At a glance
JEPQ charges 0.35% a year, below the 0.53% average of the 8 funds most like it (the 3rd cheapest of 9). It has $40.66B in assets, the largest of that group; it paid 12.25% of its price in distributions over the past 12 months, monthly. Over the past year it returned +6.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +17.9% a year. Its ten largest positions make up 41.6% of the fund, out of 109 in all.
The short version
JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) is an actively managed fund that holds mostly Nasdaq-100 stocks, led by NVIDIA, Apple and Micron, and adds income from call options held in notes from banks and brokers. It pays monthly, with a trailing 12-month yield of 11.54% as of October 27, 2026. It gives up some gains in strong markets, and its 0.35% expense ratio is below the 0.53% average for similar funds.
Price history
The interactive chart needs JavaScript.
JEPQ +6.9% 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 | |
|---|---|---|---|---|---|---|
| JEPQ official prospectus, to Dec 31, 2025 | — | +15.19% | — | — | — | +16.38% |
| JEPQ price data to Nov 2, 2026 | +5.8% | +6.9% | +17.9% | — | — | +14.7% |
- Over the year to Nov 2, 2026, JEPQ returned +6.9%, 6th of 9 among similar funds.
- Its worst full calendar year was 2025 (+15.2%); its best was 2023 (+36.2%).
- The deepest fall in its price history was 20.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Aug 8, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.8% | — |
| 2025 | +15.2% | +15.19% |
| 2024 | +24.9% | +24.82% |
| 2023 | +36.2% | +36.28% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $5.2800 | |
| 2025 | $6.1200 | +12.3% |
| 2024 | $5.4500 | +9.0% |
| 2023 | $5.0000 |
Living on JEPQ: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 109 securities; the ten largest made up 41.64% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 6.59% | |
| Apple, Inc. | 5.74% | |
| Micron Technology, Inc. | 5.50% | |
| Alphabet, Inc. | 4.98% | |
| Microsoft Corp. | 3.84% | |
| Advanced Micro Devices, Inc. | 3.81% | |
| Amazon.com, Inc. | 3.62% | |
| Lam Research Corp. | 2.85% | |
| Tesla, Inc. | 2.36% | |
| Meta Platforms, Inc. | 2.35% | |
| Broadcom, Inc. | 2.13% | |
| Seagate Technology Holdings plc | 1.90% | |
| Walmart, Inc. | 1.76% | |
| Intel Corp. | 1.59% | |
| Marvell Technology, Inc. | 1.36% |
By country
United States 82.97%Canada 7.01%Netherlands 5.22%Ireland 2.96%United Kingdom 0.36%By asset type
Stocks 82.3%Structured notes 16.28%By sector
Sectors of the companies held, for the 72.8% 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 $2.60B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.89%, +4.12%, +1.56%.
How it works
JEPQ is actively managed, not an index tracker. JPMorgan's managers pick stocks largely from the Nasdaq-100 Index and may add others. They blend in-house research, financial statements and other data to forecast companies' prospects, favoring stocks that look well priced for their risk. The fund is non-diversified, so it can concentrate in fewer companies: as of June 30, 2026, its 10 largest of 109 holdings made up 41.6% of assets.
Extra income comes from equity-linked notes (ELNs), which made up 16.3% of the fund on June 30, 2026, against a 20% limit. Each ELN is a note from a bank or broker that pairs Nasdaq-100 exposure with a written call option. Writing a call means collecting cash up front, called a premium, in exchange for giving up gains above a set price. The notes reset periodically, and the fund aims for relatively stable monthly payouts.
The fund will usually lag the Nasdaq-100 in sharp rallies. It aims to swing less than the index over a three- to five-year cycle, but the prospectus warns this may fail in turbulent markets. The notes aren't exchange traded, so the fund relies on the issuers to pay. Option income is usually taxed at regular income-tax rates, and heavy trading (174% portfolio turnover) can add costs and short-term gains.
What it really costs
- JEPQ charges 0.35% a year, versus an average of 0.53% for the similar funds below (3rd of 9, 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 |
|---|---|---|---|---|
| JEPQ | $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
Its call-option strategy produced a trailing 12-month yield of 11.54% as of October 27, 2026, paid in monthly distributions, while most assets stay in Nasdaq-100 stocks.
JEPQ's draw is monthly cash: its trailing 12-month yield was 11.54% as of October 27, 2026. That may help cover spending without redeeming shares, but payouts can shrink, the option income is usually taxed at regular income-tax rates, and giving up some upside can slow recoveries. It costs 0.35% a year, or $443 over 10 years on $10,000 in the SEC's standard example.
