07/03/2024 | Press release | Distributed by Public on 07/03/2024 09:09
July , 2024
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Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)
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JPMorgan Chase Financial Company LLC
Structured Investments
Auto Callable Contingent Interest Notes Linked to the Least
Performing of the Common Stock of Amazon.com, Inc., the
Common Stock of Microsoft Corporation and the Class A Common
Stock of Visa Inc. due July 22, 2027
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 price of one share of each of the Reference Stocks is greater than or equal to 54.00% of its Initial Value, which we
refer to as an Interest Barrier.
●If the closing price of one share of each Reference Stock is greater than or equal to its Interest Barrier on any Review Date,
investors will receive, in addition to the Contingent Interest Payment with respect to that Review Date, any previously unpaid
Contingent Interest Payments for prior Review Dates.
●The notes will be automatically called if the closing price of one share of each Reference Stock on any Review Date (other
than the final Review Date) is greater than or equal to its Initial Value.
●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 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.
●Payments on the notes are not linked to a basket composed of the Reference Stocks. Payments on the notes are linked to the
performance of each of the Reference Stocks individually, as described below.
●Minimum denominations of $1,000 and integral multiples thereof
●The notes are expected to price on or about July 18, 2024 and are expected to settle on or about July 23, 2024.
●CUSIP:48135PBV2
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Price to Public (1)
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Fees and Commissions (2)
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Proceeds to Issuer
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Per note
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$1,000
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$
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$
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Total
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$
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$
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$
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(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 $20.00 per $1,000 principal
amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.
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Issuer:JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Reference Stocks:As specified under "Key Terms Relating to
the Reference Stocks" in this pricing supplement
Contingent Interest Payments:
If the notes have not been automatically called and the closing
price of one share of each Reference Stock on any Review Date
is greater than or equal to its 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
$23.625 (equivalent to a Contingent Interest Rate of at least
9.45% per annum, payable at a rate of at least 2.3625% per
quarter) (to be provided in the pricing supplement), plus any
previously unpaid Contingent Interest Payments for any prior
Review Dates.
If the Contingent Interest Payment is not paid on any Interest
Payment Date, that unpaid Contingent Interest Payment will be
paid on a later Interest Payment Date if the closing price of one
share of each Reference Stock on the Review Date related to
that later Interest Payment Date is greater than or equal to its
Interest Barrier. You will not receive any unpaid Contingent
Interest Payments if the closing price of one share of any
Reference Stock on each subsequent Review Date is less than
its Interest Barrier.
Contingent Interest Rate: At least 9.45% per annum, payable
at a rate of at least 2.3625% per quarter (to be provided in the
pricing supplement)
Interest Barrier/Trigger Value: With respect to each Reference
Stock, 54.00% of its Initial Value, as specified under "Key Terms
Relating to the Reference Stocks" in this pricing supplement
Pricing Date: On or about July 18, 2024
Original Issue Date (Settlement Date): On or about July 23,
2024
Review Dates*: October 18, 2024, January 21, 2025, April 21,
2025, July 18, 2025, October 20, 2025, January 20, 2026, April
20, 2026, July 20, 2026, October 19, 2026, January 19, 2027,
April 19, 2027 and July 19, 2027 (final Review Date)
Interest Payment Dates*: October 23, 2024, January 24, 2025,
April 24, 2025, July 23, 2025, October 23, 2025, January 23,
2026, April 23, 2026, July 23, 2026, October 22, 2026, January
22, 2027, April 22, 2027 and the Maturity Date
Maturity Date*: July 22, 2027
Call Settlement Date*: If the notes are automatically called on
any Review Date (other than the final Review Date), 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 "General Terms of Notes - Postponement of a
Determination Date - Notes Linked to Multiple Underlyings" and
"General Terms of Notes - Postponement of a Payment Date" in the
accompanying product supplement
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Automatic Call:
If the closing price of one share of each Reference Stock on any
Review Date (other than the final Review Date) is greater than
or equal to its 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 plus (c) any previously unpaid
Contingent Interest Payments for any prior Review Dates,
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 of each Reference Stock is greater than or equal to its
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 plus (c) any previously unpaid Contingent Interest
Payments for any prior Review Dates.
