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Pricing supplement
\nTo prospectus dated April 17, 2026,
\nprospectus supplement dated April 17, 2026 and
\nproduct supplement no. 3-I dated April 17, 2026

Registration Statement Nos. 333-293684 and 333-293684-01
\n Dated October 26, 2026

Rule 424(b)(2)

\n \n \n \n

JPMorgan\nChase Financial Company LLC

\n \n \n \n

Structured
\n Investments

$4,000,000

Contingent Interest Notes Linked to the Class A Common\n Stock of CoreWeave, Inc. due October 28, 2027

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

General

The notes are designed for investors who seek a Contingent\nInterest Payment if, (1) with respect to any Review Date (other than the final Review Date), the closing price of one share of the Reference\nStock or, (2) with respect to the final Review Date, the Final Stock Price, is greater than or equal to 70.00% of the Stock Strike Price,\nwhich we refer to as the Interest Barrier. Investors should be willing to forgo fixed interest and dividend payments, in exchange for\nthe opportunity to receive Contingent Interest Payments.

Investors in the notes should be willing to accept the risk\nof losing some or all of their principal if a Trigger Event (as defined below) has occurred and the risk that no Contingent Interest Payment\nmay be made with respect to some or all Review Dates. Contingent Interest Payments should not be viewed as periodic interest payments.

If the closing price of one share of the Reference Stock is\ngreater than or equal to the Interest Barrier on any Review Date, investors will receive, in addition to the Contingent Interest Payment\nwith respect to that Review Date, any previously unpaid Contingent Interest Payments for prior Review Dates.

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

·	Minimum denominations of $10,000 and integral multiples of\n$1,000 in excess thereof

Key Terms

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Issuer:	JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor:	JPMorgan Chase & Co.
Reference Stock:	The Class A common stock of CoreWeave, Inc., par value $0.000005 per share (Bloomberg ticker: CRWV UW). We refer to CoreWeave, Inc. as “CoreWeave.”
Contingent Interest Payments:	\n If, (1) with respect to any Review Date (other than the final Review Date),\n the closing price of one share of the Reference Stock on that Review Date or, (2) with respect to the final Review Date, the Final Stock\n Price, is greater than or equal to the Interest Barrier, you will receive on the applicable Interest Payment Date for each $1,000 principal\n amount note a Contingent Interest Payment equal to $28.95833, plus any previously unpaid Contingent Interest Payments for any prior\n Review Dates. \n If the Contingent Interest Payment is not paid on any Interest Payment\n 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\n Stock on the Review Date related to that later Interest Payment Date is greater than or equal to the Interest Barrier. \n You will not receive any unpaid Contingent Interest Payments if the closing price of one share of the Reference Stock or the Final Stock\n Price, as applicable, on each subsequent Review Date is less than the Interest Barrier.
Interest Barrier / Trigger Price:	$37.9645, which is an amount that represents 70.00% of the Stock Strike Price
Payment at Maturity:	If a Trigger Event has *not* occurred, 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.
\n \n If a Trigger Event *has* occurred, at maturity you will lose\n 1.42857% of the principal amount of your notes for every 1% that the Final Stock Price is less than the Stock Strike Price by more than\n 30.00%. Under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + [$1,000 × (Stock Return + 30.00%) × Downside Leverage Factor]
If a Trigger Event has occurred, you will lose 1.42857% of the principal amount of your notes at maturity for every 1% that the Final Stock Price is less than the Stock Strike Price by more than 30.00%. Under these circumstances, you will lose some or all of your principal amount at maturity.
Trigger Event:	A Trigger Event occurs if the Final Stock Price (i.e., the closing price of one share of the Reference Stock on the Valuation Date) is less than the Trigger Price.
Downside Leverage Factor:	1.42857
Stock Return:	\n (Final Stock Price\n – Stock Strike Price) \n Stock Strike Price
Stock Strike Price:	$54.235, which was the closing price of one share of the Reference Stock on the Strike Date. The Stock Strike Price is not determined by reference to the closing price of one share of the Reference Stock on the Pricing Date.
Final Stock Price:	The closing price of one share of the Reference Stock on the Valuation 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 initially at 1.0 on the Strike Date. The Stock Adjustment Factor is subject to adjustment upon the occurrence of certain corporate events affecting the Reference Stock. See “The Underlyings — Reference Stocks — Anti-Dilution Adjustments” and “The Underlyings — Reference Stocks — Reorganization Events” in the accompanying product supplement for further information.
Strike Date:	October 23, 2026
Pricing Date:	October 26, 2026
Original Issue Date:	On or about October 29, 2026 (Settlement Date)
Review Dates^†:	November 23, 2026, December 23, 2026, January 25, 2027, February 23, 2027, March 23, 2027, April 23, 2027, May 24, 2027, June 23, 2027, July 23, 2027, August 23, 2027, September 23, 2027 and October 25, 2027(final Review Date)
Interest Payment Dates^†:	November 27, 2026, December 29, 2026, January 28, 2027, February 26, 2027, March 29, 2027, April 28, 2027, May 27, 2027, June 28, 2027, July 28, 2027, August 26, 2027, September 28, 2027 and the Maturity Date
Valuation Date^†:	October 25, 2027
Maturity Date^†:	October 28, 2027
CUSIP:	46661QS89

