Published on 4/15/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.53 million 10% contingent interest autocallables on gold, silver ETFs
By Kiku Steinfeld
Chicago, April 15 – JPMorgan Chase Financial Co. LLC priced $3.53 million of autocallable contingent interest notes due July 17, 2026 linked to the VanEck Gold Miners ETF and iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid monthly, if each underlying fund closes at or above its 80% coupon barrier on the related monthly observation date.
The securities will be called automatically starting July 15, 2024 at par if the price of each underlying fund is greater than or equal to its initial price and on any subsequent monthly review date.
At maturity the payout will be par unless the worst performing ETF declines by more than its 25% buffer in which case investors will be exposed to the decline of the worst performing ETF beyond the buffer.
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: | VanEck Gold Miners ETF and iShares Silver Trust
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| Amount: | $3,529,000
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| Maturity: | July 17, 2026
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| Coupon: | 10%, paid monthly, if each underlying fund closes at or above its 80% coupon barrier on the related monthly observation date
|
| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF declines by more than its buffer in which case investors will be exposed to the decline in the worst performing ETF beyond the buffer
|
| Call: | Automatically starting July 15, 2024 at par if the price of each underlying fund is greater than or equal to its initial price and on any subsequent monthly review date
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| Initial levels: | $31.96 for VanEck Gold Miners ETF, $22.86 for iShares Silver Trust
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| Barrier levels: | $25.568 for VanEck Gold Miners ETF, $18.288 for iShares Silver Trust, 80% of initial levels
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| Buffer levels: | $23.97 for VanEck Gold Miners ETF, $17.145 for iShares Silver Trust, 75% of initial levels
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%
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| Cusip: | 48133YCB8
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