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Name | Symbol | Market | Type |
---|---|---|---|
JP Morgan Chase and Co | NYSE:JPM-J | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.41 | 0 | 12:00:11 |
July , 2023
|
Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)
|
JPMorgan Chase Financial Company LLC
Structured Investments
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index due July 31, 2028
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
●The notes are designed for investors who seek a Contingent Interest Payment with respect to each Review Date for which the
closing level of the MerQube US Large-Cap Vol Advantage Index, which we refer to as the Index, is greater than or equal to
50.00% of the Initial Value, which we refer to as the Interest Barrier.
●The notes will be automatically called if the closing level of the Index on any Review Date (other than the first, second, third
and final Review Dates) is greater than or equal to the Initial Value.
●The earliest date on which an automatic call may be initiated is July 26, 2024.
●Investors should be willing to accept the risk of losing some or all of their principal and the risk that no Contingent Interest
Payment may be made with respect to some or all Review Dates.
●Investors should also be willing to forgo fixed interest and dividend payments, in exchange for the opportunity to receive
Contingent Interest Payments.
●The Index is subject to a 6.0% per annum daily deduction. This daily deduction will offset any appreciation of the
futures contracts included in the Index, will heighten any depreciation of those futures contracts and will generally
be a drag on the performance of the Index. The Index will trail the performance of an identical index without a
deduction. See “Selected Risk Considerations — Risks Relating to the Notes Generally — The Level of the Index Will
Include a 6.0% per Annum Daily Deduction” in this pricing supplement.
●The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as
JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any payment
on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of
JPMorgan Chase & Co., as guarantor of the notes.
●Minimum denominations of $1,000 and integral multiples thereof
●The notes are expected to price on or about July 26, 2023 and are expected to settle on or about July 31, 2023.
●CUSIP: 48133X2G0
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Fees and Commissions (2)
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Proceeds to Issuer
|
|
Per note
|
$1,000
|
$
|
$
|
Total
|
$
|
$
|
$
|
(1) See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the notes.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it
receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $37.50 per $1,000 principal
amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
|
Issuer: JPMorgan Chase Financial Company LLC, an indirect,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Index: The MerQube US Large-Cap Vol Advantage Index
(Bloomberg ticker: MQUSLVA). The level of the Index reflects
a deduction of 6.0% per annum that accrues daily.
Contingent Interest Payments:
If the notes have not been automatically called and the closing
level of the Index on any Review Date is greater than or equal
to the Interest Barrier, you will receive on the applicable
Interest Payment Date for each $1,000 principal amount note
a Contingent Interest Payment equal to at least $28.125
(equivalent to a Contingent Interest Rate of at least 11.25%
per annum, payable at a rate of at least 2.8125% per quarter)
(to be provided in the pricing supplement).
If the closing level of the Index on any Review Date is less
than the Interest Barrier, no Contingent Interest Payment will
be made with respect to that Review Date.
Contingent Interest Rate: At least 11.25% per annum,
payable at a rate of at least 2.8125% per quarter (to be
provided in the pricing supplement)
Interest Barrier/Trigger Value: 50.00% of the Initial Value
Pricing Date: On or about July 26, 2023
Original Issue Date (Settlement Date): On or about July 31,
2023
Review Dates*: October 26, 2023, January 26, 2024, April 26,
2024, July 26, 2024, October 28, 2024, January 27, 2025, April
28, 2025, July 28, 2025, October 27, 2025, January 26, 2026,
April 27, 2026, July 27, 2026, October 26, 2026, January 26,
2027, April 26, 2027, July 26, 2027, October 26, 2027, January
26, 2028, April 26, 2028 and July 26, 2028 (final Review Date)
Interest Payment Dates*: October 31, 2023, January 31,
2024, May 1, 2024, July 31, 2024, October 31, 2024, January
30, 2025, May 1, 2025, July 31, 2025, October 30, 2025,
January 29, 2026, April 30, 2026, July 30, 2026, October 29,
2026, January 29, 2027, April 29, 2027, July 29, 2027, October
29, 2027, January 31, 2028, May 1, 2028 and the Maturity
Date
Maturity Date*: July 31, 2028
Call Settlement Date*: If the notes are automatically called on
any Review Date (other than the first, second, third and final
Review Dates), the first Interest Payment Date immediately
following that Review Date
* Subject to postponement in the event of a market disruption event
and as described under “Supplemental Terms of Notes —
Postponement of a Determination Date — Notes Linked Solely to an
Index” in the accompanying underlying supplement and “General
Terms of Notes — Postponement of a Payment Date” in the
accompanying product supplement
|
Automatic Call:
If the closing level of the Index on any Review Date (other than
the first, second, third and final Review Dates) is greater than
or equal to the Initial Value, the notes will be automatically
called for a cash payment, for each $1,000 principal amount
note, equal to (a) $1,000 plus (b) the Contingent Interest
Payment applicable to that Review Date, payable on the
applicable Call Settlement Date. No further payments will be
made on the notes.
Payment at Maturity:
If the notes have not been automatically called and the Final
Value is greater than or equal to the Trigger Value, you will
receive a cash payment at maturity, for each $1,000 principal
amount note, equal to (a) $1,000 plus (b) the Contingent
Interest Payment applicable to the final Review Date.
If the notes have not been automatically called and the Final
Value is less than the Trigger Value, your payment at maturity
per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 × Index Return)
If the notes have not been automatically called and the Final
Value is less than the Trigger Value, you will lose more than
50.00% of your principal amount at maturity and could lose all
of your principal amount at maturity.
Index Return:
(Final Value – Initial Value)
Initial Value
Initial Value: The closing level of the Index on the Pricing
Date
Final Value: The closing level of the Index on the final Review
Date
|
PS-1 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-2 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-3 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-4 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
Closing Level
|
Payment (per $1,000 principal amount note)
|
|
First Review Date
|
105.00
|
$28.125
|
Second Review Date
|
110.00
|
$28.125
|
Third Review Date
|
110.00
|
$28.125
|
Fourth Review Date
|
105.00
|
$1,028.125
|
Total Payment
|
$1,112.50 (11.25% return)
|
Closing Level
|
Payment (per $1,000 principal amount note)
|
|
First Review Date
|
95.00
|
$28.125
|
Second Review Date
|
85.00
|
$28.125
|
Third through Nineteenth
Review Dates
|
Less than Interest Barrier
|
$0
|
Final Review Date
|
90.00
|
$1,028.125
|
Total Payment
|
$1,084.375 (8.4375% return)
|
PS-5 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
Closing Level
|
Payment (per $1,000 principal amount note)
|
|
First Review Date
|
40.00
|
$0
|
Second Review Date
|
45.00
|
$0
|
Third through Nineteenth
Review Dates
|
Less than Interest Barrier
|
$0
|
Final Review Date
|
40.00
|
$400.00
|
Total Payment
|
$400.00 (-60.00% return)
|
PS-6 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-7 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-8 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-9 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
Hypothetical Back-Tested and Historical Performance of the
MerQube US Large-Cap Vol Advantage Index
Source: Bloomberg
|
PS-10 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-11 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-12 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
PS-13 | Structured Investments
|
|
Auto Callable Contingent Interest Notes Linked to the MerQube US
Large-Cap Vol Advantage Index
|
1 Year JP Morgan Chase Chart |
1 Month JP Morgan Chase Chart |
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