By William Gullotti
Buffalo, N.Y., July 12 – JPMorgan Chase Financial Co. LLC priced $11.41 million of trigger autocallable contingent yield notes due July 10, 2026 linked to the SPDR S&P 500 ETF Trust and SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon at the rate of 9.21% per year if each ETF closes at or above the coupon barrier, 70% of the initial level, on the observation date for that quarter.
The notes will be automatically called at par of $10 if each ETF closes at or above the initial level on any quarterly observation date after six months.
If the notes are not called and the final level of the least-performing ETF is greater than or equal to the downside threshold level, 70% of the initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the final level of the worst performer is less than the initial level.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Trigger autocallable contingent yield notes
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Underlying ETFs: | SPDR S&P 500 ETF Trust, SPDR S&P Biotech ETF
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Amount: | $11,413,200
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Maturity: | July 10, 2026
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Contingent coupon: | 9.21% annual rate, payable quarterly if each ETF closes at or above coupon barrier level on related quarterly observation date
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Price: | Par of $10
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Payout at maturity: | Par plus final coupon unless the worst performing ETF finishes below downside threshold level, in which case 1% loss for each 1% decline from initial price
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Call: | Automatically at par if ETF closes at or above initial level on any quarterly observation date after six months
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Initial price: | $434.46 for S&P 500, $131.35 for Biotech
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Coupon barrier: | $304.12 for S&P 500, $91.95 for Biotech; 70% of initial price
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Threshold level | $304.12 for S&P 500, $91.95 for Biotech; 70% of initial price
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Pricing date: | July 7
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Settlement date: | July 12
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Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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Fees: | None
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Cusip: | 48132X107
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