XNAS · Active · options-income

JPMorgan Equity Premium Yield ETF

J.P. Morgan Investment Management Inc.

Weighted score · 3.50 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Monthly · — ROC

Expense Ratio

0.35% gross

1Y Return

vs underlying

Sharpe

Max DD -3.5%

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

ROCY maintains an actively managed portfolio of large cap U.S. equity securities (at least 80% of assets) combined with an options overlay strategy of selling and purchasing call options (call spreads) referencing the S&P 500 Index or S&P 500 ETFs. The call spread generates a net credit (options premium income) distributed monthly to investors while dampening portfolio volatility relative to the broad U.S. large cap market. The equity sleeve uses a fundamental data-science-enabled investment approach to select securities, with significant exposure to technology and financials sectors. Distributions are anticipated to consist substantially of return of capital for tax purposes.

The fund writes (sells) out-of-the-money call options on the S&P 500 Index or S&P 500 ETFs and simultaneously purchases higher-strike call options, forming call spreads that generate a net premium credit distributed monthly. This strategy caps upside participation within the spread range but allows re-participation above the purchased call's strike price. Both standard exchange-traded options and customizable FLEX Options may be used, and positions are reset periodically to reflect current market conditions.

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

Monthly distributions sourced from net options premiums, investment income, and potentially capital gains. A significant portion of distributions is anticipated to represent return of capital (ROC) for tax purposes, which is not immediately taxable but reduces shareholder cost basis. Once basis reaches zero, further distributions are treated as capital gain. Distributions may also include ordinary income and net capital gains; final tax character reported on Form 1099-DIV.

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Liquidity

Estimated bid/ask spread ~0.16% (moderate). Average daily dollar volume ~$6.4M (adequate). 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 ($)