STOCK TITAN

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

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 $1.991 million of Auto-Callable Contingent Interest Notes linked to Micron Technology Inc. (MU) common stock, maturing July 15, 2027. These senior unsecured notes give investors exposure to Micron’s share price while offering a high, but conditional, coupon.

  • Contingent Interest: 14.25% p.a. (3.5625% quarterly). A coupon is paid on any Review Date when Micron’s closing price is ≥ 60% of the Initial Value ($73.866). Missed coupons accumulate and are paid once the barrier is met on a later Review Date.
  • Automatic Call: If Micron closes ≥ Initial Value ($123.11) on any Review Date other than the first or final, the notes are redeemed early for $1,000 plus all due coupons. The first possible call date is January 12, 2026.
  • Return Profile at Maturity: • If not called and Micron closes ≥ Trigger (60% of Initial Value) on the final Review Date, investors receive principal plus final and any unpaid coupons. • If Micron closes < Trigger, repayment equals $1,000 + ($1,000 × Stock Return), exposing holders to full downside below the 40% buffer, potentially losing all principal.
  • Credit & Liquidity: Payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co. The notes are not listed; secondary liquidity relies on JPMS and will likely price below issue.
  • Pricing & Fees: Issue price $1,000; estimated value $965.20, reflecting selling commission ($17.50) and structuring fee ($1.00) per $1,000. Net proceeds to issuer $981.50 per note.
  • Risk Highlights: No fixed coupons; no principal protection; valuation discount to issue price; early call risk; exposure to Micron volatility; potential conflicts of interest; uncertain tax treatment; possible 30% withholding on coupons for non-U.S. holders.

In short, the structure offers a double-digit conditional yield and a 40% downside buffer, offset by credit risk, illiquidity, fee drag and equity downside beyond the buffer.

JPMorgan Chase Financial Company LLC, garantita integralmente da JPMorgan Chase & Co., offre 1,991 milioni di dollari in Note con Interesse Contingente Auto-Richiamabili legate alle azioni ordinarie di Micron Technology Inc. (MU), con scadenza il 15 luglio 2027. Questi titoli senior non garantiti consentono agli investitori di partecipare all’andamento del prezzo delle azioni Micron, offrendo un coupon elevato ma condizionato.

  • Interesse Contingente: 14,25% annuo (3,5625% trimestrale). Un coupon viene pagato in ogni Data di Revisione in cui il prezzo di chiusura di Micron è ≥ 60% del Valore Iniziale (73,866 $). I coupon non pagati si accumulano e vengono corrisposti quando la barriera viene superata in una Data di Revisione successiva.
  • Richiamo Automatico: Se Micron chiude ≥ Valore Iniziale (123,11 $) in qualsiasi Data di Revisione diversa dalla prima o dall’ultima, le note vengono rimborsate anticipatamente a 1.000 $ più tutti i coupon dovuti. La prima possibile data di richiamo è il 12 gennaio 2026.
  • Profilo di Rendimento a Scadenza: • Se non richiamate e Micron chiude ≥ Trigger (60% del Valore Iniziale) nell’ultima Data di Revisione, gli investitori ricevono il capitale più il coupon finale e eventuali coupon non pagati. • Se Micron chiude < Trigger, il rimborso sarà pari a 1.000 $ + (1.000 $ × Rendimento Azionario), esponendo gli investitori a perdite totali oltre il buffer del 40%.
  • Credito e Liquidità: I pagamenti dipendono dal merito creditizio di JPMorgan Financial e JPMorgan Chase & Co. Le note non sono quotate; la liquidità secondaria dipende da JPMS e probabilmente sarà inferiore al prezzo di emissione.
  • Prezzo e Commissioni: Prezzo di emissione 1.000 $; valore stimato 965,20 $, che include commissioni di vendita (17,50 $) e costi di strutturazione (1,00 $) per ogni 1.000 $. Proventi netti per l’emittente 981,50 $ per nota.
  • Rischi Principali: Nessun coupon fisso; nessuna protezione del capitale; valutazione inferiore al prezzo di emissione; rischio di richiamo anticipato; esposizione alla volatilità di Micron; potenziali conflitti di interesse; trattamento fiscale incerto; possibile ritenuta del 30% sui coupon per investitori non statunitensi.

In sintesi, la struttura offre un rendimento condizionato a doppia cifra e un buffer di protezione del 40%, bilanciati da rischio di credito, scarsa liquidità, costi e possibile ribasso del capitale oltre la soglia protetta.

JPMorgan Chase Financial Company LLC, totalmente garantizada por JPMorgan Chase & Co., ofrece 1,991 millones de dólares en Notas de Interés Contingente Auto-llamables vinculadas a las acciones ordinarias de Micron Technology Inc. (MU), con vencimiento el 15 de julio de 2027. Estos bonos senior no garantizados permiten a los inversores exponerse al precio de las acciones de Micron, ofreciendo un cupón alto pero condicionado.

  • Interés Contingente: 14.25% anual (3.5625% trimestral). Se paga un cupón en cualquier Fecha de Revisión en que el precio de cierre de Micron sea ≥ 60% del Valor Inicial (73.866 $). Los cupones no pagados se acumulan y se abonan cuando se cumple la barrera en una Fecha de Revisión posterior.
  • Llamada Automática: Si Micron cierra ≥ Valor Inicial (123.11 $) en cualquier Fecha de Revisión distinta a la primera o la última, las notas se redimen anticipadamente a 1,000 $ más todos los cupones adeudados. La primera fecha posible de llamada es el 12 de enero de 2026.
  • Perfil de Retorno al Vencimiento: • Si no se llama y Micron cierra ≥ Disparador (60% del Valor Inicial) en la última Fecha de Revisión, los inversores reciben el principal más el cupón final y cualquier cupón no pagado. • Si Micron cierra < Disparador, el reembolso será 1,000 $ + (1,000 $ × Retorno de la Acción), exponiendo a los tenedores a pérdidas totales por debajo del buffer del 40%.
  • Crédito y Liquidez: Los pagos dependen del crédito de JPMorgan Financial y JPMorgan Chase & Co. Las notas no están listadas; la liquidez secundaria depende de JPMS y probablemente cotice por debajo del precio de emisión.
  • Precio y Comisiones: Precio de emisión 1,000 $; valor estimado 965.20 $, reflejando comisión de venta (17.50 $) y tarifa de estructuración (1.00 $) por cada 1,000 $. Ingresos netos para el emisor 981.50 $ por nota.
  • Aspectos de Riesgo: No hay cupones fijos; no hay protección de capital; valoración por debajo del precio de emisión; riesgo de llamada anticipada; exposición a la volatilidad de Micron; posibles conflictos de interés; tratamiento fiscal incierto; posible retención del 30% en cupones para tenedores no estadounidenses.

