By Wendy Van Sickle
Columbus, Ohio, May 24 – JPMorgan Chase Financial Co. LLC priced $2.5 million of step-up autocallable contingent buffered equity notes due May 25, 2023 linked to the lesser performing of the Russell 2000 index and the PowerShares QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will be automatically called at par of $1,000 plus a 7.3% annual call premium if each asset closes at or above its call level on an annual review date other than the final date. The call level will be 102% of the initial level on the first review date and will step up by 2% per year to 108% on the fourth review date.
The payout at maturity will be par plus any gain of the lesser-performing asset.
Investors will receive par if either asset falls by up to 50% and will otherwise lose 1% for each 1% decline of the lesser-performing asset.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Issue: | Step-up autocallable contingent buffered equity notes
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| Underlying assets: | Russell 2000 index and PowerShares QQQ Trust, series 1
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| Amount: | $2.5 million
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| Maturity: | May 25, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus any gain of the lesser-performing asset; par if either asset falls by up to 50%, otherwise 1% loss for each 1% decline of lesser-performing asset
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| Call: | Automatically called at par plus call premium of 7.3% per year if each asset closes at or above its call level on an annual review date other than final date; call level will be 102% of initial level on first review date and will step up by 2% per year to 108% on fourth review date
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| Initial values: | 1,625.237 for Russell, $168.18 for ETF
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| Pricing date: | May 22
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| Settlement date: | May 25
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.5%
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| Cusip: | 48129MUY0
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