Issuer: JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Reference Stocks: As specified under "Key Terms Relating
to the Reference Stocks" in this pricing supplement
Contingent Interest Payments:
If the notes have not been automatically called and the
closing price of one share of each Reference Stock on any
Review Date is greater than or equal to its Interest Barrier,
you will receive on the applicable Interest Payment Date for
each $1,000 principal amount note a Contingent Interest
Payment equal to $13.875 (equivalent to a Contingent Interest
Rate of 16.65% per annum, payable at a rate of 1.3875% per
month).
If the closing price of one share of either Reference Stock on
any Review Date is less than its Interest Barrier, no
Contingent Interest Payment will be made with respect to that
Review Date.
Contingent Interest Rate: 16.65% per annum, payable at a
rate of 1.3875% per month
Interest Barrier: With respect to each Reference Stock,
70.00% of its Initial Value, as specified under "Key Terms
Relating to the Reference Stocks" in this pricing supplement
Trigger Value: With respect to each Reference Stock,
50.00% of its Initial Value, as specified under "Key Terms
Relating to the Reference Stocks" in this pricing supplement
Pricing Date: October 8, 2025
Original Issue Date (Settlement Date): On or about October
14, 2025
Review Dates*: November 10, 2025, December 8, 2025,
January 8, 2026, February 9, 2026, March 9, 2026, April 8,
2026, May 8, 2026, June 8, 2026, July 8, 2026, August 10,
2026, September 8, 2026, October 8, 2026, November 9,
2026, December 8, 2026, January 8, 2027, February 8, 2027,
March 8, 2027, April 8, 2027, May 10, 2027, June 8, 2027,
July 8, 2027, August 9, 2027, September 8, 2027 and October
8, 2027 (final Review Date)
Interest Payment Dates*: November 14, 2025, December
11, 2025, January 13, 2026, February 12, 2026, March 12,
2026, April 13, 2026, May 13, 2026, June 11, 2026, July 13,
2026, August 13, 2026, September 11, 2026, October 14,
2026, November 13, 2026, December 11, 2026, January 13,
2027, February 11, 2027, March 11, 2027, April 13, 2027,
May 13, 2027, June 11, 2027, July 13, 2027, August 12,
2027, September 13, 2027 and the Maturity Date
Maturity Date*: October 14, 2027
Call Settlement Date*: If the notes are automatically called
on any Review Date (other than the first, second and final
Review Dates), the first Interest Payment Date immediately
following that Review Date
* 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 price of one share of each Reference Stock on
any Review Date (other than the first, second and final
Review Dates) is greater than or equal to its Initial 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
Contingent Interest Payment applicable to that Review Date,
payable on the applicable Call Settlement Date. No further
payments will be made on the notes.
Payment at Maturity:
If the notes have not been automatically called and the Final
Value of each Reference Stock is greater than or equal to its
Trigger Value, you will receive a cash payment at maturity, for
each $1,000 principal amount note, equal to (a) $1,000 plus
(b) the Contingent Interest Payment, if any, applicable to the
final Review Date.
If the notes have not been automatically called and the Final
Value of either Reference Stock is less than its Trigger Value,
your payment at maturity per $1,000 principal amount note will
be calculated as follows:
$1,000 + ($1,000 × Lesser Performing Stock Return)
If the notes have not been automatically called and the Final
Value of either Reference Stock is less than its Trigger Value,
you will lose more than 50.00% of your principal amount at
maturity and could lose all of your principal amount at
maturity.
Lesser Performing Reference Stock: The Reference Stock
with the Lesser Performing Stock Return
Lesser Performing Stock Return: The lower of the Stock
Returns of the Reference Stocks
Stock Return: With respect to each Reference Stock,
(Final Value - Initial Value)
Initial Value
Initial Value: With respect to each Reference Stock, the
closing price of one share of that Reference Stock on the
Pricing Date, as specified under "Key Terms Relating to the
Reference Stocks" in this pricing supplement
Final Value: With respect to each Reference Stock, the
closing price of one share of that Reference Stock on the final
Review Date
Stock Adjustment Factor: With respect to each Reference
Stock, the Stock Adjustment Factor is referenced in
determining the closing price of one share of that Reference
Stock and is set equal to 1.0 on the Pricing Date. The Stock
Adjustment Factor of each Reference Stock is subject to
adjustment upon the occurrence of certain corporate events
affecting that Reference Stock. See "The Underlyings -
Reference Stocks - Anti-Dilution Adjustments" and "The
Underlyings - Reference Stocks - Reorganization Events"
in the accompanying product supplement for further
information.