JPMorgan Chase Financial Company LLC 发行与不等权重指数挂钩的收益凭证

October 14, 2026 Registration Statement Nos. 333-293684 and 333-293684-01; Rule 424(b)(2)

Pricing supplement to product supplement no. 3-I dated April 17, 2026, underlying supplement no. 1-I dated April 17, 2026 and

the prospectus and prospectus supplement, each dated April 17, 2026

JPMorgan Chase Financial Company LLC

Structured Investments

$1,729,000

Return Notes Linked to an Unequally Weighted Basket

Consisting of the S&P 500® Futures Excess Return Index,

the MSCI EAFE® Index and the MSCI Emerging Markets

Index due January 20, 2032

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

• The notes are designed for investors who seek unleveraged exposure to the performance of an unequally weighted

basket of the S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the MSCI Emerging Markets Index,

which we refer to as the Indices, at maturity.

• The weighting of each Index will be determined based on the relative performance of the Indices against each other over

the term of the notes. The Index with the best performance will be allocated a weighting of 85.00%, the Index with the

second best performance will be allocated a weighting of 15.00% and the Index with the worst performance will be

allocated a weighting of 0.00%.

• Investors should be willing to forgo interest and dividend payments and be willing to lose some or all of their principal

amount at maturity.

• The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to

as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any

payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit

risk of JPMorgan Chase & Co., as guarantor of the notes.

• Minimum denominations of $1,000 and integral multiples thereof

• The notes priced on October 14, 2026 and are expected to settle on or about October 19, 2026.

• CUSIP: 46661PPU5

Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying

prospectus supplement, “Risk Factors” beginning on page PS-12 of the accompanying product supplement and

“Selected Risk Considerations” beginning on page PS-5 of this pricing supplement.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved

of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,

underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

Price to Public (1)

Fees and Commissions (2)

Proceeds to Issuer

Per note

$1,000

$996

Total

$1,729,000

$6,916

$1,722,084

(1) See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the

notes.

(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling

commissions of $4.00 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. See “Plan of

Distribution (Conflicts of Interest)” in the accompanying product supplement.

The estimated value of the notes, when the terms of the notes were set, was $976.60 per $1,000 principal amount note.

See “The Estimated Value of the Notes” in this pricing supplement for additional information.

The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency

and are not obligations of, or guaranteed by, a bank.

PS-1 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

Key Terms

Issuer: JPMorgan Chase Financial Company LLC, a direct,

wholly owned finance subsidiary of JPMorgan Chase & Co.

Guarantor: JPMorgan Chase & Co.

Basket: The notes are linked to an unequally weighted

basket consisting of the following:

• the S&P 500® Futures Excess Return Index (Bloomberg

ticker: SPXFP);

• the MSCI EAFE® Index (Bloomberg ticker: MXEA); and

• the MSCI Emerging Markets Index (Bloomberg ticker:

MXEF)

(each, an “Index” and together, the “Indices”).

Best Performing Index Weighting: 85.00%

Second Best Performing Index Weighting: 15.00%

Pricing Date: October 14, 2026

Original Issue Date (Settlement Date): On or about October

19, 2026

Observation Date*: January 14, 2032

Maturity Date*: January 20, 2032

* Subject to postponement in the event of a market disruption event

and as described under “General Terms of Notes — Postponement

of a Determination Date — Notes Linked to Multiple Underlyings” and

“General Terms of Notes — Postponement of a Payment Date” in the

accompanying product supplement or early acceleration in the event

of an acceleration event as described under “General Terms of Notes

— Consequences of an Acceleration Event” in the accompanying

product supplement and “Selected Risk Considerations — Risks

Relating to the Notes Generally — We May Accelerate Your Notes If

an Acceleration Event Occurs” in this pricing supplement

Payment at Maturity:

Your payment at maturity per $1,000 principal amount note

will be calculated as follows:

$1,000 + ($1,000 × Basket Return)

If the Final Basket Value is less than the Initial Basket Value,

you will lose some or all of your principal amount at maturity.

