August 8, 2024 |
Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2) |
JPMorgan Chase Financial Company LLC
Structured Investments
$757,000
Auto Callable Accelerated Barrier Notes Linked to the
Lesser Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return
Index due August 13, 2029
Fully and Unconditionally Guaranteed by JPMorgan
Chase & Co.
| · | The notes are designed for investors who seek early exit prior to maturity at a premium if, on any Review Date (other than the final
Review Date), the closing level of each of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500®
Futures Excess Return Index, which we refer to as the Indices, is at or above its Call Value. |
| · | The earliest date on which an automatic call may be initiated is August 10, 2026. |
| · | The notes are also designed for investors who seek an uncapped return of 2.50 times any appreciation of the lesser performing
of the Indices at maturity, if the notes have not been automatically called. |
| · | Investors should be willing to forgo interest payments and be willing to accept the risk of losing 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. |
| · | Payments on the notes are not linked to a basket composed of the Indices. Payments on the notes are linked to the performance of each
of the Indices individually, as described below. |
| · | Minimum denominations of $1,000 and integral multiples thereof |
| · | The notes priced on August 8, 2024 and are expected to settle on or about August 13, 2024. |
Investing in the notes involves a number of risks. See “Risk
Factors” beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum,
“Risk Factors” beginning on page PS-11 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, prospectus and prospectus addendum. Any
representation to the contrary is a criminal offense.
|
Price to Public (1) |
Fees and Commissions (2) |
Proceeds to Issuer |
Per note |
$1,000 |
$7 |
$993 |
Total |
$757,000 |
$5,299 |
$751,701 |
(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 $7.00 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 $962.80 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.
Pricing supplement to product supplement no. 4-I dated
April 13, 2023, underlying supplement no. 1-I dated April 13, 2023,
the prospectus and prospectus supplement, each dated April 13, 2023, and the prospectus addendum dated June 3, 2024
Key Terms
Issuer: JPMorgan
Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan
Chase & Co.
Indices: The
Nasdaq-100 Futures Excess ReturnTM Index (Bloomberg ticker: NDXNQER) and the S&P 500® Futures Excess Return
Index (Bloomberg ticker: SPXFP)
Call Premium Amount:
The Call Premium Amount with respect to each Review Date is set forth below:
| · | first Review Date: |
36.00% × $1,000 |
| · | second Review Date: |
45.00% × $1,000 |
Call Value: With
respect to each Index, 100.00% of its Initial Value
Upside Leverage Factor:
2.50
Barrier Amount: With
respect to each Index, 70.00% of its Initial Value, which is 368.48567 for the Nasdaq-100 Futures Excess ReturnTM Index and
320.691 for the S&P 500® Futures Excess Return Index
Pricing
Date: August 8, 2024
Original Issue Date
(Settlement Date): On or about August 13, 2024
Review Dates*:
August 10, 2026, February 10, 2027 and August 8, 2029 (final Review Date)
Call Settlement Dates*:
August 13, 2026 and February 16, 2027
Maturity Date*:
August 13, 2029
* 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
Automatic Call:
If the closing level of each Index on any Review Date (other than the
final Review Date) is greater than or equal to its Call Value, the notes will be automatically called for a cash payment, for each $1,000
principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount applicable to that Review Date, payable on the applicable
Call Settlement Date. No further payments will be made on the notes.
If the notes are automatically called, you will not benefit from the
Upside Leverage Factor that applies to the payment at maturity if the Final Value of each Index is greater than its Initial Value.
Because the Upside Leverage Factor does not apply to the payment upon an automatic call, the payment upon an automatic call may be significantly
less than the payment at maturity for the same level of appreciation in the Lesser Performing Index.
Payment at Maturity:
If the notes have not been automatically called and the Final Value of
each Index is greater than its Initial Value, your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 × Lesser Performing Index
Return × Upside Leverage Factor)
If the notes have not been automatically called and the Final Value of
either Index is equal to or less than its Initial Value but the Final Value of each Index is greater than or equal to its Barrier Amount,
you will receive the principal amount of your notes at maturity.
If the notes have not been automatically called and the Final Value of
either Index is less than its Barrier Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 × Lesser Performing Index
Return)
If the notes have not been automatically
called and the Final Value of either Index is less than its 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.
Lesser Performing Index:
The Index with the Lesser Performing Index Return
Lesser Performing Index
Return: The lower of the Index Returns of the Indices
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 526.4081 for the Nasdaq-100 Futures Excess ReturnTM
Index and 458.13 for the S&P 500® Futures Excess Return Index
Final Value: With
respect to each Index, the closing level of that Index on the final Review Date
PS-1
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
Supplemental Terms of the Notes
The notes are not futures contracts or swaps and
are not regulated under the Commodity Exchange Act of 1936, 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.
For purposes of the accompanying product supplement,
each Index will be deemed to be an Equity Index, except as provided below, and any references in the accompanying product supplement to
the securities included in an Equity Index (or similar references) should be read to refer to the securities included in the Nasdaq-100®
Index or the S&P 500® Index, as applicable, which are the reference indices for the futures contracts included in the
Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index, respectively. Notwithstanding
the foregoing, each Index will be deemed to be a Commodity Index for purposes of the section entitled “The Underlyings — Indices
— Discontinuation of an Index; Alteration of Method of Calculation” in the accompanying product supplement.
Notwithstanding anything to the contrary in the accompanying
product supplement, if a Determination Date (as defined in the accompanying product supplement) has been postponed to the applicable Final
Disrupted Determination Date (as defined in the accompanying product supplement) and that day is a Disrupted Day (as defined in the accompanying
product supplement), the calculation agent will determine the closing level of the affected Index for that Determination Date on that
Final Disrupted Determination Date in accordance with the formula for and method of calculating the closing level of the affected Index
last in effect prior to the commencement of the market disruption event (or prior to the non-trading day), using the official settlement
price (or, if trading in the relevant futures contract has been materially suspended or materially limited, the calculation agent’s
good faith estimate of the applicable settlement price that would have prevailed but for that suspension or limitation) at the close of
the principal trading session on that date of each futures contract most recently composing the affected Index, as well as any futures
contract required to roll any expiring futures contract in accordance with the method of calculating the affected Index.
