Published on 9/25/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.41 million uncapped dual directional digital barrier notes on ETFs
New York, Sept. 25 – JPMorgan Chase Financial Co. LLC priced $3.41 million of 0% uncapped dual directional digital barrier notes due Sept. 24, 2026 linked to the Invesco QQQ Trust, Series 1, the SPDR Dow Jones industrial average ETF Trust and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the worst performing ETF finishes flat or gains, the payout at maturity will be par plus the greater of that ETF’s return and the 40% digital payment.
The payout will be par plus the absolute value of the worst performing ETF return if the worst performing ETF declines but finishes at or above its 70% barrier.
Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines from initial level.
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: | Uncapped dual directional digital barrier notes
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| Underlying ETFs: | Invesco QQQ Trust, Series 1, SPDR Dow Jones industrial average ETF Trust and iShares Russell 2000 ETF
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| Amount: | $3.41 million
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| Maturity: | Sept. 24, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If worst performing ETF finishes at or above its initial value, par plus greater of that ETF’s return and 40%; par if worst performing ETF declines but finishes at or above 70% barrier; otherwise, 1% loss for every 1% that worst performing ETF declines from initial level
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| Initial levels: | $369.87 for Invesco QQQ Trust, Series 1, $345.07 for SPDR Dow Jones industrial average, $181.68 for iShares Russell 2000 ETF
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| Barriers: | $258.909 for Invesco QQQ Trust, Series 1, $241.549 for SPDR Dow Jones industrial average, $127.176 for iShares Russell 2000 ETF, 70% of initial levels
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| Pricing date: | Sept. 19
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| Settlement date: | Sept. 22
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.7%
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| Cusip: | 48134AV93
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