JEPQ
Safe
High confidence
ETF Comparison
JEPQ vs MSTY: Which Is the Better Pick in 2026?
A head-to-head comparison of JPMorgan Nasdaq Equity Premium Income ETF and YieldMax MSTR Option Income Strategy ETF covering yield, cost, risk, and income potential.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- JEPQInvestors who want equity-linked notes for call-option exposure.
- MSTYInvestors who want a covered-call overlay and will review its coverage.
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.
MSTY
High risk
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  JEPQ |  MSTY |
|---|---|---|
| Full name | JPMorgan Nasdaq Equity Premium Income ETF | YieldMax MSTR Option Income Strategy ETF |
| Issuer | JPMorgan | YieldMax |
| Underlying index | Actively managed (no tracked index recorded) | Actively managed (no tracked index recorded) |
| Last Close | $54.34 as of November 6, 2026 | $12.68 as of November 6, 2026 |
| Distribution rate | 11.91% | 64.14% |
| Trailing 12-month yield | 12.79% | 148.17% |
| 30-day SEC yield | — | 2.01% |
| Distribution Safety Score™ | 82 | 15 |
| Safety-Adjusted Yield | 9.77% | 9.62% |
| Expense ratio | 0.35% | 1.03% |
| AUM | $42.1B | $994M |
| Distribution frequency | Monthly | Weekly |
| Objective | Seeks monthly income by combining an actively managed portfolio of equities drawn largely from the Nasdaq-100 Index with equity-linked notes that sell call options on that benchmark. | Actively managed fund that seeks current income while maintaining indirect exposure to the share price of MicroStrategy Incorporated (MSTR), subject to a limit on potential investment gains. |
| Asset class | Equity | Equity |
| Inception date | 05/03/2022 | 02/21/2024 |
| Beta | 0.8 | 2.5604 |
| Last dividend | $0.53922 | $0.1564 payable 11/06/2026 |
| Ex-dividend date | 11/02/2026 | 11/05/2026 |
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.
JEPQ has outpaced MSTY over the trailing twelve months, posting a 3.24% total return against -44.83%. Measured from Feb 2024 — the start of shared available history — MSTY has compounded at 14.69% a year versus 12.45% for JEPQ. JEPQ has been the steadier holding, though — annualized volatility of 16.7% against 70.3% for MSTY. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | Since Feb 2024 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| JEPQ | 2.01% | 3.24% | 12.45% | 16.7% | -0.05 | -0.07 | -11.5% |
| MSTY | -15.81% | -44.83% | 14.69% | 70.3% | -0.91 | -1.27 | -62.3% |
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 Feb 2024” measures every fund from February 22, 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, SEC yield and return of capital
| Metric | JEPQ | MSTY |
|---|---|---|
| Forward distribution rate | 11.91% | 64.14% |
| Trailing 12-month yield | 12.79% | 148.17% |
| 30-day SEC yield | — | 2.01% |
| Return of capital | — | 13.70% |
Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on JEPQ vs QQQ, MSTY vs MSTR.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose JEPQ if you want equity-linked notes for call-option exposure. Choose MSTY if you want a covered-call overlay and will review its coverage. JEPQ and MSTY 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. JEPQ and MSTY generate 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.
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 JEPQ.
ETFs63
Total AUM$9.06B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.
See our curated list of related YouTube videos on MSTY.
Quick verdict
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and MSTY (YieldMax MSTR Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.
MSTY offers the higher yield at 64.14% vs 11.91% for JEPQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
JEPQ is cheaper with an expense ratio of 0.35% compared to 1.03%.
They have different reference exposures: JEPQ is linked to Nasdaq-100 while MSTY is linked to Strategy (MSTR), which means their performance drivers differ.
JEPQ is the larger fund by assets ($42.1B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose JEPQ
JPMorgan Nasdaq Equity Premium Income ETF
- Want equity-linked notes as the option-income approach; review holdings and issuer disclosures.
- 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 1.03% for MSTY.
- Prefer lower market sensitivity — a beta of 0.80 vs 2.56 for MSTY.
Choose MSTY
YieldMax MSTR Option Income Strategy ETF
- Want a covered-call overlay as the option-income approach; review holdings and issuer disclosures.
- Want to maximize current income — MSTY distributes roughly 64.14% from selling options premium, vs 11.91% for JEPQ.
- 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.
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.
— shared positions
JEPQ 0.0% of its top-10 weight
MSTY top-10 holdings unavailable
Top-10 holdings unavailable for MSTY — cannot compute overlap.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, JEPQ would pay about $1,191.00 a year (about $99.25 per monthly distribution), while MSTY would pay about $6,414.00 a year (about $123.35 per weekly distribution).
