<p>The top 10 underlying equity positions displayed are derived using a look-through approach into the underlying holdings of each investment within the portfolio/model and the analysis benchmark. The equities displayed do not include derivatives and are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. At the portfolio/model/benchmark level, equity exposure is rescaled to 100%, then the weights displayed represent the combined exposure to each equity across all underlying investmentsand securities are rounded to two decimal places. Underlying fund holdings data may be reported as of different dates and may not reflect the most current positions. Past holdings are not indicative of future positioning.</p><p>The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor's own situation.</p> 

PI_top_ten_equities

<p>Stress tests with end dates occurring post latest month-end reflect new stress events. These new stress event periods will be updated periodically until down or upturn trend completes its cycle. For U.S. stock market declines, time periods reflect historical declines in the S&P 500 TR greater than 10% (% change noted in parenthesis). For U.S. stock market gains, time periods reflect historical increases in the S&P 500 TR greater than 25% (% change noted in parenthesis). For rising interest rates, time periods reflect historical interest rate movements whereby the 10 Year US Treasury Yield increased by greater than 50 bps (% change noted in parenthesis). For falling interest rates, time periods reflect historical interest rate movements whereby the 10 Year US Treasury Yield decreased by greater than 50 bps (% change noted in parenthesis).</p><h6>Definitions - Scenarios</h6><p><b>Capt(AI)n faces headwinds: AI course correction : </b>AI sinks: AI anxieties crystallize, resulting in an AI bust. Circular deals unravel, competition and commoditization erode the economics for companies, adoption slows, and overcapacity abounds. Profit growth decelerates for the Mag 7 and hyperscalers, which feeds downstream to AI enablers within industrials, utilities, and materials. AI capex spending, a meaningful contributor to GDP growth, stalls. U.S. and EM stocks fall given AI exposure but developed market equities fare better.</p><p><b>Full steam ahead: Accelerating growth:</b>Weakness in the labor market proves to be a head-fake and unemployment remains low. Economic impacts from tariffs prove to be manageable, with limited lift to inflation and minimal profit erosion. With peak uncertainty behind us, consumption picks up from a slower pace and companies continue to commit capex to AI. Economic growth accelerates and further picks up steam in 2026 as tax cuts come into effect. Earnings grow double-digits, broadening out beyond tech. Stocks rise, particularly small caps. Yields move higher, as does the U.S. dollar. The Fed does not cut.</p><p><b>Steady as she grows:  </b>Slow and stable growth: The U.S. economy is growing but slowing. The labor market is frozen but not melting down, characterized by a “no hire, no fire” dynamic and lower immigration limiting labor supply. Corporations pick up most of the tab on tariffs, which does weigh on profits, but revenues are solid given the consumer absorbs less of the cost and inflation remains relatively contained. Peak uncertainty is behind us, but near-term catalysts for the markets or economy are limited. Markets drift higher and yields drift lower. The Fed cuts modestly and the U.S. dollar falls further.</p><p><b>Rough waters: Recession: </b>Cost pressures and lingering uncertainty prompt companies to pull back on hiring and capex. Labor market weakness accelerates, and unemployment rises. Consumers, facing job losses, pull back on spending. The AI boom faces a cyclical stutter and investment stalls. Profits decline broadly. The U.S. economy enters recession. Stocks tumble, but bonds protect. The Fed cuts meaningfully to support the economy. The U.S. dollar rises as investors seek refuge.</p><p><b>Inflation unanchored: Stagflation: </b>Most of the costs from tariffs are passed on to consumers, lifting inflation. Disinflation in services and housing stalls, failing to offset the rise in goods prices. The labor market weakens, and elevated prices stunt the consumer. Growth sputters but avoids recession. The Fed is forced to reverse course and hike rates. This U-turn in monetary policy causes stocks to stumble while yields spike above 5%. Earnings take a hit from diminished revenues and higher financing and input costs.</p>

PI_Methodology_DefinitionsStressTests

<p><em class=wt-bold>For instruments with insufficient track record (less than 3 years since inception), hypothetical returns in each scenario will be proxied by cash returns.</em><p/><p><em class=wt-bold>For more information about the scenarios displayed above, please refer to the Definitions – Scenarios page within the Methodology section of this report.</em></p><p><em class=wt-bold>The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown.</em></p><p>Past performance is no guarantee of future results. Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_StressTests_Scenarios

