AIPI
Caution
High confidence
ETF Comparison
AIPI vs JEPQ: Which Is the Better Pick in 2026?
A head-to-head comparison of REX AI Covered Call ETF and JPMorgan Nasdaq Equity Premium Income ETF covering yield, cost, risk, and income potential.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- AIPIInvestors who want a covered-call overlay and will review its coverage.
- JEPQInvestors who want equity-linked notes for call-option exposure.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
JEPQ
Safe
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  AIPI |  JEPQ |
|---|---|---|
| Full name | REX AI Covered Call ETF | JPMorgan Nasdaq Equity Premium Income ETF |
| Issuer | REX Shares | JPMorgan |
| Underlying index | Basket (AI Stocks) | Actively managed (no tracked index recorded) |
| Last Close | $30.16 as of November 6, 2026 | $54.34 as of November 6, 2026 |
| Distribution rate | 37.59% | 11.91% |
| Trailing 12-month yield | 41.73% | 12.79% |
| 30-day SEC yield | -0.22% | — |
| Distribution Safety Score™ | 56 | 82 |
| Safety-Adjusted Yield | 21.05% | 9.77% |
| Expense ratio | 0.65% | 0.35% |
| AUM | $445M | $42.1B |
| Distribution frequency | Weekly | Monthly |
| Objective | Generates income by writing covered calls on a portfolio of artificial-intelligence focused equities while retaining core exposure to the theme. | Seeks monthly income by combining an actively managed portfolio of equities drawn largely from the Nasdaq-100 Index with equity-linked notes that sell call options on that benchmark. |
| Asset class | Equity | Equity |
| Inception date | 06/04/2024 | 05/03/2022 |
| Beta | 1.0555 | 0.8 |
| Last dividend | $0.218 | $0.53922 |
| Ex-dividend date | 11/04/2026 | 11/02/2026 |
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
AIPI has lagged JEPQ over the trailing twelve months, posting a -3.46% total return against 3.24%. Measured from Jun 2024 — the start of shared available history — AIPI has compounded at 11.89% a year versus 11.74% for JEPQ. JEPQ has been the steadier holding, though — annualized volatility of 16.7% against 22.4% for AIPI. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | Since Jun 2024 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| AIPI | -2.25% | -3.46% | 11.89% | 22.4% | -0.34 | -0.43 | -19.4% |
| JEPQ | 2.01% | 3.24% | 11.74% | 16.7% | -0.05 | -0.07 | -11.5% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jun 2024” measures every fund from June 4, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate, SEC yield and return of capital
| Metric | AIPI | JEPQ |
|---|---|---|
| Forward distribution rate | 37.59% | 11.91% |
| Trailing 12-month yield | 41.73% | 12.79% |
| 30-day SEC yield | -0.22% | — |
| Return of capital | 100.00% | — |
Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on JEPQ vs QQQ.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose AIPI if you want a covered-call overlay and will review its coverage. Choose JEPQ if you want equity-linked notes for call-option exposure. AIPI and JEPQ both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
- Capped upside and premium dependence. AIPI and JEPQ generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Learn the mechanics: Return of capital, explained · NAV erosion, explained
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs75
Total AUM$14.6B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
The fund lineup emphasizes income generation through option strategies and sector-specific exposure, with holdings spanning technology, commodities, and alternative assets. REX Shares targets investors seeking non-traditional income approaches and concentrated sector bets, positioning itself in a niche segment focused on structured strategies rather than broad market indexing.
See our curated list of related YouTube videos on AIPI.
ETFs78
Total AUM$355B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
JPMorgan is a major provider of ETFs spanning multiple asset classes and strategies, with particular strength in income-focused funds including their popular covered call strategy lineup. Their fund family encompasses broad categories including bond, equity, factor, income, index, international, municipal, and sector ETFs, providing investors with diverse exposure options across markets and investment styles. The issuer offers both core indexed strategies and actively managed solutions, serving investors seeking everything from traditional dividend income to sophisticated factor-based and thematic approaches.
See our curated list of related YouTube videos on JEPQ.
Quick verdict
AIPI (REX AI Covered Call ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both dividend ETFs, but they take different approaches.
AIPI offers the higher yield at 37.59% vs 11.91% for JEPQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
JEPQ is cheaper with an expense ratio of 0.35% compared to 0.65%.
They have different reference exposures: AIPI is linked to Basket (AI Stocks) while JEPQ is linked to Nasdaq-100, which means their performance drivers differ.
JEPQ is the larger fund by assets ($42.1B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose AIPI
REX AI Covered Call ETF
- Want a covered-call overlay as the option-income approach; review holdings and issuer disclosures.
- Want to maximize current income — AIPI distributes roughly 37.59% from selling options premium, vs 11.91% for JEPQ.
- Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Choose JEPQ
JPMorgan Nasdaq Equity Premium Income ETF
- Want equity-linked notes as the option-income approach; review holdings and issuer disclosures.
- Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
- Want to keep costs low — a 0.35% expense ratio vs 0.65% for AIPI.
- Prefer lower market sensitivity — a beta of 0.80 vs 1.06 for AIPI.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
4 shared positions
AIPI 20.1% of its top-10 weight
JEPQ 23.8% of its top-10 weight
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, AIPI would pay about $3,759.00 a year (about $72.29 per weekly distribution), while JEPQ would pay about $1,191.00 a year (about $99.25 per monthly distribution).