En resumen, la estructura ofrece un rendimiento condicional de dos dígitos y un buffer de protección del 40%, compensados por riesgo crediticio, iliquidez, comisiones y posible pérdida de capital más allá del buffer.

JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.가 전액 보증하며, Micron Technology Inc.(MU) 보통주에 연계된 자동 콜 가능 조건부 이자 노트1,991만 달러 규모로 2027년 7월 15일 만기까지 제공합니다. 이 선순위 무담보 노트는 투자자에게 Micron 주가에 대한 노출과 함께 조건부로 높은 쿠폰을 제공합니다.

  • 조건부 이자: 연 14.25% (분기별 3.5625%). Micron 종가가 초기 가치($73.866)의 60% 이상인 검토일에 쿠폰이 지급됩니다. 미지급 쿠폰은 누적되어 이후 검토일에 장벽이 충족되면 지급됩니다.
  • 자동 콜: Micron 종가가 초기 가치($123.11) 이상인 검토일(첫 번째 또는 마지막 제외)에 노트가 조기 상환되며, 원금 $1,000과 모든 미지급 쿠폰이 지급됩니다. 첫 조기 상환 가능일은 2026년 1월 12일입니다.
  • 만기 시 수익 구조: • 조기 상환되지 않고 마지막 검토일에 Micron 종가가 트리거(초기 가치의 60%) 이상이면, 투자자는 원금과 최종 쿠폰, 미지급 쿠폰을 받습니다. • Micron 종가가 트리거 미만이면, 원금 $1,000에 주식 수익률을 곱한 금액이 더해져 손실 가능성이 있으며, 40% 완충 구간 이하에서는 원금 전액 손실 위험이 있습니다.
  • 신용 및 유동성: 지급은 JPMorgan Financial 및 JPMorgan Chase & Co. 신용도에 의존합니다. 노트는 상장되지 않았으며, 2차 유동성은 JPMS에 의존하며 발행가 이하로 가격이 형성될 가능성이 높습니다.
  • 가격 및 수수료: 발행가 $1,000; 추정 가치 $965.20로 판매 수수료($17.50)와 구조화 수수료($1.00)가 포함되어 있습니다. 발행자 순수익은 노트당 $981.50입니다.
  • 주요 위험 사항: 고정 쿠폰 없음; 원금 보호 없음; 발행가 대비 할인 평가; 조기 상환 위험; Micron 변동성 노출; 이해 상충 가능성; 세금 처리 불확실; 비미국 투자자에 대한 쿠폰 30% 원천징수 가능성.

요약하면, 이 구조는 두 자릿수 조건부 수익률과 40% 하락 완충 장치를 제공하지만, 신용 위험, 유동성 부족, 수수료 부담 및 완충 장치 이상의 주식 하락 위험이 상쇄됩니다.

JPMorgan Chase Financial Company LLC, entièrement garantie par JPMorgan Chase & Co., propose 1,991 million de dollars de Notes à Intérêt Conditionnel Auto-Rappelables liées aux actions ordinaires de Micron Technology Inc. (MU), arrivant à échéance le 15 juillet 2027. Ces notes senior non garanties offrent aux investisseurs une exposition au cours de l’action Micron tout en proposant un coupon élevé mais conditionnel.

  • Intérêt Conditionnel : 14,25% par an (3,5625% trimestriel). Un coupon est versé à chaque Date de Revue où le cours de clôture de Micron est ≥ 60% de la Valeur Initiale (73,866 $). Les coupons manqués s’accumulent et sont payés lorsque la barrière est atteinte à une Date de Revue ultérieure.
  • Rappel Automatique : Si Micron clôture ≥ Valeur Initiale (123,11 $) à une Date de Revue autre que la première ou la dernière, les notes sont remboursées par anticipation à 1 000 $ plus tous les coupons dus. La première date possible de rappel est le 12 janvier 2026.
  • Profil de Rendement à l’Échéance : • Si non rappelées et que Micron clôture ≥ Déclencheur (60% de la Valeur Initiale) à la dernière Date de Revue, les investisseurs reçoivent le principal plus le coupon final et tous les coupons impayés. • Si Micron clôture < Déclencheur, le remboursement est égal à 1 000 $ + (1 000 $ × Rendement de l’Action), exposant les détenteurs à une perte totale au-delà de la protection de 40%.
  • Crédit & Liquidité : Les paiements dépendent de la solvabilité de JPMorgan Financial et JPMorgan Chase & Co. Les notes ne sont pas cotées ; la liquidité secondaire dépend de JPMS et sera probablement inférieure au prix d’émission.
  • Tarification & Frais : Prix d’émission 1 000 $ ; valeur estimée 965,20 $, incluant une commission de vente (17,50 $) et des frais de structuration (1,00 $) par tranche de 1 000 $. Produit net pour l’émetteur 981,50 $ par note.
  • Points Clés de Risque : Pas de coupons fixes ; pas de protection du capital ; valorisation inférieure au prix d’émission ; risque de rappel anticipé ; exposition à la volatilité de Micron ; conflits d’intérêts potentiels ; traitement fiscal incertain ; retenue à la source possible de 30% sur les coupons pour les détenteurs non américains.

En résumé, cette structure offre un rendement conditionnel à deux chiffres et une protection contre une baisse de 40%, compensés par un risque de crédit, une illiquidité, des frais et un risque de perte en capital au-delà du seuil de protection.