<h3>Scenarios</h3><div class=definitions-list><dl><div><dt>What is methodology behind the Scenario Analysis? </dt><dd>Scenario Analysis measures the potential impact of market, economic or thematic events on a portfolio using a multi-factor statistical risk model. It does this via the following process:</dd><ol type=1> <li>Evaluate each of the portfolio’s underlying investment using our Factor Methodology (see Factor Methodology on prior page) to determine their factor beta exposures. If factor exposure cannot be determined, the risk free rate will be used as proxy.</li><li>Define the scenario. For both market event scenarios and Market Insights scenarios, asset class movements are estimated based on 20+ year historic return volatility norms and historical correlations. (see How do we define a Scenario?)</li><li>Determine factor reactions to scenario asset class movements through returns based regression analysis.</li><li>Measure each underlying investment's return by applying its beta exposures to each factor’s reaction to the scenario.</li><li>Calculate the total portfolio’s return reaction to the scenario by rolling up the underlying investment's return based on the allocation.</li><br aria-hidden=true></div><div><dt>How do we define a Scenario? </dt><dd>Scenarios are developed through a combination of expected return reactions, leveraging a combination of long term historical returns, standard deviations and long term capital market assumptions and cross asset class correlations. Market event scenarios assume basic asset class movements based on historical market events and historical asset class return standard deviations. Market Insights scenarios are based on the Market Insights team’s views on potential market, economic or thematic events driven by long term historical asset class return standard deviations. </dd><br aria-hidden=true></div><div><dt>What assumptions are built into the Scenario Analysis calculations? </dt><dd>This analysis is strictly an illustration based on both long term historical performance of  asset classes and J.P. Morgan Asset Management Long Term Capital Market Assumptions for asset classes. LTCMA are published annually and available on the respective country’s J.P. Morgan Asset Management website.  Additionally, expected returns for factors used in the analysis are based on twenty years of historical returns. Scenario movements are based on historical five year volatility and correlation between asset classes and factors. Certain elements of both the scenario analysis and the factor methodology are proprietary to J.P. Morgan Asset Management.</dd><dd>The results shown are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. The analysis shows how a portfolio would be impacted given the application of the selected scenario. The hypothetical performance returns are shown for illustrative purposes only and are not intended to be representative of the actual performance returns of any account, portfolio or strategy. It is not likely that similar results could be achieved in the future. Hypothetical performance returns have inherent limitations. Hypothetical performance returns also assume that asset allocations would not have changed over time and in response to market conditions, which might have occurred if an actual account had been managed during the time period shown. No representation is being made that any account, portfolio or strategy will or is likely to achieve results similar to those shown.</dd><br aria-hidden=true></div><div><dt>What are the limitations of the analysis? </dt><dd>The results of Scenario Analysis are a statistical estimate of a portfolio’s (represented by factor beta exposure) reaction to hypothetical events. For example, a scenario could reveal that a portfolio may react to a 10% decline in the stock market with a return of -5%. It is important to understand that this an estimate of one potential outcome based on the assumptions built into the tool. These assumptions may not reflect all potential market and investment reactions should a similar event occur. The results shown are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.</dd><dd>Underlying factors are global in nature and are not tailored specifically to for example, an Australian or New Zealand investor – this could result in reduced effectiveness and statistical accuracy of the factor model.</dd><dd>The analysis uses historical returns and factors to estimate portfolio beta exposures. Should underlying investments lack returns or holdings data, results for the portfolio may be skewed. Factor estimation based on ex-post returns may not always provide accurate forecast. The performance of the portfolios chosen investments is different than the factor performance used and may vary significantly. Actual investment returns could be both positive and negative. Fees, taxes and transaction costs are not included and would reduce the return of any portfolio. The analysis is illustrative only.</dd><dd>Neither J.P. Morgan Asset Management or any of its subsidiaries nor the Portfolio Insights Scenario Analysis can predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The Scenario Analysis is based purely on assumptions made using available data and any of its predictions are subject to change.</dd><dd>IMPORTANT: The projections or other information generated by the Portfolio Insights tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. Any information contained in or generated by the tool should not be construed as or relied upon as investment advice, research or a recommendation by J.P. Morgan Asset Management or any of its affiliates (collectively, “JPMorgan) regarding the use or suitability of any particular asset allocation, fund or overall investment strategy. The tool is designed to be used in consultation with an professional and should not be relied on as a primary basis for an investment decision. Only an investor and his or her professional know enough about the investor's circumstances to make an informed investment decision.</dd><br aria-hidden=true></div>

PI_Methodology_DefinitionsStressTestsScenarios

<p>STRICTLY PRIVATE / CONFIDENTIAL </p><p>This document is being provided for informational purposes only. It is educational in nature and not designed to serve as advice or a recommendation. The information in this document does not contain sufficient information to support an investment decision, and it should not be relied upon in evaluating the merits of investing in any securities or products. Recipients should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial adviser, if any investment mentioned herein is believed to be appropriate to their personal goals. Prior to making any investment or financial decisions, investors should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an individual investor’s own situation. J.P. Morgan does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, and does not assume  fiduciary responsibility.</p><p>The information herein should be used as a component of broader due diligence process. Exclusive reliance on the information herein is not advised. The information herein is based on current market conditions and is subject to change. The information is based on information that was provided by a financial adviser.</p><p>This communication is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. This document does not take into account any specific investor’s objectives, financial situation or needs. Investors should seek financial advice, refer to any offering documents including risk factors and make an independent evaluation before investing. </p><p>Past performance is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Data source: Morningstar, Inc. & Bloomberg L.P. All Rights Reserved. The information contained herein: (1) is proprietary to J.P. Morgan Asset Management, Morningstar & Bloomberg; (2) is not warranted to be accurate, complete or timely. Neither Morningstar, Bloomberg nor their content providers are responsible for any damages or losses arising from any use of this information. Data are as of June 2026.</p><p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted to the extent permitted by applicable law. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.</p><p>Investing involves risk, including possible loss of principal. ETF Shares are bought and sold market price, and are not individually redeemed from a fund. Brokerage commissions will reduce returns. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside, for example, Australia or New Zealand can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as, for example, Australia, New Zealand and other nations. Narrowly focused investments typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. A fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund. A fund may not track the return of its underlying index for a number of reasons, such as operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund. There is no guarantee the funds will meet their investment objective. Diversification may not protect against market loss.</p><p>To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This document is issued by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919), which is regulated by the Australian Securities and Investments Commission.</p><p>J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.</p>

