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ETF Comparison

JEPI vs WDTE: Which Is the Better Pick in 2026?

A head-to-head comparison of JPMorgan Equity Premium Income ETF and Defiance S&P 500 Target 30 Weekly Distribution ETF covering yield, cost, risk, and income potential.

Data updated September 18, 2026

Best for

  • JEPIInvestors who want broad equity exposure.
  • WDTEInvestors who want to maximize current income — roughly 29.93%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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.

JEPI has lagged WDTE over the trailing twelve months, posting a 7.04% total return against 16.67%. Measured from Sep 2023 — the start of shared available history — WDTE has compounded at 12.51% a year versus 8.98% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.0% against 11.5% for WDTE. 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.
SymbolYTD1YSince Sep 2023Volatility Sharpe Sortino Max drawdown
JEPI3.54%7.04%8.98%8.0%0.290.41-6.7%
WDTE12.78%16.67%12.51%11.5%0.951.31-7.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Sep 2023” measures every fund from September 19, 2023 — 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.
MetricJEPIWDTE
Full nameJPMorgan Equity Premium Income ETFDefiance S&P 500 Target 30 Weekly Distribution ETF
IssuerJPMorganDefiance ETFs
Last Close$56.24 as of September 18, 2026$28.84 as of September 18, 2026
Distribution rate7.93%29.93%
Distribution Safety Score™ 7570
Safety-Adjusted Yield 5.95%20.95%
Expense ratio0.35%1.03%
AUM$45.3B$71.2M
Distribution frequencyMonthlyWeekly
Underlying indexS&P 500
ObjectiveSeeks 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.Actively managed fund that seeks weekly income while maintaining indirect exposure to the S&P 500 Index, subject to a limit on potential gains from increases in the index.
Asset classEquityEquity
Inception date05/20/202007/16/2024
Beta0.430.7932
Last dividend$0.3714$0.166 payable today
Ex-dividend date09/01/202609/17/2026

Bottom lineChoose JEPI if you want broad equity exposure. Choose WDTE if you want to maximize current income — roughly 29.93%, generated by selling options premium. JEPI and WDTE both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

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. WDTE generates 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.

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

ETFs78
Total AUM$347B

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.

ETFs86
Total AUM$10.8B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Defiance ETFs is known for offering specialized and thematic investment strategies that cater to niche market segments and alternative income approaches. The issuer's lineup spans income-focused funds, leveraged strategies, combinations of leverage with income generation, and thematic products tied to emerging trends and sectors. Defiance emphasizes non-traditional and differentiated strategies rather than broad-based index exposure, appealing to investors seeking targeted exposure beyond conventional ETF offerings.

See our curated list of related YouTube videos on WDTE.

Want to go deeper?

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Quick verdict

JEPI (JPMorgan Equity Premium Income ETF) and WDTE (Defiance S&P 500 Target 30 Weekly Distribution ETF) are both dividend ETFs, but they take different approaches.

WDTE offers the higher yield at 29.93% vs 7.93% 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 1.03%.

JEPI is the larger fund by assets ($45.3B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose JEPI

JPMorgan Equity Premium Income ETF

  • Want broad equity exposure.
  • Want to keep costs low — a 0.35% expense ratio vs 1.03% for WDTE.
  • Prefer lower volatility — a beta of 0.4 vs 0.8 for WDTE.

Choose WDTE

Defiance S&P 500 Target 30 Weekly Distribution ETF

  • Want to maximize current income — WDTE distributes roughly 29.93% from selling options premium, vs 7.93% for JEPI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, JEPI would generate roughly $66.08/month, while WDTE would produce $249.42/month, at current distribution rates.

JEPI yield7.93%
WDTE yield29.93%
Monthly diff on $10K$183.33

Cost & efficiency

Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $1,030 for WDTE (simplified, not compounded). The $680.00 difference may be offset by yield or performance.

JEPI ER0.35%
WDTE ER1.03%

Strategy & risk

JEPI is an actively managed ETF built around a derivative overlay strategy, while WDTE is actively managed around S&P 500 exposure with an options approach. Beta is 0.43 for JEPI and 0.7932 for WDTE, making JEPI the less volatile of the two by this measure.

JEPI beta0.43
WDTE beta0.7932

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $45.3B in assets. WDTE is managed by Defiance ETFs (launched 07/16/2024) with $71.2M in assets.

JEPI AUM$45.3B
WDTE AUM$71.2M

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Frequently asked questions

Is JEPY the same as WDTE?

