JPMorgan plans 10% callable yield notes on Russell, Gold Miners ETF

By Marisa Wong

Madison, Wis., July 1 - JPMorgan Chase & Co. plans to price 10% callable yield notes due July 31, 2012 linked to the Russell 2000 index and the Market Vectors Gold Miners exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless either underlying component closes below 75% of its initial level during the life of the notes and the final level is less than the initial level, in which case investors will receive par plus the return of the lesser performing underlying component.

The notes will be callable at par on Oct. 31, Jan. 31, 2012 and April 30, 2012.

The notes (Cusip: 48125XXP6) are expected to price July 26 and settle July 31.

J.P. Morgan Securities LLC is the agent.

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