JPMorgan issues WTI-linked auto-callable notes with 24.5% coupon

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering auto-callable contingent interest notes linked to a WTI crude oil futures contract, fully guaranteed by JPMorgan Chase & Co. Each $1,000 note may pay monthly contingent interest (at least 24.50% per annum) when the NYMEX contract price on a Review Date is ≥ 60.00% of the Strike Value. The Strike Value was set at $106.88 (Strike Date April 29, 2026), making the Interest Barrier $64.128. Notes price and settle on or about May 1, 2026 and May 6, 2026, mature on May 20, 2027, and may be automatically called starting with the sixth Review Date (earliest call date November 17, 2026). Investors face credit risk of the issuer and guarantor, possible loss of principal if the Final Value is below the Trigger Value, limited upside (only contingent coupons), limited liquidity, and material tax and regulatory uncertainties.

Insights

Structured Products Strategist

Auto-callable oil-linked notes offer high stated coupon but concentrated downside and limited upside participation.

The structure provides a high, conditional coupon (at least 24.50% per annum) payable monthly if the NYMEX WTI futures Contract Price meets the Interest Barrier on Review Dates. The notes cap upside to contingent coupons and do not participate in commodity appreciation beyond those coupons.

Key dependencies include the Contract Price path relative to the Strike Value $106.88 and the Interest Barrier $64.128, liquidity via JPMS, and issuer/guarantor credit. Timing: automatic call possible from November 17, 2026.

U.S. Tax Counsel

Tax treatment is uncertain; issuer expects prepaid forward contract treatment with coupons as ordinary income.

The issuer intends to treat the notes as prepaid forward contracts with contingent coupons taxable as ordinary income, but alternative IRS treatments are possible and could change timing/character of income. The pricing supplement cites counsel Davis Polk & Wardwell LLP and notes potential future guidance affecting retroactivity.

Non-U.S. holders should note potential withholding at 30% absent proper certification or treaty relief; consult advisers for certification and refund procedures.

Key Figures

Strike Value: $106.88 Interest Barrier: $64.128 Contingent Interest Rate: At least 24.50% per annum +5 more

8 metrics

Strike Value $106.88 Strike Date April 29, 2026

Interest Barrier $64.128 60.00% of Strike Value

Contingent Interest Rate At least 24.50% per annum payable at least 2.04167% per month

Estimated value $952.10 per $1,000 Estimated value if the notes priced today

Minimum estimated value $940.00 per $1,000 Pricing supplement floor for estimated value

Maximum selling commission $5.00 per $1,000 Selling commissions will not exceed this amount

Pricing/Settlement dates Price ~May 1, 2026; Settle ~May 6, 2026 Pricing Date and Original Issue Date (Settlement Date)

Maturity May 20, 2027 Maturity Date of the notes

Key Terms

Contingent Interest Payment, Interest Barrier, Commodity Hedging Disruption Event, Hybrid instrument exemption

4 terms

Contingent Interest Payment financial

"payment equal to at least $20.4167 per $1,000 note"

Interest Barrier financial

"60.00% of the Strike Value, which is $64.128"

Commodity Hedging Disruption Event regulatory

"may accelerate your notes if a commodity hedging disruption event occurs"

Hybrid instrument exemption regulatory

"offered pursuant to an exemption from regulation under the Commodity Exchange Act"

Offering Details

primary · per $1,000 principal amount notes (aggregate amount not stated in excerpt)

Offering

Offering Type primary

Securities Offered auto‑callable contingent interest notes (linked to WTI futures)

Offering Amount per $1,000 principal amount notes (aggregate amount not stated in excerpt)

FAQ

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

What coupon and payment conditions apply to JPM auto-callable WTI notes (JPM)?

The notes pay a contingent coupon of at least 24.50% per annum, paid monthly as ~2.04167% per month, only if the NYMEX Contract Price on a Review Date is ≥ the Interest Barrier (60.00% of Strike) for that Review Date.

When do these JPM notes start, settle, and mature?

These notes are expected to price on or about May 1, 2026, settle on or about May 6, 2026, and mature on May 20, 2027. The Strike Value was set on April 29, 2026 at $106.88.

How does the automatic call feature work for these JPMorgan notes?

If the Contract Price on any Review Date after the fifth (except the final) is ≥ the Strike Value ($106.88), the notes are automatically called and pay $1,000 plus that period's contingent interest on the applicable Call Settlement Date.

