XNAS · Active · options-income

JPMorgan Nasdaq Equity Premium Income ETF

J.P. Morgan Investment Management Inc.

Weighted score · 4.20 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Monthly · — ROC

Expense Ratio

0.35% gross

1Y Return

vs underlying

Sharpe

Max DD -20.1%

The Fund seeks current income while maintaining prospects for capital appreciation..

JEPQ creates an actively managed portfolio of equity securities comprised significantly of those included in the Nasdaq-100 Index, and through equity-linked notes (ELNs) sells call options with exposure to that benchmark. The Fund is designed to capture a majority of the benchmark's returns while providing lower volatility and incremental income via monthly distributions. Up to 20% of net assets may be invested in ELNs, which embed covered call positions on the Nasdaq-100 Index or ETFs replicating it. The equity portion is selected using a fundamental data-science-enabled investment approach combining proprietary research, financial statements, and quantitative insights.

The Fund sells call options exclusively through ELNs (up to 20% of net assets), which are structured notes that combine Nasdaq-100 exposure with embedded short call positions. Premiums received from the written calls are the primary source of the Fund's income distributions. Selling calls caps upside participation to the exercise price plus premium received, while reducing portfolio volatility.

NAV HISTORY · JUN '25 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.

Composition · Recent Distribution

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.

Composition · Narrative

The Fund seeks to provide monthly distributions at a relatively stable level; distributions are primarily sourced from call-option premiums received through ELNs and, to a lesser extent, dividends from equity holdings; distributions are taxed as ordinary income or capital gains.

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Bullish — 50-DMA above 200-DMA

Price $61.34 is above the 200-day SMA ($55.75); 50-day SMA $58.95. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.

Liquidity

Estimated bid/ask spread ~0.13% (tight). Average daily dollar volume ~$432.4M (very liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.

AUM ($)