[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement

Q: What is the maximum return on JPMorgan's 2027 Baidu-linked notes?

If Baidu rises ≥38%, holders receive the Maximum Upside Return of 38% , or $1,380 per $1,000 note.

Q: When can I lose money on these Capped Dual Directional Notes?

You lose principal dollar-for-dollar once Baidu closes more than 35% below the strike on the averaging dates.

Q: Are the notes callable or do they pay interest?

No. The notes do not pay coupons and cannot be called prior to the 12 July 2027 maturity.

Q: What credit risk do I assume with these notes?

Payments rely on JPMorgan Financial and guarantor JPMorgan Chase & Co. ; noteholders rank as unsecured creditors.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

424B2

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Dual Directional Contingent Buffered Equity Notes linked to the American Depositary Shares of Baidu, Inc. (BIDU). The securities are SEC-registered under Rule 424(b)(2) and are expected to price on or about 8 July 2025, settle on or about 11 July 2025, and mature on 12 July 2027.

Each $1,000 note provides:

Upside exposure: Unleveraged participation in any positive Baidu share appreciation, capped at a “Maximum Upside Return” of at least 38.00% (final level to be set on pricing). Maximum positive payment = $1,380 per note.
Dual directional buffer: If Baidu declines but the Final Stock Price is ≤35% below the $89.79 Stock Strike Price, investors receive the absolute value of the negative return – up to a 35% gain ($1,350 maximum).
Contingent Buffer: Protection only to the first 35% downside. When the Final Stock Price is >35% below the strike, principal is reduced 1-for-1; investors may lose their entire investment.
No interim coupons or dividends; investors forgo any Baidu distributions during the 2-year term.
Minimum denominations: $10,000 and $1,000 multiples; CUSIP 48136FMD1.

Illustrative scenarios show:

Positive return equals stock performance up to 38% cap.
Negative return within –35% delivers a positive payoff identical to the absolute loss, e.g., –20% stock move → +20% note gain.
Returns beyond +38% or below –35% truncate potential gains or expose investors to full downside, respectively.

Estimated value would be ~$973.40 (in the final supplement not below $960) versus the $1,000 issue price, reflecting selling commissions (≤$15/1,000) and hedging costs. The notes are unsecured, unsubordinated claims on JPMorgan Financial and subject to JPMorgan Chase & Co. credit risk.

Key risks highlighted:

Principal loss beyond 35% downside.
Limited upside by design and no interest income.
Issuer/guarantor credit quality; JPMorgan Financial is a finance subsidiary with limited assets.
Liquidity constraints—no exchange listing; secondary prices likely below issue price.
Single-stock concentration, emerging-market exposure, currency, and volatility risks specific to Baidu.

Tax counsel (Latham & Watkins LLP) views the notes as “open transactions” rather than debt, but the IRS could challenge this. Investors should consult advisers on potential FATCA withholding and future tax guidance.

In sum, the product offers a structured, 2-year exposure to Baidu with a 35% contingent buffer and capped upside, suitable only for investors prepared to accept issuer credit risk, illiquidity, tax uncertainty, and potential loss of principal beyond the buffer.

JPMorgan Chase Financial Company LLC, garantita integralmente da JPMorgan Chase & Co., offre Note Azionarie Contingenti Buffered a Doppia Direzione con Limite collegate alle Azioni Depositarie Americane di Baidu, Inc. (BIDU). I titoli sono registrati presso la SEC ai sensi della Regola 424(b)(2) e si prevede che vengano quotati intorno all'8 luglio 2025, con regolamento previsto intorno all'11 luglio 2025 e scadenza il 12 luglio 2027.

Ogni nota da $1.000 offre:

Esposizione al rialzo: partecipazione non leva all’apprezzamento positivo delle azioni Baidu, limitata a un “Rendimento Massimo” di almeno il 38,00% (livello finale definito al momento della quotazione). Pagamento massimo positivo = $1.380 per nota.
Buffer a doppia direzione: se Baidu scende ma il Prezzo Finale dell’Azione è ≤35% sotto il Prezzo Strike dell’Azione di $89,79, gli investitori ricevono il valore assoluto della perdita negativa – fino a un guadagno massimo del 35% ($1.350 massimo).
Buffer contingente: protezione solo per il primo 35% di ribasso. Se il Prezzo Finale scende oltre il 35% sotto lo strike, il capitale viene ridotto 1 a 1; gli investitori possono perdere l’intero capitale.
Nessun coupon o dividendo intermedio; gli investitori rinunciano a qualsiasi distribuzione Baidu durante i 2 anni.
Tagli minimi: $10.000 e multipli di $1.000; CUSIP 48136FMD1.

Scenari illustrativi mostrano:

Rendimento positivo pari alla performance azionaria fino al limite del 38%.
Rendimento negativo entro –35% genera un guadagno positivo pari alla perdita assoluta, es. –20% azioni → +20% rendimento nota.
Rendimenti oltre +38% o sotto –35% rispettivamente limitano i guadagni o espongono a perdita totale.

Valore stimato circa $973,40 (nel supplemento finale non inferiore a $960) rispetto al prezzo di emissione di $1.000, riflettendo commissioni di vendita (≤$15/1.000) e costi di copertura. Le note sono non garantite e non subordinate nei confronti di JPMorgan Financial e soggette al rischio di credito di JPMorgan Chase & Co.

Rischi principali evidenziati:

Perdita del capitale oltre il ribasso del 35%.
Rendimento limitato e assenza di interessi.
Qualità creditizia dell’emittente/garante; JPMorgan Financial è una controllata finanziaria con risorse limitate.
Vincoli di liquidità—assenza di quotazione in borsa; prezzi secondari probabilmente inferiori al prezzo di emissione.
Concentrazione su singola azione, esposizione a mercati emergenti, rischi di cambio e volatilità specifici di Baidu.

Il parere fiscale (Latham & Watkins LLP) considera le note “transazioni aperte” e non debito, ma l’IRS potrebbe contestare. Gli investitori devono consultare consulenti riguardo a possibili ritenute FATCA e future indicazioni fiscali.

In sintesi, il prodotto offre un’esposizione strutturata biennale su Baidu con buffer contingente del 35% e rendimento limitato, adatto solo a investitori disposti ad accettare il rischio di credito dell’emittente, illiquidità, incertezza fiscale e possibile perdita del capitale oltre il buffer.

JPMorgan Chase Financial Company LLC, garantizada totalmente por JPMorgan Chase & Co., ofrece Notas de Capital Contingentes Buffered con Doble Dirección y Tope vinculadas a las Acciones Depositarías Americanas de Baidu, Inc. (BIDU). Los valores están registrados en la SEC bajo la Regla 424(b)(2) y se espera que se fijen precios alrededor del 8 de julio de 2025, liquidación alrededor del 11 de julio de 2025 y vencimiento el 12 de julio de 2027.

