JPMorgan launches capped auto-call notes tied to GDX/XLY/EFA

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering Capped Auto Callable Dual Directional Barrier Notes linked to the least performing of the VanEck® Gold Miners ETF (GDX), the State Street® Consumer Discretionary Select Sector SPDR® ETF (XLY) and the iShares® MSCI EAFE ETF (EFA). The notes have a Pricing Date on or about May 11, 2026, original issue (settlement) on or about May 13, 2026 and a scheduled maturity of May 16, 2029. The notes are unsecured obligations of JPMorgan Chase Financial and fully and unconditionally guaranteed by JPMorgan Chase & Co.

The structure features an automatic call test on the Review Date (May 17, 2027) that pays principal plus a Call Premium (not less than $270 per $1,000) if each Fund is at or above its Call Value (95% of Initial Value). If not called, maturity payoffs depend on the Least Performing Fund Return with a Maximum Upside Return of 60.00%, an Absolute Return Barrier of 60.00% and a Barrier Amount of 55.00%. The estimated value at issue is approximately $945.20 per $1,000 (will not be less than $900.00).

Insights

Structured Products Strategist

Security mixes capped upside, downside barriers and an early-call feature tied to three ETFs.

The notes combine an auto-call provision with asymmetric payoff mechanics: capped upside (60.00%) if the least performing Fund appreciates, and an absolute-return feature that can deliver a capped positive payment if declines remain above an Absolute Return Barrier (60.00% of Initial Value).

Primary dependencies include the closing prices of GDX, XLY and EFA on specified dates, and issuer/guarantor creditworthiness. Pricing assumptions (estimated value ~$945.20) reflect hedging and issuer internal funding inputs; secondary market liquidity is limited and may trade below issue price.

Fixed Income Risk Analyst

Credit and liquidity risks are central to investor outcomes.

Payments depend on JPMorgan Financial and guarantor JPMorgan Chase & Co. credit; defaults would jeopardize all payments. The notes are not FDIC insured and are unsecured and unsubordinated obligations.

Secondary market prices will likely be lower than original issue price due to embedded costs and internal funding rates; prospective buyers should treat the notes as buy-and-hold absent a demonstrated secondary market.

Key Figures

Estimated value at pricing: $945.20 per $1,000 Minimum estimated value guarantee: $900.00 per $1,000 Call Premium Amount (minimum): $270.00 per $1,000 +5 more

8 metrics

Estimated value at pricing $945.20 per $1,000 If the notes priced on the cover date

Minimum estimated value guarantee $900.00 per $1,000 Estimated value will not be less than this when terms are set

Call Premium Amount (minimum) $270.00 per $1,000 Will be provided in pricing supplement; not less than $270

Maximum Upside Return 60.00% Cap on positive Least Performing Fund Return if not called

Absolute Return Barrier 60.00% of Initial Value If Final Value ≥ 60% and ≤ Initial Value, absolute-return payoff applies

Barrier Amount 55.00% of Initial Value If Final Value < 55% of Initial Value, principal is at risk

Pricing & Settlement Dates May 11, 2026 / May 13, 2026 Pricing date and expected settlement date

Maturity Date May 16, 2029 Scheduled observation/maturity date

Key Terms

Call Premium Amount, Absolute Return Barrier, Share Adjustment Factor, Estimated value, +1 more

5 terms

Call Premium Amount financial

"Call Premium Amount: At least $270.00 per $1,000 principal amount note"

Absolute Return Barrier financial

"Absolute Return Barrier: With respect to each Fund, 60.00% of its Initial Value"

Share Adjustment Factor technical

"Share Adjustment Factor: With respect to each Fund, the Share Adjustment Factor is referenced"

Estimated value financial

"If the notes priced today, the estimated value of the notes would be approximately $945.20"

Section 871(m) regulatory

"Section 871(m) of the Code and Treasury regulations promulgated thereunder generally impose a 30% withholding tax"

A U.S. tax rule that treats certain payments from financial contracts (like options, swaps, and other instruments that mimic stock dividends) to non-U.S. investors as if they were direct dividends, requiring U.S. withholding tax. It matters to investors because it can reduce net returns on offshore trades that replicate U.S. equity income and may change pricing or counterparty behavior—think of it as a hidden sales tax that applies when a substitute payment acts like a dividend.

