JPMorgan issues dual directional buffered stock-linked notes

JPMorgan Chase Financial Company LLC is issuing $133,000 of Auto Callable Dual Directional Buffered Return Enhanced Notes linked to the least performing of Microsoft, Micron Technology and Alphabet Class A, due August 2, 2029.

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is issuing $133,000 of Auto Callable Dual Directional Buffered Return Enhanced Notes linked to the least performing of Microsoft, Micron Technology and Alphabet Class A, due August 2, 2029. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.

The notes may be automatically called on July 28, 2027 if each stock is at or above 80.00% of its Initial Value, paying $1,470 per $1,000 note (a $470 Call Premium Amount). If not called and all Final Values exceed Initial Values, maturity payment is $1,000 plus 1.50× the least-performing stock’s appreciation.

If the notes are not called and the least-performing stock is flat or down by up to the 30.00% Buffer Amount, investors receive a positive, uncapped “dual directional” payoff equal to the absolute percentage move, capped at $1,300 per $1,000 note for negative returns. If any stock falls by more than 30%, principal is reduced 1% for each 1% drop beyond the buffer, with a minimum repayment of $300 per $1,000 note. The notes pay no interest, provide no dividends or stockholder rights, have an estimated value of $906.40 per $1,000 at pricing, and are subject to the credit risk of both JPMorgan Chase Financial and JPMorgan Chase & Co.

Key Figures

Offering size: $133,000 Issue price per note: $1,000 Selling commission: $32.50 +5 more

8 metrics

Offering size $133,000 Total principal amount of notes issued

Issue price per note $1,000 Price to public per $1,000 principal amount note

Selling commission $32.50 Per $1,000 principal amount note

Proceeds to issuer $967.50 Net per $1,000 principal amount note

Estimated value at pricing $906.40 Per $1,000 principal amount note when terms were set

Call Premium Amount $470.00 Additional amount paid on automatic call per $1,000 note

Upside Leverage Factor 1.50 Multiplier on appreciation of least-performing stock at maturity

Buffer Amount 30.00% Protected downside range on the least-performing stock

Key Terms

Upside Leverage Factor, Buffer Amount, Least Performing Reference Stock, Automatic Call, +2 more

6 terms

Upside Leverage Factor financial

"an Upside Leverage Factor of 1.50"

Buffer Amount financial

"a Buffer Amount of 30.00%"

Least Performing Reference Stock financial

"the Absolute Stock Return of the Least Performing Reference Stock"

Automatic Call financial

"The notes will be automatically called on the Call Settlement Date"

An automatic call is a feature of certain bonds or structured notes that forces the issuer to repay the investment early if a preset condition—usually the price of a stock or index—meets or exceeds a set level on a review date. For investors it matters because it can end the investment sooner than expected, locking in a defined payout but also creating reinvestment risk and changing the timing of returns much like an appliance that turns itself off when it reaches a set temperature.

Acceleration Event financial

"We May Accelerate Your Notes If an Acceleration Event Occurs"

Estimated value of the notes financial

"The estimated value of the notes, when the terms of the notes were set"

Offering Details

shelf

Offering

Offering Type shelf

FAQ

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

What is JPM (JPMorgan Chase Financial)’s new structured note offering described here?

JPMorgan Chase Financial is issuing Auto Callable Dual Directional Buffered Return Enhanced Notes linked to Microsoft, Micron Technology and Alphabet Class A, maturing August 2, 2029, with a total offering size of $133,000 and a minimum denomination of $1,000 per note.

How does the automatic call feature work on this JPM structured note (JPM)?

The notes auto-call on July 28, 2027 if each stock is at or above 80.00% of its Initial Value, paying $1,470 per $1,000 note (principal plus a $470 Call Premium Amount). After an automatic call, no further payments are made.

What is the downside risk on JPM’s dual directional buffered notes (JPM)?

If not called and any reference stock falls more than the 30.00% Buffer Amount, repayment is $1,000 plus the least-performing stock return plus 30%. Investors can lose up to 70.00% of principal, receiving as little as $300 per $1,000 note at maturity.

What upside does the JPM structured note (JPM) offer if not automatically called?

If all Final Values exceed Initial Values, maturity payment is $1,000 plus 1.50× the least-performing stock’s gain. If all are flat or within the 30.00% buffer, investors receive the absolute move of the least-performing stock, capped at $1,300 per $1,000 note for negative returns.

