At a glance
22% of JEPI’s and JEPQ’s holdings overlap by weight, with 35 securities in common out of 127 and 109. Both charge 0.35% a year, $350 on every $100,000. JEPI has $44.75B in assets and JEPQ $40.66B; over the past 12 months JEPI paid out 7.96% of its price and JEPQ 12.25%, both monthly. Over the past year JEPI returned +9.3% and JEPQ +6.9% with distributions reinvested; over three years, +10.7% and +17.9% a year.
Key differences
| JEPI | JEPQ | |
|---|---|---|
| Fund | JPMorgan Equity Premium Income Fund | JPMorgan NASDAQ Equity Premium Income ETF |
| Issuer | JPMorgan | JPMorgan |
| Structure | Open-end ETF | Open-end ETF |
| Type | Option income | Option income |
| Launched | May 20, 2020 | May 3, 2022 |
| Expense ratio | 0.35% | 0.35% |
| Cost a year on $100,000 | $350 | $350 |
| Net assets | $44.75B | $40.66B |
| Holdings | 127 | 109 |
| Ten largest positions | 15.9% | 41.6% |
| Yield (12 months) | 7.96% | 12.25% |
| Pays | monthly | monthly |
| Portfolio turnover | 180% a year | 174% a year |
| Price data from | Feb 22, 2021 | May 5, 2022 |
Structure and tax notes
- Both: Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
Holdings and overlap
Overlap by weight22%the share of each fund in holdings both own
Securities in common35JEPI 127 · JEPQ 109 in all
Ten largest positions15.9% / 41.6%of assets, JEPI / JEPQ
Overlap adds up, for every security both funds own, the smaller of its two weights: 100% would mean identical portfolios.
Largest holdings
| Holding | JEPI | JEPQ |
|---|---|---|
| NVIDIA Corp. | 1.52% | 6.59% |
| Apple, Inc. | 1.52% | 5.74% |
| Micron Technology, Inc. | — | 5.50% |
| Alphabet, Inc. | — | 4.98% |
| Microsoft Corp. | 1.28% | 3.84% |
| Advanced Micro Devices, Inc. | 0.46% | 3.81% |
| Amazon.com, Inc. | 1.46% | 3.62% |
| Lam Research Corp. | 1.56% | 2.85% |
| Tesla, Inc. | — | 2.36% |
| Meta Platforms, Inc. | 1.21% | 2.35% |
| AbbVie, Inc. | 1.72% | 0.40% |
| Howmet Aerospace, Inc. | 1.68% | — |
The biggest differences in weight: Micron Technology, Inc. (0.0% in JEPI, 5.5% in JEPQ); NVIDIA Corp. (1.5% in JEPI, 6.6% in JEPQ); Alphabet, Inc. (0.0% in JEPI, 5.0% in JEPQ).
By sector
| Sector | JEPI | JEPQ | Difference |
|---|---|---|---|
| Technology | 13.9% | 43.6% | JEPQ +29.7 |
| Communication services | 5.1% | 9.7% | JEPQ +4.6 |
| Consumer discretionary | 9.4% | 8.9% | JEPI +0.5 |
| Health care | 9.1% | 1.9% | JEPI +7.2 |
| Consumer staples | 8.7% | 4.8% | JEPI +3.9 |
| Financials | 7.9% | 0.5% | JEPI +7.4 |
| Industrials | 5.5% | 1.4% | JEPI +4.1 |
| Utilities | 4.5% | 0.9% | JEPI +3.6 |
| Materials | 2.7% | 0.0% | JEPI +2.7 |
| Real estate | 2.1% | 0.2% | JEPI +1.9 |
| Energy | 2.1% | 0.3% | JEPI +1.8 |
Returns
$10,000 put into JEPI on May 31, 2022 was worth $14,478 on Nov 2, 2026, and in JEPQ $18,766 (+8.7% and +15.3% a year). That is as far back as the price data for both goes.
| 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|
| JEPI price data to Nov 2, 2026 | +9.3% | +10.7% | +7.4% | — |
| JEPI official prospectus, to Dec 31, 2025 | +8.07% | — | +9.41% | — |
| JEPQ price data to Nov 2, 2026 | +6.9% | +17.9% | — | — |
| JEPQ official prospectus, to Dec 31, 2025 | +15.19% | — | — | — |
Calendar years
| Year | JEPI | JEPQ | Difference |
|---|---|---|---|
| 2026 | +6.5% * | +5.8% * | JEPI +0.7 |
| 2025 | +8.1% | +15.2% | JEPQ +7.1 |
| 2024 | +12.6% | +24.9% | JEPQ +12.3 |
| 2023 | +9.8% | +36.2% | JEPQ +26.4 |
| 2022 | -3.5% | — | |
| 2021 | +21.61% † | — |
Downturns and recovery
| JEPI | JEPQ | |
|---|---|---|
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before it launched | Before it launched |
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before it launched | Before it launched |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | −13.7% at the worst; back at its high 9 months after the low | Before it launched |
| Worst fall in the price data | −13.7% (Apr 20, 2022 – Sep 30, 2022) | −20.1% (Feb 19, 2025 – Apr 8, 2025) |
Income
JEPI yield (12 months)7.96%paid monthly
JEPQ yield (12 months)12.25%paid monthly
| Year | JEPI | JEPQ |
|---|---|---|
| 2025 | $824 | $1,085 |
| 2024 | $768 | $1,092 |
| 2023 | $848 | $1,225 |
Costs
Both funds charge 0.35% a year. The fee comes out of each fund's assets, so it is already in the returns above.
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JEPI | $36 | $113 | $197 | $443 |
| JEPQ | $36 | $113 | $197 | $443 |
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