June 28, 2024 |
Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2) |
JPMorgan Chase Financial Company LLC
Structured Investments
$417,000
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index
due July 1, 2027
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 the J.P. Morgan Multi-Asset Index, which we refer to as the Index, is at or above the Call Value for
that Review Date. |
| · | The earliest date on which an automatic call may be initiated is July 7, 2025. |
| · | The notes are also designed for investors who seek uncapped, unleveraged exposure to any appreciation of the Index at maturity if
the notes have not been automatically called. |
| · | Investors should be willing to forgo interest payments, while seeking full repayment of principal 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 June 28, 2024 and are expected to settle on or about July 3, 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-12 of the accompanying product supplement, “Risk Factors” beginning on page US-4 of the accompanying
underlying supplement and “Selected Risk Considerations” beginning on page PS-8 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 |
$7.50 |
$992.50 |
Total |
$417,000 |
$3,127.50 |
$413,872.50 |
(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 $7.50 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
$963.60 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this pricing supplement for additional
information.
The notes are not bank deposits, are not insured by the Federal Deposit Insurance
Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
Pricing supplement to product supplement no. 3-I dated April 13,
2023, underlying supplement no. 23-I dated August 28, 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.
Index: The J.P. Morgan Multi-Asset Index
(Bloomberg ticker: MAX). The level of the Index reflects a 1.00% per annum daily deduction.
Participation Rate: 100.00%
Call Premium Amount: The Call Premium
Amount with respect to each Review Date is set forth below:
| · | first Review Date: |
12.00% × $1,000 |
| · | second Review Date: |
24.00% × $1,000 |
Call
Value: The Call Value for each Review Date is set forth
below:
· | first Review Date: |
100.50% of the Initial Value |
· | second Review Date: |
101.00% of the Initial Value |
Pricing Date: June
28, 2024
Original
Issue Date (Settlement Date): On or about July 3, 2024
Review Dates*: July
7, 2025, June 29, 2026 and June 28, 2027 (final Review Date)
Call Settlement Dates*:
July 10, 2025 and July 2, 2026
Maturity Date*:
July 1, 2027
* Subject to postponement in the event of a market disruption event and
as described under “Supplemental Terms of the Notes — Postponement of a Determination Date — Notes linked solely to
the Index” in the accompanying underlying supplement and “General Terms of Notes — Postponement of a Payment Date”
in the accompanying product supplement
Automatic Call†:
If the closing level of the Index on any Review
Date (other than the final Review Date) is greater than or equal to the Call Value for that Review Date, 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 feature that provides you with a positive return at maturity equal to the Index Return times the Participation
Rate if the Final Value is greater than the Initial Value. Because this feature 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 Index.
Payment at Maturity:
If the notes have not been automatically called, at maturity, you will receive a
cash payment, for each $1,000 principal amount note, of $1,000 plus the Additional Amount, which may be zero.
If the notes have not been automatically called, you are entitled to repayment
of principal in full at maturity, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.
Additional Amount†:
If the notes have not been automatically called, the Additional Amount payable at maturity per $1,000 principal amount note will equal:
$1,000 × Index Return × Participation Rate,
provided that the Additional Amount will not be less than zero.
Index Return:
(Final Value – Initial Value)
Initial Value
Initial
Value: The closing level of the Index on the Pricing Date, which was 293.71
Final
Value: The closing level of the Index on the final Review Date
† Subject to the impact of a commodity
hedging disruption event as described under “Supplemental Terms of the Notes” in this pricing supplement. In the event
of a commodity hedging disruption event, we have the right, but not the obligation, to determine whether the notes will be automatically
called and to adjust your payment upon automatic call or at maturity based on determinations made by the calculation agent. Under
these circumstances, whether the notes are automatically called and the payment upon an automatic call or at maturity will be determined
prior to, and without regard to, the closing level of the Index on the relevant Review Date.
PS-1
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset 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.
Notwithstanding anything to the contrary in the accompanying product supplement,
if a commodity hedging disruption event (as defined in the accompanying product supplement) occurs, we will have the right, but not the
obligation, to determine whether the notes will be automatically called and to adjust your payment upon automatic call or at maturity
based on determinations made by the calculation agent as described below.
If a commodity hedging disruption event occurs and we choose to exercise this right:
(1) the calculation agent will determine the estimated value of the notes (the “CHDE
estimated value”) as of the date on which the calculation agent determines that a commodity hedging disruption event has occurred
(a “commodity hedging disruption date”). The CHDE estimated value will be determined using the same methodology as is
used to calculate the estimated value of the notes as described under “The Estimated Value of the Notes” in this pricing supplement
(the “estimated value”), except that the CHDE estimated value will be determined on the commodity hedging disruption date,
provided that, if the CHDE estimated value cannot be calculated using the same methodology as the estimated value due to the occurrence
of the commodity hedging disruption event, the calculation agent will, in good faith and in a commercially reasonable manner, make such
adjustments to that methodology as are necessary to determine the CHDE estimated value on the commodity hedging disruption date. See “The
Estimated Value of the Notes” in this pricing supplement for additional information about the estimated value; and
(2) (a) if the CHDE estimated value is greater than or equal to $1,000 and the commodity
hedging disruption date occurs on or before the penultimate Review Date, the notes will be automatically called. Under these circumstances,
the payment upon an automatic call, for each $1,000 principal amount note, will be equal to the CHDE estimated value, instead of
the applicable amount set forth under “Key Terms — Automatic Call” above, and will be payable on the Call Settlement
Date applicable to the Review Date occurring on or immediately following the commodity hedging disruption date; or
(b) if the CHDE estimated value is less than $1,000 or the commodity
hedging disruption date occurs after the penultimate Review Date, we will pay you at maturity, instead of the amount set forth under “Key
Terms — Payment at Maturity” above, an amount equal to (i) $1000 plus (ii) the option value.
The “option value” will be determined by the calculation agent in good
faith and in a commercially reasonable manner and will be a fixed amount representing the price of the embedded option representing the
Additional Amount payable on the notes at maturity, as of the commodity hedging disruption date, and the price of the embedded option
representing each of the remaining potential automatic calls pursuant to the automatic call feature of the notes from but excluding the
commodity hedging disruption date through and including the penultimate Review Date, as of the commodity hedging disruption date, provided
that the option value may not be less than zero.