What are the pricing and fees for JPM’s buffered return notes (JPM)?

Each note is issued at $1,000, with selling commissions of $32.50 and proceeds to the issuer of $967.50 per note. The initial estimated value is $906.40 per $1,000 note, reflecting selling, structuring and hedging costs embedded in the price.

What credit and liquidity characteristics do these JPM notes (JPM) have?

The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully guaranteed by JPMorgan Chase & Co., and will not be listed on any exchange. Secondary market prices, if any, are expected to be below the $1,000 issue price and depend on JPMS’s willingness to trade.

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

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Available on EDGAR 08/12/2026 - 11:43 AM Accepted by SEC EDGAR 07/30/2026 - 04:59 PM Learn about SEC filing dates

July 28, 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 and the prospectus and prospectus supplement, each dated April 17, 2026
JPMorgan Chase Financial Company LLC
Structured Investments
$133,000
Auto Callable Dual Directional Buffered Return Enhanced
Notes Linked to the Least Performing of the Common Stock
of Microsoft Corporation, the Common Stock of Micron
Technology, Inc. and the Class A Common Stock of Alphabet
Inc. due August 2, 2029
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
• The notes are designed for investors who seek early exit prior to maturity at a premium if, on the Review Date, the
closing price of one share of each Reference Stock is at or above its Call Value.
• The date on which an automatic call may be initiated is July 28, 2027.
• The notes are also designed for investors who seek an uncapped return of 1.50 times any appreciation, or a capped,
unleveraged return equal to the absolute value of any depreciation (up to the Buffer Amount of 30.00%), of the least
performing of the Reference Stocks at maturity, if the notes have not been automatically called.
• Investors should be willing to forgo interest and dividend payments and be willing to lose up to 70.00% 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 Reference Stocks. Payments on the notes are linked
to the performance of each of the Reference Stocks individually, as described below.
• Minimum denominations of $1,000 and integral multiples thereof
• The notes priced on July 28, 2026 and are expected to settle on or about July 31, 2026.
• CUSIP: 46661CLX2
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,
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
$32.50
$967.50
Total
$133,000
$4,322.50
$128,677.50
(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 $32.50 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 $906.40 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
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
Key Terms
Issuer: JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Reference Stocks: As specified under “Key Terms Relating to
the Reference Stocks” in this pricing supplement
Call Premium Amount: $470.00 per $1,000 principal amount
note
Call Value: With respect to each Reference Stock, 80.00% of
its Initial Value
Upside Leverage Factor: 1.50
Buffer Amount: 30.00%
Pricing Date: July 28, 2026
Original Issue Date (Settlement Date): On or about July 31,
2026
Review Date*: July 28, 2027
Call Settlement Date*: August 2, 2027
Observation Date*: July 30, 2029
Maturity Date*: August 2, 2029
* 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
Automatic Call:
If the closing price of one share of each Reference Stock on the
Review Date is greater than or equal to its Call Value, the notes
will be automatically called for a cash payment, for each $1,000
principal amount note, equal to (a) $1,000 plus (b) the Call
Premium Amount, payable on the Call Settlement Date. No
further payments will be made on the notes.
If the notes are automatically called, you will not benefit from the
Upside Leverage Factor that applies to the payment at maturity if
the Final Value of each Reference Stock is greater than its Initial
Value or the absolute return feature that applies to the payment
at maturity if the Final Value of the Least Performing Reference
Stock is equal to or less than its Initial Value by up to the Buffer
Amount. Because these features do not apply to the payment
upon an automatic call, the payment upon an automatic call may
be significantly less than the payment at maturity for the same
level of change in the Least Performing Reference Stock.
Payment at Maturity:
If the notes have not been automatically called and the Final Value
of each Reference Stock 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 Stock Return × Upside
Leverage Factor)
If the notes have not been automatically called and (i) the Final
Value of one or more Reference Stocks is greater than its Initial
Value and the Final Value of the other Reference Stock or
Reference Stocks 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
Reference Stock is equal to its Initial Value or is less than its Initial
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 Stock Return of the Least Performing
Reference Stock)
This payout formula results in an effective cap of 30.00% on your
return at maturity if the Least Performing Stock Return is negative.
Under these limited circumstances, your maximum payment at
maturity is $1,300.00 per $1,000 principal amount note.
If the notes have not been automatically called and the Final Value
of any Reference Stock 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 Stock Return + Buffer
Amount)]
If the notes have not been automatically called and the Final Value
of any Reference Stock is less than its Initial Value by more than
the Buffer Amount, you will lose some or most of your principal
amount at maturity.
Absolute Stock Return: With respect to each Reference Stock,
the absolute value of its Stock Return. For example, if the Stock
Return of a Reference Stock is -5%, its Absolute Stock Return will
equal 5%.
Least Performing Reference Stock: The Reference Stock with
the Least Performing Stock Return
Least Performing Stock Return: The lowest of the Stock Returns
of the Reference Stocks
Stock Return: With respect to each Reference Stock,
(Final Value – Initial Value)
Initial Value
Initial Value: With respect to each Reference Stock, the closing
price of one share of that Reference Stock on the Pricing Date, as
specified under “Key Terms Relating to the Reference Stocks” in
this pricing supplement
Final Value: With respect to each Reference Stock, the closing
price of one share of that Reference Stock on the Observation Date
Stock Adjustment Factor: With respect to each Reference Stock,
the Stock Adjustment Factor is referenced in determining the
closing price of one share of that Reference Stock and is set equal
to 1.0 on the Pricing Date. The Stock Adjustment Factor of each
Reference Stock is subject to adjustment upon the occurrence of
certain corporate events affecting that Reference Stock. See “The
Underlyings — Reference Stocks — Anti-Dilution Adjustments” and
“The Underlyings — Reference Stocks — Reorganization Events”
in the accompanying product supplement for further information.

