Pricing supplement
To prospectus dated April 13, 2023,
prospectus supplement dated April 13, 2023,
product supplement no. 4-I dated April 13, 2023,
underlying supplement no. 1-I dated April 13, 2023 and
prospectus addendum dated June 3, 2024 |
Registration Statement Nos. 333-270004 and 333-270004-01
Dated August 9, 2024
Rule 424(b)(2)
|
JPMorgan Chase Financial Company LLC |
Structured
Investments | $1,000,000 Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index due August 13, 2029
Fully
and Unconditionally Guaranteed by JPMorgan Chase & Co. |
General
| · | The notes are designed for investors who seek leveraged exposure
of 1.74 times any appreciation or an unleveraged return equal to the absolute value of any depreciation (up to 20.00%), of the S&P
500® Futures Excess Return Index at maturity. |
| · | Investors should be willing to forgo interest and dividend
payments and, if the Ending Index Level is less than the Index Strike Level by more than 20.00%, be willing to lose some or all of their
principal amount at maturity. |
| · | The notes are unsecured and unsubordinated obligations of
JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed
by JPMorgan Chase & Co. Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the
notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. |
| · | Minimum denominations of $10,000 and integral multiples of
$1,000 in excess thereof |
Key Terms
Issuer: |
JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
Guarantor: |
JPMorgan Chase & Co. |
Index: |
The S&P 500® Futures Excess Return Index (Bloomberg ticker: SPXFP) |
Payment at Maturity: |
If the Ending Index Level is greater than the Index Strike Level, at maturity you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Index Return, multiplied by the Upside Leverage Factor. Accordingly, under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: |
|
$1,000 + ($1,000 × Index Return × Upside Leverage Factor) |
|
If the Ending Index Level is equal to the Index Strike Level, you will
receive the principal amount of your notes at maturity.
If the Ending Index Level is less than the Index Strike Level by up to
20.00%, you will receive at maturity a cash payment that provides you with a return per $1,000 principal amount note equal to the Absolute
Index Return, and your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 × Absolute Index Return)
Because the payment at maturity will not reflect the Absolute Index
Return if the Ending Index Level is less than the Index Strike Level by more than the Buffer Amount of 20.00%, your maximum payment at
maturity if the Index Return is negative is $1,200.00 per $1,000 principal amount note. |
|
If the Ending Index Level is less than the Index Strike Level by more than 20.00%, you will lose 1.25% of the principal amount of your notes for every 1% that the Ending Index Level is less than the Index Strike Level by more than 20.00%. Under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: |
|
$1,000 + [$1,000 x (Index Return + 20.00%) x 1.25] |
|
You will lose some or all of your principal amount at maturity if the Ending Index Level is less than the Index Strike Level by more than 20.00%. |
Upside Leverage Factor: |
1.74 |
Buffer Amount: |
20.00% |
Downside Leverage Factor: |
1.25 |
Index Return: |
(Ending Index Level – Index
Strike Level)
Index Strike Level |
Absolute Index Return: |
The absolute value of the Index Return. For example, if the Index Return is -5%, the Absolute Index Return will equal 5%. |
Index Strike Level: |
458.13, which was the closing level of the Index on the Strike Date. The Index Strike Level is not determined by reference to the closing level of the Index on the Pricing Date. |
Ending Index Level: |
The closing level of the Index on the Valuation Date |
Strike Date: |
August 8, 2024 |
Pricing Date: |
August 9, 2024 |
Original Issue Date: |
On or about August 14, 2024 (Settlement Date) |
Valuation Date*: |
August 8, 2029 |
Maturity Date*: |
August 13, 2029 |
CUSIP: |
48135TEF6 |
| * | 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 a Single Underlying — Notes Linked to a Single Underlying (Other Than a Commodity
Index)” and “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement |
Investing in the notes involves a number of risks. See “Risk
Factors” beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, “Risk
Factors” beginning on page PS-11 of the accompanying product supplement and “Selected Risk Considerations” beginning
on page PS-5 of this pricing supplement.
