New Issue: JPMorgan prices $1.71 million five-year review notes tied to S&P, fund

By Susanna Moon

Chicago, Jan. 2 – JPMorgan Chase Financial Co. LLC priced $1.71 million of 0% review notes due Dec. 21, 2023 linked to the lesser performing of the SPDR S&P Biotech ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annual call premium of 11.85% if each asset closes at or above initial level on any annual review date.

If the notes are not called, the payout at maturity will be par plus a contingent minimum return of 10% unless either asset falls by more than 40%, in which case investors will be fully exposed to any losses of the worse performing index or fund.

The notes are guaranteed by JPMorgan Chase & Co.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase Financial Co. LLC
Guarantor:	JPMorgan Chase & Co.
Issue:	Review notes
Underlying assets:	S&P 500 index, SPDR S&P Biotech ETF
Amount:	$1,709,000
Maturity:	Dec. 21, 2023
Coupon:	0%
Price:	Par
Call:	At par plus 11.85% per year if each asset closes at or above initial level on any annual review date
Payout at maturity:	If each asset finishes at or above 60% trigger level, par plus 10%; otherwise, 1% loss for each 1% decline of worse performing index or fund
Initial levels:	2,546.16 for S&P, $73.65 for fund
Barrier levels:	1,527.696 for S&P, $44.19 for fund; 60% of initial levels
Pricing date:	Dec. 18
Settlement date:	Dec. 26
Agent:	J.P. Morgan Securities LLC
Fees:	2.25%
Cusip:	48130WKA8

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