Any values of the Indices, and any values derived therefrom,
included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this pricing supplement
and the corresponding terms of the notes. Notwithstanding anything to the contrary in the indenture governing the notes, that amendment
will become effective without consent of the holders of the notes or any other party.
PS-2
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
Payment upon an Automatic Call
Payment at Maturity If the Notes Have Not Been
Automatically Called
PS-3
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
Call Premium Amount
The table below illustrates the Call Premium Amount per
$1,000 principal amount note for each Review Date (other than the final Review Date) based on the Call Premium Amounts set forth under
“Key Terms — Call Premium Amount” above.
Review Date |
Call Premium Amount |
First |
$360.00 |
Second |
$450.00 |
Payment at Maturity If the Notes Have Not Been
Automatically Called
The following table illustrates the hypothetical total
return and payment at maturity on the notes linked to two hypothetical Indices. 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:
| · | the notes have not been automatically called; |
| · | an Initial Value for the Lesser Performing Index of 100.00; |
| · | an Upside Leverage Factor of 2.50; and |
| · | a Barrier Amount for the Lesser Performing Index of 70.00 (equal to 70.00% of its hypothetical Initial Value). |
The hypothetical Initial Value of the Lesser Performing
Index of 100.00 has been chosen for illustrative purposes only and does not represent the actual Initial Value of either Index. The actual
Initial Value of each Index is the closing level of that 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 each Index, please see the historical
information set forth under “The Indices” 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 have been rounded for ease of analysis.
Final Value of the Lesser
Performing Index |
Lesser Performing Index
Return |
Total Return on the Notes |
Payment at Maturity |
165.00 |
65.00% |
162.50% |
$2,625.00 |
150.00 |
50.00% |
125.00% |
$2,250.00 |
140.00 |
40.00% |
100.00% |
$2,000.00 |
130.00 |
30.00% |
75.00% |
$1,750.00 |
120.00 |
20.00% |
50.00% |
$1,500.00 |
110.00 |
10.00% |
25.00% |
$1,250.00 |
105.00 |
5.00% |
12.50% |
$1,125.00 |
101.00 |
1.00% |
2.50% |
$1,025.00 |
100.00 |
0.00% |
0.00% |
$1,000.00 |
95.00 |
-5.00% |
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% |
-30.01% |
$699.90 |
60.00 |
-40.00% |
-40.00% |
$600.00 |
50.00 |
-50.00% |
-50.00% |
$500.00 |
40.00 |
-60.00% |
-60.00% |
$400.00 |
30.00 |
-70.00% |
-70.00% |
$300.00 |
20.00 |
-80.00% |
-80.00% |
$200.00 |
10.00 |
-90.00% |
-90.00% |
$100.00 |
0.00 |
-100.00% |
-100.00% |
$0.00 |
PS-4
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
Note Payout
Scenarios
Upside Scenario If Automatic Call:
If the closing level of each Index on any Review Date
(other than the final Review Date) is greater than or equal to its Call Value, the notes will be automatically called and investors will
receive on the applicable Call Settlement Date the $1,000 principal amount plus the Call Premium Amount applicable to that Review
Date. No further payments will be made on the notes.
| · | If the closing level of the lesser performing of the Indices increases 10.00% as of the first Review
Date, the notes will be automatically called and investors will receive a return equal to 36.00%, or $1,360.00 per $1,000 principal amount
note. |
| · | If the notes have not been previously automatically called and the closing level of the lesser performing
of the Indices increases 65.00% as of the second Review Date, the notes will be automatically called and investors will receive a return
equal to 45.00%, or $1,450.00 per $1,000 principal amount note. |
Upside Scenario If No Automatic Call:
If the notes have not been automatically called and the
Final Value of each Index is greater than its Initial Value, investors will receive at maturity the $1,000 principal amount plus
a return equal to the Lesser Performing Index Return times the Upside Leverage Factor of 2.50.
| · | If the notes have not been automatically called and the closing level of the Lesser Performing Index increases 5.00%, investors will
receive at maturity a return equal to 12.50%, or $1,125.00 per $1,000 principal amount note. |
Par Scenario:
If the notes have not been automatically called and the
Final Value of either Index is equal to or less than its Initial Value but the Final Value of each Index is greater than or equal to its
Barrier Amount of 70.00% of its Initial Value, investors will receive at maturity the principal amount of their notes.
Downside Scenario:
If the notes have not been automatically called and the
Final Value of either Index is less than its Barrier Amount of 70.00% of its Initial Value, investors will lose 1% of the principal amount
of their notes for every 1% that the Final Value of the Lesser Performing Index is less than its Initial Value.
| · | For example, if the notes have not been automatically called and the closing level of the Lesser
Performing 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 or until automatically called. 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 and in Annex A to the accompanying prospectus addendum.
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 notes have not been automatically called and the Final Value of either Index is less than its Barrier Amount, you will lose 1%
of the principal amount of your notes for every 1% that the Final Value of the Lesser Performing Index is less than its Initial Value.
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.
| · | 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.
