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ETF Comparison

JEPI vs JEPQ: S&P 500 or Nasdaq Covered Call Income?

JPMorgan's two flagship covered-call ETFs compared. JEPI tracks the S&P 500 with a defensive tilt; JEPQ tracks the Nasdaq-100. Compare yield, volatility, and returns.

Data as of April 27, 2026

JEPI

JPMorgan Equity Premium Income ETF

J.P. Morgan

Covered Call

Price

$57.32

Yield (TTM)

8.43%

JEPQ

JPMorgan Nasdaq Equity Premium Income ETF

J.P. Morgan

Covered Call

Price

$58.99

Yield (TTM)

11.11%

Quick Comparison Summary

JEPI vs JEPQ: compare dividend yield (8.4% vs 11.1%), expense ratio (0.35% vs 0.35%), holdings, returns, and our verdict for dividend investors.

Side-by-Side Metrics
MetricJEPIJEPQ
IssuerJ.P. MorganJ.P. Morgan
Inception2020-05-202022-05-03
CategoryCovered CallCovered Call
Price$57.32$58.99
NAV$57.30$58.98
Dividend Yield (TTM)8.43%11.11%
Expense Ratio0.35%0.35%
Distribution FrequencyMonthlyMonthly
AUM$45.2B$36.9B
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%

JEPQ

Top 5 / 5 shown

  • MSFT

    Microsoft

    8.12%

  • AAPL

    Apple

    7.45%

  • NVDA

    NVIDIA

    6.98%

  • AMZN

    Amazon

    5.32%

  • META

    Meta Platforms

    4.18%

Sector Weights

  • Information Tech48.2%
  • Communication15.8%
  • Consumer Disc.14.4%
  • Health Care7.2%
  • Industrials4.8%
  • Consumer Staples4.2%

Pros & Cons

JEPIPros
  • Lower volatility (defensive equity sleeve)
  • Broader sector diversification
  • Better in down markets
JEPQPros
  • Higher yield (~11.1%) from Nasdaq's higher implied vol
  • Better participation in tech rallies
  • Same 0.35% expense ratio as JEPI
JEPICons
  • Lower yield than JEPQ (~8.4% vs ~11.1%)
  • Less upside in tech-led rallies
JEPQCons
  • Heavy tech concentration (~50%+)
  • Larger drawdowns in tech selloffs
  • Shorter track record (launched 2022)
The Verdict

JEPQ pays a higher yield with more volatility; JEPI pays less but is more defensive. JEPQ writes calls against a Nasdaq-100 portfolio, capturing higher implied volatility (and option premium) but also higher drawdown risk. JEPI uses a defensive S&P 500 sleeve. Same 0.35% expense ratio, both pay monthly. Choose JEPQ for maximum income, JEPI for stability.

Best for
JEPI

Income investors who want monthly cash flow with reduced equity volatility

Best for
JEPQ

Income investors comfortable with tech concentration in exchange for higher yields

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.

JEPQ

Actively managed Nasdaq-100 equity portfolio combined with equity-linked notes that simulate written Nasdaq-100 covered calls, producing monthly option premium income with concentrated tech exposure.

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.