PI_Disclaimers_GeneralDisclosures

<h3>Assumptions &amp; limitations of model portfolio analysis</h3><p>This report may illustrate or compare the hypothetical historical performance of a current and/or proposed asset allocation, portfolio or both. While the individual asset classes and specific securities/investments may have actual historical performance, the combination of these asset classes in an asset allocation or investments in an illustrative portfolio based on your guidance is new and, therefore, that combination does not have an actual performance record. Illustrations of the historic performance of an asset allocation or illustrative portfolio do not reflect the results of actual trading of securities, but were calculated by the retroactive application of historical performance of the investment returns to the illustrative portfolios.</p><p>The historical returns presented include all items of dividends and interest net of fees unless otherwise stated. Because the asset allocation and illustrative portfolios were structured with the benefit of knowing how each asset class or specific security/ investment performed during the period shown, the hypothetical returns may be higher than the returns of an actual portfolio that would have been recommended during that period. Model portfolio analysis within this report assumes that the asset allocation or portfolio was rebalanced monthly back to the initial asset allocation. This rebalancing frequency does not necessarily reflect how an actual portfolio would have been managed. There is no guarantee that these back-tested results could or would have been achieved had this asset allocation or portfolio been used during the years presented. Results shown are provided for illustrative purposes only. Past performance is not indicative of future results.</p><p>Simulated results have inherent limitations. The results for model portfolio illustration(s) are based on actual returns of the investment strategies and securities in the portfolios and are provided for illustrative purposes only. Model portfolio data and performance is based upon the aggregation of the underlying investments according to the given allocation and calculated using Morningstar’s data with J.P. Morgan software and methodologies. J.P. Morgan Asset Management utilizes long exposure and rescales the portfolio to equal 100%. Some holdings may contain derivative positions, which may effect the results. Data and performance may be limited due to lack of published performance data either by the issuer or investment manager, or the unavailability of such data sources to Morningstar. Illustrations include only investments listed under both asset allocation and standardized trailing total returns tables.</p><br aria-hidden=true><h3>Pre-inception returns</h3><p>The analysis in this report may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's Morningstar Fees &amp; Expenses section.</p><p>While the inclusion of pre-inception data provides valuable insight into the probable long- term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized  by sourced by Morningstar i. Pre-inception returns ii. The analysis in this report may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's Morningstar Fees &amp; Expenses section. may differ from those applied by other entities, including the fund itself.</p><br aria-hidden=true><h3>Returns proxy</h3><p>When an underlying investments’ inception date is less than the model portfolio inception date (displayed in Trailing Total Returns table), a proxy may be substituted to represent the returns for the investment. Proxies used within this report include older share class of the investment (see Pre-inception Returns above). When this occurs, the proxy used will be disclosed in the Investment details &amp; proxy utilization table. Holdings data will be based on the latest available portfolio data for underlying investment. Allocations to cash will use the SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF as a proxy. This ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index.</p><br aria-hidden=true><h3>Benchmark selection</h3><p>The benchmark used within this analysis was selected by the financial professional who created the analysis. The benchmark options provided within the analysis tool leverages the J.P. Morgan Multi-Asset Solutions Model Portfolios as benchmarks unless otherwise specified as a custom benchmark created by the professional. The J.P. Morgan Multi-Asset Solutions Model Portfolios displayed within the analysis tool were selected to closely match the asset allocation of the professional provided portfolio and takes into account the usage of alternative strategies and the level of overall equity exposure. For more details on the methodology and composition of the J.P. Morgan Multi-Asset Solutions Model Portfolios, see disclosure sections Methodology and allocation views under Methodology and Allocation Views Within This Report and J.P. Morgan Multi-Asset Solutions Model Portfolios.</p>

