A head-to-head comparison of ProShares S&P 500 High Income ETF and JPMorgan Equity Premium Income ETF covering yield, cost, risk, and income potential.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.
See our curated list of related YouTube videos on ISPY.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
JPMorgan operates a diverse ETF lineup of 46 funds spanning bond, equity, factor, income, index, international, money market, municipal, and sector strategies, establishing itself as a broad-based player across multiple asset classes and investment approaches. The issuer is particularly known for its income-focused offerings, including popular tickers like JEPI (Equity Premium Income) and JEPQ (Equity Premium Income ETF), which employ covered call and options strategies to generate distributions. JPMorgan's portfolio ranges from core index and fixed income funds to specialized sector and international equity ETFs, positioning the firm to serve both income-seeking and growth-oriented investors across diversified markets.
See our curated list of related YouTube videos on JEPI.
Seeks investment results that track the performance of the S&P 500 Daily Covered Call Index, pursuing a daily covered call writing strategy that combines a long position in the S&P 500 Index with short positions in daily call options.
Covered Call
Asset class
Equity
Equity
Inception date
09/11/2024
05/20/2020
Beta
0.9342
0.43
Last dividend
$0.2518
$0.3872
Ex-dividend date
07/01/2026
07/01/2026
Bottom lineChoose ISPY if you want simple, diversified core exposure in one low-cost fund. Choose JEPI if you want to maximize current income — roughly 8.19%, generated by selling options premium.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
ISPY has outpaced JEPI over the trailing twelve months, posting a 18.50% total return against 7.42%. Measured from Dec 2023 — when the younger fund began trading — ISPY has compounded at 17.87% a year versus 9.54% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 12.4% for ISPY. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 10, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Dec 2023” measures every fund from December 20, 2023 — the youngest fund's first trading day — 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.
Quick verdict
ISPY (ProShares S&P 500 High Income ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
JEPI offers the higher yield at 8.19% vs 6.25% for ISPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
JEPI is cheaper with an expense ratio of 0.35% compared to 0.55%.
JEPI is the larger fund by assets ($44.3B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, ISPY would generate roughly $52.08/month, while JEPI would produce $68.25/month, at current distribution rates. Both pay monthly distributions.
ISPY yield6.25%
JEPI yield8.19%
Monthly diff on $10K$16.17
Cost & efficiency
Over 10 years on $10,000, ISPY would cost approximately $550 in fees vs $350 for JEPI (simplified, not compounded). The $200.00 difference may be offset by yield or performance.
ISPY ER0.55%
JEPI ER0.35%
Strategy & risk
Both ISPY and JEPI wrap SPX with options-based income overlays (basket and covered call). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.9342 for ISPY and 0.43 for JEPI, indicating JEPI is less volatile relative to the market.
ISPY beta0.9342
JEPI beta0.43
Fund details
ISPY is managed by ProShares (launched 09/11/2024) with $1.28B in assets. JEPI is managed by JPMorgan (launched 05/20/2020) with $44.3B in assets.
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Frequently asked questions
Is ISPY or JEPI better for dividend income?
It depends on your goals. JEPI 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 ISPY and JEPI?
Both ISPY (ProShares S&P 500 High Income ETF) and JEPI (JPMorgan Equity Premium Income ETF) track SPX with options-based income strategies — the labels "basket" and "covered call" describe closely related mechanics (covered calls are a specific type of options strategy). The real differences show up in yield target (6.25% vs 8.19%), expense ratio (0.55% vs 0.35%), and issuer (ProShares vs JPMorgan).
Can I hold both ISPY and JEPI?
You can, but expect significant overlap. Both funds use options-based income strategies on SPX, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.
Which has lower fees, ISPY or JEPI?
ISPY has an expense ratio of 0.55% while JEPI charges 0.35%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in ISPY vs JEPI generate?
At current rates, $10,000 in ISPY would generate roughly $52.08 per month ($625.00 annually). The same in JEPI would produce about $68.25 per month ($819.00 annually).
Which has performed better historically, ISPY or JEPI?
ISPY has outpaced JEPI over the trailing twelve months, posting a 18.50% total return against 7.42%. Measured from Dec 2023 — when the younger fund began trading — ISPY has compounded at 17.87% a year versus 9.54% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 12.4% for ISPY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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