A head-to-head comparison of JPMorgan Equity Premium Income ETF and Roundhill ETF Trust - Roundhill S&P 500 0DTE Covered Call covering yield, cost, risk, and income potential.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Roundhill Investments is known for offering specialized ETFs that focus on income generation and thematic investing strategies. The firm operates 42 funds across five distinct families—Core, HALO, Income, Thematic, and WeeklyPay—with a particular emphasis on covered call strategies and weekly distribution products designed to generate regular cash flows. Notable offerings include ticker symbols like AAPW, AMDW, and AMZW (which employ covered call strategies on major technology stocks), along with thematic funds covering areas such as artificial intelligence (CHAT), cryptocurrency mining (DRAM), and other innovative sectors.
See our curated list of related YouTube videos on XDTE.
Bottom lineChoose JEPI if you are comfortable trading away most upside for a large, steady payout. Choose XDTE if you want to maximize current income — roughly 22.43%, generated by selling options premium. There's no free lunch: XDTE's payout comes from selling options, which caps upside and can erode the share price over time, while JEPI keeps full price exposure.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
JEPI has lagged XDTE over the trailing twelve months, posting a 7.38% total return against 15.85%. Measured from Mar 2024 — when the younger fund began trading — XDTE has compounded at 14.69% a year versus 7.43% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 11.7% for XDTE. 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 17, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Mar 2024” measures every fund from March 7, 2024 — 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
JEPI (JPMorgan Equity Premium Income ETF) and XDTE (Roundhill ETF Trust - Roundhill S&P 500 0DTE Covered Call) are both dividend ETFs, but they take different approaches.
XDTE offers the higher yield at 22.43% vs 8.22% 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 0.95%.
JEPI is the larger fund by assets ($44.3B), which generally means tighter spreads and better liquidity.
Who should choose each?
Choose JEPI
JPMorgan Equity Premium Income ETF
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 0.35% expense ratio vs 0.95% for XDTE.
Prefer lower volatility — a beta of 0.4 vs 0.9 for XDTE.
Want to maximize current income — XDTE distributes roughly 22.43% from selling options premium, vs 8.22% 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 $68.50/month, while XDTE would produce $186.92/month, at current distribution rates.
JEPI yield8.22%
XDTE yield22.43%
Monthly diff on $10K$118.42
Cost & efficiency
Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $950 for XDTE (simplified, not compounded). The $600.00 difference may be offset by yield or performance.
JEPI ER0.35%
XDTE ER0.95%
Strategy & risk
Both JEPI and XDTE wrap SPX with options-based income overlays (covered call and covered call). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.43 for JEPI and 0.91 for XDTE, indicating JEPI is less volatile relative to the market.
JEPI beta0.43
XDTE beta0.91
Fund details
JEPI is managed by JPMorgan (launched 05/20/2020) with $44.3B in assets. XDTE is managed by Roundhill Investments (launched 03/07/2024) with $317M in assets.
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Frequently asked questions
Is JEPI or XDTE better for dividend income?
It depends on your goals. XDTE 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 XDTE?
Both JEPI (JPMorgan Equity Premium Income ETF) and XDTE (Roundhill ETF Trust - Roundhill S&P 500 0DTE Covered Call) track SPX with options-based income strategies — the labels "covered call" and "covered call" describe closely related mechanics (covered calls are a specific type of options strategy). The real differences show up in yield target (8.22% vs 22.43%), expense ratio (0.35% vs 0.95%), and issuer (JPMorgan vs Roundhill Investments).
Can I hold both JEPI and XDTE?
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, JEPI or XDTE?
JEPI has an expense ratio of 0.35% while XDTE charges 0.95%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in JEPI vs XDTE generate?
At current rates, $10,000 in JEPI would generate roughly $68.50 per month ($822.00 annually). The same in XDTE would produce about $186.92 per month ($2,243.00 annually).
Which has performed better historically, JEPI or XDTE?
JEPI has lagged XDTE over the trailing twelve months, posting a 7.38% total return against 15.85%. Measured from Mar 2024 — when the younger fund began trading — XDTE has compounded at 14.69% a year versus 7.43% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 11.7% for XDTE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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