Offering Details

primary

Offering

Offering Type primary

Use of Proceeds To meet investor demand for products reflecting the notes' risk-return profile; original issue price equals estimated value plus selling and hedging costs

FAQ

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

What are the key dates for the JPM structured notes (JPM)?

Pricing is expected on or about May 11, 2026, settlement on or about May 13, 2026, the Review Date is May 17, 2027, and scheduled maturity is May 16, 2029. These dates determine call and payoff tests.

How does the automatic call work for these JPM notes?

If on the Review Date each Fund's closing price is at or above its Call Value (95.00% of Initial Value), the notes are automatically called and pay $1,000 plus a Call Premium of at least $270 per $1,000 on the Call Settlement Date.

What is the maximum payout and capped upside at maturity?

If not called and the Least Performing Fund Return is positive, the Maximum Upside Return is 60.00%, producing up to $1,600.00 per $1,000 at maturity. The maximum is subject to the call feature and other terms.

What downside protections and barriers apply to these notes?

There is an Absolute Return Barrier at 60.00% of Initial Value and a Barrier Amount at 55.00%. If the Least Performing Fund falls below the Barrier Amount, investors lose 1% of principal per 1% decline.

What estimated value should investors expect at issuance?

The estimated value at pricing is approximately $945.20 per $1,000 principal amount and will not be less than $900.00 per $1,000; the original issue price will exceed this estimated value due to selling and hedging costs.

Who bears the credit and liquidity risk for these notes?