If a commodity hedging disruption event occurs and we choose to exercise this right,
we will provide, or cause the calculation agent to provide, written notice of our election to exercise this right to the trustee at its
New York office and to the holders of the notes. We, or the calculation agent, will deliver this notice as promptly as possible
and in no event later than the fifth business day immediately following the commodity hedging disruption date. Additionally, we
will specify in the notice the CHDE estimated value and, if applicable, the option value as determined on the commodity hedging disruption
date.
Any values of the Index, 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 Notes Linked to the J.P. Morgan Multi-Asset Index |
|
The J.P. Morgan Multi-Asset Index
The J.P. Morgan Multi-Asset Index (the “Index”) was developed
and is maintained and calculated by JPMS, one of our affiliates. The Index is reported by Bloomberg L.P. under the ticker symbol “MAX
Index.”
The Index seeks to provide a dynamic and diversified asset allocation
based on a momentum investment strategy. The Index tracks the return of (a) a dynamic notional portfolio consisting of up to 10 excess
return futures-based indices (each a “Constituent,” and collectively the “Constituents”), converted into U.S.
dollars (in the case of Constituents not denominated in U.S. dollars), less (b) a 1.00% per annum daily deduction. The Constituents represent
a broad range of asset classes (equities, fixed income and commodities) and developed markets (the United States, Germany and Japan).
The Index selects and rebalances into a new notional portfolio composed
of the Constituents at least once each month using a methodology that is designed to:
| · | maintain a diversified allocation at all times; |
| · | allocate dynamically based on the market cycle; and |
| · | select allocations that attempt to deliver a stable volatility over time. |
Maintaining a diversified allocation. A diversified portfolio’s
return is the weighted average of its constituents’ returns, but its volatility is less than the weighted average of its constituents’
volatilities, because different assets don’t always move in the same direction — in this sense, a diversified portfolio can
be said to deliver average returns with below-average volatility. In order to ensure diversification, the Index constitutes its selected
portfolio from a universe of 10 Constituents, and imposes caps and floors on the Constituent weights at the individual and asset class
levels. Each Constituent’s assigned weight must also be an increment of 5%, and the assigned weights must sum to 100%. The following
table sets forth the current Constituents, the ticker for each Constituent, the minimum and maximum assigned weight for each Constituent
and the minimum and maximum aggregate assigned weight for each asset class. For additional information about the Constituents, see “Background
on the J.P. Morgan Futures Indices” in the accompanying underlying supplement.
|
Constituent |
Ticker |
Individual
Assigned
Weight
Constraints |
Aggregate
Assigned
Weight
Constraints |
1 |
J.P. Morgan US Large Cap Equities Futures Index |
JPUSLGEQ |
Minimum:
-10%
Maximum:
40% |
Minimum:
10%
Maximum:
60% |
2 |
J.P. Morgan US Small Cap Equities Futures Index |
JPUSSMEQ |
3 |
J.P. Morgan German Equities Futures Index |
JPDEEQ |
4 |
J.P. Morgan Japanese Equities Futures Index |
JPJPEQ |
5 |
J.P. Morgan 5Y U.S. Treasury Futures Index |
JPUS5YT |
Minimum:
-10%
Maximum:
40% |
Minimum:
10%
Maximum:
80% |
6 |
J.P. Morgan 10Y U.S. Treasury Futures Index |
JPUS10YT |
7 |
J.P. Morgan German Government Bond Futures Index |
JPDEBUND |
8 |
J.P. Morgan Japanese Government Bond Futures Index |
JPJP10YB |
9 |
J.P. Morgan Brent Crude Oil Futures Index |
JPBRENT |
Minimum:
-20%
Maximum:
20% |
Minimum:
-30%
Maximum:
30% |
10 |
J.P. Morgan Gold Futures Index |
JPMGOLD
|
Allocating dynamically based on the market cycle. Historical
data and statistical analysis support the premise that assets tend to move in multi-year cycles. Depending on the asset class, these cycles
can range from five to 30 years. The presence of these trends is one possible explanation for the academic research showing that, historically,
asset classes exhibiting strong recent returns have been more likely to continue to exhibit positive returns. The Index attempts to take
advantage of this dynamic by identifying a selected portfolio that reflects the strongest recent returns in local-currency terms from
among the possible portfolios that meet the weight constraints set forth above and the volatility threshold described below.
PS-3
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
Targeting stable volatility. One measure of risk used by many
investors is volatility, which reflects the degree of variation in the value of an asset or portfolio over a period of time. Unlike asset-allocation
approaches that aim to maintain stable proportions of different assets throughout the market cycle, the Index attempts to maintain a stable
level of volatility over time. As compared to an approach that maintains consistent weights through the market cycle, the Index is designed
to take on more volatility risk in calm markets and deliver lower volatility in choppy ones.
Identifying a selected portfolio. At least once each month,
the Index identifies every notional portfolio that meets the individual Constituent and asset class weight constraints set forth above
with weights in increments of 5% and a total weight of 100% and that has a recent historical volatility at or below a volatility threshold
of 4%. The Index then selects and rebalances into the notional portfolio from that set with the strongest recent performance in local-currency
terms. If no such notional portfolio exists, then the volatility threshold is increased by 1% (e.g., from 4% to 5%), and the procedure
described in this paragraph is repeated, including the increase to the volatility threshold, until a notional portfolio has been selected.
Calculating the level of the Index. On any given day, the
closing level of the Index (the “Index Level”) reflects (a) the weighted U.S. dollar performance of the Constituents tracked
by the Index on that day less (b) the 1.00% per annum daily deduction. The Index Level was set equal to 100.00 on February 22, 1994, the
base date of the Index. The Index Calculation Agent (as defined below) began calculating the Index on a live basis on November 18, 2022.
The Index is an “excess return” index because it provides
notional exposure to the Constituents that in turn provide exposure to futures contract returns that reflect changes in the price of those
futures contracts, as well as their “roll” returns. The Index is not a “total return” index because the Constituents
do not reflect interest that could be earned on funds notionally committed to the trading of futures contracts.
JPMS is currently the sponsor of the Index (the “Index Sponsor”)
and the calculation agent of the Index (the “Index Calculation Agent”).
See “The J.P. Morgan Multi-Asset Index” in the accompanying
underlying supplement for additional information about the Index.
