[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","bh6s61s7p62zpljky297e3ynv","revision",2,"title","JPMorgan Chase & Co 发行挂钩多家上市公司股票的自动赎回型票据","originalTitle","JPMORGAN CHASE & CO (0000019617) (Filer)","summary","JPMorgan Chase & Co 发行四只自动赎回型票据，挂钩 Blackstone、Capital One、Meta 和 Morgan Stanley 股票，到期日均为 2029 年 10 月 12 日。","reason","source",{"_11":89,"_90":91,"_92":93,"_94":57,"_95":96,"_97":98},"links",{"_86":87,"_63":88},"publishedAt","2026-10-13T19:15:53.000Z","discoveredAt","2026-10-13T19:50:45.183Z","timelineAt","category","ai-products","tags",[81,82,83,84,85],"stockSymbols",[80],"score",44,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fV9rI25uDVeE",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","deeeec88-44d6-4e65-9277-0f65c123e2ca","JPMorgan发行结构性票据",{"_72":73,"_15":74},"zh","

PRICING SUPPLEMENT
\nFiled Pursuant to Rule 424(b)(2)
\nRegistration Statement Nos. 333-293684 and 333-293684-01
\nDated October 9, 2026

JPMorgan Chase\nFinancial Company LLC Trigger Autocallable Contingent Yield Notes

$1,550,600 Linked to the common stock of Blackstone Inc. due October 12,\n2029
\n$1,550,600 Linked to the common stock of Capital One Financial Corporation due October 12, 2029
\n$1,550,600 Linked to the Class A common stock of Meta Platforms, Inc. due October 12, 2029

$1,570,600 Linked to the common stock of\nMorgan Stanley due October 12, 2029

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

\n \n \n

Investment Description

Trigger Autocallable Contingent Yield Notes are unsecured\nand unsubordinated debt securities issued by JPMorgan Chase Financial Company LLC (“JPMorgan Financial”), the payment on which\nis fully and unconditionally guaranteed by JPMorgan Chase & Co. (each, a “Note” and collectively, the “Notes”),\nlinked to the performance of the common stock of a specific company (the “Underlying”). If the closing price of one share\nof the applicable Underlying on a quarterly Observation Date is equal to or greater than the applicable Coupon Barrier, JPMorgan Financial\nwill make a Contingent Coupon payment with respect to that Observation Date. Otherwise, no coupon will be payable with respect to that\nObservation Date. JPMorgan Financial will automatically call the Notes early if the closing price of one share of the applicable Underlying\non any quarterly Observation Date is equal to or greater than the applicable Initial Value. If the Notes are called, JPMorgan Financial\nwill pay the principal amount plus the applicable Contingent Coupon for that Observation Date and no further amounts will be owed\nto you. If the Notes are not called prior to maturity and the applicable Final Value is equal to or greater than the applicable Downside\nThreshold (which is the same price as the applicable Coupon Barrier), JPMorgan Financial will make a cash payment at maturity equal to\nthe principal amount of your Notes, in addition to the applicable Contingent Coupon. If the Notes are not called prior to maturity and\nthe applicable Final Value is less than the applicable Downside Threshold, JPMorgan Financial will pay you less than the full principal\namount, if anything, at maturity, resulting in a loss on your principal amount that is proportionate to the decline in the closing price\nof one share of the applicable Underlying from the applicable Initial Value to the applicable Final Value. The closing price of one share\nof the applicable Underlying is subject to adjustments, in the sole discretion of the calculation agent, in the case of certain corporate\nevents described in the accompanying product supplement under “The Underlyings — Reference Stocks — Anti-Dilution Adjustments”\nand “The Underlyings — Reference Stocks — Reorganization Events.” Investing\nin the Notes involves significant risks. You may lose a significant portion or all of your principal amount. Generally, a higher Contingent\nCoupon Rate is associated with a greater risk of loss. The contingent repayment of principal applies only if you hold the Notes to maturity.\nAny payment on the Notes, including any repayment of principal, is subject to the creditworthiness of JPMorgan Financial, as issuer of\nthe Notes, and the creditworthiness of JPMorgan Chase & Co., as guarantor of the Notes. If JPMorgan Financial and JPMorgan Chase &\nCo. were to default on their payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your\nentire investment.

\n \n \n

Features

Automatically Callable: JPMorgan Financial will automatically\ncall the Notes and pay you the principal amount plus the applicable Contingent Coupon otherwise due for a quarterly Observation\nDate if the closing price of one share of the applicable Underlying on that quarterly Observation Date is equal to or greater than the\napplicable Initial Value. No further payments will be made on the Notes. If the Notes are not called, investors will have the potential\nfor downside equity market risk at maturity.

Contingent Coupon: If the closing price of one share of the\napplicable Underlying on a quarterly Observation Date (including the Final Valuation Date) is equal to or greater than the applicable\nCoupon Barrier, JPMorgan Financial will make a Contingent Coupon payment with respect to that Observation Date. Otherwise, no coupon will\nbe payable with respect to that Observation Date.

Downside Exposure with Contingent Repayment of Principal\nAmount at Maturity: If by maturity the Notes have not been called and the applicable Underlying\ncloses at or above the applicable Downside Threshold on the Final Valuation Date, JPMorgan Financial will pay you the principal amount\nper Note at maturity, in addition to the applicable Contingent Coupon. If by maturity the Notes have not been called and the applicable\nUnderlying closes below the applicable Downside Threshold on the Final Valuation Date, JPMorgan Financial will repay less than the principal\namount, if anything, at maturity, resulting in a loss on your principal amount that is proportionate to the decline in the closing price\nof one share of the applicable Underlying from the applicable Initial Value to the applicable Final Value. The contingent repayment of\nprincipal applies only if you hold the Notes until maturity. Any payment on the Notes, including any repayment of principal, is subject\nto the creditworthiness of JPMorgan Financial and JPMorgan Chase & Co.

\n \n \n

Key Dates

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

Trade Date	October 9, 2026
Original Issue Date (Settlement Date)	October 15, 2026
Observation Dates¹	Quarterly (see page 5)
Final Valuation Date¹	October 9, 2029
Maturity Date¹	October 12, 2029

\n\n

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

THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS.\nJPMORGAN FINANCIAL IS NOT NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES AT MATURITY, AND THE NOTES CAN HAVE DOWNSIDE\nMARKET RISK SIMILAR TO THE APPLICABLE UNDERLYING. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION\nOF JPMORGAN FINANCIAL FULLY AND UNCONDITIONALLY GUARANTEED BY JPMORGAN CHASE & CO. YOU SHOULD NOT PURCHASE THE NOTES IF YOU\nDO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.

YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEY\nRISKS” BEGINNING ON PAGE 7 OF THIS PRICING SUPPLEMENT, UNDER “RISK FACTORS” BEGINNING ON PAGE S-2 OF THE ACCOMPANYING\nPROSPECTUS SUPPLEMENT AND UNDER “RISK FACTORS” BEGINNING ON PAGE PS-12 OF THE ACCOMPANYING PRODUCT SUPPLEMENT BEFORE PURCHASING\nANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE\nRETURN ON, YOUR NOTES. YOU MAY LOSE A SIGNIFICANT PORTION OR ALL OF YOUR INITIAL INVESTMENT IN THE NOTES. THE NOTES WILL NOT BE LISTED\nON ANY SECURITIES EXCHANGE.

\n \n \n

Note Offerings

This pricing supplement relates to four (4) separate Note offerings.\nEach issuance of offered Notes is linked to one, and only one, Underlying. You may participate in any of the four (4) Note offerings or,\nat your election, in two or more of the offerings. This pricing supplement does not, however, allow you to purchase a Note linked to a\nbasket of some or all of the Underlyings described below. The Notes are offered at a minimum investment of $1,000 in denominations of\n$10 and integral multiples thereof. Each of the four (4) Note offerings is linked to the common stock of a different company, and each\nof the four (4) Note offerings has its own Contingent Coupon Rate, Initial Value, Downside Threshold and Coupon Barrier. The\nperformance of each Note offering will not depend on the performance of any other Note offering.

