By William Gullotti
Buffalo, N.Y., March 13 – JPMorgan Chase Financial Co. LLC priced $10 million of contingent income buffered autocallable securities due Feb. 2, 2024 linked to the SPDR Dow Jones Industrial Average ETF Trust common ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The securities will pay a contingent monthly coupon at an annualized rate of 10.5% if the underlying ETF closes at or above the 90% downside threshold on the related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
If the underlying ETF closes at or above its initial price on any of the monthly determination dates, the securities will be redeemed at par plus the contingent coupon.
If the underlying ETF finishes at or above the 90% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1.11111% for every 1% decline of the ETF beyond 10%.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Contingent income buffered autocallable securities
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| Underlying ETF: | SPDR Dow Jones Industrial Average ETF Trust
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| Amount: | $10 million
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| Maturity: | Feb. 2, 2024
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| Coupon: | 10.5% annualized, payable monthly if the underlying ETF closes at or above downside threshold on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if underlying ETF finishes at or above downside threshold; otherwise, lose 1.11111% for every 1% decline beyond 10%
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| Call: | At par plus contingent coupon if underlying ETF closes at or above initial share price on any monthly determination date
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| Initial share price: | $339.61
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| Downside threshold: | $305.649; 90% of initial price
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| Strike date: | Jan. 27
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| Pricing date: | Jan. 30
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| Settlement date: | Feb. 2
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 0.1%
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| Cusip: | 48133T7L3
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