Cada nota de $1,000 ofrece:

Exposición al alza: participación sin apalancamiento en la apreciación positiva de las acciones de Baidu, con un “Rendimiento Máximo” limitado a al menos 38.00% (nivel final determinado en la fijación de precios). Pago máximo positivo = $1,380 por nota.
Buffer bidireccional: si Baidu cae pero el Precio Final de la Acción está ≤35% por debajo del Precio Strike de la Acción de $89.79, los inversores reciben el valor absoluto de la pérdida negativa – hasta una ganancia máxima del 35% ($1,350 máximo).
Buffer contingente: protección solo para la primera caída del 35%. Cuando el Precio Final está >35% por debajo del strike, el principal se reduce 1 a 1; los inversores pueden perder toda su inversión.
Sin cupones ni dividendos intermedios; los inversores renuncian a cualquier distribución de Baidu durante los 2 años.
Denominaciones mínimas: $10,000 y múltiplos de $1,000; CUSIP 48136FMD1.

Escenarios ilustrativos muestran:

Retorno positivo igual al desempeño de la acción hasta el tope del 38%.
Retorno negativo dentro del –35% genera un pago positivo igual a la pérdida absoluta, p.ej., movimiento de –20% en acciones → +20% ganancia en la nota.
Retornos por encima del +38% o por debajo del –35% limitan ganancias o exponen a la pérdida total, respectivamente.

Valor estimado alrededor de $973.40 (en el suplemento final no menor a $960) frente al precio de emisión de $1,000, reflejando comisiones de venta (≤$15/1,000) y costos de cobertura. Las notas son no garantizadas y no subordinadas contra JPMorgan Financial y sujetas al riesgo crediticio de JPMorgan Chase & Co.

Riesgos clave destacados:

Pérdida de principal más allá del 35% a la baja.
Rendimiento limitado por diseño y sin ingresos por intereses.
Calidad crediticia del emisor/garante; JPMorgan Financial es una subsidiaria financiera con activos limitados.
Restricciones de liquidez—sin cotización en bolsa; precios secundarios probablemente inferiores al precio de emisión.
Concentración en una sola acción, exposición a mercados emergentes, riesgos cambiarios y de volatilidad específicos de Baidu.

El asesor fiscal (Latham & Watkins LLP) considera las notas como “transacciones abiertas” en lugar de deuda, pero el IRS podría cuestionarlo. Los inversores deben consultar asesores sobre posibles retenciones FATCA y futuras directrices fiscales.

En resumen, el producto ofrece una exposición estructurada a 2 años en Baidu con un buffer contingente del 35% y rendimiento limitado, adecuado solo para inversores dispuestos a aceptar riesgo crediticio del emisor, iliquidez, incertidumbre fiscal y posible pérdida de principal más allá del buffer.

JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.가 전액 보증하는 상한 듀얼 방향 조건부 완충 주식 노트를 Baidu, Inc. (BIDU)의 미국 예탁 주식과 연계하여 제공합니다. 이 증권은 SEC 규칙 424(b)(2)에 따라 등록되었으며, 2025년 7월 8일경 가격이 결정되고, 2025년 7월 11일경 결제되며, 2027년 7월 12일에 만기될 예정입니다.

각 $1,000 노트는 다음을 제공합니다:

상승 노출: Baidu 주가 상승에 대한 무레버리지 참여, 최대 상승 수익률이 최소 38.00%로 상한 설정됨 (최종 수준은 가격 결정 시 확정). 최대 긍정적 지급액 = 노트당 $1,380.
듀얼 방향 완충: Baidu 주가가 하락하더라도 최종 주가가 $89.79의 행사가격보다 35% 이하로 하락한 경우, 투자자는 음수 수익률의 절대값을 받음 – 최대 35% 이익($1,350 한도).
조건부 완충: 최초 35% 하락까지 보호. 최종 주가가 행사가격 대비 35% 이상 하락하면 원금이 1대1로 감소하며, 투자자는 전액 손실 가능.
중간 쿠폰 또는 배당 없음; 투자자는 2년 기간 동안 Baidu의 배당을 포기함.
최소 단위: $10,000 및 $1,000 단위; CUSIP 48136FMD1.

예시 시나리오는 다음을 보여줌:

주가 상승률 최대 38% 상한까지 긍정적 수익.
–35% 이내 하락 시 손실 절대값만큼 긍정적 수익, 예: 주가 –20% → 노트 +20% 수익.
+38% 초과 상승 또는 –35% 초과 하락 시 각각 수익 제한 또는 전액 손실 위험 노출.

추정 가치는 발행가 $1,000 대비 약 $973.40(최종 보충 자료에서 $960 이상)로, 판매 수수료(≤$15/1,000)와 헤지 비용 반영. 노트는 무담보, 비후순위로 JPMorgan Financial에 대한 청구권이며 JPMorgan Chase & Co.의 신용 위험에 노출됨.

주요 위험 사항:

35% 하락 초과 시 원금 손실 가능.
설계상 제한된 상승 및 이자 수익 없음.
발행인/보증인 신용 등급; JPMorgan Financial은 자산이 제한된 금융 자회사임.
유동성 제한—거래소 상장 없음; 2차 시장 가격은 발행가 이하일 가능성 높음.
단일 주식 집중, 신흥시장 노출, 환율 및 변동성 위험이 Baidu에 특화됨.

세무 자문(Latham & Watkins LLP)은 이 노트를 부채가 아닌 “개방 거래”로 보지만 IRS가 이견을 제기할 수 있음. 투자자는 잠재적 FATCA 원천징수 및 향후 세무 지침에 대해 자문을 구해야 함.

요약하면, 이 상품은 Baidu에 대한 2년 구조화 노출과 35% 조건부 완충 및 상한 수익을 제공하며, 발행인 신용 위험, 유동성 부족, 세무 불확실성 및 완충 범위 초과 원금 손실을 감수할 준비가 된 투자자에게 적합합니다.

JPMorgan Chase Financial Company LLC, entièrement garantie par JPMorgan Chase & Co., propose des Notes d’Actions Contingentes à Double Direction avec Protection et Plafond liées aux American Depositary Shares de Baidu, Inc. (BIDU). Les titres sont enregistrés auprès de la SEC selon la règle 424(b)(2) et devraient être prix vers le 8 juillet 2025, réglés vers le 11 juillet 2025 et arriver à échéance le 12 juillet 2027.

Chaque note de 1 000 $ offre :

Exposition à la hausse : participation sans effet de levier à toute appréciation positive des actions Baidu, plafonnée à un « Rendement Maximum » d’au moins 38,00 % (niveau final fixé lors de la tarification). Paiement positif maximal = 1 380 $ par note.
Protection bidirectionnelle : si Baidu baisse mais que le Prix Final de l’Action est ≤35 % en dessous du Prix Strike de 89,79 $, les investisseurs reçoivent la valeur absolue de la perte négative – jusqu’à un gain maximum de 35 % (1 350 $ maximum).
Protection conditionnelle : protection uniquement jusqu’à 35 % de baisse. Lorsque le Prix Final est >35 % en dessous du strike, le principal est réduit 1 pour 1 ; les investisseurs peuvent perdre la totalité de leur investissement.
Pas de coupons ni dividendes intermédiaires ; les investisseurs renoncent à toute distribution Baidu pendant la durée de 2 ans.
Montants minimums : 10 000 $ et multiples de 1 000 $ ; CUSIP 48136FMD1.

Scénarios illustratifs montrent :

Retour positif égal à la performance de l’action jusqu’au plafond de 38 %.
Retour négatif dans la limite de –35 % génère un paiement positif égal à la perte absolue, par ex., mouvement de –20 % de l’action → gain de +20 % sur la note.
Les rendements au-delà de +38 % ou en dessous de –35 % limitent les gains potentiels ou exposent à une perte totale, respectivement.