\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

Underlying	Contingent \nCoupon Rate	Initial \nValue	Downside Threshold	Coupon Barrier	CUSIP	ISIN
Common stock of Blackstone Inc. (Bloomberg ticker: BX)	14.80% per annum	$114.29	$74.29, which is 65.00% of the Initial Value	$74.29, which is 65.00% of the Initial Value	48135G754	US48135G7549
Common stock of Capital One Financial Corporation (Bloomberg ticker: COF)	11.45% per annum	$199.26	$129.52, which is 65.00% of the Initial Value	$129.52, which is 65.00% of the Initial Value	48135G762	US48135G7622
Class A common stock of Meta Platforms, Inc. (Bloomberg ticker: META)	13.32% per annum	$718.67	$467.14, which is 65.00% of the Initial Value	$467.14, which is 65.00% of the Initial Value	48135G770	US48135G7705
Common stock of Morgan Stanley (Bloomberg ticker: MS)	10.12% per annum	$190.02	$123.51, which is 65.00% of the Initial Value	$123.51, which is 65.00% of the Initial Value	48135G788	US48135G7887

See “Additional\nInformation about JPMorgan Financial, JPMorgan Chase & Co. and the Notes” in this pricing supplement. The Notes will have the\nterms specified in the prospectus and the prospectus supplement, each dated April 17, 2026, product supplement no. 3-I dated April 17,\n2026 and this pricing supplement. The terms of the Notes as set forth in this pricing supplement, to the extent they differ or conflict\nwith those set forth in the accompanying product supplement, will supersede the terms set forth in that product supplement.
\nNeither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved\nor disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus, the\naccompanying prospectus supplement and the accompanying product supplement. Any representation to the contrary is a criminal offense.

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

Price to Public⁽¹⁾

Fees and Commissions⁽²⁾

Proceeds to Issuer

\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

Offering of Notes	Total	Per Note	Total	Per Note	Total	Per Note
Notes linked to the common stock of Blackstone Inc.	$1,550,600	$10	$34,888.50	$0.225	$1,515,711.50	$9.775
Notes linked to the common stock of Capital One Financial Corporation	$1,550,600	$10	$34,888.50	$0.225	$1,515,711.50	$9.775
Notes linked to the Class A common stock of Meta Platforms, Inc.	$1,550,600	$10	$34,888.50	$0.225	$1,515,711.50	$9.775
Notes linked to the common stock of Morgan Stanley	$1,570,600	$10	$35,338.50	$0.225	$1,535,261.50	$9.775

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

⁽¹⁾	See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the Notes.
⁽²⁾	UBS Financial Services Inc., which we refer to as UBS, will receive selling commissions from us of $0.225 per $10 principal amount Note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement, as supplemented by “Supplemental Plan of Distribution” in this pricing supplement.

The estimated\nvalue of the Notes, when the terms of the Notes were set, was $9.539, $9.642, $9.608 and $9.610 per $10 principal amount Note linked to\nthe common stock of Blackstone Inc., linked to the common stock of Capital One Financial Corporation, linked to the Class A common stock\nof Meta Platforms, Inc. and linked to the common stock of Morgan Stanley, respectively. See “The Estimated Value of the\nNotes” in this pricing supplement for additional information.

The Notes are not bank deposits, are not insured by the Federal\nDeposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.

\n \n \n \n

UBS Financial Services Inc.

$\"\"$

\n \n \n

Additional Information about JPMorgan Financial, JPMorgan Chase & Co. and the Notes

This pricing supplement relates to four (4) separate Note offerings.\nEach issue of the offered Notes is linked to one, and only one, Underlying. The purchaser of a Note will acquire a Note linked to a single\nUnderlying (not to a basket or index that includes the other Underlyings). You may participate in any of the four (4) Note offerings or,\nat your election, in two or more of the offerings. We reserve the right to withdraw, cancel or modify any of the offerings and to reject\norders in whole or in part. While each Note offering relates only to a single Underlying identified on the cover page, you should not\nconstrue that fact as a recommendation of the merits of acquiring an investment linked to that Underlying (or any other Underlying) or\nas to the suitability of an investment in the Notes.

You should read this pricing supplement together with the accompanying prospectus,\nas supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these Notes are a part,\nand the more detailed information contained in the accompanying product supplement. This pricing supplement, together with the documents\nlisted below, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other written\nmaterials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures,\nfact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set\nforth in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement, as\nthe Notes involve risks not associated with conventional debt securities.

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:
\nhttp://www.sec.gov/Archives/edgar/data/19617/000121390026045198/ea0285802-20_424b2.pdf

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

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

\n \n \n

Supplemental Terms of the Notes

For purposes of the accompanying product supplement, each of\nthe common stock of Blackstone Inc., the common stock of Capital One Financial Corporation, the Class A common stock of Meta Platforms,\nInc. and the common stock of Morgan Stanley is a “Reference Stock.”

Notwithstanding anything to the contrary in the accompanying\nproduct supplement, all values of an Underlying or values to which the value of that Underlying may be compared in the determination of\nany payment on the Notes will be rounded to the same number of decimal places as the closing value of that Underlying published by the\nBloomberg Professional^® service (“Bloomberg”).

\n \n \n

\nInvestor Suitability

\n \n \n \n \n

The Notes may be suitable for you if, among other considerations:

t You\n fully understand the risks inherent in an investment in the Notes, including the risk of loss of your entire initial investment.

t You\n can tolerate a loss of all or a substantial portion of your investment and are willing to make an investment that may have the same downside\n market risk as an investment in the applicable Underlying.

t You\n accept that you may not receive a Contingent Coupon on some or all of the Coupon Payment Dates.

t You\n believe the applicable Underlying will close at or above the applicable Coupon Barrier on the Observation Dates and the applicable Downside\n Threshold on the Final Valuation Date.

t You\n believe the applicable Underlying will close at or above the applicable Initial Value on one of the specified Observation Dates.

t You\n understand and accept that you will not participate in any appreciation of the applicable Underlying and that your potential return is\n limited to the applicable Contingent Coupons.

t You\n can tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or exceed the downside price fluctuations\n of the applicable Underlying.

t You\n are willing to invest in the Notes based on the applicable Contingent Coupon Rate of each Underlying indicated on the cover.

t You\n do not seek guaranteed current income from this investment and are willing to forgo dividends paid on the applicable Underlying.

t You\n are able and willing to invest in Notes that may be called early and you are otherwise able and willing to hold the Notes to maturity.

t You\n accept that there may be little or no secondary market for the Notes and that any secondary market will depend in large part on the price,\n if any, at which J.P. Morgan Securities LLC, which we refer to as JPMS, is willing to trade the Notes.

t You\n understand and accept the single stock risk associated with the Notes and you understand and are willing to accept the risks associated\n with the applicable Underlying.

t You\n are willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Notes, and understand\n that if JPMorgan Financial and JPMorgan Chase & Co. default on their obligations, you may not receive any amounts due to you including\n any repayment of principal.

The Notes may not be suitable for you if, among other considerations:

t You\n do not fully understand the risks inherent in an investment in the Notes, including the risk of loss of your entire initial investment.

t You\n cannot tolerate a loss of all or a substantial portion of your investment or are unwilling to make an investment that may have the same\n downside market risk as an investment in the applicable Underlying.

t You\n require an investment designed to provide a full return of principal at maturity.

t You\n do not accept that you may not receive a Contingent Coupon on some or all of the Coupon Payment Dates.

t You\n believe that the price of one share of the applicable Underlying will decline during the term of the Notes and is likely to close below\n the applicable Coupon Barrier on the Observation Dates and the applicable Downside Threshold on the Final Valuation Date.

t You\n seek an investment that participates in the full appreciation of the applicable Underlying or that has unlimited return potential.

t You\n cannot tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or exceed the downside price fluctuations\n of the applicable Underlying.

t You\n are not willing to invest in the Notes based on the applicable Contingent Coupon Rate of each Underlying indicated on the cover hereof.

t You\n prefer the lower risk, and therefore accept the potentially lower returns, of fixed income investments with comparable maturities and\n credit ratings.

t You\n seek guaranteed current income from this investment or prefer to receive the dividends paid on the applicable Underlying.

t You\n are unable or unwilling to invest in Notes that may be called early, or you are otherwise unable or unwilling to hold the Notes to maturity,\n or you seek an investment for which there will be an active secondary market.

t You\n do not understand or accept the single stock risk associated with the Notes or you do not understand or are not willing to accept the\n risks associated with the applicable Underlying.

t You\n are not willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Notes, including\n any repayment of principal.

The suitability considerations identified above are not exhaustive.\nWhether or not the Notes are a suitable investment for you will depend on your individual circumstances, and you should reach an investment\ndecision only after you and your investment, legal, tax, accounting and other advisers have carefully considered the suitability of an\ninvestment in the Notes in light of your particular circumstances. You should also review carefully the “Key Risks” section\nof this pricing supplement and the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying\nproduct supplement for risks related to an investment in the Notes. For more information on the Underlyings, please see the section titled\n“The Underlyings” below.

