New Issue: JPMorgan sells $1.2 million notes on 49 stocks with potential inflation exposure

By Marisa Wong

Los Angeles, April 21 – JPMorgan Chase Financial Co. LLC priced $1.2 million of 0% capped buffered equity notes due Sept. 30, 2022 linked to an unequally weighted basket of 49 reference stocks with potential exposure to inflation, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by JPMorgan Chase & Co.

The reference stocks are the following U.S.-listed companies that may benefit from inflation during the term of the notes: Marathon Oil Corp., Capital One Financial Corp., Goldman Sachs Group, Inc., United Rentals, Inc., T. Rowe Price Group, Inc., MGM Resorts International, United States Steel Corp., Principal Financial Group, Inc., MetLife, Inc., Eaton Corp. plc, Pioneer Natural Resources Co., Hess Corp., Bank of New York Mellon Corp., Brunswick Corp., Celanese Corp., Ametek, Inc., Eastman Chemical Co., Unum Group, M&T Bank Corp., Oshkosh Corp., LyondellBasell Industries NV, Affiliated Managers Group, Inc., ManpowerGroup Inc., NOV Inc., Jefferies Financial Group Inc., WEX Inc., KBR, Inc., American Equity Investment Life Holding Co., TechnipFMC plc, Woodward, Inc., Flowserve Corp., Timken Co., Allegheny Technologies Inc., Umpqua Holdings Corp., Prosperity Bancshares, Inc., Nabors Industries Ltd., Dana Inc., Trinity Industries, Inc., CNO Financial Group, Inc., EnerSys, Patterson-UTI Energy, Inc., Vishay Intertechnology, Inc., Cabot Corp., Worthington Industries, Inc., American Axle & Manufacturing Holdings, BancorpSouth Bank, Columbia Banking System, Inc. , Century Aluminum Co., Oil States International, Inc. The weights are given in the table below.

If the basket finishes above its initial level, the payout at maturity will be par plus the gain, subject to a maximum return of 10%.

