Which is better for income, JEPI or DIVO?

JEPI generates almost double the income of DIVO at the same level of capital. If pure monthly cash flow is the goal, JEPI wins. DIVO is better if you also care about long-term total return and dividend growth.

Is DIVO more tax-efficient than JEPI?

Yes. Most of DIVO's distributions come from qualified dividends. JEPI's ELN-derived premium is taxed as ordinary income — meaningful in taxable accounts, irrelevant in IRAs.

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ETF Comparison

JEPI vs DIVO: Two Approaches to Covered Call Income

JEPI uses ELNs to simulate broad covered calls; DIVO writes selective tactical calls on a concentrated dividend portfolio. Compare yield, expense, and approach.

Data as of April 27, 2026

JEPI

JPMorgan Equity Premium Income ETF

J.P. Morgan

Covered Call

Price

$57.32

Yield (TTM)

8.43%

DIVO

Amplify CWP Enhanced Dividend Income ETF

Amplify ETFs

Covered Call

Price

$45.48

Yield (TTM)

4.79%

Quick Comparison Summary

JEPI vs DIVO: compare dividend yield (8.4% vs 4.8%), expense ratio (0.35% vs 0.56%), holdings, returns, and our verdict for dividend investors.

Side-by-Side Metrics

Metric	JEPI	DIVO
Issuer	J.P. Morgan	Amplify ETFs
Inception	2020-05-20	2016-12-13
Category	Covered Call	Covered Call
Price	$57.32	$45.48
NAV	$57.30	$45.46
Dividend Yield (TTM)	8.43%	4.79%
Expense Ratio	0.35%	0.56%
Distribution Frequency	Monthly	Monthly
AUM	$45.2B	$6.9B

Total Returns

3Y and 5Y figures are annualized. A 0% value indicates the fund had not been listed for the full period.

Holdings & Sector Exposure

JEPI

Top 5 / 5 shown

MSFT
Microsoft
1.78%
AMZN
Amazon
1.65%
META
Meta Platforms
1.62%
PGR
Progressive
1.58%
TT
Trane Technologies
1.51%

Sector Weights

Information Tech16.4%
Financials15.1%
Health Care13.6%
Industrials12.9%
Consumer Staples9.8%
Communication8.2%

DIVO

Top 5 / 5 shown

MSFT
Microsoft
5.18%
AAPL
Apple
4.92%
JPM
JPMorgan Chase
4.61%
GS
Goldman Sachs
4.42%
HD
Home Depot
4.18%

Sector Weights

Financials19.8%
Information Tech18.4%
Health Care14.2%
Industrials12.6%
Consumer Staples10.8%
Energy8.4%

Pros & Cons

JEPIPros

Significantly higher yield (~8.4% vs ~4.8%)
Lower 0.35% expense ratio
Massive AUM and tight bid-ask spreads

DIVOPros

Tactical call writing — preserves more upside
Concentrated quality dividend portfolio
Higher dividend growth potential

JEPICons

ELN portion taxed as ordinary income
Limited upside participation (systematic call writing)

DIVOCons

Higher 0.56% expense ratio
Lower yield
Smaller AUM (~$6.9B)

The Verdict

JEPI is the higher-yield, broader-portfolio choice; DIVO is the higher-quality, more tactical choice. JEPI's ELN structure systematically writes calls on the S&P 500 for roughly 8.4% yield. DIVO writes calls only when implied volatility is favorable and pays a more modest ~4.8% yield, but its concentrated dividend portfolio better captures equity upside.

Best for

JEPI

Income-maximizing investors who want the highest sustainable monthly distribution

Best for

DIVO

Quality-focused income investors who want better total return with moderate income

Strategy Summary

JEPI

Actively managed defensive equity strategy paired with equity-linked notes (ELNs) that simulate written S&P 500 covered calls, generating monthly option premium income while dampening volatility.

DIVO

Actively managed concentrated portfolio of ~25-30 high-quality dividend payers, overlaid with tactical covered calls written only when implied volatility is favorable.

Frequently Asked Questions

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Disclaimer: This page is for educational purposes only and is not financial, investment, or tax advice. ETF data is sourced from issuer fact sheets and may be slightly out of date. Past performance is not indicative of future results. Always consult a qualified advisor before making investment decisions.