# J.P. Morgan Asset Management - JPMorgan Equity Premium Income ETF

> Seeks current income while maintaining prospects for capital appreciation by combining
> equity option premiums and U.S. large-cap stock dividends. Designed to deliver lower
> volatility than the broader market with a monthly income stream. NAV updates daily
> after market close. Data as of 2026-09-15. Standardized performance follows SEC Rule 482.

## Fund Details

- **Name**: JPMorgan Equity Premium Income ETF
- **Ticker**: JEPI
- **CUSIP**: 46641Q332
- **Fund Type**: Exchange-Traded Fund (ETF)
- **Asset Class**: U.S. Equity
- **Currency**: USD
- **Exchange**: NYSE-Arca
- **Inception Date**: 2020-05-20
- **Issuer**: J.P. Morgan Asset Management
- **Product Group**: Alternative / Multi-Factor ETF

## Why This Fund

Seeking consistent premium income with lower volatility.

JPMorgan Equity Premium Income ETF seeks to deliver monthly distributable income and equity
market exposure with less volatility.

**Expertise**: Experienced portfolio managers leveraging a time-tested process with decades
of combined investing experience in equities and equity derivatives.

**Portfolio**:
- Defensive equity portfolio employs a time-tested, bottom-up fundamental research process with stock selection based on proprietary risk-adjusted stock rankings.
- Disciplined options overlay implements written out-of-the-money S&P 500 Index call options that seek to generate distributable monthly income.

**Results**:
- 12-month rolling dividend yield of 8.06% and 30-day SEC yield of 8.20%.
- Competitively priced vs. peers at 0.35%.

> Note: JEPI has a similar investment strategy to JPMorgan Equity Premium Income Fund (mutual fund).
> Despite similarities, these funds have important differences investors should consider carefully.

## Pricing (as of 2026-09-15)

- **NAV**: $56.22 (-$0.31 / -0.55%)
- **Market Price (Closing)**: $56.19 (-$0.31 / -0.57%)
- **Daily High**: $56.55
- **Daily Low**: $56.17
- **Premium / Discount**: -0.05%
- **Median Bid-Ask Spread**: 0.017%

> The median bid-ask spread is calculated over the last 30 calendar days using national best bid
> and offer at 10-second intervals; the median of those values is posted each business day.

## Fund Size & Trading

- **Net Assets (AUM)**: ~$45.27 billion (as of 2026-09-15)
- **Shares Outstanding**: 805,350,000
- **Exchange Volume**: 4,605,640 shares
- **Number of Holdings**: 135

## Fees

- **Net Expense Ratio**: 0.35%
- **Gross Expense Ratio**: 0.35%
- **Investment Management Fee**: 0.35%
- **Service / Distribution Fees**: 0.00%

> The adviser pays substantially all Fund expenses except management fees, taxes, acquired fund
> fees, and extraordinary expenses. Fee waiver currently does not affect the yield.

## Yield (as of 2026-09-15)

- **30-Day SEC Yield (Subsidized)**: 7.37%
- **30-Day SEC Yield (Unsubsidized)**: 7.37%
- **12-Month Rolling Dividend Yield**: 8.04%
- **YTD Return**: 3.72%

> The 12-Month Rolling Dividend Yield is the sum of the dividend yield (non-annualized) for the
> 12 most recent regularly declared income dividends plus any special income distributions.
> Yield is calculated by dividing dividend per share by NAV per share on the ex-dividend date.

## Dividend

- **Distribution Frequency**: Monthly
- **Most Recent Ex-Date**: 2026-09-01
- **Most Recent Amount**: $0.37142 per share
- **Pay Date**: 2026-09-03

## Performance - Annualized (as of 2026-08-31)

> Past performance is not a guarantee of future results. Investment returns and principal value
> will fluctuate so that shares, when sold or redeemed, may be worth more or less than original
> cost. For performance current to the most recent month-end call 1-844-4JPM-ETF.
> Fund performance inception: 5/20/2020. ETFs have fees that reduce performance; indexes do not.

| Period | At NAV | Market Price | S&P 500 Index | ICE BofA 3-Mo T-Bill |
|---|---|---|---|---|
| 1 Month | 0.80% | 0.76% | 2.72% | 0.28% |
| 3 Months | 4.67% | 4.71% | 1.68% | 0.90% |
| YTD | 5.36% | 5.32% | 13.14% | 2.37% |
| 1 Year | 9.05% | 9.01% | 20.38% | 3.71% |
| 3 Years | 9.51% | 9.48% | 21.04% | 4.56% |
| 5 Years | 7.22% | 7.19% | 12.79% | 3.65% |
| Since Inception | 11.25% | 11.25% | 18.05% | 2.92% |