^†

Subject to postponement in the event of a market disruption event as described under “General\nTerms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single\nUnderlying (Other Than a Commodity Index)” and “General Terms of Notes — Postponement of a Payment Date” in the\naccompanying product supplement or early acceleration in the event of an acceleration event as described under “General Terms of\nNotes — Consequences of an Acceleration Event” in the accompanying product supplement and “Selected Risk Considerations\n— Risks Relating to the Notes Generally — We May Accelerate Your Notes If an Acceleration Event Occurs” in this pricing\nsupplement

Investing in the notes involves a number of risks. See “Risk Factors”\nbeginning on page S-2 of the accompanying prospectus supplement, “Risk Factors” beginning on page PS-12 of the accompanying\nproduct supplement and “Selected Risk Considerations” beginning on page PS-5 of this pricing supplement.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Price to Public (1)	Fees and Commissions (2)	Proceeds to Issuer
Per note	$1,000.00	$10.00	$990.00
Total	$4,000,000.00	$40,000.00	$3,960,000.00

(1)	See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public\nof 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\nof $10.00 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. See “Plan of Distribution\n(Conflicts of Interest)” in the accompanying product supplement.

The estimated value of the notes, when the terms of the notes were set,\nwas $982.90 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this pricing supplement for additional\ninformation.

The notes are not bank deposits, are not insured by the Federal Deposit\nInsurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.

$\"\"$

Additional Terms\nSpecific to the Notes

You should read this pricing supplement\ntogether with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term\nnotes of which these notes are a part, and the more detailed information contained in the accompanying product supplement. This pricing\nsupplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous\noral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas,\nstructures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully\nconsider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus supplement\nand the accompanying product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult\nyour 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\nas follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

Product supplement no. 3-I dated April 17, 2026:
\nhttps://www.sec.gov/Archives/edgar/data/19617/000121390026045198/ea0285802-20_424b2.pdf

Prospectus supplement and prospectus, each dated April 17, 2026:
\nhttps://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.pdf

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


JPMorgan Structured Investments —	PS-1
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

What Are the Payments on the Notes, Assuming\na Range of Performances for the Reference Stock?

If, (1) with respect to any Review Date (other than the final\nReview Date), the closing price of one share of the Reference Stock or, (2) with respect to the final Review Date, the Final Stock Price,\nis greater than or equal to the Interest Barrier, you will receive on the applicable Interest Payment Date for each $1,000 principal amount\nnote a Contingent Interest Payment equal to $28.95833 plus any previously unpaid Contingent Interest Payments for any prior Review\nDates. If, (1) with respect to any Review Date (other than the final Review Date), the closing price of one share of the Reference Stock\nor, (2) with respect to the final Review Date, the Final Stock Price, is less than the Interest Barrier, no Contingent Interest Payment\nwill be made with respect to that Review Date. We refer to the Interest Payment Date immediately following any Review Date on which the\nclosing price of one share of the Reference Stock or Final Stock Price, as applicable, is less than the Interest Barrier, and for which\nno Contingent Interest Payment subsequently becomes payable on any later Interest Payment Date, as a “No-Coupon Date.” The\nfollowing table reflects the Contingent Interest Payment of $28.95833 per $1,000 principal amount note and illustrates the hypothetical\ntotal Contingent Interest Payments per $1,000 principal amount note over the term of the notes depending on how many No-Coupon Dates occur.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Number of \n No-Coupon Dates	Total Contingent \n Coupon Payments
0 No-Coupon Dates	$347.49996
1 No-Coupon Date	$318.54163
2 No-Coupon Dates	$289.58330
3 No-Coupon Dates	$260.62497
4 No-Coupon Dates	$231.66664
5 No-Coupon Dates	$202.70831
6 No-Coupon Dates	$173.74998
7 No-Coupon Dates	$144.79165
8 No-Coupon Dates	$115.83332
9 No-Coupon Dates	$86.87499
10 No-Coupon Dates	$57.91666
11 No-Coupon Dates	$28.95833
12 No-Coupon Dates	$0.00000

