Published on 12/15/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $875,000 11.1% autocallable contingent interest notes on silver, gold ETFs
By Kiku Steinfeld
Chicago, Dec. 15 – JPMorgan Chase Financial Co. LLC priced $875,000 of autocallable contingent interest notes due July 25, 2024 linked to the VanEck Gold Miners ETF and iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.1%, 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 July 21, 2023 at par if the price of each underlying fund is greater than or equal to its initial price on a monthly review date.
At maturity the payout will be par unless the worst performing ETF closes below its 65% 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: | VanEck Gold Miners ETF and iShares Silver Trust
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Amount: | $875,000
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Maturity: | July 25, 2024
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Coupon: | 11.1%, 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 July 21, 2023 at par if the price of each underlying fund is greater than or equal to its initial price on a monthly review date
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Initial levels: | $33.61 for VanEck Gold Miners ETF, $22.98 for iShares Silver Trust
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Trigger levels: | $21.8465 for VanEck Gold Miners ETF, $14.937 for iShares Silver Trust, 65% of initial level
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Coupon barriers: | $23.527 for VanEck Gold Miners ETF, $16.086 for iShares Silver Trust, 70% of initial levels
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Pricing date: | April 21, 2023
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Settlement date: | April 26, 2023
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.225%
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Cusip: | 48133VE30
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