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For Institutional Investors in the US

JELM Equity Linked Moderate Income ETF

Professionally managed structured product investing, delivered in a diversified ETF

NAV
$25.51
As of 10/21/2026

1-Day Change
-$0.01 (-0.05%)
 As of 10/21/2026

Overview

About this ETF

For investors seeking scalable, moderate current income via the harvesting of equity volatility. Through an actively built portfolio of structured holdings, JELM aims to pursue yield and simplify structured income portfolio implementation for advisors.

Why Invest in this ETF

Thoughtful portfolio construction
Seek to combine multiple equity-linked sources of income into one streamlined approach

Broader diversification delivered efficiently
Exposure across counterparties, structures, and underlying securities, aiming to enhance income to balance the level of risk taken

Income with risk mitigation in mind
Designed to help limit drawdowns while seeking enhanced income across different market environments

Autocallable Constituent Snapshot (As of 10/20/2026)

Weighted Average Coupon
10.57%
Autocallables Above Coupon Barrier
100.00%
Live Autocallables
31
Weighted Avg. MTM Discount
1.58%
Autocallables Near Maturity with Principal at Risk
0.00%

Portfolio Management

David Elms

Head of Diversified Alternatives | Portfolio Manager

Industry since 1991. Joined Firm in 2002.

Natasha Sibley, CFA

Portfolio Manager

Industry since 2009. Joined Firm in 2009.

Jamie Sandells, Ph.D.

Portfolio Manager

Industry since 2013. Joined Firm in 2018.

Performance

RETURNS (%) (As of 09/30/2026)
Nav Market-Price S&P 500® Index
 
Returns (%)
Fund or index 3M Since Inception
(04/21/2026)
Nav 3.04 4.01
Market-Price 3.09 5.01
S&P 500® Index 2.30 8.86
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
RETURNS (%) (As of 09/30/2026)
Nav Market-Price S&P 500® Index
 
Returns (%)
Fund or index 3M Since Inception
(04/21/2026)
Nav 3.04 4.01
Market-Price 3.09 5.01
S&P 500® Index 2.30 8.86
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.

Premium/Discount History
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
09/30/202609/30/202610/06/2026$0.1759230$0.0000000$0.0000000$0.1759230
08/31/202608/31/202609/04/2026$0.1618400$0.0000000$0.0000000$0.1618400
07/31/202607/31/202608/06/2026$0.1396880$0.0000000$0.0000000$0.1396880
06/30/202606/30/202607/07/2026$0.0932450$0.0000000$0.0000000$0.0932450
05/29/202605/29/202606/04/2026$0.0736100$0.0000000$0.0000000$0.0736100
View Full History

Portfolio

Index represents the S&P 500® Index

Top Holdings (As of 10/20/2026)
Holding % of Fund
OTC JPM INTC ATC 37.50% 7/14/2027 50.00%, 0.00%, 07/14/27 0.18
OTC JPM NOW ATC 22.14% 11/8/2028 50.00% 0.15
OTC JPM WMT ATC 9.10% 6/14/2028 60.00% 0.10
OTC MS MO ATC 12.67% 3/14/2029 71.42%, 0.00%, 03/14/29 0.11
OTC JPM MU ATC 25.96% 8/11/2027 50.00%, 0.00%, 08/11/27 0.10
OTC MS MU ATC 25.96% 8/11/2027 50.00%, 0.00%, 08/11/27 0.10
OTC JPM ABBV ATC 7.68% 6/9/2027 56.00% 0.09
OTC JPM COP ATC 7.74% 11/10/2027 50.00% 0.09
OTC JPM LLY ATC 10.12% 1/12/2028 50.00%, 0.00%, 01/12/28 0.08
OTC MS COP ATC 7.74% 11/10/2027 50.00% 0.08
View full holdings

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Documents

Related Insights

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Frequently Asked Questions

Equity-linked notes combine fixed-income and equity-linked features, with potential coupon payments determined by predefined terms tied to the performance of an underlying stock, index, or other reference asset. JELM seeks to generate income by harvesting equity volatility through an actively managed portfolio of structured holdings. Based on the Fund’s latest prospectus and prevailing market conditions at that time, the autocallable instruments JELM seeks to invest in had expected coupon payments of 90-day average SOFR +3% to +5%, while stability instruments anticipated coupon payments of a 90-day average SOFR +2% to +3%. The ranges shown do not represent any income target or projection of the funds. Instead, these indicate expected coupon payment ranges of the autocallable instruments that the funds seek to invest in, in excess of the Secured Overnight Financing Rate (SOFR). These ranges are based on prevailing market conditions and other parameters at the time of the funds’ latest Prospectus. Coupon payments for autocallable instruments are made by the respective counterparty.

An autocallable is a structured investment that may be automatically redeemed before its scheduled maturity when predefined conditions are met. Depending on the structure, it may provide periodic coupons while the underlying reference asset remains above specified levels. JELM combines multiple structured holdings, including autocallables, within a professionally managed portfolio rather than requiring investors to purchase and manage individual notes themselves.

The outcome depends on the terms of each structured investment. Equity-linked structures can incorporate predefined barriers or thresholds that influence coupon payments and potential losses. For example, a hypothetical two-year autocallable could have a 10% coupon and 70% barrier. At each observation date, if the underlying is higher, the coupon is paid and the note is called; if it is lower but remains above the barrier, the coupon is paid; and if it is below the barrier, no coupon is paid. At maturity, an underlying above the barrier results in redemption at par, while an underlying below the barrier results in downside participation. JELM is designed with risk mitigation in mind, but it does not eliminate the potential for loss. The example provided is hypothetical and used for illustrative purposes only.

Structured income strategies seek to harvest equity volatility as a source of income rather than relying solely on traditional bond coupons or stock dividends. Because JELM’s investment approach uses equity-linked structures to pursue income, equity volatility is an important component of the strategy’s opportunity set.

Both approaches use equity-related options to seek income, but structured income can employ a broader range of derivative-based payoff structures. JELM invests across structured holdings with exposure to multiple counterparties, structures, and underlying securities, while seeking moderate current income and risk mitigation.

Traditional income strategies generally rely on sources such as bond coupons or stock dividends. Structured income strategies instead use derivative-based outcomes linked to underlying equity exposures as another potential source of income. JELM seeks moderate current income by harvesting equity volatility through an actively managed portfolio of structured holdings.

Structured income investments can expose investors to losses associated with declines in underlying reference assets as well as the credit risk of the institutions issuing structured notes. Their predefined payoff structures can also limit participation in equity-market gains in exchange for income potential and defined downside parameters. JELM seeks to diversify exposure across counterparties, structures, and underlying securities, but diversification does not eliminate investment risk.

Structured income can provide a differentiated source of income alongside traditional stocks and bonds. JELM seeks moderate current income through equity-linked structured holdings while diversifying exposure across counterparties, structures, and underlying securities. The strategy is designed to pursue income with risk mitigation in mind across different market environments.

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