What principal risk do investors face at maturity in JPM WTI-linked notes?

If notes are not called and the Final Value is below the Trigger Value (60% of Strike = $64.128), the maturity payment is $1,000 × (Final Value ÷ Strike Value), meaning investors could lose >40% or all principal.

What estimated value and fees are disclosed for these notes?

The estimated value is approximately $952.10 per $1,000 note and will not be less than $940.00. Selling commissions will not exceed $5.00 per $1,000 principal amount note.

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

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Accepted by SEC EDGAR 04/30/2026 - 09:58 PM EDT 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 April 30, 2026
May , 2026 Registration Statement Nos. 333-293684 and 333-293684-01; Rule 424(b)(2)
Pricing supplement to product supplement no. 2-I dated April 17, 2026 and the prospectus and prospectus supplement, each dated April 17, 2026
JPMorgan Chase Financial Company LLC
Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI
Crude Oil Futures Contract due May 20, 2027
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
• The notes are designed for investors who seek a Contingent Interest Payment with respect to each Review Date for
which the Contract Price, i.e., the official settlement price per barrel on the New York Mercantile Exchange, which we
refer to as the NYMEX, of the first nearby month futures contract for WTI crude oil traded on NYMEX, or, in certain
circumstances, the second nearby month futures contract for WTI crude oil traded on the NYMEX, which we refer to as
the Commodity Futures Contract, is greater than or equal to 60.00% of the Strike Value, which we refer to as the Interest
Barrier.
• The notes will be automatically called if the Contract Price on any Review Date (other than the first through fifth and final
Review Dates) is greater than or equal to the Strike Value.
• The earliest date on which an automatic call may be initiated is November 17, 2026.
• Investors should be willing to accept the risk of losing a significant portion or all of their principal and the risk that no
Contingent Interest Payment may be made with respect to some or all Review Dates.
• Investors should also be willing to forgo fixed interest payments, in exchange for the opportunity to receive Contingent
Interest Payments.
• The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to
as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any
payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit
risk of JPMorgan Chase & Co., as guarantor of the notes.
• Minimum denominations of $1,000 and integral multiples thereof
• The notes are expected to price on or about May 1, 2026 (the “Pricing Date”) and are expected to settle on or about May
6, 2026. The Strike Value has been determined by reference to the Contract Price on April 29, 2026 and not by
reference to the Contract Price on the Pricing Date.
• CUSIP: 46660NBG7
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-11 of the accompanying product supplement and
“Selected Risk Considerations” beginning on page PS-5 of this pricing supplement.
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved
of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,
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 $5.00 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 $952.10 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 $940.00 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
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
Key Terms
Issuer: JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Commodity Futures Contract: The first nearby month futures
contract for WTI crude oil (Bloomberg ticker: CL1) traded on the
New York Mercantile Exchange (the “NYMEX”) or, on any day
that falls on the last trading day of such contract (all pursuant to
the rules of the NYMEX), the second nearby month futures
contract for WTI crude oil (Bloomberg ticker: CL2) traded on the
NYMEX
Contingent Interest Payments: If the notes have not been
automatically called and the Contract Price on any Review Date
is greater than or equal to the Interest Barrier, you will receive
on the applicable Interest Payment Date for each $1,000
principal amount note a Contingent Interest Payment equal to at
least $20.4167 (equivalent to a Contingent Interest Rate of at
least 24.50% per annum, payable at a rate of at least 2.04167%
per month) (to be provided in the pricing supplement).
If the closing price of one share of the Reference Stock on any
Review Date is less than the Interest Barrier, no Contingent
Interest Payment will be made with respect to that Review Date.
Contingent Interest Rate: At least 24.50% per annum, payable
at a rate of at least 2.04167% per month (to be provided in the
pricing supplement)
Interest Barrier / Trigger Value: 60.00% of the Strike Value,
which is $64.128
Strike Date: April 29, 2026
Pricing Date: On or about May 1, 2026
Original Issue Date (Settlement Date): On or about May 6,
2026
Review Dates*: June 16, 2026, July 16, 2026, August 17,
2026, September 17, 2026, October 15, 2026, November 17,
2026, December 16, 2026, January 14, 2027, February 17,
2027, March 17, 2027, April 15, 2027 and May 17, 2027 (final
Review Date)
Interest Payment Dates*: June 22, 2026, July 21, 2026,
August 20, 2026, September 22, 2026, October 20, 2026,
November 20, 2026, December 21, 2026, January 20, 2027,
February 22, 2027, March 22, 2027, April 20, 2027 and the
Maturity Date
Maturity Date*: May 20, 2027
Call Settlement Date*: If the notes are automatically called on
any Review Date (other than the first through fifth and final
Review Dates), the first Interest Payment Date immediately
following that Review Date
*Subject to postponement in the event of a market disruption event
and as described under “General Terms of Notes — Postponement
of a Determination Date — Notes Linked to a Single Underlying —
Notes Linked to a Single Commodity or Commodity Futures
Contract” and “General Terms of Notes — Postponement of a
Payment Date” in the accompanying product supplement or early
acceleration in the event of a commodity hedging disruption event
as described under “General Terms of Notes — Consequences of a
Commodity Hedging Disruption Event” in the accompanying product
supplement and “Selected Risk Considerations — Risks Relating to
the Notes Generally — We May Accelerate Your Notes If a
Commodity Hedging Disruption Event Occurs” in this pricing
supplement
Automatic Call:
If the Contract Price on any Review Date (other than the first
through fifth and final Review Dates) is greater than or equal to
the Strike 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 Contingent Interest Payment applicable
to that Review Date, payable on the applicable Call Settlement
Date. No further payments will be made on the notes.
Payment at Maturity:
If the notes have not been automatically called and the Final
Value is greater than or equal to the Trigger Value, you will
receive a cash payment at maturity, for each $1,000 principal
amount note, equal to (a) $1,000 plus (b) the Contingent
Interest Payment applicable to the final Review Date.
If the notes have not been automatically called and the Final
Value is less than the Trigger Value, your payment at maturity
per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 × Contract Return)
In no event, however, will the payment at maturity be less than
$0.
If the notes have not been automatically called and the Final
Value is less than the Trigger Value, you will lose more than
40.00% of your principal amount at maturity and could lose all
of your principal amount at maturity.
Contract Return:
(Final Value – Strike Value)
Strike Value
Strike Value: The Contract Price on the Strike Date, which was
$106.88. The Strike Value is not the Contract Price on the
Pricing Date.
Final Value: The Contract Price on the final Review Date
Contract Price: On any day, the official settlement price per
barrel on the NYMEX of the first nearby month futures contract
for WTI crude oil, stated in U.S. dollars, provided that if that day
falls on the last trading day of such futures contract (all pursuant
to the rules of the NYMEX), then the second nearby month
futures contract for WTI crude oil, as made public by the
NYMEX and displayed on the Bloomberg Professional® service
(“Bloomberg”) under the symbol “CL1” or “CL2,” as applicable,
on that day