Investors bear credit risk of JPMorgan Chase Financial (issuer) and the guarantor JPMorgan Chase & Co.. The notes are not listed and secondary market liquidity may be limited.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 05/07/2026 - 08:15 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 May 7, 2026
May , 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
Capped Auto Callable Dual Directional Barrier Notes Linked
to the Least Performing of the VanEck® Gold Miners ETF, the
State Street® Consumer Discretionary Select Sector SPDR®
ETF and the iShares® MSCI EAFE ETF due May 16, 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 of the VanEck® Gold Miners ETF, the State Street® Consumer Discretionary Select
Sector SPDR® ETF and the iShares® MSCI EAFE ETF, which we refer to as the Funds, is at or above its Call Value.
● The date on which an automatic call may be initiated is May 17, 2027.
● The notes are also designed for investors who seek a capped, unleveraged exposure to any appreciation (with a
Maximum Upside Return of 60.00%) of the least performing of the Funds at maturity or a capped, unleveraged return
equal to the absolute value of any depreciation of the least performing Fund (up to 40.00%) if the Final Value of each
Fund is greater than or equal to 60.00% of its Initial Value, which we refer to as an Absolute Return Barrier, and, in each
case, if the notes have not been automatically called.
● Investors should be willing to forgo interest and dividend payments and be willing to lose a significant portion or all of
their principal amount at maturity.
● The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to
as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any
payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit
risk of JPMorgan Chase & Co., as guarantor of the notes.
● Payments on the notes are not linked to a basket composed of the Funds. Payments on the notes are linked to the
performance of each of the Funds individually, as described below.
● Minimum denominations of $1,000 and integral multiples thereof
● The notes are expected to price on or about May 11, 2026 and are expected to settle on or about May 13, 2026.
● CUSIP: 46660TWM8
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-5 of this pricing supplement.
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved
of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,
underlying supplement, prospectus supplement 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 $9.50 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 $945.20 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 $900.00 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
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
Key Terms
Issuer: JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Funds: The VanEck® Gold Miners ETF (Bloomberg ticker: GDX),
the State Street® Consumer Discretionary Select Sector SPDR®
ETF (Bloomberg ticker: XLY) and the iShares® MSCI EAFE ETF
(Bloomberg ticker: EFA)
Call Premium Amount: At least $270.00 per $1,000 principal
amount note (to be provided in the pricing supplement)
Call Value: With respect to each Fund, 95.00% of its Initial Value
Maximum Upside Return: 60.00% (corresponding to a maximum
payment at maturity if the notes have not been automatically
called and the Least Performing Fund Return is positive of
$1,600.00 per $1,000 principal amount note)
Absolute Return Barrier: With respect to each Fund, 60.00% of
its Initial Value
Barrier Amount: With respect to each Fund, 55.00% of its Initial
Value
Pricing Date: On or about May 11, 2026
Original Issue Date (Settlement Date): On or about May 13,
2026
Review Date*: May 17, 2027
Call Settlement Date*: May 20, 2027
Observation Date*: May 11, 2029
Maturity Date*: May 16, 2029
Share Adjustment Factor: With respect to each Fund, the Share
Adjustment Factor is referenced in determining the closing price of
one share of that Fund and is set equal to 1.0 on the Pricing Date.
The Share Adjustment Factor of each Fund is subject to
adjustment upon the occurrence of certain events affecting that
Fund. See “The Underlyings — Funds — Anti-Dilution
Adjustments” in the accompanying product supplement for further
information.
* 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 Fund 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
feature that provides you with a return at maturity equal to the
Least Performing Fund Return (subject to the Maximum Upside
Return) if the Final Value of each Fund 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 Fund is equal to
or less than its Initial Value but greater than or equal to its Absolute
Return Barrier. 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 Fund.
Payment at Maturity:
If the notes have not been automatically called and the Final Value
of each Fund 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 Fund Return), subject to the
Maximum Upside Return
If the notes have not been automatically called and the Final Value
of any Fund is equal to or less than its Initial Value but the Final
Value of each Fund is greater than or equal to its Absolute Return
Barrier, your payment at maturity per $1,000 principal amount note
will be calculated as follows:
$1,000 + ($1,000 × Absolute Fund Return of the Least Performing
Fund)
This payout formula results in an effective cap of 40.00% on your
return at maturity if the Least Performing Fund Return is negative.
Under these limited circumstances, your maximum payment at
maturity is $1,400.00 per $1,000 principal amount note.
If the Final Value of any Fund is less than its Absolute Return
Barrier but the Final Value of each Fund is greater than or equal to
its Barrier Amount, you will receive the principal amount of your
notes at maturity.
If the notes have not been automatically called and the Final Value
of any Fund is less than its Barrier Amount, your payment at
maturity per $1,000 principal amount note will be calculated as
follows: $1,000 + ($1,000 × Least Performing Fund Return)
If the notes have not been automatically called and the Final Value
of any Fund is less than its Barrier Amount, you will lose more than
45.00% of your principal amount at maturity and could lose all of
your principal amount at maturity.
Absolute Fund Return: With respect to each Fund, the absolute
value of its Fund Return. For example, if the Fund Return of a
Fund is -5%, its Absolute Fund Return will equal 5%.
Least Performing Fund: The Fund with the Least Performing
Fund Return
Least Performing Fund Return: The lowest of the Fund Returns
of the Funds
Fund Return: With respect to each Fund,
(Final Value – Initial Value)
Initial Value
Initial Value: With respect to each Fund, the closing price of one
share of that Fund on the Pricing Date
Final Value: With respect to each Fund, the closing price of one
share of that Fund on the Observation Date

PS-2 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
Hypothetical Payout Profile
Payment upon an Automatic Call
Payment at Maturity If the Notes Have Not Been Automatically Called
Call Premium Amount
The Call Premium Amount per $1,000 principal amount note if the notes are automatically called will be provided in the pricing
supplement and will not be less than $270.00.
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 Fund to its Call Value on the Review Date.
Review Date
Automatic Call
The closing price of one
share of each Fund is
greater than or equal to
its Call Value.
The closing price of one
share of any Fund 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
Fund Return), subject to the Maximum
Upside Return
The notes have not
been automatically
called. Proceed to the
payment at maturity.
Observation Date Payment at Maturity
The Final Value of each Fund is greater than its Initial
Value.
You will receive:
$1,000 + ($1,000 ×Least Performing
Fund Return)
Under these circumstances, you will
lose a significant portion or all of your
principal amount at maturity.
The Final Value of any Fund is equal to or less than its
Initial Value but the Final Value of each Fund is greater
than or equal to its Absolute Return Barrier.
The Final Value of any Fund is less than its Barrier
Amount.
You will receive:
$1,000 + ($1,000 × Absolute Fund
Return of the Least Performing Fund)
The Final Value of any Fund is less than its Absolute
Return Barrier but the Final Value of each Fund is
greater than or equal to its Barrier Amount.
You will receive the principal amount of
your notes.