\n \n \n

Final 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 \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.
Issue Price		$10 per Note
Underlying		\n Common stock of Blackstone Inc. \n Common stock of Capital One Financial Corporation \n Class A common stock of Meta Platforms, Inc. \n Common stock of Morgan Stanley
Principal Amount		$10 per Note (subject to a minimum purchase of 100 Notes or $1,000)
Term		Approximately 3 years, unless called earlier
Automatic Call Feature		The Notes will be called automatically if the closing price¹ of one share of the applicable Underlying on any Observation Date is equal to or greater than the applicable Initial Value. If the Notes are called, JPMorgan Financial will pay you on the applicable Call Settlement Date a cash payment per Note equal to the principal amount plus the applicable Contingent Coupon otherwise due for the applicable Observation Date, and no further payments will be made on the Notes.
Contingent Coupon		\n If the closing price¹ of one share of the applicable Underlying\n is equal to or greater than the applicable Coupon Barrier on any Observation Date, we will pay you the applicable Contingent Coupon for\n that Observation Date on the relevant Coupon Payment Date. \n If the closing price¹ of one share of the applicable Underlying\n is less than the applicable Coupon Barrier on any Observation Date, the applicable Contingent Coupon for that Observation Date will not\n accrue or be payable, and we will not make any payment to you on the relevant Coupon Payment Date. \n Each Contingent Coupon will be a fixed amount based on equal quarterly\n installments at the applicable Contingent Coupon Rate, which is a per annum rate. The table below reflects the Contingent Coupon Rate\n of (i) 14.80% per annum for Notes linked to the common stock of Blackstone Inc., (ii) 11.45% per annum for Notes linked to the common\n stock of Capital One Financial Corporation, (iii) 13.32% per annum for Notes linked to the Class A common stock of Meta Platforms, Inc.\n and (iv) 10.12% per annum for Notes linked to the common stock of Morgan Stanley. You should be willing to invest in the Notes if the\n applicable Contingent Coupon Rate were set equal to the applicable bottom of the range set forth in “Contingent Coupon Rate”\n below.
		Contingent Coupon (per $10 Note)
Contingent Coupon Payments		Blackstone Inc.	Capital One Financial Corporation	Meta Platforms, Inc.	Morgan Stanley
	$0.37	$0.2863	$0.333	$0.253
		Contingent Coupon payments on the Notes are not guaranteed. We will not pay you the applicable Contingent Coupon for any Observation Date on which the closing price of one share of the applicable Underlying is less than the applicable Coupon Barrier.
Contingent Coupon Rate		\n The Contingent Coupon Rate is (i) 14.80% per annum for Notes linked\n to the common stock of Blackstone Inc., (ii) 11.45% per annum for Notes linked to the common stock of Capital One Financial Corporation,\n (iii) 13.32% per annum for Notes linked to the Class A common stock of Meta Platforms, Inc. and (iv) 10.12% per annum for Notes linked\n to the common stock of Morgan Stanley. \n
Coupon Payment Dates²		As specified under the “Coupon Payment Dates” column of the table under “Observation Dates and Coupon Payment Dates” below
Call Settlement Dates²		First Coupon Payment Date following the applicable Observation Date
\nPayment at Maturity (per $10 Note)		\n If the Notes are not automatically called and the applicable Final\n Value is equal to or greater than the applicable Downside Threshold, we will pay you a cash payment at maturity per $10 principal\n amount Note equal to $10 plus the applicable Contingent Coupon otherwise due on the Maturity Date. \n If the Notes are not automatically called and the applicable Final\n Value is less than the applicable Downside Threshold, we will pay you a cash payment at maturity that is less than $10 per $10 principal\n amount Note, equal to: \n $10 × (1 + Underlying Return) \n In this scenario, you will be exposed to the decline\n in the price of one share of the applicable Underlying and you will lose a significant portion or all of your principal at maturity in\n an amount proportionate to the negative Underlying Return.
Underlying Return		\n (Final Value – Initial Value) \n Initial Value
Initial Value		The closing price of one share of the applicable Underlying on the Trade Date, as specified on the cover of this pricing supplement.
Final Value		The closing price¹ of one share of the applicable Underlying on the Final Valuation Date
Downside Threshold		A percentage of the Initial Value of the applicable Underlying, as specified on the cover of this pricing supplement.
Coupon Barrier		A percentage of the Initial Value of the applicable Underlying, as specified on the cover of this pricing supplement.
Stock Adjustment Factor¹		The Stock Adjustment Factor is referenced in determining the closing price of one share of the applicable Underlying. The Stock Adjustment Factor for the applicable Underlying is set initially at 1.0 on the Trade Date.

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

¹	The closing price and the Stock Adjustment Factor of the applicable Underlying are subject to adjustments, in the sole discretion of the calculation agent, in the case of certain corporate events described in the accompanying product supplement under “The Underlyings — Reference Stocks — Anti-Dilution Adjustments” and “The Underlyings — Reference Stocks — Reorganization Events.”
²	See footnote 1 under “Key Dates” on the front cover.

\n \n \n

Investment Timeline

\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

Trade Date		The closing price of one share of the applicable Underlying (Initial Value) is observed, and the applicable Downside Threshold and the applicable Coupon Barrier are determined.

$\"\"$

Quarterly		\n If the closing price of one share of the applicable Underlying is equal\n to or greater than the applicable Coupon Barrier on any Observation Date, JPMorgan Financial will pay you a Contingent Coupon on the applicable\n Coupon Payment Date. \n The Notes will also be called if the closing price of one share of\n the applicable Underlying on any Observation Date is equal to or greater than the applicable Initial Value. If the Notes are called, JPMorgan\n Financial will pay you a cash payment per Note equal to the principal amount plus the applicable Contingent Coupon otherwise due\n for the applicable Observation Date, and no further payments will be made on the Notes.

$\"\"$

Maturity Date		\n The applicable Final Value is\n determined as of the Final Valuation Date. \n If the Notes are not automatically\n called and the applicable Final Value is equal to or greater than the applicable Downside Threshold, we will pay you a cash payment\n at maturity per $10 principal amount Note equal to $10 plus the applicable Contingent Coupon otherwise due on the Maturity Date. \n If the Notes are not automatically\n called and the applicable Final Value is less than the applicable Downside Threshold, we will pay you a cash payment at maturity that\n is less than $10 per $10 principal amount Note, equal to: \n $10 ×\n (1 + Underlying Return) \n In this scenario, you will\n be exposed to the decline in the price of one share of the applicable Underlying and you will lose a significant portion or all of your\n principal at maturity in an amount proportionate to the negative Underlying Return.

INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE\nA SIGNIFICANT PORTION OR ALL OF YOUR PRINCIPAL AMOUNT. ANY PAYMENT ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE\nCREDITWORTHINESS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. IF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. WERE TO DEFAULT\nON THEIR PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.

\n \n \n

\nObservation Dates and Coupon Payment Dates

\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

Observation Dates	Coupon Payment Dates
January 11, 2027	January 14, 2027
April 9, 2027	April 14, 2027
July 9, 2027	July 14, 2027
October 11, 2027	October 14, 2027
January 10, 2028	January 13, 2028
April 10, 2028	April 13, 2028
July 10, 2028	July 13, 2028
October 9, 2028	October 12, 2028
January 9, 2029	January 12, 2029
April 9, 2029	April 12, 2029
July 9, 2029	July 12, 2029
October 9, 2029 (the Final Valuation Date)	October 12, 2029 (the Maturity Date)

Each of the Observation Dates, and therefore the Coupon Payment Dates,\nis subject to postponement in the event of a market disruption event and as described under “General Terms of Notes — Postponement\nof a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Underlying (Other Than a Commodity\nIndex)” and “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement or\nearly acceleration in the event of an acceleration event as described under “General Terms of Notes — Consequences of an Acceleration\nEvent” in the accompanying product supplement and “Key Risks — Risks Relating to the Notes Generally — We May\nAccelerate Your Notes If an Acceleration Event Occurs” in this pricing supplement.

\n \n \n

\nWhat Are the Tax Consequences of the Notes?

You should review carefully the section entitled “United States\nFederal Taxation” in the accompanying prospectus supplement. In determining our reporting responsibilities we intend to treat (i)\nthe Notes for U.S. federal income tax purposes as prepaid forward contracts with associated contingent coupons and (ii) any Contingent\nCoupons as ordinary income, as described in the section entitled “United States Federal Taxation — Tax Consequences to U.S.\nHolders — Program Securities Treated as Prepaid Financial Contracts with Associated Coupons” in the accompanying prospectus\nsupplement. Based on the advice of Davis Polk & Wardwell LLP, our special tax counsel, we believe that this is a reasonable treatment,\nbut that there are other reasonable treatments that the IRS or a court may adopt.