JEPQ yield11.91%
MSTY yield64.14%
Annual cash diff on $10K$5,223.00
Cost & efficiency
Over 10 years on $10,000, JEPQ would cost approximately $350 in fees vs $1,030 for MSTY (simplified, not compounded). The $680.00 difference may be offset by yield or performance.
JEPQ ER0.35%
MSTY ER1.03%
Strategy & risk
JEPQ is actively managed around Nasdaq-100 exposure with an ELN-based call-option approach, while MSTY is actively managed around Strategy (MSTR) exposure with a covered call approach. Beta is 0.8 for JEPQ and 2.5604 for MSTY, making JEPQ the less sensitive to market moves of the two by this measure.
JEPQ beta0.8
MSTY beta2.5604
Fund details
JEPQ is managed by JPMorgan (launched 05/03/2022) with $42.1B in assets. MSTY is managed by YieldMax (launched 02/21/2024) with $994M in assets.
JEPQ AUM$42.1B
MSTY AUM$994M
Frequently asked questions
What is the current distribution rate for JEPQ and MSTY?
JEPQ currently distributes 11.91% and MSTY 64.14%, based on fund data updated November 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is JEPQ or MSTY better for dividend income?
It depends on your goals. MSTY 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 JEPQ and MSTY?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) is actively managed around Nasdaq-100 exposure with an ELN-based call-option approach, while MSTY (YieldMax MSTR Option Income Strategy ETF) is actively managed around Strategy (MSTR) exposure with a covered call approach. They are issued by JPMorgan and YieldMax respectively.
Can I hold both JEPQ and MSTY?
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 JEPQ or MSTY safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — JEPQ scores 82, MSTY scores 15, so JEPQ's payout currently looks the more resilient of the two. JEPQ has also been less sensitive to market moves (beta 0.80 vs 2.56 for MSTY). 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, JEPQ or MSTY?
JEPQ has an expense ratio of 0.35% while MSTY charges 1.03%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in JEPQ vs MSTY generate?
At current distribution rates, $10,000 in JEPQ would pay about $1,191.00 a year (about $99.25 per monthly distribution). $10,000 in MSTY would pay about $6,414.00 a year (about $123.35 per weekly distribution).
Which has performed better historically, JEPQ or MSTY?
JEPQ has outpaced MSTY over the trailing twelve months, posting a 3.24% total return against -44.83%. Measured from Feb 2024 — the start of shared available history — MSTY has compounded at 14.69% a year versus 12.45% for JEPQ. JEPQ has been the steadier holding, though — annualized volatility of 16.7% against 70.3% for MSTY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Dividend dates and history
JEPQ vs MSTY — at a glance
Generated October 31, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
JEPQ and MSTY are both equity-derivative ETFs that generate income by selling call options on their underlying holdings, but they target radically different investor profiles. JEPQ's 0.8 beta implies modest stock-market sensitivity, whereas MSTY's 2.5604 beta signals it will amplify MicroStrategy's volatility in both directions.
Who each is best for
- JEPQ: Fits investors seeking monthly income from tech-heavy exposure who tolerate call-capped upside but want broad diversification and lower downside sensitivity. Designed for portfolios where tech concentration is already present and the goal is to harvest premium from Nasdaq-100 price stability.
- MSTY: Fits investors with high risk tolerance and strong conviction in MicroStrategy's price trajectory who view weekly income as compensation for accepting a price ceiling and elevated volatility. Intended for tactical allocations or traders comfortable with crypto-linked single-stock exposure.
Key risks to know
- NAV erosion at extreme yields. MSTY's 64.14% distribution rate substantially exceeds any realistic total return from a capped single stock, making return-of-capital and principal decay likely if MicroStrategy does not appreciate sharply or if weekly call rolls fail to sustain the payout level.
- Single-stock concentration and regulatory risk. MSTY's exposure to one publicly traded company creates headline and earnings risk; any MicroStrategy adverse event, SEC scrutiny, or crypto-linked regulatory change could trigger fund-wide losses unmitigated by diversification.
- High beta and leverage-like amplification. MSTY's 2.5604 beta indicates it will swing harder than the broad market. Combined with weekly call resets, sharp drops in MicroStrategy shares could force rapid mark-downs and wider bid-ask spreads, exacerbating exit costs.
- Call cap as a ceiling. Both funds sacrifice upside when the underlying rallies past strike, but MSTY's design explicitly caps appreciation as part of its income strategy. In a sustained MicroStrategy rally, the cap compounds the opportunity cost of holding the fund. Past performance does not predict future results; extreme yields require extreme price appreciation or shrinking principal to sustain.
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.
These comparisons follow the Dividend Vision methodology.