[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"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","ix6r6uemqirdh6jfxc43kibhy","revision",3,"title","JPMorgan Chase发行挂钩彭博商品指数的无上限加速障碍票据","originalTitle","JPMORGAN CHASE & CO (0000019617) (Filer)","summary","JPMorgan Chase Financial Company LLC发行总额31,000美元、由JPMorgan Chase & Co.全额无条件担保的票据，挂钩彭博商品指数，期限至2031年10月3日。","reason","source",{"_11":88,"_89":90,"_91":92,"_93":57,"_94":95,"_96":97},"links",{"_85":86,"_63":87},"publishedAt","2026-10-02T17:38:45.000Z","discoveredAt","2026-10-02T17:48:47.642Z","timelineAt","category","ai-products","tags",[81,82,83,84],"stockSymbols",[80],"score",27,"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","fOzU6EUkdOQg",{"_72":73,"_15":74},"reportCount",111,"additionalSourceCount",0,"developmentCount","publicId","72e2fba8-3f68-415b-ac8d-6bdc5efb34e4","摩根大通密集披露多类结构性票据",{"_72":73,"_15":74},"zh","

$\"\"$

September 30, 2026 Registration Statement Nos. 333-293684 and 333-293684-01; Rule 424(b)(2)

Pricing supplement to product supplement no. 2-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

$31,000

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM due October 3, 2031

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

• The notes are designed for investors who seek an uncapped return of 2.27 times any appreciation of the Bloomberg

Commodity IndexSM at maturity.

• Investors should be willing to forgo interest payments and be willing to lose a significant portion 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 September 30, 2026 and are expected to settle on or about October 5, 2026.

• CUSIP: 46661M6F6

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-11 of the accompanying product supplement and

“Selected Risk Considerations” beginning on page PS-4 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

$10.8064

$989.1936

Total

$31,000

$335

$30,665

(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 it receives from us to other affiliated or unaffiliated dealers. These selling commissions will vary and will be up to $11.25

per $1,000 principal amount note. 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 $934.10 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

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

Key Terms

Issuer: JPMorgan Chase Financial Company LLC, a direct,

wholly owned finance subsidiary of JPMorgan Chase & Co.

Guarantor: JPMorgan Chase & Co.

Index: The Bloomberg Commodity IndexSM (Bloomberg ticker:

BCOM)

Upside Leverage Factor: 2.27

Barrier Amount: 70.00% of the Initial Value, which is 99.24929

Pricing Date: September 30, 2026

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

5, 2026

Observation Date*: September 30, 2031

Maturity Date*: October 3, 2031

* 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 a Single Underlying —

Notes Linked to a Single Index” and “General Terms of Notes —

Postponement of a Payment Date” in the accompanying product

supplement or early acceleration in the event of a commodity

hedging disruption event as described under “General Terms of

Notes — Consequences of a Commodity Hedging Disruption Event”

in the accompanying product supplement and “Selected Risk

Considerations — Risks Relating to the Notes Generally — We May

Accelerate Your Notes If a Commodity Hedging Disruption Event

Occurs” in this pricing supplement

Payment at Maturity:

If the Final Value is greater than the Initial Value, your payment

at maturity per $1,000 principal amount note will be calculated

as follows:

$1,000 + ($1,000 × Index Return × Upside Leverage Factor)

If the Final Value is equal to the Initial Value or is less than the

Initial Value but greater than or equal to the Barrier Amount, you

will receive the principal amount of your notes at maturity.

If the Final Value is less than the Barrier Amount, your payment

at maturity per $1,000 principal amount note will be calculated

as follows:

$1,000 + ($1,000 × Index Return)

In no event, however, will the payment at maturity be less than

$0.

If the Final Value is less than the Barrier Amount, you will lose

more than 30.00% of your principal amount at maturity and

could lose all of your principal amount at maturity.

Index Return:

(Final Value – Initial Value)

Initial Value

Initial Value: The closing level of the Index on the Pricing Date,

which was 141.7847

Final Value: The closing level of the Index on the Observation

Date

$\"\"$

PS-2 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

Supplemental Terms of the Notes

The notes are not commodity 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.

$\"\"$

PS-3 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

Hypothetical Payout Profile

The following table and graph illustrate the hypothetical total return and payment at maturity on the notes linked to a hypothetical Index.