Valeur estimée d’environ 973,40 $ (dans le supplément final pas en dessous de 960 $) par rapport au prix d’émission de 1 000 $, reflétant les commissions de vente (≤15 $/1 000) et les coûts de couverture. Les notes sont des créances non garanties et non subordonnées sur JPMorgan Financial et soumises au risque de crédit de JPMorgan Chase & Co.

Principaux risques mis en avant :

Perte en capital au-delà de 35 % de baisse.
Potentiel de hausse limité et absence de revenus d’intérêts.
Qualité de crédit de l’émetteur/garant ; JPMorgan Financial est une filiale financière avec des actifs limités.
Contraintes de liquidité — pas de cotation en bourse ; prix secondaires probablement inférieurs au prix d’émission.
Concentration sur une seule action, exposition aux marchés émergents, risques de change et de volatilité spécifiques à Baidu.

Le conseil fiscal (Latham & Watkins LLP) considère les notes comme des « transactions ouvertes » plutôt que comme une dette, mais l’IRS pourrait contester cela. Les investisseurs doivent consulter des conseillers concernant d’éventuelles retenues FATCA et des orientations fiscales futures.

En résumé, le produit offre une exposition structurée de 2 ans à Baidu avec une protection conditionnelle de 35 % et un plafond de rendement, adapté uniquement aux investisseurs prêts à accepter le risque de crédit de l’émetteur, l’illiquidité, l’incertitude fiscale et la perte potentielle du capital au-delà de la protection.

JPMorgan Chase Financial Company LLC, vollständig garantiert von JPMorgan Chase & Co., bietet Capped Dual Directional Contingent Buffered Equity Notes an, die an die American Depositary Shares von Baidu, Inc. (BIDU) gekoppelt sind. Die Wertpapiere sind gemäß Regel 424(b)(2) bei der SEC registriert und sollen etwa am 8. Juli 2025 bepreist, am 11. Juli 2025 abgerechnet und am 12. Juli 2027 fällig werden.

Jede $1.000 Note bietet:

Aufwärtsbeteiligung: Ungehebelte Teilnahme an jeglicher positiver Kurssteigerung der Baidu-Aktie, begrenzt auf eine „Maximale Aufwärtsrendite“ von mindestens 38,00% (Endniveau bei Preisfestsetzung festgelegt). Maximaler positiver Auszahlungsbetrag = $1.380 pro Note.
Duale Richtungs-Buffer: Fällt Baidu, aber der Endkurs liegt ≤35% unter dem Aktien-Strike-Preis von $89,79, erhalten Anleger den absoluten Wert der negativen Rendite – bis zu einem Gewinn von 35% (max. $1.350).
Bedingter Buffer: Schutz nur für die ersten 35% Abwärtsbewegung. Liegt der Endkurs >35% unter dem Strike, wird das Kapital 1:1 reduziert; Anleger können ihr gesamtes Investment verlieren.
Keine Zwischenkupons oder Dividenden; Anleger verzichten auf jegliche Baidu-Ausschüttungen während der 2-jährigen Laufzeit.
Mindeststückelungen: $10.000 und $1.000 Vielfache; CUSIP 48136FMD1.

Beispielszenarien zeigen:

Positive Rendite entspricht der Aktienperformance bis zur 38%-Obergrenze.
Negative Rendite innerhalb von –35% liefert eine positive Auszahlung in Höhe des absoluten Verlusts, z.B. –20% Aktienkurs → +20% Notengewinn.
Renditen über +38% oder unter –35% begrenzen potenzielle Gewinne bzw. setzen Anleger vollem Verlust aus.

Geschätzter Wert liegt bei ca. $973,40 (im finalen Nachtrag nicht unter $960) gegenüber dem Ausgabepreis von $1.000, was Verkaufsprovisionen (≤$15/1.000) und Absicherungskosten widerspiegelt. Die Notes sind ungesichert, nicht nachrangig und stellen Forderungen gegenüber JPMorgan Financial dar, die dem Kreditrisiko von JPMorgan Chase & Co. unterliegen.

Hervorgehobene Risiken:

Kapitalverlust bei mehr als 35% Kursrückgang.
Begrenztes Aufwärtspotenzial und keine Zinszahlungen.
Bonität von Emittent/Garant; JPMorgan Financial ist eine Finanztochter mit begrenzten Vermögenswerten.
Liquiditätsbeschränkungen – keine Börsennotierung; Sekundärpreise wahrscheinlich unter Ausgabepreis.
Einzelaktienkonzentration, Schwellenländerexposition, Währungs- und Volatilitätsrisiken speziell bei Baidu.

Steuerliche Beratung (Latham & Watkins LLP) betrachtet die Notes als „offene Transaktionen“ und nicht als Schuldverschreibungen, jedoch könnte das IRS dies anfechten. Anleger sollten Berater bezüglich möglicher FATCA-Quellensteuer und zukünftiger Steuerregelungen konsultieren.

Zusammenfassend bietet das Produkt eine strukturierte 2-Jahres-Exposition gegenüber Baidu mit 35% bedingtem Puffer und begrenztem Aufwärtspotenzial, geeignet nur für Anleger, die Emittenten-Kreditrisiko, Illiquidität, steuerliche Unsicherheiten und möglichen Kapitalverlust über den Puffer hinaus akzeptieren.

Positive

Dual directional benefit: investors can earn up to +35% even if Baidu shares fall by the same amount.
Upside participation: captures 1-for-1 gains up to a minimum 38% cap, providing equity-like return potential without leverage.
Short 2-year tenor limits exposure duration compared with longer-dated structured notes.
Full JPMorgan Chase & Co. guarantee adds high-grade credit backing.

Negative

Principal at risk: any decline beyond 35% results in dollar-for-dollar capital loss, potentially to zero.
Upside cap: gains above 38% are forfeited, limiting participation in strong Baidu rallies.
No coupons or dividends, so total return depends solely on final payout.
Liquidity risk: no exchange listing; secondary bids likely below par and dependent on JPMS discretion.
Valuation discount: estimated initial value (~$973.40) is below the $1,000 issue price, reflecting embedded costs.
Tax uncertainty: open-transaction treatment could be challenged; future IRS guidance may be retroactive.

Insights

TL;DR 38% capped upside, 35% dual buffer on BIDU; risk of full loss beyond buffer, credit and liquidity constraints make payoff profile neutral.

The note converts Baidu’s volatile equity profile into a defined outcome: capped 38% upside, symmetric 35% buffered return on mild declines, and uncapped downside thereafter. This appeals to investors seeking limited equity exposure with short duration. However, absolute total return is constrained; a 50% rally still yields only 38%. Estimated value (~97.3% of par) highlights embedded fees. Lack of listing and reliance on JPMS for liquidity raises exit-price uncertainty. Given JPMorgan’s AA-range credit, default risk is low but non-trivial. Overall impact: neutral—product provides optionality but no broad corporate event.

TL;DR Buffer ends at –35%; thereafter every 1% drop equals 1% capital loss. Single-stock, China, currency and tax uncertainties heighten downside.