PI_Methodology_AnalysisandBenchmarkSelection

<div class=definitions-list><dl><div><dt>R-squared: </dt><dd>Reflects the percentage of a portfolio's movements that can be explained by movements in its benchmark. Measures of the correlation of the portfolio’s returns to the benchmark's returns. An R-squared of 100 indicates that all movements of a portfolio can be explained by movements in the benchmark. Conversely, a low R- squared indicates that very few of the portfolio's movements can be explained by movements in its benchmark index R squared measure of 35, for example, means that only 35% of the portfolio’s movements can be explained by movements in the benchmark index.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Sharpe ratio: </dt><dd>Measures a manager's excess return over the risk-free rate of return (normally the cash return), divided by the standard deviation. It is a statistical measure that incorporates return and risk into a single number. The ratio describes how much excess return you are receiving for the extra volatility that you endure for holding a riskier asset. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Standard deviation: </dt><dd>The standard deviation is a gauge of the variance of a manager's return over its average or mean. Statistically, it is the square root of the variance. Because it measures total variation of the return, standard deviation is a measure of total risk, unlike beta, which measures only market risk. Investors use the standard deviation to try to predict the range of returns that is most likely for a given investment. When a portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility. The converse, a low standard deviation, implies that the portfolio will exhibit lower volatility.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Market capture ratios: </dt><dd>Together the up and down-market capture ratios reveal a historical picture of a portfolio’s performance in those relative market environments. The ideal combination is an up- market capture &gt; 100% and a down-market capture of &lt; 100%.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Up-market capture ratio: </dt><dd>Measures a manager's performance in up markets relative to the index during the same period. A ratio value of 115 indicates that the manager has outperformed the market index by 15% in periods when the index has risen.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Down-market capture ratio: </dt><dd>This ratio is the direct opposite of the up-market capture ratio, gauging performance of the manager relative to the index in down markets. A ratio value of 80 would indicate the manager has declined only 80% as much as the declining overall market, indicating relative outperformance.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Excess return: </dt><dd>Returns in excess of the benchmark.</dd><br aria-hidden=true><br aria-hidden=true></div></dl></div>

PI_Methodology_DefinitionsRiskRewardStatistics

<p><em class=wt-bold>For more information about the Drivers of risk-return displayed above, please refer to the Definitions – Risk-return decomposition within the Methodology section of this report. </em></p><p>Asset allocation shown above is based on underlying investments' Morningstar categorization. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_Risk-ReturnDecomp_AssetClassDecomp

<p><em class=wt-bold>For more information about the Drivers of risk-return displayed above, please refer to the Definitions – Risk-return decomposition within the Methodology section of this report. </em></p><p>Past performance is no guarantee of future results. Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_Risk-ReturnDecomp_IndividualInvestments

<p><em class=wt-bold>The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown.</em></p><p>The display of stress test charts is dependent on the availability of daily returns data, and on the longevity of track record for the investments in the portfolio and the benchmark. See Definitions - Stress Test page for further details on period selection.</p><p>Past performance is no guarantee of future results. Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_StressTests_DomesticStockMarketDeclines

PI_StressTests_RisingInterestRateConcerns

<p>STRICTLY PRIVATE / CONFIDENTIAL NOT FOR PUBLIC DISTRIBUTION</p><p>This document is being provided for informational purposes only to financial advisers. It is educational in nature and not designed to serve as advice or a recommendation. The information in this document does not contain sufficient information to support an investment decision, and it should not be relied upon in evaluating the merits of investing in any securities or products. Recipients should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial adviser, if any investment mentioned herein is believed to be appropriate to their personal goals. Prior to making any investment or financial decisions, investors who receive this document from their financial adviser should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an individual investor’s own situation. JPMorgan Asset Management (Australia) Limited, its affiliates and representatives does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, and does not assume any fiduciary responsibility.</p><p>The information herein should be used as a component of broader due diligence process. Exclusive reliance on the information herein is not advised and any such reliance upon material is at the sole discretion of the reader. The information herein is based on current market conditions and is subject to change. The information is based on information that was provided by a financial adviser.</p><p>This communication is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. This document does not take into account any specific investor’s objectives, financial situation or needs. Investors should seek financial advice, refer to any offering documents including risk factors and make an independent evaluation before investing.</p><p>Past performance is not a guide to current or future results and is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Data source: Morningstar, Inc. & Bloomberg L.P. All Rights Reserved. The information contained herein: (1) is proprietary to J.P. Morgan Asset Management, Morningstar & Bloomberg; (2) is not warranted to be accurate, complete or timely. Neither Morningstar, Bloomberg nor their content providers are responsible for any damages or losses arising from any use of this information. Data are as of June 2026.</p><p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of the output, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted to the extent permitted by applicable law. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. As such, a financial adviser’s end client should be informed of such risks. Both past performance and yield may not be a reliable guide to future performance.</p><p>Investing involves risk, including possible loss of principal. ETF Shares are bought and sold market price, and are not individually redeemed from a fund. Brokerage commissions will reduce returns. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside Australia can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as Australia and other nations. Narrowly focused investments typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. A fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund. A fund may not track the return of its underlying index for a number of reasons, such as operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund. There is no guarantee the funds will meet their investment objective. Diversification may not protect against market loss.</p><p>To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy. JPMorgan Asset Management (Australia) Limited forms a key part of J.P. Morgan Asset Management. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This document is issued by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919), which is regulated by the Australian Securities and Investments Commission.</p>

pi---globaldisclosure

<p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of the output, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted to the extent permitted by applicable law. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. As such, a financial adviser’s end client should be informed of such risks. Both past performance and yield may not be a reliable guide to future performance.</p><p>This document is a general communication being provided to you for informational purposes only. The communication is educational in nature and not designed to be a recommendation for any specific investment product, financial product, strategy, plan design feature or any other purpose. By receiving this communication you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a course of action or any action at all.</p><p>Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions or pursuing any investment related strategy, service or plan design change, investors should seek individualized advice from your personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of your own situation.</p>