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

the following:

• an Initial Value of 100.00;

• an Upside Leverage Factor of 2.27; and

• a Barrier Amount of 70.00 (equal to 70.00% of the hypothetical Initial Value).

The hypothetical Initial Value of 100.00 has been chosen for illustrative purposes only and does not represent the actual Initial Value.

The actual Initial Value is the closing level of the Index on the Pricing Date and is specified under “Key Terms — Initial Value” in this

pricing supplement. For historical data regarding the actual closing levels of the Index, please see the historical information set forth

under “The Index” in this pricing supplement.

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 Value

Index Return

Total Return on the Notes

Payment at Maturity

165.00

65.00%

147.55%

$2,475.50

150.00

50.00%

113.50%

$2,135.00

140.00

40.00%

90.80%

$1,908.00

130.00

30.00%

68.10%

$1,681.00

120.00

20.00%

45.40%

$1,454.00

110.00

10.00%

22.70%

$1,227.00

105.00

5.00%

11.35%

$1,113.50

101.00

1.00%

2.27%

$1,022.70

100.00

0.00%

$1,000.00

99.00

-1.00%

0.00%

$1,000.00

90.00

-10.00%

0.00%

$1,000.00

80.00

-20.00%

0.00%

$1,000.00

70.00

-30.00%

0.00%

$1,000.00

69.99

-30.01%

$699.90

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-4 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

The following graph demonstrates the hypothetical payments at maturity on the notes for a range of Index Returns. There can be no

assurance that the performance of the Index will result in the return of any of your principal amount.

How the Notes Work

Upside Scenario:

If the Final Value is greater than the Initial Value, investors will receive at maturity the $1,000 principal amount plus a return equal to the

Index Return times the Upside Leverage Factor of 2.27.

• If the closing level of the Index increases 10.00%, investors will receive at maturity a return equal to 22.70%, or $1,227.00 per

$1,000 principal amount note.

Par Scenario:

If the Final Value is equal to the Initial Value or is less than the Initial Value but greater than or equal to the Barrier Amount of 70.00% of

the Initial Value, investors will receive at maturity the principal amount of their notes.

Downside Scenario:

If the Final Value is less than the Barrier Amount of 70.00% of the Initial Value, investors will lose 1% of the principal amount of their

notes for every 1% that the Final Value is less than the Initial Value. In no event, however, will the payment at maturity be less than $0.

• For example, if the closing level of the Index declines 60.00%, investors will lose 60.00% of their principal amount and receive only

$400.00 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.

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 Value is less than the Barrier Amount, you will lose 1% of the

principal amount of your notes for every 1% that the Final Value is less than the Initial Value. In no event, however, will the

payment at maturity be less than $0. Accordingly, under these circumstances, you will lose more than 30.00% of your principal

amount at maturity and could lose all of your principal amount at maturity.

$\"\"$

PS-5 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

• 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 BENEFIT PROVIDED BY THE BARRIER AMOUNT MAY TERMINATE ON THE OBSERVATION DATE —

If the Final Value is less than the Barrier Amount, the benefit provided by the Barrier Amount will terminate and you will be fully

exposed to any depreciation of the Index.

• THE NOTES DO NOT PAY INTEREST.

• YOU WILL NOT HAVE ANY RIGHTS WITH RESPECT TO THE COMMODITY FUTURES CONTRACTS UNDERLYING THE

INDEX.

• THE RISK OF THE CLOSING LEVEL OF THE INDEX FALLING BELOW THE BARRIER AMOUNT IS GREATER IF THE LEVEL

OF THE INDEX IS VOLATILE.

• WE MAY ACCELERATE YOUR NOTES IF A COMMODITY HEDGING DISRUPTION EVENT OCCURS —

Upon the occurrence of a commodity hedging disruption event, we may, in our sole and absolute discretion, accelerate the

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

calculation agent. A commodity hedging disruption event means there is an occurrence of legal or regulatory changes that the

calculation agent determines have interfered with our or our affiliates’ ability to hedge our obligations under the notes or for any

other reason we or our affiliates are unable to enter into or maintain hedge positions that the calculation agent deems necessary to

hedge 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

Commodity Hedging Disruption 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.