AIPI yield37.59%
JEPQ yield11.91%
Annual cash diff on $10K$2,568.00
Cost & efficiency
Over 10 years on $10,000, AIPI would cost approximately $650 in fees vs $350 for JEPQ (simplified, not compounded). The $300.00 difference may be offset by yield or performance.
AIPI ER0.65%
JEPQ ER0.35%
Strategy & risk
AIPI tracks Basket (AI Stocks) with a covered call approach, while JEPQ is actively managed around Nasdaq-100 exposure with an ELN-based call-option approach. Beta is 1.0555 for AIPI and 0.8 for JEPQ, making JEPQ the less sensitive to market moves of the two by this measure.
AIPI beta1.0555
JEPQ beta0.8
Fund details
AIPI is managed by REX Shares (launched 06/04/2024) with $445M in assets. JEPQ is managed by JPMorgan (launched 05/03/2022) with $42.1B in assets.
AIPI AUM$445M
JEPQ AUM$42.1B
Frequently asked questions
What is the current distribution rate for AIPI and JEPQ?
AIPI currently distributes 37.59% and JEPQ 11.91%, based on fund data updated November 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is AIPI or JEPQ better for dividend income?
It depends on your goals. AIPI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between AIPI and JEPQ?
AIPI (REX AI Covered Call ETF) tracks Basket (AI Stocks) with a covered call approach, while JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) is actively managed around Nasdaq-100 exposure with an ELN-based call-option approach. They are issued by REX Shares and JPMorgan respectively.
Can I hold both AIPI and JEPQ?
You can, but expect meaningful overlap: 4 of the disclosed top-10 positions are shared (see the holdings-overlap section above). Holding both may double up on the same underlying names rather than diversify.
Is AIPI or JEPQ safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — JEPQ scores 82, AIPI scores 56, so JEPQ's payout currently looks the more resilient of the two. JEPQ has also been less sensitive to market moves (beta 0.80 vs 1.06 for AIPI). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, AIPI or JEPQ?
AIPI has an expense ratio of 0.65% while JEPQ charges 0.35%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in AIPI vs JEPQ generate?
At current distribution rates, $10,000 in AIPI would pay about $3,759.00 a year (about $72.29 per weekly distribution). $10,000 in JEPQ would pay about $1,191.00 a year (about $99.25 per monthly distribution).
Which has performed better historically, AIPI or JEPQ?
AIPI has lagged JEPQ over the trailing twelve months, posting a -3.46% total return against 3.24%. Measured from Jun 2024 — the start of shared available history — AIPI has compounded at 11.89% a year versus 11.74% for JEPQ. JEPQ has been the steadier holding, though — annualized volatility of 16.7% against 22.4% for AIPI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Dividend dates and history
AIPI vs JEPQ — at a glance
Generated November 1, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
AIPI and JEPQ are both equity ETFs that generate income by writing call options against stock portfolios, but they target different audiences and asset bases. The key distinction is yield vs. stability: AIPI pursues maximum current income through aggressive call selling on a concentrated theme; JEPQ balances income with broad large-cap tech exposure through active management.
How they differ
The single biggest difference is yield and call-selling intensity. AIPI's 37.59% distribution rate is more than three times JEPQ's 11.91%, achieved through tighter call strikes and faster roll cycles on a narrower, higher-beta AI stock basket.
Second, JEPQ operates at vastly larger scale—$42.1B versus $445M—using equity-linked notes as its options overlay, whereas AIPI writes direct covered calls. JEPQ is also older (05/03/2022 vs. 06/04/2024), giving it longer performance history and structural maturity; AIPI has been live 2 years.
Third, JEPQ charges less to hold: 0.35% expense ratio versus 0.65%, a 30-basis-point gap. AIPI exhibits modestly higher beta (1.0555 vs. 0.8), meaning it amplifies market moves, while JEPQ's lower beta dampens downside but also caps upside participation when equities rally.
Who each is best for
- AIPI: Fits investors who prioritize current income over principal preservation and are comfortable with aggressive option selling on a concentrated, thematic basket—willing to trade upside capture for weekly cash flow and accepting higher volatility and NAV erosion risk as the cost of the 37.59% yield.
- JEPQ: Fits investors seeking monthly Nasdaq-100-aligned income without sacrificing diversification or broad large-cap tech exposure, who accept a moderately lower yield in exchange for more established fund mechanics, larger asset base, cheaper fees, and a smoother NAV profile than ultra-high-yield alternatives.
Key risks to know
- NAV erosion at extreme yields. AIPI's 37.59% distribution rate exceeds typical underlying stock dividend yields by a wide margin, signaling that portions of each payout rely on option premium and potential capital return rather than earnings growth alone. Sustained call assignment or deteriorating AI stock values could force NAV declines over time.
- Call assignment and theme concentration. Both funds sell calls, but AIPI's focus on AI equities compounds the risk: if AI stocks soar, AIPI's calls are likely in-the-money and subject to assignment, capping gains while JEPQ's broader Nasdaq-100 base and lower call strike discipline offer more resilience to single-sector rallies.
- Equity-linked note structural risk. JEPQ's use of equity-linked notes introduces counterparty exposure and embedded derivative complexity not present in AIPI's direct covered-call approach; a sharp market move or issuer stress could impair the note's payoff mechanics or liquidity.
- Early fund risk and lack of cycle history. AIPI's 2 years inception means it has not weathered a full market cycle; its weekly distribution model and extreme yield are untested through a sustained downturn or prolonged sideways market. Past performance does not predict future results, and both funds' option overlays mean that actual returns will depend heavily on strike selection and call-assignment timing.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.