PS-2 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
Supplemental Terms of the Notes
The notes are not commodity futures contracts or swaps and are not regulated under the Commodity Exchange Act, as
amended (the “Commodity Exchange Act”). The notes are offered pursuant to an exemption from regulation under the Commodity
Exchange Act, commonly known as the hybrid instrument exemption, that is available to securities that have one or more payments
indexed to the value, level or rate of one or more commodities, as set out in section 2(f) of that statute. Accordingly, you are not
afforded any protection provided by the Commodity Exchange Act or any regulation promulgated by the Commodity Futures Trading
Commission.
How the Notes Work
Payments in Connection with the First through Fifth Review Dates
Payments in Connection with Review Dates (Other than the First through Fifth and Final Review Dates)
The Contract Price is greater than or equal to the
Interest Barrier.
The Contract Price is less than the Interest Barrier.
First through Fifth Review Dates
Compare the Contract Price to the Interest Barrier on each Review Date.
You will receive a Contingent Interest Payment on the
applicable Interest Payment Date.
Proceed to the next Review Date.
No Contingent Interest Payment will be made with respect to
the applicable Review Date.
Proceed to the next Review Date.
The notes will be automatically called on the applicable Call Settlement Date and you will
receive (a) $1,000 plus (b) the Contingent Interest Payment applicable to that Review Date.
No further payments will be made on the notes.
Review Dates (Other than the First through Fifth and Final Review Dates)
Automatic Call
The Contract Price is
greater than or equal to
the Strike Value.
The Contract Price is
less than the Strike
Value.
Strike
Value
You will receive a Contingent Interest
Payment on the applicable Interest
Payment Date.
The Contract Price is
greater than or equal to
the Interest Barrier.
No
Automatic
Call No Contingent Interest Payment will
be made with respect to the
applicable Review Date.
Proceed to the next Review Date.
The Contract Price is less
than the Interest Barrier.
Compare the Contract Price to the Strike Value and the Interest Barrier on each Review Date until the final Review Date or
any earlier automatic call.

