05/02/2024 | Press release | Distributed by Public on 05/02/2024 12:11
April 30, 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
$659,000
Uncapped Dual Directional Barrier Notes Linked to the
S&P 500® Index due May 3, 2029
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
●The notes are designed for investors who seek an uncapped return equal to any appreciation of the S&P 500® Index at
maturity.
●The notes are also designed for investors who seek a capped, unleveraged return equal to the absolute value of any
depreciation of the S&P 500® Index at maturity (up to 30.00%) if the Final Value is greater than or equal to 70.00% of the
Initial Value, which we refer to as the Barrier Amount.
●Investors should be willing to forgo interest and dividend payments and 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 $1,000 and integral multiples thereof
●The notes priced on April 30, 2024 and are expected to settle on or about May 3, 2024.
●CUSIP: 48134XFH3
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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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$9.3816
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$990.6184
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Total
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$659,000
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$6,182.50
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$652,817.50
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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 it
receives from us to other affiliated or unaffiliated dealers. These selling commissions will vary and will be up to $11.25 per $1,000 principal
amount note. 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 S&P 500® Index (Bloomberg ticker: SPX)
Upside Leverage Factor:1.00
Barrier Amount: 70.00% of the Initial Value, which is
3,524.983
Pricing Date:April 30, 2024
Original Issue Date (Settlement Date):On or about May 3,
2024
Observation Date*:April 30, 2029
Maturity Date*:May 3, 2029
* 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
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Payment at Maturity:
If the Final Value is greater than the Initial Value, your
payment at maturity per $1,000 principal amount note will be
calculated as follows:
$1,000 + ($1,000 × Index Return × Upside Leverage Factor)
Because the Upside Leverage Factor is set at 1.00, you
will not benefit from any upside leverage at maturity.
If the Final Value is equal to the Initial Value or is less than the
Initial Value but greater than or equal to the Barrier Amount,
your payment at maturity per $1,000 principal amount note will
be calculated as follows:
$1,000 + ($1,000 × Absolute Index Return)
This payout formula results in an effective cap of 30.00% on
your return at maturity if the Index Return is negative. Under
these limited circumstances, your maximum payment at
maturity is $1,300.00 per $1,000 principal amount note.
If the Final Value is less than the Barrier Amount, your
payment at maturity per $1,000 principal amount note will be
calculated as follows:
$1,000 + ($1,000 × Index Return)
If the Final Value is less than the Barrier Amount, you will lose
more than 30.00% of your principal amount at maturity and
could lose all of your principal amount at maturity.
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 Return:
(Final Value - Initial Value)
Initial Value
Initial Value: The closing level of the Index on the Pricing
Date, which was 5,035.69
Final Value: The closing level of the Index on the Observation
Date
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PS-1 | Structured Investments
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Uncapped Dual Directional Barrier Notes Linked to the S&P 500® Index
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Final Value
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Index Return
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Absolute Index Return
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Total Return on the
Notes
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Payment at Maturity
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180.00
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80.00%
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N/A
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80.00%
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$1,800.00
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165.00
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65.00%
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N/A
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65.00%
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$1,650.00
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150.00
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50.00%
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N/A
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50.00%
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$1,500.00
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140.00
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40.00%
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N/A
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40.00%
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$1,400.00
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130.00
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30.00%
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N/A
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30.00%
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$1,300.00
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120.00
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20.00%
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N/A
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20.00%
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$1,200.00
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110.00
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10.00%
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N/A
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10.00%
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$1,100.00
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105.00
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5.00%
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N/A
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5.00%
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$1,050.00
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101.00
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1.00%
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N/A
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1.00%
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$1,010.00
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100.00
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0.00%
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0.00%
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0.00%
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$1,000.00
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95.00
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-5.00%
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5.00%
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5.00%
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$1,050.00
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90.00
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-10.00%
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10.00%
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10.00%
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$1,100.00
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80.00
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-20.00%
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20.00%
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20.00%
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$1,200.00
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70.00
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-30.00%
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30.00%
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30.00%
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$1,300.00
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69.99
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-30.01%
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N/A
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-30.01%
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$699.90
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60.00
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-40.00%
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N/A
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-40.00%
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$600.00
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50.00
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-50.00%
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N/A
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-50.00%
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$500.00
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40.00
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-60.00%
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N/A
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-60.00%
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$400.00
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30.00
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-70.00%
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N/A
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-70.00%
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$300.00
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20.00
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-80.00%
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N/A
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-80.00%
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$200.00
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10.00
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-90.00%
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N/A
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-90.00%
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$100.00
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0.00
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-100.00%
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N/A
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-100.00%
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$0.00
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PS-2 | Structured Investments
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Uncapped Dual Directional Barrier Notes Linked to the S&P 500® Index
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PS-3 | Structured Investments
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Uncapped Dual Directional Barrier Notes Linked to the S&P 500® Index
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PS-4 | Structured Investments
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Uncapped Dual Directional Barrier Notes Linked to the S&P 500® Index
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PS-5 | Structured Investments
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Uncapped Dual Directional Barrier Notes Linked to the S&P 500® Index
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Historical Performance of the S&P 500® Index
Source: Bloomberg
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PS-6 | Structured Investments
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Uncapped Dual Directional Barrier Notes Linked to the S&P 500® Index
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PS-7 | Structured Investments
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Uncapped Dual Directional Barrier Notes Linked to the S&P 500® Index
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PS-8 | Structured Investments
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Uncapped Dual Directional Barrier Notes Linked to the S&P 500® Index
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