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Update: JPMorgan Creates Middle-Market Index to Track Private Companies

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(Changes sourcing to JPMorgan note, adds details in 3rd and 4th paragraph)

JPMorgan Chase (JPM) has created an index tracking about 6,400 private US midsize companies with a combined $1 trillion in annual revenue, according to a note by the bank Wednesday.

The index, J.P. Morgan Private Assets Index (JPAX) - Middle Market, tracks the performance and equity value growth of mid-sized US private companies with annual revenues between

$10 million and $1 billion, the note said.

The index will function as a "diagnostic" instrument rather than a tradable product, and added that the index is rebalanced and published monthly, the note added.

The note also said that index returns can be attributed to three drivers - revenue growth, net debt change and public market equivalent industry multiple change.

Price: $314.60, Change: $+5.20, Percent Change: +1.68%

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