PS-5
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
| · | AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS |
As a finance subsidiary of JPMorgan Chase
& Co., we have no independent operations 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 a key 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 the accompanying prospectus addendum.
| · | IF THE NOTES ARE AUTOMATICALLY CALLED, THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO THE APPLICABLE CALL PREMIUM AMOUNT PAID
ON THE NOTES, |
regardless of any appreciation of either Index,
which may be significant. In addition, if the notes are automatically called, you will not benefit from the Upside Leverage Factor that
applies to the payment at maturity if the Final Value of each Index is greater than its Initial Value. Because the Upside Leverage
Factor does not apply to the payment upon an automatic call, the payment upon an automatic call may be significantly less than the payment
at maturity for the same level of appreciation in the Lesser Performing Index.
| · | YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE LEVEL OF EACH INDEX |
Payments on the notes are not linked to a
basket composed of the Indices and are contingent upon the performance of each individual Index. Poor performance by either of the Indices
over the term of the notes may result in the notes not being automatically called on a Review Date, may negatively affect your payment
at maturity and will not be offset or mitigated by positive performance by the other Index.
| · | YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LESSER PERFORMING INDEX. |
| · | THE BENEFIT PROVIDED BY THE BARRIER AMOUNT MAY TERMINATE ON THE FINAL REVIEW DATE |
If the notes have not been automatically called
and the Final Value of either Index is less than its Barrier Amount, the benefit provided by the Barrier Amount will terminate and you
will be fully exposed to any depreciation of the Lesser Performing Index.
| · | THE AUTOMATIC CALL FEATURE MAY FORCE A POTENTIAL EARLY EXIT |
If your notes are automatically called, the
term of the notes may be reduced to as short as approximately two years. There is no guarantee that you would be able to reinvest the
proceeds from an investment in the notes at a comparable return for a similar level of risk. Even in cases where the notes are called
before maturity, you are not entitled to any fees and commissions described on the front cover of this pricing supplement.
| · | THE NOTES DO NOT PAY INTEREST. |
| · | YOU WILL NOT HAVE ANY RIGHTS WITH RESPECT TO THE UNDERLYING FUTURES CONTRACTS OR THE SECURITIES INCLUDED
IN THE INDEX UNDERLYING ANY UNDERLYING FUTURES CONTRACT. |
| · | THE RISK OF THE CLOSING LEVEL OF AN INDEX FALLING BELOW ITS BARRIER AMOUNT IS GREATER IF THE LEVEL OF THAT INDEX IS VOLATILE. |
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
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
PS-6
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
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 and the estimated cost of hedging our obligations under the notes. 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, and estimated hedging costs 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. 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 levels of the Indices. 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
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
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.
| · | AN INVESTMENT IN THE NOTES WILL BE SUBJECT TO RISKS ASSOCIATED WITH NON-U.S. SECURITIES WITH RESPECT TO THE NASDAQ-100 FUTURES EXCESS
RETURNTM INDEX — |
Some of the equity
securities included in the Nasdaq-100 Index®, the index underlying the Nasdaq-100
Futures Excess ReturnTM Index’s Underlying Futures Contracts, 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 of the issuers of those non-U.S. equity securities. The prices of securities issued by non-U.S. companies may be affected
by political, economic, financial and social factors in the home countries of those issuers, or global regions, including changes in government,
economic and fiscal policies and currency exchange laws.
| · | EACH INDEX IS SUBJECT TO SIGNIFICANT RISKS ASSOCIATED WITH THE APPLICABLE UNDERLYING FUTURES CONTRACTS |
Each Index tracks the excess return of the
applicable 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 exchange on which the applicable 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 applicable Underlying Futures Contracts
to be volatile and could adversely affect the level of the Indices and any payments on, and the value of, your notes.
| · | SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN THE APPLICABLE 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 applicable 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 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 each Index and could adversely
affect the level of each Index and any payments on, and the value of, your notes.
| · | THE PERFORMANCE OF EACH INDEX WILL DIFFER FROM THE PERFORMANCE OF THE INDEX UNDERLYING ITS 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 each Index. In addition, the implicit financing cost will negatively
affect the performance of each Index, with a greater negative effect when market interest rates are higher. During periods of high market
interest rates, each Index is likely to underperform the equity index underlying its Underlying Futures Contracts, perhaps significantly.
| · | NEGATIVE ROLL RETURNS ASSOCIATED WITH THE APPLICABLE UNDERLYING FUTURES CONTRACTS MAY ADVERSELY AFFECT THE LEVEL OF THE INDEX AND
THE VALUE OF THE NOTES |
Each Index tracks the excess return of the
applicable Underlying Futures Contracts. Unlike common equity securities, Underlying 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
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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 applicable
Underlying Futures Contracts and, therefore, the level of each 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 each Index to decrease significantly over time, even when
the levels of the underlying index referenced by the applicable Underlying Futures Contracts are stable or increasing. Relatively higher
interest rates can result in more negative roll yields. Accordingly, during periods of relatively higher interest rates, the likelihood
that a roll return related to an Index will be negative, as well as the adverse effect of negative roll returns on an Index, will increase,
as compared to periods of relatively lower interest rates.
| · | HYPOTHETICAL BACK-TESTED DATA RELATING TO THE NASDAQ-100 FUTURES EXCESS RETURNTM INDEX DO NOT REPRESENT ACTUAL HISTORICAL
DATA AND ARE SUBJECT TO INHERENT LIMITATIONS |
The hypothetical back-tested performance of
the Nasdaq-100 Futures Excess ReturnTM Index set forth under “The Indices” in this pricing supplement is purely
theoretical and does not represent the actual historical performance of the Nasdaq-100 Futures Excess ReturnTM Index and has
not been verified by an independent third party. Hypothetical back-tested performance measures have inherent limitations. Alternative
modelling techniques might produce significantly different results and may prove to be more appropriate. Past performance, and especially
hypothetical back-tested performance, is not indicative of future results. This type of information has inherent limitations and you should
carefully consider these limitations before placing reliance on such information. Hypothetical back-tested performance is derived by means
of the retroactive application of a back-tested model that has been designed with the benefit of hindsight.
| o | EACH 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. |
| o | THE NASDAQ-100 FUTURES EXCESS RETURNTM INDEX, WHICH WAS ESTABLISHED ON APRIL 1, 2024, HAS LIMITED OPERATING HISTORY AND
MAY PERFORM IN UNANTICIPATED WAYS. |
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The Indices
The S&P 500® Futures Excess Return
Index measures the performance of the nearest maturing quarterly E-mini® S&P 500® futures contracts
(Symbol: ES) (with respect to the S&P 500® Futures Excess Return Index, the “Underlying Futures Contracts”)
on the Chicago Mercantile Exchange (the “Exchange”). The Underlying 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 U.S. equity markets. For additional information about the S&P 500® Futures
Excess Return Index and its Underlying Futures Contracts, see Annex A in this pricing supplement.