The contingent buffer may entice investors, yet its cliff nature is severe. Historical BIDU volatility shows frequent 30–50% swings; a 40% drawdown wipes out 40% of principal. Currency translation between HKD and USD plus emerging-market governance add unpredictability. The product’s valuation discount and fee drag reduce secondary-market recovery. Absent dividends, carry is negative versus Treasuries. Should Baidu underperform due to regulatory actions, investors face both equity and credit contagion. Impact classification: not transformative for JPM; material risk resides with buyers.

Ogni nota da $1.000 offre:

Esposizione al rialzo: partecipazione non leva all’apprezzamento positivo delle azioni Baidu, limitata a un “Rendimento Massimo” di almeno il 38,00% (livello finale definito al momento della quotazione). Pagamento massimo positivo = $1.380 per nota.
Buffer a doppia direzione: se Baidu scende ma il Prezzo Finale dell’Azione è ≤35% sotto il Prezzo Strike dell’Azione di $89,79, gli investitori ricevono il valore assoluto della perdita negativa – fino a un guadagno massimo del 35% ($1.350 massimo).
Buffer contingente: protezione solo per il primo 35% di ribasso. Se il Prezzo Finale scende oltre il 35% sotto lo strike, il capitale viene ridotto 1 a 1; gli investitori possono perdere l’intero capitale.
Nessun coupon o dividendo intermedio; gli investitori rinunciano a qualsiasi distribuzione Baidu durante i 2 anni.
Tagli minimi: $10.000 e multipli di $1.000; CUSIP 48136FMD1.

Scenari illustrativi mostrano:

Rendimento positivo pari alla performance azionaria fino al limite del 38%.
Rendimento negativo entro –35% genera un guadagno positivo pari alla perdita assoluta, es. –20% azioni → +20% rendimento nota.
Rendimenti oltre +38% o sotto –35% rispettivamente limitano i guadagni o espongono a perdita totale.

Rischi principali evidenziati:

Perdita del capitale oltre il ribasso del 35%.
Rendimento limitato e assenza di interessi.
Qualità creditizia dell’emittente/garante; JPMorgan Financial è una controllata finanziaria con risorse limitate.
Vincoli di liquidità—assenza di quotazione in borsa; prezzi secondari probabilmente inferiori al prezzo di emissione.
Concentrazione su singola azione, esposizione a mercati emergenti, rischi di cambio e volatilità specifici di Baidu.

Cada nota de $1,000 ofrece:

Exposición al alza: participación sin apalancamiento en la apreciación positiva de las acciones de Baidu, con un “Rendimiento Máximo” limitado a al menos 38.00% (nivel final determinado en la fijación de precios). Pago máximo positivo = $1,380 por nota.
Buffer bidireccional: si Baidu cae pero el Precio Final de la Acción está ≤35% por debajo del Precio Strike de la Acción de $89.79, los inversores reciben el valor absoluto de la pérdida negativa – hasta una ganancia máxima del 35% ($1,350 máximo).
Buffer contingente: protección solo para la primera caída del 35%. Cuando el Precio Final está >35% por debajo del strike, el principal se reduce 1 a 1; los inversores pueden perder toda su inversión.
Sin cupones ni dividendos intermedios; los inversores renuncian a cualquier distribución de Baidu durante los 2 años.
Denominaciones mínimas: $10,000 y múltiplos de $1,000; CUSIP 48136FMD1.

Escenarios ilustrativos muestran:

Retorno positivo igual al desempeño de la acción hasta el tope del 38%.
Retorno negativo dentro del –35% genera un pago positivo igual a la pérdida absoluta, p.ej., movimiento de –20% en acciones → +20% ganancia en la nota.
Retornos por encima del +38% o por debajo del –35% limitan ganancias o exponen a la pérdida total, respectivamente.

Riesgos clave destacados:

Pérdida de principal más allá del 35% a la baja.
Rendimiento limitado por diseño y sin ingresos por intereses.
Calidad crediticia del emisor/garante; JPMorgan Financial es una subsidiaria financiera con activos limitados.
Restricciones de liquidez—sin cotización en bolsa; precios secundarios probablemente inferiores al precio de emisión.
Concentración en una sola acción, exposición a mercados emergentes, riesgos cambiarios y de volatilidad específicos de Baidu.

각 $1,000 노트는 다음을 제공합니다:

상승 노출: Baidu 주가 상승에 대한 무레버리지 참여, 최대 상승 수익률이 최소 38.00%로 상한 설정됨 (최종 수준은 가격 결정 시 확정). 최대 긍정적 지급액 = 노트당 $1,380.
듀얼 방향 완충: Baidu 주가가 하락하더라도 최종 주가가 $89.79의 행사가격보다 35% 이하로 하락한 경우, 투자자는 음수 수익률의 절대값을 받음 – 최대 35% 이익($1,350 한도).
조건부 완충: 최초 35% 하락까지 보호. 최종 주가가 행사가격 대비 35% 이상 하락하면 원금이 1대1로 감소하며, 투자자는 전액 손실 가능.
중간 쿠폰 또는 배당 없음; 투자자는 2년 기간 동안 Baidu의 배당을 포기함.
최소 단위: $10,000 및 $1,000 단위; CUSIP 48136FMD1.

예시 시나리오는 다음을 보여줌:

주가 상승률 최대 38% 상한까지 긍정적 수익.
–35% 이내 하락 시 손실 절대값만큼 긍정적 수익, 예: 주가 –20% → 노트 +20% 수익.
+38% 초과 상승 또는 –35% 초과 하락 시 각각 수익 제한 또는 전액 손실 위험 노출.

주요 위험 사항:

35% 하락 초과 시 원금 손실 가능.
설계상 제한된 상승 및 이자 수익 없음.
발행인/보증인 신용 등급; JPMorgan Financial은 자산이 제한된 금융 자회사임.
유동성 제한—거래소 상장 없음; 2차 시장 가격은 발행가 이하일 가능성 높음.
단일 주식 집중, 신흥시장 노출, 환율 및 변동성 위험이 Baidu에 특화됨.

Chaque note de 1 000 $ offre :

Exposition à la hausse : participation sans effet de levier à toute appréciation positive des actions Baidu, plafonnée à un « Rendement Maximum » d’au moins 38,00 % (niveau final fixé lors de la tarification). Paiement positif maximal = 1 380 $ par note.
Protection bidirectionnelle : si Baidu baisse mais que le Prix Final de l’Action est ≤35 % en dessous du Prix Strike de 89,79 $, les investisseurs reçoivent la valeur absolue de la perte négative – jusqu’à un gain maximum de 35 % (1 350 $ maximum).
Protection conditionnelle : protection uniquement jusqu’à 35 % de baisse. Lorsque le Prix Final est >35 % en dessous du strike, le principal est réduit 1 pour 1 ; les investisseurs peuvent perdre la totalité de leur investissement.
Pas de coupons ni dividendes intermédiaires ; les investisseurs renoncent à toute distribution Baidu pendant la durée de 2 ans.
Montants minimums : 10 000 $ et multiples de 1 000 $ ; CUSIP 48136FMD1.

Scénarios illustratifs montrent :

Retour positif égal à la performance de l’action jusqu’au plafond de 38 %.
Retour négatif dans la limite de –35 % génère un paiement positif égal à la perte absolue, par ex., mouvement de –20 % de l’action → gain de +20 % sur la note.
Les rendements au-delà de +38 % ou en dessous de –35 % limitent les gains potentiels ou exposent à une perte totale, respectivement.

