FYEE combines quantitatively selected large-cap equities with short index calls, rebalanced weekly with adjustments between rolls. JEPQ combines an actively selected equity portfolio with equity-linked notes for income. FYEE is not Fidelity's put-spread collar fund, and JEPQ is not a passive Nasdaq-100 tracker.
Data updated September 21, 2026
Best for
FYEEInvestors who want a broad large-cap equity mandate with directly written index calls.
JEPQInvestors who want JEPQ's equity selection and accept its ELN structure.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.
FYEE has lagged JEPQ over the trailing twelve months, posting a 18.04% total return against 19.70%. Measured from Apr 2024 — the start of shared available history — JEPQ has compounded at 17.40% a year versus 17.21% for FYEE. FYEE has been the steadier holding, though — annualized volatility of 10.7% against 14.8% for JEPQ. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 22, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Apr 2024” measures every fund from April 11, 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.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Actively managed strategy seeking elevated monthly income with equity participation.
Combines a diversified U.S. large-cap portfolio with a systematic options overlay.
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.
Bottom lineChoose FYEE if you want a broad large-cap equity mandate with directly written index calls. Choose JEPQ if you want JEPQ's equity selection and accept its ELN structure. Compare holdings and net total returns over matching dates. A distribution rate is not a return forecast, and historical beta is not a leverage target or a guarantee about future losses.
Direct index calls versus equity-linked notes
FYEE combines quantitatively selected large-cap equities with short index calls, rebalanced weekly with adjustments between rolls. JEPQ combines an actively selected equity portfolio with equity-linked notes for income. FYEE is not Fidelity's put-spread collar fund, and JEPQ is not a passive Nasdaq-100 tracker.
FYEE
JEPQ
Approach
Large-cap stocks and short index calls
Active equities and income ELNs
Risk review
Equity losses, call obligations, and forgone upside
Equity losses, ELN counterparty/valuation risk, and forgone upside
Expense ratio
0.28%
0.35%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
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. FYEE 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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.
See our curated list of related YouTube videos on FYEE.
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.
FYEE (Fidelity Yield Enhanced Equity ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both dividend ETFs, but they take different approaches.
JEPQ offers the higher yield at 13.43% vs 7.39% for FYEE. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
FYEE is cheaper with an expense ratio of 0.28% compared to 0.35%.
They have different reference exposures: FYEE is linked to Large-cap U.S. equity sleeve complemented by written call and put spreads for additional yield. while JEPQ is linked to Nasdaq-100, which means their performance drivers differ.
JEPQ is the larger fund by assets ($43.0B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, FYEE would generate roughly $184.75 cash per distribution, while JEPQ would produce $111.92 cash per distribution, at current distribution rates.
FYEE yield7.39%
JEPQ yield13.43%
Cash diff on $10K$72.83
Cost & efficiency
Over 10 years on $10,000, FYEE would cost approximately $280 in fees vs $350 for JEPQ (simplified, not compounded). The $70.00 difference may be offset by yield or performance.
FYEE ER0.28%
JEPQ ER0.35%
Strategy & risk
FYEE combines quantitatively selected large-cap equities with short index calls, rebalanced weekly with adjustments between rolls. JEPQ combines an actively selected equity portfolio with equity-linked notes for income. FYEE is not Fidelity's put-spread collar fund, and JEPQ is not a passive Nasdaq-100 tracker. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
FYEE beta0.774
JEPQ beta0.81
Fund details
FYEE is managed by Fidelity Investments (launched 04/09/2024) with $286M in assets. JEPQ is managed by JPMorgan (launched 05/03/2022) with $43.0B in assets.
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Frequently asked questions
Does FYEE use a put-spread collar to protect principal?
No. Fidelity describes FYEE as large-cap equity exposure plus short index calls. Its separate FBUF product uses a put-spread collar. Neither FYEE's option premiums nor JEPQ's ELNs guarantee principal protection. Compare current holdings and prospectuses before comparing payout rates.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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