Sale, Exchange or Redemption of a Note. Assuming the treatment\ndescribed above is respected, upon a sale or exchange of the Notes (including redemption upon an automatic call or at maturity), you should\nrecognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in the Notes,\nwhich should equal the amount you paid to acquire the Notes (assuming Contingent Coupons are properly treated as ordinary income, consistent\nwith the position referred to above). This gain or loss should be short-term capital gain or loss unless you hold the Notes for more than\none year, in which case the gain or loss should be long-term capital gain or loss, whether or not you are an initial purchaser of the\nNotes at the issue price. The deductibility of capital losses is subject to limitations. If you sell your Notes between the time your\nright to a Contingent Coupon is fixed and the time it is paid, it is likely that you will be treated as receiving ordinary income equal\nto the Contingent Coupon. Although uncertain, it is possible that proceeds received from the sale or exchange of your Notes prior to an\nObservation Date but that can be attributed to an expected Contingent Coupon payment could be treated as ordinary income. You should consult\nyour tax adviser regarding this issue.

As described above, there are other reasonable treatments that the\nIRS 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,\nin 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward\ncontracts” and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue\nincome over the term of their investment. It also asks for comments on a number of related topics, including the character of income or\nloss with respect to these instruments and the relevance of factors such as the nature of the underlying property to which the instruments\nare linked. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other\nguidance promulgated after consideration of these issues could materially affect the tax consequences of an investment in the Notes, possibly\nwith retroactive effect. The discussions above and in the accompanying prospectus supplement do not address the consequences to taxpayers\nsubject to special tax accounting rules under Section 451(b) of the Code. You should consult your tax adviser regarding the U.S. federal\nincome tax consequences of an investment in the Notes, including possible alternative treatments and the issues presented by the notice\ndescribed above.

Non-U.S. Holders — Tax Considerations. The U.S. federal\nincome tax treatment of Contingent Coupons is uncertain, and although we believe it is reasonable to take a position that Contingent Coupons\nare not subject to U.S. withholding tax (at least if an applicable Form W-8 is provided), it is expected that withholding agents will\n(and we, if we are the withholding agent, intend to) withhold on any Contingent Coupon paid to a Non-U.S. Holder generally at a rate of\n30% or at a reduced rate specified by an applicable income tax treaty under an “other income” or similar provision. We will\nnot be required to pay any additional amounts with respect to amounts withheld. In order to claim an exemption from, or a reduction in,\nthe 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.\nperson 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\nyour tax adviser regarding the tax treatment of the Notes, including the possibility of obtaining a refund of any withholding tax and\nthe certification requirement described above.

Section 871(m) of the Code and Treasury regulations promulgated thereunder\n(“Section 871(m)”) generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid\nor deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S.\nequities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based\nindices that meet requirements set forth in the applicable Treasury regulations. Additionally, a recent IRS notice excludes from the scope\nof Section 871(m) instruments issued prior to January 1, 2029 that do not have a delta of one with respect to underlying securities that\ncould pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying Security”). Based on certain determinations\nmade 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.\nOur determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application\nmay depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security.\nYou 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\nto pay any additional amounts with respect to amounts so withheld.

\n \n \n

\nKey Risks

An investment in the Notes involves significant risks. Investing in the\nNotes is not equivalent to investing directly in the applicable Underlying. These risks are explained in more detail in the “Risk\nFactors” sections of the accompanying prospectus supplement and the accompanying product supplement. We also urge you to consult\nyour investment, legal, tax, accounting and other advisers before you invest in the Notes.

Risks Relating to the Notes Generally

Your Investment in the Notes May Result in a Loss — The\nNotes differ from ordinary debt securities in that JPMorgan Financial will not necessarily repay the full principal amount of the Notes.\nIf the Notes are not called and the closing price of one share of the applicable Underlying has declined below the applicable Downside\nThreshold on the Final Valuation Date, you will be fully exposed to any depreciation in the closing price of one share of the applicable\nUnderlying from the applicable Initial Value to the applicable Final Value. In this case, JPMorgan Financial will repay less than the\nfull principal amount at maturity, resulting in a loss of principal that is proportionate to the negative Underlying Return. Under these\ncircumstances, you will lose 1% of your principal for every 1% that the applicable Final Value is less than the applicable Initial Value\nand could lose your entire principal amount. As a result, your investment in the Notes may not perform as well as an investment in a security\nthat does not have the potential for full downside exposure to the applicable Underlying at maturity.

Credit Risks of JPMorgan Financial and JPMorgan Chase & Co.\n— The Notes are unsecured and unsubordinated debt obligations of the Issuer, JPMorgan Chase Financial Company LLC, the payment on\nwhich is fully and unconditionally guaranteed by JPMorgan Chase & Co. The Notes will rank pari passu with all of our other\nunsecured and unsubordinated obligations, and the related guarantee by JPMorgan Chase & Co. will rank pari passu with all of\nJPMorgan Chase & Co.’s other unsecured and unsubordinated obligations. The Notes and related guarantees are not, either directly\nor indirectly, an obligation of any third party. Any payment to be made on the Notes, including any repayment of principal, depends on\nthe ability of JPMorgan Financial and JPMorgan Chase & Co. to satisfy their obligations as they come due. As a result, the actual\nand perceived creditworthiness of JPMorgan Financial and JPMorgan Chase & Co. may affect the market value of the Notes and, in the\nevent JPMorgan Financial and JPMorgan Chase & Co. were to default on their obligations, you may not receive any amounts owed to you\nunder the terms of the Notes and you could lose your entire investment.

As a Finance Subsidiary, JPMorgan Financial Has No Independent Activities\nand Limited Assets — As a finance subsidiary of JPMorgan Chase & Co., we have no independent activities beyond the\nissuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital contribution\nfrom JPMorgan Chase & Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under\nloans made by us to JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from\nJPMorgan Chase & Co. to meet our obligations under the Notes. We are not an operating subsidiary of JPMorgan Chase & Co. and in\na bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in respect\nof 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,\nyou may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank pari passu with\nall other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more information, see “Risk Factors — Holders\nof securities issued by JPMorgan Financial may be subject to losses if JPMorgan Chase & Co. were to enter into a resolution”\nin the accompanying prospectus supplement.

We May Accelerate Your Notes If an Acceleration Event Occurs — Upon the announcement or occurrence of an acceleration\nevent, we may, in our sole and absolute discretion, accelerate the payment on your Notes and pay you an amount determined by the calculation\nagent in good faith and in a commercially reasonable manner by reference to the values of any fixed-income debt component and any derivatives\nunderlying the economic terms of the Notes as of the date of the notice of acceleration. An acceleration event means an Underlying is\nno longer listed or admitted to trading on its relevant exchange and the calculation agent determines, in its sole discretion, that no\nReplacement Reference Stock (as defined in the accompanying product supplement) is available. If the payment on your Notes is accelerated,\nyour investment may result in a loss, and you may not be able to reinvest your money in a comparable investment. Please see “The\nUnderlyings — Reference Stocks — Delisting of a Reference Stock or Nationalization of a Reference Stock Issuer” in the\naccompanying product supplement for more information.

You Are Not Guaranteed Any Contingent Coupons — We will\nnot necessarily make periodic coupon payments on the Notes. If the closing price of one share of the applicable Underlying on an Observation\nDate is less than the applicable Coupon Barrier, we will not pay you the applicable Contingent Coupon for that Observation Date and the\napplicable Contingent Coupon that would otherwise be payable will not be accrued and will be lost. If the closing price of one share of\nthe applicable Underlying is less than the applicable Coupon Barrier on each of the Observation Dates, we will not pay you any Contingent\nCoupon during the term of, and you will not receive a positive return on, your Notes. Generally, this non-payment of the Contingent Coupon\ncoincides with a period of greater risk of principal loss on your Notes.