JPMorgan Chase Financial Company LLC, vollständig garantiert von JPMorgan Chase & Co., bietet 1,991 Millionen US-Dollar in Auto-Callable Contingent Interest Notes, die an die Stammaktien von Micron Technology Inc. (MU) gekoppelt sind, mit Fälligkeit am 15. Juli 2027. Diese unbesicherten Senior Notes ermöglichen Anlegern eine Beteiligung am Aktienkurs von Micron und bieten einen hohen, aber bedingten Kupon.

  • Bedingter Zins: 14,25% p.a. (3,5625% vierteljährlich). Ein Kupon wird an jedem Beobachtungstag gezahlt, an dem der Schlusskurs von Micron ≥ 60% des Anfangswerts (73,866 $) liegt. Ausgefallene Kupons werden angesammelt und bei Erreichen der Barriere an einem späteren Beobachtungstag nachgezahlt.
  • Automatischer Rückruf: Wenn Micron an einem Beobachtungstag (außer dem ersten oder letzten) ≥ Anfangswert (123,11 $) schließt, werden die Notes vorzeitig zu 1.000 $ plus aller fälligen Kupons zurückgezahlt. Das erste Rückrufdatum ist der 12. Januar 2026.
  • Renditeprofil bei Fälligkeit: • Wird nicht zurückgerufen und schließt Micron am letzten Beobachtungstag ≥ Auslöser (60% des Anfangswerts), erhalten Anleger das Kapital plus den letzten und alle ausstehenden Kupons. • Schließt Micron unter dem Auslöser, beträgt die Rückzahlung 1.000 $ + (1.000 $ × Aktienrendite), wodurch Anleger das volle Verlustrisiko unterhalb des 40%-Buffers tragen und möglicherweise das gesamte Kapital verlieren.
  • Kredit- & Liquiditätsrisiko: Zahlungen hängen von der Bonität von JPMorgan Financial und JPMorgan Chase & Co. ab. Die Notes sind nicht börsennotiert; die Sekundärliquidität hängt von JPMS ab und wird wahrscheinlich unter dem Ausgabepreis liegen.
  • Preis & Gebühren: Ausgabepreis 1.000 $; geschätzter Wert 965,20 $, inklusive Verkaufskommission (17,50 $) und Strukturierungsgebühr (1,00 $) pro 1.000 $. Nettoerlös für den Emittenten 981,50 $ pro Note.
  • Risikohighlights: Keine festen Kupons; kein Kapitalschutz; Bewertung unter Ausgabepreis; Risiko eines vorzeitigen Rückrufs; Exponierung gegenüber der Volatilität von Micron; mögliche Interessenkonflikte; unsichere steuerliche Behandlung; mögliche 30% Quellensteuer auf Kupons für Nicht-US-Anleger.

Zusammenfassend bietet die Struktur eine zweistellige, bedingte Rendite und einen 40%igen Abwärtspuffer, der durch Kreditrisiko, Illiquidität, Gebührenbelastung und Aktienkursverluste jenseits des Puffers ausgeglichen wird.

Positive
  • Double-digit contingent coupon of 14.25% p.a. offers income potential above typical fixed-income yields.
  • 40% downside buffer before principal loss at maturity provides partial protection versus direct equity exposure.
  • Automatic call feature can return capital early with accrued coupons, enhancing IRR if Micron performs well.
  • Backed by JPMorgan Chase & Co. guarantee, providing investment-grade credit support.
Negative
  • No principal protection; investors lose 1% of principal for every 1% Micron finishes below initial level beyond 40% buffer.
  • Coupons are not guaranteed; if the stock stays below the 60% barrier, holders receive no income.
  • Limited upside; maximum return capped at sum of coupons, forfeiting any share price appreciation.
  • Liquidity risk; notes unlisted and secondary market prices expected below par, especially after fees.
  • Estimated value ($965.20) is 3.5% below issue price, reflecting embedded selling commission and structuring fee.
  • Credit risk to both JPMorgan Financial and JPMorgan Chase & Co.; note is unsecured.
  • Complex tax treatment and potential 30% withholding on coupons for non-U.S. investors.

Insights

TL;DR: High 14.25% conditional yield, 40% buffer, but no upside participation and full downside below trigger; neutral overall.

Investors receive an above-market coupon only when Micron closes ≥ 60% of its initial level. Automatic call can shorten tenor to six months, capping income. The 40% buffer provides partial protection, but once breached the note behaves like a direct equity position with amplified loss due to fees. The estimated value is 3.5% below issue, highlighting embedded costs. Credit exposure to JPMorgan is investment-grade, yet not negligible. Because payoff is limited to coupons, investors forfeiting any Micron rally may find better risk-adjusted opportunities elsewhere. Overall, the deal is structurally balanced—attractive yield versus significant tail risk—warranting a neutral impact rating.

TL;DR: Product suits yield-hunters tolerant of equity and credit risk; liquidity and valuation gaps temper enthusiasm.

The note’s appeal hinges on Micron staying above $73.87 through quarterly observations; volatility spikes could quickly suspend coupons and erode market value. With no exchange listing, exit depends on JPMS bid, likely below par, especially during stress. The first-call feature may create reinvestment risk just when the structure works best. A 14.25% annual headline coupon looks compelling, but after subtracting fees and optionality sold to the issuer, risk-adjusted returns are modest. For diversified portfolios, the instrument is niche and not broadly impactful.

JPMorgan Chase Financial Company LLC, garantita integralmente da JPMorgan Chase & Co., offre 1,991 milioni di dollari in Note con Interesse Contingente Auto-Richiamabili legate alle azioni ordinarie di Micron Technology Inc. (MU), con scadenza il 15 luglio 2027. Questi titoli senior non garantiti consentono agli investitori di partecipare all’andamento del prezzo delle azioni Micron, offrendo un coupon elevato ma condizionato.