Principaux risques mis en avant :

Perte en capital au-delà de 35 % de baisse.
Potentiel de hausse limité et absence de revenus d’intérêts.
Qualité de crédit de l’émetteur/garant ; JPMorgan Financial est une filiale financière avec des actifs limités.
Contraintes de liquidité — pas de cotation en bourse ; prix secondaires probablement inférieurs au prix d’émission.
Concentration sur une seule action, exposition aux marchés émergents, risques de change et de volatilité spécifiques à Baidu.

Jede $1.000 Note bietet:

Aufwärtsbeteiligung: Ungehebelte Teilnahme an jeglicher positiver Kurssteigerung der Baidu-Aktie, begrenzt auf eine „Maximale Aufwärtsrendite“ von mindestens 38,00% (Endniveau bei Preisfestsetzung festgelegt). Maximaler positiver Auszahlungsbetrag = $1.380 pro Note.
Duale Richtungs-Buffer: Fällt Baidu, aber der Endkurs liegt ≤35% unter dem Aktien-Strike-Preis von $89,79, erhalten Anleger den absoluten Wert der negativen Rendite – bis zu einem Gewinn von 35% (max. $1.350).
Bedingter Buffer: Schutz nur für die ersten 35% Abwärtsbewegung. Liegt der Endkurs >35% unter dem Strike, wird das Kapital 1:1 reduziert; Anleger können ihr gesamtes Investment verlieren.
Keine Zwischenkupons oder Dividenden; Anleger verzichten auf jegliche Baidu-Ausschüttungen während der 2-jährigen Laufzeit.
Mindeststückelungen: $10.000 und $1.000 Vielfache; CUSIP 48136FMD1.

Beispielszenarien zeigen:

Positive Rendite entspricht der Aktienperformance bis zur 38%-Obergrenze.
Negative Rendite innerhalb von –35% liefert eine positive Auszahlung in Höhe des absoluten Verlusts, z.B. –20% Aktienkurs → +20% Notengewinn.
Renditen über +38% oder unter –35% begrenzen potenzielle Gewinne bzw. setzen Anleger vollem Verlust aus.

Hervorgehobene Risiken:

Kapitalverlust bei mehr als 35% Kursrückgang.
Begrenztes Aufwärtspotenzial und keine Zinszahlungen.
Bonität von Emittent/Garant; JPMorgan Financial ist eine Finanztochter mit begrenzten Vermögenswerten.
Liquiditätsbeschränkungen – keine Börsennotierung; Sekundärpreise wahrscheinlich unter Ausgabepreis.
Einzelaktienkonzentration, Schwellenländerexposition, Währungs- und Volatilitätsrisiken speziell bei Baidu.

07/08/2025 - 01:33 PM

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 July 8, 2025

Pricing supplement
To prospectus dated April 13, 2023,
prospectus supplement dated April 13, 2023,
product supplement no. 4-I dated April 13, 2023 and
prospectus addendum dated June 3, 2024

Registration Statement Nos. 333-270004 and 333-270004-01
Dated July , 2025

Rule 424(b)(2)

JPMorgan Chase Financial Company LLC

conti

Structured Investments

Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc. due July 12, 2027

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

General

●The notes are designed for investors who seek an unleveraged return equal to any appreciation (up to the Maximum Upside Return of at least 38.00%), or an unleveraged return equal to the absolute value of any depreciation (up to 35.00%), of the price of one share of the Reference Stock.

●Investors should be willing to forgo interest and dividend payments and, if the Final Stock Price is less than the Stock Strike Price by more than 35.00%, be willing to lose some or all of their principal amount at maturity.

●The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes.

●Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof

Key Terms


Issuer:	JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor:	JPMorgan Chase & Co.
Reference Stock:	The American Depositary Shares of Baidu, Inc., each representing eight Class A ordinary shares, (par value $0.000000625 per share) (Bloomberg ticker: BIDU UW). We refer to Baidu, Inc. as “Baidu.”
Payment at Maturity:	If the Final Stock Price is greater than the Stock Strike Price, at maturity you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Stock Return, subject to the Maximum Upside Return. Accordingly, under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows:
	$1,000 + ($1,000 × Stock Return), subject to the Maximum Upside Return
	If the Final Stock Price is equal to the Stock Strike Price, you will receive the principal amount of your notes at maturity. If the Final Stock Price is less than the Stock Strike Price by up to the Contingent Buffer Amount, you will receive at maturity a cash payment that provides you with a return per $1,000 principal amount note equal to the Absolute Stock Return, and your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 × Absolute Stock Return) Because the payment at maturity will not reflect the Absolute Stock Return if the Final Stock Price is less than the Stock Strike Price by more than the Contingent Buffer Amount of 35.00%, your maximum payment at maturity if the Stock Return is negative is $1,350.00 per $1,000 principal amount note.
	If the Final Stock Price is less than the Stock Strike Price by more than the Contingent Buffer Amount, you will lose 1% of the principal amount of your notes for every 1% that the Final Stock Price is less than the Stock Strike Price. Under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows:
	$1,000 + ($1,000 × Stock Return)
	If the Final Stock Price is less than the Stock Strike Price by more than the Contingent Buffer Amount of 35.00%, you will lose more than 35.00% of your principal amount at maturity and may lose all of your principal amount at maturity
Maximum Upside Return:	At least 38.00%. For example, if the Stock Return is equal to or greater than 38.00%, you will receive the Maximum Upside Return of 38.00%, which entitles you to a maximum payment at maturity if the Stock Return is positive of $1,380.00 per $1,000 principal amount note that you hold. The actual Maximum Upside Return will be provided in the pricing supplement and will not be less than 38.00%.
Contingent Buffer Amount:	35.00%
Stock Return:	(Final Stock Price – Stock Strike Price) Stock Strike Price
Absolute Stock Return:	The absolute value of the Stock Return. For example, if the Stock Return is -5%, the Absolute Stock Return will equal 5%.
Stock Strike Price:	$89.79, which was the closing price of one share of the Reference Stock on the Strike Date. The Stock Strike Price is not determined by reference to the closing price of one share of the Reference Stock on the Pricing Date.
Final Stock Price:	The arithmetic average of the closing prices of one share of the Reference Stock on the Ending Averaging Dates
Stock Adjustment Factor:	The Stock Adjustment Factor is referenced in determining the closing price of one share of the Reference Stock and is set initially at 1.0 on the Strike Date. The Stock Adjustment Factor is subject to adjustment upon the occurrence of certain corporate events affecting the Reference Stock. See “The Underlyings — Reference Stocks — Anti-Dilution Adjustments” and “The Underlyings — Reference Stocks — Reorganization Events” in the accompanying product supplement for further information.
Strike Date:	July 7, 2025
Pricing Date:	On or about July 8, 2025
Original Issue Date:	On or about July 11, 2025 (Settlement Date)
Ending Averaging Dates*:	June 30, 2027, July 1, 2027, July 2, 2027, July 6, 2027 and July 7, 2027
Maturity Date*:	July 12, 2027
CUSIP:	48136FMD1

* 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 Underlying (Other Than a Commodity Index)” and “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement

Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, “Risk Factors” beginning on page PS-11 of the accompanying product supplement and “Selected Risk Considerations” beginning on page PS-4 of this pricing supplement.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense.


