Published on 1/12/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $500,000 autocallable contingent interest notes on three ETFs
By William Gullotti
Buffalo, N.Y., Jan. 12 – JPMorgan Chase Financial Co. LLC priced $500,000 of autocallable contingent interest notes due March 1, 2023 linked to the least performing of the SPDR S&P 500 ETF Trust, the iShares Russell 2000 ETF and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each ETF closes at or above its interest barrier level, 70% of its initial level, on the review date for that period.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any quarterly review date other than the first, second and final dates.
If the notes have not been called, the payout at maturity will be par unless any ETF closes below its 70% trigger level during the life of the notes and any ETF finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying ETFs: SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1
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| Amount: | $500,000
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| Maturity: | March 1, 2023
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| Coupon: | 9.5% annualized, payable quarterly if each ETF closes at or above interest barrier level on review date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any ETF closes below its trigger level during the life of the notes and any ETF finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level
|
| Call: | Automatically at par plus contingent coupon if each ETF closes at or above initial level on any quarterly review date other than the first, second and final ones
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| Initial levels: | $447.97 for SPDR, $221.78 for iShares, $374.37 for Invesco
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| Interest barrier: | $313.579 for SPDR, $155.246 for iShares, $262.059 for Invesco; 70% of initial values
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| Trigger levels: | $313.579 for SPDR, $155.246 for iShares, $262.059 for Invesco; 70% of initial values
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 27
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.35%
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| Cusip: | 48132WGB9
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