  • Interesse Contingente: 14,25% annuo (3,5625% trimestrale). Un coupon viene pagato in ogni Data di Revisione in cui il prezzo di chiusura di Micron è ≥ 60% del Valore Iniziale (73,866 $). I coupon non pagati si accumulano e vengono corrisposti quando la barriera viene superata in una Data di Revisione successiva.
  • Richiamo Automatico: Se Micron chiude ≥ Valore Iniziale (123,11 $) in qualsiasi Data di Revisione diversa dalla prima o dall’ultima, le note vengono rimborsate anticipatamente a 1.000 $ più tutti i coupon dovuti. La prima possibile data di richiamo è il 12 gennaio 2026.
  • Profilo di Rendimento a Scadenza: • Se non richiamate e Micron chiude ≥ Trigger (60% del Valore Iniziale) nell’ultima Data di Revisione, gli investitori ricevono il capitale più il coupon finale e eventuali coupon non pagati. • Se Micron chiude < Trigger, il rimborso sarà pari a 1.000 $ + (1.000 $ × Rendimento Azionario), esponendo gli investitori a perdite totali oltre il buffer del 40%.
  • Credito e Liquidità: I pagamenti dipendono dal merito creditizio di JPMorgan Financial e JPMorgan Chase & Co. Le note non sono quotate; la liquidità secondaria dipende da JPMS e probabilmente sarà inferiore al prezzo di emissione.
  • Prezzo e Commissioni: Prezzo di emissione 1.000 $; valore stimato 965,20 $, che include commissioni di vendita (17,50 $) e costi di strutturazione (1,00 $) per ogni 1.000 $. Proventi netti per l’emittente 981,50 $ per nota.
  • Rischi Principali: Nessun coupon fisso; nessuna protezione del capitale; valutazione inferiore al prezzo di emissione; rischio di richiamo anticipato; esposizione alla volatilità di Micron; potenziali conflitti di interesse; trattamento fiscale incerto; possibile ritenuta del 30% sui coupon per investitori non statunitensi.

In sintesi, la struttura offre un rendimento condizionato a doppia cifra e un buffer di protezione del 40%, bilanciati da rischio di credito, scarsa liquidità, costi e possibile ribasso del capitale oltre la soglia protetta.

JPMorgan Chase Financial Company LLC, totalmente garantizada por JPMorgan Chase & Co., ofrece 1,991 millones de dólares en Notas de Interés Contingente Auto-llamables vinculadas a las acciones ordinarias de Micron Technology Inc. (MU), con vencimiento el 15 de julio de 2027. Estos bonos senior no garantizados permiten a los inversores exponerse al precio de las acciones de Micron, ofreciendo un cupón alto pero condicionado.

  • Interés Contingente: 14.25% anual (3.5625% trimestral). Se paga un cupón en cualquier Fecha de Revisión en que el precio de cierre de Micron sea ≥ 60% del Valor Inicial (73.866 $). Los cupones no pagados se acumulan y se abonan cuando se cumple la barrera en una Fecha de Revisión posterior.
  • Llamada Automática: Si Micron cierra ≥ Valor Inicial (123.11 $) en cualquier Fecha de Revisión distinta a la primera o la última, las notas se redimen anticipadamente a 1,000 $ más todos los cupones adeudados. La primera fecha posible de llamada es el 12 de enero de 2026.
  • Perfil de Retorno al Vencimiento: • Si no se llama y Micron cierra ≥ Disparador (60% del Valor Inicial) en la última Fecha de Revisión, los inversores reciben el principal más el cupón final y cualquier cupón no pagado. • Si Micron cierra < Disparador, el reembolso será 1,000 $ + (1,000 $ × Retorno de la Acción), exponiendo a los tenedores a pérdidas totales por debajo del buffer del 40%.
  • Crédito y Liquidez: Los pagos dependen del crédito de JPMorgan Financial y JPMorgan Chase & Co. Las notas no están listadas; la liquidez secundaria depende de JPMS y probablemente cotice por debajo del precio de emisión.
  • Precio y Comisiones: Precio de emisión 1,000 $; valor estimado 965.20 $, reflejando comisión de venta (17.50 $) y tarifa de estructuración (1.00 $) por cada 1,000 $. Ingresos netos para el emisor 981.50 $ por nota.
  • Aspectos de Riesgo: No hay cupones fijos; no hay protección de capital; valoración por debajo del precio de emisión; riesgo de llamada anticipada; exposición a la volatilidad de Micron; posibles conflictos de interés; tratamiento fiscal incierto; posible retención del 30% en cupones para tenedores no estadounidenses.

En resumen, la estructura ofrece un rendimiento condicional de dos dígitos y un buffer de protección del 40%, compensados por riesgo crediticio, iliquidez, comisiones y posible pérdida de capital más allá del buffer.

JPMorgan Chase Financial Company LLC는 JPMorgan Chase & Co.가 전액 보증하며, Micron Technology Inc.(MU) 보통주에 연계된 자동 콜 가능 조건부 이자 노트1,991만 달러 규모로 2027년 7월 15일 만기까지 제공합니다. 이 선순위 무담보 노트는 투자자에게 Micron 주가에 대한 노출과 함께 조건부로 높은 쿠폰을 제공합니다.

  • 조건부 이자: 연 14.25% (분기별 3.5625%). Micron 종가가 초기 가치($73.866)의 60% 이상인 검토일에 쿠폰이 지급됩니다. 미지급 쿠폰은 누적되어 이후 검토일에 장벽이 충족되면 지급됩니다.
  • 자동 콜: Micron 종가가 초기 가치($123.11) 이상인 검토일(첫 번째 또는 마지막 제외)에 노트가 조기 상환되며, 원금 $1,000과 모든 미지급 쿠폰이 지급됩니다. 첫 조기 상환 가능일은 2026년 1월 12일입니다.
  • 만기 시 수익 구조: • 조기 상환되지 않고 마지막 검토일에 Micron 종가가 트리거(초기 가치의 60%) 이상이면, 투자자는 원금과 최종 쿠폰, 미지급 쿠폰을 받습니다. • Micron 종가가 트리거 미만이면, 원금 $1,000에 주식 수익률을 곱한 금액이 더해져 손실 가능성이 있으며, 40% 완충 구간 이하에서는 원금 전액 손실 위험이 있습니다.
  • 신용 및 유동성: 지급은 JPMorgan Financial 및 JPMorgan Chase & Co. 신용도에 의존합니다. 노트는 상장되지 않았으며, 2차 유동성은 JPMS에 의존하며 발행가 이하로 가격이 형성될 가능성이 높습니다.
  • 가격 및 수수료: 발행가 $1,000; 추정 가치 $965.20로 판매 수수료($17.50)와 구조화 수수료($1.00)가 포함되어 있습니다. 발행자 순수익은 노트당 $981.50입니다.
  • 주요 위험 사항: 고정 쿠폰 없음; 원금 보호 없음; 발행가 대비 할인 평가; 조기 상환 위험; Micron 변동성 노출; 이해 상충 가능성; 세금 처리 불확실; 비미국 투자자에 대한 쿠폰 30% 원천징수 가능성.