	Price to Public (1)	Fees and Commissions (2)	Proceeds to Issuer
Per note	$1,000	$	$
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 $15.00 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 $973.40 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 $960.00 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.

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, the accompanying prospectus addendum 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 and in Annex A to the accompanying prospectus addendum, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

●Product supplement no. 4-I dated April 13, 2023:
https://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf

●Prospectus supplement and prospectus, each dated April 13, 2023:
https://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf

●Prospectus addendum, dated June 3, 2024:
http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm

Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing supplement, “we,” “us” and “our” refer to JPMorgan Financial.

JPMorgan Structured Investments —  PS- 1
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Reference Stock?

The following table and examples illustrate the hypothetical total return and the hypothetical payment at maturity on the notes. The “total return” as used in this pricing supplement is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000. Each hypothetical total return or payment at maturity set forth below assumes a hypothetical Stock Strike Price of $100.00 and a Maximum Upside Return of 38.00%, and reflects the Contingent Buffer Amount of 35.00%. The hypothetical Stock Strike Price of 100.00 has been chosen for illustrative purposes only and does not represent the actual Stock Strike Price. The actual Maximum Upside Return will be provided in the pricing supplement. Each hypothetical total return or payment at maturity set forth below is for illustrative purposes only and may not be the actual total return or payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and in the examples below have been rounded for ease of analysis.


Final Stock Price	Stock Return	Absolute Stock Return	Total Return
$180.00	80.00%	N/A	38.00%
$170.00	70.00%	N/A	38.00%
$160.00	60.00%	N/A	38.00%
$150.00	50.00%	N/A	38.00%
$140.00	40.00%	N/A	38.00%
$138.00	38.00%	N/A	38.00%
$130.00	30.00%	N/A	30.00%
$120.00	20.00%	N/A	20.00%
$110.00	10.00%	N/A	10.00%
$105.00	5.00%	N/A	5.00%
$102.50	2.50%	N/A	2.50%
$100.00	0.00%	N/A	0.00%
$97.50	-2.50%	2.50%	2.50%
$95.00	-5.00%	5.00%	5.00%
$90.00	-10.00%	10.00%	10.00%
$80.00	-20.00%	20.00%	20.00%
$70.00	-30.00%	30.00%	30.00%
$65.00	-35.00%	35.00%	35.00%
$64.99	-35.01%	N/A	-35.01%
$60.00	-40.00%	N/A	-40.00%
$50.00	-50.00%	N/A	-50.00%
$40.00	-60.00%	N/A	-60.00%
$30.00	-70.00%	N/A	-70.00%
$20.00	-80.00%	N/A	-80.00%
$10.00	-90.00%	N/A	-90.00%
$0.00	-100.00%	N/A	-100.00%

JPMorgan Structured Investments —  PS- 2
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

Hypothetical Examples of Amount Payable at Maturity

The following examples illustrate how the total payment at maturity in different hypothetical scenarios is calculated.

Example 1: The price of one share of the Reference Stock increases from the Stock Strike Price of $100.00 to a Final Stock Price of $102.50.

Because the Final Stock Price of $102.50 is greater than the Stock Strike Price of $100.00 and the Stock Return of 2.50% does not exceed the Maximum Upside Return of 38.00%, the investor receives a payment at maturity of $1,025.00 per $1,000 principal amount note, calculated as follows:

$1,000 + ($1,000 × 2.50%) = $1,025.00

Example 2: The price of one share of the Reference Stock decreases from the Stock Strike Price of $100.00 to a Final Stock Price of $95.00.

Although the Stock Return is negative, because the Final Stock Price of $95.00 is less than the Stock Strike Price of $100.00 and the Stock Return of -5.00% does not exceed the Contingent Buffer Amount of 35.00%, The Absolute Stock Return is 5.00%. Accordingly, the investor receives a payment at maturity of $1,050.00 per $1,000 principal amount note, calculated as follows:

$1,000 + ($1,000 × 5.00%) = $1,050.00

Example 3: The price of one share of the Reference Stock increases from the Stock Strike Price of $100.00 to a Final Stock Price of $140.00.

Because the Final Stock Price of $140.00 is greater than the Stock Strike Price of $100.00 and the Stock Return of 40.00% exceeds the Maximum Upside Return of 38.00%, the investor receives a payment at maturity of $1,380.00 per $1,000 principal amount note, the maximum payment at maturity if the Stock Return is positive.

Example 4: The price of one share of the Reference Stock decreases from the Stock Strike Price of $100.00 to a Final Stock Price of $50.00.

Because the Final Stock Price of $50.00 is less than the Stock Strike Price of $100.00 by more than the Contingent Buffer Amount of 35.00% and the Stock Return is -50.00%, the investor receives a payment at maturity of $500.00 per $1,000 principal amount note, calculated as follows:

$1,000 + ($1,000 × -50.00%) = $500.00

Example 5: The price of one share of the Reference Stock decreases from the Stock Strike Price of $100.00 to a Final Stock Price of $65.00. Although the Stock Return is negative, because the Final Stock Price of $65.00 is less than the Stock Strike Price of $100.00 by up to the Contingent Buffer Amount of 35.00% and the Absolute Stock Return is 35.00%, the investor receives a payment at maturity of $1,350.00 per $1,000 principal amount note, the maximum payment at maturity if the Stock Return is negative, calculated as follows:

$1,000 + ($1,000 × 35.00%) = $1,350.00

The hypothetical returns and hypothetical payments on the notes shown above apply only if you hold the notes for their entire term. These hypotheticals do not reflect 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.

JPMorgan Structured Investments —  PS- 3
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

Selected Purchase Considerations

●CAPPED, UNLEVERAGED APPRECIATION POTENTIAL IF THE STOCK RETURN IS POSITIVE — The notes provide the opportunity to earn a capped, unleveraged return equal to a positive Stock Return, up to the Maximum Upside Return of at least 38.00%. Accordingly, the maximum payment at maturity if the Stock Return is positive is $1,380.00 per $1,000 principal amount note. The actual Maximum Upside Return will be provided in the pricing supplement and will not be less than 38.00%. Because the notes are our unsecured and unsubordinated obligations, the payment of which is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to our ability to pay our obligations as they become due and JPMorgan Chase & Co.’s ability to pay its obligations as they become due.

●POTENTIAL FOR UP TO A 35.00% RETURN ON THE NOTES EVEN IF THE STOCK RETURN IS NEGATIVE — If the Final Stock Price is less than the Stock Strike Price by up to the Contingent Buffer Amount, you will earn a positive, unleveraged return on the notes equal to the Absolute Stock Return. Under these circumstances, you will earn a positive return on the notes even though the Final Stock Price is less than the Stock Strike Price. For example, if the Stock Return is -5%, the Absolute Stock Return will equal 5%. Because the payment at maturity will not reflect the Absolute Stock Return if the Final Stock Price is less than the Stock Strike Price by more than the Contingent Buffer Amount of 35.00%, your maximum payment at maturity if the Stock Return is negative is $1,350.00 per $1,000 principal amount note.

●RETURN DEPENDENT ON A SINGLE REFERENCE STOCK — The return on the notes is linked to the performance of a single Reference Stock, which is the American depositary shares of Baidu. For additional information see “The Reference Stock” in this pricing supplement.

