JEPQ vs QQQI: Fees, Returns & Holdings Compared

	Expense ratio	Net assets	Yield (TTM)	Overlap	1 yr	5 yr*
JEPQ	0.35%	$40.66B	12.25%	72%	+6.9%	—
QQQI	0.68%	$13.11B	14.93%		+5.8%	—

At a glance

72% of JEPQ’s and QQQI’s holdings overlap by weight, with 74 securities in common out of 109 and 102. JEPQ costs less: 0.35% a year against 0.68% for QQQI, or $350 against $680 on every $100,000. JEPQ has $40.66B in assets and QQQI $13.11B; over the past 12 months JEPQ paid out 12.25% of its price and QQQI 14.93%, both monthly. Over the past year JEPQ returned +6.9% and QQQI +5.8% with distributions reinvested.

Key differences

	JEPQ	QQQI
Fund	JPMorgan NASDAQ Equity Premium Income ETF	NEOS Nasdaq 100 High Income ETF
Issuer	JPMorgan	NEOS
Structure	Open-end ETF	Open-end ETF
Type	Option income	Option income
Launched	May 3, 2022	Jan 30, 2024
Expense ratio	0.35%	0.68%
Cost a year on $100,000	$350	$680
Net assets	$40.66B	$13.11B
Holdings	109	102
Ten largest positions	41.6%	45.1%
Yield (12 months)	12.25%	14.93%
Pays	monthly	monthly
Portfolio turnover	174% a year	8% a year
Price data from	May 5, 2022	Jan 30, 2024

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 weight72%the share of each fund in holdings both own

Securities in common74JEPQ 109 · QQQI 102 in all

Ten largest positions41.6% / 45.1%of assets, JEPQ / QQQI

Overlap adds up, for every security both funds own, the smaller of its two weights: 100% would mean identical portfolios.

Largest holdings

Holding	JEPQ	QQQI
NVIDIA Corp.	6.59%	7.65%
Apple, Inc.	5.74%	6.63%
Micron Technology, Inc.	5.50%	5.61%
Alphabet, Inc.	4.98%	3.06%
Microsoft Corp.	3.84%	4.38%
Advanced Micro Devices, Inc.	3.81%	4.12%
Amazon.com, Inc.	3.62%	4.05%
Tesla, Inc.	2.36%	3.35%
Alphabet Inc	—	3.32%
Intel Corp	1.59%	2.99%
Lam Research Corp.	2.85%	2.37%
Meta Platforms, Inc.	2.35%	2.64%

The biggest differences in weight: Alphabet Inc (0.0% in JEPQ, 3.3% in QQQI); Alphabet, Inc. (5.0% in JEPQ, 3.1% in QQQI); Intel Corp. (1.6% in JEPQ, 3.0% in QQQI).

By sector

Sector	JEPQ	QQQI	Difference
Technology	43.6%	54.0%	QQQI +10.4
Communication services	9.7%	12.2%	QQQI +2.5
Consumer discretionary	8.9%	11.1%	QQQI +2.2
Consumer staples	4.8%	6.0%	QQQI +1.2
Health care	1.9%	2.0%	QQQI +0.1
Industrials	1.4%	1.9%	QQQI +0.5
Utilities	0.9%	1.2%	QQQI +0.3
Financials	0.5%	0.3%	JEPQ +0.2
Energy	0.3%	0.2%	JEPQ +0.1
Real estate	0.2%	0.0%	JEPQ +0.2

Sectors of the companies each fund holds that have a stock page here (72.8% of JEPQ, 89.8% of QQQI). Source: N-PORT holdings reports as of Jun 30, 2026 for both funds.

Returns

JEPQ QQQI · $10,000 in each on Jan 31, 2024, distributions reinvested.

$10,000 put into JEPQ on Jan 31, 2024 was worth $14,778 on Nov 2, 2026, and in QQQI $15,360 (+15.2% and +16.9% a year). That is as far back as the price data for both goes.

	1 yr	3 yr	5 yr	10 yr
JEPQ price data to Nov 2, 2026	+6.9%	+17.9%	—	—
JEPQ official prospectus, to Dec 31, 2025	+15.19%	—	—	—
QQQI price data to Nov 2, 2026	+5.8%	—	—	—
QQQI official prospectus, to Dec 31, 2025	+18.62%	—	—	—

Multi-year figures are annualized total returns with distributions reinvested. "Official" rows are the SEC-standard returns from each fund's prospectus, to the end of the last calendar year; they reach back further where the price data starts late.

Calendar years

Year	JEPQ	QQQI	Difference
2026	+5.8% *	+6.6% *	QQQI +0.8
2025	+15.2%	+18.6%	QQQI +3.4
2024	+24.9%	—
2023	+36.2%	—

Total returns from price data; * year to Nov 2, 2026.

Downturns and recovery

	JEPQ	QQQI
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	Before it launched	Before it launched
Worst fall in the price data	−20.1% (Feb 19, 2025 – Apr 8, 2025)	−20% (Feb 19, 2025 – Apr 8, 2025)

The deepest drop from a high to a low during each stretch when stocks fell, and how long the fund took to get back to its earlier high, with distributions reinvested. The price data starts May 5, 2022 for JEPQ and Jan 30, 2024 for QQQI.

Income

JEPQ yield (12 months)12.25%paid monthly

QQQI yield (12 months)14.93%paid monthly

Year	JEPQ	QQQI
2025	$1,085	$1,421

Distributions paid during each calendar year on $10,000 of shares bought at the previous year-end close, adjusted for share splits. Before taxes.

Costs

JEPQ charges 0.35% a year and QQQI 0.68%: on $100,000 that is $330 a year less with JEPQ ($1,650 on $500,000). 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
JEPQ	$36	$113	$197	$443
QQQI	$69	$218	$379	$847

From each fund's prospectus: the total costs on $10,000 invested, at a 5% yearly return, with the shares sold at the end of each period.

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