If the basket finishes flat or falls by up to 20%, the payout will be par. Otherwise, investors will lose 1% for each 1% basket decline from the initial level.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase Financial Co. LLC
Guarantor:	JPMorgan Chase & Co.
Issue:	Capped buffered equity notes
Underlying basket:	Marathon Oil Corp. (NYSE: MRO) with a 3.982924% weight, Capital One Financial Corp. (NYSE: COF) with a 3.890818% weight, Goldman Sachs Group, Inc. (NYSE: GS) with a 3.711220% weight, United Rentals, Inc. (NYSE: URI) with a 3.585503% weight, T. Rowe Price Group, Inc. (Nasdaq: TROW) with a 3.574468% weight, MGM Resorts International (NYSE: MGM) with a 3.490988% weight, United States Steel Corp. (NYSE and NYSE Chicago: X) with a 3.428113% weight, Principal Financial Group, Inc. (Nasdaq: PFG) with a 3.322024% weight, MetLife, Inc. (NYSE: MET) with a 3.257238% weight, Eaton Corp. plc (NYSE: ETN) with a 3.246169% weight, Pioneer Natural Resources Co. (NYSE: PXD) with a 3.130782% weight, Hess Corp. (NYSE: HES) with a 3.101921% weight, Bank of New York Mellon Corp. (NYSE: BK) with a 3.047556% weight, Brunswick Corp. (NYSE: BC) with a 3.024610% weight, Celanese Corp. (NYSE: CE) with a 2.886758% weight, Ametek, Inc. (NYSE: AME) with a 2.694799% weight, Eastman Chemical Co. (NYSE: EMN) with a 2.676321% weight, Unum Group (NYSE: UNM) with a 2.654985% weight, M&T Bank Corp. (NYSE: MTB) with a 2.643312% weight, Oshkosh Corp. (NYSE: OSK) with a 2.577132% weight, LyondellBasell Industries NV (NYSE: LYB) with a 2.526139% weight, Affiliated Managers Group, Inc. (NYSE: AMG) with a 2.316414% weight, ManpowerGroup Inc. (NYSE: MAN) with a 2.314185% weight, NOV Inc. (NYSE: NOV) with a 2.256839% weight, Jefferies Financial Group Inc. (NYSE: JEF) with a 2.235888% weight, WEX Inc. (NYSE: WEX) with a 2.131767% weight, KBR, Inc. (NYSE: KBR) with a 2.038637% weight, American Equity Investment Life Holding Co. (NYSE: AEL) with a 1.681384% weight, TechnipFMC plc (NYSE: FTI) with a 1.517027% weight, Woodward, Inc. (Nasdaq: WWD) with a 1.428863% weight, Flowserve Corp. (NYSE: FLS) with a 1.414119% weight, Timken Co. (NYSE: TKR) with a 1.391611% weight, Allegheny Technologies Inc. (NYSE: ATI) with a 1.160727% weight, Umpqua Holdings Corp. (Nasdaq: UMPQ) with a 1.155375% weight, Prosperity Bancshares, Inc. (NYSE: PB) with a 1.076104% weight, Nabors Industries Ltd. (NYSE: NBR) with a 1.030332% weight, Dana Inc. (NYSE: DAN) with a 0.999186% weight, Trinity Industries, Inc. (NYSE: TRN) with a 0.946130% weight, CNO Financial Group, Inc. (NYSE: CNO) with a 0.899949% weight, EnerSys (NYSE: ENS) with a 0.750238% weight, Patterson-UTI Energy, Inc. (Nasdaq: PTEN) with a 0.737765% weight, Vishay Intertechnology, Inc. (NYSE: VSH) with a 0.694892% weight, Cabot Corp. (NYSE: CBT) with a 0.616096% weight, Worthington Industries, Inc. (NYSE: WOR) with a 0.611861% weight, American Axle & Manufacturing Holdings (NYSE: AXL) with a 0.603199% weight, BancorpSouth Bank (NYSE: BXS) with a 0.456918% weight, Columbia Banking System, Inc. (Nasdaq: COLB) with a 0.437263% weight, Century Aluminum Co. (Nasdaq: CENX) with a 0.432619% weight, Oil States International, Inc. (NYSE: OIS) with a 0.210832% weight
Amount:	$1.2 million
Maturity:	Sept. 30, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If the basket finishes above its initial level, par plus the gain, capped at 10%; if the basket finishes flat or falls by up to 20%, par; otherwise, 1% loss for each 1% basket decline from the initial level
Initial basket level:	100
Final basket level:	Average of closing levels of basket on five trading days ending Sept. 27, 2022
Initial share prices:	$11.73 for Marathon, $154.39 for Capital One, $403.69 for Goldman, $331.30 for United Rentals, $212.88 for T. Rowe Price, $41.41 for MGM Resorts, $24.45 for U.S. Steel, $65.14 for Principal, $60.78 for MetLife, $156.30 for Eaton, $152.95 for Pioneer, $68.91 for Hess, $51.14 for BNY Mellon, $97.01 for Brunswick, $149.71 for Celanese, $131.24 for Ametek, $104.50 for Eastman, $26.08 for Unum, $133.67 for M&T, $105.13 for Oshkosh, $93.83 for LyondellBasell, $157.77 for Affiliated Managers, $117.51 for ManpowerGroup, $13.53 for NOV, $36.65 for Jefferies, $171.13 for WEX, $38.69 for KBR, $29.51 for American Equity, $6.86 for TechnipFMC, $122.82 for Woodward, $35.53 for Flowserve, $69.13 for Timken, $17.33 for Allegheny, $19.28 for Umpqua, $65.56 for Prosperity, $81.81 for Nabors, $21.92 for Dana, $27.37 for Trinity, $23.64 for CNO, $77.51 for EnerSys, $8.10 for Patterson-UTI, $20.81 for Vishay, $49.85 for Cabot, $53.53 for Worthington, $8.24 for American Axle, $28.38 for BancorpSouth, $33.11 for Columbia Banking, $12.72 for Century Aluminum, $5.78 for Oil States
Pricing date:	Sept. 14, 2021
Settlement date:	Sept. 17, 2021
Agent:	J.P. Morgan Securities LLC
Fees:	1%
Cusip:	48132WTR0

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