## Cumulative Performance (as of 2026-08-31)

| Period | At NAV | Market Price |
|---|---|---|
| 1 Year | 9.05% | 9.01% |
| 3 Years | 31.32% | 31.24% |
| 5 Years | 41.70% | 41.52% |
| Since Inception | 95.41% | 95.42% |

## Benchmarks

- **Primary**: S&P 500 Total Return Index - unmanaged index representative of large U.S. companies; levels in total return USD.
- **Secondary**: ICE BofA 3-Month U.S. Treasury Bill Index - single issue rebalanced monthly, matures closest to but not beyond 3 months.

## Ratings

- **Morningstar Overall**: 3 stars (97 peers, as of 2026-08-31)
- **Morningstar 3-Year**: 2 stars (97 peers)
- **Morningstar 5-Year**: 3 stars (71 peers)
- **Morningstar Category**: Derivative Income
- **Morningstar Medalist Rating**: Gold (analyst-driven, 100% data coverage, 100% analyst coverage)

> Morningstar overall rating 3 stars, Class ETF Shares; Derivative Income Category; 97 funds.
> Overall rating derived from weighted average of 3-, 5-, and 10-year (if applicable) metrics.
> Morningstar Medalist Rating is a forward-looking summary (Gold/Silver/Bronze/Neutral/Negative)
> evaluated on People, Parent, and Process pillars. (c)2026 Morningstar Inc. All rights reserved.

## Investment Objective

The Fund seeks current income while maintaining prospects for capital appreciation.
It seeks to provide the majority of returns associated with the S&P 500 Index while
exposing investors to less risk through lower volatility and offering incremental income.

## Strategy

- Generates income through a combination of selling options and investing in U.S. large-cap stocks, seeking a monthly income stream from option premiums and stock dividends
- Constructs a diversified, low-volatility equity portfolio through proprietary research identifying over- and undervalued stocks with attractive risk/return characteristics
- Seeks to deliver less volatility than the U.S. large-cap market in addition to monthly income

## Quarterly Commentary (as of 2026-06-30)

**Markets**: The S&P 500 Index gained 15.20% in Q2 2026. Information technology (+31.79%) and
industrials (+14.88%) were the best-performing sectors. Energy (-13.45%) and utilities (-0.53%)
were the worst-performing.

**In Review**: JEPI underperformed the benchmark (S&P 500 Index) for Q2 2026.

Key detractors:
- **Intuit** (overweight) - TurboTax revenue growth disappointed; stock fell ~50% YTD through May 2026 then an additional 10-14% following Q3 earnings.
- **Intel** (underweight) - outperformed as server CPU demand accelerated and preliminary foundry engagements with Apple and Tesla boosted sentiment.

Key contributors:
- **Lam Research** (overweight) - record revenue, exceptional gross margin expansion, and raised 2026 guidance; strong positioning in memory and foundry/logic.
- **Northrop Grumman** (underweight) - defense cohort underperformed in Q2 after Q1 outperformance; easing Middle East tensions and margin uncertainty weighed.

**Looking Ahead**: The U.S. equity market remains constructive. Strong corporate earnings and
robust AI-related investment support equities. S&P 500 earnings estimates: +26% for 2026,
+22% for 2027 (subject to revision).

## ESG Approach

- **ESG Integration**: Yes - financially material ESG factors are systematically assessed alongside other factors to manage risk and improve long-term returns.
- **Best-in-Class**: No
- **Theme-Based**: No
- **Exclusions**: No

> ESG integration does not change the strategy's investment objective or constrain the investable universe.

## Fund Managers

- **Hamilton Reiner** (https://am.jpmorgan.com/us/en/asset-management/adv/bios/hamilton-reiner/) - 39 years industry experience, 17 years at J.P. Morgan
- **Raffaele Zingone** (https://am.jpmorgan.com/us/en/asset-management/adv/bios/raffaele-zingone/) - 35 years industry experience, 35 years at J.P. Morgan
- **Matt Bensen** (https://am.jpmorgan.com/us/en/asset-management/adv/bios/matt-bensen/) - 11 years industry experience
- **Judy Jansen** (https://am.jpmorgan.com/us/en/asset-management/adv/bios/judy-jansen/) - 11 years industry experience

## Sector Exposure (as of 2026-09-15)

> Due to rounding, values may not total 100%.

