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

> Seeks current income while maintaining prospects for capital appreciation by combining
> written Nasdaq-100 Index call options with a data science-driven equity portfolio.
> Designed to deliver monthly distributable income and Nasdaq-100 exposure with less volatility.
> NAV updates daily after market close. Data as of 2026-09-15. Standardized performance
> follows SEC Rule 482.

## Fund Details

- **Name**: JPMorgan Nasdaq Equity Premium Income ETF
- **Ticker**: JEPQ
- **CUSIP**: 46654Q203
- **Fund Type**: Exchange-Traded Fund (ETF)
- **Asset Class**: U.S. Equity
- **Currency**: USD
- **Exchange**: NASDAQ
- **Inception Date**: 2022-05-03
- **Issuer**: J.P. Morgan Asset Management
- **Product Group**: Alternative / Multi-Factor ETF

## Why This Fund

Seeking consistent premium income with lower volatility.

JPMorgan Nasdaq Equity Premium Income ETF seeks to deliver monthly distributable income
and Nasdaq-100 exposure with less volatility.

**Expertise**: Portfolio Managers Hamilton Reiner and Eric Moreau employ a data science
approach to fundamental research and portfolio construction to deliver a lower beta, lower
volatility experience versus the Nasdaq-100 Index.

**Portfolio**:
- Underlying equity portfolio employs a fundamental data science approach to research and portfolio construction.
- Disciplined options overlay implements written out-of-the-money Nasdaq-100 Index call options that seek to generate distributable monthly income.

**Results**:
- 12-month rolling dividend yield of 10.69% and 30-day SEC yield of 12.87%.
- Competitively priced vs. peers at 0.35%.

> Note: JP Morgan has a broad range of derivative income ETFs. Explore the education hub
> to understand offerings and their differences.

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

- **NAV**: $59.06 (-$0.30 / -0.50%)
- **Market Price (Closing)**: $59.08 (-$0.30 / -0.45%)
- **Daily High**: $59.40
- **Daily Low**: $59.00
- **Premium / Discount**: +0.03%
- **Median Bid-Ask Spread**: 0.017%

## Fund Size & Trading

- **Net Assets (AUM)**: ~$42.08 billion (as of 2026-09-15)
- **Shares Outstanding**: 712,425,000
- **Exchange Volume**: 4,088,743 shares
- **Number of Holdings**: 109

## 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)**: 12.44%
- **30-Day SEC Yield (Unsubsidized)**: 12.44%
- **12-Month Rolling Dividend Yield**: 11.56%
- **YTD Return**: 10.17%

> 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.

## Dividend

- **Distribution Frequency**: Monthly
- **Most Recent Ex-Date**: 2026-09-01
- **Most Recent Amount**: $0.68255 per share
- **Pay Date**: 2026-09-03

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

> Past performance is not a guarantee of future results. Fund performance inception: 5/3/2022.
> The benchmark shown (Nasdaq-100) is the Fund's performance benchmark. The Fund's regulatory
> benchmark is the S&P 500 Index (see prospectus). ETFs have fees that reduce performance; indexes do not.

| Period | At NAV | Market Price | Nasdaq-100 Index | ICE BofA 3-Mo T-Bill |
|---|---|---|---|---|
| 1 Month | 4.65% | 4.63% | 4.24% | 0.28% |
| 3 Months | 1.68% | 1.66% | -2.75% | 0.90% |
| YTD | 10.97% | 10.95% | 17.14% | 2.37% |
| 1 Year | 20.91% | 20.92% | 26.61% | 3.71% |
| 3 Years | 19.34% | 19.32% | 24.77% | 4.56% |
| Since Inception | 16.46% | 16.48% | 21.59% | 4.22% |

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

| Period | At NAV | Market Price |
|---|---|---|
| 1 Year | 20.91% | 20.92% |
| 3 Years | 69.95% | 69.88% |
| Since Inception | 93.43% | 93.53% |

## Benchmarks

- **Performance Benchmark**: Nasdaq-100 Index - 100 largest domestic and international non-financial Nasdaq-listed companies by market cap; includes tech, telecom, retail, and biotech; excludes financials.
- **Regulatory Benchmark**: S&P 500 Index (per prospectus)
- **Secondary**: ICE BofA 3-Month U.S. Treasury Bill Index

## Ratings

- **Morningstar Overall**: 4 stars (97 peers, as of 2026-08-31)
- **Morningstar 3-Year**: 4 stars (97 peers)
- **Morningstar Category**: Derivative Income
- **Morningstar Medalist Rating**: Silver (analyst-driven, 100% data coverage, 100% analyst coverage)
- **Morningstar 3-Year Ranking**: 10 out of 97 (top 16th percentile)
- **Morningstar 1-Year Ranking**: 49 out of 218 (top 27th percentile)

> Morningstar overall rating 4 stars, Class ETF Shares; Derivative Income Category; 97 funds.
> Three-year rating 4 stars; 97 funds. Five-year and ten-year periods not yet rated.
> (c)2026 Morningstar Inc. All rights reserved.