PS-3 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
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 Funds 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 Fund of $100.00;
● a Maximum Upside Return of 60.00%;
● an Absolute Return Barrier for the Least Performing Fund of $60.00 (equal to 60.00% of its hypothetical Initial Value); and
● a Barrier Amount for the Least Performing Fund of $55.00 (equal to 55.00% of its hypothetical Initial Value).
The hypothetical Initial Value of the Least Performing Fund of $100.00 has been chosen for illustrative purposes only and may not
represent a likely actual Initial Value of any Fund. The actual Initial Value of each Fund will be the closing price of one share of that
Fund on the Pricing Date and will be provided in the pricing supplement. For historical data regarding the actual closing prices of one
share of each Fund, please see the historical information set forth under “The Funds” 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 Fund
Least Performing Fund
Return
Absolute Fund Return of
the Least Performing Fund
Total Return on the
Notes
Payment at Maturity
$180.00
80.00%
N/A
60.00%
$1,600.00
$165.00
65.00%
N/A
60.00%
$1,600.00
$160.00
60.00%
N/A
60.00%
$1,600.00
$150.00
50.00%
N/A
50.00%
$1,500.00
$140.00
40.00%
N/A
40.00%
$1,400.00
$130.00
30.00%
N/A
30.00%
$1,300.00
$120.00
20.00%
N/A
20.00%
$1,200.00
$110.00
10.00%
N/A
10.00%
$1,100.00
$105.00
5.00%
N/A
5.00%
$1,050.00
$101.00
1.00%
N/A
1.00%
$1,010.00
$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%
40.00%
40.00%
$1,400.00
$57.50
-42.50%
N/A
0.00%
$1,000.00
$55.00
-45.00%
N/A
0.00%
$1,000.00
$54.99
-45.01%
N/A
-45.01%
$549.90
$50.00
-50.00%
N/A
-50.00%
$500.00
$40.00
-60.00%
N/A
-60.00%
$400.00
$30.00
-70.00%
N/A
-70.00%
$300.00
$20.00
-80.00%
N/A
-80.00%
$200.00
$10.00
-90.00%
N/A
-90.00%
$100.00
$0.00
-100.00%
N/A
-100.00%
$0.00

PS-4 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
How the Notes Work
Upside Scenario If Automatic Call:
If the closing price of one share of each Fund 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 at least $270.00. No further payments will be made on the notes.
● Assuming a hypothetical Call Premium Amount of $270.00, if the closing price of one share of the least performing of the Funds
increases 40.00% as of the Review Date, the notes will be automatically called and investors will receive a return equal to 27.00%,
or $1,270.00 per $1,000 principal amount note.
Least Performing Fund Appreciation Upside Scenario If No Automatic Call:
If the notes have not been automatically called and the Final Value of each Fund is greater than its Initial Value, investors will receive at
maturity the $1,000 principal amount plus a return equal to the Least Performing Fund Return, subject to the Maximum Upside Return
of 60.00%. An investor will realize the maximum upside payment at maturity if the notes have not been automatically called at a Final
Value of the Least Performing Fund of 160.00% or more of its Initial Value.
● If the notes have not been automatically called and the closing price of one share of the Least Performing Fund increases 10.00%,
investors will receive at maturity a return equal to 10.00%, or $1,100.00 per $1,000 principal amount note.
● If the notes have not been automatically called and the closing price of one share of the Least Performing Fund increases 80.00%,
investors will receive at maturity a return equal to the 60.00% Maximum Upside Return, or $1,600.00 per $1,000 principal amount
note, which is the maximum payment at maturity if the notes have not been automatically called and the Least Performing Fund
Return is positive.
Least Performing Fund Par or Least Performing Fund Depreciation Upside Scenario If No Automatic Call:
If the notes have not been automatically called and the Final Value of any Fund is equal to or less than its Initial Value but the Final
Value of each Fund is greater than or equal to its Absolute Return Barrier of 60.00% of its Initial Value, investors will receive at maturity
the $1,000 principal amount plus a return equal to the Absolute Fund Return of the Least Performing Fund.
● For example, if the closing price of one share of the Least Performing Fund declines 10.00%, investors will receive at maturity a
return equal to 10.00%, or $1,100.00 per $1,000 principal amount note.
Par Scenario:
If the notes have not been automatically called and the Final Value of any Fund is less than its Absolute Return Barrier of 60.00% of its
Initial Value but the Final Value of each Fund is greater than or equal to its Barrier Amount of 55.00% of its Initial Value, investors will
receive at maturity the principal amount of their notes.
Downside Scenario:
If the notes have not been automatically called and the Final Value of any Fund is less than its Barrier Amount of 55.00% of its Initial
Value, investors will lose 1% of the principal amount of their notes for every 1% that the Final Value of the Least Performing Fund is
less than its Initial Value.
● For example, if the notes have not been automatically called and the closing price of one share of the Least Performing Fund
declines 60.00%, investors will lose 60.00% of their principal amount and receive only $400.00 per $1,000 principal amount note at
maturity.
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.

