ISPY tracks the S&P 500 Daily Covered Call Index and obtains its call-selling exposure through swap agreements rather than trading options directly. JEPI combines actively selected equities with equity-linked notes. Both involve equity and derivative risks, despite their different implementation.
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. 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.
ISPY has outpaced JEPI over the trailing twelve months, posting a 12.37% total return against 6.92%. Measured from Sep 2024 — the start of shared available history — ISPY has compounded at 13.91% a year versus 6.34% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 12.7% for ISPY. 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 30, 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 Sep 2024” measures every fund from September 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.
Distribution rate and SEC yield
Metric
ISPY
JEPI
Forward distribution rate
5.82%
7.93%
Trailing 12-month yield
5.24%
8.15%
30-day SEC yield
0.66%
—
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
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.
Seeks monthly income and lower volatility than the broad U.S. large-cap market by combining an actively managed portfolio of equities with equity-linked notes that sell call options on the S&P 500 Index.
Bottom lineChoose ISPY if you want daily covered-call index exposure and accept swap implementation. Choose JEPI if you want active equity selection and accept the ELN structure. Compare net total returns over matching dates, distribution sources, and current holdings. A distribution rate is not a return forecast, and tax return of capital alone does not establish economic loss. Payments and prices can fall.
Daily-call index exposure through swaps versus active ELNs
ISPY tracks the S&P 500 Daily Covered Call Index and obtains its call-selling exposure through swap agreements rather than trading options directly. JEPI combines actively selected equities with equity-linked notes. Both involve equity and derivative risks, despite their different implementation.
ISPY
JEPI
Approach
Daily covered-call index exposure using swaps
Actively selected equities and income ELNs
Risk review
Equity losses, swap counterparty risk, and imperfect index tracking
Equity losses, ELN counterparty/valuation risk, and active selection
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 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 JEPI.
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 7.93% vs 5.82% 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 0.56%.
JEPI is the larger fund by assets ($45.7B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, ISPY would generate roughly $48.50 cash per distribution, while JEPI would produce $66.08 cash per distribution, at current distribution rates. Both pay monthly distributions.
ISPY yield5.82%
JEPI yield7.93%
Cash diff on $10K$17.58
Cost & efficiency
Over 10 years on $10,000, ISPY would cost approximately $560 in fees vs $350 for JEPI (simplified, not compounded). The $210.00 difference may be offset by yield or performance.
ISPY ER0.56%
JEPI ER0.35%
Strategy & risk
ISPY tracks the S&P 500 Daily Covered Call Index and obtains its call-selling exposure through swap agreements rather than trading options directly. JEPI combines actively selected equities with equity-linked notes. Both involve equity and derivative risks, despite their different implementation. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
ISPY beta0.9342
JEPI beta0.43
Fund details
ISPY is managed by ProShares (launched 09/11/2024) with $1.18B in assets. JEPI is managed by JPMorgan (launched 05/20/2020) with $45.7B in assets.
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Frequently asked questions
Can beta tell me how tightly ISPY or JEPI writes calls?
No. Beta is a historical return statistic, not an option-strike or upside-capture measure. Inspect the derivative exposures and mandate. ISPY's daily-call exposure is implemented through swaps, so descriptions of its shares being routinely called away misstate how the fund operates.
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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