April 24, 2024
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Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)
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JPMorgan Chase Financial Company LLC
Structured Investments
$532,000
Auto Callable Contingent Interest Notes Linked to the MerQube US
Tech+ Vol Advantage Index due April 27, 2029
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
●The notes are designed for investors who seek a Contingent Interest Payment with respect to each Review Date for which the
closing level of the MerQube US Tech+ Vol Advantage Index, which we refer to as the Index, is greater than or equal to
60.00% of the Initial Value, which we refer to as the Interest Barrier.
●If the closing level of the Index is greater than or equal to the Interest Barrier on any Review Date, investors will receive, in
addition to the Contingent Interest Payment with respect to that Review Date, any previously unpaid Contingent Interest
Payments for prior Review Dates.
●The notes will be automatically called if the closing level of the Index on any Review Date (other than the first through
eleventh and final Review Dates) is greater than or equal to the Initial Value.
●The earliest date on which an automatic call may be initiated is April 24, 2025.
●Investors should be willing to accept the risk of losing some or all of their principal and the risk that no Contingent Interest
Payment may be made with respect to some or all Review Dates.
●Investors should also be willing to forgo fixed interest and dividend payments, in exchange for the opportunity to receive
Contingent Interest Payments.
●The Index is subject to a 6.0% per annum daily deduction, and the performance of the Invesco QQQ TrustSM, Series 1
(the “QQQ Fund”) is subject to a notional financing cost. These deductions will offset any appreciation of the
components of the Index, will heighten any depreciation of those components and will generally be a drag on the
performance of the Index. The Index will trail the performance of an identical index without such deductions. See
“Selected Risk Considerations — Risks Relating to the Notes Generally — The Level of the Index Will Include a 6.0%
per Annum Daily Deduction” and “Selected Risk Considerations — Risks Relating to the Notes Generally — The
Level of the Index Will Include the Deduction of a Notional Financing Cost” in this pricing supplement.
●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 April 24, 2024 and are expected to settle on or about April 29, 2024.
●CUSIP: 48134XW50
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Price to Public (1)
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Fees and Commissions (2)
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Proceeds to Issuer
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Per note
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$1,000
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$42.50
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$957.50
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Total
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$532,000
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$22,610
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$509,390
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(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
$42.50 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.
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Issuer: JPMorgan Chase Financial Company LLC, an indirect,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Index: The MerQube US Tech+ Vol Advantage Index
(Bloomberg ticker: MQUSTVA). The level of the Index reflects a
deduction of 6.0% per annum that accrues daily, and the
performance of the QQQ Fund is subject to a notional financing
cost that accrues daily.
Contingent Interest Payments:
If the notes have not been automatically called and the closing
level of the Index on any Review Date is greater than or equal to
the Interest Barrier, you will receive on the applicable Interest
Payment Date for each $1,000 principal amount note a
Contingent Interest Payment equal to $9.1667 (equivalent to a
Contingent Interest Rate of 11.00% per annum, payable at a
rate of 0.91667% per month), plus any previously unpaid
Contingent Interest Payments for any prior Review Dates.
If the Contingent Interest Payment is not paid on any Interest
Payment Date, that unpaid Contingent Interest Payment will be
paid on a later Interest Payment Date if the closing level of the
Index on the Review Date related to that later Interest Payment
Date is greater than or equal to the Interest Barrier. You will not
receive any unpaid Contingent Interest Payments if the closing
level of the Index on each subsequent Review Date is less than
the Interest Barrier.
Contingent Interest Rate: 11.00% per annum, payable at a rate
of 0.91667% per month
Interest Barrier/Trigger Value: 60.00% of the Initial Value,
which is 5,810.01
Pricing Date: April 24, 2024
Original Issue Date (Settlement Date): On or about April 29,
2024
Review Dates*: As specified under “Key Terms Relating to the
Review Dates and Interest Payment Dates” in this pricing
supplement
Interest Payment Dates*: As specified under “Key Terms
Relating to the Review Dates and Interest Payment Dates” in
this pricing supplement
Maturity Date*: April 27, 2029
Call Settlement Date*: If the notes are automatically called on
any Review Date (other than the first through eleventh 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 “Supplemental Terms of the Notes — Postponement
of a Determination Date — Notes Linked Solely to an Index” in the
accompanying underlying supplement and “General Terms of Notes —
Postponement of a Payment Date” in the accompanying product
supplement
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Automatic Call:
If the closing level of the Index on any Review Date (other than
the first through eleventh and final Review Dates) is greater than
or equal to the 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 plus (c) any previously unpaid
Contingent Interest Payments for any prior Review Dates,
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 is greater than or equal to the 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 applicable to the final Review Date plus (c) any
previously unpaid Contingent Interest Payments for any prior
Review Dates.
If the notes have not been automatically called and the Final
Value is less than the Trigger Value, your payment at maturity
per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 × Index Return)
If the notes have not been automatically called and the Final
Value is less than the Trigger Value, you will lose more than
40.00% of your principal amount at maturity and could lose all of
your principal amount at maturity.
