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

Rhea-AI Filing Summary

JPMorgan Chase Financial Company is offering 2-year S&P 500 Index Auto-Callable Accelerated Barrier Notes with the following key terms:

• Principal Amount: $1,000 per note
• Upside Leverage Factor: 2.00x
• Barrier Amount: 65% of Initial Value
• Auto-Call Feature: Notes automatically called if underlying closes at or above Call Value (100% of Initial Value) on Review Date
• Call Premium: Minimum 9.45% if called
• Maturity: July 1, 2027

Key risks include potential loss of principal, credit risk of JPMorgan Chase, limited appreciation potential due to auto-call feature, and no dividend payments. The estimated value will be at least $970 per $1,000 note. If Final Value is below Barrier Amount, investors could lose over 35% of principal or potentially all investment.

Positive

• Attractive upside leverage factor of 2.00x for returns above the initial value, potentially doubling investor returns in favorable scenarios
• Downside protection with a 65% barrier level, providing a buffer against moderate market declines
• Guaranteed minimum call premium of 9.45% if automatically called after one year, offering a defined yield opportunity

Negative

• Risk of significant principal loss if S&P 500 falls below 65% barrier level at maturity
• Capped upside potential due to autocall feature limiting gains to 9.45% even if market rises significantly
• No dividend payments or participation in underlying index dividends, reducing total return compared to direct index investment
• Early automatic call feature may force exit at suboptimal time, preventing participation in further market upside

North America Structured Investments 2yr SPX Auto Callable Accelerated Barrier Notes The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Summary of Terms J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 ® S&P 500 Index Issuer: Guarantor: Minimum Denomination: Underlying: Upside Leverage Factor: Barrier Amount : Pricing Date: Review Date : Observation Date : Maturity Date: CUSIP: Preliminary Pricing Supplement: Estimated Value: 2.00 65.00% of the Initial Value June 27, 2025 July 6, 2026 June 28, 2027 July 1, 2027 48136E3G8 http://sp.jpmorgan.com/document/cusip/48136E3G8/doctype/Product_Termsheet/document.pdf The estimated value of the notes, when the terms of the notes are set, will not be less than $970.00 per $1,000 principal amount note. For more information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, please see the hyperlink above. You may lose some or all of your principal at maturity. Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. Automatic Call If the closing value of the Underlying on the Review Date is greater than or equal to the Call Value, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount, payable on the Call Settlement Date. No further payments will be made on the notes. If the notes are automatically called, you will not benefit from the Upside Leverage Factor that applies to the payment at maturity if the Final Value is greater than the Initial Value. Because the Upside Leverage Factor does not apply to the payment upon an automatic call, the payment upon an automatic call may be significantly less than the payment at maturity for the same level of appreciation in the Underlying. Call Value Call Premium* 100.00% of the Initial Value At least 9.45% Payment At Maturity If the notes have not been automatically called and the Final Value is greater than the Initial Value, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Underlying Return î Upside Leverage Factor) If the notes have not been automatically called and the Final Value is equal to the Initial Value or is less than the Initial Value but greater than or equal to the Barrier Amount, you will receive the principal amount of your notes at maturity. If the notes have not been automatically called and the Final Value is less than the Barrier Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Underlying Return) If the notes have not been automatically called and the Final Value is less than the Barrier Amount, you will lose more than 35.00% of your principal amount at maturity and could lose all of your principal amount at maturity. Hypothetical Examples of Amounts Payable Upon Automatic Call or at Maturity** Total Return at Maturity if not Automatically Called Total Return at Review Date* Underlying Return at Review Date/ Observation Date 200.00% 9.45% 100.00% 160.00% 9.45% 80.00% 80.00% 9.45% 40.00% 40.00% 9.45% 20.00% 20.00% 9.45% 10.00% 0.00% 9.45% 0.00% 0.00% N/A - 0.01% 0.00% N/A - 5.00% 0.00% N/A - 10.00% 0.00% N/A - 20.00% 0.00% N/A - 35.00% - 35.01% N/A - 35.01% - 40.00% N/A - 40.00% - 50.00% N/A - 50.00% - 60.00% N/A - 60.00% - 80.00% N/A - 80.00% - 100.00% N/A - 100.00% N/A – indicates that the notes would not be called and no payment would be made. * Reflects a Call Premium of 9.45% per annum. The Call Premium will be determined on the Pricing Date and will not be less than 9.45% per annum. ** The hypothetical returns 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 fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns shown above would likely be lower.

North America Structured Investments 2yr SPX Auto Callable Accelerated Barrier Notes Selected Risks Ɣ Ɣ Your investment in the notes may result in a loss. The notes do not guarantee any return of principal. Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan Chase & Co. If the notes are automatically called, the appreciation potential of the notes is limited to the Call Premium Amount paid on the notes. The benefit provided by the Barrier Amount may terminate on the Observation Date. The automatic call feature may force a potential early exit. No interest payments, dividend payments or voting rights. JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index. As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Selected Risks (continued) Ɣ Ɣ Ɣ 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 determined by reference to an internal funding rate. The estimated value of the notes does not represent future values and may differ from others’ estimates. The value of the notes, which may be reflected in customer account statements, may be higher than the then - current estimated value of the notes for a limited time period. Lack of liquidity: J.P. Morgan Securities LLC (who we refer to as "JPMS"), intends to offer to purchase the notes in the secondary market but is not required to do so. The price, if any, at which JPMS will be willing to purchase notes from you in the secondary market, if at all, may result in a significant loss of your principal. Potential conflicts: We and our affiliates play a variety of roles in connection with the issuance of notes, including acting as calculation agent and hedging our obligations under the notes, and making the assumptions used to determine the pricing of the notes and the estimated value of the notes when the terms of the notes are set. It is possible that such hedging or other trading activities of J.P. Morgan or its affiliates could result in substantial returns for J.P. Morgan and its affiliates while the value of the notes declines. The tax consequences of the notes may be uncertain. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes. Ɣ Ɣ Ɣ Ɣ The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable product supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the applicable preliminary pricing supplement for additional information. Additional Information 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 this offering will arrange to send you the prospectus and each prospectus supplement, as well as any product supplement, underlying supplement and preliminary pricing supplement if you so request by calling toll - free 1 - 866 - 535 - 9248. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax - related penalties. Investment suitability must be determined individually for each investor, and the financial instruments described herein may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisers as to these matters. This material is not a product of J.P. Morgan Research Departments. Free Writing Prospectus Filed Pursuant to Rule 433, Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com

FAQ

What is the maturity date for VYLD's Auto Callable Accelerated Barrier Notes?

The Auto Callable Accelerated Barrier Notes have a maturity date of July 1, 2027.

What is the automatic call feature of VYLD's structured notes?

If the closing value of the S&P 500 Index on the Review Date (July 6, 2026) is greater than or equal to the Call Value (100% of Initial Value), the notes will be automatically called. Investors will receive $1,000 plus a Call Premium Amount of at least 9.45% per annum.

What is the potential loss risk for VYLD's barrier notes?

Investors may lose some or all of their principal at maturity. If the Final Value is less than the Barrier Amount (65% of Initial Value), investors will lose more than 35% of their principal amount and could lose their entire investment.

What is the estimated value of VYLD's structured notes?

The estimated value of the notes will not be less than $970.00 per $1,000 principal amount note, though this value will likely be lower than the price investors paid for the notes.

What is the Upside Leverage Factor for VYLD's notes?

The Upside Leverage Factor is 2.00, which applies to the payment at maturity if the Final Value is greater than the Initial Value and the notes have not been automatically called.