摩根大通美股招股说明书(2025-11-04版)

$458,000 Auto Callable Contingent Interest Notes Linked totheiShares®Bitcoin Trust ETFdueNovember 4, 2027 Fully and UnconditionallyGuaranteedby JPMorgan Chase &Co. •The notesaredesigned for investors whoseek a Contingent Interest Payment with respectto each monthly InterestReview Date forwhich the closing price of one shareofthe iShares®Bitcoin Trust ETF,which wereferto as the Fund,isgreaterthan or equal to 70.00% of the Initial Value,which we referto as the Interest Barrier.•The noteswillbeautomaticallycalledif the closing price of one shareof the Fund on any quarterly Autocall Review Dateis greaterthan or equal tothe Initial Value.•The earliestdateon which anautomatic call may be initiated is April30, 2026.•Investors should be willingtoaccept the riskof losing asignificant portion or all oftheirprincipalandthe risk that noContingentInterest Paymentmaybemade withrespect tosomeor all Interest Review Dates.•Investors should alsobe willing to forgo fixed interest payments,in exchange fortheopportunity to receive ContingentInterest Payments.•The notesareunsecuredandunsubordinated obligationsofJPMorgan ChaseFinancialCompany LLC, which we refertoas JPMorgan Financial,thepayment onwhich is fully and unconditionallyguaranteed by JPMorgan Chase & Co.Anypayment on the notes is subject to the credit riskof JPMorgan Financial, as issuer ofthe notes, and thecreditrisk of JPMorganChase & Co., asguarantor of thenotes.•Investors should be knowledgeableabout the risks associated with cryptocurrenciesanddigital assetsbecause the Fundseeks to reflect generallytheperformance of theprice ofbitcoin and therefore the notes involve significant risksininvestments tracking cryptocurrencies.Bitcoinhashistorically exhibited highpricevolatility relative to moretraditionalasset classes andhas experiencedextreme volatility in recent periodsand maycontinue todo so,whichmay increase the volatility of the Fund.•Minimum denominationsof $1,000 and integralmultiples thereof•The notespricedon October31, 2025 and are expectedtosettleon orabout November5,2025.•CUSIP: 48136H4B1 Investing in the notes involves a number of risks. See“Risk Factors”beginning on page S-2of theaccompanyingprospectus supplement, Annex A to the accompanyingprospectus addendum,“Risk Factors” beginning on pagePS-11of the accompanying product supplement and“Selected Risk Considerations”beginning onpage PS-5 of this pricingsupplement. Neitherthe Securities and ExchangeCommission (the “SEC”) nor anystate securitiescommission has approvedor disapprovedof thenotes orpassed upon the accuracyor the adequacy ofthis pricing supplement or theaccompanyingproduct supplement,prospectussupplement, prospectus and prospectus addendum. Any representation tothecontraryisa criminaloffense. (1)See “Supplemental UseofProceeds”in this pricingsupplementfor information about thecomponents of thepricetopublic ofthe(2)J.P. MorganSecuritiesLLC, which we refer toas JPMS, acting as agentforJPMorgan Financial, will payalloftheselling commissions it receivesfromus tootheraffiliatedor unaffiliated dealers.Thesesellingcommissions willvaryand willbe upto $10.00per $1,000principalamountnote.See“Plan of Distribution(Conflicts of Interest)”intheaccompanyingproduct supplement. The estimated value ofthe notes,whenthe terms of thenoteswereset, was$918.50per $1,000 principal amountnote.See“The Estimated Value ofthe Notes”inthispricingsupplement for additional information. The notes arenotbank deposits, are notinsured by theFederal DepositInsurance Corporation orany other governmentalagencyand are not obligations of, orguaranteedby, a bank. Key Terms Interest Payment Dates*:December 4, 2025,January6, 2026,February 5,2026, March 5,2026, April 6,2026,May 5, 2026,June4, 2026,July6, 2026, August5, 2026, September 3,2026,October5, 2026, November5,2026,December 3,2026,January6, 2027,February4,2027, March4, 2027, April5,2027,May 5,2027, June 4, 2027, July 6,2027, August 5, 2027,September3, 2027, October 5, 2027andthe Maturity Date Issuer:JPMorganChase Financial Company LLC, adirect,wholly owned financesubsidiary ofJPMorganChase & Co.Guarantor:JPMorgan Chase& Co.Fund:The iShares®Bitcoin Trust ETF(Bloomberg ticker: IBIT)ContingentInterestPayments:If the noteshave not beenautomaticallycalled andtheclosing priceof oneshareof theFund on any Interest ReviewDate is greater thanor equaltothe Interest Barrier,you will receive on the applicable InterestPayment Date foreach $1,000principal amount note aContingentInterest Paymentequalto $12.7083 (equivalentto aContingentInterest Rate of 15.25% per annum, payable at arate of1.27083% permonth).If theclosing priceofoneshare of the Fund on any InterestReview Date is less than the Interest Barrier, no ContingentInterest Payment will be madewith respect to that InterestReview Date.ContingentInterestRate:15.25% per annum, payable at arate of1.27083% permonthInterest Barrier/Trigger Value:70.00%of the Initial Value,whichis $43.61Pricing Date:October 31, 2025Original Issue Date (