Index Return:
(Final Value – Initial Value)
Initial Value
Initial Value: The closing level of the Index on the Pricing Date,
which was 9,683.35
Final Value: The closing level of the Index on the final Review
Date
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PS-1 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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Review Dates*: May 24, 2024, June 24, 2024, July 24, 2024,
August 26, 2024, September 24, 2024, October 24, 2024,
November 25, 2024, December 24, 2024, January 24, 2025,
February 24, 2025, March 24, 2025, April 24, 2025, May 27,
2025, June 24, 2025, July 24, 2025, August 25, 2025,
September 24, 2025, October 24, 2025, November 24, 2025,
December 24, 2025, January 26, 2026, February 24, 2026,
March 24, 2026, April 24, 2026, May 26, 2026, June 24, 2026,
July 24, 2026, August 24, 2026, September 24, 2026, October
26, 2026, November 24, 2026, December 24, 2026, January
25, 2027, February 24, 2027, March 24, 2027, April 26, 2027,
May 24, 2027, June 24, 2027, July 26, 2027, August 24, 2027,
September 24, 2027, October 25, 2027, November 24, 2027,
December 27, 2027, January 24, 2028, February 24, 2028,
March 24, 2028, April 24, 2028, May 24, 2028, June 26, 2028,
July 24, 2028, August 24, 2028, September 25, 2028, October
24, 2028, November 24, 2028, December 26, 2028, January
24, 2029, February 26, 2029, March 26, 2029 and April 24,
2029 (final Review Date)
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Interest Payment Dates*: May 30, 2024, June 27, 2024, July
29, 2024, August 29, 2024, September 27, 2024, October 29,
2024, November 29, 2024, December 30, 2024, January 29,
2025, February 27, 2025, March 27, 2025, April 29, 2025, May
30, 2025, June 27, 2025, July 29, 2025, August 28, 2025,
September 29, 2025, October 29, 2025, November 28, 2025,
December 30, 2025, January 29, 2026, February 27, 2026,
March 27, 2026, April 29, 2026, May 29, 2026, June 29, 2026,
July 29, 2026, August 27, 2026, September 29, 2026, October
29, 2026, November 30, 2026, December 30, 2026, January
28, 2027, March 1, 2027, March 30, 2027, April 29, 2027, May
27, 2027, June 29, 2027, July 29, 2027, August 27, 2027,
September 29, 2027, October 28, 2027, November 30, 2027,
December 30, 2027, January 27, 2028, February 29, 2028,
March 29, 2028, April 27, 2028, May 30, 2028, June 29, 2028,
July 27, 2028, August 29, 2028, September 28, 2028, October
27, 2028, November 29, 2028, December 29, 2028, January
29, 2029, March 1, 2029, March 29, 2029 and the Maturity
Date
* 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 an
Index" in the accompanying underlying supplement and "General
Terms of Notes — Postponement of a Payment Date" in the
accompanying product supplement
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PS-2 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-3 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-4 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-5 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-6 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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Number of Contingent
Interest Payments
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Total Contingent Interest
Payments
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60
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$550.0000
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59
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$540.8333
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58
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$531.6667
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57
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$522.5000
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56
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$513.3333
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55
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$504.1667
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54
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$495.0000
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53
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$485.8333
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52
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$476.6667
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51
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$467.5000
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50
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$458.3333
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49
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$449.1667
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48
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$440.0000
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47
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$430.8333
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46
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$421.6667
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45
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$412.5000
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44
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$403.3333
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43
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$394.1667
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42
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$385.0000
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41
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$375.8333
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40
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$366.6667
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39
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$357.5000
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38
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$348.3333
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37
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$339.1667
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36
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$330.0000
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35
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$320.8333
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34
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$311.6667
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33
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$302.5000
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32
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$293.3333
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31
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$284.1667
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30
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$275.0000
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29
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$265.8333
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28
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$256.6667
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27
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$247.5000
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26
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$238.3333
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25
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$229.1667
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24
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$220.0000
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23
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$210.8333
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22
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$201.6667
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21
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$192.5000
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20
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$183.3333
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19
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$174.1667
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18
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$165.0000
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17
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$155.8333
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16
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$146.6667
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15
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$137.5000
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14
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$128.3333
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13
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$119.1667
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12
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$110.0000
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11
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$100.8333
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10
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$91.6667
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9
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$82.5000
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8
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$73.3333
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7
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$64.1667
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6
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$55.0000
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5
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$45.8333
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4
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$36.6667
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3
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$27.5000
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2
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$18.3333
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1
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$9.1667
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0
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$0.0000
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PS-7 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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Date
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Closing Level
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Payment (per $1,000 principal amount note)
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First Review Date
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105.00
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$9.1667
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Second Review Date
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110.00
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$9.1667
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Third through Eleventh
Review Dates
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Greater than Initial Value
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$9.1667
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Twelfth Review Date
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110.00
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$1,009.1667
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Total Payment
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$1,110.00 (11.00% return)
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Date
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Closing Level
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Payment (per $1,000 principal amount note)
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First Review Date
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95.00
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$9.1667
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Second Review Date
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85.00
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$9.1667
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Third through Fifty-Ninth
Review Dates
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Less than Interest Barrier
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$0
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Final Review Date
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90.00
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$1,531.6667
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Total Payment
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$1,550.00 (55.00% return)
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PS-8 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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Date
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Closing Level
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Payment (per $1,000 principal amount note)
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First Review Date
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50.00
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$0
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Second Review Date
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55.00
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$0
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Third through Fifty-Ninth
Review Dates
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Less than Interest Barrier
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$0
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Final Review Date
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50.00
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$500.00
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Total Payment
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$500.00 (-50.00% return)
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PS-9 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-10 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-11 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-12 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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Hypothetical Back-Tested and Historical Performance of the
MerQube US Tech+ Vol Advantage Index
Source: Bloomberg
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PS-13 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-14 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-15 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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PS-16 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the MerQube US Tech+
Vol Advantage Index
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