No assurance can be given that the investment strategy used to
construct the Index will be successful or that the Index will outperform any alternative portfolio or strategy that might be constructed
from the Constituents. There is no guarantee that past performance trends referenced in identifying a selected portfolio will continue
during the subsequent period when the Index provides exposure to that selected portfolio. In addition, no assurance can be given that
the actual realized volatility of the Index will approximate 4%. The actual realized volatility of the Index will depend on the performance
of the Constituents included in the selected portfolio(s) from time to time, and, at any time or for extended periods, may be greater
than 4%, perhaps significantly, or less than 4%. Furthermore, the volatility threshold is subject to upward adjustment and, thus, the
realized volatility threshold used to determine any selected portfolio may be greater than 4%, perhaps significantly.
The Index is described as a “notional” or “synthetic”
portfolio of assets because there is no actual portfolio of assets to which any person is entitled or in which any person has any ownership
interest. The Index merely references certain assets, the performance of which will be used as a reference point for calculating the Index
Level.
PS-4
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
How the Notes Work
Payment upon an Automatic Call
Payment at Maturity If the Notes Have Not Been Automatically Called
PS-5
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset 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 |
$120.00 |
Second |
$240.00 |
PS-6
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
Payment at Maturity If the
Notes Have Not Been Automatically Called
The following table illustrates the hypothetical payment at maturity
on the notes linked to a hypothetical Index if the notes have not been automatically called. The hypothetical payments set forth below
assume the following:
| · | the notes have not been automatically called; |
| · | an Initial Value of 100.00; and |
| · | a Participation Rate of 100.00%. |
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 “Hypothetical Back-Tested Data and Historical
Information” 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 |
Index Return |
Additional Amount |
Payment at Maturity |
165.00 |
65.00% |
$650.00 |
$1,650.00 |
150.00 |
50.00% |
$500.00 |
$1,500.00 |
140.00 |
40.00% |
$400.00 |
$1,400.00 |
130.00 |
30.00% |
$300.00 |
$1,300.00 |
120.00 |
20.00% |
$200.00 |
$1,200.00 |
110.00 |
10.00% |
$100.00 |
$1,100.00 |
105.00 |
5.00% |
$50.00 |
$1,050.00 |
101.00 |
1.00% |
$10.00 |
$1,010.00 |
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 |
60.00 |
-40.00% |
$0.00 |
$1,000.00 |
50.00 |
-50.00% |
$0.00 |
$1,000.00 |
40.00 |
-60.00% |
$0.00 |
$1,000.00 |
30.00 |
-70.00% |
$0.00 |
$1,000.00 |
20.00 |
-80.00% |
$0.00 |
$1,000.00 |
10.00 |
-90.00% |
$0.00 |
$1,000.00 |
0.00 |
-100.00% |
$0.00 |
$1,000.00 |
PS-7
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
Note Payout Scenarios
Upside Scenario If Automatic Call:
If the closing level of the Index on any Review Date (other than
the final Review Date) is greater than or equal to the Call Value for that Review Date, 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 Index increases 10.00% as of the first Review Date, the notes will
be automatically called and investors will receive a return equal to 12.00%, or $1,120.00 per $1,000 principal amount note. |
| · | If the notes have not been previously automatically called and the closing level of the Index
increases 65.00% as of the second Review Date, the notes will be automatically called and investors will receive a return equal to 24.00%,
or $1,240.00 per $1,000 principal amount note. |
If No Automatic Call:
If the notes have not been automatically called, investors will
receive at maturity the $1,000 principal amount plus the Additional Amount, which is equal to $1,000 times the Index Return
times the Participation Rate of 100.00%.
Upside Scenario:
If the notes have not been automatically called and the Final Value
is greater than the Initial Value, the Additional Amount will be greater than zero and investors will receive at maturity more than the
principal amount of their notes.
| · | If the notes have not been automatically called and the closing level of the Index increases 10.00%, investors will receive at maturity
a return equal to 10.00%, or $1,100.00 per $1,000 principal amount note. |
Par Scenario:
If the notes have not been automatically called and the Final Value
is equal to the Initial Value or is less than the Initial Value, the Additional Amount will be zero and investors will receive at maturity
the principal amount of their notes.
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, product supplement
and underlying supplement and in Annex A to the accompanying prospectus addendum.
Risks Relating to the Notes Generally
| · | IF THE NOTES HAVE NOT BEEN AUTOMATICALLY CALLED, THE NOTES MAY NOT PAY MORE THAN THE PRINCIPAL AMOUNT AT MATURITY — |
If the notes have not been automatically called and the
Final Value is less than or equal to the Initial Value, you will receive only the principal amount of your notes at maturity, and you
will not be compensated for any loss in value due to inflation and other factors relating to the value of money over time.
| · | THE INDEX IS SUBJECT TO A 1.00% PER ANNUM DAILY DEDUCTION — |
This per annum deduction will be deducted daily. As a result of the per
annum deduction, the level of the Index will trail the value of a hypothetical identically constituted notional portfolio from which no
such deduction is made.
| · | 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.
| · | WE WILL HAVE THE RIGHT TO ADJUST THE TIMING AND AMOUNT OF ANY PAYMENT ON THE NOTES IF A COMMODITY HEDGING DISRUPTION EVENT OCCURS
— |
If we or our affiliates are unable to effect transactions
necessary to hedge our obligations under the notes due to a commodity hedging disruption event, we may, in our sole and absolute discretion,
determine whether the notes will be automatically called and
PS-8
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
to adjust your payment upon automatic call or at maturity based on determinations
made by the calculation agent. Under these circumstances, whether the notes are automatically called and the payment upon an automatic
call or at maturity will be determined in a manner different from that described under “Key Terms — Automatic Call”
or “Key Terms — Payment at Maturity,” as applicable, and will be determined prior to, and without regard to, the closing
level of the Index on the relevant Review Date. In addition, under these circumstances, the amount due and payable on your notes
will not reflect any appreciation of the Index after this early determination and may be significantly less than the amount you would
have been entitled to receive had we not exercised this right. See “Supplemental Terms of the Notes” in this pricing
supplement for more information.
| · | 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.
| · | THE CALL VALUE FOR EACH REVIEW DATE IS GREATER THAN THE INITIAL VALUE AND INCREASES PROGRESSIVELY OVER THE TERM OF THE NOTES — |
The notes will be automatically called, and you will receive
a Call Premium Amount, only if the closing level of the Index increases from the Initial Value such that it is greater than or equal to
the Call Value for a Review Date. Even if the closing level of the Index increases over the term of the notes, it may not increase sufficiently
for the notes to be automatically called (including because, due to the step-up Call Value feature, the Call Values increase progressively
over the term of the notes).
| · | 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 the Index, which may be
significant. In addition, if the notes are automatically called, you will not benefit from the feature that provides you with a
positive return at maturity equal to the Index Return times the Participation Rate if the Final Value is greater than the Initial
Value. Because this feature 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 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 one year. 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 RECEIVE DIVIDENDS OR OTHER DISTRIBUTIONS ON THE SECURITIES OR LOANS UNDERLYING THE CONSTITUENTS OR HAVE ANY RIGHTS
WITH RESPECT TO THE SECURITIES, COMMODITIES, COMMODITY FUTURES CONTRACTS, LOANS OR OTHER ASSETS UNDERLYING THE CONSTITUENTS. |
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.