Neither the Securities and Exchange Commission (the “SEC”)
nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing
supplement or the accompanying product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any
representation to the contrary is a criminal offense.
|
Price to Public (1) |
Fees and Commissions (2) |
Proceeds to Issuer |
Per note |
$1,000.00 |
$30.00 |
$970.00 |
Total |
$1,000,000.00 |
$30,000.00 |
$970,000.00 |
| (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 $30.00 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. See “Plan of Distribution
(Conflicts of Interest)” in the accompanying product supplement |
The estimated value of the notes, when the terms of the notes were
set, was $950.90 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.
Additional Terms Specific to the
Notes
You should read this pricing supplement together with the
accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes, of which
these notes are a part, the accompanying prospectus addendum, and the more detailed information contained in the accompanying product
supplement and the accompanying underlying supplement. This pricing supplement, together with the documents listed below, contains
the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including
preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures
or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the “Risk
Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying
prospectus addendum, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment,
legal, tax, accounting and other advisers before you invest in the notes.
You may access these documents on the SEC website at
www.sec.gov
as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
Our Central Index Key, or CIK, on the SEC website is 1665650, and
JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing supplement, “we,” “us” and “our”
refer to JPMorgan Financial.
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 1 |
What Is the Total Return on the
Notes at Maturity, Assuming a Range of Performances for the Index?
The following table and examples illustrate the hypothetical
total return and the hypothetical payment at maturity on the notes. The “total return” as used in this pricing supplement
is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000.
Each hypothetical total return or payment at maturity set forth below assumes a hypothetical Index Strike Level of 100.00 and reflects
the Upside Leverage Factor of 1.74, the Buffer Amount of 20.00% and the Downside Leverage Factor of 1.25. The hypothetical Index Strike
Level of 100.00 has been chosen for illustrative purposes only and does not represent the actual Index Strike Level. Each hypothetical
total return or 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 and in the examples below have been rounded
for ease of analysis.
Ending Index
Level |
Index
Return |
Absolute
Index
Return |
Total Return |
180.00 |
80.00% |
N/A |
139.20000% |
170.00 |
70.00% |
N/A |
121.80000% |
160.00 |
60.00% |
N/A |
104.40000% |
150.00 |
50.00% |
N/A |
87.00000% |
140.00 |
40.00% |
N/A |
69.60000% |
130.00 |
30.00% |
N/A |
52.20000% |
120.00 |
20.00% |
N/A |
34.80000% |
110.00 |
10.00% |
N/A |
17.40000% |
105.00 |
5.00% |
N/A |
8.70000% |
102.50 |
2.50% |
N/A |
4.35000% |
100.00 |
0.00% |
N/A |
0.00000% |
97.50 |
-2.50% |
2.50% |
2.50000% |
95.00 |
-5.00% |
5.00% |
5.00000% |
90.00 |
-10.00% |
10.00% |
10.00000% |
85.00 |
-15.00% |
15.00% |
15.00000% |
80.00 |
-20.00% |
20.00% |
20.00000% |
79.99 |
-20.01% |
N/A |
-0.01250% |
70.00 |
-30.00% |
N/A |
-12.50000% |
60.00 |
-40.00% |
N/A |
-29.41175% |
50.00 |
-50.00% |
N/A |
-37.50000% |
40.00 |
-60.00% |
N/A |
-50.00000% |
30.00 |
-70.00% |
N/A |
-62.50000% |
20.00 |
-80.00% |
N/A |
-75.00000% |
10.00 |
-90.00% |
N/A |
-87.50000% |
0.00 |
-100.00% |
N/A |
-100.00000% |
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 2 |
Hypothetical Examples of Amount
Payable at Maturity
The following examples illustrate how the total payment
at maturity in different hypothetical scenarios is calculated.
Example 1: The level of the Index increases from
the Index Strike Level of 100.00 to an Ending Index Level of 102.50.
Because the Ending Index Level of 102.50 is greater
than the Index Strike Level of 100.00 and the Index Return of 2.50%, the investor receives a payment at maturity of $1,043.50 per $1,000
principal amount note, calculated as follows:
$1,000 + ($1,000 × 2.50% ×
1.74) = $1,043.50
Example 2: The level of the Index decreases from
the Index Strike Level of 100.00 to an Ending Index Level of 95.00.