The Nasdaq-100 Futures Excess ReturnTM Index
measures the performance of the nearest E-mini® Nasdaq-100® futures contracts (Symbol: NQ) (with respect
to the Nasdaq-100 Futures Excess ReturnTM Index, the “Underlying Futures Contracts”) traded on the Exchange. The
Underlying Futures Contracts are U.S. dollar-denominated futures contracts based on the Nasdaq-100 Index®. The Nasdaq-100
Index® is a modified market capitalization-weighted index of 100 of the largest non-financial securities listed on The
Nasdaq Stock Market based on market capitalization. For additional information about the Nasdaq-100 Index®, see “Equity
Index Descriptions — The Nasdaq-100 Index®” in the accompanying underlying supplement. For additional information
about the Nasdaq-100 Futures Excess ReturnTM Index and its Underlying Futures Contracts, see Annex B in this pricing supplement.
Hypothetical Back-Tested Data and Historical Information
The following graphs set forth the hypothetical back-tested
performance of the Nasdaq-100 Futures Excess ReturnTM Index based on the hypothetical back-tested historical closing levels
of the Nasdaq-100 Futures Excess ReturnTM Index from January 4, 2019 through March 28, 2024 and the historical performance
of the Nasdaq-100 Futures Excess ReturnTM Index based on the weekly historical closing levels of the Nasdaq-100 Futures Excess
ReturnTM Index from April 5, 2024 through August 2, 2024 and the historical performance of the S&P 500®
Futures Excess Return Index based on the weekly historical closing levels from January 4, 2019 through August 2, 2024. The Nasdaq-100
Futures Excess ReturnTM Index was established on April 1, 2024, as represented by the vertical line in the following graph.
All data to the left of that vertical line reflect hypothetical back-tested performance of the Nasdaq-100 Futures Excess ReturnTM
Index. All data to the right of that vertical line reflect actual historical performance of the of the Nasdaq-100 Futures Excess ReturnTM
Index. The closing level of the Nasdaq-100 Futures Excess ReturnTM Index on August 8, 2024 was 526.4081. The closing level
of the S&P 500® Futures Excess Return Index on August 8, 2024 was 458.13. We obtained the closing levels above and
below from the Bloomberg Professional® service (“Bloomberg”), without independent verification.
The data for the hypothetical back-tested performance
of the Nasdaq-100 Futures Excess ReturnTM Index set forth below are purely theoretical and do not represent the actual historical
performance of the Nasdaq-100 Futures Excess ReturnTM Index. See “Selected Risk Considerations — Risks Relating
to the Indices — Hypothetical Back-Tested Data Relating to the Nasdaq-100 Futures Excess ReturnTM Index Do Not Represent
Actual Historical Data and Are Subject to Inherent Limitations” above.
The hypothetical back-tested and historical closing levels
of each Index should not be taken as an indication of future performance, and no assurance can be given as to the closing level of either
Index on any Review Date. There can be no assurance that the performance of the Indices will result in the return of any of your principal
amount.
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The hypothetical back-tested closing levels of the Nasdaq-100 Futures
Excess ReturnTM Index have inherent limitations and have not been verified by an independent third party. These hypothetical
back-tested closing levels are determined by means of a retroactive application of a back-tested model designed with the benefit of hindsight.
Hypothetical back-tested results are neither an indicator nor a guarantee of future returns. No representation is made that an investment
in the notes will or is likely to achieve returns similar to those shown. Alternative modeling techniques or assumptions would produce
different hypothetical back-tested closing levels of the Nasdaq-100 Futures Excess ReturnTM Index that might prove to be more
appropriate and that might differ significantly from the hypothetical back-tested closing levels of the Nasdaq-100 Futures Excess ReturnTM
Index set forth above.
Tax Treatment
You should review carefully the section entitled
“Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 4-I. 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 “Material U.S. Federal Income Tax Consequences — Tax Consequences
to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments” in the
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accompanying product 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 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, 2027 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
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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 and the
estimated cost of hedging our obligations under the notes. 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 and
our internal secondary market funding rates for structured debt issuances. 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 “How the Notes Work” and “Note Payout
Scenarios” in this pricing supplement for an illustration of the risk-return profile of the notes and “The Indices”
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.
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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 (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. 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. 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, 2023, which was filed as an exhibit to the
Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24, 2023.
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, the accompanying prospectus addendum 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 and in Annex A to the accompanying prospectus
addendum, 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):
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.
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Annex
A
The S&P 500®
Futures Excess Return Index
All information contained in this pricing supplement
regarding the S&P 500® Futures Excess Return Index (the “SPX Futures Index”), including, without limitation,
its make-up, method of calculation and changes in its components, has been derived from publicly available information, without independent
verification. This information reflects the policies of, and is subject to change by, S&P Dow Jones Indices LLC (“S&P Dow
Jones”). The SPX Futures Index is calculated, maintained and published by S&P Dow Jones. S&P Dow Jones has no obligation
to continue to publish, and may discontinue the publication of, the SPX Futures Index.
The SPX Futures Index is reported by Bloomberg under
the ticker symbol “SPXFP.”
