New Issue: JPMorgan prices $70,000 10% callable yield notes on metals, Brazil ETFs

By Marisa Wong

Madison, Wis., Aug. 30 - JPMorgan Chase & Co. priced $70,000 of 10% callable yield notes due Aug. 31, 2012 linked to the SPDR S&P Metals & Mining exchange-traded fund and the iShares MSCI Brazil index fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the share price of either fund declines by more than 25% during the life of the notes and finishes below the initial price, in which case investors will receive par plus the return of the worse performing fund.

The notes are callable at par on Nov. 30, Feb. 29 and May 31, 2012.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Callable yield notes
Underlying funds:	SPDR S&P Metals & Mining ETF and the iShares MSCI Brazil index fund
Amount:	$70,000
Maturity:	Aug. 31, 2012
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par unless either underlying component declines from its initial level by more than its protection amount during life of notes and either finishes below its initial level, in which case par plus return of worst-performing underlying component
Call option:	At par on Nov. 30, Feb. 29 and May 31, 2012
Initial prices:	$55.75 for metals ETF and $61.36 for Brazil ETF
Protection amounts:	$13.9375 for metals ETF and $15.34 for Brazil ETF; 25% of initial levels
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agent:	J.P. Morgan Securities LLC
Fees:	7%, including 2.036% for selling concessions
Cusip:	48125XE44

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