Although the Index Return is negative, because the Ending
Index Level of 95.00 is less than the Index Strike Level of 100.00, which does not exceed the Buffer Amount of 20.00%, and the Absolute
Index Return is 5.00%, the investor receives a payment at maturity of $1,050.00 per $1,000 principal amount note, calculated as follows:
$1,000 + ($1,000 × 5.00%)
= $1,050.00
Example 3: The level of the Index decreases from
the Index Strike Level of 100.00 to an Ending Index Level of 50.00.
Because the Ending Index Level of 50.00 is less than
the Index Strike Level of 100.00 by more than the Buffer Amount of 20.00% and the Index Return is -50.00%, the investor receives a payment
at maturity of $625.00 per $1,000 principal amount note, calculated as follows:
$1,000 + [$1,000 × (-50.00%
+ 20.00%) x 1.25] = $625.00
Example 4: The level of the Index decreases from
the Index Strike Level of 100.00 to an Ending Index Level of 80.00.
Although the Index Return is negative, because the Ending
Index Level of 80.00 is less than the Index Strike Level of 100.00 by up to the Buffer Amount of 20.00% and the Absolute Index Return
is 20.00%, the investor receives a payment at maturity of $1,200.00 per $1,000 principal amount note, the maximum payment at maturity
if the Index Return is negative, calculated as follows:
$1,000 + ($1,000 × 20.00%)
= $1,200.00
The hypothetical returns and hypothetical payments on
the notes shown above apply only if you hold the notes for their entire term. These hypotheticals do not reflect 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.
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 3 |
Selected Purchase Considerations
| · | APPRECIATION POTENTIAL
IF THE INDEX RETURN IS POSITIVE — The notes provide the opportunity to enhance equity returns by multiplying a positive Index
Return by 1.74. The actual Upside Leverage Factor will be provided in the pricing supplement and will not be less than 1.74. The notes
are not subject to a predetermined maximum gain if the Index Return is positive and, accordingly, any return at maturity will be determined
based on the movement of the level of the Index. Because the notes are our unsecured and unsubordinated obligations, the payment of
which is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to
our ability to pay our obligations as they become due and JPMorgan Chase & Co.’s ability to pay its obligations as
they become due. |
| · | POTENTIAL FOR UP TO A
20.00% RETURN ON THE NOTES EVEN IF THE INDEX RETURN IS NEGATIVE — If the Ending Index Level is less than the Index Strike Level
by up to the Buffer Amount, you will earn a positive, unleveraged return on the notes equal to the Absolute Index Return. Under these
circumstances, you will earn a positive return on the notes even though the Ending Index Level is less than the Index Strike Level. For
example, if the Index Return is -5%, the Absolute Index Return will equal 5%. Because the payment at maturity will not reflect the Absolute
Index Return if the Ending Index Level is less than the Index Strike Level by more than the Buffer Amount of 20.00%, your maximum payment
at maturity if the Index Return is negative is $1,200.00 per $1,000 principal amount note. |
| · | LOSS OF PRINCIPAL BEYOND BUFFER AMOUNT — We
will pay you at least your principal back at maturity if the Ending Index Level is equal to the Index Strike Level or is less than the
Index Strike Level by up to 20.00%. If the Ending Index Level is less than the Index Strike Level by more than 20.00%, for every 1% that
the Ending Index Level is less than the Index Strike Level by more than 20.00%, you will lose an amount equal to 1.25% of the principal
amount of your notes. Accordingly, you may lose some or all of your principal amount at maturity. |
| · | RETURN LINKED TO THE S&P
500® FUTURES EXCESS RETURN INDEX— The Index measures the performance of the nearest maturing quarterly E-mini® S&P
500® futures contracts (Symbol: ES) (the “Underlying Futures Contracts”) trading on the Chicago Mercantile
Exchange (the “Exchange”). E-mini® S&P 500® futures contracts are U.S. dollar-denominated
futures contracts based on the S&P 500® Index. The S&P 500® Index consists of stocks of
500 companies selected to provide a performance benchmark for the U.S. equity markets. For additional information about the Index, see
Annex A in this pricing supplement. |
| · | TAX TREATMENT —
You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product
supplement no. 4-I. The following discussion, when read in combination with that section, constitutes the full opinion of our special
tax counsel, Latham & Watkins LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes. |
Based on current market conditions,
in the opinion of our special tax counsel it is reasonable to treat the notes as “open transactions” that are not debt instruments
for U.S. federal income tax purposes, as more fully described in “Material U.S. Federal Income Tax Consequences — Tax Consequences
to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments” in the accompanying product supplement.