Basket Return:

(Final Basket Value – Initial Basket Value)

Initial Basket Value

Initial Basket Value: Set equal to 100.00 on the Pricing Date

Final Basket Value: 100 × [1 + (Best Performing Index

Weighting × Index Return of Best Performing Index) +

(Second Best Performing Index Weighting × Index Return of

Second Best Performing Index) + (0.00% × Index Return of

Least Performing Index)]

Because the Least Performing Index will have a 0.00%

weighting in the Basket, its Index Return will have no effect

on the Final Basket Value.

Best Performing Index: The Index with the highest Index

Return

Second Best Performing Index: The Index with the second

highest Index Return

Least Performing Index: The Index with the lowest Index

Return

Index Return: With respect to each Index,

(Final Value – Initial Value)

Initial Value

Initial Value: With respect to each Index, the closing level of

that Index on the Pricing Date, which was 612.97 for the S&P

500® Futures Excess Return Index, 3,079.15 for the MSCI

EAFE® Index and 1,659.04 for the MSCI Emerging Markets

Index

Final Value: With respect to each Index, the closing level of

that Index on the Observation Date

PS-2 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

Supplemental Terms of the Notes

The notes are not futures contracts or swaps and are not regulated under the Commodity Exchange Act, as amended (the

“Commodity Exchange Act”). The notes are offered pursuant to an exemption from regulation under the Commodity Exchange Act,

commonly known as the hybrid instrument exemption, that is available to securities that have one or more payments indexed to the

value, level or rate of one or more commodities, as set out in section 2(f) of that statute. Accordingly, you are not afforded any

protection provided by the Commodity Exchange Act or any regulation promulgated by the Commodity Futures Trading Commission.

Hypothetical Payout Profile

The following table and graph illustrate the hypothetical total return and payment at maturity on the notes. The “total return” as used in

this pricing supplement is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000

principal amount note to $1,000. The hypothetical total returns and payments set forth below assume an Initial Basket Value of 100.00.

Each hypothetical total return or hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the

actual total return or payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and

graph have been rounded for ease of analysis.

Final Basket Value

Basket Return

Total Return on the Notes

Payment at Maturity

165.00

65.00%

$1,650.00

150.00

50.00%

$1,500.00

140.00

40.00%

$1,400.00

130.00

30.00%

$1,300.00

120.00

20.00%

$1,200.00

110.00

10.00%

$1,100.00

105.00

5.00%

$1,050.00

101.00

1.00%

$1,010.00

100.00

0.00%

$1,000.00

95.00

-5.00%

$950.00

90.00

-10.00%

$900.00

80.00

-20.00%

$800.00

70.00

-30.00%

$700.00

60.00

-40.00%

$600.00

50.00

-50.00%

$500.00

40.00

-60.00%

$400.00

30.00

-70.00%

$300.00

20.00

-80.00%

$200.00

10.00

-90.00%

$100.00

0.00

-100.00%

$0.00

PS-3 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

The following graph demonstrates the hypothetical payments at maturity on the notes for a range of Basket Returns.

How the Notes Work

Investors will receive at maturity the $1,000 principal amount plus a return equal to the Basket Return.

Upside Scenario:

• For example, if the Final Basket Value is greater than the Initial Basket Value by 10.00%, investors will receive at maturity a return

equal to 10.00%, or $1,100.00 per $1,000 principal amount note.

Par Scenario:

• For example, if the Final Basket Value is equal to the Initial Basket Value, investors will receive at maturity the principal amount of

their notes.

Downside Scenario:

• For example, if the Final Basket Value is less than the Initial Basket Value by 50.00%, investors will lose 50.00% of their principal

amount and receive only $500.00 per $1,000 principal amount note at maturity.

The hypothetical returns and hypothetical payments on the notes shown above apply only if you hold the notes for their entire term.

These hypotheticals do not reflect the fees or expenses that would be associated with any sale in the secondary market. If these fees

and expenses were included, the hypothetical returns and hypothetical payments shown above would likely be lower.

