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ETF Comparison

JEPQ vs QDTE vs QQQI: Which Fits Each Goal in 2026?

A side-by-side comparison of JPMorgan Nasdaq Equity Premium Income ETF, Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF and NEOS Nasdaq-100 High Income ETF covering yield, cost, risk, and income potential.

Updated September 30, 2026

How these figures are calculated: methodology.

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.
  • QQQIInvestors who want index call spreads structured for Section 1256 tax treatment.

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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. 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.

QDTE tops the group over the trailing twelve months with a 22.67% total return, against JEPQ at 19.73% and QQQI at 18.23%. 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.
SymbolYTD cumulative1Y cumulativeSince Mar 2024Volatility Sharpe Sortino Max drawdown
JEPQ14.25%19.73%17.48%14.8%0.911.31-8.8%
QDTE17.67%22.67%20.84%18.3%0.871.21-10.2%
QQQI14.86%18.23%19.06%16.7%0.731.04-9.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 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 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.

Distribution rate, SEC yield and return of capital

MetricJEPQQDTEQQQI
Forward distribution rate13.37%19.75%13.69%
Trailing 12-month yield11.04%44.08%13.76%
30-day SEC yield——-0.05%
Return of capital—100.00%—

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, QDTE vs QQQ, QQQI vs QQQ.

Why owning all of these is not diversification

Owning all of these is not diversification. Each one sells covered calls on the same Nasdaq-100 exposure, so the three positions move together. The differences are the issuer, the fee, and how the income is produced. When holdings data is available, the overlap card on this page shows the shared names.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPQQDTEQQQI
Full nameJPMorgan Nasdaq Equity Premium Income ETFRoundhill Nasdaq-100® 0DTE Covered Call Strategy ETFNEOS Nasdaq-100 High Income ETF
IssuerJPMorganRoundhill InvestmentsNEOS
Last Close$61.26 as of September 30, 2026$29.21 as of September 30, 2026$55.55 as of September 30, 2026
Distribution rate13.37%19.75%13.69%
Trailing 12-month yield11.04%44.08%13.76%
30-day SEC yield——-0.05%
Distribution Safety Score™ 907484
Safety-Adjusted Yield 12.03%14.62%11.50%
Expense ratio0.35%0.96%0.68%
AUM$43.9B$983M$15.0B
Distribution frequencyMonthlyWeeklyMonthly
Underlying indexNasdaq-100Nasdaq-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.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquityEquity
Inception date05/03/202203/07/202401/29/2024
Beta0.811.19031.0553
Last dividend$0.68255$0.110957 declared, pays 10/02/2026$0.6339
Ex-dividend date09/01/202610/01/2026 upcoming09/16/2026

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, QDTE, and QQQI 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

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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$350B

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$39.7B

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
NEOS
ETFs19
Total AUM$34.7B

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

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on QQQI.

See all NEOS ETFs

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Quick verdict

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF), QDTE (Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF), QQQI (NEOS Nasdaq-100 High Income ETF) are dividend ETFs that take different approaches.

QDTE offers the highest reported yield at 19.75%, followed by QQQI at 13.69%, JEPQ at 13.37%.

JEPQ is the cheapest with an expense ratio of 0.35%, compared to 0.68% for QQQI and 0.96% for QDTE.

JEPQ is the largest fund by assets ($43.9B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment: JEPQ generates ~$111.42 cash per distribution, QDTE generates ~$37.98 cash per distribution, QQQI generates ~$114.08 cash per distribution at current distribution rates.

JEPQ yield13.37%
QDTE yield19.75%
QQQI yield13.69%

Cost & efficiency

Over 10 years on $10,000: JEPQ costs ~$350, QDTE costs ~$960, QQQI costs ~$680 in fees (simplified, not compounded).

JEPQ ER0.35%
QDTE ER0.96%
QQQI ER0.68%

Strategy & risk

All of these funds wrap NASDAQ 100 with options-based income strategies (JEPQ: covered call, QDTE: covered call, QQQI: active). The differences are yield target, fee, and issuer — not the underlying mechanic.

JEPQ beta0.81
QDTE beta1.1903
QQQI beta1.0553

Fund details

JEPQ is managed by JPMorgan (launched 05/03/2022) with $43.9B in assets. QDTE is managed by Roundhill Investments (launched 03/07/2024) with $983M in assets. QQQI is managed by NEOS (launched 01/29/2024) with $15.0B in assets.

JEPQ AUM$43.9B
QDTE AUM$983M
QQQI AUM$15.0B
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Frequently asked questions

Which of JEPQ, QDTE, QQQI is best for dividend income?

It depends on your goals. QDTE currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.

What is the difference between JEPQ, QDTE, QQQI?

All of these funds track NASDAQ 100 with options-based income strategies — the individual labels (JEPQ: covered call, QDTE: covered call, QQQI: active) describe closely related mechanics (covered calls are a specific type of options strategy). The real differences are yield target (JEPQ 13.37%, QDTE 19.75%, QQQI 13.69%), expense ratio, and issuer.