Assuming this treatment is respected, the gain or loss on your notes should be treated as long-term capital gain or loss if you hold your
notes for more than a year, whether or not you are an initial purchaser of notes at the issue price. However, the IRS or a court may not
respect this treatment, in which case the timing and character of any income or loss on the notes could be materially and adversely affected.
In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid
forward contracts” and similar instruments. The notice focuses in particular on whether to require investors in these instruments
to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of
income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the
instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be
subject to withholding tax; and whether these instruments are or should be subject to the “constructive ownership” regime,
which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge.
While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated
after consideration of these issues could materially and adversely affect the tax consequences of an investment in the notes, possibly
with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the
notes, including possible alternative treatments and the issues presented by this notice.
Section 871(m) of the Code and Treasury
regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax (unless an income tax treaty
applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S.
equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments
linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations (such an index, a “Qualified
Index”). 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
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 4 |
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.
Withholding under legislation commonly
referred to as “FATCA” may (if the notes are recharacterized as debt instruments) apply to amounts treated as interest paid
with respect to the notes, as well as to payments of gross proceeds of a taxable disposition, including redemption at maturity, of a note,
although under recently proposed regulations (the preamble to which specifies that taxpayers are permitted to rely on them pending finalization),
no withholding will apply to payments of gross proceeds (other than any amount treated as interest). You should consult your tax adviser
regarding the potential application of FATCA to the notes.
Selected Risk Considerations
An investment in the notes involves significant risks.
Investing in the notes is not equivalent to investing directly in the Index or any of the component securities of the Index. These risks
are explained in more detail in the “Risk Factors” sections of the accompanying prospectus supplement and product supplement
and in Annex A to the accompanying prospectus addendum.
Risks Relating to the Notes Generally
| · | YOUR INVESTMENT IN THE
NOTES MAY RESULT IN A LOSS — The notes do not guarantee any return of principal. The return on the notes at maturity is linked
to the performance of the Index and will depend on whether, and the extent to which, the Index Return is positive or negative. Your investment
will be exposed to a loss on a leveraged basis if the Ending Index Level is less than the Index Strike Level by more than 20.00%. For
every 1% that the Ending Index Level is less than the Index Strike Level by more than 20.00%, you will lose an amount equal to 1.25% of
the principal amount of your notes. Accordingly, you may lose some or all of your principal amount at maturity. |
| · | CREDIT RISKS OF JPMORGAN
FINANCIAL AND JPMORGAN CHASE & CO. — The notes are subject to our and JPMorgan Chase & Co.’s
credit risks, and our and JPMorgan Chase & Co.’s credit ratings and credit spreads may adversely affect the market
value of the notes. 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. |
| · | NO INTEREST OR DIVIDEND
PAYMENTS OR VOTING RIGHTS — As a holder of the notes, you will not receive interest payments, and you will not have voting rights
or rights to receive cash dividends or other distributions or other rights that holders of the securities included in the Index would
have. |
| · | LACK OF LIQUIDITY
— The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but
is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes
easily. Because other dealers are not likely to make a secondary market for the notes, 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. |
| · | 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. |
Risks Relating to Conflicts of Interest
| · | POTENTIAL CONFLICTS
— We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent
and as an agent of the offering of the notes, hedging our obligations under the notes and making the assumptions used to determine the
pricing of the notes and the estimated value of the notes when the terms of the notes are set, which we refer to as the estimated value
of the notes. In performing these duties, our and JPMorgan Chase & Co.’s economic interests and the economic interests
of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition,
our and JPMorgan Chase & Co.’s business activities, including hedging and trading activities, could cause our and
JPMorgan Chase & Co.’s economic interests to be adverse to yours and could adversely affect any payment on the notes
and the value of 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 |
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 5 |
of the notes declines. Please refer to “Risk Factors
— Risks Relating to Conflicts of Interest” in the accompanying product supplement for additional information about these risks.