PS-2 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
Key Terms Relating to the Reference Stocks
Reference Stock
Bloomberg
Ticker Symbol
Initial Value
Common stock of Microsoft Corporation, par value $0.00000625 per share
MSFT
$393.35
Common stock of Micron Technology, Inc., par value $0.10 per share
MU
$820.53
Class A common stock of Alphabet Inc., par value $0.001 per share
GOOGL
$333.71
Hypothetical Payout Profile
Payment upon an Automatic Call
Payment at Maturity If the Notes Have Not Been Automatically Called
The notes will be automatically called on the Call Settlement Date and you will receive
(a) $1,000 plus (b) the Call Premium Amount.
No further payments will be made on the notes.
Compare the closing price of one share of each Reference Stock to its Call Value on the Review Date.
Review Date
Automatic Call
The closing price of one
share of each Reference
Stock is greater than or
equal to its Call Value.
The closing price of one
share of any Reference
Stock is less than its
Call Value.
Call
Value
The notes will not be automatically called. Proceed to the Observation Date.
No Automatic Call
Review Date
You will receive:
$1,000 + ($1,000 ×Least Performing Stock
Return ×Upside Leverage Factor)
The notes have not been
automatically called.
Proceed to the payment
at maturity.
Observation Date Payment at Maturity
The Final Value of each Reference Stock is greater than its
Initial Value.
You will receive:
$1,000 + [$1,000 ×(Least Performing
Stock Return + Buffer Amount)]
Under these circumstances, you will lose
some or most of your principal amount at
maturity.
(i) The Final Value of one or more Reference Stocks is
greater than its Initial Value and the Final Value of the
other Reference Stock or Reference Stocks 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 Reference
Stock is equal to its Initial Value or is less than its Initial
Value by up to the Buffer Amount.
The Final Value of any Reference Stock is less than its
Initial Value by more than the Buffer Amount.
You will receive:
$1,000 + ($1,000 × Absolute Stock Return
of the Least Performing Reference Stock)