If the notes have not been automatically called and the Final
Value of any Reference Stock is less than its Trigger Value, your
payment at maturity per $1,000 principal amount note will be
calculated as follows:
$1,000 + ($1,000 × Least Performing Stock Return)
If the notes have not been automatically called and the Final
Value of any Reference Stock is less than its Trigger Value, you
will lose more than 46.00% of your principal amount at maturity
and could lose all of your principal amount at maturity.
Least Performing Reference Stock:The Reference Stock with
the Least Performing Stock Return
Least Performing Stock Return:The lowest of the Stock
Returns of the Reference Stocks
Stock Return:With respect to each Reference Stock,
(Final Value - Initial Value)
Initial Value
Initial Value: With respect to each Reference Stock, the closing
price of one share of that Reference Stock on the Pricing Date,
as specified under "Key Terms Relating to the Reference
Stocks" in this pricing supplement
Final Value:With respect to each Reference Stock, the closing
price of one share of that Reference Stock on the final Review
Date
Stock Adjustment Factor: With respect to each Reference
Stock, the Stock Adjustment Factor is referenced in determining
the closing price of one share of that Reference Stock and is set
equal to 1.0 on the Pricing Date. The Stock Adjustment Factor of
each Reference Stock is subject to adjustment upon the
occurrence of certain corporate events affecting that Reference
Stock. See "The Underlyings - Reference Stocks -
Anti-Dilution Adjustments" and "The Underlyings - Reference
Stocks - Reorganization Events" in the accompanying product
supplement for further information.
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PS-1 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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Reference Stock
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Bloomberg
Ticker Symbol
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Initial Value
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Interest Barrier
/ Trigger Value
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Common stock of Amazon.com, Inc., par value $0.01 per share
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AMZN
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$
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$
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Common stock of Microsoft Corporation, par value $0.00000625 per
share
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MSFT
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$
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$
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Class A common stock of Visa Inc., par value $0.0001 per share
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V
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$
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$
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PS-2 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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Number of Contingent
Interest Payments
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Total Contingent Interest
Payments
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12
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$283.500
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11
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$259.875
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10
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$236.250
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9
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$212.625
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8
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$189.000
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7
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$165.375
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6
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$141.750
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5
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$118.125
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4
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$94.500
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3
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$70.875
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2
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$47.250
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1
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$23.625
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0
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$0.000
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Date
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Closing Price of One
Share of Least
Performing Reference
Stock
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Payment (per $1,000 principal amount note)
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First Review Date
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$105.00
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$1,023.625
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Total Payment
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$1,023.625 (2.3625% return)
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PS-3 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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Date
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Closing Price of One
Share of Least
Performing Reference
Stock
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Payment (per $1,000 principal amount note)
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First Review Date
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$95.00
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$23.625
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Second Review Date
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$85.00
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$23.625
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Third through Eleventh
Review Dates
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Less than Interest Barrier
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$0
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Final Review Date
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$90.00
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$1,236.25
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Total Payment
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$1,283.50 (28.35% return)
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Date
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Closing Price of One
Share of Least
Performing Reference
Stock
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Payment (per $1,000 principal amount note)
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First Review Date
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$44.00
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$0
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Second Review Date
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$49.00
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$0
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Third through Eleventh
Review Dates
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Less than Interest Barrier
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$0
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Final Review Date
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$44.00
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$440.00
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Total Payment
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$440.00 (-56.00% return)
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PS-4 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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PS-5 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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PS-6 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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Reference Stock
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Bloomberg
Ticker
Symbol |
Relevant Exchange
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SEC File Number
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Closing Price on
July 1, 2024
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Common stock of Amazon.com, Inc., par value
$0.01 per share
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AMZN
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The NASDAQ Stock
Market
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000-22513
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$197.20
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Common stock of Microsoft Corporation, par value
$0.00000625 per share
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MSFT
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The NASDAQ Stock
Market
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001-37845
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$456.73
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Class A common stock of Visa Inc., par value
$0.0001 per share
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V
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New York Stock
Exchange
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001-33977
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$263.24
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PS-7 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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Historical Performance of Amazon.com, Inc.
Source: Bloomberg
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Historical Performance of Microsoft Corporation
Source: Bloomberg
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PS-8 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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Historical Performance of the Class A Common Stock of Visa Inc.
Source: Bloomberg
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PS-9 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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PS-10 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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PS-11 | Structured Investments
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Auto Callable Contingent Interest Notes Linked to the Least Performing of
the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft
Corporation and the Class A Common Stock of Visa Inc.
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