Yes — same fund, new ticker. Defiance ETFs renamed the Defiance S&P 500 Target 30 Weekly Distribution ETF from JEPY to WDTE; the strategy and holdings carried over unchanged, and existing shareholders kept their position under the new symbol. So results for "JEPY" are answered by WDTE's numbers: 29.93% distribution yield at a 1.03% expense ratio, with $71.2M in assets as of September 2026.

What is the current distribution rate for JEPI and WDTE?

JEPI currently distributes 7.93% and WDTE 29.93%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is JEPI or WDTE better for dividend income?

It depends on your goals. WDTE 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.

Can I hold both JEPI and WDTE?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is JEPI or WDTE safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — JEPI scores 75, WDTE scores 70, so JEPI's payout currently looks the more resilient of the two. JEPI has also shown lower price volatility (beta 0.43 vs 0.79 for WDTE). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, JEPI or WDTE?

JEPI has an expense ratio of 0.35% while WDTE charges 1.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in JEPI vs WDTE generate?

At current rates, $10,000 in JEPI would generate roughly $66.08 per month ($793.00 annually). The same in WDTE would produce about $249.42 per month ($2,993.00 annually).

Which has performed better historically, JEPI or WDTE?

JEPI has lagged WDTE over the trailing twelve months, posting a 7.04% total return against 16.67%. Measured from Sep 2023 — the start of shared available history — WDTE has compounded at 12.51% a year versus 8.98% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.0% against 11.5% for WDTE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

JEPI vs WDTE — at a glance

Generated September 19, 2026.

How they differ

The biggest difference is options structure and distribution cadence. JEPI holds actual equities and sells medium-term calls, paying 7.93% annually on a monthly schedule.

Second, JEPI's portfolio volatility is substantially dampened: 0.43 beta versus 0.7932 for WDTE. This reflects JEPI's lower call-strike positioning and equity holdings, which provide some cushion; WDTE's higher beta and upside cap mean investors surrender most gains above a narrow strike level each week.

Third, fees and scale differ markedly. JEPI's 0.35% expense ratio and $45.3B in assets reflect a mature, high-volume strategy; WDTE charges 1.03% and holds only $71.2M—a new fund (inception 07/16/2024) with smaller, less-proven mechanics.

WDTE: Designed for investors who prioritize frequent distributions and accept a capped total return in exchange for high current yield, and who understand that weekly expiration cycles introduce reinvestment friction and timing risk that may not benefit long-term accumulators.

Key risks to know

  • NAV erosion at extreme yields. WDTE's 29.93% distribution rate far exceeds any reasonable underlying equity return (S&P 500 dividend yield is ~1.5%), meaning the fund will rely on return-of-capital and capital erosion to sustain payouts—a structural pressure that typically accelerates as principal declines.
  • Upside cap and opportunity cost. WDTE's weekly call sales lock in a fixed maximum gain per week, capping annual total return even in strong markets. Investors surrender the lion's share of equity appreciation—the primary long-term return driver—for current income.
  • 0DTE operational and roll risk. WDTE's weekly expiration cycle requires constant portfolio repositioning, increasing execution costs, slippage risk, and sensitivity to market microstructure during roll periods. This friction is not present in JEPI's longer-dated approach and creates a hidden drag on returns.
  • Concentration in derivatives and index exposure. Both funds have S&P 500 exposure concentrated through options mechanics; their performance will diverge sharply from broad diversified equity if large-cap volatility or call strike prices move unexpectedly. This adds basis risk that equity-only portfolios don't carry.
  • Beta mismatch and market-regime dependence. JEPI's 0.43 beta implies significant outperformance in down markets but significant underperformance in strong rallies (due to the call cap). WDTE's higher beta and stricter upside cap mean it underperforms in bull runs while providing less downside cushion—a misalignment that favors neither defensive nor growth-oriented allocations cleanly.

Bottom line

If you value steady monthly income with volatility dampening and the flexibility to capture equity appreciation above JEPI's call strikes, JEPI's mature structure and size make it a simpler hold. If you prioritize maximum current yield and accept a near-permanent upside cap and reinvestment complexity, WDTE's weekly distributions deliver that tradeoff—though its youth, minimal AUM, and reliance on capital erosion to sustain a 30%-plus payout warrant careful scrutiny. Past performance does not guarantee future results, and options-overlay strategies can behave unpredictably in volatile or sharply directional markets.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

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