New Issue: JPMorgan sells $900,000 uncapped dual directional notes tied to S&P 500

By Susanna Moon

Chicago, April 12 – JPMorgan Chase & Co. priced $900,000 of 0% uncapped dual directional notes due March 31, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the initial level, the payout at maturity will be par plus the greater of the return and the contingent minimum return of 30%.

If the index falls by up to 30%, the payout at maturity will be par plus the absolute value of the index return.

If the index falls by more than the contingent buffer, investors will be fully exposed to any losses.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Uncapped dual directional notes
Underlying index:	S&P 500
Amount:	$900,000
Maturity:	March 31, 2021
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If index gains, par plus the greater of return and 30%; if index falls by up to 30%, par plus absolute value of index return; otherwise, full exposure to losses
Initial level:	2,047.60
Contingent buffer:	30%
Pricing date:	April 8
Settlement date:	April 12
Agent:	J.P. Morgan Securities LLC
Fees:	0.15%
Cusip:	48128GVV9

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