Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 12.35% autocallable contingent interest notes on ETFs
By Kiku Steinfeld
Chicago, April 12 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest notes due July 17, 2025 linked to the Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.35% per year, paid monthly, if each underlying fund closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting Jan. 16, 2024 at par if the price of each underlying fund is greater than or equal to its initial price and on any subsequent monthly review date.
At maturity the payout will be par unless any fund closes below 70% of its initial level, in which case investors will be exposed to the losses of the least performing fund.
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: | Autocallable contingent interest notes
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| Underlying ETFs: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF
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| Amount: | $1 million
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| Maturity: | July 17, 2025
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| Coupon: | 12.35%, paid monthly, if each underlying fund closes at or above its coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless any fund closes below 70% of its initial level, in which case investors will be exposed to the losses of the least performing fund
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| Call: | Automatically starting Jan. 16, 2024 at par if the price of each underlying fund is greater than or equal to its initial price and on any subsequent monthly review date
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| Initial levels: | $379.07 for Invesco QQQ Trust, Series 1, $449.28 for SPDR S&P 500, $191.53 for iShares Russell 2000 ETF
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| Coupon barrier levels: | $303.256 for Invesco QQQ Trust, Series 1, $359.424 for SPDR S&P 500, $153.224 for iShares Russell 2000 ETF, 80% of initial levels
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| Trigger levels: | $265.349 for Invesco QQQ Trust, Series 1, $314.496 for SPDR S&P 500, $134.071 for iShares Russell 2000 ETF; 70% of initial levels
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.4%
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| Cusip: | 48133YDX9
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