Risks Relating to 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 — The estimated value of
the notes is determined by reference to internal pricing models of our affiliates when the terms of the notes are set. This estimated
value of the notes is based on market conditions and other relevant factors existing at that time and assumptions about market parameters,
which can include volatility, dividend rates, interest rates and other factors. 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. 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. 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. See “Secondary Market Prices of the Notes” in this pricing supplement for additional information relating to this
initial period. Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as
published by JPMS (and which may be shown on your customer account statements). |
| · | SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER
THAN THE ORIGINAL ISSUE PRICE OF THE NOTES — Any secondary market prices of the notes will likely be lower than the
original issue price of the notes because, among other things, secondary market prices take into account our internal secondary market
funding rates for structured debt issuances and, also, because secondary market prices may exclude selling commissions, projected hedging
profits, if any, and estimated hedging costs that are included in the original issue price of the notes. As a result, the price, if any,
at which JPMS will be willing to buy 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. See the immediately following risk
consideration for information about additional factors that will impact any secondary market prices of the 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.
See “— Lack of Liquidity”.
| · | 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 Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 6 |
| · | JPMORGAN CHASE & CO.
IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE INDEX — JPMorgan Chase & Co. is currently one of the companies
that make up the Index, but JPMorgan Chase & Co. will have no obligation to consider your interests as a holder of the notes
in taking any corporate action that might affect the value of the Index. |
Historical Information
The following graph sets forth the historical performance of
the Index based on the weekly historical closing levels of the Index from January 4, 2019 through August 9, 2024. The closing level of
the Index on August 9, 2024 was 460.01.
We obtained the closing levels of the Index above
and below from the Bloomberg Professional® service (“Bloomberg”), without independent verification. The historical
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 the Valuation Date. There can be no assurance that the performance of the Index will result in the return of any of your
principal amount.
The Estimated Value of the Notes
The estimated value of the notes set forth on the cover
of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component
with the same maturity as the notes, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying
the economic terms of the notes. The estimated value of the notes does not represent a minimum price at which JPMS would be willing to
buy your notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated
value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by
JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’
view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes
in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding
rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing
market replacement funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an
adverse effect on the terms of the notes and any secondary market prices of the notes. For additional information, see “Selected
Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value
of the Notes Is Derived by Reference to an Internal Funding Rate” in this pricing supplement. The value of the derivative or derivatives
underlying the economic terms of the notes is derived from internal pricing models of our affiliates. These models are dependent on inputs
such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable,
and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events
and/or environments. Accordingly, the estimated value of the notes is determined when the terms of the notes are set based on market conditions
and other relevant factors and assumptions existing at that time. See “Selected Risk Considerations — Risks Relating to the
Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not Represent Future Values of
the Notes and May Differ from Others’ Estimates” in this pricing supplement.
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. We or one or more of
our affiliates will retain any profits realized in hedging our obligations under the notes. 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..
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 7 |
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 “What Is the Total Return on the Notes at Maturity,
Assuming a Range of Performances for the Index?” and “Hypothetical Examples of Amount Payable at Maturity” in this pricing
supplement for an illustration of the risk-return profile of the notes and “Selected Purchase Considerations — Return Linked
to the S&P 500® Futures Excess Return 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.
Supplemental Terms of the Notes
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.
Validity of the Notes and the Guarantee
In the opinion
of Latham & Watkins LLP, as special product counsel to JPMorgan Financial and JPMorgan Chase & Co., when the notes offered
by this pricing supplement have been executed and issued by JPMorgan Financial and authenticated by the trustee pursuant to the indenture,
and 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 special product 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 notes 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.
