Pitch Your Book: The Largest Active ETF

Today’s Talk Your book is brought to you by JP Morgan:

On today’s show we discuss:

• JEPI’s relative outperformance in early 2026 and the role of active stock selection
• Why does writing options at the index level prevent winners’ gains from being capped?
• Situation in which total return is prioritized over headline return
• How do advisors use these products in different portfolio structures?
• JOYT’s approach to reinvesting option premiums rather than distributing them as income

Listen here:

https://podcasts.thecompoundnews.com/show/animalspirits/

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Investors should carefully consider the investment objectives and risks, as well as the charges and expenses of a mutual fund or ETF, before investing. The prospectus contains this and other information about the mutual fund and ETF. Read carefully before investing. To obtain a prospectus for mutual funds, call 1-800-480-4111; For ETFs, call 1-844-4JPM-ETF.

This communication is prepared for informational purposes only and is not intended to provide, and should not be relied upon as, accounting, legal or tax advice, or investment advice. Investors should consult their own tax advisors regarding the tax consequences of investing in an ETF.

JPMorgan paid for participation in the production of this podcast

The price of shares may fluctuate rapidly or unpredictably due to factors affecting individual companies as well as changes in economic or political conditions. These price movements may result in loss of your investment.

JEPI and JEPQ: Investments in Equity-Linked Notes (ELNs) are subject to liquidity risk, which may make it difficult to sell and appreciate the ELNs. Lack of liquidity may also cause the value of the ELN to decrease. Because ELNs are in the form of promissory notes, they are subject to certain debt security risks, such as credit or counterparty risk. If the prices of the underlying instruments move unexpectedly, the Fund may not realize the expected benefits from an investment in ELN and may experience losses that could be significant and could include the Fund’s entire principal investment.

ROCY and ROCQYield represents annual fund distributions that are taxable as qualified or ordinary dividends, capital gains, or returns of capital. The investment strategies of the funds aim to generate returns from capital distributions, but no assurance can be given in this regard. In certain market environments, substantially all distributions may be taxable to the investor as ordinary dividend income. Amounts paid in excess of an ETF’s current and retained earnings are treated for tax purposes primarily as a tax-free return of capital until the investor’s cost basis is reduced to zero; other amounts are taxed as capital gains. The return on capital is not taxed when received, but it reduces the investor’s basis, which can increase future taxes (or reduce losses) when you sell. Any distribution reduces the Fund’s NAV. Non-guaranteed return of capital (ROC) refers to the portion of a distribution from an investment that is not considered taxable income because for tax purposes it is considered a return on a portion of the original investment. ROC distributions are not currently taxed; but these generally reduce an investor’s adjusted basis in the investment. By reducing the basis, such distributions will ultimately result in a proportionately larger capital gain (or smaller capital loss) when the investor sells the shares. Some investors may prefer the ability to defer taxes. ROC distributions that exceed the investor’s tax basis in the investment will generally be treated as capital gains for tax purposes.

ROCY, ROCQ and JOYT: Selling call options brings in upfront cash and can reduce risk, but that limits upside if stocks rise. Buying call options runs the risk of losing the premium if they expire worthless. In unusual or illiquid markets, these strategies may not work as intended, may not reduce volatility as hoped, and may result in losses.

JEPQ and ROCQ: Nasdaq®, Nasdaq-100 Index®, Nasdaq 100® and NDX® are registered trademarks of Nasdaq, Inc. (together with its subsidiaries, the “Companies”) and JP Morgan Investment Management Inc. Licensed for use by. The JPMorgan Nasdaq Equity Premium Income ETF (the “Fund”) has not been transferred by the Companies as to its legality or suitability. The Fund is not issued, approved, sold or promoted by the Companies. COMPANIES DO NOT PROVIDE ANY WARRANTY AND HAVE NO LIABILITY REGARDING THE FUND.

JPMorgan Distribution Services, Inc.; member FINRA