Published on 11/7/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.31 million capped dual directional barrier notes on index, ETF
By Kiku Steinfeld
Chicago, Nov. 8 – JPMorgan Chase Financial Co. LLC priced $2.31 million of 0% capped dual directional barrier notes due Oct. 13, 2026 linked to the Dow Jones industrial average and the SPDR S&P 500 ETF trust, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
If the lesser-performing asset’s final level is greater than its initial level, the payout at maturity will be par plus the lesser-performing asset’s return, subject to a maximum return of 82.5%.
If the final level of either asset is less than or equal to its initial level but the final level of each asset is greater than or equal to its 70% barrier level, the payout will be par plus 50% of the absolute value of the lesser-performing asset’s return.
If the final level of either asset is less than its barrier level, investors will lose 1% for every 1% that the lesser-performing asset declines from its initial level.
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: | Capped dual directional barrier notes
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| Underlying assets: | Dow Jones industrial average and SPDR S&P 500 ETF trust
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| Amount: | $2,314,000
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| Maturity: | Oct. 13, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If lesser-performing asset’s final level is greater than initial level, par plus lesser-performing asset’s return, subject to 82.5% cap; if final level of either asset is less than or equal to initial level but final level of each asset is greater than or equal to barrier level, par plus 50% of absolute value of lesser-performing asset’s return; if final level of either asset is less than barrier level, 1% loss for every 1% that lesser-performing asset declines from initial level
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| Initial levels: | 34,754.94 for Dow, $438.66 for ETF
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| Barrier levels: | 24,328.458 for Dow, $307.062 for ETF, 70% of initial levels
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 13
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 4.125%
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| Cusip: | 48132WQ85
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