Issuer: JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Funds: The Invesco QQQ TrustSM, Series 1 (Bloomberg ticker: QQQ) and the SPDR® S&P 500® ETF Trust (Bloomberg ticker: SPY) (each a “Fund” and collectively, the “Funds”)
Contingent Interest Payments:
If the notes have not been automatically called and the closing price of one share of each Fund 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 $6.6667 (equivalent to a Contingent Interest Rate of 8.00% per annum, payable at a rate of 0.66667% per month).
If the closing price of one share of either Fund on any Review Date is less than its Interest Barrier, no Contingent Interest Payment will be made with respect to that Review Date.
Contingent Interest Rate: 8.00% per annum, payable at a rate of 0.66667% per month
Interest Barrier/Trigger Value: With respect to each Fund, 75.00% of its Initial Value, which is $364.365 for the Invesco QQQ TrustSM, Series 1 and $427.53 for the SPDR® S&P 500® ETF Trust
Pricing Date: September 25, 2024
Original Issue Date (Settlement Date): On or about September 30, 2024
Review Dates*: October 25, 2024, November 25, 2024, December 26, 2024, January 27, 2025, February 25, 2025, March 25, 2025, April 25, 2025, May 27, 2025, June 25, 2025, July 25, 2025, August 25, 2025, September 25, 2025, October 27, 2025, November 25, 2025, December 26, 2025, January 26, 2026, February 25, 2026 and March 25, 2026 (final Review Date)
Interest Payment Dates*: October 30, 2024, November 29, 2024, December 31, 2024, January 30, 2025, February 28, 2025, March 28, 2025, April 30, 2025, May 30, 2025, June 30, 2025, July 30, 2025, August 28, 2025, September 30, 2025, October 30, 2025, December 1, 2025, December 31, 2025, January 29, 2026, March 2, 2026 and the Maturity Date
Maturity Date*: March 30, 2026
Call Settlement Date*: If the notes are automatically called on any Review Date (other than the first, second, third, fourth, fifth 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 “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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Lesser Performing Fund: The Fund with the Lesser Performing Fund Return
Lesser Performing Fund Return: The lower of the Fund Returns of the Funds
Fund Return: With respect to each Fund,
(Final Value – Initial Value) Initial Value
Initial Value: With respect to each Fund, the closing price of one share of that Fund on the Pricing Date, which was $485.82 for the Invesco QQQ TrustSM, Series 1 and $570.04 for the SPDR® S&P 500® ETF Trust
Final Value: With respect to each Fund, the closing price of one share of that Fund on the final Review Date
Trigger Event: A Trigger Event occurs if, on any day during the Monitoring Period, the closing price of one share of either Fund is less than its Trigger Value
Monitoring Period: The period from but excluding the Pricing Date to and including the final Review Date
Automatic Call: If the closing price of one share of each Fund on any Review Date (other than the first, second, third, fourth, fifth and final Review Dates) 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, 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 (i) the Final Value of each Fund is greater than or equal to its Initial Value or (ii) a Trigger Event has not occurred, 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 (i) the Final Value of either Fund is less than its Initial Value and (ii) a Trigger Event has occurred, your payment at maturity per $1,000 principal amount note, in addition to any Contingent Interest Payment, will be calculated as follows:
$1,000 + ($1,000 × Lesser Performing Fund Return)
If the notes have not been automatically called and (i) the Final Value of either Fund is less than its Initial Value and (ii) a Trigger Event has occurred, you will lose some or all of your principal amount at maturity.
Share Adjustment Factor: With respect to each Fund, the Share Adjustment Factor is referenced in determining the closing price of one share of that Fund and is set equal to 1.0 on the Pricing Date. The Share Adjustment Factor of each Fund is subject to adjustment upon the occurrence of certain events affecting that Fund. See “The Underlyings — Funds — Anti-Dilution Adjustments” in the accompanying product supplement for further information.
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