PS-5 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
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
Fund is less than its Barrier Amount, you will lose 1% of the principal amount of your notes for every 1% that the Final Value of the
Least Performing Fund is less than its Initial Value. Accordingly, under these circumstances, you will lose more than 45.00% of
your principal amount at maturity and could lose all of your principal amount at maturity.
● YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED TO THE MAXIMUM UPSIDE RETURN IF THE NOTES HAVE NOT BEEN
AUTOMATICALLY CALLED AND THE LEAST PERFORMING FUND RETURN IS POSITIVE,
regardless of the appreciation of any Fund, which may be significant.
● YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE ABSOLUTE RETURN BARRIER IF THE NOTES HAVE NOT
BEEN AUTOMATICALLY CALLED AND THE LEAST PERFORMING FUND RETURN IS NEGATIVE —
Because the payment at maturity will not reflect the Absolute Fund Return of the Least Performing Fund if the notes have not been
automatically called and the Final Value of the Least Performing Fund is less than its Absolute Return Barrier, the Absolute Return
Barrier effectively caps your return at 40.00% at maturity if the notes have not been automatically called and the Least Performing
Fund Return is negative. The maximum payment at maturity if the Least Performing Fund Return is negative is $1,400.00 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 Fund, which may be significant. In addition, if the notes are automatically called, you will not
benefit from the feature that provides you with a return at maturity equal to the Least Performing Fund Return (subject to the
Maximum Upside Return) if the Final Value of each Fund 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 Fund is equal to or less than its Initial Value but greater than
or equal to its Absolute Return Barrier. 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
Fund.

PS-6 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
● YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE PRICE OF ONE SHARE OF EACH FUND —
Payments on the notes are not linked to a basket composed of the Funds and are contingent upon the performance of each
individual Fund. Poor performance by any of the Funds 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 Fund.
● YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LEAST PERFORMING FUND.
● THE BENEFIT PROVIDED BY THE BARRIER AMOUNT MAY TERMINATE ON THE OBSERVATION DATE —
If the Final Value of any Fund is less than its Barrier Amount, the benefit provided by the Barrier Amount will terminate and you will
be fully exposed to any depreciation of the Least Performing Fund.
● THE AUTOMATIC CALL FEATURE MAY FORCE A POTENTIAL EARLY EXIT —
If your notes are automatically called, the term of the notes may be reduced to as short as approximately one year. There is no
guarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar
level of risk. Even in cases where the notes are called before maturity, you are not entitled to any fees and commissions described
on the front cover of this pricing supplement.
● THE NOTES DO NOT PAY INTEREST.
● YOU WILL NOT RECEIVE DIVIDENDS ON ANY FUND OR THE SECURITIES HELD BY ANY FUND OR HAVE ANY RIGHTS
WITH RESPECT TO ANY FUND OR THOSE SECURITIES.
● THE RISK OF THE CLOSING PRICE OF ONE SHARE OF A FUND FALLING BELOW ITS BARRIER AMOUNT IS GREATER IF
THE PRICE OF ONE SHARE OF THAT FUND IS VOLATILE.
● 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 Fund is delisted, liquidated or otherwise
terminated and the calculation agent determines, in its sole discretion, that no successor fund 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 — Funds — Discontinuation or Modification of a Fund” 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
Call Premium Amount.
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.

