ETF comparison
JEPI vs JEPQ: Income ETF Comparison
JEPI and JEPQ are J.P. Morgan's two best-known monthly-income ETFs. Both sell call options to turn part of their stocks' growth into income, but they own different markets: JEPI holds a broad, lower-volatility U.S. large-cap portfolio, while JEPQ is built around the tech-heavy Nasdaq-100.
Track JEPI and JEPQ income in Yieldello →Quick comparison
| Field | JEPIJPMorgan Equity Premium Income ETF | JEPQJPMorgan Nasdaq Equity Premium Income ETF |
|---|---|---|
| Covered-call approach | Sells S&P 500 index call options, mainly through equity-linked notes | Sells Nasdaq-100 index call options, mainly through equity-linked notes |
| Geographic focus | U.S. large caps | U.S. large caps, Nasdaq-100 focus |
| Holdings | Actively managed U.S. stock portfolio with a lower-volatility tilt | Actively managed portfolio of Nasdaq-100 stocks, technology-heavy |
| Leverage | None | None |
| Currency | USD (U.S.-listed) | USD (U.S.-listed) |
| Distributions | Monthly | Monthly |
| Fees | 0.35% expense ratio | 0.35% expense ratio |
| Provider | J.P. Morgan Asset Management | J.P. Morgan Asset Management |
| Inception | May 20, 2020 | May 3, 2022 |
Facts as of October 2026, from each provider: J.P. Morgan JEPI fact sheet, J.P. Morgan JEPQ fact sheet. Yield and fund size change too often to show here; check the provider before investing.
Key differences
- Exposure: JEPI is a broad U.S. large-cap portfolio with a defensive tilt; JEPQ is concentrated in Nasdaq-100 technology and growth companies.
- Volatility: JEPQ's growth tilt means bigger swings in both directions, which also changes how much option income it earns from month to month.
- Overlap: JEPQ duplicates many holdings of Nasdaq and technology funds; JEPI overlaps more with broad U.S. dividend and value funds.
Income and distributions
Both funds pay monthly, and both payments move with the option income they earn. Option premiums tend to rise when markets are volatile, so neither payment is fixed or guaranteed, and JEPQ's more volatile index makes its premiums swing more.
Compare the dollars received and how the payment has trended over a year or more, rather than one month's annualized yield.
Performance and total return
Selling calls caps part of the upside in strong markets, so both funds can lag their underlying index in a rally. A higher yield does not mean a better result: a fund can pay well while its price falls.
Judge each fund on total return (price change plus distributions) over matching periods, alongside the income it paid.
Underlying exposure
JEPI owns a selected, lower-volatility slice of U.S. large caps across many sectors. JEPQ owns Nasdaq-100 companies, so a handful of large technology names drive much of its result.
If the rest of the portfolio already holds Nasdaq or technology funds, JEPQ adds more of the same; JEPI is the less concentrated of the two.
The bottom line
JEPI may appeal more if…
- Broader U.S. large-cap exposure fits the income allocation.
- The portfolio already has substantial Nasdaq or technology exposure.
- A less technology-heavy, lower-volatility income role is the goal.
JEPQ may appeal more if…
- Greater Nasdaq and growth exposure is a deliberate choice.
- Bigger price swings and more concentration are acceptable.
- It complements holdings with little technology exposure.
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Create a Free AccountThis page is for general educational purposes only and is not investment advice. ETF characteristics, distributions, fees, and risks can change over time. Review issuer documents and consider your own circumstances before making investment decisions.