$\"\"$

PS-6 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

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.

• 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 Index. 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.

$\"\"$

PS-7 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

Risks Relating to the Index

• COMMODITY FUTURES CONTRACTS ARE SUBJECT TO UNCERTAIN LEGAL AND REGULATORY REGIMES —

The commodity futures contracts that underlie the Index are subject to legal and regulatory regimes that may change in ways that

could adversely affect our ability to hedge our obligations under the notes and affect the level of the Index. Any future regulatory

changes may have a substantial adverse effect on the value of your notes. Additionally, in October 2020, the U.S. Commodity

Futures Trading Commission adopted rules to establish revised or new position limits on 25 agricultural, metals and energy

commodity derivatives contracts. The limits apply to a person’s combined position in the specified 25 futures contracts and options

on futures (“core referenced futures contracts”), futures and options on futures directly or indirectly linked to the core referenced

futures contracts, and economically equivalent swaps. These rules came into effect on January 1, 2022 for covered futures and

options on futures contracts and on January 1, 2023 for covered swaps. The rules may reduce liquidity in the exchange-traded

market for those commodity-based futures contracts, which may, in turn, have an adverse effect on any payments on the notes.

Furthermore, we or our affiliates may be unable as a result of those restrictions to effect transactions necessary to hedge our

obligations under the notes resulting in a commodity hedging disruption event, in which case we may, in our sole and absolute

discretion, accelerate the payment on your notes. See “— Risks Relating to the Notes Generally — We May Accelerate Your

Notes If a Commodity Hedging Disruption Event Occurs” above.

• PRICES OF COMMODITY FUTURES CONTRACTS ARE CHARACTERIZED BY HIGH AND UNPREDICTABLE VOLATILITY,

WHICH COULD LEAD TO HIGH AND UNPREDICTABLE VOLATILITY IN THE INDEX —

Market prices of the commodity futures contracts included in the Index tend to be highly volatile and may fluctuate rapidly based on

numerous factors, including changes in supply and demand relationships, governmental programs and policies, national and

international monetary, trade, political and economic events, wars and acts of terror, changes in interest and exchange rates,

speculation and trading activities in commodities and related contracts, weather, and agricultural, trade, fiscal and exchange

control policies. The prices of commodities and commodity futures contracts are subject to variables that may be less significant to

the values of traditional securities, such as stocks and bonds. These variables may create additional investment risks that cause

the value of the notes to be more volatile than the values of traditional securities. As a general matter, the risk of low liquidity or

volatile pricing around the maturity date of a commodity futures contract is greater than in the case of other futures contracts

because (among other factors) a number of market participants take physical delivery of the underlying commodities. Many

commodities are also highly cyclical. The high volatility and cyclical nature of commodity markets may render such an investment

inappropriate as the focus of an investment portfolio.

• A DECISION BY AN EXCHANGE ON WHICH THE COMMODITY FUTURES CONTRACTS UNDERLYING THE INDEX ARE

TRADED TO INCREASE MARGIN REQUIREMENTS FOR THOSE FUTURES CONTRACTS MAY AFFECT THE LEVEL OF

THE INDEX —

If an exchange on which the commodity futures contracts underlying the Index are traded increases the amount of collateral

required to be posted to hold positions in those futures contracts (i.e., the margin requirements), market participants who are

unwilling or unable to post additional collateral may liquidate their positions, which may cause the level of the Index to decline

significantly.

• THE NOTES DO NOT OFFER DIRECT EXPOSURE TO COMMODITY SPOT PRICES —

The notes are linked to the Index, which tracks commodity futures contracts, not physical commodities (or their spot prices). The

price of a futures contract reflects the expected value of the commodity upon delivery in the future, whereas the spot price of a

commodity reflects the immediate delivery value of the commodity. A variety of factors can lead to a disparity between the

expected future price of a commodity and the spot price at a given point in time, such as the cost of storing the commodity for the

term of the futures contract, interest charges incurred to finance the purchase of the commodity and expectations concerning

supply and demand for the commodity. The price movements of a futures contract are typically correlated with the movements of

the spot price of the referenced commodity, but the correlation is generally imperfect and price movements in the spot market may

not be reflected in the futures market (and vice versa). Accordingly, the notes may underperform a similar investment that is linked

to commodity spot prices.