The following table illustrates the hypothetical payments\non the notes in different hypothetical scenarios. Each hypothetical payment set forth below assumes a hypothetical Stock Strike Price\nof $100.00, and reflects the Interest Barrier and a Trigger Price of $70.00 (equal to 70.00% of the hypothetical Stock Strike Price) and\na Contingent Interest Payment of $28.95833 and the Downside Leverage Factor of 1.42857. The hypothetical Stock Strike Price of $100.00\nhas been chosen for illustrative purposes only and does not represent the actual Stock Strike Price. Each hypothetical payment set forth\nbelow is for illustrative purposes only and may not be the actual payment applicable to a purchaser of the notes. The numbers appearing\nin the following table and examples have been rounded for ease of analysis.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Closing Price \nof One Share of \nthe Reference \n Stock	Review Dates Prior to the Final \n Review Date	Final Review Date
Appreciation / \n Depreciation of \n the Reference \n Stock at Review \n Date	Payment on \n Interest \n Payment Date \n(1)	Final Stock \n Price	Appreciation / \nDepreciation \n of the \nReference \n Stock \nat Final \nReview Date	Payment at \n Maturity If a \nTrigger Event \n Has Not \nOccurred (1)(2)	Payment at \n Maturity If a \nTrigger Event \n Has Occurred (2)
$180.00	80.00%	$28.95833	$180.00	80.00%	$1,028.95833	N/A
$170.00	70.00%	$28.95833	$170.00	70.00%	$1,028.95833	N/A
$160.00	60.00%	$28.95833	$160.00	60.00%	$1,028.95833	N/A
$150.00	50.00%	$28.95833	$150.00	50.00%	$1,028.95833	N/A
$140.00	40.00%	$28.95833	$140.00	40.00%	$1,028.95833	N/A
$130.00	30.00%	$28.95833	$130.00	30.00%	$1,028.95833	N/A
$120.00	20.00%	$28.95833	$120.00	20.00%	$1,028.95833	N/A
$110.00	10.00%	$28.95833	$110.00	10.00%	$1,028.95833	N/A
$105.00	5.00%	$28.95833	$105.00	5.00%	$1,028.95833	N/A
$100.00	0.00%	$28.95833	$100.00	0.00%	$1,028.95833	N/A
$95.00	-5.00%	$28.95833	$95.00	-5.00%	$1,028.95833	N/A
$90.00	-10.00%	$28.95833	$90.00	-10.00%	$1,028.95833	N/A
$80.00	-20.00%	$28.95833	$80.00	-20.00%	$1,028.95833	N/A
$70.00	-30.00%	$28.95833	$70.00	-30.00%	$1,028.95833	N/A
$69.99	-30.01%	N/A	$69.99	-30.01%	N/A	$999.85714
$60.00	-40.00%	N/A	$60.00	-40.00%	N/A	$857.14286
$50.00	-50.00%	N/A	$50.00	-50.00%	N/A	$714.28571
$40.00	-60.00%	N/A	$40.00	-60.00%	N/A	$571.42857


JPMorgan Structured Investments —	PS-2
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

$30.00	-70.00%	N/A	$30.00	-70.00%	N/A	$428.57143
$20.00	-80.00%	N/A	$20.00	-80.00%	N/A	$285.71429
$10.00	-90.00%	N/A	$10.00	-90.00%	N/A	$142.85714
$0.00	-100.00%	N/A	$0.00	-100.00%	N/A	$0.00000

(1) You will receive a Contingent Interest Payment in connection\nwith a Review Date if, (1) with respect to any Review Date (other than the final Review Date), the closing price of one share of the Reference\nStock or, (2) with respect to the final Review Date, the Final Stock Price, is greater than or equal to the Interest Barrier plus\nany previously unpaid Contingent Interest Payments for any prior Review Dates. The applicable amount shown in the table above does not\ninclude any previously unpaid Contingent Interest Payments that may be payable on the applicable Interest Payment Date.

(2) A Trigger Event occurs if the Final\nStock Price (i.e., the closing price of one share of the Reference Stock on the Valuation Date) is less than the Trigger Price.

Hypothetical Examples of Amounts Payable\non the Notes

The following examples illustrate how payments on the notes\nin different hypothetical scenarios are calculated.

Example 1: A Contingent Interest Payment is not paid in\nconnection with the first Review Date but is paid in connection with the second Review Date. The closing price of one share of the Reference\nStock is less than the Stock Strike Price of $100.00 on the third through eleventh Review Dates and the price of one share of the Reference\nStock increases from the Stock Strike Price of $100.00 to a closing price of $110.00 on the final Review Date. The investor receives\na payment of $57.91666 per $1,000 principal amount note in connection with the second Review Date (reflecting the Contingent Interest\nPayment for the second Review Date and the unpaid Contingent Interest Payment for the first Review Date). Because the closing price of\none share of the Reference Stock on the third through eleventh Review Dates is less than the Interest Barrier, the investor is not entitled\nto receive a Contingent Interest Payment in connection with the those Review Dates. Because a Trigger Event has not occurred, the investor\nreceives a payment at maturity of $1,289.58330 per $1,000 principal amount note, consisting of a Contingent Interest Payment of $289.58330\nper $1,000 principal amount note (reflecting the Contingent Interest Payments for the final Review Date and the unpaid Contingent Interest\nPayment for the third through eleventh Review Dates) and repayment of principal equal to $1,000 per $1,000 principal amount note. \nAs a result, the total amount paid on the notes over the term of the notes is $1,347.49996 per $1,000 principal amount note. This\nrepresents the maximum total payment an investor may receive over the term of the notes.

Example 2: Contingent Interest Payments are paid in connection\nwith each of the Review Dates preceding the final Review Date, and the price of one share of the Reference Stock increases from the Stock\nStrike Price of $100.00 to a Final Stock Price of $110.00 — A Trigger Event has not occurred. The investor receives a payment\nof $28.95833 per $1,000 principal amount note in connection with each of the Review Dates preceding the final Review Date. Because a Trigger\nEvent has not occurred, the investor receives at maturity a payment of $1,028.95833 per $1,000 principal amount note. This payment consists\nof a Contingent Interest Payment of $28.95833 per $1,000 principal amount note and repayment of principal equal to $1,000 per $1,000 principal\namount note. The total amount paid on the notes over the term of the notes is $1,347.49996 per $1,000 principal amount note. This\nrepresents the maximum total payment an investor may receive over the term of the notes.

