By William Gullotti
Buffalo, N.Y., June 23– JPMorgan Chase Financial Co. LLC priced $3.83 million of autocallable contingent interest notes due May 17, 2024 linked to the least performing of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, 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 10.5% 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 and final.
The payout at maturity will be par plus the final coupon unless any ETF finishes below its 70% trigger value, in which case investors will lose 1% for each 1% decline from the worst performer’s 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: | VanEck Vectors Gold Miners ETF, iShares Silver Trust
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| Amount: | $3,830,000
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| Maturity: | May 17, 2024
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| Coupon: | 10.5% 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 plus any coupon unless any ETF finishes below trigger level, in which case 1% loss for each 1% decline of least performing ETF from initial level
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| 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 and final
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| Initial levels: | $37.84 for Gold, $25.46 for Silver
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| Interest barrier: | $26.488 for Gold, $17.822 for Silver; 70% of initial values
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| Trigger levels: | $26.488 for Gold, $17.822 for Silver; 70% of initial values
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| Pricing date: | May 14
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| Settlement date: | May 19
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | None
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| Cusip: | 48132TN44
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