The SPX Futures Index measures the performance of
the nearest maturing quarterly E-mini® S&P 500® futures contracts (Symbol: ES) (with respect to the
SPX Futures Index, the “Underlying Futures Contracts”) trading on the Chicago Mercantile Exchange (the “Exchange”).
E-mini® S&P 500® futures contracts are U.S. dollar-denominated futures contracts based on the S&P
500® Index. For additional information about the S&P 500® Index, see “Equity Index Descriptions
— The S&P U.S. Indices” in the accompanying underlying supplement. The SPX Futures Index is calculated real-time from
the price change of the Underlying Futures Contracts. The SPX Futures Index is an “excess return” index that is based on price
levels of the Underlying Futures Contracts as well as the discount or premium obtained by “rolling” hypothetical positions
in the Underlying Futures Contracts as they approach delivery. The SPX Futures Index does not reflect interest earned on hypothetical,
fully collateralized contract positions.
Index Rolling
As each Underlying Futures Contract approaches maturity,
it is replaced by the next maturing Underlying Futures Contract in a process referred to as “rolling.” The rolling of the
SPX Futures Index occurs quarterly over a one-day rolling period (the “roll day”) every March, June, September and December,
effective after the close of trading five business days preceding the last trading date of the maturing Underlying Futures Contract.
On any scheduled roll day, the occurrence of either
of the following circumstances will result in an adjustment of the roll day according to the procedure set forth in this section:
| · | An exchange holiday occurs on that scheduled roll day. |
| · | The daily contract price of any Underlying Futures Contract within the index on that scheduled roll day is a limit price. |
If either of the above events occur, the relevant
roll day will take place on the next designated commodity index business day whereby none of the circumstances identified take place.
If a disruption is approaching the last trading day
of a contract expiration, the Index Committee (defined below) will convene to determine the appropriate course of action, which may include
guidance from the Exchange.
The Index Committee may change the date of a given
rebalancing for reasons including market holidays occurring on or around the scheduled rebalancing date. Any such change will be announced
with proper advance notice where possible.
Index Calculations
The closing level of the SPX Futures Index on any
trading day reflects the change in the daily contract price of the Underlying Futures Contract since the immediately preceding trading
day. On each quarterly roll day, the closing level of the SPX Futures Index reflects the change from the daily contract price of the maturing
Underlying Futures Contract on the immediately preceding trading day to the daily contract price of the next maturing Underlying Futures
Contract on that roll day.
The daily contract price of an Underlying Futures
Contract will be the settlement price reported by the Exchange. If the Exchange fails to open due to unforeseen circumstances, such as
natural disasters, inclement weather, outages, or other events, the SPX Futures Index uses the prior daily contract prices. In situations
where the Exchange is forced to close early due to unforeseen events, such as computer or electric power failures, weather conditions
or other events, S&P Dow Jones calculates the closing level of the SPX Futures Index based on (1) the daily contract price published
by the Exchange, or (2) if no daily contract price is available, the Index Committee determines the course of action and notifies clients
accordingly.
Index Corrections and Recalculations
S&P Dow Jones reserves the right to recalculate
an index at its discretion in the event that settlement prices are amended or upon the occurrence of a missed index methodology event
(deviation from what is stated in the methodology document).
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Index Governance
An S&P Dow Jones index committee (the “Index
Committee”) maintains the SPX Futures Index. All committee members are full-time professional members of S&P Dow Jones’
staff. The Index Committee may revise index policy covering rules for including currencies, the timing of rebalancing or other matters.
The Index Committee considers information about changes to the SPX Futures Index and related matters to be potentially market moving and
material. Therefore, all Index Committee discussions are confidential.
The Index Committees reserve the right to make exceptions
when applying the methodology of the SPX Futures Index if the need arises. In any scenario where the treatment differs from the general
rules stated in this document or supplemental documents, notice will be provided, whenever possible.
In addition to the daily governance of the SPX Futures
Index and maintenance of its index methodology, at least once within any 12-month period, the Index Committee reviews the methodology
to ensure the SPX Futures Index continues to achieve the stated objectives, and that the data and methodology remain effective. In certain
instances, S&P Dow Jones may publish a consultation inviting comments from external parties.
License Agreement
JPMorgan Chase & Co. or its affiliate has entered
into an agreement with S&P Dow Jones that provides it and certain of its affiliates or subsidiaries, including JPMorgan Financial,
with a non-exclusive license and, for a fee, with the right to use the SPX Futures Index, which is owned and published by S&P Dow
Jones, in connection with certain securities, including the notes.
The notes are not sponsored, endorsed, sold or promoted
by S&P Dow Jones or its third-party licensors. Neither S&P Dow Jones nor its third-party licensors make any representation or
warranty, express or implied, to the owners of the notes or any member of the public regarding the advisability of investing in securities
generally or in the notes particularly or the ability of the SPX Futures Index to track general stock market performance. S&P Dow
Jones’ and its third-party licensors’ only relationship to JPMorgan Financial or JPMorgan Chase & Co. is the licensing
of certain trademarks and trade names of S&P Dow Jones and the third-party licensors and of the SPX Futures Index which is determined,
composed and calculated by S&P Dow Jones or its third-party licensors without regard to JPMorgan Financial or JPMorgan Chase &
Co. or the notes. S&P Dow Jones and its third-party licensors have no obligation to take the needs of JPMorgan Financial or JPMorgan
Chase & Co. or the owners of the notes into consideration in determining, composing or calculating the SPX Futures Index. Neither
S&P Dow Jones nor its third-party licensors are responsible for and has not participated in the determination of the prices and amount
of the notes or the timing of the issuance or sale of the notes or in the determination or calculation of the equation by which the notes
are to be converted into cash. S&P Dow Jones has no obligation or liability in connection with the administration, marketing or trading
of the notes.