Can I hold JEPQ, QDTE, QQQI together?

You can, but expect significant overlap. All of these funds use options-based income strategies on NASDAQ 100, so holding them together gives you multiple wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Which of JEPQ, QDTE and QQQI is safest?

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, QQQI scores 84, QDTE scores 74, so JEPQ's payout currently looks the more resilient of the group. 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 the lowest fees among JEPQ, QDTE, QQQI?

JEPQ has an expense ratio of 0.35%, QDTE has an expense ratio of 0.96%, QQQI has an expense ratio of 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 generate in each?

$10,000 in JEPQ yields ~$111.42 cash per distribution ($1,337.00/year). $10,000 in QDTE yields ~$37.98 cash per distribution ($1,975.00/year). $10,000 in QQQI yields ~$114.08 cash per distribution ($1,369.00/year).

More comparisons to explore

JEPQ vs QDTE vs QQQI — at a glance

Generated September 26, 2026.

Overview

JEPQ, QDTE, and QQQI are all options-overlay ETFs that generate income by selling call options against Nasdaq-100 exposure. All three are structured to produce yields well above equity market averages, but the frequency and mechanics of their option strategies create distinct risk and return profiles.

How they differ

The most fundamental difference is option expiration timing. QDTE writes 0DTE calls that expire the same day they're sold, allowing weekly distributions and theoretically capturing gamma decay more intensively than longer-dated strategies. JEPQ and QQQI both target monthly income, but JEPQ's approach uses actively selected holdings within the Nasdaq-100 universe plus equity-linked notes, whereas QQQI emphasizes tax-efficiency mechanics without specifying an active selection process.

On yield, QDTE leads at 19.75%, compared to 13.69% for QQQI and 13.37% for JEPQ. QDTE also carries the highest expense ratio at 0.96%, while JEPQ is cheapest at 0.35%.

Beta reveals a structural difference in downside behavior. JEPQ's beta of 0.81 sits meaningfully below 1.0, indicating it historically moves less than the Nasdaq-100. QDTE's beta of 1.1903 and QQQI's 1.0553 both exceed 1.0, meaning they amplify the index's swings—a relevant distinction when markets sell off sharply. Inception dates show JEPQ launched first in May 2022, while QDTE and QQQI both began operations in 2024, giving JEPQ a much longer performance track record.

Who each is best for

  • JEPQ: Fits investors comfortable with active management and seeking exposure to a blended Nasdaq-100 strategy that historically exhibits lower beta than the index, combined with monthly income at a competitive fee.
  • QDTE: Designed for investors pursuing maximum current income frequency and yield who accept higher beta, elevated expense costs, and the concentrated tactical risk of daily option-writing mechanics on a very young fund with limited history.

Key risks to know

  • NAV erosion at elevated yields: All three funds carry distribution rates (13.37%, 19.75%, 13.69%) that materially exceed typical long-term equity returns. If underlying capital appreciation does not match payouts, NAV is likely to decline over time, making recent-year gains partially or wholly dependent on capital reduction rather than growth.
  • 0DTE volatility concentration in QDTE: Rolling call options to expiration every trading day concentrates execution risk and can amplify losses during gap moves or market dislocations when the option cannot be managed predictably. QDTE's beta above 1.0 compounds this during downturns.
  • Limited track record for 2024 launches: QDTE and QQQI both inception-dated in early 2024 and lack a full market cycle of data, making their yield and NAV trajectories unproven through periods of sustained equity weakness or volatility spikes that could stress options strategies.
  • Option-overlay decay under sideways/down markets: Covered call strategies sacrifice upside capture if the underlying rallies past the strike, yet still face losses if the index declines below current NAV. All three funds are particularly vulnerable to prolonged flat-to-down Nasdaq-100 returns, where option decay and distribution payouts erode capital without compensating appreciation.
  • Concentration in single index: All three derive 100% of equity exposure from the Nasdaq-100, eliminating diversification across market cap, geography, or sector mix outside that narrow universe. A structural downturn specific to large-cap tech creates correlated drawdown risk across all three.

Bottom line

If you prioritize lower fees and a longer operating history, JEPQ stands out; its 0.35% expense ratio and $43.9B in assets, paired with below-1.0 beta, suggest a more seasoned approach to monthly income. If you chase maximum current yield and can tolerate the highest fees and beta above 1.0, QDTE's 19.75% weekly payout structure and rapid option-rolling mechanics appeal to income-maximization objectives—though the fund's 2024 inception means its behavior in downturns remains untested. QQQI occupies a middle ground, with monthly income and tax-efficiency focus but higher expense drag and beta than JEPQ. All three carry meaningful NAV erosion risk if Nasdaq-100 returns fall short of their payout rates; 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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These comparisons follow the Dividend Vision methodology.