## Investment Objective

The Fund seeks current income while maintaining prospects for capital appreciation.
Designed to provide the majority of returns associated with the Nasdaq-100 Index while
exposing investors to less risk through lower volatility and offering incremental monthly 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 long equity portfolio through a proprietary data science driven investment approach designed to drive portfolio allocations while maximizing risk-adjusted returns
- Seeks to deliver less volatility than the Nasdaq-100 Index in addition to monthly income

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

**Markets**: The Nasdaq-100 Index returned 27.74% in Q2 2026. Information technology (+51.96%)
and consumer discretionary (+10.85%) were the best-performing sectors. Real estate (-18.99%)
and energy (-9.68%) were the worst-performing.

**In Review**: JEPQ underperformed the benchmark (Nasdaq-100 Index) for Q2 2026.

Key detractors:
- **Intel** (underweight) - outperformed as server CPU demand accelerated, pricing power improved, and preliminary foundry engagements with Apple and Tesla boosted sentiment.
- **KLA** (underweight) - outperformed due to strong foundry/logic demand, advanced packaging strength, and broader enthusiasm for wafer fabrication equipment spending.

Key contributors:
- **Micron Technology** (overweight) - exceptional financial results, record revenue growth, strategic customer agreements, strong pricing power and margin expansion.
- **Seagate Technology** (overweight) - exceptional data center revenue growth, strong margin expansion, raised long-term guidance reflecting structural industry tailwinds.

**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 systematically assessed alongside other factors.
- **Best-in-Class**: No
- **Theme-Based**: No
- **Exclusions**: No

## 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
- **Eric Moreau** (https://am.jpmorgan.com/us/en/asset-management/adv/bios/eric-moreau/) - 13 years industry experience, 13 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 |
|---|---|
| Information Technology | 47.9% |
| Other (options / derivatives) | 17.3% |
| Communication Services | 11.5% |
| Consumer Discretionary | 9.1% |
| Consumer Staples | 4.6% |
| Health Care | 3.5% |
| Industrials | 2.2% |
| Utilities | 0.8% |
| Materials | 0.7% |
| Financials | 0.5% |
| Energy | 0.3% |
| Real Estate | 0.2% |

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

> Top holdings exclude cash and money markets. Holdings subject to change.
> For ELN details see Equity Linked Notes Delta-Gamma tab on fund website.
> ELNs reference the Nasdaq-100 Index (NDX).

| Ticker | Name | % of Net Assets | Method |
|---|---|---|---|
| NVDA | NVIDIA Corp | 7.07% | Physical |
| AAPL | Apple Inc | 6.66% | Physical |
| MSFT | Microsoft Corp | 5.21% | Physical |
| GOOG | Alphabet Inc (Class C) | 4.89% | Physical |
| MU | Micron Technology Inc | 4.48% | Physical |
| AMZN | Amazon.com Inc | 3.84% | Physical |
| AMD | Advanced Micro Devices | 3.35% | Physical |
| META | Meta Platforms Inc | 2.83% | Physical |
| TSLA | Tesla Inc | 2.05% | Physical |
| AVGO | Broadcom Inc | 1.93% | Physical |
| LRCX | Lam Research Corp | 1.81% | Physical |
| WMT | Walmart Inc | 1.70% | Physical |
| STX | Seagate Technology | 1.55% | Physical |
| NFLX | Netflix Inc | 1.34% | Physical |
| PANW | Palo Alto Networks | 1.32% | Physical |

> Fund also holds Equity Linked Notes (ELNs) referencing the Nasdaq-100 Index (NDX) as part
> of its income-generating strategy. ELNs are Synthetic holdings. NDX reference price: 28,937.84
> as of 16:59 EST 2026-09-15. Nasdaq(R), Nasdaq-100 Index(R) and NDX(R) are registered trademarks
> of Nasdaq, Inc. The Fund is not issued, endorsed, sold, or promoted by Nasdaq, Inc.

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

- **Number of Holdings**: 109
- **Turnover Ratio (Trailing 12 months, as of 2026-06-30)**: 168.34%

## Documents

### Fund Literature
- Factsheet: https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/etfs/FS-JEPQ.PDF
- Fund Story: https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fund-story/STO-JEPQ.pdf
- Commentary: https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-JEPQ.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-nasdaq-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/46654Q203/SP?site=JPMorganv3
- Prospectus: https://am.jpmorgan.com/JPMorgan/TVT/46654Q203/P?site=JPMorganv3
- Statement of Additional Information: https://am.jpmorgan.com/JPMorgan/TVT/46654Q203/S?site=JPMorganv3
- Annual Report: https://am.jpmorgan.com/JPMorgan/TVT/46654Q203/AR?site=JPMorganv3
- Semi-Annual Report: https://am.jpmorgan.com/JPMorgan/TVT/46654Q203/SAR?site=JPMorganv3
- First Quarter Holdings: https://am.jpmorgan.com/JPMorgan/TVT/46654Q203/QH1?site=JPMorganv3
- Third Quarter Holdings: https://am.jpmorgan.com/JPMorgan/TVT/46654Q203/QH3?site=JPMorganv3
- XBRL: https://am.jpmorgan.com/JPMorgan/TVT/46654Q203/XBRL?site=JPMorganv3

## Links

- Fund page: https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-46654q203
- Compare funds: https://am.jpmorgan.com/tools/dt-ic/instruments/link/JEPQ
- 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; NDX reference price 28,937.84 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 benchmark shown (Nasdaq-100) differs from the Fund's regulatory benchmark (S&P 500 Index per prospectus).
- Investors should carefully consider investment objectives, risks, charges, and expenses before investing. Read the prospectus carefully before investing.