PS-3 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
Payment at Maturity If the Notes Have Not Been Automatically Called
Total Contingent Interest Payments
The table below illustrates the hypothetical total Contingent Interest Payments per $1,000 principal amount note over the term of the
notes based on a hypothetical Contingent Interest Rate of 24.50% per annum, depending on how many Contingent Interest Payments
are made prior to automatic call or maturity. The actual Contingent Interest Rate will be provided in the pricing supplement and will be
at least 24.50% per annum (payable at a rate of at least 2.04167% per month).
Number of Contingent
Interest Payments
Total Contingent Interest
Payments
12
$245.0000
11
$224.5833
10
$204.1667
9
$183.7500
8
$163.3333
7
$142.9167
6
$122.5000
5
$102.0833
4
$81.6667
3
$61.2500
2
$40.8333
1
$20.4167
0
$0.0000
Review Dates Preceding the
Final Review Date
You will receive (a) $1,000 plus (b) the
Contingent Interest Payment
applicable to the final Review Date.
The notes are not
automatically called.
Proceed to maturity
Final Review Date Payment at Maturity
The Final Value is greater than or equal to the
Trigger Value.
You will receive:
$1,000 + ($1,000 ×Contract Return)
In no event, however, will the payment
at maturity be less than $0.
Under these circumstances, you will
lose a significant portion or all of your
principal amount at maturity.
The Final Value is less than the Trigger Value.

PS-4 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
Hypothetical Payout Examples
The following examples illustrate payments on the notes linked to a hypothetical Commodity Futures Contract, assuming a range of
performances for the hypothetical Commodity Futures Contract on the Review Dates. The hypothetical payments set forth below
assume the following:
• a Strike Value of $100.00;
• an Interest Barrier and a Trigger Value of $60.00 (equal to 60.00% of the hypothetical Strike Value); and
• a Contingent Interest Rate of 24.50% per annum.
The hypothetical Strike Value of $100.00 has been chosen for illustrative purposes only and does not represent the actual Strike Value.
The actual Strike Value is the Contract Price on the Strike Date and is specified under “Key Terms — Strike Value” in this pricing
supplement. For historical data regarding the actual Contract Prices, please see the historical information set forth under “The
Commodity Futures Contract” in this pricing supplement.
Each hypothetical payment set forth below is for illustrative purposes only and may not be the actual payment applicable to a purchaser
of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.
Example 1 — Notes are automatically called on the sixth Review Date.
Date
Contract Price
Payment (per $1,000 principal amount note)
First Review Date
$105.00
$20.4167
Second Review Date
$115.00
$20.4167
Third through Fifth
Review Dates
Greater than Strike Value
$20.4167
Sixth Review Date
$110.00
$1,020.4167
Total Payment
$1,122.50 (12.25% return)
Because the Contract Price on the sixth Review Date is greater than or equal to the Strike Value, the notes will be automatically called
for a cash payment, for each $1,000 principal amount note, of $1,020.4167 (or $1,000 plus the Contingent Interest Payment applicable
to the sixth Review Date), payable on the applicable Call Settlement Date. The notes are not automatically callable before the sixth
Review Date, even though the Contract Price on each of the first through fifth Review Dates is greater than the Strike Value. When
added to the Contingent Interest Payments received with respect to the prior Review Dates, the total amount paid, for each $1,000
principal amount note, is $1,122.50. No further payments will be made on the notes.
Example 2 — Notes have NOT been automatically called and the Final Value is greater than or equal to the Trigger Value.
Date
Contract Price
Payment (per $1,000 principal amount note)
First Review Date
$90.00
$20.4167
Second Review Date
$85.00
$20.4167
Third through Eleventh
Review Dates
Less than Interest Barrier
$0
Final Review Date
$90.00
$1,020.4167
Total Payment
$1,061.25 (6.125% return)
Because the notes have not been automatically called and the Final Value is greater than or equal to the Trigger Value, the payment at
maturity, for each $1,000 principal amount note, will be $1,058.00 (or $1,000 plus the Contingent Interest Payment applicable to the
final Review Date). When added to the Contingent Interest Payments received with respect to the prior Review Dates, the total amount
paid, for each $1,000 principal amount note, is $1,061.25.
Example 3 — Notes have NOT been automatically called and the Final Value is less than the Trigger Value.
Date
Contract Price
Payment (per $1,000 principal amount note)
First Review Date
$40.00
$0
Second Review Date
$45.00
$0
Third through Eleventh
Review Dates
Less than Interest Barrier
$0
Final Review Date
$40.00
$400.00
Total Payment
$400.00 (-60.00% return)