PS-4 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

How to Determine the Weightings of the Indices

The following examples illustrate a range of performances of the Indices on the Observation Date. The hypothetical examples set forth

below assume the following:

• an Initial Value of 100.00 for each Index;

• a Best Performing Index Weighting of 85.00%;

• a Second Best Performing Index Weighting of 15.00%; and

• an Initial Basket Value of 100.00.

Example 1: All Index Returns are positive.

Index

Initial Value

Final Value

Index Return

Basket Weighting

S&P 500® Futures Excess

Return Index

100.00

105.00

5.00%

0.00%

MSCI EAFE® Index

100.00

110.00

10.00%

15.00%

MSCI Emerging Markets Index

100.00

115.00

15.00%

85.00%

Basket Return:

14.25%

Because (a) the Index Return of the MSCI Emerging Markets Index is the highest, the MSCI Emerging Markets Index is weighted at

85.00%, (b) the Index Return of the MSCI EAFE® Index is the second highest, the MSCI EAFE® Index is weighted at 15.00% and (c)

the Index Return of the S&P 500® Futures Excess Return Index is the lowest, the S&P 500® Futures Excess Return Index is weighted

at 0.00%.

The Final Basket Value is calculated as follows:

100 × [1 + (85.00% × 15.00%) + (15.00% × 10.00%) + (0.00% × 5.00%)] = 114.25

Therefore, the Basket Return is 14.25%.

Example 2: All Index Returns are negative.

Index

Initial Value

Final Value

Index Return

Basket Weighting

S&P 500® Futures Excess

Return Index

100.00

70.00

-30.00%

85.00%

MSCI EAFE® Index

100.00

60.00

-40.00%

15.00%

MSCI Emerging Markets Index

100.00

50.00

-50.00%

0.00%

Basket Return:

-31.50%

Because (a) the Index Return of the S&P 500® Futures Excess Return Index is the highest, the S&P 500® Futures Excess Return Index

is weighted at 85.00%, (b) the Index Return of the MSCI EAFE® Index is the second highest, the MSCI EAFE® Index is weighted at

15.00% and (c) the Index Return of the MSCI Emerging Markets Index is the lowest, the MSCI Emerging Markets Index is weighted at

0.00%.

The Final Basket Value is calculated as follows:

100 × [1 + (85.00% × -30.00%) + (15.00% × -40.00%) + (0.00% × -50.00%)] = 68.50

Therefore, the Basket Return is -31.50%.

PS-5 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

Example 3: The Index Returns are mixed.

Index

Initial Value

Final Value

Index Return

Basket Weighting

S&P 500® Futures Excess

Return Index

100.00

101.00

1.00%

85.00%

MSCI EAFE® Index

100.00

10.00

-90.00%

0.00%

MSCI Emerging Markets Index

100.00

20.00

-80.00%

15.00%

Basket Return:

-11.15%

Because (a) the Index Return of the S&P 500® Futures Excess Return Index is the highest, the S&P 500® Futures Excess Return Index

is weighted at 85.00%, (b) the Index Return of the MSCI Emerging Markets Index is the second highest, the MSCI Emerging Markets

Index is weighted at 15.00% and (c) the Index Return of the MSCI EAFE® Index is the lowest, the MSCI EAFE® Index is weighted at

0.00%.

The Final Basket Value is calculated as follows:

100 × [1 + (85.00% × 1.00%) + (15.00% × -80.00%) + (0.00% × -90.00%)] = 88.85

Therefore, the Basket Return is -11.15%.

Selected Risk Considerations

An investment in the notes involves significant risks. These risks are explained in more detail in the “Risk Factors” sections of the

accompanying prospectus supplement and product supplement.

Risks Relating to the Notes Generally

• YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —

The notes do not guarantee any return of principal. If the Final Basket Value is less than the Initial Basket Value, you will lose 1%

of the principal amount of your notes for every 1% that the Final Basket Value is less than the Initial Basket Value. Accordingly,

under these circumstances, you will lose some or all of your principal amount at maturity.

• CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. —

Investors are dependent on our and JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential

change in our or JPMorgan Chase & Co.’s creditworthiness or credit spreads, as determined by the market for taking that credit

risk, is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co. were to default on our payment

obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.

• AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT ACTIVITIES AND HAS LIMITED ASSETS —

As a finance subsidiary of JPMorgan Chase & Co., we have no independent activities beyond the issuance and administration of

our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase &

Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to

JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan

Chase & Co. to meet our obligations under the notes. We are not an operating subsidiary of JPMorgan Chase & Co. and in a

bankruptcy or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in

respect of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make

payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that

guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more

information, see “Risk Factors — Holders of securities issued by JPMorgan Financial may be subject to losses if JPMorgan Chase

& Co. were to enter into a resolution” in the accompanying prospectus supplement.

• THE NOTES DO NOT PAY INTEREST.

• CORRELATION (OR LACK OF CORRELATION) OF THE INDICES —

The notes are linked to an unequally weighted Basket composed of three Indices. In calculating the Final Basket Value, an

increase in the level of one of the Indices may be moderated, or more than offset, by a lesser increase or decline in the level of the

other Indices. In addition, high correlation of movements in the levels of the Indices during periods of negative returns among the

Indices could have an adverse effect on the payment at maturity on the notes.

PS-6 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

• YOU WILL NOT HAVE ANY RIGHTS WITH RESPECT TO THE E-MINI® S&P 500® FUTURES CONTRACTS (THE

“UNDERLYING FUTURES CONTRACTS”) OR THE SECURITIES INCLUDED IN THE INDEX UNDERLYING THE

UNDERLYING FUTURES CONTRACTS.

• YOU WILL NOT RECEIVE DIVIDENDS ON THE SECURITIES INCLUDED IN THE MSCI EAFE® INDEX OR THE MSCI

EMERGING MARKETS INDEX OR HAVE ANY RIGHTS WITH RESPECT TO THOSE SECURITIES.

• WE MAY ACCELERATE YOUR NOTES IF AN ACCELERATION EVENT OCCURS —

Upon the announcement or occurrence of an acceleration event, we may, in our sole and absolute discretion, accelerate the

payment on your notes and pay you an amount determined by the calculation agent in good faith and in a commercially reasonable

manner by reference to the values of any fixed-income debt component and any derivatives underlying the economic terms of the

notes as of the date of the notice of acceleration. An acceleration event means there is an announcement or occurrence of legal or

regulatory changes that the calculation agent determines are likely to interfere with your or our ability to transact in or hold the

notes or our ability to hedge or perform our obligations under the notes. If the payment on your notes is accelerated, your

investment may result in a loss, and you may not be able to reinvest your money in a comparable investment. Please see “General

Terms of Notes — Consequences of a Change-in-Law Event” in the accompanying product supplement for more information.

• LACK OF LIQUIDITY —

The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is

likely to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes

are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

Risks Relating to Conflicts of Interest

• POTENTIAL CONFLICTS —

We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase &

Co.’s economic interests are potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading

activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the

value of the notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product

supplement.

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

• THE ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE

NOTES —

The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the

notes exceeds the estimated value of the notes because costs associated with selling, structuring and hedging the notes are

included in the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our

affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, the estimated cost of hedging our

obligations under the notes and the fees, if any, paid for third-party data analytics and/or electronic platform services. See “The

Estimated Value of the Notes” in this pricing supplement.

• THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER

FROM OTHERS’ ESTIMATES —

See “The Estimated Value of the Notes” in this pricing supplement.

• THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE —

The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding

rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may

be based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance,

operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income

instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may

prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an

internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any

secondary market prices of the notes. See “The Estimated Value of the Notes” in this pricing supplement.

PS-7 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

• THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT

STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME

PERIOD —

We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in

connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.

See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this initial period.

Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published by

JPMS (and which may be shown on your customer account statements).

• SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE

NOTES —

Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other

things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and,

also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, estimated hedging

costs and fees, if any, paid for third-party data analytics and/or electronic platform services that are included in the original issue

price of the notes. As a result, the price, if any, at which JPMS will be willing to buy the notes from you in secondary market

transactions, if at all, is likely to be lower than the original issue price. Furthermore, if you sell your notes, you will likely be charged

a commission for secondary market transactions, or the price will likely reflect a dealer discount and/or fees for use of an electronic

platform to facilitate secondary market activity. Any sale by you prior to the Maturity Date could result in a substantial loss to you.

• SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS —

The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which

may either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging

costs and the level of the Basket. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price

for the notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the

price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See “Risk Factors —

Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be

impacted by many economic and market factors” in the accompanying product supplement.

Risks Relating to the Indices

• JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE S&P 500® INDEX, THE INDEX

UNDERLYING THE UNDERLYING FUTURES CONTRACTS OF THE S&P 500® FUTURES EXCESS RETURN INDEX,

but JPMorgan Chase & Co. will not have any obligation to consider your interests in taking any corporate action that might affect

the level of the S&P 500® Futures Excess Return Index.

• THE S&P 500® FUTURES EXCESS RETURN INDEX IS SUBJECT TO SIGNIFICANT RISKS ASSOCIATED WITH THE

UNDERLYING FUTURES CONTRACTS —

The S&P 500® Futures Excess Return Index tracks the excess return of the Underlying Futures Contracts. The price of an

Underlying Futures Contract depends not only on the level of the underlying index referenced by the Underlying Futures Contract,

but also on a range of other factors, including but not limited to the performance and volatility of the U.S. stock market, corporate

earnings reports, geopolitical events, governmental and regulatory policies and the policies of the Chicago Mercantile Exchange

(the “Exchange”) on which the Underlying Futures Contracts trade. In addition, the futures markets are subject to temporary

distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators

and government regulation and intervention. These factors and others can cause the prices of the Underlying Futures Contracts to

be volatile and could adversely affect the level of the S&P 500® Futures Excess Return Index and any payments on, and the value

of, your notes.

• SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN THE UNDERLYING FUTURES CONTRACTS MAY ADVERSELY

AFFECT THE VALUE OF YOUR NOTES —

Futures markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, the

participation of speculators, and government regulation and intervention. In addition, futures exchanges generally have regulations

that limit the amount of the Underlying Futures Contract price fluctuations that may occur in a single day. These limits are

generally referred to as “daily price fluctuation limits” and the maximum or minimum price of a contract on any given day as a result

of those limits is referred to as a “limit price.” Once the limit price has been reached in a particular contract, no trades may be

made at a price beyond the limit, or trading may be limited for a set period of time. Limit prices have the effect of precluding trading

PS-8 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

in a particular contract or forcing the liquidation of contracts at potentially disadvantageous times or prices. These circumstances

could delay the calculation of the level of the S&P 500® Futures Excess Return Index and could adversely affect the level of the

S&P 500® Futures Excess Return Index and any payments on, and the value of, your notes.

• THE PERFORMANCE OF THE S&P 500® FUTURES EXCESS RETURN INDEX WILL DIFFER FROM THE PERFORMANCE OF

THE INDEX UNDERLYING THE UNDERLYING FUTURES CONTRACTS —

A variety of factors can lead to a disparity between the performance of a futures contract on an equity index and the performance

of that equity index, including the expected dividend yields of the equity securities included in that equity index, an implicit financing

cost associated with futures contracts and policies of the exchange on which the futures contracts are traded, such as margin

requirements. Thus, a decline in expected dividends yields or an increase in margin requirements may adversely affect the

performance of the S&P 500® Futures Excess Return Index. In addition, the implicit financing cost will negatively affect the

performance of the S&P 500® Futures Excess Return Index, with a greater negative effect when market interest rates are higher.

During periods of high market interest rates, the S&P 500® Futures Excess Return Index is likely to underperform the equity index

underlying the Underlying Futures Contracts, perhaps significantly.