PS-7 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
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.
● 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 Funds. Additionally, independent pricing vendors and/or third party broker-dealers may
publish a price for the notes, which may also be reflected on customer account statements. This price may be different (higher or
lower) than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See “Risk
Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the
notes will be impacted by many economic and market factors” in the accompanying product supplement.

PS-8 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
Risks Relating to the Funds
● THERE ARE RISKS ASSOCIATED WITH THE FUNDS —
The Funds are subject to management risk, which is the risk that the investment strategies of the applicable Fund’s investment
adviser, the implementation of which is subject to a number of constraints, may not produce the intended results. These
constraints could adversely affect the market prices of the shares of the Funds and, consequently, the value of the notes.
● THE PERFORMANCE AND MARKET VALUE OF EACH FUND, PARTICULARLY DURING PERIODS OF MARKET
VOLATILITY, MAY NOT CORRELATE WITH THE PERFORMANCE OF THAT FUND’S UNDERLYING INDEX AS WELL AS
THE NET ASSET VALUE PER SHARE—
Each Fund does not fully replicate its Underlying Index (as defined under “The Funds” below) and may hold securities different
from those included in its Underlying Index. In addition, the performance of each Fund will reflect additional transaction costs and
fees that are not included in the calculation of its Underlying Index. All of these factors may lead to a lack of correlation between
the performance of each Fund and its Underlying Index. In addition, corporate actions with respect to the equity securities
underlying a Fund (such as mergers and spin-offs) may impact the variance between the performances of that Fund and its
Underlying Index. Finally, because the shares of each Fund are traded on a securities exchange and are subject to market supply
and investor demand, the market value of one share of each Fund may differ from the net asset value per share of that Fund.
During periods of market volatility, securities underlying each Fund may be unavailable in the secondary market, market
participants may be unable to calculate accurately the net asset value per share of that Fund and the liquidity of that Fund may be
adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of a
Fund. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to
buy and sell shares of a Fund. As a result, under these circumstances, the market value of shares of a Fund may vary substantially
from the net asset value per share of that Fund. For all of the foregoing reasons, the performance of each Fund may not correlate
with the performance of its Underlying Index as well as the net asset value per share of that Fund, which could materially and
adversely affect the value of the notes in the secondary market and/or reduce any payment on the notes.
● RISKS ASSOCIATED WITH THE GOLD AND SILVER MINING INDUSTRIES WITH RESPECT TO THE VANECK® GOLD
MINERS ETF —
All or substantially all of the equity securities held by the VanEck® Gold Miners ETF are issued by companies whose primary line of
business is directly associated with the gold and/or silver mining industries. As a result, the value of the notes may be subject to
greater volatility and be more adversely affected by a single economic, political or regulatory occurrence affecting these industries
than a different investment linked to securities of a more broadly diversified group of issuers. Investments related to gold and silver
are considered speculative and are affected by a variety of factors. Competitive pressures may have a significant effect on the
financial condition of gold and silver mining companies. Also, gold and silver mining companies are highly dependent on the price
of gold and silver bullion, respectively, but may also be adversely affected by a variety of worldwide economic, financial and
political factors. The price of gold and silver may fluctuate substantially over short periods of time, so the VanEck® Gold Miners
ETF’s share price may be more volatile than other types of investments. Fluctuation in the prices of gold and silver may be due to
a number of factors, including changes in inflation, changes in currency exchange rates and changes in industrial and commercial
demand for metals (including fabricator demand). Additionally, increased environmental or labor costs may depress the value of
metal investments. These factors could affect the gold and silver mining industries and could affect the value of the equity
securities held by the VanEck® Gold Miners ETF and the price of the VanEck® Gold Miners ETF during the term of the notes, which
may adversely affect the value of your notes.
● NON-U.S. SECURITIES RISK WITH RESPECT TO THE VANECK® GOLD MINERS ETF AND THE iSHARES® MSCI EAFE ETF
—
Some or all of the equity securities held by each of the VanEck® Gold Miners ETF and the iShares® MSCI EAFE ETF 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 VANECK® GOLD MINERS ETF
AND THE iSHARES® MSCI EAFE ETF —
Because the prices of the non-U.S. equity securities held by each of the VanEck® Gold Miners ETF and the iShares® MSCI EAFE
ETF are converted into U.S. dollars for purposes of calculating the net asset value of that Fund, holders of the notes will be

