vsETFvs

JEPI vs JEPQ

JPMorgan Equity Premium Income ETF vs JPMorgan Nasdaq Equity Premium Income ETF

The short answer: Same JPMorgan covered-call income strategy, applied to two different equity universes: JEPI uses S&P 500-style stocks, JEPQ uses Nasdaq-100 names.

Metric
JEPI
JEPQ
Issuer
JPMorgan
JPMorgan
Benchmark
S&P 500 (overlay strategy)
Nasdaq-100 (overlay strategy)
Inception
May 20, 2020
May 3, 2022
Expense Ratio(lower is better)
3500 bps
3500 bps
AUM(higher = more liquid)
$45.6B
$37.7B
Dividend Yield (TTM)
8.29%
10.43%
Dividend Frequency
Monthly
Monthly
Beta (vs S&P 500)(1 = market)
0.48
0.76
1-Year Return
9.35%
27.79%
3-Year Return (annualized)
9.75%
20.42%
5-Year Return (annualized)
7.57%
—
10-Year Return (annualized)
—
—
Data as of May 9, 2026. Returns annualized; past performance is not indicative of future results.

Total Return

YTDJEPI: -1.82% · JEPQ: 4.07%
1YJEPI: 9.35% · JEPQ: 27.79%
3Y ann.JEPI: 9.75% · JEPQ: 20.42%
5Y ann.JEPI: 7.57% · JEPQ: —
10Y ann.JEPI: — · JEPQ: —

Which should you pick?

Choose JEPI

Pick JEPI if you want lower volatility and broader diversification. Its underlying portfolio is built from low-vol S&P 500 names, so drawdowns are typically smaller.

Choose JEPQ

Pick JEPQ if you want a higher yield and are comfortable with tech concentration. Higher Nasdaq volatility means higher option premiums, which translates to a juicier monthly distribution.

Either is fine if…

Some investors hold both as complementary income sleeves: JEPI for the defensive equity exposure, JEPQ for the growth-tilted exposure.

Holdings & sectors

JEPI – Top Holdings

  • MAMastercard Inc1.8%
  • PGRProgressive Corp1.7%
  • VVisa Inc1.7%
  • AMZNAmazon.com Inc1.6%
  • MSFTMicrosoft Corp1.6%

JEPQ – Top Holdings

  • AAPLApple Inc7.5%
  • MSFTMicrosoft Corp6.8%
  • NVDANVIDIA Corp6.2%
  • AMZNAmazon.com Inc4.5%
  • AVGOBroadcom Inc3.8%

Sector Breakdown

Technology
JEPI
13.0%
JEPQ
45.0%
Communication
JEPI
9.0%
JEPQ
15.0%
Consumer Discretionary
JEPI
10.0%
JEPQ
13.0%
Healthcare
JEPI
14.0%
JEPQ
7.0%
Financials
JEPI
16.0%
JEPQ
4.0%
Industrials
JEPI
13.0%
JEPQ
5.0%
Consumer Staples
JEPI
10.0%
JEPQ
6.0%
Energy
JEPI
6.0%
JEPQ
1.5%
Utilities
JEPI
4.0%
JEPQ
2.0%
Materials
JEPI
3.0%
JEPQ
1.0%
Real Estate
JEPI
2.0%
JEPQ
0.5%

At a glance

Expense ratio
JEPI3500 bps
JEPQ3500 bps
AUM
JEPI$45.6B
JEPQ$37.7B
Dividend yield
JEPI8.29%
JEPQ10.43%
5Y return (ann.)
JEPI7.57%
JEPQ—

JEPI vs JEPQ – FAQ

Why does JEPQ pay more than JEPI?
Nasdaq-100 stocks are more volatile than the S&P 500. Higher volatility means higher option premiums when JPMorgan sells covered calls, which directly translates to higher distributions.
Is JEPQ riskier than JEPI?
Yes. JEPQ has more concentration in tech (about 45% vs JEPI's 13%) and higher beta. In a tech-led drawdown, expect JEPQ to fall further than JEPI.
Do JEPI and JEPQ pay monthly?
Yes. Both make monthly distributions, which is one of the main reasons retirees and income-focused investors prefer them over quarterly-paying funds.
What's the expense ratio?
Both charge 0.35%, which is high relative to plain-vanilla index ETFs but reasonable for an actively managed covered-call strategy.
Can I hold both JEPI and JEPQ?
Yes. Many income investors split allocation 50/50 to balance defensive and growth-oriented covered-call exposure. Just be aware that combined tech weighting will still be substantial.

Related Comparisons