Published on 5/20/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $543,000 10.5% contingent income autocalls on sector funds
By Kiku Steinfeld
Chicago, May 22 – JPMorgan Chase Financial Company LLC priced $543,000 of contingent income autocallable securities due Jan. 16, 2025 linked to the Financial Select Sector SPDR Fund, Energy Select Sector SPDR Fund and Industrial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.5%, paid quarterly, if each underlying fund closes at or above its 50% downside threshold on the related quarterly observation date.
The securities will be called automatically at par if each fund closes at or above its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing ETF closes below its 50% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing ETF.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | JPMorgan Chase Financial Company LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Contingent income autocallable securities
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| Underlying ETFs: | Financial Select Sector SPDR Fund, Energy Select Sector SPDR Fund and Industrial Select Sector SPDR Fund
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| Amount: | $543,000
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| Maturity: | Jan. 16, 2025
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| Coupon: | 10.5%, paid quarterly, if each underlying fund closes at or above its downside threshold on the related quarterly observation date
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| Price: | Par of $10.00
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| Payout at maturity: | Par unless the worst performing ETF closes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing ETF
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| Call: | Automatically at par if each fund closes at or above its initial price on any quarterly call determination date
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| Initial levels: | $89.95 for Energy, $36.12 for Financial, $102.46 for Industrial
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| Downside thresholds: | $44.975 for Energy, $18.06 for Financial, $51.23 for Industrial, 50% of initial levels
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| Pricing date: | Jan. 13, 2023
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| Settlement date: | Jan. 19, 2023
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 2%
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| Cusip: | 48133K815
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