NEITHER S&P DOW
JONES, ITS AFFILIATES NOR THEIR THIRD-PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE SPX
FUTURES INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO,
ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES, ITS AFFILIATES AND THEIR
THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S&P DOW JONES
MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR USE WITH RESPECT TO THE MARKS, THE SPX FUTURES INDEX OR
ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES, ITS AFFILIATES OR THEIR
THIRD-PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO,
LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN
CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.
“S&P®” and “S&P
500®” are trademarks of S&P Global, Inc. or its affiliates and have been licensed for use by JPMorgan Chase &
Co. and its affiliates, including JPMorgan Financial.
Background on Futures Contracts
Overview of Futures Markets
Futures contracts are contracts that legally obligate
the holder to buy or sell an asset at a predetermined delivery price during a specified future time period. Futures contracts are traded
on regulated futures exchanges, in the over-the-counter market and on various types of physical and electronic trading facilities and
markets. An exchange-traded futures contract provides for the purchase and sale of a specified type and quantity of an underlying asset
or financial instrument during a stated delivery month for a fixed price. A futures contract provides for a specified settlement month
in which the cash settlement is made or in which the underlying asset or
PS-16
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
financial instrument is to be delivered by the seller
(whose position is therefore described as “short”) and acquired by the purchaser (whose position is therefore described as
“long”).
No purchase price is paid or received on the purchase
or sale of a futures contract. Instead, an amount of cash or cash equivalents must be deposited with the broker as “initial margin.”
This amount varies based on the requirements imposed by the exchange clearing houses, but it may be lower than 5% of the notional value
of the contract. This margin deposit provides collateral for the obligations of the parties to the futures contract
By depositing margin, which may vary in form depending
on the exchange, with the clearing house or broker involved, a market participant may be able to earn interest on its margin funds, thereby
increasing the total return that it may realize from an investment in futures contracts.
In the United States, futures contracts are traded
on designated contract markets. At any time prior to the expiration of a futures contract, a trader may elect to close out its position
by taking an opposite position on the exchange on which the trader obtained the position, subject to the availability of a liquid secondary
market. This operates to terminate the position and fix the trader’s profit or loss. Futures contracts are cleared through the facilities
of a centralized clearing house and a brokerage firm, referred to as a “futures commission merchant,” which is a member of
the clearing house.
Unlike common equity securities, futures contracts,
by their terms, have stated expirations. At a specific point in time prior to expiration, trading in a futures contract for the current
delivery month will cease. As a result, a market participant wishing to maintain its exposure to a futures contract on a particular asset
or financial instrument with the nearest expiration must close out its position in the expiring contract and establish a new position
in the contract for the next delivery month, a process referred to as “rolling.” For example, a market participant with a
long position in a futures contract expiring in November who wishes to maintain a position in the nearest delivery month will, as the
November contract nears expiration, sell the November contract, which serves to close out the existing long position, and buy a futures
contract expiring in December. This will “roll” the November position into a December position, and, when the November contract
expires, the market participant will still have a long position in the nearest delivery month.
Futures exchanges and clearing houses in the United
States are subject to regulation by the Commodity Futures Trading Commission (the “CFTC”). Exchanges may adopt rules and take
other actions that affect trading, including imposing speculative position limits, maximum price fluctuations and trading halts and suspensions
and requiring liquidation of contracts in certain circumstances. Futures markets outside the United States are generally subject to regulation
by foreign regulatory authorities comparable to the CFTC. The structure and nature of trading on non-U.S. exchanges, however, may differ
from the above description.
Underlying Futures Contracts
E-mini® S&P 500®
futures contracts are U.S. dollar-denominated futures contracts, based on the S&P 500® Index, traded on the Exchange,
representing a contract unit of $50 multiplied by the S&P 500® Index, measured in cents per index point.
E-mini® S&P 500®
futures contracts listed for the nearest nine quarters, for each March, June, September and December, and the nearest three Decembers
are available for trading. Trading of the E-mini® S&P 500® futures contracts will terminate at 9:30
A.M. Eastern time on the third Friday of the contract month.
The daily settlement prices of the E-mini®
S&P 500® futures contracts are based on trading activity in the relevant contract (and in the case of a lead month
also being the expiry month, together with trading activity on lead month-second month spread contracts) on the Exchange during a specified
settlement period. The final settlement price of E-mini® S&P 500® futures contracts is based on the
opening prices of the component stocks in the S&P 500® Index, determined on the third Friday of the contract month.
PS-17
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
Annex
B
The Nasdaq-100 Futures Excess ReturnTM
Index
All information contained in this pricing supplement
regarding the Nasdaq-100 Futures Excess ReturnTM Index (the “NDX Futures Index”), including, without limitation,
its make-up, method of calculation and changes in its components, has been derived from publicly available information, without independent
verification. This information reflects the policies of, and is subject to change by, Nasdaq, Inc. (“Nasdaq”). The NDX Futures
Index is calculated, maintained and published by Nasdaq. Nasdaq has no obligation to continue to publish, and may discontinue the publication
of, the NDX Futures Index.
The NDX Futures Index is reported by Bloomberg L.P.
under the ticker symbol “NDXNQER.”
The Base Value of the NDX Futures Index was set equal
to 100.00 on September 30, 1999, the “Index Base Date.” The NDX Futures Index has been calculated on a live basis since April
1, 2024, the “Index Live Date.”
The NDX Futures Index measures the performance of
the nearest maturing quarterly E-mini® Nasdaq-100® futures contracts (Symbol: NQ) (with respect to the NDX
Futures Index, the “Underlying Futures Contracts”) trading on the Chicago Mercantile Exchange (the “Exchange”).
