By Wendy Van Sickle
Columbus, Ohio, Dec. 23 – JPMorgan Chase Financial Co. LLC priced $4 million of 0% step-up review notes due June 23, 2026 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 8% per year if each index closes at or above its call level on any semiannual call date after one year.
The call level will be 102.5% of the initial level on the first call date and will step up by 125 basis points on each subsequent call date.
The payout at maturity will be par plus 10% unless the final level of either index is less than its initial level by more than 40%, in which case investors will lose 1% for each 1% that the lesser-performing index declines from initial.
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: | Step-up review notes
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| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $4 million
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| Maturity: | June 23, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless final level of either index is less than initial level by more than 40%, in which case 1% loss for each 1% that lesser-performing index declines from initial level
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| Call: | Automatically at par plus call premium of 8% per year if each index closes at or above call level on any semiannual call date after one year
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| Call level: | 102.5% of initial level on first call date, stepping up by 125 bps on each subsequent call date
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| Initial levels: | 3,191.14 for S&P 500 and 1,661.731 for Russell 2000
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| Trigger levels: | 1,914.684 for S&P 500 and 997.0386 for Russell 2000; 60% of initial levels
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 23
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.5%
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| Cusip: | 48132HKJ0
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