• NEGATIVE ROLL RETURNS ASSOCIATED WITH THE UNDERLYING FUTURES CONTRACTS MAY ADVERSELY AFFECT

THE LEVEL OF THE S&P 500® FUTURES EXCESS RETURN INDEX AND THE VALUE OF THE NOTES —

The S&P 500® Futures Excess Return Index tracks the excess return of the Underlying Futures Contracts. Unlike common equity

securities, futures contracts, by their terms, have stated expirations. As the exchange-traded Underlying Futures Contracts

approach expiration, they are replaced by contracts of the same series that have a later expiration. For example, an Underlying

Futures Contract notionally purchased and held in June may specify a September expiration date. As time passes, the contract

expiring in September is replaced by a contract for delivery in December. This is accomplished by notionally selling the September

contract and notionally purchasing the December contract. This process is referred to as “rolling.” Excluding other considerations,

if prices are higher in the distant delivery months than in the nearer delivery months, the notional purchase of the December

contract would take place at a price that is higher than the price of the September contract, thereby creating a negative “roll return.”

Negative roll returns adversely affect the returns of the Underlying Futures Contracts and, therefore, the level of the S&P 500®

Futures Excess Return Index and any payments on, and the value of, the notes. Because of the potential effects of negative roll

returns, it is possible for the level of the S&P 500® Futures Excess Return Index to decrease significantly over time, even when the

levels of the underlying index referenced by the Underlying Futures Contracts are stable or increasing.

• NON-U.S. SECURITIES RISK WITH RESPECT TO THE MSCI EAFE® INDEX AND THE MSCI EMERGING MARKETS INDEX —

The equity securities included in the MSCI EAFE® Index and the MSCI Emerging Markets Index have been issued by non-U.S.

companies. Investments in securities linked to the value of such non-U.S. equity securities involve risks associated with the home

countries and/or the securities markets in the home countries of the issuers of those non-U.S. equity securities. Also, there is

generally less publicly available information about companies in some of these jurisdictions than there is about U.S. companies

that are subject to the reporting requirements of the SEC.

• THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK WITH RESPECT TO THE MSCI EAFE® INDEX AND THE

MSCI EMERGING MARKETS INDEX —

Because the prices of the non-U.S. equity securities included in each of the MSCI EAFE® Index and the MSCI Emerging Markets

Index are converted into U.S. dollars for purposes of calculating the level of that Index, holders of the notes will be exposed to

currency exchange rate risk with respect to each of the currencies in which the non-U.S. equity securities included in that Index

trade. Your net exposure will depend on the extent to which those currencies strengthen or weaken against the U.S. dollar and the

relative weight of equity securities included in the relevant Index denominated in each of those currencies. If, taking into account

the relevant weighting, the U.S. dollar strengthens against those currencies, the level of the relevant Index will be adversely

affected and any payment on the notes may be reduced.

• EMERGING MARKETS RISK WITH RESPECT TO THE MSCI EMERGING MARKETS INDEX —

The equity securities included in the MSCI Emerging Markets Index have been issued by non-U.S. companies located in emerging

markets countries. Countries with emerging markets may have relatively unstable governments, may present the risks of

nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less

protection of property rights than more developed countries. The economies of countries with emerging markets may be based on

only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and

volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to

respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

PS-9 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

• RECENT EXECUTIVE ORDERS MAY ADVERSELY AFFECT THE PERFORMANCE OF THE MSCI EMERGING MARKETS

INDEX —

Pursuant to recent executive orders, U.S. persons are prohibited from engaging in transactions in, or possession of, publicly traded

securities of certain companies that are determined to be linked to the People’s Republic of China military, intelligence and security

apparatus, or securities that are derivative of, or are designed to provide investment exposure to, those securities. The sponsor of

the MSCI Emerging Markets Index has recently removed the equity securities of a small number of companies from the MSCI

Emerging Markets Index in response to these executive orders. If the issuer of any of the equity securities included in the MSCI

Emerging Markets Index is in the future designated as such a prohibited company, the value of that company may be adversely

affected, perhaps significantly, which would adversely affect the performance of the MSCI Emerging Markets Index. In addition,

under these circumstances, the sponsor of the MSCI Emerging Markets Index is expected to remove the equity securities of that

company from the MSCI Emerging Markets Index. Any changes to the composition of the MSCI Emerging Markets Index in

response to these executive orders could adversely affect the performance of the MSCI Emerging Markets Index.

