JPMorgan plans variable annual income CDs on JPMorgan ETF Efficiente 5

By Toni Weeks

San Luis Obispo, Calif., June 9 – JPMorgan Chase Bank, NA plans to price variable annual income certificates of deposit due June 30, 2021 contingent on the performance of the JPMorgan ETF Efficiente 5 index, according to a term sheet.

Interest is payable annually at a rate equal to the index return multiplied by the index factor, subject to a minimum coupon of 0%.

The index factor is one divided by the number of coupon determination dates that have occurred to date including the current coupon determination date.

The payout at maturity will be par plus the last coupon payment, if any.

The exact deal terms will be set at pricing.

The level of the index reflects the deduction of a fee of 0.5% that accrues daily.

J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.

The CDs will price on June 25 and settle on June 30.

The Cusip number is 48125TPV1.

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