PI_Disclaimers_MethodologyAndAllocationViewsWithinThisReport

<p>THIS MATERIAL IS FOR USE BY FINANCIAL ADVISERS </p><p>This document is being provided for informational purposes only to financial advisers. It is educational in nature and not designed to serve as advice or a recommendation. The information in this document does not contain sufficient information to support an investment decision, and it should not be relied upon in evaluating the merits of investing in any securities or products. Recipients should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial adviser, if any investment mentioned herein is believed to be appropriate to their personal goals. Prior to making any investment or financial decisions, investors who receive this document from their financial adviser should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an individual investor’s own situation. JPMorgan Asset Management (Australia) Limited, its affiliates and representatives does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, and does not assume any fiduciary responsibility.</p><p>The information herein should be used as a component of broader due diligence process. Exclusive reliance on the information herein is not advised and any such reliance upon material is at the sole discretion of the reader. The information herein is based on current market conditions and is subject to change. The information is based on information that was provided by a financial adviser.</p><p>This communication is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. This document does not take into account any specific investor’s objectives, financial situation or needs. Investors should seek financial advice, refer to any offering documents including risk factors and make an independent evaluation before investing.</p><p>Past performance is not a guide to current or future results and is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Data source: Morningstar, Inc. & Bloomberg L.P. All Rights Reserved. The information contained herein: (1) is proprietary to J.P. Morgan Asset Management, Morningstar & Bloomberg; (2) is not warranted to be accurate, complete or timely. Neither Morningstar, Bloomberg nor their content providers are responsible for any damages or losses arising from any use of this information. Data are as of June 2026.</p><p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted to the extent permitted by applicable law. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.</p><p>Investing involves risk, including possible loss of principal. ETF Shares are bought and sold market price, and are not individually redeemed from a fund. Brokerage commissions will reduce returns. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside Australia can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as Australia and other nations. Narrowly focused investments typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. A fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund. A fund may not track the return of its underlying index for a number of reasons, such as operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund. There is no guarantee the funds will meet their investment objective. Diversification may not protect against market loss.</p><p>To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy. JPMorgan Asset Management (Australia) Limited forms a key part of J.P. Morgan Asset Management. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This document is issued by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919), which is regulated by the Australian Securities and Investments Commission.</p>

PI_Disclosures_Footer

<p>Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>The difference between gross and net expense ratios are due to contractual and/or voluntary waivers if applicable. The manager may agree to voluntarily waive certain fees and expenses, which the manager can discontinue at any time. Please see each funds’ prospectus for additional information.</p> <p>As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_InvidividualInvestments_FeesAndExpenses

<p><em class=wt-bold>The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown.</em></p><p>When investments show returns for periods starting prior to inception, these pre-inception returns are based on fee adjusted performance of the oldest share class of the fund.  For further details see Pre-inception returns in the appendix.</p><p>Annualized except when performance period is less than one year. Annualized except when inception date is less than 1 year prior to return date shown above. Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses.The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_InvidividualInvestments_StandardizedTrailingTotalReturns

<p><em class=wt-bold>The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown.</em></p><p>The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_KeyObservations

<p>For illustrative purposes only and not designed to be a recommendation for any specific investment product, strategy, or other purposes. As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model. </p>

PI_Methodology_JPMModelsAllocationDisclosure

<p><span class=wt-bold>As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model. </span></p><p><span class=wt-regular>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of the output, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted to the extent permitted by applicable law. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. As such, a financial adviser’s end client should be informed of such risks. Both past performance and yield may not be a reliable guide to future performance. Performance quoted is past performance and is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund.</span></p><p><span class=wt-regular>Data source: Morningstar, Inc. &amp; Bloomberg L.P. All Rights Reserved. The information contained herein is proprietary to JPMAM, Morningstar &amp; Bloomberg; and is not warranted to be accurate, complete or timely. Neither Morningstar, Bloomberg nor their content providers are responsible for any damages or losses arising from any use of this information. Data are as of June 2026. Please see additional disclosures on the last page of the document.</span></p>

PI_PDFCoverPage

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown.</em>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. Annualized except when performance period is less than one year.The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_PerformanceAndRisk_CalendarYearPerformance

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown.</em> Performance does not include any sales charges or other expenses. Annualized except when performance period is less than one year. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_PerformanceAndRisk_TrailingPerformance

<p>J.P. Morgan utilizes long exposure and rescales the portfolio to equal 100%. Some holdings may contain derivative positions, which may affect the results. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_PortfolioComposition

<p>J.P. Morgan utilizes long exposure and rescales the portfolio to equal 100%. Some holdings may contain derivative positions, which may effect the results. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_PortfolioComposition1

<p>* Denotes investments with a returns proxy. For clarity on specific proxies employed reference Proxy utilization table. See Appendix section titled Analysis and benchmark selection for details on proxy selection methodology. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_PortfolioComposition1FS