Example 3: A Contingent Interest Payment is paid in connection\nwith the second Review Date but not paid in connection with the first or third through eleventh Review Dates and the price of one share\nof the Reference Stock decreases from the Stock Strike Price of $100.00 to a Final Stock Price of $70.00— A Trigger Event has not\noccurred. The investor receives a payment of $57.91666 per $1,000 principal amount note in connection with the second Review Date\n(reflecting the Contingent Interest Payment for the second Review Date and the unpaid Contingent Interest Payment for the first Review\nDate). Because a Trigger Event has not occurred, even though the Final Stock Price is less than the Stock Strike Price, the investor receives\nat maturity a payment of $1,289.58330 per $1,000 principal amount note. This payment consists of Contingent Interest Payments of $289.58330\nper $1,000 principal amount note (reflecting the Contingent Interest Payments for the final Review Date and the unpaid Contingent Interest\nPayment for the third through eleventh Review Dates) and repayment of principal equal to $1,000 per $1,000 principal amount note. The\ntotal amount paid on the notes over the term of the notes is $1,347.49996 per $1,000 principal amount note. This represents the\nmaximum total payment an investor may receive over the term of the notes.

Example 4: Contingent Interest Payments are paid in connection\nwith each of the Review Dates preceding the final Review Date and the price of one share of the Reference Stock decreases from the Stock\nStrike Price of $100.00 to a Final Stock Price of $40.00— A Trigger Event has occurred. The investor receives a payment of $28.95833\nper $1,000 principal amount note in connection with each of the Review Dates preceding the final Review Date. Because a Trigger Event\nhas occurred and the Stock Return is -60.00%, the investor receives at maturity a payment of $571.429 per $1,000 principal amount note,\ncalculated as follows:

$1,000 + [$1,000 × (-60.00% + 30.00%)\n× 1.42857] = $571.429

The total value of the payments on the notes over the term\nof the notes is $889.97063 per $1,000 principal amount note.

Example 5: No Contingent Interest Payments are paid in\nconnection with the Review Dates preceding the final Review Date and the price of one share of the Reference Stock decreases from the\nStock Strike Price of $100.00 to a Final Stock Price of $30.00 — A Trigger Event has occurred. Since no Contingent Interest\nPayments are paid in connection with the Review Dates preceding the final Review Date, a Trigger Event has occurred and the Stock Return\nis
\n-70.00%, the investor receives no payments over the term of the notes, other than a payment at maturity of $428.572 per $1,000 principal\namount note, calculated as follows:

$1,000 + [$1,000 × (-70.00% + 30.00%)\n× 1.42857] = $428.572


JPMorgan Structured Investments —	PS-3
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

The hypothetical payments on the notes shown above apply only\nif you hold the notes for their entire term. These hypotheticals do not reflect fees or expenses that would be associated with any\nsale in the secondary market. If these fees and expenses were included, the hypothetical payments shown above would likely be lower.

Selected Purchase Considerations

CONTINGENT INTEREST PAYMENTS — The notes offer\nthe potential to earn a Contingent Interest Payment in connection with each Review Date of $28.95833 per $1,000 principal amount note.\nIf, (1) with respect to any Review Date (other than the final Review Date), the closing price of one share of the Reference Stock or,\n(2) with respect to the final Review Date, the Final Stock Price, is greater than or equal to the Interest Barrier, you will receive on\nthe applicable Interest Payment Date a Contingent Interest Payment for that Review Date plus any previously unpaid Contingent Interest\nPayments for any prior Review Dates. If, (1) with respect to any Review Date (other than the final Review Date), the closing price of\none share of the Reference Stock or, (2) with respect to the final Review Date, the Final Stock Price, is less than the Interest Barrier,\nno Contingent Interest Payment will be made with respect to that Review Date. You will not receive any unpaid Contingent Interest Payments\nif the closing price of one share of the Reference Stock or the Final Stock Price, as applicable, on each subsequent Review Date is less\nthan the Interest Barrier. If the closing price of one share of the Reference Stock or the Final Stock Price, as applicable, on\neach Review Date is less than the Interest Barrier, you will not receive any Contingent Interest Payments over the term of the notes.\nIf payable, a Contingent Interest Payment will be made to the holders of record at the close of business on the business day immediately\npreceding the applicable Interest Payment Date. Because the notes are our unsecured and unsubordinated obligations, the payment of\nwhich is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to\nour ability to pay our obligations as they become due and JPMorgan Chase & Co.’s ability to pay its obligations as\nthey become due.

THE NOTES DO NOT GUARANTEE THE RETURN OF YOUR PRINCIPAL\n— We will pay you your principal back at maturity only if a Trigger Event has not occurred. However, if a Trigger Event has\noccurred, you will lose some or all of the principal amount of your notes at maturity.

RETURN LINKED TO A SINGLE REFERENCE STOCK —\nThe return on the notes is linked to the performance of a single Reference Stock, which is the Class A common stock of CoreWeave. For\nadditional information see “The Reference Stock” in this pricing supplement.

