By Wendy Van Sickle
Columbus, Ohio, July 7 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest and contingent leveraged notes due July 16, 2026 linked to the S&P 500 Low Volatility High Dividend index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
For the first year, the notes will pay a continent monthly coupon at an annual rate of 16% if the index has not closed below the coupon barrier, 90% of the initial level, on any day during the life of the notes. No coupon will be payable after the first year or if the index has ever closed below the coupon barrier during the life of the notes.
A trigger event will occur if, on any day during the first year, the closing level of the index is less than the trigger value. If a trigger event has not occurred, the notes will be called at par plus the final coupon on July 12, 2023.
If the notes are not automatically called, the payment at maturity will reflect (a) the sum of the return of the index over the term of the notes plus the buffer amount of 10% times (b) the leverage factor of 1.11111.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest and contingent leveraged notes
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| Underlying index: | S&P 500 Low Volatility High Dividend index
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| Amount: | $1 million
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| Maturity: | July 16, 2026
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| Coupon: | 16% per year, payable monthly for the first year only if index has never closed below coupon trigger during life of notes
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| Price: | Par of $1,000
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| Payout at maturity: | (a) the sum of the return of the index over the term of the notes plus the buffer amount of 10% times (b) the leverage factor of 1.11111
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| Call: | Automatically at par plus contingent coupon on July 12, 2023 if index has never closed below 90% of initial level on any day during life of notes
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| Initial level: | 7,311.75
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| Coupon barrier: | 6,580.575, 90% of initial level
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| Pricing date: | July 12
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| Settlement date: | July 15
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| Underwriter: | J.P. Morgan Securities LLC
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| Fees: | 0%
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| Cusip: | 48133LLV2
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