<p>J.P. Morgan utilizes long exposure and rescales the portfolio to equal 100%. Some holdings may contain derivative positions, which may effect the results. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. For corporate-bonds, government and quasi-government bonds the credit analysis depicts the quality of bonds in the fund's portfolio. The analysis reveals the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard & Poor's or Moody's. At the top of the ratings are U.S. government bonds. Bonds issued and backed by the federal government are of extremely high quality and thus are considered superior to bonds rated AAA, which is the highest possible rating a corporate issue can receive. Morningstar gives U.S. government bonds a credit rating separate from AAA securities to allow for a more accurate credit analysis of a portfolio's holdings. Bonds with a B rating are the lowest bonds that are still considered to be of investment grade. Bonds that are rated lower than B (often called junk bonds or high-yield bonds) are considered to be quite speculative. Any bonds that appear in the NR/NA category are either not rated by Standard & Poor's or Moody's, or did not have a rating available at the time of publication.</p><p>As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific investor or any other client of the financial adviser using this tool. J.P. Morgan Asset Management (Australia) Limited does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to a financial adviser’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management (Australia) Limited does not receive any fee or compensation directly from the financial adviser or any end clients of the financial adviser for use of the model.</p>

PI_PortfolioComposition_FixedIncome

<p>A factor is defined as a measurable characteristic of a security or asset that can influence the risk/return behavior of that security/asset. Factors can be fundamental characteristics such as financial ratios, technical analysis attributes such as price behavior or liquidity, and/or specific attributes of a given security/asset such as yield, geographic domicile and currency exposure.  Portfolio ’s factor exposure is calculated based on the allocation weighted  exposure of each underlying investment exposure to each factor.</p><p><em class=wt-bold>Factor calculation:</em> The Analysis utilizes a quantitative rules-based, proprietary factor process developed by the J.P. Morgan Asset Management Quantitative Beta Strategies team. Factors for equity (Size, Value, Div Yield, Quality, Min Vol & Momentum) and other asset classes (Interest Rates, Credit, FX Carry, Merger Arbitrage, Convert Arbitrage, CTA, Residual) are calculated using returns based regressions with a minimum of 3 years of monthly returns for underlying investments.</p><div class=definitions-list><dl><dt class=pdf-dt>Factor Contribution to Portfolio Risk and Return</dt><dd class=pdf-dd><em class=wt-bold>Return Decomposition:</em> Measures the contribution of an underlying investment on the portfolio’s annualized total return. An investment’s return contribution is a linear calculation of monthly performance plus rebalancing effects. To calculate the return contribution of an asset class, JPMorgan uses the weighted average of the underlying investment returns assuming monthly rebalancing. This is displayed as a percentage of total and sums to portfolio return over the analysis period.</dd><dd class=pdf-dd><em class=wt-bold>Risk Decomposition:</em> This measure considers the unique impact of each underlying investment’s volatility in the context of the portfolio. To calculate, JPMorgan sums each underlying investment’s weighted standard deviation adjusted by its correlation to the portfolio. This is displayed as a percentage of total and sums to portfolio risk over the analysis period.</dd><dt class=pdf-dt>Portfolio Factor Style</dt><dd class=pdf-dd>Allocation weighted portfolio exposure arising from an investment’s exposure to holding based factor definitions such as value, growth, size and momentum. Style factors are constructed from company fundamentals, analyst estimate data and historical market data standardized to have a mean of 0 and a standard deviation of 1. All regional market securities for illustration purposes are capped at +/- 3 standard deviations.</dd><dt class=pdf-dt>Historical Portfolio Sensitivity</dt><dd class=pdf-dd>Based on portfolio factor exposure to World Equity Credit &amp; Interest Rates over the analysis period.</dd></dl></div><h6>Factor Definitions</h6><p><em class=wt-bold>World Equity:</em> –Captures risk/return associated with exposure to the returns across the equity market. This factor captures the risk associated with general equity market movements.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Size factor</em> – Captures risk/return associated with or tilt toward smaller market-capitalization equities. A potential return premium exists for investing in smaller cap equities since, on average, they are less-mature, riskier companies that trade with less liquidity.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Value factor</em> – Captures risk/return associated with or tilt toward equities with a relatively lower (“value”) price compared to their underlying fundamentals. A potential return premium exists for investing in value due to the structural weakness of value companies and investors’ preference for successful businesses with stronger historical growth. The value factor in this report takes into consideration four metrics: earnings yield, book-to-price ratio, free cash flow and dividend yield.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Dividend yield factor</em> – Captures risk/return associated with or tilt toward higher dividend-yielding equities. A potential return premium exists for investing in higher-yielding companies as a result of their generally cheaper pricing and investors’ preference for stable income to offset risks. The dividend yield factor in this report is defined by the latest 12-month dividend yield ÷ /market capitalization.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Quality factor</em> – Captures risk/return associated with or tilt toward equities of companies in stronger financial health. A potential return premium may occur as companies that are profitable, with strong balance sheets and stable cash flows, tend to outpace the market over time. The quality factor in this report takes into consideration 10 metrics to measure three key themes: profitability, solvency and financial risk, earnings quality.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Minimum volatility factor</em> – Captures risk/return associated with or tilt toward equities with historically lower volatility. Companies with stable revenues and earnings are less susceptible to recessions and adverse macroeconomic events and may see smaller drawdowns; they tend to exhibit lower-volatility characteristics. A potential return premium exists for higher volatility companies due to investors’ preference for riskier businesses with more uncertain financials that tend to underperform relative to expectations. The minimum volatility factor in this report is defined as the inverse of the standard deviation of daily total returns over a two-year period.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Momentum factor</em> – Captures risk/return associated with or tilt toward equities with positive price momentum. A potential return premium exists because of the reversal risk inherent in trending companies and investors’ tendencies to underreact and then overreact to events impacting businesses. The momentum factor in this report is defined as the ratio of the one-year return on a stock to the standard deviation of returns over that period.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Interest Rates/Rates:</em> Captures risk/return associated with changes in yield curves.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Credit:</em> Captures risk/return associated with investment grade, high yield and distressed debt credit spreads over benchmark interest rates.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>FX Carry:</em> Captures risk/return associated with exposure to the risk associated with changes in foreign exchange rates.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Merger Arbitrage:</em> Captures risk/return associated a hedge fund investment strategy that speculates on the successful completion of mergers and acquisitions.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>CTA:</em> Captures risk/return associated with a hedge fund strategy that uses commodities futures contracts and a variety of trading strategies including systematic trading and trend following.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Residual:</em> Captures risk/return associated with investment performance unexplained by the factors defined above.</p>

