At a glance
JEPI charges 0.35% a year, above the 0.33% average of the 3 funds most like it (the 2nd cheapest of 4). It has $44.75B in assets, the largest of that group; it paid 7.96% of its price in distributions over the past 12 months, monthly. Over the past year it returned +9.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned +10.7% a year. At its worst it fell 13.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low. Its ten largest positions make up 15.9% of the fund, out of 127 in all.
The short version
JPMorgan Equity Premium Income Fund (JEPI) is an actively managed ETF that pairs mostly large US stocks with equity-linked notes that earn income by selling call options on the S&P 500 Index. That option income helped it pay out 7.94% of its share price over the 12 months to October 30, 2026, in monthly installments. It aims for a calmer ride than the market but gives up some gains when stocks rally hard.
Price history
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JEPI +9.3% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JEPI official prospectus, to Dec 31, 2025 | — | +8.07% | — | +9.41% | — | +11.63% |
| JEPI price data to Nov 2, 2026 | +6.5% | +9.3% | +10.7% | +7.4% | — | +9.3% |
- Over the year to Nov 2, 2026, JEPI returned +9.3%, 3rd of 4 among similar funds.
- Its 5-year annualized return was +7.4%.
- Its worst full calendar year was 2022 (-3.5%); its best was 2024 (+12.6%).
- The deepest fall in its price history was 13.7% (Apr 20, 2022 to Sep 30, 2022), recovered by Jun 16, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +8.1% | +8.07% |
| 2024 | +12.6% | +12.56% |
| 2023 | +9.8% | +9.88% |
| 2022 | -3.5% | -3.54% |
| 2021 | — | +21.61% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.4% over that stretch · deepest drop along the way 13.7%, back to its old high 8.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.4200 | |
| 2025 | $4.7400 | +12.3% |
| 2024 | $4.2200 | -8.7% |
| 2023 | $4.6200 | -27.5% |
| 2022 | $6.3700 |
Living on JEPI: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 127 securities; the ten largest made up 15.89% of assets.
| Holding | Weight | |
|---|---|---|
| AbbVie, Inc. | 1.72% | |
| Howmet Aerospace, Inc. | 1.68% | |
| Johnson & Johnson | 1.66% | |
| Eaton Corp. plc | 1.62% | |
| Trane Technologies plc | 1.60% | |
| Lam Research Corp. | 1.56% | |
| NVIDIA Corp. | 1.52% | |
| Apple, Inc. | 1.52% | |
| Ross Stores, Inc. | 1.51% | |
| Alphabet, Inc. | 1.50% | |
| NextEra Energy, Inc. | 1.48% | |
| Vertex Pharmaceuticals, Inc. | 1.46% | |
| Amazon.com, Inc. | 1.46% | |
| EOG Resources, Inc. | 1.45% | |
| 3M Co. | 1.42% |
By country
United States 82.92%Ireland 5.05%Netherlands 4.23%Canada 3.65%United Kingdom 2.71%By asset type
Stocks 85.25%Structured notes 13.68%By sector
Sectors of the companies held, for the 74.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $961.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.27%, -1.89%, +1.53%.
How it works
JEPI has two parts. The larger part, 85.25% of assets as of June 30, 2026, is a stock portfolio picked by JPMorgan's managers rather than copied from an index. They research and value companies, rank them by how undervalued they look, then build a portfolio meant to be less volatile than the large-cap (big-company) US market. Spreading money across sectors can mean holding less of some areas than the S&P 500 does. Stocks aren't chosen for their dividends. The top three, AbbVie, Howmet Aerospace and Johnson & Johnson, were each about 1.7% of assets.
The second part, 13.68% of assets that day, is equity-linked notes (ELNs), limited to 20% of net assets. Banks and broker-dealers issue these notes, which pair S&P 500 exposure with sold call options, a covered call strategy. A call option pays its holder any rise in the index above a set level, called the strike price. The seller collects a cash premium for taking on that obligation. Those premiums flow to JEPI as income, but the fund gives up gains above the strike price. The notes reset periodically, don't trade on an exchange and depend on their issuers' ability to pay.
JEPI aims for relatively stable monthly payouts. Turnover of 180% means heavy trading, which can raise costs and create short-term gains taxed as ordinary income.
What it really costs
- JEPI charges 0.35% a year, versus an average of 0.33% for the similar funds below (2nd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JEPI | $36 | $113 | $197 | $443 |
Structure and tax notes
- 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.
In a retirement portfolio
JEPI pairs an actively managed portfolio of mainly large US stocks with S&P 500 call options sold through notes issued by banks and brokers, aiming for relatively stable monthly income with smaller swings than the broad market.
