INVESTMENT OBJECTIVE: JPMorgan Equity Premium Income ETF seeks to provide current income while maintaining prospects for capital appreciation. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. The benchmark used by this ETF is the Standard & Poor’s 500 Total Return Index.

FUND STRATEGY: The Fund seeks to achieve its investment objective by creating an actively man-aged portfolio of equity securities comprised significantly of those included the Standard & Poor’s 500 Total Return Index and through equity-linked notes (ELNs), selling call options with exposure to the S&P 500 Index. The resulting Fund is designed to provide investors with performance that captures a majority of the returns associated with the S&P 500 Index, while exposing investors to lower volatility than the S&P 500 Index and also providing incremental income. The Fund, under normalcircumstances, invests at least 80% of its Assets in equity securities. Assets means net assets plus the amount of borrowings for investment purposes. The Fund may invest up to 20% of its net assets in ELNs. ELNs in which the Fund invests are derivative instruments that are specially designed to combine the economic characteristics of the S&P 500 Index and written call options in a single note form and are not traded on an exchange. The options underlying the ELNs will be based on the Benchmark or on exchange-traded funds (ETFs) that replicate the S&P 500 Index.