Return on the Notes Is Limited to the Sum of Any Contingent Coupons and\nYou Will Not Participate in Any Appreciation of the Applicable Underlying — The return potential of the Notes is limited\nto the specified Contingent Coupon Rate, regardless of any appreciation in the closing price of one share of the applicable Underlying,\nwhich may be significant. In addition, the total return on the Notes will vary based on the number of Observation Dates on which the requirements\nfor a Contingent Coupon have been met prior to maturity or an automatic call. Further, if the Notes are called, you will not receive any\nContingent Coupons or any other payments in respect of any Observation Dates after the applicable Call Settlement Date. Because the Notes\ncould be called as early as the first Observation Date, the total return on the Notes could be minimal. If the Notes are not called, you\nmay be subject to the applicable Underlying’s risk of decline even though you are not able to participate in any potential\nappreciation in the price of one share of the applicable Underlying. Generally, the longer the Notes remain outstanding, the less likely\nit is that they will be automatically called, due to the decline in the price of one share of the applicable Underlying and the shorter\ntime remaining for the price of one share of the applicable Underlying to recover to or above the

applicable Initial Value on a subsequent\nObservation Date. As a result, the return on an investment in the Notes could be less than the return\non a direct investment in the applicable Underlying. In addition, if the Notes are not called and the applicable Final Value is below\nthe applicable Downside Threshold, you will have a loss on your principal amount and the overall return on the Notes may be less than\nthe amount that would be paid on a conventional debt security of JPMorgan Financial of comparable maturity.

Contingent Repayment of Principal Applies Only If You Hold the Notes to\nMaturity — If you are able to sell your Notes in the secondary market, if any, prior to maturity, you may have to sell\nthem at a loss relative to your initial investment even if the closing price of one share of the applicable Underlying is above the applicable\nDownside Threshold. If by maturity the Notes have not been called, either JPMorgan Financial will repay you the full principal amount\nper Note plus the applicable Contingent Coupon, or if the price of one share of the applicable Underlying closes below the applicable\nDownside Threshold on the Final Valuation Date, JPMorgan Financial will repay less than the principal amount, if anything, at maturity,\nresulting in a loss on your principal amount that is proportionate to the decline in the closing price of one share of the applicable\nUnderlying from the applicable Initial Value to the applicable Final Value. This contingent repayment of principal applies only if you\nhold your Notes to maturity.

A Higher Applicable Contingent Coupon Rate and/or a Lower Applicable Coupon\nBarrier and/or Applicable Downside Threshold May Reflect Greater Expected Volatility of the Applicable Underlying, Which Is Generally\nAssociated with a Greater Risk of Loss — Volatility is a measure of the degree of variation in the price of one share\nof the applicable Underlying over a period of time. The greater the expected volatility of the applicable Underlying at the time the terms\nof the Notes are set, the greater the expectation is at that time that the price of one share of the applicable Underlying could close\nbelow the applicable Coupon Barrier on any Observation Date, resulting in the loss of one or more, or all, Contingent Coupon payments,\nor below the applicable Downside Threshold on the Final Valuation Date, resulting in the loss of a significant portion or all of your\nprincipal at maturity. In addition, the economic terms of the Notes, including the applicable Contingent Coupon Rate, the applicable Coupon\nBarrier and the applicable Downside Threshold, are based, in part, on the expected volatility of the applicable Underlying at the time\nthe terms of the Notes are set, where a higher expected volatility will generally be reflected in a higher applicable Contingent Coupon\nRate than the fixed rate we would pay on conventional debt securities of the same maturity and/or on otherwise comparable securities and/or\na lower applicable Coupon Barrier and/or a lower applicable Downside Threshold as compared to otherwise comparable securities. Accordingly,\na higher applicable Contingent Coupon Rate will generally be indicative of a greater risk of loss while a lower applicable Coupon Barrier\nor applicable Downside Threshold does not necessarily indicate that the Notes have a greater likelihood of paying Contingent Coupon payments\nor returning your principal at maturity. You should be willing to accept the downside market risk of the applicable Underlying and the\npotential loss of a significant portion or all of your principal at maturity.

Reinvestment Risk — If your Notes are called early,\nthe holding period over which you would have the opportunity to receive any Contingent Coupons could be as short as approximately three\nmonths. 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\nwith a comparable interest rate for a similar level of risk in the event the Notes are called prior to the Maturity Date.

Each Contingent Coupon Is Based Solely on the Closing Price of One Share\nof the Applicable Underlying on the Applicable Observation Date — Whether a Contingent Coupon will be payable with respect\nto an Observation Date will be based solely on the closing price of one share of the applicable Underlying on that Observation Date. As\na result, you will not know whether you will receive a Contingent Coupon until the related Observation Date. Moreover, because each Contingent\nCoupon is based solely on the closing price of one share of the applicable Underlying on the applicable Observation Date, if that closing\nprice is less than the applicable Coupon Barrier, you will not receive any Contingent Coupon with respect to that Observation Date, even\nif the closing price of one share of the applicable Underlying was higher on other days during the period before that Observation Date.

No Dividend Payments or Voting Rights or Other Ownership Rights in the\nApplicable Underlying — As a holder of the Notes, you will not have any ownership interest or rights in the applicable\nUnderlying, such as voting rights or rights to receive cash dividends or other distributions. In addition, the issuer of the applicable\nUnderlying will not have any obligation to consider your interests as a holder of the Notes in taking any corporate action that might\naffect the value of the applicable Underlying and the Notes.

No Assurances That the Investment View Implicit in the Notes Will Be Successful\n— While the Notes are structured to provide for Contingent Coupons if the applicable Underlying does not close below\nthe applicable Coupon Barrier on the Observation Dates, we cannot assure you of the economic environment during the term or at maturity\nof your Notes.

Lack of Liquidity — The Notes will not be listed on any\nsecurities exchange. JPMS intends to offer to purchase the Notes in the secondary market, but is not required to do so. Even if there\nis a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are not\nlikely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price,\nif any, at which JPMS is willing to buy the Notes.

Tax Treatment — Significant aspects of the tax treatment\nof the Notes are uncertain. You should consult your tax adviser about your tax situation.

Risks Relating\nto Conflicts of Interest

Potential Conflicts — We and our affiliates play a variety\nof roles in connection with the issuance of the Notes, including acting as calculation agent and hedging our obligations under the Notes\nand making the assumptions used to determine the pricing of the Notes and the estimated value of the Notes when the terms of the Notes\nare set, which we refer to as the estimated value of the Notes. In performing these duties, our and JPMorgan Chase & Co.’s economic\ninterests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as\nan investor in the Notes. In addition, our

and JPMorgan Chase & Co.’s business\nactivities, including hedging and trading activities, could cause our and JPMorgan Chase & Co.’s economic interests to be adverse\nto yours and could adversely affect any payment on the Notes and the value of the Notes. It is possible that hedging or trading activities\nof ours or our affiliates in connection with the Notes could result in substantial returns for us or our affiliates while the value of\nthe Notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product\nsupplement for additional information about these risks. We and/or our affiliates may also currently or from time to time engage in business\nwith the issuer of the applicable Underlying, including extending loans to, or making equity investments in, the issuer of the applicable\nUnderlying or providing advisory services to the issuer of the applicable Underlying. As a prospective purchaser of the Notes, you should\nundertake an independent investigation of the issuer of the applicable Underlying as in your judgment is appropriate to make an informed\ndecision with respect to an investment in the Notes.

Potentially Inconsistent Research, Opinions or Recommendations by JPMS,\nUBS or Their Affiliates — JPMS, UBS or their affiliates may publish research, express opinions or provide recommendations\n(for example, with respect to the issuer of the applicable Underlying) that are inconsistent with investing in or holding the Notes, and\nthat may be revised at any time. Any such research, opinions or recommendations may or may not recommend that investors buy or hold the\napplicable Underlying and could affect the value of the applicable Underlying, and therefore the market value of the Notes.

Potential JPMorgan Financial Impact on the Market Price of the Applicable\nUnderlying — Trading or transactions by JPMorgan Financial or its affiliates in the applicable Underlying and/or over-the-counter\noptions, futures or other instruments with returns linked to the performance of the applicable Underlying may adversely affect the market\nprice of the applicable Underlying and, therefore, the market value of the Notes.

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\n(Price to Public) of the Notes — The estimated value of the Notes is only an estimate determined by reference to several\nfactors. The original issue price of the Notes exceeds the estimated value of the Notes because costs associated with selling, structuring\nand hedging the Notes are included in the original issue price of the Notes. These costs include the selling commissions, the projected\nprofits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Notes, the estimated\ncost of hedging our obligations under the Notes and the fees, if any, paid for third-party data analytics and/or electronic platform services.\nSee “The Estimated Value of the Notes” in this pricing supplement.

