[FWP] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Free Writing Prospectus

Rhea-AI Filing Summary

JPMorgan Chase Financial Company has filed a Free Writing Prospectus for 1-year Tesla Contingent Income Auto-Callable Securities due July 2, 2026. The securities offer:

• Quarterly contingent payments of at least $42.25 (4.225%) if Tesla's stock price stays at or above the 50% downside threshold level
• Early redemption feature if Tesla's stock closes at or above initial price on any determination date
• Principal protection until Tesla's stock falls below 50% of initial price
• Potential for complete loss of principal if stock falls more than 50%

Key features include $1,000 stated principal amount per security, JPMorgan Chase & Co. as guarantor, and estimated value no less than $940 per security. The securities carry significant risks including no participation in stock appreciation, credit risk of the issuer/guarantor, and potential loss of principal. Quarterly determination dates run from September 2025 through June 2026.

Positive

• Attractive contingent quarterly payment of at least 4.225% ($42.25 per $1,000) when Tesla stock stays above threshold
• Principal protection as long as Tesla stock doesn't fall below 50% of initial price
• Early redemption feature provides potential early exit with full principal plus payments if Tesla stock performs well
• JPMorgan Chase & Co. guarantee adds credit support to the structured note

Negative

• Complete loss of principal possible if Tesla stock falls more than 50%
• Upside participation is capped at the contingent quarterly payments with no participation in Tesla stock appreciation
• Contingent payments may be missed if stock falls below threshold, with no make-up payments
• Limited secondary market liquidity may make early selling difficult
• Estimated value will be lower than the issue price, indicating significant embedded costs

JPMorgan Chase Financial Company LLC

Free Writing Prospectus Filed Pursuant to Rule 433

Registration Statement Nos. 333-270004 and 333-270004-01

Dated June 20, 2025

1y TSLA Contingent Income Auto-Callable Securities

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, prospectus supplement, prospectus and prospectus addendum and the “Risk Considerations” on the following page, prior to making an investment decision.

SUMMARY TERMS
Issuer:	JPMorgan Chase Financial Company LLC (“JPMorgan Financial”)
Guarantor:	JPMorgan Chase & Co.
Underlying stock:	Common stock of Tesla, Inc. (Bloomberg ticker: TSLA UW Equity)
Early redemption:	If, on any determination date (other than the final determination date), the closing price of the underlying stock is greater than or equal to the initial stock price, the securities will be automatically redeemed for an early redemption payment on the first contingent payment date immediately following the related determination date. No further payments will be made on the securities once they have been redeemed. The securities will not be redeemed early on any contingent payment date if the closing price of the underlying stock is below the initial stock price on the related determination date.
Early redemption payment:	The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) the contingent quarterly payment with respect to the related determination date plus (iii) any previously unpaid contingent  quarterly payments with respect to any prior determination dates.
Contingent quarterly payment:	·  If, on any determination date, the closing price of the underlying stock is greater than or equal to the downside threshold level, we will pay a contingent quarterly payment of at least $42.25 (at least 4.225% of the stated principal amount) per security on the related contingent payment date plus any previously unpaid contingent quarterly payments with respect to any prior determination dates. The actual contingent quarterly payment will be provided in the pricing supplement. However, even if any unpaid contingent quarterly payment is payable on a later contingent payment date, no additional interest will accrue or be payable in respect of that unpaid contingent quarterly payment. ·  If, on any determination date, the closing price of the underlying stock is less than the downside threshold level, no contingent quarterly payment will be made with respect to that determination date. It is possible that the closing price of the underlying stock will be below the downside threshold level on most or all of the determination dates so that you will receive few or no contingent quarterly payments.
Determination dates†:	September 29, 2025, December 29, 2025, March 27, 2026 and June 29, 2026
Contingent payment dates†:	October 2, 2025, January 1 2026, April 1, 2026 and the maturity date
Payment at maturity:	·  If the final stock price is greater than or equal to the downside threshold level:	(i) the stated principal amount plus (ii) the contingent quarterly payment with respect to the final determination date plus (iii) any previously unpaid contingent quarterly payments with respect any prior determination dates.
	·  If the final stock price is less than the downside threshold level:	(i) the stated principal amount times (ii) the stock performance factor.  This cash payment will be less than 50% of the stated principal amount of the securities and could be zero.
Downside threshold level:	50% of the initial stock price
Initial stock price:	The closing price of the underlying stock on the pricing date
Final stock price:	The closing price of the underlying stock on the final determination date

Stock adjustment factor:	The stock adjustment factor is referenced in determining the closing price of the underlying stock and is set initially at 1.0 on the pricing date.  The stock adjustment factor is subject to adjustment in the event of certain corporate events affecting the underlying stock.
Stock performance factor:	final stock price / initial stock price
Stated principal amount:	$1,000 per security
Issue price:	$1,000 per security
Pricing date:	Expected to be June 27, 2025
Original issue date (settlement date):	3 business days after the pricing date
Maturity date†:	July 2, 2026
CUSIP / ISIN:	48136ES63 / US48136ES638
Preliminary pricing supplement:	http://www.sec.gov/Archives/edgar/data/19617/ 000121390025055957/ea0246343-01_424b2.htm

^†Subject to postponement

The estimated value of the securities on the pricing date will be provided in the pricing supplement and will not be less than $940.00 per $1,000 stated principal amount security. For information about the estimated value of the securities, which likely will be lower than the price you paid for the securities, please see the hyperlink above.

Any payment on the securities is subject to the credit risk of JPMorgan Financial, as issuer of the securities, and the credit risk of JPMorgan Chase & Co., as guarantor of the securities.