PS-9
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
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 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. See also “— Risks Relating
to the Index — Our Affiliate, JPMS, Is the Index Sponsor and Index Calculation Agent and May Adjust the Index in a Way that Affects
Its Level” below.
In addition, one of our affiliates, JPMS, is one of the
primary dealers through which the U.S. Federal Reserve conducts open-market purchases and sales of U.S. Treasury and federal agency securities,
including U.S. Treasury notes. These activities may affect the prices and yields on the U.S. Treasury notes, which may in turn affect
the levels of two of the Bond Constituents and the level of the Index. JPMS has no obligation to take into consideration your interests
as a holder of the notes when undertaking these activities.
| · | JPMS AND ITS AFFILIATES MAY HAVE PUBLISHED RESEARCH, EXPRESSED OPINIONS OR PROVIDED RECOMMENDATIONS THAT ARE INCONSISTENT WITH
INVESTING IN OR HOLDING THE NOTES, AND MAY DO SO IN THE FUTURE — |
Any research, opinions
or recommendations could affect the market value of the notes. Investors should undertake their own independent investigation of
the merits of investing in the notes, the Constituents and the securities, commodities, commodity futures contracts, loans and other assets
underlying the Constituents included in the Index.
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).
PS-10
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
| · | 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 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.
Risks Relating to the Index
| · | JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE S&P
500® INDEX, THE REFERENCE INDEX UNDERLYING THE FUTURES CONTRACTS INCLUDED IN ONE OF THE EQUITY CONSTITUENTS, |
but JPMorgan Chase & Co.
will not have any obligation to consider your interests in taking any corporate action that might affect the securities included in the
reference index underlying the futures contracts included in that Equity Constituent.
| · | OUR AFFILIATE, JPMS, IS THE INDEX SPONSOR AND INDEX CALCULATION AGENT AND MAY ADJUST THE INDEX IN A WAY THAT AFFECTS ITS LEVEL
— |
JPMS, one of our affiliates, currently acts as the Index
Sponsor and the Index Calculation Agent and is responsible for calculating and maintaining the Index and developing the guidelines and
policies governing their composition and calculation. In performing these duties, JPMS may have interests adverse to the interests of
the holders of the notes, which may affect your return on the notes, particularly where JPMS, as the Index Sponsor and the Index Calculation
Agent, is entitled to exercise discretion. The rules governing the Index may be amended at any time by the Index Sponsor, in its sole
discretion. The rules also permit the use of discretion by the Index Sponsor and the Index Calculation Agent in relation to the Index
in specific instances, including, but not limited to, the determination of whether to replace a Constituent with a substitute or successor
upon the occurrence of certain events affecting that Constituent, the selection of any substitute or successor and the determination of
the levels to be used in the event of market disruptions that affect the ability of the Index Calculation Agent to calculate and publish
the levels of the Index and the interpretation of the rules governing the Index. Although JPMS, acting as the Index Sponsor and the Index
Calculation Agent, will make all determinations and take all action in relation to the Index acting in good faith, it should be noted
that JPMS may have interests adverse to the interests of the holders of the notes and the policies and judgments for which JPMS is responsible
could have an impact, positive or negative, on the level of the Index and the value of your notes.
Although judgments, policies and determinations concerning
the Index are made by JPMS, JPMorgan Chase & Co., as the ultimate parent company of JPMS, ultimately controls JPMS. JPMS
has no obligation to consider your interests in taking any actions that might affect the value of your notes. Furthermore, the inclusion
of any Constituent in the Index is not an investment recommendation by us or JPMS of that Constituent or any of the futures contracts
underlying that Constituent.
| · | AN INVESTMENT IN THE NOTES CARRIES THE RISKS ASSOCIATED WITH THE INDEX’S MOMENTUM INVESTMENT STRATEGY — |
The Index construction reflects a momentum investment
strategy. Momentum investing generally seeks to capitalize on positive trends in the returns of financial instruments. As such, the weights
of the Constituents in the Index are based in part on the recent performance of the Constituents. However, there is no guarantee that
recent performance trends will continue in the future. In addition, the caps and floors on the Constituent weights applied at the individual
and asset class levels will result in lower weights for the Constituents with the best recent performance than would be the case if those
caps and floors were not applied. Moreover, the aggregate assigned weights of the J.P. Morgan US Large Cap Equities Futures Index, the
J.P. Morgan US Small Cap Equities Futures Index, the J.P. Morgan German Equities Futures Index and the J.P. Morgan Japanese Equities Futures
Index (the “Equity
PS-11
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
Constituents”) and the aggregate assigned weights of the J.P. Morgan
5Y U.S. Treasury Futures Index, the J.P. Morgan 10Y U.S. Treasury Futures Index, the J.P. Morgan German Government Bond Futures Index
and the J.P. Morgan Japanese Government Bond Futures Index (the “Bond Constituents”) will, in each case, not be less than
10%, even in cases where the recent performance of the Equity Constituents or the Bond Constituents, as applicable, is significantly worse
than the recent performance of the remaining Constituents.
Furthermore, the Index will maintain a 100% net long exposure
to the Constituents at all times, even when most or all Constituents are displaying negative performance. Moreover, once a selected portfolio
has been identified and implemented, the Index will track the performance of the relevant Constituent until the next rebalancing of the
Index, even when the performance of those Constituents is worse than their recent performance, or than the performance of the remaining
Constituents.