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 8 |
Annex A
The S&P 500® Futures Excess Return Index
All information contained in this pricing supplement regarding
the S&P 500® Futures Excess Return Index (the “SPX Futures Index”), including, without limitation, its
make-up, method of calculation and changes in its components, has been derived from publicly available information, without independent
verification. This information reflects the policies of, and is subject to change by, S&P Dow Jones Indices LLC (“S&P Dow
Jones”). The SPX Futures Index is calculated, maintained and published by S&P Dow Jones. S&P Dow Jones has no obligation
to continue to publish, and may discontinue the publication of, the Index.
The SPX Futures Index is reported by Bloomberg under the ticker
symbol “SPXFP.”
The SPX Futures Index measures the performance of the nearest maturing
quarterly E-mini® S&P 500® futures contracts (Symbol: ES) (the “Underlying Futures Contracts”)
trading on the Chicago Mercantile Exchange (the “Exchange”). E-mini® S&P 500® futures contracts
are U.S. dollar-denominated futures contracts based on the S&P 500® Index. For additional information about the S&P
500® Index, see “Equity Index Descriptions — The S&P U.S. Indices” in the accompanying underlying
supplement. The SPX Futures Index is calculated real-time from the price change of the Underlying Futures Contracts. The SPX Futures Index
is an “excess return” index that is based on price levels of the Underlying Futures Contracts as well as the discount or premium
obtained by “rolling” hypothetical positions in the Underlying Futures Contracts as they approach delivery. The SPX Futures
Index does not reflect interest earned on hypothetical, fully collateralized contract positions.
Index Rolling
As each Underlying Futures Contract approaches maturity, it is
replaced by the next maturing Underlying Futures Contract in a process referred to as “rolling.” The rolling of the SPX Futures
Index occurs quarterly over a one-day rolling period (the “roll day”) every March, June, September and December, effective
after the close of trading five business days preceding the last trading date of the maturing Underlying Futures Contract.
On any scheduled roll day, the occurrence of either of the following
circumstances will result in an adjustment of the roll day according to the procedure set forth in this section:
· |
An exchange holiday occurs on that scheduled roll day. |
· |
The daily contract price of any Underlying Futures Contract within the index on that scheduled roll day is a limit price. |
If either of the above events occur, the relevant roll day will
take place on the next designated commodity index business day whereby none of the circumstances identified take place.
If a disruption is approaching the last trading day of a contract
expiration, the Index Committee (defined below) will convene to determine the appropriate course of action, which may include guidance
from the Exchange.
The Index Committee may change the date of a given rebalancing
for reasons including market holidays occurring on or around the scheduled rebalancing date. Any such change will be announced with proper
advance notice where possible.
Index Calculations
The closing level of the SPX Futures Index on any trading day reflects
the change in the daily contract price of the Underlying Futures Contract since the immediately preceding trading day. On each quarterly
roll day, the closing level of the SPX Futures Index reflects the change from the daily contract price of the maturing Underlying Futures
Contract on the immediately preceding trading day to the daily contract price of the next maturing Underlying Futures Contract on that
roll day.
The daily contract price of an Underlying Futures Contract will
be the settlement price reported by the CME. If the Exchange fails to open due to unforeseen circumstances, such as natural disasters,
inclement weather, outages, or other events, the SPX Futures Index uses the prior daily contract prices. In situations where the Exchange
is forced to close early due to unforeseen events, such as computer or electric power failures, weather conditions or other events, S&P
Dow Jones calculates the closing level of the SPX Futures Index based on (1) the daily contract prices published by the Exchange, or (2)
if no daily contract prices is available, the Index Committee determines the course of action and notifies clients accordingly.
Index Corrections and Recalculations
S&P Dow Jones reserves the right to recalculate an index at
its discretion in the event that settlement prices are amended or upon the occurrence of a missed index methodology event (deviation from
what is stated in the methodology document).