●TAX TREATMENT — You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 4-I. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Latham & Watkins 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 “Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments” in the accompanying product supplement. Assuming this treatment is respected, the gain or loss on your notes should be treated as long-term capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes at the issue price. However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss on the notes could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the “constructive ownership” regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments and the issues presented by this notice.

Withholding under legislation commonly referred to as “FATCA” may (if the notes are recharacterized as debt instruments) apply to amounts treated as interest paid with respect to the notes, as well as to payments of gross proceeds of a taxable disposition, including redemption at maturity, of a note, although under recently proposed regulations (the preamble to which specifies that taxpayers are permitted to rely on them pending finalization), no withholding will apply to payments of gross proceeds (other than any amount treated as interest). You should consult your tax adviser regarding the potential application of FATCA to the notes.

Selected Risk Considerations

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Reference Stock. These risks are explained in more detail in the “Risk Factors” section of the accompanying prospectus supplement and product supplement and in Annex A to the accompanying prospectus addendum.

Risks Relating to the Notes Generally

●YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS — The notes do not guarantee any return of principal. The return on the notes at maturity is linked to the performance of the Reference Stock and will depend on whether, and the extent to which, the Stock Return is positive or negative. If the Final Stock Price is less than the Stock Strike Price by more than the Contingent Buffer Amount of 35.00%, you will lose 1% of the principal amount of your notes for every 1% that the Final Stock Price is less than the Stock Strike Price. Accordingly, under these circumstances, you will lose more than 35.00% of your principal amount at maturity and may lose all of your principal amount at maturity.

JPMorgan Structured Investments —  PS- 4
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

●YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE MAXIMUM UPSIDE RETURN AND THE CONTINGENT BUFFER AMOUNT — If the Final Stock Price is greater than the Stock Strike Price, for each $1,000 principal amount note, you will receive at maturity $1,000 plus an additional return that will not exceed the Maximum Upside Return of at least 38.00%, regardless of the appreciation of the Reference Stock, which may be significant. In addition, if the Final Stock Price is less than the Stock Strike Price by up to the Contingent Buffer Amount of 35.00%, you will receive at maturity $1,000 plus an additional return equal to the Absolute Stock Return, up to 35.00%. Because the payment at maturity will not reflect the Absolute Stock Return if the Final Stock Price is less than the Stock Strike Price by more than the Contingent Buffer Amount of 35.00%, your maximum payment at maturity if the Stock Return is negative is $1,350.00 per $1,000 principal amount note.

●CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. — The notes are subject to our and JPMorgan Chase & Co.’s credit risks, and our and JPMorgan Chase & Co.’s credit ratings and credit spreads may adversely affect the market value of the notes. 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.

●THE BENEFIT PROVIDED BY THE CONTINGENT BUFFER AMOUNT MAY TERMINATE ON THE FINAL ENDING AVERAGING DATE — If the Final Stock Price is less than the Stock Strike Price by more than the Contingent Buffer Amount, the benefit provided by the Contingent Buffer Amount will terminate and you will be fully exposed to any depreciation of the Reference Stock from the Stock Strike Price to the Final Stock Price.

●AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS — As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase & Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase & Co. to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in respect of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more information, see the accompanying prospectus addendum.

●NO OWNERSHIP OR DIVIDEND RIGHTS IN THE REFERENCE STOCK — As a holder of the notes, you will not have any ownership interest or rights in the Reference Stock, such as voting rights or dividend payments. In addition, the issuer of the Reference Stock will not have any obligation to consider your interests as a holder of the notes in taking any corporate action that might affect the value of the Reference Stock and the notes.

●SINGLE STOCK RISK — The price of the Reference Stock can fall sharply due to factors specific to the Reference Stock and its issuer, such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions.

●NO INTEREST PAYMENTS — As a holder of the notes, you will not receive any interest payments.

●VOLATILITY RISK — Greater expected volatility with respect to the Reference Stock indicates a greater likelihood as of the Strike Date that the Final Stock Price could be less than the Stock Strike Price by more than the Contingent Buffer Amount. The Reference Stock’s volatility, however, can change significantly over the term of the notes. The closing price of one share of the Reference Stock could fall sharply during the term of the notes, which could result in your losing some or all of your principal amount at maturity.

●LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, 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.

●THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT — The final terms of the notes will be based on relevant market conditions when the terms of the notes are set and will be provided in the pricing supplement. In particular, the estimated value of the notes and the Maximum Upside Return will be provided in the pricing supplement and each may be as low as the applicable minimum set forth on the cover of this pricing supplement. Accordingly, you should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the Maximum Upside Return.

Risks Relating to Conflicts of Interest

●POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes, hedging our obligations under the notes and making the assumptions used to determine the pricing of the notes and the estimated value

JPMorgan Structured Investments —  PS- 5
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

of the notes when the terms of the notes are set, which we refer to as the estimated value of the notes. In performing these duties, our and JPMorgan Chase & Co.’s economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition, our and JPMorgan Chase & Co.’s business activities, including hedging and trading activities, could cause our and JPMorgan Chase & Co.’s economic interests to be adverse to yours and could adversely affect any payment on the notes and the value of 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 for additional information about these risks.

We and/or our affiliates may also currently or from time to time engage in business with Baidu, including extending loans to, or making equity investments in, Baidu or providing advisory services to Baidu. In addition, one or more of our affiliates may publish research reports or otherwise express opinions with respect to Baidu, and these reports may or may not recommend that investors buy or hold the Reference Stock. As a prospective purchaser of the notes, you should undertake an independent investigation of the Reference Stock issuer that in your judgment is appropriate to make an informed decision with respect to an investment in the notes.

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 and the estimated cost of hedging our obligations under the notes. See “The Estimated Value of the Notes” in this pricing supplement.

●THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER FROM OTHERS’ ESTIMATES — The estimated value of the notes is determined by reference to internal pricing models of our affiliates when the terms of the notes are set. This estimated value of the notes is based on market conditions and other relevant factors existing at that time and assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. 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. 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. These costs can include selling commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt issuances. See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this initial period. Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published by JPMS (and which may be shown on your customer account statements).

●SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE NOTES — Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and, also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the Maturity Date could result in a substantial loss to you. See the immediately following risk consideration for information about additional factors that will impact any secondary market prices of the notes.

JPMorgan Structured Investments —  PS- 6
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity. See “— Lack of Liquidity”.

●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 price of one share of the Reference Stock.

Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See “Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many economic and market factors” in the accompanying product supplement.

Risks Relating to the Reference Stock

●NO AFFILIATION WITH THE REFERENCE STOCK ISSUER — We are not affiliated with the issuer of the Reference Stock. We assume no responsibility for the adequacy of the information about the Reference Stock issuer contained in this pricing supplement. You should undertake your own investigation into the Reference Stock and its issuer. We are not responsible for the Reference Stock issuer’s public disclosure of information, whether contained in SEC filings or otherwise.

●RISKS ASSOCIATED WITH NON-U.S. COMPANIES WITH RESPECT TO THE REFERENCE STOCK — The Reference Stock have been issued by a non-U.S. company. Investments in securities linked to the value of such non-U.S. equity securities involve risks associated with the home countries of the issuers of those non-U.S. equity securities.

