Published on 3/2/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $661,000 7% autocallable contingent interest notes on ETFs
By Kiku Steinfeld
Chicago, March 4 – JPMorgan Chase Financial Co. LLC priced $661,000 of autocallable contingent interest notes due June 30, 2028 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 7%, paid monthly, if each underlying fund closes at or above its 75% coupon barrier on the related monthly observation date.
The securities will be called automatically starting June 27, 2024 at par if the price of each underlying fund is greater than or equal to its initial price on a quarterly review date.
At maturity the payout will be par unless the worst performing ETF closes below its 70% trigger level in which case investors will be fully exposed to the decline of the worst performing ETF.
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: | $661,000
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| Maturity: | June 30, 2028
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| Coupon: | 7%, paid monthly, if each underlying fund closes at or above its 75% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF closes below its trigger level in which case investors will be fully exposed to the decline in the worst performing ETF
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| Call: | Automatically starting June 27, 2024 at par if the price of each underlying fund is greater than or equal to its initial price on a quarterly review date
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| Initial levels: | $363.83 for Invesco QQQ Trust, Series 1, $436.17 for SPDR S&P, $183.36 for iShares Russell ETF
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| Trigger levels: | $254.681 for Invesco QQQ Trust, Series 1, $305.319 for SPDR S&P, $128.352 for iShares Russell ETF, 70% of initial level
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| Coupon barriers: | $272.8725 for Invesco QQQ Trust, Series 1, $327.1275 for SPDR S&P, $137.52 for iShares Russell ETF, 75% of initial levels
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 4.125%
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| Cusip: | 48133XYS9
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