Index Governance
An S&P Dow Jones index committee (the “Index Committee”)
maintains the SPX Futures Index. All committee members are full-time professional members of S&P Dow Jones’ staff. The Index
Committee may revise index policy covering rules for including currencies, the timing of rebalancing or other matters. The Index Committee
considers information about changes to the SPX Futures Index and related matters to be potentially market moving and material. Therefore,
all Index Committee discussions are confidential.
The Index Committees reserve the right to make exceptions when
applying the methodology of the SPX Futures Index if the need arises. In any scenario where the treatment differs from the general rules
stated in this document or supplemental documents, notice will be provided, whenever possible.
In addition to the daily governance of the SPX Futures Index and
maintenance of its index methodology, at least once within any 12-month period, the Index Committee reviews the methodology to ensure
the SPX Futures Index continues to achieve the stated
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 9 |
objectives, and that the data and methodology remain effective.
In certain instances, S&P Dow Jones may publish a consultation inviting comments from external parties.
License Agreement
JPMorgan Chase & Co. or its affiliate has entered
into an agreement with S&P Dow Jones that provides it and certain of its affiliates or subsidiaries, including JPMorgan Financial,
with a non-exclusive license and, for a fee, with the right to use the SPX Futures Index, which is owned and published by S&P Dow
Jones, in connection with certain securities, including the notes.
The notes are not sponsored, endorsed, sold or promoted by S&P
Dow Jones or its third-party licensors. Neither S&P Dow Jones nor its third-party licensors make any representation or warranty, express
or implied, to the owners of the notes or any member of the public regarding the advisability of investing in securities generally or
in the notes particularly or the ability of the SPX Futures Index to track general stock market performance. S&P Dow Jones’
and its third-party licensors’ only relationship to JPMorgan Financial or JPMorgan Chase & Co. is the licensing of
certain trademarks and trade names of S&P Dow Jones and the third-party licensors and of the SPX Futures Index which is determined,
composed and calculated by S&P Dow Jones or its third-party licensors without regard to JPMorgan Financial or JPMorgan Chase & Co.
or the notes. S&P Dow Jones and its third-party licensors have no obligation to take the needs of JPMorgan Financial or JPMorgan Chase & Co.
or the owners of the notes into consideration in determining, composing or calculating the SPX Futures Index. Neither S&P Dow Jones
nor its third-party licensors are responsible for and has not participated in the determination of the prices and amount of the notes
or the timing of the issuance or sale of the notes or in the determination or calculation of the equation by which the notes are to be
converted into cash. S&P Dow Jones has no obligation or liability in connection with the administration, marketing or trading of the
notes.
NEITHER S&P DOW JONES, ITS AFFILIATES NOR THEIR THIRD-PARTY
LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE SPX FUTURES INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS,
INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES,
ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN.
S&P DOW JONES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR USE WITH RESPECT TO THE MARKS, THE SPX FUTURES INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN
NO EVENT WHATSOEVER SHALL S&P DOW JONES, ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY
HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.
“S&P” and “S&P 500” are trademarks
of S&P Global, Inc. or its affiliates and have been licensed for use by JPMorgan Chase & Co. and its affiliates, including
JPMorgan Financial.
Background on Futures Contracts
Overview of Futures Markets
Futures contracts are contracts that legally obligate the holder
to buy or sell an asset at a predetermined delivery price during a specified future time period. Futures contracts are traded on regulated
futures exchanges, in the over-the-counter market and on various types of physical and electronic trading facilities and markets. As of
the date of this underlying supplement, all of the futures contracts associated with the Portfolio Constituents are exchange-traded futures
contracts. An exchange-traded futures contract provides for the purchase and sale of a specified type and quantity of an underlying asset
or financial instrument during a stated delivery month for a fixed price. A futures contract provides for a specified settlement month
in which the cash settlement is made or in which the underlying asset or financial instrument is to be delivered by the seller (whose
position is therefore described as “short”) and acquired by the purchaser (whose position is therefore described as “long”).