PI_Methodology_DefinitionsFactors

<p><b>All net benchmarks:</b> All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise.</p><p><b>MSCI:</b> Benchmark Source: MSCI. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.</p><p><b>Bloomberg:</b> Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) are not affiliated with the Manager and do not approve, endorse, review, or recommend the Fund. Bloomberg and the Benchmark are trademarks or service marks of Bloomberg and have been licensed to the Manager. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Benchmark. </p>

PI_Disclaimers_BenchmarkDisclosure1

PI_Disclaimers_BenchmarkDisclosure

<p>THIS MATERIAL IS FOR USE BY FINANCIAL ADVISERS </p><p>This document is being provided for informational purposes only to financial advisers. It is educational in nature and not designed to serve as advice or a recommendation. The information in this document does not contain sufficient information to support an investment decision, and it should not be relied upon in evaluating the merits of investing in any securities or products. Recipients should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial adviser, if any investment mentioned herein is believed to be appropriate to their personal goals. Prior to making any investment or financial decisions, investors who receive this document from their financial adviser should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an individual investor’s own situation. J.P. Morgan does not contract with the end client of the financial adviser using this modeling tool, does not execute trades in the end client’s portfolio, and does not assume any fiduciary responsibility.</p><p>The information herein should be used as a component of broader due diligence process. Exclusive reliance on the information herein is not advised and any such reliance upon material is at the sole discretion of the reader. The information herein is based on current market conditions and is subject to change. The information is based on information that was provided by a financial adviser.</p><p>This communication is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. This document does not take into account any specific investor’s objectives, financial situation or needs. Investors should seek financial advice, refer to any offering documents including risk factors and make an independent evaluation before investing.</p><p>Past performance is not a guide to current or future results and is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Data source: Morningstar, Inc. & Bloomberg L.P. All Rights Reserved. The information contained herein: (1) is proprietary to J.P. Morgan Asset Management, Morningstar & Bloomberg; (2) is not warranted to be accurate, complete or timely. Neither Morningstar, Bloomberg nor their content providers are responsible for any damages or losses arising from any use of this information. Data are as of June 2026.</p><p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.</p><p>Investing involves risk, including possible loss of principal. ETF Shares are bought and sold market price, and are not individually redeemed from a fund. Brokerage commissions will reduce returns. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside Australia can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as Australia and other nations. Narrowly focused investments typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. A fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund. A fund may not track the return of its underlying index for a number of reasons, such as operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund. There is no guarantee the funds will meet their investment objective. Diversification may not protect against market loss.</p><p>To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This document is issued by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919), which is regulated by the Australian Securities and Investments Commission.</p><p>J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.</p>

PI - GlobalDisclosure

<p>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. For more information about the scenarios displayed above, please refer to the Definitions – Scenarios page within the Methodology section of this report. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PortfolioSummary

<p>Past performance is no guarantee of future results. Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_RiskRewardStatistics

PI_PerformanceAndRisk_PortfolioYield

<h6>Stress test definitions</h6><div class="definitions-list"><dl><div><dt>Rising Interest Rates: </dt><dd>Time periods reflect historical interest rate movements whereby the 10 Year US Treasury Yield increased by greater than 50 bps (% change noted in parentheses).</dd><br><br></div><div><dt>Falling Interest Rates: </dt><dd>Time periods reflect historical interest rate movements whereby the 10 Year US Treasury Yield decreased by greater than 50 bps (% change noted in parenthesis).</dd><br><br></div><div><dt>Stock Market Declines: </dt><dd>Historical declines in the S&amp;P 500 TR greater than 10% over the last ten calendar years.</dd><br><br></div><div><dt>Global Financial Crisis: </dt><dd>The leverage/housing bubble burst in mid-2007 leading to the collapse of Lehman Brothers and subsequently resulted in one of the worst financial crises since the Great Depression.</dd><br><br></div><div><dt>Taper Tantrum: </dt><dd>2013 sell-off of both risk assets and Treasuries driven by Ben Bernanke signaling a reduction in monthly asset purchases.</dd><br><br></div><div><dt>Falling Oil Prices: </dt><dd>Sharp decline in brent crude oil led to high yield spreads widening and to flight quality.</dd><br><br></div><div><dt>Global Slowdown Concerns: </dt><dd>In 2015, weakening Chinese economic data along with lower oil prices created concerns around a global slowdown in growth.</dd><br><br></div></dl></div>