The Underlying Futures Contracts are U.S. dollar-denominated futures contracts based on the Nasdaq-100 Index®. For additional
information about the Nasdaq-100 Index®, see “Equity Index Descriptions — The Nasdaq-100 Index®”
in the accompanying underlying supplement. The NDX Futures Index is calculated real-time from the price change of the Underlying Futures
Contracts. The NDX Futures Index is an “excess return” index that is based on price levels of the Underlying Futures Contracts
as well as the discount or premium obtained by “rolling” hypothetical positions in the Underlying Futures Contracts as they
approach delivery. The NDX Futures Index does not reflect interest earned on hypothetical, fully collateralized contract positions.
Index Rolling
As each Underlying Futures Contract approaches maturity,
it is replaced by the next maturing Underlying Futures Contract in a process referred to as “rolling.” The rolling of the
NDX Futures Index occurs quarterly over a three-day rolling period (the “roll period”) every March, June, September and December,
effective after the close of trading on the fifth, fourth and third business days (each, a “roll day”) preceding the last
trading date of the maturing Underlying Futures Contract. The number of units over the roll period will change equally each day as illustrated
below, provided that there is no Index Market Disruption Event (as described under “— Index Market Disruption Events”
below) on a roll day (a “Roll Day Disruption”).
Roll Period Day |
Proportion of Current Contract |
Proportion of Next Contract |
Day 1 |
2/3 |
1/3 |
Day 2 |
1/3 |
2/3 |
Day 3 |
0 |
1 |
On any scheduled roll day during the roll period,
the occurrence of any Index Market Disruption Event below will result in a Roll Day Disruption and an adjustment to the roll period such
that no changes to the units of the current or next contract will occur until such time as the Roll Day Disruption is no longer occurring.
After the Roll Day Disruption ends, on the next day during the Roll Period, the unit proportions between the current contract and the
next contract will “catch up” to where they would have been in the absence of a disruption, as illustrated below.
Roll Period Day |
Proportion of Current Contract |
Proportion of Next Contract |
Day 1* |
1 |
0 |
Day 2** |
1/3 |
2/3 |
Day 3 |
0 |
1 |
PS-18
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
*Disruption occurs on Day 1 of the Roll Period; no
changes are made to the proportion of the units of the current contract and the next contract.
**Day 2’s proportions are identical to where
they would have been in the absence of a disruption on Day 1 of the Roll Period.
Index Market Disruption Events
Each of the below described events is an “Index
Market Disruption Event” for the purposes of this description.
| · | Trading Disruption: Any unscheduled closure of the Exchange; a material suspension, limitation or disruption of trading on
the Exchange; a failure of the Exchange to publish the relevant price, level, value or other information; a halt in trading, such as a
circuit breaker or other exchange-imposed halt; or any other event that materially affects the ability of market participants to trade,
effect transactions in, maintain or unwind positions in that futures contract. |
| · | Exchange Disruption: Any exchange related event that disrupts or impairs the ability of market participants to effect transactions
or obtain market values or price discovery of a component used directly or indirectly in the NDX Futures Index. |
| · | Price Failure: Any event that impairs or prevents the ability of Nasdaq to obtain a relevant price, level, rate, value or any
other information from an exchange or other source necessary, on a timely basis and in a manner acceptable to Nasdaq, in order to perform
the calculation of the NDX Futures Index. |
| · | Inaccurate Data: The price or value of a component that has been calculated by reference to data that, in the determination
of the Nasdaq, is inaccurate, incomplete and/or does not adequately reflect the true market price or value of such component. |
| · | Force Majeure: Any event or circumstance (including, without limitation, a systems failure, natural or man-made disaster, act
of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance, or restrictions due to emergency
powers enforced by federal, state or local government agencies), that is beyond the reasonable control of Nasdaq and that Nasdaq determines,
in its sole discretion, affects the NDX Futures Index, a component of the NDX Futures Index, any input data required to calculate the
Index, or that prevents the ability of Nasdaq to calculate the NDX Futures Index. |
| · | General Moratorium: Nasdaq observes on any day that there has been a declaration of a general moratorium in respect of banking
activities in any relevant jurisdiction. |
Index Calculations
The closing level of the NDX Futures Index on any
trading day reflects the change in the daily contract price of the Underlying Futures Contract since the immediately preceding Index Calculation
Day (defined as each weekday that is not a scheduled holiday according to Nasdaq’s publicly available index holiday schedule). Additionally,
on each roll day during the quarterly roll period, the closing level of the NDX Futures Index reflects the proportional change from the
daily contract price of the maturing Underlying Futures Contract on the immediately preceding trading day to the daily contract price
of the next maturing Underlying Futures Contract on that roll day.
The daily contract price of an Underlying Futures
Contract will be the settlement price reported by the Exchange. If an Index Market Disruption Event occurs (as defined under “—
Index Rolling — Index Market Disruption Events” above) or is occurring on an Index Calculation Day that Nasdaq determines
materially affects the NDX Futures Index, Nasdaq may:
| · | Delay the calculation of the Index and halt the dissemination of the value of the NDX Futures Index and /or other information relating
to the NDX Futures Index until such time, which may be a subsequent Index Calculation Day, that Nasdaq determines that such Index Market
Disruption Event is no longer occurring. |
| · | Determine a good faith estimate of any affected or missing input data required to calculate the NDX Futures Index or the value of
the NDX Futures Index for such Index Calculation Day or time for such Index Calculation Day. |
Index Corrections and Recalculations
Nasdaq reserves the right to recalculate an index
at its discretion in the event that settlement prices are amended or upon the occurrence of a missed index methodology event (deviation
from what is stated in the methodology document).
License Agreement
The notes are not sponsored, endorsed, sold or promoted
by Nasdaq or its affiliates (Nasdaq, with its affiliates, are referred to as the “Corporations”). The Corporations have not
passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the notes. The Corporations
make no representation or warranty, express or implied to the owners of the notes
PS-19
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
or any member of the public regarding the advisability
of investing in securities generally or in the notes particularly, or the ability of the NDX Futures Index to track general stock market
performance. The Corporations’ only relationship to J.P. Morgan Financial and J.P. Morgan Chase & Co. (the “Licensee”)
is in the licensing of the Nasdaq®, the Nasdaq-100 Index® and certain trade names of the Corporations and
the use of the NDX Futures Index, which is determined, composed and calculated by Nasdaq without regard to the Licensee or the notes.