Its record is short. Launched May 3, 2022, partway through that year's bear market, it missed the 2008 and 2020 crashes. Its weakest full calendar year, 2025, still gained 15.2%. Its deepest drop, 20.1% from February 19 to April 8, 2025, took about four months to recover, by August 8, 2025. Cashing out shares near such a low locks in losses. Past results don't predict the future, and any plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income from big Nasdaq-100 names like NVIDIA, Apple and Micron, with an 11.54% trailing yield as of October 27, 2026.
- People willing to give up some gains in strong rallies for option income, at 0.35% a year versus a 0.53% average for similar funds.
- Those who prefer active stock picking and the largest of nine similar funds: $40.7 billion in net assets as of June 30, 2026.
Look elsewhere if
- Investors wanting the Nasdaq-100's full upside: written call options cap part of the fund's gains, so it usually trails the index in sharp rallies.
- Anyone wanting diversification beyond tech: the 10 largest holdings, led by NVIDIA, Apple and Micron, were 41.6% of assets on June 30, 2026.
- Taxable investors seeking qualified dividends: option income is usually taxed as ordinary income, and 174% portfolio turnover can add short-term gains.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JEPQ this fund | — | 0.35% | $40.66B | +6.9% | +17.9% |
| QQQH NEOS Nasdaq 100 Hedged Equity Income ETF | 72% | 0.68% | $389.0M | +7.4% | — |
| GPIQ Nasdaq-100 Core Premium Income ETF | 71% | 0.29% | $5.11B | +16.1% | +25.6% |
| SEPQ STF Tactical Growth & Income ETF | 71% | 0.65% | $80.1M | +14.2% | +24.1% |
| QYLD Global X NASDAQ 100 Covered Call ETF | 70% | 0.6% | $8.09B | +18.9% | +17.4% |
| QYLG Global X Nasdaq 100 Covered Call & Growth E… | 70% | 0.35% | $158.3M | +17.3% | +23.1% |
| QRMI Global X NASDAQ 100 Risk Managed Income ETF | 70% | 0.6% | $14.3M | +5.1% | +9.2% |
| QCLR Global X NASDAQ 100 Collar 95-110 ETF | 69% | 0.25% | $3.3M | -0.6% | +15.2% |
Compared head to head: JEPI vs JEPQ · JEPQ vs QQQI · all comparisons →
Questions investors ask
Does JEPQ pay monthly dividends?
Yes. JEPQ pays distributions every month, and over the 12 months to October 27, 2026, they totaled $6.89 per share, a trailing yield of 11.54%. The fund aims to keep monthly payouts relatively stable, but they are not fixed. Much of the money comes from call option premiums inside equity-linked notes rather than company dividends. That income can change with markets and is usually taxed as ordinary income rather than as qualified dividends.
How does JEPQ have such a high yield?
Much of JEPQ's yield comes from option premiums, not stock dividends. The fund can put up to 20% of net assets into equity-linked notes, which are notes from banks and brokers that pair Nasdaq-100 exposure with written call options. Writing a call brings in cash up front but gives up gains above a set price. Those premiums help fund the monthly payouts. The trade-offs: the fund usually lags the index in strong rallies, and it relies on the firms that issue the notes.
What is JEPQ's expense ratio?
JEPQ's expense ratio, the yearly fee taken from fund assets, is 0.35%, according to its prospectus filed October 19, 2026. In the SEC's standard example, $10,000 earning 5% a year and cashed out at the end would cost $36 over one year and $443 over 10 years. That's below the 0.53% average for eight similar Nasdaq-100 options funds and Global X NASDAQ 100 Covered Call ETF (QYLD) at 0.60%, but above Nasdaq-100 Core Premium Income ETF (GPIQ) at 0.29%.
JEPQ vs GPIQ: what's the difference?
The main differences are cost, returns and size. Both pair Nasdaq-100 stocks with an options-income strategy, and about 71% of their holdings overlap. Nasdaq-100 Core Premium Income ETF (GPIQ) charges 0.29% a year versus JEPQ's 0.35%, and it returned more through October 27, 2026: 16.1% over one year versus 13.8%, and 25.6% a year over three years versus 22.2%. JEPQ is far larger, with about $40.7 billion in net assets versus $5.1 billion as of June 30, 2026.
Is JEPQ good for retirement income?
It may suit retirees who want large monthly payouts and can accept stock market swings. JEPQ's trailing yield was 11.54% as of October 27, 2026. But its stocks lean heavily on tech names like NVIDIA, Apple and Micron, and it fell 20.1% between February 19 and April 8, 2025, before recovering by August 8, 2025. It launched in May 2022, so it lacks a record through a full bear market. Payouts can shrink, and option income is usually taxed as ordinary income.