The Estimated Value of the Notes Does Not Represent Future Values of the\nNotes and May Differ from Others’ Estimates — The estimated value of the Notes is determined by reference to internal\npricing models of our affiliates when the terms of the Notes are set. This estimated value of the Notes is based on market conditions\nand other relevant factors existing at that time and assumptions about market parameters, which can include volatility, dividend rates,\ninterest rates and other factors. Different pricing models and assumptions could provide valuations for the Notes that are greater than\nor less than the estimated value of the Notes. In addition, market conditions and other relevant factors in the future may change, and\nany assumptions may prove to be incorrect. On future dates, the value of the Notes could change significantly based on, among other things,\nchanges in market conditions, our or JPMorgan Chase & Co.’s creditworthiness, interest rate movements and other relevant factors,\nwhich may impact the price, if any, at which JPMS would be willing to buy Notes from you in secondary market transactions. See “The\nEstimated 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\nin the determination of the estimated value of the Notes may differ from the market-implied funding rate for vanilla fixed income instruments\nof a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things,\nour and our affiliates’ view of the funding value of the Notes as well as the higher issuance, operational and ongoing liability\nmanagement costs of the Notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This\ninternal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate\nthe prevailing market replacement funding rate for the Notes. The use of an internal funding rate and any potential changes to that rate\nmay have an adverse effect on the terms of the Notes and any secondary market prices of the Notes. See “The Estimated Value of the\nNotes” in this pricing supplement.

The Value of the Notes as Published by JPMS (and Which May Be Reflected\non 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 you\nin 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. See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating\nto this initial period. Accordingly, the estimated value of your Notes during this initial period may be lower than the value of the Notes\nas published by JPMS (and which may be shown on your customer account statements).

Secondary Market Prices of the Notes Will Likely\nBe Lower Than the Original Issue Price of the Notes — Any secondary market prices\nof the Notes will likely be lower than the original issue price of the Notes because, among other things, secondary market prices take\ninto account our internal secondary market funding rates for structured debt issuances and, also, because secondary market prices may\nexclude selling commissions, projected hedging profits, if any, estimated hedging costs and fees, if any, paid for third-party data analytics\nand/or electronic platform services that are included in the original issue price of the Notes. As a result, the price, if any, at which\nJPMS will be willing to buy Notes from you in secondary market transactions, if at all, is likely to be lower than the original issue\nprice. Furthermore, if you sell your Notes, you will likely be charged a commission for secondary market transactions, or the price will\nlikely reflect a dealer discount and/or fees for use of an electronic platform to facilitate secondary market activity. Any sale by you\nprior to the Maturity Date could result in a substantial loss to you. See the

immediately\nfollowing risk factor for information about additional factors that will impact any secondary market prices of the Notes.

The Notes are not designed\nto be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity. See “— Risks\nRelating to the Notes Generally — Lack of Liquidity” above.

Many Economic and Market Factors Will Impact the\nValue of the Notes — As described under “The Estimated Value of the Notes”\nin this pricing supplement, the Notes can be thought of as securities that combine a fixed-income debt component with one or more derivatives. \nAs a result, the factors that influence the values of fixed-income debt and derivative instruments will also influence the terms of the\nNotes at issuance and their value in the secondary market. Accordingly, 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 applicable Underlying, including:

\n\n

any actual or potential change in our or JPMorgan Chase &\nCo.’s creditworthiness or credit spreads;

\n\n

customary bid-ask spreads for similarly sized trades;

\n\n

our internal secondary market funding rates for structured debt\nissuances;

\n\n

the actual and expected volatility in the closing price of one\nshare of the applicable Underlying;

\n\n

the time to maturity of the Notes;

\n\n

the likelihood of an automatic call being triggered;

whether the closing price of one share of the applicable Underlying has been, or is expected to be, less than the applicable Coupon\nBarrier on any Observation Date and whether the applicable Final Value is expected to be less than the applicable Downside Threshold;

\n\n

the dividend rate on the applicable Underlying;

the occurrence of certain events affecting the issuer of the applicable Underlying that may or may not require an adjustment to the\nclosing price and the Stock Adjustment Factor of the applicable Underlying, including a merger or acquisition;

\n\n

interest and yield rates in the market generally; and

\n\n

a variety of other economic, financial, political, regulatory\nand judicial events.

Additionally, independent\npricing vendors and/or third party broker-dealers may publish a price for the Notes, which may also be reflected on customer account statements.\nThis 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\nin the secondary market.

Risks Relating to the Underlyings

Single Stock Risk — The price of one share of the applicable\nUnderlying can rise or fall sharply due to factors specific to that Underlying and its issuer, such as stock price volatility, earnings,\nfinancial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general\nmarket factors, such as general stock market volatility and levels, interest rates and economic and political conditions. For additional\ninformation regarding each Underlying and its issuer, please see “The Underlyings” and the section applicable to that Underlying\nissuer in this pricing supplement and that issuer’s SEC filings referred to in those sections. We urge you to review financial and\nother information filed periodically with the SEC by the applicable Underlying issuer.

No Affiliation with the Applicable Underlying Issuer —\nWe are not affiliated with the issuer of the applicable Underlying. We have not independently verified any of the information about the\napplicable Underlying issuer contained in this pricing supplement. You should make your own investigation into the applicable Underlying\nand its issuer. We are not responsible for the applicable Underlying issuer’s public disclosure of information, whether contained\nin SEC filings or otherwise.

Anti-Dilution Protection Is Limited and May Be Discretionary\n— Although the calculation agent will adjust the closing price and the Stock Adjustment Factor of the applicable Underlying for\ncertain corporate events (such as stock splits and stock dividends) affecting the applicable Underlying, the calculation agent is not\nrequired to make an adjustment for every corporate event that can affect the applicable Underlying. If an event occurs that does not require\nthe calculation agent to make these adjustments, the market value of your Notes, whether the Notes will be automatically called and any\npayment on the Notes may be materially and adversely affected. You should also be aware that the calculation agent may make any such adjustment,\ndetermination or calculation in a manner that differs from what is described in the accompanying product supplement as it deems necessary\nto ensure an equitable result. Subject to the foregoing, the calculation agent is under no obligation to consider your interests as a\nholder of the Notes in making these determinations.

\n \n \n

\nHypothetical Examples

Hypothetical terms only. Actual terms may vary.\nSee the cover page for actual offering terms.

The examples below illustrate the hypothetical payments on a Coupon\nPayment Date, upon an automatic call or at maturity under different hypothetical scenarios for a $10.00 Note on an offering of the Notes\nlinked to a hypothetical Underlying and assume an Initial Value of $100, a Downside Threshold and Coupon Barrier of $65.00 (which is 65.00%\nof the hypothetical Initial Value) and a Contingent Coupon Rate of 6.00% per annum.* The hypothetical Initial Value of $100.00 has been\nchosen for illustrative purposes only and does not represent the actual Initial Value for any Underlying. For historical data regarding\nthe actual closing prices of one share of each Underlying, please see the historical information set forth under “The Underlyings”\nin this pricing supplement.

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

Principal Amount:	$10.00
Term:	Approximately 3 years (unless earlier called)
Hypothetical Initial Value:	$100.00
Hypothetical Contingent Coupon Rate:	6.00% per annum (or 1.50% per quarter)
Observation Dates:	Quarterly
Hypothetical Downside Threshold:	$65.00 (which is 65.00% of the hypothetical Initial Value)
Hypothetical Coupon Barrier:	$65.00 (which is 65.00% of the hypothetical Initial Value)

\n \n \n \n

The actual value of any Contingent Coupon payments you will receive over the term of the Notes, the actual value of the payment upon automatic call or at maturity and the actual Initial Value, Downside Threshold and Coupon Barrier for each Underlying applicable to your Notes may be more or less than the amounts displayed in these hypothetical scenarios. The actual Contingent Coupon Rate, Initial Value, Downside Threshold and Coupon Barrier for each Underlying are specified on the cover of this pricing supplement.

The examples below are purely hypothetical and are not based on\nany specific offering of Notes linked to any specific Underlying. These examples are intended to illustrate how the value of any payment\non the Notes will depend on the closing price of one share of the applicable Underlying on the Observation Dates.

Example 1 — Notes Are Automatically Called on the First Observation\nDate

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

Date	Closing Price	Payment (per Note)
First Observation Date	$110.00 (at or above Initial Value)	$10.15 (Payment upon Automatic Call)

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

Total Payment:

$10.15 (1.50% return)

Because the Notes are automatically called on the first Observation\nDate, we will pay you on the applicable Call Settlement Date a total of $10.15 per Note, reflecting your principal amount plus\nthe applicable Contingent Coupon. No further amounts will be owed on the Notes.