PS-5 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
Because the notes have not been automatically called, the Final Value is less than the Trigger Value and the Contract Return is
-60.00%, the payment at maturity will be $400.00 per $1,000 principal amount note, calculated as follows:
$1,000 + [$1,000 × (-60.00%)] = $400.00
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 is less than
the Trigger Value, you will lose 1% of the principal amount of your notes for every 1% that the Final Value is less than the Strike
Value. In no event, however, will the payment at maturity be less than $0. Accordingly, under these circumstances, you will lose
more than 40.00% of your principal amount at maturity and could lose all of your principal amount at maturity.
• THE NOTES DO NOT GUARANTEE THE PAYMENT OF INTEREST AND MAY NOT PAY ANY INTEREST AT ALL —
If the notes have not been automatically called, we will make a Contingent Interest Payment with respect to a Review Date only if
the Contract Price on that Review Date is greater than or equal to the Interest Barrier. If the Contract Price on that Review Date is
less than the Interest Barrier, no Contingent Interest Payment will be made with respect to that Review Date. Accordingly, if the
Contract Price on each Review Date is less than the Interest Barrier, you will not receive any interest payments over the term of the
notes.
• CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. —
Investors are dependent on our and JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential
change in our or JPMorgan Chase & Co.’s creditworthiness or credit spreads, as determined by the market for taking that credit
risk, is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co. were to default on our payment
obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.
• AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT ACTIVITIES AND HAS LIMITED ASSETS —
As a finance subsidiary of JPMorgan Chase & Co., we have no independent activities beyond the issuance and administration of
our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase &
Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to
JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan
Chase & Co. to meet our obligations under the notes. We are not an operating subsidiary of JPMorgan Chase & Co. and in a
bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in
respect of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make
payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that
guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more
information, see “Risk Factors — Holders of securities issued by JPMorgan Financial may be subject to losses if JPMorgan Chase
& Co. were to enter into a resolution” in the accompanying prospectus supplement.
• THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO THE SUM OF ANY CONTINGENT INTEREST PAYMENTS
THAT MAY BE PAID OVER THE TERM OF THE NOTES,
regardless of any appreciation of the Commodity Futures Contract, which may be significant. You will not participate in any
appreciation of the Commodity Futures Contract.
• THE BENEFIT PROVIDED BY THE TRIGGER VALUE MAY TERMINATE ON THE FINAL REVIEW DATE —
If the Final Value is less than the Trigger Value and the notes have not been automatically called, the benefit provided by the
Trigger Value will terminate and you will be fully exposed to any depreciation of the Commodity Futures Contract.