• OTHER KEY RISK:

o THE S&P 500® FUTURES EXCESS RETURN INDEX COMPRISES NOTIONAL ASSETS AND LIABILITIES. THERE IS NO

ACTUAL PORTFOLIO OF ASSETS TO WHICH ANY PERSON IS ENTITLED OR IN WHICH ANY PERSON HAS ANY

OWNERSHIP INTEREST.

PS-10 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

The Basket

The return on the notes is linked to an unequally weighted basket consisting of the S&P 500® Futures Excess Return Index, the MSCI

EAFE® Index and the MSCI Emerging Markets Index.

The S&P 500® Futures Excess Return Index measures the performance of a rolling position in the nearest maturing quarterly E-mini®

S&P 500® futures contracts (Symbol: ES) (the “Underlying Futures Contracts”) trading on the Chicago Mercantile Exchange. E-mini®

S&P 500® futures contracts are U.S. dollar-denominated futures contracts based on the S&P 500® Index. The S&P 500® Index consists

of stocks of 500 companies selected to provide a performance benchmark for the large market capitalization segment of the U.S. equity

markets. For additional information about the S&P 500® Futures Excess Return Index, see “Equity Futures Index Descriptions — The

S&P 500® Futures Excess Return Index” in the accompanying underlying supplement.

The MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance

of the large- and mid-cap segments of certain developed markets, excluding the United States and Canada. For additional information

about the MSCI EAFE® Index, see “Equity Index Descriptions — The MSCI Indices” in the accompanying underlying supplement.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market

performance of the large- and mid-cap segments of global emerging markets. For additional information about the MSCI Emerging

Markets Index, see “Equity Index Descriptions — The MSCI Indices” in the accompanying underlying supplement.

Historical Information

The following graphs set forth the historical performance of each Index based on the weekly historical closing levels from January 8,

2021 through October 9, 2026. The closing level of the S&P 500® Futures Excess Return Index on October 14, 2026 was 612.97. The

closing level of the MSCI EAFE® Index on October 14, 2026 was 3,079.15. The closing level of the MSCI Emerging Markets Index on

October 14, 2026 was 1,659.04. We obtained the closing levels above and below from the Bloomberg Professional® service

(“Bloomberg”), without independent verification.

The historical closing levels of the Indices should not be taken as an indication of future performance, and no assurance can be given

as to the Final Basket Value or the closing levels of the Indices on the Observation Date. There can be no assurance that the

performance of the Basket will result in the return of any of your principal amount.

PS-11 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

Tax Treatment

You should review carefully the section entitled “United States Federal Taxation” in the accompanying prospectus supplement. The

following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk &

Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes.

Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as “open transactions”

that are not debt instruments for U.S. federal income tax purposes, as more fully described in “United States Federal Taxation — Tax

Consequences to U.S. Holders — Program Securities Treated as Prepaid Financial Contracts That are Open Transactions” in the

accompanying prospectus supplement. Assuming this treatment is respected, the gain or loss on your notes should be treated as long-

term capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes at the issue

price. However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss on the

notes could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on

the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular on

whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a

number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as

the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated

accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject

to the “constructive ownership” regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary

PS-12 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates,

any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the

tax consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax adviser regarding the

U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments and the issues presented

by this notice.

Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding

tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain

financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this

withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable

Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January

1, 2029 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal

income tax purposes (each an “Underlying Security”). Based on certain determinations made by us, our special tax counsel is of the

opinion that Section 871(m) should not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on the

IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular

circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax

adviser regarding the potential application of Section 871(m) to the notes.

The Estimated Value of the Notes

The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following

hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding

rate described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the

notes does not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at

any time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied

funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference

may be based on, among other things, our and our affiliates’ view of the funding value of the notes as well as the higher issuance,

operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income

instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove

to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal

funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market

prices of the notes. For additional information, see “Selected Risk Considerations — Risks Relating to the Estimated Value and

Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate” in this

pricing supplement.

The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our

affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on

various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other

factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is

determined when the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that

time.