Example 2 — Notes Are Automatically Called on the Eleventh\nObservation Date

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

Date	Closing Price	Payment (per Note)
First Observation Date	$90.00 (at or above Coupon Barrier; below Initial Value)	$0.15 (Contingent Coupon)
Second Observation Date	$85.00 (at or above Coupon Barrier; below Initial Value)	$0.15 (Contingent Coupon)
Third through Tenth Observation Dates	Various (all at or above Coupon Barrier; all below Initial Value)	$1.20 (Contingent Coupons)
Eleventh Observation Date	$105.00 (at or above Initial Value)	$10.15 (Payment upon Automatic Call)

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

Total Payment:

$11.65 (16.50% return)

Because the Notes are automatically called on the eleventh Observation\nDate, we will pay you on the applicable Call Settlement Date a total of $10.15 per Note, reflecting your principal amount plus\nthe applicable Contingent Coupon. When that amount is added to the Contingent Coupon payments of $1.50 received in respect of prior Observation\nDates, we will have paid you a total of $11.65 per Note for a 16.50% total return on the Notes. No further amounts will be owed on the\nNotes.

Example 3 — Notes Are NOT Automatically Called and\nthe Final Value Is at or above the Downside Threshold

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

Date	Closing Price	Payment (per Note)
First Observation Date	$90.00 (at or above Coupon Barrier; below Initial Value)	$0.15 (Contingent Coupon)
Second Observation Date	$85.00 (at or above Coupon Barrier; below Initial Value)	$0.15 (Contingent Coupon)
Third through Eleventh Observation Dates	Various (all below Coupon Barrier)	$0.00
Final Valuation Date	$85.00 (at or above Downside Threshold; below Initial Value)	$10.15 (Payment at Maturity)

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

Total Payment:

$10.45 (4.50% return)

At maturity, we will pay you a total of $10.15 per Note, reflecting\nyour principal amount plus the applicable Contingent Coupon. When that amount is added to the Contingent Coupon payments of $0.30\nreceived in respect of prior Observation Dates, we will have paid you a total of $10.45 per Note for a 4.50% total return on the Notes.

Example 4 — Notes Are NOT Automatically Called and\nthe Final Value Is below the Downside Threshold

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

Date	Closing Price	Payment (per Note)
First Observation Date	$90.00 (at or above Coupon Barrier; below Initial Value)	$0.15 (Contingent Coupon)
Second Observation Date	$85.00 (at or above Coupon Barrier; below Initial Value)	$0.15 (Contingent Coupon)
Third through Eleventh Observation Dates	Various (all at or above Coupon Barrier; all below Initial Value)	$1.35 (Contingent Coupons)
Final Valuation Date	$60.00 (below Downside Threshold)	$10.00 × (1 + Underlying Return) = \n$10.00 × (1 + -40%) = \n$10.00 × 60% = \n$6.00 (Payment at Maturity)

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

Total Payment:

$7.65 (-23.50% return)

Because the Notes are not automatically called, the Final Value of\n$60.00 is below the Downside Threshold and the Underlying Return is -40%, at maturity we will pay you $6.00 per Note. When that amount\nis added to the Contingent Coupon payments of $1.65 received in respect of prior Observation Dates, we will have paid you $7.65 per Note\nfor a loss on the Notes of 23.50%.

Example 5 — Notes Are NOT Automatically Called and\nthe Final Value Is below the Downside Threshold

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

Date	Closing Price	Payment (per Note)
First Observation Date	$60.00 (below Coupon Barrier)	$0.00
Second Observation Date	$55.00 (below Coupon Barrier)	$0.00
Third through Eleventh Observation Dates	Various (all below Coupon Barrier)	$0.00
Final Valuation Date	$50.00 (below Downside Threshold)	$10.00 × (1 + Underlying Return) = \n$10.00 × (1 + -50%) = \n$10.00 × 50% = \n$5.00 (Payment at Maturity)

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

Total Payment:

$5.00 (-50.00% return)

Because the Notes are not automatically called, the Final Value is\nbelow the Downside Threshold and the Underlying Return is -50%, at maturity we will pay you $5.00 per Note for a loss on the Notes of\n50.00%. Because there is no Contingent Coupon paid during the term of the Notes, that represents the total payment on the Notes.

The hypothetical returns and hypothetical payments on the Notes shown\nabove apply only if you hold the Notes for their entire term or until automatically called. These hypotheticals do not reflect\nfees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical\nreturns and hypothetical payments shown above would likely be lower.

\n \n \n

\nThe Underlyings

Included on the following pages is a brief description of the issuers\nof the Underlyings. This information has been obtained from publicly available sources, without independent verification. We obtained\nthe closing price information set forth below from the Bloomberg Professional^® service (“Bloomberg”), without\nindependent verification. You should not take the historical prices of any Underlying as an indication of future performance.

Each of the Underlyings is registered under the Securities Exchange\nAct of 1934, as amended (the “Exchange Act”). Companies with securities registered under the Exchange Act are required to\nfile financial and other information specified by the SEC periodically. Information filed by the issuer of each Underlying with the SEC\ncan be reviewed electronically through a web site maintained by the SEC. The address of the SEC’s web site is http://www.sec.gov.\nInformation filed with the SEC by the issuer of each Underlying under the Exchange Act can be located by reference to its SEC file number\nprovided below. We do not make any representation that these publicly available documents are accurate or complete.

\n \n \n

Blackstone Inc.

According to its publicly available filings with the\nSEC, Blackstone Inc., which we refer to as Blackstone, is an alternative asset manager whose asset management business includes investment\nstrategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and\nhedge funds. The common stock of Blackstone, par value $0.00001 per share (Bloomberg ticker: BX), is listed on the New York Stock Exchange,\nwhich we refer to as the relevant exchange for purposes of Blackstone in the accompanying product supplement. Blackstone’s SEC file\nnumber is 001-33551.

Historical Information Regarding the Common Stock of Blackstone

The graph below illustrates the daily performance of the common stock\nof Blackstone from January 4, 2016 through October 2, 2026, based on information from Bloomberg, without independent verification. The\nclosing price of one share of the common stock of Blackstone on October 9, 2026 was $114.29. We obtained the closing prices above and\nbelow from Bloomberg, without independent verification. The closing prices may have been adjusted by Bloomberg for corporate actions such\nas stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the price of one share of the common stock of\nBlackstone has experienced significant fluctuations. The historical performance of the common stock of Blackstone should not be taken\nas an indication of future performance, and no assurance can be given as to the closing prices of one share of the common stock of Blackstone\nduring the term of the Notes. There can be no assurance that the performance of the common stock of Blackstone will result in the return\nof any of your principal amount or the payment of any Contingent Coupon.

The dotted line represents the Downside Threshold and Coupon Barrier\nof $74.29, equal to 65.00% of the closing price of one share of the common stock of Blackstone on October 9, 2026.

Past performance of the Underlying is not indicative of the future\nperformance of the Underlying.

$\"\"$

\n \n \n \n

\nCapital One Financial Corporation

According to its publicly available filings with the SEC, Capital One\nFinancial Corporation, which we refer to as Capital One, is a financial services holding company with banking and non-banking subsidiaries\nthat offer an array of financial products and services to consumers, small businesses and commercial clients. The common stock of Capital\nOne, par value $0.01 per share (Bloomberg ticker: COF), is listed on the New York Stock Exchange, which we refer to as the relevant exchange\nfor purposes of Capital One in the accompanying product supplement. Capital One’s SEC file number is 001-13300.

Historical Information Regarding the Common Stock of Capital One

The graph below illustrates the daily performance of the common stock\nof Capital One from January 4, 2016 through October 2, 2026, based on information from Bloomberg, without independent verification. The\nclosing price of one share of the common stock of Capital One on October 9, 2026 was $199.26. We obtained the closing prices above and\nbelow from Bloomberg, without independent verification. The closing prices may have been adjusted by Bloomberg for corporate actions such\nas stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the price of one share of the common stock of\nCapital One has experienced significant fluctuations. The historical performance of the common stock of Capital One should not be taken\nas an indication of future performance, and no assurance can be given as to the closing prices of one share of the common stock of Capital\nOne during the term of the Notes. There can be no assurance that the performance of the common stock of Capital One will result in the\nreturn of any of your principal amount or the payment of any Contingent Coupon.

The dotted line represents the Downside Threshold and Coupon Barrier\nof $129.52, equal to 65.00% of the closing price of one share of the common stock of Capital One on October 9, 2026.

Past performance of the Underlying is not indicative of the future\nperformance of the Underlying.

$\"\"$

\n \n \n

Meta Platforms Inc.

According to its publicly available filings with the\nSEC, Meta Platforms, Inc., which we refer to as Meta, builds products that enable people to connect and share through mobile devices,\npersonal computers, virtual reality headsets and artificial intelligence glasses. The Class A common stock of Meta, par value $0.000006\nper share (Bloomberg ticker: META), is listed on The Nasdaq Stock Market, which we refer to as the relevant exchange for purposes of Meta\nin the accompanying product supplement. Meta’s SEC file number is 001-35551.