PS-6 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
• 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 six months and you will
not receive any Contingent Interest Payments after the applicable Call Settlement Date. There is no guarantee that you would be
able to reinvest the proceeds from an investment in the notes at a comparable return and/or with a comparable interest rate 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.
• YOU WILL NOT HAVE ANY RIGHTS WITH RESPECT TO THE COMMODITY FUTURES CONTRACT.
• THE RISK OF THE CONTRACT PRICE FALLING BELOW THE INTEREST BARRIER OR THE TRIGGER VALUE IS GREATER
IF THE CONTRACT PRICE IS VOLATILE.
• WE MAY ACCELERATE YOUR NOTES IF A COMMODITY HEDGING DISRUPTION EVENT OCCURS —
Upon the occurrence of a commodity hedging disruption event, we may, in our sole and absolute discretion, accelerate the
payment on your notes and pay you an amount determined in good faith and in a commercially reasonable manner by the
calculation agent. A commodity hedging disruption event means there is an occurrence of legal or regulatory changes that the
calculation agent determines have interfered with our or our affiliates’ ability to hedge our obligations under the notes or for any
other reason we or our affiliates are unable to enter into or maintain hedge positions that the calculation agent deems necessary to
hedge our obligations under the notes. If the payment on your notes is accelerated, your investment may result in a loss, and you
may not be able to reinvest your money in a comparable investment. Please see “General Terms of Notes — Consequences of a
Commodity Hedging Disruption Event” in the accompanying product supplement for more information.
• LACK OF LIQUIDITY —
The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is
likely to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes
are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
• THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT —
You should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the
Contingent Interest Rate.
Risks Relating to Conflicts of Interest
• POTENTIAL CONFLICTS —
We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase &
Co.’s economic interests are potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading
activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the
value of the notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product
supplement.
Risks Relating to the Estimated Value and Secondary Market Prices of the Notes
• THE ESTIMATED VALUE OF THE NOTES WILL BE LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF
THE NOTES —
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the
notes will exceed the estimated value of the notes because costs associated with selling, structuring and hedging the notes are
included in the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our
affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, the estimated cost of hedging our
obligations under the notes and the fees, if any, paid for third-party data analytics and/or electronic platform services. See “The
Estimated Value of the Notes” in this pricing supplement.
• THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER
FROM OTHERS’ ESTIMATES —
See “The Estimated Value of the Notes” in this pricing supplement.
• THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE —
The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding
rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may

PS-7 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
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 Contract Price. 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 Commodity Futures Contract
• COMMODITY FUTURES CONTRACTS ARE SUBJECT TO UNCERTAIN LEGAL AND REGULATORY REGIMES —
Commodity futures contracts are subject to legal and regulatory regimes that may change in ways that could adversely affect our
ability to hedge our obligations under the notes and affect the price of the Commodity Futures Contract. Any future regulatory
changes, may have a substantial adverse effect on the value of your notes. Additionally, in October 2020, the U.S. Commodity
Futures Trading Commission adopted rules to establish revised or new position limits on 25 agricultural, metals and energy
commodity derivatives contracts. The limits apply to a person’s combined position in the specified 25 futures contracts and options
on futures (“core referenced futures contracts”), futures and options on futures directly or indirectly linked to the core referenced
futures contracts, and economically equivalent swaps. These rules came into effect on January 1, 2022 for covered futures and
options on futures contracts and on January 1, 2023 for covered swaps. The rules may reduce liquidity in the exchange-traded
market for those commodity-based futures contracts, which may, in turn, have an adverse effect on any payments on the notes.
Furthermore, we or our affiliates may be unable as a result of those restrictions to effect transactions necessary to hedge our
obligations under the notes resulting in a commodity hedging disruption event, in which case we may, in our sole and absolute
discretion, accelerate the payment on your notes. See “— Risks Relating to the Notes Generally — We May Accelerate Your
Notes If a Commodity Hedging Disruption Event Occurs” above.
• PRICES OF COMMODITY FUTURES CONTRACTS ARE CHARACTERIZED BY HIGH AND UNPREDICTABLE VOLATILITY —
Market prices of commodity futures contracts tend to be highly volatile and may fluctuate rapidly based on numerous factors,
including the factors that affect the price of the commodity underlying the Commodity Futures Contract. See “— The Market Price
of WTI Crude Oil Will Affect the Value of the Notes” below. The Contract Price is subject to variables that may be less significant to