PS-9 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
exposed to currency exchange rate risk with respect to each of the currencies in which the non-U.S. equity securities held by that
Fund trade. With respect to each of the VanEck® Gold Miners ETF and the iShares® MSCI EAFE ETF, 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 equity
securities held by that Fund denominated in each of those currencies. If, taking into account the relevant weighting, the U.S. dollar
strengthens against those currencies, the price of the relevant Fund will be adversely affected and any payment on the notes may
be reduced.
● THE VANECK® GOLD MINERS ETF HAS RECENTLY TRANSITIONED TO TRACKING A NEW UNDERLYING INDEX, WHICH
DIFFERS FROM THE PRIOR UNDERLYING INDEX IN IMPORTANT WAYS —
Prior to September 19, 2025, the VanEck® Gold Miners ETF sought to replicate as closely as possible, before fees and expenses,
the price and yield performance of the NYSE Arca Gold Miners Index. After market close on September 19, 2025, the VanEck®
Gold Miners ETF’s benchmark index became the MarketVectorTM Global Gold Miners Index. The MarketVectorTM Global Gold
Miners Index differs from the NYSE Arca Gold Miners Index in important ways, including use of different market capitalization
criteria for inclusion in the index and different weighting schemes, and the composition of the VanEck® Gold Miners ETF has
changed as a result of this transition.
When evaluating the historical performance of the VanEck® Gold Miners ETF, you should bear in mind that the index tracked by
the VanEck® Gold Miners ETF during the historical period shown in this pricing supplement before market close on September 19,
2025 is different from the index that the VanEck® Gold Miners ETF tracks currently. The historical performance of the VanEck®
Gold Miners ETF might have been meaningfully different (positive or negative) had the VanEck® Gold Miners ETF tracked the
MarketVectorTM Global Gold Miners Index before market close on September 19, 2025.
We cannot predict what effect these changes may have on the performance of the VanEck® Gold Miners ETF. It is possible that
these changes could adversely affect the performance of the VanEck® Gold Miners ETF and, in turn, your return on the notes.
● RISKS ASSOCIATED WITH THE CONSUMER DISCRETIONARY SECTOR WITH RESPECT TO THE STATE STREET®
CONSUMER DISCRETIONARY SELECT SECTOR SPDR® ETF —
All or substantially all of the equity securities held by the State Street® Consumer Discretionary Select Sector SPDR® ETF are
issued by companies whose primary line of business is directly associated with the consumer discretionary sector. As a result, the
value of the notes may be subject to greater volatility and be more adversely affected by a single economic, political or regulatory
occurrence affecting this sector than a different investment linked to securities of a more broadly diversified group of issuers. The
success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global
economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and
consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have
an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for,
and success of, consumer products and services in the marketplace. These factors could affect the consumer discretionary sector
and could affect the value of the equity securities held by the State Street® Consumer Discretionary Select Sector SPDR® ETF and
the price of the State Street® Consumer Discretionary Select Sector SPDR® ETF during the term of the notes, which may adversely
affect the value of your notes.
● THE ANTI-DILUTION PROTECTION FOR THE FUNDS IS LIMITED —
The calculation agent will make adjustments to the Share Adjustment Factor for each Fund for certain events affecting the shares
of that Fund. However, the calculation agent will not make an adjustment in response to all events that could affect the shares of
the Funds. If an event occurs that does not require the calculation agent to make an adjustment, the value of the notes may be
materially and adversely affected.