In addition, due to the Index’s momentum investment
strategy, the Index may fail to realize gains that could occur as a result of obtaining exposures to financial instruments that have experienced
returns one direction, but which subsequently experience a sudden return in the other direction. As a result, if market conditions do
not represent a continuation of prior observed trends, the level of the Index, which is rebalanced based on prior trends, may decline.
| · | THE INDEX MAY PERFORM POORLY AT TIMES WHEN THE PHASE OF THE MARKET CYCLE IS CHANGING OR DURING PERIODS CHARACTERIZED BY SHORT-TERM
VOLATILITY — |
While historical data and statistical analysis support
the premise that assets tend to move in multi-year cycles, performance of assets will be variable, even within a particular phase of a
market cycle, and the nature of a market cycle is such that the performance of assets will shift from phases of positive performance to
phases of negative performance over time. Because the Index’s strategy is based on momentum investing, the Index may perform poorly
during times when a Constituent’s performance is not consistent with the current phase of the market cycle or when the current phase
of the market cycle for that Constituent is changing. In non-trending, sideways markets, momentum investment strategies are subject to
“whipsaws.” A whipsaw occurs when the market reverses and does the opposite of what is indicated by the trend indicator, resulting
in a trading loss during the particular period. Consequently, the Index may perform poorly in non-trending, “choppy” markets
characterized by short-term volatility.
| ● | BECAUSE THE INDEX MAY INCLUDE NOTIONAL SHORT POSITIONS, THE NOTES MAY BE SUBJECT TO ADDITIONAL RISKS — |
During each rebalancing of the Index, the Index may assign
negative weights as low as -10% to one or more of the Equity Constituents and the Bond Constituents and negative weights as low as -20%
to one or both of the J.P. Morgan Brent Crude Oil Futures Index and the J.P. Morgan Gold Futures Index (the “Commodity Constituents”),
thereby providing notional short exposure to one or more Constituents. Unlike long positions, short positions are subject to unlimited
risk of loss because there is no limit on the appreciation of the price of the relevant asset before the short position is closed. It
is possible that a Constituent may appreciate substantially while the Index is providing a notional short exposure to that Constituent,
thus resulting in an adverse effect on the level of the Index and the value of your notes.
Moreover, if the Index provides both notional long and
short exposures to the Constituents, the total long and short exposure to the Constituents may exceed 100%, perhaps significantly, which
increases the risk that the Index will suffer losses, thereby adversely affecting any payment on the notes and the value of the notes.
| · | THE INDEX MAY NOT APPROXIMATE ITS INITIAL VOLATILITY THRESHOLD OF 4% — |
No assurance can be given that the Index will maintain
an annualized realized volatility that approximates its initial volatility threshold of 4%. The actual realized volatility of the Index
will depend on the performance of the Constituents included in the selected portfolio(s) from time to time, and, at any time or for extended
periods, may be greater than 4%, perhaps significantly, or less than 4%. Furthermore, the volatility threshold of the Index is subject
to upward adjustment and, thus, the realized volatility threshold used to determine any selected portfolio may be greater than 4%, perhaps
significantly. While the assigned weights of the notional portfolio(s) tracked by the Index are based in part on the recent historical
volatility of the relevant notional portfolio, there is no guarantee that trends existing in the relevant measurement periods will continue
in the future. The volatility of the notional portfolio on any day may change quickly and unexpectedly. Accordingly, the actual realized
annualized volatility of the Index on a daily basis may be greater than or less than the volatility threshold used to select to the relevant
selected portfolio(s), which may adversely affect the level of the Index and the value of the notes.
In addition, due to the weight constraints applied in
constructing the Index, the aggregate assigned weights of the Equity Constituents will not be less than 10%, even if Equity Constituents
are performing poorly. In general, the Equity Constituents will tend to receive their minimum weight of 10% during periods when equities
are experiencing poor performance or high volatility. In
PS-12
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
addition, during periods when equities are experiencing high volatility,
the initial volatility threshold, and the actual realized volatility, may be significantly higher than 4%, even if other assets are not
experiencing high volatility.
| · | A SIGNIFICANT PORTION OF THE INDEX’S EXPOSURE MAY BE ALLOCATED TO THE BOND CONSTITUENTS — |
Under normal market conditions, the Equity Constituents
and the Commodity Constituents have tended to exhibit realized volatilities that are higher than the realized volatilities of the Bond
Constituents in general over time. As a result, the Index will generally need to reduce its exposure to the Equity Constituents and the
Commodity Constituents in order to satisfy the volatility threshold. Therefore, the Index may have significant exposure for an extended
period of time to the Bond Constituents, and that exposure may be greater, perhaps significantly greater, than its exposure to the Equity
Constituents and the Commodity Constituents. However, the returns of the Bond Constituents may be significantly lower than the returns
of the Equity Constituents and the Commodity Constituents, and possibly even negative while the returns of the Equity Constituents and
the Commodity Constituents are positive, which will adversely affect the level of the Index and any payment on, and the value of, the
notes.
| · | THE INDEX IS SUBJECT TO CONCENTRATION RISK IN ITS ALLOCATION AMONG THE CONSTITUENTS — |
The strategy employed by the Index involves an asset allocation
that imposes certain weight caps and floors that may result in the Index being allocated to as few as three Constituents, with up to 40%
of the Index being allocated to a single Equity Constituent and/or any single Bond Constituent. Under these circumstances, the Index may
face more risks than if it were diversified broadly over numerous asset classes and geographical regions. Accordingly, the Index may be
more adversely affected by negative economic, political or regulatory occurrences affecting its Constituents and the relevant asset classes
than a more broadly diversified allocation among its Constituents. Additionally, the Index allocation will sometimes result in exposure
to only Equity Constituents and Bond Constituents, without any exposure to the Commodity Constituents.
| · | CHANGES IN THE VALUES OF THE CONSTITUENTS MAY OFFSET EACH OTHER — |
Because the notes are linked to the Index, which is linked
to the performance of the Constituents, which collectively represent a broad range of asset classes (equities, fixed income and commodities)
and developed markets (the United States, Germany and Japan), price movements between the Constituents representing different asset classes
or developed markets may not correlate with each other. At a time when the value of a Constituent representing a particular asset class
or developed market increases, the value of other Constituents representing a different asset class or developed market may not increase
as much or may decline. Therefore, in calculating the level of the Index, increases in the values of some of the Constituents may be moderated,
or more than offset, by lesser increases or declines in the values of other Constituents. In addition, high correlation during periods
of negative returns among Constituents could have a material adverse effect on the performance of the Index.
| ● | THE INDEX IS AN “EXCESS RETURN” INDEX AND NOT A “TOTAL RETURN” INDEX BECAUSE THE CONSTITUENTS DO NOT REFLECT
INTEREST THAT COULD BE EARNED ON FUNDS NOTIONALLY COMMITTED TO THE TRADING OF FUTURES CONTRACTS — |
Each of the Constituents is an excess return index and
not a total return index. The Index, by providing exposure to the Constituents, is also an excess return index and not a total return
index. The return from investing in futures contracts derives from three sources: (a) changes in the price of the relevant futures contracts
(which is known as the “price return”); (b) any profit or loss realized when rolling the relevant futures contracts (which
is known as the “roll return”); and (c) any interest earned on the cash deposited as collateral for the purchase of the relevant
futures contracts (which is known as the “collateral return”).
