ETF Comparison
JEPI vs TLTW: Which Is the Better Pick in 2026?
A head-to-head comparison of JPMorgan Equity Premium Income ETF and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF covering yield, cost, risk, and income potential.
Data updated April 5, 2026
Side-by-side snapshot
| JEPI | TLTW | |
|---|---|---|
| Full name | JPMorgan Equity Premium Income ETF | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF |
| Issuer | JPMorgan | iShares |
| Price | $56.41 | $22.40 |
| Distribution yield | 7.91% | 13.37% |
| Expense ratio | 0.35% | 0.35% |
| AUM | $45.0B | $1.8B |
| Distribution frequency | Monthly | Monthly |
| Underlying index | SPX | ICE U.S. Treasury 20+ Year Bond Index |
| Objective | Covered Call | Covered Call |
| Asset class | Equity | Equity |
| Inception date | 05/20/2020 | 08/18/2022 |
| Beta | 0.51 | 1.67 |
| Last dividend | $0.42 | $0.21 |
| Ex-dividend date | 04/01/2026 | 04/02/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
JEPI (JPMorgan Equity Premium Income ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both popular monthly-pay covered call ETFs, but they take different approaches.
TLTW offers the higher yield at 13.37% vs 7.91% for JEPI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
They track different benchmarks: JEPI is linked to SPX while TLTW tracks ICE U.S. Treasury 20+ Year Bond Index, which means their performance drivers differ.
JEPI is the larger fund by assets ($45.0B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, JEPI would generate roughly $65.92/month while TLTW would produce $111.42/month at current distribution rates. Both pay monthly distributions.
Cost & efficiency
Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $350 for TLTW (simplified, not compounded). Both charge the same expense ratio.
Strategy & risk
JEPI tracks SPX with a covered call approach, while TLTW tracks ICE U.S. Treasury 20+ Year Bond Index using a covered call strategy. Beta is 0.51 for JEPI and 1.67 for TLTW, indicating JEPI is less volatile relative to the market.
Fund details
JEPI is managed by JPMorgan (launched 05/20/2020) with $45.0B in assets. TLTW is managed by iShares (launched 08/18/2022) with $1.8B in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is JEPI or TLTW better for dividend income?
It depends on your goals. TLTW 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 JEPI and TLTW?
JEPI (JPMorgan Equity Premium Income ETF) tracks SPX with a covered call strategy, while TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) tracks ICE U.S. Treasury 20+ Year Bond Index with a covered call approach. They are issued by JPMorgan and iShares respectively.
Can I hold both JEPI and TLTW?
Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.
Which has lower fees, JEPI or TLTW?
JEPI has an expense ratio of 0.35% while TLTW charges 0.35%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in JEPI vs TLTW generate?
At current yields, $10,000 in JEPI would generate roughly $65.92 per month ($791.00 annually). The same in TLTW would produce about $111.42 per month ($1,337.00 annually).
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