Published on 2/27/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.13 million 8.5% autocallable contingent interest notes on sector funds
By Kiku Steinfeld
Chicago, Feb. 27 – JPMorgan Chase Financial Co. LLC priced $1.13 million of autocallable contingent interest notes due Nov. 21, 2025 linked to the Consumer Staples Select Sector SPDR Fund, Health Care Select Sector SPDR Fund and Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.5%, paid quarterly, if each underlying fund closes at or above its 50% trigger level on the related quarterly observation date.
The securities will be called automatically at par starting Nov. 20, 2023 and on any subsequent quarterly review date.
At maturity the payout will be par unless the worst performing ETF closes below its 50% 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: | Consumer Staples Select Sector SPDR Fund, Health Care Select Sector SPDR Fund and Utilities Select Sector SPDR Fund
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Amount: | $1,133,000
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Maturity: | Nov. 21, 2025
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Coupon: | 8.5%, paid quarterly, if each underlying fund closes at or above its 50% trigger level on the related quarterly 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 at par starting Nov. 20, 2023 and on any subsequent quarterly review date
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Initial levels: | $74.68 for Consumer, $134.57 for Health Care, $68.85 for Utilities
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Trigger levels: | $37.34 for Consumer, $67.285 for Health Care, $34.425 for Utilities, 50% of initial level
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Pricing date: | Nov. 18, 2022
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Settlement date: | Nov. 23, 2022
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.5%
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Cusip: | 48133P2G7
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