Some indices, including the Constituents (and indirectly,
the Index), that track futures contracts are excess return indices that measure the returns accrued from investing in uncollateralized
futures contracts (i.e., the sum of the price return and the roll return associated with an investment in futures contracts). 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 (i.e., the collateral return associated with an investment in futures contracts).
Investing in the notes will not generate the same return as would be generated from investing directly in the relevant futures contracts
or in a total return index related to those futures contracts.
| · | HYPOTHETICAL BACK-TESTED DATA RELATING TO THE INDEX DO NOT REPRESENT ACTUAL HISTORICAL DATA AND ARE SUBJECT TO INHERENT LIMITATIONS
— |
The hypothetical back-tested performance of the Index set
forth under “Hypothetical Back-Tested Data and Historical Information” in this term sheet is purely theoretical and does not
represent the actual historical performance of the Index and has not been verified by an independent third party. Hypothetical back-tested
performance measures have inherent limitations. Alternative modeling 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
PS-13
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
performance is derived by means of the retroactive application of a back-tested
model that has been designed with the benefit of hindsight.
| · | THE INVESTMENT STRATEGY USED TO CONSTRUCT THE INDEX INVOLVES REGULAR REBALANCING AND WEIGHTING CONSTRAINTS THAT ARE APPLIED TO
THE CONSTITUENTS — |
The Constituents are subject to regular rebalancing and
weighting constraints applied individually and by asset type. By contrast, a notional portfolio that does not rebalance monthly and is
not subject to any weighting constraints could see greater compounded gains over time through exposure to a consistently and rapidly appreciating
portfolio consisting of the Constituents. Therefore, your return on the notes may be less than the return you could realize on an alternative
investment in the Constituents that is not subject to regular rebalancing or weighting constraints. No assurance can be given that the
investment strategy used to construct the Index will outperform any alternative investment in the Constituents.
| · | A CONSTITUENT MAY BE REPLACED BY A SUBSTITUTE INDEX UPON THE OCCURRENCE OF CERTAIN EXTRAORDINARY EVENTS — |
Following the occurrence of certain extraordinary events
with respect to a Constituent, the affected Constituent may be replaced by a substitute index or the Index Calculation Agent may cease
calculation and publication of the Index on a date determined by the Index Calculation Agent. These extraordinary events generally include
events that could materially interfere with the ability of market participants to transact in, or events that could materially change
the underlying economic exposure of, positions with respect to the Index, any Constituent or any reference index, where that material
interference or change is not acceptable to the Index Calculation Agent. If the Index Calculation Agent determines in its discretion that
no suitable substitute is available for an affected Constituent, then the Index Calculation Agent will determine its good faith estimate
of the closing level of that Constituent and remove it from the Index. In any such case, the Index Calculation Agent will, in good faith,
make related adjustments to the Rules that it determines to be appropriate. See “The J.P. Morgan Multi-Asset Index — Succession
and Extraordinary Events” in the accompanying underlying supplement for a summary of events that could trigger an extraordinary
event.
You should realize that the changing of a Constituent
may affect the performance of the Index, and therefore, the return on the notes, as the replacement Constituent may perform significantly
better or worse than the original Constituent. Moreover, the policies of the sponsor of the substitute index concerning the methodology
and calculation of the substitute index, including decisions regarding additions, deletions or substitutions of the assets underlying
the substitute index, could affect the level of the substitute index and therefore the value of the notes. The amount payable on the notes
and their market value could also be affected if the sponsor of a substitute index or the sponsor of the reference index discontinues
or suspends calculation or dissemination of the index, in which case it may become difficult to determine the market value of the notes.
The sponsor of the substitute index will have no obligation to consider your interests in calculating or revising such substitute index.
| ● | THE CONSTITUENTS ARE SUBJECT TO SIGNIFICANT RISKS ASSOCIATED WITH FUTURES CONTRACTS — |
The Constituents each track the returns of futures contracts.
The price of a futures contract depends not only on the price of the underlying asset referenced by the futures contract, but also on
a range of other factors, including but not limited to changing supply and demand relationships, interest rates, governmental and regulatory
policies and the policies of the exchanges on which the 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 futures contracts to be volatile and could
adversely affect the level of the Index and any payments on, and the value of, your notes.
| · | SUSPENSION OR DISRUPTIONS OF MARKET TRADING IN 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 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 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 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 levels of the Constituents and the level of the Index and could
affect the levels of the Constituents and adversely affect the level of the Index and any payments on, and the value of, your notes.
PS-14
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
| · | AN INCREASE IN THE MARGIN REQUIREMENTS FOR FUTURES CONTRACTS INCLUDED IN THE CONSTITUENTS MAY ADVERSELY AFFECT THE LEVEL OF THAT
CONSTITUENT — |
Futures exchanges require market participants to post collateral
in order to open and keep open positions in futures contracts. If an exchange increases the amount of collateral required to be posted
to hold positions in futures contracts underlying the Constituents, market participants who are unwilling or unable to post additional
collateral may liquidate their positions, which may cause the price of the relevant futures contracts to decline significantly. As a result,
the level of the Index and any payments on, and the value of, the notes may be adversely affected.