요약하면, 이 구조는 두 자릿수 조건부 수익률과 40% 하락 완충 장치를 제공하지만, 신용 위험, 유동성 부족, 수수료 부담 및 완충 장치 이상의 주식 하락 위험이 상쇄됩니다.

JPMorgan Chase Financial Company LLC, entièrement garantie par JPMorgan Chase & Co., propose 1,991 million de dollars de Notes à Intérêt Conditionnel Auto-Rappelables liées aux actions ordinaires de Micron Technology Inc. (MU), arrivant à échéance le 15 juillet 2027. Ces notes senior non garanties offrent aux investisseurs une exposition au cours de l’action Micron tout en proposant un coupon élevé mais conditionnel.

  • Intérêt Conditionnel : 14,25% par an (3,5625% trimestriel). Un coupon est versé à chaque Date de Revue où le cours de clôture de Micron est ≥ 60% de la Valeur Initiale (73,866 $). Les coupons manqués s’accumulent et sont payés lorsque la barrière est atteinte à une Date de Revue ultérieure.
  • Rappel Automatique : Si Micron clôture ≥ Valeur Initiale (123,11 $) à une Date de Revue autre que la première ou la dernière, les notes sont remboursées par anticipation à 1 000 $ plus tous les coupons dus. La première date possible de rappel est le 12 janvier 2026.
  • Profil de Rendement à l’Échéance : • Si non rappelées et que Micron clôture ≥ Déclencheur (60% de la Valeur Initiale) à la dernière Date de Revue, les investisseurs reçoivent le principal plus le coupon final et tous les coupons impayés. • Si Micron clôture < Déclencheur, le remboursement est égal à 1 000 $ + (1 000 $ × Rendement de l’Action), exposant les détenteurs à une perte totale au-delà de la protection de 40%.
  • Crédit & Liquidité : Les paiements dépendent de la solvabilité de JPMorgan Financial et JPMorgan Chase & Co. Les notes ne sont pas cotées ; la liquidité secondaire dépend de JPMS et sera probablement inférieure au prix d’émission.
  • Tarification & Frais : Prix d’émission 1 000 $ ; valeur estimée 965,20 $, incluant une commission de vente (17,50 $) et des frais de structuration (1,00 $) par tranche de 1 000 $. Produit net pour l’émetteur 981,50 $ par note.
  • Points Clés de Risque : Pas de coupons fixes ; pas de protection du capital ; valorisation inférieure au prix d’émission ; risque de rappel anticipé ; exposition à la volatilité de Micron ; conflits d’intérêts potentiels ; traitement fiscal incertain ; retenue à la source possible de 30% sur les coupons pour les détenteurs non américains.

En résumé, cette structure offre un rendement conditionnel à deux chiffres et une protection contre une baisse de 40%, compensés par un risque de crédit, une illiquidité, des frais et un risque de perte en capital au-delà du seuil de protection.

JPMorgan Chase Financial Company LLC, vollständig garantiert von JPMorgan Chase & Co., bietet 1,991 Millionen US-Dollar in Auto-Callable Contingent Interest Notes, die an die Stammaktien von Micron Technology Inc. (MU) gekoppelt sind, mit Fälligkeit am 15. Juli 2027. Diese unbesicherten Senior Notes ermöglichen Anlegern eine Beteiligung am Aktienkurs von Micron und bieten einen hohen, aber bedingten Kupon.

  • Bedingter Zins: 14,25% p.a. (3,5625% vierteljährlich). Ein Kupon wird an jedem Beobachtungstag gezahlt, an dem der Schlusskurs von Micron ≥ 60% des Anfangswerts (73,866 $) liegt. Ausgefallene Kupons werden angesammelt und bei Erreichen der Barriere an einem späteren Beobachtungstag nachgezahlt.
  • Automatischer Rückruf: Wenn Micron an einem Beobachtungstag (außer dem ersten oder letzten) ≥ Anfangswert (123,11 $) schließt, werden die Notes vorzeitig zu 1.000 $ plus aller fälligen Kupons zurückgezahlt. Das erste Rückrufdatum ist der 12. Januar 2026.
  • Renditeprofil bei Fälligkeit: • Wird nicht zurückgerufen und schließt Micron am letzten Beobachtungstag ≥ Auslöser (60% des Anfangswerts), erhalten Anleger das Kapital plus den letzten und alle ausstehenden Kupons. • Schließt Micron unter dem Auslöser, beträgt die Rückzahlung 1.000 $ + (1.000 $ × Aktienrendite), wodurch Anleger das volle Verlustrisiko unterhalb des 40%-Buffers tragen und möglicherweise das gesamte Kapital verlieren.
  • Kredit- & Liquiditätsrisiko: Zahlungen hängen von der Bonität von JPMorgan Financial und JPMorgan Chase & Co. ab. Die Notes sind nicht börsennotiert; die Sekundärliquidität hängt von JPMS ab und wird wahrscheinlich unter dem Ausgabepreis liegen.
  • Preis & Gebühren: Ausgabepreis 1.000 $; geschätzter Wert 965,20 $, inklusive Verkaufskommission (17,50 $) und Strukturierungsgebühr (1,00 $) pro 1.000 $. Nettoerlös für den Emittenten 981,50 $ pro Note.
  • Risikohighlights: Keine festen Kupons; kein Kapitalschutz; Bewertung unter Ausgabepreis; Risiko eines vorzeitigen Rückrufs; Exponierung gegenüber der Volatilität von Micron; mögliche Interessenkonflikte; unsichere steuerliche Behandlung; mögliche 30% Quellensteuer auf Kupons für Nicht-US-Anleger.