Nasdaq has no obligation to take the needs of the Licensee or the owners of the notes into consideration in determining, composing or
calculating the NDX Futures Index. The Corporations are not responsible for and have not participated in the determination of the timing
of, prices at, or quantities of the notes to be issued or in the determination or calculation of the equation by which the notes are to
be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the notes.
The Corporations
do not guarantee the accuracy and/or uninterrupted calculation of the ndx futures index or any data included therein. The Corporations
make no warranty, express or implied, as to results to be obtained by the Licensee, owners of the NOTES, or any other person or entity
from the use of the ndx futures index or any data included therein. The Corporations make no express or implied warranties, and expressly
disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the ndx futures index or any data
included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or
special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages.
Background on Futures Contracts
Overview of Futures Markets
Futures contracts are contracts that legally obligate
the holder to buy or sell an asset at a predetermined delivery price during a specified future time period. Futures contracts are traded
on regulated futures exchanges, in the over-the-counter market and on various types of physical and electronic trading facilities and
markets. An exchange-traded futures contract provides for the purchase and sale of a specified type and quantity of an underlying asset
or financial instrument during a stated delivery month for a fixed price. A futures contract provides for a specified settlement month
in which the cash settlement is made or in which the underlying asset or financial instrument is to be delivered by the seller (whose
position is therefore described as “short”) and acquired by the purchaser (whose position is therefore described as “long”).
No purchase price is paid or received on the purchase
or sale of a futures contract. Instead, an amount of cash or cash equivalents must be deposited with the broker as “initial margin.”
This amount varies based on the requirements imposed by the exchange clearing houses, but it may be lower than 5% of the notional value
of the contract. This margin deposit provides collateral for the obligations of the parties to the futures contract.
By depositing margin, which may vary in form depending
on the exchange, with the clearing house or broker involved, a market participant may be able to earn interest on its margin funds, thereby
increasing the total return that it may realize from an investment in futures contracts.
In the United States, futures contracts are traded
on designated contract markets. At any time prior to the expiration of a futures contract, a trader may elect to close out its position
by taking an opposite position on the exchange on which the trader obtained the position, subject to the availability of a liquid secondary
market. This operates to terminate the position and fix the trader’s profit or loss. Futures contracts are cleared through the facilities
of a centralized clearing house and a brokerage firm, referred to as a “futures commission merchant,” which is a member of
the clearing house.
Unlike common equity securities, futures contracts,
by their terms, have stated expirations. At a specific point in time prior to expiration, trading in a futures contract for the current
delivery month will cease. As a result, a market participant wishing to maintain its exposure to a futures contract on a particular asset
or financial instrument with the nearest expiration must close out its position in the expiring contract and establish a new position
in the contract for the next delivery month, a process referred to as “rolling.” For example, a market participant with a
long position in a futures contract expiring in November who wishes to maintain a position in the nearest delivery month will, as the
November contract nears expiration, sell the November contract, which serves to close out the existing long position, and buy a futures
contract expiring in December. This will “roll” the November position into a December position, and, when the November contract
expires, the market participant will still have a long position in the nearest delivery month.
Futures exchanges and clearing houses in the United
States are subject to regulation by the Commodity Futures Trading Commission (the “CFTC”). Exchanges may adopt rules and take
other actions that affect trading, including imposing speculative position limits,
PS-20
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
maximum price fluctuations and trading halts and suspensions
and requiring liquidation of contracts in certain circumstances. Futures markets outside the United States are generally subject to regulation
by foreign regulatory authorities comparable to the CFTC. The structure and nature of trading on non-U.S. exchanges, however, may differ
from the above description.
Underlying Futures Contracts
E-mini® Nasdaq-100®
futures contracts are U.S. dollar-denominated futures contracts, based on the Nasdaq-100 Index®, traded on the Exchange,
representing a contract unit of $20.00 multiplied by the index level of the Nasdaq-100 Index®, measured in cents
per index point. From April 10, 1996, the E-mini® Nasdaq-100® futures contracts have traded on
the Exchange.
E-mini® Nasdaq-100® futures
contracts listed for six consecutive quarters for each March, June, September and December and four additional December contract months
are available for trading. Trading of the E-mini® Nasdaq-100® futures contracts will terminate
at 9:30 A.M. Eastern time on the third Friday of the contract month.
The daily settlement prices of the E-mini® Nasdaq-100® futures
contracts are based on trading activity in the relevant contract (and in the case of a lead month also being the expiry month, together
with trading activity on lead month-second month spread contracts) on the Exchange during a specified settlement period. The final settlement
price of E-mini® Nasdaq-100® futures contracts is determined through the “end of month fair
value procedure,” which fixes a price based on trading activity on the Exchange in the E-mini® Nasdaq-100® futures
contracts between 2:59:30 P.M. and 3:00:00 P.M. Central time on the last business day of each month.
PS-21
| Structured Investments
Auto Callable Accelerated Barrier Notes Linked to the Lesser
Performing of the Nasdaq-100 Futures Excess ReturnTM Index and the S&P 500® Futures Excess Return Index |
|
S-3
424B2
EX-FILING FEES
333-270004
0000019617
JPMORGAN CHASE & CO
0000019617
2024-08-12
2024-08-12
iso4217:USD
xbrli:pure
xbrli:shares
Calculation of Filing Fee Tables
|
S-3
|
JPMORGAN CHASE & CO
|
The maximum aggregate offering price of the securities to which the prospectus relates is $757,000. The prospectus is a final prospectus for the related offering.
|
|
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