Hypothetical Payout at Maturity (if the securities have not previously been redeemed)
Change in Underlying Stock	Payment at Maturity (excluding any coupon payable at maturity)
50.00%	$1,000.00
40.00%	$1,000.00
30.00%	$1,000.00
20.00%	$1,000.00
10.00%	$1,000.00
5.00%	$1,000.00
0.00%	$1,000.00
-10.00%	$1,000.00
-20.00%	$1,000.00
-30.00%	$1,000.00
-40.00%	$1,000.00
-50.00%	$1,000.00
-50.01%	$499.90
-60.00%	$400.00
-80.00%	$200.00
-100.00%	$0.00

JPMorgan Chase Financial Company LLC

1y TSLA Contingent Income Auto-Callable Securities

Underlying Stock

For more information about the underlying stock, including historical performance information, see the accompanying preliminary pricing supplement.

Risk Considerations

The risks identified below are not exhaustive. Please see “Risk Factors” in the accompanying prospectus supplement, product supplement and preliminary pricing supplement and Annex A to the accompanying prospectus addendum for additional information.

Risks Relating to the Securities Generally

§ The securities do not guarantee the return of any principal and your investment in the securities may result in a loss.

§ You will not receive any contingent quarterly payment for any quarterly period (or any previously unpaid contingent quarterly payments) if the closing price of the underlying stock on the relevant determination date is less than the downside threshold level.

§ The contingent quarterly payment is based solely on the closing prices of the underlying stock on the specified determination dates.

§ The securities are subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., and any actual or anticipated changes to our or JPMorgan Chase & Co.’s credit ratings or credit spreads may adversely affect the market value of the securities.

§ As a finance subsidiary, JPMorgan Financial has no independent operations and has limited assets.

§ Investors will not participate in any appreciation of the underlying stock.

§ Early redemption risk.

§ Secondary trading may be limited.

§ The final terms and estimated valuation of the securities will be provided in the pricing supplement.

§ The U.S. federal income tax consequences of an investment in the securities are uncertain.

Risks Relating to Conflicts of Interest

§ Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of the securities and other affiliates of the issuer may be different from those of investors.

§ Hedging and trading activities by the issuer and its affiliates could potentially affect the value of the securities.

Risks Relating to the Estimated Value and Secondary Market Prices of the Securities

§ The estimated value of the securities will be lower than the original issue price (price to public) of the securities.

§ The estimated value of the securities does not represent future values of the securities and may differ from others’ estimates.

§ The estimated value of the securities is derived by reference to an internal funding rate.

§ The value of the securities as published by J.P. Morgan Securities LLC (and which may be reflected on customer account statements) may be higher than the then-current estimated value of the securities for a limited time period.

§ Secondary market prices of the securities will likely be lower than the original issue price of the securities.

§ Secondary market prices of the securities will be impacted by many economic and market factors.

Risks Relating to the Underlying Stock

§ Investing in the securities is not equivalent to investing in the underlying stock.

§ No affiliation with Tesla, Inc.

§ We may engage in business with or involving Tesla, Inc. without regard to your interests.

§ Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the securities.

§ The anti-dilution protection for the underlying stock is limited and may be discretionary.

Tax Considerations

You should review carefully the discussion in the accompanying preliminary pricing supplement under “Additional Information about the Securities — Tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

SEC Legend: JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. have filed a registration statement (including a prospectus) with the SEC for any offerings to which these materials relate. Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co., any agent or any dealer participating in the this offering will arrange to send you the prospectus and each prospectus supplement as well as any product supplement and preliminary pricing supplement if you so request by calling toll-free 1-866-535-9248.

FAQ

What is the structure of VYLD's Tesla-linked contingent income auto-callable securities?

The securities are 1-year contingent income notes linked to Tesla stock (TSLA) with a $1,000 principal amount, maturing July 2, 2026. They offer quarterly contingent payments of at least $42.25 (4.225%) if Tesla's stock price is above the 50% downside threshold level. The notes feature automatic early redemption if Tesla's stock price equals or exceeds the initial price on any determination date.

What is the maximum loss potential for VYLD's Tesla-linked securities?

Investors can lose up to 100% of their principal investment if Tesla's stock price falls below the 50% downside threshold level at maturity. The payment at maturity would be calculated as the stated principal amount ($1,000) times the stock performance factor (final stock price/initial stock price), which could result in a payment of $0 if Tesla's stock price falls to zero.

What are the quarterly payment dates and amounts for VYLD's Tesla-linked securities?

The contingent quarterly payments are scheduled for October 2, 2025, January 1 2026, April 1, 2026, and the maturity date (July 2, 2026). Each payment will be at least $42.25 (4.225% of principal) if Tesla's stock price is above the downside threshold level on the corresponding determination dates (September 29, 2025, December 29, 2025, March 27, 2026, and June 29, 2026).

What is the estimated value of VYLD's Tesla-linked securities?

The estimated value of the securities on the pricing date will not be less than $940.00 per $1,000 stated principal amount. This estimated value is likely to be lower than the issue price of $1,000 per security, and will be provided in the final pricing supplement.

What are the key credit risks associated with VYLD's Tesla-linked securities?

The securities are subject to the credit risks of both JPMorgan Chase Financial Company LLC (issuer) and JPMorgan Chase & Co. (guarantor). Any actual or anticipated changes to their credit ratings or credit spreads may adversely affect the market value of the securities. Additionally, as a finance subsidiary, JPMorgan Financial has no independent operations and limited assets.