Published on 9/27/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $3.43 million callable contingent interest notes on three ETFs
By William Gullotti
Buffalo, N.Y., Sept. 27 – JPMorgan Chase Financial Co. LLC sold $3.43 million of callable contingent interest notes due July 11, 2023 linked to the performance of the VanEck Vectors Oil Services ETF, the Energy Select Sector SPDR Fund and the Vanguard Value ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 15% if each ETF closes at or above its interest barrier level, 75% of its initial level, on the review date for that month.
The notes will be callable at par plus any coupon otherwise due on any quarterly call date.
The payout at maturity will be par plus the final coupon unless any ETF finishes below the 75% trigger value, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying funds: | VanEck Vectors Oil Services ETF, Energy Select Sector SPDR Fund, Vanguard Value ETF
|
| Amount: | $3,427,000
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| Maturity: | July 11, 2023
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| Coupon: | 15% annualized, payable quarterly if each underlying ETF closes at or above interest barrier level on review date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any ETF finishes below trigger level, in which case 1% loss for each 1% decline of worst performing ETF from initial level
|
| Call option: | At par plus any coupon due on any quarterly call date
|
| Initial levels: | $52.91 for SPDR, $212.54 for VanEck, $137.38 for Vanguard
|
| Interest barriers: | $39.6825 for SPDR, $159.405 for VanEck, $103.035 for Vanguard; 75% of initial levels
|
| Trigger values: | $39.6825 for SPDR, $159.405 for VanEck, $103.035 for Vanguard; 75% of initial levels
|
| Pricing date: | July 6
|
| Settlement date: | July 9
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.75%
|
| Cusip: | 48132UYY3
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