TAX TREATMENT — You should review carefully\nthe section entitled “United States Federal Taxation” in the accompanying prospectus supplement. In determining our reporting\nresponsibilities we intend to treat (i) the notes for U.S. federal income tax purposes as prepaid forward contracts with associated contingent\ncoupons and (ii) any Contingent Interest Payments as ordinary income, as described in the section entitled “United States Federal\nTaxation — Tax Consequences to U.S. Holders — Program Securities Treated as Prepaid Financial Contracts with Associated Coupons”\nin the accompanying prospectus supplement. Based on the advice of Latham & Watkins LLP, our special tax counsel, we believe that this\nis a reasonable treatment, but that there are other reasonable treatments that the IRS or a court may adopt, in which case the timing\nand character of any income or loss on the notes could be materially affected. Treasury and the IRS previously requested comments on various\nissues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and\nindicated that such transactions may be the subject to future regulations or other guidance. Treasury and the IRS have never proposed\nany such guidance and recently withdrew and obsoleted the Notice which requested such comments, stating that comments are no longer needed.\nIn addition, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury\nregulations or other guidance promulgated in the future could materially and adversely affect the tax consequences of an investment in\nthe notes, possibly with retroactive effect. The discussions above and in the accompanying prospectus supplement do not address the consequences\nto taxpayers subject to special tax accounting rules under Section 451(b) of the Code. You should consult your tax adviser regarding the\nU.S. federal income tax consequences of an investment in the notes, including possible alternative treatments.

Non-U.S. Holders — Tax Considerations.\nThe U.S. federal income tax treatment of Contingent Interest Payments is uncertain, and although we believe it is reasonable to take a\nposition that Contingent Interest Payments are not subject to U.S. withholding tax (at least if an applicable Form W-8 is provided), it\nis expected that withholding agents will (and we, if we are the withholding agent, intend to) withhold on any Contingent Interest Payment\npaid 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\nincome” or similar provision. We will not be required to pay any additional amounts with respect to amounts withheld. In order to\nclaim an exemption from, or a reduction in, the 30% withholding tax, a Non-U.S. Holder of the notes must comply with certification requirements\nto 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\na Non-U.S. Holder, you should consult your tax adviser regarding the tax treatment of the notes, including the possibility of obtaining\na refund of any withholding tax and the certification requirement described above.

Section 871(m) of the Code and Treasury\nregulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax (unless an income tax\ntreaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked\nto U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime,\nincluding for instruments linked to certain broad-based indices that meet requirements set forth in the applicable Treasury\nregulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2029\nthat do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income\ntax purposes (each an “Underlying Security”). Based on certain determinations made by us, our special tax counsel is of\nthe opinion that Section 871(m) should not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on\nthe


JPMorgan Structured Investments —	PS-4
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

IRS, and the IRS may disagree with this determination.\nSection 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions\nwith respect to an Underlying Security. You should consult your tax adviser regarding the potential application of Section 871(m) to the\nnotes.

FATCA. Withholding under legislation\ncommonly referred to as “FATCA” could apply to payments with respect to the notes that are treated as U.S.-source “fixed\nor determinable annual or periodical” income (“FDAP Income”) for U.S. federal income tax purposes (such as interest,\nif the notes are recharacterized, in whole or in part, as debt instruments, or Contingent Interest Payments if they are otherwise treated\nas FDAP Income). If the notes are recharacterized, in whole or in part, as debt instruments, withholding could also apply to payments\nof gross proceeds of a taxable disposition, including an early redemption or redemption at maturity, although under recently proposed\nregulations (the preamble to which specifies that taxpayers are permitted to rely on them pending finalization), no withholding will apply\nto payments of gross proceeds (other than any amount treated as FDAP Income). You should consult your tax adviser regarding the potential\napplication of FATCA to the notes.

In the event of any withholding on the notes,\nwe will not be required to pay any additional amounts with respect to amounts so withheld.

Selected Risk Considerations

An investment in the notes involves significant risks.\nInvesting in the notes is not equivalent to investing directly in the Reference Stock. These risks are explained in more detail in the\n“Risk Factors” sections of the accompanying prospectus supplement and product supplement.

Risks Relating to the Notes Generally

YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS\n— The notes do not guarantee any return of principal. If a Trigger Event has occurred, you will lose 1.42857% of the principal amount\nof your notes at maturity for every 1% that the Final Stock Price is less than the Stock Strike Price by more than 30.00%. Under these\ncircumstances, you will lose some or all of your principal amount at maturity.

THE NOTES DO NOT GUARANTEE THE PAYMENT OF INTEREST AND\nMAY NOT PAY ANY INTEREST AT ALL — The terms of the notes differ from those of conventional debt securities in that, among other\nthings, whether we pay interest is linked to the performance of the Reference Stock. Contingent Interest Payments should not be viewed\nas periodic interest payments. If, (1) with respect to any Review Date (other than the final Review Date), the closing price of one share\nof the Reference Stock or, (2) with respect to the final Review Date, the Final Stock Price is greater than or equal to the Interest Barrier,\nwe will make a Contingent Interest Payment with respect to that Review Date (and will pay you any previously unpaid Contingent Interest\nPayments for any prior Review Dates). If, (1) with respect to any Review Date (other than the final Review Date), the closing price of\none share of the Reference Stock or, (2) with respect to the final Review Date, the Final Stock Price, is less than the Contingent Interest\nBarrier, no Contingent Interest Payment will be made with respect to that Review Date. You will not receive any unpaid Contingent Interest\nPayments if the closing price of one share of the Reference Stock or the Final Stock Price, as applicable, on each subsequent Review Date\nis less than the Interest Barrier. Accordingly, if, (1) with respect to any Review Date (other than the final Review Date), the closing\nprice of one share of the Reference Stock or, (2) with respect to the final Review Date, the Final Stock Price is less than the Interest\nBarrier, you will not receive any Contingent Interest Payments over the term of the notes.

CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO.\n— The notes are subject to our and JPMorgan Chase & Co.’s credit risks, and our and JPMorgan Chase & Co.’s\ncredit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on our and JPMorgan\nChase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change in our or JPMorgan Chase & Co.’s\ncreditworthiness or credit spreads, as determined by the market for taking that credit risk, is likely to adversely affect the value of\nthe notes. If we and JPMorgan Chase & Co. were to default on our payment obligations, you may not receive any amounts\nowed to you under the notes and you could lose your entire investment.

AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT\nACTIVITIES AND HAS LIMITED ASSETS — As a finance subsidiary of JPMorgan Chase & Co., we have no independent activities\nbeyond the issuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital\ncontribution from JPMorgan Chase & Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co.\nto make payments under loans made by us to JPMorgan Chase & Co. or under other intercompany agreements. As a result, we\nare dependent upon payments from JPMorgan Chase & Co. to meet our obligations under the notes. We are not an operating subsidiary\nof JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have\nsufficient resources to meet our obligations in respect of the notes as they come due. If JPMorgan Chase & Co. does not\nmake 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\nChase & Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan\nChase & Co. For more information, see “Risk Factors — Holders of securities issued by JPMorgan Financial may\nbe subject to losses if JPMorgan Chase & Co. were to enter into a resolution” in the accompanying prospectus supplement.

NO OWNERSHIP OR DIVIDEND RIGHTS IN THE REFERENCE STOCK\n— As a holder of the notes, you will not have any ownership interest or rights in the Reference Stock, such as voting rights\nor dividend payments. In addition, the issuer of the Reference Stock will not have any obligation to consider your interests as a holder\nof the notes in taking any corporate action that might affect the value of the Reference Stock and the notes.

THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED, AND\nYOU WILL NOT PARTICIPATE IN ANY APPRECIATION OF THE REFERENCE STOCK— The appreciation potential of the notes is limited to the\nsum of any


JPMorgan Structured Investments —	PS-5
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

Contingent Interest Payments that may be\npaid over the term of the notes, regardless of any appreciation of the Reference Stock, which may be significant. You will not participate\nin any appreciation of the Reference Stock. Accordingly, the return on the notes may be significantly less than the return on a direct\ninvestment in the Reference Stock during the term of the notes.

THE BENEFIT PROVIDED BY THE TRIGGER PRICE MAY TERMINATE\nON THE VALUATION DATE— If the Final Stock Price is less than the Trigger Price, the benefit provided by the Trigger Price will\nterminate and you will be fully exposed to any depreciation of the Reference Stock from the Stock Strike Price to the Final Stock Price.

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

VOLATILITY RISK — Greater expected volatility\nwith respect to the Reference Stock indicates a greater likelihood as of the Strike Date that the closing price of one share of the Reference\nStock or the Final Stock Price, as applicable, could be below the Interest Barrier on any Review Date or below the Trigger Price on the\nFinal Review Date. The Reference Stock’s volatility, however, can change significantly over the term of the notes. The price of\none share of the Reference Stock could fall sharply at any time during the term of the notes, which could result in the loss of one or\nmore, or all, Contingent Interest Payments or a significant loss of principal.

WE MAY ACCELERATE YOUR\nNOTES IF AN ACCELERATION EVENT OCCURS— Upon the announcement or occurrence of an acceleration event, we may, in our sole and\nabsolute discretion, accelerate the payment on your notes and pay you an amount determined by the calculation agent in good faith and\nin a commercially reasonable manner by reference to the values of any fixed-income debt component and any derivatives underlying the economic\nterms of the notes as of the date of the notice of acceleration. An acceleration event means a Reference Stock is no longer listed or\nadmitted to trading on its relevant exchange and the calculation agent determines, in its sole discretion, that no Replacement Reference\nStock (as defined in the accompanying product supplement) is available. If the payment on your notes is accelerated, your investment may\nresult in a loss, and you may not be able to reinvest your money in a comparable investment. Please see \"The Underlyings —\nReference Stocks — Delisting of a Reference Stock or Nationalization of a Reference Stock Issuer\" in the accompanying product\nsupplement for more information.

LACK OF LIQUIDITY — The notes will not be listed\non any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if\nthere is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers\nare not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on\nthe price, if any, at which JPMS is willing to buy the notes.

Risks Relating to Conflicts of Interest

POTENTIAL CONFLICTS —\nWe and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and\nas an agent of the offering of the notes, hedging our obligations under the notes and making the assumptions used to determine the pricing\nof the notes and the estimated value of the notes when the terms of the notes are set, which we refer to as the estimated value of the\nnotes. In performing these duties, our and JPMorgan Chase & Co.’s economic interests and the economic interests of\nthe calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition,\nour and JPMorgan Chase & Co.’s business activities, including hedging and trading activities, could cause our and\nJPMorgan Chase & Co.’s economic interests to be adverse to yours and could adversely affect any payment on the notes\nand the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could\nresult in substantial returns for us or our affiliates while the value of the notes declines. Please refer to “Risk Factors —\nRisks Relating to Conflicts of Interest” in the accompanying product supplement for additional information about these risks.