PS-3 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
Call Premium Amount
The Call Premium Amount per $1,000 principal amount note if the notes are automatically called is $470.00.
Payment at Maturity If the Notes Have Not Been Automatically Called
The following table illustrates the hypothetical total return and payment at maturity on the notes linked to three hypothetical Reference
Stocks if the notes have not been automatically called. 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:
• the notes have not been automatically called;
• an Initial Value for the Least Performing Reference Stock of $100.00;
• an Upside Leverage Factor of 1.50; and
• a Buffer Amount of 30.00%.
The hypothetical Initial Value of the Least Performing Reference Stock of $100.00 has been chosen for illustrative purposes only and
does not represent the actual Initial Value of any Reference Stock. The actual Initial Value of each Reference Stock is the closing price
of one share of that Reference Stock on the Pricing Date and is specified under “Key Terms Relating to the Reference Stocks” in this
pricing supplement. For historical data regarding the actual closing prices of one share of each Reference Stock, please see the
historical information set forth under “The Reference Stocks” 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 have
been rounded for ease of analysis.
Final Value of the Least
Performing Reference Stock
Least Performing Stock
Return
Absolute Stock Return of
the Least Performing
Reference Stock
Total Return on the
Notes
Payment at Maturity
$165.00
65.00%
N/A
97.50%
$1,975.00
$150.00
50.00%
N/A
75.00%
$1,750.00
$140.00
40.00%
N/A
60.00%
$1,600.00
$130.00
30.00%
N/A
45.00%
$1,450.00
$120.00
20.00%
N/A
30.00%
$1,300.00
$110.00
10.00%
N/A
15.00%
$1,150.00
$105.00
5.00%
N/A
7.50%
$1,075.00
$101.00
1.00%
N/A
1.50%
$1,015.00
$100.00
0.00%
0.00%
0.00%
$1,000.00
$95.00
-5.00%
5.00%
5.00%
$1,050.00
$90.00
-10.00%
10.00%
10.00%
$1,100.00
$80.00
-20.00%
20.00%
20.00%
$1,200.00
$70.00
-30.00%
30.00%
30.00%
$1,300.00
$60.00
-40.00%
N/A
-10.00%
$900.00
$50.00
-50.00%
N/A
-20.00%
$800.00
$40.00
-60.00%
N/A
-30.00%
$700.00
$30.00
-70.00%
N/A
-40.00%
$600.00
$20.00
-80.00%
N/A
-50.00%
$500.00
$10.00
-90.00%
N/A
-60.00%
$400.00
$0.00
-100.00%
N/A
-70.00%
$300.00

PS-4 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
How the Notes Work
Upside Scenario If Automatic Call:
If the closing price of one share of each Reference Stock on the Review Date is greater than or equal to its Call Value, the notes will be
automatically called and investors will receive on the Call Settlement Date the $1,000 principal amount plus the Call Premium Amount
of $470.00. No further payments will be made on the notes.
• If the closing price of one share of the least performing of the Reference Stocks increases 65.00% as of the Review Date, the
notes will be automatically called and investors will receive a return equal to 47.00%, or $1,470.00 per $1,000 principal amount
note.
Least Performing Reference Stock Appreciation Upside Scenario If No Automatic Call:
If the notes have not been automatically called and the Final Value of each Reference Stock is greater than its Initial Value, investors
will receive at maturity the $1,000 principal amount plus a return equal to the Least Performing Stock Return times the Upside Leverage
Factor of 1.50.
• If the notes have not been automatically called and the closing price of one share of the Least Performing Reference Stock
increases 5.00%, investors will receive at maturity a return equal to 7.50%, or $1,075.00 per $1,000 principal amount note.
Least Performing Reference Stock Par or Reference Stock Depreciation Upside Scenario If No Automatic Call:
If the notes have not been automatically called and (i) the Final Value of one or more Reference Stocks is greater than its Initial Value
and the Final Value of the other Reference Stock or Reference Stocks is equal to its Initial Value or is less than its Initial Value by up to
the Buffer Amount of 30.00% or (ii) the Final Value of each Reference Stock is equal to its Initial Value or is less than its Initial Value by
up to the Buffer Amount of 30.00%, investors will receive at maturity the $1,000 principal amount plus a return equal to the Absolute
Stock Return of the Least Performing Reference Stock.
• For example, if the notes have not been automatically called and the closing price of one share of the Least Performing Reference
Stock 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 notes have not been automatically called and the Final Value of any Reference Stock is less than its Initial Value by more than the
Buffer Amount of 30.00%, investors will lose 1% of the principal amount of their notes for every 1% that the Final Value of the Least
Performing Reference Stock is less than its Initial Value by more than the Buffer Amount.
• For example, if the notes have not been automatically called and the closing price of one share of the Least Performing Reference
Stock declines 60.00%, investors will lose 30.00% of their principal amount and receive only $700.00 per $1,000 principal amount
note at maturity, calculated as follows:
$1,000 + [$1,000 × (-60.00% + 30.00%)] = $700.00
The hypothetical returns and hypothetical payments on the notes shown above apply only if you hold the notes for their entire term
or until automatically called. These hypotheticals do not reflect the fees or expenses that would be associated with any sale in the
secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payments shown above would
likely be lower.
Selected Risk Considerations
An investment in the notes involves significant risks. These risks are explained in more detail in the “Risk Factors” sections of the
accompanying prospectus supplement and product supplement.
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 notes have not been automatically called and the Final Value of any
Reference Stock is less than its Initial Value by more than 30.00%, you will lose 1% of the principal amount of your notes for every
1% that the Final Value of the Least Performing Reference Stock is less than its Initial Value by more than 30.00%. Accordingly,
under these circumstances, you will lose up to 70.00% of your principal amount at maturity.