JEPI launched in May 2020, after the 2008 crisis and the 2020 COVID crash. In the 2022 bear market it fell 13.7% from its April peak to its September low, recovering about 8.5 months later, in June 2023. Its worst calendar year was 2022, at -3.54%. It pays income monthly, with a 7.99% yield over the 12 months to October 27, 2026, which may let someone draw cash in a weak year while selling fewer shares. Much of that income comes from selling call options (contracts that give up gains above a set price for upfront cash), is usually taxed as ordinary income, and can vary.
The trade-off: JEPI trailed three similar option-income funds over one and three years to October 27, 2026. Its annual fee of 0.35% is near the 0.33% peer average. Past results don't predict the future, and a plan should consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees and others wanting monthly cash from stocks: JEPI paid $4.57 per share, a 7.94% yield, over the 12 months to October 30, 2026.
- Investors wanting gentler swings: a 0.4 one-year beta (to October 30, 2026) meant it tended to move under half as much as the market.
- Holders of IRAs or other tax-advantaged accounts, which shelter option income that would usually be taxed as ordinary income.
Look elsewhere if
- Growth-focused investors: the call options limit upside, and JEPI's 9.6% one-year return trailed GPIX's 14.7% and XYLG's 15% as of late October 2026.
- Cost-focused investors: its 0.35% expense ratio ($36 in year one on $10,000, per the SEC example) tops GPIX's 0.29% and the 0.33% peer average.
- Investors wanting a long record: JEPI launched in May 2020, so its history misses the 2008 crisis and the early-2020 COVID crash.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JEPI this fund | — | 0.35% | $44.75B | +9.3% | +10.7% |
| GPIX S&P 500 Core Premium Income ETF | 33% | 0.29% | $4.72B | +14.7% | +22.6% |
| XYLG Global X S&P 500 Covered Call & Growth ETF | 33% | 0.35% | $64.1M | +15.0% | +20.1% |
| JEPQ JPMorgan NASDAQ Equity Premium Income ETF | 21% | 0.35% | $40.66B | +6.9% | +17.9% |
Compared head to head: JEPI vs JEPQ · all comparisons →
Questions investors ask
Does JEPI pay monthly dividends?
Yes. JEPI pays distributions every month, and its prospectus says it aims to keep them at a relatively stable level. Over the 12 months to October 30, 2026, it paid $4.57 per share, a yield of 7.94%. Much of that cash comes from option premiums rather than stock dividends, and that portion is usually taxed as ordinary income rather than at the lower rates for qualified dividends. Payments are not fixed and can change from month to month.
Is JEPI good for retirement income?
It can work for retirees who care more about monthly cash and smaller swings than about maximum growth. JEPI yielded 7.94% over the 12 months to October 30, 2026, paid monthly. Its 0.35% expense ratio, slightly above the 0.33% average of similar funds, comes to $36 in the first year on $10,000 under the SEC's standard example. The trade-offs are limited upside in strong rallies, income that is usually taxed as ordinary income, and a track record that starts in 2020.
What's the difference between JEPI and GPIX?
The biggest differences are cost, size and recent returns. Both combine stocks with option income tied to the S&P 500, and 33% of their holdings overlapped in their latest reports. GPIX charges 0.29% versus JEPI's 0.35%. It returned 14.7% over the year to October 27, 2026, against JEPI's 9.6% over the year to October 30, 2026. JEPI is larger, with $44.7 billion in net assets as of June 30, 2026, versus $4.7 billion for GPIX. JEPI's managers also pick its stocks for value and lower volatility.
Is JEPI a covered call ETF?
Yes, though it gets its option income indirectly. JEPI holds equity-linked notes issued by banks and broker-dealers, with sold call options on the S&P 500 built in. The notes pass the option premiums to the fund as income. They made up 13.68% of assets as of June 30, 2026, within the prospectus limit of 20%. Most of the rest is an actively managed stock portfolio led by AbbVie, Howmet Aerospace and Johnson & Johnson. The trade-off is giving up gains above the options' strike prices.
Can JEPI lose money?
Yes. JEPI holds stocks, so its value can fall. It lost 3.54% in calendar 2022, according to its prospectus, and its worst quarter was a 7.09% drop in the quarter ended June 30, 2022. It fell 13.7% from its peak on April 20, 2022, to its low on September 30, 2022. It took about 8.5 months to recover, getting back by June 16, 2023. Option income can cushion losses but does not prevent them, and the strategy may not always deliver lower volatility.