Published on 6/16/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.5 million uncapped buffered return enhanced notes on commodity basket
By William Gullotti
Buffalo, N.Y., June 16 – JPMorgan Chase Financial Co. LLC priced $2.5 million of 0% uncapped buffered return enhanced notes due Dec. 5, 2025 linked to a weighted basket of commodities, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of a WTI crude oil futures contract with a 30% weight, a copper futures contract with a 20% weight, a gold futures contract with a 20% weight, a corn futures contract with a 10% weight, a wheat futures contract with a 10% weight and a soybeans futures contract with a 10% weight.
If the basket gains, the payout at maturity will be par plus 1.4 times the basket return.
If the basket finishes flat or falls by up to 20%, the payout will be par.
Otherwise, investors will lose 1.25% for every 1% that the basket declines beyond 20%.
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: | Uncapped buffered return enhanced notes
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| Underlying basket: | WTI crude oil futures contract (30% weight), copper futures contract (20% weight), gold futures contract (20% weight), corn futures contract (10% weight), wheat futures contract (10% weight), soybeans futures contract (10% weight)
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| Amount: | $2.5 million
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| Maturity: | Dec. 5, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the basket gains, par plus 1.4 times the return; par if the basket finishes flat or falls up to buffer; otherwise, 1.25% loss for every 1% that the basket declines below buffer level
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| Initial levels: | $71.74 for WTI, $8,233.50 for copper, $1,952.40 for gold, $6.09 for corn, $6.19 for wheat, $13.525 for soybeans
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| Buffer level: | 80% of initial level
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| Strike date: | June 2
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| Pricing date: | June 5
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| Settlement date: | June 8
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.75%
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| Cusip: | 48133UAF9
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