PI_Methodology_StressTests

<h6>Statistic definitions</h6><div class="definitions-list"><dl><div><dt>R-squared: </dt><dd>Reflects the percentage of a portfolio's movements that can be explained by movements in its benchmark. Measures of the correlation of the portfolio’s returns to the benchmark's returns. An R-squared of 100 indicates that all movements of a portfolio can be explained by movements in the benchmark. Conversely, a low R- squared indicates that very few of the portfolio's movements can be explained by movements in its benchmark index R squared measure of 35, for example, means that only 35% of the portfolio’s movements can be explained by movements in the benchmark index.</dd><br><br></div><div><dt>Sharpe ratio: </dt><dd>Measures a manager's excess return over the risk-free rate of return (normally the cash return), divided by the standard deviation. It is a statistical measure that incorporates return and risk into a single number. The ratio describes how much excess return you are receiving for the extra volatility that you endure for holding a riskier asset. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance.</dd><br><br></div><div><dt>Standard deviation: </dt><dd>The standard deviation is a gauge of the variance of a manager's return over its average or mean. Statistically, it is the square root of the variance. Because it measures total variation of the return, standard deviation is a measure of total risk, unlike beta, which measures only market risk. Investors use the standard deviation to try to predict the range of returns that is most likely for a given investment. When a portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility. The converse, a low standard deviation, implies that the portfolio will exhibit lower volatility.</dd><br><br></div><div><dt>Market capture ratios: </dt><dd>Together the up and down-market capture ratios reveal a historical picture of a portfolio’s performance in those relative market environments. The ideal combination is an up- market capture &gt; 100% and a down-market capture of &lt; 100%.</dd><br><br></div><div><dt>Up-market capture ratio: </dt><dd>Measures a manager's performance in up markets relative to the index during the same period. A ratio value of 115 indicates that the manager has outperformed the market index by 15% in periods when the index has risen.</dd><br><br></div><div><dt>Down-market capture ratio: </dt><dd>This ratio is the direct opposite of the up-market capture ratio, gauging performance of the manager relative to the index in down markets. A ratio value of 80 would indicate the manager has declined only 80% as much as the declining overall market, indicating relative outperformance.</dd><br><br></div><div><dt>Excess return: </dt><dd>Returns in excess of the benchmark.</dd><br><br></div></dl></div>

PI_Methodology_RiskRewardStatistics

<p>A well-diversified portfolio may be less risky than any of the constituents taken alone. To understand the impact of individual investments and asset classes, J.P. Morgan calculates its contribution to risk and return. Intuitively, the assets with higher weight, higher volatility and a greater alignment with the portfolio return will contribute the most to the portfolio risk. Within this report, these measures are displayed at both a major asset class and individual security level. To categorize each underlying investment’s major asset class, J.P. Morgan generally leverages asset class groups defined by Morningstar. (Equity, Alternatives, Fixed Income. Allocation = Multi-Asset and Other)</p><div class="definitions-list"><dl><dt class="pdf-dt">Return Decomposition: </dt><dd class="pdf-dd">Measures the contribution of an underlying investment on the model portfolio’s annualized total return. An investment’s return contribution is a linear calculation of monthly performance relative to the portfolio. To calculate the return contribution of a asset class, J.P. Morgan uses the weighted average of the underlying investment returns.</dd><dt class="pdf-dt">Risk Decomposition: </dt><dd class="pdf-dd">This measure considers the unique impact of each underlying investment’s volatility in the context of the model portfolio. To calculate, J.P. Morgan sums each underlying investment’s weighted standard deviation adjusted by its correlation to the model portfolio.</dd></dl></div>

PI_Methodology_RiskReturnDecomposition

<h3>Returns proxy</h3><p>When an underlying investments' inception date is less than the model portfolio inception date (displayed in Trailing Total Returns table), a proxy may be substituted to represent the returns for the investment. Proxies used within this report include older share class of the investment (see Pre-inception Returns above). When this occurs, the proxy used will be disclosed in the Investment details &amp; proxy utilization table. Holdings data will be based on the latest available portfolio data for underlying investment. Allocations to cash will use the SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF as a proxy. This ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index.</p>

PI_Methodology_ProxyUtilization

<p>The Morningstar Category™ classifications break investments into peer groups based on their holdings. Investments are placed in a given category based on their average holdings statistics over the past three years. Morningstar calculates Category Percentile Rankings for total returns of an investment as a way to contrast performance versus others within its Morningstar Category. Percentile ranks always range from 1 (best) to 100 (worst) with all intermediate values spread evenly over that range.<br aria-hidden="true"><br aria-hidden="true">For each investment with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load- adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of investments in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for an investment is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Different share classes may have different ratings.</p>

PI_Methodology_MorningstarPerformanceRatingsandRankings

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