PS-5 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
• YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE BUFFER AMOUNT IF THE LEAST PERFORMING STOCK
RETURN IS NEGATIVE AND THE NOTES HAVE NOT BEEN AUTOMATICALLY CALLED —
Assuming the notes have not been automatically called, because the payment at maturity will not reflect the Absolute Stock Return
of the Least Performing Reference Stock if the Final Value of the Least Performing Reference Stock is less than its Initial Value by
more than the Buffer Amount, the Buffer Amount is effectively a cap on your return at maturity if the Least Performing Stock Return
is negative. Assuming the notes have not been automatically called, the maximum payment at maturity if the Least Performing
Stock Return is negative is $1,300.00 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.
• IF THE NOTES ARE AUTOMATICALLY CALLED, THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO THE
CALL PREMIUM AMOUNT PAID ON THE NOTES,
regardless of any appreciation of any Reference Stock, which may be significant. In addition, if the notes are automatically called,
you will not benefit from the Upside Leverage Factor that applies to the payment at maturity if the Final Value of each Reference
Stock is greater than its Initial Value or the absolute return feature that applies to the payment at maturity if the Final Value of the
Least Performing Reference Stock is equal to or less than its Initial Value by up to the Buffer Amount. Because these features do
not apply to the payment upon an automatic call, the payment upon an automatic call may be significantly less than the payment at
maturity for the same level of change in the Least Performing Reference Stock.
• YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE PRICE OF ONE SHARE OF EACH REFERENCE STOCK —
Payments on the notes are not linked to a basket composed of the Reference Stocks and are contingent upon the performance of
each individual Reference Stock. Poor performance by any of the Reference Stocks over the term of the notes may result in the
notes not being automatically called on the Review Date, may negatively affect your payment at maturity and will not be offset or
mitigated by positive performance by any other Reference Stock.
• YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LEAST PERFORMING REFERENCE STOCK.
• THE AUTOMATIC CALL FEATURE MAY FORCE A POTENTIAL EARLY EXIT —
If your notes are automatically called, the term of the notes may be reduced to as short as approximately one year. There is no
guarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar
level of risk. Even in cases where the notes are called before maturity, you are not entitled to any fees and commissions described
on the front cover of this pricing supplement.
• THE NOTES DO NOT PAY INTEREST.

PS-6 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
• YOU WILL NOT RECEIVE DIVIDENDS ON ANY REFERENCE STOCK OR HAVE ANY RIGHTS WITH RESPECT TO ANY
REFERENCE STOCK.
• 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 a Reference Stock is no longer listed or admitted to
trading on its relevant exchange and the calculation agent determines, in its sole discretion, that no Replacement Reference Stock
(as defined in the accompanying product supplement) is available. 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 “The Underlyings —
Reference Stocks — Delisting of a Reference Stock or Nationalization of a Reference Stock Issuer” 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.
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 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, 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-7 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
• 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 prices of one share of the Reference Stocks. 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 Reference Stocks
• NO AFFILIATION WITH ANY REFERENCE STOCK ISSUER —
We have not independently verified any of the information about any Reference Stock issuer contained in this pricing supplement.
You should undertake your own investigation into each Reference Stock and its issuer. We are not responsible for any Reference
Stock issuer’s public disclosure of information, whether contained in SEC filings or otherwise.
• THE ANTI-DILUTION PROTECTION FOR EACH REFERENCE STOCK IS LIMITED AND MAY BE DISCRETIONARY —
The calculation agent will not make an adjustment in response to all events that could affect a Reference Stock. The calculation
agent may make adjustments in response to events that are not described in the accompanying product supplement to account for
any diluting or concentrative effect, but the calculation agent is under no obligation to do so or to consider your interests as a
holder of the notes in making these determinations.