Historical Information Regarding the Class A Common Stock of Meta

The graph below illustrates the daily performance of the Class A common\nstock of Meta from January 4, 2016 through October 2, 2026, based on information from Bloomberg, without independent verification. The\nclosing price of one share of the Class A common stock of Meta on October 9, 2026 was $718.67. We obtained the closing prices above and\nbelow from Bloomberg, without independent verification. The closing prices may have been adjusted by Bloomberg for corporate actions such\nas stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the price of one share of the Class A common stock\nof Meta has experienced significant fluctuations. The historical performance of the Class A common stock of Meta should not be taken as\nan indication of future performance, and no assurance can be given as to the closing prices of one share of the Class A common stock of\nMeta during the term of the Notes. There can be no assurance that the performance of the Class A common stock of Meta will result in the\nreturn of any of your principal amount or the payment of any Contingent Coupon.

The dotted line represents the Downside Threshold and Coupon Barrier\nof $467.14, equal to 65.00% of the closing price of one share of the Class A common stock of Meta on October 9, 2026.

Past performance of the Underlying is not indicative of the future\nperformance of the Underlying.

$\"\"$
\n

\n \n \n

Morgan Stanley

According to its publicly available filings with the SEC, Morgan Stanley\nis a financial services firm that advises, and originates, trades, manages and distributes capital for, governments, institutions and\nindividuals. The common stock of Morgan Stanley, par value $0.01 per share (Bloomberg ticker: MS), is listed on the New York Stock Exchange,\nwhich we refer to as the relevant exchange for purposes of Morgan Stanley in the accompanying product supplement. Morgan Stanley’s\nSEC file number is 001-11758.

Historical Information Regarding the Common Stock of Morgan Stanley

The graph below illustrates the daily performance of the common stock\nof Morgan Stanley from January 4, 2016 through October 2, 2026, based on information from Bloomberg, without independent verification.\nThe closing price of one share of the common stock of Morgan Stanley on October 9, 2026 was $190.02. We obtained the closing prices above\nand below from Bloomberg, without independent verification. The closing prices may have been adjusted by Bloomberg for corporate actions\nsuch as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the price of one share of the common stock of\nMorgan Stanley has experienced significant fluctuations. The historical performance of the common stock of Morgan Stanley should not be\ntaken as an indication of future performance, and no assurance can be given as to the closing prices of one share of the common stock\nof Morgan Stanley during the term of the Notes. There can be no assurance that the performance of the common stock of Morgan Stanley will\nresult in the return of any of your principal amount or the payment of any Contingent Coupon.

The dotted line represents the Downside Threshold and Coupon Barrier\nof $123.51, equal to 65.00% of the closing price of one share of the common stock of Morgan Stanley on October 9, 2026.

Past performance of the Underlying is not indicative of the future\nperformance of the Underlying.

$\"\"$

\n \n \n

\nSupplemental Plan of Distribution

We and JPMorgan Chase & Co. have agreed to indemnify UBS and JPMS\nagainst liabilities under the Securities Act of 1933, as amended, or to contribute to payments that UBS may be required to make relating\nto these liabilities as described in the prospectus supplement and the prospectus. We have agreed that UBS may sell all or a part of the\nNotes that it purchases from us to the public or its affiliates at the price to public indicated on the cover hereof.

Subject to regulatory constraints, JPMS intends to offer to purchase\nthe Notes in the secondary market, but it is not required to do so.

We or our affiliates may enter into swap agreements or related hedge\ntransactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Notes, and JPMS and/or\nan affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See “Supplemental\nUse of Proceeds” in this pricing supplement and “Use of Proceeds and Hedging” in the accompanying product supplement.
\n

\n \n \n

\nThe Estimated Value of the Notes

For each offering of the Notes, the estimated value of the Notes set\nforth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income\ndebt component 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 JPMS\nwould be willing to buy your Notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination\nof the estimated value of the Notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar\nmaturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’\nview of the funding values of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes\nin comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based\non certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement\nfunding 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\nterms of the Notes and any secondary market prices of the Notes. For additional information, see “Key Risks — Risks Relating\nto the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Derived by Reference to an\nInternal Funding Rate” in this pricing supplement. The value of the derivative or derivatives underlying the economic terms of the\nNotes is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded market prices\nof comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility,\ndividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly,\nthe estimated value of the Notes is determined when the terms of the Notes are set based on market conditions and other relevant factors\nand assumptions existing at that time. See “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices\nof the Notes — The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others’\nEstimates” in this pricing supplement.

The estimated value of the Notes is lower than the original issue\nprice of the Notes because costs associated with selling, structuring and hedging the Notes are included in the original issue price of\nthe Notes. These costs include the selling commissions paid to UBS, the projected profits, if any, that our affiliates expect to realize\nfor assuming risks inherent in hedging our obligations under the Notes, the estimated cost of hedging our obligations under the Notes\nand the fees, if any, paid for third-party data analytics and/or electronic platform services. Because hedging our obligations entails\nrisk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected,\nor it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the\nNotes. See “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated\nValue of the Notes Is Lower Than the Original Issue Price (Price to Public) of the Notes” in this pricing supplement.

\n \n \n

\nSecondary Market Prices of the Notes

For information about factors that will impact any secondary market prices\nof the Notes, see “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes —Many\nEconomic and Market Factors Will Impact the Value of the Notes” in this pricing supplement. In addition, we generally expect that\nsome of the costs included in the original issue price of the Notes will be partially paid back to you in connection with any repurchases\nof your Notes by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be up to seven months.\nThe length of any such initial period reflects secondary market volumes for the Notes, the structure of the Notes, whether our affiliates\nexpect to earn a profit in connection with our hedging activities, the estimated costs of hedging the Notes and when these costs are incurred,\nas determined by our affiliates. See “Key Risks — 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.

\n \n \n

\nSupplemental Use of Proceeds

The Notes are offered to meet investor demand for products that reflect\nthe risk-return profile and market exposure provided by the Notes. See “Hypothetical Examples” in this pricing supplement\nfor an illustration of the risk-return profile of the Notes and the section for the applicable Underlying set forth under “The Underlyings”\nin 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\nof the Notes plus the selling commissions paid to UBS, plus (minus) the projected profits (losses) that our affiliates expect to realize\nfor assuming risks inherent in hedging our obligations under the Notes, plus the estimated cost of hedging our obligations under the Notes,\nplus the fees, if any, paid for third-party data analytics and/or electronic platform services.

\n \n \n

\nValidity of the Notes and the Guarantee

In the opinion of Davis Polk & Wardwell LLP, as special products\ncounsel to JPMorgan Financial and JPMorgan Chase & Co., when the Notes offered by this pricing supplement have been issued by JPMorgan\nFinancial pursuant to the indenture, the trustee and/or paying agent has made, in accordance with the instructions from JPMorgan Financial,\nthe appropriate entries or notations in its records relating to the master global note that represents such Notes (the “master note”),\nand such Notes have been delivered against payment as contemplated herein, such Notes will be valid and binding obligations of JPMorgan\nFinancial and the related guarantee will constitute a valid and binding obligation of JPMorgan Chase & Co., enforceable in accordance\nwith their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts\nof reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing\nand the lack of bad faith), provided that such counsel expresses no opinion as to (x)(i) the effect of fraudulent conveyance, fraudulent\ntransfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision of the indenture that purports\nto avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of JPMorgan\nChase & Co.’s obligation under the related guarantee or (y) the validity, legally binding effect or

enforceability of any provision that permits holders to collect any\nportion of the stated principal amount upon acceleration of the Notes to the extent determined to constitute unearned interest. This opinion\nis 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\nand the Delaware Limited Liability Company Act, except that such counsel expresses no opinion as to (i) any law, rule or regulation that\nis applicable to JPMorgan Financial or JPMorgan Chase & Co., the indenture, the Notes, the related guarantee (together with the indenture\nand the Notes, the “Documents”) or such transactions solely because such law, rule or regulation is part of a regulatory regime\napplicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such\naffiliate or (ii) any law, rule or regulation relating to national security. 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. on\nFebruary 24, 2026.

","zhKind","complete","JPM","公司与财报","并购","融资","金融","JPMorgan","aihot","/items/bh6s61s7p62zpljky297e3ynv","https://www.sec.gov/Archives/edgar/data/19617/000121390026108997/0001213900-26-108997-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","kind","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792108800&sig=e4adf00b596060d2","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792108800&sig=208b33ec2756b0ea 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792108800&sig=786fcd6a5ff8379c 96w","changelogVersion","2026-10-01T08:00"]