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

Risks Relating to the Estimated\nValue and Secondary Market Prices of the Notes

THE ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL\nISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES — The estimated value of the notes is only an estimate determined by reference to\nseveral factors. The original issue price of the notes exceeds the estimated value of the notes because costs associated with selling,\nstructuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions,\nthe projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the\nnotes, the estimated cost of hedging our obligations under the notes and the fees, if any, paid for third-party data analytics and/or\nelectronic platform services. See “The Estimated Value of the Notes” in this pricing supplement.

THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE\nVALUES OF THE NOTES AND MAY DIFFER FROM OTHERS’ ESTIMATES — The estimated value of the notes is determined by reference\nto internal


JPMorgan Structured Investments —	PS-6
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

pricing models of our affiliates when the\nterms of the notes are set. This estimated value of the notes is based on market conditions and other relevant factors existing at that\ntime and assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different\npricing models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes.\nIn addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On\nfuture dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our or JPMorgan\nChase & Co.’s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if\nany, at which JPMS would be willing to buy notes from you in secondary market transactions. See “The Estimated Value of the Notes”\nin this pricing supplement.

THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE\nTO AN INTERNAL FUNDING RATE — The internal funding rate used in the determination of the estimated value of the notes may differ\nfrom the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co.\nor its affiliates. Any difference may be based on, among other things, our and our affiliates’ view of the funding value of the\nnotes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for\nthe conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market\ninputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate\nfor 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\nnotes 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\nMAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME PERIOD\n— We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to\nyou in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.\nSee “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this initial\nperiod. Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published\nby JPMS (and which may be shown on your customer account statements).

SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER\nTHAN THE ORIGINAL ISSUE PRICE OF THE NOTES — Any secondary market prices of the notes will likely be lower than the original\nissue price of the notes because, among other things, secondary market prices take into account our internal secondary market funding\nrates for structured debt issuances and, also, because secondary market prices may exclude selling commissions, projected hedging profits,\nif any, estimated hedging costs and fees, if any, paid for third-party data analytics and/or electronic platform services that are included\nin 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\nmarket transactions, if at all, is likely to be lower than the original issue price. Furthermore, if you sell your notes, you will likely\nbe charged a commission for secondary market transactions, or the price will likely reflect a dealer discount and/or fees for use of an\nelectronic platform to facilitate secondary market activity. Any sale by you prior to the Maturity Date could result in a substantial\nloss to you. See the immediately following risk consideration for information about additional factors that will impact any secondary\nmarket prices of the notes.

The notes are not designed to be short-term trading instruments.\nAccordingly, you should be able and willing to hold your notes to maturity. See “Selected Risk Considerations — Risks Relating\nto the Notes Generally —Lack of Liquidity”.

SECONDARY MARKET PRICES\nOF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS — The secondary market price of the notes during their term\nwill be impacted by a number of economic and market factors, which may either offset or magnify each other, aside from the selling commissions,\nprojected hedging profits, if any, estimated hedging costs and the price of one share of the Reference Stock.

Additionally, independent pricing vendors\nand/or third party broker-dealers may publish a price for the notes, which may also be reflected on customer account statements. This\nprice 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\nsecondary market. See “Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes —\nSecondary 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\nREFERENCE STOCK ISSUER — We are not affiliated with the issuer of the Reference Stock. We assume no responsibility for the adequacy\nof the information about the Reference Stock issuer contained in this pricing supplement. You should undertake your own investigation\ninto the Reference Stock and its issuer. We are not responsible for the Reference Stock issuer’s public disclosure of information,\nwhether contained in SEC filings or otherwise.

THE ANTI-DILUTION PROTECTION\nFOR THE REFERENCE STOCK IS LIMITED AND MAY BE DISCRETIONARY — The calculation agent will make adjustments to the Stock Adjustment\nFactor for certain corporate events affecting the Reference Stock. However, the calculation agent will not make an adjustment in response\nto all events that could affect the Reference Stock. If an event occurs that does not require the calculation agent to make an adjustment,\nthe value of the notes may be materially and adversely affected. You should also be aware that the calculation agent may make adjustments\nin response to events that are not described in the accompanying product supplement to account for any diluting or concentrative effect,\nbut the calculation agent is under no obligation to do so or to consider your interests as a holder of the notes in making these determinations.


JPMorgan Structured Investments —	PS-7
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

LIMITED TRADING HISTORY\nWITH RESPECT TO THE REFERENCE STOCK — The Class A common stock of CoreWeave, Inc. commenced trading on The Nasdaq Stock Market\non March 28, 2025 and therefore has limited historical performance. Accordingly, historical information for the Reference Stock is available\nonly since that date. Past performance should not be considered indicative of future performance.

The Reference Stock

Public Information

All information contained herein on the Reference Stock and\non CoreWeave is derived from publicly available sources and is provided for informational purposes only. According to its publicly available\nfilings with the SEC, CoreWeave, Inc. is a cloud infrastructure technology company that offers proprietary software and cloud services\nto manage artificial intelligence infrastructure at scale. The Class A common stock of CoreWeave, Inc., par value $0.000005 per share\n(Bloomberg ticker: CRWV UW), is registered under the Securities Exchange Act of 1934, as amended, which we refer to as the “Exchange\nAct”, and is listed on the Nasdaq Global Select Market, which we refer to as the relevant exchange for purposes of CoreWeave in\nthe accompanying product supplement. Information provided to or filed with the SEC by CoreWeave pursuant to the Exchange Act can be located\nby reference to SEC file number 001-42563, and can be accessed through www.sec.gov. We do not make any representation that these publicly\navailable documents are accurate or complete.