| Sector | Weight |
|---|---|
| Other (options / derivatives) | 15.2% |
| Information Technology | 14.9% |
| Industrials | 12.1% |
| Health Care | 11.4% |
| Financials | 10.6% |
| Consumer Discretionary | 9.3% |
| Consumer Staples | 7.9% |
| Communication Services | 7.4% |
| Utilities | 4.5% |
| Energy | 3.0% |
| Real Estate | 2.0% |
| Materials | 1.4% |

## Top Holdings (as of 2026-09-15)

> Top holdings exclude cash and money markets. Holdings subject to change and should not be
> considered recommendations. For ELN details see Equity Linked Notes Delta-Gamma tab on fund website.

| Ticker | Name | % of Net Assets | Method |
|---|---|---|---|
| MSFT | Microsoft Corp | 1.96% | Physical |
| META | Meta Platforms Inc | 1.93% | Physical |
| AAPL | Apple Inc | 1.90% | Physical |
| AMZN | Amazon.com Inc | 1.83% | Physical |
| MA | Mastercard Inc | 1.80% | Physical |
| JNJ | Johnson & Johnson | 1.79% | Physical |
| NVDA | NVIDIA Corp | 1.79% | Physical |
| GOOGL | Alphabet Inc (Class A) | 1.75% | Physical |
| ABBV | AbbVie Inc | 1.70% | Physical |
| MMM | 3M Co | 1.69% | Physical |
| EOG | EOG Resources Inc | 1.69% | Physical |
| TT | Trane Technologies | 1.68% | Physical |
| NEE | NextEra Energy Inc | 1.67% | Physical |
| AVGO | Broadcom Inc | 1.53% | Physical |
| V | Visa Inc | 1.52% | Physical |

> Fund also holds Equity Linked Notes (ELNs) referencing S&P 500 Index options (SPX) as part
> of its income-generating strategy. ELNs are Synthetic holdings subject to liquidity risk and
> credit/counterparty risk. Security names use the reference asset ticker (SPX = S&P 500 Index).

## Portfolio Statistics (as of 2026-09-15)

- **Number of Holdings**: 135
- **Turnover Ratio (Trailing 12 months, as of 2026-06-30)**: 172.17%

## Documents

### Fund Literature
- Factsheet: https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/etfs/FS-JEPI.PDF
- Fund Story: https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fund-story/STO-JEPI.pdf
- Commentary: https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-JEPI.PDF
- Flyer (JEPI/JEPQ blend): https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/jepi-jepq-flyer.pdf
- Presentation: https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/product-presentation/protected/presentation-equity-premium-income-etf.pdf
- ETF Dividend Calendar 2026: https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/income-distribution-rates/jpmorgan-etfs-2026-distribution-notice.pdf

### Regulatory Documents
- Summary Prospectus: https://am.jpmorgan.com/JPMorgan/TVT/46641Q332/SP?site=JPMorganv3
- Prospectus: https://am.jpmorgan.com/JPMorgan/TVT/46641Q332/P?site=JPMorganv3
- Statement of Additional Information: https://am.jpmorgan.com/JPMorgan/TVT/46641Q332/S?site=JPMorganv3
- Annual Report: https://am.jpmorgan.com/JPMorgan/TVT/46641Q332/AR?site=JPMorganv3
- Semi-Annual Report: https://am.jpmorgan.com/JPMorgan/TVT/46641Q332/SAR?site=JPMorganv3
- First Quarter Holdings: https://am.jpmorgan.com/JPMorgan/TVT/46641Q332/QH1?site=JPMorganv3
- Third Quarter Holdings: https://am.jpmorgan.com/JPMorgan/TVT/46641Q332/QH3?site=JPMorganv3
- XBRL: https://am.jpmorgan.com/JPMorgan/TVT/46641Q332/XBRL?site=JPMorganv3

## Links

- Fund page: https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-46641q332
- Compare funds: https://am.jpmorgan.com/tools/dt-ic/instruments/link/JEPI
- Investor services: 1-844-4JPM-ETF | www.jpmorganETFs.com

## Optional

- All performance data is as of 2026-08-31 unless otherwise stated; pricing data is as of 2026-09-15.
- Quarterly commentary is as of 2026-06-30.
- Regulatory documents carry their own effective dates.
- ELN delta/gamma data is updated intraday; reference price 7585.73 as of 16:59 EST 2026-09-15.
- Holdings subject to change and should not be considered a recommendation to buy or sell any security.
- The price of equity securities may fluctuate rapidly due to factors affecting individual companies or economic/political conditions.
- Investors should carefully consider investment objectives, risks, charges, and expenses before investing. Read the prospectus carefully before investing.