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Covered CallJ.P. Morgan

JEPI Dividend Calculator: Monthly Income From JPMorgan Equity Premium Income ETF

JEPI is an actively managed income fund that holds a defensive sleeve of large-cap U.S. stocks and layers on equity-linked notes that sell out-of-the-money S&P 500 call options. The option premium, not stock dividends alone, is what drives its high monthly distribution.

That structure has two practical consequences. Distributions arrive monthly but vary with market volatility, and a large share of the payout is treated as ordinary income rather than qualified dividends, which matters most in taxable accounts.

This calculator projects JEPI income with reinvestment on or off, applies your tax-rate assumption, and solves backwards from a monthly target so you can see the capital needed today.

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Data as of September 27, 2026 · Sources: Yahoo Finance and fund fact sheets.

Share price
$56.76
Dividend yield (TTM)
7.97%
Expense ratio
0.35%
Distribution frequency
Monthly
TTM distributions / share
$4.59
Assets under management
$46.2B
How much JEPI do you need for your income goal?

Capital required at the current 7.97% yield, before taxes and before accounting for future dividend growth or reinvestment.

Monthly incomeAnnual incomeCapital requiredApprox. shares
$500/month$6.0K$75.3K1,327
$1,000/month$12.0K$150.6K2,653
$2,000/month$24.0K$301.1K5,306
$3,000/month$36.0K$451.7K7,958
$5,000/month$60.0K$752.8K13,264
$10,000/month$120.0K$1.5M26,527

Estimates only. Yield, share price, and distributions change over time. Use the full calculator to model monthly contributions, dividend growth, taxes, and reinvestment.

Who JEPI is for
  • Retirees and near-retirees who need monthly cash flow now rather than future growth
  • Tax-advantaged accounts (IRA, Roth, 401k) where the ordinary-income treatment does not bite
  • Investors looking to reduce equity volatility with a covered-call income sleeve
  • Diversifying a dividend-growth core with a higher-yield income holding
Trade-offs to understand
  • Distributions vary month to month with option-premium levels — not a fixed coupon
  • Upside is capped in strong bull markets compared with a plain index fund
  • Most of the payout is ordinary income, which is less tax-efficient in a brokerage account

About 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.

JEPI key facts
MetricValue
Fund nameJPMorgan Equity Premium Income ETF
IssuerJ.P. Morgan
CategoryCovered Call
Inception date2020-05-20
Share price$56.76
NAV$56.73
Dividend yield (TTM)7.97%
Expense ratio0.35%
Distribution frequencyMonthly
Assets under management$46.2B
1-year return8.72%
5-year return (annualized)9.41%
3-year beta0.43

Historical returns are not a forecast. Figures shown are the latest available and may differ slightly from issuer fact sheets.

JEPI dividend history and payout schedule
TTM / share
$4.59
Yield (TTM)
7.97%
Annual growth
-5.1%
Pays in
February, March, April, May, June, July, August, September, October, November, December
Payment datePer share
September 1, 2026$0.37
August 3, 2026$0.37
July 1, 2026$0.39
June 1, 2026$0.39
May 1, 2026$0.45
April 1, 2026$0.42
March 2, 2026$0.35
February 2, 2026$0.34

Annual growth compares the latest twelve months of distributions with the twelve months ending four years earlier and is not a forecast. Past distributions can be reduced or suspended by the fund.

Top holdings

The largest positions in JEPI, by portfolio weight.

  • MSFTMicrosoft Corp1.98%
  • AMZNAmazon.com Inc1.90%
  • NVDANVIDIA Corp1.84%
  • MAMastercard Inc Class A1.83%
  • AAPLApple Inc1.80%
  • JNJJohnson & Johnson1.77%
  • GOOGLAlphabet Inc Class A1.70%
  • TTTrane Technologies PLC Class A1.69%
Sector allocation

Sector exposure reported by the fund provider.

  • Information Tech16.40%
  • Financials15.10%
  • Health Care13.60%
  • Industrials12.90%
  • Consumer Staples9.80%
  • Communication8.20%
JEPI frequently asked questions

JEPI yields about 7.97% on a trailing basis at $56.76 per share. Because the distribution is funded largely by option premium, the yield fluctuates with market volatility — it can be materially higher or lower from one quarter to the next.

At a 7.97% yield, $12,000 of annual income requires roughly $150.6K invested (about 2,653 shares). Because JEPI pays monthly, that is close to $1,000 in cash each month, before taxes and before any change in the distribution rate.

Yes. JEPI distributes monthly, with recent payments in February, March, April, May, June, July, August, September, October, November, December. The trailing twelve-month total is about $4.59 per share. Payment amounts are not fixed and depend on the premium income the fund generated.

A significant portion of JEPI's distribution comes from option premium and is generally taxed as ordinary income, not qualified dividends. In a taxable account that reduces the after-tax yield compared with a dividend-growth fund; in an IRA or Roth the distinction disappears.

JEPI's payout is driven by volatility, not by rising corporate dividends, so it does not grow like a traditional dividend fund. Comparing the latest twelve months with the same period four years earlier, the trend is roughly -5.1% per year, and it can be negative in calm markets.

JEPI delivers more income per dollar invested today but with varying monthly payments and capped upside. SCHD starts with a lower yield but grows it over time. Many portfolios blend the two — see the side-by-side comparison for the full breakdown.
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Disclaimer: This page is for educational purposes only and is not financial, investment, or tax advice. Fund data is sourced from Yahoo Finance and issuer fact sheets and may be delayed or contain errors. Dividend yields and distributions are not guaranteed. Past performance is not indicative of future results. Always consult a qualified advisor before making investment decisions.