JEPI
Generally safe
High confidence
ETF Comparison
JEPI vs OVL: Equity-Linked Notes or Put Overlay?
JEPI combines an actively selected U.S. equity portfolio with option exposure through equity-linked notes (ELNs). OVL pairs large-cap equity exposure with active put selling. Both introduce risks beyond owning equities alone.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- JEPIInvestors who want active equities with ELN-based option exposure and accept note risks.
- OVLInvestors who want equity exposure with a put overlay and accept additional option risk.
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.
OVL
Safe
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  JEPI |  OVL |
|---|---|---|
| Full name | JPMorgan Equity Premium Income ETF | Overlay Shares Large Cap Equity ETF |
| Issuer | JPMorgan | Overlay Shares |
| Last Close | $56.43 as of November 6, 2026 | $53.22 as of November 6, 2026 |
| Distribution rate | 7.38% | 11.14% |
| Trailing 12-month yield | 8.09% | 9.81% |
| Distribution Safety Score™ | 76 | 92 |
| Safety-Adjusted Yield | 5.61% | 10.25% |
| Expense ratio | 0.35% | 0.79% |
| AUM | $46.1B | $510M |
| Distribution frequency | Monthly | Monthly |
| Underlying index | Actively managed (no tracked index recorded) | S&P 500 (VOO) |
| Objective | 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. | Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income. |
| Asset class | Equity | Equity |
| Inception date | 05/20/2020 | 09/30/2019 |
| Beta | 0.4 | 1.12 |
| Last dividend | $0.34683 | $0.494 |
| Ex-dividend date | 11/02/2026 | 10/28/2026 |
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.
JEPI has lagged OVL over the trailing twelve months, posting a 8.14% total return against 10.48%. The lead holds up over 5 years too: OVL has compounded at 10.73% a year, against 7.15% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 10.1% against 18.8% for OVL. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | Since May 2020 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| JEPI | 5.23% | 8.14% | 10.04% | 7.15% | 10.95% | 10.1% | 0.55 | 0.77 | -13.3% |
| OVL | 8.89% | 10.48% | 22.12% | 10.73% | 17.64% | 18.8% | 0.85 | 1.18 | -21.7% |
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 May 2020” measures every fund from May 21, 2020 — 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 trailing 3 years. 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 trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose JEPI if you want active equities with ELN-based option exposure and accept note risks. Choose OVL if you want equity exposure with a put overlay and accept additional option risk. Distributions can change and may include return of capital. A payout rate is not total return, and tax character alone does not establish economic loss.
Active equities with ELNs versus an equity put overlay
JEPI combines an actively selected U.S. equity portfolio with option exposure through equity-linked notes (ELNs). OVL pairs large-cap equity exposure with active put selling. Both introduce risks beyond owning equities alone.
| JEPI | OVL | |
|---|---|---|
| Approach | Active U.S. equities and equity-linked notes | Large-cap equities and active put selling |
| Risk review | Equity losses plus ELN issuer, valuation, and liquidity risks | Equity losses plus put-overlay risk |
| Expense ratio | 0.35% | 0.79% |
| 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.
- Added downside and premium dependence. OVL generates income by selling puts, which adds losses when the underlying falls; the premium collected is the most the puts can earn. Distributions can include return of capital, and a payout the strategy 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.
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 JEPI.
ETFs8
Total AUM$898M
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Overlay Shares specializes in option overlay strategies built on puts rather than covered calls: its funds, trading under tickers OVF, OVL, OVLH and OVS, hold a core equity or bond portfolio and add an S&P 500 put overlay. The sold put spreads add income and leave the core portfolio's upside in place, but they add losses when the market falls sharply; OVLH also buys longer-dated puts to limit that downside.
See our curated list of related YouTube videos on OVL.
Quick verdict
JEPI (JPMorgan Equity Premium Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both monthly-pay dividend ETFs, but they take different approaches.
OVL offers the higher yield at 11.14% vs 7.38% for JEPI. 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 0.79%.
JEPI is the larger fund by assets ($46.1B), but assets alone do not establish trading costs or liquidity.
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.
0 shared positions
JEPI 0.0% of its top-10 weight
OVL 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of JEPI, OVL. These funds draw from largely different positions at the top of their books.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, JEPI would pay about $738.00 a year (about $61.50 per monthly distribution), while OVL would pay about $1,114.00 a year (about $92.83 per monthly distribution). Both pay monthly distributions.
JEPI yield7.38%
OVL yield11.14%
Annual cash diff on $10K$376.00
Cost & efficiency
Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $790 for OVL (simplified, not compounded). The $440.00 difference may be offset by yield or performance.
JEPI ER0.35%
OVL ER0.79%
Strategy & risk
JEPI combines an actively selected U.S. equity portfolio with option exposure through equity-linked notes (ELNs). OVL pairs large-cap equity exposure with active put selling. Both introduce risks beyond owning equities alone. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
JEPI beta0.4
OVL beta1.12
Fund details
JEPI is managed by JPMorgan (launched 05/20/2020) with $46.1B in assets. OVL is managed by Overlay Shares (launched 09/30/2019) with $510M in assets.
JEPI AUM$46.1B
OVL AUM$510M
Frequently asked questions
Does JEPI guarantee downside protection or a reliable monthly payout?
No. JEPI's income and volatility objectives are not guarantees. Its ELNs also introduce issuer, liquidity, and valuation risks. OVL's put overlay can add losses to its equity exposure. Evaluate both portfolios and actual distribution histories rather than treating beta or the current payout as a promise.
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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Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.