The estimated value of the notes does not represent future values of the notes and may differ from others’ estimates. Different pricing

models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes. In

addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On

future dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our or

JPMorgan Chase & Co.’s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at

which JPMS would be willing to buy notes from you in secondary market transactions.

The estimated value of the notes is lower than the original issue price of the notes because costs associated with selling, structuring

and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions paid to JPMS

and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in

hedging our obligations under the notes, the estimated cost of hedging our obligations under the notes and the fees, if any, paid for

third-party data analytics and/or electronic platform services. Because hedging our obligations entails risk and may be influenced by

market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. A

portion of the profits, if any, realized in hedging our obligations under the notes may be allowed to other affiliated or unaffiliated dealers,

PS-13 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

and we or one or more of our affiliates will retain any remaining hedging profits. See “Selected Risk Considerations — Risks Relating

to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Lower Than the Original

Issue Price (Price to Public) of the Notes” in this pricing supplement.

Secondary Market Prices of the Notes

For information about factors that will impact any secondary market prices of the notes, see “Risk Factors — Risks Relating to the

Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many

economic and market factors” in the accompanying product supplement. In addition, we generally expect that some of the costs

included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by

JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include selling commissions,

projected hedging profits, if any, and, in some circumstances, estimated hedging costs, our internal secondary market funding rates for

structured debt issuances and the fees paid for third-party data analytics and/or electronic platform services. This initial predetermined

time period is intended to be the shorter of six months and one-half of the stated term of the notes. The length of any such initial period

reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated

costs of hedging the notes and when these costs are incurred, as determined by our affiliates. See “Selected Risk Considerations —

Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Value of the Notes as Published by JPMS

(and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Notes

for a Limited Time Period” in this pricing supplement.

Supplemental Use of Proceeds

The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the

notes. See “Hypothetical Payout Profile” and “How the Notes Work” in this pricing supplement for an illustration of the risk-return profile

of the notes and “The Basket” in this pricing supplement for a description of the market exposure provided by the notes.

The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other

affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent

in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes, plus the fees, if any, paid

for third-party data analytics and/or electronic platform services.

Validity of the Notes and the Guarantee

In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the

notes offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying

agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating

to the master global note that represents such notes (the “master note”), and such notes have been delivered against payment as

contemplated herein, such notes will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a

valid and binding obligation of JPMorgan Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy,

insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general

applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel

expresses no opinion as to (x)(i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the

conclusions expressed above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent

transfer or similar provision of applicable law by limiting the amount of JPMorgan Chase & Co.’s obligation under the related guarantee

or (y) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal

amount upon acceleration of the notes to the extent determined to constitute unearned interest. This opinion is given as of the date

hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware

Limited Liability Company Act, except that such counsel expresses no opinion as to (i) any law, rule or regulation that is applicable to

JPMorgan Financial or JPMorgan Chase & Co., the indenture, the notes, the related guarantee (together with the indenture and the

notes, the “Documents”) or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable 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 affiliate or (ii) any law,

rule or regulation relating to national security. In addition, this opinion is subject to customary assumptions about the trustee’s

authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature and

enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2026, which was

filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24,

2026.

PS-14 | Structured Investments

Return Notes Linked to an Unequally Weighted Basket Consisting of the

S&P 500® Futures Excess Return Index, the MSCI EAFE® Index and the

MSCI Emerging Markets Index

Additional Terms Specific to the Notes

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying

prospectus supplement relating to our Series A medium-term notes of which these notes are a part, and the more detailed information

contained in the accompanying product supplement and the accompanying underlying supplement. This pricing supplement, together

with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as

well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for

implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among

other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying

product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your

investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by

reviewing our filings for the relevant date on the SEC website):

• Product supplement no. 3-I dated April 17, 2026:

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

• Underlying supplement no. 1-I dated April 17, 2026:

http://www.sec.gov/Archives/edgar/data/19617/000121390026045209/ea0285802-11_424b2.pdf

• Prospectus supplement and prospectus, each dated April 17, 2026:

http://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.pdf

Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing

supplement, “we,” “us” and “our” refer to JPMorgan Financial.