A futures contract on a government bond typically permits satisfaction
of the delivery obligation by delivery of any of the bonds referenced by that futures contract that meet the specification identified
by the relevant exchange. The deliverable bonds may feature different coupons and maturities and consequently also different prices. At
any given time, certain deliverable bonds will be more economical to acquire and deliver than others, which are commonly referred to as
the “cheapest to deliver.” The price for futures contract on a government bond on any day generally tracks the price of the
particular bonds that are “cheapest to deliver” on that day.
No purchase price is paid or received on the purchase or sale of
a futures contract. Instead, an amount of cash or cash equivalents must be deposited with the broker as “initial margin.”
This amount varies based on the requirements imposed by the exchange clearing houses, but it may be lower than 5% of the notional value
of the contract. This margin deposit provides collateral for the obligations of the parties to the futures contract
By depositing margin, which may vary in form depending on the exchange,
with the clearing house or broker involved, a market participant may be able to earn interest on its margin funds, thereby increasing
the total return that it may realize from an investment in futures contracts.
In the United States, futures contracts are traded on designated
contract markets. At any time prior to the expiration of a futures contract, a trader may elect to close out its position by taking an
opposite position on the exchange on which the trader obtained the position, subject to the availability of a liquid secondary market.
This operates to terminate the position and fix the trader’s profit or loss. Futures contracts are cleared through the facilities
of a centralized clearing house and a brokerage firm, referred to as a “futures commission merchant,” which is a member of
the clearing house.
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 10 |
Unlike common equity securities, futures contracts, by their terms,
have stated expirations. At a specific point in time prior to expiration, trading in a futures contract for the current delivery month
will cease. As a result, a market participant wishing to maintain its exposure to a futures contract on a particular asset or financial
instrument with the nearest expiration must close out its position in the expiring contract and establish a new position in the contract
for the next delivery month, a process referred to as “rolling.” For example, a market participant with a long position in
a futures contract expiring in November who wishes to maintain a position in the nearest delivery month will, as the November contract
nears expiration, sell the November contract, which serves to close out the existing long position, and buy a futures contract expiring
in December. This will “roll” the November position into a December position, and, when the November contract expires, the
market participant will still have a long position in the nearest delivery month.
Futures exchanges and clearing houses in the United States are
subject to regulation by the Commodity Futures Trading Commission. Exchanges may adopt rules and take other actions that affect trading,
including imposing speculative position limits, maximum price fluctuations and trading halts and suspensions and requiring liquidation
of contracts in certain circumstances. Futures markets outside the United States are generally subject to regulation by comparable regulatory
authorities. The structure and nature of trading on non-U.S. exchanges, however, may differ from this description.
Underlying Futures Contracts
E-mini® S&P 500® futures contracts
are U.S. dollar-denominated futures contracts, based on the S&P 500® Index, traded on the Exchange, representing a
contract unit of $50 multiplied by the S&P 500® Index, measured in cents per index point.
E-mini® S&P 500® futures contracts
listed for the nearest nine quarters, for each March, June, September and December, and the nearest three Decembers are available for
trading. Trading of the E-mini® S&P 500® futures contracts will terminate at 9:30 A.M. Eastern time
on the third Friday of the contract month.
The daily settlement prices of the E-mini® S&P
500® futures contracts are based on trading activity in the relevant contract (and in the case of a lead month also being
the expiry month, together with trading activity on lead month-second month spread contracts) on the Exchange during a specified settlement
period. The final settlement price of E-mini® S&P 500® futures contracts is based on the opening prices
of the component stocks in the S&P 500® Index, determined on the third Friday of the contract month.
JPMorgan Structured Investments — Dual Directional Buffered Equity Notes Linked to the S&P 500® Futures Excess Return Index | PS- 11 |
S-3
424B2
EX-FILING FEES
333-270004
0000019617
JPMORGAN CHASE & CO
0000019617
2024-08-13
2024-08-13
iso4217:USD
xbrli:pure
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Calculation of Filing Fee Tables
|
S-3
|
JPMORGAN CHASE & CO
|
The maximum aggregate offering price of the securities to which the prospectus relates is $1,000,000. The prospectus is a final prospectus for the related offering.
|
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