●EMERGING MARKETS RISK WITH RESPECT TO THE REFERENCE STOCK — The Reference Stock have been issued by a non-U.S. company conducting its business in an emerging markets country (China). Countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

●CURRENCY EXCHANGE RATE RISK WITH RESPECT TO THE REFERENCE STOCK — Because the shares of the Reference Stock are quoted and traded in U.S. dollars on The Nasdaq Stock Market and the Class A ordinary shares of Baidu are quoted and traded in Hong Kong dollars on The Stock Exchange of Hong Kong Limited, fluctuations in the exchange rate between the Hong Kong dollar and the U.S. dollar will likely affect the relative value of the shares of the Reference Stock and the Class A ordinary shares of Baidu in the two currencies and, as a result, will likely affect the market price of the shares of the Reference Stock trading on The Nasdaq Stock Market. These trading differences and currency exchange rates may affect the market value of the notes and the closing price of one share of the Reference Stock. The Hong Kong dollar has been subject to fluctuations against the U.S. dollar in the past and may be subject to significant fluctuations in the future. Previous fluctuations or periods of relative stability in the exchange rate between the Hong Kong dollar and the U.S. dollar are not necessarily indicative of fluctuations or periods of relative stability in that rate that may occur over the term of the notes. The exchange rate between the Hong Kong dollar and the U.S. dollar is the result of the supply of, and the demand for, those currencies. Changes in the exchange rate results over time from the interaction of many factors directly or indirectly affecting economic and political conditions in Hong Kong and the United States, including economic and political developments in other countries. Of particular importance are rates of inflation, interest rate levels, the balance of payments, any political, civil or military unrest and the extent of governmental surpluses or deficits in Hong Kong and the United States, all of which are in turn sensitive to the monetary, fiscal and trade policies pursued by Hong Kong and the United States and other jurisdictions important to international trade and finance.

●THERE ARE IMPORTANT DIFFERENCES BETWEEN THE RIGHTS OF HOLDERS OF THE REFERENCE STOCK AND THE RIGHTS OF HOLDERS OF THE CLASS A ORDINARY SHARES OF BAIDU — There exist important differences between the rights of holders of the Reference Stock and the rights of holders of the Class A ordinary shares of Baidu, which we refer to as the underlying stock. For example, the issuer of the underlying stock may make distributions in respect of the underlying stock that are not passed on to the holders of the Reference Stock. Any such differences between the rights of holders of the Reference Stock and holders of the underlying stock may be significant and may materially and adversely affect the value of the Reference Stock and, as a result, the notes.

●THE ANTI-DILUTION PROTECTION FOR THE REFERENCE STOCK IS LIMITED AND MAY BE DISCRETIONARY — The calculation agent will make adjustments to the Stock Adjustment Factor for certain corporate events affecting the Reference Stock. However, the calculation agent will not make an adjustment in response to all events that could affect the Reference Stock. 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. You should also be aware that the calculation agent may make adjustments in response to events that are not described in the accompanying product supplement to account for any diluting or concentrative effect, but the calculation agent is under no obligation to do so or to consider your interests as a holder of the notes in making these determinations.

JPMorgan Structured Investments —  PS- 7
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

The Reference Stock

Historical Information

All information contained herein on the Reference Stock and on Baidu is derived from publicly available sources, without independent verification. According to its publicly available filings with the SEC, Baidu, a Cayman Islands company, conducts its operations primarily in China. Baidu’s business consists of two segments, Baidu Core and iQIYI. Baidu Core offers online marketing services and other services, including cloud services, intelligent driving and Xiaodu smart devices. iQIYI is an online entertainment service provider in China and offers membership services, online advertising services, content distribution and other services. iQIYI’s platform features original content, as well as a library of other professionally produced content, professional user generated content and user-generated content. The American Depositary Shares of Baidu, each representing eight Class A ordinary shares, (par value $0.000000625 per share) (Bloomberg ticker: BIDU UW), is registered under the Securities Exchange Act of 1934, as amended, which we refer to as the “Exchange Act”, and is listed on The Nasdaq Stock Market, which we refer to as the relevant exchange for purposes of Baidu in the accompanying product supplement. Information provided to or filed with the SEC by Baidu pursuant to the Exchange Act can be located by reference to SEC file number 000-51469, and can be accessed through www.sec.gov. We do not make any representation that these publicly available documents are accurate or complete.

Historical Information

The following graph sets forth the historical performance of the Reference Stock based on the weekly historical closing prices of one share of the Reference Stock from January 3, 2020 through July 3, 2025. The closing price of one share of the Reference Stock on July 7, 2025 was $89.79. We obtained the closing prices above and below from the Bloomberg Professional® service (“Bloomberg”), without independent verification. The closing prices may have been adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the Reference Stock has experienced significant fluctuations. The historical performance of the Reference Stock should not be taken as an indication of future performance, and no assurance can be given as to the closing price of one share of the Reference Stock on the Pricing Date or any Ending Averaging Date. There can be no assurance that the performance of the Reference Stock will result in the return of any of your principal amount.

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

JPMorgan Structured Investments —  PS- 8
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

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. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others’ Estimates” in this pricing supplement.

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 and the estimated cost of hedging our obligations under the notes. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the notes. 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 and our internal secondary market funding rates for structured debt issuances. This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term of the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by our affiliates. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period” in this pricing supplement.

Supplemental Use of Proceeds

The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the notes. See “What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Reference Stock?” and “Hypothetical Examples of Amount Payable at Maturity” in this pricing supplement for an illustration of the risk-return profile of the notes and “Selected Purchase Considerations — Return Dependent on a Single Reference Stock” 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.

Supplemental Terms of the Notes

Any values of the Reference Stock, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of the notes or any other party.

JPMorgan Structured Investments —  PS- 9
Capped Dual Directional Contingent Buffered Equity Notes Linked to the American Depositary Shares of Baidu, Inc.

Source: View Original Filing on SEC EDGAR

FAQ

What is the maximum return on JPMorgan's 2027 Baidu-linked notes?

If Baidu rises ≥38%, holders receive the Maximum Upside Return of 38%, or $1,380 per $1,000 note.

How does the 35% Contingent Buffer protect my principal?

If Baidu’s final price is ≤35% below the $89.79 strike, you still earn the absolute value of the decline, up to a $1,350 payout.

When can I lose money on these Capped Dual Directional Notes?

You lose principal dollar-for-dollar once Baidu closes more than 35% below the strike on the averaging dates.

Are the notes callable or do they pay interest?

No. The notes do not pay coupons and cannot be called prior to the 12 July 2027 maturity.

What credit risk do I assume with these notes?

Payments rely on JPMorgan Financial and guarantor JPMorgan Chase & Co.; noteholders rank as unsecured creditors.

Will the notes be listed for trading?

No exchange listing is planned; any liquidity will depend on JPMS making secondary markets, which it is not obligated to do.

[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement

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FAQ

What is the maximum return on JPMorgan's 2027 Baidu-linked notes?

How does the 35% Contingent Buffer protect my principal?

When can I lose money on these Capped Dual Directional Notes?

Are the notes callable or do they pay interest?

What credit risk do I assume with these notes?

Will the notes be listed for trading?

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[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement

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Structured Products Analyst neutral

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FAQ

What is the maximum return on JPMorgan's 2027 Baidu-linked notes?

How does the 35% Contingent Buffer protect my principal?

When can I lose money on these Capped Dual Directional Notes?

Are the notes callable or do they pay interest?

What credit risk do I assume with these notes?

Will the notes be listed for trading?

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