PS-8 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
The Reference Stocks
All information contained herein on the Reference Stocks and on the Reference Stock issuers is derived from publicly available
sources, without independent verification. Each Reference Stock is registered under the Securities Exchange Act of 1934, as
amended, which we refer to as the Exchange Act, and is listed on the exchange provided in the table below, which we refer to as the
relevant exchange for purposes of that Reference Stock in the accompanying product supplement. Information provided to or filed with
the SEC by a Reference Stock issuer pursuant to the Exchange Act can be located by reference to the SEC file number provided in the
table below, and can be accessed through www.sec.gov. We do not make any representation that these publicly available documents
are accurate or complete. We obtained the closing prices below from the Bloomberg Professional® service (“Bloomberg”), without
independent verification.
Reference Stock
Bloomberg
Ticker Symbol
Relevant Exchange
SEC File
Number
Closing Price on
July 28, 2026
Common stock of Microsoft Corporation, par value
$0.00000625 per share
MSFT
The Nasdaq Stock
Market
001-37845
$393.35
Common stock of Micron Technology, Inc., par value
$0.10 per share
MU
The Nasdaq Stock
Market
001-10658
$820.53
Class A common stock of Alphabet Inc., par value
$0.001 per share
GOOGL
The Nasdaq Stock
Market
001-37580
$333.71
According to publicly available filings of the relevant Reference Stock issuer with the SEC:
• Microsoft Corporation is a technology company that develops and supports software, services, devices and solutions.
• Micron Technology, Inc. designs, develops and manufactures memory and storage products.
• Alphabet Inc. is a collection of businesses, the largest of which is Google, which (i) offers products and platforms through
which it generates revenues primarily by delivering both performance advertising and brand advertising and (ii) provides cloud
services to businesses.
Historical Information
The following graphs set forth the historical performance of each Reference Stock based on the weekly historical closing prices of one
share of that Reference Stock from January 8, 2021 through July 24, 2026. The closing prices above and below may have been
adjusted by Bloomberg for corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and
bankruptcy.
The historical closing prices of one share of each Reference Stock should not be taken as an indication of future performance, and no
assurance can be given as to the closing price of one share of any Reference Stock on the Review Date or the Observation Date.
There can be no assurance that the performance of the Reference Stocks will result in the return of any of your principal amount in
excess of $300.00 per $1,000 principal amount note, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.

PS-9 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
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
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

PS-10 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
to the “constructive ownership” regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary
income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates,
any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the
tax consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax adviser regarding the
U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments and the issues presented
by this notice.
Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding
tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain
financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this
withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable
Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January
1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal
income tax purposes (each an “Underlying Security”). Based on certain determinations made by us, our special tax counsel is of the
opinion that Section 871(m) should not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on the
IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular
circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax
adviser regarding the potential application of Section 871(m) to the notes.
The Estimated Value of the Notes
The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following
hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding
rate described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the
notes does not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at
any time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied
funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference
may be based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance,
operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income
instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove
to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal
funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market
prices of the notes. For additional information, see “Selected Risk Considerations — 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 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, 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

PS-11 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
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, 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 Reference Stocks” 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.
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 (x)(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
or (y) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal
amount upon acceleration of the notes to the extent determined to constitute unearned interest. 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, except that such counsel expresses no opinion as to (i) any law, rule or regulation that is applicable to
JPMorgan Financial or JPMorgan Chase & Co., the indenture, the notes, the related guarantee (together with the indenture and the
notes, the “Documents”) or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any
party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate or (ii) any law,
rule or regulation relating to national security. In addition, this opinion is subject to customary assumptions about the trustee’s
authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature and
enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2026, which was

PS-12 | Structured Investments
Auto Callable Dual Directional Buffered Return Enhanced Notes Linked to
the Least Performing of the Common Stock of Microsoft Corporation, the
Common Stock of Micron Technology, Inc. and the Class A Common Stock
of Alphabet Inc.
filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24,
2026.
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, and the more detailed information
contained in the accompanying product 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
• 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.