Published on 10/14/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $750,000 10.5% autocallable contingent interest notes on ETFs
By Kiku Steinfeld
Chicago, Oct. 16 – JPMorgan Chase Financial Co. LLC priced $750,000 of autocallable contingent interest notes due Sept. 29, 2025 linked to the Financial Select Sector SPDR Fund, SPDR Gold Trust and iShares Silver Trust, 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 60% trigger level on the related quarterly observation date.
The securities will be called automatically starting Sept. 25, 2023 at par if the price of each underlying fund is greater than or equal to its initial price on a quarterly review date.
At maturity the payout will be par unless the worst performing ETF closes below its 60% trigger 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.
| 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: | Financial Select Sector SPDR Fund, SPDR Gold Trust and iShares Silver Trust
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| Amount: | $750,000
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| Maturity: | Sept. 29, 2025
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| Coupon: | 10.5%, paid quarterly, if each underlying fund closes at or above its 60% trigger level on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF closes below its trigger level in which case investors will be fully exposed to the decline in the worst performing ETF
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| Call: | Automatically starting Sept. 25, 2023 at par if the price of each underlying fund is greater than or equal to its initial price on a quarterly review date
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| Initial levels: | $30.99 for Financial, $183.65 for SPDR, $21.22 for iShares
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| Trigger levels: | $18.594 for Financial, $110.19 for SPDR, $12.732 for iShares, 60% of initial level
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| Pricing date: | March 24, 2023
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| Settlement date: | March 29, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.45%
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| Cusip: | 48133VEC0
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