• HIGHER FUTURE PRICES OF THE COMMODITY FUTURES CONTRACTS UNDERLYING THE INDEX RELATIVE TO THE

CURRENT PRICES OF THOSE CONTRACTS MAY AFFECT THE LEVEL OF THE INDEX AND THE VALUE OF THE NOTES —

The Index is composed of futures contracts on physical commodities. Unlike equities, which typically entitle the holder to a

continuing stake in a corporation, commodity futures contracts normally specify a certain date for delivery of the underlying physical

commodity. As the exchange-traded futures contracts that compose the Index approach expiration, they are replaced by contracts

that have a later expiration. Thus, for example, a contract purchased and held in August may specify an October expiration. As

$\"\"$

PS-8 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

time passes, the contract expiring in October is replaced with a contract for delivery in November. This process is referred to as

“rolling.” If the market for these contracts is (putting aside other considerations) in “contango,” where the prices are higher in the

distant delivery months than in the nearer delivery months, the purchase of the November contract would take place at a price that

is higher than the price of the October contract, thereby creating a negative “roll yield.” Contango could adversely affect the level

of the Index and thus the value of notes linked to the Index. The futures contracts underlying the Index have historically been in

contango.

• SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN THE COMMODITY MARKETS AND RELATED FUTURES

MARKETS MAY ADVERSELY AFFECT THE LEVEL OF THE INDEX AND, THEREFORE, THE VALUE OF THE NOTES —

The commodity 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. In addition, U.S. futures

exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may

occur during 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 these 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 different price. Limit prices have the effect of precluding trading in a particular

contract or forcing the liquidation of contracts at disadvantageous times or prices. These circumstances could adversely affect the

level of the Index and, therefore, the value of your notes.

• THE NOTES ARE LINKED TO AN EXCESS RETURN INDEX AND NOT A TOTAL RETURN INDEX —

The notes are linked to an excess return index and not a total return index. An excess return index, such as the Index, reflects the

returns that are potentially available through an unleveraged investment in the contracts composing that index. By contrast, a “total

return” index, in addition to reflecting those returns, also reflects interest that could be earned on funds committed to the trading of

the underlying futures contracts.

$\"\"$

PS-9 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

The Index

The Index is composed of exchange-traded futures contracts on physical commodities and is designed to be a diversified benchmark

for commodity investments. Its component weightings are determined primarily based on liquidity data, which is the relative amount of

trading activity of a particular commodity, and U.S.-dollar weighted production data, which is used to measure the importance of a

commodity to the world economy. The Index is an excess return index and not a total return index. An excess return index reflects the

returns that are potentially available through an unleveraged investment in the contracts composing the index. By contrast, a “total

return” index, in addition to reflecting those returns, also reflects interest that could be earned on funds committed to the trading of the

underlying futures contracts. For additional information about the Index, see “Commodity Index Descriptions — The Bloomberg

Commodity Indices” in the accompanying underlying supplement.

Historical Information

The following graph sets forth the historical performance of the Index based on the weekly historical closing levels of the Index from

January 8, 2021 through September 25, 2026. The closing level of the Index on September 30, 2026 was 141.7847. We obtained the

closing levels above and below from the Bloomberg Professional® service (“Bloomberg”), without independent verification.

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

to the closing level of the Index on the Observation Date. There can be no assurance that the performance of the Index will result in the

return of any of your principal amount.

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-10 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

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.

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, 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,

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 —

$\"\"$

PS-11 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

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 Index” 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.

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.

$\"\"$

PS-12 | Structured Investments

Uncapped Accelerated Barrier Notes Linked to the

Bloomberg Commodity IndexSM

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. 2-I dated April 17, 2026:

http://www.sec.gov/Archives/edgar/data/19617/000121390026045216/ea0285802-25_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.

","zhKind","complete","JPM","公司与财报","融资","金融","JPMorgan","aihot","/items/ix6r6uemqirdh6jfxc43kibhy","https://www.sec.gov/Archives/edgar/data/19617/000121390026106258/0001213900-26-106258-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=1791417600&sig=18cddd50281c55e6","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=1791417600&sig=6c66a0408e1695ad 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=1791417600&sig=11363acd4f484981 96w","changelogVersion","2026-10-01T08:00"]