XNAS · Active · options-income

JPMorgan Nasdaq Equity Premium Yield ETF

J.P. Morgan Investment Management Inc.

Weighted score · 3.45 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Monthly · — ROC

Expense Ratio

0.35% gross

1Y Return

vs underlying

Sharpe

Max DD -5.7%

The Fund seeks to deliver current yield while maintaining prospects for capital appreciation and total return..

The Fund creates an actively managed portfolio of equity securities listed on the NASDAQ Stock Market, investing significantly in large-cap companies within the Nasdaq-100 Index universe, while implementing a call spread options overlay strategy (selling out-of-the-money call options and buying further out-of-the-money call options) to generate net premium income. The options overlay seeks to deliver positive yield and reduce portfolio volatility relative to the Nasdaq-100 Index. Monthly distributions are intended to consist primarily of net options premiums and investment income, with a significant portion anticipated to represent a return of capital for tax purposes. The Fund may also use futures contracts on indexes to gain targeted equity exposure.

The Fund sells out-of-the-money call options referencing the Nasdaq-100 Index or Nasdaq 100 ETFs while simultaneously purchasing further out-of-the-money call options, generating a net credit (premium income). The strategy uses traditional exchange-traded options as well as FLEX Options, reset periodically to reflect current market conditions. The call spread caps upside participation above the short strike but allows re-participation above the long strike, while generating yield and dampening portfolio volatility.

NAV HISTORY · MAR '26 – 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 targets monthly distributions sourced from net options premiums, investment income, and potentially capital gains. A significant portion of distributions is anticipated to represent a return of capital for tax purposes, which is not taxable but reduces the shareholder's cost basis. The final tax character (ordinary income, capital gain, or return of capital) will be reported on Form 1099-DIV; no guarantee is provided regarding tax characterization.

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Liquidity

Estimated bid/ask spread ~0.21% (moderate). Average daily dollar volume ~$11.1M (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 ($)