Historical Information Regarding the\nReference Stock

The following graph sets forth the historical performance\nof the Reference Stock based on the weekly historical closing prices of one share of the Reference Stock from March 28, 2025 through October\n23, 2026. The Class A common stock of CoreWeave, Inc. commenced trading on The Nasdaq Stock Market on March 28, 2025 and therefore has\nlimited historical performance. The closing price of one share of the Reference Stock on October 26, 2026 was $55.19. We obtained the\nclosing prices above and below from the Bloomberg Professional^® service (“Bloomberg”), without independent\nverification. The closing prices may have been adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers\nand acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the Reference Stock has experienced\nsignificant fluctuations. The historical performance of the Reference Stock should not be taken as an indication of future performance,\nand no assurance can be given as to the closing price of one share of the Reference Stock on the Valuation Date. There can be no assurance\nthat the performance of the Reference Stock will result in the return of any of your principal amount.

$\"\"$

The Estimated Value of the Notes

The estimated value of the notes set forth on the cover\nof this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt\ncomponent with the same maturity as the notes, valued using the internal funding rate described below, and (2) the derivative or\nderivatives underlying the economic terms of the notes. The estimated value of the notes does not represent a minimum price at which\nJPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The internal funding rate used in the\ndetermination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income\ninstruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on,\namong other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance, operational\nand ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of\nJPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to\nbe incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal\nfunding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any


JPMorgan Structured Investments —	PS-8
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

secondary market prices of the notes. For additional information,\nsee “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes —\nThe Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate” in this pricing supplement. The value of the\nderivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our affiliates. These\nmodels are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some\nof which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions\nabout future market events and/or environments. Accordingly, the estimated value of the notes is determined when the terms of the notes\nare set based on market conditions and other relevant factors and assumptions existing at that time. See “Selected Risk Considerations\n— Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not\nRepresent Future Values of the Notes and May Differ from Others’ Estimates” in this pricing supplement.

The estimated value of the notes is lower than the original\nissue price of the notes because costs associated with selling, structuring and hedging the notes are included in the original issue price\nof the notes. These costs include the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, the projected profits,\nif any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, the estimated cost\nof hedging our obligations under the notes and the fees, if any, paid for third-party data analytics and/or electronic platform services.\nBecause hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit\nthat is more or less than expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in\nhedging our obligations under the notes. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary\nMarket Prices of the Notes — The Estimated Value of the Notes Is Lower Than the Original Issue Price (Price to Public) of the Notes”\nin this pricing supplement.

Secondary Market Prices of the Notes

For information about factors that will impact any secondary\nmarket prices of the notes, see “Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes\n— Secondary market prices of the notes will be impacted by many economic and market factors” in the accompanying product supplement.\nIn addition, we generally expect that some of the costs included in the original issue price of the notes will be partially paid back\nto you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.\nThese costs can include selling commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs, our\ninternal secondary market funding rates for structured debt issuances and the fees paid for third-party data analytics and/or electronic\nplatform services. This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term\nof the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit\nin connection with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by\nour affiliates. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the\nNotes — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than\nthe 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\nthat reflect the risk-return profile and market exposure provided by the notes. See “What Is the Total Return on the Notes at Maturity,\nAssuming a Range of Performances for the Reference Stock?” and “Hypothetical Examples of Amount Payable at Maturity”\nin this pricing supplement for an illustration of the risk-return profile of the notes and “The Reference Stock” in this pricing\nsupplement for a description of the market exposure provided by the notes.

The original issue price of the notes is equal to the estimated\nvalue of the notes plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, plus (minus) the projected\nprofits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, plus the\nestimated cost of hedging our obligations under the notes and plus the fees, if any, paid for third-party data analytics and/or electronic\nplatform services.

Validity of the Notes and the Guarantee

In the opinion of Latham & Watkins LLP, as special product\ncounsel to JPMorgan Financial and JPMorgan Chase & Co., when the notes offered by this pricing supplement have been issued\nby JPMorgan Financial pursuant to the indenture, the trustee and/or paying agent has made, in accordance with the instructions from JPMorgan\nFinancial, the appropriate entries or notations in its records relating to the master global note that represents such notes (the “master\nnote”), and such notes have been delivered against payment as contemplated herein, such notes will be valid and binding obligations\nof JPMorgan Financial and the related guarantee will constitute a valid and binding obligation of JPMorgan Chase & Co.,\nenforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights\ngenerally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good\nfaith, fair dealing and the lack of bad faith), provided that such special product counsel expresses no opinion as to (x) (i) the effect\nof fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision\nof the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law\nby limiting the amount of the JPMorgan Chase & Co.’s obligation under the related guarantee or (y) the validity, legally\nbinding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration\nof the notes to the extent determined to constitute unearned interest. This opinion is given as of the date hereof and is limited to the\nlaws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company


JPMorgan Structured Investments —	PS-9
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

Act. In addition, this opinion is subject to customary assumptions\nabout the trustee’s authorization, execution and delivery of the indenture and its authentication of the master note and the validity,\nbinding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February\n24, 2026, which was filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co.\non February 24, 2026.


JPMorgan Structured Investments —	PS-10
Contingent Interest Notes Linked to the Class A Common Stock of CoreWeave, Inc.

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