| · | THE CONSTITUENTS MAY IN THE FUTURE INCLUDE CONTRACTS THAT ARE NOT TRADED ON REGULATED FUTURES EXCHANGES — |
The Constituents are currently based solely on futures contracts
traded on regulated futures exchanges (referred to in the United States as “designated contract markets”). If these exchange-traded
futures contracts cease to exist, or if the calculation agent for the Constituents substitutes a futures contract in certain circumstances,
the Index may in the future include futures contracts or over-the-counter contracts traded on trading facilities that are subject to lesser
degrees of regulation or, in some cases, no substantive regulation. As a result, trading in such contracts, and the manner in which prices
and volumes are reported by the relevant trading facilities, may not be subject to the provisions of, and the protections afforded by,
the U.S. Commodity Exchange Act, or other applicable statutes and related regulations that govern trading on regulated U.S. futures exchanges
or similar statutes and regulations that govern trading on regulated non-U.S. futures exchanges. In addition, many electronic trading
facilities have only recently initiated trading and do not have significant trading histories. As a result, the trading of contracts on
such facilities, and the inclusion of such contracts in the Index, through its exposure to the Constituents, may be subject to certain
risks not presented by futures contracts traded on regulated futures exchanges, including risks related to the liquidity and price histories
of the relevant contracts.
| ● | CHANGES IN FUTURE PRICES OF THE FUTURES CONTRACTS INCLUDED IN THE CONSTITUENTS RELATIVE TO THEIR CURRENT PRICES COULD LEAD TO A
DECREASE IN ANY PAYMENT ON THE NOTES — |
The Constituents are composed of futures contracts.
As the contracts underlying the Constituents come to expiration, they are replaced by contracts that have a later expiration. For
example, a contract notionally purchased and held in August may specify an October expiration. As time passes, the contract expiring
in October is replaced by a contract for delivery in November. This is accomplished by notionally selling the October contract and
notionally purchasing the November contract. This process is referred to as “rolling.” Excluding other considerations,
if the market for the underlying futures contracts is in “contango,” where the prices are higher in the distant delivery months
than in the nearer delivery months, the notional 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.” In addition, excluding other considerations,
if the market for the underlying futures contracts is in “backwardation,” where the prices are lower in the distant delivery
months than in the nearer delivery months, the notional purchase of the November contract would take place at a price that is lower than
the price of the October contract, thereby creating a positive “roll yield.”
When the Index provides long exposure to a Constituent,
the presence of contango in the relevant markets could adversely affect the values of that Constituent and the Index and, accordingly,
any payment on the notes. In addition, when the Index provides short exposure to a Constituent, the presence of backwardation in
the relevant markets could positively affect the value of that Constituent and therefore adversely affect the value of the Index and,
accordingly, any payment on the notes.
| ● | THE INDEX SHOULD NOT BE COMPARED TO ANY OTHER INDEX OR STRATEGY SPONSORED BY ANY OF OUR AFFILIATES — |
The Index follows a notional rules-based proprietary strategy
that may have objectives, features and/or constituents that are similar to those of another index or strategy sponsored by any of our
affiliates (each, a “J.P. Morgan Index”). No assurance can be given that these similarities will form a basis for comparison
between the Index and any other J.P. Morgan Index, and no assurance can be given that the Index would be more successful than or outperform
any other J.P. Morgan Index. The Index operates independently and does not necessarily revise, enhance, modify or seek to outperform any
other J.P. Morgan Index.
| o | THE INDEX MAY NOT BE SUCCESSFUL OR OUTPERFORM ANY ALTERNATIVE STRATEGY THAT MIGHT BE EMPLOYED IN RESPECT
OF THE CONSTITUENTS. |
| o | THE 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 INDEX, WHICH WAS ESTABLISHED ON NOVEMBER 18, 2022, AND THE CONSTITUENTS, WHICH WERE ESTABLISHED ON
DECEMBER 22, 2020, NOVEMBER 29, 2021 OR OCTOBER 24, 2022, HAVE LIMITED OPERATING HISTORIES AND MAY PERFORM IN UNANTICIPATED WAYS. |
PS-15
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
| o | THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK BECAUSE THE VALUES OF THE CONSTITUENTS DENOMINATED IN
CURRENCIES OTHER THAN THE U.S. DOLLAR ARE CONVERTED INTO U.S. DOLLARS FOR PURPOSES OF CALCULATING THE LEVEL OF THE INDEX. |
| o | THE NOTES ARE SUBJECT TO SIGNIFICANT RISKS ASSOCIATED WITH NON-U.S. SECURITIES MARKETS AND SMALL-CAPITALIZATION
STOCKS. |
| o | THE NOTES ARE SUBJECT TO SIGNIFICANT RISKS ASSOCIATED WITH FIXED-INCOME SECURITIES, INCLUDING INTEREST
RATE-RELATED RISKS AND CREDIT RISK. |
| o | THE COMMODITY FUTURES CONTRACTS UNDERLYING THE COMMODITY CONSTITUENTS ARE SUBJECT TO UNCERTAIN LEGAL
AND REGULATORY REGIMES. |
| o | INVESTMENTS RELATED TO THE VALUES OF THE COMMODITIES TEND TO BE MORE VOLATILE THAN TRADITIONAL INVESTMENTS. |
| o | HIGHER FUTURE PRICES OF THE COMMODITY FUTURES CONTRACTS CONSTITUTING THE COMMODITY CONSTITUENTS RELATIVE
TO THEIR CURRENT PRICES MAY DECREASE THE AMOUNT PAYABLE AT MATURITY. |
| o | THE MARKET PRICE OF CRUDE OIL AND GOLD WILL AFFECT THE VALUE OF THE NOTES. |
Please refer to the “Risk Factors” section of the
accompanying underlying supplement for more details regarding the above-listed and other risks.
PS-16
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
Hypothetical Back-Tested
Data and Historical Information
The following graph sets forth the hypothetical back-tested performance
of the Index based on the hypothetical back-tested weekly closing levels of the Index from January 4, 2019 through November 11, 2022,
and the historical performance of the Index based on the weekly historical closing levels of the Index from November 18, 2022 through
June 28, 2024. The Index was established on November 18, 2022, as represented by the red vertical line in the following graph. All data
to the left of that vertical line reflect hypothetical back-tested performance of the Index. All data to the right of that vertical line
reflect actual historical performance of the Index. The closing level of the Index on June 28, 2024 was 293.71. 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 Index
set forth in the following graph are purely theoretical and do not represent the actual historical performance of the Index. See “Selected
Risk Considerations — Risks Relating to the Index — Hypothetical Back-Tested Data Relating to the Index Do Not Represent Actual
Historical Data and Are Subject to Inherent Limitations” above.
The hypothetical back-tested and 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
any Review Date. There can be no assurance that the performance of the Index will result in a payment at maturity in excess of your principal
amount, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.
