JPMorgan plans variable annual income CDs linked to Efficiente Plus DS

By Angela McDaniels

Tacoma, Wash., March 10 – JPMorgan Chase Bank, NA plans to price variable annual income certificates of deposit due March 31, 2023 linked to the J.P. Morgan Efficiente Plus DS 5 Index (Net ER), according to a term sheet.

Interest will be payable annually at a rate equal to the index return multiplied by the index factor, subject to a minimum coupon that is expected to be at least 0% per year and will be set at pricing. The index factor is one divided by the number of coupon determination dates that have occurred to date including the current coupon determination date.

The payout at maturity will be par plus the last coupon payment, if any.

The index is a notional dynamic basket that tracks the excess return of a portfolio of 19 exchange-traded funds, with dividends notionally reinvested, and the JPMorgan Cash Index USD 3 Month over the return of the cash index less a fee of 0.85% per annum that accrues daily.

J.P. Morgan Securities LLC is the agent. Incapital LLC is distributor.

The CDs will price March 28.

The Cusip number is 48125YF58.

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