Mercantile Exchange. E-mini®
S&P 500® futures contracts are U.S. dollar-denominated futures contracts based on the S&P 500® Index. The S&P 500® Index consists
of stocks of 500 companies selected to provide a performance benchmark for the large market capitalization segment of the U.S. equity
markets. For additional information about the S&P 500® Futures Excess Return Index, see “Equity Futures Index Descriptions — The
S&P 500® Futures Excess Return Index” in the accompanying underlying supplement.
The EURO STOXX 50® Index is a free-float market capitalization-weighted index composed of 50 of the largest stocks in terms of free-
float market capitalization traded on the major exchanges of 11 Eurozone countries: Austria, Belgium, Finland, France, Germany,
Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The EURO STOXX 50® Index and STOXX® are the intellectual
property (including registered trademarks) of STOXX Limited 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.
The TOPIX® Index, also known as the Tokyo Stock Price Index, is a free float-adjusted market capitalization-weighted index of common
stocks listed on the Tokyo Stock Exchange, Inc. covering an extensive portion of the Japanese stock market. For additional information
about the TOPIX® Index, see “Equity Index Descriptions — The TOPIX® Index” in the accompanying underlying supplement.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market
performance of the large- and mid-cap segments of global emerging markets. For additional information about the MSCI Emerging
Markets Index, see “Equity Index Descriptions — The MSCI Indices” in the accompanying underlying supplement.
The FTSE® 100 Index measures the composite price performance of stocks of the 100 largest U.K. companies (determined on the
basis of market capitalization) traded on the London Stock Exchange. For additional information about the FTSE® 100 Index, see
“Equity Index Descriptions — The FTSE® 100 Index” in the accompanying underlying supplement.
The Swiss Market Index (“SMI®”) is a free float-adjusted market capitalization-weighted price return index of the Swiss equity market.
The SMI® comprises the 20 most highly capitalized and liquid stocks of the Swiss Performance Index®. For additional information about
the Swiss Market Index, see “Equity Index Descriptions — The Swiss Market Index” in the accompanying underlying supplement.
The S&P/ASX 200 Index is designed to be the primary gauge for the Australian equity market, and it is recognized as an investable
benchmark in Australia. The S&P/ASX 200 Index measures the performance of the 200 largest and most liquid index-eligible stocks
listed on the Australian Securities Exchange by float-adjusted market capitalization. For additional information about the S&P/ASX 200
Index, see “Equity Index Descriptions — The S&P/ASX 200 Index” in the accompanying underlying supplement.
Historical Information
The following graphs set forth the historical performance of the Basket as a whole, as well as each Index, based on the weekly
historical closing levels from January 8, 2021 through May 29, 2026. The graph of the historical performance of the Basket assumes
that the closing level of the Basket on January 8, 2021 was 100 and that the weights of the Indices were as specified under “Key Terms
— Basket” in this pricing supplement on that date. The closing level of the S&P 500® Futures Excess Return Index on June 4, 2026
was 610.04. The closing level of the EURO STOXX 50® Index on June 4, 2026 was 6,103.33. The closing level of the TOPIX® Index
on June 4, 2026 was 3,951.85. The closing level of the MSCI Emerging Markets Index on June 4, 2026 was 1,759.07. The closing
level of the FTSE® 100 Index on June 4, 2026 was 10,360.32. The closing level of the Swiss Market Index on June 4, 2026 was
13,341.27. The closing level of the S&P/ASX 200 Index on June 4, 2026 was 8,686.134. We obtained the closing levels of the Indices
above and below from the Bloomberg Professional® service (“Bloomberg”), without independent verification.
The historical closing levels of the Basket and the Indices should not be taken as an indication of future performance, and no assurance
can be given as to the closing level of the Basket on the Observation Date or the closing levels of the Indices on the Pricing Date or the

PS-10 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
Observation Date. There can be no assurance that the performance of the Basket will result in the return of any of your principal
amount.

PS-11 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index

PS-12 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index

PS-13 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
Tax Treatment
You should review carefully the section entitled “United States Federal Taxation” in the accompanying prospectus supplement. 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 “United States Federal Taxation — Tax
Consequences to U.S. Holders — Program Securities Treated as Prepaid Financial Contracts That are Open Transactions” in the
accompanying prospectus 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

PS-14 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
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.
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.
The estimated value of the notes does not represent future values of the notes and may differ from others’ estimates. Different pricing
models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes. In
addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On
future dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our or
JPMorgan Chase & Co.’s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at
which JPMS would be willing to buy notes from you in secondary market transactions.
The estimated value of the notes will be lower than the original issue price of the notes because costs associated with selling,
structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions
paid to JPMS and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming
risks inherent in hedging our obligations under the notes, the estimated cost of hedging our obligations under the notes and the fees, if
any, paid for third-party data analytics and/or electronic platform services. 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 Will Be 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

PS-15 | Structured Investments
Uncapped Dual Directional Buffered Return Enhanced Notes Linked to an
Unequally Weighted Basket Consisting of the S&P 500® Futures Excess
Return Index, the EURO STOXX 50® Index, the TOPIX® Index, the MSCI
Emerging Markets Index, the FTSE® 100 Index, the Swiss Market Index and
the S&P/ASX 200 Index
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, our internal secondary market funding rates for
structured debt issuances and the fees paid for third-party data analytics and/or electronic platform services. 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 Basket” 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, plus the fees, if any, paid
for third-party data analytics and/or electronic platform services.
Additional Terms Specific to the Notes
You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable
agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any
changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase.
You may also choose to reject such changes, in which case we may reject your offer to purchase.
You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying
prospectus supplement relating to our Series A medium-term notes of which these notes are a part, and the more detailed information
contained in the accompanying product supplement and the accompanying underlying supplement. This pricing supplement, together
with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as
well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among
other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying
product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your
investment, legal, tax, accounting and other advisers before you invest in the notes.
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. 3-I dated April 17, 2026:
http://www.sec.gov/Archives/edgar/data/19617/000121390026045198/ea0285802-20_424b2.pdf
• Underlying supplement no. 1-I dated April 17, 2026:
http://www.sec.gov/Archives/edgar/data/19617/000121390026045209/ea0285802-11_424b2.pdf
• Prospectus supplement and prospectus, each dated April 17, 2026:
http://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.pdf
Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing
supplement, “we,” “us” and “our” refer to JPMorgan Financial.