PS-10 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
The Funds
The VanEck® Gold Miners ETF is an exchange-traded fund of the VanEck® ETF Trust, a registered investment company, that seeks to
track as closely as possible, before fees and expenses, the price and yield performance of the MarketVectorTM Global Gold Miners
Index, which we refer to as the Underlying Index with respect to the VanEck® Gold Miners ETF. The MarketVectorTM Global Gold
Miners Index is a float-adjusted modified market capitalization-weighted index that tracks the performance of companies involved
primarily in the gold and silver mining industry. For additional information about the VanEck® Gold Miners ETF, see “Fund Descriptions
— The VanEck® ETFs” in the accompanying underlying supplement.
The State Street® Consumer Discretionary Select Sector SPDR® ETF is an exchange-traded fund of the Select Sector SPDR® Trust, a
registered investment company, that seeks to provide investment results that, before expenses, correspond generally to the price and
yield performance of publicly traded equity securities of companies in the Consumer Discretionary Select Sector Index, which we refer
to as the Underlying Index with respect to the State Street® Consumer Discretionary Select Sector SPDR® ETF. The Consumer
Discretionary Select Sector Index is a capped modified market capitalization-weighted index that measures the performance of the
GICS® consumer discretionary sector of the S&P 500® Index, which currently includes companies in the following industries: automobile
components; automobiles; household durables; leisure products; textiles, apparel and luxury goods; hotels, restaurants and leisure;
diversified consumer services; distributors; broadline retail; and specialty retail. For additional information about the State Street®
Consumer Discretionary Select Sector SPDR® ETF, see “Fund Descriptions — The State Street® Select Sector SPDR® ETFs” in the
accompanying underlying supplement.
The iShares® MSCI EAFE ETF is an exchange-traded fund of iShares® Trust, a registered investment company, that seeks to track the
investment results, before fees and expenses, of an index composed of large- and mid-capitalization developed market equities,
excluding the United States and Canada, which we refer to as the Underlying Index with respect to the iShares® MSCI EAFE ETF. The
Underlying Index with respect to the iShares® MSCI EAFE ETF is currently the MSCI EAFE® Index. The MSCI EAFE® 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 certain developed markets, excluding the United States and Canada. For additional information about the iShares® MSCI
EAFE ETF, see “Fund Descriptions — The iShares® ETFs” in the accompanying underlying supplement.
Historical Information
The following graphs set forth the historical performance of each Fund based on the weekly historical closing prices of one share of
each Fund from January 8, 2021 through May 1, 2026. The closing price of one share of the VanEck® Gold Miners ETF on May 6,
2026 was $92.44. The closing price of one share of the State Street® Consumer Discretionary Select Sector SPDR® ETF on May 6,
2026 was $119.87. The closing price of one share of the iShares® MSCI EAFE ETF on May 6, 2026 was $104.81. We obtained the
closing prices above and below from the Bloomberg Professional® service (“Bloomberg”), without independent verification. The closing
prices above and below may have been adjusted by Bloomberg for actions taken by the Funds, such as stock splits.
The historical closing prices of one share of each Fund 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 Fund on the Pricing Date, the Review Date or the Observation Date. There can
be no assurance that the performance of the Funds will result in the return of any of your principal amount.

PS-11 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF

PS-12 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
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, subject to the possible application of the “constructive
ownership” rules, 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. The notes could be treated as “constructive ownership
transactions” within the meaning of Section 1260 of the Code, in which case any gain recognized in respect of the notes that would
otherwise be long-term capital gain and that was in excess of the “net underlying long-term capital gain” (as defined in Section 1260)
would be treated as ordinary income, and a notional interest charge would apply as if that income had accrued for tax purposes at a
constant yield over your holding period for the notes. Our special tax counsel has not expressed an opinion with respect to whether the
constructive ownership rules apply to the notes. Accordingly, U.S. Holders should consult their tax advisers regarding the potential
application of the constructive ownership rules.
The IRS or a court may not respect the treatment of the notes described above, in which case the timing and character of any income
or loss on your notes could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice
requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice
focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also
asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the
relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which
income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these
instruments are or should be subject to the constructive ownership regime described above. While the notice requests comments on
appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these
issues could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. You
should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes, including the
potential application of the constructive ownership rules, possible alternative treatments and the issues presented by this notice.
Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding
tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain
financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this
withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable
Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January
1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal
income tax purposes (each an “Underlying Security”). Based on certain determinations made by us, we expect that Section 871(m) will
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. If necessary, further information regarding the potential application
of Section 871(m) will be provided in the pricing supplement for the notes. 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

PS-13 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
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
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 Funds” 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.

PS-14 | Structured Investments
Capped Auto Callable Dual Directional Barrier Notes Linked to the Least
Performing of the VanEck® Gold Miners ETF, the State Street® Consumer
Discretionary Select Sector SPDR® ETF and the iShares® MSCI EAFE ETF
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.