Zusammenfassend bietet die Struktur eine zweistellige, bedingte Rendite und einen 40%igen Abwärtspuffer, der durch Kreditrisiko, Illiquidität, Gebührenbelastung und Aktienkursverluste jenseits des Puffers ausgeglichen wird.

July 10, 2025 Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)
Pricing supplement to product supplement no. 4-I dated April 13, 2023, the prospectus and prospectus supplement, each dated April 13, 2023, and
the prospectus addendum dated June 3, 2024
JPMorgan Chase Financial Company LLC
Structured Investments
$1,991,000
Auto Callable Contingent Interest Notes Linked to the
Common Stock of Micron Technology, Inc. due July 15, 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 closing price of one share of the Reference Stock is greater than or equal to 60.00% of the Initial Value, which
we refer to as the Interest Barrier.
If the closing price of one share of the Reference Stock is greater than or equal to the Interest Barrier on any Review
Date, investors will receive, in addition to the Contingent Interest Payment with respect to that Review Date, any
previously unpaid Contingent Interest Payments for prior Review Dates.
The notes will be automatically called if the closing price of one share of the Reference Stock on any Review Date (other
than the first and final Review Dates) is greater than or equal to the Initial Value.
The earliest date on which an automatic call may be initiated is January 12, 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 and dividend 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 priced on July 10, 2025 and are expected to settle on or about July 15, 2025.
CUSIP: 48136FKD3
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-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, 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
$18.50
$981.50
Total
$1,991,000
$36,833.50
$1,954,166.50
(1) See Supplemental Use of Proceeds in this pricing supplement for information about the components of the price to public of the
notes.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling
commissions of $17.50 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. JPMS, acting as
agent for JPMorgan Financial, will also pay all of the structuring fee of $1.00 per $1,000 principal amount note it receives from us to
other affiliated or unaffiliated dealers. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
The estimated value of the notes, when the terms of the notes were set, was $965.20 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 the Common Stock of
Micron Technology, Inc.
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 common stock of Micron Technology,
Inc., par value $0.10 per share (Bloomberg ticker: MU). We
refer to Micron Technology, Inc. as “Micron.”
Contingent Interest Payments: If the notes have not been
automatically called and the closing price of one share of the
Reference Stock 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 $35.625 (equivalent to a
Contingent Interest Rate of 14.25% per annum, payable at a
rate of 3.5625% per quarter), plus any previously unpaid
Contingent Interest Payments for any prior Review Dates.
If the Contingent Interest Payment is not paid on any Interest
Payment Date, that unpaid Contingent Interest Payment will be
paid on a later Interest Payment Date if the closing price of one
share of the Reference Stock on the Review Date related to that
later Interest Payment Date is greater than or equal to the
Interest Barrier. You will not receive any unpaid Contingent
Interest Payments if the closing price of one share of the
Reference Stock on each subsequent Review Date is less than
the Interest Barrier.
Contingent Interest Rate: 14.25% per annum, payable at a
rate of 3.5625% per quarter
Interest Barrier / Trigger Value: 60.00% of the Initial Value,
which is $73.866
Pricing Date: July 10, 2025
Original Issue Date (Settlement Date): On or about July 15,
2025
Review Dates*: October 10, 2025, January 12, 2026, April 10,
2026, July 10, 2026, October 12, 2026, January 11, 2027, April
12, 2027 and July 12, 2027 (final Review Date)
Interest Payment Dates*: October 15, 2025, January 15, 2026,
April 15, 2026, July 15, 2026, October 15, 2026, January 14,
2027, April 15, 2027 and the Maturity Date
Maturity Date*: July 15, 2027
Call Settlement Date*: If the notes are automatically called on
any Review Date (other than the first 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 Underlying (Other Than a Commodity
Index) and General Terms of Notes Postponement of a
Payment Date in the accompanying product supplement
Automatic Call:
If the closing price of one share of the Reference Stock on any
Review Date (other than the first and final Review Dates) is
greater than or equal to the Initial 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
plus (c) any previously unpaid Contingent Interest Payments for
any prior Review Dates, 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 plus (c)
any previously unpaid Contingent Interest Payments for any
prior Review Dates.
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 × Stock Return)
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.
Stock Return:
(Final Value Initial Value)
Initial Value
Initial Value: The closing price of one share of the Reference
Stock on the Pricing Date, which was $123.11
Final Value: The closing price of one share of the Reference
Stock on the final Review Date
Stock Adjustment Factor: The Stock Adjustment Factor is
referenced in determining the closing price of one share of the
Reference Stock and is set equal to 1.0 on the Pricing 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.
PS-2 | Structured Investments
Auto Callable Contingent Interest Notes Linked to the Common Stock of
Micron Technology, Inc.
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.
How the Notes Work
Payment in Connection with the First Review Date
Payments in Connection with Review Dates (Other than the First and Final Review Dates)
The closing price of one share of the Reference Stock
is greater than or equal to the Interest Barrier.
The closing price of one share of the Reference Stock
is less than the Interest Barrier.
First Review Date
Compare the closing price of one share of the Reference Stock to the Interest Barrier on the first Review Date.
You will receive a Contingent Interest Payment on the
first Interest Payment Date.
Proceed to the next Review Date.
No Contingent Interest Payment will be made with respect to
the first 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
plus (c) any previously unpaid Contingent Interest payments for any prior Review Dates.
No further payments will be made on the notes.
Review Dates (Other than the First and Final Review Dates)
Automatic Call
The closing price of one
share of the Reference
Stock is greater than or
equal to the Initial Value.
The closing price of one
share of the Reference
Stock is less than the
Initial Value.
Initial
Value You will receive (a) a Contingent
Interest Payment on the applicable
Interest Payment Date plus (b) any
previously unpaid Contingent Interest
Payments for any prior Review
Dates.
Proceed to the next Review Date.
The closing price of one
share of the Reference
Stock 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 closing price of one
share of the Reference Stock
is less than the Interest
Barrier.
Compare the closing price of one share of the Reference Stock to the Initial 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 the Common Stock of
Micron Technology, Inc.
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 the Contingent Interest Rate of 14.25% per annum, depending on how many Contingent Interest Payments are made
prior to automatic call or maturity.
Number of Contingent
Interest Payments
Total Contingent Interest
Payments
8
$285.000
7
$249.375
6
$213.750
5
$178.125
4
$142.500
3
$106.875
2
$71.250
1
$35.625
0
$0.000
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
plus (c) any previously unpaid
Contingent Interest Payments for any
prior Review Dates.
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 ×Stock Return)
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 the Common Stock of
Micron Technology, Inc.
Hypothetical Payout Examples
The following examples illustrate payments on the notes linked to a hypothetical Reference Stock, assuming a range of performances