The hypothetical back-tested
closing levels of the 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 Index that might prove to be more appropriate and that might differ significantly from the hypothetical
back-tested closing levels of the Index set forth above.
Treatment as Contingent
Payment Debt Instruments
You should review carefully
the section entitled “Material U.S. Federal Income Tax Consequences,” and in particular the subsection thereof entitled “—
Tax Consequences to U.S. Holders — Notes with a Term of More than One Year — Notes Treated as Contingent Payment Debt Instruments,”
in the accompanying product supplement no. 3-I. Unlike a traditional debt instrument that provides for periodic payments of interest at
a single fixed rate, with respect to which a cash-method investor generally recognizes income only upon receipt of stated interest, our
special tax counsel, Davis Polk & Wardwell LLP, is of the opinion that the notes will be treated for U.S. federal income tax purposes
as “contingent payment debt instruments.” As discussed in that subsection, you generally will be required to accrue original
issue discount (“OID”) on your notes in each taxable year at the “comparable yield,” as determined by us, although
we will not make any payment with respect to the notes except upon an automatic call or at maturity. Upon sale or exchange (including
an automatic call or at maturity), you will recognize taxable income or loss equal to the difference between the amount received from
the sale or exchange and your adjusted basis in the note, which generally will equal the cost thereof, increased by the amount of OID
you have accrued in respect of the note. You generally must treat any income as interest income and any loss as ordinary loss to the extent
of previous interest inclusions, and the balance as capital loss. The deductibility of capital losses is subject to limitations. Special
rules may apply if any payment in excess of the principal amount of your note is treated as becoming fixed prior
PS-17
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
to maturity. You should consult your tax adviser concerning the application of
these rules. The discussions herein and in the accompanying product supplement do not address the consequences to taxpayers subject to
special tax accounting rules under Section 451(b) of the Code. Purchasers who are not initial purchasers of notes at their issue price
should consult their tax advisers with respect to the tax consequences of an investment in notes, including the treatment of the difference,
if any, between the basis in their notes and the notes’ adjusted issue price.
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 discussions in the preceding
paragraphs, when read in combination with the section entitled “Material U.S. Federal Income Tax Consequences” (and in particular
the subsection thereof entitled “— Tax Consequences to U.S. Holders — Notes with a Term of More than One Year —
Notes Treated as Contingent Payment Debt Instruments”) in the accompanying product supplement, constitute the full opinion of Davis
Polk & Wardwell LLP regarding the material U.S. federal income tax consequences of owning and disposing of notes.
Comparable Yield and Projected
Payment Schedule
Although it is not entirely
clear how the comparable yield and projected payment schedule should be determined when a debt instrument may be redeemed by the issuer
prior to maturity, we have determined that the “comparable yield,” based upon the term to maturity of the notes assuming no
early redemption occurs and a variety of other factors, including actual market conditions and our borrowing costs for debt instruments
of comparable maturities at the time of issuance, is an annual rate of 5.51%, compounded semiannually. Based on our determination of the
comparable yield, the “projected payment schedule” per $1,000 principal amount note consists of a single payment at maturity,
equal to $1,176.78. Assuming a semiannual accrual period, the following table sets out the amount of OID that will accrue with respect
to a note during each calendar period, based upon our determination of the comparable yield and projected payment schedule.
Calendar Period |
Accrued OID During
Calendar Period (Per
$1,000 Principal Amount
Note) |
Total Accrued OID from Original
Issue Date (Per $1,000 Principal
Amount Note) as of End of
Calendar Period |
July
3, 2024 through December 31, 2024 |
$27.09 |
$27.09 |
January
1, 2025 through December 31, 2025 |
$57.38 |
$84.47 |
January
1, 2026 through December 31, 2026 |
$60.58 |
$145.05 |
January
1, 2027 through July 1, 2027 |
$31.73 |
$176.78 |
The comparable yield and
projected payment schedule are determined solely to calculate the amount on which you will be taxed with respect to the notes in each
year and are neither a prediction nor a guarantee of what the actual yield or timing of the payment or payments will be. The amount you
actually receive at maturity or earlier sale or exchange of your notes will affect your income for that year, as described above under
“Treatment as Contingent Payment Debt Instruments.”
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
PS-18
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
any time. The internal funding rate used in the determination of the estimated
value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by
JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’
view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes
in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding
rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing
market replacement funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an
adverse effect on the terms of the notes and any secondary market prices of the notes. For additional information, see “Selected
Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value
of the Notes Is Derived by Reference to an Internal Funding Rate” in this pricing supplement.
The value of the derivative or derivatives underlying the economic
terms of the notes is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded
market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include
volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly,
the estimated value of the notes is determined when the terms of the notes are set based on market conditions and other relevant factors
and assumptions existing at that time.
The estimated value of the notes does not represent future values
of the notes and may differ from others’ estimates. Different pricing models and assumptions could provide valuations for the notes
that are greater than or less than the estimated value of the notes. In addition, market conditions and other relevant factors in the
future may change, and any assumptions may prove to be incorrect. On future dates, the value of the notes could change significantly based
on, among other things, changes in market conditions, our or JPMorgan Chase & Co.’s creditworthiness, interest rate
movements and other relevant factors, which may impact the price, if any, at which JPMS would be willing to buy notes from you in secondary
market transactions.
The estimated value of the notes is lower than the original issue
price of the notes because costs associated with selling, structuring and hedging the notes are included in the original issue price of
the notes. These costs include the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, the projected profits,
if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes 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 J.P. Morgan Multi-Asset
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.
PS-19
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
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, the accompanying product supplement and the accompanying underlying 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):
| · | Product supplement no. 3-I dated April 13, 2023: |
http://www.sec.gov/Archives/edgar/data/19617/000121390023029706/ea153081_424b2.pdf
| · | Underlying supplement no. 23-I dated August 28, 2023: |
http://www.sec.gov/Archives/edgar/data/19617/000121390023071317/ea160620_424b2.pdf
| · | Prospectus addendum dated June 3, 2024:
http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm |
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.
PS-20
| Structured Investments
Auto Callable Notes Linked to the J.P. Morgan Multi-Asset Index |
|
Exhibit 107.1
The pricing supplement to which this Exhibit is
attached is a final prospectus for the related offering(s). The maximum aggregate offering price of the related offering(s) is $417,000.
JP Morgan Alerian MLP (AMEX:AMJ)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
JP Morgan Alerian MLP (AMEX:AMJ)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024