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ETF Comparison

QDTE vs JEPQ: Daily 0DTE Calls, or Nasdaq Premium Income?

A head-to-head of Roundhill Innovation-100 0DTE Covered Call and JPMorgan Nasdaq Equity Premium Income covering overlay and cash.

Data updated September 18, 2026

Best for

  • JEPQInvestors who want an actively selected equity book whose calls are sold through equity-linked notes, and accept ordinary-income treatment of that overlay.
  • QDTEInvestors who want a covered-call overwrite written on the holdings themselves.

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.

JEPQ has lagged QDTE over the trailing twelve months, posting a 18.96% total return against 22.11%. Measured from Mar 2024 — the start of shared available history — QDTE has compounded at 20.28% a year versus 16.95% for JEPQ. 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 Mar 2024Volatility Sharpe Sortino Max drawdown
JEPQ12.35%18.96%16.95%14.8%0.871.25-8.8%
QDTE15.58%22.11%20.28%18.3%0.851.18-10.2%

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 Mar 2024” measures every fund from March 7, 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPQQDTE
Full nameJPMorgan Nasdaq Equity Premium Income ETFRoundhill Innovation-100 0DTE Covered Call Strategy ETF
IssuerJPMorganRoundhill Investments
Last Close$60.24 as of September 18, 2026$28.80 as of September 18, 2026
Distribution rate13.60%20.76%
Distribution Safety Score™ 9077
Safety-Adjusted Yield 12.24%15.99%
Expense ratio0.35%0.96%
AUM$42.8B$946M
Distribution frequencyMonthlyWeekly
Underlying indexNasdaq-100Nasdaq-100
ObjectiveSeeks 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.Seeks weekly income by investing at least 80% of net assets in instruments that provide exposure to the Nasdaq-100 Index and writing zero-days-to-expiration (0DTE) call options against that exposure.
Asset classEquityEquity
Inception date05/03/202203/07/2024
Beta0.811.1903
Last dividend$0.6825$0.115 payable today
Ex-dividend date09/01/202609/17/2026

Bottom lineChoose JEPQ if you want an actively selected equity book whose calls are sold through equity-linked notes, and accept ordinary-income treatment of that overlay. Choose QDTE if you want a covered-call overwrite written on the holdings themselves. JEPQ and QDTE 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.

QDTE vs JEPQ: Nasdaq 0DTE calls or premium income?

Both sell Nasdaq upside. QDTE uses daily 0DTE calls; JEPQ is Nasdaq equity premium income.

JEPQQDTE
OverwriteNasdaq premium incomeNasdaq-100 0DTE covered calls
Expense ratio0.35%0.96%
Distribution yield13.60%20.76%

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 QDTE 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

Model this comparison:
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Income calculator

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

JPMorgan
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 JEPQ.

See all JPMorgan ETFs
Roundhill Investments
ETFs56
Total AUM$37.3B

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

Roundhill Investments is known for offering innovative, specialized ETFs that often feature weekly dividend distributions and exposure to trending themes and individual mega-cap stocks. Their lineup spans income-focused strategies, leveraged products, thematic investments in areas like cryptocurrency and artificial intelligence, and weekly-pay funds that appeal to investors seeking frequent distributions. The issuer has built a distinctive niche with products targeting both traditional income seekers and those interested in emerging sectors, offering a diverse range of tickers that go well beyond conventional dividend vehicles.

See our curated list of related YouTube videos on QDTE.

See all Roundhill Investments ETFs

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Quick verdict

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both dividend ETFs, but they take different approaches.

QDTE offers the higher yield at 20.76% vs 13.60% 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 0.96%.

JEPQ is the larger fund by assets ($42.8B), 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 income engine, with ordinary-income treatment.
  • 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 0.96% for QDTE.
  • Prefer lower volatility — a beta of 0.8 vs 1.2 for QDTE.

Choose QDTE

Roundhill Innovation-100 0DTE Covered Call Strategy ETF

  • Want a covered-call overwrite on the stocks the fund holds.
  • Want to maximize current income — QDTE distributes roughly 20.76% from selling options premium, vs 13.60% 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.

Deep dive

Yield & income

On a $10,000 investment, JEPQ would generate roughly $113.33/month, while QDTE would produce $173.00/month, at current distribution rates.

JEPQ yield13.60%
QDTE yield20.76%
Monthly diff on $10K$59.67

Cost & efficiency

Over 10 years on $10,000, JEPQ would cost approximately $350 in fees vs $960 for QDTE (simplified, not compounded). The $610.00 difference may be offset by yield or performance.