PS-8 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
the values of traditional securities, such as stocks and bonds. These variables may create additional investment risks that cause
the value of the notes to be more volatile than the values of traditional securities. As a general matter, the risk of low liquidity or
volatile pricing around the maturity date of a commodity futures contract is greater than in the case of other futures contracts
because (among other factors) a number of market participants take physical delivery of the underlying commodities. Many
commodities are also highly cyclical. The high volatility and cyclical nature of commodity markets may render such an investment
inappropriate as the focus of an investment portfolio.
• THE MARKET PRICE OF WTI CRUDE OIL WILL AFFECT THE VALUE OF THE NOTES —
Because the notes are linked to the performance of the Contract Price of the Commodity Futures Contract, we expect that
generally the market value of the notes will depend in part on the market price of WTI crude oil. The price of WTI crude oil is
primarily affected by the global demand for and supply of crude oil, but is also influenced significantly from time to time by
speculative actions and by currency exchange rates. Crude oil prices are volatile and subject to dislocation. Demand for refined
petroleum products by consumers, as well as the agricultural, manufacturing and transportation industries, affects the price of
crude oil. Crude oil’s end-use as a refined product is often as transport fuel, industrial fuel and in-home heating fuel. Potential for
substitution in most areas exists, although considerations, including relative cost, often limit substitution levels. Because the
precursors of demand for petroleum products are linked to economic activity, demand will tend to reflect economic conditions.
Demand is also influenced by government regulations, such as environmental or consumption policies. The increasing demand for
renewable energy may also influence long-term crude oil prices. In addition to general economic activity and demand, prices for
crude oil are affected by political events, labor activity and, in particular, direct government intervention (such as embargos) or
supply disruptions in major oil producing regions of the world. These events tend to affect oil prices worldwide, regardless of the
location of the event. Supply for crude oil may increase or decrease depending on many factors. These include production
decisions by the Organization of the Petroleum Exporting Countries (“OPEC”) and other crude oil producers. Crude oil prices are
determined with significant influence by OPEC. OPEC has the potential to influence oil prices worldwide because its members
possess a significant portion of the world’s oil supply. In the event of sudden disruptions in the supplies of oil, such as those
caused by wars and armed conflicts, natural events, accidents or acts of terrorism, prices of oil futures contracts could become
extremely volatile and unpredictable. Also, sudden and dramatic changes in the futures market may occur, for example, upon a
cessation of hostilities that may exist in countries producing oil, the introduction of new or previously withheld supplies into the
market or the introduction of substitute products or commodities. Crude oil prices may also be affected by short-term changes in
supply and demand because of trading activities in the oil market and seasonality (e.g., weather conditions such as hurricanes). It
is not possible to predict the aggregate effect of all or any combination of these factors.
• A DECISION BY THE NYMEX TO INCREASE MARGIN REQUIREMENTS FOR WTI CRUDE OIL FUTURES CONTRACTS MAY
AFFECT THE CONTRACT PRICE —
If the NYMEX increases the amount of collateral required to be posted to hold positions in the futures contracts on WTI crude oil
(i.e., the margin requirements), market participants who are unwilling or unable to post additional collateral may liquidate their
positions, which may cause the Contract Price to decline significantly.
• THE NOTES DO NOT OFFER DIRECT EXPOSURE TO COMMODITY SPOT PRICES —
The price of the Commodity Futures Contract reflects the price of a futures contract, not a physical commodity (or its spot price).
The price of a futures contract reflects the expected value of the commodity upon delivery in the future, whereas the spot price of a
commodity reflects the immediate delivery value of the commodity. A variety of factors can lead to a disparity between the
expected future price of a commodity and the spot price at a given point in time, such as the cost of storing the commodity for the
term of the futures contract, interest charges incurred to finance the purchase of the commodity and expectations concerning
supply and demand for the commodity. The price movements of a futures contract are typically correlated with the movements of
the spot price of the referenced commodity, but the correlation is generally imperfect and price movements in the spot market may
not be reflected in the futures market (and vice versa). Accordingly, the notes may underperform a similar investment that is linked
only to commodity spot prices.
• SINGLE COMMODITY FUTURES CONTRACT PRICES TEND TO BE MORE VOLATILE THAN, AND MAY NOT CORRELATE
WITH, THE PRICES OF COMMODITIES GENERALLY —
The notes are not linked to a diverse basket of commodities, commodity futures contracts or a broad-based commodity index. The
price of the Commodity Futures Contract may not correlate to the price of commodities or commodity futures contracts generally
and may diverge significantly from the prices of commodities or commodity futures contracts generally. Because the notes are
linked to a single commodity futures contract, they carry greater risk and may be more volatile than notes linked to the prices of
multiple commodities or commodity futures contracts or a broad-based commodity index.

PS-9 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
• SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN THE COMMODITY MARKETS AND RELATED FUTURES
MARKETS MAY ADVERSELY AFFECT THE CONTRACT PRICE AND, THEREFORE, THE VALUE OF THE NOTES —
The commodity markets are subject to temporary distortions or other disruptions due to various factors, including the lack of
liquidity in the markets, the participation of speculators and government regulation and intervention. In addition, U.S. futures
exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may
occur during a single day. These limits are generally referred to as “daily price fluctuation limits” and the maximum or minimum
price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once the limit price has been reached
in a particular contract, no trades may be made at a different price. Limit prices have the effect of precluding trading in a particular
contract or forcing the liquidation of contracts at disadvantageous times or prices. These circumstances could adversely affect the
Contract Price of the Commodity Futures Contract and, therefore, the value of your notes.

