By William Gullotti
Buffalo, N.Y., Oct. 18 – JPMorgan Chase Financial Co. LLC priced $3.14 million of trigger autocallable contingent yield notes due Oct. 16, 2026 linked to the SPDR S&P 500 ETF Trust and SPDR S&P Regional Banking 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 9.12% 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 plus the coupon 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 each is greater than or equal to the coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its downside threshold level, 60% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its 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 Regional Banking ETF
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| Amount: | $3.14 million
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| Maturity: | Oct. 16, 2026
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| Contingent coupon: | 9.12% 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 if each ETF finishes at or above coupon barrier; if the worst performer finishes below coupon barrier but at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performer from initial price
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| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any quarterly observation date after six months
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| Initial price: | $435.18 for S&P, $69.46 for Regional Banking
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| Coupon barrier: | $304.63 for S&P, $48.62 for Regional Banking; 70% of initial price
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| Threshold level | $261.11 for S&P, $41.68 for Regional Banking; 60% of initial price
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| Pricing date: | Oct. 13
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| Settlement date: | Oct. 18
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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: | 46652Y273
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