for the hypothetical Reference Stock on the Review Dates. The hypothetical payments set forth below assume the following:
an Initial Value of $100.00;
an Interest Barrier and a Trigger Value of $60.00 (equal to 60.00% of the hypothetical Initial Value); and
a Contingent Interest Rate of 14.25% per annum.
The hypothetical Initial Value of $100.00 has been chosen for illustrative purposes only and does not represent the actual Initial Value.
The actual Initial Value is the closing price of one share of the Reference Stock on the Pricing Date and is specified under “Key Terms
Initial Value” in this pricing supplement. For historical data regarding the actual closing prices of one share of the Reference Stock,
please see the historical information set forth under The Reference Stock 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 second Review Date.
Date
Closing Price
Payment (per $1,000 principal amount note)
First Review Date
$105.00
$35.625
Second Review Date
$115.00
$1,035.625
Total Payment
$1,071.25 (7.125% return)
Because the closing price of one share of the Reference Stock on the second Review Date is greater than or equal to the Initial Value,
the notes will be automatically called for a cash payment, for each $1,000 principal amount note, of $1,035.625 (or $1,000 plus the
Contingent Interest Payment applicable to the second Review Date), payable on the applicable Call Settlement Date. The notes are
not automatically callable before the second Review Date, even though the closing price of one share of the Reference Stock on the
first Review Date is greater than the Initial Value. When added to the Contingent Interest Payment received with respect to the prior
Review Date, the total amount paid, for each $1,000 principal amount note, is $1,071.25. 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
Closing Price
Payment (per $1,000 principal amount note)
First Review Date
$90.00
$35.625
Second Review Date
$85.00
$35.625
Third through Seventh
Review Dates
Less than Interest Barrier
$0
Final Review Date
$90.00
$1,213.75
Total Payment
$1,285.00 (28.50% 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 $1,213.75 (or $1,000 plus the Contingent Interest Payment applicable to the
final Review Date plus the unpaid Contingent Interest Payments for any prior Review Dates). 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 $1,285.00.
PS-5 | Structured Investments
Auto Callable Contingent Interest Notes Linked to the Common Stock of
Micron Technology, Inc.
Example 3 Notes have NOT been automatically called and the Final Value is less than the Trigger Value.
Date
Closing Price
Payment (per $1,000 principal amount note)
First Review Date
$40.00
$0
Second Review Date
$45.00
$0
Third through Seventh
Review Dates
Less than Interest Barrier
$0
Final Review Date
$40.00
$400.00
Total Payment
$400.00 (-60.00% return)
Because the notes have not been automatically called, the Final Value is less than the Trigger Value and the Stock 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 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. 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 Initial
Value. 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 (and we
will pay you any previously unpaid Contingent Interest Payments for any prior Review Dates) only if the closing price of one share
of the Reference Stock on that Review Date is greater than or equal to the Interest Barrier. If the closing price of one share of the
Reference Stock on that Review Date is less than the Interest Barrier, no Contingent Interest Payment will be made with respect to
that Review Date. You will not receive any unpaid Contingent Interest Payments if the closing price of one share of the Reference
Stock on each subsequent Review Date is less than the Interest Barrier. Accordingly, if the closing price of one share of the
Reference Stock 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 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
PS-6 | Structured Investments
Auto Callable Contingent Interest Notes Linked to the Common Stock of
Micron Technology, Inc.
guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more
information, see the accompanying prospectus addendum.
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 Reference Stock, which may be significant. You will not participate in any appreciation of the
Reference Stock.
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 Reference Stock.
THE AUTOMATIC CALL FEATURE MAY FORCE A POTENTIAL EARLY EXIT
If your notes are automatically called, the term of the notes may be reduced to as short as approximately 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 RECEIVE DIVIDENDS ON THE REFERENCE STOCK OR HAVE ANY RIGHTS WITH RESPECT TO THE
REFERENCE STOCK.
THE RISK OF THE CLOSING PRICE OF ONE SHARE OF THE REFERENCE STOCK FALLING BELOW THE INTEREST
BARRIER OR THE TRIGGER VALUE IS GREATER IF THE PRICE OF ONE SHARE OF THE REFERENCE STOCK IS
VOLATILE.
LACK OF LIQUIDITY
The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is
likely to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes
are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
Risks Relating to Conflicts of Interest
POTENTIAL CONFLICTS
We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase &
Co.s economic interests are potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading
activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the
value of the notes declines. Please refer to Risk Factors Risks Relating to Conflicts of Interest in the accompanying product
supplement.
Risks Relating to the Estimated Value and Secondary Market Prices of the Notes
THE ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE
NOTES
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the
notes exceeds the estimated value of the notes because costs associated with selling, structuring and hedging the notes are
included in the original issue price of the notes. These costs include the selling commissions, the structuring fee, 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
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,
PS-7 | Structured Investments
Auto Callable Contingent Interest Notes Linked to the Common Stock of
Micron Technology, Inc.
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 (a) exclude the structuring fee and (b) 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 the 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.
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, structuring fee, 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 have not independently verified any 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 issuers public disclosure of information, whether contained in SEC filings or otherwise.
THE ANTI-DILUTION PROTECTION FOR THE REFERENCE STOCK IS LIMITED AND MAY BE DISCRETIONARY
The calculation agent will not make an adjustment in response to all events that could affect the Reference Stock. The calculation
agent may make adjustments in response to events that are not described in the accompanying product supplement to account for
any diluting or concentrative effect, but the calculation agent is under no obligation to do so or to consider your interests as a
holder of the notes in making these determinations.
PS-8 | Structured Investments
Auto Callable Contingent Interest Notes Linked to the Common Stock of
Micron Technology, Inc.
The Reference Stock
All information contained herein on the Reference Stock and on Micron is derived from publicly available sources, without independent
verification. According to its publicly available filings with the SEC, Micron designs, develops and manufactures memory and storage
products. The common stock of Micron, par value $0.10 per share (Bloomberg ticker: MU), 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 Micron in the accompanying product supplement. Information provided to or filed with the SEC by
Micron pursuant to the Exchange Act can be located by reference to the SEC file number 001-10658, 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 10, 2025 was $123.11. We obtained the closing prices above and below from the Bloomberg Professional® service (“Bloomberg”),
without independent verification. The closing prices above and below may have been adjusted by Bloomberg for corporate actions,
such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.
The historical closing prices of one share 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 any Review Date. There can be no assurance