PS-10 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
The Commodity Futures Contract
The Contract Price is based on, on any day, the official settlement price per barrel on the NYMEX of the first nearby month futures
contract for WTI crude oil, stated in U.S. dollars, provided that if that day falls on the last trading day of such futures contract (all
pursuant to the rules of the NYMEX), then the second nearby month futures contract for WTI crude oil, as made public by the NYMEX
and displayed on Bloomberg under the symbol “CL1” or “CL2,” as applicable, on that day. For additional information about the
Commodity Futures Contract, see “The Underlyings — Commodity Futures Contracts” in the accompanying product supplement.
Historical Information
The following graph sets forth the historical performance of the Commodity Futures Contract based on the weekly historical Contract
Prices from January 8, 2021 through April 24, 2026. The Contract Price on April 29, 2026 was $106.88. We obtained the Contract
Prices above and below from Bloomberg, without independent verification.
The historical Contract Prices should not be taken as an indication of future performance, and no assurance can be given as to the
Contract Price on any Review Date. There can be no assurance that the performance of the Commodity Futures Contract will result in
the return of any of your principal amount or the payment of any interest.
Tax Treatment
You should review carefully the section entitled “United States Federal Taxation” in the accompanying prospectus supplement. In
determining our reporting responsibilities we intend to treat (i) the notes for U.S. federal income tax purposes as prepaid forward
contracts with associated contingent coupons and (ii) any Contingent Interest Payments as ordinary income, as described in the section
entitled “United States Federal Taxation — Tax Consequences to U.S. Holders — Program Securities Treated as Prepaid Financial
Contracts with Associated Coupons” in the accompanying prospectus supplement. Based on the advice of Davis Polk & Wardwell LLP,
our special tax counsel, we believe that this is a reasonable treatment, but that there are other reasonable treatments that the IRS or a
court may adopt, in which case the timing and character of any income or loss on the notes could be materially 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 and the relevance of factors such as the nature of the underlying property to which the
instruments are linked. 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 affect the tax consequences of an
investment in the notes, possibly with retroactive effect. The discussions above and in the accompanying prospectus supplement do
not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Code. 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 the notice described above.
Non-U.S. Holders — Tax Considerations. The U.S. federal income tax treatment of Contingent Interest Payments is uncertain, and
although we believe it is reasonable to take a position that Contingent Interest Payments are not subject to U.S. withholding tax (at least

PS-11 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
if an applicable Form W-8 is provided), it is expected that withholding agents will (and we, if we are the withholding agent, intend to)
withhold on any Contingent Interest Payment paid to a Non-U.S. Holder generally at a rate of 30% or at a reduced rate specified by an
applicable income tax treaty under an “other income” or similar provision. We will not be required to pay any additional amounts with
respect to amounts withheld. In order to claim an exemption from, or a reduction in, the 30% withholding tax, a Non-U.S. Holder of the
notes must comply with certification requirements to establish that it is not a U.S. person and is eligible for such an exemption or
reduction under an applicable tax treaty. If you are a Non-U.S. Holder, you should consult your tax adviser regarding the tax treatment
of the notes, including the possibility of obtaining a refund of any withholding tax and the certification requirement described above.
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, 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

PS-12 | Structured Investments
Auto Callable Contingent Interest Notes Linked to a WTI Crude Oil Futures
Contract
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 “How the Notes Work” and “Hypothetical Payout Examples” in this pricing supplement for an illustration of the risk-return
profile of the notes and “The Commodity Futures Contract” in this pricing supplement for a description of the market exposure provided
by the notes.
The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other
affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent
in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes, plus the fees, if any, paid
for third-party data analytics and/or electronic platform services.
Additional Terms Specific to the Notes
You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable
agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any
changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase.
You may also choose to reject such changes, in which case we may reject your offer to purchase.
You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying
prospectus supplement relating to our Series A medium-term notes of which these notes are a part, and the more detailed information
contained in the accompanying product supplement. 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. 2-I dated April 17, 2026:
http://www.sec.gov/Archives/edgar/data/19617/000121390026045216/ea0285802-25_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.