JPMorgan Nasdaq Equity Premium Income ETF-ETF Shares (2024)

Expertise

Results

Provided an attractive 12-month rolling dividend yield of 9.72% and 30-day SEC yield of 9.45%.
Yield ranked in the top 30% of the Derivative Income category.¹
Competitively priced vs. peers at 0.35%.

\n","disclosure":"

Chart source: BAML, Barclays, Bloomberg, FactSet, Federal Reserve, FTSE, J.P. Morgan, MSCI, NCREIF, Russell, Standard & Poor’s, J.P. Morgan Asset Management. Inception date of JPMorgan Nasdaq Equity Premium Income ETF: 5/3/22. Past performance is not necessarily a reliable indicator for current and future performance. Total return assumes the reinvestment of income. Performance results are net of investment management fees. Current performance may be higher or lower than the performance data shown.

For performance current to the most recent month-end, please call 1-800-338-4345. The yields are calculated as follows: US Equity: S&P 500 trailing twelve month yield; Global REITs: FTSE NAREIT Global REITs; U.S. High Yield: Bloomberg U.S. Aggregate Corporate High Yield; U.S. 10-year: 10-year U.S. Treasury yield; JEPQ: 30-day SEC yield (unsubsidized), 9.45%; (subsidized), 9.45%. Please see back page for standardized performance.

¹Source: Morningstar, Derivative Income Category as of 6/30/24 ranked 17 out of 92 funds.

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Easing inflation and improved prospects for growth have helped fuel optimism for a soft landing. However, be it the U.S. election, higher policy rates or significant geopolitical tension, risks continue to remain that could push the economy into recession in 2024.

Through the volatility we continue to focus on high-conviction stocks and take advantage of market dislocations for compelling stock-selection opportunities.

","inReview":"

The JPMorgan Nasdaq Equity Premium Income ETF underperformed the benchmark, the Nasdaq 100 Index, for the quarter ended June 30, 2024

An overweight in Lowe’s Inc (0.36% portfolio weighting) detracted from results during the quarter. Dynamics within the housing market, including elevated rates, sluggish existing home sales and lower home turnover have weighed on the home improvement sector. Additionally, the recent consumer focus on value and needs-based purchases has kept big-ticket discretionary purchases depressed. Lowe's continues to manage expenses well in the current environment and has a long-term focus on margin expansion.

An overweight in Bristol Myers Squibb (0.20% portfolio weighting) detracted from results during the quarter. The stock traded down following the first quarter earnings report despite announcing that earnings were above consensus. The launch portfolio underperformed, which resulted in a strong share sell-off. Additionally, ~70% of the company's sales come from its legacy products, many of which are facing loss of exclusivity (LOE). However, we see potential upside in key launch products in the near term as a possible tailwind to performance.

An underweight in Intel Corp (0.45% portfolio weighting) added to results during the quarter. The stock underperformed as another soft earnings guide reinforced concerns about the company’s poor artificial intelligence (AI) positioning. Longer term, we expect the company to continue facing secular and operational challenges.

An overweight in Nvidia Corp (7.04% portfolio weighting) added to results during the quarter. The stock outperformed as it remains an outsized beneficiary of rapidly accelerating AI infrastructure demand, driving continued positive estimate revisions.

","asOfDateForCommentary":"2024/06/30","topLine":"

Benchmark Nasdaq 100 IndexMarkets The Nasdaq 100 Index returned +8.05% in the second quarter of 2024. Within the index, information technology and communication services were the best performing sectors, returning +12.29% and +9.28%, respectively. Real estate and financials were laggards, returning -23.25% and -13.38% respectively.Helped The information technology and industrials sectors added the most value.Hurt The consumer staples and health care sectors weighed the most on performance.Outlook We continue to focus on fundamentals of the economy and company earnings. Our analysts’ estimates for S&P 500 Index® earnings currently project +12% for 2024 and +15% for 2025. While subject to revision, this forecast includes our best analysis of earnings expectations.

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