Published on 8/25/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.37 million 8.68% autocallable contingent interest notes on ETFs
Chicago, Aug. 25 – JPMorgan Chase Financial Co. LLC priced $2.37 million of autocallable contingent interest notes due Aug. 21, 2025 linked to the least performing of the Invesco QQQ Trust, Series 1, SPDR Dow Jones industrial average ETF Trust and iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.68%, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting Feb. 20, 2024 at par and on any subsequent quarterly review date if all three funds close above their initial values.
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: | Invesco QQQ Trust, Series 1, SPDR Dow Jones industrial average ETF Trust and iShares Russell 2000 ETF
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| Amount: | $2,372,000
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| Maturity: | Aug. 21, 2025
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| Coupon: | 8.68% annual rate, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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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 starting Feb. 20, 2024 at par and on any subsequent quarterly review date if all three funds close above their initial values
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| Initial levels: | $358.13 for QQQ, $345.12 for Dow, $184.65 for Russell
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| Coupon barriers: | $250.691 for QQQ, $241.584 for Dow, $129.255 for Russell, 70% of initial levels
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| Trigger levels: | $179.065 QQQ, $172.56 for Dow, $92.325 for Russell, 50% of initial levels
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.4%
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| Cusip: | 48134AEQ4
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