JEPQ ER0.35%
QDTE ER0.96%

Strategy & risk

Both JEPQ and QDTE wrap NASDAQ 100 with options-based income overlays (active and covered call). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.81 for JEPQ and 1.1903 for QDTE, making JEPQ the less volatile of the two by this measure.

JEPQ beta0.81
QDTE beta1.1903

Fund details

JEPQ is managed by JPMorgan (launched 05/03/2022) with $42.8B in assets. QDTE is managed by Roundhill Investments (launched 03/07/2024) with $946M in assets.

JEPQ AUM$42.8B
QDTE AUM$946M
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Frequently asked questions

What is the difference between QDTE and JEPQ?

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) writes zero-days-to-expiration calls on the Nasdaq-100. JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) overlays Nasdaq names for monthly income. Cost is 0.96% versus 0.35%; distributions are 20.76% and 13.60% as of September 2026. Daily 0DTE overwrite versus premium income is the decision.

What is the current distribution rate for JEPQ and QDTE?

JEPQ currently distributes 13.60% and QDTE 20.76%, 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 JEPQ or QDTE better for dividend income?

It depends on your goals. QDTE 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 JEPQ and QDTE?

You can, but expect significant overlap. Both funds use options-based income strategies on NASDAQ 100, 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.

Is JEPQ or QDTE 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 90, QDTE scores 77, so JEPQ's payout currently looks the more resilient of the two. JEPQ has also shown lower price volatility (beta 0.81 vs 1.19 for QDTE). 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 QDTE?

JEPQ has an expense ratio of 0.35% while QDTE charges 0.96%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in JEPQ vs QDTE generate?

At current rates, $10,000 in JEPQ would generate roughly $113.33 per month ($1,360.00 annually). The same in QDTE would produce about $173.00 per month ($2,076.00 annually).

Which has performed better historically, JEPQ or QDTE?

JEPQ has lagged QDTE over the trailing twelve months, posting a 18.96% total return against 22.11%. Measured from Mar 2024 — the start of shared available history — QDTE has compounded at 20.28% a year versus 16.95% for JEPQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

JEPQ vs QDTE — at a glance

Generated September 19, 2026.

Overview

Both JEPQ and QDTE are covered-call ETFs that generate income by holding Nasdaq-100 exposure and selling call options against it. JEPQ uses an actively managed equity portfolio paired with equity-linked notes, while QDTE pursues a more mechanical approach: it holds index-tracking instruments and systematically writes zero-days-to-expiration (0DTE) calls each week.

How they differ

QDTE's 0DTE strategy is its defining feature. In exchange, QDTE incurs higher drag: its expense ratio is 0.96% versus 0.35%, and its beta of 1.1903 signals higher equity market sensitivity than JEPQ's 0.81, a sign of tighter call strikes. JEPQ's $42.8B in assets dwarfs QDTE's $946M, reflecting the younger fund's 2 years—barely a year old compared to JEPQ's inception on 05/03/2022.

Who each is best for

JEPQ: Fits investors seeking a more conservative income overlay who tolerate moderate call capping but want a seasoned vehicle with substantial assets, lower fees, and monthly cash flow. At that distribution rate, the fund must either rely on realized gains, erode principal, or shift distributions to non-taxable returns; any prolonged sideways market will test this math.

  • 0DTE gamma and gap risk. QDTE's daily call reset means the fund captures near-zero time decay but is highly exposed to opening gaps and intraday volatility. A sharp overnight move could leave the fund underwater on its call positions before the market opens, forcing realized losses to meet weekly distributions.
  • Call strike compression and cap risk. Both funds sacrifice upside when the Nasdaq-100 rallies sharply, but QDTE's tighter, more frequent strikes mean it caps gains more aggressively week to week. In a strong bull market, this opportunity cost compounds faster than in JEPQ's monthly reset. Trading volume and authorized-participant interest may not support large positions without widening spreads.

Bottom line

If you prioritize stability, established scale, and a modest income boost without frequent turnover, JEPQ's lower yield and expense ratio suit a longer holding period. If you chase maximum weekly income and can tolerate sharp NAV swings and gap risk, QDTE's 0DTE strategy delivers a higher collection rate—but its youth and extreme payout suggest close monitoring for whether the yield can persist. Past performance does not predict future results.

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.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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