that the performance of the Reference Stock 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 Material U.S. Federal Income Tax Consequences in the accompanying product
supplement no. 4-I. 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 Material U.S. Federal Income Tax Consequences Tax Consequences to U.S. Holders Notes
Treated as Prepaid Forward Contracts with Associated Contingent Coupons in the accompanying product 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
product supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the
PS-9 | Structured Investments
Auto Callable Contingent Interest Notes Linked to the Common Stock of
Micron Technology, Inc.
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
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.
Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding
tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain
financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this
withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable
Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January
1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal
income tax purposes (each an “Underlying Security”). Based on certain determinations made by us, our special tax counsel is of the
opinion that Section 871(m) should not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on the
IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular
circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax
adviser regarding the potential application of Section 871(m) to the notes.
In the event of any withholding on the notes, we will not be required to pay any additional amounts with respect to amounts so withheld.
The Estimated Value of the Notes
The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following
hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding
rate described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the
notes does not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at
any time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied
funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference
may be based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance,
operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income
instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove
to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal
funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market
prices of the notes. For additional information, see Selected Risk Considerations Risks Relating to the Estimated Value and
Secondary Market Prices of the Notes The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate” in this
pricing supplement.
The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our
affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on
various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other
factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is
determined when the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that
time.
The estimated value of the notes does not represent future values of the notes and may differ from others estimates. Different pricing
models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes. In
addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On
future dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our or
JPMorgan Chase & Co.s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at
which JPMS would be willing to buy notes from you in secondary market transactions.
PS-10 | Structured Investments
Auto Callable Contingent Interest Notes Linked to the Common Stock of
Micron Technology, Inc.
The estimated value of the notes is lower than the original issue price of the notes because costs associated with selling, structuring
and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions and the
structuring fee 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. 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 Is Lower Than the Original Issue Price (Price to Public) of the Notes in this
pricing supplement.
Secondary Market Prices of the Notes
For information about factors that will impact any secondary market prices of the notes, see Risk Factors Risks Relating to the
Estimated Value and Secondary Market Prices of the Notes Secondary market prices of the notes will be impacted by many
economic and market factors in the accompanying product supplement. In addition, we generally expect that some of the costs
included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by
JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include selling commissions,
projected hedging profits, if any, and, in some circumstances, estimated hedging costs 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 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 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 and the structuring fee
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 Plan of Distribution
JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions of $17.50 per $1,000 principal amount note it
receives from us to other affiliated or unaffiliated dealers. JPMS, acting as agent for JPMorgan Financial, will also pay all of the
structuring fee of $1.00 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. See “Plan of
Distribution (Conflicts of Interest)” in the accompanying product supplement.
Validity of the Notes and the Guarantee
In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the
notes offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying
agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating
to the master global note that represents such notes (the “master note”), and such notes have been delivered against payment as
contemplated herein, such notes will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a
valid and binding obligation of JPMorgan Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general
applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel
expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the
conclusions expressed above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent
transfer or similar provision of applicable law by limiting the amount of JPMorgan Chase & Co.’s obligation under the related guarantee.
This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State
of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the
trustee’s authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature
PS-11 | Structured Investments
Auto Callable Contingent Interest Notes Linked to the Common Stock of
Micron Technology, Inc.
and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2023, which
was filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24,
2023.
Additional Terms Specific to the Notes
You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying
prospectus supplement relating to our Series A medium-term notes of which these notes are a part, 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:
http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf
Prospectus supplement and prospectus, each dated April 13, 2023:
http://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.

FAQ

What contingent interest rate do the JPMorgan Micron notes (CUSIP 48136FKD3) pay?

They offer 14.25% per annum, paid quarterly at 3.5625% when Micron closes ≥ 60% of its initial price on a Review Date.

When can the Micron Auto-Callable notes be redeemed early?

The notes auto-call if Micron closes ≥ $123.11 on any Review Date other than the first or final; the earliest possible call date is January 12, 2026.

What happens at maturity if Micron finishes below the 60% trigger value?

Holders receive $1,000 + ($1,000 × Stock Return); they lose more than 40% of principal and could lose it all if the stock’s return is −100%.

How does the issue price compare with the estimated value?

Issue price is $1,000; the estimated value is $965.20, about 3.5% lower, reflecting sales commissions and structuring fees.

Are the notes listed on an exchange?

No. They are over-the-counter instruments; liquidity depends on JPMS, and resale prices will likely be below face value.

Who bears credit risk on these notes?

Investors are exposed to the credit of JPMorgan Chase Financial Company LLC and its guarantor JPMorgan Chase & Co.
Inverse VIX S/T Futs ETNs due Mar22,2045

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